Wilmington Trust Corp. said Friday that its second-quarter profits rose 11% from a year earlier, to $40.4 million, driven by its banking business and an improving net interest margin.
Per-share earnings of 59 cents beat the average analyst estimate by 3 cents, according to Thomson First Call.
"Economic indicators remain very positive for the Delaware Valley region," said Ted T. Cecala, the $9.8 billion-asset company's chairman and chief executive, during a conference call with investors. "On average, loans were $6.9 billion, up 8% year-over-year and more than 2% on the linked quarter.
Deposits rose 10.1%, to $7.1 billion, and the net interest margin increased 14 basis points from a year earlier and 2 basis points from the first quarter, to 3.66%. Revenues rose 9.7% from a year earlier, to $152.7 million, and operating expenses were up 8.7%.
