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|Wilmington Trust Corporation|
|Rodney Square North|
|1100 North Market Street|
|Wilmington, DE 19890-0001|
|||Sharp declines in the carrying value of some of the securities in the investment portfolio, and the determination that, under U.S. generally accepted accounting principles (GAAP), these declines were other-than-temporary. This required the company to record $98.4 million of securities losses. On an after-tax basis, these losses reduced fourth quarter net income by $62.4 million, or $0.91 per share.|
|||An increase in the provision for loan losses, which rose from $19.6 million for the 2008 third quarter to $67.5 million for the 2008 fourth quarter. As disclosed on January 7, 2009, this increase was caused by changes in the status of commercial and consumer loans due to rapid deterioration in the mid-Atlantic regional economy, downgrades in internal risk ratings, reductions in appraised values, higher loan charge-offs, and higher levels of nonperforming loans.|
|||Total securities losses of $130.6 million. In addition to the $98.4 million recorded in the fourth quarter, securities losses were recorded in the second and third quarters that totaled $32.3 million and reduced net income by $20.5 million on an after-tax basis. (There also was an unrelated securities gain in the second quarter of $0.1 million). The second and third quarter securities losses were on|
The following information was filed by Wilmington Trust Corp (WL) on Friday, January 30, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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