<PAGE> 1
FINANCIAL STATEMENTS
EXHIBIT 99.1
<PAGE> 2
FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
WILMINGTON TRUST
THRIFT SAVINGS PLAN
YEARS ENDED DECEMBER 31, 1999 AND 1998
WITH REPORT OF INDEPENDENT AUDITORS
<PAGE> 3
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
WILMINGTON TRUST THRIFT SAVINGS PLAN
Years ended December 31, 1999 and 1998
<TABLE>
<CAPTION>
FINANCIAL STATEMENTS PAGE
-------------------- ----
<S> <C>
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
Schedule of Assets Held for Investment Purposes ................................................ 8
</TABLE>
<PAGE> 4
[ERNST & YOUNG LLP LETTERHEAD]
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, 1999 and 1998,
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 auditing standards generally accepted
in the United States. 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, 1999 and 1998, and the changes in its net assets available for
benefits for the years then ended, in conformity with accounting principles
generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
held for investment purposes as of December 31, 1999, is presented for purposes
of additional analyis and is not a required part of the financial statements but
is 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. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.
/s/ Ernst & Young LLP
Philadelphia, Pennsylvania
June 9, 2000
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
<PAGE> 5
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
December 31
1999 1998
---- ----
<S> <C> <C>
ASSETS
Investments 119,420,486 100,287,807
Cash 278,691 43,248
Accrued income 2,250,656 3,773,766
Contributions receivable 166,509 --
Due from broker 225,815 46,043
------------ ------------
TOTAL ASSETS 122,342,157 104,150,864
------------ ------------
LIABILITIES
Due to broker 238,673 43,435
------------ ------------
TOTAL LIABILITIES 238,673 43,435
------------ ------------
NET ASSETS AVAILABLE FOR
BENEFITS $122,103,484 $104,107,429
============ ============
</TABLE>
See notes to financial statements.
<PAGE> 6
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
WILMINGTON TRUST THRIFT SAVINGS PLAN
<TABLE>
<CAPTION>
Year Ended December 31
1999 1998
---- ----
<S> <C> <C>
ADDITIONS
Investment income:
Net realized and unrealized appreciation
in fair value of investments $ 14,709,815 $ 3,585,891
Interest 400,855 118,108
Dividends 2,567,603 4,355,888
Participant loan interest 130,596 142,095
------------ ------------
17,808,869 8,201,982
Contributions:
Employer 2,576,396 2,435,267
Employee 7,202,919 6,845,069
------------ ------------
9,779,315 9,280,336
Transfers from other plans:
Rollovers from other plans 257,570 202,132
------------ ------------
27,845,754 17,684,450
DEDUCTIONS
Benefits paid directly to participants 9,849,699 7,776,195
------------ ------------
NET INCREASE 17,996,055 9,908,255
NET ASSETS AVAILABLE FOR BENEFITS
AT BEGINNING OF YEAR 104,107,429 94,199,174
------------ ------------
NET ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR $122,103,484 $104,107,429
============ ============
</TABLE>
See notes to financial statements.
<PAGE> 7
NOTES TO FINANCIAL STATMENTS
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 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.
Purchases and sales of securities are recorded on a trade date basis. 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.
Certain 1998 amounts have been reclassified to conform to 1999 presentation.
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% 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 the Plan is voluntary and participants have the option to invest in various
funds. Participants may change their investment options daily and the level of
their investments quarterly.
<PAGE> 8
NOTES TO FINANCIAL STATMENTS
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, $96,924 and $87,874 of forfeitures were used to reduce employer
contributions for the years ended December 31, 1999 and 1998, 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 loans are secured by the balance in the
participants' account.
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:
<TABLE>
<CAPTION>
1999 1998
--------------------------------
<S> <C> <C>
WTC Short-Term US Government Fund $ - $ 6,103,190
WTC Company Stock Fund 15,954,098 21,435,163
WILMINGTON EQUITY FUNDS:
International Equity Portfolio 10,077,957 6,928,803
</TABLE>
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NOTE C - INVESTMENTS (CONT.)
<TABLE>
<CAPTION>
1999 1998
------------------------------
<S> <C> <C>
Large Cap Value Portfolio 15,649,344 17,528,095
Small Cap Core Portfolio 16,299,042 13,568,279
Large Cap Growth Portfolio 44,570,200 27,026,318
</TABLE>
During 1999 and 1998, the Plan's investments (including investments purchased,
sold as well as held during the year) appreciated/(depreciated) in fair value as
determined by quoted market prices as follows:
<TABLE>
<CAPTION>
Year Ended December 31
1999 1998
-----------------------------------
<S> <C> <C>
Mutual Funds $ 18,578,713 $ 3,384,753
Collective Funds (3,868,898) 201,138
-----------------------------------
$ 14,709,815 $ 3,585,891
===================================
</TABLE>
NOTE D - 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.
<PAGE> 10
NOTES TO FINANCIAL STATMENTS
WILMINGTON TRUST THRIFT SAVINGS PLAN
NOTE E - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
December 31
1999 1998
--------------- --------------
<S> <C> <C>
Net assets available for benefits per the
financial statements $ 122,103,484 $ 104,107,429
Amounts allocated to withdrawn
participants (1,695,125) (1,121,485)
------------- -------------
Net assets available for benefits per
the Form 5500 $ 120,408,359 $ 102,985,944
============= =============
</TABLE>
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31, 1999
-----------------
<S> <C>
Benefits paid to participants per the financial
statements $ 9,849,699
Add: Amounts allocated on Form 5500 to withdrawn
participants at December 31, 1999 1,695,125
Less: Amounts allocated to withdrawn participants at
December 31, 1998 (1,121,485)
-------------
Benefits paid to participants per the Form 5500 $10,423,339
=============
</TABLE>
Amounts allocated to withdrawn participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to year
end but not yet paid.
<PAGE> 11
Wilmington Trust Company
Thrift Savings Plan
Form 5500 Attachment
Schedule of Assets Held for Investment Purposes
As of December 31, 1999
EIN #: 51-0291463
<TABLE>
<CAPTION>
Description of Investment
Identity of Issue, Borrower, Lessor Shares / Par Current Value
----------------------------------- ------------------------- -------------
<S> <C> <C>
General Investments
Interest-Bearing Cash
(Including Money Market Funds)
823992202 WTC Employee Benefits
Money Market Fund 2,886,630.290 2,886,630
Total Interest-Bearing Cash
(Including Money Market Funds) 2,886,630
Corporate Debt Instruments: All Other
743914012 Wilmington Intermediate (Institutional Class)
Bond Fund 468,324.690 4,369,470
775754001 WTC Savings Account FBO
Ethel Deleski #9830-0937 10,151.450 10,151
Total Corporate Debt Instruments: All Other 4,379,621
Corporate Stocks: Common
743914004 Wilmington Int'l (Institutional Class)
Multi-Manager Fund 774,036.670 10,077,957
743914011 Wilmington Large Cap (Institutional Class)
Core Portfolio 66,940.870 1,618,630
743914007 Wilmington Large Cap (Institutional Class)
Growth Fund 1,311,659.800 44,570,200
743914006 Wilmington Large Cap (Institutional Class)
Value Fund 1,668,373.510 15,649,344
743914005 Wilmington Small Cap (Institutional Class)
Core Fund 1,434,774.860 16,299,042
Savings Plan - Company Stock Fund SBI
775394001 Wilmington Trust 1,853,726.650
Company 401(K) Thrift 15,954,098
Total Corporate Stocks: Common 104,169,271
Other Loans
890041247 WTC Thrift Savings Plan Loans 2,126,381.400 2,126,381
Total Other Loans 2,126,381
Value of Interest in Pooled
Separate Accounts
638870001 Short-Term U.S. Government Fund 435,582.370 5,858,583
Total Value of Interest in Pooled
Separate Accounts 5,858,583
Total General Investments 119,420,486
</TABLE>
