Printer Friendly

WILMINGTON TRUST FOURTH QUARTER EARNINGS UP 17 PERCENT

 WILMINGTON, Del., Jan. 21 /PRNewswire/ -- Wilmington Trust Corporation (NASDAQ: WILM) today reported that earnings p


accounting change. Net income after the accounting change was $64.0 million for 1992, or $1.70 a share.
 Results for the year produced return on average assets of 1.90 percent and return on average equity of 20.62 percent, before the accounting change, which compare with 1.75 percent and 21.09 percent, respectively, for 1991. These measures were 1.55 percent and 17.44 percent, respectively, after the accounting change for 1992.
 All of the company's major lines of business increased. Net interest income rose 8 percent from 1991 to a record $165.2 million and noninterest fees and commission revenues also grew 8 percent to a new high of $110.3 million.
 As of Dec. 31, 1992, total loans outstanding reached $3.0 billion. The net interest margin improved to 4.62 percent in 1992 from 4.37 percent in 1991. The reserve for loan losses at year-end totaled $47.0 million or 1.57 percent of total loans. This compares to a reserve of $45.0 million, or 1.49 percent of loans outstanding, a year ago.
 On Dec. 31, 1992, total assets were $4.3 billion, total deposits were $3.3 billion and stockholders' equity reached $377.2 million.
 Wilmington Trust Company, a Delaware-chartered bank with 61 branches, is the principal subsidiary of Wilmington Trust Corporation.
 -----
 The Wilmington Trust Corporation board of directors today declared a regular quarterly dividend of $.225 a share, payable Feb. 15, 1993, to stockholders of record on Feb. 1.
 WILMINGTON TRUST CORPORATION AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (in thousands, except per share)
 For the 12 months $ Pct.
 ended Dec. 31 1992 1991 Change Change
 Net income before cumulative
 effect of change in
 accounting principle $78,762 $72,761 $6,001 8.2
 Cumulative effect of
 change in accounting
 principle (net of income
 tax benefit of $8,296) (14,749) --- (14,749) ---
 Net Income 64,013 72,761 (8,748) (12.0)
 Net Income Per Share (A):
 Before cumulative effect
 of change in accounting
 principle $2.09 $1.92 $.17 8.9
 Cumulative effect of change
 in accounting principle (.39) --- (.39) ---
 Net income 1.70 1.92 (.22) (11.5)
 Average Shares
 Outstanding (A) 37,765 37,894 --- ---
 Return on Assets (pct.) 1.55 1.75 --- ---
 Return on Equity 17.44 21.09 --- ---
 Average Stockholders'
 Equity to Assets 8.88 8.30 --- ---
 For the quarter
 ended Dec. 31
 Net Income $20,702 $18,273 $2,429 13.3
 Net Income Per Share (A) $.56 $.48 $.08 16.7
 Average Shares
 Outstanding (A) 37,241 38,026 --- ---
 As of Dec. 31
 Total Assets $4,284,603 $4,450,611 $(166,008) (3.7)
 Total Deposits 3,274,232 3,396,581 (122,349) (3.6)
 Total Loans 2,997,140 3,019,473 (22,333) (0.7)
 Reserve For
 Loan Losses 46,962 44,996 1,966 4.4
 Net Loans 2,950,178 2,974,477 (24,299) (0.8)
 Investment Securities 802,374 891,745 (89,371) (10.0)
 Short-Term Investments 146,684 183,886 (37,202) (20.2)
 Stockholders' Equity 377,234 373,122 4,112 1.1
 Book Value Per Share 10.12 9.79 --- ---
 Risk-Based
 Capital Ratio (pct.) 12.42 12.13 --- ---
 Core Capital Ratio 11.17 10.80 --- ---
 (A) Prior period amounts have been adjusted to reflect the 100 percent stock dividend declared on April 16, 1992.
 Prior period numbers have been restated to reflect the acquisition of The Sussex Trust Company under the pooling of interests method.
 /delval/
 -0- 1/21/93
 /CONTACT: Charles W. King of Wilmington Trust, 302-651-8069/
 (WILM)


CO: Wilmington Trust Company ST: Delaware IN: FIN SU: ERN

MJ-MK -- PH026 -- 7416 01/21/93 12:33 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 21, 1993
Words:630
Previous Article:GUILFORD (CT) GENERAL OBLIGATIONS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:SEATTLE POST-INTELLIGENCER'S WALLACE WINS '92 ECLIPSE AWARD
Topics:


Related Articles
PNC EXPECTS TO REPORT STRONG FOURTH QUARTER EARNINGS; RECOGNIZES ONE-TIME EXPENSE FOR NON-PENSION BENEFITS
WILMINGTON TRUST FOURTH QUARTER EARNINGS UP 17 PERCENT
WILMINGTON TRUST SECOND QUARTER EARNINGS UP 8 PERCENT
WILMINGTON TRUST THIRD QUARTER EARNINGS UP 7 PERCENT AND A THREE MILLION SHARE STOCK BUYBACK PROGRAM AUTHORIZED
WILMINGTON TRUST REPORTS RECORD EARNINGS
WILMINGTON TRUST ANNOUNCES RECORD SECOND QUARTER EARNINGS
WILMINGTON TRUST THIRD QUARTER EARNINGS UP 12%
WILMINGTON TRUST REPORTS RECORD EARNINGS
Wilmington Trust Announces Record Earnings For 1996 And Elects R. Keith Elliott To The Board Of Directors
Wilmington Trust First Quarter Earnings Up 12%; Dividend Increased 9%

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters