UPDATE 2-Investors fret over Wilmington Trust’s surprise Q4 loss

* Q4 loss $0.23 vs est EPS $0.04

* Credit costs, securities losses hurt

* Shares down as much as 11 pct
(Adds details about results, share movement)

Jan 29 (BestGrowthStock) – Wilmington Trust Corp (WL.N: ) posted a
surprise quarterly loss, hurt by losses on its investment
securities portfolio and higher non-performing assets, sending
its shares down as much as 11 percent.

The company has been plagued by its exposure to
construction loans and more than half of the increases in the
provision and reserve for loan losses in the quarter came from
commercial construction loans in Delaware.

Net charge-offs, or loans the bank does not expect to be
paid back, were $33.1 million, a $11.3 million increase on a
sequential basis. Commercial construction loans accounted for
60 percent of the increase.

Fourth-quarter net loss available to common shareholders
was $15.7 million, or 23 cents a share, compared with a net
loss of $69.4 million, or $1.02 a share, in the year ago

Analysts expected the company to post a profit of 4 cents a
share, according to Thomson Reuters I/B/E/S.

Provision for bad loans rose 23 percent to $82.8 million,
dragging net interest income down to $77.9 million from $94.6

Write-down related to the company’s investment securities
portfolio was $17.7 million.
Shares of the financial services holding company were down
$1.50 at $13.76 in morning trade on the New York Stock
Exchange. The stock has gained 38 percent in value in the last
six months.

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(Reporting by Sweta Singh in Bangalore; Editing by Maju

UPDATE 2-Investors fret over Wilmington Trust’s surprise Q4 loss