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, 2006			December 31, 2005
ASSETS
Cash and due from banks	$	11,850		15,072
Interest-bearing bank balances		5,270		2,638
Federal funds sold and securities purchased under resale agreements (carrying amount of collateral held $10,198 at September 30, 2006, $4,069 repledged)		18,497		19,915
Total cash and cash equivalents		35,617		37,625
Trading account assets		43,904		42,704
Securities		107,826		114,889
Loans, net of unearned income		290,759		259,015
Allowance for loan losses		(3,004	)	(2,724	)
Loans, net		287,755		256,291
Loans held for sale		9,039		6,405
Premises and equipment		5,536		4,910
Due from customers on acceptances		1,200		824
Goodwill		23,535		21,807
Other intangible assets		1,355		1,208
Other assets		44,155		34,092
Total assets	$	559,922		520,755
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-bearing deposits		63,880		67,487
Interest-bearing deposits		259,418		257,407
Total deposits		323,298		324,894
Short-term borrowings		58,749		61,953
Bank acceptances outstanding		1,213		892
Trading account liabilities		19,553		17,598
Other liabilities		16,513		15,986
Long-term debt		86,419		48,971
Total liabilities		505,745		470,294
Minority interest in net assets of consolidated subsidiaries		2,997		2,900
STOCKHOLDERS’ EQUITY
Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at September 30, 2006		—		—
Non-Cumulative Perpetual Class A Preferred Stock, Series I, $100,000 liquidation preference per share, 25,010 shares authorized		—		—
Common stock, $3.33-1/3 par value; authorized 3 billion shares, outstanding 1.581 billion shares at September 30, 2006		5,271		5,189
Paid-in capital		34,276		31,172
Retained earnings		12,696		11,973
Accumulated other comprehensive income, net		(1,063	)	(773	)
Total stockholders’ equity		51,180		47,561
Total liabilities and stockholders’ equity	$	559,922		520,755

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)	2006		2005	2006	2005
INTEREST INCOME
Interest and fees on loans	$	5,096	3,588	14,240	10,124
Interest and dividends on securities		1,692	1,434	4,942	4,297
Trading account interest (a)		401	387	1,113	1,119
Other interest income		595	635	1,600	1,659
Total interest income		7,784	6,044	21,895	17,199
INTEREST EXPENSE
Interest on deposits		2,238	1,408	6,052	3,679
Interest on short-term borrowings		860	742	2,333	2,013
Interest on long-term debt		1,145	507	2,838	1,349
Total interest expense		4,243	2,657	11,223	7,041
Net interest income		3,541	3,387	10,672	10,158
Provision for credit losses		108	82	228	168
Net interest income after provision for credit losses		3,433	3,305	10,444	9,990
FEE AND OTHER INCOME
Service charges		638	555	1,834	1,596
Other banking fees		427	385	1,304	1,091
Commissions (a)		562	598	1,773	1,770
Fiduciary and asset management fees (a)		823	749	2,392	2,221
Advisory, underwriting and other investment banking fees		292	294	912	784
Trading account profits (a)		123	160	506	317
Principal investing		91	166	383	266
Securities gains		94	29	71	163
Other income (a)		415	322	1,390	1,022
Total fee and other income		3,465	3,258	10,565	9,230
NONINTEREST EXPENSE
Salaries and employee benefits		2,531	2,476	7,880	7,201
Occupancy		284	260	850	781
Equipment		291	276	870	810
Advertising		54	50	157	142
Communications and supplies		158	158	487	478
Professional and consulting fees		200	167	551	449
Other intangible amortization		92	101	282	323
Merger-related and restructuring expenses		38	83	130	234
Sundry expense		397	433	1,338	1,246
Total noninterest expense		4,045	4,004	12,545	11,664
Minority interest in income of consolidated subsidiaries		104	104	289	239
Income before income taxes		2,749	2,455	8,175	7,317
Income taxes		872	790	2,685	2,381
Net income	$	1,877	1,665	5,490	4,936
PER COMMON SHARE DATA
Basic earnings	$	1.19	1.07	3.49	3.16
Diluted earnings		1.17	1.06	3.43	3.10
Cash dividends	$	0.56	0.51	1.58	1.43
AVERAGE COMMON SHARES
Basic		1,573	1,549	1,571	1,561
Diluted		1,600	1,575	1,600	1,590

(a) Amounts presented in 2005 have been reclassified to conform to the presentation in 2006.