-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EEwJoMncTfpxyF014McXeWACT4R7Mg96aYnMnFZbJg3ghOBB+lmex5qVOq9BTnfg c5xiHnrpQB343tSimGkvJg== 0000898432-98-000535.txt : 19980630 0000898432-98-000535.hdr.sgml : 19980630 ACCESSION NUMBER: 0000898432-98-000535 CONFORMED SUBMISSION TYPE: 11-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980629 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: WILMINGTON TRUST CORP CENTRAL INDEX KEY: 0000872821 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 510328154 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K/A SEC ACT: SEC FILE NUMBER: 000-25442 FILM NUMBER: 98656745 BUSINESS ADDRESS: STREET 1: RODNEY SQUARE NORTH STREET 2: 1100 NORTH MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19890 BUSINESS PHONE: 3026511000 11-K/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 - -------------------------------------------------------------------------------- FORM 11-K/A [X] ANNUAL REPORT OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 - -------------------------------------------------------------------------------- FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997 COMMISSION FILE NUMBER: 0-25442 WILMINGTON TRUST CORPORATION - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE - -------------------------------------------------------------------------------- (State or jurisdiction of incorporation or organization) 51-0328154 - -------------------------------------------------------------------------------- (I.R.S. Employer Identification No.) RODNEY SQUARE NORTH, 1100 NORTH MARKET STREET WILMINGTON, DE 19890-0001 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (302) 651-1000 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) Thrift Savings Plan (Full title of plan) 1. The Thrift Savings Plan affords Wilmington Trust's staff members the opportunity to acquire from time to time additional shares of Wilmington Trust Corporation's stock, as well as interests in funds which purchase a variety of investments from time to time and which may change from time to time. These include United States Treasury notes, debt instruments and stocks of new and established companies. A list of the names and addresses of those funds as of December 31, 1997 is set forth on Schedule 1 attached hereto and made a part hereof. 2. (a) The financial statements required to be filed for the Thrift Savings Plan, which qualifies under the Employee Retirement Income Security Act of 1974 ("ERISA"), are attached hereto as Exhibit 99.1. (b) The written consent of the accountant with respect to the financial statements for the Thrift Savings Plan is attached hereto as Exhibit 99.2. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the following individuals, who administer the Thrift Savings Plan, have signed this Form 11-K/A as of June 28, 1998. /s/ David R. Gibson __________________________(SEAL) David R. Gibson /s/ Robert J. Christian __________________________(SEAL) Robert J. Christian /s/ Howard K. Cohen __________________________(SEAL) Howard K. Cohen /s/ Thomas P. Collins __________________________(SEAL) Thomas P. Collins /s/ Michael A. DiGregorio __________________________(SEAL) Michael A. DiGregorio /s/ William J. Farrell, II __________________________(SEAL) William J. Farrell, II /s/ Joseph M. Jacobs, Jr. __________________________(SEAL) Joseph M. Jacobs, Jr. /s/ P.M. Snyder, Jr. __________________________(SEAL) P.M. Snyder, Jr. /s/ Kermit B. Wooden __________________________(SEAL) Kermit B. Wooden SCHEDULE 1 1. Bond Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 2. Value Equity Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 3. Growth Equity Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 4. International Equity Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 5. Small Cap Equity Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 6. Bank Stock Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 7. Money Market Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 8. Short-Term U.S. Government Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 EXHIBIT INDEX ------------- EXHIBIT EXHIBIT PAGE NUMBER ------- -------- ----------- 99.1 Financial statements 6 99.2 Consent of independent auditor 27 EX-99.1 2 EXHIBIT 99.1 FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN Years Ended December 31, 1997 and 1996 With Report of Independent Auditors FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES WILMINGTON TRUST THRIFT SAVINGS PLAN Years ended December 31, 1997 and 1996 FINANCIAL STATEMENTS PAGE - ---------------------------------------- ---- Report of Independent Auditors. . . . . . . . . . . . . . . . . . . . . . . . 1 Statements of Net Assets Available for Benefits . . . . . . . . . . . . . . . 2 Statements of Changes in Net Assets Available for Benefits. . . . . . . . . . 3 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . 4 SUPPLEMENTAL SCHEDULES - ---------------------- Line 27-a--Schedule of Assets Held for Investment Purposes . . . . . . . . . .16 Line 27-d--Schedule of Reportable Transactions. . . . . . . . . . . . . . . . 17 - -------------------------------------------------------------------------------- Report of Independent Auditors Wilmington Trust Benefits Administration Committee We have audited the accompanying statement of net assets available for benefits of the Wilmington Trust Thrift Savings Plan (the Plan) as of December 31, 1997 and 1996, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 1997 and 1996, and the changes in its net assets available for benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes as of December 31, 1997, and reportable transactions for the year then ended are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ Ernst & Young LLP Philadelphia, Pennsylvania June 10, 1998 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS WILMINGTON TRUST THRIFT SAVINGS PLAN
December 31 1997 1996 ---------------- -------------- ASSETS Investments, at fair value -- Note C: Wilmington Trust Company Bond Fund $ 3,606,992 $ 3,061,288 Wilmington Trust Company Value Equity Fund 17,903,972 13,080,518 Wilmington Trust Company Bank Stock Fund 21,575,974 13,741,978 Wilmington Trust Company Growth Equity Fund 22,594,168 15,557,124 Wilmington Trust Company Money Market Fund 1,105,234 880,423 Wilmington Trust Company International Equity Fund 6,710,342 5,816,537 Wilmington Trust Company Small Cap Equity Fund 13,082,913 8,692,135 Wilmington Trust Company Short-Term US Government Fund 5,980,424 6,444,150 Participant loans receivable 1,601,113 1,258,872 ---------------- -------------- Total investments 94,161,132 68,533,025 Cash 35,265 174,456 Accrued income 5,403 4,299 Due from broker 34,681 23,700 ---------------- -------------- TOTAL ASSETS 94,236,481 68,735,480 ---------------- -------------- LIABILITIES Accrued liabilities 34,700 24,000 Miscellaneous liabilities 2,607 -- ---------------- -------------- TOTAL LIABILITIES 37,307 24,000 ---------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS $ 94,199,174 $ 68,711,480 ================ ============== See notes to financial statements. 2 STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WILMINGTON TRUST THRIFT SAVINGS PLAN Year Ended December 31 1997 1996 --------------- --------------- ADDITIONS Investment income: Interest $ 62,473 $ 103,746 Dividends 483,588 447,680 Participant loan interest 125,747 142,206 --------------- --------------- 671,808 693,632 Contributions: Employer 2,193,149 1,944,685 Employee 6,251,976 5,566,362 --------------- --------------- 8,445,125 7,511,047 Transfers from other plans: Rollovers from other plans 667,044 521,551 --------------- --------------- 9,783,977 8,726,230 DEDUCTIONS Participant withdrawals 4,471,661 2,441,663 --------------- --------------- 5,312,316 6,284,567 NET REALIZED AND UNREALIZED APPRECIATION IN FAIR VALUE OF INVESTMENTS 20,175,378 10,454,327 --------------- --------------- NET ADDITIONS 25,487,694 16,738,894 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 68,711,480 51,972,586 --------------- --------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 94,199,174 $ 68,711,480 =============== =============== See notes to financial statements.
3 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE A -- SIGNIFICANT ACCOUNTING POLICIES The accounting records of the Wilmington Trust Thrift Savings Plan (the Plan) are maintained on the accrual basis. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain prior year amounts were reclassified to conform to current year classifications. The fair value of participation units owned by the Plan in common/collective trust funds is based on the quoted redemption values on the last business day of the plan year. Loans are carried at the unpaid principal balance. Dividend income is recorded at the ex-dividend date. Income from other investments is recorded as earned. Amounts described in Form 5500 under the caption net gain (loss) on sale of investments and unrealized appreciation of assets are combined in the financial statements as net realized and unrealized appreciation in fair value of investments. Amounts allocated to accounts of persons who have elected to withdraw from the Plan but have not been paid of $658,692 are reported as a liability of the Plan at December 31, 1997 on Form 5500. This amount is not reported as a liability on the respective statement of net assets available for benefits. The following is a reconciliation of benefits paid to participants per the financial statements to Form 5500. Year ended December 31, 1997 ----------------- Benefits paid to participants per the financial statements $ 4,471,661 Add: Amounts allocated to withdrawing participants at December 31,1997 658,692 Less: Amounts allocated to withdrawing participants at December 31, 1996 (454,083) ----------------- Benefits paid to participants per Form 5500 $ 4,676,270 ================= 4 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE B -- DESCRIPTION OF THE PLAN The Wilmington Trust Thrift Savings Plan is a defined contribution plan established January 1, 1985, which covers all full-time employees of Wilmington Trust Corporation and its subsidiaries (the Company). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Subject to limitations of the Internal Revenue Code (IRC), employees may contribute 1% to 15% (up to $9,500 in 1997 and 1996) of their base salaries and profit-sharing bonus earnings, with the first 6% pre-tax contribution eligible for matching contributions from the Company of $.50 for each $1.00 contributed by a participant. An employee is eligible to become a participant in the Plan on the next entry date (January 1, April 1, July 1, October 1) following the date of employment. Participation in this Plan is voluntary and participants have the option to participate in any or all of the following funds: Bond Fund, Value Equity Fund, Growth Equity Fund, Money Market Fund, Small Cap Equity Fund, Short-Term US Government Fund, International Equity Fund and Bank Stock Fund. The opportunity to change investment options is available quarterly. Each participant's account is credited with the participant's contribution and an allocation of the Company's contribution and Plan earnings. The benefit to which a participant is entitled is that which can be provided from the participant's account. Participants are vested in the Company's matching contribution at the rate of 20% for each year of service and become 100% vested after five years of service. Participant contributions are always vested 100%. A terminating participant will forfeit the unvested portion of his or her account attributable to contributions made by the Company. In accordance with the terms of the Plan, $48,321 and $62,093 of forfeitures were used to reduce employer contributions for the years ended December 31, 1997 and 1996, respectively. Plan administrative costs are paid by the Company. The Plan permits participants, under certain circumstances, to borrow up to one-half of their vested account balances. All loans are subject to IRS and U.S. Department of Labor guidelines. The Corporation has the right under the Plan to discontinue its contributions and to amend or terminate the Plan at any time. Upon termination, the accounts of participants vest and become nonforfeitable. Additional information regarding the Plan and the operation of the Plan is available from the Human Resources Division of Wilmington Trust Company. 5 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE C--INVESTMENTS The Plan's investments are held in a trust, for which Wilmington Trust Company (WTC), a wholly-owned subsidiary of the plan sponsor, is trustee. The fair value of individual investments that represent 5% or more of the Plan's net assets available for benefits as of December 31 are as follows: 1997 1996 ------------- ----------- WTC Short-Term US Government Fund $ 5,980,424 $ 6,444,150 WTC Value Equity Fund 17,903,972 13,080,518 WTC Bank Stock Fund 21,575,974 13,741,978 WTC Growth Equity Fund 22,594,168 15,557,124 WTC Bond Fund -- 3,061,288 WTC Small Cap Equity Fund 13,082,913 8,692,135 WTC International Equity Fund 6,710,342 5,816,537 6 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS The net assets of the funds are summarized below:
December 31, 1997 ----------------- Value Growth Money Equity Bank Equity Market Bond Fund Fund Stock Fund Fund Fund --------------- --------------- -------------- -------------- ------------ ASSETS Investments in common/ collective trust funds, at fair value $ 3,606,992 $ 17,903,972 $ 21,562,164 $ 22,594,168 $ 1,105,234 Participant loans receivable -- -- -- -- -- Cash -- -- -- -- 35,265 Accrued income -- -- -- -- 5,394 Due from broker -- -- 34,681 -- -- ------------- ------------- ------------ ------------ ------------ TOTAL ASSETS 3,606,992 17,903,972 21,632,110 22,594,168 1,110,628 ------------- ------------- ------------ ------------ ------------ LIABILITIES Accrued liabilities -- -- 34,700 -- -- Miscellaneous liabilities-Overdraft -- -- -- -- -- ------------- ------------- ------------ ------------ ------------ TOTAL LIABILITIES 0 0 34,700 0 0 ------------- ------------- ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 3,606,992 $ 17,903,972 $ 21,597,410 $ 22,594,168 $ 1,110,628 ============= ============= ============ ============ ============
7 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS (CONTINUED) The net assets of the funds are summarized below:
December 31, 1997 ----------------- International Small Cap Short-Term Contribution/ Equity Fund Equity Fund US Gov't Fund Loan Fund Total -------------- --------------- ----------------- --------------- -------------- ASSETS Investments in common/ collective trust funds, at fair value $ 6,710,342 $ 13,082,913 $ 5,980,424 $ 13,810 $ 92,560,019 Participant loans receivable -- -- -- 1,601,113 1,601,113 Cash -- -- -- -- 35,265 Accrued income -- -- -- 9 5,403 Due from broker -- -- -- -- 34,681 ----------- --------------- -------------- -------------- -------------- TOTAL ASSETS 6,710,342 13,082,913 5,980,424 1,614,932 94,236,481 ----------- --------------- -------------- -------------- -------------- LIABILITIES Accrued liabilities -- -- -- -- 34,700 Miscellaneous liabilities-Overdraft -- -- -- 2,607 2,607 ----------- --------------- -------------- -------------- -------------- TOTAL LIABILITIES 0 0 0 2,607 37,307 ----------- --------------- -------------- -------------- -------------- NET ASSETS AVAILABLE FOR BENEFITS $ 6,710,342 $ 13,082,913 $ 5,980,424 $ 1,612,325 $ 94,199,174 =========== =============== ============== ============== ==============
8 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS The net assets of the funds are summarized below:
December 31, 1996 ----------------- Value Growth Money Equity Bank Equity Market Bond Fund Fund Stock Fund Fund Fund -------------- -------------- ------------ ------------- ---------- ASSETS Investments in common/ collective trust funds, at fair value $ 3,061,288 $ 13,080,518 $ 13,741,978 $ 15,557,124 $ 880,423 Participant loans receivable -- -- -- -- -- Cash 1 8 20 -- 173,011 Accrued income -- -- 203 4 4,092 Due from broker -- -- 23,700 -- -- ------------ ------------- ------------ ------------- ---------- TOTAL ASSETS 3,061,289 13,080,526 13,938,892 15,557,148 884,515 ------------ ------------- ------------ ------------- ---------- LIABILITIES Accrued liabilities -- -- 24,000 -- -- ------------ ------------- ------------ ------------- ---------- TOTAL LIABILITIES 0 0 24,000 0 0 ------------ ------------- ------------ ------------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $ 3,061,289 $ 13,080,526 $ 13,914,892 $ 15,557,148 $ 884,515 ============ ============= ============ ============= ==========
9 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS (CONTINUED) The net assets of the funds are summarized below:
December 31, 1996 ----------------- International Small Cap Short-Term Equity Equity US Gov't Contribution/ Fund Fund Fund Loan Fund Total -------------- ------------ ----------- ------------- ------------- ASSETS Investments in common/ collective trust funds, at fair value $ 5,816,537 $ 8,692,135 $6,444,150 $ -- $ 67,274,153 Participant loans receivable -- -- -- 1,258,872 1,258,872 Cash 460 7 949 -- 174,456 Accrued income -- -- -- -- 4,299 Due from broker -- -- -- -- 23,700 ------------ ----------- ---------- ------------ ------------ TOTAL ASSETS 5,816,997 8,692,142 6,445,099 1,258,872 68,735,480 ------------ ----------- ---------- ------------ ------------ LIABILITIES Accrued liabilities -- -- -- -- 24,000 ------------ ------------ ---------- ------------ ------------ TOTAL LIABILITIES 0 0 0 0 24,000 ------------ ------------ ---------- ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 5,816,997 $ 8,692,142 $6,445,099 $ 1,258,872 $ 68,711,480 ============ =========== ========== ============ ============
10 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS The changes in net assets of the funds are summarized below:
Year Ended December 31, 1997 ---------------------------- Value Bank Growth Money International Bond Equity Stock Equity Market Equity Fund Fund Fund Fund Fund Fund ------------ -------------- ------------- -------------- -------- --------------- Contributions: Employer $ -- $ -- $ -- $ -- $ -- $ -- Employee -- -- -- -- -- -- Rollovers -- -- -- -- -- -- ----------- ------------- ------------ ------------- ----------- ------------- Total contributions 0 0 0 0 0 0 Investment income: Interest -- -- -- -- 60,300 -- Dividends -- -- 483,588 -- -- -- Participant loan interest -- -- -- -- -- -- ----------- ------------- ------------ ------------- ----------- ------------- Total investment income 0 0 483,588 0 60,300 0 Net realized and unrealized appreciation in fair value of investments 305,355 3,514,216 7,730,870 5,577,324 -- 237,173 Participant withdrawals -- -- (400,479) -- -- -- Interfund transfers 240,348 1,309,230 (131,461) 1,459,696 165,813 656,172 ----------- ------------- ------------ ------------- ----------- ------------- NET ADDITIONS (DEDUCTIONS) 545,703 4,823,446 7,682,518 7,037,020 226,113 893,345 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 3,061,289 13,080,526 13,914,892 15,557,148 884,515 5,816,997 ----------- ------------- ------------ ------------- ----------- ------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 3,606,992 $ 17,903,972 $ 21,597,410 $ 22,594,168 $ 1,110,628 $ 6,710,342 =========== ============= ============ ============= =========== =============
11 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS The changes in net assets of the funds are summarized below:
Year Ended December 31, 1997 ---------------------------- Small Cap Short-Term Contribution/ Equity US Gov't Loan Fund Fund Fund Total -------------- ------------ --------------- -------------- Contributions: Employer $ -- $ -- $ 2,193,149 $ 2,193,149 Employee -- -- 6,251,976 6,251,976 Rollovers -- -- 667,044 667,044 ------------- ------------ ------------ ------------ Total contributions 0 0 9,112,169 9,112,169 Investment income: Interest -- -- 2,173 62,473 Dividends -- -- -- 483,588 Participant loan interest -- -- 125,747 125,747 ------------- ------------ ------------ ------------ Total investment income 0 0 127,920 671,808 Net realized and unrealized appreciation in fair value of investments 2,424,618 385,822 -- 20,175,378 Participant withdrawals -- -- (4,071,182) (4,471,661) Interfund transfers 1,966,153 (850,497) (4,815,454) 0 ------------- ------------ ------------ ------------ NET ADDITIONS (DEDUCTIONS) 4,390,771 (464,675) 353,453 25,487,694 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 8,692,142 6,445,099 1,258,872 68,711,480 ------------- ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 13,082,913 $ 5,980,424 $ 1,612,325 $ 94,199,174 ============= =========== ============ ============
12 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS
The changes in net assets of the funds are summarized below: Year Ended December 31, 1996 ---------------------------- Value Bank Fixed Bond Equity Stock Income Fund Fund Fund Fund ----------- -------------- ------------- -------------- Contributions: Employer $ -- $ -- $ -- $ -- Employee -- -- -- -- Rollovers -- -- -- -- ---------- ------------- ------------ ------------- Total contributions 0 0 0 Investment income: Interest 55 112 58,554 9,488 Dividends -- -- 447,680 -- Participant loan interest -- -- -- -- ---------- ------------- ------------ ------------- Total investment income 55 112 506,234 9,488 Net realized and unrealized appreciation in fair value of investments 65,709 2,322,999 2,926,650 -- Participant withdrawals -- -- (379,353) -- Interfund transfers 131,021 1,993,503 (185,716) (3,211,166) ---------- ------------- ------------ ------------- NET ADDITIONS (DEDUCTIONS) 196,785 4,316,614 2,867,815 (3,201,678) NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 2,864,504 8,763,912 11,047,077 3,201,678 ---------- ------------- ------------ ------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 3,061,289 $ 13,080,526 $ 13,914,892 $ 0 ========== ============= ============ ============
13 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS (CONTINUED) The changes in net assets of the funds are summarized below:
Year Ended December 31, 1996 ---------------------------- Growth Money International Short-Term Contribution/ Equity Market Equity Small Cap US Gov't Loan Fund Fund Fund Equity Fund Fund Fund Total ----------- ----------- -------------- ------------ ----------- ------------ -------------- Contributions: Employer $ -- $ -- $ -- $ -- $ -- $ 1,944,685 $ 1,944,685 Employee -- -- -- -- -- 5,566,362 5,566,362 Rollovers -- -- -- -- -- 521,551 521,551 ----------- ---------- ---------- ------------ ----------- ------------ ------------ Total contributions 0 0 0 0 0 8,032,598 8,032,598 Investment income: Interest 1,461 33,742 17 86 231 -- 103,746 Dividends -- -- -- -- -- -- 447,680 Participant loan interest -- -- -- -- -- 142,206 142,206 ----------- ---------- ---------- ------------ ----------- ------------ ------------ Total investment income 1,461 33,742 17 86 231 142,206 693,632 Net realized and unrealized appreciation in fair value of investments 2,892,951 -- 471,008 1,480,113 294,897 -- 10,454,327 Participant withdrawals -- -- -- -- -- (2,062,310) (2,441,663) Interfund transfers 2,348,084 394,538 910,320 2,009,516 498,711 (4,888,811) 0 ---------- ---------- ---------- ------------ ----------- ------------ ------------ NET ADDITIONS (DEDUCTIONS) 5,242,496 428,280 1,381,345 3,489,715 793,839 1,223,683 16,738,894 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 10,314,652 456,235 4,435,652 5,202,427 5,651,260 35,189 51,972,586 ----------- ---------- ---------- ------------ ----------- ------------ ------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $15,557,148 $ 884,515 $5,816,997 $ 8,692,142 $ 6,445,099 $ 1,258,872 $ 68,711,480 =========== ========== ========== =========== =========== =========== ============
14 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE F -- INCOME TAX STATUS The Internal Revenue Service has issued a determination letter indicating that the Plan is exempt from income tax under Section 401(a) of the Internal Revenue Code (IRC). Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Benefits Administration Committee has confirmed to the best of their knowledge that the Plan, and the trust established under the Plan, are qualified under the appropriate section of the IRC and intend to continue as a qualified plan and trust. NOTE G -- YEAR 2000 (UNAUDITED) The Plan is reliant on Wilmington Trust Company and third parties for data processing. Wilmington Trust Company has undertaken a program to prepare and convert its computer systems and applications to enable them to function properly with respect to dates in the year 2000 and thereafter (the "Program"). Wilmington Trust Company is in discussions with third parties to determine the extent to which the Plan's systems are vulnerable. The Plan does not expect that its results of operations will be significantly affected, as Wilmington Trust Company and its third-party processors do not intend to charge the Plan for the costs of converting their computer systems. However, to the extent that the Program is not completed timely, the Year 2000 issue could have a material impact on the operations of the Plan. 15 WILMINGTON TRUST THRIFT SAVINGS PLAN LINE 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1997
Description Shares or Average Cost Fair Value Units ------------------------------------------------------------------------------------------------- Wilmington Trust Company Bond Fund + 202,640 $ 2,976,292 $ 3,606,992 Wilmington Trust Company Value Equity Fund + 396,720 9,580,072 17,903,972 Wilmington Trust Company Bank Stock Fund + 359,495 8,801,664 21,575,974 Wilmington Trust Company Growth Equity Fund + 395,625 12,020,668 22,594,168 Wilmington Trust Company Money Market Fund + 1,105,234 1,105,234 1,105,234 Wilmington Trust Company International Equity Fund + 260,596 5,714,441 6,710,342 Wilmington Trust Company Small Cap Equity Fund + 442,588 8,549,638 13,082,913 Wilmington Trust Company Short-Term US Government Fund + 491,407 5,296,698 5,980,424 Participant loans receivable with interest rates ranging from 6.25% to 9.75% 1,601,113 1,601,113 -------------------------------- Total investments $ 55,645,820 $ 94,161,132 ================================ + Represents party-in-interest to the Plan.
16 WILMINGTON TRUST THRIFT SAVINGS PLAN LINE 27-d--SCHEDULE OF REPORTABLE TRANSACTIONS December 31, 1997
PURCHASE SELLING IDENTITY OF PARTIES INVOLVED DESCRIPTION OF ASSETS PRICE PRICE GAIN - --------------------------------------------------------------------------------------------------------------------- Category III -- A series of transactions in a security issue aggregating in excess of 5% of plan assets - -------------------------------------------------------------------------------- Wilmington Trust Company Purchased in 34 transactions; Growth Equity Fund Sold in 37 transactions $ 2,754,685 $ 1,294,153 $ 536,740 Wilmington Trust Company Purchased in 35 transactions; Small Cap Equity Fund Sold in 33 transactions 2,791,575 825,342 218,750 Wilmington Trust Company Bank Purchased in 44 transactions; Stock Fund Sold in 39 transactions 2,072,938 1,566,909 764,588 Wilmington Trust Company Purchased in 104 transactions; Money Market Fund Sold in 56 transactions 3,307,125 3,083,677 ----
There were no category (I), (II), or (IV) reportable transactions during 1997. 17 EX-99.2 3 Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-4042) pertaining to the Wilmington Trust Thrift Savings Plan and in the related Prospectus of our report dated June 10, 1998, with respect to the financial statements and schedules of the Wilmington Trust Thrift Savings Plan included in this Annual Report (Form 11-K/A) for the year ended December 31, 1997. /s/ Ernst & Young LLP Philadelphia, Pennsylvania June 25, 1998 -----END PRIVACY-ENHANCED MESSAGE-----