-----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, Kt7EvcfVlrkmtVp/A4NUySJGUS3BODnCSLL0eia96W4TCoABV9qbF64KNdH/tEOp r6a0NaH/aC5+La1vLxcx7w== 0000898432-99-000721.txt : 19990630 0000898432-99-000721.hdr.sgml : 19990630 ACCESSION NUMBER: 0000898432-99-000721 CONFORMED SUBMISSION TYPE: 11-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WILMINGTON TRUST CORP CENTRAL INDEX KEY: 0000872821 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 510328154 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K/A SEC ACT: SEC FILE NUMBER: 001-14659 FILM NUMBER: 99655358 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 11-K/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K/A [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 1998 OR [ ] Transition Report Pursuant to Section 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 ------------------------------------------------------------ (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 staff members the opportunity to acquire from time to time 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 debt instruments and stocks of new and established companies. A list of the names and addresses of those funds as of December 31, 1998 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. - 2 - SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the following individuals, who administer the Thrift Savings Plan, have signed this Form 11-K/A as of June 28, 1999. /s/ David R. Gibson -----------------------------(SEAL) David R. Gibson, Chairman /s/ Robert J. Christian -----------------------------(SEAL) Robert J. Christian /s/ Howard K. Cohen -----------------------------(SEAL) Howard K. Cohen /s/ Thomas P. Collins -----------------------------(SEAL) Thomas P. Collins /s/ Michael A. DiGregorio -----------------------------(SEAL) Michael A. DiGregorio /s/ William J. Farrell, II -----------------------------(SEAL) William J. Farrell, II /s/ Joseph M. Jacobs, Jr. -----------------------------(SEAL) Joseph M. Jacobs, Jr. /s/ Kermit B. Wooden -----------------------------(SEAL) Kermit B. Wooden - 3 - SCHEDULE 1 - 4 - 1. Rodney Square Strategic Fixed-Income Intermediate Bond Portfolio Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 2. Rodney Square Strategic Large Cap Value Equity Portfolio Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 3. Rodney Square Strategic Large Cap Growth Equity Portfolio Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 4. Rodney Square International Equity Portfolio Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 5. Rodney Square Small Cap Equity Portfolio Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 6. Bank Stock Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 7. Money Market Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 8. Short-Term U.S. Government Fund Wilmington Trust Company Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001 - 5 - EXHIBIT INDEX ------------- EXHIBIT EXHIBIT PAGE NUMBER ------- ------- ----------- 99.1 Financial statements 7 99.2 Consent of independent auditor 33 - 6 - EX-99.1 2 FINANCIAL STATEMENTS EXHIBIT 99.1 WILMINGTON TRUST THRIFT SAVINGS PLAN YEARS ENDED DECEMBER 31, 1998 AND 1997 FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES WILMINGTON TRUST THRIFT SAVINGS PLAN Years ended December 31, 1998 and 1997 FINANCIAL STATEMENTS PAGE - -------------------- ---- Report of Independent Auditors . . . . . . . . . . . . . . . . . . . . . 2 Statements of Net Assets Available for Benefits . . . . . . . . . . . . . 3 Statement of Changes in Net Assets Available for Benefits . . . . . . . . 5 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . 6 SUPPLEMENTAL SCHEDULES ---------------------- Line 27-a--Schedule of Assets Held for Investment Purposes. . . . . . . . 19 Line 27-d--Schedule of Reportable Transactions. . . . . . . . . . . . . . 20 Report of Independent Auditors Wilmington Trust Benefits Administration Committee We have audited the accompanying statements of net assets available for benefits of the Wilmington Trust Thrift Savings Plan as of December 31, 1998 and 1997, 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 Plan's net assets available for benefits at December 31, 1998 and 1997, and the changes therein 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, 1998, and reportable transactions for the year then ended, are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in our audits 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 16, 1999 - 2 -
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS WILMINGTON TRUST THRIFT SAVINGS PLAN December 31 1998 1997 ------------------ -------------- ASSETS Investments, at fair value -- Note C: MUTUAL FUNDS: Rodney Square Strategic Fixed Income Fund Intermediate Bond Portfolio $ 4,409,404 $ -- Rodney Square Strategic Equity Fund International Equity Portfolio 6,928,803 -- Rodney Square Strategic Equity Fund Small Cap Equity Portfolio 13,568,279 -- Rodney Square Strategic Equity Fund Large Cap Value Equity Portfolio 17,528,095 -- Rodney Square Strategic Equity Fund Large Cap Growth Equity Portfolio 27,026,318 -- COLLECTIVE FUNDS: Wilmington Trust Company Money Market Fund 1,488,908 1,105,234 Wilmington Trust Company Bond Fund -- 3,606,992 Wilmington Trust Company Short-Term US Government Fund 6,103,190 5,980,424 Wilmington Trust Company International Equity Fund -- 6,710,342 Wilmington Trust Company Small Cap Equity Fund -- 13,082,913 Wilmington Trust Company Value Equity Fund -- 17,903,972 Wilmington Trust Company Growth Equity Fund -- 22,594,168 Wilmington Trust Company Bank Stock Fund 21,435,163 21,575,974 Participant loans receivable 1,799,647 1,601,113 ------------ ----------- Total investments 100,287,807 94,161,132
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STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS (Cont.) WILMINGTON TRUST THRIFT SAVINGS PLAN December 31 1998 1997 ----------------- ---------------- ASSETS CONT. Cash 43,248 35,265 Accrued income 3,773,766 5,403 Due from broker 46,043 34,681 ----------------- ---------------- TOTAL ASSETS 104,150,864 94,236,481 ----------------- ---------------- LIABILITIES Due to Broker 43,435 34,700 Miscellaneous liabilities -- 2,607 ----------------- ---------------- TOTAL LIABILITIES 43,435 37,307 ----------------- ---------------- NET ASSETS AVAILABLE FOR BENEFITS $ 104,107,429 $ 94,199,174 ================= ================
See notes to financial statements. - 4 -
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WILMINGTON TRUST THRIFT SAVINGS PLAN Year Ended December 31 1998 1997 --------------- --------------- ADDITIONS Investment income: Interest $ 118,108 $ 62,473 Dividends 4,355,888 483,588 Participant loan interest 142,095 125,747 --------------- --------------- 4,616,091 671,808 Contributions: Employer 2,435,267 2,193,149 Employee 6,845,069 6,251,976 --------------- --------------- 9,280,336 8,445,125 Transfers from other plans: Rollovers from other plans 202,132 667,044 --------------- --------------- 14,098,559 9,783,977 DEDUCTIONS Participant withdrawals 7,776,195 4,471,661 --------------- --------------- 6,322,364 5,312,316 NET REALIZED AND UNREALIZED APPRECIATION IN FAIR VALUE OF INVESTMENTS 3,585,891 20,175,378 --------------- --------------- NET ADDITIONS 9,908,255 25,487,694 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 94,199,174 68,711,480 --------------- --------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 104,107,429 $ 94,199,174 =============== =============== See notes to financial statements.
- 5 - 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. The fair value of shares owned by the Plan in collective and mutual funds are stated at the net asset value at the close of business on the last business day of the Plan year. Loans are carried at the unpaid principal balance, which approximates their fair value. Dividend income is recorded at the ex-dividend date. Income from other investments is recorded as earned. Amounts described in Form 5500 under the caption net gain (loss) on sale of investments and unrealized appreciation of assets are combined in the financial statements as net realized and unrealized appreciation in fair value of investments. NOTE B - DESCRIPTION OF THE PLAN The Wilmington Trust Thrift Savings Plan is a defined contribution plan established January 1, 1985, which covers all full-time employees of Wilmington Trust Corporation and its subsidiaries (the Company). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Subject to limitations of the Internal Revenue Code (IRC), employees may contribute 1% to 15% (up to $10,000 and $9,500 in 1998 and 1997, respectively) 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, and October 1) following the date of employment. Participation in this Plan is voluntary and participants have the option to invest in any or all of the following funds: Rodney Square Strategic Fixed Income Fund, Intermediate Bond Portfolio; Rodney Square Strategic Equity Fund, Large Cap Value Equity Portfolio, Large Cap Growth Equity Portfolio, International Equity Portfolio, and Small Cap Equity Portfolio; and Wilmington Trust Company Bank Stock Fund, Money Market Fund, and Short-Term US Government Fund at December 31, 1998. The opportunity to change investment options is available quarterly. - 6 - NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE B - DESCRIPTION OF THE PLAN (CONT.) Each participant's account is credited with the participant's contribution and an allocation of the Company's contribution and Plan earnings. The benefit to which a participant is entitled is that which can be provided from the participant's account. Participants are vested in the Company's matching contribution at the rate of 20% for each year of service and become 100% vested after five years of service. Participant contributions are always 100% vested. 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, $87,874 and $48,321 of forfeitures were used to reduce employer contributions for the years ended December 31, 1998 and 1997, respectively. Although not required to do so, the Company paid the expenses of the Plan. The Plan permits participants, under certain circumstances, to borrow up to one-half of their vested account balances. All loans are subject to IRS and U.S. Department of Labor guidelines. The Corporation has the right under the Plan to discontinue its contributions and to amend or terminate the Plan at any time. Upon termination, the accounts of participants vest and become nonforfeitable. Additional information regarding the Plan and the operation of the Plan is available from the Human Resources Division of Wilmington Trust Company. 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: 1998 1997 ------------------- ------------------ WTC Short-Term US Government Fund $ 6,103,190 $ 5,980,424 WTC Bank Stock Fund 21,435,163 21,575,974 RODNEY SQUARE STRATEGIC EQUITY FUNDS: International Equity Portfolio 6,928,803 -- Small Cap Equity Portfolio 13,568,279 -- - 7 - NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE C - INVESTMENTS (CONT.) 1998 1997 ------------------- ------------------ Large Cap Value Equity Portfolio 17,528,095 -- Large Cap Growth Equity Portfolio 27,026,318 -- WILMINGTON TRUST COMPANY: International Equity Fund -- 6,710,342 Small Cap Equity Fund -- 13,082,913 Value Equity Fund -- 17,903,972 Growth Equity Fund -- 22,594,168 On June 30, 1998, certain collective trust funds held by the Plan converted to or were merged into mutual funds based on the fair value of the underlying asets on the date of conversion or merger and became part of the Rodney Square Funds. The funds to which the collective funds were converted or merged maintain similar investment objectives as the collective funds. Listed below is a schedule of the collective funds and the related mutual fund into which they were converted: COLLECTIVE FUNDS: MUTUAL FUNDS: Wilmington Trust Company Rodney Square Strategic Fixed Income Fund Bond Fund Intermediate Bond Portfolio Wilmington Trust Company Rodney Square Strategic Equity Fund International Equity Fund International Equity Portfolio Wilmington Trust Company Rodney Square Strategic Equity Fund Small Cap Equity Fund Small Cap Equity Portfolio Wilmington Trust Company Rodney Square Strategic Equity Fund Value Equity Fund Large Cap Value Equity Portfolio Wilmington Trust Company Rodney Square Strategic Equity Fund Growth Equity Fund Large Cap Growth Equity Portfolio - 8 - NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE D - ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS The net assets of the funds are summarized below:
December 31, 1998 - ------------------------------------------------------------------------------------------------------------------------------------ (2) (1) (2) Large Cap (2) Intermediate Large Cap WTC Growth WTC International Bond Value Equity Bank Stock Equity Money Equity Portfolio Portfolio Fund Portfolio Market Fund Portfolio -------------- ------------- ---------- --------- ----------- ------------- ASSETS Investments in mutual or collective funds, at fair value $ 4,409,404 $ 17,528,095 $ 21,423,130 $ 27,026,318 $ 1,488,908 $ 6,928,803 Participant loans receivable -- -- -- -- -- -- Cash -- -- 42,503 -- -- -- Accrued income 35,891 410,575 3,191,789 6,676 76,733 Due from broker -- -- 46,043 -- -- -- ------------ ------------- -------------- ------------- ------------- ----------- TOTAL ASSETS 4,445,295 17,938,670 21,511,676 30,218,107 1,495,584 7,005,536 ------------ ------------- -------------- ------------- ------------- ----------- LIABILITIES Accrued liabilities -- -- 43,435 -- -- -- Miscellaneous liabilities -Overdraft -- -- -- -- -- -- ------------ ------------- -------------- ------------- ------------- ----------- TOTAL LIABILITIES 0 0 43,435 0 0 0 ------------ ------------- -------------- ------------- ------------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 4,445,295 $ 17,938,670 $ 21,468,241 $ 30,218,107 $ 1,495,584 $ 7,005,536 ============ ============= ============== ============= ============= ===========
(1) Portfolio within the Rodney Square Strategic Fixed Income Fund (2) Portfolio within the Rodney Square Strategic Equity Fund - 9 -
December 31, 1998 - --------------------------------------------------------------------------------------------------- (2) WTC Small Cap Short-Term Equity US Gov't Contribution/ Portfolio Fund Loan Fund Total --------- ---------- ------------- ----- ASSETS Investments in mutual or collective funds, at fair value $ 13,568,279 $ 6,103,190 $ 12,033 $ 98,488,160 Participant loans receivable -- -- 1,799,647 1,799,647 Cash -- -- 745 43,248 Accrued income 52,091 -- 11 3,773,766 Due from broker -- -- -- 46,043 ------------ ------------ ------------ ------------- TOTAL ASSETS 13,620,370 6,103,190 1,812,436 104,150,864 ------------ ------------ ------------ ------------- LIABILITIES Accrued liabilities -- -- -- 43,435 Miscellaneous liabilities -Overdraft -- -- -- 0 ------------ ------------ ------------ ------------- TOTAL LIABILITIES 0 0 0 43,435 ------------ ------------ ------------ ------------- NET ASSETS AVAILABLE FOR BENEFITS $ 13,620,370 $ 6,103,190 $ 1,812,436 $ 104,107,429 ============ ============ ============ =============
(1) Portfolio within the Rodney Square Strategic Fixed Income Fund (2) Portfolio within the Rodney Square Strategic Equity Fund - 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, 1997 - ----------------------------------------------------------------------------------------------------------------------------- WTC WTC WTC WTC WTC WTC Value Equity Bank Growth Equity Money Market International Bond Fund Fund Stock Fund Fund Fund Equity Fund --------- ------------- ----------- ------------ ----------- ------------- ASSETS Investments in collective funds, at fair value $ 3,606,992 $ 17,903,972 $ 21,562,164 $ 22,594,168 $ 1,105,234 $ 6,710,342 Participant loans receivable -- -- -- -- -- -- Cash -- -- 35,265 -- -- -- Accrued income -- -- -- -- 5,394 -- Due from broker -- -- 34,681 -- -- -- ----------- ------------ ------------- ------------ ----------- ----------- TOTAL ASSETS 3,606,992 17,903,972 21,632,110 22,594,168 1,110,628 6,710,342 ----------- ------------ ------------- ------------ ----------- ----------- LIABILITIES Accrued liabilities -- -- 34,700 -- -- -- Miscellaneous liabilities -Overdraft -- -- -- -- -- -- ----------- ------------ ------------- ------------ ----------- ----------- TOTAL LIABILITIES 0 0 34,700 0 0 0 ----------- ------------ ------------- ------------ ----------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 3,606,992 $ 17,903,972 $ 21,597,410 $ 22,594,168 $ 1,110,628 $ 6,710,342 =========== ============ ============= ============ =========== ===========
- 11 -
December 31, 1997 - --------------------------------------------------------------------------------------------------------- WTC WTC Small Cap Short-Term Contribution/Loan Equity Fund US Gov't Fund Fund Total ----------- -------------- ----------------- ----- ASSETS Investments in collective funds, at fair value $ 13,082,913 $ 5,980,424 $ 13,810 $ 92,560,019 Participant loans receivable -- -- 1,601,113 1,601,113 Cash -- -- -- 35,265 Accrued income -- -- 9 5,403 Due from broker -- -- -- 34,681 ------------- ------------ ------------ ------------- TOTAL ASSETS 13,082,913 5,980,424 1,614,932 94,236,481 ------------- ------------ ------------ ------------- LIABILITIES Accrued liabilities -- -- -- 34,700 Miscellaneous liabilities -Overdraft -- -- 2,607 2,607 ------------- ------------ ------------ ------------- TOTAL LIABILITIES 0 0 2,607 37,307 ------------- ------------ ------------ ------------- NET ASSETS AVAILABLE FOR BENEFITS $ 13,082,913 $ 5,980,424 $ 1,612,325 $ 94,199,174 ============= ============ ============ =============
- 12 - NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS The changes in net assets of the funds are summarized below:
Year Ended December 31, 1998 - ------------------------------------------------------------------------------------------------------------------------------ (1) (2) (2) (2) Intermediate Large Cap WTC Large Cap WTC International Bond Value Equity Bank Stock Growth Equity Money Market Equity Portfolio Portfolio Fund Portfolio Fund Portfolio ------------ ------------ ---------- ------------- ------------ ------------- Contributions: Employer $ -- $ -- $ -- $ -- $ -- $ -- Employee -- -- -- -- -- -- Rollovers -- -- -- -- -- -- ------------ ------------- ------------ ------------- ------------- ------------ Total contributions 0 0 0 0 0 0 Investment income: Interest 35,892 -- -- -- 81,420 -- Dividends 98,019 410,587 526,525 3,191,801 -- 76,737 Participant loan interest -- -- -- -- -- -- ------------ ------------- ------------ ------------- ------------ ------------ Total investment income 133,911 410,587 526,525 3,191,801 81,420 76,737 Net realized and unrealized appreciation (depreciation) in fair value of investments 205,228 (865,185) (197,123) 3,552,483 -- 765,973 Participant withdrawals -- -- (834,382) -- -- -- Interfund transfers 499,165 489,296 375,811 879,654 303,537 (547,516) ------------ ------------- ------------ ------------- ------------ ------------ NET ADDITIONS (DEDUCTIONS) 838,304 34,698 (129,169) 7,623,938 384,957 295,194 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 3,606,992 17,903,972 21,597,410 22,594,168 1,110,628 6,710,342 ------------ ------------- ------------ ------------- ------------ ------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 4,445,296 $ 17,938,670 $ 21,468,241 $ 30,218,106 $ 1,495,585 $ 7,005,536 ============ ============= ============ ============= ============ ============ (1), (2) See page 10. * The 1998 activity relating to the collective fund from which these funds were converted is also included. See Footnote C.
- 13 -
Year Ended December 31, 1998 - ---------------------------------------------------------------------------------------------------- (2) Small Cap WTC Equity Short-Term US Contribution/ Portfolio Gov't Fund Loan Fund Total --------- ------------- ------------- ----- Contributions: Employer $ -- $ -- $ 2,435,267 $ 2,435,267 Employee -- -- 6,845,069 6,845,069 Rollovers -- -- 202,132 202,132 ------------ ------------ ------------ --------------- Total contributions 0 0 9,482,468 9,482,468 Investment income: Interest -- -- 796 118,108 Dividends -- 117 4,355,888 52,102 Participant loan interest -- -- 142,095 142,095 ------------ ------------ ------------ --------------- Total investment income 52,102 0 143,008 4,616,091 Net realized and unrealized appreciation (depreciation) in fair value of investments (273,746) 398,261 -- 3,585,891 Participant withdrawals -- -- (6,941,813) (7,776,195) Interfund transfers 759,100 (275,495) (2,483,552) 0 ------------ ------------ ------------ --------------- NET ADDITIONS (DEDUCTIONS) 537,456 122,766 200,111 9,908,255 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 13,082,913 5,980,424 1,612,325 94,199,174 ------------ ------------ ------------ --------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 13,620,369 $ 6,103,190 $ 1,812,436 $ 104,107,429 ============ ============ ============ =============== (1), (2) See page 10. * The 1998 activity relating to the collective fund from which these funds were converted is also included. See Footnote C.
- 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, 1997 - ----------------------------------------------------------------------------------------------------------------------------- WTC WTC WTC WTC Growth Money WTC WTC Value Equity Bank Equity Market International Bond Fund Fund Stock Fund Fund Fund Equity Fund ---------- ------------ ----------- -------- ---------- -------------- Contributions: Employer $ -- $ -- $ -- $ -- $ -- $ -- Employee -- -- -- -- -- -- Rollovers -- -- -- -- -- -- ------------ ------------ ------------- ----------- ----------- ------------ Total contributions 0 0 0 0 0 0 Investment income: Interest -- -- -- -- 60,300 -- Dividends -- -- 483,588 -- -- -- Participant loan interest -- -- -- -- -- -- ------------ ------------ ------------- ----------- ----------- ------------ Total investment income 0 0 483,588 0 60,300 0 Net realized and unrealized appreciation in fair value of investments 305,355 3,514,216 7,730,870 5,577,324 -- 237,173 Participant withdrawals -- -- (400,479) -- -- -- Interfund transfers 240,348 1,309,230 (131,461) 1,459,696 165,813 656,172 ------------ ------------ ------------- ----------- ----------- ------------ NET ADDITIONS (DEDUCTIONS) 545,703 4,823,446 7,682,518 7,037,020 226,113 893,345 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 3,061,289 13,080,526 13,914,892 15,557,148 884,515 5,816,997 ------------ ------------ ------------- ----------- ----------- ------------ NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 3,606,992 $ 17,903,972 $ 21,597,410 $22,594,168 $ 1,110,628 $ 6,710,342 ============ ============ ============= =========== =========== ============
- 15 -
Year Ended December 31, 1997 - ----------------------------------------------------------------------------------------------------- WTC WTC Contribution/ Small Cap Short-Term Loan Equity Fund US Gov't Fund Fund Total ------------- ------------- ------------- ---------- Contributions: Employer $ -- $ -- $ 2,193,149 $ 2,193,149 Employee -- -- 6,251,976 6,251,976 Rollovers -- -- 667,044 667,044 ------------- ------------ ------------- --------------- Total contributions 0 0 9,112,169 9,112,169 Investment income: Interest -- -- 2,173 62,473 Dividends -- -- -- 483,588 Participant loan interest -- -- 125,747 125,747 ------------- ------------ ------------- --------------- Total investment income 0 0 127,920 671,808 Net realized and unrealized appreciation in fair value of investments 2,424,618 385,822 -- 20,175,378 Participant withdrawals -- -- (4,071,182) (4,471,661) Interfund transfers 1,966,153 (850,497) (4,815,454) 0 ------------- ------------ ------------- --------------- NET ADDITIONS (DEDUCTIONS) 4,390,771 (464,675) 353,453 25,487,694 NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR 8,692,142 6,445,099 1,258,872 68,711,480 ------------- ------------ ------------- --------------- NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $ 13,082,913 $ 5,980,424 $ 1,612,325 $ 94,199,174 ============= ============ ============= ===============
- 16 - NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE F - INCOME TAX STATUS The Plan has received a determination letter from the Internal Revenue Service dated September 12, 1995, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax-exempt. NOTE G - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 Included in net assets available for benefits at December 31, 1998 is $1,121,485, which represents the amount due to participants who have requested, but not received, withdrawals. 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 from the statement of net assets available for benefits to Form 5500: YEAR ENDED DECEMBER 31, 1998 Benefits paid to participants from the statement of net assets available for benefits $ 7,776,195 Add: Amounts allocated to withdrawing participants at December 31, 1998 1,121,485 Less: Amounts allocated to withdrawing participants at December 31, 1997 (658,692) -------------- Benefits paid to participants from Form 5500 $ 8,238,988 ============== - 17 - NOTES TO FINANCIAL STATEMENTS WILMINGTON TRUST THRIFT SAVINGS PLAN NOTE H - YEAR 2000 (UNAUDITED) The Plan is reliant on Wilmington Trust Company and other third parties for data processing. Wilmington Trust Company established a Year 2000 Program Management Office (PMO) to manage its Year 2000 project on an enterprise-wide basis. It worked with an international consulting firm to assist in implementing an enterprise-wide PMO and strategies to help assure business area readiness, vendor readiness, external communications and contingency planning. Wilmington Trust uses a project approach the FDIC has endorsed to help assure continuity and efficiency in its Year 2000 efforts. This approach used the following five steps: awareness, assessments, renovation, testing and implementation. Wilmington Trust conducts project reviews of its Year 2000 efforts with a management steering team, and quarterly meetings with its senior management and Board of Directors. It has completed assessment, renovation and testing of all of its core critical hardware and software systems. For third-party software applications, Wilmington Trust has corresponded with the software providers through several mailings. It is reviewing the systems renovation, testing, implementation and contingency plans of those vendors. It monitors the status of those vendors and has developed contingency plans where the potential for vendors to impact the delivery of services is high. In addition, Wilmington Trust is monitoring the status of regulatory reviews of major service providers. Where feasible, it has tested critical vendor-supplied products. Wilmington Trust has assessed the potential impact of Year 2000 failures on core business functions, and has 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. Wilmington Trust is incorporating enhancements made through this process into finalized contingency plans. The Plan believes it is 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 the Plan or its vendors are identified and corrected, or the duration, severity or financial consequences of any failure. - 18 - SCHEDULE G (Form 5500) Financial Schedules 1996 OMB No. 1210-0016 For calendar plan year 1998 Name of plan sponsor as shown on line 1a of Form 5500 Wilmington Trust Company Name of plan Wilmington Trust 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 of Identity of issue, interest, borrower, lessor, or collateral, par Current similar party or maturity value Cost value - -------------------------------------------------------------------------------- * Rodney Square Strategic Fixed Income Fund Intermediate Bond Portfolio 434,852 shares $3,690,833 $4,409,404 - -------------------------------------------------------------------------------- * Rodney Square Strategic Equity Funds: Large Capital Value Equity 1,884,741 shares $10,866,469 $17,528,095 Portfolio - -------------------------------------------------------------------------------- * Large Capital Growth Equity Portfolio 1,145,668 shares $27,304,923 $27,026,318 - -------------------------------------------------------------------------------- * International Equity Portfolio 705,581 shares $5,437,328 $6,928,803 - -------------------------------------------------------------------------------- * Small Capital Equity Portfolio 1,449,602 shares $9,857,363 $13,568,279 - -------------------------------------------------------------------------------- * Wilmington Trust Company: Bank Stock Fund 359,670 shares $10,189,874 $21,435,163 - -------------------------------------------------------------------------------- * Money Market Fund 1,488,908 shares $1,488,908 $1,488,908 - -------------------------------------------------------------------------------- * Short-term U.S. Gov't Fund 469,115 shares $5,118,299 $6,103,190 - -------------------------------------------------------------------------------- Interest rates * Participant loans ranging from receivable 5.875% to 9.75% 0 $1,799,647 - -------------------------------------------------------------------------------- * Represents party-in-interest to the plan. - 19 -
Part V Schedule of Reportable Transactions--See Form 5500, Line 27d. ------------------------------------------------------------------------------------------------------ (a) (b) (c) (d) (e) (f) (g) (h) (i) ------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------ Description of asset Current (include Expense value of interest rate incurred asset on Identity and maturity with trans- of party in case of a Purchase Selling Lease trans- Cost of action Net gain involved loan) price price rental action asset date or (loss) ------------------------------------------------------------------------------------------------------ CATEGORY I ------------------------------------------------------------------------------------------------------ WTC Growth Equity Fund 26,691,215 26,691,215 26,691,215 ------------------------------------------------------------------------------------------------------ Rodney Square Growth Portfolio 26,691,215 26,691,215 ------------------------------------------------------------------------------------------------------ CATEGORY III ------------------------------------------------------------------------------------------------------ Wilmington Trust Company ------------------------------------------------------------------------------------------------------ Growth Equity Collective 18 purch trans 1,840,980 30,173,829 Fund 21 sale trans 28,332,849 13,861,649 14,471,200 ------------------------------------------------------------------------------------------------------ Rodney Square Strategic Equity Fund ------------------------------------------------------------------------------------------------------ Large Cap Growth Equity Portfolio 4 purch trans 26,783,260 26,783,260 ------------------------------------------------------------------------------------------------------
- 20 - Yes No 28 Did the plan acquire individual whole life 28 insurance contracts during the plan year? 29 During the plan year a(1) Was this plan covered by a fidelity bond? If 28a(1) "Yes," complete lines 29a(2) and 29a(3) (2) Enter amount of bond $_______________ (3) Enter the name of the surety company _______________ b(1) Was there any loss to the plan, whether or 29(b)(1) not reimbursed, caused by fraud or dishonesty? (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 __ 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 (b) End of Year Year - -------------------------------------------------------------------------------- a Total noninterest-bearing cash...... (a) 35,265 43,248 - -------------------------------------------------------------------------------- b Receivables: (1) Employer contributions..................b(1) - -------------------------------------------------------------------------------- (2) Participant contributions....... (2) - -------------------------------------------------------------------------------- (3) Income.......................... (3) 5,403 3,773,766 - -------------------------------------------------------------------------------- (4) Other........................... (4) 34,681 46,043 - -------------------------------------------------------------------------------- (5) Less allowance for doubtful accounts........................ (5) - -------------------------------------------------------------------------------- (6) Total. Add lines 31b(1) through 31b(4) and subtract line 31b(5). (6) 40,084 3,819,809 - -------------------------------------------------------------------------------- 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 (6) interests....................... - -------------------------------------------------------------------------------- (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) Commercial.................. (8)(B) - -------------------------------------------------------------------------------- - 21 - - -------------------------------------------------------------------------------- (9) Loans to participants: (A) Mortgages....................... (9)(A) - -------------------------------------------------------------------------------- (B) Other....................... (9)(B) 1,601,113 1,811,680 - -------------------------------------------------------------------------------- (10) Other Loans.................... (10) - -------------------------------------------------------------------------------- (11) Value of interest in common/collective trusts....... (11) 70,984,045 7,592,098 - -------------------------------------------------------------------------------- (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 entities............ (14) - -------------------------------------------------------------------------------- (15) Value of interest in registered investment companies........... (15) 0 69,460,899 - -------------------------------------------------------------------------------- (16) Value of funds held in insurance company general account (unallocated contracts). (16) - -------------------------------------------------------------------------------- (17) Other _______________.......... (17) - -------------------------------------------------------------------------------- (18) Total. Add lines 31c(1) through 31c(17)........................ (18) 72,585,158 78,864,677 - -------------------------------------------------------------------------------- d Employer-related investments: (1) Employer securities............. (d)(1) 21,575,974 21,423,130 - -------------------------------------------------------------------------------- (2) Employer real property.......... (d)(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 94,236,481 104,150,864 - -------------------------------------------------------------------------------- Liabilities - -------------------------------------------------------------------------------- g Benefit claims payable.............. g 658,692 1,121,485 - -------------------------------------------------------------------------------- h Operating payables.................. h 34,700 43,435 - -------------------------------------------------------------------------------- i Acquisition indebtedness............ i - -------------------------------------------------------------------------------- j Other liabilities................... j 2,607 0 - -------------------------------------------------------------------------------- k Total Liabilities. Add lines 31g through 31j......................... k 695,999 1,164,920 - -------------------------------------------------------------------------------- Net Assets - -------------------------------------------------------------------------------- l Subtracting 31k from line 31f....... l 93,540,482 102,985,944 - -------------------------------------------------------------------------------- - 22 - - -------------------------------------------------------------------------------- 32 Plan income, expenses, and changes in net assets for the plan year. Include all income and expenses of the plan, including any trust(s) or separately maintained funds(s), and any payments/receipts to/from insurance carrier. ROUND OFF AMOUNTS TO THE NEAREST DOLLAR; ANY OTHER AMOUNTS ARE SUBJECT TO REJECTION. - ------------------------------------------------------------------------------- CONTRIBUTIONS (a) Amount (b) Total - -------------------------------------------------------------------------------- (1) Received or receivable from: - -------------------------------------------------------------------------------- (A) Employers a(1)(A) 2,435,267 - -------------------------------------------------------------------------------- (B) Participants (B) 6,845,069 - -------------------------------------------------------------------------------- (C) Others (C) - -------------------------------------------------------------------------------- (2) Noncash contributions (2) - -------------------------------------------------------------------------------- (3) Total contributions. All lines 32a(1)(A), (B), (C) and lines 32a(2). (3) 9,280,336 - -------------------------------------------------------------------------------- b EARNINGS ON INVESTMENTS: - -------------------------------------------------------------------------------- (1) Interest - -------------------------------------------------------------------------------- (A) Interest-bearing cash (including money market funds) b(1)(A) 118,108 - -------------------------------------------------------------------------------- (B) Certificates of deposit (B) - -------------------------------------------------------------------------------- (C) U.S. Government securities (C) - -------------------------------------------------------------------------------- (D) Corporate debt instruments (D) - -------------------------------------------------------------------------------- (E) Mortgage loans (E) - -------------------------------------------------------------------------------- (F) Other loans (F) 142,095 - -------------------------------------------------------------------------------- (G) Other interest (G) - -------------------------------------------------------------------------------- (H) Total interest. Add lines 32b(1)(A) through (G) (H) 260,203 - -------------------------------------------------------------------------------- (2) Dividends: (A) Preferred stock b(2)(A) - -------------------------------------------------------------------------------- (B) Common stock (B) 526,525 - -------------------------------------------------------------------------------- (C) Total dividends. Add lines 32b(2)(A) and (B) (C) 526,525 - -------------------------------------------------------------------------------- (3) Rents (3) - -------------------------------------------------------------------------------- (4) Net gain (loss) on sale of assets: - -------------------------------------------------------------------------------- (A) Aggregate proceeds 4(A) 1,583,197 - -------------------------------------------------------------------------------- (B) Aggregate carrying amount (see instructions) (B) 1,635,191 - -------------------------------------------------------------------------------- (C) Subtract (B) from (A) and enter result (C) (51,994) - -------------------------------------------------------------------------------- (5) Unrealized appreciation (depreciation of assets) (5) (145,129) - -------------------------------------------------------------------------------- (6) Net investment gain (loss) from common/collective trusts (6) 398,261 - -------------------------------------------------------------------------------- (7) Net investment gain (loss) from pooled separate accounts (7) - -------------------------------------------------------------------------------- (8) Net investment gain (loss) from master trusts (8) - -------------------------------------------------------------------------------- (9) Net investment gain (loss) from 103-12 investment entities (9) - -------------------------------------------------------------------------------- (10) Net investment gain (loss) from registered investment companies (10) 7,214,116 - -------------------------------------------------------------------------------- - 23 - - -------------------------------------------------------------------------------- c Other income c - -------------------------------------------------------------------------------- d Total income. Add all amounts in column (b) and enter total d 17,482,318 - -------------------------------------------------------------------------------- EXPENSES - -------------------------------------------------------------------------------- e Benefit payment and payments to provide benefits: - -------------------------------------------------------------------------------- (1) Directly to participants or beneficiaries e(1) 8,238,988 - -------------------------------------------------------------------------------- (2) To insurane carriers for the provision of benefits (2) - -------------------------------------------------------------------------------- (3) Other (3) - -------------------------------------------------------------------------------- (4) Total payments. Add lines 32e(a) through 32e(3) (4) 8,238,988 - -------------------------------------------------------------------------------- f Interest expense f - -------------------------------------------------------------------------------- g Administrative expenses: (1) Salaries and allowances g(1) - -------------------------------------------------------------------------------- (2) Accounting fees (2) - -------------------------------------------------------------------------------- (3) Actuarial fees (3) - -------------------------------------------------------------------------------- (4) Contract administrator fees (4) - -------------------------------------------------------------------------------- (5) Investment advisory and management fees (5) - -------------------------------------------------------------------------------- (6) Legal fees (6) - -------------------------------------------------------------------------------- (7) Valuation/appraisal fees (7) - -------------------------------------------------------------------------------- (8) Trustees fees/expenses (including travel, seminars, meetings, etc.) (8) - -------------------------------------------------------------------------------- (9) Other (9) - -------------------------------------------------------------------------------- (10) Total administrative expenses. Add lines 32g(1) through 32g(9) (10) 0 - -------------------------------------------------------------------------------- h Total expenses. Add lines 32e(4), 32f, and 32g(10) h 8,238,988 - -------------------------------------------------------------------------------- i Net income (loss). Subtract line 32h from 32d i 9,243,330 - -------------------------------------------------------------------------------- j Transfers to (from) the plan (see instructions) j 202,132 - -------------------------------------------------------------------------------- k Net assets at beginning of year (line 311, column (a)) k 93,540,482 - -------------------------------------------------------------------------------- l Net assets at end of year (line 311, column (b) l 102,985,944 - -------------------------------------------------------------------------------- 33 Did any employer sponsoring the plan pay any of the administrative expenses of the plan that were not reported on line 32g? Yes No X - -------------------------------------------------------------------------------- - 24 - EX-99.2 3 CONSENT OF INDEPENDENT AUDITOR 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 of our report dated June 16, 1999, 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, 1998. /s/ Ernst & Young LLP Philadelphia, Pennsylvania June 28, 1999 -----END PRIVACY-ENHANCED MESSAGE-----