[2] Wilmington Trust announces 1999 fourth quarter and total year earnings; Nonrecurring expenses impact results.Business Editors WILMINGTON Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. , Del.--(BUSINESS WIRE)--Jan. 20, 2000 Wilmington Trust Wilmington Trust (NYSE: WL) was founded on July 8, 1903) as a banking, trust, and safe deposit company by DuPont president T. Coleman du Pont. He opened the business in the dining room and parlor of a former private residence at 915 Market Street in Wilmington, Delaware with a Corporation (NYSE NYSE See: New York Stock Exchange : WL) reported 1999 fourth quarter earnings per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis of $0.53 and full-year diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $3.21. Net income was $17.5 million for the quarter and $107.3 million for the year. Fourth quarter and full-year performance lagged 1998 results due to nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items, including the company's previously announced $13.4 million write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of costs principally associated with services it is outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. . &uot;Unusual expenses and a narrower margin offset good loan growth and double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. increases in our wealth management business, which continues to account for an increasing portion of our total revenues,&uot; said Ted T. Cecala, Wilmington Trust chairman and chief executive officer. &uot;While the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge hurt our results in the short term, the decision to outsource outsource verb To assign specific work to a 3rd party for a specific length of time at an set price and service level Managed care To use outside labor to perform functions–billing and collections, accounting, janitorial services, ER helps move our cost structure toward a more variable basis, sets the stage for improved efficiencies, and enables us to allocate To reserve a resource such as memory or disk. See memory allocation. more resources toward building relationships with clients.&uot; Return on average assets for the year was 1.60% and return on average stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was 20.18%. Wilmington Trust's return on equity has been 20% or higher every year since 1985. In other news, Wilmington Trust's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a regular quarterly dividend of $0.42 per share, up 7.7% from the $0.39 paid in the fourth quarter of 1998. The dividend is payable on February February: see month. 16, 2000, to stockholders of record on February 1, 2000.
1999 operating results at a glance
(excluding one-time $13.4 million write-off)
Fourth quarter Year
----------------------------------------------------------------------
(In millions, except
per share data) 1999 1998 1999 1998
----------------------------------------------------------------------
Trust/asset management revenues $39.2 $34.4 $148.4 $128.8
----------------------------------------------------------------------
Net interest income $63.3 $59.1 $245.9 $237.7
Provision for loan losses $4.0 $5.0 $17.5 $20.0
Operating expenses $68.5 $57.4 $244.8 $230.1
Income taxes $14.6 $15.3 $59.2 $57.2
----------------------------------------------------------------------
Net income $26.0 $29.5 $115.9 $114.3
Net income per share (diluted) $0.78 $0.87 $3.46 $3.34
----------------------------------------------------------------------
Dividends declared per share $0.42 $0.39 $1.65 $1.53
Double-digit growth in fee-based businesses Trust and asset management revenues rose 13.9% for the quarter and 15.2% for the year as a result of new business development across all lines and the company's affiliations with Cramer Cramer in English, a surname, is commonly pronounced ['kɹeɪ.mə(ɹ)], and is from the German surname Krämer which also means "Kleinhändler"[1] Rosenthal Rosenthal is a name of German origin, meaning rose valley, and may refer to:
Fee-based revenues continued to increase as a percentage of the company's total revenues and they are growing at a faster pace than spread-based income. At year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1999, fee-based revenues comprised 43.6% of total income, up from 42.7% at year-end 1998 and 40.6% at year-end 1997. Loan balances on average increased 10.9% to $4.7 billion during the quarter and 9% to $4.5 billion for the year. More than half the loan growth came from the metropolitan Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. region. Net interest income was up 7% for the quarter and 3.5% for the year. Competitive pressures during the year softened soft·en v. soft·ened, soft·en·ing, soft·ens v.tr. 1. To make soft or softer. 2. To undermine or reduce the strength, morale, or resistance of. 3. pricing and reduced the net interest margin from 4.23% in 1998 to 3.98% in 1999. Credit quality remains strong Credit quality in the loan portfolio remained strong, as nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. declined and charge-offs were stable at 0.07%. The reserve for loan losses at year-end 1999 was 1.60% of loans outstanding, compared with 1.66% last year. Expenses reflect unusual items On December December: see month. 16 the company announced a one-time pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta non-cash write-off of $13.4 million in costs related primarily to the company's plans to outsource check processing and trust accounting functions. The write-off included $1.4 million for ATMs and real estate associated with reconfiguration of the company's branch operations in Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). . During the fourth quarter, the company also incurred $4.3 million in out-of-pattern expenses related to Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 charges for staff bonuses and cash handling; higher health insurance expenses due to unfavorable claims experience; more aggressive advertising campaigns; and higher-than-anticipated auto lease losses. Selected statistics At December 31, 1999: -- Assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. were $27 billion, up 14% from December 31, 1998. -- Assets under administration were $136.6 billion, up 11% from December 31, 1998. -- Affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. assets under management were $14.4 billion, compared with $10.3 billion a year ago. -- Total banking assets were $7.2 billion, up 14.3% from December 31, 1998. -- Total loans outstanding reached $4.8 billion, an increase of 11.6%. -- The reserve for loan losses was 1.60% of total loans, compared to 1.66% at December 31, 1998. -- Total deposits were $5.4 billion vs. $4.5 billion at December 31, 1998, an 18.4% increase. -- Stockholders' equity totaled $498.2 million. Results for the year produced: -- A return on average assets of 1.60%, compared with 1.83% a year ago. -- A return on average stockholders' equity of 20.18%, versus 21.70% in 1998. During the quarter, Wilmington Trust bought back 235,957 shares as part of its ongoing stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program, bringing the total for the current 4 million share program, which commenced in May 1996, to 3,479,393. Wilmington Trust Corporation (NYSE: WL) is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with offices in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Delaware, Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and , Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). , Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , and London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. . Its wholly owned bank subsidiary, Wilmington Trust Company, is the 11th largest personal trust provider in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Founded in 1903, Wilmington Trust provides wealth management, corporate trust, and commercial banking services to clients throughout the U.S. and in more than 50 other countries. For more information about Wilmington Trust, visit www.wilmingtontrust.com. An conference call for analysts and investors to discuss these results will be held on Thursday Thursday: see week. , January January: see month. 20, 2000, at 2:00 p.m.(EST EST electroshock therapy. EST abbr. electroshock therapy ) at (800) 865-4460. A rebroadcast of the call will be available until 4:00 p.m. (EST) Thursday, January 27, 2000, at (888) 242-7995.
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
SUMMARY
Three Months Ended
------------------
% Change From:
--------------
(dollars in Dec. 31, Sept. 30, Dec. 31, Prior Prior
thousands) 1999 1999 1998 Quarter Year
-------- --------- -------- ------- -----
EARNINGS
-------------------
Operating revenues $113,211 $112,929 $107,165 0.2 5.6
Tax-equivalent
interest income 125,420 120,543 112,763 4.0 11.2
Net income 17,469 30,726 29,493 (43.1) (40.8)
Net income per
share - basic 0.54 0.94 0.88 (42.6) (38.6)
Net income per
share - diluted 0.53 0.92 0.87 (42.4) (39.1)
SELECTED RATIOS
AND STATISTICS
-------------------
Net income as a
percentage of:
Average assets 0.99% 1.79% 1.88%
Average
stockholders'
equity 13.44 22.85 21.53
Net interest margin
(tax-equivalent
basis) 3.98 4.08 4.23
Average stockholders'
equity to assets 7.36 7.82 8.75
Total risk-based
capital ratio 10.67 11.08 12.47
Tier 1 risk-based
capital ratio 7.03 7.41 8.55
Tier 1 leverage
capital ratio 5.65 5.92 6.61
Staffing (FTE) 2,434 2,421 2,442
Assets under
management
(millions) 27,035 24,023 23,735
CAPITAL
-------------------
Average
stockholders'
equity $515,508 $533,434 $543,350 (3.4) (5.1)
Period-end
primary capital 575,156 600,547 618,115 (4.2) (7.0)
Per share:
Book value 15.40 16.10 16.39 (4.3) (6.0)
Dividends declared 0.42 0.42 0.39 ---- 7.7
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
SUMMARY
Twelve Months Ended December 31
-------------------------------
(dollars in thousands) %
1999 1998 Change
---- ---- ------
EARNINGS
-------------------
Operating revenues $437,366 $421,614 3.7
Tax-equivalent
interest income 470,098 465,310 1.0
Net income 107,297 114,325 (6.1)
Net income per
share - basic 3.26 3.41 (4.4)
Net income per
share - diluted 3.21 3.34 (3.9)
SELECTED RATIOS
AND STATISTICS
-------------------
Net income as a
percentage of:
Average assets 1.60% 1.83%
Average
stockholders'
equity 20.18 21.70
Net interest margin
(tax-equivalent basis) 4.11 4.26
Average stockholders'
equity to assets 7.95 8.42
Total risk-based
capital ratio ---- ----
Tier 1 risk-based
capital ratio ---- ----
Tier 1 leverage
capital ratio ---- ----
Staffing (FTE) ---- ----
Assets under
management
(millions) ---- ----
CAPITAL
-------------------
Average
stockholders'
equity $531,592 $526,742 0.9
Period-end
primary capital ---- ---- ----
Per share:
Book value ---- ---- ----
Dividends declared 1.65 1.53 7.8
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
SUMMARY
Three Months Ended
------------------
% Change From:
--------------
(dollars in Dec. 31, Sept. 30, Dec. 31, Prior Prior
thousands) 1999 1999 1998 Quarter Year
-------- --------- -------- ------- -----
STOCK DATA
-------------------
Average shares
outstanding -
basic (000) 32,432 33,005 33,394
Average shares
outstanding -
diluted (000) 32,796 33,400 34,097
Period-end shares
outstanding (000) 32,353 32,565 33,329
Shares purchased
- buyback 235,957 586,147 153,745
Price:
High $56.50 $58.75 $62.00
Low 44.75 46.75 46.38
Close 48.25 48.06 61.63
LOAN QUALITY
-------------------
Period-end reserve
for loan losses $76,925 $76,400 $71,906
Period-end non-
performing assets:
Nonaccrual 29,184 31,839 30,598
OREO 576 976 1,532
Period-end past
due 90 days 16,520 21,187 18,558
Period-end
renegotiated loans 55 ---- ----
Gross charge-offs 4,727 4,127 3,802
Recoveries 1,252 1,034 812
Net charge-offs 3,475 3,093 2,990
Ratios:
Period-end reserve
to loans 1.60% 1.65% 1.66%
Period-end non-
performing assets
to loans 0.62 0.71 0.74
Period-end loans past
due 90 days to
total loans 0.34 0.46 0.43
Net charge-offs to
average loans 0.07 0.07 0.07
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
SUMMARY
Twelve Months Ended December 31
-------------------------------
(dollars in thousands) %
1999 1998 Change
---- ---- ------
STOCK DATA
-------------------
Average shares
outstanding -
basic (000) 32,913 33,487
Average shares
outstanding -
diluted (000) 33,383 34,275
Period-end shares
outstanding (000) ---- ----
Shares purchased
- buyback 1,381,077 546,220
Price:
High $63.50 $68.50
Low 44.75 46.38
Close ---- ----
LOAN QUALITY
-------------------
Period-end reserve
for loan losses ---- ----
Period-end non-
performing assets:
Nonaccrual ---- ----
OREO ---- ----
Period-end past
due 90 days ---- ----
Period-end
renegotiated loans ---- ----
Gross charge-offs 16,500 15,930
Recoveries 4,019 4,031
Net charge-offs 12,481 11,899
Ratios:
Period-end reserve
to loans ----% ----%
Period-end non-
performing assets
to loans ---- ----
Period-end loans past
due 90 days to
total loans ---- ----
Net charge-offs to
average loans 0.28 0.29
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
OPERATING STATEMENT OF INCOME
Three Months Ended
------------------
% Change From:
--------------
(dollars in Dec. 31, Sept. 30, Dec. 31, Prior Prior
thousands) 1999 1999 1998 Quarter Year
-------- --------- -------- ------- -----
Interest income $123,493 $118,564 $110,686 4.2 11.6
Interest expense 60,197 55,487 51,538 8.5 16.8
--------- --------- ---------
Net interest income 63,296 63,077 59,148 0.3 7.0
Provision for loan
losses (4,000) (4,000) (5,000) ---- (20.0)
--------- --------- ---------
Net interest income
after provision
for loan losses 59,296 59,077 54,148 0.4 9.5
--------- --------- ---------
Other income:
Trust and asset
management fees:
Personal trust 18,701 16,469 15,158 13.6 23.4
Corporate
financial
services 12,771 11,527 11,951 10.8 6.9
Asset management 7,753 9,106 7,337 (14.9) 5.7
Rodney Square
Management
back office
business sold ---- ---- ---- ---- ----
--------- ---------- --------
Total trust
and asset
management
fees 39,225 37,102 34,446 5.7 13.9
--------- --------- --------
Service charges
on deposit
accounts 5,890 6,553 5,668 (10.1) 3.9
Other operating
income 4,401 5,376 5,964 (18.1) (26.2)
Securities gains 399 821 1,939 (51.4) (79.4)
--------- --------- --------
Total other
income 49,915 49,852 48,017 0.1 4.0
--------- --------- --------
Net interest
and other
income 109,211 108,929 102,165 0.3 6.9
--------- --------- --------
Other expense:
Salaries and
employment
benefits 40,552 38,654 34,604 4.9 17.2
Net occupancy 4,231 4,161 3,831 1.7 10.4
Furniture and
equipment 5,794 5,631 5,182 2.9 11.8
Stationery and
supplies 1,356 1,502 1,260 (9.7) 7.6
Other operating
expense 16,602(a) 13,013 12,520 27.6 32.6
--------- --------- --------
Total other
expense 68,535 62,961 57,397 8.9 19.4
--------- --------- --------
Income before
income taxes 40,676 45,968 44,768 (11.5) (9.1)
Applicable
income taxes 14,628(a) 15,242 15,275 (4.0) (4.2)
--------- --------- --------
Net income $26,048 $30,726 $29,493 (15.2) (11.7)
========= ========= ========
(a) Does not include net loss of $13,401,091 from abandonment of
fixed assets and other related charges; tax effect of $4,822,090.
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
OPERATING STATEMENT OF INCOME
Twelve Months Ended December 31
-------------------------------
(dollars in thousands) %
1999 1998 Change
---- ---- ------
Interest income $462,176 $456,939 1.1
Interest expense 216,263 219,242 (1.4)
------------- --------------
Net interest income 245,913 237,697 3.5
Provision for loan losses (17,500) (20,000) (12.5)
------------- --------------
Net interest income
after provision
for loan losses 228,413 217,697 4.9
------------- --------------
Other income:
Trust and asset
management fees:
Personal trust 66,804 59,494 12.3
Corporate
financial
services 46,813 43,661 7.2
Asset management 34,796 24,600 41.4
Rodney Square
Management
back office
business sold ---- 1,046 (100.0)
------------- --------------
Total trust
and asset
management fees 148,413 128,801 15.2
------------- --------------
Service charges
on deposit accounts 23,817 21,934 8.6
Other operating
income 17,979 26,496 (32.1)
Securities gains 1,244 6,686 (81.4)
------------- --------------
Total other income 191,453 183,917 4.1
------------- --------------
Net interest and
other income 419,866 401,614 4.5
------------- --------------
Other expense:
Salaries and
employment
benefits 147,219 137,917 6.7
Net occupancy 15,440 13,236 16.7
Furniture and
equipment 21,513 19,024 13.1
Stationery and
supplies 5,917 5,442 8.7
Other operating
expense 54,714(b) 54,447 0.5
------------- --------------
Total other
expense 244,803 230,066 6.4
------------- --------------
Income before
income taxes 175,063 171,548 2.0
Applicable
income taxes 59,187(b) 57,223 3.4
------------- --------------
Net income $ 115,876 $ 114,325 1.4
============= ==============
(b) Does not include net loss of $13,401,091 from abandonment of
fixed assets and other related charges; tax effect of $4,822,090.
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
AVERAGE STATEMENT OF CONDITION
(dollars in thousands) 1999 Fourth Quarter 1999 Third Quarter
---------------------------- ------------------
YIELDS/RATES Period-end Average Average Average Average
(tax-equivalent basis) Balance Balance Rate Balance Rate
--------------------- ---------- ----------------- ------------------
Assets:
Time deposits in
other banks $ ---- $ ---- ----% $ ---- ----%
Federal funds sold and
securities purchased
under agreements
to resell 129,760 52,899 5.11 17,428 5.14
----------------------------------------------------------------------
Total short-term
investments 129,760 52,899 5.11 17,428 5.14
--------- -------- --------
U.S. Treasury and
government agencies 1,009,759 967,915 5.91 991,511 5.89
State and municipal 11,976 12,885 7.33 14,412 7.93
Preferred stock 142,477 147,606 7.45 158,510 7.19
Asset-backed securities 361,850 372,005 6.21 388,085 6.22
Other securities 191,437 191,660 6.54 142,094 5.51
----------------------------------------------------------------------
Total investment
securities 1,717,499 1,692,071 6.19 1,694,612 6.07
--------- --------- ---------
Commercial, financial
and agricultural 1,519,844 1,451,246 8.11 1,432,059 7.84
Real estate-
construction 303,734 303,198 8.86 278,861 8.93
Mortgage-commercial 919,297 904,772 8.52 879,705 8.60
Mortgage-residential 968,259 951,395 7.01 908,216 7.02
Consumer 1,108,945 1,094,047 8.92 1,071,665 8.84
----------------------------------------------------------------------
Total loans 4,820,079 4,704,658 8.20 4,570,506 8.12
---------- --------- ---------
Total Earning
Assets 6,667,338 6,449,628 7.65 6,282,546 7.56
Reserve for loan losses (76,925) (76,207) (74,273)
Other Assets 611,531 629,264 614,345
----------------------------------------------------------------------
Total assets $7,201,944 $7,002,685 $6,822,618
========== ========== ==========
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
AVERAGE STATEMENT OF CONDITION
(dollars in thousands) 1999 Fourth Quarter 1999 Third Quarter
----------------------------- ------------------
YIELDS/RATES Period-end Average Average Average Average
(tax-equivalent basis) Balance Balance Rate Balance Rate
--------------------- ---------- ---------- ------- ---------- -------
Liabilities:
Savings $393,750 $400,171 1.74 $415,125 1.73
Interest-bearing
demand 1,397,574 1,383,199 2.09 1,351,980 2.16
Certificates under
$100,000 1,067,729 1,081,138 4.88 1,133,085 4.96
Certificates $100,000
and over 1,515,788 1,416,792 5.67 1,048,284 5.17
----------------------------------------------------------------------
Total interest-
bearing deposits 4,374,841 4,281,300 3.94 3,948,474 3.72
---------- ---------- ----------
Federal funds
purchased and
securities sold
under agreements
to repurchase 995,858 1,024,759 5.47 1,176,419 5.06
U.S. Treasury demand 95,000 39,206 5.00 37,522 5.69
----------------------------------------------------------------------
Total short-term
borrowings 1,090,858 1,063,965 5.45 1,213,941 5.08
---------- ---------- ----------
Long-term debt 168,000 168,000 6.60 168,000 6.60
----------------------------------------------------------------------
Total interest
-bearing
liabilities 5,633,699 5,513,265 4.31 5,330,415 4.12
Demand deposits 994,643 896,929 884,687
Other noninterest
funds 38,996 39,434 67,444
----------------------------------------------------------------------
Total funds used to
support earning
assets 6,667,338 6,449,628 3.67 6,282,546 3.48
Stockholders' equity 498,231 515,508 533,434
Equity used to support
earning assets (38,996) (39,434) (67,444)
Other liabilities 75,371 76,983 74,082
----------------------------------------------------------------------
Total liabilities
and stockholder's
Equity $7,201,944 $7,002,685 $6,822,618
========== ========== ==========
Total deposits $5,369,484 $5,178,229 $4,833,161
Average rates are calculated using average balances based on
historical cost and do not reflect market valuation adjustments.
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
AVERAGE STATEMENT OF CONDITION
Average Balance
(dollars in thousands) 1998 Fourth Quarter % Change From
----------------------- -------------------
YIELDS/RATES Average Average Prior Prior
(tax-equivalent basis) Balance Rate Quarter Year
--------------------- ------------------------ -------- ---------
Assets:
Time deposits in
other banks $ ---- ----% ---- ----
Federal funds sold and
securities purchased
under agreements
to resell 30,081 4.71 203.5 75.9
----------------------------------------------------------------------
Total short-term
investments 30,081 4.71 203.5 75.9
---------
U.S. Treasury and
government agencies 873,957 6.00 (2.4) 10.8
State and municipal 15,700 7.62 (10.6) (17.9)
Preferred stock 172,833 7.16 (6.9) (14.6)
Asset-backed securities 295,033 6.72 (4.1) 26.1
Other securities 107,023 5.63 34.9 79.1
----------------------------------------------------------------------
Total investment
securities 1,464,546 6.27 (0.1) 15.5
---------
Commercial, financial
and agricultural 1,302,457 8.06 1.3 11.4
Real
estate-construction 205,537 8.97 8.7 47.5
Mortgage-commercial 870,431 8.93 2.8 3.9
Mortgage-residential 852,994 7.39 4.8 11.5
Consumer 1,009,345 8.85 2.1 8.4
----------------------------------------------------------------------
Total loans 4,240,764 8.34 2.9 10.9
---------
Total Earning
Assets 5,735,391 7.80 2.7 12.5
Reserve for
loan losses (68,697)
Other Assets 543,953 2.4 15.7
----------------------------------------------------------------------
Total assets $6,210,647 2.6 12.8
=========
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
AVERAGE STATEMENT OF CONDITION
Average Balance
(dollars in thousands) 1998 Fourth Quarter % Change From
------------------------- -------------------
YIELDS/RATES Average Average Prior Prior
(tax-equivalent basis) Balance Rate Quarter Year
---------------------- ------------------------- --------- --------
Liabilities:
Savings $400,657 2.05 (3.6) (0.1)
Interest-bearing
demand 1,274,141 2.37 2.3 8.6
Certificates under
$100,000 1,195,443 5.30 (4.6) (9.6)
Certificates $100,000
and over 808,538 5.51 35.2 75.2
----------------------------------------------------------------------
Total interest-
bearing deposits 3,678,779 3.97 8.4 16.4
---------
Federal funds purchased
and securities sold
under agreements to
repurchase 878,733 5.16 (12.9) 16.6
U.S. Treasury demand 43,824 3.17 4.5 (10.5)
----------------------------------------------------------------------
Total short-term
borrowings 922,557 5.06 (12.4) 15.3
---------
Long-term debt 168,000 6.54 ---- ----
----------------------------------------------------------------------
Total interest
-bearing
liabilities 4,769,336 4.28 3.4 15.6
Demand deposits 796,082 1.4 12.7
Other noninterest funds 169,973 (41.5) (76.8)
----------------------------------------------------------------------
Total funds used
to support
earning assets 5,735,391 3.57 2.7 12.5
Stockholders' equity 543,350 (3.4) (5.1)
Equity used to support
earning assets (169,973) (41.5) (76.8)
Other liabilities 101,879 3.9 (24.4)
----------------------------------------------------------------------
Total liabilities
and
stockholder's
Equity $6,210,647 2.6 12.8
=========
Total deposits $4,474,861
Average rates are calculated using average balances based on
historical cost and do not reflect market valuation adjustments.
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
STATEMENT OF INCOME
Three months ended December 31, 1999
-------------------------------------------
(dollars in thousands) Before One-time Adjusted
write-off write-off quarter
------------- -------------- ------------
Interest income $123,493 $ $123,493
Interest expense 60,197 60,197
------------- -------------- ------------
Net interest income 63,296 ---- 63,296
Provision for loan losses (4,000) (4,000)
------------- -------------- ------------
Net interest income
after provision
for loan losses 59,296 ---- 59,296
------------- -------------- ------------
Other income:
Trust and asset
management fees:
Personal trust 18,701 18,701
Corporate
financial
services 12,771 12,771
Asset management 7,753 7,753
------------- -------------- ------------
Total trust
and asset
management fees 39,225 ---- 39,225
------------- -------------- ------------
Service charges
on deposit accounts 5,890 5,890
Other operating
income 4,401 4,401
Securities gains 399 399
------------- -------------- ------------
Total other income 49,915 ---- 49,915
------------- -------------- ------------
Net interest and
other income 109,211 ---- 109,211
------------- -------------- ------------
Other expense:
Salaries and
employment
benefits 40,552 40,552
Net occupancy 4,231 4,231
Furniture and
equipment 5,794 5,794
Stationery and
supplies 1,356 1,356
Other operating
expense 16,602 13,401 30,003
------------- -------------- ------------
Total other
expense 68,535 13,401 81,936
------------- -------------- ------------
Income before
income taxes 40,676 (13,401) 27,275
Applicable
income taxes 14,628 (4,822) 9,806
------------- -------------- ------------
Net income $26,048 $(8,579) $17,469
============= ============== ============
Net income per
share - basic $0.80 $(0.26) $0.54
============= ============== ============
Net income per
share - diluted $0.78 $(0.25) $0.53
============= ============== ============
Return on stockholders'
equity 20.05% 13.44%
Return on assets 1.48 0.99
Efficiency ratio 59.52 71.16
WILMINGTON TRUST CORPORATION
FOURTH QUARTER 1999
STATEMENT OF INCOME
Twelve Months Ended December 31
-------------------------------------------
(dollars in thousands) Before One-time Adjusted
write-off write-off year-to-date
------------- -------------- --------------
Interest income $462,176 $ $462,176
Interest expense 216,263 216,263
------------- -------------- --------------
Net interest income 245,913 ---- 245,913
Provision for loan losses (17,500) (17,500)
------------- -------------- --------------
Net interest income
after provision
for loan losses 228,413 ---- 228,413
------------- -------------- --------------
Other income:
Trust and asset
management fees:
Personal trust 66,804 66,804
Corporate
financial
services 46,813 46,813
Asset management 34,796 34,796
------------- -------------- --------------
Total trust
and asset
management fees 148,413 ---- 148,413
------------- -------------- --------------
Service charges
on deposit accounts 23,817 23,817
Other operating
income 17,979 17,979
Securities gains 1,244 1,244
------------- -------------- --------------
Total other income 191,453 ---- 191,453
------------- -------------- --------------
Net interest and
other income 419,866 ---- 419,866
------------- -------------- --------------
Other expense:
Salaries and
employment
benefits 147,219 147,219
Net occupancy 15,440 15,440
Furniture and
equipment 21,513 21,513
Stationery and
supplies 5,917 5,917
Other operating
expense 54,714 13,401 68,115
------------- -------------- --------------
Total other
expense 244,803 13,401 258,204
------------- -------------- --------------
Income before
income taxes 175,063 (13,401) 161,662
Applicable
income taxes 59,187 (4,822) 54,365
------------- -------------- --------------
Net income $115,876 $(8,579) $107,297
============= ============== ==============
Net income per
share - basic $3.52 $(0.26) $3.26
============= ============== ==============
Net income per
share - diluted $3.46 $(0.25) $3.21
============= ============== ==============
Return on stockholders'
equity 21.80% 20.18%
Return on assets 1.73 1.60
Efficiency ratio 54.98 57.99
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