UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- --------------------------------------------------------------------------------
FORM 11-K/A
[X] ANNUAL REPORT OF EMPLOYEE STOCK PURCHASE,
SAVINGS AND SIMILAR PLANS PURSUANT TO
SECTION 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
- --------------------------------------------------------------------------------
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996
COMMISSION FILE NUMBER: 0-25442
-------
WILMINGTON TRUST CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE
- --------------------------------------------------------------------------------
(State or jurisdiction of incorporation or organization)
51-0328154
- --------------------------------------------------------------------------------
(I.R.S. Employer Identification No.)
RODNEY SQUARE NORTH, 1100 NORTH MARKET STREET
WILMINGTON, DE 19890-0001
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices)
(302) 651-1000
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Thrift Savings Plan
- --------------------------------------------------------------------------------
(Full title of plan)
<PAGE>
1. The Thrift Savings Plan affords Wilmington Trust's staff members the
opportunity to acquire from time to time additional shares of Wilmington
Trust Corporation's stock, as well as interests in funds which purchase a
variety of investments from time to time and which may change from time to
time. These include United States Treasury notes, debt instruments and
stocks of new and established companies. A list of the names and addresses
of those funds as of December 31, 1996 is set forth on Schedule 1 attached
hereto and made a part hereof.
2. (a) The financial statements required to be filed for the Thrift Savings
Plan, which qualifies under the Employee Retirement Income Security Act
of 1974 ("ERISA"), are attached hereto as Exhibit 99.1.
(b) The written consent of the accountant with respect to the financial
statements for the Thrift Savings Plan is attached hereto as Exhibit
99.2.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the following individuals, who administer the Thrift Savings Plan, have signed
this Form 11-K/A as of June 26, 1997.
/s/ Robert J. Christian
--------------------------------- (SEAL)
Robert J. Christian,
Member of Thrift Savings Plan
Committee
/s/ William J. Farrell, II
--------------------------------- (SEAL)
William J. Farrell, II,
Member of Thrift Savings Plan
Committee
/s/ David R. Gibson
--------------------------------- (SEAL)
David R. Gibson,
Member of Thrift Savings Plan
Committee
/s/ Joseph M. Jacobs, Jr.
--------------------------------- (SEAL)
Joseph M. Jacobs, Jr.,
Member of Thrift Savings
Plan Committee
/s/ John H. Kipp
--------------------------------- (SEAL)
John H. Kipp,
Member of Thrift Savings
Plan Committee
/s/ P. M. Snyder, Jr.
--------------------------------- (SEAL)
P. M. Snyder, Jr.,
Member of Thrift Savings Plan
Committee
<PAGE>
SCHEDULE 1
<PAGE>
1. Strategic Bond Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
2. Value Stock Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
3. Growth Stock Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
4. International Stock Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
5. Small Cap Stock Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
6. Bank Common Stock Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
7. Money Market Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
8. U.S. Government Fund
Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
<PAGE>
EXHIBIT INDEX
EXHIBIT EXHIBIT
99.1 Financial statements
99.2 Consent of independent auditor
FINANCIAL STATEMENTS
<PAGE>
FINANCIAL STATEMENTS AND SCHEDULES
WILMINGTON TRUST THRIFT SAVINGS PLAN
December 31, 1996
FINANCIAL STATEMENTS
PAGE
Report of Independent Auditors..........................................2
Statements of Net Assets Available for Benefits.........................3
Statements of Changes in Net Assets Available for Benefits..............4
Notes to Financial Statements...........................................5
SCHEDULES
Form 5500- Schedule G Part I- Assets Held for
Investment Purposes- Item 27a...............................20
Form 5500- Schedule G Part V- Reportable Transactions- Item 27d........21
<PAGE>
Report of Independent Auditors
Wilmington Trust Thrift Savings Plan Committee
We have audited the accompanying statements of net assets available for benefits
of the Wilmington Trust Thrift Savings Plan (the Plan) as of December 31, 1996
and 1995, and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 1996 and 1995, and the changes in its net assets available for
benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment purposes as of December 31, 1996, and reportable
transactions for the year then ended are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and are
not a required part of the basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our audit of
the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ Ernst & Young LLP
Philadelphia, Pennsylvania
June 1, 1997
2
<PAGE>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
WILMINGTON TRUST THRIFT SAVINGS PLAN
December 31
1996 1995
----------- ------------
ASSETS
Investments, at fair value -- Note C:
Wilmington Trust Company Strategic
Bond Fund $ 3,061,288 $ 2,831,613
Wilmington Trust Company
Value Stock Fund 13,080,518 8,686,024
Wilmington Trust Company Bank
Common Stock Fund 13,741,978 10,773,133
Wilmington Trust Company
Growth Stock Fund 15,557,124 10,225,538
Wilmington Trust Company
Money Market Fund 880,423 454,692
Wilmington Trust Company
International Stock Fund 5,816,537 4,432,762
Wilmington Trust Company Small
Cap Stock Fund 8,692,135 5,207,748
Wilmington Trust Company
US Government Fund 6,444,150 5,634,245
Wilmington Trust Company Fixed
Income Fund:
Unallocated insurance
contracts -- Note F -- 2,882,503
Participant loans receivable 1,258,872 866,159
----------- -----------
Total investments 68,533,025 51,994,417
Cash 174,456 1,171
Accrued income 4,299 2,354
Due from broker 23,700 21,257
----------- -----------
TOTAL ASSETS 68,735,480 52,019,199
----------- -----------
LIABILITIES
Accrued liabilities 24,000 46,613
----------- -----------
TOTAL LIABILITIES 24,000 46,613
----------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $68,711,480 $51,972,586
=========== ===========
See notes to financial statements.
3
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WILMINGTON TRUST THRIFT SAVINGS PLAN
Year Ended December 31
1996 1995
----------- -----------
ADDITIONS
Investment income:
Interest $ 103,746 $ 312,149
Dividends 447,680 411,501
Participant loan interest 142,206 83,940
----------- -----------
693,632 807,590
Contributions:
Employer 1,944,685 1,707,000
Employee 5,566,362 4,136,192
----------- -----------
7,511,047 5,843,192
Transfers from other plans:
Rollovers from other plans 521,551 303,223
----------- -----------
8,726,230 6,954,005
DEDUCTIONS
Participant withdrawals 2,441,663 2,114,418
----------- -----------
6,284,567 4,839,587
NET REALIZED AND UNREALIZED APPRECIATION
IN FAIR VALUE OF INVESTMENTS 10,454,327 9,199,904
----------- -----------
NET ADDITIONS 16,738,894 14,039,491
NET ASSETS AVAILABLE FOR BENEFITS
AT BEGINNING OF YEAR 51,972,586 37,933,095
----------- -----------
NET ASSETS AVIALABLE FOR BENEFITS
AT END OF YEAR $68,711,480 $51,972,586
=========== ===========
See notes to financial statements.
4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE A -- SIGNIFICANT ACCOUNTING POLICIES
The accounting records of the Wilmington Trust Thrift Savings Plan (the Plan)
are maintained on the accrual basis. The preparation of financial statements in
conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.
Money market funds are stated at cost, which approximates market value. The fair
value of participation units owned by the Plan in common/collective trust funds
is based on the quoted redemption values on the last business day of the plan
year.
Dividend income is recorded at the ex-dividend date. Income from other
investments is recorded as earned.
At December 31, 1995, the Plan owned an unallocated guaranteed investment
contract issued by an insurance carrier. This contract was valued by the issuer,
Protective Life Insurance Company (see Note F). Contract values, which
approximate fair values, represent contributions made under the contracts, plus
interest at the contract rate less funds used to pay benefits.
Amounts described in Form 5500 under the caption net gain (loss) on sale of
investments and unrealized appreciation of assets are combined in the financial
statements as net realized and unrealized appreciation in fair value of
investments.
5
<PAGE>
Amounts allocated to accounts of persons who have elected to withdraw from the
Plan but have not been paid of $454,083 are reported as a liability of the Plan
at December 31, 1996 on Form 5500. This amount is not reported as a liability on
the respective statement of net assets available for benefits.
The following is a reconciliation of benefits paid to participants per the
financial statements to Form 5500.
Year ended
December 31, 1996
-----------------
Benefits paid to participant per the financial statements $ 2,441,663
Add: Amounts allocated to withdrawing participants at
December 31, 1996 454,083
Less: Amounts allocated to withdrawing participants at
December 31, 1995 (434,753)
-----------
Benefits paid to participants per Form 5500 $ 2,460,993
===========
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE B -- DESCRIPTION OF THE PLAN
The Wilmington Trust Thrift Savings Plan is a defined contribution plan
established January 1, 1985, which covers all full-time employees of the
Wilmington Trust Corporation and its subsidiaries (the Company). The Plan is
subject to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
Subject to limitations of the Internal Revenue Code (IRC), employees may
contribute up to 15% (10% in 1995) of their base salaries and profit sharing
bonus earnings with the first 6% pre-tax contribution eligible for matching
contributions from the Company of $.50 for each $1.00 contributed by a
participant. An employee is eligible to become a participant in the Plan on the
next entry date (January 1, April 1, July 1, October 1) following the date of
employment. Participation in this Plan is voluntary and participants have the
option to participate in any or all of the following funds: Strategic Bond Fund,
Value Stock Fund, Growth Stock Fund, Money Market Fund, Small Cap Stock Fund, US
Government Fund, International Stock Fund and Bank Common Stock Fund. The
opportunity to change investment options is available quarterly. Beginning July
1, 1995, the Plan added the US Government Fund and the Money Market Fund, and
terminated the Fixed Income Fund investment option.
Each participant's account is credited with the participant's contribution and
an allocation of the Company's contribution and Plan earnings. Allocations are
based on participant earnings or account balances, as defined. The benefit to
which a participant is entitled is that which can be provided from the
participant's account. Participants are vested in the Company's matching
contribution at the rate of 20% for each year of service and become 100% vested
after five years of service. Participant contributions are always vested 100%. A
terminating participant will forfeit the unvested portion of his or her account
attributable to contributions made by the Company. In accordance with the terms
of the Plan, $62,093 and $43,999 of forfeitures were used to reduce employer
contributions for the years ended December 31, 1996 and 1995, respectively.
7
<PAGE>
Plan administrative costs are paid by the Company, except for expenses under the
insurance contract with Protective Life Insurance Company which were treated as
a reduction of the interest rate guaranteed by the contract.
The Plan permits participants, under certain circumstances, to borrow up to
one-half of their vested account balances. All loans are subject to IRS and U.S.
Department of Labor guidelines.
The Corporation has the right under the Plan to discontinue its contributions
and to amend or terminate the Plan at any time.
Additional information regarding the Plan and the operation of the Plan is
available from the Personnel Department of Wilmington Trust Company.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE C--INVESTMENTS
The Plan's investments are held in a trust, for which Wilmington Trust Company
(WTC), a wholly-owned subsidiary of the plan sponsor, is trustee. The fair value
of individual investments that represent 5% or more of the Plan's net assets
available for benefits as of December 31 are as follows:
1996 1995
----------- -----------
Protective Life Insurance Co.
Guaranteed Investment Contract,
6%, due 1/2/96 $ -- $ 2,882,503
WTC US Government Fund 6,444,150 5,634,245
WTC Value Stock Fund 13,080,518 8,686,024
WTC Bank Common Stock Fund 13,741,978 10,773,133
WTC Growth Stock Fund 15,557,124 10,225,538
WTC Strategic Bond Fund 3,061,288 2,831,613
WTC Small Cap Stock Fund 8,692,135 5,207,748
WTC International Stock Fund 5,816,537 4,432,762
9
<PAGE>
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS
The net assets of the funds are summarized below:
December 31, 1996
--------------------------------------------------------------------
Strategic Value Stock Bank Common Fixed Income Growth Stock
Bond Fund Fund Stock Fund Fund Fund
---------- ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value
Wilmington Trust Company
Strategic Bond Fund $ 3,061,288 $ -- $ -- $ -- $ --
Wilmington Trust Company
Value Stock Fund -- 13,080,518 -- -- --
Wilmington Trust Company Bank
Common Stock Fund -- -- 13,741,978 -- --
Wilmington Trust Company
Growth Stock Fund -- -- -- -- 15,557,124
Wilmington Trust Company
Money Market Fund -- -- -- -- --
Wilmington Trust Company
International Stock Fund -- -- -- -- --
Wilmington Trust Company Bank
Fixed Income Fund -- -- -- -- --
Wilmington Trust Company
Small Cap Fund -- -- -- -- --
Wilmington Trust Company
US Government Fund -- -- -- -- --
Participant loans receivable 55,288 176,100 346,271 329,520 171,958
Cash 1 8 173,011 -- 20
Accrued income -- -- 203 -- 4
Due from broker -- -- 23,700 -- --
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 3,116,577 13,256,626 14,285,163 329,520 15,729,106
----------- ----------- ----------- ----------- -----------
LIABILITIES
Accrued liabilities -- -- 24,000 -- --
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 0 0 24,000 0 0
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 3,116,577 $13,256,626 14,261,163 $ 329,520 15,729,106
=========== =========== =========== =========== ===========
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS
The net assets of the funds are summarized below:
December 31, 1996 (cont'd)
-------------------------------------------------------------------------------------
FVB
Money Market International Small Cap US Gov't Participant
Fund Stock Fund Stock Fund Fund Loans Total
------------- -------------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value
Wilmington Trust Company
Strategic Bond Fund $ -- $ -- $ -- $ -- $ -- $ 3,061,288
Wilmington Trust Company
Value Stock Fund -- -- -- -- -- 13,080,518
Wilmington Trust Company Bank
Common Stock Fund -- -- -- -- -- 13,741,978
Wilmington Trust Company
Growth Stock Fund -- -- -- -- -- 15,557,124
Wilmington Trust Company
Money Market Fund 880,423 -- -- -- -- 880,423
Wilmington Trust Company
International Stock Fund -- 5,816,537 -- -- -- 5,816,537
Wilmington Trust Company Bank
Fixed Income Fund -- -- -- -- -- --
Wilmington Trust Company
Small Cap Fund -- -- 8,692,135 -- -- 8,692,135
Wilmington Trust Company
US Government Fund -- -- -- 6,444,150 -- 6,444,150
Participant loans receivable (1,809) 43,192 35,491 67,672 35,189 1,258,872
Cash -- 460 7 949 -- 174,456
Accrued income 4,092 -- -- -- -- 4,299
Due from broker -- -- -- -- -- 23,700
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 882,706 5,860,189 8,727,633 6,512,771 35,189 68,735,480
----------- ----------- ----------- ----------- ----------- -----------
LIABILITIES
Accrued liabilities -- -- -- -- -- 24,000
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 0 0 0 0 0 24,000
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 882,706 5,860,189 $ 8,727,633 $ 6,512,771 35,189 $68,711,480
=========== =========== =========== =========== =========== ===========
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS
The net assets of the funds are summarized below:
December 31, 1995
--------------------------------------------------------------------
Strategic Value Stock Bank Common Fixed Income Growth Stock
Bond Fund Fund Stock Fund Fund Fund
----------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value
Wilmington Trust Company
Strategic Bond Fund $ 2,831,613 $ -- $ -- $ -- $ --
Wilmington Trust Company
Value Stock Fund -- 8,686,024 -- -- --
Wilmington Trust Company Bank
Common Stock Fund -- -- 10,773,133 -- --
Wilmington Trust Company
Growth Stock Fund -- -- -- -- 10,225,538
Wilmington Trust Company
Money Market Fund -- -- -- -- --
Wilmington Trust Company
International Stock Fund -- -- -- -- --
Wilmington Trust Company
Fixed Income Fund -- -- -- 2,882,503 --
Wilmington Trust Company
Small Cap Fund -- -- -- -- --
Wilmington Trust Company
US Government Fund -- -- -- -- --
Participant loans receivable 35,219 82,189 276,556 319,175 94,218
Cash -- 62 1,015 -- 62
Accrued income -- 5 33 -- 6
Due from broker -- -- 21,257 -- --
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 2,866,832 8,768,280 11,071,994 3,201,678 10,319,824
----------- ----------- ----------- ----------- -----------
LIABILITIES
Accrued liabilities 2,328 4,368 24,917 -- 5,172
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 2,328 4,368 24,917 -- 5,172
----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 2,864,504 $ 8,763,912 $11,047,077 $ 3,201,678 $10,314,652
=========== =========== =========== =========== ===========
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE D -- ALLOCATION OF NET ASSETS TO INVESTMENT FUNDS
The net assets of the funds are summarized below:
December 31, 1995 (cont'd)
-------------------------------------------------------------------------------------
FVB
Money Market International Small Cap US Gov't Participant
Fund Stock Fund Stock Fund Fund Loans Total
------------- ------------- ------------ ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at fair value
Wilmington Trust Company
Strategic Bond Fund $ -- $ -- $ -- $ -- $ -- $ 2,831,613
Wilmington Trust Company
Value Stock Fund -- -- -- -- -- 8,686,024
Wilmington Trust Company Bank
Common Stock Fund -- -- -- -- -- 10,773,133
Wilmington Trust Company
Growth Stock Fund -- -- -- -- -- 10,225,538
Wilmington Trust Company
Money Market Fund 454,692 -- -- -- -- 454,692
Wilmington Trust Company
International Stock Fund -- 4,432,762 -- -- -- 4,432,762
Wilmington Trust Company
Fixed Income Fund -- -- -- -- -- 2,882,503
Wilmington Trust Company
Small Cap Fund -- -- 5,207,748 -- -- 5,207,748
Wilmington Trust Company
US Government Fund -- -- -- 5,634,245 -- 5,634,245
Participant loans receivable (732) 6,113 (535) 18,767 35,189 866,159
Cash -- -- 32 -- -- 1,171
Accrued income 2,275 -- 2 33 -- 2,354
Due from broker -- -- -- -- -- 21,257
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 456,235 4,438,875 5,207,247 5,653,045 35,189 52,019,199
----------- ----------- ----------- ----------- ----------- -----------
LIABILITIES
Accrued liabilities -- 3,223 4,820 1,785 -- 46,613
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES -- 3,223 4,820 1,785 -- 46,613
----------- ----------- ----------- ----------- ----------- -----------
NET ASSETS AVAILABLE
FOR BENEFITS $ 456,235 $ 4,435,652 $ 5,202,427 $ 5,651,260 $ 35,189 $51,972,586
=========== =========== =========== =========== =========== ===========
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS
The changes in net assets of the funds are summarized below:
Year Ended December 31, 1996
------------------------------------------------------------------------------
Strategic Value Stock Bank Common Fixed Income Growth Stock
Bond Fund Fund Stock Fund Fund Fund
------------ ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment income:
Interest $ 55 $ 112 $ 58,554 $ 9,488 $ 1,461
Dividends -- -- 447,680 -- --
Participant loan interest 4,947 17,572 53,956 -- 23,101
------------ ------------ ------------ ------------ ------------
5,002 17,684 560,190 9,488 24,562
Contributions:
Employer 120,715 400,937 164,985 -- 498,389
Employee 327,522 1,166,412 444,533 -- 1,448,640
------------ ------------ ------------ ------------ ------------
448,237 1,567,349 609,518 -- 1,947,029
Transfers from other plans:
Rollovers 67,627 86,801 38,978 -- 159,968
------------ ------------ ------------ ------------ ------------
520,866 1,671,834 1,208,686 9,488 2,131,559
------------ ------------ ------------ ------------ ------------
DEDUCTIONS
Participant withdrawals 115,052 384,371 696,258 13,710 335,683
------------ ------------ ------------ ------------ ------------
405,814 1,287,463 512,428 (4,222) 1,795,876
Net realized and unrealized
appreciation in fair value
of investments 65,709 2,322,999 2,926,650 -- 2,892,951
Interfund transfers (219,450) 882,252 (224,992) (2,867,936) 725,627
------------ ------------ ------------ ------------ ------------
NET ADDITIONS (DEDUCTIONS) 252,073 4,492,714 3,214,086 (2,872,158) 5,414,454
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 2,864,504 8,763,912 11,047,077 3,201,678 10,314,652
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 3,116,577 $ 13,256,626 $ 14,261,163 $ 329,520 $ 15,729,106
============ ============ ============ ============ ============
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS
The changes in net assets of the funds are summarized below:
Year Ended December 31, 1996 (cont'd)
------------------------------------------------------------------------------------
FVB
Money Market International Small Cap US Gov't Participant
Fund Stock Fund Stock Fund Fund Loans Total
------------- ------------- ------------ ------------ ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment income:
Interest $ 33,742 $ 17 $ 86 $ 231 -- $ 103,746
Dividends -- -- -- -- -- 447,680
Participant loan interest 1,263 12,688 23,393 5,286 -- 142,206
------------ ------------ ------------ ------------ ------------ ------------
35,005 12,705 23,479 5,517 -- 693,632
Contributions:
Employer 26,086 236,061 384,735 112,777 -- 1,944,685
Employee 71,739 676,614 1,127,276 303,626 -- 5,566,362
------------ ------------ ------------ ------------ ------------ ------------
97,825 912,675 1,512,011 416,403 -- 7,511,047
Transfers from other plans:
Rollovers 6,779 50,071 110,082 1,245 -- 521,551
------------ ------------ ------------ ------------ ------------ ------------
139,609 975,451 1,645,572 423,165 -- 8,726,230
------------ ------------ ------------ ------------ ------------ ------------
DEDUCTIONS
Participant withdrawals 44,430 161,069 239,614 451,476 -- 2,441,663
------------ ------------ ------------ ------------ ------------ ------------
95,179 814,382 1,405,958 (28,311) -- 6,284,567
Net realized and unrealized
appreciation in fair value
of investments -- 471,008 1,480,113 294,897 -- 10,454,327
Interfund transfers 331,292 139,147 639,135 594,925 -- --
------------ ------------ ------------ ------------ ------------ ------------
NET ADDITIONS (DEDUCTIONS) 426,471 1,424,537 3,525,206 861,511 -- 16,738,894
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 456,235 4,435,652 5,202,427 5,651,260 35,189 51,972,586
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 882,706 $ 5,860,189 $ 8,727,633 $ 6,512,771 $ 35,189 $ 68,711,480
============ ============ ============ ============ ============ ============
</TABLE>
15
<PAGE>
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS
The changes in net assets of the funds are summarized below:
Year Ended December 31, 1995
---------------------------------------------------------------------------
Strategic Value Stock Bank Common Fixed Income Growth Stock
Bond Fund Fund Stock Fund Fund Fund
------------ ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment income:
Interest $ 476 $ 464 $ 68,166 $ 184,226 $ 323
Dividends -- -- 411,501 -- --
Participant loan interest 2,959 13,697 10,542 1,007 17,287
------------ ------------ ------------ ------------ ------------
3,435 14,161 490,209 185,233 17,610
Contributions:
Employer 98,710 270,338 156,975 -- 355,324
Employee 238,477 668,218 362,288 -- 874,390
------------ ------------ ------------ ------------ ------------
337,187 938,556 519,263 -- 1,229,714
Transfers from other plans:
Rollovers 24,370 94,597 23,508 -- 63,669
------------ ------------ ------------ ------------ ------------
364,992 1,047,314 1,032,980 185,233 1,310,993
------------ ------------ ------------ ------------ ------------
DEDUCTIONS
Participant withdrawals 88,527 234,641 555,152 148,360 308,897
------------ ------------ ------------ ------------ ------------
276,465 812,673 477,828 36,873 1,002,096
Net realized and unrealized
appreciation (depreciation)
in fair value of investments 417,068 1,991,574 2,828,635 -- 2,289,600
Interfund transfers 327,870 931,532 (681,423) (3,280,520) 818,750
------------ ------------ ------------ ------------ ------------
NET ADDITIONS (DEDUCTIONS) 1,021,403 3,735,779 2,625,040 (3,243,647) 4,110,446
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR 1,843,101 5,028,133 8,422,037 6,445,325 6,204,206
------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 2,864,504 $ 8,763,912 $ 11,047,077 $ 3,201,678 $ 10,314,652
============ ============ ============ ============ ============
</TABLE>
16
<PAGE>
<TABLE>
<CAPTION>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE E -- ALLOCATION OF CHANGES IN NET ASSETS TO INVESTMENT FUNDS
The changes in net assets of the funds are summarized below:
Year Ended December 31, 1996 (cont'd)
---------------------------------------------------------------------------------------
FVB
Money Market International Small Cap US Gov't Participant
Fund Stock Fund Stock Fund Fund Loans Total
------------- ------------- ------------ ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS
Investment income:
Interest $ 51,015 $ 721 $ 794 $ 5,964 $ -- $ 312,149
Dividends -- -- -- -- -- 411,501
Participant loan interest (732) 14,648 15,578 8,954 -- 83,940
------------ ------------ ------------ ------------ ------------ ------------
50,283 15,369 16,372 14,918 -- 807,590
Contributions:
Employer 7,914 290,298 302,885 224,556 -- 1,707,000
Employee 19,914 694,188 750,310 528,407 -- 4,136,192
------------ ------------ ------------ ------------ ------------ ------------
27,828 984,486 1,053,195 752,963 -- 5,843,192
Transfers from other plans:
Rollovers 102 32,597 60,328 4,052 -- 303,223
------------ ------------ ------------ ------------ ------------ ------------
78,213 1,032,452 1,129,895 771,933 -- 6,954,005
------------ ------------ ------------ ------------ ------------ ------------
DEDUCTIONS
Participant withdrawals 57,765 181,211 137,044 402,821 -- 2,114,418
------------ ------------ ------------ ------------ ------------ ------------
20,448 851,241 992,851 369,112 -- 4,839,587
Net realized and unrealized
appreciation (depreciation)
in fair value of investments -- 368,197 900,563 404,267 -- 9,199,904
Interfund transfers 435,787 (538,805) 645,871 1,340,938 -- --
------------ ------------ ------------ ------------ ------------ ------------
NET ADDITIONS (DEDUCTIONS) 456,235 680,633 2,539,285 2,114,317 -- 14,039,491
NET ASSETS AVAILABLE
FOR BENEFITS AT
BEGINNING OF YEAR -- 3,755,019 2,663,142 3,536,943 35,189 37,933,095
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS AVAILABLE
FOR BENEFITS AT
END OF YEAR $ 456,235 $ 4,435,652 $ 5,202,427 $ 5,651,260 $ 35,189 $ 51,972,586
============ ============ ============ ============ ============ ============
</TABLE>
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE F -- CONTRACTS WITH INSURANCE COMPANIES
In 1992, Wilmington Trust Company as trustee of the plan ("Trustee") entered
into a guaranteed investment contract with Protective Life Insurance Company.
The insurance company maintained the Plan's deposit in an unallocated fund to
which it added interest at a rate of 6% per annum. The interest rate was
guaranteed for the life of the contract which matured on January 2, 1996.
All funds were general assets of the insurance company and were invested at
their discretion. At the direction of the Plan's administrator, these funds
could be withdrawn to provide benefits or to direct transfers to certain other
investment options provided under the Plan.
NOTE G -- INCOME TAX STATUS
The Internal Revenue Service has issued a determination letter indicating that
the Plan is exempt from income tax under Section 401(a) of the Internal Revenue
Code (IRC). The Plan is required to operate in conformity with the IRC to
maintain its qualification. The Plan document has been amended and restated to
conform to the requirements of the Tax Reform Act of 1986, related legislation
and various regulations and to incorporate other administrative changes to
facilitate the efficient operation of the Plan. The Plan, as amended and
restated, was submitted to the IRS in 1995 for a determination as to its
tax-qualified status and a favorable determination letter was issued on
September 12, 1995. The Company and the Thrift Savings Plan Committee intend to
implement any necessary actions to insure the continuation of the Plan's tax
qualified status.
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE H -- TRANSACTIONS WITH PARTIES-IN-INTEREST
The Plan's investments include participation units in collective trust funds
managed by Wilmington Trust Company. The activity in these funds for the year
ended December 31 is summarized below:
<TABLE>
<CAPTION>
Income Fair Value
Earned of Funds
Purchases Sales on Funds at Year-End
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Wilmington Trust Company
Strategic Bond Fund
1996 $ 881,148 $ 717,182 $ 55 $ 3,061,288
1995 1,538,637 933,324 476 2,831,613
WTC Value Stock
Fund
1996 2,825,208 753,714 112 13,080,518
1995 2,470,952 715,849 464 8,686,024
WTC Bank Common
Stock Fund
1996 2,613,442 2,102,091 448,436 13,741,978
1995 1,724,868 1,456,945 412,254 10,773,133
WTC Growth Stock
Fund
1996 4,076,819 1,638,185 1,461 15,557,124
1995 2,975,999 1,182,337 323 10,225,538
WTC Money Market
Fund
1996 616,378 190,647 33,742 880,423
1995 516,619 61,926 51,014 454,692
WTC International
Fund
1996 1,431,816 519,050 17 5,816,537
1995 1,784,857 1,482,741 721 4,432,762
WTC Small Cap
Stock Fund
1996 2,525,216 520,941 86 8,692,135
1995 2,590,228 943,967 794 5,207,748
WTC US Government
Fund
1996 2,901,976 2,386,964 231 6,444,150
1995 9,602,447 4,215,380 5,964 5,634,245
WTC Fixed Income Fund
1996 2,882,503 2,882,503 9,488 --
1995 3,029,466 3,029,466 184,226 2,882,503
</TABLE>
19
<PAGE>
SCHEDULE G (Form 5500)
Financial Schedules 1996
OMB No. 1210-0016
For calendar plan year 1996
Name of plan sponsor as shown on line 1a of Form 5500
Wilmington Trust Company
Name of plan
401(k) Thrift Savings Plan
Employer Identification Number:
51-0291463
Three-digit plan number:
002
Part I Schedule of Assets Held for Investment Purposes--See Form 5500,
Item 27a.
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
Description of investment
including maturity date, rate
Identity of issue, borrower, lessor, of interest, collateral, par
or similar party or maturity value Cost Current value
<S> <C> <C> <C> <C>
Wilmington Trust Company -- Strategic
Bond Fund 188,553 units $2,535,292 $3,061,289
Wilmington Trust Company -- US
Government Fund 563,300 units 6,015,055 6,444,150
Wilmington Trust Company --
International Stock Fund 235,297 units 4,965,371 5,816,537
Wilmington Trust Company -- Growth
Stock Fund 365,642 units 10,024,209 15,557,124
Wilmington Trust Company -- Small Cap
Fund 370,895 units 6,364,728 8,692,135
Wilmington Trust Company -- Value
Stock Fund 363,821 units 7,826,221 13,080,517
Wilmington Trust Company -- Money
Market Fund 880,423 units 880,423 880,423
Wilmington Trust Company -- Bank
Stock Fund 347,846 units 7,933,669 13,741,978
Participant Loans Receivable 1,258,872 1,258,872
</TABLE>
20
<PAGE>
Part V Schedule of Reportable Transactions--See Form 5500, Line 27d.
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Description
of asset
(include Current
interest rate Expense value of
Identity of and maturity incurred asset on
party in case of a Purchase Selling Lease with Cost of transaction
involved loan) price price rental transaction asset date Net gain
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Single Transactions in Excess of 5%
WTC Growth Eq Coll Fund 2,882,503 2,882,503
WTC WTC EEBen MMFund 2,853,226 2,853,226 0
Aggregate Transactions in Excess of 5%
WTC Growth Eq Coll Fund 2,923,637 459,156 312,460 3,382,793 146,696
WTC ShTerm USGovt Fund 2,033,068 1,518,961 1,461,580 3,552,935 57,381
WTC Sm Cap Portfolio 2,320,068 315,867 249,610 2,635,935 66,257
WTC Value Eq Coll Fund 3,005,376 960,613 755,323 3,965,990 205,290
WTC WTC EE BenMM Fund 9,353,321 8,944,618 8,944,618 18,297,939 0
</TABLE>
21
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Yes No
28 Did the plan acquire individual whole life insurance contracts during the plan year? ...... 28 X
29 During the plan year
a (1) Was this plan covered by a fidelity bond? If "Yes," complete lines 29a(2) and 29a(3)... 29a(1) X
(2) Enter amount of bond $____________________________________________________________
(3) Enter the name of the surety company _____________________________________________
b (1) Was there any loss to the plan, whether or not reimbursed, caused by fraud or
dishonesty?............................................................................. 29(b)(1) X
(2) If line 29b(1) is "Yes" enter amount of loss $
30a Is the plan covered under the Pension Benefit Guaranty Corporation
termination insurance program?
Yes X No Not Determined
--- --- ---
b If line 30a is "Yes" or "Not Determined," enter the employer
identification number and the plan number used to identify it.
Employer identification number Plan number
31 Current value of plan assets and liabilities at the beginning and end
of the plan year. Combine the value of plan assets held in more than
one trust. Allocate the value of the plan's interest in a commingled
trust containing the assets of more than one plan on a line-by-line
basis unless the trust meets one of the specific exceptions described
in the instructions. Do not enter the value of that portion of an
insurance contract that guarantees, during this plan year, to pay a
specific dollar benefit at a future date. Round off amounts to the
nearest dollar; any other amounts are subject to rejection. Plans
with no assets at the beginning and the end of the plan year, enter
-0- on line 31f.
Assets (a) Beginning of Year (b) End of Year
a Total noninterest-bearing cash................... (a) 1,171 174,456
b Receivable: (1) Employer contributions...........b(1)
(2) Participant contributions.................... (2)
(3) Income....................................... (3) 2,354 4,299
(4) Other........................................ (4) 21,257 23,700
(5) Less allowance for doubtful accounts ........ (5)
22
<PAGE>
(6) Total, Add lines 31b(1) through 31b(4) and
subtract line 31b(5)........................ (6) 23,611 27,999
c General investments: (1) Interest-bearing cash
(including money market funds).................. c(1)
(2) Certificates of deposit ........................ (2)
(3) U.S. Government securities ..................... (3)
(4) Corporate debt instruments: (A) Preferred... (4)(A)
(B) All other............................... (4)(B)
(5) Corporate stocks: (A) Preferred............. (5)(A)
(B) Common.................................. (5)(B)
(6) Partnership/joint venture interests......... (6)
(7) Real estate: (A) Income-producing........... (7)(A)
(B) Nonincome-producing.................... (7)(B)
(8) Loans (other than to participants) secured
by mortgages: (A) Residential............... (8)(A)
(B) Commerical............................. (8)(B)
(9) Loans to participants: (A) Mortgages........ (9)(A)
(B) Other.................................. (9)(B) 866,159 1,258,872
(10) Other Loans................................ (10)
(11) Value of interest in common/collective
trusts..................................... (11) 37,472,622 53,532,175
(12) Value of interest in pooled separate
accounts................................... (12)
(13) Value of interest in master trusts......... (13)
(14) Value of interest in 103-12 investment
investment entities........................ (14)
(15) Value of interest in registered
investment companies ...................... (15)
(16) Value of funds held in insurance company
general account (unallocated contracts).... (16) 2,882,503
(17) Other ___________________________________ (17)
23
<PAGE>
(18) Total. Add lines 31c(1) through 31c(17)... (18) 41,221,284 54,791,047
d Employer-related investments: (1)Employer
securities...................................... (d)(1) 10,773,133 13,741,978
(2) Employer real property...................... (2)
e Buildings and other property used in
plan operation.................................. e
f Total assets. Add lines 31a, 31b(6), 31c(18),
31d(1), 31d(2), and 31e......................... f 52,019,199 68,735,480
Liabilities
g Benefit claims payable.......................... g 434,753 454,083
h Operating payables.............................. h 21,483 24,000
i Acquisition indebtedness........................ i
j Other liabilities............................... j 25,130
k Total liabilities. Add lines 31g through 31j... k 481,366 478,083
Net Assets
l Subtracting 31k from line 31f................... l 51,537,833 68,257,397
</TABLE>
24
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form
S-8 No. 33-43675) pertaining to the Wilmington Trust Thrift Savings Plan and in
the related Prospectus of our report dated June 1, 1997, with respect to the
financial statements and schedules of the Wilmington Trust Thrift Savings Plan
included in this Annual Report (Form 11-K/A) for the year ended December 31,
1996.
/s/ Ernst & Young LLP
Philadelphia, Pennsylvania
June 25, 1997
