-----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, IHUWZH7G/dBWQCgGBwWnh7a4Kaxo96saOBJHHAVWB2wcH9SzXnkeKxB83yN2bb5R cpgIQvs6L79ERTYblDeQiA== 0000898432-99-000609.txt : 19990517 0000898432-99-000609.hdr.sgml : 19990517 ACCESSION NUMBER: 0000898432-99-000609 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 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: 10-Q SEC ACT: SEC FILE NUMBER: 001-14659 FILM NUMBER: 99624288 BUSINESS ADDRESS: STREET 1: RODNEY SQUARE NORTH STREET 2: 1100 NORTH MARKET ST CITY: WILMINGTON STATE: DE ZIP: 19890 BUSINESS PHONE: 3026518516 MAIL ADDRESS: STREET 1: 1100 NORTH MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19890 10-Q 1 United States Securities and Exchange Commission Washington, D.C. 20549 Form 10-Q (Mark One) [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 1999 OR [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For The Transition Period From ____________ to ___________ Commission File Number: 1-14659 WILMINGTON TRUST CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 51-0328154 - ------------------------------ ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890 ------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) (302) 651-1000 ---------------------------------------------------- (Registrant's telephone number, including area code) Not Applicable -------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No Number of shares of issuer's common stock ($1.00 par value) outstanding at March 31, 1999 - 33,086,690 shares Wilmington Trust Corporation and Subsidiaries Form 10-Q Index Page ---- Part I. Financial Information Item 1 - Financial Statements Consolidated Statements of Condition 3 Consolidated Statements of Income 5 Consolidated Statements of Cash Flows 7 Notes to Consolidated Financial Statements 9 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 3 - Quantitative and Qualitative Disclosures About Market Risk 23 Part II. Other Information Item 1 - Legal Proceedings 25 Item 2 - Changes in Securities and Use of Proceeds 25 Item 3 - Defaults Upon Senior Securities 25 Item 4 - Submission of Matters to a Vote of Security Holders 25 Item 5 - Other Information 25 Item 6 - Exhibits and Reports on Form 8-K 25 Exhibit 11 Exhibit 27 2
CONSOLIDATED STATEMENTS OF CONDITION (unaudited) Wilmington Trust Corporation and Subsidiaries ----------------------------------- March 31, December 31, (in thousands) 1999 1998 - ------------------------------------------------------------------------------------------------------------------ ASSETS Cash and due from banks $ 207,494 $ 204,579 ----------------------------------- Interest-bearing time deposits in other banks ---- ---- ----------------------------------- Federal funds sold and securities purchased under agreements to resell 32,400 83,500 ----------------------------------- Investment securities available for sale: U.S. Treasury and government agencies 885,924 796,665 Obligations of state and political subdivisions 7,169 7,186 Other securities 558,727 494,890 - ------------------------------------------------------------------------------------------------------------------ Total investment securities available for sale 1,451,820 1,298,741 ----------------------------------- Investment securities held to maturity: U.S. Treasury and government agencies 13,309 29,098 Obligations of state and political subdivisions 8,058 8,098 Other securities 23,542 36,715 - ------------------------------------------------------------------------------------------------------------------ Total investment securities held to maturity (market values were $45,384 and $333,812, respectively) 44,909 73,911 ----------------------------------- Loans: Commercial, financial and agricultural 1,405,667 1,370,566 Real estate-construction 249,056 211,733 Mortgage-commercial 879,303 869,442 Mortgage-residential 859,742 857,626 Consumer 1,023,953 1,015,056 Unearned income (3,730) (4,790) - ------------------------------------------------------------------------------------------------------------------ Total loans net of unearned income 4,413,991 4,319,633 Reserve for loan losses (73,690) (71,906) - ------------------------------------------------------------------------------------------------------------------ Net loans 4,340,301 4,247,727 ----------------------------------- Premises and equipment, net 146,352 145,492 Other assets 245,642 246,615 - ------------------------------------------------------------------------------------------------------------------ Total assets $6,468,918 $6,300,565 =================================== 3 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing demand $ 851,562 $ 912,066 Interest-bearing: Savings 419,354 404,015 Interest-bearing demand 1,388,629 1,425,953 Certificates under $100,000 1,169,716 1,182,183 Certificates $100,000 and over 634,722 612,546 - ------------------------------------------------------------------------------------------------------------------ Total deposits 4,463,983 4,536,763 ----------------------------------- Short-term borrowings: Federal funds purchased and securities sold under agreements to repurchase 1,173,733 932,346 U.S. Treasury demand 28,906 18,944 - ------------------------------------------------------------------------------------------------------------------ Total short-term borrowings 1,202,639 951,290 ----------------------------------- Other liabilities 96,003 98,303 Long-term debt 168,000 168,000 - ------------------------------------------------------------------------------------------------------------------ Total liabilities 5,930,625 5,754,356 ----------------------------------- Stockholders' equity: Common stock ($1.00 par value) authorized 150,000,000 shares; issued 39,264,173 and 39,264,173 shares, respectively 39,264 39,264 Capital surplus 67,188 67,047 Retained earnings 652,931 636,662 Accumulated other comprehensive income 3,031 5,928 - ------------------------------------------------------------------------------------------------------------------ Total contributed capital and retained earnings 762,414 748,901 Less: Treasury stock, at cost, 6,177,483 and 5,935,072 shares, respectively (224,121) (202,692) - ------------------------------------------------------------------------------------------------------------------ Total stockholders' equity 538,293 546,209 ----------------------------------- Total liabilities and stockholders' equity $6,468,918 $6,300,565 =================================== See Notes to Consolidated Financial Statements
4
CONSOLIDATED STATEMENTS OF INCOME (unaudited) Wilmington Trust Corporation and Subsidiaries ------------------------------ For the three months ended March 31, ------------------------------ (in thousands; except per share data) 1999 1998 - ------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME Interest and fees on loans $ 87,201 $ 87,742 Interest and dividends on investment securities: Taxable interest 17,356 23,226 Tax-exempt interest 190 236 Dividends 2,361 2,080 Interest on time deposits in other banks ---- ---- Interest on federal funds sold and securities purchased under agreements to resell 280 235 - ------------------------------------------------------------------------------------------------------------- Total interest income 107,388 113,519 ------------------------------ Interest on deposits 33,833 36,207 Interest on short-term borrowings 12,980 17,898 Interest on long-term debt 2,756 ---- - ------------------------------------------------------------------------------------------------------------- Total interest expense 49,569 54,105 ------------------------------ Net interest income 57,819 59,414 Provision for loan losses (5,000) (5,000) - ------------------------------------------------------------------------------------------------------------- Net interest income after provision for loan losses 52,819 54,414 ------------------------------ OTHER INCOME Trust and asset management fees 36,079 30,005 Service charges on deposit accounts 5,426 5,345 Gain on business disposition ---- 5,503 Merchant discount fees 1,550 1,419 Other operating income 2,524 3,313 Securities gains/(losses) 20 (31) - ------------------------------------------------------------------------------------------------------------- Total other income 45,599 45,554 ------------------------------ Net interest and other income 98,418 99,968 ------------------------------ OTHER EXPENSE Salaries and employment benefits 33,792 34,735 Net occupancy 3,087 2,815 Furniture and equipment 4,413 4,085 5 Stationery and supplies 1,561 1,400 Provision for litigation settlement ---- 5,500 Servicing and consulting fees 2,742 2,195 Advertising and public relations 1,584 1,233 Other operating expense 7,864 7,507 - ------------------------------------------------------------------------------------------------------------- Total other expense 55,043 59,470 ------------------------------ NET INCOME Income before income taxes 43,375 40,498 Applicable income taxes 14,219 13,186 - ------------------------------------------------------------------------------------------------------------- Net income $ 29,156 $ 27,312 ============================== Net income per share: basic $ 0.88 $ 0.82 ============================== diluted $ 0.87 $ 0.79 ============================== Weighted average shares outstanding: basic 33,075 33,507 diluted 33,703 34,462 Cash dividends per share $ 0.39 $ 0.36 See Notes to Consolidated Financial Statements
6
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Wilmington Trust Corporation and Subsidiaries ----------------------------------- For the three months ended March 31, (in thousands) 1999 1998 - ------------------------------------------------------------------------------------------------------------------ OPERATING ACTIVITIES Net income $ 29,156 $ 27,312 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 5,000 5,000 Provision for depreciation 3,985 2,876 Amortization of investment securities available for sale discounts and premiums 609 96 Accretion of investment securities held to maturity discounts and premiums (28) (71) Deferred income taxes 1,951 (339) Gains on sales of loans (301) (228) Securities (gains)/losses (20) 31 Decrease/(increase) in other assets 973 (6,252) (Decrease)/increase in other liabilities (2,621) 2,396 - ------------------------------------------------------------------------------------------------------------------ Net cash provided by operating activities 38,704 30,821 ----------------------------------- INVESTING ACTIVITIES Proceeds from sales of investment securities available for sale 276,380 39,812 Proceeds from maturities of investment securities available for sale 113,916 92,355 Proceeds from maturities of investment securities held to maturity 29,050 44,297 Purchases of investment securities available for sale (548,511) (228,150) Purchases of investment securities held to maturity ---- ---- Investments in affiliates ---- (52,509) Gross proceeds from sales of loans 38,084 23,247 Purchases of loans (1,422) (1,095) Net increase in loans (133,935) (126,450) Net increase in premises and equipment (4,845) (7,175) - ------------------------------------------------------------------------------------------------------------------ Net cash used for investing activities (231,283) (215,668) ----------------------------------- FINANCING ACTIVITIES Net (decrease)/increase in demand, savings and interest-bearing demand deposits (82,489) 197,61 Net increase/(decrease) in certificates of deposit 9,709 (23,637) Net increase in federal funds purchased and securities sold under agreements to repurchase 241,387 77,416 Net increase/(decrease) in U.S. Treasury demand 9,962 (3,529) Cash dividends (12,887) (12,062) Proceeds from common stock issued under employment benefit plans 5,597 2,796 7 Payments for common stock acquired through buybacks (26,885) (2,915) - ------------------------------------------------------------------------------------------------------------------ Net cash provided by financing activities 144,394 235,684 ----------------------------------- (Decrease)/increase in cash and cash equivalents (48,185) 50,837 Cash and cash equivalents at beginning of period 288,079 289,392 - ------------------------------------------------------------------------------------------------------------------ Cash and cash equivalents at end of period $ 239,894 $ 340,229 =================================== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the period for: Interest $ 46,229 $ 57,638 Taxes 6,407 813 Loans transferred during the year: To other real estate owned $ 143 $ 105 From other real estate owned 620 2,011 See Notes to Consolidated Financial Statements
8 Notes to Consolidated Financial Statements Wilmington Trust Corporation and Subsidiaries Note 1 - Accounting and Reporting Policies The accounting and reporting policies of Wilmington Trust Corporation (the "Corporation"), a holding company that owns all of the issued and outstanding shares of capital stock of Wilmington Trust Company, Wilmington Trust of Pennsylvania and Wilmington Trust FSB, conform to generally accepted accounting principles and practices in the banking industry for interim financial information. The information for the interim periods is unaudited and includes all adjustments that are of a normal recurring nature and that management believes to be necessary for fair presentation. Results of the interim periods are not necessarily indicative of the results that may be expected for the full year. This note is presented and should be read in conjunction with the Notes to the Consolidated Financial Statements included in the Corporation's Annual Report to Stockholders for 1998. Note 2 - Comprehensive Income Effective January 1, 1998, the Corporation adopted Statement of Financial Accounting Standards ("SFAS") No. 130, "Reporting Comprehensive Income." SFAS No. 130 established new rules for the reporting and display of comprehensive income and its components. The statement requires, among other things, unrealized gains or losses on the Corporation's available-for-sale securities, that prior to adoption were reported separately in shareholders' equity, to be included in comprehensive income. The adoption of SFAS No. 130 had no impact on the Corporation's net income or shareholders' equity. For the three months ended March 31, 1999 and 1998, total comprehensive income, net of taxes, was $26,259,000 and $27,914,000, respectively. Note 3 - Segment Reporting
Financial data by segment for March 31, 1999 vs March 31, 1998 is as follows: - ----------------------------------------------------------------------------------------------------------------- Banking Fee-Based Funds Quarter Ended March 31, 1999 (in thousands) business business management Totals - ----------------------------------------------------------------------------------------------------------------- Net interest income $ 49,396 $ 5,102 $ 3,846 $ 58,344 Provision for loan losses (4,944) (56) ---- (5,000) - ----------------------------------------------------------------------------------------------------------------- Net interest income after provision 44,452 5,046 3,846 53,344 Trust and asset management fees: Personal trust ---- 16,014 ---- 16,014 Corporate financial services ---- 11,185 ---- 11,185 Asset management ---- 9,137 ---- 9,137 Other operating income 9,300 510 182 9,992 Securities gains ---- ---- 20 20 - ----------------------------------------------------------------------------------------------------------------- Net interest and other income 53,752 41,892 4,048 99,692 Other expense (29,425) (25,876) (464) (55,765) - ----------------------------------------------------------------------------------------------------------------- Segment profit from operations 24,327 16,016 3,584 43,927 Segment loss from infrequent events ---- (190) ---- (190) - ----------------------------------------------------------------------------------------------------------------- Segment profit before income taxes $ 24,327 $ 15,826 $ 3,584 $ 43,737 ================================================================================================================= 9 Intersegment revenue $ 2,462 $ 1,886 $ 635 $ 4,983 Depreciation & amortization 2,532 1,665 69 4,266 Investment in equity method investees ---- 132,244 ---- 132,244 Segment average assets 4,083,777 662,882 3,052,629 7,799,288 Quarter Ended March 31, 1998 (in thousands) - ----------------------------------------------------------------------------------------------------------------- Net interest income $ 50,302 $ 5,827 $ 3,816 $ 59,945 Provision for loan losses (4,763) (237) ---- (5,000) - ----------------------------------------------------------------------------------------------------------------- Net interest income after provision 45,539 5,590 3,816 54,945 Trust and asset management fees: Personal trust ---- 14,677 ---- 14,677 Corporate financial services ---- 9,635 ---- 9,635 Asset management ---- 6,279 ---- 6,279 Other operating income 8,771 985 6,076 15,832 Securities losses ---- ---- (31) (31) - ----------------------------------------------------------------------------------------------------------------- Net interest and other income 54,310 37,166 9,861 101,337 Other expense (28,790) (24,150) (6,982) (59,922) - ----------------------------------------------------------------------------------------------------------------- Segment profit from operations 25,520 13,016 2,879 41,415 Segment profit from infrequent events ---- 728 ---- 728 - ----------------------------------------------------------------------------------------------------------------- Segment profit before income taxes $ 25,520 $ 13,744 $ 2,879 $ 42,143 ================================================================================================================= Intersegment revenue $ 1,405 $ 822 $ 314 $ 2,541 Depreciation and amortization 1,823 1,276 36 3,135 Investment in equity method investees ---- 52,785 ---- 52,785 Segment average assets 3,748,944 518,665 3,149,183 7,416,792
10 A reconciliation of reportable segment amounts to the Corporation's consolidated balances is as follows: - -------------------------------------------------------------------------------- Quarter ended March 31 (in thousands) 1999 1998 - -------------------------------------------------------------------------------- Revenue: Total revenues for reportable segments $ 58,344 $ 59,945 Other revenues 46,348 46,392 Elimination of intersegment revenues (1,274) (1,369) - -------------------------------------------------------------------------------- Total consolidated revenues before provision $ 103,418 $ 104,968 ============================ Profit or loss: Total profit or loss for reportable segments $ 43,927 $ 41,415 Elimination of intersegment profits (552) (917) - -------------------------------------------------------------------------------- $ 43,375 $ 40,498 ============================ Assets: Total assets for reportable segments $ 7,799,288 $ 7,416,792 Other assets 228,173 217,045 Elimination of intersegment assets (1,741,707) (1,523,839) Other assets not allocated to segments ---- ---- - -------------------------------------------------------------------------------- Consolidated total average assets $ 6,285,754 $ 6,109,998 ============================ 11 Wilmington Trust Corporation and Subsidiaries Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations SUMMARY - ------- Net income for the first quarter of 1999 was $29.2 million, or $.88 per share, a 7% increase over the $27.3 million, or $.82 per share, recorded for the first quarter of last year. Diluted net income per share for the first quarter of 1999 was $.87, compared with $.79 for the first quarter of last year. Total revenues for the first quarter of 1999 reached $103.4 million, a 2% decrease from the $105.0 million reported for the first quarter of 1998. Net interest income for the first quarter of 1999 reached $57.8 million, a 3% decrease from the $59.4 million reported for the first quarter last year. The quarterly provision for loan losses of $5.0 million was unchanged from that for the first quarter of 1998. The reserve for loan losses at quarter-end stood at $73.7 million, up $1.8 million, or 2%, over the $71.9 million reported at December 31, 1998. Noninterest income for the first quarter of 1999 was $45.6 million, unchanged from the amount reported for the same quarter of last year. Operating expenses for the first quarter of 1999 were $55.0 million, a 7% decrease from the $59.5 million reported for the first quarter last year. Return on assets for the three months ended March 31, 1999, on an annualized basis, was 1.88%, above the 1.81% reported for the first quarter of 1998. Return on stockholders' equity, also on an annualized basis, was 22.10%, above the 21.81% reported for the first three months of 1998. STATEMENT OF CONDITION - ---------------------- Total assets at March 31, 1999 were $6.47 billion, up $168.4 million, or 3%, over the $6.30 billion reported at December 31, 1998. Total earning assets increased $167.3 million, or 3%, to $5.94 billion over the same period of time. Growth in both the loan and investment portfolios contributed to these increases. Total loans at March 31, 1999 were $4.41 billion, an increase of $94.4 million, or 2%, over the December 31, 1998 level of $4.32 billion. Contributing to this increase were commercial loans of $1.40 billion, which rose $35.1 million, or 3%, over their December 31, 1998 level; commercial construction loans of $249.1 million, which rose $37.3 million, or 18%; commercial mortgage loans of $879.3 million, which rose $9.9 million, or 1%; residential mortgage loans of $859.7 million, which rose $2.1 million, or .25%, and consumer loans of $1.02 billion, which rose $8.9 million, or .9%. The investment portfolio at March 31, 1999 was $1.50 billion, an increase of $124.1 million, or 9%, over the December 31, 1998 level of $1.37 billion. The Corporation continued its efforts to replace securities sold during 1998. Contributing to this increase were U.S. Treasury and government agency securities, which increased $73.5 million, or 9%, to $899.2 million and asset-backed securities, which increased $51.8 million, or 20%, to $317.2 million. Interest-bearing liabilities at quarter-end were $4.98 billion, up $239.1 million, or 5%, over the year-end level of $4.74 billion. Total deposits during the first three months of 1999 declined $72.8 million, while short-term 12 borrowings increased $251.3 million. A $22.2 million increase in certificates of deposit of $100,000 and over was more than offset by a $60.5 million, or 7%, decrease in noninterest-bearing demand account balances, a $37.3 million, or 3%, decrease in interest-bearing demand account balances and a $12.5 million, or 1%, decrease in certificates of deposit of less than $100,000. Federal funds purchased increased $168.6 million, or 149%, to $281.8 million and U.S. Treasury demand balances rose $160.0 million, or 28.8%, to $715.0 million. Stockholders' equity at March 31, 1999 was $538.3 million, down $7.9 million, or 1%, from the year-end level as earnings of $29.2 million and $5.6 million in new stock issued were offset by a $2.9 million valuation reserve adjustment for the investment portfolio, $12.9 million in cash dividends and $26.9 million for the stock buyback program. NET INTEREST INCOME - ------------------- Net interest income for the first quarter of 1999 on a fully tax-equivalent ("FTE") basis was $59.8 million. This was a $1.7 million, or 3%, decrease from the $61.5 million reported for the first quarter of 1998. Interest income (FTE) for the first quarter of 1999 declined $6.2 million, or 5%, to $109.4 million from $115.6 million for the first quarter of 1998. The effect of a $105.7 million increase in the average level of earning assets for the first quarter of 1999 compared to the same period last year was more than offset by the declining rate environment. Interest revenues rose $3.7 million as a result of this increase in earning assets. More than offsetting this increase was a $9.9 million decrease in interest revenues associated with the lower interest rates. The average rate earned on these assets during the first quarter of 1999 declined 58 basis points, from 8.18% to 7.60%. The loan portfolio yield decreased 71 basis points, to 8.13%, while the investment portfolio yield declined 56 basis points, to 6.00%. Interest expense for the first quarter of 1999 declined $4.5 million, or 8%, to $49.6 million from the $54.1 million reported for the first quarter of last year. Contributing to this decrease in interest expense was a $60.6 million decrease in the average level of interest-bearing liabilities, which resulted in a $2.5 million decrease in interest expense. Complementing this decrease was a $2.0 million decrease in interest expense attributable to a 39-basis point decrease in the rate paid for those funds. The average rate the Corporation paid for its funds for the first quarter of 1999 was 3.46%, compared to 3.85% for the first quarter of 1998. The Corporation's net interest margin for the first quarter of 1999 was 4.14%, 19 basis points below the 4.33% reported for the first quarter of a year ago. This decline was driven, in part, by customers moving from floating-rate to lower cost, fixed-rate financing. In addition, the issuance of $125 million of subordinated debt securities in May 1998 to fund investments in asset management firms, generating fee income, reduced the net interest margin further. The following tables present comparative net interest income data and a rate-volume analysis of changes in net interest income for the first quarters of 1999 and 1998. 13
QUARTERLY ANALYSIS OF EARNINGS 1999 First Quarter 1998 First Quarter ------------------------------------- ------------------------------------- (in thousands; rates on Average Income/ Average Average Income/ Average tax-equivalent basis) balance expense rate balance expense rate - --------------------------------------------------------------------------------------------------------------------- Earning assets Time deposits in other banks $ ---- $ ---- ----% $ ---- $ ---- ----% Federal funds sold and securities purchased under agreements to resell 24,444 280 4.53 18,027 235 5.21 - ---------------------------------------------------------------- ------------------------ Total short-term investments 24,444 280 4.53 18,027 235 5.21 -------------------------------------------------------------------------------- U.S. Treasury and government agencies 834,945 11,959 5.77 1,014,697 16,051 6.37 State and municipal 15,244 285 7.61 18,249 358 7.87 Preferred stock 168,739 2,813 6.78 125,514 2,509 8.23 Asset-backed securities 290,646 4,603 6.35 369,338 6,148 6.69 Other 92,521 1,199 5.21 95,296 1,346 5.68 - ---------------------------------------------------------------- ------------------------ Total investment securities 1,402,095 20,859 6.00 1,623,094 26,412 6.56 -------------------------------------------------------------------------------- Commercial, financial and agricultural 1,383,405 26,483 7.68 1,197,666 25,895 8.66 Real estate-construction 229,912 4,929 8.63 151,703 3,489 9.20 Mortgage-commercial 872,813 19,167 8.81 905,995 20,965 9.26 Mortgage-residential 854,064 15,916 7.39 820,520 16,926 8.25 Consumer 1,014,878 21,734 8.67 958,861 21,647 9.13 - ---------------------------------------------------------------- ------------------------ Total loans 4,355,072 88,229 8.13 4,034,745 88,922 8.84 ------------------------------------------------------------------- Total earning assets $5,781,611 109,368 7.60 $5,675,866 115,569 8.18 ================================================================================ Funds supporting earning assets Savings $ 408,230 1,968 1.96 $ 398,517 2,324 2.37 Interest-bearing demand 1,349,693 7,661 2.30 1,138,486 7,263 2.59 Certificates under $100,000 1,175,661 14,944 5.16 1,211,081 16,647 5.57 Certificates $100,000 and over 700,084 9,260 5.29 703,718 9,973 5.67 - ---------------------------------------------------------------- ------------------------ Total interest-bearing deposits 3,633,668 33,833 3.76 3,451,802 36,207 4.24 -------------------------------------------------------------------------------- Federal funds purchased and securities sold under agreements to repurchase 1,030,789 12,510 4.85 1,263,038 17,336 5.49 U.S. Treasury demand 28,513 470 6.59 42,496 562 5.29 - ---------------------------------------------------------------- ------------------------ Total short-term borrowings 1,059,302 12,980 4.91 1,305,534 17,898 5.48 ------------------------------------------------------------------- Long-term debt 168,000 2,756 6.65 43,000 ---- ---- - ---------------------------------------------------------------- ------------------------ 14 Total interest-bearing liabilities 4,860,970 49,569 4.11 4,800,336 54,105 4.54 ----------------------------------------------------------------------------- Other noninterest funds 920,641 ---- ---- 875,530 ---- ---- - ---------------------------------------------------------------- ------------------------ Total funds used to support earning assets $5,781,611 49,569 3.46 $5,675,866 54,105 3.85 ============================================================================= Net interest income/yield 59,799 4.14 61,464 4.33 Tax-equivalent adjustment (1,980) (2,050) --------- --------- Net interest income $ 57,819 $ 59,414 ========= =========
Average rates are calculated using average balances based on historical cost and do not reflect the market valuation adjustment required by Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities," effective January 1, 1994. 15
RATE-VOLUME ANALYSIS OF NET INTEREST INCOME -------------------------------------------- For the three months ended March 31, -------------------------------------------- 1999/1998 Increase/(Decrease) due to change in -------------------------------------------- 1 2 (in thousands) Volume Rate Total - ----------------------------------------------------------------------------------------------------------------------------- Interest income: Time deposits in other banks $ ---- $ ---- $ ---- Federal funds sold and securities purchased under agreements to resell 84 (39) 45 - ----------------------------------------------------------------------------------------------------------------------------- Total short-term investments 84 (39) 45 -------------------------------------------- U.S. Treasury and government agencies (2,836) (1,256) (4,092) State and municipal * (63) (10) (73) Preferred stock * 905 (601) 304 Asset-backed securities (1,301) (244) (1,545) Other * (38) (109) (147) - ----------------------------------------------------------------------------------------------------------------------------- Total investment securities (3,333) (2,220) (5,553) -------------------------------------------- Commercial, financial and agricultural * 3,966 (3,378) 588 Real estate-construction 1,774 (334) 1,440 Mortgage-commercial * (758) (1,040) (1,798) Mortgage-residential 682 (1,692) (1,010) Consumer 1,261 (1,174) 87 - ----------------------------------------------------------------------------------------------------------------------------- Total loans 6,925 (7,618) (693) - ----------------------------------------------------------------------------------------------------------------------------- Total interest income $ 3,676 $(9,877) $(6,201) ============================================ Interest expense: Savings $ 57 $ (413) $ (356) Interest-bearing demand 1,349 (951) 398 Certificates under $100,000 (486) (1,217) (1,703) 16 Certificates $100,000 and over (52) (661) (713) - ----------------------------------------------------------------------------------------------------------------------------- Total interest-bearing deposits 868 (3,242) (2,374) -------------------------------------------- Federal funds purchased and securities sold under agreements to repurchase (3,188) (1,638) (4,826) U.S. Treasury demand (185) 93 (92) - ----------------------------------------------------------------------------------------------------------------------------- Total short-term borrowings (3,373) (1,545) (4,918) -------------------------------------------- Long-term debt ---- 2,756 2,756 - ----------------------------------------------------------------------------------------------------------------------------- Total interest expense $ (2,505) $ (2,031) $ (4,536) ============================================ Changes in net interest income $ (1,665) =============== * Variances are calculated on a fully tax-equivalent basis, which includes the effects of any disallowed interest expense. 1 Changes attributable to volume are defined as change in average balance multiplied by the prior year's rate. 2 Changes attributable to rate are defined as a change in rate multiplied by the average balance in the applicable period of the prior year. A change in rate/volume (change in rate multiplied by change in volume) has been allocated to the change in rate.
17 Noninterest Revenues and Operating Expenses - ------------------------------------------- Noninterest revenues for the first quarter of 1999 were $45.6 million, the same as for the first quarter a year ago, as higher levels of trust and asset management fee income replaced a one-time gain reported last year from the disposition of the mutual fund processing business. Trust and asset management fees for the first quarter of 1999 increased $6.1 million, or 20%, to $36.1 million. Personal trust fees rose $1.2 million, or 8%, to $15.8 million. Corporate trust fees rose $1.5 million, or 15%, to $11.1 million. Asset management fees rose $3.4 million, or 60%, to $9.1 million, as the Corporation's investment in two asset management firms added $2.7 million to fee income. Service charges on deposit accounts of $5.4 million for the quarter were 2% above those for the first quarter of a year ago. Increased transaction fees associated with automated teller machine usage, overdrafts and returned items contributed to this increase. Other operating income for the first quarter of 1999 was $4.1 million. This was a decrease of $6.2 million, or 60%, from the $10.2 million reported for the first quarter of 1998. Other operating income for the first quarter of 1998 included a nonrecurring gain of $5.5 million from the sale of the Corporation's mutual fund processing business and $700,000 in revenues associated with its precious metals business that also has been sold. Offsetting these decreases, in part, were modest increases in loan fees and credit card processing fees. Absent these one-time events, other operating income was unchanged from the level of a year ago. Operating expenses for the first quarter of 1999 decreased $4.4 million, or 7%, to $55.0 million. Total personnel expenses for the first quarter decreased $900,000, or 3%, to $33.8 million. Contributing to this decrease was a $1.3 million, or 5%, decrease in salaries, bonuses and sales incentives. Furniture and equipment expense for the first quarter rose $300,000, or 8%. Higher maintenance costs and depreciation expense associated with the new trust system and the new operations facility contributed to this increase. Net occupancy expense rose $300,000, or 10%, due to costs associated with new personal trust and private banking offices opened last year in New York and California. Other operating expense for the first quarter decreased $4.2 million, or 26%, to $12.2 million, as higher levels of service and consulting expense for the Corporation's year 2000 efforts, up $500,000, or 25%, and advertising expense, up $400,000, or 29%, were more than offset by a $5.0 million decrease in other operating expenses. This decrease was the result of a $5.5 million charge to earnings taken in the first quarter of 1998 in connection with the anticipated settlement of outstanding litigation. The Corporation's efforts in readying itself for the year 2000 are more fully discussed on pages 20 through 22. Liquidity - --------- A financial institution's liquidity represents its ability to meet, in a timely manner, cash flow requirements that may arise. Liquidity of the asset side of the balance sheet is provided by the maturity and marketability of loans, money market assets and investments. Liquidity of the liability side of the balance sheet is usually provided through a stable base of core deposits. The Corporation's quarter-end liquidity ratio, calculated in accordance with regulatory requirements of the FDIC, was 24.48%. Management believes that maturities of the Corporation's investment securities, other readily marketable assets and external sources of funds offer more than adequate liquidity to meet any cash flow requirements that may arise. Sources of funds have historically consisted of deposits, amortization and prepayments of outstanding loans, maturities of investment securities, borrowings and interest income. Management monitors the Corporation's existing and projected liquidity requirements on an ongoing basis and implements appropriate strategies when deemed necessary. 18 Asset Quality and Loan Loss Provision - ------------------------------------- The Corporation's provision for loan losses for the first quarter of 1999 was $5.0 million, unchanged from the amount provided for the first quarter of 1998. The reserve for loan losses at March 31, 1999 was $73.7 million, an increase of $1.8 million, or 2%, above the $71.9 million reported at December 31, 1998. The reserve as a percentage of total period-end loans outstanding was 1.67%, slightly above the year-end level of 1.66%. Net chargeoffs for the first three months of 1999 were $3.2 million, an increase of $500,000, or 17%, above those for the first quarter of 1998. The following table presents the risk elements in the Corporation's loan portfolio:
Risk Elements (in thousands) March 31, 1999 December 31, 1998 March 31, 1998 - ---------------------------------------------------------------------------------------------------------------- Nonaccruing $33,485 $30,598 $28,819 Past due 90 days or more 40,076 18,558 19,253 - ---------------------------------------------------------------------------------------------------------------- Total $73,561 $49,156 $48,072 ============================================================== Percent of total loans at period-end 1.67% 1.14% 1.17% Other real estate owned $ 1,055 $ 1,532 $ 1,832
Nonaccruing loans at March 31, 1999 were $33.5 million, an increase of $2.9 million above the $30.6 million reported at December 31, 1998. Other real estate owned, which is reported as a component of other assets in the Consolidated Statements of Condition, consists of assets that have been acquired through foreclosure. These assets are recorded on the books of the Corporation at the lower of their cost or the estimated fair value less cost to sell, adjusted periodically based upon current appraisals. Other real estate owned at March 31, 1999 was $1.0 million, a decrease of $500,000, or 31%, from the December 31, 1998 level of $1.5 million. Nonperforming assets (other real estate owned plus nonaccrual loans) at March 31, 1999 totaled $34.5 million, or .78% of period-end loans outstanding. This was an increase of $2.4 million, or 8%, above the $32.1 million, or .74% of period-end loans outstanding, reported at December 31, 1998. As a result of the Corporation's ongoing monitoring of its loan portfolio, at March 31, 1999, approximately $60.9 million of its loans were identified that are either currently performing in accordance with their terms or are less than 90 days past due but for which, in management's opinion, serious doubt exists as to the borrowers' ability to continue to repay their loans in full on a timely basis. The reserve for loan losses at quarter-end was 2.20 times the level of nonaccrual loans. Management believes the reserve is adequate, based upon currently available information. The Corporation's determination of the adequacy of its reserve is based upon an evaluation of its classified loans and other assets, past loss experience, current economic and real estate market conditions and any regulatory recommendations. Capital Resources - ----------------- A strong capital position provides a margin of safety for both depositors and stockholders, enables a financial institution to take advantage of profitable opportunities and provides for future growth. The Corporation's total risk-based capital ratio at the end of the first quarter of 1999 was 12.19%, and its core (Tier 1) leveraged capital ratio was 6.49%. The corresponding ratios at year-end 19 1998 were 12.47% and 6.61%, respectively. Both of these ratios are well in excess of the current regulatory minimums of 8.00% and 4.00%, respectively. Reflecting the Corporation's performance and favorable outlook, the Corporation in April increased the quarterly dividend by 8% to 42 cents per share. This raises the per-share annual dividend rate to $1.68 and marks the eighteenth consecutive year in which dividends have been increased. Management monitors the Corporation's capital position and will make adjustments as needed to insure that the capital base will satisfy existing and impending regulatory requirements, as well as meet appropriate standards of safety and provide for future growth. Other Information - ----------------- Year 2000 Issue The Corporation is working to help assure that date-sensitive systems and hardware are prepared for orderly transition to the year 2000 without disrupting our customer accounts and operations. We began renovating business application systems in late 1995. The Corporation established a Year 2000 Program Management Office ("PMO") to manage our Year 2000 project on an enterprise-wide basis. We conduct weekly project reviews of our Year 2000 efforts with a management steering team, and quarterly meetings with senior management and the Board of Directors. The PMO - ------- The PMO is comprised of project leaders representing information technology and each major business area, such as commercial banking, personal banking, personal trust and private banking and corporate financial services. This team coordinates the major initiatives and strategies in each constituent's respective area. The initiatives include business risk/impact analysis, information technology, credit risk, vendor management, investment risk, communications and contingency planning. The Corporation worked with an international consulting firm for approximately six months to assist in its Year 2000 efforts. That firm assisted in implementing an enterprise-wide PMO and strategies to help assure business area readiness, vendor readiness, external communication and contingency planning. The PMO Master Plan - ------------------- The following is a description and status of each strategy in our Year 2000 program: Information Technology ---------------------- We are using a project approach the FDIC has endorsed to help assure continuity and efficiency among all our project teams. The approach uses the following five steps: awareness, assessment, renovation, testing and implementation. o RENOVATION: We have completed assessment and renovation of all of our core critical hardware and software systems. We are continuing through 1999 to renovate some non-core systems that are low-critical internal systems. o TESTING: We have completed testing 95% of the number of our core critical applications. Additionally, we have tested our core 20 applications and infrastructure in a "time machine" environment, in which our mainframe and mid-range computers actually processed in the December 31, 1999 to January 3, 2000 environment. During the second quarter, we also will process in the February 28 and 29 to March 1, 2000 environment. We expect to complete testing of remaining critical hardware and software systems by June 30, 1999. We also expect to plan for critical dates in the year 2000, assure that future modifications to our software applications do not introduce new date-related problems and provide any production support that may be necessary. o IMPLEMENTATION: As we have renovated applications we have implemented Year 2000 versions of software. As a result, the Year 2000 versions of all our core systems are running in production today. In preparing for the Year 2000, we have made technology investments that will improve our ability to support our infrastructure and deliver improved services to our customers. These include installing a standard NT desktop PC throughout our company, which we anticipate will be completed by the end of the second quarter of 1999, a new wire transfer system, introduction of online banking and improvements in infrastructure to support around-the-clock customer access. Credit Risk - ----------- Our credit risk strategy includes assessing risks for existing commercial loan relationships over $1 million and assessing all new loan relationships over $1 million. We are evaluating the need to establish additional loan loss reserves, and will continue to monitor existing relationships for Year 2000 readiness into the year 2000. Investment Risk - --------------- We have evaluated investment risk for trust accounts for which Wilmington Trust has investment responsibility, as well as for the Corporation's own investment portfolio. We have implemented an investment risk strategy based on the different types of holdings, such as equity, fixed-income or mutual funds. Vendor Management - ----------------- We have corresponded with providers of core services and products through several mailings. We are continuing to assess key critical vendors, such as power and telecommunication companies, with whom we are reviewing their systems renovation, testing, implementation and contingency plans. We are monitoring the status of critical vendors and have developed contingency plans where the potential for vendors to impact the delivery of services to us is high. In addition, the Corporation is monitoring the status of regulatory reviews of our major service providers. Where feasible, we have tested critical vendor-supplied products, such as software and hardware, and environmental systems such as air conditioning and elevator systems. Costs - ----- The Corporation estimates that it spent $16.95 million through March 31, 1999 in outside and internal costs toward required modifications, upgrades and replacements of its internal systems and testing. We presently anticipate incurring an additional $6.9 million in 1999 in outside and internal costs; a substantial portion of these costs are associated with completion of PC upgrades, to be completed by June 30, 1999. In the year 2000, we estimate we 21 will we will spend $2.0 million in internal costs for production support. We expect these costs to continue to be funded through operating cash flows. We devoted approximately 30% of our available application programming and 21% of our total internal information technology resources to the Year 2000 issue in 1998 and the first quarter of 1999. We have deferred some other information technology projects pending resolution of the Year 2000 issue, but do not believe those deferrals will have a material adverse impact on our financial performance or results of operations. Contingency Planning - -------------------- We have assessed the potential impact of Year 2000 failures on our core business functions and have developed contingency plans where that impact presents a high risk. Business experts and management in each area have validated these plans to ensure their appropriateness. We are incorporating enhancements made through this process into finalized contingency plans, due to be completed by June 30, 1999. As part of our contingency planning, we are monitoring our liquidity needs as the year 2000 approaches to assure that we have sufficient cash on hand to support any changes in customer activity. In addition, we have supplemented our normal contingency plans to insure the temporary availability of power at our processing facilities. We believe we are addressing all key components necessary to resolve the Year 2000 issue. Nevertheless, it is not possible to determine with complete certainty that all Year 2000 issues affecting us or our vendors or customers are identified and corrected, or the duration, severity or financial consequences of any failure. The Corporation anticipates that it is possible that it may experience certain operational inconsistencies and inefficiencies. This may result in, among other things, temporary delays in processing customers' checks and payments and other transactions, and could divert the Corporation's time and attention and financial resources from ordinary business activities. The Corporation also could experience the possible failure of certain systems, which may require significant efforts to prevent or alleviate material business disruptions. Disclaimer - ---------- The discussion above of the Corporation's efforts and expectations relating to Year 2000 compliance are forward-looking statements. The Corporation's ability to achieve Year 2000 compliance and the level of incremental costs associated with that compliance could be adversely impacted by, among other things, the availability and cost of programming and testing resources, vendors' and customers' ability to modify proprietary software and unanticipated problems identified in the ongoing compliance review. Additional Information - ---------------------- Additional information about the Year 2000 issue is available at our Web site at wilmingtontrust.com, or you can call us at (302) 651-1985. You also can send your questions via fax to (302) 651-1990 or e-mail to year2000@wilmingtontrust.com. - ---------------------------- In addition, one of our regulators, the FDIC, has an informative site that addresses the year 2000 and financial institutions for banking customers. You can reach their site at fdic.gov/about/y2k. ------------------ Accounting Pronouncements - ------------------------- In June 1998, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities." SFAS No. 133 is required to be adopted in all fiscal quarters of fiscal years beginning after June 15, 1999. The Statement will require the Corporation to recognize all derivatives on its balance sheet at their fair value. Derivatives that are not hedges must be adjusted to fair value through income. If a derivative is a hedge, depending on the nature of the 22 hedge, changes in the fair value of the derivative will be offset either against the change in fair value of the hedged assets, liabilities or firm commitments through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value will be recognized in earnings immediately. The Corporation has not yet determined what the effect of SFAS No. 133 will be on its earnings or financial position. Item 3. Quantitative and Qualitative Disclosures About Market Risk Net interest income is an important determinant of the Corporation's financial performance. Through interest rate sensitivity management, the Corporation seeks to maximize the growth of net interest income on a consistent basis by minimizing the effects of fluctuations associated with changing market interest rates. The Corporation employs simulation models to measure the effect of variations in interest rates on net interest income. The composition of assets, liabilities and off-balance-sheet instruments and their respective repricing and maturity characteristics are evaluated in assessing the Corporation's exposure to changes in interest rates. Net interest income is projected using multiple interest rate scenarios. The results are compared to net interest income projected using stable interest rates. The Corporation's model employs interest rate scenarios in which interest rates gradually move up or down 250 basis points. The simulation model projects, as of March 31, 1999, that a gradual 250-basis point increase in market interest rates would reduce net interest income by 0.3% over a one-year period. This figure compares to a projected decrease at December 31, 1998 of 1.5%. If interest rates were to gradually decrease 250 basis points, the simulation model projects, as of March 31, 1999, that net interest income would decrease 2.0% over a one-year period. This figure compares to a projected increase at December 31, 1998 of 2.5%. The Corporation's policy limits the permitted reduction in projected net interest income to 10% over a one-year period given a change in interest rates. The preceding paragraph contains certain forward-looking statements regarding the anticipated effects on the Corporation's net interest income resulting from hypothetical changes in market interest rates. The assumptions that the Corporation uses regarding the effects of changes in interest rates on the adjustment of retail deposit rates and the balances of residential mortgages, asset-backed securities and collateralized mortgage obligations (CMOs) play a significant role in the results the simulation model projects. The adjustment paths are not assumed to be symmetrical. The Corporation's model has employed assumptions that reflect the historical adjustment paths of the Corporation's retail deposit rates to changes in the level of market interest rates. In prior model runs, some of the Corporation's retail deposit rates reached historic lows within the 250-basis point decline scenario. The Corporation's model would freeze the rates for these deposit products when they equaled their historic lows. During the first quarter of 1999, as actual interest rates on some of the Corporation's retail deposit products reached and, in some cases, fell below their historic low points, new assumptions have been developed. These new assumptions incorporate these recent changes in the structure of retail deposit rates in the Corporation's market area and project new historic low points. As was true in earlier simulations, the model freezes these rates when they reach the new lower level. These model assumptions (asymmetrical adjustments and rate floors based on historic lows) limit the extent to which deposit rates are expected to adjust in a declining rate scenario and contribute to the projected simulation results. Changes in the balances of residential mortgages, CMOs and asset-backed securities are driven by contractual obligations and prepayments. While contractual obligations are not typically influenced by changes in interest rates, prepayment activity (including refinancing) can shift dramatically with changes in interest rates. The Corporation's prepayment assumptions are based on industry estimates for loans with similar coupons and remaining maturities. A 250-basis point decline in interest rates can lead to a significant increase in 23 prepayments when available reinvestment opportunities of similar risk carry lower returns. Conversely, should interest rates rise 250 basis points, the same balances are not likely to prepay at the same rate, but instead are likely to lengthen in effective maturity as debtors elect not to prepay and to retain these now below-market credit terms for as long as possible. Holders of mortgages, asset-backed securities and CMOs are left with returns below those prevailing in the current environment. This prepayment-driven effect also contributes to the projected simulation results. During the first quarter of 1999, the Corporation sold certain fixed-rate residential mortgage loans into the secondary market. The primary goal of this program is to reduce the risk that the average duration of these fixed-rate residential mortgage loans would extend well beyond the duration that was anticipated at origination, as frequently occurs during periods of rising interest rates. Mortgage loans sold during the first quarter of 1999 totaled $37.8 million. Management reviews the Corporation's rate sensitivity regularly, and may employ a variety of strategies as needed to adjust that sensitivity. These include changing the relative proportions of fixed-rate and floating-rate assets and liabilities, as well as utilizing off-balance-sheet measures such as interest rate swaps and interest rate floors. At March 31, 1999, the Corporation was not committed to any interest rate swaps, compared to a total notional amount of $25 million at year-end 1998. At March 31, 1999, the Corporation was committed to interest rate floors with a total notional amount of $325 million, unchanged from year-end 1998. The floors have remaining maturities of between 4 and 39 months, with a weighted average maturity of 15 months. The net interest differential, the amortization of the initial fees associated with the purchase of the floors and any gains recorded on sale are reported under the caption "Interest and fees on loans" and are recognized over the lives of the respective instruments. See "Net Interest Income." 24 Part II. Other Information Item 1 - Legal Proceedings Not Applicable Item 2 - Change In Securities Not Applicable Item 3 - Defaults Upon Senior Securities Not Applicable Item 4 - Submission of Matters to a Vote of Security Holders Not Applicable Item 5 - Other Information Not Applicable Item 6 - Exhibits and Reports on Form 8-K The exhibits listed below are being filed as part of this report. These exhibits will be made available to any shareholder upon receipt of a written request therefor, together with payment of $.20 per page for duplicating costs. Exhibit Number Exhibit - -------------- ------------------------------------------------- 11 Statement re computation of per share earnings 27 Financial data schedule 25 Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: May 14, 1999 /s/ David R. Gibson -------------------------------------------- Name: David R. Gibson Title: Senior Vice President and Chief Financial Officer (Authorized Officer and Principal Accounting Officer) 26 EX-11 2 Statement Re Computation of Per Share Earnings - ---------------------------------------------- Basic earnings per share of $.88 for the first quarter of 1999 were computed by dividing net income of $29,155,531 by the weighted average number of shares of common stock outstanding during the quarter of 33,075,049. 27 EX-27 3
9 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CORPORATION'S FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000872821 WILMINGTON TRUST CORPORATION 1000 3-MOS DEC-31-1999 MAR-31-1999 207,494 0 32,400 0 1,451,820 44,909 45,384 4,413,991 73,690 6,468,918 4,463,983 1,202,639 96,003 168,000 0 0 39,264 499,029 6,468,918 87,201 19,907 280 107,388 33,833 49,569 57,819 5,000 20 55,043 43,375 29,156 0 0 29,156 0.88 0.87 4.14 33,485 40,076 0 60,915 71,906 3,789 573 73,690 64,452 0 9,238
-----END PRIVACY-ENHANCED MESSAGE-----