Part I. Financial Information

Item I. Financial Statements

W HOLDING COMPANY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(DOLLARS IN THOUSANDS, EXCEPT SHARE DATA)

September 30,

December 31,

2001

2000

ASSETS

Cash and due from banks

 $           49,940

 $          45,936

Money market instruments:

     Federal funds sold and securities purchased under agreements to resell

            139,508

           169,309

     Interest bearing deposits with banks

              14,398

             11,305

Trading securities, at fair value

                     50

               2,161

Investment securities available for sale, at fair value

              73,552

             27,806

Investment securities held to maturity, with a fair value of

   $2,029,514 in 2001 and $1,620,264 in 2000

         2,023,361

        1,656,687

Federal Home Loan Bank stock, at cost

              38,450

             29,800

Mortgage loans held for sale, at lower of cost or market

                3,127

               4,640

Loans, net of allowance for loan losses of $38,282 in 2001

   and $28,928 in 2000

         2,670,270

        2,203,660

Accrued interest receivable

              35,473

             46,951

Premises and equipment, net

              40,254

             41,738

Other assets

              40,427

             20,864

     Total

 $      5,128,810

 $     4,260,857

                       

                      

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:

Deposits

 $      2,988,345

 $     2,636,695

Securities sold under agreements to repurchase

         1,560,655

        1,179,073

Advances from Federal Home Loan Bank

            120,000

           120,000

Term notes

              48,000

             48,000

Other liabilities

              34,326

             26,471

     Total liabilities

         4,751,326

        4,010,239

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:

Preferred stock $1.00 par value per share (liquidation preference $25 per share);

     20,000,000 shares authorized; 1,219,000 shares of 7.125% Non-cumulative,

     Convertible Preferred Stock, 1998 Series A, issued and outstanding; 2,001,000

     shares of 7.25% Non-cumulative Monthly Income Preferred Stock, 1999 Series

 

 

     B, issued and outstanding; 2,208,000 shares of 7.60% Non-cumulative Monthly

     Income Preferred Stock, 2001 Series C, issued and outstanding and

 

 

     1,791,999 shares of 7.40% Non-cummulative Monthly Income Preferred Stock,

     2001 Series D, issued and oustanding

                7,220

               3,220

Common stock - $1.00 par value per share; authorized 300,000,000

   shares; issued and outstanding 41,501,700

              41,502

             41,502

Paid in capital

            187,654

             95,313

Retained earnings:

     Reserve fund

              21,901

             17,302

     Undivided profits

            119,907

             93,241

Accumulated other comprehensive income (loss), net of income

tax of $209 in 2001 and $10 in 2000

                  (700)

                    40

     Total stockholders' equity

            377,484

           250,618

TOTAL

 $      5,128,810

 $     4,260,857

 

                       

                      

 

See Notes to Consolidated Financial Statements.