Wilmington Trust Corp. surprised Wall Street by reporting a fourth-quarter loss Friday.
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The $11 billion-asset company reported a net loss available to shareholders of $15.7 million, compared with a $69.4 million for the fourth quarter of 2008. The per-share loss was 23 cents, compared with a loss of $1.02 a share a year earlier.
Analysts had expected earnings of 4 cents a share for the 2009 quarter.
The Delaware company's $82.8 million loan-loss provision was more than double the third-quarter provision and 22% more than the year-earlier quarter's provision.
Its ratio of nonperforming assets to loans and foreclosed properties was 5.37%, up 137 basis points from the previous quarter and 357 basis year over year.
