W HOLDING COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

AND OF COMPREHENSIVE INCOME (UNAUDITED)

(IN THOUSANDS)

Nine Months Ended

September 30,

2001

2000

Changes in Stockholders' Equity:

     Preferred stock:

          Balance at beginning of period

 $     3,220

 $     3,220

          Issuance of preferred stock

        4,000

              -  

          Balance at end of period

        7,220

        3,220

     Common stock:

          Balance at beginning of period

      41,502

      42,000

          Purchase and retirement of common stock

              -  

         (485)

          Balance at end of period

      41,502

      41,515

     Paid-in-capital:

          Balance at beginning of period

      95,313

      99,596

          Issuance of preferred stock

      92,341

              -  

          Purchase and retirement of common stock

              -  

      (4,170)

          Balance at end of period

    187,654

      95,426

     Reserve fund:

          Balance at beginning of period

      17,302

      12,843

          Transfer from undivided profits

        4,599

        3,352

          Balance at end of period

      21,901

      16,195

     Undivided profits:

          Balance at beginning of period

      93,241

      67,218

          Net income

      45,987

      33,514

          Cash dividends on common stock

      (7,781)

      (6,231)

          Cash dividends on preferred stock

      (6,941)

      (4,348)

          Transfer to reserve fund

      (4,599)

      (3,352)

          Balance at end of period

    119,907

      86,801

     Accumulated other comprehensive income:

          Balance at beginning of period

             40

      (1,058)

          Cummulative effect of change in accounting

for derivative intruments

           135

              -  

          Other comprehensive income (loss)

         (875)

           641

          Balance at end of period

         (700)

         (417)

Total Stockholders' Equity

 $ 377,484

 $ 242,740

Comprehensive income:

          Net income

 $   45,987

 $   33,514

          Other comprehensive income (loss), net of income tax:

            Unrealized net gains (losses) on securities available available for sale:

               Arising during the period

         (652)

           219

               Reclassification adjustment for losses included in net income

           346

           422

         (306)

           641

     Cash flow hedges:

              Adoption of SFAS 133

           135

              -  

              Unrealized net derivative losses arising during the period

         (569)

              -  

         (434)

              -  

Net change in other comprehensive income (loss), net of income tax

         (740)

           641

Total Comprehensive Income

 $   45,247

 $   34,155

See Notes to Consolidated Financial Statements.

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