Exhibit 99(a) Press Release July 15, 2004
	WACHOVIA’S 2nd QUARTER 2004 GAAP EARNINGS UP 23% TO 95 CENTS PER SHARE Net income of $1.25 billion fueled by continued momentum in core businesses

2^nd QUARTER 2004 COMPARED WITH 2^nd QUARTER 2003

• Revenue of $5.5 billion driven by outstanding deposit growth and strength in fee and other income, as well as from the impact of the Wachovia Securities retail brokerage transaction.

• Sales momentum continued to build, with record results in the General Bank and Wealth Management.

• Strong balance sheet growth with average core deposits up 25 percent and average loans up 4 percent.

• Exceptional credit quality with net charge-offs of 0.17 percent of average loans; nonperforming assets declined 42 percent and were 0.55 percent of loans and loans held for sale.

Earnings Highlights
	Three Months Ended
	June 30,				March 31,		June 30,
(In millions, except per share data)	Amount			2004 EPS	Amount	2004 EPS	Amount	2003 EPS
Earnings
Net income available to common stockholders (GAAP)	$	1,252		0.95	1,251	0.94	1,031	0.77
Net merger-related expenses and other items (a)		47		0.03	48	0.04	61	0.04
Earnings excluding net merger-related expenses and other items (a)	$	1,299		0.98	1,299	0.98	1,092	0.81
Financial ratios
Return on average common stockholders’ equity		15.49	%		15.37		12.78
Net interest margin		3.37			3.55		3.81
Fee and other income as % of total revenue		47.24	%		48.53		45.34
Capital adequacy (b)
Tier 1 capital ratio		8.35	%		8.54		8.33
Total capital ratio		11.31			11.67		11.92
Leverage ratio		6.23	%		6.33		6.78
Asset quality
Allowance for loan losses as % of nonaccrual and restructured loans (c)		270	%		242		167
Allowance for loan losses as % of loans, net (c)		1.35			1.40		1.54
Allowance for credit losses as % of loans, net (c)		1.43			1.49		1.66
Net charge-offs as % of average loans, net		0.17			0.13		0.43
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		0.55	%		0.63		1.04

(a) Net merger-related expenses and other items include merger-related and restructuring expenses in each period and dividends on preferred stock in the second quarter of 2003.

(b) The second quarter of 2004 is based on estimates.

(c) As of June 30, 2004, the reserve for unfunded lending commitments has been reclassified from the allowance for loan losses to other liabilities. The allowance for credit losses is the sum of the allowance for loan losses and the reserve for unfunded lending commitments. Amounts presented prior to the second quarter of 2004 have been reclassified to conform to the presentation in the second quarter of 2004.

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WACHOVIA’S 2^nd QUARTER 2004 EARNINGS UP 23%/page 2

CHARLOTTE, N.C.—Wachovia Corp. (NYSE:WB) today reported record second quarter 2004 net income available to common stockholders of $1.25 billion, or 95 cents per share, compared with $1.03 billion, or 77 cents per share, in the second quarter of 2003.

Excluding after-tax net merger-related expenses and other items of 3 cents per share in the second quarter of 2004 and 4 cents per share in the second quarter of 2003, second quarter 2004 earnings were $1.30 billion, or 98 cents per share, compared with $1.09 billion, or 81 cents per share, in the second quarter of 2003.

“Our record second quarter earnings continued to reflect the benefit of our balanced business model and we believe we remain positioned to outperform as we approach our fourth quarter merger with SouthTrust,” said Ken Thompson, Wachovia chairman and chief executive officer. “We continue to win new business from our customers as we provide industry leading sales and service. We had good loan growth, outstanding deposit growth and exceptional credit quality. Expense growth was disciplined, and we are on track to achieve all projected savings from our retail brokerage transaction. In our core businesses, both our General Bank and Wealth Management again had record quarters. Capital Management results were dampened by subdued retail brokerage investor activity, but equity mutual fund sales continued to be positive. We continued to gain market share in our Corporate and Investment Bank.”

Wachovia Corporation
	Three Months Ended
(In millions)	June 30, 2004		March 31, 2004	June 30, 2003
Total revenue (Tax-equivalent)	$	5,502	5,680	4,761
Provision for credit losses		61	44	195
Noninterest expense		3,487	3,656	3,001
Net income available to common stockholders		1,252	1,251	1,031
Average loans, net		163,642	159,181	157,735
Average core deposits	$	223,809	208,673	179,417

Provision expense declined from the second quarter a year ago to $61 million in the second quarter this year, reflecting continued improvement in asset quality, particularly in the Corporate and Investment Bank. Second quarter 2004 net charge-offs declined 60 percent from the second quarter of 2003 to $68 million, or an annualized 0.17 percent of average net loans, reflecting a lower absolute level of charge-offs at a beneficial point in the credit cycle. Total nonperforming assets including loans held for sale declined 42 percent from the second quarter of 2003 to $1.0 billion in the second quarter of 2004.

Noninterest expense increased 16 percent from the second quarter of 2003, largely due to the addition of the Prudential Financial retail brokerage business to Wachovia Securities Financial Holdings, LLC.

Average loans in the second quarter of 2004 were $163.6 billion, a 4 percent increase from the second quarter of 2003. Consumer loan growth, largely from consumer real estate-secured and student loans, outpaced commercial loan growth. In commercial, growth in General Bank middle market and small business loans was offset by low corporate loan demand in the Corporate and Investment Bank.

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WACHOVIA’S 2^nd QUARTER 2004 EARNINGS UP 23%/page 3

Average core deposits increased 25 percent from the second quarter of 2003 to $223.8 billion, while average low-cost core deposits increased 34 percent from the second quarter a year ago to $184.1 billion. The increase included an average $23.0 billion of core deposits associated with the FDIC-insured money market sweep product. Low-cost core deposits are those in demand deposit, interest checking, savings and money market accounts, and exclude CAP accounts and certificates of deposit.

Lines of Business

The following discussion covers the results for Wachovia’s four core business segments and is on a segment earnings basis, which excludes net merger-related and restructuring expenses and other intangible amortization. Segment earnings are the basis upon which Wachovia manages and allocates capital to its business segments. Pages 13 and 14 include a reconciliation of segment results to Wachovia’s consolidated results of operations in accordance with GAAP.

General Bank
General Bank Highlights
	Three Months Ended
(In millions)	June 30, 2004		March 31, 2004	June 30, 2003
Total revenue (Tax-equivalent)	$	2,543	2,462	2,425
Provision for credit losses		65	68	100
Noninterest expense		1,297	1,314	1,307
Segment earnings		751	689	646
Average loans, net		122,028	118,123	113,267
Average core deposits		166,628	160,845	151,409
Economic capital, average	$	5,247	5,366	5,713

The General Bank includes retail and small business, and commercial customers. The General Bank produced record quarterly segment earnings of $751 million, up 16 percent from the prior year’s second quarter. Revenue increased 5 percent from the second quarter a year ago, driven by outstanding core deposit and loan growth, primarily in commercial, small business, consumer real estate-secured and student loans. Fee and other income increased 5 percent from the second quarter a year ago on strong service charge growth, offset by declines in mortgage banking income. Non-mortgage-related fees rose 21 percent from the second quarter a year ago. Noninterest expense decreased modestly.

Average core deposits increased 10 percent from the prior year quarter, including 20 percent year over year growth in average low-cost core deposits. Average loans increased 8 percent year over year, despite a decline in commercial real estate loan growth. However, compared with the first quarter of 2004, wholesale loans grew across-the-board, including a modest increase in commercial real estate. Provision expense declined 35 percent from the second quarter of 2003, primarily reflecting risk reduction strategies implemented in 2003, as well as solid improvements in both commercial and consumer loan losses.

Retail sales momentum continued to be strong, with an increase of 148,000 in net new retail checking accounts in the second quarter of 2004, compared with an increase of 95,000 in the same quarter a year ago—a 56 percent improvement.

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WACHOVIA’S 2^nd QUARTER 2004 EARNINGS UP 23%/page 4

Capital Management

Capital Management Highlights
	Three Months Ended
(In millions)	June 30, 2004		March 31, 2004	June 30, 2003
Total revenue (Tax-equivalent)	$	1,364	1,455	835
Provision for credit losses		—	—	—
Noninterest expense		1,147	1,226	683
Segment earnings		138	146	96
Average loans, net		254	139	137
Average core deposits		24,732	18,360	1,226
Economic capital, average	$	1,336	1,403	712

Capital Management includes asset management and retail brokerage services. The weak retail brokerage environment in the second quarter of 2004 dampened Capital Management’s results, which included a net benefit of $17 million on the sale of two nonstrategic businesses. Year over year, earnings increased 44 percent and revenue increased 63 percent, while noninterest expense grew 68 percent from the second quarter of 2003, primarily related to the retail brokerage transaction, which closed on July 1, 2003.

Sales momentum continued, with positive net sales of equity mutual funds. Deposit balances related to the FDIC-insured money market sweep product grew to $25.0 billion, compared with $11.8 billion at year-end 2003, contributing to net interest income growth. The asset shift to the FDIC product resulted in a 10 percent decline in mutual fund assets from the second quarter of 2003 to $104.2 billion. Despite the decline in mutual fund assets, total assets under management at June 30, 2004, increased 4 percent from June 30, 2003, to $247.6 billion. Total assets under management and securities lending grew 15 percent from year-end 2003 to $284.1 billion, largely attributable to $38.2 billion from the January 1, 2004, acquisition of a securities lending firm. Investment performance continued to be solid, with 68 percent of Wachovia’s Evergreen Funds rated 4 or 5 stars by Morningstar, up from 52 percent at June 30, 2003, and 69 percent of Evergreen taxable fluctuating funds ranked in the top two three-year Lipper quartiles, up from 65 percent in the year ago quarter.

Wealth Management

Wealth Management Highlights
	Three Months Ended
(In millions)	June 30, 2004		March 31, 2004	June 30, 2003
Total revenue (Tax-equivalent)	$	269	258	239
Provision for credit losses		—	—	5
Noninterest expense		187	185	179
Segment earnings		52	47	35
Average loans, net		10,534	10,309	9,558
Average core deposits		12,032	11,488	10,754
Economic capital, average	$	369	379	368

Wealth Management includes private banking, personal trust, investment advisory services, charitable services, financial planning and insurance brokerage. Wealth Management revenue rose 13 percent from the second quarter of 2003 and segment

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WACHOVIA’S 2^nd QUARTER 2004 EARNINGS UP 23%/page 5

earnings were a record $52 million. Net interest income grew 13 percent on average loan growth of 10 percent and average core deposit growth of 12 percent year over year. Fee and other income increased 11 percent from improved trust and investment management fees related to pricing and market improvements. Insurance brokerage commissions and commercial service charges exhibited solid growth.

Noninterest expense increased 4 percent year over year largely due to higher incentives related to improved revenues. Provision expense declined due to improved credit quality and recoveries. The increase in average loans from the second quarter a year ago reflected growth in both consumer and commercial lending activity. Average core deposit increases were led by higher money market and demand deposit account balances.

Corporate and Investment Bank
Corporate and Investment Bank Highlights
	Three Months Ended
(In millions)	June 30, 2004			March 31, 2004		June 30, 2003
Total revenue (Tax-equivalent)	$	1,296		1,310		1,097
Provision for credit losses		(4	)	(26	)	95
Noninterest expense		616		617		559
Segment earnings		431		456		277
Average loans, net		29,850		29,755		34,393
Average core deposits		18,772		16,748		14,744
Economic capital, average	$	4,735		4,794		5,974

The Corporate and Investment Bank includes corporate lending, investment banking, global treasury and trade finance, and principal investing. Corporate and Investment Bank revenue grew 18 percent from the second quarter of 2003 and segment earnings were $431 million, up 56 percent year over year. The year over year revenue increase was fueled by strength in fixed income driven by strong real estate capital markets and asset-based securitization results as well as higher securities gains. Modest principal investing net gains compared favorably with net losses in the second quarter of 2003. Strength in asset-based loans and international correspondent banking loans was offset by a continued decline in corporate loan balances due to low demand and a strong loan syndication market. Provision expense and capital usage continued to decline due to improving credit quality and low loan outstandings compared with the second quarter a year ago. Noninterest expense rose 10 percent due to increased personnel and higher incentives related to improved revenues and earnings. Average core deposits grew 27 percent primarily from higher commercial mortgage servicing and trade finance.

***

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $418.4 billion, market capitalization of $58.3 billion and stockholders’ equity of $32.6 billion at June 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia

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WACHOVIA’S 2^nd QUARTER 2004 EARNINGS UP 23%/page 6

Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

Forward-Looking Statements

This news release contains various forward-looking statements. A discussion of various factors that could cause Wachovia Corporation’s actual results to differ materially from those expressed in such forward-looking statements is included in Wachovia’s filings with the Securities and Exchange Commission, including its Current Report on Form 8-K dated July 15, 2004.

Explanation of Wachovia’s Use of Certain Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this news release includes certain non-GAAP financial measures, including those presented on page 2 and on page 10 under the captions “Earnings Excluding Merger-Related and Restructuring Expenses and Cumulative Effect of a Change in Accounting Principle” and “Earnings Excluding Merger-Related and Restructuring Expenses, Other Intangible Amortization and Cumulative Effect of a Change in Accounting Principle”, and which are reconciled to GAAP financial measures on pages 21 and 22. In addition, in this news release certain designated net interest income amounts are presented on a tax-equivalent basis, including the calculation of the overhead efficiency ratio.

Wachovia believes these non-GAAP financial measures provide information useful to investors in understanding the underlying operational performance of the company, its business and performance trends and facilitates comparisons with the performance of others in the financial services industry. Specifically, Wachovia believes that the exclusion of merger-related and restructuring expenses, and the cumulative effect of a change in accounting principle permits evaluation and a comparison of results for ongoing business operations, and it is on this basis that Wachovia’s management internally assesses the company’s performance. Those non-operating items are excluded from Wachovia’s segment measures used internally to evaluate segment performance in accordance with GAAP because management does not consider them particularly relevant or useful in evaluating the operating performance of our business segments. In addition, because of the significant amount of deposit base intangible amortization, Wachovia believes that the exclusion of this expense provides investors with consistent and meaningful comparisons to other financial services firms. Wachovia’s management makes recommendations to its board of directors about dividend payments based on reported earnings excluding merger-related and restructuring expenses, other intangible amortization and the cumulative effect of a change in accounting principle (cash earnings), and has communicated certain cash dividend payout ratio goals to investors. Management believes the cash dividend payout ratio is useful to investors because it provides investors with a better understanding of and permits investors to monitor Wachovia’s dividend payout policy. Wachovia also believes the presentation of net interest income on a tax-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry standards. Wachovia operates one of the largest retail brokerage businesses in our industry, and we have presented an overhead efficiency ratio excluding these brokerage services, which management believes is useful to investors in comparing the performance of our banking business with other banking companies.

Although Wachovia believes the above non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP basis financial measures.

Additional Information

The proposed merger between Wachovia Corporation and SouthTrust Corporation will be submitted to Wachovia’s and SouthTrust’s shareholders for their consideration, and, on July 9, 2004, Wachovia filed a registration statement on Form S 4 with the SEC containing a preliminary proxy statement/prospectus of Wachovia and SouthTrust and other relevant documents concerning the proposed transaction. Shareholders are urged to read the definitive joint proxy statement/prospectus regarding the proposed transaction when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. Shareholders may obtain a free copy of the registration statement and the joint proxy statement/prospectus, as well as other filings containing information about Wachovia and SouthTrust, at the SEC’s Internet site (http://www.sec.gov). These documents also are available, free of charge, at www.wachovia.com under the tab “Inside Wachovia-Investor Relations” and then under the heading “Financial Reports—SEC Filings”. These documents also may be obtained, free of charge, at www.southtrust.com under the tab “About SouthTrust”, then under “Investor Relations” and then under “SEC Documents”. Copies of the joint proxy statement/prospectus and the SEC filings that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Wachovia Corporation, Investor Relations, One Wachovia Center, 301 South College Street, Charlotte, NC 28288-0206, (704)-374-6782, or to SouthTrust Corporation, P. O. Box 2554, Birmingham, AL 35290, (205)-254-5187.

Wachovia and SouthTrust, and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the shareholders of Wachovia and SouthTrust in connection with the merger. Information about the directors and executive officers of Wachovia and their ownership of Wachovia common stock is

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WACHOVIA’S 2^nd QUARTER 2004 EARNINGS UP 23%/page 7

set forth in the proxy statement, dated March 15, 2004, for Wachovia’s 2004 annual meeting of shareholders, as filed with the SEC on a Schedule 14A. Information about the directors and executive officers of SouthTrust and their ownership of SouthTrust common stock is set forth in the proxy statement, dated March 8, 2004, for SouthTrust’s 2004 annual meeting of shareholders, as filed with the SEC on a Schedule 14A. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the definitive joint proxy statement/prospectus regarding the proposed transaction when it becomes available. Free copies of these documents may be obtained as described above.

Earnings Conference Call and Supplemental Materials

Wachovia CEO Ken Thompson and CFO Bob Kelly will review Wachovia’s second quarter 2004 results in a conference call and audio webcast beginning at 11 a.m. Eastern Time today. This review may include a discussion of certain non-GAAP financial measures. Supplemental materials relating to second quarter results, which also include a reconciliation of any non-GAAP measures to Wachovia’s reported financials, are available on the Internet at Wachovia.com/investor, and investors are encouraged to access these materials in advance of the conference call.

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

Teleconference Instructions: The telephone number for the conference call is 1-888-357-9787 for U.S. callers or 1-706-679-7342 for international callers. You will be asked to tell the answering coordinator your name and the name of your firm. Mention the conference Access Code: Wachovia.

Replay: Thursday, July 15 at 1:00 p.m. Eastern Time through 11 p.m. Eastern Time on Friday, August 13. Replay telephone number is 1-706-645-9291; access code 8036256.

***

Investors seeking further information should contact the Investor Relations team: Alice Lehman at 704-374-4139, Ellen Taylor at 704-383-1381, or Jeff Richardson at 704-383-8250. Media seeking further information should contact the Corporate Media Relations team: Mary Eshet at 704-383-7777 or Christy Phillips at 704-383-8178.

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PAGE 8

Wachovia Corporation and Subsidiaries

Financial Tables

Table of Contents

	PAGE
Financial Highlights—Five Quarters Ended June 30, 2004	9
Other Financial Data—Five Quarters Ended June 30, 2004	10
Consolidated Statements of Income—Five Quarters Ended June 30, 2004	11
Consolidated Statements of Income—Six Months Ended June 30, 2004 and 2003	12
Business Segments—Three Months Ended June 30, and March 31, 2004	13
Business Segments—Three Months Ended June 30, 2003	14
Loans—On-Balance Sheet, and Managed and Servicing Portfolios—Five Quarters Ended June 30, 2004	15
Allowance for Loan Losses and Nonperforming Assets—Five Quarters Ended June 30, 2004	16
Consolidated Balance Sheets—Five Quarters Ended June 30, 2004	17
Net Interest Income Summaries—Five Quarters Ended June 30, 2004	18-19
Net Interest Income Summaries—Six Months Ended June 30, 2004 and 2003	20
Reconciliation of Certain Non-GAAP Financial Measures—Five Quarters Ended June 30, 2004	21-22

PAGE 9

WACHOVIA CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

	2004				2003
(Dollars in millions, except per share data)	Second Quarter			First Quarter	Fourth Quarter	Third Quarter	Second Quarter
EARNINGS SUMMARY
Net interest income (GAAP)	$	2,838		2,861	2,877	2,653	2,540
Tax-equivalent adjustment		65		62	65	64	63
Net interest income (Tax-equivalent)		2,903		2,923	2,942	2,717	2,603
Fee and other income		2,599		2,757	2,604	2,616	2,158
Total revenue (Tax-equivalent)		5,502		5,680	5,546	5,333	4,761
Provision for credit losses		61		44	86	81	195
Other noninterest expense		3,278		3,445	3,511	3,295	2,774
Merger-related and restructuring expenses		102		99	135	148	96
Other intangible amortization		107		112	120	127	131
Total noninterest expense		3,487		3,656	3,766	3,570	3,001
Minority interest in income of consolidated subsidiaries		45		57	63	55	16
Income before income taxes and cumulative effect of a change in accounting principle (Tax-equivalent)		1,909		1,923	1,631	1,627	1,549
Tax-equivalent adjustment		65		62	65	64	63
Income taxes		592		610	466	475	454
Income before cumulative effect of a change in accounting principle		1,252		1,251	1,100	1,088	1,032
Cumulative effect of a change in accounting principle, net of income taxes		—		—	—	17	—
Net income		1,252		1,251	1,100	1,105	1,032
Dividends on preferred stock		—		—	—	—	1
Net income available to common stockholders	$	1,252		1,251	1,100	1,105	1,031
Diluted earnings per common share	$	0.95		0.94	0.83	0.83	0.77
Return on average common stockholders’ equity		15.49	%	15.37	13.58	13.71	12.78
Return on average assets		1.22		1.26	1.12	1.16	1.21
Overhead efficiency ratio		63.40	%	64.36	67.90	66.95	63.03
Operating leverage	$	(11	)	244	18	2	(1	)
ASSET QUALITY
Allowance for loan losses as % of loans, net (a)		1.35	%	1.40	1.42	1.49	1.54
Allowance for loan losses as % of nonperforming assets (a)		241		218	205	164	154
Allowance for credit losses as % of loans, net (a)		1.43		1.49	1.51	1.59	1.66
Net charge-offs as % of average loans, net		0.17		0.13	0.39	0.33	0.43
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		0.55	%	0.63	0.69	0.95	1.04
CAPITAL ADEQUACY(b)
Tier I capital ratio		8.35	%	8.54	8.52	8.67	8.33
Total capital ratio		11.31		11.67	11.82	12.21	11.92
Leverage ratio		6.23	%	6.33	6.36	6.56	6.78
OTHER DATA
Average diluted common shares (In millions)		1,320		1,326	1,332	1,338	1,346
Actual common shares (In millions)		1,309		1,312	1,312	1,328	1,332
Dividends paid per common share	$	0.40		0.40	0.35	0.35	0.29
Dividends paid per preferred share	$	—		—	—	—	0.01
Dividend payout ratio on common shares		42.11	%	42.55	42.17	42.17	37.66
Book value per common share	$	24.93		25.42	24.71	24.71	24.37
Common stock price		44.50		47.00	46.59	41.19	39.96
Market capitalization	$	58,268		61,650	61,139	54,701	53,228
Common stock price to book		178	%	185	189	167	164
FTE employees		85,042		85,460	86,114	86,635	78,965
Total financial centers/brokerage offices		3,272		3,305	3,360	3,399	3,176
ATMs		4,396		4,404	4,408	4,420	4,479

(a) As of June 30, 2004, the reserve for unfunded lending commitments has been reclassified from the allowance for loan losses to other liabilities. The allowance for credit losses is the sum of the allowance for loan losses and the reserve for unfunded lending commitments. Amounts presented prior to the second quarter of 2004 have been reclassified to conform to the presentation in the second quarter of 2004.

(b) The second quarter of 2004 is based on estimates.

PAGE 10

WACHOVIA CORPORATION AND SUBSIDIARIES

OTHER FINANCIAL DATA

(Unaudited)

	2004				2003
(In millions)	Second Quarter			First Quarter	Fourth Quarter		Third Quarter	Second Quarter
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES AND CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE(a)(b)
Return on average common stockholders’ equity		16.04	%	15.95	14.41		14.46	13.49
Return on average assets		1.27		1.31	1.20		1.23	1.28
Overhead efficiency ratio		61.54		62.61	65.45		64.18	61.02
Overhead efficiency ratio excluding brokerage		55.34	%	56.53	60.00		58.23	57.93
Operating leverage	$	(8	)	208	6		54	30
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES, OTHER INTANGIBLE AMORTIZATION AND CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE(a)(b)(c)
Dividend payout ratio on common shares		38.83	%	38.83	37.23		37.63	33.33
Return on average tangible common stockholders’ equity		27.15		26.97	24.83		24.97	23.32
Return on average tangible assets		1.38		1.42	1.32		1.36	1.43
Overhead efficiency ratio		59.60		60.64	63.28		61.79	58.27
Overhead efficiency ratio excluding brokerage		52.95	%	54.06	57.30		55.24	54.81
Operating leverage	$	(13	)	200	(1	)	50	21
OTHER FINANCIAL DATA
Net interest margin		3.37	%	3.55	3.64		3.57	3.81
Fee and other income as % of total revenue		47.24		48.53	46.95		49.05	45.34
Effective income tax rate		32.19		32.73	29.76		30.41	30.54
Tax rate (Tax-equivalent) (d)		34.44	%	34.93	32.57		33.10	33.37
AVERAGE BALANCE SHEET DATA
Commercial loans, net	$	92,107		90,368	90,628		90,912	92,464
Consumer loans, net		71,535		68,813	68,972		67,082	65,271
Loans, net		163,642		159,181	159,600		157,994	157,735
Earning assets		344,847		330,320	322,274		303,503	273,875
Total assets (e)		411,074		398,688	388,987		376,894	341,912
Core deposits		223,809		208,673	194,109		185,715	179,417
Total deposits		238,692		224,022	212,277		200,395	193,800
Interest-bearing liabilities		301,652		289,741	284,005		266,351	239,011
Stockholders’ equity	$	32,496		32,737	32,141		31,985	32,362
PERIOD-END BALANCE SHEET DATA
Commercial loans, net	$	101,581		97,742	97,030		96,705	97,303
Consumer loans, net		71,336		69,561	68,541		69,220	65,530
Loans, net		172,917		167,303	165,571		165,925	162,833
Goodwill and other intangible assets
Goodwill		11,481		11,233	11,149		11,094	10,907
Deposit base		568		659	757		863	977
Customer relationships		387		401	396		400	254
Tradename		90		90	90		90	90
Total assets (e)		418,441		411,140	401,188		388,924	364,479
Core deposits		228,204		217,954	204,660		187,516	187,393
Total deposits		243,380		232,338	221,225		203,495	201,292
Stockholders’ equity	$	32,646		33,337	32,428		32,813	32,464

(a) These financial measures are calculated by excluding from GAAP computed net income presented on page 9, $47 million, $48 million, $75 million, $83 million and $60 million in the second and first quarters of 2004, and in the fourth, third and second quarters of 2003, respectively, of after-tax net merger-related and restructuring expenses, and $17 million after tax in the third quarter of 2003 related to the change in accounting principle.

(b) See page 9 for the most directly comparable GAAP financial measure and pages 21 and 22 for a more detailed reconciliation.

(c) These financial measures are calculated by excluding from GAAP computed net income presented on page 9, $67 million, $69 million, $74 million, $79 million and $81 million in the second and first quarters of 2004, and in the fourth, third and second quarters of 2003, respectively, of deposit base and other intangible amortization.

(d) The tax-equivalent tax rate applies to fully tax-equivalized revenues.

(e) Amounts presented prior to the second quarter of 2004 have been reclassified to conform to the presentation in the second quarter of 2004.

PAGE 11

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	2004			2003
(In millions, except per share data)	Second Quarter		First Quarter	Fourth Quarter		Third Quarter		Second Quarter
INTEREST INCOME
Interest and fees on loans	$	2,316	2,335	2,357		2,352		2,391
Interest and dividends on securities		1,110	1,141	1,104		885		900
Trading account interest		237	197	189		174		182
Other interest income		356	326	301		301		223
Total interest income		4,019	3,999	3,951		3,712		3,696
INTEREST EXPENSE
Interest on deposits		654	648	568		534		619
Interest on short-term borrowings		316	299	311		317		303
Interest on long-term debt		211	191	195		208		234
Total interest expense		1,181	1,138	1,074		1,059		1,156
Net interest income		2,838	2,861	2,877		2,653		2,540
Provision for credit losses		61	44	86		81		195
Net interest income after provision for credit losses		2,777	2,817	2,791		2,572		2,345
FEE AND OTHER INCOME
Service charges		489	471	436		439		426
Other banking fees		293	259	241		257		248
Commissions		682	792	778		765		468
Fiduciary and asset management fees		675	679	672		662		474
Advisory, underwriting and other investment banking fees		197	192	213		191		220
Trading account profits (losses)		39	74	5		(46	)	49
Principal investing		15	38	(13	)	(25	)	(57	)
Securities gains (losses)		36	2	(24	)	22		10
Other income		173	250	296		351		320
Total fee and other income		2,599	2,757	2,604		2,616		2,158
NONINTEREST EXPENSE
Salaries and employee benefits		2,164	2,182	2,152		2,109		1,748
Occupancy		224	229	244		220		190
Equipment		253	259	285		264		238
Advertising		48	48	56		38		34
Communications and supplies		157	151	156		159		140
Professional and consulting fees		126	109	146		109		105
Other intangible amortization		107	112	120		127		131
Merger-related and restructuring expenses		102	99	135		148		96
Sundry expense		306	467	472		396		319
Total noninterest expense		3,487	3,656	3,766		3,570		3,001
Minority interest in income of consolidated subsidiaries		45	57	63		55		16
Income before income taxes and cumulative effect of a change in accounting principle		1,844	1,861	1,566		1,563		1,486
Income taxes		592	610	466		475		454
Income before cumulative effect of a change in accounting principle		1,252	1,251	1,100		1,088		1,032
Cumulative effect of a change in accounting principle, net of income taxes		—	—	—		17		—
Net income		1,252	1,251	1,100		1,105		1,032
Dividends on preferred stock		—	—	—		—		1
Net income available to common stockholders	$	1,252	1,251	1,100		1,105		1,031
PER COMMON SHARE DATA
Basic
Income before change in accounting principle	$	0.96	0.96	0.84		0.83		0.77
Net income		0.96	0.96	0.84		0.84		0.77
Diluted
Income before change in accounting principle		0.95	0.94	0.83		0.82		0.77
Net income		0.95	0.94	0.83		0.83		0.77
Cash dividends	$	0.40	0.40	0.35		0.35		0.29
AVERAGE COMMON SHARES
Basic		1,300	1,302	1,311		1,321		1,333
Diluted		1,320	1,326	1,332		1,338		1,346

PAGE 12

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (a)

(Unaudited)

	Six Months Ended June 30,
(In millions, except per share data)	2004		2003
INTEREST INCOME
Interest and fees on loans	$	4,651	4,798
Interest and dividends on securities		2,251	1,839
Trading account interest		434	361
Other interest income		682	419
Total interest income		8,018	7,417
INTEREST EXPENSE
Interest on deposits		1,302	1,258
Interest on short-term borrowings		615	591
Interest on long-term debt		402	491
Total interest expense		2,319	2,340
Net interest income		5,699	5,077
Provision for credit losses		105	419
Net interest income after provision for credit losses		5,594	4,658
FEE AND OTHER INCOME
Service charges		960	856
Other banking fees		552	481
Commissions		1,474	886
Fiduciary and asset management fees		1,354	943
Advisory, underwriting and other investment banking fees		389	365
Trading account profits		113	126
Principal investing		53	(101	)
Securities gains		38	47
Other income		423	621
Total fee and other income		5,356	4,224
NONINTEREST EXPENSE
Salaries and employee benefits		4,346	3,447
Occupancy		453	387
Equipment		512	472
Advertising		96	66
Communications and supplies		308	283
Professional and consulting fees		235	205
Other intangible amortization		219	271
Merger-related and restructuring expenses		201	160
Sundry expense		773	615
Total noninterest expense		7,143	5,906
Minority interest in income of consolidated subsidiaries		102	25
Income before income taxes		3,705	2,951
Income taxes		1,202	892
Net income		2,503	2,059
Dividends on preferred stock		—	5
Net income available to common stockholders	$	2,503	2,054
PER COMMON SHARE DATA
Basic earnings	$	1.92	1.54
Diluted earnings		1.89	1.53
Cash dividends	$	0.80	0.55
AVERAGE COMMON SHARES
Basic		1,301	1,334
Diluted		1,323	1,346

(a) Amounts presented in the six months ended June 30, 2003, have been reclassified to conform to the presentation in the six months ended June 30, 2004.

PAGE 13

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended June 30, 2004
(In millions)	General Bank		Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses (b)		Total
CONSOLIDATED
Net interest income (a)	$	1,902	131		119	610		141		(65	)	2,838
Fee and other income		601	1,245		147	716		(110	)	—		2,599
Intersegment revenue		40	(12	)	3	(30	)	(1	)	—		—
Total revenue (a)		2,543	1,364		269	1,296		30		(65	)	5,437
Provision for credit losses		65	—		—	(4	)	—		—		61
Noninterest expense		1,297	1,147		187	616		138		102		3,487
Minority interest		—	—		—	—		70		(25	)	45
Income taxes (benefits)		419	79		30	222		(128	)	(30	)	592
Tax-equivalent adjustment		11	—		—	31		23		(65	)	—
Net income (loss)	$	751	138		52	431		(73	)	(47	)	1,252
	Three Months Ended March 31, 2004
(In millions)	General Bank		Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses (b)		Total
CONSOLIDATED
Net interest income (a)	$	1,856	118		114	594		241		(62	)	2,861
Fee and other income		568	1,350		143	743		(47	)	—		2,757
Intersegment revenue		38	(13	)	1	(27	)	1		—		—
Total revenue (a)		2,462	1,455		258	1,310		195		(62	)	5,618
Provision for credit losses		68	—		—	(26	)	2		—		44
Noninterest expense		1,314	1,226		185	617		215		99		3,656
Minority interest		—	—		—	—		79		(22	)	57
Income taxes (benefits)		381	83		26	231		(82	)	(29	)	610
Tax-equivalent adjustment		10	—		—	32		20		(62	)	—
Net income (loss)	$	689	146		47	456		(39	)	(48	)	1,251

PAGE 14

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended June 30, 2003
(In millions)	General Bank		Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses (b)		Total
CONSOLIDATED
Net interest income (a)	$	1,811	37		105	568		82		(63	)	2,540
Fee and other income		572	814		132	556		84		—		2,158
Intersegment revenue		42	(16	)	2	(27	)	(1	)	—		—
Total revenue (a)		2,425	835		239	1,097		165		(63	)	4,698
Provision for credit losses		100	—		5	95		(5	)	—		195
Noninterest expense		1,307	683		179	559		177		96		3,001
Minority interest		—	—		—	—		16		—		16
Income taxes (benefits)		362	56		20	135		(83	)	(36	)	454
Tax-equivalent adjustment		10	—		—	31		22		(63	)	—
Net income		646	96		35	277		38		(60	)	1,032
Dividends on preferred stock		—	—		—	—		1		—		1
Net income available to common stockholders	$	646	96		35	277		37		(60	)	1,031

(a) Tax-equivalent.

(b) The tax-equivalent amounts are eliminated herein in order for “Total” amounts to agree with amounts appearing in the Consolidated Statements of Income.

PAGE 15

WACHOVIA CORPORATION AND SUBSIDIARIES

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

(Unaudited)

	2004			2003
(In millions)	Second Quarter		First Quarter	Fourth Quarter	Third Quarter	Second Quarter
ON-BALANCE SHEET LOAN PORTFOLIO
COMMERCIAL
Commercial, financial and agricultural	$	58,340	55,999	55,453	55,181	56,070
Real estate—construction and other		6,433	6,120	5,969	5,741	5,442
Real estate—mortgage		14,927	15,099	15,186	15,746	16,325
Lease financing		23,894	23,688	23,978	23,598	23,204
Foreign		8,075	7,054	6,880	6,815	6,622
Total commercial		111,669	107,960	107,466	107,081	107,663
CONSUMER
Real estate secured		53,759	51,207	50,726	51,516	47,853
Student loans		9,838	8,876	8,435	8,160	7,657
Installment loans		7,330	9,054	8,965	9,110	9,644
Total consumer		70,927	69,137	68,126	68,786	65,154
Total loans		182,596	177,097	175,592	175,867	172,817
Unearned income		9,679	9,794	10,021	9,942	9,984
Loans, net (On-balance sheet)	$	172,917	167,303	165,571	165,925	162,833
MANAGED PORTFOLIO (a)
COMMERCIAL
On-balance sheet loan portfolio	$	111,669	107,960	107,466	107,081	107,663
Securitized loans—off-balance sheet		1,868	1,927	2,001	2,071	2,126
Loans held for sale included in other assets		1,887	2,242	2,574	1,347	1,282
Total commercial		115,424	112,129	112,041	110,499	111,071
CONSUMER
Real estate secured
On-balance sheet loan portfolio		53,759	51,207	50,726	51,516	47,853
Securitized loans—off-balance sheet		7,194	8,218	8,897	10,192	9,944
Securitized loans included in securities		9,506	10,261	10,905	11,809	13,015
Loans held for sale included in other assets		14,003	11,607	9,618	8,368	8,223
Total real estate secured		84,462	81,293	80,146	81,885	79,035
Student
On-balance sheet loan portfolio		9,838	8,876	8,435	8,160	7,657
Securitized loans—off-balance sheet		612	1,532	1,658	1,786	1,947
Loans held for sale included in other assets		367	433	433	458	583
Total student		10,817	10,841	10,526	10,404	10,187
Installment
On-balance sheet loan portfolio		7,330	9,054	8,965	9,110	9,644
Securitized loans—off-balance sheet		1,794	—	—	—	—
Securitized loans included in securities		130	—	—	—	—
Total installment		9,254	9,054	8,965	9,110	9,644
Total consumer		104,533	101,188	99,637	101,399	98,866
Total managed portfolio	$	219,957	213,317	211,678	211,898	209,937
SERVICING PORTFOLIO (b)
Commercial	$	108,207	99,601	85,693	80,207	73,128
Consumer	$	24,475	16,240	13,279	8,465	6,581

(a) The managed portfolio includes the on-balance sheet loan portfolio, loans securitized for which the assets are classified in securities on-balance sheet, loans held for sale that are classified in other assets on-balance sheet and the off-balance sheet portfolio of securitized loans sold, where we service the loans.

(b) The servicing portfolio consists of third party commercial and consumer loans for which our sole function is that of servicing the loans for the third parties.

PAGE 16

WACHOVIA CORPORATION AND SUBSIDIARIES

ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING ASSETS

(Unaudited)

	2004					2003
(In millions)	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
ALLOWANCE FOR LOAN LOSSES (a)
Balance, beginning of period	$	2,338		2,348		2,474		2,510		2,553
Provision for credit losses		73		59		63		118		169
Provision for credit losses relating to loans transferred to other assets or sold		(9	)	(8	)	24		—		26
Allowance relating to loans acquired, transferred to other assets or sold		(3	)	(9	)	(57	)	(22	)	(69	)
Net charge-offs		(68	)	(52	)	(156	)	(132	)	(169	)
Balance, end of period	$	2,331		2,338		2,348		2,474		2,510
as % of loans, net		1.35	%	1.40		1.42		1.49		1.54
as % of nonaccrual and restructured loans (b)		270	%	242		227		178		167
as % of nonperforming assets (b)		241	%	218		205		164		154
LOAN LOSSES
Commercial, financial and agricultural	$	41		48		105		88		128
Commercial real estate—construction and mortgage		1		1		4		5		7
Consumer		66		86		106		106		91
Total loan losses		108		135		215		199		226
LOAN RECOVERIES
Commercial, financial and agricultural		23		57		37		45		37
Commercial real estate—construction and mortgage		—		2		2		1		1
Consumer		17		24		20		21		19
Total loan recoveries		40		83		59		67		57
Net charge-offs	$	68		52		156		132		169
Commercial loans net charge-offs as % of average commercial loans, net (c)		0.08	%	(0.05	)	0.31		0.21		0.42
Consumer loans net charge-offs as % of average consumer loans, net (c)		0.28		0.36		0.50		0.51		0.44
Total net charge-offs as % of average loans, net (c)		0.17	%	0.13		0.39		0.33		0.43
NONPERFORMING ASSETS
Nonaccrual loans
Commercial, financial and agricultural	$	610		700		765		1,072		1,153
Commercial real estate—construction and mortgage		33		47		54		76		96
Consumer real estate secured		207		199		192		215		221
Installment loans		13		22		24		28		31
Total nonaccrual loans		863		968		1,035		1,391		1,501
Foreclosed properties (d)		104		103		111		116		130
Total nonperforming assets	$	967		1,071		1,146		1,507		1,631
Nonperforming loans included in loans held for sale (e)	$	68		67		82		160		167
Nonperforming assets included in loans and in loans held for sale	$	1,035		1,138		1,228		1,667		1,798
as % of loans, net, and foreclosed properties (b)		0.56	%	0.64		0.69		0.91		1.00
as % of loans, net, foreclosed properties and loans in other assets as held for sale (e)		0.55	%	0.63		0.69		0.95		1.04
Accruing loans past due 90 days	$	419		328		341		291		293

(a) As of June 30, 2004, the reserve for unfunded lending commitments has been reclassified from the allowance for loan losses to other liabilities. Amounts presented prior to the second quarter of 2004 have been reclassified to conform to the presentation in the second quarter of 2004. At June 30, 2004, the reserve for unfunded lending commitments was $146 million.

(b) These ratios do not include nonperforming loans included in loans held for sale.

(c) Annualized.

(d) Restructured loans are not significant.

(e) These ratios reflect nonperforming loans included in loans held for sale. Loans held for sale, which are included in other assets, are recorded at the lower of cost or market value, and accordingly, the amounts shown and included in the ratios are net of the transferred allowance for loan losses and the lower of cost or market value adjustments.

PAGE 17

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	2004					2003
(In millions, except per share data)	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
ASSETS
Cash and due from banks	$	10,701		10,564		11,479		11,178		13,088
Interest-bearing bank balances		2,059		5,881		2,308		3,664		7,539
Federal funds sold and securities purchased under resale agreements		21,970		23,845		24,725		22,491		13,854
Total cash and cash equivalents		34,730		40,290		38,512		37,333		34,481
Trading account assets		39,659		36,893		34,714		36,392		40,436
Securities		102,934		104,203		100,445		87,176		73,764
Loans, net of unearned income		172,917		167,303		165,571		165,925		162,833
Allowance for loan losses (a)		(2,331	)	(2,338	)	(2,348	)	(2,474	)	(2,510	)
Loans, net (a)		170,586		164,965		163,223		163,451		160,323
Premises and equipment		4,522		4,620		4,619		4,746		4,635
Due from customers on acceptances		703		605		854		732		1,074
Goodwill		11,481		11,233		11,149		11,094		10,907
Other intangible assets		1,045		1,150		1,243		1,353		1,321
Other assets		52,781		47,181		46,429		46,647		37,538
Total assets (a)	$	418,441		411,140		401,188		388,924		364,479
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-bearing deposits		51,613		49,018		48,683		45,493		48,081
Interest-bearing deposits		191,767		183,320		172,542		158,002		153,211
Total deposits		243,380		232,338		221,225		203,495		201,292
Short-term borrowings		66,360		65,452		71,290		65,474		49,123
Bank acceptances outstanding		708		613		876		743		1,078
Trading account liabilities		20,327		21,956		19,184		23,959		25,141
Other liabilities (a)		15,321		15,564		16,945		22,800		17,481
Long-term debt		37,022		39,352		36,730		37,541		37,051
Total liabilities (a)		383,118		375,275		366,250		354,012		331,166
Minority interest in net assets of consolidated subsidiaries		2,677		2,528		2,510		2,099		849
STOCKHOLDERS’ EQUITY
Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at June 30, 2004		—		—		—		—		—
Common stock, $3.33 1/3 par value; authorized 3 billion shares, outstanding 1.309 billion shares at June 30, 2004		4,365		4,372		4,374		4,427		4,440
Paid-in capital		17,920		17,869		17,811		17,882		17,784
Retained earnings		9,890		9,382		8,904		8,829		8,106
Accumulated other comprehensive income, net		471		1,714		1,339		1,675		2,134
Total stockholders’ equity		32,646		33,337		32,428		32,813		32,464
Total liabilities and stockholders’ equity (a)	$	418,441		411,140		401,188		388,924		364,479

(a) As of June 30, 2004, the reserve for unfunded lending commitments has been reclassified from the allowance for loan losses to other liabilities. Amounts presented prior to the second quarter of 2004 have been reclassified to conform to the presentation in the second quarter of 2004.

PAGE 18

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

	SECOND QUARTER 2004						FIRST QUARTER 2004
(In millions)	Average Balances		Interest Income/ Expense		Average Rates Earned/ Paid		Average Balances		Interest Income/ Expense		Average Rates Earned/ Paid
ASSETS
Interest-bearing bank balances	$	4,015		11	1.13	%	$	3,237		10	1.18	%
Federal funds sold and securities purchased under resale agreements		23,800		62	1.05			24,806		61	0.99
Trading account assets		26,135		260	3.98			20,956		220	4.21
Securities		100,209		1,196	4.77			98,222		1,221	4.97
Loans
Commercial
Commercial, financial and agricultural		56,648		599	4.25			55,476		576	4.18
Real estate—construction and other		6,309		56	3.56			6,022		53	3.52
Real estate—mortgage		15,029		158	4.21			15,241		160	4.23
Lease financing		7,011		180	10.28			6,945		183	10.52
Foreign		7,110		41	2.32			6,684		41	2.49
Total commercial		92,107		1,034	4.51			90,368		1,013	4.50
Consumer
Real estate secured		52,389		691	5.29			50,879		705	5.55
Student loans		9,941		90	3.63			8,908		78	3.53
Installment loans		9,205		126	5.48			9,026		130	5.80
Total consumer		71,535		907	5.08			68,813		913	5.32
Total loans		163,642		1,941	4.76			159,181		1,926	4.86
Loans held for sale (a)		15,603		161	4.12			12,759		131	4.12
Other earning assets (a)		11,443		82	2.91			11,159		84	3.02
Total earning assets excluding derivatives		344,847		3,713	4.32			330,320		3,653	4.43
Risk management derivatives (b)		—		371	0.43			—		408	0.50
Total earning assets including derivatives		344,847		4,084	4.75			330,320		4,061	4.93
Cash and due from banks		11,254						10,957
Other assets (a)		54,973						57,411
Total assets (a)	$	411,074					$	398,688
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		70,205		78	0.45			65,366		70	0.43
Money market accounts		76,850		172	0.90			69,208		154	0.90
Other consumer time		26,288		176	2.69			27,496		189	2.76
Foreign		7,110		20	1.14			7,673		22	1.17
Other time		7,773		34	1.76			7,676		34	1.75
Total interest-bearing deposits		188,226		480	1.03			177,419		469	1.06
Federal funds purchased and securities sold under repurchase agreements		46,620		116	1.00			48,353		124	1.03
Commercial paper		12,382		32	1.04			11,852		30	1.01
Securities sold short		10,571		73	2.78			8,412		47	2.25
Other short-term borrowings		6,013		11	0.80			6,436		10	0.59
Long-term debt		37,840		378	3.99			37,269		364	3.91
Total interest-bearing liabilities excluding derivatives		301,652		1,090	1.45			289,741		1,044	1.45
Risk management derivatives (b)		—		91	0.12			—		94	0.13
Total interest-bearing liabilities including derivatives		301,652		1,181	1.57			289,741		1,138	1.58
Noninterest-bearing deposits		50,466						46,603
Other liabilities (a)		26,460						29,607
Stockholders’ equity		32,496						32,737
Total liabilities and stockholders’ equity (a)	$	411,074					$	398,688
Interest income and rate earned—including derivatives			$	4,084	4.75	%			$	4,061	4.93	%
Interest expense and equivalent rate paid—including derivatives				1,181	1.38					1,138	1.38
Net interest income and margin—including derivatives			$	2,903	3.37	%			$	2,923	3.55	%

(a) Amounts presented prior to the second quarter of 2004 have been reclassified to conform to the presentation in the second quarter of 2004.

(b) The rates earned and the rates paid on risk management derivatives are based on off-balance sheet notional amounts. The fair value of these instruments is included in other assets and other liabilities.

PAGE 19

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

FOURTH QUARTER 2003						THIRD QUARTER 2003						SECOND QUARTER 2003
Average Balances		Interest Income/ Expense		Average Rates Earned/ Paid		Average Balances		Interest Income/ Expense		Average Rates Earned/ Paid		Average Balances		Interest Income/ Expense		Average Rates Earned/ Paid
$	2,569		7	1.17	%	$	4,342		14	1.27	%	$	4,751		16	1.34	%
	23,591		60	1.00			22,080		48	0.88			12,282		35	1.10
	20,038		213	4.24			18,941		197	4.15			18,254		203	4.46
	94,584		1,184	5.00			78,436		962	4.90			68,994		977	5.67
	55,439		593	4.25			55,596		588	4.19			56,928		599	4.22
	5,789		52	3.53			5,574		48	3.47			5,516		49	3.54
	15,555		166	4.23			16,075		174	4.31			16,508		186	4.52
	7,084		185	10.45			6,911		183	10.61			6,885		187	10.87
	6,761		45	2.66			6,756		47	2.73			6,627		47	2.89
	90,628		1,041	4.56			90,912		1,040	4.55			92,464		1,068	4.63
	51,380		718	5.58			49,438		707	5.70			47,558		691	5.82
	8,502		78	3.62			7,962		74	3.70			7,710		78	4.04
	9,090		137	5.99			9,682		152	6.18			10,003		166	6.63
	68,972		933	5.39			67,082		933	5.54			65,271		935	5.73
	159,600		1,974	4.92			157,994		1,973	4.97			157,735		2,003	5.09
	10,627		109	4.10			10,244		111	4.34			8,917		99	4.45
	11,265		83	2.95			11,466		87	2.98			2,942		35	4.74
	322,274		3,630	4.49			303,503		3,392	4.45			273,875		3,368	4.92
	—		386	0.47			—		384	0.50			—		391	0.58
	322,274		4,016	4.96			303,503		3,776	4.95			273,875		3,759	5.50
	10,728						11,092						10,845
	55,985						62,299						57,192
$	388,987					$	376,894					$	341,912
	56,755		58	0.40			52,570		52	0.39			52,196		71	0.55
	63,202		141	0.89			58,576		126	0.85			53,302		156	1.18
	28,456		200	2.80			29,814		217	2.89			31,330		243	3.09
	10,648		31	1.13			7,581		22	1.17			6,841		24	1.44
	7,520		33	1.77			7,099		33	1.80			7,542		35	1.88
	166,581		463	1.10			155,640		450	1.15			151,211		529	1.40
	55,378		133	0.95			46,359		114	0.98			37,957		139	1.47
	11,670		31	1.06			11,978		32	1.05			2,381		5	0.80
	7,970		50	2.48			8,850		57	2.58			8,121		58	2.84
	6,551		9	0.53			7,136		15	0.87			3,590		8	0.88
	35,855		357	3.97			36,388		365	4.02			35,751		366	4.10
	284,005		1,043	1.46			266,351		1,033	1.54			239,011		1,105	1.85
	—		31	0.04			—		26	0.04			—		51	0.09
	284,005		1,074	1.50			266,351		1,059	1.58			239,011		1,156	1.94
	45,696						44,755						42,589
	27,145						33,803						27,950
	32,141						31,985						32,362
$	388,987					$	376,894					$	341,912
		$	4,016	4.96	%			$	3,776	4.95	%			$	3,759	5.50	%
			1,074	1.32					1,059	1.38					1,156	1.69
		$	2,942	3.64	%			$	2,717	3.57	%			$	2,603	3.81	%

PAGE 20

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES(a)

(Unaudited)

	SIX MONTHS ENDED JUNE 30, 2004						SIX MONTHS ENDED JUNE 30, 2003
(In millions)	Average Balances		Interest Income/ Expense		Average Rates Earned/ Paid		Average Balances		Interest Income/ Expense		Average Rates Earned/ Paid
ASSETS
Interest-bearing bank balances	$	3,626		21	1.15	%	$	4,222		29	1.38	%
Federal funds sold and securities purchased under resale agreements		24,303		123	1.02			10,624		64	1.20
Trading account assets		23,546		480	4.08			17,281		404	4.70
Securities		99,216		2,417	4.87			70,546		1,997	5.67
Loans
Commercial
Commercial, financial and agricultural		56,062		1,175	4.21			57,302		1,209	4.25
Real estate—construction and other		6,166		109	3.54			5,100		90	3.55
Real estate—mortgage		15,135		318	4.22			16,972		380	4.51
Lease financing		6,978		363	10.40			6,831		371	10.87
Foreign		6,897		82	2.40			6,545		97	3.00
Total commercial		91,238		2,047	4.51			92,750		2,147	4.66
Consumer
Real estate secured		51,634		1,396	5.42			47,354		1,399	5.92
Student loans		9,425		168	3.58			7,601		153	4.06
Installment loans		9,115		256	5.64			10,144		341	6.78
Total consumer		70,174		1,820	5.20			65,099		1,893	5.84
Total loans		161,412		3,867	4.81			157,849		4,040	5.15
Loans held for sale		14,181		292	4.12			7,763		175	4.51
Other earning assets		11,299		166	2.96			2,965		73	5.00
Total earning assets excluding derivatives		337,583		7,366	4.37			271,250		6,782	5.02
Risk management derivatives (b)		—		779	0.47			—		762	0.57
Total earning assets including derivatives		337,583		8,145	4.84			271,250		7,544	5.59
Cash and due from banks		11,105						10,866
Other assets		56,193						57,590
Total assets	$	404,881					$	339,706
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		67,786		148	0.44			51,545		150	0.59
Money market accounts		73,029		326	0.90			50,659		298	1.19
Other consumer time		26,891		365	2.73			31,997		506	3.18
Foreign		7,392		42	1.16			7,071		51	1.46
Other time		7,724		68	1.76			8,096		77	1.93
Total interest-bearing deposits		182,822		949	1.04			149,368		1,082	1.46
Federal funds purchased and securities sold under repurchase agreements		47,486		240	1.02			37,676		278	1.49
Commercial paper		12,117		62	1.03			2,492		9	0.75
Securities sold short		9,491		120	2.54			7,431		102	2.76
Other short-term borrowings		6,225		21	0.69			3,458		16	0.89
Long-term debt		37,555		742	3.95			37,240		754	4.05
Total interest-bearing liabilities excluding derivatives		295,696		2,134	1.45			237,665		2,241	1.90
Risk management derivatives (b)		—		185	0.13			—		99	0.08
Total interest-bearing liabilities including derivatives		295,696		2,319	1.58			237,665		2,340	1.98
Noninterest-bearing deposits		48,535						42,019
Other liabilities		28,034						27,814
Stockholders’ equity		32,616						32,208
Total liabilities and stockholders’ equity	$	404,881					$	339,706
Interest income and rate earned—including derivatives			$	8,145	4.84	%			$	7,544	5.59	%
Interest expense and equivalent rate paid—including derivatives				2,319	1.38					2,340	1.74
Net interest income and margin—including derivatives			$	5,826	3.46	%			$	5,204	3.85	%

(a) Amounts presented in the six months ended June 30, 2003, have been reclassified to conform to the presentation in the six months ended June 30, 2004.

(b) The rates earned and the rates paid on risk management derivatives are based on off-balance sheet notional amounts. The fair value of these instruments is included in other assets and other liabilities.

PAGE 21

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

		2004					2003
(Dollars in millions, except per share data)	*	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
INCOME BEFORE CHANGE IN ACCOUNTING PRINCIPLE
Net income (GAAP)	A	$	1,252		1,251		1,100		1,105		1,032
After tax change in accounting principle (GAAP)			—		—		—		(17	)	—
Income before change in accounting principle (GAAP)			1,252		1,251		1,100		1,088		1,032
After tax merger-related and restructuring expenses (GAAP)			47		48		75		83		60
Income before change in accounting principle, excluding merger-related and restructuring expenses	B		1,299		1,299		1,175		1,171		1,092
After tax other intangible amortization (GAAP)			67		69		74		79		81
Income before change in accounting principle, excluding after tax merger-related and restructuring expenses, and other intangible amortization (Cash basis)	C	$	1,366		1,368		1,249		1,250		1,173
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
Net income available to common stockholders (GAAP)	D	$	1,252		1,251		1,100		1,105		1,031
After tax merger-related and restructuring expenses (GAAP)			47		48		75		83		60
After tax change in accounting principle (GAAP)			—		—		—		(17	)	—
Net income available to common stockholders, excluding merger-related and restructuring expenses	E		1,299		1,299		1,175		1,171		1,091
After tax other intangible amortization (GAAP)			67		69		74		79		81
Net income available to common stockholders, excluding after tax merger-related and restructuring expenses, and other intangible amortization (Cash basis)	F	$	1,366		1,368		1,249		1,250		1,172
RETURN ON AVERAGE COMMON STOCKHOLDERS’ EQUITY
Average common stockholders’ equity (GAAP)	G	$	32,496		32,737		32,141		31,985		32,362
Merger-related and restructuring expenses (GAAP)			69		20		199		138		63
Change in accounting principle			—		—		—		(14	)	—
Average common stockholders’ equity, excluding merger-related and restructuring expenses, and change in accounting principle	H		32,565		32,757		32,340		32,109		32,425
Average intangible assets (GAAP)	I		(12,326	)	(12,351	)	(12,380	)	(12,250	)	(12,250	)
Average common stockholders’ equity (Cash basis)	J	$	20,239		20,406		19,960		19,859		20,175
Return on average common stockholders’ equity
GAAP	D/G		15.49	%	15.37		13.58		13.71		12.78
Excluding merger-related and restructuring expenses, and change in accounting principle	E/H		16.04		15.95		14.41		14.46		13.49
Return on average tangible common stockholders’ equity
GAAP	D/G+I		24.96		24.68		22.09		22.22		20.56
Cash basis	F/J		27.15	%	26.97		24.83		24.97		23.32
RETURN ON AVERAGE ASSETS
Average assets (GAAP)	K	$	411,074		398,688		388,987		376,894		341,912
Average intangible assets (GAAP)			(12,326	)	(12,351	)	(12,380	)	(12,250	)	(12,250	)
Average tangible assets (GAAP)	L		398,748		386,337		376,607		364,644		329,662
Average assets (GAAP)			411,074		398,688		388,987		376,894		341,912
Merger-related and restructuring expenses (GAAP)			69		20		199		138		63
Change in accounting principle			—		—		—		(14	)	—
Average assets excluding merger-related and restructuring expenses, and change in accounting principle	M		411,143		398,708		389,186		377,018		341,975
Average intangible assets (GAAP)			(12,326	)	(12,351	)	(12,380	)	(12,250	)	(12,250	)
Average tangible assets excluding merger-related and restructuring expenses, and change in accounting principle	N	$	398,817		386,357		376,806		364,768		329,725
Return on average assets
GAAP	A/K		1.22	%	1.26		1.12		1.16		1.21
Excluding merger-related and restructuring expenses	B/M		1.27		1.31		1.20		1.23		1.28
Return on average tangible assets
GAAP	A/L		1.26		1.30		1.16		1.20		1.26
Cash basis	C/N		1.38	%	1.42		1.32		1.36		1.43

PAGE 22

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

		2004					2003
(Dollars in millions, except per share data)	*	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
OVERHEAD EFFICIENCY RATIOS
Noninterest expense (GAAP)	O	$	3,487		3,656		3,766		3,570		3,001
Merger-related and restructuring expenses (GAAP)			(102	)	(99	)	(135	)	(148	)	(96	)
Noninterest expense, excluding merger-related and restructuring expenses	P		3,385		3,557		3,631		3,422		2,905
Other intangible amortization (GAAP)			(107	)	(112	)	(120	)	(127	)	(131	)
Noninterest expense (Cash basis)	Q	$	3,278		3,445		3,511		3,295		2,774
Net interest income (GAAP)		$	2,838		2,861		2,877		2,653		2,540
Tax-equivalent adjustment			65		62		65		64		63
Net interest income (Tax-equivalent)		$	2,903		2,923		2,942		2,717		2,603
Fee and other income (GAAP)			2,599		2,757		2,604		2,616		2,158
Total	R	$	5,502		5,680		5,546		5,333		4,761
Retail Brokerage Services, excluding insurance
Noninterest expense (GAAP)	S	$	908		989		957		941		472
Net interest income (GAAP)		$	117		107		82		69		30
Tax-equivalent adjustment			—		—		1		—		—
Net interest income (Tax-equivalent)			117		107		83		69		30
Fee and other income (GAAP)			907		1,031		1,008		1,001		532
Total	T	$	1,024		1,138		1,091		1,070		562
Overhead efficiency ratios
GAAP	O/R		63.40	%	64.36		67.90		66.95		63.03
Excluding merger-related and restructuring expenses	P/R		61.54		62.61		65.45		64.18		61.02
Excluding merger-related and restructuring expenses, and brokerage	P-S/R-T		55.34		56.53		60.00		58.23		57.93
Cash basis	Q/R		59.60		60.64		63.28		61.79		58.27
Cash basis excluding brokerage	Q-S/R-T		52.95	%	54.06		57.30		55.24		54.81
OPERATING LEVERAGE
Operating leverage (GAAP)		$	(11	)	244		18		2		(1	)
After tax merger-related and restructuring expenses (GAAP)			3		(36	)	(12	)	52		31
Operating leverage, excluding merger-related and restructuring expenses			(8	)	208		6		54		30
After tax other intangible amortization (GAAP)			(5	)	(8	)	(7	)	(4	)	(9	)
Operating leverage (Cash basis)		$	(13	)	200		(1	)	50		21
DIVIDEND PAYOUT RATIOS ON COMMON SHARES
Dividends paid per common share	U	$	0.40		0.40		0.35		0.35		0.29
Diluted earnings per common share (GAAP)	V	$	0.95		0.94		0.83		0.83		0.77
Merger-related and restructuring expenses (GAAP)			0.03		0.04		0.05		0.06		0.04
Other intangible amortization (GAAP)			0.05		0.05		0.06		0.05		0.06
Change in accounting principle (GAAP)			—		—		—		(0.01	)	—
Diluted earnings per common share (Cash basis)	W	$	1.03		1.03		0.94		0.93		0.87
Dividend payout ratios (GAAP)
GAAP	U/V		42.11	%	42.55		42.17		42.17		37.66
Cash basis	U/W		38.83	%	38.83		37.23		37.63		33.33

* The letter included in the columns are provided to show how the various ratios presented in the tables on pages 21 and 22 are calculated. For example, return on average assets on a GAAP basis is calculated by dividing income before change in accounting principle (GAAP) by average assets (GAAP) (i.e., A/K) and annualized where appropriate.