Delaware-based Wilmington Trust Corporation has reported a net loss of $116.4 million for the second quarter of the year, compared to the significantly lower loss of $9.1 million posted for the same period of 2009.

This means that for the first half of this year, Wilmington made a net loss of $145.6 million, compared with a net income of $12.7 million during the same period in 2009.

The firm said that the main cause of the loss was the amount of the provision for loan losses, which rose to $205.2 million, following increases in non-performing loans, loan charge-offs, and loans with unfavorable risk ratings. Other contributing factors were $18.8 million of credit-related expenses and $7.7 million of securities losses.

“My priority is to return our company to profitability and position our businesses for future growth, but first we must continue to deal with the lingering effects of a weak economy and housing market. Our second quarter results demonstrate we are doing that,” said Donald Foley, Wilmington Trust’s chairman and chief executive officer.

“While no one can predict when economic conditions will improve, we will manage our credit challenges effectively and, over the coming months, begin to position our company to capitalize fully on its many strengths,” he added. 

Combined assets under management amounted to $53.3 billion at the end of the second quarter, slightly down from the $56.9 billion total at the end of the first quarter, but up from the end of the second quarter last year, when the firm had $46 billion in assets under management.