Exhibit (99)(c)
WACHOVIA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | |
| | March 31,
| | | December 31,
| |
(In millions, except per share data)
| | 2007
| | | 2006
| |
ASSETS | | | | | | | |
Cash and due from banks | | $ | 12,593 | | | 15,826 | |
Interest-bearing bank balances | | | 3,451 | | | 2,167 | |
Federal funds sold and securities purchased under resale agreements | | | 10,322 | | | 16,923 | |
| |
|
|
| |
|
|
Total cash and cash equivalents | | | 26,366 | | | 34,916 | |
| |
|
|
| |
|
|
Trading account assets | | | 50,752 | | | 45,529 | |
Securities | | | 106,841 | | | 108,619 | |
Loans, net of unearned income | | | 421,663 | | | 420,158 | |
Allowance for loan losses | | | (3,378 | ) | | (3,360 | ) |
| |
|
|
| |
|
|
Loans, net | | | 418,285 | | | 416,798 | |
| |
|
|
| |
|
|
Loans held for sale | | | 15,032 | | | 12,568 | |
Premises and equipment | | | 6,058 | | | 6,141 | |
Due from customers on acceptances | | | 992 | | | 855 | |
Goodwill | | | 38,838 | | | 38,379 | |
Other intangible assets | | | 1,570 | | | 1,635 | |
Other assets | | | 41,672 | | | 41,681 | |
| |
|
|
| |
|
|
Total assets | | $ | 706,406 | | | 707,121 | |
| |
|
|
| |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | |
Deposits | | | | | | | |
Noninterest-bearing deposits | | | 63,399 | | | 66,572 | |
Interest-bearing deposits | | | 344,749 | | | 340,886 | |
| |
|
|
| |
|
|
Total deposits | | | 408,148 | | | 407,458 | |
Short-term borrowings | | | 47,144 | | | 49,157 | |
Bank acceptances outstanding | | | 1,004 | | | 863 | |
Trading account liabilities | | | 18,150 | | | 18,228 | |
Other liabilities | | | 16,741 | | | 20,004 | |
Long-term debt | | | 142,334 | | | 138,594 | |
| |
|
|
| |
|
|
Total liabilities | | | 633,521 | | | 634,304 | |
| |
|
|
| |
|
|
Minority interest in net assets of consolidated subsidiaries | | | 3,099 | | | 3,101 | |
| |
|
|
| |
|
|
STOCKHOLDERS’ EQUITY | | | | | | | |
Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at March 31, 2007 | | | — | | | — | |
Common stock, $3.33-1/3 par value; authorized 3 billion shares, outstanding 1.913 billion shares at March 31, 2007 | | | 6,378 | | | 6,347 | |
Paid-in capital | | | 51,964 | | | 51,746 | |
Retained earnings | | | 13,378 | | | 13,723 | |
Accumulated other comprehensive income, net | | | (1,934 | ) | | (2,100 | ) |
| |
|
|
| |
|
|
Total stockholders’ equity | | | 69,786 | | | 69,716 | |
| |
|
|
| |
|
|
Total liabilities and stockholders’ equity | | $ | 706,406 | | | 707,121 | |
| |
|
|
| |
|
|
WACHOVIA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| | | | | | |
| | Three Months Ended March 31,
| |
(In millions, except per share data)
| | 2007
| | 2006
| |
INTEREST INCOME | | | | | | |
Interest and fees on loans | | $ | 7,618 | | 4,321 | |
Interest and dividends on securities | | | 1,478 | | 1,565 | |
Trading account interest | | | 433 | | 325 | |
Other interest income | | | 619 | | 496 | |
| |
|
| |
|
|
Total interest income | | | 10,148 | | 6,707 | |
| |
|
| |
|
|
INTEREST EXPENSE | | | | | | |
Interest on deposits | | | 3,061 | | 1,779 | |
Interest on short-term borrowings | | | 670 | | 718 | |
Interest on long-term debt | | | 1,957 | | 720 | |
| |
|
| |
|
|
Total interest expense | | | 5,688 | | 3,217 | |
| |
|
| |
|
|
Net interest income | | | 4,460 | | 3,490 | |
Provision for credit losses | | | 177 | | 61 | |
| |
|
| |
|
|
Net interest income after provision for credit losses | | | 4,283 | | 3,429 | |
| |
|
| |
|
|
FEE AND OTHER INCOME | | | | | | |
Service charges | | | 614 | | 574 | |
Other banking fees | | | 416 | | 428 | |
Commissions | | | 659 | | 623 | |
Fiduciary and asset management fees | | | 920 | | 761 | |
Advisory, underwriting and other investment banking fees | | | 407 | | 302 | |
Trading account profits | | | 168 | | 219 | |
Principal investing | | | 48 | | 103 | |
Securities gains (losses) | | | 53 | | (48 | ) |
Other income | | | 456 | | 555 | |
| |
|
| |
|
|
Total fee and other income | | | 3,741 | | 3,517 | |
| |
|
| |
|
|
NONINTEREST EXPENSE | | | | | | |
Salaries and employee benefits | | | 2,972 | | 2,697 | |
Occupancy | | | 312 | | 275 | |
Equipment | | | 307 | | 280 | |
Advertising | | | 61 | | 47 | |
Communications and supplies | | | 173 | | 167 | |
Professional and consulting fees | | | 177 | | 167 | |
Other intangible amortization | | | 118 | | 92 | |
Merger-related and restructuring expenses | | | 10 | | 68 | |
Sundry expense | | | 458 | | 446 | |
| |
|
| |
|
|
Total noninterest expense | | | 4,588 | | 4,239 | |
| |
|
| |
|
|
Minority interest in income of consolidated subsidiaries | | | 136 | | 95 | |
| |
|
| |
|
|
Income before income taxes | | | 3,300 | | 2,612 | |
Income taxes | | | 998 | | 884 | |
| |
|
| |
|
|
Net income | | $ | 2,302 | | 1,728 | |
| |
|
| |
|
|
PER COMMON SHARE DATA | | | | | | |
Basic earnings | | $ | 1.22 | | 1.11 | |
Diluted earnings | | | 1.20 | | 1.09 | |
Cash dividends | | $ | 0.56 | | 0.51 | |
AVERAGE COMMON SHARES | | | | | | |
Basic | | | 1,894 | | 1,555 | |
Diluted | | | 1,925 | | 1,586 | |
| |
|
| |
|
|