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

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