Friday, Wilmington Trust Corp. (WL), a regional financial service provider, slipped to loss in the third quarter, hurt primarily by higher provision for loan losses.
The Wilmington, Delaware-based company reported third quarter net loss available to common shareholders of $10.4 million or $0.15 per share, compared to net income available to common shareholders of $22.9 million or $0.34 per share in the same quarter last year.
Net loss for the quarter was $5.9 million, compared to net income of $22.9 million in the previous year quarter.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter declined 12.2% to $80.0 million from $91.1 million in the year ago quarter. Non-interest income was $69.1 million, down 21.3% from $87.8 million in the comparable quarter last year. Analysts expected the company to report revenue of $186.37 million for the quarter.
For the quarter, non-interest expense was $127.0 million, up 2.5% from $123.9 million in the previous year quarter. Provision for loan losses increased to $38.7 million from $19.6 million a year ago.
Total loans for the quarter declined 4.0% to $9.1 billion from $9.5 billion in the prior year quarter. Core deposits were $6.7 billion, up 25.5% from $5.3 billion in the comparable quarter a year ago.
For the nine-month period, Wilmington Trust reported net loss available to common shareholders of $6.8 million or $0.10 per share, compared to net income of $44.9 million or $0.67 per share in the year ago period. Net interest income for the period was $240.2 million, down 8.7% from $263.1 million in the prior year. Non-interest income declined 7.9% to $261.4 million down from $283.7 million in the same period last year.
Additionally, on October 21, the company declared a regular quarterly cash dividend of $0.01 per share, payable November 16, 2009, to shareholders of record on November 2, 2009.
WL is currently trading at $14.95, down $0.63 or 4.12%, on a volume of 783,176 shares on the NYSE.
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