WL Wilmington Trust Corp. (DE)

Wilmington Trust Corporation (NYSE: WL) reported today that net income for the 2007 first quarter was $43.0 million and earnings per share (on a diluted basis) were $0.62 per share. This was $0.02 less than for the year-ago first quarter. �Revenue growth was good for each of our businesses. Loan balances, on average, rose for the 16th consecutive quarter and surpassed $8 billion for the first time. The Wealth Advisory and Corporate Client Services businesses each recorded double-digit increases in revenue. Also, the net interest margin and credit quality were stable,� said Ted T. Cecala, Wilmington Trust's chairman and chief executive officer. �Offsetting these results was expense growth that outpaced revenue growth because of the expansion investments we made in 2006. These initiatives affected our expense levels immediately, but the corresponding increases in revenue will occur more gradually as we continue to grow our company for the long term.� In 2006 the company opened three new offices in the United States and one in Europe, significantly expanded Wealth Advisory and Corporate Client Services capabilities, completed an acquisition, and added staff in each business. The company also invested substantially in technology to support WTDirect, the Internet-only delivery channel introduced in November with a high-interest savings account. On an annualized basis, first quarter 2007 results produced a return on average assets of 1.59% and a return on average equity of 16.42%. The corresponding returns for the first quarter of 2006 were 1.76% and 17.42%, respectively. CASH DIVIDEND RAISED FOR 26TH CONSECUTIVE YEAR The Board of Directors approved a 6% increase in the quarterly cash dividend, raising it by $0.02, from $0.315 per share to $0.335 per share. On an annualized basis, this increased the dividend from $1.26 per share to $1.34 per share. The quarterly dividend will be paid on May 15, 2007, to stockholders of record as of May 1, 2007. This increase marks the 26th consecutive year that Wilmington Trust has raised its cash dividend. According to the winter 2007 edition of Mergent, Inc.�s Dividend Achievers, only 108 of the 10,000 companies that trade on North American exchanges have raised their dividends for 26 or more consecutive years. EFFICIENCY RATIOS As illustrated by the efficiency ratio, the company spent slightly more than 60 cents for each dollar of revenue generated in the 2007 first quarter, which was an increase from prior periods. This happened because Regional Banking and Wealth Advisory Services expansion investments made throughout 2006 added to expenses immediately, but the corresponding increases in revenue will occur more gradually as the business from each of these investments grows. In the Corporate Client Services business, higher revenue from investment and cash management services offset higher expenses from expansion, and efficiency improved. Efficiency ratios � 2007 Q1 � 2006 Q4 � 2006 Q1 Regional Banking � 43.68% � 41.56% � 41.49% Wealth Advisory Services � 85.93% � 76.47% � 77.00% Corporate Client Services � 70.82% � 72.79% � 79.05% Wilmington Trust consolidated � 60.28% � 56.40% � 57.02% In general, lower efficiency ratios indicate higher profitability. INVESTMENT SECURITIES PORTFOLIO Compared to the year-ago first quarter, balances in the investment securities portfolio were higher because of securities added during the 2006 fourth quarter to collateralize short-term cash sweeps for clients. Compared to the 2006 fourth quarter, balances were slightly lower. As a percentage of total assets, the size of the investment securities portfolio was relatively the same as for prior periods. Government agencies surpassed mortgage-backed instruments as the largest concentration of securities in the portfolio, largely because the company opted to invest in shorter-term instruments and because of higher volumes of prepayments of mortgage-backed securities. All of the mortgage-backed securities in the portfolio are AAA-rated instruments issued by U.S. government agencies for which the underlying collateral is residential mortgages. There are no subprime mortgages in this underlying collateral. Investment securities portfolio � At 3/31/07 � At 12/31/06 � At 3/31/06 Balances (in millions) � $1,977.4� � $2,114.6� � $1,840.3� As a percentage of total earning assets � 20% � 21% � 20% Average life (in years) � 4.59� � 4.93� � 6.27� Duration � 2.05� � 2.24� � 2.71� Percentage invested in fixed income instruments � 81% � 82% � 78% As a percentage of total assets � 18% � 19% � 18% The average life and duration declined because the balances of short-term investments increased and the negative yield curve caused paydowns of mortgage-backed instruments to accelerate. THE REGIONAL BANKING BUSINESS The Regional Banking business continued to benefit from the Delaware Valley�s diversified economy. According to the Federal Reserve Bank of Philadelphia, February 2007 unemployment rates for Delaware, Pennsylvania, and New Jersey were below the U.S. national average and the regional economic outlook was positive for the remainder of 2007. At Wilmington Trust, loan balances rose for the 16th consecutive quarter and exceeded $8 billion for the first time on an average-balance basis. Most of the loan growth was in the commercial portfolio. Commercial banking expansion initiatives during 2006 accelerated the pace of loan growth from markets outside Delaware. Compared to the year-ago first quarter, Pennsylvania market loan balances rose 11%, while Delaware market loan balances increased 6%. Loans (dollars in billions, on average) � 2007 Q1 � 2006 Q4 � 2006 Q1 Total loans outstanding (in billions, on average) � $8.07� � $7.91� � $7.45� � � � � � � � Delaware market loans (in billions, on average) � $5.84� � $5.74� � $5.49� Delaware market loans as a % of total loans � 72% � 73% � 74% � � � � � � � Pennsylvania market loans (in billions, on average) � $1.82� � $1.78� � $1.63� Pennsylvania market loans as a % of total loans � 23% � 23% � 22% � � � � � � � Other market loans as a % of total loans � 5% � 4% � 4% Commercial loans During 2006, the company opened new commercial banking offices in the Lehigh Valley area of eastern Pennsylvania and in Princeton, New Jersey, and increased the number of commercial bankers in its Baltimore office. These expansion activities contributed to the year-over-year and linked-quarter growth in commercial loan balances. Commercial loans (in millions, on average) � 2007 Q1 � 2006 Q4 � 2006 Q1 Commercial, industrial, and agricultural loans � $2,466.2� � $2,430.5� � $2,448.1� Commercial real estate/construction (CRE) loans � $1,669.8� � $1,634.9� � $1,322.0� Commercial mortgage loans � $1,339.9� � $1,281.4� � $1,229.8� Total commercial loans � $5,475.9� � $5,346.8� � $4,999.9� � � � � � � � % of commercial loans from Delaware market � 70% � 70% � 70% % of commercial loans from Pennsylvania market � 29% � 29% � 29% % of commercial loans from other markets � 1% � 1% � 1% Commercial, industrial, and agricultural loan balances were higher on an average-balance basis due to demand for working capital and inventory financing in a variety of industry sectors in eastern Pennsylvania, central New Jersey, and southern Delaware. Of the commercial real estate/construction (CRE) loans booked during the 2007 first quarter, approximately 72% were for single-family tract homes in eastern Pennsylvania, throughout Delaware, and on Maryland�s Eastern Shore. The rest were for a variety of retail and professional office projects. Increases in CRE loans in Delaware resulted from the continued growth in population and housing demand. For the 12 months ended July 2006, Delaware was the 15th fastest growing state in the United States, and Delaware's growth rate was more than double that of any other state in the northeast (according to the U.S. Census Bureau). Most of the first quarter increase in CRE loans in Delaware was split evenly between Kent and Sussex Counties, which is where most of the population growth is occurring. This is spurring demand for retail and other services, and approximately 44% of the CRE loans booked in Delaware during the first quarter were for retail and other service-related projects. In the commercial mortgage portfolio, loans booked during the 2007 first quarter were for a variety of professional office, industrial, retail, and hotel properties throughout the Regional Banking geographic footprint. Approximately 36% of the first quarter increase in commercial mortgage balances was for projects in Delaware; approximately 29% was for projects in Maryland; approximately 13% was for projects in New Jersey; approximately 11% was for projects in Pennsylvania; and approximately 11% was for a Delaware-based client�s project in Virginia. Retail loans Consumer lending continued to drive the growth in total retail loan balances. The two main contributors to the increase in consumer loans were indirect loans and the category recorded as �other� consumer loans, which includes home equity loans. Consumer preference for fixed-rate loans caused an increase in home equity loan balances and accounted for the decrease in home equity lines of credit, most of which have floating rates. Consumer loans (in millions, on average) � 2007 Q1 � 2006 Q4 � 2006 Q1 Home equity lines of credit � $309.5� � $318.9� � $325.1� Indirect loans � $687.2� � $676.1� � $646.8� Credit card loans � $63.6� � $62.6� � $59.6� Other consumer loans � $452.0� � $438.5� � $392.4� Total consumer loans � $1,512.3� � $1,496.1� � $1,423.9� � � � � � � � % of consumer loans from Delaware market � 77% � 78% � 81% % of consumer loans from Pennsylvania market � 7% � 7% � 6% % of consumer loans from other markets � 16% � 15% � 13% The increases in indirect loan balances were due mainly to higher volumes of loans for late-model used cars, which the company provides through automobile dealers. Activity in Maryland, New Jersey, and Pennsylvania contributed to the growth. Residential mortgage balances were higher than for prior periods because prepayment and refinancing volumes declined and because originations of mortgages that qualify as low income mortgages under the Community Reinvestment Act (CRA) increased. These increases corresponded with housing growth in CRA-eligible communities in Delaware. The company retains its CRA mortgage production but sells most other newly originated residential mortgages into the secondary market and does not record those loans on its balance sheet. Residential mortgages � 2007 Q1 � 2006 Q4 � 2006 Q1 Balances (in millions, on average) � $542.1� � $524.8� � $463.3� Origination volumes (in millions) � $54.7� � $52.2� � $46.8� Origination units � 225� � 244� � 201� � � � � � � � Fixed vs. floating rates � At 3/31/07 � At 12/31/06 � At 3/31/06 Percent of fixed-rate residential mortgages � 77% � 75% � 76% At March 31, 2007, Wilmington Trust�s residential mortgage delinquency rate was 15 basis points below the U.S. national average and compared favorably with other metropolitan areas. The following table compares first quarter 2007 delinquency rates with rates from the fourth quarter of 2005, when delinquencies were at their most recent low, as reported by The Wall Street Journal on April 11, 2007. Residential mortgage delinquency rates � 2007 Q1 � 2005 Q4 Wilmington Trust � 2.72% � 4.25% Wilmington/Maryland/New Jersey metropolitan area � 3.42% � 2.10% United States � 2.87% � 2.03% Wilmington Trust does not engage in subprime residential mortgage lending and there are no subprime loans in the residential mortgage portfolio. Core deposits The categories of core deposits that increased were savings deposits and certificates of deposit (CDs) of less than $100,000. Rate promotions offered in 2006 accounted for much of the 8% year-over-year increase in CD balances, on average. Savings deposits rose 35% between December 31, 2006, and March 31, 2007, due largely to the success of the high-interest savings account available through WTDirect, the Internet-only delivery channel introduced in November 2006. As of April 20, 2007, the annual percentage yield on this account was 5.26% for depositors who maintain average daily balances of at least $10,000. Core deposits (in millions, on average) � 2007 Q1 � 2006 Q4 � 2006 Q1 Noninterest-bearing demand � $749.1� � $793.6� � $763.5� Savings � 365.3� � 294.7� � 326.0� Interest-bearing demand � 2,250.4� � 2,304.8� � 2,346.8� CDs < $100,000 � 1,012.9� � 1,009.3� � 938.6� Local CDs ? $100,000 � 457.7� � 535.8� � 463.3� Total core deposits � $4,835.4� � $4,938.2� � $4,838.2� � � � � � � � From Delaware clients � 93% � 94% � 94% From Pennsylvania clients � 5% � 5% � 5% From other markets � 2% � 1% � 1% Balances recorded as local CDs $100,000 and over (local CDs) are included in core deposits because these CDs reflect client deposits, not wholesale or brokered deposits. Most local CDs are from commercial banking clients in the Delaware Valley and local municipalities, which frequently use these CDs to generate returns on their excess cash. Local CDs ? $100,000 by client category � At 3/31/07 � At 12/31/06 � At 3/31/06 Consumer banking clients � 75% � 74% � 70% DE commercial banking clients � 8% � 11% � 13% PA commercial banking clients � 7% � 8% � 1% Wealth Advisory Services clients � 10% � 7% � 16% Corporate Client Services clients � --� � --� � --� Funding Core deposits continued to be the company�s primary source of funding. Sources of funding (on average) � 2007 Q1 � 2006 Q4 � 2006 Q1 Core deposits � 52% � 53% � 56% National funding � 34% � 34% � 31% Short-term borrowings � 14% � 13% � 13% � � � � � � � Loan-to-deposit ratio � 1.01% � 0.98% � 0.99% The company augments core deposits with national funding because the Regional Banking business makes loans in a four-state region but gathers deposits primarily in Delaware. Purchasing national funds is a cost-effective way to add deposits without building and operating a large-scale expansion of the branch office network outside Delaware. The repricing characteristics of national funding are matched closely with the repricing characteristics of floating rate loans, as shown in the net interest margin discussion in this release. During the 2006 fourth quarter, the company diversified its funding sources by launching WTDirect and adding national money market deposits. Previously included in interest-bearing demand deposit balances, national money market deposits now are reported separately. Fourth quarter 2006 deposit balances were adjusted to reflect this change. Credit quality Credit quality remained stable, with the net charge-off ratio at the low end of historical levels. Since 1996, the annualized net charge-off ratio has ranged from a low of 14 basis points for 2005 to a high of 44 basis points for 2000. The $3.3 million charged off during the 2007 first quarter included a combination of commercial and consumer loans, but none was a commercial construction/real estate or commercial mortgage loan. At the end of the 2007 first quarter, 97% of loans outstanding had pass ratings in the internal risk rating analysis. The percentage of pass-rated loans has been 97% or higher for six consecutive quarters. Credit quality (dollars in millions) � 2007 Q1 � 2006 Q4 � 2006 Q1 Net charge-offs (in millions) � $3.3� � $5.9� � $1.8� Net charge-off ratio (basis points) � 4 bps � 7 bps � 2 bps � � � � � � � � � At 3/31/07 � At 12/31/06 � At 3/31/06 Nonaccruing loans � $23.1� � $31.0� � $35.5� Other real estate owned (OREO) � $4.8� � $4.8� � $0.2� Renegotiated loans � $4.8� � --� � $4.9� Loans past due 90 days � $7.3� � $5.8� � $10.1� � � � � � � � Ratio of nonperforming assets to loans (basis points) � 40 bps � 44 bps � 54 bps Nonaccruing loans declined as some returned to accruing status and others were paid in full. Multiple projects in Delaware, Maryland, and Pennsylvania accounted for the linked-quarter increase in loans past due 90 days. Other real estate owned (OREO) remained unchanged from the second quarter of 2006, when a parcel of agricultural land in New Jersey was transferred to OREO from nonaccruing status. The amount recorded as renegotiated loans consisted of one personal loan to a commercial banking client in New Jersey. Changes in the provision and reserve for loan losses reflected management's assessment of risk in light of loan growth; the internal risk rating analysis; the levels of net charge-offs, loan recoveries, and loan repayments; the stability of the regional economy; and regulatory guidelines. Provision for loan losses � 2007 Q1 � 2006 Q4 � 2006 Q1 Provision for loan losses (in millions) � $3.6� � $6.5� � $4.0� � � � � � � � Reserve for loan losses � At 3/31/07 � At 12/31/06 � At 3/31/06 Reserve for loan losses (in millions) � $94.5� � $94.2� � $93.6� Loan loss reserve ratio � 1.17% � 1.16% � 1.24% NET INTEREST MARGIN The net interest margin was 3.67%, the same as for the 2006 fourth quarter, as there were no changes in short-term market interest rates and the yield on earning assets matched the rate on funds used to support earning assets. The market interest rate environment was considerably different in the year-ago first quarter and for much of 2006. The Federal Open Market Committee raised short-term interest rates four times between January and June 2006 for a total of 100 basis points. After those increases, most of the company's floating rate loans had repriced by August, but deposits continued to reprice throughout the second half of 2006. The resulting lag between loan and deposit repricing was the main cause of the 15-basis-point decline in the margin from the year-ago first quarter. The table below illustrates the change in the pace of repricing. Changes in yields and rates (in basis points) � 2007 Q1vs. 2006 Q4 � 2007 Q1vs. 2006 Q1 Change in yield on total earning assets � 3 bps � 57 bps Change in rate on total funds to support earning assets � 3 bps � 72 bps Savings deposit rates were considerably higher than for prior periods because they include the high-rate savings account available through WTDirect. The average rate on this account for the 2007 first quarter was 4.93%. Clients must maintain an average daily balance of at least $10,000 to obtain the highest WTDirect rate. The margin reflected the company�s interest rate risk management strategy of using national funding with maturations that match the repricing characteristics of floating rate loans, as shown in the table below. As a percentage of total balances � At 3/31/07 � At 12/31/06 � At 3/31/06 Loans outstanding with floating rates � 73% � 74% � 77% Commercial floating rate loans repricing in ? 30 days � 93% � 93% � 81% Commercial loans tied to a prime rate � 61% � 61% � 58% Commercial loans tied to the 30-day LIBOR � 34% � 35% � 34% � � � � � � � National CDs maturing in ? 90 days � 77% � 55% � 77% Short-term borrowings maturing in ? 90 days � 95% � 92% � 87% The percentage of national CDs maturing in 90 days or less decreased over the last nine months of 2006 due to changes in the yield curve. With little difference between 90-day rates and longer-term rates, the company opted to purchase instruments with longer terms. Effective January 1, 2007, the company changed the way it calculates the quarterly net interest margin to a day-weighted methodology more in line with industry standards. The new methodology calculates the margin by dividing tax-adjusted net interest income by the number of days in the quarter, multiplied by 365, and then divided by average earning assets for the quarter. Prior periods have been adjusted to reflect this change. Net interest margin 2007� � 2006� � Q1 � Q4 � Q3 � Q2 � Q1 Previously reported � n/a� � 3.65% � 3.83% � 3.80% � 3.77% Adjusted for new methodology � 3.67% � 3.67% � 3.85% � 3.84% � 3.82% Under the old methodology, the margin for the 2007 first quarter would have been 3.62%. THE WEALTH ADVISORY SERVICES BUSINESS Wealth Advisory Services (WAS) revenue was 11% higher than for the year-ago first quarter mainly because of strong growth in trust and investment advisory revenue and fees for other services. The Maryland market recorded a 74% increase in sales year over year. Compared to the 2006 fourth quarter, sales from the New York market rose 22% and sales from the California market rose 11%. Wealth Advisory Services revenue (in millions) � 2007 Q1 � 2006 Q4 � 2006 Q1 Trust and investment advisory services � $36.9� � $36.1� � $34.2� Mutual fund fees � $5.1� � $5.1� � $4.7� Planning and other services � $9.5� � $10.1� � $7.4� Total Wealth Advisory Services revenue � $51.5� � $51.3� � $46.3� Revenue from trust and investment advisory services rose 8% from the year-ago first quarter and 2% on a linked-quarter basis. In comparison, the S&P 500 Index, which management considers a good proxy for the equity investments in client accounts, increased 10% year over year and 1% during the 2007 first quarter. Fees for trust and investment advisory services are based on the valuations of assets in client accounts. For the 2007 first quarter, approximately 48% of client assets were invested in traditional equities and approximately 27% were invested in fixed income securities. The 28% year-over-year growth in revenue from planning and other services was due in large part to the substantial expansion of family office services that began in June 2006. As part of this expansion, WAS opened new offices in Princeton, New Jersey, and Stamford, Connecticut, and added staff with expertise in structuring family offices as legal entities and in developing strategies for executive compensation and inherited wealth. These initiatives complemented the services for sports and entertainment industry professionals offered by the company�s Beverly Hills-based subsidiary, Grant Tani Barash & Altman, and positioned Wilmington Trust among the largest full-service family office practices in the industry. Fees for planning and other services are based on the nature and complexity of the service provided, not on asset valuations. In some cases, these fees are based on the client's annual income. THE CORPORATE CLIENT SERVICES BUSINESS Corporate Client Services (CCS) revenue was 18% higher than for the year-ago first quarter, as all components of the business recorded year-over-year increases. First quarter sales exceeded $5 million for the first time and were 31% higher than for the year-ago first quarter. Corporate Client Services revenue (in millions) � 2007 Q1 � 2006 Q4 � 2006 Q1 Capital markets services � $10.2� � $10.4� � $9.1� Entity management services � $7.1� � $7.1� � $6.5� Retirement services � $3.4� � $2.9� � $2.7� Investment/cash management services � $3.3� � $3.0� � $2.1� Total Corporate Client Services revenue � $24.0� � $23.4� � $20.4� The 12% increase in capital markets revenue reflected strong demand for services that support trust-preferred securities, collateral trust and default administration, defeasance of commercial mortgage-backed securitizations, and tender option bonds. Sales of capital markets services were 27% higher than for the year-ago first quarter. The slight linked-quarter decline in capital markets revenue reflected the fact that demand for these services is typically stronger in the fourth quarter than in any other quarter. The decline also was due to a slowdown in the U.S. housing market that began in the second quarter of 2006 and reduced demand for asset-backed securitizations (ABS) in which real estate is the underlying collateral. Some of the real estate-backed securitizations for which CCS provides trust and administrative services hold a blend of prime and subprime residential mortgages. Prevailing concerns about the subprime market have little, if any, effect on CCS because the corresponding fees are based on services provided regardless of the underlying collateral. Securitizations backed by U.S. residential mortgages accounted for approximately 6% of total CCS revenue for the 2007 first quarter. The 9% year-over-year increase in entity management revenue resulted from expansion in and continued demand from European markets, especially for administrative and corporate governance services for structured finance transactions in Ireland, the United Kingdom, and Germany. CCS opened an office in Frankfurt, Germany, in August 2006 following passage of the German True Sale Initiative, which facilitates ABS transactions in that country. The May 2006 acquisition of a corporate services business in the Cayman Islands also contributed to the revenue growth. On a linked-quarter basis, entity management revenue was flat due to seasonality in non-U.S. business. Market appreciation, additional retirement plan contributions, and demand for executive compensation plan trusts accounted for the increases in retirement services revenue. Approximately $300,000 of 2007 first quarter retirement services revenue was associated with paying agent services for plan distributions and is not expected to occur again in 2007. More proactive marketing generated the increases in CCS investment and cash management revenue. Approximately 43% of this revenue was tied to the valuations of domestic fixed income instruments and reflected the use of the company�s expertise in fixed income management on behalf of CCS clients. The remaining investment and cash management revenue was based on money market mutual fund balances. AFFILIATE MONEY MANAGERS Assets under management at value-style manager Cramer Rosenthal McGlynn reached $11.20 billion, another record high. This was $600 million more than at the end of December 2006 and $1.50 billion more than at the end of the year-ago first quarter. These increases, which were due mainly to new business inflows, generated an 18% increase in first quarter revenue from CRM. On a linked-quarter basis, revenue from CRM declined because hedge fund performance fees were lower and compensation and benefits costs were higher, which is typical for the first quarter. Affiliate manager revenue (in millions) � 2007 Q1 � 2006 Q4 � 2006 Q1 Cramer Rosenthal McGlynn � $4.7� � $5.3� � $4.0� Roxbury Capital Management � $0.1� � $0.1� � $0.9� Total revenue from affiliates � $4.8� � $5.4� � $4.9� � � � � � � � Assets under management (in millions) � At 3/31/07 � At 12/31/06 � At 3/31/06 Cramer Rosenthal McGlynn � $11,215.7� � $10,623.8� � $9,733.9� Roxbury Capital Management � $3,121.6� � $3,138.1� � $3,515.7� At growth-style manager Roxbury Capital Management (RCM), managed asset levels and revenue declined from the year-ago first quarter because RCM terminated its micro-cap and fixed income products during the second half of 2006. Revenue from RCM was flat on a linked-quarter basis as it continued to record expenses related to the fund terminations. ADJUSTMENTS TO WILMINGTON TRUST ASSETS UNDER MANAGEMENT Effective January 1, 2007, amounts of assets under management at Wilmington Trust (excluding the affiliate money managers) were adjusted to include approximately $2 billion of institutional and individual client assets not held in trust accounts. Prior periods were changed to reflect this adjustment. Assets under administration include assets under management. Client assets at Wilmington Trust (in billions) � 3/31/07� � 12/31/06� � 9/30/06� � 6/30/06� � 3/31/06� Assets under management � � � � � � � � � � Previously reported � n/a� � $29.0� � $27.2� � $26.4� � $27.2� Adjusted amount � $31.8� � $31.3� � $29.1� � $28.3� � $29.2� � � � � � � � � � � � Assets under administration � � � � � � � � � � Previously reported � n/a� � $105.3� � $100.5� � $100.7� � $102.1� Adjusted amount � $112.1� � $107.5� � $102.4� � $102.7� � $104.0� NONINTEREST EXPENSES Staffing-related costs continued to account for the majority of noninterest expenses. Expenses (dollars in millions) � 2007 Q1 � 2006 Q4 � 2006 Q1 Full-time-equivalent staff members � 2,579� � 2,562� � 2,475� � � � � � � � Salaries and wages � $41.8� � $40.3� � $36.9� � � � � � � � Stock option expense � $3.1� � $2.2� � $2.2� Total incentives and bonuses � $14.0� � $10.3� � $10.3� � � � � � � � Total staffing-related expenses � $70.4� � $62.0� � $60.7� � � � � � � � Total noninterest expenses � $110.5� � $104.9� � $97.5� Noninterest expenses increased because expansion investments made throughout 2006 raised staffing- and occupancy-related costs. During the 12 months ended March 31, 2007, these investments added 104 staff members and included: The Wealth Advisory Services expansion in June 2006 of family office services, which added 34 staff members and one new office; New commercial banking and wealth management offices in Pennsylvania and New Jersey and staff additions throughout the Regional Banking footprint; European expansion and the addition of new product capabilities in the second half of 2006 in the Corporate Client Services business; and The November 2006 launch of WTDirect, the company�s Internet-only outlet, which accounted for most of the year-over-year increase in advertising costs. Most of the full-time-equivalent staff members added during the first three months of 2007 were in Regional Banking in the Delaware branch office network. Employment benefits expense and incentives and bonuses were the main causes of the increase in noninterest expenses from the fourth quarter of 2006. Approximately $3 million of the linked-quarter increase in employment benefits expense was for payroll tax payments and 401(k) plan contributions that reset at the start of each year. Incentives and bonuses were higher, in part, because sales volumes increased. In addition, incentives and bonuses for the 2007 first quarter included approximately $2 million of expense that is not expected to occur again in 2007. Approximately $1 million of this amount was for restricted stock grants issued to retirement-eligible staff. Because restricted stock awards fully vest upon retirement, U.S. generally accepted accounting principles require the company to recognize the full expense of these grants when they are awarded, instead of amortizing the expense over the vesting period. In other categories of expenses: The timing of maintenance contract billing accounted for most of the linked-quarter decrease in furniture, equipment, and supplies expense. Amounts recorded as subadvisor expense vary according to the mix of investments in client portfolios among fixed income and equity instruments, active and passive funds, and domestic and international securities. Higher legal fees as well as costs associated with credit and debit cards were the main causes of the increases in other expense. The amount recorded as minority interest for the 2007 first quarter included an adjustment of approximately $500,000 associated with Wilmington Trust Conduit Services, the subsidiary that was formed in the fall of 2006 to provide administrative services for collateralized debt obligations. Absent this amount, minority interest for the quarter would have been approximately $100,000, which is what management anticipates for each of the remaining quarters in 2007. SHARE REPURCHASES During the 2007 first quarter, the company repurchased 47,291 shares of its stock at a total cost of $2.0 million and an average price per share of $42.52. This brought the total number of shares repurchased under the current 8-million-share program, which commenced in April 2002, to 1,398,532, leaving 6,601,468 shares available for repurchase. OUTLOOK FOR 2007 Commenting on the outlook for the remainder of 2007, Cecala said: �The economy in our Regional Banking footprint is healthy and stable. Although we are seeing a slight slowing in the pace of growth in the commercial real estate/construction portfolio, we expect to offset that with loan growth from our commercial banking expansion in eastern Pennsylvania, New Jersey, and Maryland. �As you can see from our savings account balances, the Internet-only high interest savings account we are offering through WTDirect has proven to be a successful new source of cost-effective funding. Since we make commercial loans in four states but gather core deposits mainly in Delaware, we will continue to pursue other ways to add core deposits efficiently, without incurring the costs of a large-scale expansion of our branch office network, and reduce our use of national funding. �We see nothing on the horizon to suggest a change in credit quality. The net charge-off ratio remains at a historically low level and 97% of loans outstanding have pass ratings in the internal risk rating analysis. �The net interest margin has stabilized. Unless the Federal Reserve changes short-term rates, we would not expect to see the margin decline. �We expect year-over-year growth in Corporate Client Services and Wealth Advisory Services to be on pace with what we saw for the first quarter. �Noninterest expenses should be in the $108 to $109 million range for each of the remaining quarters in 2007. The expansion investments we made in 2006 came on line throughout the second half of the year and weren�t fully evident until the fourth quarter. �Total staffing-related costs should be lower for the second, third, and fourth quarters than they were for the first quarter. Payroll taxes and the company 401(k) plan matching costs will decline progressively as they reach their limits. In addition, first quarter incentives and bonuses included approximately $2 million of payments we do not expect to repeat in 2007.� CONFERENCE CALL Management will discuss the 2007 first quarter results and outlook for the future in a conference call today at 10:00 a.m. (EDT). Supporting materials, financial statements, and audio streaming will be available at www.wilmingtontrust.com. To access the call from within the United States, dial (888) 868-9083 and enter PIN 8563843. From outside the United States, dial (973) 935-8512 and enter PIN 8563843. A rebroadcast of the call will be available from 12:30 p.m. (EDT) today until 5:00 p.m. (EDT) on Friday, April 27, by calling (877) 519-4471 inside the United States or (973) 341-3080 from outside the United States. Use PIN 8563843 to access the rebroadcast. FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements that reflect our current expectations about our future performance. These statements rely on a number of assumptions and estimates and are subject to various risks and uncertainties that could cause our actual results to differ from our expectations. Factors that could affect our future financial results include, among other things, changes in national or regional economic conditions; changes in market interest rates; significant changes in banking laws or regulations; increased competition in our businesses; higher-than-expected credit losses; the effects of acquisitions; the effects of integrating acquired entities; a substantial and permanent loss of either client accounts and/or assets under management at Wilmington Trust and/or our affiliate money managers, Cramer Rosenthal McGlynn and Roxbury Capital Management; unanticipated changes in regulatory, judicial, or legislative tax treatment of business transactions; and economic uncertainty created by unrest in other parts of the world. ABOUT WILMINGTON TRUST Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides Regional Banking services throughout the Delaware Valley region, Wealth Advisory Services for high-net-worth clients in 36 countries, and Corporate Client Services for institutional clients in 86 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in California, Connecticut, Delaware, Florida, Georgia, Maryland, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, and Frankfurt. For more information, visit www.wilmingtontrust.com. � WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY As of and for the three months ended March 31, 2007 � HIGHLIGHTS � Three Months Ended � Mar. 31, Mar. 31, % � � 2007� � 2006� � Change OPERATING RESULTS (in millions) Net interest income $ 90.9� $ 87.3� 4.1� Provision for loan losses (3.6) (4.0) (10.0) Noninterest income 91.4� 82.7� 10.5� Noninterest expense 110.5� 97.5� 13.3� Net income 43.0� 44.1� (2.5) � PER SHARE DATA Basic net income $ 0.63� $ 0.65� (3.1) Diluted net income 0.62� 0.64� (3.1) Dividends paid 0.315� 0.30� 5.0� Book value at period end 15.90� 15.30� 3.9� Closing price at period end 42.17� 43.35� (2.7) Market range: High 44.55� 44.80� (0.6) Low 39.74� 38.54� 3.1� � AVERAGE SHARES OUTSTANDING (in thousands) Basic 68,525� 68,070� 0.7� Diluted 69,653� 69,434� 0.3� � AVERAGE BALANCE SHEET (in millions) Investment portfolio $ 2,005.8� $ 1,878.9� 6.8� Loans 8,072.0� 7,445.3� 8.4� Earning assets 10,135.1� 9,341.7� 8.5� Core deposits 4,835.4� 4,838.2� (0.1) Stockholders' equity 1,062.2� 1,026.4� 3.5� � � STATISTICS AND RATIOS (net income annualized) Return on average stockholders' equity 16.42% 17.42% (5.7) Return on average assets 1.59% 1.76% (9.7) Net interest margin (taxable equivalent) 3.67% 3.82% (3.9) Dividend payout ratio 50.00% 46.26% 8.1� Full-time equivalent headcount 2,579� 2,475� 4.2� � � WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY As of and for the three months ended March 31, 2007 � QUARTERLY INCOME STATEMENT � Three Months Ended % Change From: Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, Prior Prior (In millions) 2007� 2006� 2006� 2006� 2006� Quarter � Year NET INTEREST INCOME Interest income $ 180.0� $ 182.0� $ 175.0� $ 165.0� $ 152.8� (1.1) 17.8� Interest expense � 89.1� � 89.6� � 82.0� � 74.6� � 65.5� (0.6) 36.0� Net interest income 90.9� 92.4� 93.0� 90.4� 87.3� (1.6) 4.1� Provision for loan losses � (3.6) � (6.5) � (6.6) � (4.2) � (4.0) (44.6) (10.0) Net interest income after provision for loan losses � 87.3� � 85.9� � 86.4� � 86.2� � 83.3� 1.6� 4.8� NONINTEREST INCOME Advisory fees: Wealth Advisory Services Trust and investment advisory fees 36.9� 36.1� 33.0� 33.1� 34.2� 2.2� 7.9� Mutual fund fees 5.1� 5.1� 5.3� 5.0� 4.7� ----� 8.5� Planning and other services � 9.5� � 10.1� � 8.8� � 8.9� � 7.4� (5.9) 28.4� Total Wealth Advisory Services � 51.5� � 51.3� � 47.1� � 47.0� � 46.3� 0.4� 11.2� Corporate Client Services Capital markets services 10.2� 10.4� 8.7� 8.8� 9.1� (1.9) 12.1� Entity management services 7.1� 7.1� 6.8� 6.6� 6.5� ----� 9.2� Retirement services 3.4� 2.9� 2.9� 2.9� 2.7� 17.2� 25.9� Investment / cash management services � 3.3� � 3.0� � 2.7� � 2.5� � 2.1� 10.0� 57.1� Total Corporate Client Services � 24.0� � 23.4� � 21.1� � 20.8� � 20.4� 2.6� 17.6� Cramer Rosenthal McGlynn 4.7� 5.3� 4.6� 5.5� 4.0� (11.3) 17.5� Roxbury Capital Management � 0.1� � 0.1� � ----� � 0.3� � 0.9� ----� (88.9) Advisory fees 80.3� 80.1� 72.8� 73.6� 71.6� 0.2� 12.2� Amortization of affiliate intangibles � (1.1) � (1.1) � (1.1) � (1.0) � (1.0) ----� 10.0� Advisory fees after amortization of affiliate intangibles � 79.2� � 79.0� � 71.7� � 72.6� � 70.6� 0.3� 12.2� Service charges on deposit accounts 6.8� 7.1� 7.3� 7.0� 6.9� (4.2) (1.4) Other noninterest income 5.4� 6.2� 5.5� 6.8� 5.2� (12.9) 3.8� Securities gains/(losses) � ----� � 0.2� � 0.1� � (0.1) � ----� (100.0) ----� Total noninterest income � 91.4� � 92.5� � 84.6� � 86.3� � 82.7� (1.2) 10.5� Net interest and noninterest income � 178.7� � 178.4� � 171.0� � 172.5� � 166.0� 0.2� 7.7� NONINTEREST EXPENSE Salaries and wages 41.8� 40.3� 39.5� 37.8� 36.9� 3.7� 13.3� Incentives and bonuses 14.0� 10.3� 8.9� 10.3� 10.3� 35.9� 35.9� Employment benefits 14.6� 11.4� 11.4� 11.9� 13.5� 28.1� 8.1� Net occupancy 6.8� 6.7� 6.7� 6.3� 5.9� 1.5� 15.3� Furniture, equipment, and supplies 9.7� 10.3� 9.2� 9.9� 9.0� (5.8) 7.8� Other noninterest expense: Advertising and contributions 2.7� 3.2� 2.2� 2.1� 1.9� (15.6) 42.1� Servicing and consulting fees 2.4� 2.9� 2.8� 2.4� 2.3� (17.2) 4.3� Subadvisor expense 2.5� 2.3� 2.7� 2.9� 2.8� 8.7� (10.7) Travel, entertainment, and training 2.2� 3.4� 2.5� 2.3� 2.2� (35.3) ----� Originating and processing fees 2.5� 3.1� 2.8� 2.4� 2.8� (19.4) (10.7) Other expense � 11.3� � 11.0� � 9.9� � 10.0� � 9.9� 2.7� 14.1� Total other noninterest expense � 23.6� � 25.9� � 22.9� � 22.1� � 21.9� (8.9) 7.8� Total noninterest expense before impairment 110.5� 104.9� 98.6� 98.3� 97.5� 5.3� 13.3� Impairment write-down � ----� � ----� � 72.3� � ----� � ----� ----� ----� Total noninterest expense � 110.5� � 104.9� � 170.9� � 98.3� � 97.5� 5.3� 13.3� Income before income taxes and minority interest 68.2� 73.5� 0.1� 74.2� 68.5� (7.2) (0.4) Applicable income taxes � 24.6� � 26.3� � (5.0) � 27.2� � 24.3� (6.5) 1.2� Net income before minority interest 43.6� 47.2� 5.1� 47.0� 44.2� (7.6) (1.4) Minority interest � 0.6� � (0.3) � (0.1) � 0.1� � 0.1� ----� 500.0� Net income $ 43.0� $ 47.5� $ 5.2� $ 46.9� $ 44.1� (9.5) (2.5) � � WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY As of and for the three months ended March 31, 2007 � STATEMENT OF CONDITION � % Change From: Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, Prior Prior (In millions) � 2007� � 2006� � 2006� � 2006� � 2006� � Quarter � Year ASSETS Cash and due from banks $ 222.2� � $ 249.7� � $ 268.4� � $ 258.5� � $ 219.2� (11.0) 1.4� Federal funds sold and securities purchased under agreements to resell � 68.9� � � 68.9� � � 38.4� � � 66.7� � � 44.9� ----� 53.5� Investment securities: U.S. Treasury 102.5� 125.2� 230.8� 181.4� 136.8� (18.1) (25.1) Government agencies 743.9� 807.1� 533.0� 416.5� 394.5� (7.8) 88.6� Obligations of state and political subdivisions 9.1� 9.5� 9.4� 10.4� 10.5� (4.2) (13.3) Preferred stock 74.2� 90.5� 91.0� 88.1� 90.2� (18.0) (17.7) Mortgage-backed securities 656.2� 689.5� 726.8� 751.0� 806.4� (4.8) (18.6) Other securities � � 391.5� � � 392.8� � � 391.3� � � 389.8� � � 401.9� (0.3) (2.6) Total investment securities � 1,977.4� � � 2,114.6� � � 1,982.3� � � 1,837.2� � � 1,840.3� (6.5) 7.4� Loans: Commercial, financial, and agricultural 2,455.2� 2,533.5� 2,378.1� 2,445.5� 2,445.9� (3.1) 0.4� Real estate - construction 1,665.5� 1,663.9� 1,610.9� 1,574.3� 1,411.9� 0.1� 18.0� Mortgage - commercial � � 1,378.3� � � 1,296.1� � � 1,254.5� � � 1,222.8� � � 1,245.4� 6.3� 10.7� Total commercial loans � 5,499.0� � � 5,493.5� � � 5,243.5� � � 5,242.6� � � 5,103.2� 0.1� 7.8� Mortgage - residential 553.5� 536.9� 518.7� 503.0� 473.4� 3.1� 16.9� Consumer 1,503.9� 1,517.0� 1,489.7� 1,452.4� 1,408.5� (0.9) 6.8� Secured with liquid collateral � � 532.0� � � 547.5� � � 528.3� � � 557.2� � � 553.9� (2.8) (4.0) Total retail loans � 2,589.4� � � 2,601.4� � � 2,536.7� � � 2,512.6� � � 2,435.8� (0.5) 6.3� Total loans net of unearned income 8,088.4� 8,094.9� 7,780.2� 7,755.2� 7,539.0� (0.1) 7.3� Reserve for loan losses � � (94.5) � � (94.2) � � (93.6) � � (94.3) � � (93.6) 0.3� 1.0� Net loans � 7,993.9� � � 8,000.7� � � 7,686.6� � � 7,660.9� � � 7,445.4� (0.1) 7.4� Premises and equipment 148.8� 150.3� 151.6� 151.2� 148.7� (1.0) 0.1� Goodwill 291.5� 291.4� 291.1� 363.0� 348.5� ----� (16.4) Other intangibles 34.2� 35.4� 38.8� 38.9� 35.0� (3.4) (2.3) Other assets � � 254.0� � � 246.0� � � 251.9� � � 236.9� � � 200.2� 3.3� 26.9� Total assets $ 10,990.9� � $ 11,157.0� � $ 10,709.1� � $ 10,613.3� � $ 10,282.2� (1.5) 6.9� � LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing demand $ 792.0� $ 913.6� $ 861.3� $ 813.8� $ 830.2� (13.3) (4.6) Interest-bearing: Savings 422.7� 313.8� 292.5� 313.1� 328.0� 34.7� 28.9� Interest-bearing demand 2,336.1� 2,417.5� 2,417.5� 2,355.9� 2,352.1� (3.4) (0.7) Certificates under $100,000 1,014.2� 1,012.6� 995.5� 991.1� 960.4� 0.2� 5.6� Local certificates $100,000 and over � � 447.6� � � 474.4� � � 574.7� � � 550.6� � � 513.3� (5.6) (12.8) Total core deposits 5,012.6� 5,131.9� 5,141.5� 5,024.5� 4,984.0� (2.3) 0.6� National money market deposits 142.5� 143.1� ----� ----� ----� (0.4) ----� National certificates $100,000 and over � � 2,970.6� � � 3,054.1� � � 2,742.7� � � 2,760.6� � � 2,707.2� (2.7) 9.7� Total deposits � 8,125.7� � � 8,329.1� � � 7,884.2� � � 7,785.1� � � 7,691.2� (2.4) 5.6� Short-term borrowings: Federal funds purchased and securities sold under agreements to repurchase 1,153.5� 1,145.8� 1,161.7� 1,160.0� 984.2� 0.7� 17.2� U.S. Treasury demand � � ----� � � 13.0� � � 7.0� � � 24.5� � � 0.6� (100.0) (100.0) Total short-term borrowings � 1,153.5� � � 1,158.8� � � 1,168.7� � � 1,184.5� � � 984.8� (0.5) 17.1� Other liabilities 229.8� 221.3� 196.4� 183.1� 169.4� 3.8� 35.7� Long-term debt � � 389.5� � � 388.5� � � 395.2� � � 393.4� � � 393.2� 0.3� (0.9) Total liabilities � 9,898.5� � � 10,097.7� � � 9,644.5� � � 9,546.1� � � 9,238.6� (2.0) 7.1� Minority interest 0.2� ----� 0.3� 0.3� 0.3� ----� (33.3) Stockholders' equity � � 1,092.2� � � 1,059.3� � � 1,064.3� � � 1,066.9� � � 1,043.3� 3.1� 4.7� Total liabilities and stockholders' equity $ 10,990.9� � $ 11,157.0� � $ 10,709.1� � $ 10,613.3� � $ 10,282.2� (1.5) 6.9� � � WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY As of and for the three months ended March 31, 2007 � AVERAGE STATEMENT OF CONDITION � 2007 First 2006 Fourth 2006 Third 2006 Second 2006 First % Change From: Prior Prior (In millions) � Quarter � Quarter � Quarter � Quarter � Quarter � Quarter � Year ASSETS Cash and due from banks $ 213.9� � $ 218.2� � $ 206.9� � $ 209.3� � $ 208.0� (2.0) 2.8� Federal funds sold and securities purchased under agreements to resell � 57.3� � � 144.8� � � 28.8� � � 18.8� � � 17.5� (60.4) 227.4� Investment securities: U.S. Treasury 123.6� 177.4� 157.0� 146.7� 144.6� (30.3) (14.5) Government agencies 728.9� 642.1� 475.9� 394.1� 400.8� 13.5� 81.9� Obligations of state and political subdivisions 9.1� 9.4� 9.6� 10.5� 10.5� (3.2) (13.3) Preferred stock 85.1� 90.7� 89.4� 89.2� 91.4� (6.2) (6.9) Mortgage-backed securities 668.8� 705.5� 735.1� 780.1� 828.4� (5.2) (19.3) Other securities � � 390.3� � � 392.5� � � 390.0� � � 397.3� � � 403.2� (0.6) (3.2) Total investment securities � 2,005.8� � � 2,017.6� � � 1,857.0� � � 1,817.9� � � 1,878.9� (0.6) 6.8� Loans: Commercial, financial, and agricultural 2,466.2� 2,430.5� 2,407.7� 2,463.5� 2,448.1� 1.5� 0.7� Real estate - construction 1,669.8� 1,634.9� 1,588.7� 1,517.5� 1,322.0� 2.1� 26.3� Mortgage - commercial � � 1,339.9� � � 1,281.4� � � 1,238.5� � � 1,212.8� � � 1,229.8� 4.6� 9.0� Total commercial loans � 5,475.9� � � 5,346.8� � � 5,234.9� � � 5,193.8� � � 4,999.9� 2.4� 9.5� Mortgage - residential 542.1� 524.8� 507.8� 484.2� 463.3� 3.3� 17.0� Consumer 1,512.3� 1,496.1� 1,470.5� 1,441.6� 1,423.9� 1.1� 6.2� Secured with liquid collateral � � 541.7� � � 545.2� � � 546.1� � � 556.3� � � 558.2� (0.6) (3.0) Total retail loans � 2,596.1� � � 2,566.1� � � 2,524.4� � � 2,482.1� � � 2,445.4� 1.2� 6.2� Total loans net of unearned income 8,072.0� 7,912.9� 7,759.3� 7,675.9� 7,445.3� 2.0� 8.4� Reserve for loan losses � � (93.2) � � (91.6) � � (93.5) � � (91.8) � � (90.4) 1.7� 3.1� Net loans � 7,978.8� � � 7,821.3� � � 7,665.8� � � 7,584.1� � � 7,354.9� 2.0� 8.5� Premises and equipment 150.3� 151.5� 152.1� 150.3� 148.5� (0.8) 1.2� Goodwill 291.4� 290.7� 362.3� 357.3� 348.3� 0.2� (16.3) Other intangibles 34.8� 38.1� 38.5� 37.3� 35.6� (8.7) (2.2) Other assets � � 245.0� � � 241.2� � � 229.0� � � 209.6� � � 193.6� 1.6� 26.5� Total assets $ 10,977.3� � $ 10,923.4� � $ 10,540.4� � $ 10,384.6� � $ 10,185.3� 0.5� 7.8� � LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing demand $ 749.1� $ 793.6� $ 737.2� $ 742.0� $ 763.5� (5.6) (1.9) Interest-bearing: Savings 365.3� 294.7� 304.1� 321.2� 326.0� 24.0� 12.1� Interest-bearing demand 2,250.4� 2,304.8� 2,374.1� 2,364.4� 2,346.8� (2.4) (4.1) Certificates under $100,000 1,012.9� 1,009.3� 988.1� 980.9� 938.6� 0.4� 7.9� Local certificates $100,000 and over � 457.7� � � 535.8� � � 546.5� � � 540.0� � � 463.3� (14.6) (1.2) Total core deposits 4,835.4� 4,938.2� 4,950.0� 4,948.5� 4,838.2� (2.1) (0.1) National money market deposits 143.0� 69.9� ----� ----� ----� 104.6� ----� National certificates $100,000 and over � 2,992.1� � � 3,042.2� � � 2,864.6� � � 2,656.1� � � 2,647.7� (1.6) 13.0� Total deposits � 7,970.5� � � 8,050.3� � � 7,814.6� � � 7,604.6� � � 7,485.9� (1.0) 6.5� � Short-term borrowings: Federal funds purchased and securities sold under agreements to repurchase 1,318.5� 1,221.4� 1,048.8� 1,146.0� 1,082.0� 7.9� 21.9� U.S. Treasury demand � � 5.4� � � 10.0� � � 6.8� � � 16.0� � � 11.7� (46.0) (53.8) Total short-term borrowings � 1,323.9� � � 1,231.4� � � 1,055.6� � � 1,162.0� � � 1,093.7� 7.5� 21.0� Other liabilities 231.5� 183.0� 193.9� 164.4� 180.0� 26.5� 28.6� Long-term debt � � 388.8� � � 391.1� � � 394.2� � � 393.3� � � 399.0� (0.6) (2.6) Total liabilities � 9,914.7� � � 9,855.8� � � 9,458.3� � � 9,324.3� � � 9,158.6� 0.6� 8.3� Minority interest 0.4� 0.2� 0.4� 0.3� 0.3� 100.0� 33.3� Stockholders' equity � � 1,062.2� � � 1,067.4� � � 1,081.7� � � 1,060.0� � � 1,026.4� (0.5) 3.5� Total liabilities and stockholders' equity $ 10,977.3� � $ 10,923.4� � $ 10,540.4� � $ 10,384.6� � $ 10,185.3� 0.5� 7.8� � � WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY As of and for the three months ended March 31, 2007 � YIELDS AND RATES � � YIELDS/RATES (tax-equivalent basis) � 2007 First Quarter � 2006 Fourth Quarter � 2006 Third Quarter � 2006 Second Quarter � 2006 First Quarter EARNING ASSETS: Federal funds sold and securities purchased under agreements to resell 5.05� % 5.23� % 4.61� % 5.00� % 4.17� % � U.S. Treasury 4.11� 3.97� 4.03� 3.54� 3.43� Government agencies 4.70� 4.50� 4.19� 3.94� 4.00� Obligations of state and political subdivisions 9.00� 8.79� 8.68� 8.82� 8.89� Preferred stock 7.50� 7.70� 7.57� 7.62� 7.70� Mortgage-backed securities 4.25� 4.18� 4.02� 4.17� 4.23� Other securities 6.28� 6.43� 6.37� 6.16� 5.60� Total investment securities 4.95� 4.87� 4.74� 4.69� 4.60� � Commercial, financial, and agricultural 8.04� 8.02� 8.06� 7.70� 7.33� Real estate - construction 8.60� 8.69� 8.72� 8.38� 8.00� Mortgage - commercial 8.03� 8.11� 8.09� 7.82� 7.44� Total commercial loans 8.21� 8.24� 8.27� 7.93� 7.53� Mortgage - residential 5.95� 5.76� 5.77� 5.78� 5.92� Consumer 7.41� 7.39� 7.33� 7.10� 6.86� Secured with liquid collateral 6.81� 6.87� 6.87� 6.44� 5.97� Total retail loans 6.98� 6.95� 6.91� 6.70� 6.48� Total loans 7.81� 7.82� 7.83� 7.53� 7.19� Total earning assets 7.22� 7.19� 7.21� 6.97� 6.65� � FUNDS USED TO SUPPORT EARNING ASSETS: Savings 1.29� 0.51� 0.42� 0.39� 0.32� Interest-bearing demand 1.20� 1.19� 1.10� 1.04� 1.02� Certificates under $100,000 4.35� 4.22� 3.87� 3.51� 3.27� Local certificates $100,000 and over 5.00� 4.81� 4.71� 4.35� 3.95� Core interest-bearing deposits 2.42� 2.35� 2.17� 1.99� 1.81� National money market deposits 5.53� 5.39� ----� ----� ----� National certificates $100,000 and over 5.43� 5.46� 5.37� 5.05� 4.53� Total interest- bearing deposits 3.73� 3.68� 3.47� 3.18� 2.88� � Federal funds purchased and securities sold under agreements to repurchase 4.97� 5.03� 5.05� 4.73� 4.25� U.S. Treasury demand 5.02� 5.03� 5.16� 4.80� 4.27� Total short-term borrowings 4.97� 5.03� 5.05� 4.73� 4.25� Long-term debt 6.77� 6.76� 6.79� 6.70� 6.34� Total interest-bearing liabilities 4.04� 4.00� 3.82� 3.56� 3.23� Total funds used to support earning assets 3.55� 3.52� 3.36� 3.13� 2.83� Net interest margin (tax-equivalent basis) 3.67� 3.67� 3.85� 3.84� 3.82� � Year-to-date net interest margin 3.67� 3.79� 3.84� 3.83� 3.82� � Prime rate 8.25� 8.25� 8.25� 7.90� 7.43� � Tax-equivalent net interest income (in millions) $ 91.9� � $ 93.5� � $ 94.1� � $ 91.5� � $ 88.3� � Average earning assets at historical cost 10,163.3� 10,105.2� 9,694.5� 9,560.0� 9,375.6� Average fair valuation adjustment on investment securities available for sale � (28.2) � � (29.9) � � (49.4) � � (47.4) � � (33.9) � Average earnings assets 10,135.1� � 10,075.3� � 9,645.1� � 9,512.6� � 9,341.7� � � Average rates are calculated using average balances based on historical cost and do not reflect fair valuation adjustments. � � WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY As of and for the three months ended March 31, 2007 � SUPPLEMENTAL INFORMATION � Three Months Ended % Change From: � Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, Prior Prior � � 2007� � � � 2006� � � � 2006� � � � 2006� � � � 2006� � � Quarter � Year NET INCOME Net income per share Basic $ 0.63� $ 0.69� $ 0.08� $ 0.69� $ 0.65� (8.7) (3.1) Diluted 0.62� 0.68� 0.07� 0.67� 0.64� (8.8) (3.1) Weighted average shares outstanding (in thousands) Basic 68,525� 68,455� 68,647� 68,475� 68,070� Diluted 69,653� 69,680� 69,933� 69,776� 69,434� Net income as a percentage of: Average assets 1.59� % � 1.73� % � 0.20� % � 1.81� % � 1.76� % Average stockholders' equity 16.42� 17.66� 1.91� 17.75� 17.42� � ASSETS UNDER MANAGEMENT * (in billions) Wilmington Trust $ 31.8� $ 31.3� $ 29.1� $ 28.3� $ 29.2� 1.6� 8.9� Roxbury Capital Management 3.1� 3.1� 3.1� 3.3� 3.5� ----� (11.4) Cramer Rosenthal McGlynn � 11.2� � � � 10.6� � � � 9.8� � � � 9.4� � � � 9.7� 5.7� 15.5� Combined assets under management $ 46.1� � � $ 45.0� � � $ 42.0� � � $ 41.0� � � $ 42.4� 2.4� 8.7� � * Assets under management include estimates for values associated with certain assets that lack readily ascertainable values, such as limited partnership interests. � ASSETS UNDER ADMINISTRATION ** (in billions) Wilmington Trust $ 112.1� $ 107.5� $ 102.4� $ 102.7� $ 104.0� 4.3� 7.8� ** Includes Wilmington Trust assets under management � FULL-TIME EQUIVALENT HEADCOUNT Full-time equivalent headcount 2,579� 2,562� 2,520� 2,515� 2,475� � CAPITAL (in millions, except per share amounts) Average stockholders' equity $ 1,062.2� $ 1,067.4� $ 1,081.7� $ 1,060.0� $ 1,026.4� (0.5) 3.5� Period-end primary capital 1,186.7� 1,153.5� 1,157.9� 1,161.2� 1,136.9� 2.9� 4.4� Per share: Book value 15.90� 15.47� 15.55� 15.54� 15.30� 2.8� 3.9� Quarterly dividends declared 0.315� 0.315� 0.315� 0.315� 0.30� ----� 5.0� Year-to-date dividends declared 0.315� 1.245� 0.93� 0.615� 0.30� Average stockholders' equity to assets 9.68� % � 9.78� % � 10.28� % � 10.23� % � 10.09� % Total risk-based capital ratio 12.53� 12.10� 12.32� 11.70� 12.10� Tier 1 risk-based capital ratio 8.64� 8.25� 8.28� 7.67� 7.70� Tier 1 leverage capital ratio 7.64� 7.39� 7.34� 6.98� 6.94� � CREDIT QUALITY (in millions) Period-end reserve for loan losses $ 94.5� $ 94.2� $ 93.6� $ 94.3� $ 93.6� Period-end non-performing assets: Nonaccrual 23.1� 31.0� 32.0� 29.5� 35.5� OREO 4.8� 4.8� 4.8� 4.8� 0.2� Renegotiated loans 4.8� ----� ----� 9.9� 4.9� Period-end past due 90 days 7.3� 5.8� 7.7� 4.7� 10.1� � Gross charge-offs 5.1� 7.1� 8.6� 5.7� 3.2� Recoveries 1.8� 1.2� 1.3� 2.2� 1.4� Net charge-offs 3.3� 5.9� 7.3� 3.5� 1.8� Year-to-date net charge-offs 3.3� 18.5� 12.6� 5.3� 1.8� � Ratios: Period-end reserve to loans 1.17� % � 1.16� % � 1.20� % � 1.22� % � 1.24� % Period-end non-performing assets to loans 0.40� 0.44� 0.47� 0.57� 0.54� Period-end loans past due 90 days to total loans 0.09� 0.07� 0.10� 0.06� 0.13� Net charge-offs to average loans 0.04� 0.07� 0.09� 0.05� 0.02� � � INTERNAL RISK RATING Pass 96.89� % � 97.39� % � 97.41� % � 97.28� % � 97.20� % Watchlisted 2.32� 1.82� 1.73� 1.89� 1.97� Substandard 0.77� 0.79� 0.86� 0.76� 0.76� Doubtful 0.01� ----� ----� 0.07� 0.07� � WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY As of and for the three months ended March 31, 2007 � QUARTERLY BUSINESS SEGMENT REPORT � Three Months Ended � Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (In millions) 2007� � 2006� � 2006� � 2006� � 2006� REGIONAL BANKING Net interest income $ 83.9� $ 84.4� $ 85.7� $ 83.9� $ 81.0� Provision for loan losses (3.6) (6.4) (6.7) (3.7) (3.8) Noninterest income 12.5� 13.6� 13.1� 13.1� 12.1� Noninterest expense � 42.5� � � 41.1� � � 39.9� � � 38.4� � � 39.0� Income before taxes & minority interest 50.3� 50.5� 52.2� 54.9� 50.3� � Regional Banking efficiency ratio 43.68% � 41.56% � 40.02% � 39.22% 41.49% � WEALTH ADVISORY SERVICES Net interest income $ 6.3� $ 6.6� $ 6.4� $ 6.3� $ 6.5� Provision for loan losses ----� (0.1) 0.1� (0.5) (0.2) Noninterest income 47.6� 47.7� 43.6� 44.5� 43.4� Noninterest expense � 46.4� � � 41.6� � � 38.8� � � 40.6� � � 38.5� Income before taxes & minority interest 7.5� 12.6� 11.3� 9.7� 11.2� � Wealth Advisory Services efficiency ratio 85.93% � 76.47% � 77.45% � 79.76% 77.00% � CORPORATE CLIENT SERVICES Net interest income $ 3.7� $ 4.3� $ 4.4� $ 3.4� $ 2.8� Provision for loan losses ----� ----� ----� ----� ----� Noninterest income 26.8� 26.1� 23.6� 23.1� 22.5� Noninterest expense � 21.6� � � 22.2� � � 19.9� � � 19.3� � � 20.0� Income before taxes & minority interest 8.9� 8.2� 8.1� 7.2� 5.3� � Corporate Client Services efficiency ratio 70.82% � 72.79% � 70.82% � 72.56% 79.05% � AFFILIATE MANAGERS * Net interest income $ (3.0) $ (2.9) $ (3.5) $ (3.2) $ (3.0) Provision for loan losses ----� ----� ----� ----� ----� Noninterest income 4.5� 5.1� 4.3� 5.6� 4.7� Noninterest expense � ----� � � ----� � � 72.3� � � ----� � � ----� Income before taxes & minority interest 1.5� 2.2� (71.5) 2.4� 1.7� � TOTAL WILMINGTON TRUST CORPORATION Net interest income $ 90.9� $ 92.4� $ 93.0� $ 90.4� $ 87.3� Provision for loan losses (3.6) (6.5) (6.6) (4.2) (4.0) Noninterest income 91.4� 92.5� 84.6� 86.3� 82.7� Noninterest expense � 110.5� � � 104.9� � � 170.9� � � 98.3� � � 97.5� Income before taxes & minority interest $ 68.2� � $ 73.5� � $ 0.1� � $ 74.2� � $ 68.5� � Corporation efficiency ratio 60.28% � 56.40% � 95.64% � 55.29% 57.02% * Affiliate managers comprise Cramer Rosenthal McGlynn and Roxbury Capital Management. � Segment data for prior periods may differ from previously published figures due to changes in reporting methodology and/or organizational structure.