-----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, ECkO5KlIt5MxnAlr36f7rNLZKITYDTyMD2jmx1KkVK8N0Mx7lXFMwvTx7kYHDC3f Unl8c+YdzjY3hYxx1z8Ikw== 0000898432-97-000335.txt : 19970630 0000898432-97-000335.hdr.sgml : 19970630 ACCESSION NUMBER: 0000898432-97-000335 CONFORMED SUBMISSION TYPE: 11-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970627 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: 1934 Act SEC FILE NUMBER: 000-25442 FILM NUMBER: 97631605 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, 1996 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, 1996 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 26, 1997. /s/ Robert J. Christian --------------------------------- (SEAL) Robert J. Christian, Member of Thrift Savings Plan Committee /s/ William J. Farrell, II --------------------------------- (SEAL) William J. Farrell, II, Member of Thrift Savings Plan Committee /s/ David R. Gibson --------------------------------- (SEAL) David R. Gibson, Member of Thrift Savings Plan Committee /s/ Joseph M. Jacobs, Jr. --------------------------------- (SEAL) Joseph M. Jacobs, Jr., Member of Thrift Savings Plan Committee /s/ John H. Kipp --------------------------------- (SEAL) John H. Kipp, Member of Thrift Savings Plan Committee /s/ P. M. Snyder, Jr. --------------------------------- (SEAL) P. M. Snyder, Jr., Member of Thrift Savings Plan Committee SCHEDULE 1 1. Strategic Bond Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 2. Value Stock Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 3. Growth Stock Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 4. International Stock Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 5. Small Cap Stock Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 6. Bank Common 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. U.S. Government Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 EXHIBIT INDEX EXHIBIT EXHIBIT 99.1 Financial statements 99.2 Consent of independent auditor EX-99.1 2 FINANCIAL STATEMENTS FINANCIAL STATEMENTS AND SCHEDULES WILMINGTON TRUST THRIFT SAVINGS PLAN December 31, 1996 FINANCIAL STATEMENTS PAGE Report of Independent Auditors..........................................2 Statements of Net Assets Available for Benefits.........................3 Statements of Changes in Net Assets Available for Benefits..............4 Notes to Financial Statements...........................................5 SCHEDULES Form 5500- Schedule G Part I- Assets Held for Investment Purposes- Item 27a...............................20 Form 5500- Schedule G Part V- Reportable Transactions- Item 27d........21 Report of Independent Auditors Wilmington Trust Thrift Savings Plan Committee We have audited the accompanying statements of net assets available for benefits of the Wilmington Trust Thrift Savings Plan (the Plan) as of December 31, 1996 and 1995, 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, 1996 and 1995, 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, 1996, 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 1, 1997 2 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS WILMINGTON TRUST THRIFT SAVINGS PLAN December 31 1996 1995 ----------- ------------ ASSETS Investments, at fair value -- Note C: Wilmington Trust Company Strategic Bond Fund $ 3,061,288 $ 2,831,613 Wilmington Trust Company Value Stock Fund 13,080,518 8,686,024 Wilmington Trust Company Bank Common Stock Fund 13,741,978 10,773,133 Wilmington Trust Company Growth Stock Fund 15,557,124 10,225,538 Wilmington Trust Company Money Market Fund 880,423 454,692 Wilmington Trust Company International Stock Fund 5,816,537 4,432,762 Wilmington Trust Company Small Cap Stock Fund 8,692,135 5,207,748 Wilmington Trust Company US Government Fund 6,444,150 5,634,245 Wilmington Trust Company Fixed Income Fund: Unallocated insurance contracts -- Note F -- 2,882,503 Participant loans receivable 1,258,872 866,159 ----------- ----------- Total investments 68,533,025 51,994,417 Cash 174,456 1,171 Accrued income 4,299 2,354 Due from broker 23,700 21,257 ----------- ----------- TOTAL ASSETS 68,735,480 52,019,199 ----------- ----------- LIABILITIES Accrued liabilities 24,000 46,613 ----------- ----------- TOTAL LIABILITIES 24,000 46,613 ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $68,711,480 $51,972,586 =========== =========== See notes to financial statements. 3 STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WILMINGTON TRUST THRIFT SAVINGS PLAN Year Ended December 31 1996 1995 ----------- ----------- ADDITIONS Investment income: Interest $ 103,746 $ 312,149 Dividends 447,680 411,501 Participant loan interest 142,206 83,940 ----------- ----------- 693,632 807,590 Contributions: Employer 1,944,685 1,707,000 Employee 5,566,362 4,136,192 ----------- ----------- 7,511,047 5,843,192 Transfers from other plans: Rollovers from other plans 521,551 303,223 ----------- ----------- 8,726,230 6,954,005 DEDUCTIONS Participant withdrawals 2,441,663 2,114,418 ----------- ----------- 6,284,567 4,839,587 NET REALIZED AND UNREALIZED APPRECIATION IN FAIR VALUE OF INVESTMENTS 10,454,327 9,199,904 ----------- ----------- NET ADDITIONS 16,738,894 14,039,491 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 51,972,586 37,933,095 ----------- ----------- NET ASSETS AVIALABLE FOR BENEFITS AT END OF YEAR $68,711,480 $51,972,586 =========== =========== See notes to financial statements. 4 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. Money market funds are stated at cost, which approximates market value. 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. Dividend income is recorded at the ex-dividend date. Income from other investments is recorded as earned. At December 31, 1995, the Plan owned an unallocated guaranteed investment contract issued by an insurance carrier. This contract was valued by the issuer, Protective Life Insurance Company (see Note F). Contract values, which approximate fair values, represent contributions made under the contracts, plus interest at the contract rate less funds used to pay benefits. 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. 5 Amounts allocated to accounts of persons who have elected to withdraw from the Plan but have not been paid of $454,083 are reported as a liability of the Plan at December 31, 1996 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, 1996 ----------------- Benefits paid to participant per the financial statements $ 2,441,663 Add: Amounts allocated to withdrawing participants at December 31, 1996 454,083 Less: Amounts allocated to withdrawing participants at December 31, 1995 (434,753) ----------- Benefits paid to participants per Form 5500 $ 2,460,993 =========== 6 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 the 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 up to 15% (10% in 1995) 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: Strategic Bond Fund, Value Stock Fund, Growth Stock Fund, Money Market Fund, Small Cap Stock Fund, US Government Fund, International Stock Fund and Bank Common Stock Fund. The opportunity to change investment options is available quarterly. Beginning July 1, 1995, the Plan added the US Government Fund and the Money Market Fund, and terminated the Fixed Income Fund investment option. Each participant's account is credited with the participant's contribution and an allocation of the Company's contribution and Plan earnings. Allocations are based on participant earnings or account balances, as defined. 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, $62,093 and $43,999 of forfeitures were used to reduce employer contributions for the years ended December 31, 1996 and 1995, respectively. 7 Plan administrative costs are paid by the Company, except for expenses under the insurance contract with Protective Life Insurance Company which were treated as a reduction of the interest rate guaranteed by the contract. 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. Additional information regarding the Plan and the operation of the Plan is available from the Personnel Department of Wilmington Trust Company. 8 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: 1996 1995 ----------- ----------- Protective Life Insurance Co. Guaranteed Investment Contract, 6%, due 1/2/96 $ -- $ 2,882,503 WTC US Government Fund 6,444,150 5,634,245 WTC Value Stock Fund 13,080,518 8,686,024 WTC Bank Common Stock Fund 13,741,978 10,773,133 WTC Growth Stock Fund 15,557,124 10,225,538 WTC Strategic Bond Fund 3,061,288 2,831,613 WTC Small Cap Stock Fund 8,692,135 5,207,748 WTC International Stock Fund 5,816,537 4,432,762 9
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 -------------------------------------------------------------------- Strategic Value Stock Bank Common Fixed Income Growth Stock Bond Fund Fund Stock Fund Fund Fund ---------- ----------- ------------ ------------ ------------ ASSETS Investments, at fair value Wilmington Trust Company Strategic Bond Fund $ 3,061,288 $ -- $ -- $ -- $ -- Wilmington Trust Company Value Stock Fund -- 13,080,518 -- -- -- Wilmington Trust Company Bank Common Stock Fund -- -- 13,741,978 -- -- Wilmington Trust Company Growth Stock Fund -- -- -- -- 15,557,124 Wilmington Trust Company Money Market Fund -- -- -- -- -- Wilmington Trust Company International Stock Fund -- -- -- -- -- Wilmington Trust Company Bank Fixed Income Fund -- -- -- -- -- Wilmington Trust Company Small Cap Fund -- -- -- -- -- Wilmington Trust Company US Government Fund -- -- -- -- -- Participant loans receivable 55,288 176,100 346,271 329,520 171,958 Cash 1 8 173,011 -- 20 Accrued income -- -- 203 -- 4 Due from broker -- -- 23,700 -- -- ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS 3,116,577 13,256,626 14,285,163 329,520 15,729,106 ----------- ----------- ----------- ----------- ----------- LIABILITIES Accrued liabilities -- -- 24,000 -- -- ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 0 0 24,000 0 0 ----------- ----------- ----------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 3,116,577 $13,256,626 14,261,163 $ 329,520 15,729,106 =========== =========== =========== =========== ===========
10
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 (cont'd) ------------------------------------------------------------------------------------- FVB Money Market International Small Cap US Gov't Participant Fund Stock Fund Stock Fund Fund Loans Total ------------- -------------- ------------ ------------ ------------ ------------- ASSETS Investments, at fair value Wilmington Trust Company Strategic Bond Fund $ -- $ -- $ -- $ -- $ -- $ 3,061,288 Wilmington Trust Company Value Stock Fund -- -- -- -- -- 13,080,518 Wilmington Trust Company Bank Common Stock Fund -- -- -- -- -- 13,741,978 Wilmington Trust Company Growth Stock Fund -- -- -- -- -- 15,557,124 Wilmington Trust Company Money Market Fund 880,423 -- -- -- -- 880,423 Wilmington Trust Company International Stock Fund -- 5,816,537 -- -- -- 5,816,537 Wilmington Trust Company Bank Fixed Income Fund -- -- -- -- -- -- Wilmington Trust Company Small Cap Fund -- -- 8,692,135 -- -- 8,692,135 Wilmington Trust Company US Government Fund -- -- -- 6,444,150 -- 6,444,150 Participant loans receivable (1,809) 43,192 35,491 67,672 35,189 1,258,872 Cash -- 460 7 949 -- 174,456 Accrued income 4,092 -- -- -- -- 4,299 Due from broker -- -- -- -- -- 23,700 ----------- ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS 882,706 5,860,189 8,727,633 6,512,771 35,189 68,735,480 ----------- ----------- ----------- ----------- ----------- ----------- LIABILITIES Accrued liabilities -- -- -- -- -- 24,000 ----------- ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 0 0 0 0 0 24,000 ----------- ----------- ----------- ----------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 882,706 5,860,189 $ 8,727,633 $ 6,512,771 35,189 $68,711,480 =========== =========== =========== =========== =========== ===========
11
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, 1995 -------------------------------------------------------------------- Strategic Value Stock Bank Common Fixed Income Growth Stock Bond Fund Fund Stock Fund Fund Fund ----------- ----------- ------------ ------------ ------------- ASSETS Investments, at fair value Wilmington Trust Company Strategic Bond Fund $ 2,831,613 $ -- $ -- $ -- $ -- Wilmington Trust Company Value Stock Fund -- 8,686,024 -- -- -- Wilmington Trust Company Bank Common Stock Fund -- -- 10,773,133 -- -- Wilmington Trust Company Growth Stock Fund -- -- -- -- 10,225,538 Wilmington Trust Company Money Market Fund -- -- -- -- -- Wilmington Trust Company International Stock Fund -- -- -- -- -- Wilmington Trust Company Fixed Income Fund -- -- -- 2,882,503 -- Wilmington Trust Company Small Cap Fund -- -- -- -- -- Wilmington Trust Company US Government Fund -- -- -- -- -- Participant loans receivable 35,219 82,189 276,556 319,175 94,218 Cash -- 62 1,015 -- 62 Accrued income -- 5 33 -- 6 Due from broker -- -- 21,257 -- -- ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS 2,866,832 8,768,280 11,071,994 3,201,678 10,319,824 ----------- ----------- ----------- ----------- ----------- LIABILITIES Accrued liabilities 2,328 4,368 24,917 -- 5,172 ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES 2,328 4,368 24,917 -- 5,172 ----------- ----------- ----------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 2,864,504 $ 8,763,912 $11,047,077 $ 3,201,678 $10,314,652 =========== =========== =========== =========== ===========
12
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, 1995 (cont'd) ------------------------------------------------------------------------------------- FVB Money Market International Small Cap US Gov't Participant Fund Stock Fund Stock Fund Fund Loans Total ------------- ------------- ------------ ------------ ------------- ------------- ASSETS Investments, at fair value Wilmington Trust Company Strategic Bond Fund $ -- $ -- $ -- $ -- $ -- $ 2,831,613 Wilmington Trust Company Value Stock Fund -- -- -- -- -- 8,686,024 Wilmington Trust Company Bank Common Stock Fund -- -- -- -- -- 10,773,133 Wilmington Trust Company Growth Stock Fund -- -- -- -- -- 10,225,538 Wilmington Trust Company Money Market Fund 454,692 -- -- -- -- 454,692 Wilmington Trust Company International Stock Fund -- 4,432,762 -- -- -- 4,432,762 Wilmington Trust Company Fixed Income Fund -- -- -- -- -- 2,882,503 Wilmington Trust Company Small Cap Fund -- -- 5,207,748 -- -- 5,207,748 Wilmington Trust Company US Government Fund -- -- -- 5,634,245 -- 5,634,245 Participant loans receivable (732) 6,113 (535) 18,767 35,189 866,159 Cash -- -- 32 -- -- 1,171 Accrued income 2,275 -- 2 33 -- 2,354 Due from broker -- -- -- -- -- 21,257 ----------- ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS 456,235 4,438,875 5,207,247 5,653,045 35,189 52,019,199 ----------- ----------- ----------- ----------- ----------- ----------- LIABILITIES Accrued liabilities -- 3,223 4,820 1,785 -- 46,613 ----------- ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITIES -- 3,223 4,820 1,785 -- 46,613 ----------- ----------- ----------- ----------- ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 456,235 $ 4,435,652 $ 5,202,427 $ 5,651,260 $ 35,189 $51,972,586 =========== =========== =========== =========== =========== ===========
13
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 ------------------------------------------------------------------------------ Strategic Value Stock Bank Common Fixed Income Growth Stock Bond Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------- ADDITIONS Investment income: Interest $ 55 $ 112 $ 58,554 $ 9,488 $ 1,461 Dividends -- -- 447,680 -- -- Participant loan interest 4,947 17,572 53,956 -- 23,101 ------------ ------------ ------------ ------------ ------------ 5,002 17,684 560,190 9,488 24,562 Contributions: Employer 120,715 400,937 164,985 -- 498,389 Employee 327,522 1,166,412 444,533 -- 1,448,640 ------------ ------------ ------------ ------------ ------------ 448,237 1,567,349 609,518 -- 1,947,029 Transfers from other plans: Rollovers 67,627 86,801 38,978 -- 159,968 ------------ ------------ ------------ ------------ ------------ 520,866 1,671,834 1,208,686 9,488 2,131,559 ------------ ------------ ------------ ------------ ------------ DEDUCTIONS Participant withdrawals 115,052 384,371 696,258 13,710 335,683 ------------ ------------ ------------ ------------ ------------ 405,814 1,287,463 512,428 (4,222) 1,795,876 Net realized and unrealized appreciation in fair value of investments 65,709 2,322,999 2,926,650 -- 2,892,951 Interfund transfers (219,450) 882,252 (224,992) (2,867,936) 725,627 ------------ ------------ ------------ ------------ ------------ NET ADDITIONS (DEDUCTIONS) 252,073 4,492,714 3,214,086 (2,872,158) 5,414,454 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 2,864,504 8,763,912 11,047,077 3,201,678 10,314,652 ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 3,116,577 $ 13,256,626 $ 14,261,163 $ 329,520 $ 15,729,106 ============ ============ ============ ============ ============
14
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 (cont'd) ------------------------------------------------------------------------------------ FVB Money Market International Small Cap US Gov't Participant Fund Stock Fund Stock Fund Fund Loans Total ------------- ------------- ------------ ------------ ------------- ----------- ADDITIONS Investment income: Interest $ 33,742 $ 17 $ 86 $ 231 -- $ 103,746 Dividends -- -- -- -- -- 447,680 Participant loan interest 1,263 12,688 23,393 5,286 -- 142,206 ------------ ------------ ------------ ------------ ------------ ------------ 35,005 12,705 23,479 5,517 -- 693,632 Contributions: Employer 26,086 236,061 384,735 112,777 -- 1,944,685 Employee 71,739 676,614 1,127,276 303,626 -- 5,566,362 ------------ ------------ ------------ ------------ ------------ ------------ 97,825 912,675 1,512,011 416,403 -- 7,511,047 Transfers from other plans: Rollovers 6,779 50,071 110,082 1,245 -- 521,551 ------------ ------------ ------------ ------------ ------------ ------------ 139,609 975,451 1,645,572 423,165 -- 8,726,230 ------------ ------------ ------------ ------------ ------------ ------------ DEDUCTIONS Participant withdrawals 44,430 161,069 239,614 451,476 -- 2,441,663 ------------ ------------ ------------ ------------ ------------ ------------ 95,179 814,382 1,405,958 (28,311) -- 6,284,567 Net realized and unrealized appreciation in fair value of investments -- 471,008 1,480,113 294,897 -- 10,454,327 Interfund transfers 331,292 139,147 639,135 594,925 -- -- ------------ ------------ ------------ ------------ ------------ ------------ NET ADDITIONS (DEDUCTIONS) 426,471 1,424,537 3,525,206 861,511 -- 16,738,894 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 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 $ 882,706 $ 5,860,189 $ 8,727,633 $ 6,512,771 $ 35,189 $ 68,711,480 ============ ============ ============ ============ ============ ============
15
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, 1995 --------------------------------------------------------------------------- Strategic Value Stock Bank Common Fixed Income Growth Stock Bond Fund Fund Stock Fund Fund Fund ------------ ------------ ------------ ------------ ------------- ADDITIONS Investment income: Interest $ 476 $ 464 $ 68,166 $ 184,226 $ 323 Dividends -- -- 411,501 -- -- Participant loan interest 2,959 13,697 10,542 1,007 17,287 ------------ ------------ ------------ ------------ ------------ 3,435 14,161 490,209 185,233 17,610 Contributions: Employer 98,710 270,338 156,975 -- 355,324 Employee 238,477 668,218 362,288 -- 874,390 ------------ ------------ ------------ ------------ ------------ 337,187 938,556 519,263 -- 1,229,714 Transfers from other plans: Rollovers 24,370 94,597 23,508 -- 63,669 ------------ ------------ ------------ ------------ ------------ 364,992 1,047,314 1,032,980 185,233 1,310,993 ------------ ------------ ------------ ------------ ------------ DEDUCTIONS Participant withdrawals 88,527 234,641 555,152 148,360 308,897 ------------ ------------ ------------ ------------ ------------ 276,465 812,673 477,828 36,873 1,002,096 Net realized and unrealized appreciation (depreciation) in fair value of investments 417,068 1,991,574 2,828,635 -- 2,289,600 Interfund transfers 327,870 931,532 (681,423) (3,280,520) 818,750 ------------ ------------ ------------ ------------ ------------ NET ADDITIONS (DEDUCTIONS) 1,021,403 3,735,779 2,625,040 (3,243,647) 4,110,446 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 1,843,101 5,028,133 8,422,037 6,445,325 6,204,206 ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 2,864,504 $ 8,763,912 $ 11,047,077 $ 3,201,678 $ 10,314,652 ============ ============ ============ ============ ============
16
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 (cont'd) --------------------------------------------------------------------------------------- FVB Money Market International Small Cap US Gov't Participant Fund Stock Fund Stock Fund Fund Loans Total ------------- ------------- ------------ ------------ ------------- ------------- ADDITIONS Investment income: Interest $ 51,015 $ 721 $ 794 $ 5,964 $ -- $ 312,149 Dividends -- -- -- -- -- 411,501 Participant loan interest (732) 14,648 15,578 8,954 -- 83,940 ------------ ------------ ------------ ------------ ------------ ------------ 50,283 15,369 16,372 14,918 -- 807,590 Contributions: Employer 7,914 290,298 302,885 224,556 -- 1,707,000 Employee 19,914 694,188 750,310 528,407 -- 4,136,192 ------------ ------------ ------------ ------------ ------------ ------------ 27,828 984,486 1,053,195 752,963 -- 5,843,192 Transfers from other plans: Rollovers 102 32,597 60,328 4,052 -- 303,223 ------------ ------------ ------------ ------------ ------------ ------------ 78,213 1,032,452 1,129,895 771,933 -- 6,954,005 ------------ ------------ ------------ ------------ ------------ ------------ DEDUCTIONS Participant withdrawals 57,765 181,211 137,044 402,821 -- 2,114,418 ------------ ------------ ------------ ------------ ------------ ------------ 20,448 851,241 992,851 369,112 -- 4,839,587 Net realized and unrealized appreciation (depreciation) in fair value of investments -- 368,197 900,563 404,267 -- 9,199,904 Interfund transfers 435,787 (538,805) 645,871 1,340,938 -- -- ------------ ------------ ------------ ------------ ------------ ------------ NET ADDITIONS (DEDUCTIONS) 456,235 680,633 2,539,285 2,114,317 -- 14,039,491 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR -- 3,755,019 2,663,142 3,536,943 35,189 37,933,095 ------------ ------------ ------------ ------------ ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 456,235 $ 4,435,652 $ 5,202,427 $ 5,651,260 $ 35,189 $ 51,972,586 ============ ============ ============ ============ ============ ============
17 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE F -- CONTRACTS WITH INSURANCE COMPANIES In 1992, Wilmington Trust Company as trustee of the plan ("Trustee") entered into a guaranteed investment contract with Protective Life Insurance Company. The insurance company maintained the Plan's deposit in an unallocated fund to which it added interest at a rate of 6% per annum. The interest rate was guaranteed for the life of the contract which matured on January 2, 1996. All funds were general assets of the insurance company and were invested at their discretion. At the direction of the Plan's administrator, these funds could be withdrawn to provide benefits or to direct transfers to certain other investment options provided under the Plan. NOTE G -- 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). The Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan document has been amended and restated to conform to the requirements of the Tax Reform Act of 1986, related legislation and various regulations and to incorporate other administrative changes to facilitate the efficient operation of the Plan. The Plan, as amended and restated, was submitted to the IRS in 1995 for a determination as to its tax-qualified status and a favorable determination letter was issued on September 12, 1995. The Company and the Thrift Savings Plan Committee intend to implement any necessary actions to insure the continuation of the Plan's tax qualified status. 18 NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE H -- TRANSACTIONS WITH PARTIES-IN-INTEREST The Plan's investments include participation units in collective trust funds managed by Wilmington Trust Company. The activity in these funds for the year ended December 31 is summarized below:
Income Fair Value Earned of Funds Purchases Sales on Funds at Year-End ---------- ---------- ---------- ------------ Wilmington Trust Company Strategic Bond Fund 1996 $ 881,148 $ 717,182 $ 55 $ 3,061,288 1995 1,538,637 933,324 476 2,831,613 WTC Value Stock Fund 1996 2,825,208 753,714 112 13,080,518 1995 2,470,952 715,849 464 8,686,024 WTC Bank Common Stock Fund 1996 2,613,442 2,102,091 448,436 13,741,978 1995 1,724,868 1,456,945 412,254 10,773,133 WTC Growth Stock Fund 1996 4,076,819 1,638,185 1,461 15,557,124 1995 2,975,999 1,182,337 323 10,225,538 WTC Money Market Fund 1996 616,378 190,647 33,742 880,423 1995 516,619 61,926 51,014 454,692 WTC International Fund 1996 1,431,816 519,050 17 5,816,537 1995 1,784,857 1,482,741 721 4,432,762 WTC Small Cap Stock Fund 1996 2,525,216 520,941 86 8,692,135 1995 2,590,228 943,967 794 5,207,748 WTC US Government Fund 1996 2,901,976 2,386,964 231 6,444,150 1995 9,602,447 4,215,380 5,964 5,634,245 WTC Fixed Income Fund 1996 2,882,503 2,882,503 9,488 -- 1995 3,029,466 3,029,466 184,226 2,882,503
19 SCHEDULE G (Form 5500) Financial Schedules 1996 OMB No. 1210-0016 For calendar plan year 1996 Name of plan sponsor as shown on line 1a of Form 5500 Wilmington Trust Company Name of plan 401(k) Thrift Savings Plan Employer Identification Number: 51-0291463 Three-digit plan number: 002 Part I Schedule of Assets Held for Investment Purposes--See Form 5500, Item 27a.
(a) (b) (c) (d) (e) Description of investment including maturity date, rate Identity of issue, borrower, lessor, of interest, collateral, par or similar party or maturity value Cost Current value Wilmington Trust Company -- Strategic Bond Fund 188,553 units $2,535,292 $3,061,289 Wilmington Trust Company -- US Government Fund 563,300 units 6,015,055 6,444,150 Wilmington Trust Company -- International Stock Fund 235,297 units 4,965,371 5,816,537 Wilmington Trust Company -- Growth Stock Fund 365,642 units 10,024,209 15,557,124 Wilmington Trust Company -- Small Cap Fund 370,895 units 6,364,728 8,692,135 Wilmington Trust Company -- Value Stock Fund 363,821 units 7,826,221 13,080,517 Wilmington Trust Company -- Money Market Fund 880,423 units 880,423 880,423 Wilmington Trust Company -- Bank Stock Fund 347,846 units 7,933,669 13,741,978 Participant Loans Receivable 1,258,872 1,258,872
20 Part V Schedule of Reportable Transactions--See Form 5500, Line 27d.
(a) (b) (c) (d) (e) (f) (g) (h) (i) Description of asset (include Current interest rate Expense value of Identity of and maturity incurred asset on party in case of a Purchase Selling Lease with Cost of transaction involved loan) price price rental transaction asset date Net gain Single Transactions in Excess of 5% WTC Growth Eq Coll Fund 2,882,503 2,882,503 WTC WTC EEBen MMFund 2,853,226 2,853,226 0 Aggregate Transactions in Excess of 5% WTC Growth Eq Coll Fund 2,923,637 459,156 312,460 3,382,793 146,696 WTC ShTerm USGovt Fund 2,033,068 1,518,961 1,461,580 3,552,935 57,381 WTC Sm Cap Portfolio 2,320,068 315,867 249,610 2,635,935 66,257 WTC Value Eq Coll Fund 3,005,376 960,613 755,323 3,965,990 205,290 WTC WTC EE BenMM Fund 9,353,321 8,944,618 8,944,618 18,297,939 0
21
Yes No 28 Did the plan acquire individual whole life insurance contracts during the plan year? ...... 28 X 29 During the plan year a (1) Was this plan covered by a fidelity bond? If "Yes," complete lines 29a(2) and 29a(3)... 29a(1) X (2) Enter amount of bond $____________________________________________________________ (3) Enter the name of the surety company _____________________________________________ b (1) Was there any loss to the plan, whether or not reimbursed, caused by fraud or dishonesty?............................................................................. 29(b)(1) X (2) If line 29b(1) is "Yes" enter amount of loss $ 30a Is the plan covered under the Pension Benefit Guaranty Corporation termination insurance program? Yes X No Not Determined --- --- --- b If line 30a is "Yes" or "Not Determined," enter the employer identification number and the plan number used to identify it. Employer identification number Plan number 31 Current value of plan assets and liabilities at the beginning and end of the plan year. Combine the value of plan assets held in more than one trust. Allocate the value of the plan's interest in a commingled trust containing the assets of more than one plan on a line-by-line basis unless the trust meets one of the specific exceptions described in the instructions. Do not enter the value of that portion of an insurance contract that guarantees, during this plan year, to pay a specific dollar benefit at a future date. Round off amounts to the nearest dollar; any other amounts are subject to rejection. Plans with no assets at the beginning and the end of the plan year, enter -0- on line 31f. Assets (a) Beginning of Year (b) End of Year a Total noninterest-bearing cash................... (a) 1,171 174,456 b Receivable: (1) Employer contributions...........b(1) (2) Participant contributions.................... (2) (3) Income....................................... (3) 2,354 4,299 (4) Other........................................ (4) 21,257 23,700 (5) Less allowance for doubtful accounts ........ (5) 22 (6) Total, Add lines 31b(1) through 31b(4) and subtract line 31b(5)........................ (6) 23,611 27,999 c General investments: (1) Interest-bearing cash (including money market funds).................. c(1) (2) Certificates of deposit ........................ (2) (3) U.S. Government securities ..................... (3) (4) Corporate debt instruments: (A) Preferred... (4)(A) (B) All other............................... (4)(B) (5) Corporate stocks: (A) Preferred............. (5)(A) (B) Common.................................. (5)(B) (6) Partnership/joint venture interests......... (6) (7) Real estate: (A) Income-producing........... (7)(A) (B) Nonincome-producing.................... (7)(B) (8) Loans (other than to participants) secured by mortgages: (A) Residential............... (8)(A) (B) Commerical............................. (8)(B) (9) Loans to participants: (A) Mortgages........ (9)(A) (B) Other.................................. (9)(B) 866,159 1,258,872 (10) Other Loans................................ (10) (11) Value of interest in common/collective trusts..................................... (11) 37,472,622 53,532,175 (12) Value of interest in pooled separate accounts................................... (12) (13) Value of interest in master trusts......... (13) (14) Value of interest in 103-12 investment investment entities........................ (14) (15) Value of interest in registered investment companies ...................... (15) (16) Value of funds held in insurance company general account (unallocated contracts).... (16) 2,882,503 (17) Other ___________________________________ (17) 23 (18) Total. Add lines 31c(1) through 31c(17)... (18) 41,221,284 54,791,047 d Employer-related investments: (1)Employer securities...................................... (d)(1) 10,773,133 13,741,978 (2) Employer real property...................... (2) e Buildings and other property used in plan operation.................................. e f Total assets. Add lines 31a, 31b(6), 31c(18), 31d(1), 31d(2), and 31e......................... f 52,019,199 68,735,480 Liabilities g Benefit claims payable.......................... g 434,753 454,083 h Operating payables.............................. h 21,483 24,000 i Acquisition indebtedness........................ i j Other liabilities............................... j 25,130 k Total liabilities. Add lines 31g through 31j... k 481,366 478,083 Net Assets l Subtracting 31k from line 31f................... l 51,537,833 68,257,397
24 EX-99.2 3 Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-43675) pertaining to the Wilmington Trust Thrift Savings Plan and in the related Prospectus of our report dated June 1, 1997, 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, 1996. /s/ Ernst & Young LLP Philadelphia, Pennsylvania June 25, 1997 -----END PRIVACY-ENHANCED MESSAGE-----