Published: July 23, 2010
Wilmington Trust Announces 2010 Second Quarter Results
WILMINGTON, Del. - (BUSINESS WIRE) - Wilmington Trust Corporation (NYSE: WL) reported a loss of $116.4
million for the 2010 second quarter. After dividends and accretion on
preferred stock, the net loss available to common shareholders was
$120.9 million, or $1.33 per share.
The primary cause of the loss was the amount of the provision for loan
losses, which rose to $205.2 million, following increases in
nonperforming loans, loan charge-offs, and loans with unfavorable risk
ratings. Other contributing factors were $18.8 million of credit-related
expenses and $7.7 million of securities losses.
The negative trends in credit reflected continuing economic pressures,
particularly in southern Delaware, that weakened the financial condition
of some borrowers and caused commercial real estate valuations to
decline significantly. Management's assessment of these factors and
economic conditions overall led to an increase in the reserve for loan
losses and other actions to reduce risk in the loan portfolio.
"My priority is to return our company to profitability and position our
businesses for future growth, but first we must continue to deal with
the lingering effects of a weak economy and housing market. Our second
quarter results demonstrate we are doing that," said Donald E. Foley,
Wilmington Trust's chairman and chief executive officer. "We are fully
committed to working through our credit issues, relying on robust risk
management tools and analyses.
"At the same time, we remain focused on our strong relationships with
clients, and on capitalizing on opportunities to increase revenue from
our advisory businesses," Mr. Foley added. "We have the market
positions, capital strength, and talented people to accomplish these
objectives. While no one can predict when economic conditions will
improve, we will manage our credit challenges effectively and, over the
coming months, begin to position our company to capitalize fully on its
many strengths."
2010 SECOND QUARTER SUMMARY
-
Net charge-offs were $131.2 million, an increase of $102.1 million
from the 2010 first (trailing) quarter.
-
The reserve for loan losses was $373.8 million, an increase of $74.0
million.
-
Noninterest income rose to $100.9 million, an increase of 13%.
-
Noninterest income accounted for 59% of total revenue (net interest
income before the loan loss provision and noninterest income after
amortization and excluding securities gains/losses).
-
Corporate Client Services revenue was $51.3 million, another quarterly
record high.
-
Wealth Advisory Services trust and investment advisory revenue
declined 4% from the trailing quarter, which was less than half the
decline in the Dow Jones Industrial Index, the Standard & Poor's 500
Index, and the NASDAQ for the same period.
-
Economic pressures reduced demand for new loans, and loan balances
decreased.
-
Liquidity improved, as core deposits provided 83% of total funding,
compared with 82% for the trailing quarter.
-
The net interest margin improved to 3.15%, an increase of 12 basis
points from the trailing quarter.
-
The company's capital position remained strong. All regulatory capital
ratios continued to exceed those required by the Federal Reserve for
banks to be considered well capitalized.
-
The ratio of total risk-based capital to total risk-weighted assets
was 16.65%, compared with the 10.00% required to be considered well
capitalized.
-
The amount of total risk-based capital was $1.64 billion. This was
$656.9 million more than the amount required to be considered well
capitalized.
Financial summary
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Three months ended
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June 30,
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March 31,
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June 30,
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(dollars in millions, except per-share amounts)
|
|
|
2010
|
|
2010
|
|
2009
|
|
Net interest income
|
|
|
$
|
74.8
|
|
$
|
74.7
|
|
$
|
81.6
|
|
Provision for loan losses
|
|
|
|
(205.2)
|
|
|
(77.4)
|
|
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(54.0)
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Securities losses
|
|
|
|
(7.7)
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|
|
(17.8)
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|
|
(23.4)
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Noninterest income
|
|
|
|
100.9
|
|
|
89.5
|
|
|
81.6
|
|
Noninterest expense
|
|
|
|
154.2
|
|
|
131.5
|
|
|
128.4
|
|
Net loss
|
|
|
$
|
(116.4)
|
|
$
|
(29.2)
|
|
$
|
(9.1)
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Dividends and accretion on preferred stock
|
|
|
|
4.5
|
|
|
4.6
|
|
|
4.5
|
|
Net loss available to common shareholders
|
|
|
$
|
(120.9)
|
|
$
|
(33.8)
|
|
$
|
(13.6)
|
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Net loss per common share
|
|
|
$
|
(1.33)
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|
$
|
(0.44)
|
|
$
|
(0.20)
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ECONOMIC PRESSURES INCREASE THE
PROVISION, RESERVE, AND CHARGE-OFFS
The financial condition of some borrowers weakened in the second
quarter, especially in southern Delaware, where signs of economic
recovery remain tentative. In addition, updated real estate appraisals
received during the quarter revealed significant declines in collateral
valuations. These factors led management to increase loan loss
estimates, charge off more loans, downgrade risk ratings, and add $74.0
million to the reserve for loan losses.
Selected credit metrics
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Three months ended
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June 30,
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March 31,
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June 30,
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(dollars in millions)
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2010
|
|
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2010
|
|
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2009
|
|
|
Loan balances (period-end)
|
|
|
|
$
|
8,387.7
|
|
|
$
|
8,715.6
|
|
|
$
|
9,175.2
|
|
|
Total nonperforming assets
|
|
|
|
|
559.7
|
|
|
|
550.9
|
|
|
|
330.3
|
|
|
Loans past due 90 days or more
|
|
|
|
|
106.2
|
|
|
|
39.7
|
|
|
|
26.7
|
|
|
Loans with substandard risk ratings
|
|
|
|
|
1,451.5
|
|
|
|
1,089.3
|
|
|
|
662.2
|
|
|
Net charge-offs
|
|
|
|
|
131.2
|
|
|
|
29.1
|
|
|
|
36.2
|
|
|
Reserve for loan losses
|
|
|
|
|
373.8
|
|
|
|
299.8
|
|
|
|
184.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of loan loss reserve to total loans
|
|
|
|
|
4.46
|
%
|
|
|
3.44
|
%
|
|
|
2.02
|
%
|
|
Ratio of nonperforming assets to total loans and OREO
|
|
|
|
|
6.64
|
|
|
|
6.29
|
|
|
|
3.59
|
|
|
Ratio of loan loss reserve to nonperforming assets
|
|
|
|
|
66.79
|
|
|
|
54.42
|
|
|
|
55.98
|
|
|
Ratio of net charge-offs to total loans (not annualized)
|
|
|
|
|
1.53
|
|
|
|
0.33
|
|
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate/construction loans accounted for approximately
two-thirds of the trailing quarter increase in net charge-offs. Most of
these loans were for residential projects in southern Delaware, and
largely for parcels of land in various stages of development.
Nonaccruing loans accounted for $479.9 million of nonperforming assets
at June 30, 2010, compared with $468.9 million at March 31, 2010. During
the 2010 second quarter, nonaccruing loans of approximately $119.4
million were charged off, and loans of approximately $130.0 million were
added. Approximately one-half of the new nonaccruing loans were
commercial real estate/construction loans. The remainder was split
fairly evenly between the other two categories of commercial loans.
During the 2010 second quarter, property valued at $4.5 million was
transferred to other real estate owned (OREO), and OREO valued at $6.6
million was sold or written down. This brought the OREO balance at June
30, 2010, to $44.2 million, which was $2.1 million lower than for the
trailing quarter.
Loans past due 90 days or more were $66.5 million higher than at the end
of the first quarter. Commercial, financial, and agricultural loans
accounted for approximately one-half of this increase, and real
estate-related loans accounted for most of the rest. Loans past due 90
days or more at June 30, 2010, included approximately $39.3 million of
matured loans that are being renewed.
Loans 30 to 89 days past due decreased to $81.0 million from $108.3
million for the trailing quarter. This decrease reflected a combination
of transfers to past due 90 days or more, transfers to nonaccruing
status, returns to current status, and charge-offs.
Of the $1.45 billion of loans with substandard risk ratings at June 30,
2010, approximately $995.8 million, or 69%, continued to accrue
interest. Of the $362.2 million trailing-quarter increase in loans with
substandard risk ratings, approximately $333.2 million, or 92%,
continued to accrue interest. The factors in the linked-quarter increase
were:
-
A $166.3 million increase in substandard commercial, financial, and
agricultural loans.
-
A $149.1 million increase in substandard commercial real
estate/construction loans.
-
A $48.3 million increase in substandard commercial mortgage loans.
-
A $1.5 million decrease in substandard consumer and other retail loans.
"In addition to increasing the loan loss reserve, lowering risk ratings,
and recognizing losses, we made management changes in the lending and
credit review areas, added loan work-out staff, and continued aggressive
work-out strategies. Also, to validate our own examination of the
portfolio, we engaged an independent third-party credit review firm to
take an objective look at our policies, procedures, and risk ratings,
and their review and analysis supported our conclusions," Mr. Foley
said. "It is difficult to predict how quickly the economy and collateral
values will stabilize and allow us to put these problems behind us. In
the meantime, our rigorous scrutiny of credit risk continues."
The financial statement section of this release contains additional
information about credit quality and the composition of the reserve for
loan losses.
LOAN BALANCES DECLINE; CORE DEPOSITS
HELP IMPROVE LIQUIDITY
Loan demand remained weak, and loan balances declined on both a
period-end and average-balance basis, in both the commercial and the
retail portfolios. Management expects loan balances to decrease by an
additional $200 million to $600 million by year-end 2010.
Liquidity continued to improve, as the percentage of funding from core
deposits continued to increase. On average, non-core funding was $188.8
million lower than for the trailing quarter.
Loans, core deposits, and liquidity
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Three months ended
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June 30,
|
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March 31,
|
|
|
June 30,
|
|
|
(dollars in millions, on average)
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
Loans
|
|
|
|
$
|
8,597.0
|
|
|
$
|
8,828.3
|
|
|
$
|
9,396.2
|
|
|
Noninterest-bearing demand deposits
|
|
|
|
|
780.5
|
|
|
|
1,307.5
|
|
|
|
1,246.6
|
|
|
Total core deposits
|
|
|
|
|
6,763.4
|
|
|
|
7,239.4
|
|
|
|
6,602.4
|
|
|
Percentage of funding from core deposits
|
|
|
|
|
83
|
%
|
|
|
82
|
%
|
|
|
72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The trailing-quarter decrease in total core deposits, on average, was
mainly the result of a large decrease in noninterest-bearing demand
deposits. Most of this decrease was associated with short-term deposits
from a CCS client that were on deposit for most of the 2010 first
quarter and, therefore, reflected in first quarter average balances.
Near the end of the first quarter, the client distributed funds from the
account, reducing its balance and creating a decline, on an
average-balance basis, between the first and second quarters of 2010.
CCS clients commonly make short-term transactional deposits, and changes
in CCS client deposits do not necessarily indicate trends in new or lost
business.
NET INTEREST MARGIN IMPROVES ON LOWER
FUNDING COSTS
Net interest income was slightly higher than for the trailing quarter,
and the net interest margin expanded by 12 basis points. The margin
improvement reflected increases in commercial loan yields and decreases
in the cost of funds.
Net interest income and net interest
margin
|
|
|
|
|
Three months ended
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June 30,
|
|
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March 31,
|
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|
June 30,
|
|
|
(dollars in millions)
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
Net interest income (before the loan loss provision)
|
|
|
|
$
|
74.8
|
|
|
$
|
74.7
|
|
|
$
|
81.6
|
|
|
Quarterly net interest margin
|
|
|
|
|
3.15
|
%
|
|
|
3.03
|
%
|
|
|
3.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The yields on some commercial loans were higher due to improvements in
the 30-day Libor or other rate increases. At June 30, 2010,
approximately 90% of commercial loans had floating rates; the pricing on
approximately 40% of these loans was tied to the 30-day Libor.
The cost of funds was lower because the need for non-core deposits
declined, due to the decrease in loan balances and the addition of cash
from the common equity offering completed in the 2010 first quarter.
Management expects funding costs to increase modestly in the second half
of 2010. For the third and fourth quarters of 2010, management expects
the net interest margin to be in the 3.00% to 3.10% range, assuming no
change in the short-term interest rate environment.
NONINTEREST INCOME INCREASES
Noninterest income for the 2010 second quarter was 13% higher than for
the trailing quarter, mainly due to lower securities losses, higher
Corporate Client Services revenues, and gains on the sale of residential
mortgages (recorded in other noninterest income). For the first six
months of 2010, noninterest income was $190.4 million, 1% lower than for
the first half of 2009, reflecting higher year-to-date securities losses
in 2010 than in 2009.
Noninterest income accounted for 59% of the company's total revenue for
the second quarter and for the first half of 2010.
Noninterest income
|
|
|
|
|
Three months ended
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
(dollars in millions)
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
Noninterest income
|
|
|
|
$
|
100.9
|
|
|
$
|
89.5
|
|
|
$
|
81.6
|
|
|
Noninterest income as a percentage of total revenue 1
|
|
|
|
|
59
|
%
|
|
|
59
|
%
|
|
|
56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Total revenue is the combination of net interest income (before the
provision for loan losses) and noninterest income (after
amortization and excluding securities gains/losses).
|
|
|
|
|
|
|
|
|
ANOTHER RECORD QUARTER FOR CORPORATE
CLIENT SERVICES
Total Corporate Client Services (CCS) revenue was $51.3 million, which
was 7% higher than for the trailing quarter. Global corporate trust
services generated most of this increase. For the first six months of
2010, CCS revenue was $99.3 million, a 23% increase from the first half
of 2009. More than half of this year-to-date increase came from
retirement services.
CCS global corporate trust revenue for the 2010 second quarter was $25.3
million, an increase of 10% from the trailing quarter. For the first six
months of 2010, global corporate trust revenue was $48.3 million, an
increase of 19% from the first half of last year. This was due largely
to demand for successor loan agency services, default administration and
bankruptcy services, and services that support corporate debt issuances.
Fees for global corporate trust services are priced according to the
level and complexity of services provided, and some fees may be
extraordinary or one-time in nature. Management estimates that
approximately $1.4 million of 2010 second quarter global corporate trust
revenue may not recur.
CCS retirement services revenue was $21.5 million, the same as for the
trailing quarter, as financial market declines offset the effects of
additional plan contributions and new business. For the first six months
of 2010, retirement services revenue was $43.0 million, an increase of
32% from the first half of last year. Much of the year-to-date growth
was from services that support collective investment funds and from new
and expanded relationships with large registered investment advisor
firms.
CCS investment and cash management revenue was $4.5 million, an increase
of $1.0 million from the trailing quarter. Approximately $700,000 of
this amount was a one-time fee that management does not expect to recur.
For the first six months of 2010, CCS investment and cash management
revenue was $8.0 million, a 3% increase from the first half of last year.
MARKETS OFFSET WEALTH ADVISORY
SERVICES BUSINESS DEVELOPMENT
Total Wealth Advisory Services (WAS) revenue was $40.9 million, a
decrease of 7% from the trailing quarter. For the first six months of
2010, WAS revenue was $85.1 million, a 12% decrease from the first half
of 2009. A combination of factors caused these decreases, including
market volatility that affected the valuation of assets in client
portfolios, fee waivers on money market mutual funds, and lower revenue
from planning and other services.
WAS trust and investment advisory revenue was $33.2 million for the 2010
second quarter, which was 4% lower than for the trailing quarter. This
decrease reflected declines in the financial markets that reduced asset
valuations in client portfolios and offset the positive effects of new
business. As a point of reference, the Standard & Poor's 500 Index (S&P
500), which management regards as a reasonable proxy for the mix of
equities in client portfolios, fell 12% during the same period.
For the first six months of 2010, trust and investment advisory revenue
was $67.6 million, which was 8% higher than for the first half of last
year. This growth reflected increases in asset valuations in client
portfolios, as equity markets improved year-over-year.
WAS mutual fund fees for the 2010 second quarter were $1.2 million, an
increase of $0.3 million from the trailing quarter, as yields on fund
investments increased slightly. Low market interest rates continued to
affect the yields on client investments in money market mutual funds,
and management continued to waive fees on these funds. For the first six
months of 2010, mutual fund fees were $2.1 million, a decrease of 84%
from the first half of last year.
Fee waivers reduced WAS mutual fund revenue by approximately $4.0
million for the 2010 second quarter and by approximately $8.4 million
for the first six months of 2010. Management does not expect to begin
reinstating these fees until there is an increase in short-term market
interest rates of at least 50 basis points.
Revenue from planning services was $6.5 million for the 2010 second
quarter, a decrease of 26% from the trailing quarter. Planning revenue
was $15.4 million for the first six months of 2010, a decrease of 27%
from the first half of last year. Planning revenue was lower mainly
because Wilmington Trust sold 80% of its ownership interest in
management firm Grant Tani Barash & Altman (GTBA) to that firm's
principals in the 2010 first quarter. In 2009, revenue from GTBA was
approximately $3.4 million per quarter.
CREDIT COSTS ADD TO NONINTEREST EXPENSE
Total noninterest expense was 17% higher than for the trailing quarter,
mainly due to credit risk-related costs, as well as higher incentives
and bonuses.
Noninterest expense
|
|
|
|
Three months ended
|
|
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
(dollars in millions)
|
|
|
2010
|
|
2010
|
|
2009
|
|
Salaries and wages
|
|
|
$
|
49.3
|
|
$
|
49.2
|
|
$
|
48.6
|
|
Incentives and bonuses
|
|
|
|
11.7
|
|
|
7.1
|
|
|
7.8
|
|
Employment benefits
|
|
|
|
13.7
|
|
|
16.1
|
|
|
14.2
|
|
Total staffing-related expense
|
|
|
$
|
74.7
|
|
$
|
72.4
|
|
$
|
70.6
|
|
Other expense
|
|
|
|
79.5
|
|
|
59.1
|
|
|
57.8
|
|
Total noninterest expense
|
|
|
$
|
154.2
|
|
$
|
131.5
|
|
$
|
128.4
|
|
Income tax benefit
|
|
|
$
|
(67.3)
|
|
$
|
(16.4)
|
|
$
|
(10.2)
|
|
Full-time-equivalent staff members
|
|
|
|
2,795
|
|
|
2,821
|
|
|
2,909
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs associated with credit risk management efforts added approximately
$18.8 million of expense in the 2010 second quarter, including
approximately:
-
$11.8 million for reserves against unfunded commitments to extend
credit.
-
$4.9 million of OREO write-downs and losses.
-
$0.3 million of other OREO-related expense.
-
$1.3 million of legal and other expense related to loan workout and
recovery activities.
-
$0.5 million for independent credit reviews.
Approximately $1.8 million of the increase in incentives and bonuses was
associated with Mr. Foley's compensation package. The rest of the
increase was due mainly to accruals for staff retention incentives amid
highly competitive employment market conditions.
The income tax benefit was higher than for the trailing quarter because
the amount of the loss was higher. The effective tax rate for the 2010
second quarter was 36.64%, compared with 35.96% for the trailing quarter.
OTHER-THAN-TEMPORARY IMPAIRMENTS
RESULT IN SECURITIES LOSSES
Securities losses for the 2010 second quarter were $7.7 million,
compared with $17.8 million for the trailing quarter. During the 2010
second quarter, there were $0.1 million of securities gains and $7.8
million of securities losses, which resulted from other-than-temporary
impairments of 9 of the 38 pooled trust-preferred securities (TruPS) in
the company's portfolio.
The 2010 second quarter write-down on these other-than-temporarily
impaired (OTTI) TruPS was $11.3 million. Of this amount, $7.8 million
was credit-related and recorded as securities losses. The remaining $3.5
million of the write-down was recorded in other comprehensive income,
which reduced common stockholders' equity by $2.2 million on an
after-tax basis.
Pooled trust-preferred securities
|
|
|
|
At June 30,
|
|
At March 31,
|
|
At June 30,
|
|
(in millions)
|
|
|
2010
|
|
2010
|
|
2009
|
|
Amortized cost
|
|
|
$
|
124.0
|
|
$
|
130.5
|
|
$
|
175.6
|
|
Carrying value
|
|
|
|
44.6
|
|
|
47.4
|
|
|
73.3
|
|
Estimated fair value
|
|
|
|
50.3
|
|
|
48.8
|
|
|
58.9
|
|
|
|
|
|
|
|
|
|
|
|
|
The difference between the amortized cost of the pooled TruPS and their
carrying value, which represents the non-credit-related portion of their
impairment, was reflected in accumulated other comprehensive income and
the tangible common equity ratio as of June 30, 2010.
None of the 9 single-issue TruPS in the company's portfolio, which are
from money center and large regional banks, was OTTI at June 30, 2010.
On a period-end basis, investment securities balances at June 30, 2010,
were $768.4 million, slightly higher than at March 31, 2010. On average,
balances for the 2010 second quarter were $750.6 million, which was 8%
lower than for the trailing quarter. The difference between period-end
and average balances was due mainly to decreases in government agency
and mortgage-backed securities that occurred late in the 2010 first
quarter and continued throughout the second quarter.
REGULAR QUARTERLY CASH DIVIDEND
DECLARED
On July 21, 2010, the Board of Directors declared a regular quarterly
cash dividend of $0.01 per common share. The dividend will be paid on
August 16, 2010, to shareholders of record on August 2, 2010.
FINANCIAL STATEMENTS
Financial statements for the 2010 second quarter follow the narrative
section of this release.
CONFERENCE CALL
Management will discuss 2010 second quarter results and outlook for the
future in a conference call today at 10:00 a.m. (Eastern). Supporting
materials, financial statements, and audio streaming will be available
at www.wilmingtontrust.com.
|
|
|
|
Dial in number :
|
|
|
877-407-8031 (United States and Canada)
201-689-8031 (outside United States and Canada)
No pass code is necessary.
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet access:
|
|
|
Live audio-only webcast accessible at www.wilmingtontrust.com.
|
|
|
|
|
|
|
|
|
|
|
|
|
Replay information:
|
|
|
Available until 11:59 p.m. (Eastern) on Friday, August 6, via www.wilmingtontrust.com,
or by telephone:
877-660-6853 (United States and Canada)
201-612-7415 (outside the United States and Canada)
Use account #286 and replay ID #352728
|
|
|
|
|
|
|
|
|
FORWARD-LOOKING STATEMENTS
This release may contain forward-looking statements that reflect our
current expectations about our performance. These statements rely on a
number of assumptions, estimates, expectations, and assessments of
potential developments, and are subject to various risks and
uncertainties that could cause our actual results to differ from our
expectations. Our ability to achieve the results reflected in these
statements could be affected adversely by, among other things, changes
in national or regional economic conditions; changes in market interest
rates; fluctuations in equity or fixed income markets; changes in the
market values of, or expected cash flows from, securities in our
investment portfolio; significant changes in banking laws or
regulations; changes in accounting policies, procedures, or guidelines;
increased competition for business; higher-than-expected credit losses;
the effects of acquisitions; the effects of integrating acquired
entities; a substantial and permanent loss of either client accounts
and/or assets under management at Wilmington Trust and/or affiliate
money managers Cramer Rosenthal McGlynn and Roxbury Capital Management;
changes in the regulatory, judicial, legislative, or tax treatment of
business transactions; new litigation or developments in existing
litigation; and economic uncertainty created by unrest in other parts of
the world.
ABOUT WILMINGTON TRUST
Wilmington Trust Corporation (NYSE: WL) is a financial services holding
company that provides Regional Banking services throughout the
mid-Atlantic region, Wealth Advisory services to high-net-worth clients
in 36 countries, and Corporate Client services to institutional clients
in 89 countries. Its wholly owned bank subsidiary, Wilmington Trust
Company, which was founded in 1903, is one of the largest personal trust
providers in the United States and the leading retail and commercial
bank in Delaware. Wilmington Trust Corporation and its affiliates have
offices in Arizona, California, Connecticut, Delaware, Florida, Georgia,
Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New
York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the
Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
For more information, visit www.wilmingtontrust.com.
|
|
|
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
|
|
As of and for the six months ended June 30, 2010
|
|
|
|
HIGHLIGHTS
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
%
|
|
June 30,
|
|
June 30,
|
|
%
|
|
|
|
2010
|
|
2009
|
|
Change
|
|
2010
|
|
2009
|
|
Change
|
|
OPERATING RESULTS (in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
74.8
|
|
|
$
|
81.6
|
|
|
(8.3
|
)
|
|
$
|
149.5
|
|
|
$
|
160.2
|
|
|
(6.7
|
)
|
|
Provision for loan losses
|
|
|
(205.2
|
)
|
|
|
(54.0
|
)
|
|
280.0
|
|
|
|
(282.6
|
)
|
|
|
(83.5
|
)
|
|
238.4
|
|
|
Noninterest income
|
|
|
100.9
|
|
|
|
81.6
|
|
|
23.7
|
|
|
|
190.4
|
|
|
|
192.3
|
|
|
(1.0
|
)
|
|
Noninterest expense
|
|
|
154.2
|
|
|
|
128.4
|
|
|
20.1
|
|
|
|
285.7
|
|
|
|
255.0
|
|
|
12.0
|
|
|
Net (loss)/income
|
|
|
(116.4
|
)
|
|
|
(9.1
|
)
|
|
N/M
|
|
|
|
(145.6
|
)
|
|
|
12.7
|
|
|
----
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS/EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
|
|
$
|
(116.4
|
)
|
|
$
|
(9.1
|
)
|
|
N/M
|
|
|
$
|
(145.6
|
)
|
|
$
|
12.7
|
|
|
----
|
|
|
Dividends and accretion on preferred stock
|
|
|
4.5
|
|
|
|
4.5
|
|
|
----
|
|
|
|
9.1
|
|
|
|
9.2
|
|
|
(1.1
|
)
|
|
Net (loss)/income available to common shareholders
|
|
|
(120.9
|
)
|
|
|
(13.6
|
)
|
|
N/M
|
|
|
|
(154.7
|
)
|
|
|
3.5
|
|
|
----
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss)/income
|
|
$
|
(1.33
|
)
|
|
$
|
(0.20
|
)
|
|
N/M
|
|
|
$
|
(1.85
|
)
|
|
$
|
0.05
|
|
|
----
|
|
|
Diluted net (loss)/income
|
|
|
(1.33
|
)
|
|
|
(0.20
|
)
|
|
N/M
|
|
|
|
(1.85
|
)
|
|
|
0.05
|
|
|
----
|
|
|
Dividends paid per common share
|
|
|
0.01
|
|
|
|
0.1725
|
|
|
(94.2
|
)
|
|
|
0.02
|
|
|
|
0.345
|
|
|
(94.2
|
)
|
|
Book value at period end1
|
|
|
12.20
|
|
|
|
14.26
|
|
|
(14.4
|
)
|
|
|
12.20
|
|
|
|
14.26
|
|
|
(14.4
|
)
|
|
Closing price at period end
|
|
|
11.09
|
|
|
|
13.66
|
|
|
(18.8
|
)
|
|
|
11.09
|
|
|
|
13.66
|
|
|
(18.8
|
)
|
|
Market range:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
|
20.23
|
|
|
|
18.66
|
|
|
8.4
|
|
|
|
20.23
|
|
|
|
22.53
|
|
|
(10.2
|
)
|
|
Low
|
|
|
10.72
|
|
|
|
9.03
|
|
|
18.7
|
|
|
|
10.72
|
|
|
|
6.76
|
|
|
58.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE SHARES OUTSTANDING (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
90,786
|
|
|
|
68,966
|
|
|
31.6
|
|
|
|
83,665
|
|
|
|
68,955
|
|
|
21.3
|
|
|
Diluted
|
|
|
90,786
|
|
|
|
68,966
|
|
|
31.6
|
|
|
|
83,665
|
|
|
|
69,049
|
|
|
21.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET (in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment portfolio
|
|
$
|
750.6
|
|
|
$
|
817.1
|
|
|
(8.1
|
)
|
|
$
|
782.7
|
|
|
$
|
1,044.6
|
|
|
(25.1
|
)
|
|
Loans
|
|
|
8,597.0
|
|
|
|
9,396.2
|
|
|
(8.5
|
)
|
|
|
8,712.0
|
|
|
|
9,457.1
|
|
|
(7.9
|
)
|
|
Earning assets
|
|
|
9,571.2
|
|
|
|
10,419.2
|
|
|
(8.1
|
)
|
|
|
9,811.0
|
|
|
|
10,765.5
|
|
|
(8.9
|
)
|
|
Core deposits
|
|
|
6,763.4
|
|
|
|
6,602.4
|
|
|
2.4
|
|
|
|
7,000.0
|
|
|
|
6,256.7
|
|
|
11.9
|
|
|
Stockholders' equity
|
|
|
1,584.5
|
|
|
|
1,342.9
|
|
|
18.0
|
|
|
|
1,503.2
|
|
|
|
1,336.5
|
|
|
12.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATISTICS AND RATIOS (net income annualized)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/return on average stockholders' equity1
|
|
|
(37.03
|
)%
|
|
|
(3.58
|
)%
|
|
N/M
|
|
|
|
(24.89
|
)%
|
|
|
2.52
|
%
|
|
----
|
|
|
(Loss)/return on average assets
|
|
|
(4.44
|
)%
|
|
|
(0.32
|
)%
|
|
N/M
|
|
|
|
(2.72
|
)%
|
|
|
0.22
|
%
|
|
----
|
|
|
Net interest margin (taxable equivalent)
|
|
|
3.15
|
%
|
|
|
3.14
|
%
|
|
0.3
|
|
|
|
3.09
|
%
|
|
|
3.00
|
%
|
|
3.0
|
|
|
Dividend payout ratio
|
|
|
N/M
|
|
|
|
N/M
|
|
|
----
|
|
|
|
N/M
|
|
|
|
N/M
|
|
|
----
|
|
|
Full-time equivalent headcount
|
|
|
2,795
|
|
|
|
2,909
|
|
|
(3.9
|
)
|
|
|
2,795
|
|
|
|
2,909
|
|
|
(3.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Does not include preferred stock and noncontrolling
interest.
|
|
|
|
|
|
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
|
|
As of and for the six months ended June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERLY INCOME STATEMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change From
|
|
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
Prior
|
|
Prior
|
|
(In millions)
|
|
2010
|
|
2010
|
|
2009
|
|
2009
|
|
2009
|
|
Quarter
|
|
Year
|
|
NET INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
96.3
|
|
|
$
|
97.5
|
|
|
$
|
102.4
|
|
|
$
|
106.3
|
|
|
$
|
111.3
|
|
|
(1.2
|
)
|
|
(13.5
|
)
|
|
Interest expense
|
|
|
21.5
|
|
|
|
22.8
|
|
|
|
24.5
|
|
|
|
26.3
|
|
|
|
29.7
|
|
|
(5.7
|
)
|
|
(27.6
|
)
|
|
Net interest income
|
|
|
74.8
|
|
|
|
74.7
|
|
|
|
77.9
|
|
|
|
80.0
|
|
|
|
81.6
|
|
|
0.1
|
|
|
(8.3
|
)
|
|
Provision for loan losses
|
|
|
(205.2
|
)
|
|
|
(77.4
|
)
|
|
|
(82.8
|
)
|
|
|
(38.7
|
)
|
|
|
(54.0
|
)
|
|
165.1
|
|
|
280.0
|
|
|
Net interest (loss)/income after provision for loan losses
|
|
|
(130.4
|
)
|
|
|
(2.7
|
)
|
|
|
(4.9
|
)
|
|
|
41.3
|
|
|
|
27.6
|
|
|
N/M
|
|
|
----
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Advisory Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and investment advisory fees
|
|
|
33.2
|
|
|
|
34.4
|
|
|
|
34.8
|
|
|
|
33.4
|
|
|
|
31.5
|
|
|
(3.5
|
)
|
|
5.4
|
|
|
Mutual fund fees
|
|
|
1.2
|
|
|
|
0.9
|
|
|
|
1.6
|
|
|
|
2.4
|
|
|
|
5.2
|
|
|
33.3
|
|
|
(76.9
|
)
|
|
Planning and other services
|
|
|
6.5
|
|
|
|
8.8
|
|
|
|
10.8
|
|
|
|
10.0
|
|
|
|
10.3
|
|
|
(26.1
|
)
|
|
(36.9
|
)
|
|
Total Wealth Advisory Services
|
|
|
40.9
|
|
|
|
44.1
|
|
|
|
47.2
|
|
|
|
45.8
|
|
|
|
47.0
|
|
|
(7.3
|
)
|
|
(13.0
|
)
|
|
Corporate Client Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global corporate trust services
|
|
|
25.3
|
|
|
|
23.0
|
|
|
|
25.0
|
|
|
|
23.5
|
|
|
|
21.1
|
|
|
10.0
|
|
|
19.9
|
|
|
Retirement services
|
|
|
21.5
|
|
|
|
21.5
|
|
|
|
18.1
|
|
|
|
16.7
|
|
|
|
16.6
|
|
|
----
|
|
|
29.5
|
|
|
Investment/cash management services
|
|
|
4.5
|
|
|
|
3.5
|
|
|
|
3.9
|
|
|
|
3.8
|
|
|
|
3.7
|
|
|
28.6
|
|
|
21.6
|
|
|
Total Corporate Client Services
|
|
|
51.3
|
|
|
|
48.0
|
|
|
|
47.0
|
|
|
|
44.0
|
|
|
|
41.4
|
|
|
6.9
|
|
|
23.9
|
|
|
Cramer Rosenthal McGlynn
|
|
|
4.2
|
|
|
|
4.7
|
|
|
|
4.4
|
|
|
|
5.3
|
|
|
|
5.0
|
|
|
(10.6
|
)
|
|
(16.0
|
)
|
|
Roxbury Capital Management
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
(0.5
|
)
|
|
|
(0.6
|
)
|
|
|
(0.6
|
)
|
|
100.0
|
|
|
----
|
|
|
Advisory fees
|
|
|
96.6
|
|
|
|
96.9
|
|
|
|
98.1
|
|
|
|
94.5
|
|
|
|
92.8
|
|
|
(0.3
|
)
|
|
4.1
|
|
|
Amortization of affiliate intangibles
|
|
|
(1.6
|
)
|
|
|
(1.9
|
)
|
|
|
(2.0
|
)
|
|
|
(2.1
|
)
|
|
|
(2.1
|
)
|
|
(15.8
|
)
|
|
(23.8
|
)
|
|
Advisory fees after amortization of affiliate intangibles
|
|
|
95.0
|
|
|
|
95.0
|
|
|
|
96.1
|
|
|
|
92.4
|
|
|
|
90.7
|
|
|
----
|
|
|
4.7
|
|
|
Service charges on deposit accounts
|
|
|
7.5
|
|
|
|
7.7
|
|
|
|
7.7
|
|
|
|
8.1
|
|
|
|
7.5
|
|
|
(2.6
|
)
|
|
----
|
|
|
Other noninterest income
|
|
|
6.1
|
|
|
|
4.6
|
|
|
|
5.8
|
|
|
|
5.2
|
|
|
|
6.8
|
|
|
32.6
|
|
|
(10.3
|
)
|
|
Securities losses
|
|
|
(7.7
|
)
|
|
|
(17.8
|
)
|
|
|
(11.4
|
)
|
|
|
(36.6
|
)
|
|
|
(23.4
|
)
|
|
(56.7
|
)
|
|
(67.1
|
)
|
|
Total noninterest income
|
|
|
100.9
|
|
|
|
89.5
|
|
|
|
98.2
|
|
|
|
69.1
|
|
|
|
81.6
|
|
|
12.7
|
|
|
23.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and noninterest (loss)/income
|
|
|
(29.5
|
)
|
|
|
86.8
|
|
|
|
93.3
|
|
|
|
110.4
|
|
|
|
109.2
|
|
|
----
|
|
|
----
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages
|
|
|
49.3
|
|
|
|
49.2
|
|
|
|
50.7
|
|
|
|
49.3
|
|
|
|
48.6
|
|
|
0.2
|
|
|
1.4
|
|
|
Incentives and bonuses
|
|
|
11.7
|
|
|
|
7.1
|
|
|
|
9.1
|
|
|
|
9.7
|
|
|
|
7.8
|
|
|
64.8
|
|
|
50.0
|
|
|
Employment benefits
|
|
|
13.7
|
|
|
|
16.1
|
|
|
|
13.2
|
|
|
|
14.0
|
|
|
|
14.2
|
|
|
(14.9
|
)
|
|
(3.5
|
)
|
|
Total staffing-related expense
|
|
|
74.7
|
|
|
|
72.4
|
|
|
|
73.0
|
|
|
|
73.0
|
|
|
|
70.6
|
|
|
3.2
|
|
|
5.8
|
|
|
Net occupancy
|
|
|
7.1
|
|
|
|
8.1
|
|
|
|
7.6
|
|
|
|
7.7
|
|
|
|
7.7
|
|
|
(12.3
|
)
|
|
(7.8
|
)
|
|
Furniture, equipment, and supplies
|
|
|
9.9
|
|
|
|
10.2
|
|
|
|
10.4
|
|
|
|
10.1
|
|
|
|
10.0
|
|
|
(2.9
|
)
|
|
(1.0
|
)
|
|
Advertising and contributions
|
|
|
2.0
|
|
|
|
1.7
|
|
|
|
1.9
|
|
|
|
1.4
|
|
|
|
1.8
|
|
|
17.6
|
|
|
11.1
|
|
|
Servicing and consulting fees
|
|
|
4.3
|
|
|
|
3.5
|
|
|
|
3.7
|
|
|
|
3.1
|
|
|
|
3.5
|
|
|
22.9
|
|
|
22.9
|
|
|
Subadvisor expense
|
|
|
12.0
|
|
|
|
11.5
|
|
|
|
9.8
|
|
|
|
8.8
|
|
|
|
8.3
|
|
|
4.3
|
|
|
44.6
|
|
|
Travel, entertainment, and training
|
|
|
2.5
|
|
|
|
1.7
|
|
|
|
2.3
|
|
|
|
1.8
|
|
|
|
1.9
|
|
|
47.1
|
|
|
31.6
|
|
|
Insurance
|
|
|
7.2
|
|
|
|
6.6
|
|
|
|
6.1
|
|
|
|
5.6
|
|
|
|
10.3
|
|
|
9.1
|
|
|
(30.1
|
)
|
|
OREO write-downs/losses and reserve for unfunded lending
commitments
|
|
|
16.7
|
|
|
|
1.8
|
|
|
|
1.8
|
|
|
|
1.7
|
|
|
|
(1.3
|
)
|
|
N/M
|
|
|
----
|
|
|
Other expense
|
|
|
17.8
|
|
|
|
14.0
|
|
|
|
14.0
|
|
|
|
13.8
|
|
|
|
15.6
|
|
|
27.1
|
|
|
14.1
|
|
|
Total noninterest expense
|
|
|
154.2
|
|
|
|
131.5
|
|
|
|
130.6
|
|
|
|
127.0
|
|
|
|
128.4
|
|
|
17.3
|
|
|
20.1
|
|
|
Loss before income taxes and noncontrolling interest
|
|
|
(183.7
|
)
|
|
|
(44.7
|
)
|
|
|
(37.3
|
)
|
|
|
(16.6
|
)
|
|
|
(19.2
|
)
|
|
311.0
|
|
|
N/M
|
|
|
Income tax benefit
|
|
|
(67.3
|
)
|
|
|
(16.4
|
)
|
|
|
(26.9
|
)
|
|
|
(10.8
|
)
|
|
|
(10.2
|
)
|
|
310.4
|
|
|
N/M
|
|
|
Net loss before noncontrolling interest
|
|
|
(116.4
|
)
|
|
|
(28.3
|
)
|
|
|
(10.4
|
)
|
|
|
(5.8
|
)
|
|
|
(9.0
|
)
|
|
311.3
|
|
|
N/M
|
|
|
Net income attributable to the noncontrolling interest
|
|
|
----
|
|
|
|
0.9
|
|
|
|
0.8
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
(100.0
|
)
|
|
(100.0
|
)
|
|
Net loss
|
|
$
|
(116.4
|
)
|
|
$
|
(29.2
|
)
|
|
$
|
(11.2
|
)
|
|
$
|
(5.9
|
)
|
|
$
|
(9.1
|
)
|
|
298.6
|
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
|
|
As of and for the six months ended June 30, 2010
|
|
|
|
YEAR-TO-DATE INCOME STATEMENT
|
|
|
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
%
|
|
(In millions)
|
|
2010
|
|
2009
|
|
Change
|
|
NET INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
193.8
|
|
|
$
|
228.5
|
|
|
(15.2
|
)
|
|
Interest expense
|
|
|
44.3
|
|
|
|
68.3
|
|
|
(35.1
|
)
|
|
Net interest income
|
|
|
149.5
|
|
|
|
160.2
|
|
|
(6.7
|
)
|
|
Provision for loan losses
|
|
|
(282.6
|
)
|
|
|
(83.5
|
)
|
|
238.4
|
|
|
Net interest (loss)/income after provision for loan losses
|
|
|
(133.1
|
)
|
|
|
76.7
|
|
|
----
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Advisory Services
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and investment advisory fees
|
|
|
67.6
|
|
|
|
62.5
|
|
|
8.2
|
|
|
Mutual fund fees
|
|
|
2.1
|
|
|
|
12.7
|
|
|
(83.5
|
)
|
|
Planning and other services
|
|
|
15.4
|
|
|
|
21.2
|
|
|
(27.4
|
)
|
|
Total Wealth Advisory Services
|
|
|
85.1
|
|
|
|
96.4
|
|
|
(11.7
|
)
|
|
Corporate Client Services
|
|
|
|
|
|
|
|
|
|
|
|
|
Global corporate trust services
|
|
|
48.3
|
|
|
|
40.5
|
|
|
19.3
|
|
|
Retirement services
|
|
|
43.0
|
|
|
|
32.7
|
|
|
31.5
|
|
|
Investment/cash management services
|
|
|
8.0
|
|
|
|
7.8
|
|
|
2.6
|
|
|
Total Corporate Client Services
|
|
|
99.3
|
|
|
|
81.0
|
|
|
22.6
|
|
|
Cramer Rosenthal McGlynn
|
|
|
8.8
|
|
|
|
8.0
|
|
|
10.0
|
|
|
Roxbury Capital Management
|
|
|
0.3
|
|
|
|
(1.3
|
)
|
|
----
|
|
|
Advisory fees
|
|
|
193.5
|
|
|
|
184.1
|
|
|
5.1
|
|
|
Amortization of affiliate intangibles
|
|
|
(3.5
|
)
|
|
|
(4.4
|
)
|
|
(20.5
|
)
|
|
Advisory fees after amortization of affiliate intangibles
|
|
|
190.0
|
|
|
|
179.7
|
|
|
5.7
|
|
|
Service charges on deposit accounts
|
|
|
15.2
|
|
|
|
15.4
|
|
|
(1.3
|
)
|
|
Other noninterest income
|
|
|
10.6
|
|
|
|
13.0
|
|
|
(18.5
|
)
|
|
Securities losses
|
|
|
(25.4
|
)
|
|
|
(15.8
|
)
|
|
60.8
|
|
|
Total noninterest income
|
|
|
190.4
|
|
|
|
192.3
|
|
|
(1.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest and noninterest income
|
|
|
57.3
|
|
|
|
269.0
|
|
|
(78.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages
|
|
|
98.5
|
|
|
|
97.7
|
|
|
0.8
|
|
|
Incentives and bonuses
|
|
|
18.8
|
|
|
|
12.7
|
|
|
48.0
|
|
|
Employment benefits
|
|
|
29.8
|
|
|
|
30.9
|
|
|
(3.6
|
)
|
|
Total staffing-related expense
|
|
|
147.1
|
|
|
|
141.3
|
|
|
4.1
|
|
|
Net occupancy
|
|
|
15.3
|
|
|
|
15.6
|
|
|
(1.9
|
)
|
|
Furniture, equipment, and supplies
|
|
|
20.0
|
|
|
|
20.4
|
|
|
(2.0
|
)
|
|
Advertising and contributions
|
|
|
3.7
|
|
|
|
4.3
|
|
|
(14.0
|
)
|
|
Servicing and consulting fees
|
|
|
7.8
|
|
|
|
7.6
|
|
|
2.6
|
|
|
Subadvisor expense
|
|
|
23.5
|
|
|
|
16.3
|
|
|
44.2
|
|
|
Travel, entertainment, and training
|
|
|
4.2
|
|
|
|
3.7
|
|
|
13.5
|
|
|
Insurance
|
|
|
13.8
|
|
|
|
14.5
|
|
|
(4.8
|
)
|
|
OREO write-downs/losses and reserve for unfunded lending
commitments
|
|
|
18.5
|
|
|
|
(1.5
|
)
|
|
----
|
|
|
Other expense
|
|
|
31.8
|
|
|
|
32.8
|
|
|
(3.0
|
)
|
|
Total noninterest expense
|
|
|
285.7
|
|
|
|
255.0
|
|
|
12.0
|
|
|
(Loss)/income before income taxes and noncontrolling interest
|
|
|
(228.4
|
)
|
|
|
14.0
|
|
|
----
|
|
|
Income tax (benefit)/expense
|
|
|
(83.7
|
)
|
|
|
1.1
|
|
|
----
|
|
|
Net (loss)/income before noncontrolling interest
|
|
|
(144.7
|
)
|
|
|
12.9
|
|
|
----
|
|
|
Net income attributable to the noncontrolling interest
|
|
|
0.9
|
|
|
|
0.2
|
|
|
350.0
|
|
|
Net (loss)/income
|
|
$
|
(145.6
|
)
|
|
$
|
12.7
|
|
|
----
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
|
|
As of and for the six months ended June 30, 2010
|
|
|
|
STATEMENT OF CONDITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change From
|
|
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
Prior
|
|
Prior
|
|
(In millions)
|
|
2010
|
|
2010
|
|
2009
|
|
2009
|
|
2009
|
|
Quarter
|
|
Year
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
188.4
|
|
|
$
|
188.2
|
|
|
$
|
202.9
|
|
|
$
|
208.0
|
|
|
$
|
195.3
|
|
|
0.1
|
|
|
(3.5
|
)
|
|
Interest-bearing deposits in other banks
|
|
|
216.6
|
|
|
|
130.5
|
|
|
|
165.4
|
|
|
|
145.3
|
|
|
|
133.7
|
|
|
66.0
|
|
|
62.0
|
|
|
Federal funds sold and securities purchased under agreements to
resell
|
|
|
41.9
|
|
|
|
20.1
|
|
|
|
15.1
|
|
|
|
65.9
|
|
|
|
105.0
|
|
|
108.5
|
|
|
(60.1
|
)
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
|
|
|
187.2
|
|
|
|
242.0
|
|
|
|
232.8
|
|
|
|
10.7
|
|
|
|
44.3
|
|
|
(22.6
|
)
|
|
322.6
|
|
|
Government agencies
|
|
|
227.3
|
|
|
|
147.2
|
|
|
|
225.1
|
|
|
|
162.0
|
|
|
|
191.9
|
|
|
54.4
|
|
|
18.4
|
|
|
Obligations of state and political subdivisions
|
|
|
5.4
|
|
|
|
5.4
|
|
|
|
5.7
|
|
|
|
5.7
|
|
|
|
6.7
|
|
|
----
|
|
|
(19.4
|
)
|
|
Preferred stock
|
|
|
23.4
|
|
|
|
24.3
|
|
|
|
23.9
|
|
|
|
22.3
|
|
|
|
19.7
|
|
|
(3.7
|
)
|
|
18.8
|
|
|
Mortgage-backed securities
|
|
|
215.3
|
|
|
|
233.8
|
|
|
|
254.5
|
|
|
|
276.5
|
|
|
|
297.2
|
|
|
(7.9
|
)
|
|
(27.6
|
)
|
|
Other securities
|
|
|
109.8
|
|
|
|
112.3
|
|
|
|
118.5
|
|
|
|
131.5
|
|
|
|
155.2
|
|
|
(2.2
|
)
|
|
(29.3
|
)
|
|
Total investment securities
|
|
|
768.4
|
|
|
|
765.0
|
|
|
|
860.5
|
|
|
|
608.7
|
|
|
|
715.0
|
|
|
0.4
|
|
|
7.5
|
|
|
FHLB and FRB stock, at cost
|
|
|
32.1
|
|
|
|
26.8
|
|
|
|
26.8
|
|
|
|
26.7
|
|
|
|
26.7
|
|
|
19.8
|
|
|
20.2
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, and agricultural
|
|
|
2,459.6
|
|
|
|
2,539.1
|
|
|
|
2,627.0
|
|
|
|
2,644.9
|
|
|
|
2,752.4
|
|
|
(3.1
|
)
|
|
(10.6
|
)
|
|
Real estate - construction
|
|
|
1,756.7
|
|
|
|
1,872.9
|
|
|
|
1,956.4
|
|
|
|
1,950.7
|
|
|
|
1,961.9
|
|
|
(6.2
|
)
|
|
(10.5
|
)
|
|
Commercial mortgage
|
|
|
2,074.7
|
|
|
|
2,130.0
|
|
|
|
2,102.3
|
|
|
|
2,075.0
|
|
|
|
2,011.8
|
|
|
(2.6
|
)
|
|
3.1
|
|
|
Total commercial loans
|
|
|
6,291.0
|
|
|
|
6,542.0
|
|
|
|
6,685.7
|
|
|
|
6,670.6
|
|
|
|
6,726.1
|
|
|
(3.8
|
)
|
|
(6.5
|
)
|
|
Residential mortgage
|
|
|
424.2
|
|
|
|
428.2
|
|
|
|
431.0
|
|
|
|
428.2
|
|
|
|
435.3
|
|
|
(0.9
|
)
|
|
(2.5
|
)
|
|
Consumer
|
|
|
1,243.9
|
|
|
|
1,319.5
|
|
|
|
1,408.9
|
|
|
|
1,485.5
|
|
|
|
1,565.7
|
|
|
(5.7
|
)
|
|
(20.6
|
)
|
|
Secured with investments
|
|
|
428.6
|
|
|
|
425.9
|
|
|
|
441.6
|
|
|
|
436.9
|
|
|
|
448.1
|
|
|
0.6
|
|
|
(4.4
|
)
|
|
Total retail loans
|
|
|
2,096.7
|
|
|
|
2,173.6
|
|
|
|
2,281.5
|
|
|
|
2,350.6
|
|
|
|
2,449.1
|
|
|
(3.5
|
)
|
|
(14.4
|
)
|
|
Total loans net of unearned income
|
|
|
8,387.7
|
|
|
|
8,715.6
|
|
|
|
8,967.2
|
|
|
|
9,021.2
|
|
|
|
9,175.2
|
|
|
(3.8
|
)
|
|
(8.6
|
)
|
|
Reserve for loan losses
|
|
|
(373.8
|
)
|
|
|
(299.8
|
)
|
|
|
(251.5
|
)
|
|
|
(201.8
|
)
|
|
|
(184.9
|
)
|
|
24.7
|
|
|
102.2
|
|
|
Net loans
|
|
|
8,013.9
|
|
|
|
8,415.8
|
|
|
|
8,715.7
|
|
|
|
8,819.4
|
|
|
|
8,990.3
|
|
|
(4.8
|
)
|
|
(10.9
|
)
|
|
Premises and equipment
|
|
|
138.4
|
|
|
|
141.1
|
|
|
|
146.8
|
|
|
|
149.1
|
|
|
|
151.4
|
|
|
(1.9
|
)
|
|
(8.6
|
)
|
|
Goodwill
|
|
|
359.3
|
|
|
|
359.6
|
|
|
|
363.2
|
|
|
|
363.1
|
|
|
|
363.4
|
|
|
(0.1
|
)
|
|
(1.1
|
)
|
|
Other intangibles
|
|
|
32.4
|
|
|
|
34.2
|
|
|
|
40.2
|
|
|
|
42.3
|
|
|
|
43.9
|
|
|
(5.3
|
)
|
|
(26.2
|
)
|
|
Other assets
|
|
|
593.5
|
|
|
|
540.8
|
|
|
|
560.5
|
|
|
|
445.3
|
|
|
|
438.7
|
|
|
9.7
|
|
|
35.3
|
|
|
Total assets
|
|
$
|
10,384.9
|
|
|
$
|
10,622.1
|
|
|
$
|
11,097.1
|
|
|
$
|
10,873.8
|
|
|
$
|
11,163.4
|
|
|
(2.2
|
)
|
|
(7.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
|
$
|
784.8
|
|
|
$
|
676.7
|
|
|
$
|
1,470.6
|
|
|
$
|
1,041.6
|
|
|
$
|
1,456.6
|
|
|
16.0
|
|
|
(46.1
|
)
|
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
|
913.7
|
|
|
|
930.6
|
|
|
|
921.5
|
|
|
|
918.5
|
|
|
|
898.1
|
|
|
(1.8
|
)
|
|
1.7
|
|
|
Interest-bearing demand
|
|
|
3,976.2
|
|
|
|
3,980.9
|
|
|
|
3,590.7
|
|
|
|
3,352.8
|
|
|
|
3,182.4
|
|
|
(0.1
|
)
|
|
24.9
|
|
|
Certificates under $100,000
|
|
|
983.6
|
|
|
|
1,003.8
|
|
|
|
1,000.6
|
|
|
|
1,031.8
|
|
|
|
1,103.0
|
|
|
(2.0
|
)
|
|
(10.8
|
)
|
|
Local certificates $100,000 and over
|
|
|
116.0
|
|
|
|
123.7
|
|
|
|
136.9
|
|
|
|
161.6
|
|
|
|
179.4
|
|
|
(6.2
|
)
|
|
(35.3
|
)
|
|
Total core deposits
|
|
|
6,774.3
|
|
|
|
6,715.7
|
|
|
|
7,120.3
|
|
|
|
6,506.3
|
|
|
|
6,819.5
|
|
|
0.9
|
|
|
(0.7
|
)
|
|
National brokered certificates
|
|
|
873.7
|
|
|
|
1,107.6
|
|
|
|
1,270.6
|
|
|
|
922.7
|
|
|
|
959.7
|
|
|
(21.1
|
)
|
|
(9.0
|
)
|
|
Total deposits
|
|
|
7,648.0
|
|
|
|
7,823.3
|
|
|
|
8,390.9
|
|
|
|
7,429.0
|
|
|
|
7,779.2
|
|
|
(2.2
|
)
|
|
(1.7
|
)
|
|
Short-term borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and securities sold under agreements to
repurchase
|
|
|
429.2
|
|
|
|
428.5
|
|
|
|
574.8
|
|
|
|
1,265.1
|
|
|
|
1,219.8
|
|
|
0.2
|
|
|
(64.8
|
)
|
|
U.S. Treasury demand deposits
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
----
|
|
|
----
|
|
|
Other debt
|
|
|
29.0
|
|
|
|
29.0
|
|
|
|
29.0
|
|
|
|
1.0
|
|
|
|
1.1
|
|
|
----
|
|
|
N/M
|
|
|
Total short-term borrowings
|
|
|
458.2
|
|
|
|
457.5
|
|
|
|
603.8
|
|
|
|
1,266.1
|
|
|
|
1,220.9
|
|
|
0.2
|
|
|
(62.5
|
)
|
|
Other liabilities
|
|
|
394.4
|
|
|
|
343.8
|
|
|
|
352.4
|
|
|
|
393.4
|
|
|
|
382.4
|
|
|
14.7
|
|
|
3.1
|
|
|
Long-term debt
|
|
|
444.0
|
|
|
|
443.5
|
|
|
|
442.9
|
|
|
|
470.4
|
|
|
|
469.9
|
|
|
0.1
|
|
|
(5.5
|
)
|
|
Total liabilities
|
|
|
8,944.6
|
|
|
|
9,068.1
|
|
|
|
9,790.0
|
|
|
|
9,558.9
|
|
|
|
9,852.4
|
|
|
(1.4
|
)
|
|
(9.2
|
)
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
324.1
|
|
|
|
323.7
|
|
|
|
323.3
|
|
|
|
322.8
|
|
|
|
322.4
|
|
|
0.1
|
|
|
0.5
|
|
|
Other stockholders' equity
|
|
|
1,116.2
|
|
|
|
1,230.3
|
|
|
|
983.4
|
|
|
|
991.6
|
|
|
|
988.3
|
|
|
(9.3
|
)
|
|
12.9
|
|
|
Total Wilmington Trust stockholders' equity
|
|
|
1,440.3
|
|
|
|
1,554.0
|
|
|
|
1,306.7
|
|
|
|
1,314.4
|
|
|
|
1,310.7
|
|
|
(7.3
|
)
|
|
9.9
|
|
|
Noncontrolling interest
|
|
|
----
|
|
|
|
----
|
|
|
|
0.4
|
|
|
|
0.5
|
|
|
|
0.3
|
|
|
----
|
|
|
(100.0
|
)
|
|
Total stockholders' equity
|
|
|
1,440.3
|
|
|
|
1,554.0
|
|
|
|
1,307.1
|
|
|
|
1,314.9
|
|
|
|
1,311.0
|
|
|
(7.3
|
)
|
|
9.9
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
10,384.9
|
|
|
$
|
10,622.1
|
|
|
$
|
11,097.1
|
|
|
$
|
10,873.8
|
|
|
$
|
11,163.4
|
|
|
(2.2
|
)
|
|
(7.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
|
|
As of and for the six months ended June 30, 2010
|
|
|
|
AVERAGE STATEMENT OF CONDITION
|
|
|
|
|
|
|
|
2010
Second
Quarter
|
|
2010
First
Quarter
|
|
2009
Fourth
Quarter
|
|
2009
Third
Quarter
|
|
2009
Second
Quarter
|
|
% Change From
|
|
|
|
|
|
|
|
|
Prior
|
|
Prior
|
|
(In millions)
|
|
|
|
|
|
|
Quarter
|
|
Year
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
173.6
|
|
|
$
|
185.1
|
|
|
$
|
196.3
|
|
|
$
|
181.4
|
|
|
$
|
179.8
|
|
|
(6.2
|
)
|
|
(3.4
|
)
|
|
Interest-bearing deposits in other banks
|
|
|
164.7
|
|
|
|
380.2
|
|
|
|
208.9
|
|
|
|
204.9
|
|
|
|
165.9
|
|
|
(56.7
|
)
|
|
(0.7
|
)
|
|
Federal funds sold and securities purchased under agreements to
resell
|
|
|
31.9
|
|
|
|
3.3
|
|
|
|
30.1
|
|
|
|
13.8
|
|
|
|
14.5
|
|
|
N/M
|
|
|
120.0
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury
|
|
|
236.8
|
|
|
|
230.4
|
|
|
|
92.2
|
|
|
|
18.4
|
|
|
|
46.2
|
|
|
2.8
|
|
|
412.6
|
|
|
Government agencies
|
|
|
149.2
|
|
|
|
192.3
|
|
|
|
173.5
|
|
|
|
169.3
|
|
|
|
256.0
|
|
|
(22.4
|
)
|
|
(41.7
|
)
|
|
Obligations of state and political subdivisions
|
|
|
5.4
|
|
|
|
5.4
|
|
|
|
5.7
|
|
|
|
6.0
|
|
|
|
6.7
|
|
|
----
|
|
|
(19.4
|
)
|
|
Preferred stock
|
|
|
24.0
|
|
|
|
24.2
|
|
|
|
22.5
|
|
|
|
20.7
|
|
|
|
17.0
|
|
|
(0.8
|
)
|
|
41.2
|
|
|
Mortgage-backed securities
|
|
|
223.7
|
|
|
|
244.3
|
|
|
|
266.5
|
|
|
|
284.4
|
|
|
|
307.9
|
|
|
(8.4
|
)
|
|
(27.3
|
)
|
|
Other securities
|
|
|
111.5
|
|
|
|
118.5
|
|
|
|
125.9
|
|
|
|
155.1
|
|
|
|
183.3
|
|
|
(5.9
|
)
|
|
(39.2
|
)
|
|
Total investment securities
|
|
|
750.6
|
|
|
|
815.1
|
|
|
|
686.3
|
|
|
|
653.9
|
|
|
|
817.1
|
|
|
(7.9
|
)
|
|
(8.1
|
)
|
|
FHLB and FRB stock, at cost
|
|
|
27.0
|
|
|
|
26.8
|
|
|
|
26.8
|
|
|
|
26.7
|
|
|
|
25.5
|
|
|
0.7
|
|
|
5.9
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, and agricultural
|
|
|
2,515.7
|
|
|
|
2,567.4
|
|
|
|
2,624.1
|
|
|
|
2,687.7
|
|
|
|
2,765.6
|
|
|
(2.0
|
)
|
|
(9.0
|
)
|
|
Real estate - construction
|
|
|
1,837.9
|
|
|
|
1,912.9
|
|
|
|
1,949.7
|
|
|
|
1,959.5
|
|
|
|
1,973.4
|
|
|
(3.9
|
)
|
|
(6.9
|
)
|
|
Commercial mortgage
|
|
|
2,113.7
|
|
|
|
2,124.3
|
|
|
|
2,091.3
|
|
|
|
2,038.7
|
|
|
|
1,987.5
|
|
|
(0.5
|
)
|
|
6.3
|
|
|
Total commercial loans
|
|
|
6,467.3
|
|
|
|
6,604.6
|
|
|
|
6,665.1
|
|
|
|
6,685.9
|
|
|
|
6,726.5
|
|
|
(2.1
|
)
|
|
(3.9
|
)
|
|
Residential mortgage
|
|
|
425.4
|
|
|
|
426.8
|
|
|
|
434.0
|
|
|
|
431.9
|
|
|
|
566.5
|
|
|
(0.3
|
)
|
|
(24.9
|
)
|
|
Consumer
|
|
|
1,284.7
|
|
|
|
1,365.4
|
|
|
|
1,447.4
|
|
|
|
1,525.1
|
|
|
|
1,605.1
|
|
|
(5.9
|
)
|
|
(20.0
|
)
|
|
Secured with investments
|
|
|
419.6
|
|
|
|
431.5
|
|
|
|
440.7
|
|
|
|
436.7
|
|
|
|
498.1
|
|
|
(2.8
|
)
|
|
(15.8
|
)
|
|
Total retail loans
|
|
|
2,129.7
|
|
|
|
2,223.7
|
|
|
|
2,322.1
|
|
|
|
2,393.7
|
|
|
|
2,669.7
|
|
|
(4.2
|
)
|
|
(20.2
|
)
|
|
Total loans net of unearned income
|
|
|
8,597.0
|
|
|
|
8,828.3
|
|
|
|
8,987.2
|
|
|
|
9,079.6
|
|
|
|
9,396.2
|
|
|
(2.6
|
)
|
|
(8.5
|
)
|
|
Reserve for loan losses
|
|
|
(281.6
|
)
|
|
|
(249.2
|
)
|
|
|
(201.9
|
)
|
|
|
(182.7
|
)
|
|
|
(164.0
|
)
|
|
13.0
|
|
|
71.7
|
|
|
Net loans
|
|
|
8,315.4
|
|
|
|
8,579.1
|
|
|
|
8,785.3
|
|
|
|
8,896.9
|
|
|
|
9,232.2
|
|
|
(3.1
|
)
|
|
(9.9
|
)
|
|
Premises and equipment
|
|
|
140.5
|
|
|
|
144.2
|
|
|
|
148.4
|
|
|
|
150.9
|
|
|
|
151.8
|
|
|
(2.6
|
)
|
|
(7.4
|
)
|
|
Goodwill
|
|
|
359.6
|
|
|
|
361.8
|
|
|
|
363.1
|
|
|
|
363.4
|
|
|
|
356.9
|
|
|
(0.6
|
)
|
|
0.8
|
|
|
Other intangibles
|
|
|
33.4
|
|
|
|
37.3
|
|
|
|
41.3
|
|
|
|
43.2
|
|
|
|
44.1
|
|
|
(10.5
|
)
|
|
(24.3
|
)
|
|
Other assets
|
|
|
517.0
|
|
|
|
511.5
|
|
|
|
435.4
|
|
|
|
417.5
|
|
|
|
432.3
|
|
|
1.1
|
|
|
19.6
|
|
|
Total assets
|
|
$
|
10,513.7
|
|
|
$
|
11,044.4
|
|
|
$
|
10,921.9
|
|
|
$
|
10,952.6
|
|
|
$
|
11,420.1
|
|
|
(4.8
|
)
|
|
(7.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
|
$
|
780.5
|
|
|
$
|
1,307.5
|
|
|
$
|
1,219.5
|
|
|
$
|
1,310.6
|
|
|
$
|
1,246.6
|
|
|
(40.3
|
)
|
|
(37.4
|
)
|
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
|
914.3
|
|
|
|
925.1
|
|
|
|
918.9
|
|
|
|
911.7
|
|
|
|
907.0
|
|
|
(1.2
|
)
|
|
0.8
|
|
|
Interest-bearing demand
|
|
|
3,952.6
|
|
|
|
3,872.1
|
|
|
|
3,440.6
|
|
|
|
3,243.7
|
|
|
|
3,154.0
|
|
|
2.1
|
|
|
25.3
|
|
|
Certificates under $100,000
|
|
|
995.1
|
|
|
|
1,002.3
|
|
|
|
1,013.6
|
|
|
|
1,063.9
|
|
|
|
1,113.9
|
|
|
(0.7
|
)
|
|
(10.7
|
)
|
|
Local certificates $100,000 and over
|
|
|
120.9
|
|
|
|
132.4
|
|
|
|
148.6
|
|
|
|
169.2
|
|
|
|
180.9
|
|
|
(8.7
|
)
|
|
(33.2
|
)
|
|
Total core deposits
|
|
|
6,763.4
|
|
|
|
7,239.4
|
|
|
|
6,741.2
|
|
|
|
6,699.1
|
|
|
|
6,602.4
|
|
|
(6.6
|
)
|
|
2.4
|
|
|
National brokered certificates
|
|
|
984.8
|
|
|
|
1,255.0
|
|
|
|
1,217.5
|
|
|
|
959.8
|
|
|
|
1,150.6
|
|
|
(21.5
|
)
|
|
(14.4
|
)
|
|
Total deposits
|
|
|
7,748.2
|
|
|
|
8,494.4
|
|
|
|
7,958.7
|
|
|
|
7,658.9
|
|
|
|
7,753.0
|
|
|
(8.8
|
)
|
|
(0.1
|
)
|
|
Short-term borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and securities sold under agreements to
repurchase
|
|
|
393.8
|
|
|
|
312.5
|
|
|
|
764.5
|
|
|
|
1,123.4
|
|
|
|
1,432.7
|
|
|
26.0
|
|
|
(72.5
|
)
|
|
U.S. Treasury demand deposits
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
|
8.1
|
|
|
----
|
|
|
(100.0
|
)
|
|
Other debt
|
|
|
29.0
|
|
|
|
28.9
|
|
|
|
28.1
|
|
|
|
1.1
|
|
|
|
1.1
|
|
|
0.3
|
|
|
N/M
|
|
|
Total short-term borrowings
|
|
|
422.8
|
|
|
|
341.4
|
|
|
|
792.6
|
|
|
|
1,124.5
|
|
|
|
1,441.9
|
|
|
23.8
|
|
|
(70.7
|
)
|
|
Other liabilities
|
|
|
314.5
|
|
|
|
344.5
|
|
|
|
395.8
|
|
|
|
376.5
|
|
|
|
412.8
|
|
|
(8.7
|
)
|
|
(23.8
|
)
|
|
Long-term debt
|
|
|
443.7
|
|
|
|
443.2
|
|
|
|
443.6
|
|
|
|
470.1
|
|
|
|
469.5
|
|
|
0.1
|
|
|
(5.5
|
)
|
|
Total liabilities
|
|
|
8,929.2
|
|
|
|
9,623.5
|
|
|
|
9,590.7
|
|
|
|
9,630.0
|
|
|
|
10,077.2
|
|
|
(7.2
|
)
|
|
(11.4
|
)
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
323.8
|
|
|
|
323.4
|
|
|
|
323.0
|
|
|
|
322.6
|
|
|
|
322.1
|
|
|
0.1
|
|
|
0.5
|
|
|
Other stockholders' equity
|
|
|
1,260.7
|
|
|
|
1,097.4
|
|
|
|
1,008.0
|
|
|
|
999.6
|
|
|
|
1,020.5
|
|
|
14.9
|
|
|
23.5
|
|
|
Total Wilmington Trust stockholders' equity
|
|
|
1,584.5
|
|
|
|
1,420.8
|
|
|
|
1,331.0
|
|
|
|
1,322.2
|
|
|
|
1,342.6
|
|
|
11.5
|
|
|
18.0
|
|
|
Noncontrolling interest
|
|
|
----
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.4
|
|
|
|
0.3
|
|
|
(100.0
|
)
|
|
(100.0
|
)
|
|
Total stockholders' equity
|
|
|
1,584.5
|
|
|
|
1,420.9
|
|
|
|
1,331.2
|
|
|
|
1,322.6
|
|
|
|
1,342.9
|
|
|
11.5
|
|
|
18.0
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
10,513.7
|
|
|
$
|
11,044.4
|
|
|
$
|
10,921.9
|
|
|
$
|
10,952.6
|
|
|
$
|
11,420.1
|
|
|
(4.8
|
)
|
|
(7.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
|
|
As of and for the six months ended June 30, 2010
|
|
|
|
YIELDS AND RATES
|
|
|
|
|
|
|
|
2010
|
|
2010
|
|
2009
|
|
2009
|
|
2009
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
YIELDS/RATES (tax-equivalent basis)
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
EARNING ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing time deposits in other banks
|
|
|
0.22
|
%
|
|
|
0.22
|
%
|
|
|
0.13
|
%
|
|
|
0.27
|
%
|
|
|
0.34
|
%
|
|
Federal funds sold and securities purchased under agreements to
resell
|
|
|
0.13
|
|
|
|
0.25
|
|
|
|
0.11
|
|
|
|
0.14
|
|
|
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities
|
|
|
2.96
|
|
|
|
2.94
|
|
|
|
3.74
|
|
|
|
4.35
|
|
|
|
3.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB and FRB stock, at cost
|
|
|
2.78
|
|
|
|
0.05
|
|
|
|
2.31
|
|
|
|
0.12
|
|
|
|
2.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, and agricultural
|
|
|
4.27
|
|
|
|
4.13
|
|
|
|
4.22
|
|
|
|
4.26
|
|
|
|
4.30
|
|
|
Real estate - construction
|
|
|
3.49
|
|
|
|
3.50
|
|
|
|
3.42
|
|
|
|
3.49
|
|
|
|
3.60
|
|
|
Commercial mortgage
|
|
|
4.15
|
|
|
|
4.20
|
|
|
|
4.26
|
|
|
|
4.35
|
|
|
|
4.40
|
|
|
Total commercial loans
|
|
|
4.01
|
|
|
|
3.97
|
|
|
|
4.00
|
|
|
|
4.06
|
|
|
|
4.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage
|
|
|
5.13
|
|
|
|
5.13
|
|
|
|
5.11
|
|
|
|
5.45
|
|
|
|
5.71
|
|
|
Consumer
|
|
|
5.54
|
|
|
|
5.53
|
|
|
|
5.50
|
|
|
|
5.64
|
|
|
|
5.63
|
|
|
Secured with investments
|
|
|
2.88
|
|
|
|
2.86
|
|
|
|
2.85
|
|
|
|
2.79
|
|
|
|
2.60
|
|
|
Total retail loans
|
|
|
4.93
|
|
|
|
4.94
|
|
|
|
4.92
|
|
|
|
5.09
|
|
|
|
5.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
|
4.24
|
|
|
|
4.21
|
|
|
|
4.24
|
|
|
|
4.33
|
|
|
|
4.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total earning assets
|
|
|
4.05
|
|
|
|
3.95
|
|
|
|
4.10
|
|
|
|
4.23
|
|
|
|
4.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUNDS USED TO SUPPORT EARNING ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
|
0.82
|
|
|
|
0.94
|
|
|
|
1.08
|
|
|
|
1.20
|
|
|
|
1.24
|
|
|
Interest-bearing demand
|
|
|
0.27
|
|
|
|
0.30
|
|
|
|
0.35
|
|
|
|
0.37
|
|
|
|
0.40
|
|
|
Certificates under $100,000
|
|
|
2.23
|
|
|
|
2.28
|
|
|
|
2.44
|
|
|
|
2.71
|
|
|
|
2.98
|
|
|
Local certificates $100,000 and over
|
|
|
2.08
|
|
|
|
2.01
|
|
|
|
2.11
|
|
|
|
2.25
|
|
|
|
2.62
|
|
|
Core interest-bearing deposits
|
|
|
0.72
|
|
|
|
0.77
|
|
|
|
0.90
|
|
|
|
1.03
|
|
|
|
1.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National brokered certificates
|
|
|
0.90
|
|
|
|
0.95
|
|
|
|
1.01
|
|
|
|
1.34
|
|
|
|
1.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits
|
|
|
0.74
|
|
|
|
0.80
|
|
|
|
0.92
|
|
|
|
1.08
|
|
|
|
1.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
0.66
|
|
|
|
0.75
|
|
|
|
0.44
|
|
|
|
0.24
|
|
|
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
7.14
|
|
|
|
7.23
|
|
|
|
7.08
|
|
|
|
7.06
|
|
|
|
7.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities
|
|
|
1.10
|
|
|
|
1.16
|
|
|
|
1.22
|
|
|
|
1.31
|
|
|
|
1.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total funds used to support earning assets
|
|
|
0.90
|
|
|
|
0.92
|
|
|
|
0.98
|
|
|
|
1.04
|
|
|
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (tax-equivalent basis)
|
|
|
3.15
|
|
|
|
3.03
|
|
|
|
3.12
|
|
|
|
3.19
|
|
|
|
3.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date net interest margin
|
|
|
3.09
|
|
|
|
3.03
|
|
|
|
3.08
|
|
|
|
3.06
|
|
|
|
3.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prime rate
|
|
|
4.00
|
|
|
|
4.00
|
|
|
|
4.00
|
|
|
|
4.00
|
|
|
|
4.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-equivalent net interest income (in millions)
|
|
$
|
75.2
|
|
|
$
|
75.1
|
|
|
$
|
78.4
|
|
|
$
|
80.5
|
|
|
$
|
82.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets at historical cost
|
|
$
|
9,576.5
|
|
|
$
|
10,065.8
|
|
|
$
|
9,954.3
|
|
|
$
|
10,005.8
|
|
|
$
|
10,477.2
|
|
|
Average fair valuation adjustment on investment securities
available for sale
|
|
|
(5.3
|
)
|
|
|
(12.1
|
)
|
|
|
(15.0
|
)
|
|
|
(26.9
|
)
|
|
|
(58.0
|
)
|
|
Average earning assets
|
|
$
|
9,571.2
|
|
|
$
|
10,053.7
|
|
|
$
|
9,939.3
|
|
|
$
|
9,978.9
|
|
|
$
|
10,419.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates are calculated using average balances based on
historical cost and do not reflect fair valuation adjustments.
|
|
|
|
|
|
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
|
|
As of and for the six months ended June 30, 2010
|
|
|
|
CREDIT QUALITY
|
|
|
|
|
|
Three Months Ended
|
|
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
(In millions)
|
|
2010
|
|
2010
|
|
2009
|
|
2009
|
|
2009
|
|
NONPERFORMING ASSETS AT PERIOD-END
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccruing loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, and agricultural
|
|
$
|
97.5
|
|
|
$
|
91.2
|
|
|
$
|
80.9
|
|
|
$
|
90.2
|
|
|
$
|
89.3
|
|
|
Commercial real estate - construction
|
|
|
240.7
|
|
|
|
246.8
|
|
|
|
264.8
|
|
|
|
190.7
|
|
|
|
145.3
|
|
|
Commercial mortgage
|
|
|
94.9
|
|
|
|
83.3
|
|
|
|
69.0
|
|
|
|
50.8
|
|
|
|
40.5
|
|
|
Consumer and other retail
|
|
|
46.8
|
|
|
|
47.6
|
|
|
|
40.9
|
|
|
|
35.8
|
|
|
|
25.3
|
|
|
Total nonaccruing loans
|
|
|
479.9
|
|
|
|
468.9
|
|
|
|
455.6
|
|
|
|
367.5
|
|
|
|
300.4
|
|
|
Renegotiated loans - accruing
|
|
|
35.6
|
|
|
|
35.7
|
|
|
|
28.5
|
|
|
|
2.2
|
|
|
|
1.6
|
|
|
Total nonaccruing loans and renegotiated loans
|
|
|
515.5
|
|
|
|
504.6
|
|
|
|
484.1
|
|
|
|
369.7
|
|
|
|
302.0
|
|
|
Other real estate owned (OREO)
|
|
|
44.2
|
|
|
|
46.3
|
|
|
|
34.6
|
|
|
|
27.8
|
|
|
|
28.3
|
|
|
Total nonperforming assets
|
|
|
559.7
|
|
|
|
550.9
|
|
|
|
518.7
|
|
|
|
397.5
|
|
|
|
330.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days or more:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, and agricultural
|
|
|
36.4
|
|
|
|
3.0
|
|
|
|
4.2
|
|
|
|
4.2
|
|
|
|
3.0
|
|
|
Commercial real estate - construction
|
|
|
29.2
|
|
|
|
14.3
|
|
|
|
4.5
|
|
|
|
4.0
|
|
|
|
5.1
|
|
|
Commercial mortgage
|
|
|
24.1
|
|
|
|
7.0
|
|
|
|
2.2
|
|
|
|
9.2
|
|
|
|
2.8
|
|
|
Consumer and other retail
|
|
|
16.5
|
|
|
|
15.4
|
|
|
|
19.7
|
|
|
|
21.3
|
|
|
|
15.8
|
|
|
Total loans past due 90 days or more
|
|
|
106.2
|
|
|
|
39.7
|
|
|
|
30.6
|
|
|
|
38.7
|
|
|
|
26.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESERVE FOR LOAN LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the beginning of the period
|
|
$
|
299.8
|
|
|
$
|
251.5
|
|
|
$
|
201.8
|
|
|
$
|
184.9
|
|
|
$
|
167.0
|
|
|
Loans charged off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, and agricultural
|
|
|
(25.4
|
)
|
|
|
(8.2
|
)
|
|
|
(12.2
|
)
|
|
|
(8.1
|
)
|
|
|
(8.5
|
)
|
|
Commercial real estate - construction
|
|
|
(81.2
|
)
|
|
|
(12.1
|
)
|
|
|
(13.6
|
)
|
|
|
(6.3
|
)
|
|
|
(18.4
|
)
|
|
Commercial mortgage
|
|
|
(15.2
|
)
|
|
|
(2.4
|
)
|
|
|
(3.0
|
)
|
|
|
(1.0
|
)
|
|
|
(1.7
|
)
|
|
Residential mortgage
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
|
(0.5
|
)
|
|
|
----
|
|
|
Consumer and other retail
|
|
|
(13.3
|
)
|
|
|
(8.1
|
)
|
|
|
(7.8
|
)
|
|
|
(7.9
|
)
|
|
|
(11.1
|
)
|
|
Total loans charged off
|
|
|
(135.1
|
)
|
|
|
(30.8
|
)
|
|
|
(36.6
|
)
|
|
|
(23.8
|
)
|
|
|
(39.7
|
)
|
|
Recoveries on loans previously charged off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, and agricultural
|
|
|
1.6
|
|
|
|
0.3
|
|
|
|
1.0
|
|
|
|
0.2
|
|
|
|
0.1
|
|
|
Commercial real estate - construction
|
|
|
----
|
|
|
|
----
|
|
|
|
0.5
|
|
|
|
----
|
|
|
|
----
|
|
|
Commercial mortgage
|
|
|
0.4
|
|
|
|
----
|
|
|
|
0.1
|
|
|
|
0.3
|
|
|
|
----
|
|
|
Residential mortgage
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
Consumer and other retail
|
|
|
1.9
|
|
|
|
1.4
|
|
|
|
1.9
|
|
|
|
1.5
|
|
|
|
3.4
|
|
|
Total recoveries
|
|
|
3.9
|
|
|
|
1.7
|
|
|
|
3.5
|
|
|
|
2.0
|
|
|
|
3.5
|
|
|
Net loans charged off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, and agricultural
|
|
|
(23.8
|
)
|
|
|
(7.9
|
)
|
|
|
(11.2
|
)
|
|
|
(7.9
|
)
|
|
|
(8.4
|
)
|
|
Commercial real estate - construction
|
|
|
(81.2
|
)
|
|
|
(12.1
|
)
|
|
|
(13.1
|
)
|
|
|
(6.3
|
)
|
|
|
(18.4
|
)
|
|
Commercial mortgage
|
|
|
(14.8
|
)
|
|
|
(2.4
|
)
|
|
|
(2.9
|
)
|
|
|
(0.7
|
)
|
|
|
(1.7
|
)
|
|
Residential mortgage
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
|
(0.5
|
)
|
|
|
----
|
|
|
Consumer and other retail
|
|
|
(11.4
|
)
|
|
|
(6.7
|
)
|
|
|
(5.9
|
)
|
|
|
(6.4
|
)
|
|
|
(7.7
|
)
|
|
Total net loans charged off
|
|
|
(131.2
|
)
|
|
|
(29.1
|
)
|
|
|
(33.1
|
)
|
|
|
(21.8
|
)
|
|
|
(36.2
|
)
|
|
Transfers from/(to) reserve for unfunded lending commitments
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
|
----
|
|
|
|
0.1
|
|
|
Provision charged to operations
|
|
|
205.2
|
|
|
|
77.4
|
|
|
|
82.8
|
|
|
|
38.7
|
|
|
|
54.0
|
|
|
Balance at the end of the period
|
|
|
373.8
|
|
|
|
299.8
|
|
|
|
251.5
|
|
|
|
201.8
|
|
|
|
184.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve for unfunded lending commitments in other liabilities
|
|
|
20.4
|
|
|
|
8.9
|
|
|
|
7.4
|
|
|
|
5.7
|
|
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESERVE FOR LOAN LOSSES COMPOSITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, and agricultural
|
|
$
|
95.6
|
|
|
$
|
74.7
|
|
|
$
|
65.9
|
|
|
$
|
61.3
|
|
|
$
|
62.4
|
|
|
Commercial real estate - construction
|
|
|
165.1
|
|
|
|
127.3
|
|
|
|
100.8
|
|
|
|
66.8
|
|
|
|
51.2
|
|
|
Commercial mortgage
|
|
|
59.0
|
|
|
|
51.1
|
|
|
|
40.6
|
|
|
|
30.0
|
|
|
|
27.6
|
|
|
Residential mortgage
|
|
|
6.1
|
|
|
|
4.1
|
|
|
|
3.3
|
|
|
|
2.6
|
|
|
|
3.8
|
|
|
Consumer and other retail
|
|
|
48.0
|
|
|
|
42.6
|
|
|
|
40.9
|
|
|
|
41.1
|
|
|
|
39.9
|
|
|
Total reserve for loan losses
|
|
|
373.8
|
|
|
|
299.8
|
|
|
|
251.5
|
|
|
|
201.8
|
|
|
|
184.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
|
|
As of and for the six months ended June 30, 2010
|
|
|
|
CREDIT QUALITY (continued)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
(Dollars in millions)
|
|
2010
|
|
2010
|
|
2009
|
|
2009
|
|
2009
|
|
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans
|
|
$
|
8,387.7
|
|
|
$
|
8,715.6
|
|
|
$
|
8,967.2
|
|
|
$
|
9,021.2
|
|
|
$
|
9,175.2
|
|
|
Average loans
|
|
|
8,597.0
|
|
|
|
8,828.3
|
|
|
|
8,987.2
|
|
|
|
9,079.6
|
|
|
|
9,396.2
|
|
|
Period-end reserve to loans
|
|
|
4.46
|
%
|
|
|
3.44
|
%
|
|
|
2.80
|
%
|
|
|
2.24
|
%
|
|
|
2.02
|
%
|
|
Period-end nonperforming assets to loans and OREO
|
|
|
6.64
|
|
|
|
6.29
|
|
|
|
5.76
|
|
|
|
4.39
|
|
|
|
3.59
|
|
|
Period-end loans past due 90 days to total loans
|
|
|
1.27
|
|
|
|
0.46
|
|
|
|
0.34
|
|
|
|
0.43
|
|
|
|
0.29
|
|
|
Quarterly net charge-offs to average loans (not annualized)
|
|
|
1.53
|
|
|
|
0.33
|
|
|
|
0.37
|
|
|
|
0.24
|
|
|
|
0.39
|
|
|
Year-to-date net charge-offs to average loans
|
|
|
1.84
|
|
|
|
0.33
|
|
|
|
1.21
|
|
|
|
0.85
|
|
|
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNAL RISK RATING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
$
|
6,147.7
|
|
|
$
|
6,912.8
|
|
|
$
|
7,289.7
|
|
|
$
|
7,565.4
|
|
|
$
|
7,934.0
|
|
|
Watchlist
|
|
|
764.2
|
|
|
|
672.0
|
|
|
|
607.4
|
|
|
|
598.6
|
|
|
|
550.9
|
|
|
Substandard
|
|
|
1,451.5
|
|
|
|
1,089.3
|
|
|
|
1,013.8
|
|
|
|
828.4
|
|
|
|
662.2
|
|
|
Doubtful/loss
|
|
|
24.3
|
|
|
|
41.5
|
|
|
|
56.4
|
|
|
|
28.8
|
|
|
|
28.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN PORTFOLIO DETAIL
|
|
|
|
|
|
Three Months Ended
|
|
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
(Dollars in millions)
|
|
2010
|
|
2010
|
|
2009
|
|
2009
|
|
2009
|
|
LOAN PORTFOLIO COMPOSITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, and agricultural
|
|
|
29
|
%
|
|
|
29
|
%
|
|
|
29
|
%
|
|
|
29
|
%
|
|
|
30
|
%
|
|
Commercial real estate - construction
|
|
|
21
|
|
|
|
22
|
|
|
|
22
|
|
|
|
22
|
|
|
|
21
|
|
|
Commercial mortgage
|
|
|
25
|
|
|
|
24
|
|
|
|
23
|
|
|
|
23
|
|
|
|
22
|
|
|
Residential mortgage
|
|
|
5
|
|
|
|
5
|
|
|
|
5
|
|
|
|
5
|
|
|
|
5
|
|
|
Consumer
|
|
|
15
|
|
|
|
15
|
|
|
|
16
|
|
|
|
16
|
|
|
|
17
|
|
|
Secured with investments
|
|
|
5
|
|
|
|
5
|
|
|
|
5
|
|
|
|
5
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL REAL ESTATE - CONSTRUCTION DETAIL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate construction
|
|
|
49
|
%
|
|
|
51
|
%
|
|
|
51
|
%
|
|
|
51
|
%
|
|
|
49
|
%
|
|
Land development
|
|
|
23
|
|
|
|
23
|
|
|
|
22
|
|
|
|
21
|
|
|
|
21
|
|
|
Retail and office
|
|
|
16
|
|
|
|
15
|
|
|
|
18
|
|
|
|
18
|
|
|
|
17
|
|
|
Owner-occupied
|
|
|
1
|
|
|
|
1
|
|
|
|
1
|
|
|
|
2
|
|
|
|
2
|
|
|
Multi-family
|
|
|
6
|
|
|
|
5
|
|
|
|
4
|
|
|
|
4
|
|
|
|
4
|
|
|
Other
|
|
|
5
|
|
|
|
5
|
|
|
|
4
|
|
|
|
4
|
|
|
|
7
|
|
|
Geographic location:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware
|
|
|
58
|
%
|
|
|
60
|
%
|
|
|
59
|
%
|
|
|
58
|
%
|
|
|
59
|
%
|
|
Pennsylvania
|
|
|
22
|
|
|
|
22
|
|
|
|
23
|
|
|
|
23
|
|
|
|
23
|
|
|
Maryland
|
|
|
8
|
|
|
|
7
|
|
|
|
7
|
|
|
|
7
|
|
|
|
6
|
|
|
New Jersey
|
|
|
10
|
|
|
|
9
|
|
|
|
9
|
|
|
|
9
|
|
|
|
9
|
|
|
Other
|
|
|
2
|
|
|
|
2
|
|
|
|
2
|
|
|
|
3
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER LOANS, PERIOD-END
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home equity
|
|
$
|
555.5
|
|
|
$
|
563.0
|
|
|
$
|
568.6
|
|
|
$
|
570.5
|
|
|
$
|
573.3
|
|
|
Indirect
|
|
|
492.6
|
|
|
|
548.2
|
|
|
|
613.4
|
|
|
|
684.8
|
|
|
|
753.7
|
|
|
Credit card
|
|
|
64.5
|
|
|
|
63.9
|
|
|
|
66.4
|
|
|
|
67.5
|
|
|
|
64.5
|
|
|
Other consumer
|
|
|
131.3
|
|
|
|
144.4
|
|
|
|
160.5
|
|
|
|
162.7
|
|
|
|
174.2
|
|
|
Total consumer loans
|
|
$
|
1,243.9
|
|
|
$
|
1,319.5
|
|
|
$
|
1,408.9
|
|
|
$
|
1,485.5
|
|
|
$
|
1,565.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER LOANS, ON AVERAGE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home equity
|
|
$
|
559.7
|
|
|
$
|
566.5
|
|
|
$
|
571.7
|
|
|
$
|
572.9
|
|
|
$
|
571.8
|
|
|
Indirect
|
|
|
519.4
|
|
|
|
581.5
|
|
|
|
648.0
|
|
|
|
718.7
|
|
|
|
788.0
|
|
|
Credit card
|
|
|
64.4
|
|
|
|
64.8
|
|
|
|
65.2
|
|
|
|
64.2
|
|
|
|
64.2
|
|
|
Other consumer
|
|
|
141.2
|
|
|
|
152.6
|
|
|
|
162.5
|
|
|
|
169.3
|
|
|
|
181.1
|
|
|
Total consumer loans
|
|
$
|
1,284.7
|
|
|
$
|
1,365.4
|
|
|
$
|
1,447.4
|
|
|
$
|
1,525.1
|
|
|
$
|
1,605.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
|
|
As of and for the six months ended June 30, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change From:
|
|
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
Prior
|
|
Prior
|
|
|
|
2010
|
|
2010
|
|
2009
|
|
2009
|
|
2009
|
|
Quarter
|
|
Year
|
|
NET INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(1.33
|
)
|
|
$
|
(0.44
|
)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.20
|
)
|
|
202.3
|
|
|
N/M
|
|
|
Diluted
|
|
|
(1.33
|
)
|
|
|
(0.44
|
)
|
|
|
(0.23
|
)
|
|
|
(0.15
|
)
|
|
|
(0.20
|
)
|
|
202.3
|
|
|
N/M
|
|
|
Weighted average shares outstanding (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
90,786
|
|
|
|
76,465
|
|
|
|
68,983
|
|
|
|
68,979
|
|
|
|
68,966
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
90,786
|
|
|
|
76,465
|
|
|
|
68,983
|
|
|
|
68,979
|
|
|
|
68,966
|
|
|
|
|
|
|
|
|
Net (loss)/income as a percentage of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets
|
|
|
(4.44
|
)%
|
|
|
(1.07
|
)%
|
|
|
(0.41
|
)%
|
|
|
(0.21
|
)%
|
|
|
(0.32
|
)%
|
|
|
|
|
|
|
|
Average stockholders' equity1
|
|
|
(37.03
|
)
|
|
|
(10.79
|
)
|
|
|
(4.41
|
)
|
|
|
(2.34
|
)
|
|
|
(3.58
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS UNDER MANAGEMENT * (in billions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wilmington Trust
|
|
$
|
40.6
|
|
|
$
|
42.3
|
|
|
$
|
42.1
|
|
|
$
|
39.8
|
|
|
$
|
35.2
|
|
|
(4.0
|
)
|
|
15.3
|
|
|
Roxbury Capital Management
|
|
|
1.5
|
|
|
|
1.6
|
|
|
|
1.7
|
|
|
|
1.5
|
|
|
|
1.4
|
|
|
(6.3
|
)
|
|
7.1
|
|
|
Cramer Rosenthal McGlynn
|
|
|
11.2
|
|
|
|
13.0
|
|
|
|
11.9
|
|
|
|
11.0
|
|
|
|
9.4
|
|
|
(13.8
|
)
|
|
19.1
|
|
|
Combined assets under management
|
|
$
|
53.3
|
|
|
$
|
56.9
|
|
|
$
|
55.7
|
|
|
$
|
52.3
|
|
|
$
|
46.0
|
|
|
(6.3
|
)
|
|
15.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Assets under management include estimates for values associated
with certain assets that lack readily ascertainable values, such as
limited partnership interests.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS UNDER ADMINISTRATION ** (in billions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wilmington Trust
|
|
$
|
142.8
|
|
|
$
|
149.2
|
|
|
$
|
148.6
|
|
|
$
|
140.8
|
|
|
$
|
128.7
|
|
|
(4.3
|
)
|
|
11.0
|
|
|
** Includes Wilmington Trust assets under management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT MIX OF ASSETS MANAGED BY WILMINGTON TRUST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equities
|
|
|
37
|
%
|
|
|
41
|
%
|
|
|
40
|
%
|
|
|
37
|
%
|
|
|
36
|
%
|
|
|
|
|
|
|
|
Fixed income
|
|
|
36
|
|
|
|
33
|
|
|
|
34
|
|
|
|
34
|
|
|
|
37
|
|
|
|
|
|
|
|
|
Other
|
|
|
27
|
|
|
|
26
|
|
|
|
26
|
|
|
|
29
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL (in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Wilmington Trust stockholders' equity
|
|
$
|
1,584.5
|
|
|
$
|
1,420.8
|
|
|
$
|
1,331.0
|
|
|
$
|
1,322.2
|
|
|
$
|
1,342.6
|
|
|
11.5
|
|
|
18.0
|
|
|
Total risk-weighted assets
|
|
|
9,872.5
|
|
|
|
10,281.7
|
|
|
|
10,959.4
|
|
|
|
10,956.6
|
|
|
|
11,297.8
|
|
|
(4.0
|
)
|
|
(12.6
|
)
|
|
Tier 1 capital
|
|
|
1,217.1
|
|
|
|
1,326.0
|
|
|
|
1,080.1
|
|
|
|
1,090.4
|
|
|
|
1,093.4
|
|
|
(8.2
|
)
|
|
11.3
|
|
|
Per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value1
|
|
|
12.20
|
|
|
|
13.49
|
|
|
|
14.17
|
|
|
|
14.29
|
|
|
|
14.26
|
|
|
(9.6
|
)
|
|
(14.4
|
)
|
|
Quarterly dividends declared per common share
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
0.01
|
|
|
|
0.1725
|
|
|
----
|
|
|
(94.2
|
)
|
|
Year-to-date dividends declared per common share
|
|
|
0.02
|
|
|
|
0.01
|
|
|
|
0.365
|
|
|
|
0.355
|
|
|
|
0.345
|
|
|
|
|
|
|
|
|
Average stockholders' equity to assets1
|
|
|
11.99
|
%
|
|
|
9.94
|
%
|
|
|
9.23
|
%
|
|
|
9.13
|
%
|
|
|
8.94
|
%
|
|
|
|
|
|
|
|
Total risk-based capital ratio
|
|
|
16.65
|
|
|
|
17.58
|
|
|
|
14.31
|
|
|
|
14.40
|
|
|
|
14.02
|
|
|
|
|
|
|
|
|
Tier 1 risk-based capital ratio
|
|
|
12.33
|
|
|
|
12.90
|
|
|
|
9.86
|
|
|
|
9.95
|
|
|
|
9.68
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital ratio
|
|
|
11.80
|
|
|
|
12.25
|
|
|
|
10.10
|
|
|
|
10.21
|
|
|
|
9.79
|
|
|
|
|
|
|
|
|
Tangible common equity to assets ratio1
|
|
|
7.25
|
|
|
|
8.18
|
|
|
|
5.42
|
|
|
|
5.60
|
|
|
|
5.40
|
|
|
|
|
|
|
|
|
Tier 1 common capital ratio
|
|
|
9.05
|
|
|
|
9.75
|
|
|
|
6.90
|
|
|
|
7.00
|
|
|
|
6.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT SECURITIES PORTFOLIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average life (in years)
|
|
|
6.12
|
|
|
|
6.94
|
|
|
|
6.23
|
|
|
|
9.21
|
|
|
|
8.09
|
|
|
|
|
|
|
|
|
Average duration
|
|
|
(0.75
|
)
|
|
|
(2.11
|
)
|
|
|
(0.49
|
)
|
|
|
(0.25
|
)
|
|
|
(1.33
|
)
|
|
|
|
|
|
|
|
Percentage invested in fixed rate instruments
|
|
|
84
|
%
|
|
|
83
|
%
|
|
|
84
|
%
|
|
|
64
|
%
|
|
|
68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FUNDING (on average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage from core deposits
|
|
|
83
|
%
|
|
|
82
|
%
|
|
|
77
|
%
|
|
|
76
|
%
|
|
|
72
|
%
|
|
|
|
|
|
|
|
Percentage from national funding
|
|
|
12
|
|
|
|
14
|
|
|
|
14
|
|
|
|
11
|
|
|
|
12
|
|
|
|
|
|
|
|
|
Percentage from short-term borrowings
|
|
|
5
|
|
|
|
4
|
|
|
|
9
|
|
|
|
13
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET - LIABILITY MATCHING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a percentage of total balances at period-end:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans outstanding with floating rates
|
|
|
79
|
%
|
|
|
79
|
%
|
|
|
79
|
%
|
|
|
78
|
%
|
|
|
77
|
%
|
|
|
|
|
|
|
|
Commercial loans with floating rates
|
|
|
90
|
|
|
|
91
|
|
|
|
90
|
|
|
|
90
|
|
|
|
89
|
|
|
|
|
|
|
|
|
Commercial loans tied to a prime rate
|
|
|
51
|
|
|
|
51
|
|
|
|
53
|
|
|
|
53
|
|
|
|
54
|
|
|
|
|
|
|
|
|
Commercial loans tied to the 30-day LIBOR
|
|
|
40
|
|
|
|
40
|
|
|
|
39
|
|
|
|
40
|
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National CDs and short-term borrowings maturing in 90 days or less
|
|
|
69
|
%
|
|
|
52
|
%
|
|
|
91
|
%
|
|
|
77
|
%
|
|
|
80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FULL-TIME EQUIVALENT HEADCOUNT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent headcount
|
|
|
2,795
|
|
|
|
2,821
|
|
|
|
2,898
|
|
|
|
2,902
|
|
|
|
2,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Does not include preferred stock and noncontrolling
interest.
|
|
|
Wilmington Trust Corporation
Investors
and analysts:
Ellen J. Roberts
Investor Relations
302-651-8069
eroberts@wilmingtontrust.com
or
News
media:
Bill Benintende
Public Relations
302-651-8268
wbenintende@wilmingtontrust.com
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
|
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