Wilmington Trust Announces 2009 First Quarter Results

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.