Wilmington Trust Corporation (NYSE:WL) reported net income of
$21.8 million for the first quarter of 2009. Earnings per common
share were $0.26 on a diluted basis.
�All of our businesses did well in the first quarter, but
extraordinary economic and market conditions prevented the full
extent of these successes from translating into higher earnings,�
said Ted T. Cecala, Wilmington Trust chairman and chief executive
officer. �Amid the current disruption in our industry, clients are
increasingly attracted to our relationship focus and financial
stability, but we are battling the interest rate environment,
economic uncertainty, and market volatility.�
The company�s capital position remained strong. All regulatory
capital ratios continued to exceed the amounts required by the
Federal Reserve Board to be considered a well-capitalized
institution, and all were higher than for any quarter in 2008.
Key factors in 2009 first quarter results were:
- $78.5 million of net interest
income (before the provision for loan losses). The effects of 2008
declines in market interest rates compressed the net interest
margin, which is why net interest income was lower than for the
2008 first and fourth quarters. The net interest margin was 2.91%,
compared to 3.37% for the 2008 first quarter and 3.34% for the 2008
fourth quarter.
- A provision for loan losses of
$29.5 million, down 56% from the $67.5 million reported for the
2008 fourth quarter. Net charge-offs and loans past due 90 days or
more also were lower than for the 2008 fourth quarter.
- $39.4 million of revenue from
Corporate Client Services. This was 52% higher than for the 2008
first quarter, and slightly less than for the 2008 fourth quarter.
Retirement services revenue accounted for almost all of the
year-over-year increase.
- $49.7 million of revenue from
Wealth Advisory Services. This was lower than for the 2008 first
and fourth quarters, as financial market pressures on asset
valuations reduced trust and investment advisory revenue and masked
the continuing positive momentum in WAS business development.
- Total loan balances of $9.52
billion, on average. This was 10% higher than for the 2008 first
quarter, but 1% lower than for the 2008 fourth quarter. The
linked-quarter decrease was due mainly to repayments of, and less
demand for, consumer loans.
- Core deposits of $5.91 billion,
on average. This was 15% higher than for the 2008 first quarter,
and 7% higher than for the 2008 fourth quarter, illustrating client
demand for the safety of insured funds. In addition, a comparison
of average and period-end balances shows how the attractiveness of
government-insured accounts increased as the first three months of
2009 progressed.
First quarter 2009 results included a net gain of $7.6 million
in the investment securities portfolio. Total securities gains for
the quarter were $12.1 million, which was offset by $4.5 million of
securities write-downs. Excluding these securities gains and
write-downs, net income for the 2009 first quarter would have been
$17.4 million and earnings per common share would have been $0.19
on a diluted basis.
In other news, at its meeting on April 22, 2009, the Board of
Directors declared a regular quarterly cash dividend of $0.1725 per
common share. The dividend will be paid on May 15, 2009, to
shareholders of record on May 4, 2009.
Investment securities
portfolio
The investment securities portfolio totaled $916.4 million,
compared with $1.37 billion at year-end 2008. Sales of
mortgage-backed securities accounted for most of this decrease.
These securities were sold in anticipation of significant pay downs
as the mortgage refinancing market picks up, and by less need for
collateralized deposits.
Gains from the sale of these and other securities were offset by
the $4.5 million write-down of other securities in the portfolio.
The estimated fair values of these securities declined due to
continued stress in the financial markets. These declines were
determined to be other-than-temporary impairments (OTTI) under U.S.
generally accepted accounting principles, necessitating the
write-down.
Approximately $3.9 million of the write-down was for mutual fund
investments, which are recorded on the balance sheet in �Other
securities.� One pooled trust-preferred security (TruPS) accounted
for approximately $0.6 million of the write-down. This is in
addition to the 14 TruPS that were declared OTTI as of December 31,
2008.
The company�s TruPS portfolio consists of 38 pooled and 9
single-issue securities, which are recorded on the balance sheet in
�Other securities.� The pooled TruPS hold securities issued by
banks, insurance companies, and other financial institutions. The
single-issue TruPS are from money center and large regional
banks.
Corporate Client Services
(CCS)
Revenue from CCS capital markets services was $11.5 million,
slightly less than for the year-ago first quarter, and 9% less than
for the 2008 fourth quarter. CCS continued to win new capital
markets business in the first quarter of 2009, especially in
corporate default, collateral agent, and loan administration
services, but these positives were offset by lower demand for
traditional capital markets and structured finance
transactions.
Entity management revenue was $7.9 million, the same as for the
year-ago first quarter, and 4% less than for the 2008 fourth
quarter. New securitization and loan administration business was
developed in Europe, but this was offset by reduced demand in the
United States for holding company services.
Retirement services revenue quintupled from the year-ago first
quarter, to $16.1 million, and rose 5% from the 2008 fourth
quarter. These increases resulted from acquisitions completed in
April and October 2008, which doubled the capacity of the
retirement services business.
Revenue from institutional investment and cash management
services was $3.9 million, up 18% from the 2008 first quarter and
11% from the 2008 fourth quarter. CCS continued to win additional
investment management mandates, primarily from retirement services
clients, as well as additional short-term cash management business
associated with capital markets transactions.
Wealth Advisory Services
(WAS)
Revenue from trust and investment advisory services was $31.3
million, lower than for the 2008 first and fourth quarters. WAS
continued to add trust and investment advisory business, but these
advances were offset by sharp volatility in the financial markets,
which reduced the valuations of client assets. Trust and investment
advisory revenue is based on client asset valuations.
A comparison with the Standard & Poor�s 500 Index shows the
strength of this business:
- Year over year, trust and
investment advisory revenue decreased 20%, while the corresponding
decline in the S&P 500 was 40%.
- For the first three months of
2009, trust and investment advisory revenue decreased 6%, while the
corresponding decline in the S&P 500 was 12%.
Management regards the S&P 500 as a good proxy for the mix
of equity assets in client portfolios.
Revenue from WAS planning and other services, which includes
revenue from family office services, was $10.9 million. This was 8%
higher than for the year-ago first quarter, but 16% lower than for
the 2008 fourth quarter, due to a decrease in trading transactions
after asset allocations in client portfolios were rebalanced at the
end of 2008.
Mutual fund fees were $7.5 million. This was 17% higher than for
the 2008 first quarter, and slightly less than for the 2008 fourth
quarter. The year-over-year change reflected increased demand for
fixed income mutual fund investments as 2008 progressed. In the
first three months of 2009, demand for market-based investments
waned, causing the linked-quarter decrease.
Regional
Banking
Total loan balances were $9.52 billion, on average. This was 10%
higher than for the 2008 first quarter, but 1% lower than for the
2008 fourth quarter. The linked-quarter decrease was due mainly to
a decline in consumer loan balances. On a percentage basis, the
composition of the loan portfolio was relatively unchanged from the
2008 first and fourth quarters.
Commercial loan balances totaled $6.72 billion, on average. This
was $780.5 million higher than for the 2008 first quarter, but
$12.8 million less than for the 2008 fourth quarter. On a
linked-quarter basis, commercial and industrial loans (recorded as
commercial, financial, and agricultural loans) decreased 4%,
commercial construction loans increased 1.5%, and commercial
mortgage loans increased 4%, on average.
Commercial mortgage loan growth continued to reflect how changes
in the credit markets have eliminated the competitive advantages
formerly held by specialty mortgage lenders. Most of the new
commercial mortgage production was for owner-occupied retail and
office properties in Delaware.
Two projects accounted for almost all of the linked-quarter
increase in commercial construction balances.
In the consumer loan portfolio, loan balances were $1.69
billion, on average. This was $64.3 million, or 4%, lower than for
the 2008 fourth quarter. Home equity-related lending was up 14%
from the year-ago first quarter, and slightly higher than for the
2008 fourth quarter, but these increases were offset by a decline
in indirect automobile lending.
Residential mortgage activity spiked in the first quarter.
Compared to the 2008 fourth quarter, originations more than doubled
in both transaction volume and dollar amount. Residential mortgage
balances do not reflect these increases because the company sells
most newly originated fixed rate residential mortgages into the
secondary market.
Credit quality
Total net charge-offs were $21.2 million, down from $25.5
million for the 2008 fourth quarter, as commercial construction,
commercial mortgage, and retail net charge-offs all decreased. This
brought the net charge-off ratio to 22 basis points, down from 27
basis points for the 2008 fourth quarter.
Loans past due 90 days or more decreased 14% from the 2008
fourth quarter. A small uptick in past-due commercial mortgage
loans was more than offset by decreases in the other loan
categories. The ratio of loans past due 90 days or more was 31
basis points, down 5 basis points from year-end 2008.
Nonaccruing loans were $230.1 million, which was $33.8 million,
or 17%, higher than at year-end 2008. Two credits accounted for
most of this increase.
Other real estate owned increased $5.3 million from the year-end
2008 amount to $19.8 million. Approximately 74% of this increase
was associated with a single-family housing development in central
Delaware.
The reserve for loan losses rose 6% from year-end 2008 to $167.0
million. This brought the loan loss reserve ratio to 1.77%,
compared with 1.63% at year-end 2008.
Additional disclosures about credit quality are in the financial
statement section of this release.
Net interest
margin
The net interest margin was 2.91%, compared with 3.37% for the
2008 first quarter and 3.34% for the 2008 fourth quarter. The
margin compression reflected the effects of market interest rate
declines throughout 2008, especially in the fourth quarter, when
the Federal Open Market Committee (FOMC) reduced short-term rates
from 1.50% to a range of zero to 0.25%.
Because the company�s interest rate risk position is
asset-sensitive, there is typically a three-month lag between when
the FOMC changes rates and when the company�s net interest margin
fully reflects those changes. This is because the pricing on most
of the company�s floating rate loans adjusts within 30 days of a
rate change, but the corresponding adjustments on funding costs
generally do not occur until 90 to 120 days after a rate
change.
Assuming there is no change in market interest rates, management
expects the net interest margin to be in the 3.00% range throughout
2009.
Noninterest
expense
Total noninterest expense was $126.6 million. This was 10%
higher than for the 2008 first quarter, but 4% lower than for the
2008 fourth quarter. Most of the year-over-year increase resulted
from the retirement services acquisitions completed in April and
October of 2008.
Compared to the 2008 fourth quarter:
- Incentive and bonus expense
decreased, as amounts accrued were adjusted to reflect actual
payments.
- Employment benefits expense
increased, mainly because tax payments and 401(k) plan matching
expense reset at the start of the year. In addition, pension
expense increased because there was a decrease in the discount rate
used in the annual pension valuation.
- Non-retirement services
subadvisor expense decreased, as volatility in the financial
markets led to lower securities trading volumes and reduced the
company�s use of third-party investment managers.
The year-over-year and linked-quarter increases in insurance
expense were due largely to an increase in deposit insurance
premiums, which the Federal Deposit Insurance Corporation (FDIC)
instituted industry-wide. Management expects the FDIC premium
expense to be approximately $3.2 million each quarter in 2009.
The FDIC intends to make a special industry-wide assessment in
June 2009. Currently this special assessment is projected to be
0.10% of total deposit balances, which would add approximately $8.4
million to the company�s insurance expense for the 2009 second
quarter. The FDIC has not finalized its plans for this special
assessment, and the corresponding expense could be higher or lower
than what management currently anticipates.
Capital
All regulatory capital ratios improved from their 2008 first and
fourth quarter levels, and all continued to exceed the amounts
required by the Federal Reserve Board to be considered a
well-capitalized institution. These capital ratios are reported in
the financial statement section of this release on the
�Supplemental information� page.
The company�s capital includes $330.0 million of Wilmington
Trust Series A preferred stock sold to the U.S. Department of the
Treasury under the Capital Purchase Program (CPP). The company will
pay a 5% dividend on this preferred stock annually until 2013, and
9% annually thereafter. The Series A preferred stock qualifies as
Tier 1 capital, has no maturity date, and ranks senior to the
company�s common stock and subordinated debt for dividend payments
and other matters. Full details of the company�s participation in
the CPP and its terms are in a prospectus supplement and amended
shelf registration statement dated January 12, 2009. These
documents are available on www.wilmingtontrust.com in the Investor
Relations section under SEC filings.
Conference call
Management will discuss 2009 first quarter results and outlook
for the future in a conference call today at 10:00 a.m. (Eastern).
Supporting materials, financial statements, and audio streaming
will be available at www.wilmingtontrust.com.
To access the call from within the United States and Canada,
dial 877-407-8031. Callers outside the United States and Canada
should dial 201-689-8031. No passcode is necessary.
A rebroadcast of the conference call will be available from 1:00
p.m. (Eastern) on Friday, April 24, until 11:59 p.m. (Eastern) on
Friday, May 1. To access the call from within the United States and
Canada, dial 877-660-6853. Callers outside the United States and
Canada should dial 201-612-7415. Use account #286 and replay ID
#318484.
Forward-looking
statements
This release may contain forward-looking statements that reflect
our current expectations about our performance. These statements
rely on a number of assumptions, estimates, expectations, and
assessments of potential developments, and are subject to various
risks and uncertainties that could cause our actual results to
differ from our expectations. Our ability to achieve the results
reflected in these statements could be affected adversely by, among
other things, changes in national or regional economic conditions;
changes in market interest rates; fluctuations in equity or fixed
income markets; significant changes in banking laws or regulations;
changes in accounting policies, procedures, or guidelines;
increased competition for business; 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 affiliate money managers Cramer Rosenthal McGlynn and
Roxbury Capital Management; changes in the market values of
securities in our investment portfolio; changes in the regulatory,
judicial, legislative, or tax treatment of business transactions;
new litigation or developments in existing litigation; 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 mid-Atlantic region, Wealth Advisory Services for
high-net-worth clients in 36 countries, and Corporate Client
Services for institutional clients in 88 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 Arizona, California, Connecticut, Delaware, Florida,
Georgia, Maryland, Massachusetts, Minnesota, Nevada, New Jersey,
New York, Pennsylvania, South Carolina, Vermont, the Cayman
Islands, the Channel Islands, London, Dublin, Frankfurt,
Luxembourg, and Amsterdam. For more information, visit
www.wilmingtontrust.com.
� � �
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY As of
and for the three months ended March 31, 2009 �
HIGHLIGHTS �
Three Months Ended � Mar. 31, Mar. 31, % � � 2009 � 2008 � Change
OPERATING RESULTS (in millions) Net interest income $ 78.5 $
86.9 (9.7 ) Provision for loan losses (29.5 ) (10.0 ) 195.0
Noninterest income
110.7
102.8
7.7
Noninterest expense 126.6 115.5 9.6 Net income
21.8
41.4
(47.3
) �
EARNINGS Net income $
21.8
$ 41.4
(47.3
) Preferred stock dividends 4.1 ---- ---- Net income available to
common shareholders
17.7
41.4
(57.2
) �
PER SHARE DATA Basic net income $ 0.26 $ 0.62 (58.1 )
Diluted net income
0.26
0.61
(57.4
) Dividends paid 0.1725 0.335 (48.5 )
Book value at period end1
14.64 16.99 (13.8 ) Closing price at period end 9.69 31.10 (68.8 )
Market range: High 22.53 35.50 (36.5 ) Low 6.76 27.78 (75.7 ) �
AVERAGE SHARES OUTSTANDING (in thousands) Basic 68,945
67,067 2.8 Diluted
68,945
67,311
2.4
�
AVERAGE BALANCE SHEET (in millions) Investment portfolio $
1,274.6 $ 1,745.9 (27.0 ) Loans 9,518.7 8,636.8 10.2 Earning assets
10,944.3 10,443.6 4.8 Core deposits 5,907.2 5,160.7 14.5
Stockholders' equity 1,329.9 1,125.6 18.2 � �
STATISTICS AND
RATIOS (net income annualized)
Return on average stockholders'
equity1
8.77
% 14.79 %
(40.7
) Return on average assets 0.73 % 1.47 % (50.3 ) Net interest
margin (taxable equivalent) 2.91 % 3.37 % (13.6 ) Dividend payout
ratio
66.67
% 54.35 %
22.7
Full-time equivalent headcount 2,945 2,704 8.9 �
1 Does not include preferred stock
and noncontrolling interest.
� � � � � � � �
WILMINGTON TRUST CORPORATION QUARTERLY
SUMMARY
As of and for the three months
ended March 31, 2009
�
QUARTERLY INCOME STATEMENT � Three Months Ended � % Change
From Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, Prior Prior (In
millions) � 2009 � 2008 � 2008 � 2008 � 2008 � Quarter � Year
NET INTEREST INCOME Interest income $ 117.1 $ 147.1 $ 152.1
$ 150.0 $ 162.4 (20.4 ) (27.9 ) Interest expense � � 38.6 � � �
52.5 � � � 61.0 � � � 64.8 � � � 75.5 � (26.5 ) (48.9 ) Net
interest income 78.5 94.6 91.1 85.2 86.9 (17.0 ) (9.7 ) Provision
for loan losses � � (29.5 ) � � (67.5 ) � � (19.6 ) � � (18.5 ) � �
(10.0 ) (56.3 ) 195.0
Net interest income after
provision for loan losses
� 49.0 � � � 27.1 � � � 71.5 � � � 66.7 � � � 76.9 � 80.8 (36.3 ) �
NONINTEREST INCOME Advisory fees: Wealth Advisory Services
Trust and investment advisory fees 31.3 33.4 39.3 40.2 39.2 (6.3 )
(20.2 ) Mutual fund fees 7.5 7.6 6.8 6.4 6.4 (1.3 ) 17.2 Planning
and other services � � 10.9 � � � 13.0 � � � 11.2 � � � 11.2 � � �
10.1 � (16.2 ) 7.9 Total Wealth Advisory Services � 49.7 � � � 54.0
� � � 57.3 � � � 57.8 � � � 55.7 � (8.0 ) (10.8 ) Corporate Client
Services Capital markets services 11.5 12.6 11.9 12.2 11.6 (8.7 )
(0.9 ) Entity management services 7.9 8.2 7.7 8.6 7.9 (3.7 ) ----
Retirement services 16.1 15.4 11.3 7.5 3.2 4.5 403.1
Investment/cash management services � � 3.9 � � � 3.5 � � � 3.5 � �
� 3.4 � � � 3.3 � 11.4 18.2 Total Corporate Client Services � 39.4
� � � 39.7 � � � 34.4 � � � 31.7 � � � 26.0 � (0.8 ) 51.5 Cramer
Rosenthal McGlynn 3.0 3.1 3.8 5.5 4.0 (3.2 ) (25.0 ) Roxbury
Capital Management � � (0.8 ) � � (0.3 ) � � 0.4 � � � (1.1 ) � �
0.3 � 166.7 ---- Advisory fees 91.3 96.5 95.9 93.9 86.0 (5.4 ) 6.2
Amortization of affiliate intangibles � � (2.3 ) � � (2.3 ) � �
(2.2 ) � � (2.0 ) � � (1.2 ) ---- 91.7
Advisory fees after amortization
of affiliate intangibles
� 89.0 � � � 94.2 � � � 93.7 � � � 91.9 � � � 84.8 � (5.5 ) 5.0
Service charges on deposit accounts 7.9 7.3 7.7 7.5 7.6 8.2 3.9
Other noninterest income 6.2 5.5 6.1 6.3 10.4 12.7 (40.4 )
Securities gains/(losses) � �
7.6
� � � (98.4 ) � � (19.7 ) � � (12.5 ) � � ---- � ---- ---- Total
noninterest income �
110.7
� � � 8.6 � � � 87.8 � � � 93.2 � � � 102.8 � N/M
7.7
� Net interest and noninterest income �
159.7
� � � 35.7 � � � 159.3 � � � 159.9 � � � 179.7 �
347.3
(11.1
) �
NONINTEREST EXPENSE Salaries and wages 49.1 51.7 50.6
48.3 45.7 (5.0 ) 7.4 Incentives and bonuses 4.9 8.6 11.8 13.2 14.5
(43.0 ) (66.2 ) Employment benefits 16.7 12.1 12.8 12.4 14.3 38.0
16.8 Net occupancy 7.8 7.3 7.9 8.0 7.5 6.8 4.0 Furniture,
equipment, and supplies 10.5 11.8 11.7 10.3 9.8 (11.0 ) 7.1 Other
noninterest expense: Advertising and contributions 2.5 2.8 2.6 3.0
2.1 (10.7 ) 19.0 Servicing and consulting fees 4.1 4.8 2.9 3.2 2.5
(14.6 ) 64.0 Subadvisor expense: Retirement services 6.7 6.7 2.0
0.8 ---- ---- ---- Other services 1.4 2.4 2.7 2.7 2.7 (41.7 ) (48.1
) Travel, entertainment, and training 1.8 2.8 3.2 2.9 2.4 (35.7 )
(25.0 ) Insurance 4.2 2.5 2.3 1.8 1.9 68.0 121.1 Other expense � �
16.9 � � � 18.3 � � � 13.4 � � � 15.0 � � � 12.1 � (7.7 ) 39.7
Total other noninterest expense � 37.6 � � � 40.3 � � � 29.1 � � �
29.4 � � � 23.7 � (6.7 ) 58.6
Total noninterest expense before
impairment
126.6 131.8 123.9 121.6 115.5 (3.9 ) 9.6
Goodwill impairment write-down
� ---- � � � ---- � � � ---- � � � 66.9 � � � ---- � ---- ----
Total noninterest expense � 126.6 � � � 131.8 � � � 123.9 � � �
188.5 � � � 115.5 � (3.9 ) 9.6
Income/(loss) before Income taxes
and noncontrolling interest
33.1
(96.1 ) 35.4 (28.6 ) 64.2 ----
(48.4
) Applicable income taxes � �
11.2
� � � (27.6 ) � � 12.3 � � � (9.3 ) � � 22.7 � ----
(50.7
) Net income/(loss) before noncontrolling interest
21.9
(68.5 ) 23.1 (19.3 ) 41.5 ----
(47.2
) Net income attributable to the noncontrolling interest � � 0.1 �
� � ---- � � � 0.2 � � � 0.2 � � � 0.1 � ---- ---- Net
income/(loss) $
21.8
� � $ (68.5 ) � $ 22.9 � � $ (19.5 ) � $ 41.4 � ----
(47.3
) � � � � � � � � �
WILMINGTON TRUST CORPORATION QUARTERLY
SUMMARY As of and for the three months ended March 31, 2009 �
STATEMENT OF CONDITION � % Change From Mar. 31, Dec. 31,
Sept. 30, June 30, Mar. 31, Prior Prior (In millions) � 2009 � 2008
� 2008 � 2008 � 2008 � Quarter � Year
ASSETS Cash and due
from banks $ 252.0 � � $ 290.4 � � $ 231.1 � � $ 249.3 � � $ 291.0
� (13.2 ) (13.4 ) Interest-bearing deposits in other banks � 117.4
� � � 141.0 � � � 80.1 � � � 167.8 � � � 3.7 � (16.7 ) N/M
Federal funds sold and securities
purchased under agreements to resell
� ---- � � � 45.3 � � � ---- � � � 110.7 � � � 264.6 � (100.0 )
(100.0 ) Investment securities: U.S. Treasury 23.3 41.4 91.2 48.6
56.8 (43.7 ) (59.0 ) Government agencies 365.6 463.5 453.5 473.5
473.9 (21.1 ) (22.9 ) Obligations of state and political
subdivisions 6.7 6.9 7.0 7.3 7.3 (2.9 ) (8.2 ) Preferred stock 15.1
17.1 19.4 41.7 43.3 (11.7 ) (65.1 ) Mortgage-backed securities
322.8 660.5 673.6 702.7 740.1 (51.1 ) (56.4 ) Other securities � �
182.9
� � � 183.9 � � � 215.3 � � � 252.8 � � � 307.5 �
(0.5
)
(40.5
) Total investment securities �
916.4
� � � 1,373.3 � � � 1,460.0 � � � 1,526.6 � � � 1,628.9 � (33.3 )
(43.7 ) FHLB and FRB stock, at cost � 25.0 � � � 20.0 � � � 16.4 �
� � 22.4 � � � 22.8 � 25.0 9.6 Loans: Commercial, financial, and
agricultural 2,770.2 2,966.3 2,965.2 2,808.6 2,654.4 (6.6 ) 4.4
Real estate - construction 1,960.9 1,923.8 1,908.7 1,847.0 1,809.7
1.9 8.4 Mortgage - commercial � � 1,942.8 � � � 1,870.2 � � �
1,800.7 � � � 1,704.0 � � � 1,593.8 � 3.9 21.9 Total commercial
loans � 6,673.9 � � � 6,760.3 � � � 6,674.6 � � � 6,359.6 � � �
6,057.9 � (1.3 ) 10.2 Mortgage - residential 574.6 571.2 562.9
561.1 559.6 0.6 2.7 Consumer 1,636.6 1,732.9 1,782.9 1,790.3
1,679.5 (5.6 ) (2.6 ) Secured with investments � � 523.6 � � �
554.7 � � � 564.6 � � � 569.4 � � � 500.4 � (5.6 ) 4.6 Total retail
loans � 2,734.8 � � � 2,858.8 � � � 2,910.4 � � � 2,920.8 � � �
2,739.5 � (4.3 ) (0.2 ) Total loans net of unearned income 9,408.7
9,619.1 9,585.0 9,280.4 8,797.4 (2.2 ) 6.9 Reserve for loan losses
� � (167.0 ) � � (157.1 ) � � (122.2 ) � � (113.1 ) � � (106.4 )
6.3 57.0 Net loans � 9,241.7 � � � 9,462.0 � � � 9,462.8 � � �
9,167.3 � � � 8,691.0 � (2.3 ) 6.3 Premises and equipment 150.5
152.0 152.1 154.1 153.2 (1.0 ) (1.8 ) Goodwill 355.3 355.6 343.3
345.2 332.4 (0.1 ) 6.9 Other intangibles 44.9 47.0 47.3 49.7 37.0
(4.5 ) 21.4 Other assets � � 433.0 � � � 432.3 � � � 341.0 � � �
340.2 � � � 279.1 � 0.2 55.1 Total assets $
11,536.2
� � $ 12,318.9 � � $ 12,134.1 � � $ 12,133.3 � � $ 11,703.7 � (6.4
) (1.4 ) �
LIABILITIES AND STOCKHOLDERS' EQUITY Deposits:
Noninterest-bearing demand $ 1,214.8 $ 1,231.7 $ 808.3 $ 834.1 $
778.6 (1.4 ) 56.0 Interest-bearing: Savings 929.8 815.7 799.6 798.9
780.2 14.0 19.2 Interest-bearing demand 3,028.5 2,632.9 2,594.4
2,692.3 2,502.6 15.0 21.0 Certificates under $100,000 1,110.3
1,072.5 998.1 977.6 1,012.0 3.5 9.7 Local certificates $100,000 and
over � � 180.3 � � � 230.7 � � � 267.8 � � � 278.0 � � � 316.1 �
(21.8 ) (43.0 ) Total core deposits 6,463.7 5,983.5 5,468.2 5,580.9
5,389.5 8.0 19.9 National certificates $100,000 and over � �
1,811.9 � � � 2,432.9 � � � 3,101.7 � � � 2,874.4 � � � 2,676.5 �
(25.5 ) (32.3 ) Total deposits � 8,275.6 � � � 8,416.4 � � �
8,569.9 � � � 8,455.3 � � � 8,066.0 � (1.7 ) 2.6 Short-term
borrowings:
Federal funds purchased and
securities sold under agreements to repurchase
999.4 1,590.8 1,745.4 1,695.4 1,777.2 (37.2 ) (43.8 ) U.S. Treasury
demand 12.4 6.4 7.5 70.3 62.5 93.8 (80.2 ) Line of credit and other
debt � � ---- � � � 20.0 � � � 20.0 � � � 10.0 � � � 134.9 � (100.0
) (100.0 ) Total short-term borrowings � 1,011.8 � � � 1,617.2 � �
� 1,772.9 � � � 1,775.7 � � � 1,974.6 � (37.4 ) (48.8 ) Other
liabilities 442.9 482.4 260.7 367.9 250.9 (8.2 ) 76.5 Long-term
debt � � 469.3 � � � 468.8 � � � 468.3 � � � 467.8 � � � 268.5 �
0.1 74.8 Total liabilities � 10,199.6 � � � 10,984.8 � � � 11,071.8
� � � 11,066.7 � � � 10,560.0 � (7.1 ) (3.4 ) Stockholders' equity:
Preferred stock 321.5 321.5 ---- ---- ---- ---- ---- Other
stockholders' equity � �
1,014.8
� � � 1,012.4 � � � 1,062.1 � � � 1,066.4 � � � 1,143.5 � 0.2 (11.3
) Total Wilmington Trust stockholders' equity
1,336.3
1,333.9 1,062.1 1,066.4 1,143.5 0.2 16.9 Noncontrolling interest �
� 0.3 � � � 0.2 � � � 0.2 � � � 0.2 � � � 0.2 � 50.0 50.0 Total
stockholders' equity �
1,336.6
� � � 1,334.1 � � � 1,062.3 � � � 1,066.6 � � � 1,143.7 � 0.2 16.9
Total liabilities and
stockholders' equity
$
11,536.2
� � $ 12,318.9 � � $ 12,134.1 � � $ 12,133.3 � � $ 11,703.7 � (6.4
) (1.4 )
�
� �
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY As of and
for the three months ended March 31, 2009 � � � � � � �
AVERAGE
STATEMENT OF CONDITION � � 2009 2008 2008 2008 2008 % Change
From First Fourth Third Second First Prior Prior (In millions) � �
Quarter � � Quarter � � Quarter � � Quarter � � Quarter � Quarter �
Year
ASSETS Cash and due from banks $ 369.0 � � $ 321.8 � �
$ 221.5 � � $ 251.7 � � $ 216.9 � 14.7 70.1 Interest-bearing
deposits in other banks � 99.3 � � � 99.4 � � � 101.7 � � � 63.1 �
� � 3.4 � (0.1 ) N/M
Federal funds sold and securities
purchased under agreements to resell
� 31.5 � � � 25.0 � � � 32.9 � � � 38.0 � � � 35.1 � 26.0 (10.3 )
Investment securities: U.S. Treasury 37.5 82.2 50.4 50.9 60.5 (54.4
) (38.0 ) Government agencies 429.9 463.3 459.8 497.5 553.2 (7.2 )
(22.3 ) Obligations of state and political subdivisions 6.6 7.0 7.1
7.3 14.3 (5.7 ) (53.8 ) Preferred stock 17.1 18.9 32.9 44.8 46.0
(9.5 ) (62.8 ) Mortgage-backed securities 600.5 657.5 684.1 725.2
734.4 (8.7 ) (18.2 ) Other securities � � 183.0 � � � 212.2 � � �
227.4 � � � 272.8 � � � 337.5 � (13.8 ) (45.8 ) Total investment
securities � 1,274.6 � � � 1,441.1 � � � 1,461.7 � � � 1,598.5 � �
� 1,745.9 � (11.6 ) (27.0 ) FHLB and FRB stock, at cost � 20.2 � �
� 19.2 � � � 20.7 � � � 26.5 � � � 22.4 � 5.2 (9.8 ) Loans:
Commercial, financial, and agricultural 2,853.4 2,973.0 2,915.8
2,765.4 2,602.1 (4.0 ) 9.7 Real estate - construction 1,950.7
1,921.6 1,877.8 1,837.1 1,804.9 1.5 8.1 Mortgage - commercial � �
1,911.6 � � � 1,833.9 � � � 1,757.9 � � � 1,654.1 � � � 1,528.2 �
4.2 25.1 Total commercial loans � 6,715.7 � � � 6,728.5 � � �
6,551.5 � � � 6,256.6 � � � 5,935.2 � (0.2 ) 13.2 Mortgage -
residential 573.8 563.8 560.9 560.5 562.8 1.8 2.0 Consumer 1,686.4
1,750.7 1,780.3 1,729.8 1,653.1 (3.7 ) 2.0 Secured with investments
� � 542.8 � � � 568.2 � � � 566.3 � � � 539.0 � � � 485.7 � (4.5 )
11.8 Total retail loans � 2,803.0 � � � 2,882.7 � � � 2,907.5 � � �
2,829.3 � � � 2,701.6 � (2.8 ) 3.8 Total loans net of unearned
income 9,518.7 9,611.2 9,459.0 9,085.9 8,636.8 (1.0 ) 10.2 Reserve
for loan losses � � (152.9 ) � � (117.6 ) � � (111.0 ) � � (104.1 )
� � (99.8 ) 30.0 53.2 Net loans � 9,365.8 � � � 9,493.6 � � �
9,348.0 � � � 8,981.8 � � � 8,537.0 � (1.3 ) 9.7 Premises and
equipment 151.8 153.1 153.5 154.4 152.9 (0.8 ) (0.7 ) Goodwill
351.9 355.7 345.5 393.1 329.9 (1.1 ) 6.7 Other intangibles 46.0
46.2 48.7 36.8 37.7 (0.4 ) 22.0 Other assets � � 409.5 � � � 331.6
� � � 309.3 � � � 281.5 � � � 282.0 � 23.5 45.2 Total assets $
12,119.6 � � $ 12,286.7 � � $ 12,043.5 � � $ 11,825.4 � � $
11,363.2 � (1.4 ) 6.7 �
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits: Noninterest-bearing demand $ 889.5 $ 840.1 $ 745.1 $
800.3 $ 726.4 5.9 22.5 Interest-bearing: Savings 895.2 799.0 807.8
795.2 714.8 12.0 25.2 Interest-bearing demand 2,813.7 2,582.7
2,511.7 2,417.0 2,368.2 8.9 18.8 Certificates under $100,000
1,099.8 1,041.2 979.8 988.2 1,016.0 5.6 8.2 Local certificates
$100,000 and over � � 209.0 � � � 264.4 � � � 291.9 � � � 306.9 � �
� 335.3 � (21.0 ) (37.7 ) Total core deposits 5,907.2 5,527.4
5,336.3 5,307.6 5,160.7 6.9 14.5 National certificates $100,000 and
over � � 2,017.8 � � � 2,696.2 � � � 3,197.1 � � � 2,719.2 � � �
2,770.5 � (25.2 ) (27.2 ) Total deposits � 7,925.0 � � � 8,223.6 �
� � 8,533.4 � � � 8,026.8 � � � 7,931.2 � (3.6 ) (0.1 ) Short-term
borrowings:
Federal funds purchased and
securities sold under agreements to repurchase
1,938.9 2,080.8 1,686.1 1,847.9 1,625.6 (6.8 ) 19.3 U.S. Treasury
demand 6.8 41.8 7.6 11.6 12.8 (83.7 ) (46.9 ) Line of credit and
other debt � � 3.2 � � � 20.4 � � � 11.9 � � � 50.1 � � � 136.3 �
(84.3 ) (97.7 ) Total short-term borrowings � 1,948.9 � � � 2,143.0
� � � 1,705.6 � � � 1,909.6 � � � 1,774.7 � (9.1 ) 9.8 Other
liabilities 446.8 304.6 315.0 302.0 263.5 46.7 69.6 Long-term debt
� � 469.0 � � � 468.5 � � � 468.0 � � � 467.4 � � � 268.2 � 0.1
74.9 Total liabilities � 10,789.7 � � � 11,139.7 � � � 11,022.0 � �
� 10,705.8 � � � 10,237.6 � (3.1 ) 5.4 Stockholders' equity:
Preferred stock 321.5 71.2 ---- ---- ---- 351.5 ---- Other
stockholders' equity � � 1,008.2 � � � 1,075.6 � � � 1,021.3 � � �
1,119.4 � � � 1,125.5 � (6.3 ) (10.4 ) Total Wilmington Trust
stockholders' equity 1,329.7 1,146.8 1,021.3 1,119.4 1,125.5 15.9
18.1 Noncontrolling interest � � 0.2 � � � 0.2 � � � 0.2 � � � 0.2
� � � 0.1 � ---- 100.0 Total stockholders' equity � 1,329.9 � � �
1,147.0 � � � 1,021.5 � � � 1,119.6 � � � 1,125.6 � 15.9 18.2
Total liabilities and
stockholders' equity
$ 12,119.6 � � $ 12,286.7 � � $ 12,043.5 � � $ 11,825.4 � � $
11,363.2 � (1.4 ) 6.7 � � �
WILMINGTON TRUST CORPORATION
QUARTERLY SUMMARY As of and for the three months ended March
31, 2009 � � � � �
YIELDS AND RATES � � 2009 2008 2008 2008
2008 First Fourth Third Second First
YIELDS/RATES
(tax-equivalent basis) � � Quarter � � Quarter � � Quarter � �
Quarter � � Quarter
EARNING ASSETS:
Interest-bearing time deposits
in other banks
0.54 % 1.38
%
�
1.93
%
�
2.09
%
�
�
6.33 %
Federal funds sold and
securities purchased under agreements to resell
2.59 1.11 2.57 2.01 3.15 �
Total investment securities 4.28 4.41
4.57 4.69 4.95 �
FHLB and FRB stock, at
cost 1.66 0.77 3.74 3.00
5.38 � Commercial, financial, and agricultural 4.27 5.34
5.69 5.94 6.64 Real estate - construction 3.67 4.88 5.26 5.38 6.53
Mortgage - commercial 4.43 5.48 5.71 5.87 6.72
Total commercial
loans 4.14 5.25 5.57 5.76
6.63 � Mortgage - residential 5.64 5.51 5.64 5.83 5.82
Consumer 5.67 6.17 6.28 6.34 6.92 Secured with investments 2.30
4.18 4.00 4.09 5.27
Total retail loans 5.01
5.65 5.71 5.81 6.40 �
Total
loans 4.40 5.37 5.61 5.77
6.56 �
Total earning assets 4.34 5.18
5.42 5.56 6.27 �
FUNDS USED TO SUPPORT
EARNING ASSETS: �
Core deposits Savings 1.68 2.12 2.21
2.17 2.65 Interest-bearing demand 0.39 0.59 0.70 0.75 1.05
Certificates under $100,000 3.05 3.06 3.08 3.64 4.18 Local
certificates $100,000 and over 2.84 3.02 3.08 3.82 4.44
Core
interest-bearing deposits 1.30 1.54 1.62
1.85 2.28 �
National certificates $100,000 and
over 2.54 3.11 3.05 3.53
4.44 �
Total interest-bearing deposits 1.66
2.11 2.21 2.48 3.11 �
Short-term
borrowings 0.31 0.92 2.21 2.47
3.53 �
Long-term debt
7.23
7.11
7.07
7.25
6.29
�
Total interest-bearing liabilities 1.66 2.09
2.44 2.71 3.28 �
Total funds used to
support earning assets 1.43 1.84 2.17
2.39 2.90 �
Net interest margin (tax-equivalent
basis) 2.91 3.34 3.25 3.17
3.37 �
Year-to-date net interest margin
2.91
3.28
3.26
3.27
3.37
� Prime rate 4.00 4.25 5.00 5.08 6.27 � Tax-equivalent net interest
income (in millions) $ 79.0 $ 95.2 $ 91.7 $ 86.0 $ 87.7 � Average
earning assets at historical cost $ 10,998.0 $ 11,338.0 $ 11,210.6
$ 10,896.5 $ 10,468.0
Average fair valuation adjustment
on investment securities available for sale
(53.7 ) (142.1 ) (134.6 ) (84.5 ) (24.4 )
Average earning
assets $ 10,944.3 � $ 11,195.9 � $ 11,076.0 � $ 10,812.0 � $
10,443.6 � � 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, 2009 �
CREDIT QUALITY � Three Months Ended � Mar. 31, Dec. 31,
Sept. 30, June 30, Mar. 31, (Dollars in millions) � � 2009 � � �
2008 � � � 2008 � � � 2008 � � � 2008 �
NONPERFORMING ASSETS AT
PERIOD-END Nonaccruing loans: Commercial, financial, and
agricultural $ 64.4 $ 41.2 $ 28.4 $ 27.0 $ 25.6 Commercial real
estate - construction 114.2 112.7 41.0 22.6 9.9 Commercial mortgage
28.3 21.7 8.6 8.1 8.2 Consumer and other retail � � 23.2 � � � 20.7
� � � 22.1 � � � 13.9 � � � 9.7 � Total nonaccruing loans 230.1
196.3 100.1 71.6 53.4 Renegotiated loans � � 1.2 � � � 0.1 � � �
0.1 � � � 0.2 � � � 24.1 � Total nonaccruing loans and renegotiated
loans 231.3 196.4 100.2 71.8 77.5 Other real estate owned (OREO) �
� 19.8 � � � 14.5 � � � 14.5 � � � 16.7 � � � 0.2 � Total
nonperforming loans 251.1 210.9 114.7 88.5 77.7 � Loans past due 90
days or more: Commercial, financial, and agricultural 3.9 8.4 6.5
6.1 3.7 Commercial real estate - construction 3.8 4.8 5.2 0.6 0.3
Commercial mortgage 2.6 1.6 2.1 1.3 ---- Consumer and other retail
� � 19.1 � � � 19.5 � � � 14.9 � � � 13.8 � � � 10.6 � Total loans
past due 90 days or more 29.4 34.3 28.7 21.8 14.6 �
RESERVE FOR
LOAN LOSSES Balance at the beginning of the period $ 157.1 $
122.2 $ 113.1 $ 106.4 $ 101.1 Loans charged off: Commercial,
financial, and agricultural (7.6 ) (4.1 ) (4.9 ) (2.9 ) (0.7 )
Commercial real estate - construction (2.4 ) (8.0 ) ---- (5.2 )
(0.3 ) Commercial mortgage (0.3 ) (0.9 ) (1.0 ) (0.1 ) ----
Consumer and other retail � � (12.8 ) � � (13.7 ) � � (5.8 ) � �
(6.0 ) � � (5.4 ) Total loans charged off (23.1 ) (26.7 ) (11.7 )
(14.2 ) (6.4 ) Recoveries on loans previously charged off:
Commercial, financial, and agricultural 0.2 0.1 0.2 0.2 0.1
Commercial real estate - construction ---- ---- ---- ---- ----
Commercial mortgage ---- ---- ---- 0.8 ---- Consumer and other
retail � � 1.7 � � � 1.1 � � � 1.0 � � � 1.4 � � � 1.6 � Total
recoveries 1.9 1.2 1.2 2.4 1.7 Net loans charged off (21.2 ) (25.5
) (10.5 ) (11.8 ) (4.7 )
Transfers from/(to) reserve for
lending commitments
1.6 (7.1 ) ---- ---- ---- Provision charged to operations � � 29.5
� � � 67.5 � � � 19.6 � � � 18.5 � � � 10.0 � Balance at the end of
the period 167.0 157.1 122.2 113.1 106.4 � Reserve for lending
commitments in other liabilities * 5.5 7.1 ---- ---- ---- � * The
reserve for lending commitments was transferred to other
liabilities as of December 31, 2008. Prior periods were not
reclassified. �
RATIOS Period-end loans $ 9,408.7 $ 9,619.1
$ 9,585.0 $ 9,280.4 $ 8,797.4 Average loans 9,518.7 9,611.2 9,459.0
9,085.9 8,636.8 Period-end reserve to loans 1.77 % 1.63
%
�
1.27
%
�
1.22
%
�
1.21 % Period-end non-performing assets to loans 2.67 2.19 1.20
0.95 0.88 Period-end loans past due 90 days to total loans 0.31
0.36 0.30 0.23 0.17 Quarterly net charge-offs to average loans (not
annualized) 0.22 0.27 0.11 0.13 0.05 Year-to-date net charge-offs
to average loans 0.22 0.57 0.30 0.19 0.05 �
INTERNAL RISK
RATING Pass 88.60 % 90.80
%
�
96.08
%
�
96.28
%
�
95.62 % Watchlisted 6.39 5.20 2.25 2.29 2.98 Substandard 4.99 3.99
1.66 1.42 1.39 Doubtful 0.02 0.01 0.01 0.01 0.01
�
� � � � � �
WILMINGTON TRUST CORPORATION QUARTERLY SUMMARY
As of and for the three months ended March 31, 2009 �
LOAN
PORTFOLIO DETAIL � Three Months Ended
�
Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (Dollars in millions)
� 2009 � 2008 � 2008 � 2008 � 2008
LOAN PORTFOLIO
COMPOSITION Commercial, financial, and agricultural 29 % 31 %
31 % 30 % 30 % Commercial real estate - construction 21 20 20 20 21
Commercial mortgage 21 19 19 18 18 Residential mortgage 6 6 6 6 6
Consumer 17 18 18 20 19 Secured with investments 6 6 6 6 6 �
COMMERCIAL REAL ESTATE - CONSTRUCTION DETAIL Project type:
Residential real estate construction 49 % 54 % 52 % 53 % 53 % Land
development 22 21 22 22 21 Retail and office 17 15 14 13 13
Owner-occupied 2 2 3 4 5 Multi-family 3 2 2 2 2 Other 7 6 7 6 6
Geographic location: Delaware 60 % 60 % 61 % 61 % 61 % Pennsylvania
23 23 23 24 25 Maryland 6 6 6 6 6 New Jersey 8 7 7 6 5 Other 3 4 3
3 3 �
CONSUMER LOANS, PERIOD-END Home equity $ 566.8 $ 565.4
�
$
544.8
�
$
516.5
�
$
498.3 Indirect 823.2 891.5 942.9 929.4 868.9 Credit card 62.9 67.8
67.0 69.4 65.7 Other consumer � � 183.7 � � � 208.2 � � � 228.2 � �
� 275.0 � � � 246.6 � Total consumer loans 1,636.6 1,732.9 1,782.9
1,790.3 1,679.5 �
CONSUMER LOANS, ON AVERAGE Home equity $
568.3 $ 556.4
�
$
533.8
�
$
509.5
�
$
493.9 Indirect 858.6 916.8 952.3 889.6 813.9 Credit card 65.3 66.8
67.3 67.4 66.1 Other consumer � � 194.2 � � � 210.7 � � � 226.9 � �
� 263.3 � � � 279.2 � Total consumer loans 1,686.4 1,750.7 1,780.3
1,729.8 1,653.1 � � � � � � � � �
WILMINGTON TRUST CORPORATION
QUARTERLY SUMMARY As of and for the three months ended March
31, 2009 �
SUPPLEMENTAL INFORMATION � Three Months Ended � %
Change From: Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, Prior
Prior � � 2009 � 2008 � 2008 � 2008 � 2008 � Quarter � Year
NET
INCOME Net income/(loss) per share Basic $ 0.26 $ (1.02
)
$
0.34
�
$
(0.29
)
$
0.62 ---- (58.1 ) Diluted 0.26 (1.02 ) 0.34 (0.29 )
0.61
----
(57.4
) Weighted average shares outstanding (in thousands) Basic 68,945
68,342 67,231 67,167 67,067 Diluted
68,945
68,342
67,253
67,167
67,311
Net income/(loss) as a percentage of: Average assets 0.73 % (2.22
)% 0.76 % (0.66 )% 1.47 % Average stockholders' equity1
8.77
(25.34 ) 8.92 (7.01 ) 14.79 �
ASSETS UNDER MANAGEMENT * (in
billions) Wilmington Trust $ 34.2 $ 36.6
�
$
37.1
�
$
38.4
�
$
35.0 (6.6 ) (2.3 ) Roxbury Capital Management 1.3 1.3 1.9 2.1 2.1
---- (38.1 ) Cramer Rosenthal McGlynn � � 7.4 � � � 7.8 � � � 10.1
� � � 11.2 � � � 10.9 � (5.1 ) (32.1 ) Combined assets under
management $ 42.9 � � $ 45.7
�
�
$
49.1
�
�
$
51.7
�
�
$
48.0 � (6.1 ) (10.6 ) � * 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 $ 125.3 $ 131.0
�
$
139.9
�
$
146.6
�
$
120.7 (4.4 ) 3.8 ** Includes Wilmington Trust assets under
management �
INVESTMENT MIX OF ASSETS MANAGED BY WILMINGTON
TRUST Equities 34 % 38 % 41
%
44 % 45 % Fixed income 36 33 26 24 22 Other 30 29 33 32 33 �
CAPITAL (in millions, except per share amounts) Average
Wilmington Trust stockholders' equity $ 1,329.7 $ 1,146.8
�
$
1,021.3
�
$
1,119.4
�
$
1,125.5 15.9 18.1 Tier 1 capital
1,072.7
1,058.3 767.6 743.5 802.0
1.4
33.8
Per share: Book value1 14.64 14.65 15.60 15.85 16.99 (0.1 ) (13.8 )
Quarterly dividends declared 0.1725 0.345 0.345 0.345 0.335 (50.0 )
(48.5 ) Year-to-date dividends declared 0.1725 1.37 1.025 0.68
0.335 Average stockholders' equity to assets1 8.32 % 8.75 % 8.48 %
9.47 % 9.90 % Total risk-based capital ratio 14.15 13.97 11.24
11.14 11.17 Tier 1 risk-based capital ratio 9.40 9.24 6.77 6.74
7.73 Tier 1 leverage capital ratio 9.02 8.77 6.52 6.45 7.23 �
INVESTMENT SECURITIES PORTFOLIO Average life (in years)
7.49
6.32 6.13 6.16 4.47 Average duration
(2.06
)
(0.93 ) 1.84 2.58 1.90 Percentage invested in fixed rate
instruments 80 % 94 % 85 % 83 % 81 % �
FUNDING (on average)
Percentage from core deposits 60 % 53 % 52 % 54 % 53 % Percentage
from national funding 20 26 31 27 29 Percentage from short-term
borrowings 20 21 17 19 18 �
ASSET - LIABILITY MATCHING As a
percentage of total balances at period-end: Loans outstanding with
floating rates 74 % 74 % 73 % 72 % 71 % Commercial loans with
floating rates 89 88 88 87 86 Commercial loans tied to a prime rate
55 57 54 56 58 Commercial loans tied to the 30-day LIBOR 39 37 40
38 35 �
National CDs and short-term
borrowings maturing in 90 days or less
78 % 83 % 95 % 92 % 83 % �
FULL-TIME EQUIVALENT HEADCOUNT
Full-time equivalent headcount
2,945
2,946 2,925 2,879 2,704
�
�
1 Does not include preferred stock
and noncontrolling interest.
�
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