Wilmington Trust Announces 2008 Second Quarter Results
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WILMINGTON, Del.--(BUSINESS WIRE)--
Wilmington Trust Corporation (NYSE: WL) reported a loss of $19.5 million, or $0.29 per share, for the 2008 second quarter. Two events caused this loss:
-- Business conditions at affiliate money manager Roxbury Capital
Management (RCM) led to a decline of $66.9 million in the
value of Wilmington Trust's investment in the firm. This
amount, which was recorded as a non-cash impairment expense,
reduced net income by $43.5 million, or $0.64 per share (on a
diluted basis). Wilmington Trust previously disclosed this
charge in a June 19, 2008, filing with the Securities and
Exchange Commission.
-- The carrying value of preferred stocks in Wilmington Trust's
investment securities portfolio decreased by $12.6 million.
Most of this decrease was in the carrying value of securities
issued by the Federal National Mortgage Association (Fannie
Mae) and the Federal Home Loan Mortgage Corporation (Freddie
Mac). This $12.6 million reduction, which was recorded as a
securities loss, reduced net income by $8.0 million, or $0.12
per share (diluted).
"These charges were a function of extraordinarily unsettled equity markets," said Ted T. Cecala, Wilmington Trust chairman and chief executive officer. "They overshadow very strong commercial and consumer loan growth, higher revenue from Corporate Client Services and Wealth Advisory Services, and other positive aspects of our second quarter results and ongoing operations."
On an operating basis (excluding the two charges), net income for the 2008 second quarter was $32.0 million, or $0.47 per share (diluted). Management believes that operating results - those that exclude the effects of the two write-downs - present a more relevant measure of ongoing business trends and offer a better basis of comparison with prior periods. The financial statements in this report include a reconciliation of results that include the securities loss and RCM impairment expense (reported results) with those that do not (operating results).
For the first six months of 2008, results were positive. Reported net income and earnings were $21.9 million and $0.33 per share (diluted), respectively. Operating net income and earnings were $73.4 million and $1.09 per share (diluted), respectively.
Wilmington Trust's capital position remained strong. All regulatory capital ratios continued to exceed the amounts required by the Federal Reserve Board to be considered a well-capitalized institution. The two impairment charges did not affect client funds or the company's ability to pay dividends.
On July 17, 2008, the Board of Directors declared a regular quarterly cash dividend of $0.345 per share. This amount reflects the 3% increase the Board approved in April 2008, which marked the 27th consecutive year that Wilmington Trust has raised its cash dividend. The quarterly dividend will be paid on August 15, 2008, to stockholders of record on August 1, 2008.
Significant factors in second quarter 2008 results
-- The Regional Banking business added $483.0 million of loans
during the 2008 second quarter. This was the largest
three-month increase in the company's history. Loan balances
topped $9 billion for the first time, on both a period-end and
average-balance basis. Loan growth reflected the resilience of
the well-diversified economy in the mid-Atlantic region, which
has not experienced the levels of unemployment and housing
pressure seen in some other parts of the United States.
-- Corporate Client Services (CCS) revenue rose 22% from the
first quarter and 28% from the year-ago second quarter, with
all components of the business contributing to the growth.
Capital markets revenue was up 5% from the first quarter and
9% from the year-ago second quarter, as increasing demand for
bankruptcy and corporate restructuring services helped counter
continued weakness in capital markets activity.
-- CCS retirement services revenue more than doubled from prior
periods due to the acquisition of AST Capital Trust Company.
Second quarter 2008 results reflected two months of revenue
from this acquisition, which closed on April 30, 2008.
-- Wealth Advisory Services revenue (WAS) increased 4% from the
first quarter and 8% from the year-ago second quarter, due
largely to continued growth in family office services as well
as the June 2007 expansion into Boston.
-- New business, especially from Boston, helped WAS trust and
investment advisory revenue (the portion of WAS revenue that
is based on the market values of investments in client
portfolios) increase 3% from the 2008 first quarter and 5%
from the year-ago second quarter. The full effect of this
revenue growth was masked by equity market declines in the
corresponding periods. For example, the Standard & Poor's 500
Index was 3% lower than at March 31, 2008, and 15% lower than
at June 30, 2007. Management uses the S&P 500 as a benchmark
for comparison because its composition mirrors, to a large
extent, the equities in client portfolios.
-- Advisory business revenue - revenue from CCS, WAS, and
affiliate money manager Cramer Rosenthal McGlynn - accounted
for 53% of total net interest and noninterest income
(excluding securities losses and after amortization and the
provision for loan losses). Advisory business revenue combined
with banking-related fee revenue accounted for 61% of total
net interest and noninterest income.
-- Operating expenses (excluding the impairment charges) and the
increase in the number of staff members reflected expansion
investments made over the past 12 months, including the June
2007 acquisitions in Boston and Luxembourg, the AST Capital
Trust Company acquisition, and the addition of Regional
Banking staff in Baltimore.
These factors were offset by:
-- The two impairment charges.
-- Net charge-offs and nonperforming asset levels that caused the
provision for loan losses to increase to $18.5 million from
$10.0 million for the 2008 first quarter.
-- Compression in the net interest margin, which fell to 3.17%
due to the market interest rate environment.
-- A $1.1 million loss associated with RCM.
Roxbury Capital Management impairment charge
The RCM impairment charge resulted from changes in business conditions at RCM that necessitated a reassessment of the valuation of Wilmington Trust's investment in the firm. These changes, which became apparent in the 2008 second quarter, included a decline in assets under management, lower-than-expected operating performance, and projections that RCM would incur a loss for the 2008 second quarter.
The valuation reassessment, conducted as an impairment test under U.S. generally accepted accounting principles (GAAP), determined that the RCM valuation had declined from $89.1 million to $22.2 million. The decrease in valuation - $66.9 million - was recorded as a non-cash expense for the 2008 second quarter.
The impairment charge did not affect Wilmington Trust's ownership position in RCM, which consists of 41.23% of RCM's common shares and 100% of RCM's preferred interests, which entitles Wilmington Trust to a preferred profits interest equal to 30% of RCM's revenues.
"Following the burst of the technology stock bubble, and with continued volatility in the financial markets, the operating environment has been challenging for most growth-style managers, including Roxbury," said Mr. Cecala. "While RCM's mid-cap fund has experienced asset outflows, the firm has developed new products that are attracting assets, and early performance indicators are promising. We remain confident in Roxbury's leadership and the firm's long-term prospects for profitability."
Investment securities impairment
Wilmington Trust maintains an investment securities portfolio for its own account to generate cash flow, to help manage interest rate risk, and to provide collateral for deposits and other liabilities. There are no client funds in this portfolio.
Perpetual preferred stocks that are held as available for sale comprise approximately 3% of the investment securities portfolio, which totaled $1.53 billion at June 30, 2008. As of that date, the value of Wilmington Trust's investments in these preferred stocks had decreased from $54.3 million to $41.7 million. Most of this decrease was in preferred stocks issued by Fannie Mae, Freddie Mac, and two other financial institutions.
Sharp declines in the market valuations of these stocks, coupled with uncertainty about future market conditions, led management to determine that these stocks had become "other than temporarily impaired" under GAAP. The amount of the decrease - $12.6 million - was recorded as a securities loss for the 2008 second quarter.
While the value of these investments has declined, management intends to retain them in the portfolio because they pay dividends, they have investment-grade credit ratings, and their valuations are expected to normalize over the course of market cycles.
Credit quality in the 2008 second quarter
No negative systemic credit quality trends emerged during the second quarter, but the combination of loan growth and downgrades in the internal risk rating analysis caused the provision and reserve for loan losses to increase.
Total nonperforming assets increased to $88.5 million from $77.7 million at March 31, 2008. Three credits - a commercial construction loan, a loan to a retailer, and a loan to a textile manufacturer - accounted for the majority of this $10.8 million increase. The nonperforming asset ratio was 95 basis points, the same as at year-end 2007.
Within nonperforming assets, two loans moved from renegotiated to nonaccruing status. One of these was a commercial construction loan for a single family/townhome development in Sussex County, Delaware. As part of this loan's transfer to nonaccruing status, $3.6 million was charged off. The other transferred loan was a retail loan.
Nonperforming assets included other real estate owned (OREO) of $16.7 million, an amount that represents the net realizable value of the underlying assets. Two loans that had been nonaccruing since the 2007 third quarter accounted for most of the OREO increase, as Wilmington Trust obtained control of them through foreclosure:
-- An income-producing hotel and retail property in Ocean City,
Maryland, which accounted for approximately $9.2 million of
the second quarter increase in OREO.
-- A luxury home development in Montgomery County, Pennsylvania.
In the 2008 second quarter, approximately $4.5 million
associated with this property was classified as OREO and
approximately $1.4 million was charged off. Since Wilmington
Trust's foreclosure, contracts have been signed on four of
this development's 14 remaining properties.
Three smaller properties in the mid-Atlantic region accounted for the remainder of the increase in OREO.
Most of the net charge-offs in the second quarter were associated with the nonperforming assets mentioned above. The net charge-off ratio was 13 basis points, an increase of 8 basis points from the 2008 first quarter. For the first six months of 2008, the net charge-off ratio was 19 basis points, or 38 basis points on an annualized basis.
Given the unpredictability of commercial loan charge-offs, management does not believe the 2008 second quarter net charge-off ratio indicates a trend, and expects the net charge-off ratio to remain within its historical range of 24 to 31 basis points over a 12-month period. Several factors make commercial loan charge-offs unpredictable:
-- Negotiations with commercial borrowers can affect the timing
and extent of charge-offs, or avert them altogether.
-- Associated legal proceedings can also affect the timing and
extent of charge-offs.
Loans past due 90 days or more increased from $14.6 million at March 31, 2008, to $21.8 million. Three loans -- a commercial loan to a chemical manufacturer, a commercial construction loan to a tubing manufacturer, and a commercial mortgage loan to a retailer -- accounted for most of this increase.
Nonperforming asset levels and the substantial growth in loan balances drove the increase in the provision for loan losses to $18.5 million from $10.0 million for the 2008 first quarter. Loan growth accounted for approximately $4.8 million of the 2008 second quarter provision. Charge-offs and downgrades in the internal risk rating analysis accounted for the remainder.
The reserve for loan losses increased to $113.1 million from $106.4 million at March 31, 2008. The loan loss reserve ratio increased 1 basis point from the 2008 first quarter to 1.22%.
The percentage of loans with pass ratings in the internal risk rating analysis improved to 96.28% from 95.62% at March 31, 2008, largely due to loan growth.
On a percentage basis, the composition of the loan portfolio remained well diversified and relatively unchanged. Additional disclosures about credit quality appear in the financial statement section of this release.
Net interest margin
The net interest margin was 3.17%. This was 20 basis points lower than for the 2008 first quarter and 56 basis points lower than for the year-ago second quarter. This compression caused net interest income to decrease from prior periods, even though loan balances were significantly higher.
The margin was affected by Federal Open Market Committee (FOMC) reductions in short-term interest rates coupled with Wilmington Trust's asset sensitivity.
-- Between late September 2007 and May 2008, the FOMC reduced
rates seven times for a total of 325 basis points.
-- Since most of the company's floating rate loans reprice within
30 days of a rate change, downward loan pricing adjustments
began in the 2007 fourth quarter and continued in the first
half of 2008. Funding costs, however, typically take 90 to 120
days to reprice. Consequently, most of the corresponding
decreases in funding costs did not begin until the 2008 first
quarter, and continued to lag loan repricing for most of the
second quarter.
Assuming the FOMC makes no additional downward moves, management expects the pace of compression in the margin to slow substantially in the third quarter and stabilize in the fourth quarter. A rising interest rate environment would accelerate the stabilization and potentially improve the margin. More information about asset/liability matching and funding sources is in the supplemental financial statement in this release.
Additional Regional Banking details
-- Loan balances were 5% higher than for the 2008 first quarter,
reaching record highs of $9.28 billion on a period-end basis
and $9.09 billion on an average-balance basis.
-- Commercial loan balances exceeded $6 billion for the first
time on an average-balance basis, reaching $6.26 billion. This
was 5% higher than for the 2008 first quarter and 12% higher
than for the year-ago second quarter.
-- The Pennsylvania and Baltimore markets accounted for
approximately 50% of the increase in commercial loan balances,
with the rest coming mainly from the Delaware market.
-- Most of the commercial loans added during the 2008 second
quarter were non-real estate loans and commercial mortgage
loans. Most of the increase in commercial mortgages came from
existing clients who, until recent changes in the credit
markets, had found more favorable financing terms with
specialty mortgage lenders.
-- In the retail loan portfolio, consumer loan balances exceeded
$1.7 billion for the first time on both a period-end and
average-balance basis. On average, consumer loan balances were
5% higher than for the 2008 first quarter and 15% higher than
for the year-ago second quarter.
-- Indirect auto loans and home equity lines of credit accounted
for most of the increase in consumer loans, and most of the
growth was from clients in Delaware.
-- Core deposits, on average, reached $5.38 billion, which was 4%
higher than for the 2008 first quarter and 6% higher than for
the year-ago second quarter. Noninterest-bearing demand
deposits and savings deposits accounted for most of this
growth.
-- The Regional Banking business continued to benefit from the
relative health and stability of the mid-Atlantic economy.
Delaware's unemployment rate for May 2008 (the most recent
data available) was 4.2%, compared with the U.S. average of
5.5%. Unemployment rates in Pennsylvania, New Jersey, and
Maryland were also below the U.S. average.
-- In Delaware's housing market, the pace of existing home sales
decreased, but median sales prices of existing homes held
steady.
Conference call
Management will discuss 2008 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 information:
-- From inside the United States: (888) 459-5609
-- From outside the United States: (973) 321-1024
-- Conference identification number: 51675313
A rebroadcast of the call will be available from 12:00 p.m. (Eastern) today until 12:00 a.m. (Eastern) on Friday, July 25, by calling (800) 642-1687 inside the United States or (706) 645-9291 outside the United States. Use conference identification number 51675313 to access the rebroadcast.
Forward-looking statements
This report contains forward-looking statements that reflect our current expectations about our future performance. These statements rely on a number of assumptions and estimates and are subject to various risks and uncertainties that could cause our actual results to differ from our expectations. Factors that could affect our future financial results include, among other things, changes in national or regional economic conditions; changes in market interest rates; significant changes in banking laws or regulations; increased competition in our businesses; 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 our affiliate money managers, Cramer Rosenthal McGlynn and Roxbury Capital Management; unanticipated changes in regulatory, judicial, or legislative tax treatment of business transactions; 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 Delaware Valley region, Wealth Advisory Services for high-net-worth clients in 36 countries, and Corporate Client Services for institutional clients in 86 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, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, and Luxembourg. For more information, visit www.wilmingtontrust.com.
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
As of and for the six months ended June 30, 2008
HIGHLIGHTS
Three Months Ended Six Months Ended
---------------------------- ----------------------------
June 30, June 30, % June 30, June 30, %
2008 2007 Change 2008 2007 Change
----------------------------------------------------------------------
OPERATING
RESULTS
(in
millions)
Net interest
income $ 85.2 $ 92.8 (8.2) $ 172.1 $ 183.7 (6.3)
Provision for
loan losses (18.5) (6.5) 184.6 (28.4) (10.1) 181.2
Noninterest
income 93.2 96.9 (3.8) 195.9 188.4 4.0
Noninterest
expense 188.5 106.0 77.8 304.0 216.4 40.5
Net income (19.5) 48.9 ---- 21.9 91.8 (76.1)
PER SHARE
DATA
Basic net
income $ (0.29) $ 0.71 ---- $ 0.33 $ 1.34 (75.4)
Diluted net
income (0.29) 0.70 ---- 0.33 1.32 (75.0)
Dividends
paid 0.345 0.335 3.0 0.68 0.65 4.6
Book value at
period end 15.85 15.77 0.5 15.85 15.77 0.5
Closing price
at period
end 26.44 41.51 (36.3) 26.44 41.51 (36.3)
Market range:
High 35.17 43.14 (18.5) 35.50 44.55 (20.3)
Low 26.26 39.62 (33.7) 26.26 39.62 (33.7)
AVERAGE
SHARES
OUTSTANDING
(in
thousands)
Basic 67,167 68,397 (1.8) 67,117 68,464 (2.0)
Diluted 67,167 69,435 (3.3) 67,390 69,546 (3.1)
AVERAGE
BALANCE
SHEET (in
millions)
Investment
portfolio $ 1,598.5 $ 1,859.0 (14.0) $ 1,672.2 $ 1,928.5 (13.3)
Loans 9,085.9 8,156.3 11.4 8,861.3 8,114.4 9.2
Earning
assets 10,812.0 10,059.9 7.5 10,627.6 10,097.4 5.3
Core deposits 5,377.5 5,062.4 6.2 5,269.1 5,020.6 4.9
Stockholders'
equity 1,119.4 1,120.2 (0.1) 1,122.4 1,091.3 2.8
STATISTICS
AND RATIOS
(net income
annualized)
Return on
average
stockholders'
equity (7.01)% 17.51% ---- 3.92% 16.96% (76.9)
Return on
average
assets (0.66)% 1.80% ---- 0.38% 1.69% (77.5)
Net interest
margin
(taxable
equivalent) 3.17% 3.73% (15.0) 3.27% 3.70% (11.6)
Dividend
payout ratio ---- 47.03% ---- 208.68% 48.58% 329.6
Full-time
equivalent
headcount 2,879 2,597 10.9 2,879 2,597 10.9
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
As of and for the six months ended June 30, 2008
QUARTERLY INCOME STATEMENT
Three Months Ended
------------------------------------------------------
% Change From
--------------
June Mar. Dec. Sept. June Prior Prior
30, 31, 31, 30, 30,
(In millions) 2008 2008 2007 2007 2007 Quarter Year
----------------------------------------------------------------------
NET INTEREST
INCOME
Interest
income $150.0 $162.4 $177.9 $183.4 $180.8 (7.6) (17.0)
Interest
expense 64.8 75.5 86.8 89.3 88.0 (14.2) (26.4)
-------------------------------------------------------
Net interest
income 85.2 86.9 91.1 94.1 92.8 (2.0) (8.2)
Provision for
loan
losses (18.5) (10.0) (9.2) (8.9) (6.5) 85.0 184.6
-------------------------------------------------------
Net interest
income
after
provision
for loan
losses 66.7 76.9 81.9 85.2 86.3 (13.3) (22.7)
--------------------------------------
NONINTEREST
INCOME
Advisory fees:
Wealth
Advisory
Services
Trust and
investment
advisory
fees 40.2 39.2 42.9 40.5 38.4 2.6 4.7
Mutual fund
fees 6.4 6.4 5.9 5.3 5.1 ---- 25.5
Planning and
other
services 11.2 10.1 10.3 10.3 9.9 10.9 13.1
-------------------------------------------------------
Total
Wealth
Advisory
Services 57.8 55.7 59.1 56.1 53.4 3.8 8.2
--------------------------------------
Corporate
Client
Services
Capital
markets
services 12.2 11.6 11.4 10.2 11.2 5.2 8.9
Entity
management
services 8.6 7.9 8.1 7.4 7.4 8.9 16.2
Retirement
services 7.5 3.2 3.3 3.0 3.2 134.4 134.4
Investment /
cash
management
services 3.4 3.3 3.4 3.0 3.0 3.0 13.3
-------------------------------------------------------
Total
Corporate
Client
Services 31.7 26.0 26.2 23.6 24.8 21.9 27.8
--------------------------------------
Cramer
Rosenthal
McGlynn 5.5 4.0 5.5 4.2 6.3 37.5 (12.7)
Roxbury
Capital
Management (1.1) 0.3 0.4 0.4 0.2 ---- ----
-------------------------------------------------------
Advisory
fees 93.9 86.0 91.2 84.3 84.7 9.2 10.9
Amortization
of
affiliate
intangibles (2.0) (1.2) (1.3) (1.2) (1.1) 66.7 81.8
-------------------------------------------------------
Advisory
fees
after
amortization
of
affiliate
intangibles 91.9 84.8 89.9 83.1 83.6 8.4 9.9
--------------------------------------
Service
charges
on deposit
accounts 7.5 7.6 7.3 7.2 7.0 (1.3) 7.1
Other
noninterest
income 6.3 10.4 5.3 4.7 6.2 (39.4) 1.6
Securities
gains /
(losses) (12.5) ---- 0.2 (0.2) 0.1 ---- ----
-------------------------------------------------------
Total
noninterest
income 93.2 102.8 102.7 94.8 96.9 (9.3) (3.8)
--------------------------------------
Net interest
and
noninterest
income 159.9 179.7 184.6 180.0 183.2 (11.0) (12.7)
--------------------------------------
NONINTEREST
EXPENSE
Salaries and
wages 48.3 45.7 45.0 44.1 41.9 5.7 15.3
Incentives and
bonuses 13.2 14.5 11.5 10.0 11.4 (9.0) 15.8
Employment
benefits 12.4 14.3 12.0 12.7 11.5 (13.3) 7.8
Net occupancy 8.0 7.5 7.4 7.3 6.8 6.7 17.6
Furniture,
equipment,
and supplies 10.3 9.8 9.7 10.0 9.8 5.1 5.1
Other
noninterest
expense:
Advertising
and
contributions 3.0 2.1 3.2 2.0 2.8 42.9 7.1
Servicing and
consulting
fees 3.2 2.5 3.4 2.6 2.8 28.0 14.3
Subadvisor
expense 3.5 2.7 2.8 2.7 2.5 29.6 40.0
Travel,
entertainment,
and training 2.9 2.4 3.3 2.8 2.4 20.8 20.8
Originating
and
processing
fees 2.6 2.4 2.9 2.8 2.7 8.3 (3.7)
Other expense 14.2 11.6 15.7 13.8 11.4 22.4 24.6
-------------------------------------------------------
Total other
noninterest
expense 29.4 23.7 31.3 26.7 24.6 24.1 19.5
--------------------------------------
Total
noninterest
expense
before
impairment 121.6 115.5 116.9 110.8 106.0 5.3 14.7
Impairment
write-down 66.9 ---- ---- ---- ---- ---- ----
--------------------------------------
Total
noninterest
expense 188.5 115.5 116.9 110.8 106.0 63.2 77.8
--------------------------------------
Income before
income
taxes and
minority
interest (28.6) 64.2 67.7 69.2 77.2 ---- ----
Applicable
income taxes (9.3) 22.7 23.6 22.9 28.3 ---- ----
-------------------------------------------------------
Net income
before
minority
interest (19.3) 41.5 44.1 46.3 48.9 ---- ----
Minority
interest 0.2 0.1 0.1 0.1 ---- 100.0 ----
-------------------------------------------------------
Net income $(19.5) $ 41.4 $ 44.0 $ 46.2 $ 48.9 ---- ----
======================================
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
As of and for the six months ended June 30, 2008
YEAR-TO-DATE INCOME STATEMENT
Six Months Ended
------------------------
June 30, June 30, %
(In millions) 2008 2007 Change
----------------------------------------------------------------------
NET INTEREST INCOME
Interest income $ 312.3 $ 360.9 (13.5)
Interest expense 140.2 177.2 (20.9)
---------------------------------------------------------------
Net interest income 172.1 183.7 (6.3)
Provision for loan
losses (28.4) (10.1) 181.2
---------------------------------------------------------------
Net interest income
after provision
for loan losses 143.7 173.6 (17.2)
----------------
NONINTEREST INCOME
Advisory fees:
Wealth Advisory
Services
Trust and investment
advisory fees 79.5 75.4 5.4
Mutual fund fees 12.8 10.1 26.7
Planning and other
services 21.3 19.4 9.8
---------------------------------------------------------------
Total Wealth
Advisory
Services 113.6 104.9 8.3
----------------
Corporate
Client Services
Capital markets
services 23.8 21.4 11.2
Entity management
services 16.4 14.5 13.1
Retirement services 10.7 6.6 62.1
Investment/cash
management services 6.8 6.3 7.9
---------------------------------------------------------------
Total Corporate
Client
Services 57.7 48.8 18.2
----------------
Cramer Rosenthal
McGlynn 9.5 11.0 (13.6)
Roxbury Capital
Management (0.8) 0.3 ----
---------------------------------------------------------------
Advisory fees 180.0 165.0 9.1
Amortization of
affiliate
intangibles (3.3) (2.2) 50.0
---------------------------------------------------------------
Advisory fees
after amortization
of affiliate
intangibles 176.7 162.8 8.5
----------------
Service charges
on deposit accounts 15.0 13.8 8.7
Other noninterest
income 16.7 11.7 42.7
Securities gains/(losses) (12.5) 0.1 ----
---------------------------------------------------------------
Total noninterest
income 195.9 188.4 4.0
----------------
Net interest and
noninterest
income 339.6 362.0 (6.2)
----------------
NONINTEREST EXPENSE
Salaries and wages 94.0 83.7 12.3
Incentives and bonuses 27.7 25.4 9.1
Employment benefits 26.7 26.2 1.9
Net occupancy 15.5 13.6 14.0
Furniture, equipment,
and supplies 20.1 19.4 3.6
Other noninterest
expense:
Advertising and
contributions 5.1 5.5 (7.3)
Servicing and
consulting fees 5.7 5.2 9.6
Subadvisor expense 6.1 5.0 22.0
Travel, entertainment,
and training 5.3 4.6 15.2
Originating and
processing fees 5.0 5.3 (5.7)
Other expense 25.9 22.5 15.1
---------------------------------------------------------------
Total other
noninterest
expense 53.1 48.1 10.4
----------------
Total noninterest expense before
impairment 237.1 216.4 9.6
Impairment write-down 66.9 ---- ----
----------------
Total noninterest expense 304.0 216.4 40.5
----------------
Income before income taxes and
minority interest 35.6 145.6 (75.5)
Applicable income taxes 13.4 53.1 (74.8)
---------------------------------------------------------------
Net income before
minority interest 22.2 92.5 (76.0)
Minority interest 0.3 0.7 (57.1)
---------------------------------------------------------------
Net income $ 21.9 $ 91.8 (76.1)
================
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
As of and for the six months ended June 30, 2008
COMPARISON OF RESULTS WITH AND WITHOUT THE IMPAIRMENT WRITE-DOWN
Three months ended June 30, 2008
---------------------------------
With Without
impairment impairment Impairment
----------------------------------------------------------------------
OPERATING RESULTS (in millions)
Net interest income $ 85.2 $ 85.2 $ ----
Provision for loan losses (18.5) (18.5) ----
Noninterest income 93.2 105.8 (12.6)
Noninterest expense 188.5 121.6 66.9
----------------------------------------------------------------------
Income before taxes
and minority interest (28.6) 50.9 (79.5)
Applicable income taxes (9.3) 18.7 (28.0)
----------------------------------------------------------------------
Net income before minority
interest (19.3) 32.2 (51.5)
Minority interest 0.2 0.2 ----
----------------------------------------------------------------------
Net income $ (19.5) $ 32.0 $ (51.5)
=================================
PER SHARE DATA
Diluted shares outstanding (in
millions) 67.2 67.4 (0.2)
Per share earnings $ (0.29) $ 0.47 $ (0.76)
STATISTICS AND RATIOS (dollars in
millions)
Total assets, on average $11,825.4 $11,834.1 $ (8.7)
Stockholders' equity, on average 1,119.4 1,125.1 (5.7)
Return on average assets (0.66)% 1.09% ----
Return on equity (7.01)% 11.44% ----
Net interest income (before
provision)
and noninterest income $ 178.4 $ 191.0 $ (12.6)
Tax equivalent interest income 0.8 0.8 ----
----------------------------------------------------------------------
$ 179.2 $ 191.8 $ (12.6)
Noninterest expense $ 188.5 $ 121.6 $ 66.9
---------------------------------
Efficiency ratio 105.19% 63.40% 41.79%
Six months ended June 30, 2008
---------------------------------
With Without
impairment impairment Impairment
----------------------------------------------------------------------
OPERATING RESULTS (in millions)
Net interest income $ 172.1 $ 172.1 $ ----
Provision for loan losses (28.4) (28.4) ----
Noninterest income 195.9 208.5 (12.6)
Noninterest expense 304.0 237.1 66.9
----------------------------------------------------------------------
Income before taxes
and minority interest 35.6 115.1 (79.5)
Applicable income taxes 13.4 41.4 (28.0)
----------------------------------------------------------------------
Net income before minority
interest 22.2 73.7 (51.5)
Minority interest 0.3 0.3 ----
----------------------------------------------------------------------
Net income $ 21.9 $ 73.4 $ (51.5)
==================================
PER SHARE DATA
Diluted shares outstanding (in
millions) 67.4 67.4 ----
Per share earnings $ 0.33 $ 1.09 $ (0.76)
STATISTICS AND RATIOS (dollars in
millions)
Total assets, on average $ 11,594.3 $11,598.7 $ (4.4)
Stockholders' equity, on average 1,122.4 1,125.3 (2.9)
Return on average assets 0.38% 1.27% (0.89)%
Return on equity 3.92% 13.12% (9.19)%
Net interest income (before
provision)
and noninterest income $ 368.0 $ 380.6 $ (12.6)
Tax equivalent interest income 1.6 1.6 ----
----------------------------------------------------------------------
$ 369.6 $ 382.2 $ (12.6)
Noninterest expense $ 304.0 $ 237.1 $ 66.9
----------------------------------
Efficiency ratio 82.25% 62.04% 20.21%
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
As of and for the six months ended June 30, 2008
STATEMENT OF CONDITION
(In millions)
June 30, Mar. 31, Dec. 31, Sept. 30, June 30,
2008 2008 2007 2007 2007
----------------------------------------------------------------------
ASSETS
Cash and due
from banks $ 249.3 $ 291.0 $ 260.5 $ 286.3 $ 231.8
-----------------------------------------------------
Interest-bearing
deposits in
other banks 167.8 3.7 4.4 2.9 3.4
-----------------------------------------------------
Federal funds
sold and
securities
purchased
under
agreements
to resell 110.7 264.6 129.6 13.6 14.6
-----------------------------------------------------
Investment
securities:
U.S. Treasury 48.6 56.8 60.2 101.9 103.8
Government
agencies 473.5 473.9 647.0 701.4 634.8
Obligations of
state and
political
subdivisions 7.3 7.3 17.8 18.5 19.0
Preferred stock 41.7 43.3 44.9 62.6 63.8
Mortgage-backed
securities 702.7 740.1 730.6 581.9 605.1
Other
securities 252.8 307.5 346.3 365.0 380.4
----------------------------------------------------------------------
Total
investment
securities 1,526.6 1,628.9 1,846.8 1,831.3 1,806.9
-----------------------------------------------------
FHLB and FRB
stock, at cost 22.4 22.8 22.4 20.1 7.1
-----------------------------------------------------
Loans:
Commercial,
financial,
and
agricultural 2,808.6 2,654.4 2,594.9 2,529.0 2,483.7
Real estate -
construction 1,847.0 1,809.7 1,780.4 1,759.9 1,747.0
Mortgage -
commercial 1,704.0 1,593.8 1,463.4 1,388.8 1,390.5
----------------------------------------------------------------------
Total
commercial
loans 6,359.6 6,057.9 5,838.7 5,677.7 5,621.2
-----------------------------------------------------
Mortgage -
residential 561.1 559.6 562.0 566.3 563.1
Consumer 1,790.3 1,679.5 1,571.6 1,546.0 1,517.0
Secured with
liquid
collateral 569.4 500.4 503.5 546.5 573.4
----------------------------------------------------------------------
Total retail
loans 2,920.8 2,739.5 2,637.1 2,658.8 2,653.5
-----------------------------------------------------
Total loans
net of
unearned
income 9,280.4 8,797.4 8,475.8 8,336.5 8,274.7
Reserve for loan
losses (113.1) (106.4) (101.1) (101.6) (97.5)
----------------------------------------------------------------------
Net loans 9,167.3 8,691.0 8,374.7 8,234.9 8,177.2
-----------------------------------------------------
Premises and
equipment 154.1 153.2 152.1 148.9 148.6
Goodwill 345.2 332.4 330.0 329.0 328.2
Other
intangibles 49.7 37.0 38.3 38.7 40.1
Other assets 340.2 279.1 326.9 281.4 273.1
----------------------------------------------------------------------
Total assets $12,133.3 $11,703.7 $11,485.7 $11,187.1 $11,031.0
=====================================================
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Deposits:
Noninterest-
bearing
demand $ 994.5 $ 778.6 $ 966.2 $ 827.8 $ 812.7
Interest-
bearing:
Savings 798.9 780.2 659.8 580.1 497.1
Interest-
bearing
demand 2,692.3 2,502.6 2,471.8 2,346.7 2,483.1
Certificates
under
$100,000 977.6 1,012.0 1,011.4 1,002.4 1,019.8
Local
certificates
$100,000 and
over 278.0 316.1 356.3 389.6 370.8
----------------------------------------------------------------------
Total core
deposits 5,741.3 5,389.5 5,465.5 5,146.6 5,183.5
National
certificates
$100,000 and
over 2,874.4 2,676.5 2,392.0 2,353.1 2,979.3
----------------------------------------------------------------------
Total
deposits 8,615.7 8,066.0 7,857.5 7,499.7 8,162.8
-----------------------------------------------------
Short-term
borrowings:
Federal funds
purchased
and securities
sold
under
agreements to
repurchase 1,695.4 1,777.2 1,775.3 1,915.5 1,149.4
U.S. Treasury
demand 70.3 62.5 77.3 40.9 2.5
Line of credit
and other debt 10.0 134.9 139.5 134.0 148.2
----------------------------------------------------------------------
Total short-
term
borrowings 1,775.7 1,974.6 1,992.1 2,090.4 1,300.1
-----------------------------------------------------
Other
liabilities 207.5 250.9 247.9 231.4 228.8
Long-term debt 467.8 268.5 267.8 267.5 267.0
----------------------------------------------------------------------
Total
liabilities 11,066.7 10,560.0 10,365.3 10,089.0 9,958.7
-----------------------------------------------------
Minority
interest 0.2 0.2 0.1 0.1 0.2
Stockholders'
equity 1,066.4 1,143.5 1,120.3 1,098.0 1,072.1
----------------------------------------------------------------------
Total
liabilities
and
stockholders'
equity $12,133.3 $11,703.7 $11,485.7 $11,187.1 $11,031.0
=====================================================
% Change From
--------------------
Prior Prior
Quarter Year
-------------------------------------
ASSETS
Cash and due
from banks (14.3) 7.5
Interest-bearing
deposits in
other banks N/M N/M
Federal funds
sold and
securities
purchased
under
agreements
to resell (58.2) N/M
Investment
securities:
U.S. Treasury (14.4) (53.2)
Government
agencies (0.1) (25.4)
Obligations of
state and
political
subdivisions ---- (61.6)
Preferred stock (3.7) (34.6)
Mortgage-backed
securities (5.1) 16.1
Other
securities (17.8) (33.5)
----------------
Total
investment
securities (6.3) (15.5)
FHLB and FRB
stock, at cost (1.8) 215.5
Loans:
Commercial,
financial,
and
agricultural 5.8 13.1
Real estate -
construction 2.1 5.7
Mortgage -
commercial 6.9 22.5
----------------
Total
commercial
loans 5.0 13.1
Mortgage -
residential 0.3 (0.4)
Consumer 6.6 18.0
Secured with
liquid
collateral 13.8 (0.7)
----------------
Total retail
loans 6.6 10.1
Total loans
net of
unearned
income 5.5 12.2
Reserve for loan
losses 6.3 16.0
----------------
Net loans 5.5 12.1
Premises and
equipment 0.6 3.7
Goodwill 3.9 5.2
Other
intangibles 34.3 23.9
Other assets 21.9 24.6
----------------
Total assets 3.7 10.0
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Deposits:
Noninterest-
bearing
demand 27.7 22.4
Interest-
bearing:
Savings 2.4 60.7
Interest-
bearing
demand 7.6 8.4
Certificates
under
$100,000 (3.4) (4.1)
Local
certificates
$100,000 and
over (12.1) (25.0)
----------------
Total core
deposits 6.5 10.8
National
certificates
$100,000 and
over 7.4 (3.5)
----------------
Total
deposits 6.8 5.5
Short-term
borrowings:
Federal funds
purchased
and securities
sold
under
agreements to
repurchase (4.6) 47.5
U.S. Treasury
demand 12.5 N/M
Line of credit
and other debt (92.6) (93.3)
----------------
Total short-
term
borrowings (10.1) 36.6
Other
liabilities (17.3) (9.3)
Long-term debt 74.2 75.2
----------------
Total
liabilities 4.8 11.1
Minority
interest ---- ----
Stockholders'
equity (6.7) (0.5)
----------------
Total
liabilities
and
stockholders'
equity 3.7 10.0
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
As of and for the six months ended June 30, 2008
AVERAGE STATEMENT OF CONDITION
(In millions)
2008 2008 2007 2007 2007
Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
----------------------------------------------------------------------
ASSETS
Cash and due from
banks $ 251.7 $ 216.9 $ 209.6 $ 208.1 $ 203.4
---------------------------------------------------
Interest-bearing
deposits in other
banks 63.1 3.4 3.7 4.1 3.9
---------------------------------------------------
Federal funds sold
and
securities
purchased
under
agreements
to resell 38.0 35.1 28.2 23.2 33.6
---------------------------------------------------
Investment
securities:
U.S. Treasury 50.9 60.5 80.5 103.3 105.0
Government
agencies 497.5 553.2 619.5 631.4 652.9
Obligations of
state and
political
subdivisions 7.3 14.3 18.2 18.7 12.6
Preferred stock 44.8 46.0 49.0 62.5 68.5
Mortgage-backed
securities 725.2 734.4 697.0 590.4 633.9
Other
securities 272.8 337.5 359.4 370.6 386.1
----------------------------------------------------------------------
Total
investment
securities 1,598.5 1,745.9 1,823.6 1,776.9 1,859.0
---------------------------------------------------
FHLB and FRB
stock, at cost 26.5 22.4 23.2 10.5 7.1
---------------------------------------------------
Loans:
Commercial,
financial,
and
agricultural 2,765.4 2,602.1 2,521.5 2,454.9 2,500.1
Real estate -
construction 1,837.1 1,804.9 1,790.2 1,769.2 1,696.7
Mortgage -
commercial 1,654.1 1,528.2 1,423.5 1,387.3 1,376.9
----------------------------------------------------------------------
Total
commercial
loans 6,256.6 5,935.2 5,735.2 5,611.4 5,573.7
---------------------------------------------------
Mortgage -
residential 560.5 562.8 564.5 564.4 553.9
Consumer 1,729.8 1,653.1 1,556.5 1,533.0 1,503.9
Secured with
liquid
collateral 539.0 485.7 499.5 551.5 524.8
----------------------------------------------------------------------
Total retail
loans 2,829.3 2,701.6 2,620.5 2,648.9 2,582.6
---------------------------------------------------
Total loans
net of
unearned
income 9,085.9 8,636.8 8,355.7 8,260.3 8,156.3
Reserve for loan
losses (104.1) (99.8) (99.4) (95.8) (93.3)
----------------------------------------------------------------------
Net loans 8,981.8 8,537.0 8,256.3 8,164.5 8,063.0
---------------------------------------------------
Premises and
equipment 154.4 152.9 150.9 148.5 148.6
Goodwill 393.1 329.9 329.1 328.3 307.8
Other
intangibles 36.8 37.7 38.2 39.4 34.0
Other assets 281.5 282.0 263.2 259.8 261.3
----------------------------------------------------------------------
Total assets $11,825.4 $11,363.2 $11,126.0 $10,963.3 $10,921.7
===================================================
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Deposits:
Noninterest-
bearing
demand $ 870.2 $ 726.4 $ 723.5 $ 714.9 $ 702.6
Interest-
bearing:
Savings 795.2 714.8 627.3 540.9 463.4
Interest-
bearing
demand 2,417.0 2,368.2 2,347.6 2,405.8 2,454.7
Certificates
under
$100,000 988.2 1,016.0 1,005.4 1,007.7 1,014.5
Local
certificates
$100,000 and
over 306.9 335.3 390.7 376.2 427.2
----------------------------------------------------------------------
Total core
deposits 5,377.5 5,160.7 5,094.5 5,045.5 5,062.4
National
certificates
$100,000 and
over 2,719.2 2,770.5 2,369.1 2,817.9 2,853.8
----------------------------------------------------------------------
Total
deposits 8,096.7 7,931.2 7,463.6 7,863.4 7,916.2
---------------------------------------------------
Short-term
borrowings:
Federal funds
purchased
and securities
sold
under agreements
to
repurchase 1,847.9 1,625.6 1,907.4 1,370.4 1,270.0
U.S. Treasury
demand 11.6 12.8 12.3 11.0 10.4
Line of credit
and other debt 50.1 136.3 136.8 139.9 83.2
----------------------------------------------------------------------
Total short-
term
borrowings 1,909.6 1,774.7 2,056.5 1,521.3 1,363.6
---------------------------------------------------
Other
liabilities 232.1 263.5 244.4 223.4 214.2
Long-term debt 467.4 268.2 267.7 267.2 307.3
----------------------------------------------------------------------
Total
liabilities 10,705.8 10,237.6 10,032.2 9,875.3 9,801.3
---------------------------------------------------
Minority
interest 0.2 0.1 0.1 0.2 0.2
Stockholders'
equity 1,119.4 1,125.5 1,093.7 1,087.8 1,120.2
----------------------------------------------------------------------
Total
liabilities
and
stockholders'
equity $11,825.4 $11,363.2 $11,126.0 $10,963.3 $10,921.7
===================================================
% Change From
---------------
Prior Prior
Quarter Year
--------------------------------------
ASSETS
Cash and due from
banks 16.0 23.7
Interest-bearing
deposits in other
banks N/M N/M
Federal funds sold and
securities
purchased
under agreements
to resell 8.3 13.1
Investment
securities:
U.S. Treasury (15.9) (51.5)
Government agencies (10.1) (23.8)
Obligations of state
and
political
subdivisions (49.0) (42.1)
Preferred stock (2.6) (34.6)
Mortgage-backed
securities (1.3) 14.4
Other securities (19.2) (29.3)
-----------------------
Total
investment
securities (8.4) (14.0)
FHLB and FRB stock, at
cost 18.3 273.2
Loans:
Commercial,
financial,
and
agricultural 6.3 10.6
Real estate -
construction 1.8 8.3
Mortgage - commercial 8.2 20.1
-----------------------
Total
commercial
loans 5.4 12.3
Mortgage - residential (0.4) 1.2
Consumer 4.6 15.0
Secured with
liquid
collateral 11.0 2.7
-----------------------
Total retail
loans 4.7 9.6
Total loans net
of
unearned income 5.2 11.4
Reserve for loan losses 4.3 11.6
-----------------------
Net loans 5.2 11.4
Premises and equipment 1.0 3.9
Goodwill 19.2 27.7
Other intangibles (2.4) 8.2
Other assets (0.2) 7.7
-----------------------
Total assets 4.1 8.3
LIABILITIES AND
STOCKHOLDERS' EQUITY
Deposits:
Noninterest-
bearing
demand 19.8 23.9
Interest-
bearing:
Savings 11.2 71.6
Interest-
bearing
demand 2.1 (1.5)
Certificates
under
$100,000 (2.7) (2.6)
Local
certificates
$100,000 and over (8.5) (28.2)
-----------------------
Total core deposits 4.2 6.2
National
certificates
$100,000 and over (1.9) (4.7)
-----------------------
Total deposits 2.1 2.3
Short-term
borrowings:
Federal funds
purchased
and securities
sold
under agreements to
repurchase 13.7 45.5
U.S. Treasury demand (9.4) 11.5
Line of credit and
other debt (63.2) (39.8)
-----------------------
Total short-
term
borrowings 7.6 40.0
Other liabilities (11.9) 8.4
Long-term debt 74.3 52.1
-----------------------
Total
liabilities 4.6 9.2
Minority interest 100.0 ----
Stockholders'
equity (0.5) (0.1)
-----------------------
Total
liabilities
and
stockholders'
equity 4.1 8.3
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
As of and for the six months ended June 30, 2008
YIELDS AND RATES
2008 2008 2007 2007 2007
YIELDS/RATES Second First Fourth Third Second
(tax-equivalent Quarter Quarter Quarter Quarter Quarter
basis)
---------------------------------------------------------------------
EARNING ASSETS:
Interest-bearing
time
deposits in other
banks 2.09 % 6.33 % 8.08 % 4.95 % 8.32 %
Federal funds sold
and
securities
purchased
under
agreements
to resell 2.01 3.15 4.18 6.60 4.82
Total investment
securities 4.69 4.95 5.03 4.94 4.96
FHLB and FRB
stock, at cost 3.00 5.38 2.29 4.55 10.21
Commercial,
financial,
and
agricultural 5.94 6.64 7.39 7.91 7.90
Real estate -
construction 5.38 6.53 7.82 8.41 8.56
Mortgage -
commercial 5.87 6.72 7.64 8.04 8.02
Total commercial
loans 5.76 6.63 7.59 8.10 8.13
Mortgage -
residential 5.83 5.82 5.80 5.74 5.87
Consumer 6.34 6.92 7.33 7.48 7.44
Secured with
liquid collateral 4.09 5.27 6.51 6.88 6.83
Total retail
loans 5.81 6.40 6.84 6.98 6.98
Total loans 5.77 6.56 7.36 7.74 7.77
Total earning
assets 5.56 6.27 6.92 7.23 7.23
FUNDS USED TO SUPPORT EARNING ASSETS:
Core deposits
Savings 2.17 2.65 2.92 2.63 2.07
Interest-bearing
demand 0.75 1.05 1.26 1.45 1.44
Certificates
under $100,000 3.64 4.18 4.27 4.23 4.45
Local certificates
$100,000
and over 3.82 4.44 4.85 4.78 4.55
Core interest-
bearing deposits 1.85 2.28 2.51 2.54 2.51
National
certificates
$100,000 and over 3.53 4.44 5.23 5.41 5.40
Total interest-
bearing
deposits 2.48 3.11 3.46 3.67 3.66
Short-term
borrowings 2.47 3.53 4.64 5.00 5.09
Long-term debt 7.25 6.29 5.78 6.02 6.43
Total interest-
bearing
liabilities 2.71 3.28 3.80 3.97 3.97
Total funds used
to support
earning assets 2.39 2.90 3.36 3.50 3.50
Net interest
margin
(tax-equivalent
basis) 3.17 3.37 3.56 3.73 3.73
Year-to-date net
interest margin 3.27 3.37 3.67 3.71 3.70
Prime rate 5.08 6.27 7.58 8.18 8.25
Tax-equivalent net
interest
income (in
millions) $ 86.0 $ 87.7 $ 92.0 $ 95.1 $ 93.8
Average earning
assets at
historical cost $10,896.5 $10,468.0 $10,258.9 $10,113.9 $10,082.8
Average fair
valuation
adjustment on
investment
securities
available for sale (84.5) (24.4) (24.5) (38.9) (22.9)
--------- --------- --------- --------- ---------
Average earning
assets $10,812.0 $10,443.6 $10,234.4 $10,075.0 $10,059.9
--------- --------- --------- --------- ---------
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, 2008
CREDIT QUALITY
Three Months Ended
----------------------------------
June Mar. Dec. Sept. June
30, 31, 31, 30, 30,
(Dollars in millions) 2008 2008 2007 2007 2007
---------------------------------------------------------------------
NONPERFORMING ASSETS AT PERIOD-END
Nonaccruing loans:
Commercial, financial, and
agricultural $ 27.0$ 25.6$ 23.8$ 12.1$ 11.0
Commercial real estate -
construction 22.6 9.9 9.9 21.2 13.6
Commercial mortgage 8.1 8.2 7.1 8.7 9.1
Consumer and other retail 13.9 9.7 7.0 12.1 11.6
---------------------------------------------------------------------
Total nonaccruing loans 71.6 53.4 47.8 54.1 45.3
Renegotiated loans 0.2 24.1 23.7 19.2 0.2
---------------------------------------------------------------------
Total nonaccruing loans and
renegotiated loans 71.8 77.5 71.5 73.3 45.5
Other real estate owned (OREO) 16.7 0.2 9.1 0.2 0.2
---------------------------------------------------------------------
Total nonperforming assets 88.5 77.7 80.6 73.5 45.7
Loans past due 90 days or more:
Commercial, financial, and
agricultural 6.1 3.7 2.4 9.4 6.4
Commercial real estate -
construction 0.6 0.3 0.7 0.7 1.0
Commercial mortgage 1.3 ---- 1.3 1.1 1.4
Consumer and other retail 13.8 10.6 9.3 5.8 4.8
---------------------------------------------------------------------
Total loans past due 90 days or
more 21.8 14.6 13.7 17.0 13.6
NET CHARGE-OFFS
Loans charged off:
Commercial, financial, and
agricultural $ 2.9$ 0.7$ 1.3$ 0.6$ 1.4
Commercial real estate -
construction 5.2 0.3 2.3 0.6 ----
Commercial mortgage 0.1 ---- 1.2 0.1 ----
Consumer and other retail 6.0 5.4 6.7 5.5 4.4
---------------------------------------------------------------------
Total loans charged off 14.2 6.4 11.5 6.8 5.8
Recoveries on loans previously
charged off:
Commercial, financia
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