Two Southern banking companies released largely different profit reports for the fourth quarter on Wednesday.

Wachovia Corp., headquartered in Winston-Salem, N.C., reported net income of $244.7 million, a decline of 6.9% from the year before. The drop was partially fueled by more than $25 million of charges taken during the quarter, the company said. Excluding this and other charges, operating earnings dropped 3.5%, to $257.4 million.

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