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March 15, 2007
Wachovia Releases World Savings Bank February Statistical Data

CHARLOTTE, NC – Wachovia Corp. today released the World Savings Bank financial highlights report for the month ended February 28, 2007.

Key indicators included:
Loan and mortgage-backed securities portfolio of $122.1 billion compared with $122.5 billion at the end of January
Loan originations of $3.0 billion increased 9.3 percent, including $1.4 billion of Fixed Rate Pick-A-Payment loan product
Portfolio margin remained relatively stable; the loan portfolio yield was flat at 7.74 percent
$52.1 billion of the loan portfolio supported by wholesale funding; the costs of which remained relatively flat as the 90-day LIBOR rate decreased 1 basis point to 5.35 percent
$70.0 billion of the loan portfolio funded at a Cost of Savings rate of 4.75 percent which rose 2 basis points from the end of January
Deposits of $70.0 billion increased $605 million
Nonperforming assets, including loans classified as nonaccrual by 90 days past due, of $856 million rose 7 basis points to 69 basis points of total loans and mortgage-backed securities
73 percent average loan-to-collateral value for nonperforming loans
"We are pleased with the growth in loan originations and deposits reflected in World Savings' February results," said Tom Wurtz, Wachovia chief financial officer. "We believe our continued commitment to World Savings' conservative origination and underwriting strategy will serve us well in this challenging environment. We remain optimistic about our ability to sell the Pick-A-Payment loan product through our various distribution channels which should help reduce the headwinds presented by the current yield curve environment."
Wachovia noted that the World Savings portfolio continues to perform as anticipated with the portfolio yield stabilizing, continuing growth in deferred interest and nonperforming assets increasing from unusually low levels.

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 service affiliate offices in Latin America, and corporate and investment banking serving clients 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 December 31, 2006, Wachovia had assets of $707 billion and market capitalization of $108 billion.
Forward-Looking Statements
This news release contains various forward-looking statements. A discussion of various factors that could cause Wachovia Corporation's actual results to differ materially from those expressed in such forward-looking statements is included in Wachovia's filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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Wachovia common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol WB. Before the September 1, 2001, merger of First Union and the former Wachovia, the common stock traded on the NYSE as FTU.

Information on this site dated after September 1, 2001, is provided under the Wachovia name, while historical information dated before September 1, 2001, is provided under the First Union name. Please note that historical information may have become out of date and should not be considered current. Wachovia does not undertake any obligation to update the information as a result of new information or subsequent developments. In addition, any forward-looking information is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could cause results to differ from expectations may be found in Wachovia's reports filed with the SEC.

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