Wilmington Trust Corp. swung to a worse-than-expected first-quarter loss on still more credit deterioration at the banking and trust-services provider.
Chairman and Chief Executive Ted T. Cecala said the company's corporate client services and wealth advisory services did well in the quarter but "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."
It reported a loss of $29.2 million, or 44 cents a share, compared with a year-earlier profit of $21.8 million, or 25 cents a share. Revenue fell 15%, to $164.2 million. Analysts surveyed by Thomson Reuters had estimated a 4-cent loss on revenue of $187 million.
The company's loan-loss provision more than doubled, to $77.4 million, from $29.5 million a year earlier but fell from the fourth quarter's $82.8 million.
Nonperforming assets, those near default, rose to 6.29% of the total.