Attached files
Exhibit (99)(b)
Wachovia Bank, National Association
Unaudited Financial Information
For the Year Ended December 31, 2008
The “Bank” as noted herein refers to Wachovia Bank, National Association.
WACHOVIA BANK, NATIONAL ASSOCIATION
Supplementary Income Statement Information
(Unaudited)
| Year Ended December 31, 2008 |
||||
| (In millions) |
||||
| INTEREST INCOME |
||||
| Interest and fees on loans |
$ | 22,425 | ||
| Interest and dividends on securities |
5,219 | |||
| Trading account interest |
1,203 | |||
| Other interest income |
1,155 | |||
| Total interest income |
30,002 | |||
| INTEREST EXPENSE |
||||
| Interest on deposits |
9,286 | |||
| Interest on borrowings |
4,764 | |||
| Total interest expense |
14,050 | |||
| Net interest income |
15,952 | |||
| Provision for credit losses |
16,769 | |||
| Net interest income after provision for credit losses |
(817 | ) | ||
| FEE AND OTHER INCOME |
||||
| Service charges and fees |
4,765 | |||
| Commissions |
12 | |||
| Fiduciary and asset management fees |
1,335 | |||
| Principal investing |
7 | |||
| Other income |
(2,441 | ) | ||
| Total fee and other income |
3,678 | |||
| NONINTEREST EXPENSE |
||||
| Salaries and employee benefits |
6,544 | |||
| Occupancy and equipment |
2,098 | |||
| Other intangible amortization |
232 | |||
| Sundry expense |
7,451 | |||
| Total noninterest expense |
16,325 | |||
| Minority interest in income of consolidated subsidiaries |
83 | |||
| Loss before income tax benefit |
(13,547 | ) | ||
| Income tax benefit |
(4,725 | ) | ||
| Net loss |
$ | (8,822 | ) | |
2
WACHOVIA BANK, NATIONAL ASSOCIATION
Supplementary Statement of Changes in Stockholder’s Equity Information
(Unaudited)
| Year Ended December 31, 2008 |
||||
| (In millions) |
||||
| COMMON STOCK |
||||
| Balance, December 31, 2007 |
$ | 455 | ||
| Purchases of common stock |
— | |||
| Common stock issued |
— | |||
| Common stock issued for Stock options and restricted stock |
— | |||
| Acquisitions |
— | |||
| Balance, December 31, 2008 |
455 | |||
| ADDITIONAL PAID-IN CAPITAL |
||||
| Balance, December 31, 2007 |
53,925 | |||
| Preferred shares issued |
— | |||
| Purchases of common stock |
— | |||
| Common stock issued |
— | |||
| Common stock issued for Stock options and restricted stock |
— | |||
| Acquisitions |
— | |||
| Contributed capital |
28,500 | |||
| Changes incident to business combinations |
(25,110 | ) | ||
| Deferred compensation, net |
— | |||
| Balance, December 31, 2008 |
57,315 | |||
| RETAINED EARNINGS |
||||
| Balance, December 31, 2007 |
18,997 | |||
| Cumulative effect of an accounting change, net of income taxes |
(28 | ) | ||
| Purchases of common stock |
— | |||
| Net income |
(8,822 | ) | ||
| Acquisitions |
— | |||
| Changes incident to business combinations |
(10,147 | ) | ||
| Cash dividends |
— | |||
| Noncash dividends |
— | |||
| Balance, December 31, 2008 |
— | |||
| ACCUMULATED OTHER COMPREHENSIVE INCOME, NET |
||||
| Balance, December 31, 2007 |
(974 | ) | ||
| Minimum pension liability |
— | |||
| Net unrealized losses on debt and equity securities and on derivative financial instruments |
|
938 |
| |
| Changes incident to business combinations |
36 | |||
| Balance, December 31, 2008 |
— | |||
| Total stockholder’s equity, December 31, 2008 |
$ | 57,770 | ||
3
WACHOVIA BANK, NATIONAL ASSOCIATION
Supplementary Statement of Cash Flows Information
(Unaudited)
| Year Ended December 31, 2008 |
||||
| (In millions) |
||||
| OPERATING ACTIVITIES |
||||
| Net loss |
$ | (8,822 | ) | |
| Adjustments to reconcile net income to net cash provided (used) by operating activities |
||||
| Accretion and amortization of securities discounts and premiums, net |
11 | |||
| Provision for credit losses |
16,726 | |||
| Loss on securitization transactions |
350 | |||
| Gain on sale of mortgage servicing rights |
(1 | ) | ||
| Securities transactions. . . |
3,430 | |||
| Depreciation and other amortization |
949 | |||
| Trading account assets, net |
8,034 | |||
| Loss on sales of premises and equipment |
6 | |||
| Valuation losses on bank-owned separate account life insurance |
314 | |||
| Loans held for sale, net |
7,034 | |||
| Deferred interest on certain loans |
(556 | ) | ||
| Other assets, net |
(11,836 | ) | ||
| Trading account liabilities, net |
(2,398 | ) | ||
| Other liabilities, net |
(6,042 | ) | ||
| Net cash provided by operating activities |
7,199 | |||
| INVESTING ACTIVITIES |
||||
| Increase (decrease) in cash realized from |
||||
| Sales of securities |
82,799 | |||
| Maturities of securities |
147,407 | |||
| Purchases of securities |
(186,511 | ) | ||
| Origination of loans, net |
(6,379 | ) | ||
| Sales of premises and equipment |
529 | |||
| Purchases of premises and equipment |
(1,516 | ) | ||
| Goodwill and other intangible assets |
(7,901 | ) | ||
| Purchase of bank-owned separate account life insurance, net |
2,103 | |||
| Net cash provided by investing activities |
30,531 | |||
| FINANCING ACTIVITIES |
||||
| Increase (decrease) in cash realized from |
||||
| Decrease in deposits, net |
(30,192 | ) | ||
| Securities sold under repurchase agreements and other short-term borrowings, net |
39,450 | |||
| Issuances of long-term debt |
27,839 | |||
| Payments of long-term debt |
(31,928 | ) | ||
| Capital contributed from Parent |
28,500 | |||
| Net cash provided by financing activities |
33,669 | |||
| Increase in cash and cash equivalents |
71,399 | |||
| Cash and cash equivalents, beginning of year |
25,119 | |||
| Cash and cash equivalents, end of year |
$ | 96,518 | ||
| CASH PAID FOR |
||||
| Interest |
$ | 14,430 | ||
| Income taxes |
1,759 | |||
| NONCASH ITEMS |
||||
| Transfer to securities from loans held for sale resulting from securitizations |
3,111 | |||
| Transfer to trading account assets from securities |
6,077 | |||
| Transfer to loans from loans held for sale |
2,210 | |||
| Cumulative effect of an accounting change, net of income taxes |
$ | (28 | ) | |
4