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Wilmington Trust Announces 2010 First Quarter Results
WILMINGTON, Del.--(BUSINESS WIRE)--April 23, 2010--Wilmington Trust Corporation (NYSE:WL) reported a loss of $29.2 million for the 2010 first quarter. After dividends and accretion on preferred stock, the net loss available to common shareholders was $33.8 million. On a fully diluted basis, the net loss available to common shareholders was $0.44 per share.
Revenue from the Corporate Client and Wealth Advisory Services businesses helped mitigate a decline in loan balances and other recessionary pressures on the Regional Banking business. Core deposit balances reached a record high, on average, and capital and liquidity improved. Nonperforming assets were higher than for the 2009 fourth quarter, but the increase was the smallest since the 2008 third quarter. Net charge-offs and the net charge-off ratio were lower than for the 2009 fourth quarter.
Despite these positive trends, economic conditions in Delaware are improving more slowly than elsewhere in the mid-Atlantic region. Due to uncertainty about the pace of Delaware’s recovery, as well as credit risk rating downgrades, management added $48.3 million to the reserve for loan losses and recorded a provision for loan losses of $77.4 million. The amount of the provision, coupled with $18.0 million of investment securities impairment charges, reduced revenue and resulted in a net loss for the quarter.
“Corporate Client Services had another quarter of record-high revenue, Wealth Advisory Services benefited from demand for our fiduciary expertise, and we kept a tight rein on expenses,” said Ted T. Cecala, Wilmington Trust chairman and chief executive officer. “These positives were muted by the reserve and provision for loan losses, which we increased because Delaware’s economy is lagging the improvements seen elsewhere in the United States. While there are some encouraging signs, they are uneven and not broad-based.”
The following information was filed by Wilmington Trust Corp (WL) on Friday, April 23, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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