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Wachovia Releases World Savings Bank January Statistical Data
CHARLOTTE, N.C., Feb. 15 /PRNewswire-FirstCall/ -- Wachovia Corp. today released the World Savings Bank financial highlights report for the month ending Jan. 31, 2007. Key indicators included:
- Loan and mortgage-backed securities portfolio of $122.5 billion
compared with $123.0 billion at the end of December.
- Loan originations of $2.7 billion, including $840 million of Fixed Rate
Pick-A-Payment loan product.
- Portfolio margin remained relatively stable; the loan portfolio
repriced up 2 basis points:
- $52.9 billion of the loan portfolio supported by wholesale funding,
the costs of which remained relatively flat as the 90-day LIBOR rate
was unchanged at 5.36 percent.
- $69.4 billion of the loan portfolio funded at a Cost of Savings rate
of 4.73 percent, which rose 4 basis points from the end of December.
- Deposits of $69.4 billion remained relatively stable.
- Nonperforming assets of $766 million rose 5 basis points to 61 basis
points of total loans and mortgage-backed securities:
- World Savings loans classified as nonperforming by 90 days past due.
- 68 percent average loan-to-collateral value for nonperforming loans.
"We are pleased with our progress on the Golden West integration and the additional opportunities for Wachovia," said Tom Wurtz, Wachovia chief financial officer. "The introduction of new loan and deposit products within the World Savings franchise is aiding results in the face of an unfavorable yield curve environment and lower activity overall." In November, Wachovia launched a Fixed Rate Pick-A-Payment loan product, which represented 31 percent of World Savings loan originations in January. In February, World Savings Bank branches began offering Free Checking with no direct deposit requirement and no minimum balance, as well as free Online BillPay throughout its footprint. Currently Wachovia has 385 mortgage consultants, including 185 added in February, in its financial centers focused on originating Pick-A-Payment and other mortgage products to its customer base. Plans are to have 800 mortgage consultants trained on all mortgage product offerings by the end of this year. About Wachovia Wachovia Corporation (NYSE: WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states with 3,375 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 750 offices in 47 states and through service affiliate offices in Latin America, and corporate and investment banking in selected corporate and institutional sectors globally. Other nationwide businesses include mortgage lending in all 50 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. At Dec. 31, 2006, Wachovia had assets of $707 billion and market capitalization of $108 billion. World Savings Financial Highlights (1)
2007 2006
(Dollars in millions) JAN DEC NOV OCT
Loans and MBS $122,503 122,988 123,754 124,550
Adjustable Rate Mortgages and MBS 117,345 119,140 120,502 121,458
Deferred Interest included in
Loans and MBS 1,713 1,571 1,448 1,333
Loans Originated - Month $2,742 2,982 3,224 3,585
Percentage Pick-A-Pay Loans and
Other ARMs - Month 100 % 99 99 99
Percentage Refinances - Month 90 % 88 89 87
Loans Originated - YTD $2,742 44,730 41,748 38,524
Percentage Pick-A-Pay Loans and
Other ARMs - YTD 100 % 99 99 99
Percentage Refinances - YTD 90 % 85 85 85
Total Deposits $69,388 69,212 68,498 68,020
Total Deposit Net Activity - Month 176 714 478 1,380
Total Deposit Net Activity - YTD $176 9,054 8,340 7,862
Yield on Loan Portfolio 7.74 % 7.72 7.68 7.59
Cost of Savings 4.73 4.69 4.65 4.60
3-Month LIBOR 5.36 % 5.36 5.37 5.37
Loans Sold $1 22 118 130
Loan and MBS Repayments and
Payoffs - Month $3,563 3,873 3,846 3,751
As a % of Prior Month Loan
Balances (Annualized) 35.07 % 37.88 37.57 36.34
Equivalent Constant Prepayment
Rate 29.95 31.95 31.73 30.86
Nonperforming Assets and Troubled Debt
Restructured as a % of Total
Loans & MBS (2) 0.61 0.56 0.53 0.48
ARM Index Values:
COSI 4.690 4.650 4.600 4.490
CODI 5.153 5.081 4.997 4.897
COFI 4.358 % 4.346 4.382 4.277
World Savings Financial Highlights (1)
2006
(Dollars in millions) SEP AUG JUL
Loans and MBS $124,808 124,563 124,054
Adjustable Rate Mortgages and MBS 121,754 121,477 120,977
Deferred Interest included in Loans
and MBS 1,209 1,107 1,013
Loans Originated - Month $3,617 4,363 3,702
Percentage Pick-A-Pay Loans and
Other ARMs - Month 99 99 99
Percentage Refinances - Month 87 86 85
Loans Originated - YTD $34,939 31,322 26,959
Percentage Pick-A-Pay Loans and
Other ARMs - YTD 99 99 99
Percentage Refinances - YTD 85 84 84
Total Deposits $66,640 65,425 63,114
Total Deposit Net Activity - Month 1,215 2,311 880
Total Deposit Net Activity - YTD $6,482 5,267 2,956
Yield on Loan Portfolio 7.46 7.30 7.17
Cost of Savings 4.49 4.34 4.11
3-Month LIBOR 5.37 5.40 5.47
Loans Sold $96 121 98
Loan and MBS Repayments and Payoffs
- Month $3,349 3,913 3,285
As a % of Prior Month Loan
Balances (Annualized) 32.51 38.13 32.15
Equivalent Constant Prepayment Rate 28.08 32.12 27.81
Nonperforming Assets and Troubled Debt
Restructured as a % of Total Loans
& MBS (2) 0.46 0.43 0.42
ARM Index Values:
COSI 4.340 4.110 3.940
CODI 4.774 4.640 4.483
COFI 4.177 4.090 3.884
World Savings Financial Highlights (1)
2006
(Dollars in millions) JUN MAY APR
Loans and MBS $123,518 123,381 122,835
Adjustable Rate Mortgages and MBS 120,488 120,304 119,844
Deferred Interest included in Loans
and MBS 915 832 738
Loans Originated - Month $3,907 3,968 3,816
Percentage Pick-A-Pay Loans and
Other ARMs - Month 99 % 99 99
Percentage Refinances - Month 84 % 83 85
Loans Originated - YTD $23,257 19,350 15,382
Percentage Pick-A-Pay Loans and
Other ARMs - YTD 99 % 99 99
Percentage Refinances - YTD 84 % 84 85
Total Deposits $62,234 61,650 61,063
Total Deposit Net Activity - Month 584 587 (520)
Total Deposit Net Activity - YTD $2,076 1,492 905
Yield on Loan Portfolio 7.04 % 6.93 6.82
Cost of Savings 3.94 3.79 3.66
3-Month LIBOR 5.48 % 5.24 5.13
Loans Sold $118 118 94
Loan and MBS Repayments and Payoffs
- Month $3,767 3,553 3,224
As a % of Prior Month Loan
Balances (Annualized) 36.91 % 34.96 31.87
Equivalent Constant Prepayment Rate 31.26 29.87 27.60
Nonperforming Assets and Troubled Debt
Restructured as a % of Total Loans
& MBS (2) 0.39 0.36 0.37
ARM Index Values:
COSI 3.790 3.660 3.560
CODI 4.318 4.158 3.996
COFI 3.759 % 3.624 3.604
World Savings Financial Highlights (1)
2006
(Dollars in millions) MAR FEB JAN
Loans and MBS $122,300 121,526 120,521
Adjustable Rate Mortgages and MBS 119,240 118,407 117,519
Deferred Interest included in Loans
and MBS 666 589 522
Loans Originated - Month $4,472 3,520 3,574
Percentage Pick-A-Pay Loans and
Other ARMs - Month 99 99 99
Percentage Refinances - Month 85 86 83
Loans Originated - YTD $11,566 7,094 3,574
Percentage Pick-A-Pay Loans and
Other ARMs - YTD 99 99 99
Percentage Refinances - YTD 84 84 83
Total Deposits $61,583 61,056 60,523
Total Deposit Net Activity - Month 527 533 365
Total Deposit Net Activity - YTD $1,425 898 365
Yield on Loan Portfolio 6.71 6.60 6.49
Cost of Savings 3.56 3.46 3.36
3-Month LIBOR 5.00 4.82 4.68
Loans Sold $77 67 52
Loan and MBS Repayments and Payoffs
- Month $3,683 2,681 2,526
As a % of Prior Month Loan
Balances (Annualized) 36.63 26.88 25.58
Equivalent Constant Prepayment Rate 31.07 23.80 22.78
Nonperforming Assets and Troubled Debt
Restructured as a % of Total
Loans & MBS (2) 0.36 0.36 0.34
ARM Index Values:
COSI 3.460 3.360 3.240
CODI 3.837 3.674 3.512
COFI 3.347 3.296 3.190
(1) Excludes the effect of purchase accounting adjustments.
(2) Nonperforming assets and troubled debt previously reported as a % of
Total Assets have been restated for prior periods.
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