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