Wilmington Trust (WL)

Wilmington Trust reported a loss of $5.9 million, or $0.15 per diluted common share, for the third quarter of 2009 compared to a profit of $22.9 million, $0.22 per diluted common share in the third quarter of the prior year.
“The Corporate Client Services business recorded impressive revenue growth, the provision for loan losses declined, the net interest margin improved, and there were numerous other positive developments during the third quarter,” said Ted T. Cecala, Wilmington Trust chairman and chief executive officer. “Unfortunately, recessionary pressures reduced the value of some of our investment securities and triggered accounting rules that require us to write them down.”

Oct 23 · 10:55:00 AM · Source: Press Release
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by Rich Pike