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Exhibit 99
FOR IMMEDIATE RELEASE
WILMINGTON TRUST ANNOUNCES 2009 THIRD QUARTER RESULTS
Wilmington, Del., October 23, 2009 — Wilmington Trust Corporation (NYSE: WL) reported a loss of
$5.9 million, or $0.15 per diluted common share, for the third quarter of 2009. Earnings for the
quarter were offset by $38.1 million of losses on securities in the company’s investment portfolio.
On an after-tax basis, these securities losses reduced net income by approximately $23.6 million
and earnings by approximately $0.34 per diluted common share.
“The Corporate Client Services business recorded impressive revenue growth, the provision for loan
losses declined, the net interest margin improved, and there were numerous other positive
developments during the third quarter,” said Ted T. Cecala, Wilmington Trust chairman and chief
executive officer. “Unfortunately, recessionary pressures reduced the value of some of our
investment securities and triggered accounting rules that require us to write them down.”
The company’s capital position remained strong. All regulatory capital ratios improved from their 2009 second quarter levels, and all continued to exceed the amounts required by the Federal Reserve
Board to be considered well capitalized, both including and excluding the $330 million in Capital
Purchase Program funds the company received in December 2008 in exchange for issuing shares of
Wilmington Trust Series A preferred stock to the U.S. Department of the Treasury.
Positive aspects of third quarter results included:
| • | Growth in Corporate Client Services (CCS) revenue, which rose to $43.9 million. This was 28% higher than for the year-ago third quarter, and 6% higher than for the trailing (2009 second) quarter. The year-over-year growth was due mainly to the large retirement services acquisitions completed in 2008. The trailing quarter increase was due mainly to growing demand for default and bankruptcy administration services and successor loan agency services. CCS is providing successor trustee or other services for most of the largest bankruptcies filed over the past 12 months, including the General Motors bankruptcy. |
The following information was filed by Wilmington Trust Corp (WL) on Friday, October 23, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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WL Quarterly Reports
- 10-Q Quarterly Report May 2011
- 10-Q Quarterly Report November 2010
- 10-Q Quarterly Report August 2010
- 10-Q Quarterly Report May 2010
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10-Q Quarterly Report November 2009
