Wilmington Trust Corporation WL reported a loss of $365.3 million for the 2010 third quarter. After dividends and accretion on preferred stock, the net loss available to common shareholders was $369.9 million, or $4.06 per share.
The primary causes of the loss were:
- Continued deterioration in commercial credit quality, which resulted in a loan loss provision of $281.5 million.
- Income tax expense of $100.7 million, as the company established a valuation allowance on deferred tax assets.
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