Wachovia Corp New (WBPS) 8-K Results of Operations and Financial Condition

Exhibit (99)(c)

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except per share data)	September 30, 2005			December 31, 2004
ASSETS
Cash and due from banks	$	12,976		11,714
Interest-bearing bank balances		2,492		4,441
Federal funds sold and securities purchased under resale agreements (carrying amount of collateral held $14,920 at September 30, 2005, $5,377 repledged)		27,083		22,436
Total cash and cash equivalents		42,551		38,591
Trading account assets		49,646		45,932
Securities		117,195		110,597
Loans, net of unearned income		239,733		223,840
Allowance for loan losses		(2,719	)	(2,757	)
Loans, net		237,014		221,083
Loans held for sale		18,038		12,988
Premises and equipment		5,352		5,268
Due from customers on acceptances		882		718
Goodwill		21,857		21,526
Other intangible assets		1,285		1,581
Other assets		38,561		35,040
Total assets	$	532,381		493,324
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-bearing deposits		68,402		64,197
Interest-bearing deposits		252,037		230,856
Total deposits		320,439		295,053
Short-term borrowings		78,184		63,406
Bank acceptances outstanding		932		755
Trading account liabilities		19,815		21,709
Other liabilities		16,504		15,507
Long-term debt		45,846		46,759
Total liabilities		481,720		443,189
Minority interest in net assets of consolidated subsidiaries		3,904		2,818
STOCKHOLDERS’ EQUITY
Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at September 30, 2005		—		—
Common stock, $3.33-1/3 par value; authorized 3 billion shares, outstanding 1.553 billion shares at September 30, 2005		5,178		5,294
Paid-in capital		30,821		31,120
Retained earnings		11,086		10,178
Accumulated other comprehensive income, net		(328	)	725
Total stockholders’ equity		46,757		47,317
Total liabilities and stockholders’ equity	$	532,381		493,324

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2005		2004		2005	2004
INTEREST INCOME
Interest and fees on loans	$	3,588	2,393		10,124	7,044
Interest and dividends on securities		1,434	1,156		4,297	3,407
Trading account interest		403	325		1,135	759
Other interest income		635	427		1,659	1,109
Total interest income		6,060	4,301		17,215	12,319
INTEREST EXPENSE
Interest on deposits		1,408	691		3,679	1,993
Interest on short-term borrowings		742	396		2,013	1,011
Interest on long-term debt		507	249		1,349	651
Total interest expense		2,657	1,336		7,041	3,655
Net interest income		3,403	2,965		10,174	8,664
Provision for credit losses		82	43		168	148
Net interest income after provision for credit losses		3,321	2,922		10,006	8,516
FEE AND OTHER INCOME
Service charges		555	499		1,596	1,459
Other banking fees		385	313		1,091	883
Commissions		615	568		1,817	1,981
Fiduciary and asset management fees		732	668		2,174	2,072
Advisory, underwriting and other investment banking fees		294	237		784	640
Trading account profits (losses)		146	(60	)	262	51
Principal investing		166	201		266	254
Securities gains (losses)		29	(71	)	163	(33	)
Other income		320	246		1,061	668
Total fee and other income		3,242	2,601		9,214	7,975
NONINTEREST EXPENSE
Salaries and employee benefits		2,476	2,118		7,201	6,464
Occupancy		260	234		781	687
Equipment		276	268		810	780
Advertising		50	46		142	142
Communications and supplies		158	149		478	457
Professional and consulting fees		167	134		449	369
Other intangible amortization		101	99		323	318
Merger-related and restructuring expenses		83	127		234	328
Sundry expense		433	496		1,246	1,287
Total noninterest expense		4,004	3,671		11,664	10,832
Minority interest in income of consolidated subsidiaries		104	28		239	130
Income before income taxes		2,455	1,824		7,317	5,529
Income taxes		790	561		2,381	1,763
Net income	$	1,665	1,263		4,936	3,766
PER COMMON SHARE DATA
Basic earnings	$	1.07	0.97		3.16	2.90
Diluted earnings		1.06	0.96		3.10	2.85
Cash dividends	$	0.51	0.40		1.43	1.20
AVERAGE COMMON SHARES
Basic		1,549	1,296		1,561	1,299
Diluted		1,575	1,316		1,590	1,321