-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C6U10HqGLKpjNuPYpVD7lcCLGvmi47RW79Hk8WrBdHJZCh5J85CeNa2AYmXZBt6p LeZSu/cWGNkrfIggqB3lng== /in/edgar/work/0000950168-00-002362/0000950168-00-002362.txt : 20001114 0000950168-00-002362.hdr.sgml : 20001114 ACCESSION NUMBER: 0000950168-00-002362 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WACHOVIA CORP/ NC CENTRAL INDEX KEY: 0000774203 STANDARD INDUSTRIAL CLASSIFICATION: [6021 ] IRS NUMBER: 561473727 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09021 FILM NUMBER: 759231 BUSINESS ADDRESS: STREET 1: 100 N MAIN ST STREET 2: P O BOX 3099 CITY: WINSTON SALEM STATE: NC ZIP: 27150 BUSINESS PHONE: 3367705000 MAIL ADDRESS: STREET 1: 100 NORTH MAIN ST STREET 2: P O BOX 3099 CITY: WINSTON SALEM STATE: NC ZIP: 27150 FORMER COMPANY: FORMER CONFORMED NAME: FIRST WACHOVIA CORP DATE OF NAME CHANGE: 19910603 10-Q 1 0001.txt FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2000 or [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-9021 Wachovia Corporation North Carolina 56-1473727 (State of other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Address and Telephone Number: 100 North Main Street 191 Peachtree Street NE Winston-Salem, North Carolina 27101 Atlanta, Georgia 30303 (336) 770-5000 (404) 332-5000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No As of September 30, 2000, Wachovia Corporation had 203,463,756 shares of common stock outstanding. PART I -- FINANCIAL INFORMATION Item 1. Financial Statements
Page No. --------- Consolidated Statements of Condition at September 30, 2000, December 31, 1999 and September 30, 1999............................................................................... 3 Consolidated Statements of Income for the three and nine months ended September 30, 2000 and September 30, 1999 .............................................................................. 4 Consolidated Statements of Shareholders' Equity for the nine months ended September 30, 2000 and September 30, 1999 ............................................................................... 5 Consolidated Statements of Cash Flows for the nine months ended September 30, 2000 and September 30, 1999............................................................................... 6
The unaudited consolidated financial statements referred to above do not include all information and footnotes required under generally accepted accounting principles. However, in the opinion of management, the interim financial information includes all adjustments, consisting of normal recurring adjustments, necessary to present fairly the results of operations for the periods presented. The results of operations shown in the interim statements are not necessarily indicative of the results that may be expected for the entire year. 2 Consolidated Statements of Condition - -------------------------------------------------------------------------------- $ in thousands Wachovia Corporation and Subsidiaries
September 30 December 31 September 30 2000 1999 1999 ----------- ----------- ----------- Assets Cash and due from banks .................................................... $ 3,356,356 $ 3,475,004 $ 2,984,574 Interest-bearing bank balances ............................................. 107,672 184,904 128,605 Federal funds sold and securities purchased under resale agreements ........ 774,121 761,962 532,681 Trading account assets ..................................................... 886,783 870,304 970,027 Securities available-for-sale .............................................. 7,180,779 7,095,790 8,014,376 Securities held-to-maturity (fair value of $1,069,393, $1,061,150 and $1,295,169, respectively).................................................. 1,053,283 1,048,724 1,271,137 Loans, net of unearned income .............................................. 54,225,184 49,621,225 47,625,021 Less allowance for loan losses ............................................. 799,461 554,810 553,894 ----------- ------------ ----------- Net loans ................................................................ 53,425,723 49,066,415 47,071,127 Premises and equipment ..................................................... 917,253 953,832 963,599 Due from customers on acceptances .......................................... 82,647 111,684 122,745 Other assets ............................................................... 4,235,611 3,783,918 3,746,828 ----------- ------------ ----------- Total assets ............................................................. $72,020,228 $67,352,537 $65,805,699 =========== ============ =========== Liabilities Deposits in domestic offices: Demand .................................................................... $ 9,193,860 $ 8,730,673 $ 8,325,960 Interest-bearing demand ................................................... 4,682,768 4,527,711 4,780,153 Savings and money market savings .......................................... 12,692,961 13,760,479 13,063,582 Savings certificates ...................................................... 9,477,964 8,701,074 8,841,306 Large denomination certificates ........................................... 3,508,194 3,154,754 3,271,805 ----------- ------------ ----------- Total deposits in domestic offices ....................................... 39,555,747 38,874,691 38,282,806 Interest-bearing deposits in foreign offices ............................... 4,706,698 2,911,727 1,426,044 ----------- ------------ ----------- Total deposits ........................................................... 44,262,445 41,786,418 39,708,850 Federal funds purchased and securities sold under repurchase agreements .... 5,770,638 5,372,493 6,736,805 Commercial paper ........................................................... 1,993,503 1,658,988 1,540,129 Other short-term borrowed funds ............................................ 2,114,132 3,071,493 1,493,525 Long-term debt ............................................................. 9,334,849 7,814,263 8,575,556 Acceptances outstanding .................................................... 82,647 111,684 122,745 Other liabilities .......................................................... 2,371,850 1,878,741 2,000,006 ----------- ------------ ----------- Total liabilities ........................................................ 65,930,064 61,694,080 60,177,616 Shareholders' Equity Preferred stock, par value $5 per share: Authorized 50,000,000 shares; none outstanding ............................ ---- ---- ---- Common stock, par value $5 per share: Authorized 1,000,000,000 shares; issued and outstanding 203,463,756, 201,812,295 and 202,742,870 shares, respectively ......................... 1,017,319 1,009,061 1,013,714 Capital surplus ............................................................ 731,137 598,149 679,200 Retained earnings .......................................................... 4,373,813 4,125,524 3,964,163 Accumulated other comprehensive loss ....................................... (32,105) (74,277) (28,994) ----------- ------------ ----------- Total shareholders' equity ............................................... 6,090,164 5,658,457 5,628,083 ----------- ------------ ----------- Total liabilities and shareholders' equity ............................... $72,020,228 $67,352,537 $65,805,699 =========== ============ ===========
3 Consolidated Statements of Income - -------------------------------------------------------------------------------- $ in thousands, except per share Wachovia Corporation and Subsidiaries
Three Months Ended Nine Months Ended September 30 September 30 ---------------------------- --------------------------- 2000 1999 2000 1999 ----------- ----------- ----------- ----------- Interest Income Loans, including fees ............................................... $1,219,273 $ 999,849 $ 3,482,285 $ 2,943,877 Securities available-for-sale ....................................... 112,580 127,032 343,058 380,837 Securities held-to-maturity: State and municipal ................................................ 3,878 2,969 11,245 8,367 Other investments .................................................. 15,140 19,452 46,161 61,680 Interest-bearing bank balances ...................................... 1,424 1,631 4,347 5,215 Federal funds sold and securities purchased under resale agreements . 6,803 7,062 21,091 21,293 Trading account assets .............................................. 11,395 7,348 32,774 21,065 ----------- ------------ ------------- ----------- Total interest income ............................................. 1,370,493 1,165,343 3,940,961 3,442,334 Interest Expense Deposits: Domestic offices ................................................... 362,875 286,907 1,032,551 854,740 Foreign offices .................................................... 63,288 24,730 177,518 72,689 ----------- ------------ ------------- ----------- Total interest on deposits ........................................ 426,163 311,637 1,210,069 927,429 Short-term borrowed funds ........................................... 148,474 112,336 403,997 327,807 Long-term debt ...................................................... 165,119 124,265 437,280 344,915 ----------- ------------ ------------- ----------- Total interest expense ............................................ 739,756 548,238 2,051,346 1,600,151 Net Interest Income ................................................. 630,737 617,105 1,889,615 1,842,183 Provision for loan losses ........................................... 123,956 76,770 470,987 231,931 ----------- ------------ ------------- ----------- Net interest income after provision for loan losses ................. 506,781 540,335 1,418,628 1,610,252 Other Income Service charges on deposit accounts ................................. 106,765 94,595 311,956 273,004 Fees for trust services ............................................. 56,636 60,066 162,059 164,109 Credit card income .................................................. 82,337 70,786 224,982 190,197 Investment fees ..................................................... 80,065 69,364 258,274 156,603 Capital markets income .............................................. 40,092 41,914 129,892 121,806 Electronic banking .................................................. 26,254 23,310 75,803 64,323 Mortgage fees ....................................................... 7,373 7,378 18,295 28,207 Other operating income .............................................. 120,468 65,428 279,827 172,405 ----------- ------------ ------------- ----------- Total other operating revenue ..................................... 519,990 432,841 1,461,088 1,170,654 Securities (losses) gains ........................................... (163) 147 63 10,834 ----------- ------------ ------------- ----------- Total other income ................................................ 519,827 432,988 1,461,151 1,181,488 Other Expense Salaries ............................................................ 275,249 266,488 845,488 744,336 Employee benefits ................................................... 50,494 50,572 159,627 151,662 ----------- ------------ ------------- ----------- Total personnel expense ........................................... 325,743 317,060 1,005,115 895,998 Net occupancy expense ............................................... 40,229 38,955 120,439 112,796 Equipment expense ................................................... 45,274 49,081 140,377 145,637 Merger-related charges .............................................. 11,928 5,293 28,958 13,640 Litigation settlement charge ........................................ ---- ---- 20,000 ---- Restructuring charge ................................................ 87,944 ---- 87,944 ---- Other operating expense ............................................. 197,579 166,803 575,133 481,936 ----------- ------------ ------------- ----------- Total other expense ............................................... 708,697 577,192 1,977,966 1,650,007 Income before income taxes .......................................... 317,911 396,131 901,813 1,141,733 Income tax expense .................................................. 112,587 138,632 314,211 393,448 ----------- ------------ ------------- ----------- Net Income .......................................................... $ 205,324 $ 257,499 $ 587,602 $ 748,285 =========== ============ ============= =========== Net income per common share: Basic .............................................................. $ 1.01 $ 1.27 $ 2.90 $ 3.69 Diluted ............................................................ $ 1.00 $ 1.25 $ 2.87 $ 3.62 Average shares outstanding: Basic .............................................................. 203,347 202,167 202,848 203,007 Diluted ............................................................ 204,621 205,345 204,470 206,562
4 Consolidated Statement of Shareholders' Equity - -------------------------------------------------------------------------------- $ in thousands, except per share Wachovia Corporation and Subsidiaries
Accumulated Common Stock Other ------------------------- Capital Retained Comprehensive Shares Amount Surplus Earnings Income (Loss) Total ------------ --------- ----------- ---------- ------------- ---------- Period ended September 30, 1999 Balance at beginning of year ...................... 202,986,100 $1,014,931 $ 669,244 $3,571,617 $ 82,440 $5,338,232 Net income ........................................ 748,285 748,285 Unrealized holding losses on securities available- for-sale, net of deferred tax benefit and reclassification adjustment ...................... (111,434) (111,434) ---------- Comprehensive income* ........................... 636,851 Cash dividends declared on common stock -- $1.52 a share............................ (309,174) (309,174) Common stock issued pursuant to: Stock option and employee benefit plans .......... 1,018,957 5,094 100,342 105,436 Dividend reinvestment plan ....................... 208,182 1,041 16,300 17,341 Conversion of debentures ......................... 2,304 11 178 189 Acquisitions ..................................... 4,801,989 24,010 399,059 423,069 Common stock acquired ............................. (6,274,662) (31,373) (505,891) (537,264) Miscellaneous ..................................... (32) (46,565) (46,597) ------------- ---------- ----------- ---------- ---------- ---------- Balance at end of period .......................... 202,742,870 $1,013,714 $ 679,200 $3,964,163 $(28,994) $5,628,083 ============= ========== =========== ========== ======== ========== Period ended September 30, 2000 Balance at beginning of year ...................... 201,812,295 $1,009,061 $ 598,149 $4,125,524 $(74,277) $5,658,457 Net income ........................................ 587,602 587,602 Unrealized holding gains on securities available- for-sale, net of deferred tax benefit and reclassification adjustment ...................... 42,172 42,172 ---------- Comprehensive income* ........................... 629,774 Cash dividends declared on common stock -- $ 1.68 a share........................... (341,589) (341,589) Common stock issued pursuant to: Stock option and employee benefit plans .......... 895,933 4,480 48,279 52,759 Dividend reinvestment plan ....................... 280,503 1,403 15,726 17,129 Acquisitions ..................................... 2,254,947 11,275 167,674 178,949 Common stock acquired ............................. (1,779,922) (8,900) (98,691) (107,591) Miscellaneous ..................................... 2,276 2,276 ------------- ---------- ----------- ---------- ---------- ---------- Balance at end of period .......................... 203,463,756 $1,017,319 $ 731,137 $4,373,813 $(32,105) $6,090,164 ============= ========== =========== ========== ========== ==========
* Comprehensive income for the third quarters of 2000 and 1999 was $252,776 and $239,098, respectively. 5 Consolidated Statements of Cash Flows - -------------------------------------------------------------------------------- $ in Thousands Wachovia Corporation and Subsidiaries
Nine Months Ended September 30 ----------------------------- 2000 1999 ------------- ------------ Operating Activities Net income ............................................................................... $ 587,602 $ 748,285 Adjustments to reconcile net income to net cash provided by operations: Provision for loan losses ............................................................... 470,987 231,931 Depreciation and amortization ........................................................... 219,900 178,153 Deferred income taxes ................................................................... 149,082 289,634 Securities gains ........................................................................ (63) (10,834) Loss (gain) on sale of noninterest-earning assets ....................................... 86 (12,833) (Decrease) increase in accrued income taxes ............................................. (10,242) 29,956 Increase in accrued interest receivable ................................................. (37,793) (26,042) Increase in accrued interest payable .................................................... 47,724 42,529 Net change in other accrued and deferred income and expense ............................. 128,811 76,003 Net trading account activities .......................................................... (16,479) (190,848) Net loans held for resale ............................................................... (76,673) 244,305 ------------- ------------- Net cash provided by operating activities .............................................. 1,462,942 1,600,239 Investing Activities Net decrease (increase) in interest-bearing bank balances ................................ 92,616 (17,527) Net decrease in federal funds sold and securities purchased under resale agreements ...... 6,158 188,920 Purchases of securities available-for-sale ............................................... (959,658) (2,146,210) Purchases of securities held-to-maturity ................................................. (129,277) (57,339) Sales of securities available-for-sale ................................................... 485,616 227,791 Calls, maturities and prepayments of securities available-for-sale ....................... 611,721 1,743,378 Calls, maturities and prepayments of securities held-to-maturity ......................... 149,075 171,444 Net increase in loans made to customers .................................................. (4,300,867) (3,395,011) Credit card receivables securitized ...................................................... 418,398 1,395,954 Capital expenditures ..................................................................... (75,074) (175,024) Proceeds from sales of premises and equipment ............................................ 14,369 23,241 Net increase in other assets ............................................................. (76,808) (247,009) Business combinations .................................................................... (762,629) (11,016) ------------- ------------- Net cash used by investing activities .................................................. (4,526,360) (2,298,408) Financing Activities Net decrease in demand, savings and money market accounts ................................ (690,963) (221,057) Net increase (decrease) in certificates of deposit ....................................... 2,653,841 (1,064,822) Net increase in federal funds purchased and securities sold under repurchase agreements .. 394,265 1,213,243 Net increase in commercial paper ......................................................... 334,515 180,747 Net decrease in other short-term borrowings .............................................. (957,361) (452,410) Proceeds from issuance of long-term debt ................................................. 2,369,884 1,583,199 Maturities and repayments of long-term debt .............................................. (862,765) (643,519) Common stock issued ...................................................................... 33,730 35,234 Dividend payments ........................................................................ (341,589) (309,174) Common stock repurchased ................................................................. (104,213) (520,702) Net increase in other liabilities ........................................................ 115,426 81,739 ------------- ------------- Net cash provided (used) by financing activities ....................................... 2,944,770 (117,522) Decrease in Cash and Cash Equivalents .................................................... (118,648) (815,691) Cash and cash equivalents at beginning of year ........................................... 3,475,004 3,800,265 ------------- ------------- Cash and cash equivalents at end of period ............................................... $ 3,356,356 $ 2,984,574 ============= =============
6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Selected Period-End Data Table 1 - --------------------------------------------------------------------------------
September 30 ------------------- 2000 1999 -------- ------- Banking offices: North Carolina ............................... 187 190 Virginia ..................................... 195 237 Georgia ...................................... 139 131 South Carolina ............................... 118 119 Florida ...................................... 40 38 -------- -------- Total ..................................... 679 715 ======== ======== Automated banking machines: North Carolina ............................... 449 445 Virginia ..................................... 273 288 Georgia ...................................... 314 302 South Carolina ............................... 284 289 Florida ...................................... 44 37 -------- -------- Total ..................................... 1,364 1,361 ======== ======== Employees (full-time equivalent) .............. 21,110 21,722 Common stock shareholders of record ........... 51,009 52,500 Common shares outstanding (thousands) ......... 203,464 202,743
Common Stock Data -- Per Share Table 2 - --------------------------------------------------------------------------------
2000 1999 -------------------- -------------------------------- Third Second First Fourth Third Quarter Quarter Quarter Quarter Quarter ------- -------- -------- -------- -------- Market value: Period-end ............................................. $ 56.69 $ 54.25 $ 67.56 $ 68.00 $ 78.63 High ................................................... 60.38 75.25 68.94 88.88 85.25 Low .................................................... 53.38 53.56 53.63 65.44 75.31 Book value at period-end ................................ 29.93 29.20 28.88 28.04 27.76 Dividend ................................................ .60 .54 .54 .54 .54 Price/earnings ratio (1) ................................ 13.7x 12.3x 13.7x 13.9x 16.4x Price/earnings ratio without nonrecurring items (1), (2) 12.3 11.9 13.3 13.7 16.2
(1) Based on the most recent four quarters of net income per diluted share and end of period stock price. (2) Excludes the after-tax impact of nonrecurring charges. Forward-Looking Statements - -------------------------------------------------------------------------------- This Quarterly Report on Form 10-Q contains forward-looking statements regarding Wachovia, including, without limitation, statements relating to Wachovia's expectations with respect to revenue, credit losses, levels of nonperforming assets, expenses, earnings and other measures of financial performance. Words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond Wachovia's control). The following factors, among others, could cause Wachovia's financial performance to differ materially from the expectations expressed in such forward-looking statements: (1) business increases, productivity gains and other investments are lower than expected or do not occur as quickly as anticipated; (2) competitive pressures among financial service companies increase significantly; (3) the strength of the United States economy in general and/or the strength of the local economies of the States in which Wachovia conducts operations changes; (4) trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, change; (5) inflation, interest rates and/or market conditions fluctuate; (6) conditions in the stock market, the public debt market and other capital markets deteriorate, and impact Wachovia's activities; (7) Wachovia fails to develop competitive new products and services and/or new and existing customers do not accept these products and services; (8) financial services' laws and regulations change; (9) technology changes and Wachovia fails to adapt to those changes; (10) consumer spending and saving habits change; (11) unanticipated regulatory or judicial proceedings occur; and (12) Wachovia is unsuccessful at managing the risks involved in the foregoing. Additional information with respect to factors that may cause actual results to differ materially from those contemplated by such forward-looking statements may also be included in other reports that Wachovia files with the Securities and Exchange Commission. Wachovia cautions that the foregoing list of factors is not exclusive and not to place undue reliance on forward-looking statements. Wachovia does not intend to update any forward-looking statement, whether written or oral, relating to the matters discussed in this Quarterly Report on Form 10-Q. 7 Financial Summary Table 3 - --------------------------------------------------------------------------------
Twelve Months 2000 Ended ------------------------------------------- September 30, Third Second First 2000 Quarter Quarter Quarter ---------- ----------- ----------- ----------- Summary of Operations (thousands, except per share data) Interest income ......................... $5,165,447 $1,370,493 $ 1,325,111 $ 1,245,357 Interest expense ........................ 2,647,929 739,756 685,729 625,861 ---------- ----------- ----------- ----------- Net interest income ..................... 2,517,518 630,737 639,382 619,496 Provision for loan losses ............... 537,161 123,956 273,365 73,666 ---------- ----------- ----------- ----------- Net interest income after provision for loan losses ........................ 1,980,357 506,781 366,017 545,830 Other operating revenue ................. 1,900,557 519,990 470,299 470,799 Securities gains (losses) ............... 123 (163) 59 167 ---------- ----------- ----------- ----------- Total other income ...................... 1,900,680 519,827 470,358 470,966 Personnel expense ....................... 1,329,403 325,743 335,491 343,881 Merger-related charges .................. 34,627 11,928 8,872 8,158 Litigation settlement charge ............ 20,000 ---- ---- 20,000 Restructuring charge .................... 87,944 87,944 ---- ---- Other expense ........................... 1,106,610 283,082 286,928 265,939 ---------- ----------- ----------- ----------- Total other expense ..................... 2,578,584 708,697 631,291 637,978 Income before income tax expense ........ 1,302,453 317,911 205,084 378,818 Income tax expense ...................... 451,915 112,587 67,513 134,111 ---------- ----------- ----------- ----------- Net income .............................. $ 850,538 $ 205,324 $ 137,571 $ 244,707 ========== =========== =========== =========== Net income per common share: Basic .................................. $ 4.20 $ 1.01 $ .68 $ 1.21 Diluted ................................ $ 4.15 $ 1.00 $ .67 $ 1.20 Cash dividends paid per common share .................................. $ 2.22 $ .60 $ .54 $ .54 Cash dividends paid on common stock .................................. $ 450,862 $ 121,990 $ 109,505 $ 110,094 Cash dividend payout ratio .............. 53.01% 59.41% 79.60% 44.99% Average basic shares outstanding ........ 202,677 203,347 202,728 202,464 Average diluted shares outstanding ...... 204,627 204,621 204,572 204,213 Selected Average Balances (millions) Total assets ............................ $ 68,477 $ 69,709 $ 69,466 $ 67,755 Loans -- net of unearned income ......... 51,007 52,758 52,133 50,550 Securities .............................. 8,511 8,224 8,407 8,395 Other interest-earning assets ........... 1,382 1,197 1,241 1,245 Interest-bearing deposits ............... 34,607 34,800 35,663 34,873 Short-term borrowed funds ............... 9,101 9,019 8,621 8,920 Long-term debt .......................... 8,690 9,498 8,851 8,081 Noninterest-bearing deposits ............ 8,373 8,474 8,373 8,319 Shareholders' equity .................... 5,757 5,952 5,833 5,688 Ratios (averages) Annualized net loan losses to loans ..... .66% .94% .56% .58% Annualized return on assets ............. 1.24 1.18 .79 1.44 Annualized return on shareholders' equity ................................. 14.77 13.80 9.43 17.21 Operating Performance Excluding Nonrecurring Items (1) (thousands, except per share data) Net income .............................. $ 944,708 $ 270,241 $ 143,337 $ 264,510 Net income per diluted share ............ $ 4.62 $ 1.32 $ .70 $ 1.30 Annualized return on assets ............. 1.38% 1.55% .83% 1.56% Annualized return on shareholders' equity ................................. 16.41 18.16 9.83 18.60 Cash dividend payout ratio .............. 47.73 45.14 76.40 41.62 Cash Basis Financial Information (1), (2) Net income .............................. $1,013,438 $ 289,882 $ 162,566 $ 281,589 Net income per diluted share ............ $ 4.95 $ 1.42 $ .79 $ 1.38 Annualized return on assets ............. 1.48% 1.69% .95% 1.69% Annualized return on shareholders' equity ................................. 17.60 24.08 13.84 24.27 1999 Nine Months Ended ----------------------------- September 30 Fourth Third ----------------------------- Quarter Quarter 2000 1999 ------------- ----------- ------------- ----------- Summary of Operations (thousands, except per share data) Interest income ......................... $ 1,224,486 $ 1,165,343 $ 3,940,961 $ 3,442,334 Interest expense ........................ 596,583 548,238 2,051,346 1,600,151 ------------- ----------- ------------- ----------- Net interest income ..................... 627,903 617,105 1,889,615 1,842,183 Provision for loan losses ............... 66,174 76,770 470,987 231,931 ------------- ----------- ------------- ----------- Net interest income after provision for loan losses ........................ 561,729 540,335 1,418,628 1,610,252 Other operating revenue ................. 439,469 432,841 1,461,088 1,170,654 Securities gains (losses) ............... 60 147 63 10,834 ------------- ----------- ------------- ----------- Total other income ...................... 439,529 432,988 1,461,151 1,181,488 Personnel expense ....................... 324,288 317,060 1,005,115 895,998 Merger-related charges .................. 5,669 5,293 28,958 13,640 Litigation settlement charge ............ ---- ---- 20,000 ---- Restructuring charge .................... ---- ---- 87,944 ---- Other expense ........................... 270,661 254,839 835,949 740,369 ------------- ----------- ------------- ----------- Total other expense ..................... 600,618 577,192 1,977,966 1,650,007 Income before income tax expense ........ 400,640 396,131 901,813 1,141,733 Income tax expense ...................... 137,704 138,632 314,211 393,448 ------------- ----------- ------------- ----------- Net income .............................. $ 262,936 $ 257,499 $ 587,602 $ 748,285 ============= =========== ============= =========== Net income per common share: Basic .................................. $ 1.30 $ 1.27 $ 2.90 $ 3.69 Diluted ................................ $ 1.28 $ 1.25 $ 2.87 $ 3.62 Cash dividends paid per common share .................................. $ .54 $ .54 $ 1.68 $ 1.52 Cash dividends paid on common stock .................................. $ 109,273 $ 109,220 $ 341,589 $ 309,174 Cash dividend payout ratio .............. 41.56% 42.42% 58.13% 41.32% Average basic shares outstanding ........ 202,168 202,167 202,848 203,007 Average diluted shares outstanding ...... 205,096 205,345 204,470 206,562 Selected Average Balances (millions) Total assets ............................ $ 66,982 $ 64,815 $ 68,979 $ 64,894 Loans -- net of unearned income ......... 48,593 47,003 51,817 46,761 Securities .............................. 9,016 9,461 8,342 9,449 Other interest-earning assets ........... 1,844 1,464 1,227 1,455 Interest-bearing deposits ............... 33,107 31,996 35,111 32,062 Short-term borrowed funds ............... 9,836 8,848 8,854 9,254 Long-term debt .......................... 8,327 8,571 8,812 8,069 Noninterest-bearing deposits ............ 8,326 8,368 8,389 8,232 Shareholders' equity .................... 5,555 5,391 5,824 5,388 Ratios (averages) Annualized net loan losses to loans ..... .54% .61% .70% .64% Annualized return on assets ............. 1.57 1.59 1.14 1.54 Annualized return on shareholders' equity ................................. 18.93 19.11 13.45 18.52 Operating Performance Excluding Nonrecurring Items (1) (thousands, except per share data) Net income .............................. $ 266,620 $ 260,939 $ 678,088 $ 757,234 Net income per diluted share ............ $ 1.30 $ 1.27 $ 3.32 $ 3.67 Annualized return on assets ............. 1.59% 1.61% 1.31% 1.56% Annualized return on shareholders' equity ................................. 19.20 19.36 15.52 18.74 Cash dividend payout ratio .............. 40.98 41.86 50.38 40.83 Cash Basis Financial Information (1), (2) Net income .............................. $ 279,401 $ 272,265 $ 734,036 $ 788,218 Net income per diluted share ............ $ 1.36 $ 1.33 $ 3.59 $ 3.82 Annualized return on assets ............. 1.69% 1.70% 1.44% 1.64% Annualized return on shareholders' equity ................................. 24.02 23.40 20.74 22.43
(1) Excludes the effects of nonrecurring merger-related, litigation settlement and restructuring charges. (2) Excludes the effects of purchase accounting related intangibles. 8 Results of Operations This Quarterly Report on Form 10-Q should be read in conjunction with Wachovia's 1999 Annual Report on Form 10-K, and will serve to update previously reported information for current interim period results. Overview The U.S. economy expanded at a moderate pace during the third quarter with some continuing evidence of slowing from the rapid pace of growth earlier in the year. This led the Federal Reserve to leave short-term interest rates unchanged after a 50 basis point increase on May 16, 2000, that followed five 25 basis point increases since July 1999. Most of the twelve Federal Reserve Districts reported that consumer spending was flat to modestly higher compared with late spring and early summer. Home sales and construction continued to soften, but several Districts reported that commercial real estate activity was robust. Overall, loan demand remained strong. Gross domestic product rose 2.7 percent, based on preliminary data. Also based on preliminary data, the nation's average unemployment rate fell to 3.9 percent from 4.2 percent during third quarter 1999. Within Wachovia's five-state operating area, unemployment averaged 3.5 percent. Wachovia's strategy is to focus on entering and expanding businesses with strong potential for growth, and redirecting resources as appropriate for the most attractive returns. This will continue to be accomplished by enhancing products and services through internal development, as well as by selective acquisitions and partnerships. During the third quarter, Wachovia announced plans to realign resources and eliminate 1,800 positions as part of a continuing performance improvement project designed to lift pre-tax earnings by $425 million by 2002. The performance project, which began in 1999, seeks to improve earnings through revenue enhancement, productivity gains, sharper capital deployment and expense management. On February 1, Wachovia completed its purchase of a majority of the credit card business of Partners First Holdings LLC, adding 1.2 million customers and approximately $2 billion of managed receivables. The acquisition of B C Bankshares, Inc., parent company of the Bank of Canton, also was completed in February. On June 1, Wachovia completed the acquisition of Commerce National Corporation, the parent company of the National Bank of Commerce. These transactions followed several purchase acquisitions completed in 1999 that strengthened Wachovia's wealth advisory and capital markets capabilities. On September 7, Wachovia announced an agreement to acquire DavisBaldwin, Inc., a Tampa, Florida based insurance agency specializing in property and casualty insurance services for commercial customers. The acquisition of DavisBaldwin, Inc. was completed on November 1. On September 21, Wachovia announced a branch swap transaction with another financial institution. The branch swap transaction, which will be completed in the first quarter of 2000, will provide Wachovia with its first retail branch in Tennessee and will allow for future branches in that state. On October 30, Wachovia announced an agreement to acquire Republic Security Financial Corporation, headquartered in West Palm Beach, Florida, and parent company of Republic Security Bank. Republic Security, which operates 99 banking facilities in 11 Florida counties, had assets of $3.4 billion and deposits of $2 billion at September 30, 2000. The transaction will be accounted for as a purchase and is expected to be completed in the first quarter of 2001. 9 Computation of Earnings Per Common Share Table 4 - -------------------------------------------------------------------------------- (thousands, except per share)
Three Months Ended Nine Months Ended September 30 September 30 ------------------------- ------------------------- 2000 1999 2000 1999 ----------- --------- ----------- --------- Basic Average common shares outstanding ......................... 203,347 202,167 202,848 203,007 =========== ======= =========== ======= Net income ................................................ $ 205,324 $ 257,499 $ 587,602 $ 748,285 =========== ========= =========== ========= Per share amount .......................................... $ 1.01 $ 1.27 $ 2.90 $ 3.69 Diluted Average common shares outstanding ......................... 203,347 202,167 202,848 203,007 Dilutive common stock options at average market price ..... 1,141 2,715 1,440 3,113 Dilutive common stock awards at average market price ...... 110 440 159 417 Convertible long-term debt assumed converted .............. 23 23 23 25 ----------- --------- ----------- --------- Average diluted shares outstanding ........................ 204,621 205,345 204,470 206,562 =========== ========= =========== ========= Net income ................................................ $ 205,324 $ 257,499 $ 587,602 $ 748,285 Add interest on convertible long-term debt -- net of tax .. 17 18 45 54 ----------- --------- ----------- --------- Adjusted net income ....................................... $ 205,341 $ 257,517 $ 587,647 $ 748,339 =========== ========= =========== ========= Per share amount .......................................... $ 1.00 $ 1.25 $ 2.87 $ 3.62
Wachovia's operating net income for the third quarter of 2000 was $270 million or $1.32 per diluted share versus $261 million or $1.27 per diluted share a year earlier. On a reported basis, net income for the quarter was $205 million or $1.00 per diluted share versus $257 million or $1.25 per diluted share a year earlier. The third quarter continued the trend of slower revenue growth in market-sensitive businesses begun in the second quarter. The provision for loan losses remained above historical levels as loan charge offs and the balance of nonperforming loans rose from earlier levels. Year-to-date operating earnings were $678 million or $3.32 per diluted share compared with $757 million or $3.67 per diluted share for the same period in 1999. Operating earnings exclude merger-integration and other nonrecurring charges. Reported earnings for the first nine months of 2000 were $588 million or $2.87 per diluted share and $748 million or $3.62 per diluted share a year earlier. Comparisons between the 2000 and 1999 periods are also impacted by the results of acquisitions that are included in reported results from their respective acquisition dates each year. Expanded discussion of results of operations and financial condition follows. Interest income is stated on a taxable equivalent basis, which is adjusted for the tax-favored status of earnings from certain loans and securities. References to changes in assets and liabilities represent daily average levels unless otherwise noted. Business Segments Wachovia has five reportable business segments: Asset and Wealth Management, Corporate, Credit Card, Consumer and Treasury & Administration. Business segment results are reported on a management accounting basis. They reflect evolving information needs specific to a company's business managers and may differ by company due to wide discretion in application. As a result, Wachovia's business segment results are not necessarily comparable with those of other financial institutions with similar segments or with those of other companies that compete directly in one or more of its lines of business. In addition, business segment results may be restated in the future as Wachovia's management structure, information needs or reporting systems evolve. The provision for loan losses is charged to each business segment based on the credit risk of each segment's loan portfolio. Operating expenses to support business unit revenues are either charged directly as incurred or allocated from support areas based on usage. In addition, general overhead expense that cannot be specifically identified to a business unit is allocated based on the proportion of each segment's direct expenses to total direct expenses of the combined segments. Income tax expense is calculated for each business segment with a blended tax rate. This rate is adjusted as applicable for the assumed tax effect of tax-exempt income and nondeductible intangible amortization expense. Beginning January 2000, Wachovia adopted a marginal matched maturity funds transfer pricing methodology for management reporting. Formerly, Wachovia utilized a multiple pool method to simulate matched funding. This change in management accounting has been reflected for all periods. Given the complexity of products and services and their impact on cash 10 and balance sheet management, the marginal matched maturity method provides an improved method of measuring the economics of products, services and business unit results. The new approach evaluates the cash flows and repricing characteristics of all balance sheet transactions at an instrument level by benchmarking pricing decisions against Wachovia's wholesale cost of funds. This approach removes most forms of interest rate risk, prepayment risk and liquidity risk from the balance sheets of the business units and isolates them in Treasury & Administration for centralized evaluation and management. Under marginal matched maturity funds transfer pricing, business unit results more closely represent the economic impact of growth and pricing decisions. Other minor changes in management accounting were implemented during the year with all prior periods restated to reflect the changes. Financial results by business segment are discussed below. Business Segments Table 5 - -------------------------------------------------------------------------------- (Three Months Ended September 30)
Asset and Wealth Management Corporate Credit Card -------------------- ------------------- ------------------ 2000 1999 2000 1999 2000 1999 ---------- ------ ------- ------- ------- ------ Operations Summary (millions) External net interest margin ....................... $ 37 $ 28 $ 677 $ 547 $ 305 $ 214 Internal funding (charge) credit ....................... (3) 5 (430) (316) (132) (82) ---------- ------ ------- ------- ------- ------ Net interest income* .......... 34 33 247 231 173 132 Total other income ............ 151 134 103 100 57 43 --------- ------ ------- ------- ------- ------ Total revenue ................. 185 167 350 331 230 175 Provision for loan losses ..... ---- ---- 76 15 99 55 Total other expense ........... 155 141 176 170 76 51 --------- ------ ------- ------- ------- ------ Pretax profit ................. 30 26 98 146 55 69 Income taxes (benefit) ........ 12 10 36 53 20 25 --------- ------ ------- ------- ------- ------ Net income (loss) ............. $ 18 $ 16 $ 62 $ 93 $ 35 $ 44 ========= ====== ======= ======= ======= ====== Percentage contribution to total revenue** .............. 15.6% 15.4% 29.5% 30.5% 19.4% 16.2% Percentage contribution to net income ................... 8.8% 6.2% 30.2% 36.2% 17.1% 17.1% Average Balances (millions) Total assets .................. $4,076 $3,242 $38,119 $34,101 $7,958 $6,246 Treasury & Total Consumer Administration Eliminations Corporation ----------------- --------------------- ------------------ ------------------- 2000 1999 2000 1999 2000 1999 2000 1999 ------- ------ -------- ------- ------ ------- -------- -------- Operations Summary (millions) External net interest margin ....................... $ (46) $ (39) $ (333) $ (123) $ (9) $ (10) $ 631 $ 617 Internal funding (charge) credit ....................... 275 254 316 163 (26) (24) ---- ---- ------- ------ -------- ------- ------ ------- -------- -------- Net interest income* .......... 229 215 (17) 40 (35) (34) 631 617 Total other income ............ 156 110 53 46 ---- ---- 520 433 ------- ------ -------- ------- ------ ------- -------- -------- Total revenue ................. 385 325 36 86 (35) (34) 1,151 1,050 Provision for loan losses ..... 4 4 (55) 3 ---- ---- 124 77 Total other expense ........... 232 231 96 8 (26) (24) 709 577 ------- ------ -------- ------- ------ ------- -------- -------- Pretax profit ................. 149 90 (5) 75 (9) (10) 318 396 Income taxes (benefit) ........ 55 33 (1) 28 (9) (10) 113 139 ------- ------ ----------- ------- --------- ------- -------- -------- Net income (loss) ............. $ 94 $ 57 $ (4) $ 47 $---- $---- $ 205 $ 257 ======= ====== ========== ======= ======== ======= ======== ======== Percentage contribution to total revenue** .............. 32.5% 30.0% 3.0% 7.9% Percentage contribution to net income ................... 45.9% 22.2% (2.0%) 18.3% Average Balances (millions) Total assets .................. $11,341 $9,591 $8,215 $11,635 $69,709 $64,815
* Net interest income is reported on a taxable equivalent basis by segment and on a nontaxable equivalent basis for the corporation, reflecting segment eliminations. ** Percentage contribution to total revenue is based on the proportion of each segment's revenue to the combined revenue of all segments. Revenue for the total corporation is presented based on nontaxable equivalent net interest income and total other income, including securities transactions. 11 Business Segments Table 6 - -------------------------------------------------------------------------------- (Nine Months Ended September 30)
Asset and Wealth Management Corporate Credit Card ------------------- -------------------- ----------------- 2000 1999 2000 1999 2000 1999 -------- ------ -------- ------- ------- ------ Operations Summary (millions) External net interest margin ....................... $ 107 $ 73 $ 1,940 $ 1,586 $ 865 $ 634 Internal funding (charge) credit ....................... 2 19 (1,207) (907) (371) (238) -------- ------ -------- ------- ------- ------ Net interest income* .......... 109 92 733 679 494 396 Total other income ............ 467 338 321 294 163 121 -------- ------ -------- ------- ------- ------ Total revenue ................. 576 430 1,054 973 657 517 Provision for loan losses ..... 1 1 317 33 286 199 Total other expense ........... 475 355 530 480 219 159 -------- ------ -------- ------- ------- ------ Pretax profit ................. 100 74 207 460 152 159 Income taxes (benefit) ........ 40 28 76 165 55 57 -------- ------ -------- ------- ------- ------ Net income (loss) ............. $ 60 $ 46 $ 131 $ 295 $ 97 $ 102 ======== ====== ======== ======= ======= ====== Percentage contribution to total revenue** .............. 16.7% 13.8% 30.5% 31.2% 19.0% 16.5% Percentage contribution to net income ................... 10.2% 6.2% 22.3% 39.4% 16.5% 13.6% Average Balances (millions) Total assets .................. $3,876 $2,730 $ 37,656 $34,035 $7,914 $6,279 Treasury & Total Consumer Administration Eliminations Corporation ------------------ ------------------- ----------------- ------------------ 2000 1999 2000 1999 2000 1999 2000 1999 ------- ------ -------- ------- ------- ------- -------- -------- Operations Summary (millions) External net interest margin ....................... $ (132) $ (112) $ (862) $ (310) $ (28) $ (29) $ 1,890 $ 1,842 Internal funding (charge) credit ....................... 809 749 842 448 (75) (71) ---- ---- ------- ------ -------- ------- ------- ------- -------- -------- Net interest income* .......... 677 637 (20) 138 (103) (100) 1,890 1,842 Total other income ............ 370 313 140 115 ---- ---- 1,461 1,181 ------- ------ -------- ------- ------- ------- -------- -------- Total revenue ................. 1,047 950 120 253 (103) (100) 3,351 3,023 Provision for loan losses ..... 15 13 (148) (14) ---- ---- 471 232 Total other expense ........... 699 685 130 42 (75) (71) 1,978 1,650 ------- ------ -------- ------- ------- ------- -------- -------- Pretax profit ................. 333 252 138 225 (28) (29) 902 1,141 Income taxes (benefit) ........ 122 92 49 80 (28) (29) 314 393 ------- ------ -------- ------- ------- ------- -------- -------- Net income (loss) ............. $ 211 $ 160 $ 89 $ 145 $ ---- $ ---- $ 588 $ 748 ======= ====== ======== ======= ======= ======= ======== ======== Percentage contribution to total revenue** .............. 30.3% 30.4% 3.5% 8.1% Percentage contribution to net income ................... 35.9% 21.4% 15.1% 19.4% Average Balances (millions) Total assets .................. $10,826 $9,607 $8,707 $12,243 $68,979 $64,894
* Net interest income is reported on a taxable equivalent basis by segment and on a nontaxable equivalent basis for the corporation, reflecting segment eliminations. ** Percentage contribution to total revenue is based on the proportion of each segment's revenue to the combined revenue of all segments. Revenue for the total corporation is presented based on nontaxable equivalent net interest income and total other income, including securities transactions. Asset and Wealth Management Asset and Wealth Management provides integrated financial services to the affluent marketplace. During 1999, Wachovia made three acquisitions to further advance its capabilities. In April 1999, Wachovia acquired Interstate/Johnson Lane Inc. ("IJL") and in September, Wachovia completed the acquisitions of OFFITBANK Holdings, Inc. ("OFFITBANK") and Barry, Evans, Josephs & Snipes, Inc. ("BEJS"). Also in the third quarter of 1999, Wachovia sold its master trust and institutional custody business in order to focus on more strategically oriented businesses. In September 2000, Wachovia announced an agreement to acquire Tampa, Florida-based DavisBaldwin, Inc. ("DavisBaldwin"), a leading insurance agency specializing in property and casualty insurance services for commercial customers. The acquisition of DavisBaldwin was completed on November 1, 2000. Products and Services. Asset and Wealth Management delivers innovative tailored products and services through a variety of channels. The Private Financial Advisors group provides a full range of products and services to affluent customers, including banking and credit services, tax planning and consulting, trust services, portfolio management, estate planning, investment counseling and insurance. OFFITBANK and BEJS provide wealth management and specialized investment and insurance products for the high-end of the affluent market. Wachovia's brokerage business offers a wide variety of services and investment products including the Wachovia Funds through full-service brokers and branch-based investment consultants. Customers making their own investment decisions can trade through Wachovia Investments Direct using a broker, a touch-tone telephone service or the Internet. Institutional Client Services provides asset management, retirement services and philanthropy management services to businesses, individuals and charitable institutions. Executive Services is a nationally recognized leader in providing retirement and wealth accumulation products for high-net-worth individuals. It also provides change-of-control and employee benefit protection services to client management teams. Wachovia Asset Management provides investment strategies and portfolio management for individuals and institutions, in addition to managing the Wachovia Funds. Industry Dynamics and Strategy. Wachovia believes the current marketplace is underserved with few national brands and fragmented competition. Within Wachovia's five-state geographic footprint, households are growing much faster than the national average, and over the next five years, the subset of affluent households is expected to grow substantially. Market 12 volatility and the projected need for intergenerational wealth transfer capabilities also will drive demand. These factors combine to create an attractive market opportunity. Asset and Wealth Management's market presence, brand names and strategic focus position it to take unique advantage of this environment. The integration of the acquisitions has allowed this business segment to increase its product offerings, leverage existing services and expand distribution channels. In September 2000, Wachovia launched the Market Acceleration Project that expands the penetration of the successful Private Financial Advisor model in new and existing markets. The goal of the project is to increase profit by generating more successful client leads and improving linkages among Wachovia's other lines of business. Financial Results. Comparisons of financial results between periods were affected by acquisitions. Net interest income increased 4 percent over the third quarter last year mainly due to strong loan growth in Private Financial Advisors net of the additional cost of funding intangible assets resulting from acquisitions. Other income rose $17 million or 13 percent with acquisitions accounting for approximately $8 million of the growth. Other expense increased $14 million or 10 percent from the third quarter of 1999 almost entirely caused by goodwill amortization expense and the expense base from the acquisitions of OFFITBANK and BEJS. Year-to-date pretax profit increased $26 million or 35 percent over the same period last year. Loan growth was primarily responsible for the $17 million increase in net interest income. Other income was up $129 million or 38 percent from a year ago reflecting acquisitions and core business growth. Record market trading activity in first quarter 2000 contributed to a strong increase in investment fees over a year ago despite some softness during the second and third quarters of 2000. The $120 million increase in expenses reflects goodwill amortization and the added expense base of the acquired entities. Corporate Corporate strives to be the preferred provider of services to targeted corporate clients through comprehensive relationship management. To achieve this goal, it works to know its customers better than the competition; anticipate customer needs and provide innovative solutions; align products, services and delivery channels with customer needs; and serve customers through insightful, trusted professionals. Products and Services. Corporate provides a comprehensive array of corporate banking, investment banking, capital markets and cash management services. Global Corporate Finance has a significant market penetration with companies with annual sales between $200 million and $2 billion across the U.S. The group also serves select industry sectors including communications and diversified financial services, as well as leveraged finance customers. Global Corporate Finance maintains relationships with domestic, multinational, and foreign companies and institutions through offices in the Southeast, Chicago, London, Sao Paulo, and Hong Kong. Regional Corporate Financial Services has relationships with more than 25,000 clients in the Southeast. Business Banking and Regional Corporate Finance serve clients ranging from business banking firms with sales as low as $2 million to major corporations with sales up to $200 million. The group also serves commercial real estate developers, investors and REITs through its real estate financial services group and serves automobile and other specialty finance customers through its dealer financial services group. Capital Markets products include investment banking, mergers and acquisitions, loan syndication finance, asset backed finance, commercial paper, corporate bonds, interest rate and foreign exchange risk management services, leasing, public equity research, sales and trading, and private equity investments. Capital Markets closely aligns its products and services based upon the needs of targeted segments in Global Corporate Finance and Regional Corporate Financial Services. Corporate also provides treasury consulting and cash management solutions through its Treasury Services Group. This area has been consistently cited for its superior quality of service, technology, and operations performance. The Treasury Services 13 Group achieved top honors in the Phoenix-Hecht Quality Index 2000. In addition to treasury consulting, the group provides an array of cash management products and has become a leading provider of Internet-based electronic access. Industry Dynamics and Strategy. While general demand for corporate services has been firm, the credit cycle in the U.S. large corporate market has continued to show signs of weakness and deterioration. Rising bond default rates, the significant increase in credit rating downgrades versus upgrades, widening credit spreads, greater incidence of public company bankruptcies, and the velocity of borrower deterioration signal rising risk in the commercial lending environment. In this highly competitive environment, Corporate maintains a strong market position in the Southeast and in the U.S. large corporate market. The strategy of Corporate is to build strong and long-lasting relationships with targeted clients through deep knowledge of their unmet needs combined with superior execution. Continuing and dynamic customer segmentation and sales model development will enhance customer service and productivity. The strategy is to sharply focus on capital markets products and improve investment banking expertise. Treasury Services is accelerating the development of innovative new products, eBusiness applications and outsourcing services. Financial Results. Net interest income increased by $16 million or 7 percent compared to the third quarter of 1999 as average loans outstanding increased by almost 13 percent. The effect on net interest income of growth in volume was partially offset by the rise in the level of nonperforming loans. Loan fees were up 17 percent due to higher origination activity. The loan loss provision increased by $61 million to $76 million, as specific reserves were adjusted to reflect some downward migration of watch list credits and the rise in nonperforming loans, particularly in the large corporate portfolio. Other income rose 3 percent, led by increases in letter of credit fees and Treasury Services revenue. Noninterest expense increased 4 percent due primarily to higher expenditures on product development and technology initiatives. Year to date net interest margin increased $54 million or 8 percent over the same period in 1999, reflecting 13 percent growth in average loans, offset partially by loan spread compression. The loan loss provision increased by $284 million, due to credit deterioration primarily in the large corporate portfolio. Other income grew by 9 percent, reflecting the inclusion of the IJL Capital Markets businesses for the full nine months in 2000, in addition to stronger letter of credit fees and Treasury Services results. Noninterest expense increased 10 percent, due to the addition of the former IJL business units, as well as higher technology spending. Credit Card Credit Card's mission is to be the preferred credit card issuer, recognized for value, fairness and long-term customer and employee relationships. Products and Services. The Credit Card business segment is a full-service provider of consumer and business credit cards and merchant acquirer services. Credit Card manages most components of credit card processing in-house, with the exception of servicing business card products and the Partners First portfolio that are processed through outside vendors. Currently, 92 percent of Wachovia's credit card portfolio accrues interest at a variable rate and 34 percent of the accounts are within Wachovia's five-state geographic footprint. Industry Dynamics and Strategy. The credit card industry is in a period of intense competition and consolidation. Response rates to direct mail solicitations are below those of prior years; however, Wachovia's response rates remain higher than the industry average. These pressures have prompted issuers to pursue new card-based products in attempt to capture market share. Credit Card's strategy focuses on serving above-average credit quality customers who carry higher-than-average loan balances while maintaining an efficient and cost-effective process. Financial Results. On February 1, 2000, Credit Card acquired the Partners First credit card portfolio that significantly impacted comparability. The acquisition of Partners First added approximately $2 billion in managed receivables. Quarterly pretax profit fell below the amount reported for the third quarter of 1999, mostly due to the favorable charge off environment 14 a year ago. Net interest income grew 31 percent, primarily due to the Partners First acquisition, partially offset by lower late fees. The loan loss provision increased 82 percent, primarily as a result of the acquisition and more favorable loss and bankruptcy experience a year ago. Noninterest income increased 32 percent largely due to the acquisition and higher overlimit fees. Year to date pretax profit decreased 5 percent. The acquisition of the Partners First portfolio was the cause for the 25 percent increase in net interest income, which was partially offset by lower spreads resulting from rising interest rates and the lag effect of repricing accounts, and lower late fees. The increase in the loan loss provision was generally due to higher balances subject to charge off as well as higher loss experience in the current year. Noninterest income grew 34 percent mainly due to the acquisition; strong interchange income from increased purchase volume; and higher overlimit fees. Total expenses rose by 38 percent primarily due to the acquisition and increased business volume. Consumer Consumer develops customer relationships for the greatest lifetime value, manages the cost of the sales and service network and pursues opportunities to attract and serve customers through traditional and digital channels. It targets consumers, worksite groups and small businesses throughout the Southeast, offering a broad array of competitively priced products and services. Consumer is also important to the entire Wachovia franchise because of the intangible value provided to Wachovia's other business segments by its branch network, brand identity and customer base. Products and Services. Consumer provides the more traditional retail banking services, including mortgage lending, deposit products and consumer loans, as well as services for the small business market. It also offers access to investment and insurance products. Delivery channels include 679 traditional and in-store branches and worksite centers, 1,364 ATMs and 31 kiosks, supported by four automated phone centers and the Internet. Campus Card programs provide card-based banking access to students and faculty at 10 university campuses, and Wachovia At Work serves employees of more than 4,600 companies. The Internet is growing in importance as a forum for financial services. Four hundred fifty-two thousand of Wachovia's demand deposit customers are enrolled in Internet banking, up from 226 thousand at year-end and 146 thousand the prior year. Wachovia's Internet site, www.wachovia.com, serves as a financial portal with extensive account information and transaction capability supported by relevant financial news. Industry Dynamics and Strategy. Consumer serves more than 3.8 million consumers and approximately 180 thousand small business customers. The majority of Wachovia's deposits are in large, high-growth metropolitan areas. Consumer's strategy is to assess customer potential, identify their financial needs and achieve alignment between their needs, service expectations and price. Specific initiatives to implement this strategy include: o Profitable Relationship Optimization (PRO). Desktop technology connects to data warehouses that analyze customer information and anticipate the next likely desired service. This technology is combined with solution-selling skills by Personal Financial Advisors, small business bankers and branch bankers to serve more than 400 thousand high-potential customers. o Wachovia at Work and Campus Banking Programs. These strategies involve deploying Wachovia products and services through employers and universities to provide access to employees and students. o Market Network Strategy. Network optimization models provide an analytical framework to reduce branch network expenses, while at the same time maximizing customer points of presence. Earlier in the year, Wachovia identified 15 branches in Virginia and four in North Carolina that were sold during the third quarter as part of this strategy. o Selective Geographic Expansion. Wachovia continues to evaluate merger and branching opportunities in high-growth areas. During the first quarter of 2000, Wachovia completed the acquisition of Bank of Canton in the suburban Atlanta area. Wachovia completed the acquisition of the National Bank of Commerce in suburban Orlando, Florida, in early June. 15 During the third quarter, Wachovia announced a branch swap transaction that will allow entry into the Tennessee market during the first quarter of 2001. eBusiness activities at Wachovia are enterprise-wide. Advances in technology are rapidly transforming the financial services industry. The eBusiness Division provides corporate-wide eBusiness strategic planning, leadership and operational management for the entire enterprise. Business units sponsor specific Internet initiatives to meet the dynamic demands of their customer groups. This collaborative structure maximizes the leverage from technology and research with the necessary responsiveness to customer requirements and deliverables. Wachovia's eBusiness strategy is to develop a personalized and seamlessly delivered customer experience when using www.wachovia.com and Wachovia's other web sites, www.macroworld.net, www.ijlwachovia.com and www.offitbank.com. Value is created by aligning customer acquisition, retention, cross-selling and cost reduction throughout all customer segment and delivery channels. Financial Results. Consumer's pretax profit grew $59 million or 65 percent from the same quarter last year. Net interest income increased 7 percent to $229 million, driven by a 20 percent increase in loans to $10.7 billion and a 4 percent increase in net deposits to $27.5 billion. Other income increased 42 percent to $156 million. The divestiture premium for the 19 branches sold in 2000 at $42 million was $34 million greater than the premium for the 6 branches sold in third quarter 1999. Excluding the impact of branches divested in both periods (operating results and divestiture premium), pretax profit increased $23 million, or 28 percent. Service charges on deposit accounts increased 9 percent primarily in returned check charges. Electronic banking revenues grew 16 percent, driven by ATM, check card and interchange revenues. Total expenses increased less than 1 percent, despite the investment in Wachovia's Internet site to support retail delivery and the additions of Bank of Canton and National Bank of Commerce expenses. Nine-month pretax profit increased $81 million or 32 percent over the same period in the prior year. Excluding the impact of the branch divestitures in both years, pretax profit increased $45 million or 19 percent. Strong results for the branch-based consumer business offset a difficult mortgage lending environment and investments in Wachovia's retail delivery through the Internet. Results included eight months of Bank of Canton and four months of National Bank of Commerce. Net interest income increased 6 percent on good loan and deposit growth and higher interest rates, which caused spreads to widen on deposit products. Loan growth was solid in the Bankline and Equity Bankline categories, and savings certificates was the highest growth category in deposits as a result of the deposit mix of acquired banks, special marketing promotions and a shift in customer preference. Other income was up 18 percent driven by the divestiture premium, healthy deposit account and electronic banking fee growth. Excluding the divestiture premium from both years, other income increased 7 percent. Electronic banking revenue grew 19 percent due to rising ATM, debit card volumes and interchange revenue, and deposit-related fees increased 10 percent. Mortgage fees declined 25 percent on lower volume and a continued shift from fixed-rate to adjustable-rate mortgages. Expenses grew 2 percent as a result of the addition of the acquired banks and investment in the Internet site to support retail customers. Treasury & Administration The Treasury & Administration segment principally reflects asset and liability management for interest rate risk, management of the securities portfolio, internal compensation for funding sources and charges for funds used. Also reflected is the financial statement impact of credit card securitization transactions, since the Credit Card business segment is reported on a managed basis. Securitization involves the transfer of a pool of assets from the balance sheet to a master trust which then issues and sells to investors certificates representing a pro rata interest in the underlying assets. The transaction reduces interest income and the credit exposure associated with the transferred receivables while increasing credit card noninterest income in the form of gains on card sales, servicing fees and other excess revenue earned on the securitized loans. Other unallocated corporate costs and certain nonrecurring expenses are also included. Financial Results. Credit card securitization transactions and the securitized portion of the acquired Partners First credit card portfolio have a large impact on comparability with prior year results. In March 1999, September 1999 and August 2000, Wachovia completed the securitization of $896 million, $500 million and $750 million, respectively, in credit card 16 receivables. In comparing 2000 to 1999, the securitization transactions had the net effect of reducing average loans outstanding by $826 million for the quarter and $878 million year to date. The securitized portion of the acquired Partners First portfolio reduced average balances by $1.5 billion for the quarter and $1.3 billion year to date. The remaining reduction in average assets in both period comparisons was largely caused by attrition in the securities portfolio. Quarterly pretax profit declined by $80 million almost entirely due to the restructuring charge recorded in third quarter 2000. Although securitization transactions impacted various income statement line items, their net effect on pretax profits was minimal. Net interest income decreased $57 million with $54 million resulting from the increase in securitized credit card receivables. The increase in securitized credit card receivables also accounted for most of the decrease in the provision for loan losses from the third quarter of 1999. Fees for servicing securitized credit cards increased by $11 million from a year ago, accounting for all of the $7 million increase in other income. The increase of $88 million in other expense for the quarter is primarily the result of the restructuring charge taken in the third quarter of 2000. The $7 million increase in merger- related charges was mostly offset by $5 million in expenses incurred in the third quarter of 1999 related to Year 2000 preparations. Year to date pretax profit declined $87 million principally as a result of the restructuring charge. The increase in the amount of securitized credit cards accounted for $153 million of the $158 million decrease in net interest income. Securitizations and the securitized portion of the acquired Partners First portfolio are also the primary cause of the decrease in loan loss provision. The $25 million increase in other income primarily results from a $33 million increase in fees received for servicing the larger volume of securitized cards, offset by a $18 million decrease in gains from securitization transactions. Other expense increased $88 million due to a higher level of nonrecurring expenses including $88 million in restructuring charges, $15 million in merger integration expenses, and $20 million in litigation settlement charges. The increase in nonrecurring expenses was offset by $16 million in expenses incurred through the first nine months of 1999 in connection with Year 2000 preparations. 17 Taxable Equivalent Rate/Volume Analysis -- Third Quarter* Table 7 - --------------------------------------------------------------------------------
Average Volume Average Rate --------------------- ------------------- 2000 1999 2000 1999 -------- ------- ------- ----- (Millions) Interest Income Loans: Commercial ............................... $17,190 $15,444 8.74 7.24 Tax-exempt ............................... 663 751 9.49 8.97 -------- -------- Total commercial ....................... 17,853 16,195 8.77 7.32 Direct retail ............................ 1,275 1,063 8.95 8.54 Indirect retail .......................... 4,071 3,551 8.48 7.85 Credit card .............................. 4,237 4,894 15.20 13.47 Other revolving credit ................... 772 598 11.97 10.82 -------- -------- Total retail ........................... 10,355 10,106 11.55 10.82 Construction ............................. 3,067 2,257 9.53 8.49 Commercial mortgages ..................... 8,661 7,403 8.77 8.12 Residential mortgages .................... 8,785 7,431 8.17 7.77 -------- -------- Total real estate ...................... 20,513 17,091 8.62 8.02 Lease financing .......................... 2,741 2,359 8.43 10.70 Foreign .................................. 1,296 1,252 8.30 6.67 -------- -------- Total loans ............................ 52,758 47,003 9.23 8.48 Securities: Held-to-maturity: U.S. Government and agency ............. 465 626 6.37 6.03 Mortgage-backed ........................ 370 456 8.16 8.16 State and municipal .................... 221 161 9.13 10.27 Other .................................. 17 52 8.13 6.41 -------- -------- Total held-to-maturity ............... 1,073 1,295 7.58 7.32 Available-for-sale:** U.S. Government and agency ............. 2,798 3,574 6.40 6.20 Mortgage-backed ........................ 3,722 4,031 6.50 6.31 Other .................................. 631 561 6.18 7.38 -------- -------- Total available-for-sale ............. 7,151 8,166 6.43 6.33 -------- -------- Total securities ..................... 8,224 9,461 6.58 6.47 Interest-bearing bank balances ............. 104 124 5.43 5.23 Federal funds sold and securities purchased under resale agreements ........ 403 550 6.71 5.09 Trading account assets ..................... 690 790 6.57 3.68 -------- -------- Total interest-earning assets ........ $62,179 $57,928 8.83 8.05 ======== ======== Interest Expense Interest-bearing demand .................... $ 4,676 $ 4,617 1.45 1.31 Savings and money market savings ........... 12,814 13,566 4.52 3.54 Savings certificates ....................... 9,543 8,696 5.87 5.04 Large denomination certificates ............ 3,831 3,076 6.18 5.15 -------- -------- Total interest-bearing deposits in domestic offices ................... 30,864 29,955 4.68 3.80 Interest-bearing deposits in foreign offices .................................. 3,936 2,041 6.40 4.81 -------- -------- Total interest-bearing deposits ...... 34,800 31,996 4.87 3.86 Federal funds purchased and securities sold under repurchase agreements ......... 5,985 5,682 6.23 4.90 Commercial paper ........................... 1,801 1,499 6.14 4.79 Other short-term borrowed funds ............ 1,233 1,667 8.68 5.74 -------- -------- Total short-term borrowed funds....... 9,019 8,848 6.55 5.04 Bank notes ................................. 2,127 2,551 6.77 5.51 Other long-term debt ....................... 7,371 6,020 6.96 5.85 -------- -------- Total long-term debt ................. 9,498 8,571 6.92 5.75 -------- -------- Total interest-bearing liabilities ... $53,317 $49,415 5.52 4.40 ======== ======== -------- ----- Interest rate spread 3.31 3.65 ======== ===== Net yield on interest-earning assets and net interest income ...................... 4.09 4.29 ======== ===== Variance Interest Attributable to -------------------------- ------------------------ 2000 1999 Variance Rate Volume ------------ ------------ ------------- --------- ---------- Interest Income (Thousands) Loans: Commercial ............................... $ 377,657 $ 281,875 $ 95,782 $ 61,915 $ 33,867 Tax-exempt ............................... 15,809 16,983 (1,174) 920 (2,094) ------------ ------------ ------------- Total commercial ....................... 393,466 298,858 94,608 62,278 32,330 Direct retail ............................ 28,680 22,875 5,805 1,111 4,694 Indirect retail .......................... 86,806 70,243 16,563 5,891 10,672 Credit card .............................. 161,891 166,201 (4,310) 19,674 (23,984) Other revolving credit ................... 23,215 16,326 6,889 1,845 5,044 ------------ ------------ ------------- Total retail ........................... 300,592 275,645 24,947 18,234 6,713 Construction ............................. 73,444 48,287 25,157 6,388 18,769 Commercial mortgages ..................... 190,873 151,501 39,372 12,591 26,781 Residential mortgages .................... 180,351 145,576 34,775 7,584 27,191 ------------ ------------ ------------- Total real estate ...................... 444,668 345,364 99,304 27,241 72,063 Lease financing .......................... 58,109 63,604 (5,495) (14,789) 9,294 Foreign .................................. 27,036 21,067 5,969 5,232 737 ------------ ------------ ------------- Total loans ............................ 1,223,871 1,004,538 219,333 91,927 127,406 Securities: Held-to-maturity: U.S. Government and agency ............. 7,444 9,520 (2,076) 499 (2,575) Mortgage-backed ........................ 7,576 9,384 (1,808) (8) (1,800) State and municipal .................... 5,078 4,168 910 (503) 1,413 Other .................................. 350 845 (495) 183 (678) ------------ ------------ ------------- Total held-to-maturity ............... 20,448 23,917 (3,469) 806 (4,275) Available-for-sale:** U.S. Government and agency ............. 45,011 55,830 (10,819) 1,755 (12,574) Mortgage-backed ........................ 60,808 64,103 (3,295) 1,848 (5,143) Other .................................. 9,809 10,446 (637) (1,836) 1,199 ------------ ------------ ------------- Total available-for-sale ............. 115,628 130,379 (14,751) 1,963 (16,714) ------------ ------------ ------------- Total securities ..................... 136,076 154,296 (18,220) 2,605 (20,825) Interest-bearing bank balances ............. 1,424 1,631 (207) 61 (268) Federal funds sold and securities purchased under resale agreements ........ 6,803 7,062 (259) 1,908 (2,167) Trading account assets ..................... 11,396 7,335 4,061 5,097 (1,036) ------------ ------------ ------------- Total interest-earning assets ......... 1,379,570 1,174,862 204,708 116,484 88,224 Interest Expense Interest-bearing demand .................... 17,038 15,279 1,759 1,570 189 Savings and money market savings ........... 145,463 121,106 24,357 31,446 (7,089) Savings certificates ....................... 140,898 110,569 30,329 19,034 11,295 Large denomination certificates ............ 59,476 39,954 19,522 8,718 10,804 ------------ ------------ ------------- Total interest-bearing deposits in domestic offices .................... 362,875 286,908 75,967 67,134 8,833 Interest-bearing deposits in foreign offices ................................... 63,288 24,730 38,558 10,133 28,425 ------------ ------------ ------------- Total interest-bearing deposits ...... 426,163 311,638 114,525 85,711 28,814 Federal funds purchased and securities sold under repurchase agreements .......... 93,763 70,153 23,610 19,756 3,854 Commercial paper ........................... 27,799 18,082 9,717 5,665 4,052 Other short-term borrowed funds ............ 26,912 24,101 2,811 10,170 (7,359) ------------ ------------ ------------- Total short-term borrowed funds....... 148,474 112,336 36,138 33,933 2,205 Bank notes ................................. 36,196 35,468 728 7,249 (6,521) Other long-term debt ....................... 128,923 88,797 40,126 18,340 21,786 ------------ ------------ ------------- Total long-term debt ................. 165,119 124,265 40,854 26,641 14,213 ------------ ------------ ------------- Total interest-bearing liabilities ... 739,756 548,239 191,517 146,086 45,431 ------------ ------------ ------------- Interest rate spread Net yield on interest-earning assets and net interest income ...................... $ 639,814 $ 626,623 $ 13,191 (30,432) 43,623 ============ ============ =============
* Interest income and yields are presented on a fully taxable equivalent basis using the federal income tax rate and state tax rates, as applicable, reduced by the nondeductible portion of interest expense. Any variance attributable jointly to volume and rate changes is allocated to the volume and rate in proportion to the relationship of the absolute dollar amount of the change in each. ** Volume amounts are reported at amortized cost; excludes pretax unrealized losses of $107 million in 2000 and $47 million in 1999. 18 Taxable Equivalent Rate/Volume Analysis -- Nine Months* Table 8 - --------------------------------------------------------------------------------
Average Volume Average Rate ------------------- ----------------- 2000 1999 2000 1999 -------- ------- ------- ---- Interest Income (Millions) Loans: Commercial ............................... $17,325 $15,426 8.43 7.04 Tax-exempt ............................... 670 838 9.36 9.12 -------- -------- Total commercial ....................... 17,995 16,264 8.47 7.15 Direct retail ............................ 1,207 1,069 8.83 8.68 Indirect retail .......................... 3,927 3,411 8.17 7.91 Credit card .............................. 4,620 5,222 14.23 13.36 Other revolving credit ................... 735 572 11.62 10.85 -------- -------- Total retail ........................... 10,489 10,274 11.16 10.92 Construction ............................. 2,774 2,167 9.48 8.40 Commercial mortgages ..................... 8,288 7,220 8.53 8.05 Residential mortgages .................... 8,307 7,360 8.00 7.80 -------- -------- Total real estate ...................... 19,369 16,747 8.44 7.99 Lease financing .......................... 2,680 2,190 9.01 11.50 Foreign .................................. 1,284 1,286 7.77 6.44 -------- -------- Total loans ............................ 51,817 46,761 9.01 8.46 Securities: Held-to-maturity: U.S. Government and agency ............. 451 603 6.36 6.15 Mortgage-backed ........................ 392 514 8.10 8.24 State and municipal .................... 215 163 9.38 10.00 Other .................................. 31 62 6.88 6.72 -------- -------- Total held-to-maturity ............... 1,089 1,342 7.60 7.44 Available-for-sale:** U.S. Government and agency ............. 2,849 3,441 6.48 6.39 Mortgage-backed ........................ 3,749 4,099 6.50 6.36 Other .................................. 655 567 6.51 7.15 -------- -------- Total available-for-sale ............. 7,253 8,107 6.50 6.43 -------- -------- Total securities ..................... 8,342 9,449 6.64 6.57 Interest-bearing bank balances ............. 103 112 5.63 6.20 Federal funds sold and securities purchased under resale agreements ........ 457 580 6.16 4.91 Trading account assets ..................... 667 763 6.56 3.70 -------- -------- Total interest-earning assets ........ $61,386 $57,665 8.64 8.05 ======== ======== Interest Expense Interest-bearing demand .................... $ 4,889 $ 4,658 1.43 1.21 Savings and money market savings ........... 13,011 13,295 4.27 3.53 Savings certificates ....................... 9,252 8,762 5.59 5.11 Large denomination certificates ............ 4,018 3,281 5.90 5.16 -------- -------- Total interest-bearing deposits in domestic offices ................... 31,170 29,996 4.42 3.81 Interest-bearing deposits in foreign offices .................................. 3,941 2,066 6.02 4.70 -------- -------- Total interest-bearing deposits ...... 35,111 32,062 4.60 3.87 Federal funds purchased and securities sold under repurchase agreements ......... 5,810 5,950 5.84 4.56 Commercial paper ........................... 1,689 1,457 5.82 4.59 Other short-term borrowed funds ............ 1,355 1,847 7.54 5.41 -------- -------- Total short-term borrowed funds....... 8,854 9,254 6.09 4.74 Bank notes ................................. 2,101 2,614 6.42 5.55 Other long-term debt ....................... 6,711 5,455 6.69 5.79 -------- -------- Total long-term debt ................. 8,812 8,069 6.63 5.71 -------- -------- Total interest-bearing liabilities ... $52,777 $49,385 5.19 4.33 ======== ======== -------- ----- Interest rate spread 3.45 3.72 ======== ===== Net yield on interest-earning assets and net interest income ...................... 4.17 4.34 ======== ===== Variance Interest Attributable to --------------------------- ---------------------- 2000 1999 Variance Rate Volume ----------- ----------- ------------- ---------- --------- Interest Income (Thousands) Loans: Commercial ............................... $1,093,707 $ 812,194 $ 281,513 $ 173,584 $ 107,929 Tax-exempt ............................... 46,912 57,124 (10,212) 1,465 (11,677) ----------- ----------- ------------- Total commercial ....................... 1,140,619 869,318 271,301 172,165 99,136 Direct retail ............................ 79,812 69,398 10,414 1,252 9,162 Indirect retail .......................... 240,188 201,804 38,384 6,848 31,536 Credit card .............................. 492,196 521,904 (29,708) 32,677 (62,385) Other revolving credit ................... 63,891 46,460 17,431 3,474 13,957 ----------- ----------- ------------- Total retail ........................... 876,087 839,566 36,521 18,431 18,090 Construction ............................. 196,844 136,178 60,666 19,003 41,663 Commercial mortgages ..................... 529,197 434,547 94,650 27,285 67,365 Residential mortgages .................... 497,742 429,583 68,159 11,293 56,866 ----------- ----------- ------------- Total real estate ...................... 1,223,783 1,000,308 223,475 59,440 164,035 Lease financing .......................... 180,840 188,283 (7,443) (45,055) 37,612 Foreign .................................. 74,721 61,925 12,796 12,883 (87) ----------- ----------- ------------- Total loans ............................ 3,496,050 2,959,400 536,650 201,621 335,029 Securities: Held-to-maturity: U.S. Government and agency ............. 21,468 27,758 (6,290) 925 (7,215) Mortgage-backed ........................ 23,786 31,669 (7,883) (543) (7,340) State and municipal .................... 15,064 12,154 2,910 (793) 3,703 Other .................................. 1,573 3,115 (1,542) 70 (1,612) ----------- ----------- ------------- Total held-to-maturity ............... 61,891 74,696 (12,805) 1,507 (14,312) Available-for-sale:** U.S. Government and agency ............. 138,323 164,569 (26,246) 2,321 (28,567) Mortgage-backed ........................ 182,482 195,068 (12,586) 4,248 (16,834) Other .................................. 31,931 30,361 1,570 (2,877) 4,447 ----------- ----------- ------------- Total available-for-sale ............. 352,736 389,998 (37,262) 3,934 (41,196) ----------- ----------- ------------- Total securities ..................... 414,627 464,694 (50,067) 4,565 (54,632) Interest-bearing bank balances ............. 4,347 5,215 (868) (454) (414) Federal funds sold and securities 21,091 21,293 (202) 4,830 (5,032) purchased under resale agreements ........ Trading account assets ..................... 32,778 21,095 11,683 14,600 (2,917) ----------- ----------- ------------- Total interest-earning assets ........ 3,968,893 3,471,697 497,196 263,814 233,382 Interest Expense Interest-bearing demand .................... 52,263 41,995 10,268 8,088 2,180 Savings and money market savings ........... 415,689 351,129 64,560 72,175 (7,615) Savings certificates ....................... 387,163 334,944 52,219 32,703 19,516 Large denomination certificates ............ 177,436 126,672 50,764 19,745 31,019 ----------- ----------- ------------- Total interest-bearing deposits in domestic offices ................... 1,032,551 854,740 177,811 143,123 34,688 Interest-bearing deposits in foreign offices .................................. 177,518 72,689 104,829 24,640 80,189 Total interest-bearing deposits ...... 1,210,069 927,429 282,640 188,473 94,167 Federal funds purchased and securities sold under repurchase agreements ......... 253,862 203,147 50,715 55,613 (4,898) Commercial paper ........................... 73,598 49,997 23,601 14,814 8,787 Other short-term borrowed funds ............ 76,537 74,663 1,874 24,859 (22,985) ----------- ----------- ------------- Total short-term borrowed funds....... 403,997 327,807 76,190 90,838 (14,648) Bank notes ................................. 101,027 108,522 (7,495) 15,626 (23,121) Other long-term debt ....................... 336,253 236,393 99,860 40,188 59,672 ----------- ----------- ------------- Total long-term debt ................. 437,280 344,915 92,365 58,611 33,754 ----------- ----------- ------------- Total interest-bearing liabilities ... 2,051,346 1,600,151 451,195 335,189 116,006 ----------- ----------- ------------- Interest rate spread Net yield on interest-earning assets and net interest income ...................... $1,917,547 $1,871,546 $ 46,001 (72,953) 118,954 =========== =========== =============
* Interest income and yields are presented on a fully taxable equivalent basis using the federal income tax rate and state tax rates, as applicable, reduced by the nondeductible portion of interest expense. Any variance attributable jointly to volume and rate changes is allocated to the volume and rate in proportion to the relationship of the absolute dollar amount of the change in each. ** Volume amounts are reported at amortized cost; excludes pretax unrealized losses of $138 million in 2000 and unrealized gains of $46 million in 1999. 19 Consolidated Financial Results Net Interest Income Wachovia's taxable equivalent net interest income rose $13 million or 2.1 percent from the third quarter of 1999 to $640 million. Year-to-date net interest income increased $46 million from the same period a year ago. During the second quarter, the Federal Reserve continued to take action to slow the economy with a 50 basis point rate increase on May 16 that followed five 25 basis point increases from July 1999 through the end of the first quarter. Although the Federal Reserve took no further action on rates since May 16, third quarter results reflected the full effect of the earlier rate adjustments. Upon each action by the Federal Reserve, Wachovia raised its prime lending rate to keep pace with the rise in funding costs. For third quarter 2000, Wachovia's average prime lending rate and the average federal funds rate were 9.50 percent and 6.52 percent, respectively, compared with 8.10 percent and 5.09 percent, respectively, a year ago. Wachovia's net yield on interest-earning assets was 4.09 percent compared with 4.29 percent reported for the third quarter of 1999. For the nine-month period, the net yield on interest-earning assets was 4.17 percent compared with 4.34 percent a year ago. Several factors contributed to the lower net yield on interest earning assets including credit card securitization transactions and the reversal of accrued interest on loans transferred to non accrual status. Loan growth continued to outpace growth in core deposits leading to greater use of wholesale sources to fund loan demand. Although this contributed positively to net interest income, it had a slightly dilutive effect on the net yield on interest-earning assets. Competitive pressures, primarily in the consumer (excluding credit card) and real estate loan categories where most of the growth occurred, kept pricing for new loans from including the full impact of the Federal Reserve's rate increases. Competition for deposits also resulted in narrowing spreads on new certificates of deposit. Managed Credit Card Data Table 9 - -------------------------------------------------------------------------------- $ in thousands
2000 1999 Nine Months Ended ----------------------------------------- ------------------------ September 30 Third Second First Fourth Third ------------------------ Quarter Quarter Quarter Quarter Quarter 2000 1999 ----------- ----------- ----------- ---------- ----------- ----------- ----------- Average credit card loans .......... $ 8,012,939 $ 8,135,853 $ 7,771,010 $ 6,397,350 $ 6,343,811 $ 7,973,412 $ 6,367,035 Period-end loans ................... 7,981,510 8,085,573 8,256,409 6,632,439 6,371,927 7,981,510 6,371,927 Net loan losses .................... 99,146 100,207 87,040 57,720 59,261 286,345 199,456 Annualized net loan losses to average loans ..................... 4.95% 4.93% 4.48% 3.61% 3.74% 4.79% 4.18% Delinquencies (30 days or more) to period-end loans .................. 4.03 3.74 3.72 3.22 3.35 4.03 3.35
The average yield on interest-earning assets increased 78 basis points from the third quarter of 1999 and 59 basis points year-to-date. The rise in rates resulted in higher yields in all loan categories except lease financing. Changes in portfolio mix resulting from credit card securitization transactions completed during 1999 and 2000 subdued retail loan yields in 2000. The effect of the securitizations was most evident in comparing year-to-date yields to 1999 as the Series 1999-1 transaction, representing $896 million in receivables, occurred late in the first quarter of 1999. The Series 1999-2 transaction, representing $500 million in receivables, occurred in late third quarter 1999. At the beginning of the third quarter of 2000, Wachovia completed the 2000-1 series securitization representing $750 million in receivables. Also during the third quarter, the 1995-1 series securitization transaction began to mature which resulted in the loans returning to the balance sheet. The average rate paid on interest-bearing liabilities increased by 112 basis points from the third quarter of 1999 and 86 basis points year-to-date from 1999. Comparisons with prior year reflect the rising rate environment that began with the Federal Reserve's actions to slow the economy in early third quarter 1999. Liability mix also contributed to the increase in the rate on interest bearing liabilities as most of the growth in the balance sheet was funded from wholesale sources. Deposit mix added to the increase in funding costs as customer preference shifted toward certificates of deposit from lower rate money market savings accounts. Interest-bearing core deposit funding increased $154 million and $437 million, respectively, compared to the third quarter and the first nine months of 1999 despite the loss of $438 million in deposits with the sale of branches in the third quarter of 2000. The acquisitions of Bank of Canton and National Bank of Commerce and the third quarter 1999 sale of branches also affected comparability of core deposits balances between periods. 20 For the remainder of the year, management expects the net yield on interest-earning assets to remain comparable to that reported in the third quarter. Net interest income is anticipated to grow modestly for the remainder of the year. Net Interest Income and Average Balances Table 10 - --------------------------------------------------------------------------------
Twelve Months 2000 Ended ------------------------------------------------ September 30 Third Second First 2000 Quarter Quarter Quarter ------------ ------------- ----------- ----------- Net Interest Income -- Taxable Equivalent (thousands) Interest income: Loans -- including fees .................. $4,558,712 $ 1,223,871 $ 1,173,755 $ 1,098,424 Securities ............................... 564,932 136,076 141,689 136,862 Interest-bearing bank balances ........... 6,522 1,424 1,400 1,523 Federal funds sold and securities purchased under resale agreements .............................. 30,494 6,803 6,796 7,492 Trading account assets ................... 43,842 11,396 11,025 10,357 ---------- ------------- ----------- ----------- Total .................................. 5,204,502 $ 1,379,570 1,334,665 1,254,658 Interest expense: Interest-bearing demand .................. 68,702 17,038 17,379 17,846 Savings and money market savings ................................. 542,117 145,463 139,095 131,131 Savings certificates ..................... 499,802 140,898 128,528 117,737 Large denomination certificates .......... 223,303 59,476 61,816 56,144 Interest-bearing deposits in foreign offices ................................. 213,911 63,288 62,308 51,922 Short-term borrowed funds ................ 533,351 148,474 132,206 123,317 Long-term debt ........................... 566,743 165,119 144,397 127,764 ---------- ------------- ----------- ----------- Total .................................. 2,647,929 739,756 685,729 625,861 ---------- ------------- ----------- ----------- Net interest income .......................$2,556,573 $ 639,814 $ 648,936 $ 628,797 ========== ============= =========== =========== Annualized net yield on interest- earning assets ........................... 4.20% 4.09% 4.22% 4.20% Average Balances (millions) Assets: Loans -- net of unearned income........... $ 51,007 $ 52,758 $ 52,133 $ 50,550 Securities ............................... 8,511 8,224 8,407 8,395 Interest-bearing bank balances ........... 111 104 108 97 Federal funds sold and securities purchased under resale agreements .............................. 513 403 444 525 Trading account assets ................... 758 690 689 623 ---------- ------------- ----------- ----------- Total interest-earning assets .......... 60,900 62,179 61,781 60,190 Cash and due from banks .................. 3,121 3,023 2,946 2,981 Premises and equipment ................... 938 920 931 945 Other assets ............................. 4,264 4,485 4,565 4,355 Unrealized (losses) gains on securities available-for-sale ........... (120) (107) (159) (149) Allowance for loan losses ................ (626) (791) (598) (567) ---------- ------------- ----------- ----------- Total assets ........................... $ 68,477 $ 69,709 $ 69,466 $ 67,755 ========== ============= =========== =========== Liabilities and shareholders' equity: Interest-bearing demand .................. $ 4,719 $ 4,676 $ 4,793 $ 4,755 Savings and money market savings ................................. 13,237 12,814 13,305 13,363 Savings certificates ..................... 9,132 9,543 9,243 8,966 Large denomination certificates .......... 3,869 3,831 4,198 4,025 Interest-bearing deposits in foreign offices ................................. 3,650 3,936 4,124 3,764 Short-term borrowed funds ................ 9,101 9,019 8,621 8,920 Long-term debt ........................... 8,690 9,498 8,851 8,081 ---------- ------------- ----------- ----------- Total interest-bearing liabilities ........................... 52,398 53,317 53,135 51,874 Demand deposits .......................... 8,373 8,474 8,373 8,319 Other liabilities ........................ 1,949 1,966 2,125 1,874 Shareholders' equity ..................... 5,757 5,952 5,833 5,688 ---------- ------------- ----------- ----------- Total liabilities and shareholders' equity .................. $ 68,477 $ 69,709 $ 69,466 $ 67,755 ========== ============= =========== =========== Total deposits ............................ $ 42,979 $ 43,274 $ 44,036 $ 43,192 1999 Nine Months Ended --------------------------- September 30 Fourth Third --------------------------- Quarter Quarter 2000 1999 ----------- ----------- ----------- ----------- Net Interest Income -- Taxable Equivalent (thousands) Interest income: Loans -- including fees .................. $ 1,062,662 $ 1,004,538 $ 3,496,050 $ 2,959,400 Securities ............................... 150,305 154,296 414,627 464,694 Interest-bearing bank balances ........... 2,175 1,631 4,347 5,215 Federal funds sold and securities purchased under resale agreements .............................. 9,403 7,062 21,091 21,293 Trading account assets ................... 11,064 7,335 32,778 21,095 ------------- ----------- ------------- ----------- Total .................................. 1,235,609 1,174,862 3,968,893 3,471,697 Interest expense: Interest-bearing demand .................. 16,439 15,279 52,263 41,995 Savings and money market savings ................................. 126,428 121,106 415,689 351,129 Savings certificates ..................... 112,639 110,569 387,163 334,944 Large denomination certificates .......... 45,867 39,954 177,436 126,672 Interest-bearing deposits in foreign offices ................................. 36,393 24,730 177,518 72,689 Short-term borrowed funds ................ 129,354 112,336 403,997 327,807 Long-term debt ........................... 129,463 124,265 437,280 344,915 ------------- ----------- ------------- ----------- Total .................................. 596,583 548,239 2,051,346 1,600,151 ------------- ----------- ------------- ----------- Net interest income ....................... $ 639,026 $ 626,623 $ 1,917,547 $ 1,871,546 ============= =========== ============= =========== Annualized net yield on interest- earning assets ........................... 4.26% 4.29% 4.17% 4.34% Average Balances (millions) Assets: Loans -- net of unearned income........... $ 48,593 $ 47,003 $ 51,817 $ 46,761 Securities ............................... 9,016 9,461 8,342 9,449 Interest-bearing bank balances ........... 136 124 103 112 Federal funds sold and securities purchased under resale agreements .............................. 681 550 457 580 Trading account assets ................... 1,027 790 667 763 ------------- ----------- ------------- ----------- Total interest-earning assets .......... 59,453 57,928 61,386 57,665 Cash and due from banks .................. 3,532 2,888 2,984 2,978 Premises and equipment ................... 955 962 932 948 Other assets ............................. 3,653 3,632 4,468 3,797 Unrealized (losses) gains on securities available-for-sale ........... (65) (47) (138) 46 Allowance for loan losses ................ (546) (548) (653) (540) ------------- ----------- ------------- ----------- Total assets ........................... $ 66,982 $ 64,815 $ 68,979 $ 64,894 ============= =========== ============= =========== Liabilities and shareholders' equity: Interest-bearing demand .................. $ 4,653 $ 4,617 $ 4,889 $ 4,658 Savings and money market savings ................................. 13,470 13,566 13,011 13,295 Savings certificates ..................... 8,774 8,696 9,252 8,762 Large denomination certificates .......... 3,428 3,076 4,018 3,281 Interest-bearing deposits in foreign offices ................................. 2,782 2,041 3,941 2,066 Short-term borrowed funds ................ 9,836 8,848 8,854 9,254 Long-term debt ........................... 8,327 8,571 8,812 8,069 ------------- ----------- ------------- ----------- Total interest-bearing liabilities ........................... 51,270 49,415 52,777 49,385 Demand deposits .......................... 8,326 8,368 8,389 8,232 Other liabilities ........................ 1,831 1,641 1,989 1,889 Shareholders' equity ..................... 5,555 5,391 5,824 5,388 ------------- ----------- ------------- ----------- Total liabilities and shareholders' equity .................. $ 66,982 $ 64,815 $ 68,979 $ 64,894 ============= =========== ============= =========== Total deposits ............................ $ 41,433 $ 40,364 $ 43,500 $ 40,294
21 Related Balance Sheet Analysis Loan growth continued through the third quarter of 2000 mostly in the real estate categories. Demand remained strong although Management's view of rising risk in the lending environment led to more caution and selectivity in taking on new business. Adjusting for acquisitions and securitization transactions, loan growth was approximately 13 percent and 11 percent, respectively, year over year in comparing the third quarter and the first nine months. In comparison with the fourth quarter of 1999, average loan volume, excluding acquisitions, grew approximately $4 billion. Economic conditions in Wachovia's five state primary lending area, as well as nationally have been good, but showed continued evidence of slowing. For the remainder of the year, management expects loan growth to continue at a slower rate. Period-End Loans by Category Table 11 - -------------------------------------------------------------------------------- (thousands)
Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 2000 2000 2000 1999 1999 ----------- ----------- ----------- ----------- ----------- Commercial ..................... $18,005,046 $17,823,579 $17,160,717 $17,042,740 $16,166,045 Tax-exempt ..................... 657,441 668,953 673,634 690,053 757,601 ----------- ----------- ----------- ----------- ----------- Total commercial ........... 18,662,487 18,492,532 17,834,351 17,732,793 16,923,646 Direct retail .................. 1,286,724 1,270,661 1,160,287 1,063,619 1,053,909 Indirect retail ................ 4,159,669 3,985,073 3,856,229 3,740,683 3,616,862 Credit card .................... 4,167,158 4,690,595 4,860,455 4,736,485 4,475,973 Other revolving credit ......... 787,515 761,049 715,317 667,149 620,342 ----------- ----------- ----------- ----------- ----------- Total retail ............... 10,401,066 10,707,378 10,592,288 10,207,936 9,767,086 Construction ................... 3,206,898 2,960,285 2,577,621 2,311,362 2,235,387 Commercial mortgages ........... 8,893,611 8,423,985 8,164,304 7,754,206 7,550,770 Residential mortgages .......... 8,987,962 8,558,292 7,994,283 7,756,983 7,498,541 ----------- ----------- ----------- ----------- ----------- Total real estate .......... 21,088,471 19,942,562 18,736,208 17,822,551 17,284,698 Lease financing ................ 2,777,382 2,701,108 2,696,605 2,597,271 2,453,749 Foreign ........................ 1,295,778 1,308,777 1,265,864 1,260,674 1,195,842 ----------- ----------- ----------- ----------- ----------- Total loans ................ $54,225,184 $53,152,357 $51,125,316 $49,621,225 $47,625,021 =========== =========== =========== =========== ===========
Average balances of securities for the third quarter of 2000 declined in comparison to both the third and fourth quarters of 1999. During 1999, Wachovia allowed portfolio attrition to fund a portion of the loan growth. During the first nine months of 2000, maturing securities were replaced to maintain the portfolio at a relatively constant level. Securities Table 12 - -------------------------------------------------------------------------------- September 30, 2000 (thousands)
Securities available-for-sale at fair value: U.S. Government and agency ................ $2,738,954 Mortgage-backed ........................... 3,848,199 Other ..................................... 593,626 ---------- Total available-for-sale ............... 7,180,779 Securities held-to-maturity: U.S. Government and agency ................ 465,773 Mortgage-backed ........................... 352,152 State and municipal ....................... 221,255 Other ..................................... 14,103 ---------- Total held-to-maturity ................. 1,053,283 ---------- Total securities ....................... $8,234,062 ==========
The increase in other assets from the third and fourth quarters of 1999 is primarily the result of increased intangible assets resulting from acquisitions. Excluding the effects of acquisitions and branch sales in both the third quarters of 2000 and 1999, average interest-bearing core deposits held steady compared with the third and fourth quarters of 1999. Bank of Canton and National Bank of Commerce added approximately $275 million and approximately $80 million, respectively, to third quarter 2000 average balances. The mix of interest bearing core deposits shifted more to savings certificates in the third quarter 2000 compared with the same period a year ago due to certificate of deposit promotions and a shift in customer preference. 22 Wachovia utilizes a wide variety of wholesale funding sources including large denomination certificates of deposit, foreign deposits, repurchase agreements, federal funds, Federal Home Loan Bank advances, bank notes and senior and subordinated debt to fund the balance sheet. The mix and characteristics of wholesale funding are determined based on interest rate risk management, liquidity needs and available pricing. Subordinated debt is used for capital management purposes since it qualifies for inclusion in Tier II capital for risk based capital purposes. Several large debt transactions affect comparability of both period-end and average balances between reported periods. During 1999, Wachovia issued $1 billion in senior and subordinated debt. On March 31, 2000, Wachovia issued $300 million in subordinated debt that replaced $300 million in subordinated debt that matured on December 15, 1999. On July 6, 2000, Wachovia issued $550 million in senior debt securities followed by $300 million in subordinated securities issued by Wachovia Bank on July 24, 2000. On October 4, 2000, Wachovia issued $300 million in fixed rate senior securities. Liquidity Management Wachovia manages liquidity at both the parent and subsidiary levels through active management of the balance sheet. Parent company liquidity comes from short-term investments that can be sold immediately, the ability to issue debt and equity securities, and from dividends and interest income from subsidiaries. At September 30, 2000, Wachovia Corporation had $1.704 billion in interest-bearing balances with Wachovia Bank, N.A. ("Wachovia Bank"), and $1.050 billion available for issuance as senior or subordinate debt securities under existing shelf registrations filed with the Securities and Exchange Commission. At October 1, 2000, $780 million was available from Wachovia Bank to pay dividends to Wachovia Corporation without prior regulatory approval. As a back-up liquidity facility for commercial paper, Wachovia has $490 million in lines of credit from unaffiliated banks. No borrowings have occurred under these lines. Wachovia Corporation's senior notes are rated Aa3 by Moody's, AA- by Fitch and AA- by Standard & Poor's, and its subordinated notes are rated A1 by Moody's, A+ by Fitch and A+ by Standard & Poor's. The subordinated debt securities qualify for inclusion in Tier II capital under risk-based capital guidelines. Capital securities, also classified as part of other long-term debt, totaled $997 million at September 30, 2000. The capital securities are rated aa3 by Moody's, A+ by Fitch and A by Standard & Poor's and qualify as Tier I capital under risk-based capital guidelines. Through its global bank note program, Wachovia Bank is authorized to issue up to $21.557 billion of bank notes. The global bank note program consists of issuances with original maturities beginning at seven days. Bank notes with original maturities of one year or less are included in other short-term borrowed funds, and bank notes with original maturities greater than one year are considered medium-term in nature and are classified as long-term debt. Under the existing offering circular, Wachovia Bank can have outstanding up to $10 billion of notes at any one time with original maturities from 7 to 270 days. Wachovia Bank may issue up to an aggregate of $8 billion of notes with maturities of more than 270 days. At September 30, 2000, Wachovia Bank had approximately $6.6 billion of the notes with maturities of more than 270 days available under the existing authorization. Short-term bank notes outstanding as of September 30, 2000 were $851 million, with an average cost of 6.56 percent and an average maturity of one month. Medium-term bank notes were $2.029 billion on the same date, with an average cost of 6.52 percent and an average maturity of 4.7 years. Short-term issues under the global bank note program are rated P-1 by Moody's, F1+ by Fitch and A-1+ by Standard & Poor's, while medium-term issues are rated Aa2 by Moody's, AA- by Fitch and AA by Standard & Poor's. On October 6, 2000, Moody's placed Wachovia Corporation's and Wachovia Bank's ratings on review for possible downgrade. All long-term ratings were placed under review. Wachovia's short-term rating of P-1 was confirmed. 23 Allowance for Loan Losses Table 13 - -------------------------------------------------------------------------------- (thousands)
2000 -------------------------------------- Third Second First Quarter Quarter Quarter ---------- --------- --------- Summary of Transactions Balance at beginning of period ................ $799,351 $ 595,655 $ 554,810 Additions from acquisitions ................... ---- 3,289 40,504 Provision for loan losses ..................... 123,956 273,365 73,666 Deduct net loan losses: Loans charged off: Commercial .................................. 70,573 14,991 11,280 Credit card ................................. 57,099 62,469 62,883 Other revolving credit ...................... 2,819 2,219 2,379 Other retail ................................ 8,437 8,124 9,875 Real estate ................................. 887 1,612 1,220 Lease financing ............................. 226 404 568 Foreign ..................................... ---- ---- ---- ---------- --------- --------- Total ...................................... 140,041 89,819 88,205 Recoveries: Commercial .................................. 1,673 583 621 Credit card ................................. 10,446 12,096 10,129 Other revolving credit ...................... 480 641 647 Other retail ................................ 2,441 3,018 2,566 Real estate ................................. 1,033 402 786 Lease financing ............................. 122 121 131 Foreign ..................................... ---- ---- ---- ---------- --------- --------- Total ...................................... 16,195 16,861 14,880 ---------- --------- --------- Net loan losses .............................. 123,846 72,958 73,325 ---------- --------- --------- Balance at end of period ...................... $799,461 $ 799,351 $ 595,655 ========== ========= ========= Net Loan Losses (Recoveries) by Category Commercial .................................... $ 68,900 $ 14,408 $ 10,659 Credit card ................................... 46,653 50,373 52,754 Other revolving credit ........................ 2,339 1,578 1,732 Other retail .................................. 5,996 5,106 7,309 Real estate ................................... (146) 1,210 434 Lease financing ............................... 104 283 437 Foreign ....................................... ---- ---- ---- ---------- --------- --------- Total ...................................... $123,846 $ 72,958 $ 73,325 ========== ========= ========= Net loan losses -- excluding credit cards ..... $ 77,193 $ 22,585 $ 20,571 Annualized Net Loan Losses (Recoveries) to Average Loans by Category Commercial .................................... 1.54% .32% .24% Credit card ................................... 4.40 4.25 4.32 Other revolving credit ........................ 1.21 .85 1.00 Other retail .................................. .45 .40 .60 Real estate ................................... ---- .03 .01 Lease financing ............................... .02 .04 .07 Foreign ....................................... ---- ---- ---- Total loans ................................... .94 .56 .58 Total loans -- excluding credit cards ......... .64 .19 .18 Period-end allowance to outstanding loans ..... 1.47 1.50 1.17 1999 Nine Months Ended ------------------------- September 30 Fourth Third ------------------------- Quarter Quarter 2000 1999 ----------- --------- ----------- --------- Summary of Transactions Balance at beginning of period ................ $ 553,894 $ 548,540 $ 554,810 $ 547,992 Additions from acquisitions ................... ---- ---- 43,793 39 Provision for loan losses ..................... 66,174 76,770 470,987 231,931 Deduct net loan losses: Loans charged off: Commercial .................................. 17,805 15,509 96,844 28,963 Credit card ................................. 49,478 54,925 182,451 198,638 Other revolving credit ...................... 1,332 2,305 7,417 8,320 Other retail ................................ 8,905 8,561 26,436 25,359 Real estate ................................. 2,632 4,005 3,719 6,890 Lease financing ............................. 908 855 1,198 2,032 Foreign ..................................... ---- ---- ---- ---- ----------- --------- ----------- --------- Total ...................................... 81,060 86,160 318,065 270,202 Recoveries: Commercial .................................. 2,400 1,018 2,877 4,641 Credit card ................................. 8,152 8,967 32,671 24,630 Other revolving credit ...................... 610 774 1,768 2,309 Other retail ................................ 2,886 2,674 8,025 8,205 Real estate ................................. 1,627 1,124 2,221 3,809 Lease financing ............................. 127 187 374 540 Foreign ..................................... ---- ---- ---- ---- ----------- --------- ----------- --------- Total ...................................... 15,802 14,744 47,936 44,134 ----------- --------- ----------- --------- Net loan losses .............................. 65,258 71,416 270,129 226,068 ----------- --------- ----------- --------- Balance at end of period ...................... $ 554,810 $ 553,894 $ 799,461 $ 553,894 =========== ========= =========== ========= Net Loan Losses (Recoveries) by Category Commercial .................................... $ 15,405 $ 14,491 $ 93,967 $ 24,322 Credit card ................................... 41,326 45,958 149,780 174,008 Other revolving credit ........................ 722 1,531 5,649 6,011 Other retail .................................. 6,019 5,887 18,411 17,154 Real estate ................................... 1,005 2,881 1,498 3,081 Lease financing ............................... 781 668 824 1,492 Foreign ....................................... ---- ---- ---- ---- ----------- --------- ----------- --------- Total ...................................... $ 65,258 $ 71,416 $ 270,129 $ 226,068 =========== ========= =========== ========= Net loan losses -- excluding credit cards ..... $ 23,932 $ 25,458 $ 120,349 $ 52,060 Annualized Net Loan Losses (Recoveries) to Average Loans by Category Commercial .................................... .35% .36% .70% .20% Credit card ................................... 3.67 3.76 4.32 4.44 Other revolving credit ........................ .45 1.02 1.03 1.40 Other retail .................................. .51 .51 .48 .51 Real estate ................................... .02 .07 .01 .02 Lease financing ............................... .13 .11 .04 .09 Foreign ....................................... ---- ---- ---- ---- Total loans ................................... .54 .61 .70 .64 Total loans -- excluding credit cards ......... .22 .24 .34 .17 Period-end allowance to outstanding loans ..... 1.12 1.16 1.47 1.16
Allowance for Loan Losses Wachovia's allowance for loan losses is maintained at a level adequate to absorb probable losses inherent in the loan portfolio as of the date of the financial statements. At September 30, 2000, the allowance for loan losses was $799 million or 1.47 percent of outstanding loans compared with $555 million or 1.12 percent and $554 million or 1.16 percent at December 31, 1999 and September 30, 1999, respectively. The allowance for loan losses varied over the periods presented as a result of changes in the portfolio's risk profile. The increase in the allowance at September 30, 2000 was due to a rise in the level of nonperforming loans and management's view that rising interest rates and the slowing economy had affected corporate borrowers' ability to service debt. While commercial loan losses and nonperformings have risen from the third and fourth quarters of 1999, the impact on the allowance for loan losses has been partially offset by changes in portfolio mix. At September 30, 2000, commercial loans accounted for 34.4 percent of the loan portfolio compared with 35.7 percent and 35.5 percent at December 31, 1999 and 24 September 30, 1999, respectively. Credit card loans, which carry the highest historical charge off rates, represented 7.7 percent of the loan portfolio at September 30, 2000 compared with 9.5 percent and 9.4 percent at December 31, 1999 and September 30, 1999, respectively. Credit card balances declined in proportion to the rest of portfolio as a result of asset securitizations and robust growth in other loan categories. Real estate loans, which historically have experienced the most favorable charge off rates accounted for 38.9 percent of the loan portfolio at September 30, 2000, up from 35.9 percent and 36.3 percent at December 31, 1999 and September 30, 1999, respectively. The provision for loan losses charged to earnings was an amount sufficient to position the allowance for loan losses at the appropriate level as described above. For the third quarter and the first nine months of 2000, the provision for loan losses was $124 million and $471 million, respectively, compared with $77 million and $232 million for the same periods of 1999. The increase in the provision reflected deterioration in some commercial credits as evidenced in the increase in nonperforming loans. External indicators in the market, such as rising default rates, several high profile bankruptcies, the significant increase in credit rating downgrades versus upgrades and widening credit spreads also suggest that deterioration in the credit cycle is developing. These factors led to management's conclusion that the historical loss rates used in determining the adequacy of the allowance for loan loss did not reflect the risk in the portfolio and therefore did not accurately measure losses inherent in the portfolio. Management's views were further supported by downward migration in credit quality ratings and a resulting increase in the number of loans appearing on Wachovia's internal watch list during the second quarter. The watch list began to show some stability during the third quarter with the exception of some downward migration within categories and the rise in nonperforming loans. Management is closely monitoring the loan portfolio while paying particular attention to changing business and economic conditions. Appropriate actions will be taken if and when the circumstances dictate. Provision expense levels for the remainder of the year will be affected by changing conditions in the market and the resulting impact on Wachovia's customers. Provision expense for the fourth quarter is expected to be down from the third quarter but higher than the historical run rate. Nonperforming assets increased $238 million from December 31, 1999 to $462 million at September 30, 2000. The rise in nonperforming loans resulted primarily from a few high profile bankruptcies involving multibank credits. These loans had been monitored on Wachovia's internal watch list prior to nonperforming classification. At Wachovia, multibank credits are subject to the same underwriting standards and credit review as other corporate loans. The slowing economy and rising rates have pressured large corporate customers that may have expanded aggressively. In some cases, the speed with which corporate borrowers are filing bankruptcy, even though their liquidity and net worth are positive, has accelerated as a result of changing corporate strategies and external events. Any loss expected on the corporate nonperforming loans has been specifically reserved under FAS 114 and such specific reserves were included within the total allowance for loan losses. In many cases, management anticipates that the amount of loss will be low to moderate. Outside of the large corporate loan portfolio, credit quality remained solid with no increase in nonperforming assets and delinquencies. Looking forward, management remains watchful of credit quality issues and expects some further increase in nonperforming loans over the next few quarters. It is difficult to predict the exact magnitude and timing as much of the credit deterioration is driven by specific events that are not easily predicted. At September 30, 2000, Wachovia's nonperforming assets represented .85 percent of total loans and foreclosed property compared with .45 percent and .50 percent at December 31, 1999 and September 30, 1999, respectively. There were no significant concentrations of loans in any one industry at September 30, 2000. 25 Nonperforming Assets and Contractually Past Due Loans Table 14 - -------------------------------------------------------------------------------- (thousands)
Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 2000 2000 2000 1999 1999 ---------- ---------- ---------- -------- ---------- Nonperforming assets: Cash-basis assets ....................................... $444,880 $283,577 $226,176 $204,098 $214,594 Restructured loans ...................................... ---- ---- ---- ---- ---- ---------- ---------- ---------- -------- ---------- Total nonperforming loans ............................ 444,880 283,577 226,176 204,098 214,594 Foreclosed property: Foreclosed real estate ................................. 12,794 12,946 17,665 19,759 24,540 Less valuation allowance ............................... 2,429 2,867 4,077 5,941 7,456 Other foreclosed assets ................................ 6,501 5,060 6,343 5,874 6,602 ---------- ---------- ---------- -------- ---------- Total foreclosed property ............................ 16,866 15,139 19,931 19,692 23,686 ---------- ---------- ---------- -------- ---------- Total nonperforming assets ........................... $461,746 $298,716 $246,107 $223,790 $238,280 ========== ========== ========== ======== ========== Nonperforming loans to period-end loans ................. .82% .53% .44% .41% .45% Nonperforming assets to period-end loans and foreclosed property ................................ .85 .56 .48 .45 .50 Period-end allowance for loan losses times nonperforming loans .................................... 1.80x 2.82x 2.63x 2.72x 2.58x Period-end allowance for loan losses times nonperforming assets ................................... 1.73 2.68 2.42 2.48 2.32 Contractually past due loans -- accruing loans past due 90 days or more ......................................... $123,079 $127,218 $126,318 $97,642 $106,755 ========== ========== ========== ======== ==========
Noninterest Income Table 15 - -------------------------------------------------------------------------------- (thousands)
2000 ---------------------------------- Third Second First Quarter Quarter Quarter --------- -------- -------- Service charges on deposit accounts ............... $106,765 $104,380 $100,811 Fees for trust services ........................... 56,636 54,189 51,234 Credit card income -- net of interchange payments ......................................... 82,337 71,463 71,182 Investment fees ................................... 80,065 81,439 96,770 Capital markets income ............................ 40,092 45,014 44,786 Electronic banking ................................ 26,254 26,153 23,396 Mortgage fees ..................................... 7,373 5,921 5,001 Bankers' acceptance and letter of credit fees ..... 15,102 13,671 11,597 Other service charges and fees .................... 34,038 30,361 29,181 Other income ...................................... 71,328 37,708 36,841 --------- -------- -------- Total other operating revenue ................... 519,990 470,299 470,799 Securities (losses) gains ......................... (163) 59 167 --------- -------- -------- Total ........................................... $519,827 $470,358 $470,966 ========= ======== ======== 1999 Nine Months Ended ------------------- September 30 Fourth Third ------------------------- Quarter Quarter 2000 1999 ------- -------- ----------- ---------- Service charges on deposit accounts ............... $ 96,642 $ 94,595 $ 311,956 $ 273,004 Fees for trust services ........................... 52,283 60,066 162,059 164,109 Credit card income -- net of interchange payments ......................................... 65,046 70,786 224,982 190,197 Investment fees ................................... 78,747 69,364 258,274 156,603 Capital markets income ............................ 48,965 41,914 129,892 121,806 Electronic banking ................................ 24,303 23,310 75,803 64,323 Mortgage fees ..................................... 5,006 7,378 18,295 28,207 Bankers' acceptance and letter of credit fees ..... 12,444 11,688 40,370 33,593 Other service charges and fees .................... 26,720 19,494 93,580 53,173 Other income ...................................... 29,313 34,246 145,877 85,639 --------- -------- ----------- ----------- Total other operating revenue ................... 439,469 432,841 1,461,088 1,170,654 Securities (losses) gains ......................... 60 147 63 10,834 --------- -------- ----------- ----------- Total ........................................... $439,529 $432,988 $1,461,151 $1,181,488 ========= ======== =========== ===========
Noninterest Income Other operating revenue, which excludes securities transactions, grew $87 million or 20.1 percent for the third quarter from a year earlier and was higher by $290 million or 24.8 percent for the first nine months. The largest portion of the growth was attributable to the strategic acquisitions of IJL, OFFITBANK and BEJS and their respective impact on investment fee income and capital markets income. Credit card securitizations and the acquired Partners First portfolio also contributed substantially. Adjusting for the effects of acquisitions and securitization transactions, operating revenue grew approximately 13 percent for the quarter and approximately 11 percent year to date. Gains from branch sales totaled $42 million and $8 million during the third quarters of 2000 and 1999, respectively. For the remainder of the year, fee income is expected to remain in line with the third quarter, absent the gains from branch sales. Market sensitive sources such as capital markets income and investment fee income will be the key to whether the growth rate in overall fee income returns to the pace experienced last year. The outlook for the remaining fee income categories remains good. Service charges on deposit accounts for the third quarter and year to date grew $12 million or 12.9 percent and 39 million or 14.3 percent, respectively from the same periods in 1999. Returned check charges for overdraft and insufficient funds and commercial analysis fees were the main drivers of the increase. 26 Credit card income for the third quarter and year to date increased $12 million or 16.3 percent and $35 million or 18.3 percent, respectively from the same periods in 1999 driven by credit card securitizations and the Partners First acquired portfolio. Exclusive of these transactions, credit card income was up approximately 5 percent for the quarter and up approximately 9 percent year to date. The increase in both periods reflected higher overlimit charges and interchange fees. Investment fees were up for both the quarter and year to date by $11 million or 15.4 percent and $102 million or 64.9 percent, respectively from the same periods a year ago largely as a result of the expanded customer base from acquisitions. The acquisitions of OFFITBANK, which was completed late in the third quarter of 1999, and Interstate/Johnson Lane, which was completed on April 1, 1999, affected comparability between periods and accounted for most of the increase. Excluding those acquisitions, investment fees increased approximately 6 percent for the quarter and 10 percent for the first nine months from the same periods a year ago. This income is sensitive to market conditions that softened during the second and third quarters after trading activity reached record levels in the first quarter. In addition to resulting in lower levels of equity commissions, market conditions unfavorably impacted capital markets income leaving it $2 million or 4.4 percent lower than the third quarter of 1999 but up approximately 4 percent year to date excluding the effect of the acquisition of IJL. Part of the decline in capital markets income is due to lower loan syndication fees reflecting more selectivity in light of a riskier lending environment. Electronic banking fees and bankers' acceptance and letter of credit fees experienced strong growth in comparison to prior year. For the third quarter and first nine months, electronic banking fees increased $3 million or 12.6 percent and $11 million or 17.8 percent, respectively with acquisitions having minimal impact. Debit card interchange fees accounted for substantially all of the increase reflecting a continued trend of growing consumer acceptance. Bankers' acceptance and letter of credit fees increased $3 million or 29.2 percent for the quarter and $7 million or 20.2 percent year to date compared with the same periods in 1999 reflecting strong demand for domestic letters of credit and more favorable pricing. Other service charges and fees increased by $15 million or 74.6 percent and $40 million or 76 percent, respectively, for the third quarter and first nine months compared with the same periods in 1999. Most of the increase was in fees for servicing the securitized portion of the Partners First credit card portfolio and the assets securitized in 1999 and 2000. Excluding the effects of Partners First and other acquisitions and the securitization transactions, this revenue category remained relatively level over the comparable periods of 1999. Noninterest Expense Table 16 - -------------------------------------------------------------------------------- (thousands)
2000 ------------------------------------ Third Second First Quarter Quarter Quarter ---------- -------- -------- Salaries ........................................ $275,249 $282,610 $287,629 Employee benefits ............................... 50,494 52,881 56,252 ---------- -------- -------- Total personnel expense ....................... 325,743 335,491 343,881 Net occupancy expense ........................... 40,229 40,684 39,526 Equipment expense ............................... 45,274 45,908 49,195 Postage and delivery ............................ 13,196 13,661 13,817 Outside data processing, programming and software ....................................... 27,419 25,918 26,874 Stationery and supplies ......................... 9,484 10,037 9,072 Advertising and sales promotion ................. 16,752 16,938 16,649 Professional services ........................... 21,245 18,639 13,532 Travel and business promotion ................... 9,483 11,202 9,572 Telecommunications .............................. 15,373 15,471 14,726 Amortization of intangible assets ............... 24,330 23,906 20,797 Foreclosed property expense -- net of income..... (349) (220) (2,722) Merger-related charges* ......................... 11,928 8,872 8,158 Litigation settlement charge* ................... ---- ---- 20,000 Restructuring charge* ........................... 87,944 ---- ---- Other expense ................................... 60,646 64,784 54,901 ---------- -------- -------- Total ......................................... $708,697 $631,291 $637,978 ========== ======== ======== Overhead ratio .................................. 61.1% 56.4% 58.0% Overhead ratio without nonrecurring charges...... 52.5 55.6 55.5 1999 Nine Months Ended ----------------------- September 30 Fourth Third --------------------------- Quarter Quarter 2000 1999 ---------- -------- ------------ ---------- Salaries ........................................ $276,048 $266,488 $ 845,488 $ 744,336 Employee benefits ............................... 48,240 50,572 159,627 151,662 ---------- -------- ------------ ---------- Total personnel expense ....................... 324,288 317,060 1,005,115 895,998 Net occupancy expense ........................... 38,486 38,955 120,439 112,796 Equipment expense ............................... 52,425 49,081 140,377 145,637 Postage and delivery ............................ 13,912 13,700 40,674 41,498 Outside data processing, programming and software ....................................... 27,370 26,385 80,211 75,403 Stationery and supplies ......................... 9,270 9,262 28,593 26,669 Advertising and sales promotion ................. 21,090 16,086 50,339 44,264 Professional services ........................... 23,008 18,619 53,416 51,994 Travel and business promotion ................... 10,106 9,138 30,257 23,838 Telecommunications .............................. 14,801 13,915 45,570 43,287 Amortization of intangible assets ............... 14,540 13,156 69,033 36,339 Foreclosed property expense -- net of income..... (602) (470) (3,291) (251) Merger-related charges* ......................... 5,669 5,293 28,958 13,640 Litigation settlement charge* ................... ---- ---- 20,000 ---- Restructuring charge* ........................... ---- ---- 87,944 ---- Other expense ................................... 46,255 47,012 180,331 138,895 ---------- -------- ------------ ---------- Total ......................................... $600,618 $577,192 $1,977,966 $1,650,007 ========== ======== ============ ========== Overhead ratio .................................. 55.7% 54.5% 58.5% 54.2% Overhead ratio without nonrecurring charges...... 55.2 54.0 54.5 53.8
* Nonrecurring charges 27 Noninterest Expense Noninterest expense rose $132 million or 22.8 percent for the quarter and $328 million or 19.9 percent for the first nine months compared to the same periods in 1999. Excluding nonrecurring expenses, noninterest expense rose $37 million or 6.5 percent for the quarter and $205 million or 12.5 percent year to date. These increases primarily resulted from the added expense base of acquired entities. Nonrecurring expenses include restructuring charges, merger-related expenses, and a litigation settlement charge. The restructuring charge recorded in the third quarter of 2000 is explained in more detail on page 29. The litigation settlement charge recorded in the first quarter of 2000 resulted from an agreement reached with the U. S. Department of Labor to settle litigation stemming from a lawsuit begun against South Carolina National Bank (a predecessor of Wachovia Bank) in May 1991. Excluding these transactions, expense control initiatives were effective in holding noninterest expense flat for the quarter and to an increase of approximately 2 percent year to date. Expenses are expected to decline for the remainder of the year as the effects of the resource realignment begin to be realized. Total personnel expense increased $9 million or 2.7 percent for the quarter and $109 million or 12.2 percent from the comparable periods in 1999. Exclusive of acquisitions, total personnel expense was flat for the quarter and increased approximately 3 percent year to date compared with 1999. At September 30, 2000, Wachovia had 21,110 full time equivalent employees compared with 21,722 a year earlier. Amortization of intangible assets rose from prior year levels as a result of goodwill and purchased credit card premiums added by acquisitions. The acquisition of the Partners First portfolio had the most significant impact on intangible amortization due to the shorter period over which it is being amortized. Other expense increased $14 million or 29 percent for the quarter and $41 million or 29.8 percent for the first nine months compared with 1999. Acquisitions accounted for most of the increase with the largest component being external processing fees paid to service the acquired Partners First credit card portfolio. Aside from the impact of acquisitions, overall expenses in the remaining categories were generally level with a year ago. 28 Restructuring Charge On August 28, 2000, Wachovia announced the realignment of resources that called for the elimination of 1,800 positions. The positions being eliminated were identified through a productivity review focused on improving work processes, introducing new technology, broadening spans of control and eliminating levels of management across the company. The effected positions are diversely scattered among all lines of business and at all levels throughout the organization. The staff reductions are expected to reduce annual expenses by more than $100 million beginning next quarter, mostly in salaries and employee benefits. Much of this savings will be reinvested in high growth areas such as Asset and Wealth Management and Corporate Financial Services. As part of the restructuring plan, Wachovia will be closing its Raleigh, North Carolina operations center. Functions currently performed at that location will move to other operations centers within the Wachovia system. Wachovia also plans to close several underperforming branches over the next few quarters including 11 in store branches in Atlanta and Fayetteville, North Carolina which was announced in September 2000. The branches to be closed had a marginal contribution to financial results and the customers will continue to be served by nearby branches. The resource realignment also included exiting the municipal finance business. Wachovia incurred an $88 million charge, pretax, in the third quarter, mostly in severance costs for the positions eliminated. The amounts expensed and paid during the third quarter are reported below.
Charge to Utilized During the Balance at Earnings Third Quarter September 30, 2000 -------- -------------------- ------------------- Severance and personnel related costs $ 69,983 $ 2,207 $ 67,776 Occupancy and other costs ............ 17,961 16,578 1,383 -------- -------- -------- Total ................................ $ 87,944 $ 18,785 $ 69,159 ======== ======== ========
Severance and personnel related costs include severance payments to terminated employees as well as benefits including pension, medical and job transition assistance. The amount charged to earnings in the third quarter included benefits for 1,245 employees that received notice or had otherwise been identified prior to September 30. Severance benefits will not be paid for all 1,800 eliminated positions since some of the positions will vacate through normal attrition. Occupancy and other costs represent asset impairment charges and other facility exit costs associated with the project. Included in occupancy and other costs are non-cash items of approximately $13 million. Additional expenses of approximately $30 million are expected to be incurred over the next few quarters. Income Taxes Table 17 - -------------------------------------------------------------------------------- (thousands)
Three Months Ended Nine Months Ended September 30 September 30 ---------------------- ----------------------- 2000 1999 2000 1999 ---------- --------- --------- ---------- Income before income taxes .................................... $ 317,911 $ 396,131 $ 901,813 $1,141,733 ========== ========== ========== =========== Federal income taxes at statutory rate ........................ $ 111,268 $ 138,646 $ 315,634 $ 399,607 State and local income taxes -- net of federal benefit ........ 7,594 7,791 18,198 23,413 Effect of tax-exempt securities interest and other income ..... (12,067) (12,944) (34,790) (35,022) Other items ................................................... 5,792 5,139 15,169 5,450 ---------- ---------- ---------- ----------- Total tax expense ......................................... $ 112,587 $ 138,632 $ 314,211 $ 393,448 ========== ========== ========== =========== Current: Federal ...................................................... $ 39,548 $ 38,950 $ 134,064 $ 81,600 Foreign ...................................................... 774 492 1,474 989 State and local .............................................. 10,876 8,153 29,591 21,225 ---------- ---------- ---------- ----------- Total ..................................................... 51,198 47,595 165,129 103,814 Deferred: Federal ...................................................... 60,581 87,201 150,675 274,837 State and local .............................................. 808 3,836 (1,593) 14,797 ---------- ---------- ---------- ----------- Total ..................................................... 61,389 91,037 149,082 289,634 ---------- ---------- ---------- ----------- Total tax expense ......................................... $ 112,587 $ 138,632 $ 314,211 $ 393,448 ========== ========== ========== ===========
29 Income Taxes Applicable income taxes for the third quarter and first nine months of 2000 decreased $26 million or 18.8 percent and $79 million or 20.1 percent, respectively from the prior year. Wachovia's effective tax rate is higher than 1999 for both the quarter and year to date due to an increase in nondeductible amortization associated with purchase business combinations. New Accounting Standards In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities" (FASB 133). FASB 133 establishes new accounting and reporting requirements for derivative instruments embedded in other contracts and hedging activities. The standard requires all derivatives to be measured at fair value and recognized as either assets or liabilities in the statement of condition. Under certain conditions, a derivative may be specifically designated as a hedge. Accounting for the changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Adoption of the standard is required for Wachovia's December 31, 2001 financial statements with early adoption allowed as of the beginning of any quarter after June 30, 1998. Management has assessed the impact and plans to adopt the standard effective January 1, 2001. Adoption is not expected to result in a material financial impact. In September 2000, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities" (FASB 140) which replaces FASB Statement No. 125. FASB 140 revises the standards for accounting for securitizations and other tranfers of financial assets and collateral and requires certain additional disclosures regarding these activities. The statement is effective for transfers and servicing of financial assets or extinguishments of liabilities that occur after March 31, 2001. The statement is effective for recognition and reclassification of collateral and for disclosures relating to securitization transactions and collateral for fiscal years ending after December 15, 2000. Management is in the process of assessing the impact and plans to adopt the standard in accordance with the effective dates. Adoption is not expected to result in a material financial impact. Shareholders' Equity and Capital Ratios Shareholders' equity at September 30, 2000 was $6.090 billion, up $462 million or 8.2 percent from $5.628 billion one year earlier and up $432 million or 7.6 percent from December 31, 1999. Included in shareholders' equity at the end of the third quarter of 2000 was $32 million, net of tax, of unrealized losses on securities available-for-sale compared with unrealized losses of $29 million, net of tax, one year earlier and unrealized losses of $74 million at December 31, 1999. Wachovia repurchased a total of 1,674,300 shares of its common stock as authorized by the Board of Directors during the first nine months of 2000 at an average price of $60 per share for a total cost of $101 million. Included in the total were 573,594 shares repurchased to offset shares issued for the acquisition of B C Bankshares, Inc. and 633,176 shares repurchased to offset shares issued for the acquisition of Commerce National Corporation. Wachovia can repurchase up to 8 million shares of its common stock under a January 28, 2000 authorization effective through January 25, 2002. As of September 30, 2000, a total of 467,530 shares had been repurchased under the January 28, 2000 authorization. Management will continue to work within the guidelines of its share repurchase authorization while assessing the best deployment of Wachovia's capital. At its October 27, 2000 meeting, the Board of Directors declared a fourth quarter dividend of $.60 per share, payable December 1 to shareholders of record as of November 9. The dividend is higher by 11 percent from $.54 per share paid in the same quarter of 1999. Intangible assets at September 30, 2000 totaled $1.233 billion, consisting of $924 million of goodwill, $68 million of deposit base intangibles, $240 million of purchased credit card premiums and $1 million of other intangibles. The acquisitions of B C Bankshares, Inc., the Partners First Holdings LLC portfolio, and Commerce National Corporation added approximately $97 million, $230 million and $33 million, respectively, in intangibles based on preliminary information. Intangible assets at 30 the end of the third quarter of 1999 were $961 million, with $832 million of goodwill, $83 million of deposit base intangibles, $36 million of purchased credit card premiums, $10 million of other intangibles. Regulatory agencies divide capital into Tier I (consisting of shareholders' equity and certain cumulative preferred stock instruments less ineligible intangible assets) and Tier II (consisting of the allowable portion of the reserve for loan losses and certain long-term debt) and measure capital adequacy by applying both capital levels to a banking company's risk-adjusted assets and off-balance sheet items. Regulatory requirements presently specify that Tier I capital should exclude the unrealized gain or loss, net of tax, on securities available-for-sale. In addition to these capital ratios, regulatory agencies have established a Tier I leverage ratio which measures Tier I capital to average assets less ineligible intangible assets. Capital Components and Ratios Table 18 - -------------------------------------------------------------------------------- (thousands)
2000 ------------------------------------------------ Third Second First Quarter Quarter Quarter -------------- ------------ ------------ Tier I capital: Common shareholders' equity ...................... $ 6,090,164 $ 5,936,044 $ 5,846,430 Trust capital securities ......................... 997,025 996,932 996,838 Less ineligible intangible assets ................ 1,040,066 1,057,314 1,040,021 Unrealized losses on securities available-for- sale -- net of tax .............................. 29,780 77,233 87,939 -------------- ------------ ------------ Total Tier I capital .......................... 6,076,903 5,952,895 5,891,186 Tier II capital: Allowable allowance for loan losses .............. 799,461 799,351 595,655 Allowable long-term debt ......................... 2,542,833 2,242,780 2,407,529 -------------- ------------ ------------ Tier II capital additions ..................... 3,342,294 3,042,131 3,003,184 -------------- ------------ ------------ Total capital ................................. $ 9,419,197 $ 8,995,026 $ 8,894,370 ============== ============ ============ Risk-adjusted assets .............................. $ 81,073,761 $ 80,796,945 $ 79,228,699 Quarterly average assets* ......................... $ 68,773,165 $ 68,559,502 $ 66,863,406 Risk-based capital ratios: Tier I capital ................................... 7.50% 7.37% 7.44% Total capital .................................... 11.62 11.13 11.23 Tier I leverage ratio ............................. 8.84 8.68 8.81 1999 ------------------------------- Fourth Third Quarter Quarter -------------- ------------ Tier I capital: Common shareholders' equity ...................... $ 5,658,457 $ 5,628,083 Trust capital securities ......................... 996,744 996,650 Less ineligible intangible assets ................ 931,257 944,304 Unrealized losses on securities available-for- sale -- net of tax .............................. 72,002 27,600 -------------- ------------ Total Tier I capital .......................... 5,795,946 5,708,029 Tier II capital: Allowable allowance for loan losses .............. 554,810 553,894 Allowable long-term debt ......................... 2,107,334 2,137,158 -------------- ------------ Tier II capital additions ..................... 2,662,144 2,691,052 -------------- ------------ Total capital ................................. $ 8,458,090 $ 8,399,081 ============== ============ Risk-adjusted assets .............................. $ 77,060,603 $ 73,870,211 Quarterly average assets* ......................... $ 66,113,697 $ 63,916,969 Risk-based capital ratios: Tier I capital ................................... 7.52% 7.73% Total capital .................................... 10.98 11.37 Tier I leverage ratio ............................. 8.77 8.93
* Excludes ineligible intangible assets and average unrealized losses on securities available-for-sale, net of tax. Regulatory guidelines require a minimum of total capital to risk-adjusted assets ratio of 8 percent with at least one-half consisting of tangible common shareholders' equity and a minimum Tier I leverage ratio of 3 percent. Banks that meet or exceed a Tier I ratio of 6 percent, a total capital ratio of 10 percent and a Tier I leverage ratio of 5 percent are considered well capitalized by regulatory standards. It is Wachovia's policy that it and its banking subsidiaries be well capitalized at all times. 31 Item 3. Quantitative and Qualitative Disclosures About Market Risk Market Risk and Asset/Liability Management Market risk is the risk of loss due to adverse changes in instrument values or earnings fluctuation resulting from changes in market factors including changes in interest rates, foreign exchange rates, commodity prices and other market variables such as equity price risk. Wachovia primarily is exposed to interest rate risk with immaterial risk exposure to changes in foreign exchange rates and equity prices in the nontrading portfolios. Trading Market Risk Trading market risk is the risk to net income from changes in the fair value of assets and liabilities and off-balance sheet instruments that are marked-to-market through the income statement. The earnings risk due to changes in fair value in the trading portfolios is limited by the short-term holding periods of some of the portfolios, entering into offsetting trades with market counterparties, establishing and monitoring market risk limits by portfolio, and utilizing various hedging techniques. Wachovia uses a value-at-risk (VaR) methodology to gauge potential losses in various trading portfolios due to changes in interest rates. The VaR estimate represents the maximum expected loss in fair value of a trading portfolio over a one day time horizon, given a 99 percent confidence level. In other words, there is about a 1 percent chance, given historical volatility of interest rates, that a loss greater than the VaR estimate will occur by the end of the next day. At September 30, 2000, the combined VaR exposure was $110 thousand representing .03 percent of the combined trading portfolio value of $436 million. The combined average VaR exposure for the third quarter of 2000 was $295 thousand representing .05 percent of the combined average trading portfolio value of $598 million. These VaR numbers are for the combined U. S. Treasury and government agency, municipal bond, residential mortgage-backed securities and money market instrument trading portfolios. Nontrading Market Risk Nontrading market risk is the risk to net income and equity capital from changes in interest rates on asset, liability and off-balance sheet portfolios other than trading. The risk is driven by potential mismatches resulting from timing differences in the repricing of assets, liabilities and off-balance sheet instruments, and potential exercise of explicit and embedded options. There also is net income risk from changes in market rate relationships known as basis risk. Management believes that nontrading interest rate risk is best measured by simulation modeling which calculates expected net income based on projected interest-earning assets, interest-bearing liabilities, off-balance sheet financial instruments, other income and other expense. The model projections are based upon historical trends and management's expectations of balance sheet growth patterns, spreads to market rates, historical market rate relationships, prepayment behavior, current and expected product offerings, sales activity, and expected exercise of explicit and embedded options. In order to discern risk levels preset in the balance sheet beyond the 24 month time horizon used in simulation modeling, Wachovia utilizes a present value methodology commonly referred to as Economic Value of Equity or EVE. The policy guideline limit for net income (after-tax changes in net interest income) simulation is a negative impact to net income of 7.5 percent for the up or down 200 basis point ramp scenarios when compared with the flat rate scenario. Management has generally maintained a risk position well within the policy guideline level. The model indicated the impact of a 200 basis point gradual rise in rates over the next 12 months would cause approximately a .45 percent increase in net income at September 30, 2000 versus a 2.00 percent increase one year earlier. A gradual decrease in rates over the next 12 months would cause approximately a .69 percent decrease in net income as of September 30, 2000 compared with a 2.25 percent decrease at September 30, 1999. Wachovia runs additional scenarios beyond the standard shock and ramp scenarios, including yield curve steepening, flattening and inversion scenarios. Various sensitivity analyses are performed on a regular basis to segregate interest rate risk into separate components and understand the risk attributable to prepayments, caps and floors, and other options. Extensive assumptions testing is performed to understand the degree of impact from changing key assumptions such as the speed of prepayments, the interest rate elasticity of core deposit rates and faster- or slower-growing balance sheets. 32 PART II -- OTHER INFORMATION Item 1. Legal Proceedings None Item 2. Changes in Securities and Use of Proceeds None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits -- The exhibits listed on the accompanying Exhibit Index, immediately following the signature page are filed as part of or incorporated by reference into this report. (b) Reports on Form 8-K. A current report on Form 8-K dated July 24, 2000 was filed with the Securities and Exchange Commission announcing Wachovia Corporation's earnings for the quarter ended June 30, 2000. A current report on Form 8-K dated August 28, 2000 was filed with the Securities and Exchange Commission announcing Wachovia Corporation's plans for a resource realignment. 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. WACHOVIA CORPORATION /s/ ROBERT S. MCCOY, JR. -------------------------------------- By: Robert S. McCoy, Jr. Vice Chairman Chief Financial Officer /s/ ALBERT J. DEFOREST, III -------------------------------------- By: Albert J. DeForest, III Chief Accounting Officer 33 EXHIBIT INDEX
Exhibit Number Description - ---------- --------------------------------------------------------------------- 3.1 Amended and Restated Articles of Incorporation of the registrant (incorporated by reference to Exhibit 3.1 of Report on Form 10-Q of Wachovia Corporation for the quarter ended June 30, 1998, File No. 1-9021). 3.2 Bylaws of the registrant as amended (incorporated by reference to Exhibit 3.2 of Form S-4 Registration Statement of Wachovia Corporation dated December 14, 1998, File No. 333-68823). 4 Instruments defining the rights of security holders, including indentures -- Wachovia Corporation hereby agrees to furnish to the Commission, upon request, a copy of any instruments defining the rights of security holders that are not required to be filed. 4.1 Articles IV, VII, IX, X and XI of the registrant's Amended and Restated Articles of Incorporation (included in Exhibit 3.1 hereto). 4.2 Article 1, Section 1.8, and Article 6 of the registrant's Bylaws (included in Exhibit 3.2 hereto). 4.3 Indenture dated as of May 15, 1986 between South Carolina National Corporation and Morgan Guaranty Trust Company of New York, as Trustee, relating to $35,000,000 principal amount of 6 1/2% Convertible Subordinated Debentures due in 2001 (incorporated by reference to Exhibit 28 of Form S-3 Registration Statement of South Carolina National Corporation, File No. 33-7710). 4.4 First Supplemental Indenture dated as of November 26, 1991 by and among South Carolina National Corporation, Wachovia Corporation and Morgan Guaranty Trust Company of New York, Trustee, amending the Indenture described in Exhibit 4.3 hereto (incorporated by reference to Exhibit 4.10 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1991, File No. 1-9021). 4.5 Indenture dated as of March 15, 1991 between South Carolina National Corporation and Bankers Trust Company, as Trustee, relating to certain unsecured subordinated securities (incorporated by reference to Exhibit 4(a) of Form S-3 Registration Statement of South Carolina National Corporation, File No. 33-39754). 4.6 First Supplemental Indenture dated as of January 24, 1992 by and among South Carolina National Corporation, Wachovia Corporation and Bankers Trust Company, as Trustee, amending the Indenture described in Exhibit 4.5 hereto (incorporated by reference to Exhibit 4.12 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1991, File No. 1-9021). 4.7 Indenture dated as of July 15, 1998 between Wachovia Corporation and The Chase Manhattan Bank, as Trustee, relating to subordinated debt securities (incorporated by reference to Exhibit 4(b) of Form S-3 Registration Statement of Wachovia Corporation, File No. 333-59165). 4.8 Indenture dated as of August 15, 1996 between Wachovia Corporation and The Chase Manhattan Bank, as Trustee, relating to senior debt securities (incorporated by reference to Exhibit 4(a) of Post-Effective Amendment No. 1 of Form S-3 Registration Statement of Wachovia Corporation, File No. 33-6280). 4.9 Indenture between Wachovia Corporation, Wachovia Capital Trust II and First National Bank of Chicago, as Trustee, relating to Floating-Rate Junior Subordinated Deferrable Interest Debentures (Junior Subordinated Debentures) (incorporated by reference to Exhibit 4(c) of Amendment No. 1 of Form S-3 Registration Statement of Wachovia Corporation and Wachovia Capital Trust II dated January 22, 1997, File No. 333-19365). 4.10 Amended and Restated Declaration of Trust of Wachovia Capital Trust II, relating to Preferred Securities (incorporated by reference to Exhibit 4(b)(iv) of Amendment No. 1 of Form S-3 Registration Statement of Wachovia Corporation and Wachovia Capital Trust II dated January 22, 1997, File No. 333-19365). 4.11 Preferred Securities Guarantee Agreement of Wachovia Corporation (incorporated by reference to Exhibit 4(g) of Amendment No. 1 of Form S-3 Registration Statement of Wachovia Corporation and Wachovia Capital Trust II dated January 22, 1997, File No. 333-19365). 4.12 Indenture between Central Fidelity Banks, Inc. and Chemical Bank, as Trustee, relating to $150,000,000 principal amount of subordinated debt securities (incorporated by reference to Exhibit 4.1 of Form 8-K of Central Fidelity Banks, Inc., dated November 18, 1992, File No. 0-8829). 4.13 Indenture between Central Fidelity Banks, Inc., Central Fidelity Capital Trust I and The Bank of New York, as Trustee, relating to $100,000,000 Floating-Rate Junior Subordinated Debentures (incorporated by reference to Exhibit 4.1 of Form S-3 Registration Statement of Central Fidelity Banks, Inc., dated April 23, 1997, File No. 333-28917). 4.14 Amended and Restated Declaration of Trust of Central Fidelity Capital Trust I (incorporated by reference to Exhibit 4.4 of Form S-3 Registration Statement of Central Fidelity Banks, Inc., dated April 23, 1997, File No. 333-28917). 4.15 Form of New Guarantee Agreement for the benefit of the holders of the Trust Securities (incorporated by reference to Exhibit 4.6 of Form S-3 Registration Statement of Central Fidelity Banks, Inc., dated as of April 23, 1997, File No. 333-28917). 10.1 Senior Management Incentive Plan of Wachovia Corporation as amended through January 1, 1999 (incorporated by reference to Exhibit 10.4 of Report on Form 10-Q of Wachovia Corporation for the quarter ended June 30, 1999, File No. 1-9021).
34 EXHIBIT INDEX (continued)
Exhibit Number Description - ----------- -------------------------------------------------------------------- 10.2 Wachovia Corporation Amended and Restated Executive Deferred Compensation Plan (incorporated by reference to Exhibit 10.2 of Report on Form 10-Q for Wachovia Corporation for the quarter ended March 31, 2000, File No. 1-9021). 10.3 Employment Agreement between Wachovia Corporation and L. M. Baker, Jr. dated as of November 29, 1999 (incorporated by reference to Exhibit 10.3 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1999, File No. 1-9021). 10.4 Employment Agreement between Wachovia Corporation and Robert S. McCoy, Jr. dated as of July 28, 2000. 10.5 Employment Agreement between Wachovia Corporation and G. Joseph Prendergast dated as of October 22, 1999 (incorporated by reference to Exhibit 10.5 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1999, File No. 1-9021). 10.6 Employment Agreement between Wachovia Corporation and Mickey W. Dry dated as of October 22, 1999 (incorporated by reference to Exhibit 10.6 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1999, File No. 1-9021). 10.7 Employment Agreement between Wachovia Corporation and Walter E. Leonard, Jr. dated as of October 22, 1999 (incorporated by reference to Exhibit 10.7 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1999, File No. 1-9021). 10.8 Form of Employment Agreement between Wachovia Corporation and Executive Officers (other than Messrs. Baker, McCoy, Prendergast, Dry and Leonard) (incorporated by reference to Exhibit 10.8 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1999, File No. 1-9021.) 10.9 Employment Agreement between Wachovia Corporation and Morris W. Offit dated as of May 13, 1999 (incorporated by reference to Exhibit 10.1 of Form S-4 Registration Statement of Wachovia Corporation dated June 25, 1999, File No. 1-9021). 10.10 Senior Executive Retirement Agreement between Wachovia Corporation and L. M. Baker, Jr. dated as of November 29, 1999 (incorporated by reference to Exhibit 10.10 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1999, File No. 1-9021). 10.11 Senior Executive Retirement Agreement between Wachovia Corporation and Robert S. McCoy, Jr. dated as of July 28, 2000. 10.12 Senior Executive Retirement Agreement between Wachovia Corporation and G. Joseph Prendergast dated as of October 22, 1999 (incorporated by reference to Exhibit 10.12 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1999, File No. 1-9021). 10.13 Senior Executive Retirement Agreement between Wachovia Corporation and Mickey W. Dry dated as of October 22, 1999 (incorporated by reference to Exhibit 10.13 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1999, File No. 1-9021). 10.14 Senior Executive Retirement Agreement between Wachovia Corporation and Walter E. Leonard, Jr. dated as of October 22, 1999 (incorporated by reference to Exhibit 10.14 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1999, File No. 1-9021). 10.15 Form of Senior Executive Retirement Agreement between Wachovia Corporation and Executive Officers (other than Messrs. Baker, McCoy, Prendergast, Dry and Leonard) (incorporated by reference to Exhibit 10.15 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1999, File No. 1-9021). 10.16 Senior Management and Director Stock Plan of Wachovia Corporation (incorporated by reference to Exhibit 10 of Quarterly Report on Form 10-Q of First Wachovia Corporation for the quarter ended March 31, 1989, File No. 1-9021). 10.17 1990 Declaration of Amendment to Senior Management and Director Stock Plan as described in Exhibit 10.16 hereto (incorporated by reference to Exhibit 10.17 of Report on Form 10-K of First Wachovia Corporation for the year ended December 31, 1989, File No. 1-9021). 10.18 1996 Declaration of Amendment to Senior Management and Director Stock Plan as described in Exhibit 10.16 hereto (incorporated by reference to Exhibit 10.24 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1996, File No. 1-9021). 10.19 Deferred Compensation Plan dated as of January 19, 1987, as amended (incorporated by reference to Exhibit 10(c) of Report on Form 10-K of South Carolina National Corporation for the year ended December 31, 1986, File No. 0-7042). 10.20 Amendment to Deferred Compensation Plan described in Exhibit 10.19 hereto (incorporated by reference to Exhibit 19(b) of Quarterly Report on Form 10-Q of South Carolina National Corporation for the quarter ended September 30, 1987, File No. 0-7042).
35 EXHIBIT INDEX (continued)
Exhibit Number Description - ------------ ------------------------------------------------------------------- 10.21 Amendment to Deferred Compensation Plan described in Exhibit 10.19 hereto (incorporated by reference to Exhibit 10(d) of Report on Form 10-K of South Carolina National Corporation for the year ended December 31, 1988, File No. 0-7042). 10.22 Amendment to Deferred Compensation Plan described in Exhibit 10.19 hereto (incorporated by reference to Exhibit 10.35 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1993, File No. 1-9021). 10.23 Amended and Restated Wachovia Corporation Stock Plan. 10.24 Wachovia Corporation Director Deferred Stock Unit Plan (incorporated by reference to Exhibit 10.37 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1996, File No. 1-9021). 10.25 Wachovia Corporation Executive Insurance Plan (incorporated by reference to Exhibit 10.36 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1995, File No. 1-9021). 10.26 Executive Long-Term Disability Income Plan (incorporated by reference to Exhibit 10.34 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1997, File No. 1-9021). 10.27 Deferred Compensation Plan of Wachovia Bank of North Carolina, N.A. (incorporated by reference to Exhibit 10.1 of Report on Form 10-K of Wachovia Corporation for the year ended December 31,1992, File No. 1-9021). 10.28 1983 Amendment to Deferred Compensation Plan described in Exhibit 10.27 hereto (incorporated by reference to Exhibit 10.2 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1992, File No. 1-9021). 10.29 1986 Amendment to Deferred Compensation Plan described in Exhibit 10.27 hereto (incorporated by reference to Exhibit 10.9 of Report on Form 10-K of First Wachovia Corporation for the year ended December 31, 1986, File No. 1-9021). 10.30 Agreement between Wachovia Corporation and John G. Medlin, Jr. (incorporated by reference to Exhibit 10.13 of Report on Form 10-Q of Wachovia Corporation for the quarter ended June 30, 1998, File No. 1-9021). 10.31 Executive Retirement Agreement between Wachovia Corporation and John G. Medlin, Jr. (incorporated by reference to Exhibit 10.18 of Report on Form 10-K of First Wachovia Corporation for the year ended December 31, 1987, File No. 1-9021). 10.32 Amendment to Executive Retirement Agreement described in Exhibit 10.31 hereto (incorporated by reference to Exhibit 10.17 of Report on Form 10-K of Wachovia Corporation for the year ended December 31, 1991, File No. 1-9021). 10.33 Amendment to Executive Retirement Agreement described in Exhibit 10.31 hereto (incorporated by reference to Exhibit 10.3 of Quarterly Report on Form 10-Q of Wachovia Corporation for the quarter ended September 30, 1993, File No. 1-9021). 10.34 Amendment to Executive Retirement Agreement described in Exhibit 10.31 hereto (incorporated by reference to Exhibit 10.4 of Quarterly Report on Form 10-Q of Wachovia Corporation for the quarter ended September 30, 1993, File No. 1-9021). 10.35 Split Dollar Life Insurance Agreement between Wachovia Corporation and L.M. Baker, Jr. dated as of September 1, 2000. 10.36 Split Dollar Life Insurance Agreement between Wachovia Corporation and Robert S. McCoy, Jr. dated as of September 1, 2000. 10.37 Split Dollar Life Insurance Agreement between Wachovia Corporation and G. Joseph Prendergast dated as of September 1, 2000. 10.38 Split Dollar Life Insurance Agreement between Wachovia Corporation and Mickey W. Dry dated as of September 1, 2000. 10.39 Form of Callable Split Dollar Life Insurance Agreement between Wachovia Corporation and Executive Officers (other than Messrs. Baker, McCoy, Prendergast and Dry). 10.40 Form of Non-Callable Split Dollar Life Insurance Agreement between Wachovia Corporation and Executive Officers (other than Messrs. Baker, McCoy, Prendergast and Dry). 11 "Computation of Earnings Per Common Share" (included on page 10 herein). 12 Statement setting forth computation of ratio of earnings to fixed charges. 27 Financial Data Schedule (for SEC purposes only).
36 EX-10.4 2 0002.txt MCCOY EMPLOYMENT EXHIBIT 10.4 EMPLOYMENT AGREEMENT THIS EMPLOYMENT AGREEMENT, made as of the 28th day of July, 2000 by and between WACHOVIA CORPORATION (the "Corporation") and ROBERT S. McCOY, JR. (the "Executive"); R E C I T A L S: The Corporation desires to secure the services of the Executive in its behalf or in behalf of one or more of its subsidiaries for which the Executive shall render services hereunder from time to time, in accordance with the terms and conditions set forth herein. In addition, the Corporation desires to provide the Executive with an incentive to remain in the service of the Corporation or one or more of its subsidiaries by granting to the Executive "Continuation Benefits" as set forth below should his employment be terminated under circumstances described herein for which Continuation Benefits are provided. NOW, THEREFORE, the Corporation and the Executive hereby mutually agree as follows: 1. a. Employment. The Executive shall devote his working time exclusively to the performance of such senior management duties for the Corporation or one or more of its subsidiaries as may be assigned to him by the Corporation from time to time, and shall perform such duties faithfully and to the best of his ability. Such duties shall be of a type for which the Executive is suited by background, experience and training, in the Corporation's sole discretion. References herein to duties performed for the Corporation and compensation and benefits payable or provided by the Corporation shall include duties performed for and compensation and benefits payable or provided by any subsidiary of the Corporation. The Executive may participate in other business activities, such as service on corporate, civic or charitable boards or committees, with the permission of the Corporation, and such activities shall be subject to the obligations in Section 7 below. The Executive agrees to use his best reasonable efforts to avoid unnecessary conflict between the Executive's duties to the Corporation and his pursuit of other business or civic or charitable interests. b. Base Salary. During the employment of the Executive, the Executive shall receive an annual base salary ("Base Salary") at least equal to the annual base salary in effect for the Executive on the date of this Agreement. Base Salary shall be paid in accordance with the Corporation's normal payroll practices (but not less frequently than monthly). The Executive's Base Salary will be reviewed in accordance with the Corporation's standard procedures and may be increased from time to time consistent with such procedures. Effective as of the date of any such increase, the Base Salary as so increased shall be considered the new Base Salary for purposes of this Agreement, and may not thereafter be reduced except with the express written consent of the Executive. c. Expenses. During the employment of the Executive, the Executive shall be entitled to receive prompt reimbursement for all reasonable employment expenses incurred by the Executive in accordance with the policies, practices and procedures of the Corporation at the time the expense is incurred. 2. Term of Agreement. The term of this Agreement shall commence on the date hereof and shall continue in effect until August 31, 2001. References herein to the "term" of this Agreement shall mean the term as described in the preceding sentence. The "term" shall not be deemed to refer to the Compensation Period described in Section 4. 3. Termination of Employment by the Corporation. The Corporation may terminate the employment of the Executive at any time for any reason; provided that except as set forth in Sections 6 and 7, the Corporation shall provide the Executive with Continuation Benefits as set forth in Section 4 if the Executive's employment is involuntarily terminated during the term of the Agreement. The Executive's employment shall be deemed to be involuntarily terminated if he is terminated by the Corporation for any reason other than for "cause" as defined in Section 6, or if he voluntarily terminates employment because: (a) his Base Salary is reduced without the Executive's consent, or (b) the Corporation amends the Senior Executive Retirement Agreement between the Corporation and the Executive (the "Retirement Agreement") without the Executive's consent, and such amendment materially reduces the benefits to which the Executive would have been entitled had such amendment not been made, or (c) the duties and responsibilities assigned to the Executive as of the date of this Agreement are materially reduced and the Executive does not consent to such material reduction of duties. In order for voluntary termination pursuant to (a), (b) and (c) of this Section to be effective: (1) the Executive must give written notice to the Corporation within sixty (60) days of an event specified in clauses (a), (b) or (c) above indicating that the Executive intends to terminate employment under this Section and which describes the reasons for such termination, (2) the Executive's voluntary termination under this Section must occur within ninety (90) days after an event described in clause (a), (b) or (c) of this Section, or within ninety (90) days after the last in a series of such events, and (3) the Corporation must have failed to remedy the event described in clause (a), (b) or (c) of this Section, as the case may be, within thirty (30) days after receiving the Executive's written notice. If the Corporation so remedies the event described in clause (a), (b) or (c) of this Section, the Executive may not terminate employment under this Section on account of the event specified in the Executive's notice. At any time after the Executive's sixty-second birthday, the Corporation may employ or appoint another person or persons to perform all or substantially all the Executive's duties, in which event the Corporation may terminate the Executive's employment and shall pay him Continuation Benefits pursuant to Section 4 until the end of the "term", but not thereafter, except in the event of his termination pursuant to Section 10 (Change in Control) of this Agreement. 4. Continuation Benefits. If the Executive's employment hereunder is involuntarily terminated as described in Section 3, he will be entitled to receive the cash compensation and benefits described in (a), (b) and (c) below (herein, "Continuation Benefits") for the period beginning with the date of such involuntary termination and ending with the earlier of (i) the third anniversary of the date of such termination, or (ii) the Normal Retirement Date of the Executive as defined in the Retirement Agreement (such period, is referred to herein as the "Compensation Period"). The duration of the Compensation Period shall not be affected by the fact that the term of this Agreement otherwise would end before such Period expires. The Continuation Benefits are as follows: (a) Cash Compensation. The amount of cash compensation to be received monthly during the Compensation Period shall equal one-twelfth of the sum of (i) the Executive's highest annual Base Salary from the Corporation in effect during the 12-month period before his involuntary termination, plus (ii) an amount equal to the average of the annual incentive compensation paid to the Executive by the Corporation, if any, for the three (3) full calendar years within the final five full calendar years of his employment which will produce the highest average (or shorter period if the executive has been employed less than five years) (and annualized for any partial calendar year); provided, that the incentive compensation to be recognized for this purpose shall be approved by the Management Resources and Compensation Committee in good faith and in its sole discretion, plus (iii) the average of any annual contributions by the Corporation (excluding participant contributions) in behalf of the Executive under the Retirement Savings and Profit-Sharing Plan of Wachovia Corporation and the Wachovia Corporation Executive Deferred Compensation Plan (or any successor or replacement plans) for the three (3) full calendar years within the final five full calendar years of his employment which will produce the highest average (or shorter period if the executive has been employed less than five years) (and annualized for any partial calendar year). Each monthly payment of such cash compensation shall have deducted therefrom all payroll taxes and withholdings required by law. Cash compensation shall not include any benefits or compensation provided to the Executive under the Wachovia Corporation Stock Plan, any similar plan or any successor or replacement plan. (b) Employee Benefits. During the Compensation Period the Executive shall be deemed to be continuing in the employment of the Corporation for the purpose of applying and administering employee benefit plans of the Corporation (other than any tax-qualified retirement plans) and individual contracts, if any, between the Corporation and the Executive providing supplemental or equalization payments or benefits with respect to the Executive. The Executive shall participate in any changes during the Compensation Period in benefit plans or programs applicable generally to employees of the Corporation, or to a class of employees which includes senior executives of the Corporation, but shall not have any right or option to participate in any such plan or program in which he was not a participant immediately prior to his involuntary termination of employment. Any individual contract between the Corporation and the Executive in effect at the time of his involuntary termination of employment may be terminated or amended by the Corporation to the extent permitted by the terms of such contract; provided, that during the Compensation Period the Corporation shall not, without the written consent of the Executive or except to the extent required by law, make any amendment to or terminate any one or more of the following individual contracts or plans if applicable to the Executive: (i) the Retirement Agreement; and (ii) the Wachovia Corporation Executive Deferred Compensation Plan. The Corporation shall have no obligation to the Executive to make any change or improvement in the Retirement Agreement or the Deferred Compensation Plan during the Compensation Period even if the Corporation shall make changes or improvements during such period in similar contracts or plans, if any, with or for the benefit of other senior executives of the Corporation. Notwithstanding the foregoing, if the Corporation reasonably determines that providing continued coverage under one or more of its welfare benefit plans could adversely affect the tax treatment of other participants covered under the plans, or would therwise have adverse legal ramifications, the Corporation may, in its discretion, either (1) provide other coverage at least as valuable as the continued coverage through insurance or otherwise, or (2) pay the Executive a lump sum cash amount that reasonably approximates the after-tax value to the Executive of the premiums for continued coverage, in lieu of providing such continued coverage. (c) Stock Options, Restricted Awards, etc. The Management Resources and Compensation Committee has determined, in the exercise of its administrative discretion under the Wachovia Corporation Stock Plan (and any successor or replacement plan thereto), that the termination of the Executive's employment under this Agreement shall not constitute either a "retirement" or a "displacement" of the Executive (as those terms are defined in the Wachovia Corporation Stock Plan), and that the Executive shall be deemed to continue in the employment of the Corporation during the Compensation Period for purposes of all outstanding stock options, restricted awards and other awards granted to the Executive under the Wachovia Corporation Stock Plan. At the end of the Compensation Period, and provided that the Corporation has not terminated the Executive's Compensation Period pursuant to Section 7 of this Agreement, the Executive will be deemed to have retired from employment with the Corporation for the purpose of establishing his rights under the Wachovia Corporation Stock Plan (and any successor or replacement plan thereto) and any applicable award agreement. In the event that the Executive shall engage in full-time employment permitted hereunder for another employer or on a self-employed basis during the Compensation Period, his employment with the Corporation shall be deemed to have terminated for purposes of Section 4(b) as of the date he begins such full-time employment, but the payments in Section 4(a) shall continue for the remainder of the Compensation Period and the rights under Section 4(c) shall be applicable, in each case subject to the provisions of Section 7. 5. Voluntary Termination of Employment by the Executive. The Executive reserves the right to terminate his employment voluntarily at any time for any reason following at least ninety (90) days notice to the Corporation. If such notice shall be given, this Agreement shall terminate as of the effective date of termination as set forth in such notice (or the date ninety (90) days from the date of receipt by the Corporation of such notice, if no effective date shall be set forth therein), unless sooner terminated as provided in Section 3, 6 or 8. The Executive shall not be entitled to any form of Continuation Benefits as a result of such voluntary termination, except in the event of voluntary termination pursuant to Section 3 or Section 10 of this Agreement. 6. Termination for Cause. This Agreement shall immediately terminate and neither party shall have any further obligation hereunder (including but not limited to any obligation of the Corporation to provide Continuation Benefits) if the Executive's employment is terminated for "cause." Termination for cause shall occur when termination results from the Executive's (a) criminal dishonesty, (b) refusal to perform his duties hereunder on an exclusive and substantially full-time basis, (c) refusal to act in accordance with any specific substantive instructions of the Chief Executive Officer or the Board of Directors of the Corporation, or (d) engaging in conduct which could be materially damaging to the Corporation without a reasonable good faith belief that such conduct was in the best interests of the Corporation. The determination whether a termination is for cause shall be made by the Management Resources and Compensation Committee of the Board of Directors of the Corporation (the "Committee"), and such determination shall be final and conclusive on the Executive and all other persons affected thereby. 7. Executive's Obligations; Early Termination of Compensation Period. (a) During the Compensation Period, the Executive shall provide consulting services to the Corporation at such time or times as the Corporation shall reasonably request, subject to appropriate notice and to reimbursement by the Corporation of all reasonable travel and other expenses incurred and paid by the Executive in accordance with the Corporation's current policy for expense reimbursement. In the event the Executive shall engage in full-time employment permitted hereunder during the Compensation Period for another employer or on a self-employed basis, his obligation to provide the consulting services hereunder shall be adjusted in accordance with the requirements of such employment. (b) The Executive shall not disclose to any other person the Corporation's or any of its subsidiaries' confidential information or trade secrets at any time during or after the term of this Agreement or the Compensation Period. The Executive shall regard all material non-public information as confidential. The Executive will at all times refrain from taking any action or making any statements, written or oral, which are intended to or which disparage the business, goodwill or reputation of the Corporation or any of its subsidiaries, or their respective directors, officers, executives or other employees, or which could adversely affect the morale of employees of the Corporation or any subsidiaries. (c) The Executive shall not, without the Corporation's written consent, engage in competitive employment at any time during the Compensation Period. The Executive shall be deemed to engage in competitive employment if he shall render services as an owner, employee, officer, director, consultant or otherwise, for himself or any employer which conducts a business or enterprise in any area where the Corporation or affiliate of the Corporation conducts business that competes directly or indirectly with the Corporation or affiliate of the Corporation. (d) The Executive shall not, during the Compensation Period, directly or indirectly, for himself or on behalf of any other person, partnership, company or corporation, induce or attempt to induce any employee of the Corporation to leave the employ of the Corporation, or in any way interfere with the relationship between the Corporation and an employee of the Corporation except in the proper exercise of the Executive's authority. (e) In the event that the Executive shall refuse to provide consulting services in accordance with paragraph (a) of this Section, or shall materially violate the terms and conditions of paragraph (b) or (c) of this Section, the Corporation may, at its election, terminate the Compensation Period and Continuation Benefits to the Executive. The Corporation may also initiate any form of legal action it may deem appropriate seeking damages or injunctive relief with respect to any material violations of paragraph (a), (b) or (c) of this Section. (f) The Committee shall be responsible for determining whether the Executive shall have violated this Section 7, and all such determinations shall be final and conclusive. Upon the request of the Executive, the Committee will provide an advance opinion as to whether a proposed activity would violate the provisions of paragraph (c) of this Section. 8. Death and Disability. In the event that, during the term of this Agreement or during the Compensation Period, the Executive shall die or shall become entitled to benefits under the Corporation's Long-Term Disability Plan, this Agreement shall thereupon terminate and neither the Executive nor any other person shall have any further rights or benefits hereunder (including any rights to Continuation Benefits). All rights pertaining to stock options and restricted stock awards held by the Executive as of the date of his death or disability shall be governed by the terms of such stock options and restricted stock awards (and applicable plans). 9. Other Severance Benefits. Except as provided in Section 4 of this Agreement, the Executive shall not be entitled to any other form of severance benefits, including benefits otherwise payable under any of the Corporation's regular severance plans or policies, irrespective of the circumstances of his termination of employment. The Executive agrees that the payments and benefits provided hereunder, subject to the terms and conditions hereof, shall be in full satisfaction of any rights which he might otherwise have or claim by operation of law, by implied contract or otherwise, except for rights which he may have under employee benefit plans of the Corporation or other individual written contracts with the Corporation. 10. Change of Control. (a) Notwithstanding any other provision of this Agreement, if the Executive voluntarily terminates his employment for any reason, or he is involuntarily terminated, except pursuant to Section 6 (Termination for Cause), during the period beginning on the date of a Change of Control (as defined in Section 10(b) herein) and ending on the third anniversary of such date, then in either event the Executive shall be entitled to receive the Continuation Benefits described in Section 4 for a period of three years beginning with the date of such termination (without regard to the Executive's Normal Retirement Date or the last date this Agreement could terminate). (b) For the purposes herein, a "Change of Control" shall be deemed to have occurred on the earliest of the following dates: (i) The date any entity or person shall have become the beneficial owner of, or shall have obtained voting control over, thirty (30%) percent or more of the outstanding Common Stock of the Corporation; (ii) The date the shareholders of the Corporation approve a definitive agreement (A) to merge or consolidate the Corporation with or into another corporation, in which the Corporation is not the continuing or surviving corporation or pursuant to which any shares of Common Stock of the Corporation would be converted into cash, securities or other property of another corporation, other than a merger of the Corporation in which holders of Common Stock immediately prior to the merger have the same proportionate ownership of Common Stock of the surviving corporation immediately after the merger as immediately before, or (B) to sell or otherwise dispose of substantially all the assets of the Corporation; or (iii) The date there shall have been a change in a majority of the Board of Directors of the Corporation within a twelve month period unless the nomination for election by the Corporation's shareholders of each new director was approved by the vote of two-thirds of the directors then still in office who were in office at the beginning of the twelve month period. For the purposes herein, the term "person" shall mean any individual, corporation, partnership, group, association or other person, as such term is defined in Section13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Corporation, a subsidiary of the Corporation or any employee benefit plan(s) sponsored or maintained by the Corporation or any subsidiary thereof, and the term "beneficial owner" shall have the meaning given the term in Rule 13d-3 under the Exchange Act. (c) (i) In the event it shall be determined that any payment, benefit or distribution (or combination thereof) by the Corporation or one or more trusts established by the Corporation for the benefit of its employees, to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement, or otherwise) (a "Payment") would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1996, as amended (the "Code"), or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, hereinafter collectively referred to as the "Excise Tax"), the Executive shall be entitled to receive an additional payment (a "Gross-Up Payment") in an amount such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and the Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. (ii) Subject to the provisions of Section 10(c)(iii), all determinations required to be made under this Section 10, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized certified public accounting firm designated by the Executive (the "Accounting Firm") which shall provide detailed supporting calculations both to the Corporation and the Executive within fifteen business days of the receipt of notice from the Executive that there has been a Payment, or such earlier time as is requested by the Corporation. In the event that the Accounting Firm is serving as accountant or auditor for an individual, entity or group effecting the change in ownership or effective control (within the meaning of Section 280G of the Code), the Executive shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Corporation. Any Gross-Up Payment, as determined pursuant to this Section 10, shall be paid by the Corporation to the Executive within five days after the receipt of the Accounting Firm's determination. If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall so indicate to the Executive in writing. Any determination by the Accounting Firm shall be binding upon the Corporation and the Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Corporation should have been made ("Underpayment"), consistent with the calculations required to be made hereunder. In the event that the Corporation exhausts its remedies pursuant to Section 10(c)(iii) and the Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Corporation to or for the benefit of the Executive. (iii) The Executive shall notify the Corporation in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Corporation of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after the Executive is informed in writing of such claim and shall apprise the Corporation of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to the Corporation (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Corporation notifies the Executive in writing prior to the expiration of such period that it desires to contest such claim, the Executive shall: (A) give the Corporation any information reasonably requested by the Corporation relating to such claim; (B) take such action in connection with contesting such claim as the Corporation shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Corporation; (C) cooperate with the Corporation in good faith in order to effectively contest such claim; and (D) permit the Corporation to participate in any proceedings relating to such claim; provided, however, that the Corporation shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 10(c)(iii), the Corporation shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Corporation shall determine; provided, however, that if the Corporation directs the Executive to pay such claim and sue for a refund, the Corporation shall advance the amount of such payment to the Executive, on an interest-free basis, and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and provided, further, that if the Executive is required to extend the statute of limitations to enable the Corporation to contest such claim, the Executive may limit this extension solely to such contested amount. The Corporation's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. (iv) If, after the receipt by the Executive of an amount advanced by the Corporation pursuant to Section 10(c)(iii), the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Corporation's complying with the requirements of Section 10(c)(iii)) promptly pay to the Corporation the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by Company pursuant to Section 10(c)(iii), a determination is made that the Executive shall not be entitled to any refund with respect to such claim and the Corporation does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 11. Release and Waiver of Claims. In consideration of any Continuation Benefits the Corporation provides to the Executive under this Agreement, the Executive upon termination of employment with the Corporation shall execute a separate release and waiver of claims in a form acceptable to the Corporation. The Executive shall not be eligible for any Continuation Benefits until he has executed such release and waiver of claims. 12. Notices. All notices hereunder shall be in writing and deemed properly given if delivered by hand and receipted or if mailed by registered mail, return receipt requested. Notices to the Corporation shall be directed to the Secretary of the Corporation with a copy directed to the Corporation's General Counsel. Notices to the Executive shall be directed to his last known address. Notice may not be provided by e-mail. 13. Miscellaneous. (a) The waiver, whether express or implied, by either party of a violation of any of the provisions of this Agreement shall not operate or be construed as a waiver of any subsequent violation of any such provision. (b) No right, benefit or interest hereunder shall be subject to assignment, encumbrance, charge, pledge, hypothecation or set off in respect of any claim, debt or obligation, or similar process. (c) This Agreement may not be amended, modified or canceled except by written agreement of the parties. (d) Words used in this Agreement in the singular shall include the plural, and the plural shall include the singular and words in the feminine or masculine shall include the masculine and feminine, respectively, and the neuter. (e) In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall remain in full force and effect to the fullest extent permitted by law. (f) This Agreement shall be binding upon and inure to the benefit of the Executive and the Corporation, and their respective heirs, successors and assigns. (g) No benefit or promise hereunder shall be secured by any specific assets of the Corporation. The Executive shall have only the rights of an unsecured general creditor of the Corporation in seeking satisfaction of such benefits or promises. (h) This Agreement shall be governed by the construed in accordance with the laws of the State of North Carolina. (i) This Agreement sets forth the entire agreement and understanding of the parties hereto with respect to the matters covered hereby, and replaces any predecessor employment agreement between the parties hereto, and any such predecessor agreement shall be deemed terminated and neither party thereto shall have any rights or obligations thereunder. IN WITNESS WHEREOF, this Agreement has been executed by or in behalf of the parties hereto as of the date first above written. WACHOVIA CORPORATION By: _______________________________________ Chief Executive Officer Attest: ___________________________________ Secretary [Corporate Seal] ______________________________________ (Seal) EXECUTIVE EX-10.11 3 0003.txt MCCOY RETIREMENT EXHIBIT 10.11 SENIOR EXECUTIVE RETIREMENT AGREEMENT THIS SENIOR EXECUTIVE RETIREMENT AGREEMENT (the "Agreement"), made and entered into as of the 28th day of July 2000, by and between WACHOVIA CORPORATION (the "Corporation"), a North Carolina corporation, and ROBERT S. McCOY, JR. (the "Executive"), a senior management employee of the Corporation; RECITALS The Executive is a senior management employee of the Corporation, and as such has rendered and is expected to continue to render valuable services in behalf of the Corporation. The Management Resources and Compensation Committee (the "Committee") of the Corporation desires for the Corporation to provide the Executive with supplemental retirement benefits partially in recognition of such services. In addition, the Committee has determined that providing such benefits will make the Corporation's benefits package more competitive with packages offered by many other employers and will facilitate management succession planning for the Corporation. NOW, THEREFORE, the Corporation and the Executive hereby mutually agree as follows: Section 1. Definitions. When used herein, the words and phrases below shall have the meanings set forth, unless a different meaning is clearly required by the context. Terms used but not defined herein, and which are defined in the Retirement Plan, shall have the meaning assigned to them in the Retirement Plan. Masculine pronouns include feminine pronouns wherever used and vice versa. 1.1 "Board of Directors" means the Board of Directors of the Corporation. 1.2 "Code" means the Internal Revenue Code of 1986, as it may be amended from time to time. 1.3 "Effective Date" means July 28, 2000. 1.4 "Final Average Compensation" means the average of the annual compensation of the Executive for the three full calendar years within the final five full calendar years of his employment which will produce the highest average. For this purpose, the annual compensation of the Executive shall mean his total cash remuneration from the Corporation, including an amount equal to the average of the annual incentive compensation paid to the Executive by the Corporation, if any, provided that the incentive compensation to be recognized for this purpose shall be approved by the Management Resources and Compensation Committee in good faith and in its sole discretion, plus the sum of: (a) any salary reduction amounts which the Executive elects to have contributed with respect to him to a qualified cash or deferred arrangement under Section 401(k) of the Code, to a benefit enhancement plan in lieu of contributions to such a qualified cash or deferred arrangement, to a cafeteria plan under Section 125 of the Code, or to any similar plan or arrangement, and (b) any amounts deferred under any deferred compensation plan or contract. Amounts described in (a) and (b) shall be deemed received at the time the Executive would have received them but for the programs described in (a) and (b). Notwithstanding the foregoing, the Executive's total cash remuneration shall not include any benefits or compensation provided to the Executive under the Wachovia Corporation Stock Plan, any similar plan, or any successor or replacement plan. 1.5 "Normal Retirement Date" means the first day of the month coincident with or next following the date the Executive attains age sixty-three. 1.6 "Other Pension Plan" means any defined benefit pension plan, other than the Retirement Plan, in which the Executive is a participant and which is qualified under Section 401(a) of the Code and is maintained by the Corporation or a subsidiary of the Corporation. 1.7 "Retirement Date" means the date the Executive retires under this Agreement on account of early or normal retirement. 1.8 "Retirement Plan" means the Retirement Income Plan of Wachovia Corporation and any successor thereto. 1.9 "Supplemental Benefit" means the monthly benefit payable to the Executive under this Agreement. Section 2. Normal Retirement. At his Normal Retirement Date, the Executive will retire and will be entitled to receive the Supplemental Benefit, computed in the form of a single life annuity for his life. The monthly amount of the Supplemental Benefit shall equal one-twelfth of the product of fifty-five percent (55%), increased by one percentage point for each year of creditable service (as determined under the Retirement Plan) in excess of ten years, provided that the maximum percentage as increased does not exceed sixty percent (60%), multiplied by the Executive's Final Average Compensation, reduced by the monthly amount payable under the Retirement Plan and any Other Pension Plan. The offset shall equal the monthly amounts actually payable under the Retirement Plan and any Other Pension Plan, based on the payment option elected by the Executive. Section 3. Early Retirement. If the Executive has attained his fifty-fifth birthday but has not attained his Normal Retirement Date, and has ten or more years of service, he may elect early retirement as of the first day of any calendar month following written notice of at least ninety days to the Corporation and the Committee. The Supplemental Benefit of the Executive who elects early retirement shall equal the benefit determined under Section 2 as of such date, reduced by five percent for each year (with proportionate allowance for complete months) by which the starting date of the benefit precedes attainment of his sixty-second birthday. With the consent of the Committee, the Supplemental Benefit shall be payable to the Executive pursuant to Section 2 commencing as of the first day of any calendar month on or after his early retirement and before his Normal Retirement Date. The request for benefit payment must be filed by the Executive in writing with the Committee at least thirty days prior to the date payments are requested to commence. Section 4. Spouse's Supplemental Benefit. If the Executive shall be married on his Retirement Date, and shall die thereafter survived by such spouse, or if the Executive shall die prior to his Retirement Date and shall be married on the date of his death, such spouse shall be entitled to a monthly supplemental benefit (herein the "Spouse's Supplemental Benefit") payable for life and equal to 60% of the monthly amount of the Supplemental Benefit payable to the Executive (assuming, for an Executive who shall die prior to his Retirement Date, that the Executive had retired on the date immediately preceding the date of his death and that the years of his creditable service included the years and fractions thereof from the date of death to his Normal Retirement Date), before applying the reduction for the monthly amount payable to the Executive under the Retirement Plan and any Other Pension Plan, but reduced by the monthly amount, if any, payable to the spouse under the Retirement Plan and any Other Pension Plan in the calendar month next following the death of the Executive. The monthly amount of the Spouse's Supplemental Benefit shall be payable on the first day of each calendar month following the death of the Executive and preceding the death of such spouse. Section 5. Optional Forms of Payment. Notwithstanding the provisions of Sections 2 through 4, the present value of the sum of the Supplemental Benefit and the Spouse's Supplemental Benefit (if any) may, at the request of the Executive and with the consent of the Executive's spouse (if any) and the Committee, be payable in cash in a lump sum within thirty days following the Retirement Date of the Executive. Such present value shall be the actuarial equivalent (as defined in the Retirement Plan) of the Supplemental Benefit and Spouse's Supplemental Benefit (if any). The request for a lump sum distribution, and the consent of the Executive's spouse, must be filed by the Executive with the Committee at least sixty days prior to the Retirement Date. Such consent shall be in writing on a form provided by the Committee. Section 6. Disability; Death. (a) In the event the Executive suffers a disability (as defined in the Retirement Plan) prior to the Retirement Date, the Executive shall continue to accrue a Supplemental Benefit under this Agreement based upon the Final Average Compensation of the Executive as of the last date the Executive was paid by the Corporation (including sick pay) and taking into account the period from the disability of the Executive to the Normal Retirement Date as creditable service for purposes of this Agreement. The Supplemental Benefit of the Executive who is disabled shall be determined and payable as of the Normal Retirement Date of the Executive. (b) In the event that both the Executive and his spouse (if any) die before the date on which the Executive would have attained age 83, their designated beneficiary (or the estate of the last to die if no beneficiary has been designated) shall receive a lump sum death benefit (the "Death Benefit"). The Death Benefit shall be equal to the product of (i) 60% of the annual amount of the Supplemental Benefit payable to the Executive (subject to the assumptions described in Section 4 if the Executive dies before his Retirement Date), and (ii) the difference between 83 and the age that the Executive attained (or would have attained) as of the later of the date on which he died or the date on which his spouse died. Section 7. Miscellaneous. (a) The Executive shall forfeit any right to the Supplemental Benefit or any other rights hereunder (including the Spouse's Supplemental Benefit) if he (i) declines to retire at his Normal Retirement Date, (ii) terminates employment with the Corporation prior to his Retirement Date without written consent of the Committee, or (iii) is terminated for "cause." Termination for cause shall arise if the Executive's employment by the Corporation is terminated because of or arising out of: (A) criminal dishonesty, (B) refusal to perform his employment duties for the Corporation on substantially a full-time basis, (C) refusal to act in accordance with any specific substantive instructions of the Corporation's Chief Executive Officer or Board of Directors, or (D) engaging in conduct which could be materially damaging to the Corporation without a reasonable good faith belief by the Executive that such conduct was in the best interest of the Corporation. Notwithstanding the foregoing provisions of this Section 7(a), in the event of a Change of Control of the Corporation, the Executive shall be vested in the right to receive payment of the Supplemental Benefit under this Agreement, which right shall not be forfeited upon the termination of the Executive for any reason other than for cause as defined in this Section 7(a). In the event the employment of the Executive is voluntarily or involuntarily terminated during the period beginning on the date of the Change of Control and ending on the third anniversary of such date, and as a result of such termination the Executive is entitled to receive Continuation Benefits pursuant to an employment agreement between the Corporation and the Executive, then notwithstanding any other provision of this Agreement to the contrary, the Executive shall continue to be credited with creditable service during the Compensation Period, and the annual cash compensation paid to the Executive during the Compensation Period shall be taken into account in determining his Final Average Compensation under this Agreement. The Executive's Supplemental Benefit shall be paid commencing as of the later of the end of the Compensation Period or the date the Executive actually attains (or would have attained but for death) the age of fifty-five. If payment of the Executive's Supplemental Benefit commences at a date prior to the Executive's Normal Retirement Date, the Executive shall be deemed to have satisfied all of the conditions and requirements described in Section 3 for purposes of computing the amount of his Supplemental Benefit. For purposes herein, the terms "Change of Control," Continuation Benefits," and "Compensation Period" shall have the meaning given such terms in the employment agreement between the Corporation and the Executive. (b) The Supplemental Benefit shall cease to be paid to the Executive (and rights to the Spouse's Supplemental Benefit shall terminate) if he shall disclose material confidential information or trade secrets concerning the Corporation or any of its subsidiaries without the Corporation's consent, or shall engage in any activity that is materially damaging to the Corporation including, but not limited to, engaging in competitive employment at any time. The Executive shall be deemed to engage in competitive employment if he shall render services as an owner, employee, officer, director, consultant or otherwise, for himself or any employer which conducts a business or enterprise in any area where the Corporation or affiliate of the Corporation conducts business that competes directly or indirectly with the Corporation or affiliate of the Corporation. The Committee shall have authority to cease payments under this paragraph (b), and the determination of the Committee shall be final and conclusive. Upon the request of the Executive, the Committee may grant an advance opinion as to whether a proposed activity would violate the provisions of this paragraph (b). (c) In consideration of any benefit payable to the Executive under this Agreement, the Executive upon termination of employment with the Corporation shall execute a separate release and waiver of claims in a form acceptable to the Corporation. The Executive shall not be eligible for any benefit under this Agreement until he has executed such release and waiver of claims. (d) In the event the employment of the Executive terminates prior to a Change of Control, and as a result of such termination the Executive is entitled to receive Continuation Benefits pursuant to an employment agreement between the Corporation and the Executive, then notwithstanding any other provision of this Agreement to the contrary, the Executive shall continue to be credited with creditable service during the Compensation Period, and the annual cash compensation paid to the Executive during the Compensation Period shall be taken into account in determining his Final Average Compensation under this Agreement. The Executive shall be deemed to retire from the Corporation on the last day of the Compensation Period and to have given the Corporation written notice of such retirement at least ninety days before such date. The Executive's Supplemental Benefit shall be paid commencing as of the end of the Compensation Period. The terms "Change of Control," "Continuation Benefits" and "Compensation Period" shall have the meaning given to such terms in the employment agreement between the Corporation and the Executive. (e) Nothing in this Agreement shall be construed as giving the Executive the right to be retained in the employ of the Corporation or any subsidiary of the Corporation at all or for any specified period in any particular position, or any right to any payment whatsoever except to the extent provided for by this Agreement. (f) Notwithstanding any other provisions hereof, if any person entitled to receive payments hereunder (the "recipient") shall be physically or mentally or legally incapable of receiving or acknowledging receipt of such payment, the Corporation, upon the receipt of satisfactory evidence that another person or institution is maintaining the recipient and that no guardian or committee has been appointed for the recipient, may cause such payment to be made to such person or institution so maintaining the recipient. (g) Nothing in this Agreement and no action taken pursuant to the provisions of this Agreement shall create or shall be construed as creating a trust of any kind, or a fiduciary relationship between the Corporation and the Executive or any other person. Any amounts which are or may be set aside hereunder shall continue for all purposes to be a part of the general funds of the Corporation, and no person other than the Corporation shall, by virtue of the provisions of this Agreement, have any interest in such funds. To the extent that any person acquires a right to receive payments from the Corporation hereunder, such right shall be no greater than the right of any unsecured general creditor of the Corporation. (h) The benefits payable under this Agreement may not be assigned by the Executive or any other person nor anticipated in any way. (i) The Committee may, in its sole discretion, terminate, suspend or amend this Agreement at any time or from time to time, in whole or in part; provided, that except as otherwise specifically provided herein no such termination, suspension or amendment made following the date that payments commence hereunder will affect the right of any person to receive benefits earned hereunder. Upon a change of control of the Corporation as defined in the Wachovia Corporation Stock Plan as it may be amended from time to time, this Agreement may not be amended or terminated without the express written consent of the Executive. (j) This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, to the extent not preempted by applicable federal law. (k) This Agreement replaces and supersedes any other individual retirement agreement between the Executive and the Corporation. (l) All notices hereunder shall be in writing and deemed properly given if delivered by hand and receipted or if mailed by registered mail, return receipt requested. Notices to the Corporation shall be directed to the Secretary of the Corporation with a copy directed to the Corporation's General Counsel. Notices to the Executive shall be directed to his last known address. Notice may not be provided by e-mail. Section 8. Administration. (a) This Agreement shall be administered by the Corporation. The Corporation shall interpret this Agreement, establish regulations to further the purposes of this Agreement and take any other action necessary to the proper operation of this Agreement. Prior to paying any benefit under this Agreement, the Corporation may require the Executive or his spouse to provide such information or material as the Corporation, in its sole discretion, shall deem necessary for it to make any determination it may be required to make under this Agreement. The Corporation may withhold payment of any benefit under this Agreement until it receives all such information and material and is reasonably satisfied of its correctness and genuineness. (b) If for any reason a benefit payable under this Agreement is not paid when due, the Executive or his spouse may file a written claim with the Corporation. If the claim is denied or no response is received within forty-five (45) days after the date on which the claim was filed with the Corporation (in which case the claim will be deemed to have been denied), the Executive or his spouse may appeal the denial to the Committee within sixty (60) days of receipt of written notification of the denial or the end of the forty-five day period, whichever occurs first. In pursuing an appeal, the Executive or his spouse may request that the Committee review the denial, may review pertinent documents, and may submit issues and documents in writing to the Committee. A decision on appeal will be made within thirty (30) days after the appeal is made, unless special circumstances require the Committee to extend the period for another thirty (30) days. (c) The Corporation may appoint one or more persons to act as administrator and delegate its administrative responsibilities to such administrator. IN WITNESS WHEREOF, this Agreement has been executed in behalf of the Corporation by its duly authorized officers and by the Executive as of the day and year first above stated. WACHOVIA CORPORATION By:_____________________________________ Chief Executive Officer Attest: __________________________________ Secretary [Corporate Seal] __________________________________(SEAL) Executive EX-10.23 4 0004.txt AMENDED STOCK PLAN EXHIBIT 10.23 WACHOVIA CORPORATION STOCK PLAN (Amended and Restated as of July 28, 2000) 1. Purpose The purpose of the Wachovia Corporation Stock Plan (the "Plan") is to encourage and enable selected key employees of Wachovia Corporation (the "Corporation") and its subsidiaries, and nonemployee Directors of the Corporation, to acquire or to increase their holdings of common stock of the Corporation (the "Common Stock") and other proprietary interests in the Corporation in order to promote a closer identification of their interests with those of the Corporation and its shareholders, thereby further stimulating their efforts to enhance the efficiency, soundness, profitability, growth and shareholder value of the Corporation. This purpose will be carried out through the granting of benefits (collectively referred to herein as "Awards") to selected key employees and nonemployee Directors, including but not limited to the granting of incentive stock options ("Incentive Options"), nonqualified stock options ("Nonqualified Options"), stock appreciation rights ("SARs"), restricted stock awards ("Restricted Stock Awards"), and restricted units ("Restricted Units") to selected key employees; and the granting of initial restricted stock awards ("Initial Director Awards") and annual restricted stock awards ("Annual Director Awards") to members of the Board of Directors (individually, a "Director") who are not employees of the Corporation or a related corporation. (Incentive Options and Nonqualified Options shall be referred to herein collectively as "Options." Restricted Stock Awards and Restricted Units shall be referred to herein collectively as "Restricted Awards." Initial Director Awards and Annual Director Awards shall be referred to herein collectively as "Director Awards.") 2. Administration of the Plan (a) Subject to Section 11 herein, the Plan shall be administered by the Management Resources and Compensation Committee (the "Committee") of the Board of Directors of the Corporation (the "Board" or the "Board of Directors"). Unless the Board determines otherwise, the Committee shall be comprised solely of "non-employee directors," as such term is defined in Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or as may otherwise be permitted under Rule 16b-3. (b) Any action of the Committee with respect to the Plan may be taken by a written instrument signed by all of the members of the Committee and any such action so taken by written consent shall be as fully effective as if it had been taken by a majority of the members at a meeting duly held and called. Subject to the provisions of the Plan, the Committee shall have full authority in its discretion to take any action with respect to the Plan including, without limitation, the authority (i) to determine all matters relating to Awards, including selection of individuals to be granted Awards, the types of Awards, the number of shares of the Common Stock, if any, subject to an Award, and all terms, conditions, restrictions and limitations of an Award; (ii) to prescribe the form or forms of the Agreements evidencing any Awards granted under the Plan; (iii) to establish, amend and rescind rules and regulations for the administration of the Plan; and (iv) to construe and interpret the Plan and Agreements evidencing Awards granted under the Plan, to establish and interpret rules and regulations for administering the Plan and to make all other determinations deemed necessary or advisable for administering the Plan. In addition, the Committee shall have authority, in its sole discretion, to accelerate the date that any Award which was not otherwise exercisable or vested shall become exercisable or vested in whole or in part without any obligation to accelerate such date with respect to any other Awards granted to any recipient. In addition, the Committee shall have the authority and discretion to establish terms and conditions of Awards as the Committee determines to be necessary or appropriate to conform to the applicable requirements or practices of jurisdictions outside of the United States. (c) Notwithstanding Section 2(b), and subject to Section 11 herein, the Committee may delegate to the Chief Executive Officer of the Corporation the authority to grant Awards, and to make any or all of the determinations reserved for the Committee in the Plan and summarized in subsection (b) with respect to such Awards, to any individual who, at the time of said grant or other determination (i) is not deemed to be an officer or Director of the Corporation within the meaning of Section 16 of the Exchange Act; (ii) is not deemed to be a Covered Employee; and (iii) is otherwise eligible under Section 5. In the event of such delegation, references to the "Committee" in the Plan shall include the Chief Executive Officer unless the context otherwise requires. 3. Effective Date The effective date of the Plan is April 22, 1994 (the "Effective Date"). The Plan has been amended and restated effective October 25, 1996, April 25, 1997, and July 28, 2000. Awards may be granted under the Plan on and after the effective date, but no awards will be granted after April 21, 2004. 4. Shares of Stock Subject to the Plan Subject to the terms of this Section 4, the shares of Common Stock that may be issued pursuant to Awards shall be 6,000,000 shares of authorized but unissued shares of the Corporation. Notwithstanding the foregoing, in the event that the number of shares available for issuance under the Plan as of April 25, 1997, and as of the last day of each calendar year commencing in 1997 and thereafter (the "Available Shares"), is less than 2.5% of the total number of shares of the Common Stock outstanding as of such date (the "Replacement Amount"), then the maximum number of shares authorized and available for issuance under the Plan shall be increased as of such date by an appropriate number to equal the greater of the Available Shares or the Replacement Amount. The Corporation hereby reserves sufficient authorized shares of Common Stock to meet the grant of Awards hereunder. Any shares subject to an Award which is subsequently forfeited, expires or is terminated may again be the subject of an Award granted under the Plan; provided, that if an Option or SAR shall be accepted for surrender by the Committee pursuant to the terms of the Plan, the shares subject thereto shall not thereafter be available for the granting of other Options or Awards. If there is any change in the 2 shares of Common Stock because of a merger, consolidation or reorganization involving the Corporation or a related corporation, or if the Board of Directors of the Corporation declares a stock dividend or stock split distributable in shares of Common Stock, or if there is a similar change in the capital stock structure of the Corporation or a related corporation affecting the Common Stock, the number of shares of Common Stock reserved for issuance under the Plan shall be correspondingly adjusted, and the Committee shall make such adjustments to Awards or to any provisions of this Plan as the Committee deems equitable to prevent dilution or enlargement of Awards. 5. Eligibility An Award may be granted only to an individual who satisfies the following eligibility requirements on the date the Award is granted: (a) With respect to the grant of Awards other than Director Awards, the individual is an employee of the Corporation or a related corporation. For this purpose, an individual shall be considered to be an "employee" only if there exists between the individual and the Corporation or a related corporation the legal and bona fide relationship of employer and employee. In determining whether such a relationship exists, the regulations of the United States Treasury Department relating to the determination of the employment relationship for the purpose of collection of income tax on wages at the source shall be applied. (b) With respect to the grant of an Award other than a Director Award, the individual, being otherwise eligible to receive an Award under this Section 5, (i) is a key employee of the Corporation or a related corporation; and (ii) is selected by the Committee as an individual to whom a Restricted Award shall be granted (a "Grantee"), an individual to whom an Option shall be granted (an "Optionee"), or an individual to whom an SAR shall be granted (an "SAR Holder"). For the purposes herein, a "key employee" shall mean an employee of the Corporation or a related corporation who makes significant and important contributions to the Corporation or a related corporation. The Committee shall determine which employees qualify as key employees. (c) With respect to the grant of Incentive Options, the individual does not own, immediately before the time that the Incentive Option is granted, stock possessing more than ten percent of the total combined voting power of all classes of stock of the Corporation. For this purpose, an individual will be deemed to own stock which is attributable to him under Section 424(d) of the Internal Revenue Code of 1986, as amended (the "Code"). (d) With respect to the grant of a Director Award, the individual shall be eligible to receive such an Award under the provisions of Section 9. 6. Options (a) Grant of Options: Subject to the limitations of the Plan, the Committee may in its sole and absolute discretion grant Options to such eligible key employees in such numbers, upon 3 such terms and at such times as the Committee shall determine. Both Incentive Options and Nonqualified Options may be granted under the Plan. To the extent that an Option is designated as an Incentive Option but does not qualify as such under Section 422 of the Code, the Option (or portion thereof) shall be treated as a Nonqualified Option. (b) Option Price; Date of Grant: The price per share at which an Option may be exercised (the "Option Price") shall be not less than the fair market value per share of the shares on the date the Option is granted. The following rules shall also apply: (i) An Incentive Option shall be considered to be granted on the date that the Committee acts to grant the Option, or on any later date specified by the Committee as the effective date of the Option. A Nonqualified Option shall be considered to be granted on the date the Committee acts to grant the Option or any other date specified by the Committee as the date of grant of the Option. (ii) The fair market value of the shares shall be determined in good faith by the Committee and shall be the price per share of the last sale of such shares on the New York Stock Exchange as reported in THE WALL STREET JOURNAL for the last trading day prior to the date the Option is granted; or if there was no such sale on such trading day, the fair market value shall be determined in accordance with the applicable provisions of Section 20.2031-2 of the Federal Estate Tax Regulations, or in any other manner consistent with the Code and accompanying regulations. (iii) In no event shall there first become exercisable by the Optionee in any one calendar year Incentive Options granted by the Corporation or any related corporation with respect to shares having an aggregate fair market value (determined at the time an Incentive Option is granted) greater than $100,000. (c) Option Period and Limitations on the Right to Exercise Options (i) The period during which an Option may be exercised (the "Option Period") shall be determined by the Committee. Such period shall not extend more than ten years from the date on which the Option is granted. Any Option or portion thereof not exercised before expiration of the Option Period shall terminate. (ii) An Option may be exercised by giving written notice to the Corporation at such place as the Committee shall direct. Such notice shall specify the number of shares to be purchased pursuant to an Option and the aggregate purchase price to be paid therefor, and shall be accompanied by the payment of such purchase price. Such payment shall be in the form of (A) cash; (B) delivery (by either actual delivery or attestation) of shares of Common Stock owned by the Optionee at the time of exercise for a period at least six months and otherwise acceptable to the Committee; (C) funds borrowed from a related corporation; (D) delivery of written notice of exercise to the Committee and delivery to a broker of written notice of exercise and irrevocable instructions to promptly deliver to the Corporation the amount of sale or loan proceeds to pay the Option Price; or 4 (E) a combination of the foregoing methods. Shares tendered in payment on the exercise of an Option shall be valued at their fair market value on the date of exercise, as determined by the Committee by applying the provisions of Section 6(b)(ii). (iii) Unless the Committee determines otherwise, no Option shall be exercised unless the Optionee is, at the time of exercise, an employee, as described in Section 5(a), and has been an employee continuously since the date the Option was granted, subject to Section 12 herein and the following: (A) The employment relationship of an Optionee shall be treated as continuing intact for any period that the Optionee is on military or sick leave or other bona fide leave of absence; provided, that the period of such leave does not exceed ninety days or, if longer, as long as the Optionee's right to reemployment is guaranteed either by statute or by contract. The employment relationship of an Optionee shall also be treated as continuing intact while the Optionee is not in active service because of disability; provided, that shares acquired by the Optionee pursuant to exercise of an Incentive Option shall be subject to Sections 421 and 422 of the Code only if and to the extent that such exercise occurs within twelve months less one day following the date the Optionee's employment is considered to be terminated because of such disability under Section 422. The Committee shall determine whether there is a disability within the meaning of this section. (B) Unless the Committee determines otherwise, if the employment of an Optionee is terminated because of (1) retirement, which shall mean termination on or after the date of his retirement as provided in Section 8(b)(ii), or because of early retirement under the Retirement Income Plan of Wachovia Corporation, or any successor plan thereto applicable to the Optionee (herein, "retirement"), (2) displacement, which shall mean the termination of the Optionee's employment due to the elimination of the Optionee's job or position without fault on the part of the Optionee (herein, "displacement"), (3) disability (as defined in Section 14(c) herein), or (4) death while the Optionee is an employee or after retirement, displacement or disability, any Option granted to the Optionee shall, upon the occurrence of such retirement, displacement, disability or death, become fully exercisable even if the Option or any part thereof was not otherwise exercisable at such time; provided, however, that the Committee, in its sole and absolute discretion, may determine that the Option or any part thereof shall not be accelerated. The Committee shall have sole authority to interpret this Section 6(c)(iii)(B), including authority to determine if an event triggering acceleration herein has occurred and the date of termination (the "termination date") due to such event. With respect to Options granted on or after the Effective Date of the Plan and prior to January 1, 1998, and unless the Committee determines otherwise, the Option must be exercised, if at all, prior to the earlier of: (1) the close of the period of twelve months next succeeding the termination date (or such shorter or longer period as may be determined by the Committee), or (2) the close 5 of the Option Period; provided, however, that, notwithstanding the foregoing, with respect to any Option granted on or after the Effective Date of the Plan and prior to April 25, 1997, in the event that the employment of the Optionee is terminated due to displacement, his Option must be exercised, if at all, prior to the earlier of: (X) the close of the period of three months less one day next succeeding the termination date, or (Y) the close of the Option Period. With respect to Options granted on or after January 1, 1998, and unless the Committee determines otherwise, the Option must be exercised, if at all, prior to the earlier of (1) the close of the period of 36 months next succeeding the termination date (or such shorter or longer period as may be determined by the Committee), or (2) the close of the Option Period. In the event of the Optionee's death, such Option shall be exercisable by such person or persons as shall have acquired the right to exercise the Option by will or by the laws of intestate succession. (C) Unless the Committee determines otherwise, if the employment of the Optionee is terminated for any reason other than as provided in subparagraph (B) above, his Option may be exercised only to the extent exercisable on the date of such termination of employment, except that the Committee, in its sole and absolute discretion, may accelerate the date that any Option which was not otherwise exercisable on the date of such termination of employment shall be exercised in whole or in part, without any obligation to accelerate such date with respect to other Options granted to the Optionee or to accelerate such date with respect to Options granted to any other Optionee, or to treat all Optionees similarly situated in the same manner. The Option must be exercised, if at all, prior to the earlier of: (1) the close of the period of three months less one day next succeeding the date of termination of employment (or such shorter or longer period as may be determined by the Committee), or (2) the close of the Option Period. If the Optionee dies following such termination of employment and prior to the earlier of the dates specified in (1) and (2) in the immediately preceding sentence, the Optionee shall be treated as having died while employed under subparagraph (B) above (treating for this purpose the Optionee's date of termination of employment as the termination date). (iv) A certificate or certificates for shares of Common Stock acquired upon exercise of an Option shall be issued in the name of the Optionee and distributed to the Optionee (or his beneficiary) as soon as practicable following receipt of notice of exercise and payment of the purchase price. (d) Nontransferability of Options (i) Options shall not be transferable other than by will, the laws of intestate succession or pursuant to a qualified domestic relations order (as defined by the Code, or Title I of the Employee Retirement Income Security Act ("ERISA"), or the rules thereunder). The designation of a beneficiary does not constitute a transfer. An Option 6 shall be exercisable during the Optionee's lifetime only by him or by his guardian or legal representative. (ii) If an Optionee is subject to Section 16 of the Exchange Act, shares of Common Stock acquired upon exercise of an Option may not, without the consent of the Committee, be disposed of by the Optionee until the expiration of six months after the date the Option was granted. 7. Stock Appreciation Rights (a) Grant of SARs: Subject to the limitations of the Plan, the Committee may in its sole and absolute discretion grant SARs to such eligible key employees in such numbers, upon such terms and at such times as the Committee shall determine. SARs may be granted to an Optionee of an Option (hereinafter called a "related Option") with respect to all or a portion of the shares of Common Stock subject to the related Option (a "Tandem SAR") or may be granted separately to an eligible key employee (a "Freestanding SAR"). Subject to the limitations of the Plan, SARs shall be exercisable in whole or in part upon notice to the Corporation upon such terms and conditions as are provided in the Agreement relating to the grant of the SAR. (b) Tandem SARs: A Tandem SAR may be granted either concurrently with the grant of the related Option or (if the related Option is a Nonqualified Option) at any time thereafter prior to the complete exercise, termination, expiration or cancellation of such related Option. Tandem SARs shall be exercisable only at the time and to the extent that the related Option is exercisable (and may be subject to such additional limitations on exercisability as the Committee may provide in the Agreement), and in no event after the complete termination or full exercise of the related Option. For purposes of determining the number of shares of Common Stock that remain subject to such related Option and for purposes of determining the number of shares of Common Stock in respect of which other Awards may be granted, upon the exercise of Tandem SARs, the related Option shall be considered to have been surrendered to the extent of the number of shares of Common Stock with respect to which such Tandem SARs are exercised. Upon the exercise or termination of the related Option, the Tandem SARs with respect thereto shall be canceled automatically to the extent of the number of shares of Common Stock with respect to which the related Option was so exercised or terminated. Subject to the limitations of the Plan, upon the exercise of a Tandem SAR, the SAR Holder shall be entitled to receive from the Corporation, for each share of Common Stock with respect to which the Tandem SAR is being exercised, consideration equal in value to the excess of the fair market value of a share of Common Stock (as determined in accordance with Section 6(b)(ii) herein) on the date of exercise over the related Option Price per share; provided, that the Committee may, in any Agreement granting Tandem SARs, establish a maximum value payable for such SARs. (c) Freestanding SARs: The base price of a Freestanding SAR shall be not less than 100% of the fair market value of the Common Stock (as determined in accordance with Section 6(b)(ii) herein) on the date of grant of the Freestanding SAR. Subject to the limitations of the Plan, upon the exercise of a Freestanding SAR, the SAR Holder shall be entitled to receive from the Corporation, for each share of Common Stock with respect to which the Freestanding SAR is 7 being exercised, consideration equal in value to the excess of the fair market value of a share of Common Stock on the date of exercise over the base price per share of such Freestanding SAR; provided, that the Committee may, in any Agreement granting Freestanding SARs, establish a maximum value payable for such SARs. (d) Exercise of SARs: (i) Subject to the terms of the Plan, SARs shall be exercisable in whole or in part upon such terms and conditions as are provided in the Agreement relating to the grant of the SAR. The period during which an SAR may be exercisable shall not exceed ten years from the date of grant or, in the case of Tandem SARs, such shorter Option Period as may apply to the related Option. Any SAR or portion thereof not exercised before expiration of the period stated in the Agreement relating to the grant of the SAR shall terminate. (ii) SARs may be exercised by giving written notice to the Corporation at such place as the Committee shall direct. The date of exercise of the SAR shall mean the date on which the Corporation shall have received notice from the SAR Holder of the exercise of such SAR. (iii) No SAR may be exercised unless the SAR Holder is, at the time of exercise, an employee, as described in Section 5(a), and has been an employee continuously since the date the SAR was granted, subject to Section 12 and the provisions of Section 6(c)(iii) herein. (e) Consideration; Election: The consideration to be received upon the exercise of the SAR by the SAR Holder shall be paid in cash, shares of Common Stock (valued at fair market value on the date of exercise of such SAR in accordance with Section 6(b)(ii) herein) or a combination of cash and shares of Common Stock, as elected by the SAR Holder, subject to the discretion of the Committee and the terms of the applicable Agreement. The Corporation's obligation arising upon the exercise of the SAR may be paid currently or on a deferred basis with such interest or earnings equivalent as the Committee may determine. A certificate or certificates for shares of Common Stock acquired upon exercise of an SAR for shares shall be issued in the name of the SAR Holder and distributed to the SAR Holder (or his beneficiary) as soon as practicable following receipt of notice of exercise. No fractional shares of Common Stock will be issuable upon exercise of the SAR and, unless otherwise provided in the applicable Agreement, the SAR Holder will receive cash in lieu of fractional shares. (f) Limitations: The applicable Agreement shall contain such terms, conditions and limitations consistent with the Plan as may be specified by the Committee. Unless otherwise so provided in the applicable Agreement or the Plan, any such terms, conditions or limitations relating to a Tandem SAR shall not restrict the exercisability of the related Option. 8 (g) Nontransferability: (i) SARs shall not be transferable other than by will, the laws of intestate succession or pursuant to a qualified domestic relations order (as defined by the Code, or Title I of ERISA or the rules thereunder). The designation of a beneficiary does not constitute a transfer. SARs may be exercised during the SAR Holder's lifetime only by him or by his guardian or legal representative. (ii) If the SAR Holder is subject to Section 16 of the Exchange Act, shares of Common Stock acquired upon exercise of an SAR may not, without the consent of the Committee, be disposed of by the SAR Holder until the expiration of six months after the date the SAR was granted. 8. Restricted Awards (a) Grant of Restricted Awards: Subject to the limitations of the Plan, the Committee may in its sole and absolute discretion grant Restricted Awards to such eligible key employees in such numbers, upon such terms and at such times as the Committee shall determine. A Restricted Award may consist of a Restricted Stock Award or a Restricted Unit, or both. Restricted Awards shall be payable in cash or whole shares of Common Stock (including Restricted Stock), or partly in cash and partly in whole shares of Common Stock, in accordance with the terms of the Plan and the sole and absolute discretion of the Committee. Restricted Awards payable in shares of Common Stock shall be granted only from shares reserved and then available for the granting of Awards under the Plan. The Committee may condition the grant or vesting, or both, of a Restricted Award upon the continued service of the Grantee for a certain period of time, attainment of such performance objectives as the Committee may determine, or upon a combination of continued service and performance objectives. The Committee shall determine the nature, length and starting date of the period during which the Restricted Award may be earned (the "Restriction Period") for each Restricted Award, which shall be as stated in the Agreement to which the Award relates. In the case of Restricted Awards based upon performance criteria, or a combination of performance criteria and continued service, the Committee shall determine the performance objectives to be used in valuing Restricted Awards and determine the extent to which such Awards have been earned. Performance objectives may vary from participant to participant and between groups of participants and shall be based upon such Corporation, business unit and/or individual performance factors and criteria as the Committee in its sole discretion may deem appropriate, including, but not limited to, earnings per share, return on equity, return on assets or total return to shareholders. The Committee shall determine the terms and conditions of each Restricted Award, including the form and terms of payment of Awards. The Committee shall have sole authority to determine whether and to what degree Restricted Awards have been earned and are payable and to interpret the terms and conditions of Restricted Awards and the provisions herein. (b) Earning of Restricted Awards: A Restricted Award granted to a Grantee generally shall be deemed to be earned as of the first to occur of the completion of the Restriction Period, retirement, displacement, death or disability of the Grantee, or acceleration of the Restricted 9 Award; provided that, (i) with respect to Restricted Awards granted on or after July 28, 2000, the Committee may impose different conditions regarding the earning and vesting of such Awards, as stated in the applicable Agreement related to any such Award, and (ii) with respect to any Restricted Awards granted on or after the Effective Date of the Plan which are based upon performance criteria or a combination of performance criteria and continued service, the Committee shall have sole discretion to determine if, and to what degree, the Restricted Awards shall be deemed earned at the end of the Restriction Period or upon the retirement, displacement, death or disability of the Grantee. In addition, unless an individual Agreement provides otherwise, the following rules shall also apply to the earning of Restricted Awards: (i) Completion of Restriction Period: For this purpose, a Restricted Award shall be deemed to be earned upon completion of the Restriction Period (except as otherwise provided herein for performance-based Restricted Awards). In order for a Restricted Award to be deemed earned, the Grantee must have been continuously employed during the Restriction Period. "Continuous employment" shall mean employment with any combination of the Corporation and one or more related corporations, and a temporary leave of absence with consent of the Corporation shall not be deemed to be a break in continuous employment. (ii) Retirement of the Grantee: For this purpose, the Grantee shall be deemed to have retired as of the earlier of (A) his normal retirement date under the Retirement Income Plan of Wachovia Corporation, or any successor plan thereto applicable to the Grantee, or (B) his retirement date under a contract, if any, between the Grantee and the Corporation providing for his retirement from the employment of the Corporation or a related corporation prior to such normal retirement date, or (C) a mutually agreed upon early retirement date under the Retirement Income Plan of Wachovia Corporation or any successor plan between the Grantee and the Corporation. (iii) Displacement of the Grantee: For this purpose, the Grantee shall be deemed to have been displaced in the event of the termination of the Grantee's employment due to the elimination of the Grantee's job or position without fault on the part of the Grantee. (iv) Death or Disability of the Grantee: Except as otherwise provided herein for performance-based Restricted Awards, if the Grantee shall terminate continuous employment because of death or disability before a Restricted Award is otherwise deemed to be earned pursuant to this Section 8(b), the Grantee shall be deemed to have earned a percentage of the Award (rounded to the nearest whole share in the case of Restricted Awards payable in shares) determined by dividing the number of his full years of continuous employment then completed during the Restriction Period with respect to the Award by the number of years of such Restriction Period. (v) Acceleration of Restricted Award by the Committee: Notwithstanding the provisions of this Section 8(b), in the event of the termination of employment of a Grantee for reasons other than retirement, displacement, death or disability, the Committee, in its sole and absolute discretion, may accelerate the date that any Restricted 10 Award granted to the Grantee shall be deemed to be earned in whole or in part, without any obligation to accelerate such date with respect to other Restricted Awards granted to the Grantee or to accelerate such date with respect to Restricted Awards granted to any other Grantee, or to treat all Grantees similarly situated in the same manner. (c) Forfeiture of Restricted Awards: Unless the Committee shall determine otherwise, if the employment of a Grantee shall be terminated for any reason, and the Grantee has not earned all or part of a Restricted Award pursuant to the terms herein, such Award to the extent not then earned shall be forfeited immediately upon such termination and the Grantee shall have no further rights with respect thereto. (d) Dividend and Voting Rights; Share Certificates: A Grantee shall have no dividend rights or voting rights with respect to shares reserved in his name pursuant to a Restricted Award payable in shares but not yet earned pursuant to Section 8(b). A certificate or certificates for shares of Common Stock representing a Restricted Award payable in shares shall be issued in the name of the Grantee and distributed to the Grantee (or his beneficiary) as soon as practicable following the date that the shares subject to the Award are earned as provided in Section 8(b). No certificate shall be issued hereunder in the name of the Grantee except to the extent the shares represented thereby have been earned. (e) Nontransferability: (i) The recipient of a Restricted Award payable in shares shall not sell, transfer, assign, pledge or otherwise encumber shares subject to the Award until the Restriction Period has expired or until all conditions to vesting have been met. (ii) Restricted Units shall not be transferable other than by will, the laws of intestate succession or pursuant to a qualified domestic relations order (as defined by the Code, or Title I of ERISA or the rules thereunder). The designation of a beneficiary does not constitute a transfer. (iii) If a Grantee of a Restricted Award is subject to Section 16 of the Exchange Act, shares of Common Stock subject to such Award may not, without the consent of the Committee, be sold or otherwise disposed of within six months following the date of grant of such Award. 9. Director Awards (a) Initial Award: Each nonemployee Director who is newly-elected or appointed to the Board of Directors on or after the Effective Date of the Plan shall receive a Director Award of 1,000 shares of Restricted Stock (an "Initial Director Award"). An Initial Director Award shall be deemed granted following the close of business of the Corporation on the date of the annual or special meeting of shareholders at which the Director was initially elected or the date of the Board of Directors meeting at which the Director was initially appointed. Such Initial Director Award shall be restricted for a period of three years and shall be deemed earned and shall vest on 11 the third anniversary of the date of grant. Except as provided in Section 9(e) herein, a Director who is not a member of the Board of Directors on the date an Initial Director Award vests shall forfeit the Award. (b) Annual Award: Commencing with the 1994 Annual Meeting of Shareholders and for each Annual Meeting thereafter, each nonemployee Director who has been a Director for at least a year shall receive an annual grant of 250 shares of Restricted Stock (an "Annual Director Award") following the close of business of the Corporation on the date of the Annual Meeting of Shareholders. An Annual Director Award shall be restricted for a period of one year and shall be deemed earned and shall vest one year after the date of grant; provided, that a Director who is not a member of the Board of Directors at the time an Annual Director Award vests shall forfeit the Award (except as otherwise provided in Section 9(e) herein). (c) Dividends and Voting Rights: Directors shall have no dividend or voting rights with respect to shares subject to Director Awards until such Awards have vested. (d) Share Certificates: A certificate or certificates for shares of Common Stock representing a Director Award shall be issued in the name of the Director (or his beneficiary) and distributed to the Director (or his beneficiary) as soon as practicable following the date that the shares subject to the Director Award are vested as provided herein. No certificate shall be issued hereunder in the name of the Director except to the extent that the shares represented thereby have been vested. At the time the Director Award or a portion thereof is vested, the Director shall have full and immediate rights to the shares represented by such certificates (except to the extent of restrictions imposed by law). (e) Death, Disability or Retirement of Director: If the service of a Director as a member of the Board is terminated due to death, disability or retirement (in accordance with the policies of the Corporation then in effect for retirement of Directors), and the Director has not yet earned a Director Award as provided in Section 9(a) or (b), such Director Award shall be deemed to be fully vested as of the date of such termination. (f) Forfeiture: If the service of a Director as a member of the Board is terminated for any other reason, and the Director has not earned a Director Award as provided herein, such Director Award shall be forfeited immediately upon such termination and the Director shall have no further rights with respect to such Director Award. (g) Nontransferability: (i) A recipient of a Director Award shall not sell, transfer, assign, pledge or otherwise encumber shares subject to a Director Award until all conditions, if any, subsequent to vesting have been met. (ii) Shares subject to a Director Award may not, without the consent of the Committee, be sold or otherwise disposed of within six months following the date of grant of such Award. 12 (h) Nonemployee Directors: For the purposes herein (and notwithstanding the reference in Section 2(a) to nonemployee directors for administrative purposes), a "nonemployee Director" shall mean a Director who is not an employee of the Corporation or a related corporation at the time of the grant of a Director Award and has never served as a senior officer of the Corporation or a related corporation. 10. Withholding The Corporation shall withhold all required local, state and federal taxes from any amount payable in cash with respect to an Award. The Corporation shall require any recipient of an Award payable in shares of the Common Stock to pay to the Corporation in cash the amount of any tax or other amount required by any governmental authority to be withheld and paid over by the Corporation to such authority for the account of such recipient. Notwithstanding the foregoing, the recipient may satisfy such obligation in whole or in part, and any other local, state or federal income tax obligations relating to such an Award, by electing (the "Election") to have the Corporation withhold shares of Common Stock from the shares to which the recipient is entitled. The number of shares to be withheld shall have a fair market value (determined in accordance with Section 6(b)(ii)) as of the date that the amount of tax to be withheld is determined (the "Tax Date") as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied. Each Election must be made in writing to the Committee prior to the Tax Date. 11. Performance-Based Compensation The following provisions shall apply with respect to Section 162(m) of the Code and the regulations thereunder: (a) Compliance with Code Section 162(m): It is the general intent of the Corporation that Awards conferred under the Plan to Covered Employees, as such term is defined in Section 14(b) herein, shall comply with the qualified performance-based compensation exception to employer compensation deductions set forth in Section 162(m) of the Code, and the Plan generally shall be construed in favor of meeting the requirements of Section 162(m) of the Code and the regulations thereunder to the extent possible. (b) Committee Authority and Composition: The Committee shall be authorized to establish performance goals for participants, certify satisfaction of performance goals and other material terms for participants, and to take such other action as may be necessary in order to qualify for the performance-based compensation exception. The Committee shall be comprised of two or more outside directors (as such term is defined in Section 162(m) of the Code and the regulations thereunder). Notwithstanding the foregoing, the committee authorized to take such actions may be comprised of a subcommittee of the Committee or other directors who qualify as outside directors (as such term is defined in Section 162(m) of the Code and the regulations thereunder), and the actions taken by such subcommittee or other group of outside directors shall 13 be effective as the action of the Committee to the extent permitted by the Plan, Rule 16b-3 under the Exchange Act, and Section 162(m) of the Code and the regulations thereunder. (c) Limitations on Awards: (i) In no event shall an employee be granted Awards under the Plan for more than 300,000 shares of Common Stock (or the equivalent value thereof based on the fair market value of the Common Stock on the date of grant of the Award) during any calendar year; provided, however, that such limitation shall be subject to adjustment as provided in Section 4 herein. (ii) The Committee shall not have discretion to increase the amount of performance-based compensation payable to a participant in the Plan over the amount determined in accordance with the terms of the Plan. The Committee shall in any event have the discretion to reduce or eliminate the amount of an Award that would otherwise be payable to any participant in accordance with the terms of the Plan. (d) Change in Performance Goals: The material terms of the performance goal or goals pursuant to which Awards are to be made shall be disclosed to, and subject to the approval of, the shareholders of the Corporation. Material terms of a performance goal or goals, the targets of which may be changed by the Committee, shall be disclosed to and subject to the reapproval of the shareholders of the Corporation upon a change of the material terms of the performance goal or goals by the Committee or as may be otherwise required by Section 162(m) of the Code or the regulations thereunder. 12. No Right or Obligation of Continued Employment Nothing contained in the Plan shall require the Corporation or a related corporation to continue to employ a Grantee, Optionee or SAR Holder or to continue an individual as a member of the Board of Directors of the Corporation, nor shall any such individual be required to remain in the employment of the Corporation or a related corporation or on the Board of Directors of the Corporation. Except as otherwise provided in the Plan, Awards granted under the Plan to employees of the Corporation shall not be affected by any change in the duties or position of the participant, as long as such individual remains an employee of the Corporation or a related corporation. 13. Retirement Plans (a) Neither a Plan participant nor any other person shall, by reason of the Plan, acquire any right in or title to any assets, funds or property of the Corporation or any related entity, including, without limitation, any specific funds, assets or other property which the Corporation or any related entity, in their discretion, may set aside in anticipation of a liability under the Plan. A participant shall have only a contractual right to the Common Stock or amounts, if any, payable under the Plan, unsecured by any assets of the Corporation or any related entity. 14 Nothing contained in the Plan shall constitute a guarantee that the assets of such corporations shall be sufficient to pay any benefits to any person. (b) In no event shall any amounts accrued, distributable or payable under the Plan be treated as compensation for the purpose of determining the amount of contributions or benefits to which any person shall be entitled under any retirement plan sponsored by the Corporation or a related corporation that is intended to be a qualified plan within the meaning of Section 401(a) of the Code. 14. Certain Definitions For purposes of the Plan, the following terms shall have the meaning indicated: (a) "Agreement" means any written agreement or agreements between the Corporation and the recipient of an Award pursuant to the Plan relating to the terms, conditions and restrictions of Options, SARs, Restricted Awards, Director Awards and any other Awards conferred herein. (b) "Covered employee" shall have the meaning given the term in Section 162(m) of the Code or the regulations thereunder. (c) "Disability" shall mean the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death, or which has lasted or can be expected to last for a continuous period of not less than twelve months. (d) "Parent" or "parent corporation" shall mean any corporation (other than the Corporation) in an unbroken chain of corporations ending with the Corporation if each corporation other than the Corporation owns stock possessing 50% or more of the total combined voting power of all classes of stock in another corporation in the chain. (e) "Predecessor" or "predecessor corporation" means a corporation which was a party to a transaction described in Section 424(a) of the Code (or which would be so described if a substitution or assumption under that Section had occurred) with the Corporation, or a corporation which is a parent or subsidiary of the Corporation, or a predecessor of any such corporation. (f) "Related corporation" means any parent, subsidiary or predecessor of the Corporation. (g) "Restricted Stock" shall mean shares of Common Stock which are subject to Director Awards or Restricted Awards payable in shares, the vesting of which is subject to restrictions set forth in the Plan or the Agreement relating to such Award. (h) "Subsidiary" or "subsidiary corporation" means any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation if each 15 corporation other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in another corporation in the chain. 15. Amendment and Termination of the Plan The Plan and any Award may be amended or terminated at any time by the Board of Directors of the Corporation; provided, that such amendment or termination shall not, without the consent of the recipient of an Award, adversely affect the rights of the recipient with respect to an Award previously granted; and provided further, that approval by the shareholders of the Corporation shall be required for any amendment to the Plan which would (i) increase the number of shares of Common Stock which may be issued under the Plan, except to the extent of adjustments pursuant to Section 4; (ii) permit the granting of Awards to any member of the Committee (except for nondiscretionary Director Awards granted hereunder); or (iii) materially change the requirements for eligibility to be a recipient of an Award. 16. Restrictions on Awards and Shares The Committee may impose such restrictions on any Awards and any shares representing Awards hereunder as it may deem advisable, including without limitation restrictions under the Securities Act of 1933, as amended (the "Securities Act"), under the requirements of the New York Stock Exchange and under any Blue Sky or state securities laws applicable to such shares. Notwithstanding any other Plan provision to the contrary, the Corporation shall not be obligated to issue, deliver or transfer shares of Common Stock under the Plan, make any other distribution of benefits under the Plan, or take any other action, unless such delivery, distribution or action is in compliance with all applicable laws, rules and regulations (including but not limited to the requirements of the Securities Act). The Committee may cause a restrictive legend to be placed on any certificate issued pursuant to an Award hereunder in such form as may be prescribed from time to time by applicable laws and regulations or as may be advised by legal counsel. 17. Applicable Law The Plan shall be governed by and construed in accordance with the laws of the State of North Carolina, without regarding to the conflict of laws provisions of any other state. 18. Shareholder Approval The Plan, as initially adopted, is subject to approval by the shareholders of the Corporation on or before April 22, 1994. The Plan, as amended and restated effective April 25, 1997, is subject to approval by the shareholders of the Corporation at the 1997 Annual Meeting of Shareholders. Awards granted prior to such shareholder approval shall be conditioned upon and shall be effective only upon approval of the Plan by such shareholders on or before such date. 16 19. Predecessor Plan As of the Effective Date of the Plan, no further options or awards shall be granted under the Wachovia Corporation Senior Management and Director Stock Plan, as amended (the "Predecessor Plan"). The Predecessor Plan shall continue in effect and shall be applicable with respect to all options and awards issued or granted prior to the Effective Date under the Predecessor Plan. 20. Section 16(b) Compliance It is the intention of the Corporation that the Plan shall comply with Rule 16b-3 under the Exchange Act, and, if any Plan provision is later found not to be in compliance with Section 16 of the Exchange Act, the provision shall be deemed null and void, and unless the Committee shall determine otherwise, the Plan shall be construed in favor of it meeting the requirements of Rule 16b-3. Notwithstanding anything in the Plan to the contrary, the Committee, in its sole and absolute discretion, may bifurcate the Plan so as to restrict, limit or condition the use of any provision of the Plan to participants who are officers or Directors subject to Section 16 of the Exchange Act without so restricting, limiting or conditioning the Plan with respect to other participants. 21. Change of Control (a) Notwithstanding any other provision of the Plan to the contrary, in the event of a Change of Control (as defined in Section 21(b) herein): (i) All Options and SARs outstanding as of the date of such Change of Control shall become fully exercisable, whether or not then otherwise exercisable. (ii) Any restrictions including but not limited to the Restriction Period applicable to any Restricted Award shall be deemed to have expired, and such Restricted Awards shall become fully vested and payable to the fullest extent of the original grant of the applicable Award. (iii) The restrictions, if any, applicable to any Director Award shall be deemed to have expired, and such Director Awards shall be deemed earned immediately. (iv) Notwithstanding the foregoing, in the event of a merger, share exchange, reorganization or other business combination affecting the Corporation or a related corporation, the Committee may, in its sole and absolute discretion, determine that any or all Awards granted pursuant to the Plan shall not vest or become exercisable on an accelerated basis, if the Board of Directors or the surviving or acquiring corporation, as the case may be, shall have taken such action, including but not limited to the assumption of Awards granted under the Plan or the grant of substitute awards (in either case, with substantially similar terms as Awards granted under the Plan), as in the opinion of the Committee is equitable or appropriate to protect the rights and interests of participants 17 under the Plan. For the purposes herein, the Committee authorized to make the determinations provided for in this Section 21(a) (iv) shall be appointed by the Board of Directors, two-thirds of the members of which shall have been Directors of the Corporation prior to the merger, share exchange, reorganization or other business combinations affecting the Corporation or a related corporation. (b) For the purposes herein, as "Change of Control" shall be deemed to have occurred on the earliest of the following dates: (i) The date any entity or person shall have become the beneficial owner of, or shall have obtained voting control over, 30% or more of the outstanding Common Stock of the Corporation; (ii) The date the shareholders of the Corporation approve a definitive agreement (A) to merge or consolidate the Corporation with or into another corporation, in which the Corporation is not the continuing or surviving corporation or pursuant to which any shares of Common Stock of the Corporation would be converted into cash, securities or other property of another corporation, other than a merger of the Corporation in which holders of Common Stock immediately prior to the merger have the same proportionate ownership of Common Stock of the surviving corporation immediately after the merger as immediately before, or (B) to sell or otherwise dispose of substantially all the assets of the Corporation; or (iii) The date there shall have been a change in a majority of the Board of Directors of the Corporation within a 12-month period unless the nomination for election by the Corporation's shareholders of each new director was approved by the vote of two-thirds of the directors then still in office who were in office at the beginning of the 12-month period. (For the purposes herein, the term "person" shall mean any individual, corporation, partnership, group, association or other person, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Corporation, a subsidiary of the Corporation or any employee benefit plan(s) sponsored or maintained by the Corporation or any subsidiary thereof, and the term "beneficial owner" shall have the meaning given the term in Rule 13d-3 under the Exchange Act.) 18 EX-10.35 5 0005.txt BAKER SPLIT DOLLAR EXHIBIT 10.35 SPLIT DOLLAR LIFE INSURANCE AGREEMENT THIS SPLIT DOLLAR LIFE INSURANCE AGREEMENT (the "Agreement") is made and entered into as of the _________________ day of ___________________, 2000, by and between WACHOVIA CORPORATION (the "Corporation"), and __________________________(the "Owner"). Statement of Purpose LESLIE M. BAKER, JR. (the "Executive") is employed by the Corporation as Chairman and Chief Executive Officer. The Corporation, Owner and Executive desire to insure the lives of Executive and Executive's spouse, SUZANNE B. BAKER (the "Executive's Spouse"), for the benefit and protection of both the Corporation and the Executive's family under a Variable Survivorship Life Insurance Policy (the "Policy") to be issued by John Hancock Variable Life Insurance Company (the "Insurer"). The Corporation, as the employer of Executive, is willing to pay a portion of the premiums due on the Policy as an additional employment benefit for Executive on the terms and conditions hereinafter set forth. The Corporation desires to have the Policy collaterally assigned to it by the Owner in order to secure repayment of the amount due to the Corporation under this Agreement. NOW, THEREFORE, in consideration of the Statement of Purpose aforesaid and of the mutual promises contained herein, the parties hereto agree as follows: 1. Definitions. Whenever used in this Agreement, the following terms shall have the meanings set forth below: (a) "Beneficial Owner" shall have the meaning ascribed to such term in Rule 13d-3 of the general rules and regulations under the Exchange Act. (b) "Board of Directors" means the Board of Directors of the Corporation. (c) "Director" means any individual who is a member of the Board of Directors of the Corporation. (d) "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time or any successor act thereto. (e) "Person" means any individual, corporation, partnership, group, association or other person, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Corporation, a subsidiary of the Corporation or any employee benefit plan(s) sponsored or maintained by the Corporation or any subsidiary thereof. (f) "Change in Control" of the Corporation means, and shall be deemed to have occurred on the earliest of the following dates: (i) The date any entity or Person shall have become the Beneficial Owner of, or shall have obtained voting control over, thirty percent (30%) or more of the outstanding common stock of the Corporation; (ii) The date the shareholders of the Corporation approve a definitive agreement (A) to merge or consolidate the Corporation with or into another corporation, in which the Corporation is not the continuing or surviving corporation or pursuant to which common stock of the Corporation would be converted into cash, securities or other property of another corporation, other than a merger of the Corporation in which holders of common stock immediately prior to the merger have the same proportionate ownership of common stock of the surviving corporation immediately after the merger as immediately before, or (B) to sell or otherwise dispose of substantially all the assets of the Corporation; or (iii) The date there shall have been a change in a majority of the Board of Directors of the Corporation within a twelve month period unless the nomination for election by the Corporation's shareholders of each new Director was approved by the vote of two-thirds of the Directors then still in office who were in office at the beginning of the twelve month period. (g) "Disability" means "disability" as such term is defined from time to time under any long-term disability plan of the Corporation covering the Executive. 2. Purchase of the Policy. The Owner has made application for and has purchased a Variable Survivorship Life Insurance Policy issued by John Hancock Variable Life Insurance Company in the initial face amount of Ten Million Dollars ($10,000,000) insuring the lives of Executive and Executive's Spouse, a copy of which shall be attached hereto as Exhibit 1 as soon as practicable after issuance by the Insurer. A complete hypothetical illustration of the Policy assuming a nine percent (9%) gross rate of return over the life of the contract is attached hereto as Exhibit 2. The parties hereto have taken all necessary action to cause Insurer to issue the Policy and shall take any further action which may be necessary to cause the Policy to conform to the provisions of this Agreement. The parties hereto further agree that the Policy shall be subject to the terms and conditions of this Agreement and the Collateral Assignment referred to in Paragraph 5 below. 3. Ownership of the Policy. Subject to the provisions of this Agreement and the Collateral Assignment, the Owner shall be the sole and absolute owner of the Policy and may and shall exercise all ownership rights granted to the owner thereof by the terms of the Policy. It is the intention of the parties that the Owner shall retain all rights which the Policy grants to the owner of the Policy, except the right of the Corporation to recover the amount due to the Corporation under this Agreement. Specifically, without limitation, the Corporation shall neither have nor exercise any right as the collateral assignee of the Policy which could in any way defeat or impair the Owner's right to receive the cash surrender value or the death proceeds of the Policy in excess of the Corporation's Interest (as hereinafter defined). All provisions of this Agreement and the Collateral Assignment shall be construed so as to carry out such intention. 4. Payment of Premiums. As a convenience to the parties and except as provided below, the Corporation shall pay all premiums under the Policy to the Insurer as and when such 2 premiums become due. Within thirty (30) days of the first such premium payment by the Corporation, the Owner shall pay to the Corporation an amount equal to Eight Thousand Six Hundred and Seventy Two Dollars ($8,672). Within thirty (30) days of each anniversary of the effective date of the Policy (the "Effective Date") thereafter for fifteen (15) years from the Effective Date (the "Premium Payment Period"), the Owner shall pay to the Corporation the economic value of the death benefit under the Policy as determined by the Insurer from time to time while the Policy remains in effect calculated in accordance with applicable U.S. Treasury Department rules and regulations. Within thirty (30) days of each anniversary of the Effective Date after the Premium Payment Period, the Owner shall pay the entire premium payment, if any. A schedule of the premiums to be paid by the Owner based on the Insurer's current projections is set forth on Exhibit 2. Should actual investment returns vary from those assumed in Exhibit 2, the Corporation's share of the premiums shall continue to be equal to the amounts set forth on Exhibit 2 as if no such variation occurred. Any increase or decrease in the premiums required to provide the total death benefits described on Exhibit 2 resulting from a variation in investment returns shall affect only the Owner's share of the premiums, and to the extent the amount paid by the Owner pursuant to the preceding paragraph is insufficient, the Owner shall pay to the Corporation any such amount required to make the premium payment in full. Upon request by the Owner, the Corporation shall promptly furnish evidence of timely payment to the Owner. The Corporation shall annually furnish to the Owner a statement of the amount of income reportable by the Executive for federal and state income tax purposes, if any, as determined in accordance with applicable Internal Revenue Service rules and regulations, as a result of the Corporation's payment of a portion of the premiums hereunder. 5. Collateral Assignment. The total amount of the Corporation's share of the Policy premium payments paid by the Corporation pursuant to this Agreement, less any amounts previously paid to the Corporation by the Owner not used to pay premiums on the Policy pursuant to this Agreement, shall constitute the total indebtedness of the Owner to the Corporation (the "Corporation's Interest"). As security for and to secure the repayment of the Corporation's Interest, as it may exist from time to time pursuant to the terms of this Agreement, the Owner has, contemporaneously herewith, executed and delivered to the Corporation a collateral assignment of the Policy substantially in the form as set forth in Exhibit 3 attached hereto (the "Collateral Assignment"). Repayment of the Corporation's Interest shall be made (i) from the cash surrender value of the Policy if this Agreement is terminated, or the Owner surrenders or cancels the Policy prior to the death of the survivor of Executive and Executive's Spouse, or (ii) from the death proceeds of the Policy if Executive and Executive's Spouse should die while the Policy and this Agreement remain in effect. The Collateral Assignment shall not be terminated, altered or amended by the Owner without the express written consent of the Corporation. The parties hereto agree to take all action necessary to cause the Collateral Assignment to conform to the provisions of this Agreement. 6. Exercise of Owner's Rights While Collateral Assignment is in Effect. Under the terms of the Policy, the Owner has the right to make certain asset allocation decisions among various investment funds. While the Collateral Assignment is in effect, any such asset allocation decisions by the Owner shall be subject to the review and prior written approval of the Corporation. Notwithstanding the foregoing, the Owner shall have the sole right to surrender or 3 cancel the Policy for its cash surrender value; provided, however, upon such surrender or cancellation of the Policy, the Corporation shall have the unqualified right to receive a portion of the cash surrender value from the Insurer equal to the Corporation's Interest. 7. Compliance with Internal Revenue Code. Notwithstanding anything in this Agreement to the contrary, the parties intend for the Policy to be classified as a "life insurance contract" as defined in Section 7702(a) of the Internal Revenue Code (the "Code") and not as a "modified endowment contract" as defined in Section 7702A(a) of the Code. If at any time during the term of this Agreement either the Corporation or the Owner determines that, based on the schedule of anticipated premium payments and withdrawals set forth in Exhibit 2, the Policy would not constitute a "life insurance contract" under Section 7702(a) of the Code or would constitute a "modified endowment contract" under Section 7702A(a) of the Code, the parties agree to restructure the premium payments and withdrawals to cause the Policy at all times to constitute a "life insurance contract" under Section 7702(a) of the Code and not a "modified endowment contract" under Section 7702A(a) of the Code. 8. Death of Executive and Executive's Spouse. If this Agreement is still in effect upon the death of the survivor of Executive and Executive's Spouse, the Corporation and the Owner promptly shall take all action necessary to obtain the death benefits provided under the Policy. The Owner agrees that the Corporation shall have the unqualified right to receive a portion of such death benefits from the Insurer equal to the Corporation's Interest and that no beneficiary under the Policy shall have the right to receive any portion of the Policy proceeds prior to the repayment of the full amount of the Corporation's Interest. The balance of the death benefits provided under the Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Owner in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy death benefits. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof. 9. Termination of the Agreement. This Agreement shall terminate prior to the death of the survivor of Executive and Executive's Spouse upon the occurrence of any of the following: (a) the Owner may terminate this Agreement effective as of a Policy anniversary date by providing thirty (30) days' advance written notice of such election to terminate to the Corporation; (b) the total cessation of the business of the Corporation; (c) the bankruptcy, receivership or dissolution of the Corporation; (d) the termination of Executive's employment with the Corporation for Cause, as defined in the Executive's Employment Agreement; (e) if either the Corporation or the Owner fails to comply with any of the terms and conditions of this Agreement, the other party may elect to terminate this Agreement by providing written notice of such election to the other party; provided, however, that any such election must be made within sixty (60) days after such failure to comply; 4 (f) Executive's failure to comply with any of the terms and conditions of such Executive's Employment Agreement and Senior Executive Retirement Agreement with Wachovia Corporation (or any successor or subsidiary) then in effect and as may be amended from time to time; (g) payment in full by the Owner to the Corporation of the Corporation's Interest in the Policy; or (h) the mutual written agreement of the Owner and the Corporation. It is the parties' specific intent that following a "Change in Control" the Corporation shall have no authority to terminate this Agreement for any reason other than the termination of Executive's employment with the Corporation for Cause, as defined in the Executive's Employment Agreement. 10. Disposition of the Policy Upon Termination of the Agreement. If this Agreement is terminated pursuant to the provisions of Paragraph 9, the Owner shall be required, within sixty (60) days after such termination, to repay the Corporation the entire amount of the Corporation's Interest in the Policy. Upon receipt by the Corporation of the entire amount of the Corporation's Interest in the Policy, the Corporation shall release the Collateral Assignment. If the Owner does not repay the entire amount of the Corporation's Interest in the Policy within such sixty (60) day time period, the Corporation may enforce its rights under the Collateral Assignment; provided, however, the Owner shall not be liable for any deficiency realized by the Corporation upon the exercise of the Corporation's rights under the Collateral Assignment. 11. Discharge of the Insurer. The Insurer shall be fully discharged from its obligations under the Policy by payment of the Policy death benefits to the beneficiary or beneficiaries named in the Policy subject to the terms and conditions of the Policy and the Collateral Assignment. In no event shall the Insurer be considered a party to this Agreement or to any modification or amendment hereof. No provision of this Agreement, nor any modification or amendment hereof, shall in any way be construed as enlarging, changing, varying or in any other way affecting the obligations of the Insurer as expressly provided in the Policy except insofar as the provisions hereof are made a part of the Policy by the Collateral Assignment. 12. ERISA Information. The following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974: (a) The named fiduciary under this Agreement is the Corporation. The named fiduciary shall be responsible for the management, control and administration of this Agreement. The named fiduciary may allocate to others certain aspects of the management and operational responsibilities of this Agreement, including the employment of advisors and the delegation of any ministerial duties to qualified individuals. (b) The funding policy under this Agreement is that all premiums on the Policy be remitted by the Corporation to the Insurer when due. 5 (c) Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of premiums as provided in this Agreement. (d) For claims procedure purposes, the "Claims Manager" shall be the Corporate Human Resources Department of the Corporation or its delegee. (i) The claimant's claim for benefits shall be deemed filed when presented orally or in writing to the Claims Manager. (ii) If for any reason a claim for benefits under this Agreement is denied by the Corporation, the Claims Manager shall deliver to the claimant a written explanation setting forth the specific reasons for the denial, specific references to the pertinent Agreement provisions on which the denial is based, such other data as may be pertinent and information on the procedures to be followed by the claimant in obtaining a review of his claim, all written in a manner calculated to be understood by the claimant. For this purpose: (A) The Claims Manager's explanation shall be in writing delivered to the claimant within ninety (90) days of the date the claim is filed. (B) If the Claims Manager does not either respond to a claim within ninety (90) days of the date the claim is filed or notify the claimant within that 90-day period that an extension of time for processing the claim will be required, the claim will be deemed denied and the claimant shall be permitted to proceed to the review stage described in the following paragraph (iii). (iii) The claimant shall have sixty (60) days following his receipt of the denial of the claim to file with the Claims Manager a written request for review of the denial. For such review, the claimant or his representative may submit pertinent documents and written issues and comments. (iv) The Claims Manager shall decide the issue on review and furnish the claimant with a copy within sixty (60) days of receipt of the claimant's request for review of his claim. The decision on review shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Agreement provisions on which the decision is based. If a copy of the decision is not so furnished to the claimant within such sixty (60) days, the claim shall be deemed denied on review. 13. Miscellaneous. (a) This Agreement may not be amended, altered or modified except by a written instrument signed by the parties hereto or their respective successors or assigns and may not be otherwise terminated except as provided herein. (b) This Agreement shall be binding upon the parties hereto, their heirs, legal representatives, successors and assigns. 6 (c) This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of North Carolina except to the extent (if any) superceded by the laws of the United States. (d) Headings in this Agreement are provided for purposes of convenience only and shall not affect the interpretation of the terms hereof. (e) It is understood and agreed that the Corporation makes no representations and shall have no responsibility or liability for any tax or estate planning matters with respect to the foregoing split dollar insurance agreement or for the payment of any dividends or death benefits under the Policy, and that the Owner has relied on the Owner's tax and legal advisors with respect to the foregoing split dollar insurance agreement. (f) Any dispute, claim or controversy arising out of or connected with this Agreement shall be resolved by binding arbitration administered and conducted under the Commercial Rules of the American Arbitration Association and the General Statutes of North Carolina Article 45A, Arbitration and Award. A judgment upon the award may be entered in any court having jurisdiction. Any arbitration hearing shall take place in Winston-Salem, North Carolina. (g) All notices and other communications hereunder must be in writing and shall be deemed to have been duly given when either personally delivered or placed in the United States mails by Certified Mail, return receipt requested, postage prepaid, addressed to the party to whom such notice is being given at such party's last known address. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 7 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. CORPORATION WACHOVIA CORPORATION By: ______________________________________ LESLIE M. BAKER, JR. Chairman and Chief Executive Officer Attest: ________________________________ _____________ Secretary (CORPORATE SEAL) OWNER _______________________________(SEAL) _____________________, Trustee of the ______________ Irrevocable Trust dated ______________ I consent to this Agreement and the insurance covering my life and the life of my spouse. _______________________________(SEAL) LESLIE M. BAKER, JR., Executive _______________________________(SEAL) SUZANNE B. BAKER, Executive's Spouse 8 EX-10.36 6 0006.txt MCCOY SPLIT DOLLAR EXHIBIT 10.36 SPLIT DOLLAR LIFE INSURANCE AGREEMENT THIS SPLIT DOLLAR LIFE INSURANCE AGREEMENT (the "Agreement") is made and entered into as of the _____________ day of _______________, 2000, by and between WACHOVIA CORPORATION (the "Corporation"), and ROBERT S. McCOY, JR. (the "Owner"). Statement of Purpose ROBERT S. McCOY, JR. (the "Executive") is employed by the Corporation as Vice Chairman. The Corporation, Owner and Executive desire to insure the life of Executive, for the benefit and protection of both the Corporation and the Executive's family under a Variable Life Insurance Policy (the "Policy") to be issued by John Hancock Variable Life Insurance Company (the "Insurer"). The Corporation, as the employer of Executive, is willing to pay a portion of the premiums due on the Policy as an additional employment benefit for Executive on the terms and conditions hereinafter set forth. The Corporation desires to have the Policy collaterally assigned to it by the Owner in order to secure repayment of the amount due to the Corporation under this Agreement. NOW, THEREFORE, in consideration of the Statement of Purpose aforesaid and of the mutual promises contained herein, the parties hereto agree as follows: 1. Definitions. Whenever used in this Agreement, the following terms shall have the meanings set forth below: (a) "Beneficial Owner" shall have the meaning ascribed to such term in Rule 13d-3 of the general rules and regulations under the Exchange Act. (b) "Board of Directors" means the Board of Directors of the Corporation. (c) "Director" means any individual who is a member of the Board of Directors of the Corporation. (d) "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time or any successor act thereto. (e) "Person" means any individual, corporation, partnership, group, association or other person, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Corporation, a subsidiary of the Corporation or any employee benefit plan(s) sponsored or maintained by the Corporation or any subsidiary thereof. (f) "Change in Control" of the Corporation means, and shall be deemed to have occurred on the earliest of the following dates: (i) The date any entity or Person shall have become the Beneficial Owner of, or shall have obtained voting control over, thirty percent (30%) or more of the outstanding common stock of the Corporation; (ii) The date the shareholders of the Corporation approve a definitive agreement (A) to merge or consolidate the Corporation with or into another corporation, in which the Corporation is not the continuing or surviving corporation or pursuant to which any common stock of the Corporation would be converted into cash, securities or other property of another corporation, other than a merger of the Corporation in which holders of common stock immediately prior to the merger have the same proportionate ownership of common stock of the surviving corporation immediately after the merger as immediately before, or (B) to sell or otherwise dispose of substantially all the assets of the Corporation; or (iii) The date there shall have been a change in a majority of the Board of Directors of the Corporation within a twelve month period unless the nomination for election by the Corporation's shareholders of each new Director was approved by the vote of two-thirds of the Directors then still in office who were in office at the beginning of the twelve month period. (g) "Disability" means "disability" as such term is defined from time to time under any long-term disability plan of the Corporation covering the Executive. 2. Purchase of the Policy. The Owner has made application for and has purchased a Variable Life Insurance Policy issued by John Hancock Variable Life Insurance Company in the initial face amount of Four Million Dollars ($4,000,000) insuring the life of the Executive, a copy of which shall be attached hereto as Exhibit 1 as soon as practicable after issuance by the Insurer. A complete hypothetical illustration of the Policy assuming a nine percent (9%) gross rate of return over the life of the contract is attached hereto as Exhibit 2. The parties hereto have taken all necessary action to cause Insurer to issue the Policy and shall take any further action which may be necessary to cause the Policy to conform to the provisions of this Agreement. The parties hereto further agree that the Policy shall be subject to the terms and conditions of this Agreement and the Collateral Assignment referred to in Paragraph 5 below. 3. Ownership of the Policy. Subject to the provisions of this Agreement and the Collateral Assignment, the Owner shall be the sole and absolute owner of the Policy and may and shall exercise all ownership rights granted to the owner thereof by the terms of the Policy. It is the intention of the parties that the Owner shall retain all rights which the Policy grants to the owner of the Policy, except the right of the Corporation to recover the amount due to the Corporation under this Agreement. Specifically, without limitation, the Corporation shall neither have nor exercise any right as the collateral assignee of the Policy which could in any way defeat or impair the Owner's right to receive the cash surrender value or the death proceeds of the Policy in excess of the Corporation's Interest (as hereinafter defined). All provisions of this Agreement and the Collateral Assignment shall be construed so as to carry out such intention. 4. Payment of Premiums. As a convenience to the parties, the Corporation shall pay all premiums under the Policy to the Insurer as and when such premiums become due. Within thirty (30) days of the first such premium payment by the Corporation, the Owner shall pay to 2 the Corporation an amount equal to Eight Thousand Four Hundred and Forty Dollars ($8,440.00). Within thirty (30) days of each anniversary of the effective date of the Policy thereafter, the Owner shall pay to the Corporation an amount equal to the greater of (i) the economic value of the death benefit under the Policy as determined by the Insurer from time to time while the Policy remains in effect calculated in accordance with applicable U.S. Treasury Department rules and regulations or (ii) the difference between the total Policy premium and the projected annual increase in the Corporation's Interest as defined below. A schedule of the premiums to be paid by the Owner based on the Insurer's current projections is set forth on Exhibit 2. Should actual investment returns vary from those assumed in Exhibit 2, the Corporation's share of the premiums shall continue to be equal to the amounts set forth on Exhibit 2 as if no such variation occurred. Any increase or decrease in the premiums required to provide the total death benefits described on Exhibit 2 resulting from a variation in investment returns shall affect only the Owner's share of the premiums, and to the extent the amount paid by the Owner pursuant to the preceding paragraph is insufficient, the Owner shall pay to the Corporation any such amount required to make the premium payment in full. Upon request by the Owner, the Corporation shall promptly furnish evidence of timely payment to the Owner. The Corporation shall annually furnish to the Owner a statement of the amount of income reportable by the Executive for federal and state income tax purposes, if any, as determined in accordance with applicable Internal Revenue Service rules and regulations, as a result of the Corporation's payment of a portion of the premiums hereunder. 5. Collateral Assignment. The total amount of the Corporation's share of the Policy premium payments paid by the Corporation pursuant to this Agreement, less any amounts previously paid to the Corporation by the Owner not used to pay premiums on the Policy pursuant to this Agreement, shall constitute the total indebtedness of the Owner to the Corporation (the "Corporation's Interest"). As security for and to secure the repayment of the Corporation's Interest, as it may exist from time to time pursuant to the terms of this Agreement, the Owner has, contemporaneously herewith, executed and delivered to the Corporation a collateral assignment of the Policy substantially in the form as set forth in Exhibit 3 attached hereto (the "Collateral Assignment"). Repayment of the Corporation's Interest shall be made (i) from the cash surrender value of the Policy if this Agreement is terminated, or the Owner surrenders or cancels the Policy prior to the death of the Executive, or (ii) from the death proceeds of the Policy if Executive should die while the Policy and this Agreement remain in effect. The Collateral Assignment shall not be terminated, altered or amended by the Owner without the express written consent of the Corporation. The parties hereto agree to take all action necessary to cause the Collateral Assignment to conform to the provisions of this Agreement. 6. Exercise of Owner's Rights While Collateral Assignment is in Effect. Under the terms of the Policy, the Owner has the right to make certain asset allocation decisions among various investment funds. While the Collateral Assignment is in effect, any such asset allocation decisions by the Owner shall be subject to the review and prior written approval of the Corporation. Notwithstanding the foregoing, the Owner shall have the sole right to surrender or cancel the Policy for its cash surrender value; provided, however, upon such surrender or 3 cancellation of the Policy, the Corporation shall have the unqualified right to receive a portion of the cash surrender value from the Insurer equal to the Corporation's Interest. 7. Compliance with Internal Revenue Code. Notwithstanding anything in this Agreement to the contrary, the parties intend for the Policy to be classified as a "life insurance contract" as defined in Section 7702(a) of the Internal Revenue Code (the "Code") and not as a "modified endowment contract" as defined in Section 7702A(a) of the Code. If at any time during the term of this Agreement either the Corporation or the Owner determines that, based on the schedule of anticipated premium payments and withdrawals set forth in Exhibit 2, the Policy would not constitute a "life insurance contract" under Section 7702(a) of the Code or would constitute a "modified endowment contract" under Section 7702A(a) of the Code, the parties agree to restructure the premium payments and withdrawals to cause the Policy at all times to constitute a "life insurance contract" under Section 7702(a) of the Code and not a "modified endowment contract" under Section 7702A(a) of the Code. 8. Death of Executive. If this Agreement is still in effect upon the death of the Executive, the Corporation and the Owner promptly shall take all action necessary to obtain the death benefits provided under the Policy. The Owner agrees that the Corporation shall have the unqualified right to receive a portion of such death benefits from the Insurer equal to the Corporation's Interest and that no beneficiary under the Policy shall have the right to receive any portion of the Policy proceeds prior to the repayment of the full amount of the Corporation's Interest. The balance of the death benefits provided under the Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Owner in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy death benefits. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof. 9. Termination of the Agreement. This Agreement shall terminate prior to the death of the Executive upon the occurrence of any of the following: (a) the Owner may terminate this Agreement effective as of a Policy anniversary date by providing thirty (30) days' advance written notice of such election to terminate to the Corporation; (b) the total cessation of the business of the Corporation; (c) the bankruptcy, receivership or dissolution of the Corporation; (d) the termination of Executive's employment with the Corporation for Cause, as defined in the Executive's Employment Agreement; (e) if either the Corporation or the Owner fails to comply with any of the terms and conditions of this Agreement, the other party may elect to terminate this Agreement by providing written notice of such election to the other party; provided, however, that any such election must be made within sixty (60) days after such failure to comply; 4 (f) Executive's failure to comply with any of the terms and conditions of such Executive's Employment Agreement and Senior Executive Retirement Agreement with Wachovia Corporation (or any successor or subsidiary) then in effect and as may be amended from time to time; (g) payment in full by the Owner to the Corporation of the Corporation's Interest in the Policy; or (h) the mutual written agreement of the Owner and the Corporation. It is the parties' specific intent that following a "Change in Control" the Corporation shall have no authority to terminate this Agreement for any reason other than the termination of Executive's employment with the Corporation for Cause, as defined in the Executive's Employment Agreement. 10. Disposition of the Policy Upon Termination of the Agreement. If this Agreement is terminated pursuant to the provisions of Paragraph 9, the Owner shall be required, within sixty (60) days after such termination, to repay the Corporation the entire amount of the Corporation's Interest in the Policy. Upon receipt by the Corporation of the entire amount of the Corporation's Interest in the Policy, the Corporation shall release the Collateral Assignment. If the Owner does not repay the entire amount of the Corporation's Interest in the Policy within such sixty (60) day time period, the Corporation may enforce its rights under the Collateral Assignment; provided, however, the Owner shall not be liable for any deficiency realized by the Corporation upon the exercise of the Corporation's rights under the Collateral Assignment. 11. Discharge of the Insurer. The Insurer shall be fully discharged from its obligations under the Policy by payment of the Policy death benefits to the beneficiary or beneficiaries named in the Policy subject to the terms and conditions of the Policy and the Collateral Assignment. In no event shall the Insurer be considered a party to this Agreement or to any modification or amendment hereof. No provision of this Agreement, nor any modification or amendment hereof, shall in any way be construed as enlarging, changing, varying or in any other way affecting the obligations of the Insurer as expressly provided in the Policy except insofar as the provisions hereof are made a part of the Policy by the Collateral Assignment. 12. ERISA Information. The following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974: (a) The named fiduciary under this Agreement is the Corporation. The named fiduciary shall be responsible for the management, control and administration of this Agreement. The named fiduciary may allocate to others certain aspects of the management and operational responsibilities of this Agreement, including the employment of advisors and the delegation of any ministerial duties to qualified individuals. (b) The funding policy under this Agreement is that all premiums on the Policy be remitted by the Corporation to the Insurer when due. 5 (c) Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of premiums as provided in this Agreement. (d) For claims procedure purposes, the "Claims Manager" shall be the Corporate Human Resources Department of the Corporation or its delegee. (i) The claimant's claim for benefits shall be deemed filed when presented orally or in writing to the Claims Manager. (ii) If for any reason a claim for benefits under this Agreement is denied by the Corporation, the Claims Manager shall deliver to the claimant a written explanation setting forth the specific reasons for the denial, specific references to the pertinent Agreement provisions on which the denial is based, such other data as may be pertinent and information on the procedures to be followed by the claimant in obtaining a review of his claim, all written in a manner calculated to be understood by the claimant. For this purpose: (A) The Claims Manager's explanation shall be in writing delivered to the claimant within ninety (90) days of the date the claim is filed. (B) If the Claims Manager does not either respond to a claim within ninety (90) days of the date the claim is filed or notify the claimant within that 90-day period that an extension of time for processing the claim will be required, the claim will be deemed denied and the claimant shall be permitted to proceed to the review stage described in the following paragraph (iii). (iii) The claimant shall have sixty (60) days following his receipt of the denial of the claim to file with the Claims Manager a written request for review of the denial. For such review, the claimant or his representative may submit pertinent documents and written issues and comments. (iv) The Claims Manager shall decide the issue on review and furnish the claimant with a copy within sixty (60) days of receipt of the claimant's request for review of his claim. The decision on review shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Agreement provisions on which the decision is based. If a copy of the decision is not so furnished to the claimant within such sixty (60) days, the claim shall be deemed denied on review. 13. Miscellaneous. (a) This Agreement may not be amended, altered or modified except by a written instrument signed by the parties hereto or their respective successors or assigns and may not be otherwise terminated except as provided herein. (b) This Agreement shall be binding upon the parties hereto, their heirs, legal representatives, successors and assigns. 6 (c) This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of North Carolina except to the extent (if any) superceded by the laws of the United States. (d) Headings in this Agreement are provided for purposes of convenience only and shall not affect the interpretation of the terms hereof. (e) It is understood and agreed that the Corporation makes no representations and shall have no responsibility or liability for any tax or estate planning matters with respect to the foregoing split dollar insurance agreement or for the payment of any dividends or death benefits under the Policy, and that the Owner has relied on the Owner's tax and legal advisors with respect to the foregoing split dollar insurance agreement. (f) Any dispute, claim or controversy arising out of or connected with this Agreement shall be resolved by binding arbitration administered and conducted under the Commercial Rules of the American Arbitration Association and the General Statutes of North Carolina Article 45A, Arbitration and Award. A judgment upon the award may be entered in any court having jurisdiction. Any arbitration hearing shall take place in Winston-Salem, North Carolina. (g) All notices and other communications hereunder must be in writing and shall be deemed to have been duly given when either personally delivered or placed in the United States mails by Certified Mail, return receipt requested, postage prepaid, addressed to the party to whom such notice is being given at such party's last known address. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 7 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. CORPORATION WACHOVIA CORPORATION By:_________________________________________ LESLIE M. BAKER, JR. Chairman and Chief Executive Officer Attest: _____________________________ _____________ Secretary (CORPORATE SEAL) OWNER _______________________________(SEAL) ROBERT S. McCOY, JR. I consent to this Agreement and the insurance covering my life. _______________________________(SEAL) ROBERT S. McCOY, JR., Executive 8 EX-10.37 7 0007.txt PRENDERGAST SPLIT DOLLAR EXHIBIT 10.37 SPLIT DOLLAR LIFE INSURANCE AGREEMENT THIS SPLIT DOLLAR LIFE INSURANCE AGREEMENT (the "Agreement") is made and entered into as of the ______________ day of ___________________, 2000, by and between WACHOVIA CORPORATION (the "Corporation"), and George Joseph Prendergast,III (the "Owner"). Statement of Purpose George Joseph Prendergast (the "Executive") is employed by the Corporation as Chief Operating Officer. The Corporation, Owner and Executive desire to insure the lives of Executive and Executive's spouse, Jane M. Prendergast (the "Executive's Spouse"), for the benefit and protection of both the Corporation and the Executive's family under a Variable Survivorship Life Insurance Policy (the "Policy") to be issued by John Hancock Variable Life Insurance Company (the "Insurer"). The Corporation, as the employer of Executive, is willing to pay a portion of the premiums due on the Policy as an additional employment benefit for Executive on the terms and conditions hereinafter set forth. The Corporation desires to have the Policy collaterally assigned to it by the Owner in order to secure repayment of the amount due to the Corporation under this Agreement. NOW, THEREFORE, in consideration of the Statement of Purpose aforesaid and of the mutual promises contained herein, the parties hereto agree as follows: 1. Definitions. Whenever used in this Agreement, the following terms shall have the meanings set forth below: (a) "Beneficial Owner" shall have the meaning ascribed to such term in Rule 13d-3 of the general rules and regulations under the Exchange Act. (b) "Board of Directors" means the Board of Directors of the Corporation. (c) "Director" means any individual who is a member of the Board of Directors of the Corporation. (d) "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time or any successor act thereto. (e) "Person" means any individual, corporation, partnership, group, association or other person, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Corporation, a subsidiary of the Corporation or any employee benefit plan(s) sponsored or maintained by the Corporation or any subsidiary thereof. (f) "Change in Control" of the Corporation means, and shall be deemed to have occurred on the earliest of the following dates: (i) The date any entity or Person shall have become the Beneficial Owner of, or shall have obtained voting control over, thirty percent (30%) or more of the outstanding common stock of the Corporation; (ii) The date the shareholders of the Corporation approve a definitive agreement (A) to merge or consolidate the Corporation with or into another corporation, in which the Corporation is not the continuing or surviving corporation or pursuant to which any abates of common stock of the Corporation would be converted into cash, securities or other property of another corporation, other than a merger of the Corporation in which holders of common stock immediately prior to the merger have the same proportionate ownership of common stock of the surviving corporation immediately after the merger as immediately before, or (B) to sell or otherwise dispose of substantially all the assets of the Corporation; or (iii) The date there shall have been a change in a majority of the Board of Directors of the Corporation within a twelve month period unless the nomination for election by the Corporation's shareholders of each new Director was approved by the vote of two-thirds of the Directors then still in office who were in office at the beginning of the twelve month period. (g) "Disability" means "disability" as such term is defined from time to time under any long-term disability plan of the Corporation covering the Executive. 2. Purchase of the Policy. The Owner has made application for and has purchased a Variable Survivorship Life Insurance Policy issued by John Hancock Variable Life Insurance Company in the initial face amount of Six Million Dollars ($6,000,000) insuring the lives of Executive and Executive's Spouse, a copy of which shall be attached hereto as Exhibit 1 as soon as practicable after issuance by the Insurer. A complete hypothetical illustration of the Policy assuming a nine percent (9%) gross rate of return over the life of the contract is attached hereto as Exhibit 2. The parties hereto have taken all necessary action to cause Insurer to issue the Policy and shall take any further action which may be necessary to cause the Policy to conform to the provisions of this Agreement. The parties hereto further agree that the Policy shall be subject to the terms and conditions of this Agreement and the Collateral Assignment referred to in Paragraph 5 below. 3. Ownership of the Policy. Subject to the provisions of this Agreement and the Collateral Assignment, the Owner shall be the sole and absolute owner of the Policy and may and shall exercise all ownership rights granted to the owner thereof by the terms of the Policy. It is the intention of the parties that the Owner shall retain all rights which the Policy grants to the owner of the Policy, except the right of the Corporation to recover the amount due to the Corporation under this Agreement. Specifically, without limitation, the Corporation shall neither have nor exercise any right as the collateral assignee of the Policy which could in any way defeat or impair the Owner's right to receive the cash surrender value or the death proceeds of the Policy in excess of the Corporation's Interest (as hereinafter defined). All provisions of this Agreement and the Collateral Assignment shall be construed so as to carry out such intention. 4. Payment of Premiums. As a convenience to the parties, the Corporation shall pay all premiums under the Policy to the Insurer as and when such premiums become due. Within 2 thirty (30) days of the first such premium payment by the Corporation, the Owner shall pay to the Corporation an amount equal to the economic value of the death benefit. Within thirty (30) days of each anniversary of the effective date of the Policy (the "Effective Date") thereafter for Fifteen (15 ) years from the Effective Date (the "Premium Payment Period"), the Owner shall pay to the Corporation the economic value of the death benefit under the Policy as determined by the Insurer from time to time while the Policy remains in effect calculated in accordance with applicable U.S. Treasury Department rules and regulations. Within thirty (30) days of each anniversary of the Effective Date after the Premium Payment Period, the Owner shall pay the entire premium payment, if any. A schedule of the premiums to be paid by the Owner based on the Insurer's current projections is set forth on Exhibit 2. Should actual investment returns vary from those assumed in Exhibit 2, the Corporation's share of the premiums shall continue to be equal to the amounts set forth on Exhibit 2 as if no such variation occurred. Any increase or decrease in the premiums required to provide the total death benefits described on Exhibit 2 resulting from a variation in investment returns shall affect only the Owner's share of the premiums. Upon request by the Owner, the Corporation shall promptly furnish evidence of timely payment to the Owner. The Corporation shall annually furnish to the Owner a statement of the amount of income reportable by the Executive for federal and state income tax purposes, if any, as determined in accordance with applicable Internal Revenue Service rules and regulations, as a result of the Corporation's payment of a portion of the premiums hereunder. 5. Collateral Assignment. The total amount of the Corporation's share of the Policy premium payments paid by the Corporation pursuant to this Agreement, less any amounts previously paid to the Corporation by the Owner pursuant to this Agreement, shall constitute the total indebtedness of the Owner to the Corporation (the "Corporation's Interest"). As security for and to secure the repayment of the Corporation's Interest, as it may exist from time to time pursuant to the terms of this Agreement, the Owner has, contemporaneously herewith, executed and delivered to the Corporation a collateral assignment of the Policy substantially in the form as set forth in Exhibit 3 attached hereto (the "Collateral Assignment"). Repayment of the Corporation's Interest shall be made (i) from the cash surrender value of the Policy if this Agreement is terminated, or the Owner surrenders or cancels the Policy prior to the death of the survivor of Executive or Executive's Spouse, or (ii) from the death proceeds of the Policy if Executive and Executive's Spouse should die while the Policy and this Agreement remain in effect. The Collateral Assignment shall not be terminated, altered or amended by the Owner without the express written consent of the Corporation. The parties hereto agree to take all action necessary to cause the Collateral Assignment to conform to the provisions of this Agreement. 6. Exercise of Owner's Rights While Collateral Assignment is in Effect. Under the terms of the Policy, the Owner has the right to make certain asset allocation decisions among various investment funds. While the Collateral Assignment is in effect, any such asset allocation decisions by the Owner shall be subject to the review and prior written approval of the Corporation. Notwithstanding the foregoing, the Owner shall have the sole right to surrender or cancel the Policy for its cash surrender value; provided, however, upon such surrender or cancellation of the Policy, the Corporation shall have the unqualified right to receive a portion of the cash surrender value from the Insurer equal to the Corporation's Interest. 3 7. Compliance with Internal Revenue Code. Notwithstanding anything in this Agreement to the contrary, the parties intend for the Policy to be classified as a "life insurance contract" as defined in Section 7702(a) of the Internal Revenue Code (the "Code") and not as a "modified endowment contract" as defined in Section 7702A(a) of the Code. If at any time during the term of this Agreement either the Corporation or the Owner determines that, based on the schedule of anticipated premium payments and withdrawals set forth in Exhibit 2, the Policy would not constitute a "life insurance contract" under Section 7702(a) of the Code or would constitute a "modified endowment contract" under Section 7702A(a) of the Code, the parties agree to restructure the premium payments and withdrawals to cause the Policy at all times to constitute a "life insurance contract" under Section 7702(a) of the Code and not a "modified endowment contract" under Section 7702A(a) of the Code. 8. Death of Executive and Executive's Spouse. If this Agreement is still in effect upon the death of the survivor of Executive and Executive's Spouse, the Corporation and the Owner promptly shall take all action necessary to obtain the death benefits provided under the Policy. The Owner agrees that the Corporation shall have the unqualified right to receive a portion of such death benefits from the Insurer equal to the Corporation's Interest and that no beneficiary under the Policy shall have the right to receive any portion of the Policy proceeds prior to the repayment of the full amount of the Corporation's Interest. The balance of the death benefits provided under the Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Owner in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy death benefits. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof. 9. Termination of the Agreement. This Agreement shall terminate prior to the death of the survivor of Executive and Executive's Spouse upon the occurrence of any of the following: (a) the Owner may terminate this Agreement effective as of a Policy anniversary date by providing thirty (30) days' advance written notice of such election to terminate to the Corporation; (b) the total cessation of the business of the Corporation; (c) the bankruptcy, receivership or dissolution of the Corporation; (d) the termination of Executive's employment with the Corporation for Cause, as defined in the Executive's Employment Agreement; (e) if either the Corporation or the Owner fails to comply with any of the terms and conditions of this Agreement, the other party may elect to terminate this Agreement by providing written notice of such election to the other party; provided, however, that any such election must be made within sixty (60) days after such failure to comply; (f) Executive's failure to comply with any of the terms and conditions of such Executive's Employment Agreement and Senior Executive Retirement Agreement with 4 Wachovia Corporation (or any successor or subsidiary) then in effect and as may be amended from time to time; (g) payment in full by the Owner to the Corporation of the Corporation's Interest in the Policy; or (h) the mutual written agreement of the Owner and the Corporation. It is the parties' specific intent that following a "Change in Control" the Corporation shall have no authority to terminate this Agreement for any reason other than the termination of Executive's employment with the Corporation for Cause, as defined in the Executive's Employment Agreement. 10. Disposition of the Policy Upon Termination of the Agreement. If this Agreement is terminated pursuant to the provisions of Paragraph 9, the Owner shall be required, within sixty (60) days after such termination, to repay the Corporation the entire amount of the Corporation's Interest in the Policy. Upon receipt by the Corporation of the entire amount of the Corporation's Interest in the Policy, the Corporation shall release the Collateral Assignment. If the Owner does not repay the entire amount of the Corporation's Interest in the Policy within such sixty (60) day time period, the Corporation may enforce its rights under the Collateral Assignment; provided, however, the Owner shall not be liable for any deficiency realized by the Corporation upon the exercise of the Corporation's rights under the Collateral Assignment. 11. Discharge of the Insurer. The Insurer shall be fully discharged from its obligations under the Policy by payment of the Policy death benefits to the beneficiary or beneficiaries named in the Policy subject to the terms and conditions of the Policy and the Collateral Assignment. In no event shall the Insurer be considered a party to this Agreement or to any modification or amendment hereof. No provision of this Agreement, nor any modification or amendment hereof, shall in any way be construed as enlarging, changing, varying or in any other way affecting the obligations of the Insurer as expressly provided in the Policy except insofar as the provisions hereof are made a part of the Policy by the Collateral Assignment. 12. ERISA Information. The following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974: (a) The named fiduciary under this Agreement is the Corporation. The named fiduciary shall be responsible for the management, control and administration of this Agreement. The named fiduciary may allocate to others certain aspects of the management and operational responsibilities of this Agreement, including the employment of advisors and the delegation of any ministerial duties to qualified individuals. (b) The funding policy under this Agreement is that all premiums on the Policy be remitted by the Corporation to the Insurer when due. (c) Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of premiums as provided in this Agreement. 5 (d) For claims procedure purposes, the "Claims Manager" shall be the Corporate Human Resources Department of the Corporation or its delegee. (i) The claimant's claim for benefits shall be deemed filed when presented orally or in writing to the Claims Manager. (ii) If for any reason a claim for benefits under this Agreement is denied by the Corporation, the Claims Manager shall deliver to the claimant a written explanation setting forth the specific reasons for the denial, specific references to the pertinent Agreement provisions on which the denial is based, such other data as may be pertinent and information on the procedures to be followed by the claimant in obtaining a review of his claim, all written in a manner calculated to be understood by the claimant. For this purpose: (A) The Claims Manager's explanation shall be in writing delivered to the claimant within ninety (90) days of the date the claim is filed. (B) If the Claims Manager does not either respond to a claim within ninety (90) days of the date the claim is filed or notify the claimant within that 90-day period that an extension of time for processing the claim will be required, the claim will be deemed denied and the claimant shall be permitted to proceed to the review stage described in the following paragraph (iii). (iii) The claimant shall have sixty (60) days following his receipt of the denial of the claim to file with the Claims Manager a written request for review of the denial. For such review, the claimant or his representative may submit pertinent documents and written issues and comments. (iv) The Claims Manager shall decide the issue on review and furnish the claimant with a copy within sixty (60) days of receipt of the claimant's request for review of his claim. The decision on review shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Agreement provisions on which the decision is based. If a copy of the decision is not so furnished to the claimant within such sixty (60) days, the claim shall be deemed denied on review. 13. Miscellaneous. (a) This Agreement may not be amended, altered or modified except by a written instrument signed by the parties hereto or their respective successors or assigns and may not be otherwise terminated except as provided herein. (b) This Agreement shall be binding upon the parties hereto, their heirs, legal representatives, successors and assigns. (c) This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of North Carolina except to the extent (if any) superceded by the laws of the United States. 6 (d) Headings in this Agreement are provided for purposes of convenience only and shall not affect the interpretation of the terms hereof. (e) It is understood and agreed that the Corporation makes no representations and shall have no responsibility or liability for any tax or estate planning matters with respect to the foregoing split dollar insurance agreement or for the payment of any dividends or death benefits under the Policy, and that the Owner has relied on the Owner's tax and legal advisors with respect to the foregoing split dollar insurance agreement. (f) Any dispute, claim or controversy arising out of or connected with this Agreement shall be resolved by binding arbitration administered and conducted under the Commercial Rules of the American Arbitration Association and the General Statutes of North Carolina Article 45A, Arbitration and Award. A judgment upon the award may be entered in any court having jurisdiction. Any arbitration hearing shall take place in Winston-Salem, North Carolina. (g) All notices and other communications hereunder must be in writing and shall be deemed to have been duly given when either personally delivered or placed in the United States mails by Certified Mail, return receipt requested, postage prepaid, addressed to the party to whom such notice is being given at such party's last known address. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 7 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. CORPORATION WACHOVIA CORPORATION By: ________________________________________ _____________________ Chairman and Chief Executive Officer Attest: _______________________________ _____________ Secretary (CORPORATE SEAL) OWNER _______________________________ (SEAL) G. Joseph Prendergast, III I consent to this Agreement and the insurance covering my life and the life of my spouse. _______________________________(SEAL) ______________________, Executive _______________________________(SEAL) ______________________, Executive's Spouse 8 EX-10.38 8 0008.txt DRY SPLIT DOLLAR EXHIBIT 10.38 SPLIT DOLLAR LIFE INSURANCE AGREEMENT THIS SPLIT DOLLAR LIFE INSURANCE AGREEMENT (the "Agreement") is made and entered into as of the _____________ day of ___________________, 2000, by and between WACHOVIA CORPORATION (the "Corporation"), and _______________________________________ (the "Owner"). Statement of Purpose MICKEY W. DRY (the "Executive") is employed by the Corporation as Senior Executive Vice President. The Corporation, Owner and Executive desire to insure the lives of Executive and Executive's spouse, DOROTHY K. DRY (the "Executive's Spouse"), for the benefit and protection of both the Corporation and the Executive's family under a Variable Survivorship Life Insurance Policy (the "Policy") to be issued by John Hancock Variable Life Insurance Company (the "Insurer"). The Corporation, as the employer of Executive, is willing to pay a portion of the premiums due on the Policy as an additional employment benefit for Executive on the terms and conditions hereinafter set forth. The Corporation desires to have the Policy collaterally assigned to it by the Owner in order to secure repayment of the amount due to the Corporation under this Agreement. NOW, THEREFORE, in consideration of the Statement of Purpose aforesaid and of the mutual promises contained herein, the parties hereto agree as follows: 1. Definitions. Whenever used in this Agreement, the following terms shall have the meanings set forth below: (a) "Beneficial Owner" shall have the meaning ascribed to such term in Rule 13d-3 of the general rules and regulations under the Exchange Act. (b) "Board of Directors" means the Board of Directors of the Corporation. (c) "Director" means any individual who is a member of the Board of Directors of the Corporation. (d) "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time or any successor act thereto. (e) "Person" means any individual, corporation, partnership, group, association or other person, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Corporation, a subsidiary of the Corporation or any employee benefit plan(s) sponsored or maintained by the Corporation or any subsidiary thereof. (f) "Change in Control" of the Corporation means, and shall be deemed to have occurred on the earliest of the following dates: (i) The date any entity or Person shall have become the Beneficial Owner of, or shall have obtained voting control over, thirty percent (30%) or more of the outstanding common stock of the Corporation; (ii) The date the shareholders of the Corporation approve a definitive agreement (A) to merge or consolidate the Corporation with or into another corporation, in which the Corporation is not the continuing or surviving corporation or pursuant to which any abates of common stock of the Corporation would be converted into cash, securities or other property of another corporation, other than a merger of the Corporation in which holders of common stock immediately prior to the merger have the same proportionate ownership of common stock of the surviving corporation immediately after the merger as immediately before, or (B) to sell or otherwise dispose of substantially all the assets of the Corporation; or (iii) The date there shall have been a change in a majority of the Board of Directors of the Corporation within a twelve month period unless the nomination for election by the Corporation's shareholders of each new Director was approved by the vote of two-thirds of the Directors then still in office who were in office at the beginning of the twelve month period. (g) "Disability" means "disability" as such term is defined from time to time under any long-term disability plan of the Corporation covering the Executive. 2. Purchase of the Policy. The Owner has made application for and has purchased a Variable Survivorship Life Insurance Policy issued by John Hancock Variable Life Insurance Company in the initial face amount of Six Million Dollars ($6,000,000) insuring the lives of Executive and Executive's Spouse, a copy of which shall be attached hereto as Exhibit 1 as soon as practicable after issuance by the Insurer. A complete hypothetical illustration of the Policy assuming a nine percent (9%) gross rate of return over the life of the contract is attached hereto as Exhibit 2. The parties hereto have taken all necessary action to cause Insurer to issue the Policy and shall take any further action which may be necessary to cause the Policy to conform to the provisions of this Agreement. The parties hereto further agree that the Policy shall be subject to the terms and conditions of this Agreement and the Collateral Assignment referred to in Paragraph 5 below. 3. Ownership of the Policy. Subject to the provisions of this Agreement and the Collateral Assignment, the Owner shall be the sole and absolute owner of the Policy and may and shall exercise all ownership rights granted to the owner thereof by the terms of the Policy. It is the intention of the parties that the Owner shall retain all rights which the Policy grants to the owner of the Policy, except the right of the Corporation to recover the amount due to the Corporation under this Agreement. Specifically, without limitation, the Corporation shall neither have nor exercise any right as the collateral assignee of the Policy which could in any way defeat or impair the Owner's right to receive the cash surrender value or the death proceeds of the Policy in excess of the Corporation's Interest (as hereinafter defined). All provisions of this Agreement and the Collateral Assignment shall be construed so as to carry out such intention. 2 4. Payment of Premiums. As a convenience to the parties, the Corporation shall pay all premiums under the Policy to the Insurer as and when such premiums become due. Within thirty (30) days of the first such premium payment by the Corporation, the Owner shall pay to the Corporation an amount equal to Nineteen Thousand Nine Hundred and Thirteen Dollars ($19,913.00). Within thirty (30) days of each anniversary of the effective date of the Policy thereafter, the Owner shall pay to the Corporation the economic value of the death benefit under the Policy as determined by the Insurer from time to time while the Policy remains in effect calculated in accordance with applicable U.S. Treasury Department rules and regulations. A schedule of the premiums to be paid by the Owner based on the Insurer's current projections is set forth on Exhibit 2. Should actual investment returns vary from those assumed in Exhibit 2, the Corporation's share of the premiums shall continue to be equal to the amounts set forth on Exhibit 2 as if no such variation occurred. Any increase or decrease in the premiums required to provide the total death benefits described on Exhibit 2 resulting from a variation in investment returns shall affect only the Owner's share of the premiums, and to the extent the amount paid by the Owner pursuant to the preceding paragraph is insufficient, the Owner shall pay to the Corporation any such amount required to make the premium payment in full. Upon request by the Owner, the Corporation shall promptly furnish evidence of timely payment to the Owner. The Corporation shall annually furnish to the Owner a statement of the amount of income reportable by the Executive for federal and state income tax purposes, if any, as determined in accordance with applicable Internal Revenue Service rules and regulations, as a result of the Corporation's payment of a portion of the premiums hereunder. 5. Collateral Assignment. The total amount of the Corporation's share of the Policy premium payments paid by the Corporation pursuant to this Agreement, less any amounts previously paid to the Corporation by the Owner not used to pay premiums on the Policy pursuant to this Agreement, shall constitute the total indebtedness of the Owner to the Corporation (the "Corporation's Interest"). As security for and to secure the repayment of the Corporation's Interest, as it may exist from time to time pursuant to the terms of this Agreement, the Owner has, contemporaneously herewith, executed and delivered to the Corporation a collateral assignment of the Policy substantially in the form as set forth in Exhibit 3 attached hereto (the "Collateral Assignment"). Repayment of the Corporation's Interest shall be made (i) from the cash surrender value of the Policy if this Agreement is terminated, or the Owner surrenders or cancels the Policy prior to the death of the survivor of Executive or Executive's Spouse, or (ii) from the death proceeds of the Policy if Executive and Executive's Spouse should die while the Policy and this Agreement remain in effect. The Collateral Assignment shall not be terminated, altered or amended by the Owner without the express written consent of the Corporation. The parties hereto agree to take all action necessary to cause the Collateral Assignment to conform to the provisions of this Agreement. 6. Exercise of Owner's Rights While Collateral Assignment is in Effect. Under the terms of the Policy, the Owner has the right to make certain asset allocation decisions among various investment funds. While the Collateral Assignment is in effect, any such asset allocation decisions by the Owner shall be subject to the review and prior written approval of the Corporation. Notwithstanding the foregoing, the Owner shall have the sole right to surrender or cancel the Policy for its cash surrender value; provided, however, upon such surrender or 3 cancellation of the Policy, the Corporation shall have the unqualified right to receive a portion of the cash surrender value from the Insurer equal to the Corporation's Interest. 7. Compliance with Internal Revenue Code. Notwithstanding anything in this Agreement to the contrary, the parties intend for the Policy to be classified as a "life insurance contract" as defined in Section 7702(a) of the Internal Revenue Code (the "Code") and not as a "modified endowment contract" as defined in Section 7702A(a) of the Code. If at any time during the term of this Agreement either the Corporation or the Owner determines that, based on the schedule of anticipated premium payments and withdrawals set forth in Exhibit 2, the Policy would not constitute a "life insurance contract" under Section 7702(a) of the Code or would constitute a "modified endowment contract" under Section 7702A(a) of the Code, the parties agree to restructure the premium payments and withdrawals to cause the Policy at all times to constitute a "life insurance contract" under Section 7702(a) of the Code and not a "modified endowment contract" under Section 7702A(a) of the Code. 8. Death of Executive and Executive's Spouse. If this Agreement is still in effect upon the death of the survivor of Executive and Executive's Spouse, the Corporation and the Owner promptly shall take all action necessary to obtain the death benefits provided under the Policy. The Owner agrees that the Corporation shall have the unqualified right to receive a portion of such death benefits from the Insurer equal to the Corporation's Interest and that no beneficiary under the Policy shall have the right to receive any portion of the Policy proceeds prior to the repayment of the full amount of the Corporation's Interest. The balance of the death benefits provided under the Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Owner in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy death benefits. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof. 9. Termination of the Agreement. This Agreement shall terminate prior to the death of the survivor of Executive and Executive's Spouse upon the occurrence of any of the following: (a) the Owner may terminate this Agreement effective as of a Policy anniversary date by providing thirty (30) days' advance written notice of such election to terminate to the Corporation; (b) the total cessation of the business of the Corporation; (c) the bankruptcy, receivership or dissolution of the Corporation; (d) the termination of Executive's employment with the Corporation for Cause, as defined in the Executive's Employment Agreement; (e) if either the Corporation or the Owner fails to comply with any of the terms and conditions of this Agreement, the other party may elect to terminate this Agreement by providing written notice of such election to the other party; provided, however, that any such election must be made within sixty (60) days after such failure to comply; 4 (f) Executive's failure to comply with any of the terms and conditions of such Executive's Employment Agreement and Senior Executive Retirement Agreement with Wachovia Corporation (or any successor or subsidiary) then in effect and as may be amended from time to time; (g) payment in full by the Owner to the Corporation of the Corporation's Interest in the Policy; or (h) the mutual written agreement of the Owner and the Corporation. It is the parties' specific intent that following a "Change in Control" the Corporation shall have no authority to terminate this Agreement for any reason other than the termination of Executive's employment with the Corporation for Cause, as defined in the Executive's Employment Agreement. 10. Disposition of the Policy Upon Termination of the Agreement. If this Agreement is terminated pursuant to the provisions of Paragraph 9, the Owner shall be required, within sixty (60) days after such termination, to repay the Corporation the entire amount of the Corporation's Interest in the Policy. Upon receipt by the Corporation of the entire amount of the Corporation's Interest in the Policy, the Corporation shall release the Collateral Assignment. If the Owner does not repay the entire amount of the Corporation's Interest in the Policy within such sixty (60) day time period, the Corporation may enforce its rights under the Collateral Assignment; provided, however, the Owner shall not be liable for any deficiency realized by the Corporation upon the exercise of the Corporation's rights under the Collateral Assignment. 11. Discharge of the Insurer. The Insurer shall be fully discharged from its obligations under the Policy by payment of the Policy death benefits to the beneficiary or beneficiaries named in the Policy subject to the terms and conditions of the Policy and the Collateral Assignment. In no event shall the Insurer be considered a party to this Agreement or to any modification or amendment hereof. No provision of this Agreement, nor any modification or amendment hereof, shall in any way be construed as enlarging, changing, varying or in any other way affecting the obligations of the Insurer as expressly provided in the Policy except insofar as the provisions hereof are made a part of the Policy by the Collateral Assignment. 12. ERISA Information. The following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974: (a) The named fiduciary under this Agreement is the Corporation. The named fiduciary shall be responsible for the management, control and administration of this Agreement. The named fiduciary may allocate to others certain aspects of the management and operational responsibilities of this Agreement, including the employment of advisors and the delegation of any ministerial duties to qualified individuals. (b) The funding policy under this Agreement is that all premiums on the Policy be remitted by the Corporation to the Insurer when due. 5 (c) Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of premiums as provided in this Agreement. (d) For claims procedure purposes, the "Claims Manager" shall be the Corporate Human Resources Department of the Corporation or its delegee. (i) The claimant's claim for benefits shall be deemed filed when presented orally or in writing to the Claims Manager. (ii) If for any reason a claim for benefits under this Agreement is denied by the Corporation, the Claims Manager shall deliver to the claimant a written explanation setting forth the specific reasons for the denial, specific references to the pertinent Agreement provisions on which the denial is based, such other data as may be pertinent and information on the procedures to be followed by the claimant in obtaining a review of his claim, all written in a manner calculated to be understood by the claimant. For this purpose: (A) The Claims Manager's explanation shall be in writing delivered to the claimant within ninety (90) days of the date the claim is filed. (B) If the Claims Manager does not either respond to a claim within ninety (90) days of the date the claim is filed or notify the claimant within that 90-day period that an extension of time for processing the claim will be required, the claim will be deemed denied and the claimant shall be permitted to proceed to the review stage described in the following paragraph (iii). (iii) The claimant shall have sixty (60) days following his receipt of the denial of the claim to file with the Claims Manager a written request for review of the denial. For such review, the claimant or his representative may submit pertinent documents and written issues and comments. (iv) The Claims Manager shall decide the issue on review and furnish the claimant with a copy within sixty (60) days of receipt of the claimant's request for review of his claim. The decision on review shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Agreement provisions on which the decision is based. If a copy of the decision is not so furnished to the claimant within such sixty (60) days, the claim shall be deemed denied on review. 13. Miscellaneous. (a) This Agreement may not be amended, altered or modified except by a written instrument signed by the parties hereto or their respective successors or assigns and may not be otherwise terminated except as provided herein. (b) This Agreement shall be binding upon the parties hereto, their heirs, legal representatives, successors and assigns. 6 (c) This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of North Carolina except to the extent (if any) superceded by the laws of the United States. (d) Headings in this Agreement are provided for purposes of convenience only and shall not affect the interpretation of the terms hereof. (e) It is understood and agreed that the Corporation makes no representations and shall have no responsibility or liability for any tax or estate planning matters with respect to the foregoing split dollar insurance agreement or for the payment of any dividends or death benefits under the Policy, and that the Owner has relied on the Owner's tax and legal advisors with respect to the foregoing split dollar insurance agreement. (f) Any dispute, claim or controversy arising out of or connected with this Agreement shall be resolved by binding arbitration administered and conducted under the Commercial Rules of the American Arbitration Association and the General Statutes of North Carolina Article 45A, Arbitration and Award. A judgment upon the award may be entered in any court having jurisdiction. Any arbitration hearing shall take place in Winston-Salem, North Carolina. (g) All notices and other communications hereunder must be in writing and shall be deemed to have been duly given when either personally delivered or placed in the United States mails by Certified Mail, return receipt requested, postage prepaid, addressed to the party to whom such notice is being given at such party's last known address. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 7 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. CORPORATION WACHOVIA CORPORATION By: _______________________________________ LESLIE M. BAKER, JR. Chairman and Chief Executive Officer Attest: _______________________________ _____________ Secretary (CORPORATE SEAL) OWNER _______________________________________(SEAL) _________________, Trustee of the _________________ Irrevocable Trust dated _________________ I consent to this Agreement and the insurance covering my life and the life of my spouse. _______________________________________(SEAL) MICKEY W. DRY, Executive _______________________________________(SEAL) DOROTHY K. DRY, Executive's Spouse 8 EX-10.39 9 0009.txt GENERIC CALLABLE SPLIT DOLLAR EXHIBIT 10.39 SPLIT DOLLAR LIFE INSURANCE AGREEMENT CALLABLE THIS SPLIT DOLLAR LIFE INSURANCE AGREEMENT (the "Agreement") is made and entered into as of the __________ day of ____________________________, 2000, by and between WACHOVIA CORPORATION (the "Corporation"), and ____________________________________ ___________________________________________ (the "Owner"). Statement of Purpose ______________________________________ (the "Executive") is employed by the Corporation as __________________________________. The Corporation, Owner and Executive desire to insure the lives of Executive and Executive's spouse, _________________________ (the "Executive's Spouse"), for the benefit and protection of both the Corporation and the Executive's family under a Variable Survivorship Life Insurance Policy (the "Policy") to be issued by John Hancock Variable Life Insurance Company (the "Insurer"). The Corporation, as the employer of Executive, is willing to pay a portion of the premiums due on the Policy as an additional employment benefit for Executive on the terms and conditions hereinafter set forth. The Corporation desires to have the Policy collaterally assigned to it by the Owner in order to secure repayment of the amount due to the Corporation under this Agreement. NOW, THEREFORE, in consideration of the Statement of Purpose aforesaid and of the mutual promises contained herein, the parties hereto agree as follows: 1. Definitions. Whenever used in this Agreement, the following terms shall have the meanings set forth below: (a) "Beneficial Owner" shall have the meaning ascribed to such term in Rule 13d-3 of the general rules and regulations under the Exchange Act. (b) "Board of Directors" means the Board of Directors of the Corporation. (c) "Director" means any individual who is a member of the Board of Directors of the Corporation. (d) "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time or any successor act thereto. (e) "Person" means any individual, corporation, partnership, group, association or other person, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Corporation, a subsidiary of the Corporation or any employee benefit plan(s) sponsored or maintained by the Corporation or any subsidiary thereof. (f) "Change in Control" of the Corporation means, and shall be deemed to have occurred on the earliest of the following dates: (i) The date any entity or Person shall have become the Beneficial Owner of, or shall have obtained voting control over, thirty percent (30%) or more of the outstanding common stock of the Corporation; (ii) The date the shareholders of the Corporation approve a definitive agreement (A) to merge or consolidate the Corporation with or into another corporation, in which the Corporation is not the continuing or surviving corporation or pursuant to which common stock of the Corporation would be converted into cash, securities or other property of another corporation, other than a merger of the Corporation in which holders of common stock immediately prior to the merger have the same proportionate ownership of common stock of the surviving corporation immediately after the merger as immediately before, or (B) to sell or otherwise dispose of substantially all the assets of the Corporation; or (iii) The date there shall have been a change in a majority of the Board of Directors of the Corporation within a twelve month period unless the nomination for election by the Corporation's shareholders of each new Director was approved by the vote of two-thirds of the Directors then still in office who were in office at the beginning of the twelve month period. (g) "Disability" means "disability" as such term is defined from time to time under any long-term disability plan of the Corporation covering the Executive. 2. Purchase of the Policy. The Owner has made application for and has purchased a Variable Survivorship Life Insurance Policy issued by John Hancock Variable Life Insurance Company in the initial face amount of _________ Million Dollars ($___,000,000) insuring the lives of Executive and Executive's Spouse, a copy of which shall be attached hereto as Exhibit 1 as soon as practicable after issuance by the Insurer. A complete hypothetical illustration of the Policy assuming a nine percent (9%) gross rate of return over the life of the contract is attached hereto as Exhibit 2. The parties hereto have taken all necessary action to cause Insurer to issue the Policy and shall take any further action which may be necessary to cause the Policy to conform to the provisions of this Agreement. The parties hereto further agree that the Policy shall be subject to the terms and conditions of this Agreement and the Collateral Assignment referred to in Paragraph 5 below. 3. Ownership of the Policy. Subject to the provisions of this Agreement and the Collateral Assignment, the Owner shall be the sole and absolute owner of the Policy and may and shall exercise all ownership rights granted to the owner thereof by the terms of the Policy. It is the intention of the parties that the Owner shall retain all rights which the Policy grants to the owner of the Policy, except the right of the Corporation to recover the amount due to the Corporation under this Agreement. Specifically, without limitation, the Corporation shall neither have nor exercise any right as the collateral assignee of the Policy which could in any way defeat or impair the Owner's right to receive the cash surrender value or the death proceeds of the Policy in excess of the Corporation's Interest (as hereinafter defined). All provisions of this Agreement and the Collateral Assignment shall be construed so as to carry out such intention. 4. Payment of Premiums. As a convenience to the parties and except as provided below, the Corporation shall pay all premiums under the Policy to the Insurer as and when such 2 premiums become due. Within thirty (30) days of the first such premium payment by the Corporation, the Owner shall pay to the Corporation an amount equal to ____________. Within thirty (30) days of each anniversary of the effective date of the Policy (the "Effective Date") thereafter for ________ (____) years from the Effective Date (the "Premium Payment Period"), the Owner shall pay to the Corporation the economic value of the death benefit under the Policy as determined by the Insurer from time to time while the Policy remains in effect calculated in accordance with applicable U.S. Treasury Department rules and regulations. Within thirty (30) days of each anniversary of the Effective Date after the Premium Payment Period, the Owner shall pay the entire premium payment, if any. A schedule of the premiums to be paid by the Owner based on the Insurer's current projections is set forth on Exhibit 2. Should actual investment returns vary from those assumed in Exhibit 2, the Corporation's share of the premiums shall continue to be equal to the amounts set forth on Exhibit 2 as if no such variation occurred. Any increase or decrease in the premiums required to provide the total death benefits described on Exhibit 2 resulting from a variation in investment returns shall affect only the Owner's share of the premiums, and to the extent the amount paid by the Owner pursuant to the preceding paragraph is insufficient, the Owner shall pay to the Corporation any such amount required to make the premium payment in full. Upon request by the Owner, the Corporation shall promptly furnish evidence of timely payment to the Owner. The Corporation shall annually furnish to the Owner a statement of the amount of income reportable by the Executive for federal and state income tax purposes, if any, as determined in accordance with applicable Internal Revenue Service rules and regulations, as a result of the Corporation's payment of a portion of the premiums hereunder. 5. Collateral Assignment. The total amount of the Corporation's share of the Policy premium payments paid by the Corporation pursuant to this Agreement, less any amounts previously paid to the Corporation by the Owner not used to pay premiums on the Policy pursuant to this Agreement, shall constitute the total indebtedness of the Owner to the Corporation (the "Corporation's Interest"). As security for and to secure the repayment of the Corporation's Interest, as it may exist from time to time pursuant to the terms of this Agreement, the Owner has, contemporaneously herewith, executed and delivered to the Corporation a collateral assignment of the Policy substantially in the form as set forth in Exhibit 3 attached hereto (the "Collateral Assignment"). Repayment of the Corporation's Interest shall be made (i) from the cash surrender value of the Policy if this Agreement is terminated, or the Owner surrenders or cancels the Policy prior to the death of the survivor of Executive and Executive's Spouse, or (ii) from the death proceeds of the Policy if Executive and Executive's Spouse should die while the Policy and this Agreement remain in effect. The Collateral Assignment shall not be terminated, altered or amended by the Owner without the express written consent of the Corporation. The parties hereto agree to take all action necessary to cause the Collateral Assignment to conform to the provisions of this Agreement. 6. Exercise of Owner's Rights While Collateral Assignment is in Effect. Under the terms of the Policy, the Owner has the right to make certain asset allocation decisions among various investment funds. While the Collateral Assignment is in effect, any such asset allocation decisions by the Owner shall be subject to the review and prior written approval of the Corporation. Notwithstanding the foregoing, the Owner shall have the sole right to surrender or cancel the Policy for its cash surrender value; provided, however, upon such surrender or 3 cancellation of the Policy, the Corporation shall have the unqualified right to receive a portion of the cash surrender value from the Insurer equal to the Corporation's Interest. 7. Compliance with Internal Revenue Code. Notwithstanding anything in this Agreement to the contrary, the parties intend for the Policy to be classified as a "life insurance contract" as defined in Section 7702(a) of the Internal Revenue Code (the "Code") and not as a "modified endowment contract" as defined in Section 7702A(a) of the Code. If at any time during the term of this Agreement either the Corporation or the Owner determines that, based on the schedule of anticipated premium payments and withdrawals set forth in Exhibit 2, the Policy would not constitute a "life insurance contract" under Section 7702(a) of the Code or would constitute a "modified endowment contract" under Section 7702A(a) of the Code, the parties agree to restructure the premium payments and withdrawals to cause the Policy at all times to constitute a "life insurance contract" under Section 7702(a) of the Code and not a "modified endowment contract" under Section 7702A(a) of the Code. 8. Death of Executive and Executive's Spouse. If this Agreement is still in effect upon the death of the survivor of Executive and Executive's Spouse, the Corporation and the Owner promptly shall take all action necessary to obtain the death benefits provided under the Policy. The Owner agrees that the Corporation shall have the unqualified right to receive a portion of such death benefits from the Insurer equal to the Corporation's Interest and that no beneficiary under the Policy shall have the right to receive any portion of the Policy proceeds prior to the repayment of the full amount of the Corporation's Interest. The balance of the death benefits provided under the Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Owner in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy death benefits. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof. 9. Termination of the Agreement. This Agreement shall terminate prior to the death of the survivor of Executive and Executive's Spouse upon the occurrence of any of the following: (a) either party may terminate this Agreement effective as of a Policy anniversary date by providing thirty (30) days' advance written notice of such election to terminate to the other party, provided that the Corporation may not terminate this Agreement following (i) a Change in Control, (ii) the Executive's Disability, or (iii) the Executive's death while the Executive's Spouse is still living. (b) the total cessation of the business of the Corporation; (c) the bankruptcy, receivership or dissolution of the Corporation; (d) the termination of Executive's employment with the Corporation other than (i) by reason of Executive's death or Disability, (ii) by reason of Executive's retirement from employment with the Corporation with the consent of the Corporation, or (iii) following a Change in Control; 4 (e) if either the Corporation or the Owner fails to comply with any of the terms and conditions of this Agreement, the other party may elect to terminate this Agreement by providing written notice of such election to the other party; provided, however, that any such election must be made within sixty (60) days after such failure to comply; (f) Executive's failure to comply with any of the terms and conditions of such Executive's Employment Agreement and Senior Executive Retirement Agreement with Wachovia Corporation (or any successor or subsidiary) then in effect and as may be amended from time to time; (g) payment in full by the Owner to the Corporation of the Corporation's Interest in the Policy; or (h) the mutual written agreement of the Owner and the Corporation. 10. Disposition of the Policy Upon Termination of the Agreement. If this Agreement is terminated pursuant to the provisions of Paragraph 9, the Owner shall be required, within sixty (60) days after such termination, to repay the Corporation the entire amount of the Corporation's Interest in the Policy. Upon receipt by the Corporation of the entire amount of the Corporation's Interest in the Policy, the Corporation shall release the Collateral Assignment. If the Owner does not repay the entire amount of the Corporation's Interest in the Policy within such sixty (60) day time period, the Corporation may enforce its rights under the Collateral Assignment; provided, however, the Owner shall not be liable for any deficiency realized by the Corporation upon the exercise of the Corporation's rights under the Collateral Assignment. 11. Discharge of the Insurer. The Insurer shall be fully discharged from its obligations under the Policy by payment of the Policy death benefits to the beneficiary or beneficiaries named in the Policy subject to the terms and conditions of the Policy and the Collateral Assignment. In no event shall the Insurer be considered a party to this Agreement or to any modification or amendment hereof. No provision of this Agreement, nor any modification or amendment hereof, shall in any way be construed as enlarging, changing, varying or in any other way affecting the obligations of the Insurer as expressly provided in the Policy except insofar as the provisions hereof are made a part of the Policy by the Collateral Assignment. 12. ERISA Information. The following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974: (a) The named fiduciary under this Agreement is the Corporation. The named fiduciary shall be responsible for the management, control and administration of this Agreement. The named fiduciary may allocate to others certain aspects of the management and operational responsibilities of this Agreement, including the employment of advisors and the delegation of any ministerial duties to qualified individuals. (b) The funding policy under this Agreement is that all premiums on the Policy be remitted by the Corporation to the Insurer when due. 5 (c) Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of premiums as provided in this Agreement. (d) For claims procedure purposes, the "Claims Manager" shall be the Corporate Human Resources Department of the Corporation or its delegee. (i) The claimant's claim for benefits shall be deemed filed when presented orally or in writing to the Claims Manager. (ii) If for any reason a claim for benefits under this Agreement is denied by the Corporation, the Claims Manager shall deliver to the claimant a written explanation setting forth the specific reasons for the denial, specific references to the pertinent Agreement provisions on which the denial is based, such other data as may be pertinent and information on the procedures to be followed by the claimant in obtaining a review of his claim, all written in a manner calculated to be understood by the claimant. For this purpose: (A) The Claims Manager's explanation shall be in writing delivered to the claimant within ninety (90) days of the date the claim is filed. (B) If the Claims Manager does not either respond to a claim within ninety (90) days of the date the claim is filed or notify the claimant within that 90-day period that an extension of time for processing the claim will be required, the claim will be deemed denied and the claimant shall be permitted to proceed to the review stage described in the following paragraph (iii). (iii) The claimant shall have sixty (60) days following his receipt of the denial of the claim to file with the Claims Manager a written request for review of the denial. For such review, the claimant or his representative may submit pertinent documents and written issues and comments. (iv) The Claims Manager shall decide the issue on review and furnish the claimant with a copy within sixty (60) days of receipt of the claimant's request for review of his claim. The decision on review shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Agreement provisions on which the decision is based. If a copy of the decision is not so furnished to the claimant within such sixty (60) days, the claim shall be deemed denied on review. 13. Miscellaneous. (a) This Agreement may not be amended, altered or modified except by a written instrument signed by the parties hereto or their respective successors or assigns and may not be otherwise terminated except as provided herein. (b) This Agreement shall be binding upon the parties hereto, their heirs, legal representatives, successors and assigns. 6 (c) This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of North Carolina except to the extent (if any) superceded by the laws of the United States. (d) Headings in this Agreement are provided for purposes of convenience only and shall not affect the interpretation of the terms hereof. (e) It is understood and agreed that the Corporation makes no representations and shall have no responsibility or liability for any tax or estate planning matters with respect to the foregoing split dollar insurance agreement or for the payment of any dividends or death benefits under the Policy, and that the Owner has relied on the Owner's tax and legal advisors with respect to the foregoing split dollar insurance agreement. (f) Any dispute, claim or controversy arising out of or connected with this Agreement shall be resolved by binding arbitration administered and conducted under the Commercial Rules of the American Arbitration Association and the General Statutes of North Carolina Article 45A, Arbitration and Award. A judgment upon the award may be entered in any court having jurisdiction. Any arbitration hearing shall take place in Winston-Salem, North Carolina. (g) All notices and other communications hereunder must be in writing and shall be deemed to have been duly given when either personally delivered or placed in the United States mails by Certified Mail, return receipt requested, postage prepaid, addressed to the party to whom such notice is being given at such party's last known address. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 7 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. CORPORATION WACHOVIA CORPORATION By: _______________________________________ LESLIE M. BAKER, JR. Chairman and Chief Executive Officer Attest: _____________________________ _____________ Secretary (CORPORATE SEAL) OWNER _______________________________________(SEAL) _____________________, Trustee of the ______________ Irrevocable Trust dated ______________ I consent to this Agreement and the insurance covering my life and the life of my spouse. _______________________________________(SEAL) ______________________, Executive _______________________________________(SEAL) ______________________, Executive's Spouse 8 EX-10.40 10 0010.txt GENERIC NON-CALLABLE SPLIT DOLLAR EXHIBIT 10.40 SPLIT DOLLAR LIFE INSURANCE AGREEMENT NON-CALLABLE THIS SPLIT DOLLAR LIFE INSURANCE AGREEMENT (the "Agreement") is made and entered into as of the day of , 2000, ---------- ------------------------ by and between WACHOVIA CORPORATION (the "Corporation"), and ------------------ (the "Owner"). ------------------------------------------- Statement of Purpose ____________________________ (the "Executive") is employed by the Corporation as ______________________. The Corporation, Owner and Executive desire to insure the lives of Executive and Executive's spouse, _________________________ (the "Executive's Spouse"), for the benefit and protection of both the Corporation and the Executive's family under a Variable Survivorship Life Insurance Policy (the "Policy") to be issued by John Hancock Variable Life Insurance Company (the "Insurer"). The Corporation, as the employer of Executive, is willing to pay a portion of the premiums due on the Policy as an additional employment benefit for Executive on the terms and conditions hereinafter set forth. The Corporation desires to have the Policy collaterally assigned to it by the Owner in order to secure repayment of the amount due to the Corporation under this Agreement. NOW, THEREFORE, in consideration of the Statement of Purpose aforesaid and of the mutual promises contained herein, the parties hereto agree as follows: 1. Definitions. Whenever used in this Agreement, the following terms shall have the meanings set forth below: (a) "Beneficial Owner" shall have the meaning ascribed to such term in Rule 13d-3 of the general rules and regulations under the Exchange Act. (b) "Board of Directors" means the Board of Directors of the Corporation. (c) "Director" means any individual who is a member of the Board of Directors of the Corporation. (d) "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time or any successor act thereto. (e) "Person" means any individual, corporation, partnership, group, association or other person, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Corporation, a subsidiary of the Corporation or any employee benefit plan(s) sponsored or maintained by the Corporation or any subsidiary thereof. (f) "Change in Control" of the Corporation means, and shall be deemed to have occurred on the earliest of the following dates: (i) The date any entity or Person shall have become the Beneficial Owner of, or shall have obtained voting control over, thirty percent (30%) or more of the outstanding common stock of the Corporation; (ii) The date the shareholders of the Corporation approve a definitive agreement (A) to merge or consolidate the Corporation with or into another corporation, in which the Corporation is not the continuing or surviving corporation or pursuant to which common stock of the Corporation would be converted into cash, securities or other property of another corporation, other than a merger of the Corporation in which holders of common stock immediately prior to the merger have the same proportionate ownership of common stock of the surviving corporation immediately after the merger as immediately before, or (B) to sell or otherwise dispose of substantially all the assets of the Corporation; or (iii) The date there shall have been a change in a majority of the Board of Directors of the Corporation within a twelve month period unless the nomination for election by the Corporation's shareholders of each new Director was approved by the vote of two-thirds of the Directors then still in office who were in office at the beginning of the twelve month period. (g) "Disability" means "disability" as such term is defined from time to time under any long-term disability plan of the Corporation covering the Executive. 2. Purchase of the Policy. The Owner has made application for and has purchased a Variable Survivorship Life Insurance Policy issued by John Hancock Variable Life Insurance Company in the initial face amount of ____ Million Dollars ($___,000,000) insuring the lives of Executive and Executive's Spouse, a copy of which shall be attached hereto as Exhibit 1 as soon as practicable after issuance by the Insurer. A complete hypothetical illustration of the Policy assuming a nine percent (9%) gross rate of return over the life of the contract is attached hereto as Exhibit 2. The parties hereto have taken all necessary action to cause Insurer to issue the Policy and shall take any further action which may be necessary to cause the Policy to conform to the provisions of this Agreement. The parties hereto further agree that the Policy shall be subject to the terms and conditions of this Agreement and the Collateral Assignment referred to in Paragraph 5 below. 3. Ownership of the Policy. Subject to the provisions of this Agreement and the Collateral Assignment, the Owner shall be the sole and absolute owner of the Policy and may and shall exercise all ownership rights granted to the owner thereof by the terms of the Policy. It is the intention of the parties that the Owner shall retain all rights which the Policy grants to the owner of the Policy, except the right of the Corporation to recover the amount due to the Corporation under this Agreement. Specifically, without limitation, the Corporation shall neither have nor exercise any right as the collateral assignee of the Policy which could in any way defeat or impair the Owner's right to receive the cash surrender value or the death proceeds of the Policy in excess of the Corporation's Interest (as hereinafter defined). All provisions of this Agreement and the Collateral Assignment shall be construed so as to carry out such intention. 4. Payment of Premiums. As a convenience to the parties and except as provided below, the Corporation shall pay all premiums under the Policy to the Insurer as and when such 2 premiums become due. Within thirty (30) days of the first such premium payment by the Corporation, the Owner shall pay to the Corporation an amount equal to ____________. Within thirty (30) days of each anniversary of the effective date of the Policy (the "Effective Date") thereafter for ________ (____) years from the Effective Date (the "Premium Payment Period"), the Owner shall pay to the Corporation the economic value of the death benefit under the Policy as determined by the Insurer from time to time while the Policy remains in effect calculated in accordance with applicable U.S. Treasury Department rules and regulations. Within thirty (30) days of each anniversary of the Effective Date after the Premium Payment Period, the Owner shall pay the entire premium payment, if any. A schedule of the premiums to be paid by the Owner based on the Insurer's current projections is set forth on Exhibit 2. Should actual investment returns vary from those assumed in Exhibit 2, the Corporation's share of the premiums shall continue to be equal to the amounts set forth on Exhibit 2 as if no such variation occurred. Any increase or decrease in the premiums required to provide the total death benefits described on Exhibit 2 resulting from a variation in investment returns shall affect only the Owner's share of the premiums, and to the extent the amount paid by the Owner pursuant to the preceding paragraph is insufficient, the Owner shall pay to the Corporation any such amount required to make the premium payment in full. Upon request by the Owner, the Corporation shall promptly furnish evidence of timely payment to the Owner. The Corporation shall annually furnish to the Owner a statement of the amount of income reportable by the Executive for federal and state income tax purposes, if any, as determined in accordance with applicable Internal Revenue Service rules and regulations, as a result of the Corporation's payment of a portion of the premiums hereunder. 5. Collateral Assignment. The total amount of the Corporation's share of the Policy premium payments paid by the Corporation pursuant to this Agreement, less any amounts previously paid to the Corporation by the Owner not used to pay premiums on the Policy pursuant to this Agreement, shall constitute the total indebtedness of the Owner to the Corporation (the "Corporation's Interest"). As security for and to secure the repayment of the Corporation's Interest, as it may exist from time to time pursuant to the terms of this Agreement, the Owner has, contemporaneously herewith, executed and delivered to the Corporation a collateral assignment of the Policy substantially in the form as set forth in Exhibit 3 attached hereto (the "Collateral Assignment"). Repayment of the Corporation's Interest shall be made (i) from the cash surrender value of the Policy if this Agreement is terminated, or the Owner surrenders or cancels the Policy prior to the death of the survivor of Executive and Executive's Spouse, or (ii) from the death proceeds of the Policy if Executive and Executive's Spouse should die while the Policy and this Agreement remain in effect. The Collateral Assignment shall not be terminated, altered or amended by the Owner without the express written consent of the Corporation. The parties hereto agree to take all action necessary to cause the Collateral Assignment to conform to the provisions of this Agreement. 6. Exercise of Owner's Rights While Collateral Assignment is in Effect. Under the terms of the Policy, the Owner has the right to make certain asset allocation decisions among various investment funds. While the Collateral Assignment is in effect, any such asset allocation decisions by the Owner shall be subject to the review and prior written approval of the Corporation. Notwithstanding the foregoing, the Owner shall have the sole right to surrender or cancel the Policy for its cash surrender value; provided, however, upon such surrender or 3 cancellation of the Policy, the Corporation shall have the unqualified right to receive a portion of the cash surrender value from the Insurer equal to the Corporation's Interest. 7. Compliance with Internal Revenue Code. Notwithstanding anything in this Agreement to the contrary, the parties intend for the Policy to be classified as a "life insurance contract" as defined in Section 7702(a) of the Internal Revenue Code (the "Code") and not as a "modified endowment contract" as defined in Section 7702A(a) of the Code. If at any time during the term of this Agreement either the Corporation or the Owner determines that, based on the schedule of anticipated premium payments and withdrawals set forth in Exhibit 2, the Policy would not constitute a "life insurance contract" under Section 7702(a) of the Code or would constitute a "modified endowment contract" under Section 7702A(a) of the Code, the parties agree to restructure the premium payments and withdrawals to cause the Policy at all times to constitute a "life insurance contract" under Section 7702(a) of the Code and not a "modified endowment contract" under Section 7702A(a) of the Code. 8. Death of Executive and Executive's Spouse. If this Agreement is still in effect upon the death of the survivor of Executive and Executive's Spouse, the Corporation and the Owner promptly shall take all action necessary to obtain the death benefits provided under the Policy. The Owner agrees that the Corporation shall have the unqualified right to receive a portion of such death benefits from the Insurer equal to the Corporation's Interest and that no beneficiary under the Policy shall have the right to receive any portion of the Policy proceeds prior to the repayment of the full amount of the Corporation's Interest. The balance of the death benefits provided under the Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Owner in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy death benefits. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof. 9. Termination of the Agreement. This Agreement shall terminate prior to the death of the survivor of Executive and Executive's Spouse upon the occurrence of any of the following: (a) the Owner may terminate this Agreement effective as of a Policy anniversary date by providing thirty (30) days' advance written notice of such election to terminate to the Corporation; (b) the total cessation of the business of the Corporation; (c) the bankruptcy, receivership or dissolution of the Corporation; (d) the termination of Executive's employment with the Corporation for Cause, as defined in the Executive's Employment Agreement; (e) if either the Corporation or the Owner fails to comply with any of the terms and conditions of this Agreement, the other party may elect to terminate this Agreement by providing written notice of such election to the other party; provided, however, that any such election must be made within sixty (60) days after such failure to comply; 4 (f) Executive's failure to comply with any of the terms and conditions of such Executive's Employment Agreement and Senior Executive Retirement Agreement with Wachovia Corporation (or any successor or subsidiary) then in effect and as may be amended from time to time; (g) payment in full by the Owner to the Corporation of the Corporation's Interest in the Policy; or (h) the mutual written agreement of the Owner and the Corporation. It is the parties' specific intent that following a "Change in Control" the Corporation shall have no authority to terminate this Agreement for any reason other than the termination of Executive's employment with the Corporation for Cause, as defined in the Executive's Employment Agreement. 10. Disposition of the Policy Upon Termination of the Agreement. If this Agreement is terminated pursuant to the provisions of Paragraph 9, the Owner shall be required, within sixty (60) days after such termination, to repay the Corporation the entire amount of the Corporation's Interest in the Policy. Upon receipt by the Corporation of the entire amount of the Corporation's Interest in the Policy, the Corporation shall release the Collateral Assignment. If the Owner does not repay the entire amount of the Corporation's Interest in the Policy within such sixty (60) day time period, the Corporation may enforce its rights under the Collateral Assignment; provided, however, the Owner shall not be liable for any deficiency realized by the Corporation upon the exercise of the Corporation's rights under the Collateral Assignment. 11. Discharge of the Insurer. The Insurer shall be fully discharged from its obligations under the Policy by payment of the Policy death benefits to the beneficiary or beneficiaries named in the Policy subject to the terms and conditions of the Policy and the Collateral Assignment. In no event shall the Insurer be considered a party to this Agreement or to any modification or amendment hereof. No provision of this Agreement, nor any modification or amendment hereof, shall in any way be construed as enlarging, changing, varying or in any other way affecting the obligations of the Insurer as expressly provided in the Policy except insofar as the provisions hereof are made a part of the Policy by the Collateral Assignment. 12. ERISA Information. The following provisions are part of this Agreement and are intended to meet the requirements of the Employee Retirement Income Security Act of 1974: (a) The named fiduciary under this Agreement is the Corporation. The named fiduciary shall be responsible for the management, control and administration of this Agreement. The named fiduciary may allocate to others certain aspects of the management and operational responsibilities of this Agreement, including the employment of advisors and the delegation of any ministerial duties to qualified individuals. (b) The funding policy under this Agreement is that all premiums on the Policy be remitted by the Corporation to the Insurer when due. 5 (c) Direct payment by the Insurer is the basis of payment of benefits under this Agreement, with those benefits in turn being based on the payment of premiums as provided in this Agreement. (d) For claims procedure purposes, the "Claims Manager" shall be the Corporate Human Resources Department of the Corporation or its delegee. (i) The claimant's claim for benefits shall be deemed filed when presented orally or in writing to the Claims Manager. (ii) If for any reason a claim for benefits under this Agreement is denied by the Corporation, the Claims Manager shall deliver to the claimant a written explanation setting forth the specific reasons for the denial, specific references to the pertinent Agreement provisions on which the denial is based, such other data as may be pertinent and information on the procedures to be followed by the claimant in obtaining a review of his claim, all written in a manner calculated to be understood by the claimant. For this purpose: (A) The Claims Manager's explanation shall be in writing delivered to the claimant within ninety (90) days of the date the claim is filed. (B) If the Claims Manager does not either respond to a claim within ninety (90) days of the date the claim is filed or notify the claimant within that 90-day period that an extension of time for processing the claim will be required, the claim will be deemed denied and the claimant shall be permitted to proceed to the review stage described in the following paragraph (iii). (iii) The claimant shall have sixty (60) days following his receipt of the denial of the claim to file with the Claims Manager a written request for review of the denial. For such review, the claimant or his representative may submit pertinent documents and written issues and comments. (iv) The Claims Manager shall decide the issue on review and furnish the claimant with a copy within sixty (60) days of receipt of the claimant's request for review of his claim. The decision on review shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, as well as specific references to the pertinent Agreement provisions on which the decision is based. If a copy of the decision is not so furnished to the claimant within such sixty (60) days, the claim shall be deemed denied on review. 13. Miscellaneous. (a) This Agreement may not be amended, altered or modified except by a written instrument signed by the parties hereto or their respective successors or assigns and may not be otherwise terminated except as provided herein. (b) This Agreement shall be binding upon the parties hereto, their heirs, legal representatives, successors and assigns. 6 (c) This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the State of North Carolina except to the extent (if any) superceded by the laws of the United States. (d) Headings in this Agreement are provided for purposes of convenience only and shall not affect the interpretation of the terms hereof. (e) It is understood and agreed that the Corporation makes no representations and shall have no responsibility or liability for any tax or estate planning matters with respect to the foregoing split dollar insurance agreement or for the payment of any dividends or death benefits under the Policy, and that the Owner has relied on the Owner's tax and legal advisors with respect to the foregoing split dollar insurance agreement. (f) Any dispute, claim or controversy arising out of or connected with this Agreement shall be resolved by binding arbitration administered and conducted under the Commercial Rules of the American Arbitration Association and the General Statutes of North Carolina Article 45A, Arbitration and Award. A judgment upon the award may be entered in any court having jurisdiction. Any arbitration hearing shall take place in Winston-Salem, North Carolina. (g) All notices and other communications hereunder must be in writing and shall be deemed to have been duly given when either personally delivered or placed in the United States mails by Certified Mail, return receipt requested, postage prepaid, addressed to the party to whom such notice is being given at such party's last known address. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 7 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. CORPORATION WACHOVIA CORPORATION By: _________________________________________ LESLIE M. BAKER, JR. Chairman and Chief Executive Officer Attest: _________________________________ _____________ Secretary (CORPORATE SEAL) OWNER _______________________________(SEAL) _____________________, Trustee of the ______________Irrevocable Trust dated ______________ I consent to this Agreement and the insurance covering my life and the life of my spouse. _______________________________(SEAL) ______________________, Executive _______________________________(SEAL) ______________________, Executive's Spouse 8 EX-12 11 0011.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 WACHOVIA CORPORATION RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Year Ended Ended September 30, December 31, (A) Excluding interest on deposits 2000 1999 ----------------- ----------------- Earnings: Income before income taxes $901,813 $1,542,373 Less capitalized interest (397) (160) Fixed charges 861,990 957,002 ----------------- ----------------- Earnings as adjusted $1,763,406 $2,499,215 ================= ================= Fixed charges: Interest on purchased and other short term borrowed funds $403,997 $457,161 Interest on long-term debt 437,280 474,378 Portion of rents representative of the interest factor (1/3) of rental expense 20,713 25,463 ----------------- ----------------- Fixed charges $861,990 $957,002 ================= ================= Ratio of earnings to fixed charges 2.05 X 2.61 X (B) Including interest on deposits: Adjusted earnings from (A) above $1,763,406 $2,499,215 Add interest on deposits 1,210,069 1,265,195 ----------------- ----------------- Earnings as adjusted $2,973,475 $3,764,410 ================= ================= Fixed charges: Fixed charges from (A) above $861,990 $957,002 Interest on deposits 1,210,069 1,265,195 ----------------- ----------------- Adjusted fixed charges $2,072,059 $2,222,197 ================= ================= Adjusted earnings to adjusted fixed 1.44 X 1.69 X charges
EX-27 12 0012.txt FINANCIAL DATA SCHEDULE
9 1,000 US DOLLARS 9-MOS DEC-31-2000 JAN-01-2000 SEP-30-2000 1 3,356,356 107,672 774,121 886,783 7,180,779 1,053,283 1,069,393 54,225,184 799,461 72,020,228 44,262,445 9,878,273 2,454,497 9,334,849 0 0 1,017,319 5,072,845 72,020,228 3,482,285 400,464 58,212 3,940,961 1,210,069 2,051,346 1,889,615 470,987 63 1,977,966 901,813 901,813 0 0 587,602 2.90 2.87 4.17 444,880 123,079 0 0 554,810 318,065 47,936 799,461 0 0 0 Available at Year-end only
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