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Exhibit 99
|
Wilmington Trust Corporation
Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 |
News Release
FOR IMMEDIATE RELEASE
WILMINGTON TRUST ANNOUNCES 2009 FOURTH QUARTER RESULTS
Wilmington, Del., January 29, 2010 – Wilmington Trust Corporation (NYSE: WL) reported a loss
of $11.2 million for the 2009 fourth quarter and a loss of $4.4 million for the 2009 full year.
The net
loss available to common shareholders was $15.7 million for the 2009 fourth quarter and $22.7
million for the 2009 full year. On a fully diluted basis, the net loss available to common
shareholders was
$0.23 per share for the 2009 fourth quarter and $0.33 per share for the 2009 full year.
The main factors in 2009 fourth quarter and full-year results were:
| • | Increases in advisory revenue, driven largely by growth in the Corporate Client Services business. |
| • | Increases in the provision for loan losses, which reduced net interest income. The provision reflected higher levels of nonperforming loans and charge-offs, as well as risk rating downgrades, primarily in the commercial construction portfolio. |
| • | Securities losses, due mainly to other-than-temporary impairments of pooled trust-preferred securities (TruPS) in the investment securities portfolio. |
| • | Preferred stock dividends and discount accretion, which affected the net loss available to common shareholders. |
“While recessionary pressures on our borrowers increased credit costs and reduced net interest
income, our Corporate Client Services business recorded its best quarter ever, and our Wealth
Advisory Services business continued to do well amid difficult market conditions,” said Ted T.
Cecala, Wilmington Trust chairman and chief executive officer. “Our 2009 financial performance
underscores the benefits of our diversified business model, as growth in revenue from our fee-based
businesses mitigated the recession’s negative effects on our banking business.”
The company’s capital position remained strong. At December 31, 2009, all regulatory capital
ratios exceeded 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.
1
The following information was filed by Wilmington Trust Corp (WL) on Friday, January 29, 2010 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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Wilmington Trust Corp provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: WL
CIK: 872821
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-015087
Submitted to the SEC: Mon Feb 22 2010 3:11:01 PM EST
Accepted by the SEC: Mon Feb 22 2010
Period: Thursday, December 31, 2009
Industry: State Commercial Banks
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