Surry Business

Bank of America Corp. said today its fourth-quarter 2007 earnings fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16 billion, in the quarter that ended Dec. 31, 2006.

Wachovia Corp. said its fourth-quarter profit fell to $51 million, or 3 cents per share, from $2.3 billion, or $1.20 per share, during the same three-month period a year earlier.

Both banks are headquartered in Charlotte. Bank of America has one Surry County office at 704 Independence Boulevard in Mount Airy. Wachovia has offices at 105 N. Crutchfield in Dobson, 554 N. Main in Mount Airy and 1500 N. Bridge in Elkin.

Bank of America, the nation’s second-largest bank, said its fourth-quarter revenue fell 31 percent to $12.67 billion. Analysts expected earnings of 18 cents per share on revenue of $13.24 billion, according to a poll by Thomson Financial.

Bank of America shares rose to around $37.00 in morning trading after the Federal Reserve Bank’s announcement of a 0.75 percent decrease in its overnight lending rate.

Excluding merger-related expenses, Wachovia earned $160 million, or 8 cents per share, during the fourth quarter. Analysts polled by Thomson Financial, on average, forecast earnings of 33 cents per share for the quarter.

Wachovia, the nation’s fourth-largest bank, took a $1.7 billion write-down during the quarter due to weakening credit markets. Because of rising delinquencies and defaults, Wachovia also set aside $1.5 billion to cover losses.

Wachovia shares rose to more than $31.00 after the Fed’s announcement.

For the full year, Bank of America reported earnings of $14.98 billion, or $3.30 per share, compared to $21.13 billion, or $4.59 cents per share, in 2006. The result was slightly better than analysts predicted.

For the full year, Wachovia earned $6.31 billion, or $3.31 per share, compared to $7.79 billion, or $4.72 per share, in 2006.