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

Exhibit (99)(c)

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

     December 31,

 

(In millions, except per share data)                     


   2006

    2005

 

ASSETS

              

Cash and due from banks

   $ 15,826     15,072  

Interest-bearing bank balances

     2,167     2,638  

Federal funds sold and securities purchased under resale agreements

     16,923     19,915  
    


 

Total cash and cash equivalents

     34,916     37,625  
    


 

Trading account assets

     45,529     42,704  

Securities

     108,619     113,698  

Loans, net of unearned income

     420,158     259,015  

Allowance for loan losses

     (3,360 )   (2,724 )
    


 

Loans, net

     416,798     256,291  
    


 

Loans held for sale

     12,568     6,405  

Premises and equipment

     6,141     4,910  

Due from customers on acceptances

     855     824  

Goodwill

     38,379     21,807  

Other intangible assets

     1,635     1,208  

Other assets

     41,681     35,283  
    


 

Total assets

   $ 707,121     520,755  
    


 

LIABILITIES AND STOCKHOLDERS’ EQUITY

              

Deposits

              

Noninterest-bearing deposits

     66,572     67,487  

Interest-bearing deposits

     340,886     257,407  
    


 

Total deposits

     407,458     324,894  

Short-term borrowings

     49,157     61,953  

Bank acceptances outstanding

     863     892  

Trading account liabilities

     18,228     17,598  

Other liabilities

     20,004     15,986  

Long-term debt

     138,594     48,971  
    


 

Total liabilities

     634,304     470,294  
    


 

Minority interest in net assets of consolidated subsidiaries

     3,101     2,900  
    


 

STOCKHOLDERS’ EQUITY

              

Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at December 31, 2006

     —       —    

Common stock, $3.33-1/3 par value; authorized 3 billion shares, outstanding 1.904 billion shares at December 31, 2006

     6,347     5,189  

Paid-in capital

     51,746     31,172  

Retained earnings

     13,723     11,973  

Accumulated other comprehensive income, net

     (2,100 )   (773 )
    


 

Total stockholders’ equity

     69,716     47,561  
    


 

Total liabilities and stockholders’ equity

   $ 707,121     520,755  
    


 


WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

     Three Months
Ended
December 31,


    Years Ended
December 31,


(In millions, except per share data)                     


   2006

   2005

    2006

   2005

INTEREST INCOME

                      

Interest and fees on loans

   $ 7,736    3,846     21,976    13,970

Interest and dividends on securities

     1,491    1,486     6,433    5,783

Trading account interest

     462    462     1,575    1,581

Other interest income

     681    696     2,281    2,355
    

  

 
  

Total interest income

     10,370    6,490     32,265    23,689
    

  

 
  

INTEREST EXPENSE

                      

Interest on deposits

     3,067    1,618     9,119    5,297

Interest on short-term borrowings

     781    764     3,114    2,777

Interest on long-term debt

     1,945    585     4,783    1,934
    

  

 
  

Total interest expense

     5,793    2,967     17,016    10,008
    

  

 
  

Net interest income

     4,577    3,523     15,249    13,681

Provision for credit losses

     206    81     434    249
    

  

 
  

Net interest income after provision for credit losses

     4,371    3,442     14,815    13,432
    

  

 
  

FEE AND OTHER INCOME

                      

Service charges

     646    555     2,480    2,151

Other banking fees

     452    400     1,756    1,491

Commissions

     633    573     2,406    2,343

Fiduciary and asset management fees

     856    790     3,248    3,011

Advisory, underwriting and other investment banking fees

     433    325     1,345    1,109

Trading account profits (losses)

     29    (31 )   535    286

Principal investing

     142    135     525    401

Securities gains (losses)

     47    (74 )   118    89

Other income

     742    316     2,132    1,338
    

  

 
  

Total fee and other income

     3,980    2,989     14,545    12,219
    

  

 
  

NONINTEREST EXPENSE

                      

Salaries and employee benefits

     3,023    2,470     10,903    9,671

Occupancy

     323    283     1,173    1,064

Equipment

     314    277     1,184    1,087

Advertising

     47    51     204    193

Communications and supplies

     166    155     653    633

Professional and consulting fees

     239    213     790    662

Other intangible amortization

     141    93     423    416

Merger-related and restructuring expenses

     49    58     179    292

Sundry expense

     629    583     1,967    1,829
    

  

 
  

Total noninterest expense

     4,931    4,183     17,476    15,847
    

  

 
  

Minority interest in income of consolidated subsidiaries

     125    103     414    342
    

  

 
  

Income from continuing operations before income taxes

     3,295    2,145     11,470    9,462

Income taxes

     1,040    652     3,725    3,033
    

  

 
  

Income from continuing operations

     2,255    1,493     7,745    6,429

Discontinued operations, net of income taxes

     46    214     46    214
    

  

 
  

Net income

   $ 2,301    1,707     7,791    6,643
    

  

 
  

PER COMMON SHARE DATA

                      

Basic

                      

Income from continuing operations

   $ 1.20    0.97     4.70    4.13

Net income

     1.22    1.11     4.72    4.27

Diluted

                      

Income from continuing operations

     1.18    0.95     4.61    4.05

Net income

     1.20    1.09     4.63    4.19

Cash dividends

   $ 0.56    0.51     2.14    1.94

AVERAGE COMMON SHARES

                      

Basic

     1,889    1,541     1,651    1,556

Diluted

     1,922    1,570     1,681    1,585