UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from _________ to __________
 COMMISSION FILE NUMBER: 1-14659
 WILMINGTON TRUST CORPORATION
  DELAWARE
    
    51-0328154(State or other jurisdiction of incorporation or organization)
    
    (Internal Revenue Service Employer Identification Number)1100 NORTH MARKET STREET, WILMINGTON, DELAWARE
    
    19890(Address of principal executive offices)
    
    (Zip Code)
 (302) 651-1000
 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
 Title of Each Class
    
    Name of Each Exchange on Which RegisteredCOMMON STOCK, $1.00 PAR VALUE
    
    NEW YORK STOCK EXCHANGE
 SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
 þ o
 o þ
 þ o
 o o
 þ
  Large accelerated filer þ
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
   DOCUMENTS INCORPORATED BY REFERENCE:
 Portions of the Proxy Statement for our Annual Shareholders Meeting (Proxy Statement) to be held
on April 21, 2010, are incorporated by reference in Part III.
 *For purposes of this calculation, Wilmington Trusts subsidiaries and its directors and executive
officers are deemed to be affiliates.




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2     Wilmington Trust Corporation
    
    2009 Form-10-K




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PAGEPart IItem 1.Business
    
    
    
    4Item 1A.Risk Factors
    
    
    
    8Item 1B.Unresolved Staff Comments
    
    
    
    12Item 2.Properties
    
    
    
    12Item 3.Legal Proceedings
    
    
    
    13Item 4.Submission of Matters to a Vote of Security Holders
    
    
    
    13Part IIItem 5.Market for Registrants Common Equity, Related Stockholder Matters, and
Issuer Purchases of Equity Securities
    
    
    
    14Item 6.Selected Financial Data
    
    
    
    17Item 7.Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    
    18Item 7A.Quantitative and  Qualitative Disclosures About Market Risk
    
    
    
    61Item 8.Financial Statements and Supplementary Data
    
    
    
    64Item 9.Changes In and Disagreements With Accountants on
Accounting and Financial Disclosure
    
    
    
    133Item 9A.Controls and Procedures
    
    
    
    133Item 9B.Other Information
    
    
    
    136Part IIIItem 10.Directors, Executive Officers, and Corporate Governance
    
    In Proxy Statement and 137Item 11.Executive Compensation
    
    In Proxy Statement and 137Item 12.Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters
    
    Item 5 and In Proxy Statement and 137Item 13.Certain Relationships and Related Party Transactions, and
Director Independence
    
    In Proxy Statement and 137Item 14.Principal Accountant Fees and Services
    
    In Proxy Statement and 137Part IVItem 15.Exhibits and Financial Statement Schedules
    
    Item 8 and 138




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4     Wilmington Trust Corporation
    
    2009 Form-10-K
 
 Part I
 
  DESCRIPTION OF BUSINESS
     
    
    Consumer banking clients in the state of Delaware.
    
    Commercial banking clients throughout the mid-Atlantic region, which we define as the state
of Delaware and contiguous areas in Pennsylvania, New Jersey, and Maryland.
    
    High-net-worth clients throughout the United States.
    
    Retirement plan sponsors throughout the United States.
    
    Institutional clients in the United States, Europe, and the Caribbean.
    
    
    Focusing on long-term relationships with clients.
    
    Having extensive knowledge of the clients and markets we serve.
    
    Providing responsive, personalized, and customized services.
    
    Attracting and retaining highly qualified staff members.
    
    Offering competitive pricing.
    
    Developing and marketing new and innovative products and services.
    
    Deploying technology that improves efficiency and client service.




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Part I  Item 1 (continued)
    
    5
  SUPERVISION AND REGULATION
     Bank Holding Company Act (BHCA).
  Interstate Banking Act.
 Safety and soundness.
  Capital requirements and dividend limitations.




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6     Wilmington Trust Corporation
    
    2009 Form-10-K
 U.S. Department of the Treasury.
  Deposit insurance.
 
    
    Temporary increase of standard insurance coverage.In October 2008, standard FDIC insurance
coverage was increased temporarily from $100,000 to $250,000 per depositor. This increase will
be in place until December 31, 2013. (FDIC insurance coverage for certain retirement accounts,
including IRAs, became subject to a permanent FDIC insurance increase to $250,000 that was
effective April 1, 2006.)
    
    FDIC Transaction Account Guarantee Program.Under this program, which is part of the FDICs
Temporary Liquidity Guarantee Program (TLGP), all noninterest-bearing deposit transaction
accounts, as well as certain types of transaction accounts with interest rates of 0.5% or
less, will be fully guaranteed by the FDIC for the entire amount in the account through June
30, 2010. This coverage is in addition to the temporary increase in standard FDIC insurance
coverage.
    
    FDIC Debt Guarantee Program.This program, also part of the FDICs TLGP, guarantees timely
principal and interest payments on senior unsecured debt issued between October 14, 2008, and
October 31, 2009. We participated in this program, but never issued any debt that qualified
for these guarantees.
 Bank Secrecy Act, USA PATRIOT Act, and Office of Foreign Assets Control regulations (collectively,
the BSA laws).
 Privacy and information security.
 Community Reinvestment Act (CRA).
 Fair Housing Act.
 Sarbanes-Oxley Act.
 Residential mortgage usury laws.




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Part I   Item 1 (continued)
    
    7
 Consumer protection laws.
 
    
    The Truth-in-Lending Act, which mandates disclosures for certain consumer loans;
    
    The Truth-in-Savings Act, which mandates deposit-related disclosures;
    
    The Equal Credit Opportunity Act, which prohibits discrimination; and
    
    The Fair Credit Reporting Act, which, if we deny a clients application for credit, requires
us to tell the client which credit bureau we used to evaluate the application, and which
imposes rules for information sharing and pre-screened offers of credit.
  
    
    The Credit Card Accountability Responsibility and Disclosure Act of 2009, which mandates
disclosures and restricts fees charged for consumer credit card accounts. This Act was
effective for us on February 22, 2010.
    
    An amendment to the Truth-in-Lending Act that mandates disclosures regarding returned
item and overdraft fees. This change was effective for us on January 15, 2010.
    
    An amendment to the Truth-in-Lending Act that mandates an escrow process or rate caps for
some types of home equity loans that are in a first lien position. These requirements will be
effective for us on April 1, 2010.
    
    The Electronic Funds Transfer Act, which prohibits us from charging fees for overdrafts on
ATM or one-time debit transactions without the clients prior permission. This Act will be
effective for us on July 1, 2010.
  Corporate governance. www.wilmingtontrust.com
  AVAILABLE INFORMATION
  
    
    Should be used for informational purposes only.
    
    Should not be relied on for investment purposes.
    
    Is not incorporated by reference into this Form 10-K.
  
    
    Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form
8-K, and Proxy Statements, as well as any amendments to these reports, under SEC filings.
We post these reports as quickly as possible after we file them electronically with or
furnish them to the SEC.
    
    Our Corporate Governance Guidelines, Code of Conduct and Ethics, and the charters of our
Audit, Compensation, and Nominating and Corporate Governance Committees.
    
    Any amendments to or waivers from the Code of Conduct and Ethics that apply to any of our
directors or executive officers.




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8     Wilmington Trust Corporation
    
    2009 Form-10-K
 
   We are subject to credit risk.
          Changes in market interest rates, and the pace at which they occur, can affect net interest income
adversely.
  Securities in our investment portfolio are subject to credit risk, market risk, illiquidity, and
accounting risk.




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Part I   Item 1A (continued)
    
    9
   Volatility in financial markets can affect our noninterest income adversely.
 Circumstances in the mid-Atlantic region, throughout the United States, and around the world could
reduce demand for our services and negatively affect our ability to conduct business.
  
    
    A decrease in the demand for loans and other products and services we offer.
    
    A decrease in client savings, in general, and in demand for the savings and investment products we offer, in particular.
    
    An increase in the number of clients and counterparties who become delinquent, file for
protection under bankruptcy laws, or default on their loans and other obligations to us. An
increase in the number of delinquencies, bankruptcies, or defaults could result in a higher
level of nonperforming assets, net charge-offs, and provisions for loan losses.
  Competition can cause us to increase the rates we pay to attract deposits, reduce the interest
rates we can charge on loans, and reduce the fees we charge for services. Competition can also
affect our ability to retain existing clients or attract new clients.




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10     Wilmington Trust Corporation
    
    2009 Form-10-K
  Changes in accounting rules may affect our reported earnings and operating income adversely.
 Changes in the value of goodwill or intangible assets on our balance sheet could affect earnings
adversely.
  Reductions in the value of our deferred tax assets could affect earnings adversely.
 Making acquisitions can be risky.
  We run the risk of having insufficient liquidity, or funding.
   Our access to funding, and our ability to serve some clients, could be affected adversely by
unfavorable rating actions taken by credit rating agencies.
 Disruption in the capital and credit markets has created illiquidity and uncertainty.




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Part I   Item 1A (continued)
    
    11
 The failure of other financial institutions could affect us adversely.
  The financial services industry is subject to extensive regulation, which is undergoing major
changes.
 We and our subsidiaries are subject to a variety of legal and regulatory restrictions.
   Because of stresses on the Deposit Insurance Fund, the FDIC has recently imposed, and could impose in the future, additional assessments on the banking industry.
 We and our subsidiaries are subject to various legal proceedings that arise from time to time in
the ordinary course of business.
 Negative public opinion could damage our reputation.
 Our ability to pay dividends on our stock depends  on the financial results of our wholly
owned subsidiaries, and other factors.




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12     Wilmington Trust Corporation
    
    2009 Form-10-K
   In the future, we may issue debt and equity securities that could reduce the value of our common
stock.
 Our certificate of incorporation may discourage unsolicited acquisition proposals.
 Other risks could affect our earnings and damage our reputation.
 Additional information.
 
    
    The sections on credit risk and capital resources in the MD&A in this report.
    
    Item 7A, Quantitative and Qualitative Disclosures about Market Risk, in this report.
 
   
    
    
    Arizona: One office in Phoenix.
    
    California: One office each in Los Angeles and Costa Mesa.
    
    Connecticut: One office each in Guilford and Stamford.
    
    Delaware: 48 branch offices throughout the state (24 in New Castle County, including one each
at the Wilmington Trust Center and Wilmington Trust Plaza; 8 in Kent County; and 16 in Sussex
County), plus 1 retirement services administrative office in Wilmington.
    
    Florida: One branch office in North Palm Beach and one office each in Palm Beach, Stuart, and Vero Beach.
    
    Georgia: One office in Atlanta.




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Part I   Item 2 (continued)
    
    13
 
    
    Maryland: One branch office in Baltimore and one office in Bel Air.
    
    Massachusetts: One office in Boston.
    
    Michigan: One office in Birmingham.
    
    Minnesota: One office in Minneapolis.
    
    Nevada: One office in Las Vegas.
    
    New Jersey: One office each in Jersey City, Mt. Laurel, and Princeton.
    
    New York: Two offices in New York City.
    
    Pennsylvania: One branch office each in Bethlehem, Doylestown, Philadelphia, Villanova, and West Chester.
    
    South Carolina: One office in Charleston.
    
    Vermont: One office in Burlington.
    
    Europe: One office each in the Channel Islands (Jersey), England (London), Ireland
(Dublin), Germany (Frankfurt), Luxembourg, and The Netherlands (Amsterdam).
    
    Caribbean: One office in Grand Cayman, Cayman Islands.




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14     Wilmington Trust Corporation
    
    2009 Form-10-K
 
 Part II
 
  
 As of December 31
    
    2009
    
    
    2008
    
    
    2007Shareholders of record (approximate)
    
    
    7,278
    
    
    
    7,534
    
    
    
    7,718Diluted shares outstanding (average)
    
    
    68,965,938
    
    
    
    67,453,648
    
    
    
    68,850,523Basic shares outstanding (period end)
    
    
    69,396,986
    
    
    
    69,113,448
    
    
    
    67,086,546Market capitalization
    
    $0.86 billion
    
    
$1.54 billion
    
    
$2.36 billion
    COMMON STOCK PRICE PERFORMANCE AND DIVIDENDS




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Part II   Item 5
    
    15
  As of December 31
    
    2004
    
    
    2005
    
    
    2006
    
    
    2007
    
    
    2008
    
    
    2009WL
    
    $
    100.0
    
    
    $
    111.2
    
    
    $
    124.0
    
    
    $
    107.0
    
    
    $
    71.2
    
    
    $
    40.8S&P 500 Index
    
    $
    100.0
    
    
    $
    104.9
    
    
    $
    121.4
    
    
    $
    128.1
    
    
    $
    80.8
    
    
    $
    102.1KBW 50 Bank Index
    
    $
    100.0
    
    
    $
    101.3
    
    
    $
    120.8
    
    
    $
    93.0
    
    
    $
    50.7
    
    
    $
    51.3
 1
 2009
    
    
    2008
    
    
    2007Dividend
    
    
    
    
    
    
    
    
    
    
    Dividend
    
    
    
    
    
    
    
    
    
    
    DividendPeriod
    
    High
    
    
    Low
    
    
    paid
    
    
    High
    
    
    Low
    
    
    paid
    
    
    High
    
    
    Low
    
    
    paidFirst quarter
    
    $
    22.53
    
    
    $
    6.76
    
    
    $
    0.1725
    
    
    $
    35.50
    
    
    $
    27.78
    
    
    $
    0.335
    
    
    $
    44.55
    
    
    $
    39.74
    
    
    $
    0.315Second quarter
    
    $
    18.66
    
    
    $
    9.03
    
    
    $
    0.1725
    
    
    $
    35.17
    
    
    $
    26.26
    
    
    $
    0.345
    
    
    $
    43.14
    
    
    $
    39.62
    
    
    $
    0.335Third quarter
    
    $
    15.82
    
    
    $
    9.75
    
    
    $
    0.0100
    
    
    $
    46.75
    
    
    $
    20.50
    
    
    $
    0.345
    
    
    $
    42.14
    
    
    $
    36.46
    
    
    $
    0.335Fourth quarter
    
    $
    15.90
    
    
    $
    11.45
    
    
    $
    0.0100
    
    
    $
    31.07
    
    
    $
    19.49
    
    
    $
    0.345
    
    
    $
    42.00
    
    
    $
    32.57
    
    
    $
    0.335Full year
    
    $
    22.53
    
    
    $
    6.76
    
    
    $
    0.3650
    
    
    $
    46.75
    
    
    $
    19.49
    
    
    $
    1.370
    
    
    $
    44.55
    
    
    $
    32.57
    
    
    $
    1.320
 
 1
    
    Intraday trading prices.    2009
    
    
    2008
    
    
    2007At quarter end
    
    Closing price
    
    
    Book value1
    
    
    Closing price
    
    
    Book value1
    
    
    Closing price
    
    
    Book valueFirst
    
    $
    9.69
    
    
    $
    14.64
    
    
    $
    31.10
    
    
    $
    16.99
    
    
    $
    42.17
    
    
    $
    15.89Second
    
    $
    13.66
    
    
    $
    14.26
    
    
    $
    26.44
    
    
    $
    15.84
    
    
    $
    41.51
    
    
    $
    15.66Third
    
    $
    14.20
    
    
    $
    14.29
    
    
    $
    28.83
    
    
    $
    15.60
    
    
    $
    38.90
    
    
    $
    16.04Fourth
    
    $
    12.34
    
    
    $
    14.17
    
    
    $
    22.24
    
    
    $
    14.65
    
    
    $
    35.20
    
    
    $
    16.70
 
 1
    
    Does not include preferred stock and noncontrolling interest.  (c)(a)
    
    
    
    
    
    
    Number of securities remainingNumber of securities to
    
    
    (b)
    
    
    available for future issuancebe issued upon exercise
    
    
    Weighted average exercise price
    
    
    under equity compensationof outstanding options,
    
    
    of outstanding options,
    
    
    plans (excluding securitiesPlan category
    
    warrants, and rights
    
    
    warrants, and rights
    
    
    reflected in column a)Equity compensation plans approved by security holders
    
    
    7,683,315
    
    
    
    $    31.05
    
    
    
    2,308,058Equity compensation plans not approved by security holders
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    7,683,315
    
    
    
    $    31.05
    
    
    
    2,308,058




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16     Wilmington Trust Corporation
    
    2009 Form-10-K
 SHARE REPURCHASES
    As of and for the year ended December 31
    
    2009
    
    
    2008
    
    
    2007Number of shares repurchased
    
    
    
    
    
    
    
    
    
    
    2,000,000Average price per share repurchased
    
    $
    
    
    
    $
    
    
    
    $
    39.60Total cost of shares repurchased (in millions)
    
    $
    
    
    
    $
    
    
    
    $
    79.2Total shares purchased under current plan
    
    
    3,043,796
    
    
    
    3,043,796
    
    
    
    3,043,796Shares available for repurchase
    
    
    4,956,204
    
    
    
    4,956,204
    
    
    
    4,956,204
   MaximumTotal number of
    
    
    number of sharesshares purchased
    
    
    that may yetTotal number
    
    
    
    
    
    
    as part of publicly
    
    
    be purchasedof shares
    
    
    Average price
    
    
    announced plans
    
    
    under the plansPeriod
    
    repurchased
    
    
    paid per share
    
    
    or programs
    
    
    or programs1October
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,613,056November
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,528,520December
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,545,821Total
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,545,821
 
 1
    
    In April 2002, our Board of Directors authorized the repurchase of up to 8 million
shares of our common stock.




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Part II  Item 6 (continued)
    
    17
 
  (Dollars in millions, except per-share amounts)
    
    20094
    
    
    20083,4
    
    
    2007
    
    
    20063
    
    
    2005INCOME STATEMENTInterest income
    
    $
    437.2
    
    
    $
    611.4
    
    
    $
    722.2
    
    
    $
    674.8
    
    
    $
    516.6Net interest income
    
    
    318.2
    
    
    
    357.7
    
    
    
    368.9
    
    
    
    363.1
    
    
    
    328.9Provision for loan losses
    
    
    (205.0
    )
    
    
    (115.5
    )
    
    
    (28.2
    )
    
    
    (21.3
    )
    
    
    (11.8
    )Noninterest income
    
    
    359.6
    
    
    
    292.4
    
    
    
    386.0
    
    
    
    346.1
    
    
    
    313.3Noninterest expense
    
    
    512.5
    
    
    
    559.7
    
    
    
    444.1
    
    
    
    471.6
    
    
    
    370.1Net (loss)/income attributable to Wilmington Trust Corporation
    
    
    (4.4
    )
    
    
    (23.6
    )
    
    
    182.0
    
    
    
    143.8
    
    
    
    167.0Preferred dividends
    
    
    18.3
    
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    Net (loss)/income available to common shareholders
    
    $
    (22.7)
    
    
    $
    (24.5
    )
    
    $
    182.0
    
    
    $
    143.8
    
    
    $
    167.0SELECTED PER-SHARE DATATotal basic common shares issued and outstanding (in millions)
    
    
    69.0
    
    
    
    67.5
    
    
    
    67.9
    
    
    
    68.4
    
    
    
    67.7Total diluted common shares issued and outstanding (in millions)
    
    
    69.0
    
    
    
    67.5
    
    
    
    68.9
    
    
    
    69.7
    
    
    
    68.6Basic (loss)/income per common share
    
    $
    (0.33)
    
    
    $
    (0.36
    )
    
    $
    2.68
    
    
    $
    2.10
    
    
    $
    2.47Diluted (loss)/income per common share
    
    
    (0.33
    )
    
    
    (0.36
    )
    
    
    2.64
    
    
    
    2.06
    
    
    
    2.43Cash dividends declared and paid per common share
    
    
    0.365
    
    
    
    1.370
    
    
    
    1.320
    
    
    
    1.245
    
    
    
    1.185Book value1,2
    
    
    14.17
    
    
    
    14.65
    
    
    
    16.70
    
    
    
    15.47
    
    
    
    14.94Stock price2
    
    
    12.34
    
    
    
    22.24
    
    
    
    35.20
    
    
    
    42.17
    
    
    
    38.91Price/earnings multiple
    
    
    N/M
    
    
    
    N/M
    
    
    
    13.13
    
    
    
    20.08
    
    
    
    15.75BALANCE SHEET2Total assets
    
    $
    11,097.1
    
    
    $
    12,318.9
    
    
    $
    11,485.7
    
    
    $
    11,157.0
    
    
    $
    10,245.4Long-term debt
    
    
    442.9
    
    
    
    468.8
    
    
    
    267.8
    
    
    
    388.5
    
    
    
    400.4SELECTED BALANCES, ON AVERAGEInvestment securities
    
    $
    855.8
    
    
    $
    1,561.2
    
    
    $
    1,863.5
    
    
    $
    1,884.0
    
    
    $
    1,863.3Loans
    
    
    9,243.5
    
    
    
    9,200.0
    
    
    
    8,212.0
    
    
    
    7,699.8
    
    
    
    7,047.1Reserve for loan losses
    
    
    (175.5
    )
    
    
    (108.1
    )
    
    
    (95.5
    )
    
    
    (91.8
    )
    
    
    (90.9
    )Earning assets
    
    
    10,358.9
    
    
    
    10,910.1
    
    
    
    10,126.3
    
    
    
    9,645.7
    
    
    
    8,957.4Total assets
    
    
    11,349.2
    
    
    
    11,881.2
    
    
    
    10,997.4
    
    
    
    10,495.1
    
    
    
    9,803.0Core deposits
    
    
    6,490.3
    
    
    
    5,333.6
    
    
    
    5,045.5
    
    
    
    4,936.7
    
    
    
    4,866.6Stockholders equity
    
    
    1,331.6
    
    
    
    1,103.3
    
    
    
    1,091.2
    
    
    
    1,059.4
    
    
    
    949.5SELECTED FINANCIAL RATIOS(Loss)/return on average common stockholders equity1
    
    
    (0.44
    )%
    
    
    (2.17
    )%
    
    
    16.68
    %
    
    
    13.58
    %
    
    
    17.59
    %(Loss)/return on average assets
    
    
    (0.04
    )
    
    
    (0.20
    )
    
    
    1.65
    
    
    
    1.37
    
    
    
    1.70Average common equity to asset ratio
    
    
    8.89
    
    
    
    9.13
    
    
    
    9.92
    
    
    
    10.09
    
    
    
    9.68Net interest margin
    
    
    3.08
    
    
    
    3.28
    
    
    
    3.67
    
    
    
    3.79
    
    
    
    3.71Nonperforming asset ratio (including OREO5)
    
    
    5.76
    
    
    
    2.19
    
    
    
    0.95
    
    
    
    0.44
    
    
    
    0.60Loan loss reserve ratio2
    
    
    2.80
    
    
    
    1.63
    
    
    
    1.19
    
    
    
    1.16
    
    
    
    1.24Net charge-off ratio
    
    
    1.21
    
    
    
    0.57
    
    
    
    0.26
    
    
    
    0.24
    
    
    
    0.14CAPITAL RATIOSRisk-based capital ratio
    
    
    14.31
    %
    
    
    13.97
    %
    
    
    11.21
    %
    
    
    12.10
    %
    
    
    11.84
    %Tier 1 risk-based capital ratio
    
    
    9.86
    
    
    
    9.24
    
    
    
    7.73
    
    
    
    8.25
    
    
    
    7.43Tier 1 leverage capital ratio
    
    
    10.10
    
    
    
    8.77
    
    
    
    7.18
    
    
    
    7.39
    
    
    
    6.69Tangible common equity to assets ratio
    
    
    5.42
    
    
    
    5.12
    
    
    
    6.76
    
    
    
    6.76
    
    
    
    6.42SELECTED STATISTICSAssets under management6
    
    $
    42,136.2
    
    
    $
    36,504.3
    
    
    $
    35,934.7
    
    
    $
    31,222.9
    
    
    $
    25,998.2Staff members (full-time-equivalent)2
    
    
    2,898
    
    
    
    2,946
    
    
    
    2,672
    
    
    
    2,574
    
    
    
    2,469
 
 1
    
    Does not include preferred stock and noncontrolling interest.2
    
    At year-end.3
    
    2008 and 2006 results included non-cash goodwill impairment write-downs of $66.9 million and $72.3 million, respectively.4
    
    2009 and 2008 results included securities write-downs of $77.5 million and $130.7 million, respectively.5
    
    Other real estate owned.6
    
    At Wilmington Trust. Excludes Cramer Rosenthal McGlynn and Roxbury Capital Management.




---



##### 



18     Wilmington Trust Corporation
    
    2009 Form-10-K
 
    
    
    Regional Banking Services.This business serves commercial clients throughout the
mid-Atlantic region and consumer clients in the state of Delaware.
 
    
    Wealth Advisory Services (WAS).This business serves high-net-worth clients throughout the
United States and in 35 other countries.
 
    
    Corporate Client Services (CCS).This business serves institutional clients in 89 countries.
   
    
    Investing in businesses that have the most potential for long-term growth or high operating
profit margins.
 
    
    Being the market leader in each of our businesses.
 
    
    Increasing profitability without compromising our overall risk profile.
  
    
    Have multiple sources of revenue.
 
    
    Manage risk.
 
    
    Regularly invest our capital for future growth.
 
    
    Take a long-term view.
  EXECUTIVE SUMMARY
   
    
    An increase in the provision for loan losses, which reduced net interest income.This
increase reflected higher levels of nonperforming loans and loan losses, as sluggish economic
conditions continued to pressure commercial borrowers, especially in Delaware. The provision
was $205.0 million for 2009, up from $115.5 million for
2008. For more information about this, read the credit risk discussion and Note 8, Reserve for loan losses, in this report.
 
    
    Losses on securities that were determined to be other-than-temporarily impaired (OTTI) under
U.S. generally accepted accounting principles (GAAP).Losses on OTTI securities reduced 2009
net income by approximately $49.8 million and earnings per diluted common share by
approximately $0.72. For more information about this, read the investment securities portfolio discussion and Note 6, Investment
securities, in this report.




---



##### 



Part II  Item 7 (continued)
    
    19
       CHANGES IN FINANCIAL CONDITION
       
    
    The net loss of $4.4 million.
 
    
    $25.2 million in dividend payments on common stock and $18.3 million in dividend payments
and accretion on preferred stock issued under the CPP.




---



##### 



20     Wilmington Trust Corporation
    
    2009 Form-10-K
  
    
    The Regional Banking discussion.
 
    
    The investment securities discussion and Note 6, Investment securities.
 
    
    The capital resources discussion and Note 16, Capital.
 
    
    The Consolidated Statements of Changes in Stockholders Equity.
     2009
    
    
    2008Percent of
    
    
    
    
    
    
    Percent ofAt year-end (dollars in millions)
    
    Amount
    
    
    portfolio
    
    
    Amount
    
    
    portfolioU.S. Treasury securities
    
    $
    232.8
    
    
    
    27
    %
    
    $
    41.4
    
    
    
    3
    %Government agency securities1
    
    
    225.1
    
    
    
    26
    
    
    
    463.5
    
    
    
    34Obligations of state and political subdivisions
    
    
    5.7
    
    
    
    1
    
    
    
    6.9
    
    
    
    1Collateralized mortgage obligations
    
    
    51.2
    
    
    
    6
    
    
    
    189.8
    
    
    
    14Mortgage-backed debt securities
    
    
    203.4
    
    
    
    23
    
    
    
    470.7
    
    
    
    34Trust-preferred securities:Single-issue
trust-preferred securities
    
    
    57.7
    
    
    
    7
    
    
    
    57.0
    
    
    
    4Pooled trust-preferred securities
    
    
    53.3
    
    
    
    6
    
    
    
    103.2
    
    
    
    8Total trust-preferred securities
    
    
    111.0
    
    
    
    13
    
    
    
    160.2
    
    
    
    12Other preferred stock
    
    
    23.9
    
    
    
    3
    
    
    
    17.1
    
    
    
    1Other marketable equity and debt securities
    
    
    7.4
    
    
    
    1
    
    
    
    23.7
    
    
    
    1Total investment securities
    
    $
    860.5
    
    
    
    100
    %
    
    $
    1,373.3
    
    
    
    100
    %Amount invested in fixed rate instruments
    
    $
    723.6
    
    
    
    84
    %
    
    $
    1,189.0
    
    
    
    87
    %
 1
    
    Includes $0.5 million of non-U.S. government agency securities.
     
    
    Rendered some of the underlying issuers in these pools incapable of meeting their associated
cash flow obligations.
 
    
    Created illiquidity in the market for these securities.




---



##### 



Part II  Item 7 (continued)
    
    21
      Change 2009
    
    
    Change 2008For the year ended December 31 (dollars in millions, on average)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Approximate cash flow generated
    
    $
    916.6
    
    
    $
    565.2
    
    
    $
    528.5
    
    
    
    62
    %
    
    
    7
    %
   As of December 31
    
    2009
    
    
    2008Average life (in years)
    
    
    6.23
    
    
    
    6.32Duration
    
    
    (0.49
    )
    
    
    (0.93
    )
  RESULTS OF OPERATIONS
   For the year ended December 31 (in millions, except share amounts)
    
    2009
    
    
    2008
    
    
    2007Net (loss)/income
    
    $
    (4.4
    )
    
    $
    (23.6
    )
    
    $
    182.0Dividends and accretion on preferred stock
    
    $
    18.3
    
    
    $
    0.9
    
    
    $
    Net (loss)/income available to common shareholders
    
    $
    (22.7
    )
    
    $
    (24.5
    )
    
    $
    182.0Net (loss)/income available to common shareholders per fully diluted share
    
    $
    (0.33
    )
    
    $
    (0.36
    )
    
    $
    2.64




---



##### 



22     Wilmington Trust Corporation
    
    2009 Form-10-K
  
    
    We gained new clients and strengthened relationships with existing clients.Our focus on
client relationships distinguished us amid difficult economic conditions and disruption in the
financial services industry.
 
    
    CCS achieved its best results ever.CCS revenue and sales surpassed prior records in both
2009 and 2008. The retirement services acquisitions we completed in 2008 contributed to this
growth, as did strong global corporate trust sales in a weak capital markets environment.
 
    
    Our diversified mix of businesses and revenue streams helped us withstand the effects of the
recession.Noninterest income, most of which is generated by WAS and CCS, continued to
increase as a percentage of our total revenue.
  
    
    The extent, depth, and prolonged nature of the recession.The downturn that began in 2008 and
persisted throughout 2009 affected all three of our businesses negatively, but its most
profound effect was on our Regional Banking business. Our net interest income decreased as new
loan demand declined, and as an escalation in loan repayment problems led us to increase the
provision and reserve for loan losses. The provision was $205.0 million for 2009, compared
with $115.5 million for 2008, and $28.2 million for 2007.On an average-balance basis, total
loan balances increased less than 1% in 2009. In comparison, strong demand generated
record-high loan growth in 2008. On average, loan balances for 2008 were 12% higher than for
2007.
 
    
    Changes in the market interest rate environment.Market interest rates reached historic lows
at the end of 2008 and remained there throughout 2009. This caused declines in net interest
income and compression in our net interest margin. At 3.08%, the margin for 2009 was 20 basis
points lower than for 2008. In addition to reducing net interest income, the interest rate
environment reduced the management fees we earn on money market mutual funds. In the 2009
second quarter, as yields on our money market mutual funds fell, we began to waive our
management fees on these funds. These waivers reduced 2009 revenue by approximately $10.6
million.
 
    
    Volatility and disruption in the financial markets.Conditions in the financial markets
negatively affected the valuations of assets in client portfolios and in our own investment
securities portfolio, which affected our results in several ways.Most of our WAS revenue
comes from fees that are based on the valuations of assets in client portfolios. When those
valuations decrease, there is a corresponding decrease in the associated fees. Compounding the
lower asset valuations was the fact that volatility in the equity markets prompted many
clients to invest a larger portion of their assets into fixed income instruments. This shift
reduced WAS revenue because, in general, the pricing on our fixed income and cash management
services is lower than our pricing on equity investment management services.
 The market volatility also affected valuations in retirement plan assets we manage or hold in
custody, which muted growth in the CCS retirement services business.
 In our investment securities portfolio, market conditions and valuation declines led us to
determine that some of our investment securities were OTTI, which increased securities losses. On
an after-tax basis, OTTI securities losses reduced 2009 net income by approximately $49.8 million
and earnings by approximately $0.72 per common share.
     Change 2009
    
    
    Change 2008For the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Interest income
    
    $
    437.2
    
    
    $
    611.4
    
    
    $
    722.2
    
    
    
    (28
    )%
    
    
    (15
    )%Interest expense
    
    
    119.0
    
    
    
    253.7
    
    
    
    353.3
    
    
    
    (53
    )%
    
    
    (28
    )%Net interest income
    
    $
    318.2
    
    
    $
    357.7
    
    
    $
    368.9
    
    
    
    (11
    )%
    
    
    (3
    )%Provision for loan losses
    
    
    (205.0
    )
    
    
    (115.5
    )
    
    
    (28.2
    )
    
    
    77
    %
    
    
    310
    %Net interest income after the provision for loan losses
    
    $
    113.2
    
    
    $
    242.2
    
    
    $
    340.7
    
    
    
    (53
    )%
    
    
    (29
    )%




---



##### 



Part II  Item 7 (continued)
    
    23
  
    
    The market interest rate environment, which compressed the net interest margin.
 
    
    The reduction in investment securities balances.
 
    
    The increase in the provision for loan losses, which is recorded as a reduction in net
interest income.
 
    
    Higher levels of nonaccruing loans, which reduced the interest income we expected to receive
in 2009 by $8.6 million.
  For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Nonaccruing loans at December 31
    
    $
    455.6
    
    
    $
    196.4
    
    
    $
    52.5Interest income that would have been recognized under original terms
    
    $
    11.5
    
    
    $
    5.0
    
    
    $
    3.4Interest income actually received
    
    $
    2.9
    
    
    $
    4.3
    
    
    $
    2.1
     For the year ended December 31
    
    2009
    
    
    2008
    
    
    2007Net interest margin
    
    
    3.08
    %
    
    
    3.28
    %
    
    
    3.67
    %
  
    
    The historically low level of market interest rates.The target federal funds rate was stable
at 5.25% between June 2006 and August 2007, a period of 14 months. Then, in August 2007, the
Federal Open Market Committee (FOMC) began to reduce rates. By year-end 2007, the FOMC had
lowered the target federal funds rate to 4.25%. The FOMC made seven more rate reductions in
2008, ultimately setting the target rate at a range of 0.00% to 0.25%, a historic low. The
target rate remained at this level throughout 2009.
 This lowered our interest expense, but it also reduced our interest income. The average yield on
earning assets for 2009 fell to 4.22%, a decrease of 136 basis points from 2008. The average rate
on the cost of funds decreased to 1.14%, a decrease of 116 basis points from 2008. Consequently,
our margin for 2009 declined 20 basis points to 3.08%. Our margin for 2008 did not reflect the
full extent of the 2008 rate cuts, because three of the seven cuts the FOMC made that year did
not occur until the 2008 fourth quarter.
 
    
    Our asset-sensitive interest rate risk position.For more information about this, read Item
7A, Quantitative and Qualitative Disclosures about Market Risk, in this report.
  As of and for the year ended December 31
    
    2009
    
    
    2008
    
    
    2007At year-end
    
    
    4.00
    %
    
    
    4.00
    %
    
    
    7.50
    %On average
    
    
    4.00
    %
    
    
    5.15
    %
    
    
    8.07
    %




---



##### 



24     Wilmington Trust Corporation
    
    2009 Form-10-K
  2009Average
    
    
    Income/
    
    
    Average(dollars in millions; rates on a tax-equivalent basis)
    
    balance
    
    
    expense
    
    
    rateASSETSInterest-bearing deposits in other banks
    
    $
    212.4
    
    
    $
    0.6
    
    
    
    0.27
    %Federal funds sold and securities purchased under agreements to resell
    
    
    22.4
    
    
    
    0.1
    
    
    
    0.50Total short-term investments
    
    
    234.8
    
    
    
    0.7
    
    
    
    0.30U.S. Treasury securities
    
    
    54.4
    
    
    
    0.3
    
    
    
    0.64Government agency securities
    
    
    247.1
    
    
    
    8.2
    
    
    
    3.30Obligations of state and political subdivisions1
    
    
    6.2
    
    
    
    0.5
    
    
    
    8.77Preferred stock1
    
    
    20.5
    
    
    
    1.9
    
    
    
    9.03Mortgage-backed securities
    
    
    354.2
    
    
    
    15.7
    
    
    
    4.44Other securities1
    
    
    211.8
    
    
    
    10.0
    
    
    
    4.71Total investment securities
    
    
    894.2
    
    
    
    36.6
    
    
    
    4.09Federal Home Loan Bank and Federal Reserve Bank stock, at cost
    
    
    24.8
    
    
    
    0.4
    
    
    
    1.72Commercial, financial, and agricultural loans
    
    
    2,732.0
    
    
    
    116.4
    
    
    
    4.26Real estate  construction loans
    
    
    1,958.3
    
    
    
    69.4
    
    
    
    3.54Commercial mortgage loans
    
    
    2,007.8
    
    
    
    87.5
    
    
    
    4.36Total commercial loans
    
    
    6,698.1
    
    
    
    273.3
    
    
    
    4.08Residential mortgage loans
    
    
    501.0
    
    
    
    27.6
    
    
    
    5.50Consumer loans
    
    
    1,565.2
    
    
    
    87.9
    
    
    
    5.61Loans secured with investments
    
    
    479.2
    
    
    
    12.5
    
    
    
    2.62Total retail loans
    
    
    2,545.4
    
    
    
    128.0
    
    
    
    5.03Total loans1,2
    
    
    9,243.5
    
    
    
    401.3
    
    
    
    4.34Total earning assets at historical cost
    
    
    10,397.3Fair value adjustment on securities available for sale
    
    
    (38.4
    )Total earning assets
    
    
    10,358.9
    
    
    
    439.0
    
    
    
    4.22Other assets
    
    
    990.3Total assets
    
    $
    11,349.2LIABILITIES AND STOCKHOLDERS EQUITYSavings deposits
    
    $
    908.3
    
    
    
    11.8
    
    
    
    1.30
    %Interest-bearing demand deposits
    
    
    3,164.9
    
    
    
    11.8
    
    
    
    0.37Certificates under $100,000
    
    
    1,072.5
    
    
    
    30.0
    
    
    
    2.80Local certificates $100,000 and over
    
    
    176.7
    
    
    
    4.4
    
    
    
    2.49Core interest-bearing deposits
    
    
    5,322.4
    
    
    
    58.0
    
    
    
    1.09National brokered certificates
    
    
    1,333.2
    
    
    
    24.0
    
    
    
    1.80Total interest-bearing deposits
    
    
    6,655.6
    
    
    
    82.0
    
    
    
    1.23Federal funds purchased and securities sold under agreements to repurchase
    
    
    1,311.9
    
    
    
    3.5
    
    
    
    0.27U.S. Treasury demand deposits
    
    
    3.7
    
    
    
    
    
    
    
    Line of credit and other debt
    
    
    7.6
    
    
    
    0.5
    
    
    
    6.17Total short-term borrowings
    
    
    1,323.2
    
    
    
    4.0
    
    
    
    0.30Long-term debt
    
    
    463.0
    
    
    
    33.0
    
    
    
    7.13Total interest-bearing liabilities
    
    
    8,441.8
    
    
    
    119.0
    
    
    
    1.41Demand deposits
    
    
    1,167.9Other noninterest funds
    
    
    787.6Total funds used to support earning assets
    
    
    10,397.3
    
    
    
    119.0
    
    
    
    1.14Noncontrolling interest
    
    
    0.3Wilmington Trust stockholders equity
    
    
    1,331.3Equity used to support earning assets
    
    
    (787.6
    )Other liabilities
    
    
    407.9Total liabilities and stockholders equity
    
    $
    11,349.2Net interest income/margin3
    
    
    
    
    
    
    320.0
    
    
    
    3.08
    %Tax-equivalent adjustment
    
    
    
    
    
    
    (1.8
    )Net interest income
    
    
    
    
    
    $
    318.2
 1
    
    Tax-advantaged income has been adjusted to a tax-equivalent basis using an income tax rate of 35% for all years.2
    
    Loan balances include nonaccruing loans. Interest income includes amortization of deferred loan fees.3
    
    To compute the net interest margin, we divide net interest income on a fully tax-equivalent basis by total earning assets, on average.Note: Average rates are calculated using average balances based on historical cost, and do not
reflect market valuation adjustments.




---



##### 



Part II  Item 7 (continued)
    
    25
  2008
    
    
    2007
    
    
    2006
    
    
    2005Average
    
    
    Income/
    
    
    Average
    
    
    Average
    
    
    Income/
    
    
    Average
    
    
    Average
    
    
    Income/
    
    
    Average
    
    
    Average
    
    
    Income/
    
    
    Averagebalance
    
    
    expense
    
    
    rate
    
    
    balance
    
    
    expense
    
    
    rate
    
    
    balance
    
    
    expense
    
    
    rate
    
    
    balance
    
    
    expense
    
    
    rate$
    94.0
    
    
    $
    1.4
    
    
    
    1.51
    %
    
    $
    4.4
    
    
    $
    0.3
    
    
    
    6.95
    %
    
    $
    2.9
    
    
    $
    0.1
    
    
    
    4.16
    %
    
    $
    1.0
    
    
    $
    0.1
    
    
    
    6.44
    %32.7
    
    
    
    0.5
    
    
    
    1.67
    
    
    
    34.0
    
    
    
    1.7
    
    
    
    5.01
    
    
    
    49.9
    
    
    
    2.6
    
    
    
    5.09
    
    
    
    32.7
    
    
    
    1.0
    
    
    
    3.30126.7
    
    
    
    1.9
    
    
    
    1.55
    
    
    
    38.4
    
    
    
    2.0
    
    
    
    5.23
    
    
    
    52.8
    
    
    
    2.7
    
    
    
    5.04
    
    
    
    33.7
    
    
    
    1.1
    
    
    
    3.3960.7
    
    
    
    1.8
    
    
    
    2.97
    
    
    
    103.8
    
    
    
    4.0
    
    
    
    3.82
    
    
    
    159.1
    
    
    
    6.0
    
    
    
    3.76
    
    
    
    125.7
    
    
    
    3.9
    
    
    
    3.05485.6
    
    
    
    23.0
    
    
    
    4.73
    
    
    
    659.5
    
    
    
    31.3
    
    
    
    4.75
    
    
    
    485.9
    
    
    
    20.4
    
    
    
    4.20
    
    
    
    366.8
    
    
    
    14.1
    
    
    
    3.858.8
    
    
    
    0.7
    
    
    
    8.10
    
    
    
    14.5
    
    
    
    1.1
    
    
    
    7.48
    
    
    
    9.8
    
    
    
    0.9
    
    
    
    8.80
    
    
    
    11.2
    
    
    
    1.0
    
    
    
    8.7541.8
    
    
    
    3.2
    
    
    
    7.60
    
    
    
    68.5
    
    
    
    5.3
    
    
    
    7.76
    
    
    
    90.6
    
    
    
    6.9
    
    
    
    7.65
    
    
    
    93.1
    
    
    
    6.9
    
    
    
    7.50705.5
    
    
    
    31.7
    
    
    
    4.50
    
    
    
    668.3
    
    
    
    28.4
    
    
    
    4.25
    
    
    
    792.7
    
    
    
    32.9
    
    
    
    4.15
    
    
    
    942.0
    
    
    
    38.4
    
    
    
    4.07355.5
    
    
    
    16.9
    
    
    
    4.74
    
    
    
    377.5
    
    
    
    24.1
    
    
    
    6.36
    
    
    
    386.1
    
    
    
    23.6
    
    
    
    6.14
    
    
    
    344.3
    
    
    
    16.5
    
    
    
    4.791,657.9
    
    
    
    77.3
    
    
    
    4.66
    
    
    
    1,892.1
    
    
    
    94.2
    
    
    
    4.97
    
    
    
    1,924.2
    
    
    
    90.7
    
    
    
    4.72
    
    
    
    1,883.1
    
    
    
    80.8
    
    
    
    4.2922.2
    
    
    
    0.7
    
    
    
    3.28
    
    
    
    12.4
    
    
    
    0.4
    
    
    
    3.59
    
    
    
    9.1
    
    
    
    0.6
    
    
    
    6.23
    
    
    
    13.3
    
    
    
    0.4
    
    
    
    3.282,814.6
    
    
    
    165.4
    
    
    
    5.88
    
    
    
    2,485.7
    
    
    
    194.0
    
    
    
    7.81
    
    
    
    2,437.4
    
    
    
    189.6
    
    
    
    7.78
    
    
    
    2,462.1
    
    
    
    152.2
    
    
    
    6.191,860.6
    
    
    
    102.3
    
    
    
    5.50
    
    
    
    1,731.9
    
    
    
    144.4
    
    
    
    8.34
    
    
    
    1,516.8
    
    
    
    128.5
    
    
    
    8.47
    
    
    
    982.3
    
    
    
    67.4
    
    
    
    6.871,694.1
    
    
    
    100.2
    
    
    
    5.91
    
    
    
    1,382.2
    
    
    
    109.6
    
    
    
    7.93
    
    
    
    1,240.8
    
    
    
    97.6
    
    
    
    7.87
    
    
    
    1,229.1
    
    
    
    79.3
    
    
    
    6.466,369.3
    
    
    
    367.9
    
    
    
    5.77
    
    
    
    5,599.8
    
    
    
    448.0
    
    
    
    8.00
    
    
    
    5,195.0
    
    
    
    415.7
    
    
    
    8.00
    
    
    
    4,673.5
    
    
    
    298.9
    
    
    
    6.40562.0
    
    
    
    32.0
    
    
    
    5.70
    
    
    
    556.3
    
    
    
    32.5
    
    
    
    5.84
    
    
    
    495.2
    
    
    
    28.7
    
    
    
    5.80
    
    
    
    438.6
    
    
    
    25.9
    
    
    
    5.891,728.7
    
    
    
    110.9
    
    
    
    6.42
    
    
    
    1,526.6
    
    
    
    113.2
    
    
    
    7.41
    
    
    
    1,458.2
    
    
    
    104.6
    
    
    
    7.18
    
    
    
    1,329.3
    
    
    
    84.8
    
    
    
    6.38540.0
    
    
    
    23.5
    
    
    
    4.35
    
    
    
    529.3
    
    
    
    35.8
    
    
    
    6.76
    
    
    
    551.4
    
    
    
    36.1
    
    
    
    6.54
    
    
    
    605.7
    
    
    
    28.6
    
    
    
    4.722,830.7
    
    
    
    166.4
    
    
    
    5.88
    
    
    
    2,612.2
    
    
    
    181.5
    
    
    
    6.95
    
    
    
    2,504.8
    
    
    
    169.4
    
    
    
    6.76
    
    
    
    2,373.6
    
    
    
    139.3
    
    
    
    5.869,200.0
    
    
    
    534.3
    
    
    
    5.81
    
    
    
    8,212.0
    
    
    
    629.5
    
    
    
    7.67
    
    
    
    7,699.8
    
    
    
    585.1
    
    
    
    7.60
    
    
    
    7,047.1
    
    
    
    438.2
    
    
    
    6.2211,006.8
    
    
    
    
    
    
    
    
    
    
    
    10,154.9
    
    
    
    
    
    
    
    
    
    
    
    9,685.9
    
    
    
    
    
    
    
    
    
    
    
    8,977.2(96.7
    )
    
    
    
    
    
    
    
    
    
    
    (28.6
    )
    
    
    
    
    
    
    
    
    
    
    (40.2
    )
    
    
    
    
    
    
    
    
    
    
    (19.8
    )10,910.1
    
    
    
    614.2
    
    
    
    5.58
    
    
    
    10,126.3
    
    
    
    726.1
    
    
    
    7.15
    
    
    
    9,645.7
    
    
    
    679.1
    
    
    
    7.01
    
    
    
    8,957.4
    
    
    
    520.5
    
    
    
    5.80971.1
    
    
    
    
    
    
    
    
    
    
    
    871.1
    
    
    
    
    
    
    
    
    
    
    
    849.4
    
    
    
    
    
    
    
    
    
    
    
    845.6$
    11,881.2
    
    
    
    
    
    
    
    
    
    
    $
    10,997.4
    
    
    
    
    
    
    
    
    
    
    $
    10,495.1
    
    
    
    
    
    
    
    
    
    
    $
    9,803.0$
    779.3
    
    
    
    17.7
    
    
    
    2.28
    %
    
    $
    500.1
    
    
    
    11.8
    
    
    
    2.35
    %
    
    $
    311.4
    
    
    
    1.3
    
    
    
    0.41
    %
    
    $
    344.9
    
    
    
    0.9
    
    
    
    0.27
    %2,470.4
    
    
    
    18.9
    
    
    
    0.77
    
    
    
    2,400.2
    
    
    
    33.7
    
    
    
    1.40
    
    
    
    2,365.1
    
    
    
    26.5
    
    
    
    1.12
    
    
    
    2,303.8
    
    
    
    19.9
    
    
    
    0.861,006.3
    
    
    
    35.2
    
    
    
    3.49
    
    
    
    1,010.1
    
    
    
    43.6
    
    
    
    4.32
    
    
    
    979.4
    
    
    
    36.5
    
    
    
    3.73
    
    
    
    824.4
    
    
    
    21.1
    
    
    
    2.56299.5
    
    
    
    10.9
    
    
    
    3.63
    
    
    
    412.7
    
    
    
    19.8
    
    
    
    4.80
    
    
    
    521.7
    
    
    
    23.3
    
    
    
    4.48
    
    
    
    401.5
    
    
    
    12.1
    
    
    
    3.014,555.5
    
    
    
    82.7
    
    
    
    1.81
    
    
    
    4,323.1
    
    
    
    108.9
    
    
    
    2.52
    
    
    
    4,177.6
    
    
    
    87.6
    
    
    
    2.10
    
    
    
    3,874.6
    
    
    
    54.0
    
    
    
    1.392,846.3
    
    
    
    100.0
    
    
    
    3.51
    
    
    
    2,756.7
    
    
    
    148.1
    
    
    
    5.37
    
    
    
    2,803.9
    
    
    
    143.7
    
    
    
    5.12
    
    
    
    2,306.6
    
    
    
    77.4
    
    
    
    3.367,401.8
    
    
    
    182.7
    
    
    
    2.47
    
    
    
    7,079.8
    
    
    
    257.0
    
    
    
    3.63
    
    
    
    6,981.5
    
    
    
    231.3
    
    
    
    3.31
    
    
    
    6,181.2
    
    
    
    131.4
    
    
    
    2.131,810.5
    
    
    
    38.0
    
    
    
    2.10
    
    
    
    1,465.0
    
    
    
    68.4
    
    
    
    4.67
    
    
    
    1,116.2
    
    
    
    53.2
    
    
    
    4.77
    
    
    
    1,096.3
    
    
    
    35.1
    
    
    
    3.2018.5
    
    
    
    0.2
    
    
    
    1.28
    
    
    
    9.8
    
    
    
    0.5
    
    
    
    4.77
    
    
    
    11.1
    
    
    
    0.5
    
    
    
    4.77
    
    
    
    11.5
    
    
    
    0.3
    
    
    
    3.0454.5
    
    
    
    3.5
    
    
    
    6.52
    
    
    
    93.4
    
    
    
    7.9
    
    
    
    8.45
    
    
    
    8.5
    
    
    
    0.5
    
    
    
    5.95
    
    
    
    
    
    
    
    
    
    
    
    1,883.5
    
    
    
    41.7
    
    
    
    2.22
    
    
    
    1,568.2
    
    
    
    76.8
    
    
    
    4.90
    
    
    
    1,135.8
    
    
    
    54.2
    
    
    
    4.77
    
    
    
    1,107.8
    
    
    
    35.4
    
    
    
    3.20418.3
    
    
    
    29.3
    
    
    
    7.01
    
    
    
    307.3
    
    
    
    19.5
    
    
    
    6.33
    
    
    
    394.4
    
    
    
    26.2
    
    
    
    6.65
    
    
    
    405.5
    
    
    
    20.9
    
    
    
    5.159,703.6
    
    
    
    253.7
    
    
    
    2.61
    
    
    
    8,955.3
    
    
    
    353.3
    
    
    
    3.95
    
    
    
    8,511.7
    
    
    
    311.7
    
    
    
    3.66
    
    
    
    7,694.5
    
    
    
    187.7
    
    
    
    2.44778.1
    
    
    
    
    
    
    
    
    
    
    
    722.4
    
    
    
    
    
    
    
    
    
    
    
    759.1
    
    
    
    
    
    
    
    
    
    
    
    992.0525.1
    
    
    
    
    
    
    
    
    
    
    
    477.2
    
    
    
    
    
    
    
    
    
    
    
    415.1
    
    
    
    
    
    
    
    
    
    
    
    290.711,006.8
    
    
    
    253.7
    
    
    
    2.30
    
    
    
    10,154.9
    
    
    
    353.3
    
    
    
    3.48
    
    
    
    9,685.9
    
    
    
    311.7
    
    
    
    3.22
    
    
    
    8,977.2
    
    
    
    187.7
    
    
    
    2.090.2
    
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    0.3
    
    
    
    
    
    
    
    
    
    
    
    0.21,103.1
    
    
    
    
    
    
    
    
    
    
    
    1,091.0
    
    
    
    
    
    
    
    
    
    
    
    1,059.1
    
    
    
    
    
    
    
    
    
    
    
    949.3(525.1
    )
    
    
    
    
    
    
    
    
    
    
    (477.2
    )
    
    
    
    
    
    
    
    
    
    
    (415.1
    )
    
    
    
    
    
    
    
    
    
    
    (290.7
    )296.2
    
    
    
    
    
    
    
    
    
    
    
    228.5
    
    
    
    
    
    
    
    
    
    
    
    164.9
    
    
    
    
    
    
    
    
    
    
    
    167.0$
    11,881.2
    
    
    
    
    
    
    
    
    
    
    $
    10,997.4
    
    
    
    
    
    
    
    
    
    
    $
    10,495.1
    
    
    
    
    
    
    
    
    
    
    $
    9,803.0360.5
    
    
    
    3.28
    %
    
    
    
    
    
    
    372.8
    
    
    
    3.67
    %
    
    
    
    
    
    
    367.4
    
    
    
    3.79
    %
    
    
    
    
    
    
    332.8
    
    
    
    3.71
    %(2.8
    )
    
    
    
    
    
    
    
    
    
    
    (3.9
    )
    
    
    
    
    
    
    
    
    
    
    (4.3
    )
    
    
    
    
    
    
    
    
    
    
    (3.9
    )$
    357.7
    
    
    
    
    
    
    
    
    
    
    $
    368.9
    
    
    
    
    
    
    
    
    
    
    $
    363.1
    
    
    
    
    
    
    
    
    
    
    $
    328.9




---



##### 



26     Wilmington Trust Corporation
    
    2009 Form-10-K
  2009/2008
    
    
    2008/2007Increase/(decrease) due to change in
    
    
    Increase/(decrease) due to change in(in millions)
    
    Volume2
    
    
    Rate3
    
    
    Total
    
    
    Volume2
    
    
    Rate3
    
    
    TotalInterest income:Time deposits in other banks
    
    $
    1.8
    
    
    $
    (2.6
    )
    
    $
    (0.8
    )
    
    $
    6.2
    
    
    $
    (5.1
    )
    
    $
    1.1Federal funds sold and securities
purchased under agreements to resell
    
    
    (0.2
    )
    
    
    (0.2
    )
    
    
    (0.4
    )
    
    
    (0.1
    )
    
    
    (1.1
    )
    
    
    (1.2
    )Total short-term investments
    
    
    1.6
    
    
    
    (2.8
    )
    
    
    (1.2
    )
    
    
    6.1
    
    
    
    (6.2
    )
    
    
    (0.1
    )U.S. Treasury securities
    
    
    (0.2
    )
    
    
    (1.3
    )
    
    
    (1.5
    )
    
    
    (1.6
    )
    
    
    (0.6
    )
    
    
    (2.2
    )Government agency securities
    
    
    (11.3
    )
    
    
    (3.5
    )
    
    
    (14.8
    )
    
    
    (8.3
    )
    
    
    
    
    
    
    (8.3
    )State and municipal securities1
    
    
    (0.2
    )
    
    
    
    
    
    
    (0.2
    )
    
    
    (0.4
    )
    
    
    
    
    
    
    (0.4
    )Preferred stock1
    
    
    (1.6
    )
    
    
    0.3
    
    
    
    (1.3
    )
    
    
    (2.1
    )
    
    
    
    
    
    
    (2.1
    )Mortgage-backed securities
    
    
    (15.8
    )
    
    
    (0.2
    )
    
    
    (16.0
    )
    
    
    1.6
    
    
    
    1.7
    
    
    
    3.3Other securities1
    
    
    (6.8
    )
    
    
    (0.1
    )
    
    
    (6.9
    )
    
    
    (1.4
    )
    
    
    (5.8
    )
    
    
    (7.2
    )Total investment securities
    
    
    (35.9
    )
    
    
    (4.8
    )
    
    
    (40.7
    )
    
    
    (12.2
    )
    
    
    (4.7
    )
    
    
    (16.9
    )Federal Home Loan Bank and
Federal Reserve Bank stock, at cost
    
    
    0.1
    
    
    
    (0.4
    )
    
    
    (0.3
    )
    
    
    0.4
    
    
    
    (0.1
    )
    
    
    0.3Commercial, financial, and agricultural loans1
    
    
    (4.9
    )
    
    
    (44.1
    )
    
    
    (49.0
    )
    
    
    25.7
    
    
    
    (54.3
    )
    
    
    (28.6
    )Real estate-construction loans
    
    
    5.4
    
    
    
    (38.3
    )
    
    
    (32.9
    )
    
    
    10.7
    
    
    
    (52.8
    )
    
    
    (42.1
    )Commercial mortgage loans1
    
    
    18.5
    
    
    
    (31.2
    )
    
    
    (12.7
    )
    
    
    24.7
    
    
    
    (34.1
    )
    
    
    (9.4
    )Total commercial loans
    
    
    19.0
    
    
    
    (113.6
    )
    
    
    (94.6
    )
    
    
    61.1
    
    
    
    (141.2
    )
    
    
    (80.1
    )Residential mortgage loans
    
    
    (3.5
    )
    
    
    (0.9
    )
    
    
    (4.4
    )
    
    
    0.3
    
    
    
    (0.8
    )
    
    
    (0.5
    )Consumer loans
    
    
    (10.5
    )
    
    
    (12.5
    )
    
    
    (23.0
    )
    
    
    15.0
    
    
    
    (17.3
    )
    
    
    (2.3
    )Loans secured with investments
    
    
    (2.6
    )
    
    
    (8.4
    )
    
    
    (11.0
    )
    
    
    0.7
    
    
    
    (13.0
    )
    
    
    (12.3
    )Total retail loans
    
    
    (16.6
    )
    
    
    (21.8
    )
    
    
    (38.4
    )
    
    
    16.0
    
    
    
    (31.1
    )
    
    
    (15.1
    )Total loans net of unearned income
    
    
    2.4
    
    
    
    (135.4
    )
    
    
    (133.0
    )
    
    
    77.1
    
    
    
    (172.3
    )
    
    
    (95.2
    )Total interest income
    
    $
    (31.8
    )
    
    $
    (143.4
    )
    
    $
    (175.2
    )
    
    $
    71.4
    
    
    $
    (183.3
    )
    
    $
    (111.9
    )Interest expense:Savings deposits
    
    $
    2.9
    
    
    $
    (8.8
    )
    
    $
    (5.9
    )
    
    $
    6.6
    
    
    $
    (0.7
    )
    
    $
    5.9Interest-bearing demand deposits
    
    
    5.3
    
    
    
    (12.4
    )
    
    
    (7.1
    )
    
    
    1.0
    
    
    
    (15.8
    )
    
    
    (14.8
    )Certificates under $100,000
    
    
    2.3
    
    
    
    (7.5
    )
    
    
    (5.2
    )
    
    
    (0.2
    )
    
    
    (8.2
    )
    
    
    (8.4
    )Local certificates $100,000 and over
    
    
    (4.5
    )
    
    
    (2.0
    )
    
    
    (6.5
    )
    
    
    (5.4
    )
    
    
    (3.5
    )
    
    
    (8.9
    )Total core interest-bearing deposits
    
    
    6.0
    
    
    
    (30.7
    )
    
    
    (24.7
    )
    
    
    2.0
    
    
    
    (28.2
    )
    
    
    (26.2
    )National brokered certificates
    
    
    (53.1
    )
    
    
    (22.9
    )
    
    
    (76.0
    )
    
    
    4.8
    
    
    
    (52.9
    )
    
    
    (48.1
    )Total interest-bearing deposits
    
    
    (47.1
    )
    
    
    (53.6
    )
    
    
    (100.7
    )
    
    
    6.8
    
    
    
    (81.1
    )
    
    
    (74.3
    )Federal funds purchased and securities
sold under agreements to repurchase
    
    
    (10.5
    )
    
    
    (24.0
    )
    
    
    (34.5
    )
    
    
    16.1
    
    
    
    (46.5
    )
    
    
    (30.4
    )U.S. Treasury demand deposits
    
    
    (0.2
    )
    
    
    
    
    
    
    (0.2
    )
    
    
    0.4
    
    
    
    (0.7
    )
    
    
    (0.3
    )Line of credit and other debt
    
    
    (3.1
    )
    
    
    0.1
    
    
    
    (3.0
    )
    
    
    (3.3
    )
    
    
    (1.1
    )
    
    
    (4.4
    )Total short-term borrowings
    
    
    (13.8
    )
    
    
    (23.9
    )
    
    
    (37.7
    )
    
    
    13.2
    
    
    
    (48.3
    )
    
    
    (35.1
    )Long-term debt
    
    
    3.1
    
    
    
    0.6
    
    
    
    3.7
    
    
    
    7.0
    
    
    
    2.8
    
    
    
    9.8Total interest expense
    
    $
    (57.8
    )
    
    $
    (76.9
    )
    
    $
    (134.7
    )
    
    $
    27.0
    
    
    $
    (126.6
    )
    
    $
    (99.6
    )Changes in net interest income
    
    $
    26.0
    
    
    $
    (66.5
    )
    
    $
    (40.5
    )
    
    $
    44.4
    
    
    $
    (56.7
    )
    
    $
    (12.3
    )
 1
    
    We calculate variances on a fully tax-equivalent basis, which includes the effects of
any disallowed interest expense deduction.2
    
    We define changes attributable to volume as changes in average balances multiplied by
the prior years rate.3
    
    We define changes attributable to rate as changes in rate multiplied by the average
balances in the applicable period of the prior year. A change in rate/volume (change in rate
multiplied by change in volume) has been allocated to the change in rate.




---



##### 



Part II  Item 7 (continued)
    
    27
     
    
    Net interest income decreased.
 
    
    CCS and WAS expansion initiatives we have undertaken in recent years generated additional
business.
  Change 2009
    
    
    Change 2008For the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Noninterest income before securities (losses)/gains
    
    $
    423.5
    
    
    $
    423.0
    
    
    $
    385.9
    
    
    
    
    %
    
    
    10
    %Securities gains, net of losses
    
    
    13.6
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    N/M
    
    
    
    
    %Net other-than-temporary impairment losses recognized in income
    
    
    (77.5
    )
    
    
    (130.7
    )
    
    
    
    
    
    
    41
    %
    
    
    N/MNoninterest income
    
    $
    359.6
    
    
    $
    292.4
    
    
    $
    386.0
    
    
    
    23
    %
    
    
    (24
    )%
       Change 2009
    
    
    Change 2008For the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Full-time-equivalent staff members
    
    
    2,898
    
    
    
    2,946
    
    
    
    2,672
    
    
    
    (2
    )%
    
    
    10
    %Staffing-related expenses
    
    $
    287.4
    
    
    $
    296.1
    
    
    $
    270.6
    
    
    
    (3
    )%
    
    
    9
    %Retirement services subadvisor expense
    
    $
    29.5
    
    
    $
    9.6
    
    
    $
    0.1
    
    
    
    207
    %
    
    
    N/MInsurance expense
    
    $
    26.1
    
    
    $
    8.4
    
    
    $
    4.4
    
    
    
    211
    %
    
    
    91
    %Total noninterest expense before impairment
    
    $
    512.5
    
    
    $
    492.8
    
    
    $
    444.1
    
    
    
    4
    %
    
    
    11
    %Goodwill impairment write-down
    
    $
    
    
    
    $
    66.9
    
    
    $
    
    
    
    
    (100)
    %
    
    
    N/MTotal noninterest expense
    
    $
    512.5
    
    
    $
    559.7
    
    
    $
    444.1
    
    
    
    (8
    )%
    
    
    26
    %




---



##### 



28     Wilmington Trust Corporation
    
    2009 Form-10-K
  
    
    Higher retirement services subadvisor expense, which is associated with the retirement
services acquisitions we completed in 2008. The percentage increase in this expense line is
skewed because our 2008 results did not reflect a full 12 months of expense from these
acquisitions. (We completed one in April 2008 and one in October 2008). This expense growth
was offset by revenue growth in CCS retirement services revenue.
 
    
    Higher Federal Deposit Insurance Corporation (FDIC) premium expense. Our FDIC insurance
premium expense for 2009 was $22.5 million, compared with $4.6 million for 2008 and $1.0
million for 2007. The 2009 increase reflected:
 
    
    An industry-wide increase in premiums, which the FDIC instituted in January 2009.
    
    A revision in the methodology the FDIC uses to calculate premiums.
    
    A special assessment the FDIC levied on all banks in the 2009 second quarter.
    
    The growth in our deposit balances.
   
    
    Incentive and bonus expense was lower, as accrued amounts were adjusted to reflect actual and
expected payments.
 
    
    The number of staff members decreased. Most of this decrease resulted from attrition and the
closure in March 2009 of our conduit services business.
   For the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007Pre-tax (loss)/income before noncontrolling interest
    
    $
    (39.7
    )
    
    $
    (25.1
    )
    
    $
    282.6Income tax (benefit)/expense
    
    $
    (36.5
    )
    
    $
    (2.0
    )
    
    $
    99.7Effective tax rate
    
    
    91.94
    %
    
    
    7.97
    %
    
    
    35.28
    %
  
    
    Taxes we paid were lower than the estimated amounts we previously recorded, which reduced tax
expense by approximately $7.9 million.
 
    
    Changes in state rates provided a tax benefit of approximately $1.7 million.
 
    
    The expectation that more of a subsidiarys deferred state tax asset will be recognized in
the future resulted in a valuation allowance reduction of approximately $2.3 million.
 
    
    Approximately $4.0 million of a deferred tax asset we wrote off in 2008 was restored, because
of the decline in the uncertainty surrounding the deductibility of executive compensation as a
result of our participation in the CPP.
 
    
    Approximately $3.0 million of tax reserves was released, due to completion of tax audits or
the expiration of the statute of limitations.
  
    
    An impairment charge for RCM, which generated a tax benefit of approximately $26.5 million
for the subsidiary that holds our investment in RCM.
 
    
    The write-off of approximately $4.0 million of deferred tax assets related to executive
compensation as a result of our participation in the CPP and the uncertainty surrounding the
deductibility of that compensation.




---



##### 



Part II  Item 7 (continued)
    
    29
    For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Net (loss)/income
    
    $
    (4.4
    )
    
    $
    (23.6
    )
    
    $
    182.0Impairments
    
    
    77.5
    
    
    
    197.6
    
    
    
    Applicable income tax (benefit)/expense
    
    
    (27.7
    )
    
    
    (74.6
    )
    
    
    Operating results
    
    $
    45.4
    
    
    $
    99.4
    
    
    $
    182.0
  (on a fully diluted basis)
    
    2009
    
    
    2008
    
    
    2007Per-share (loss)/income
    
    $
    (0.33
    )
    
    $
    (0.36
    )
    
    $
    2.64Per-share
loss of impairments, after tax
    
    
    (0.72
    )
    
    
    (1.82
    )
    
    
    Per-share earnings applicable to operating results
    
    $
    0.39
    
    
    $
    1.46
    
    
    $
    2.64
   
    
    Provide a more relevant and comparative basis on which to measure ongoing business activities
and evaluate our performance.
 
    
    Help investors and analysts develop more meaningful and accurate analyses of trends in our
core business operations.
   REGIONAL BANKING




---



##### 



30     Wilmington Trust Corporation
    
    2009 Form-10-K
    
    
    Most of our loans are commercial loans.
 
    
    Most of our core deposits are from clients in Delaware.




---



##### 



Part II  Item 7 (continued)
    
    31
    Change 2009
    
    
    Change 2008For the year ended December 31 (dollars in millions, on average)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Commercial loans
    
    $
    6,698.1
    
    
    $
    6,369.3
    
    
    $
    5,599.8
    
    
    
    5
    %
    
    
    14
    %Consumer and other retail loans
    
    
    2,545.4
    
    
    
    2,830.7
    
    
    
    2,612.2
    
    
    
    (10
    )%
    
    
    8
    %Total loans
    
    $
    9,243.5
    
    
    $
    9,200.0
    
    
    $
    8,212.0
    
    
    
    
    %
    
    
    12
    %Core deposits
    
    $
    6,490.3
    
    
    $
    5,333.6
    
    
    $
    5,045.5
    
    
    
    22
    %
    
    
    6
    %
  
    
    New loan volumes that were too low to offset maturing loans.
 
    
    Net charge-offs and transfers to other real estate owned.
 
    
    A decrease in consumer loans, due mainly to a decline in indirect automobile loan balances.
 
    
    Several large commercial loan repayments.
 
    
    Sales of residential mortgage loans.
   At December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Commercial,
financial, and agricultural loans
    
    $
    2,627.0
    
    
    $
    2,966.3
    
    
    $
    2,594.9
    
    
    $
    2,533.5
    
    
    $
    2,461.3Commercial real estate  construction loans
    
    
    1,956.4
    
    
    
    1,923.8
    
    
    
    1,780.4
    
    
    
    1,663.9
    
    
    
    1,233.9Commercial mortgage loans
    
    
    2,102.3
    
    
    
    1,870.2
    
    
    
    1,463.4
    
    
    
    1,296.1
    
    
    
    1,223.9Residential mortgage loans
    
    
    431.0
    
    
    
    571.2
    
    
    
    562.0
    
    
    
    536.9
    
    
    
    455.5Consumer loans
    
    
    1,408.9
    
    
    
    1,732.9
    
    
    
    1,571.6
    
    
    
    1,517.0
    
    
    
    1,438.3Loans secured with investments1
    
    
    441.6
    
    
    
    554.7
    
    
    
    503.5
    
    
    
    547.5
    
    
    
    584.8Total loans
    
    $
    8,967.2
    
    
    $
    9,619.1
    
    
    $
    8,475.8
    
    
    $
    8,094.9
    
    
    $
    7,397.7
 1
    
    Loans secured with investments are mainly loans to WAS clients. They do not indicate
trends in the Regional Banking business.
  At December 31
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Commercial, financial, and agricultural loans
    
    
    29
    %
    
    
    31
    %
    
    
    31
    %
    
    
    31
    %
    
    
    33
    %Real estate  construction loans
    
    
    22
    
    
    
    20
    
    
    
    21
    
    
    
    21
    
    
    
    17Commercial mortgage loans
    
    
    23
    
    
    
    19
    
    
    
    17
    
    
    
    16
    
    
    
    17Residential mortgage loans
    
    
    5
    
    
    
    6
    
    
    
    6
    
    
    
    6
    
    
    
    6Consumer loans
    
    
    16
    
    
    
    18
    
    
    
    19
    
    
    
    19
    
    
    
    19Loans secured with investments
    
    
    5
    
    
    
    6
    
    
    
    6
    
    
    
    7
    
    
    
    8Total
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %




---



##### 



32     Wilmington Trust Corporation
    
    2009 Form-10-K
  As of December 31
    
    2009
    
    
    2008
    
    
    2007Percent from Delaware market
    
    
    54
    %
    
    
    54
    %
    
    
    57
    %Percent from Pennsylvania market
    
    
    23
    %
    
    
    23
    %
    
    
    23
    %Percent from Maryland market
    
    
    10
    %
    
    
    10
    %
    
    
    10
    %Percent from New Jersey market
    
    
    8
    %
    
    
    7
    %
    
    
    5
    %Percent from other markets
    
    
    5
    %
    
    
    6
    %
    
    
    5
    %
    
    
    A decrease in commercial, financial, and agricultural loans.
 
    
    An increase in net charge-offs.
 
    
    New loan volumes that were too low to offset maturing loans.
 
    
    Several large commercial loan repayments.
  Change 2009
    
    
    Change 2008For the year ended December 31 (dollars in millions, on average)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Commercial, financial, and agricultural loans
    
    $
    2,732.0
    
    
    $
    2,814.6
    
    
    $
    2,485.7
    
    
    
    (3
    )%
    
    
    13
    %Commercial real estate  construction loans
    
    
    1,958.3
    
    
    
    1,860.6
    
    
    
    1,731.9
    
    
    
    5
    %
    
    
    7
    %Commercial mortgage loans
    
    
    2,007.8
    
    
    
    1,694.1
    
    
    
    1,382.2
    
    
    
    19
    %
    
    
    23
    %Total commercial loans
    
    $
    6,698.1
    
    
    $
    6,369.3
    
    
    $
    5,599.8
    
    
    
    5
    %
    
    
    14
    %
   As of December 31
    
    2009
    
    
    2008
    
    
    2007Percent from Delaware market
    
    
    54
    %
    
    
    55
    %
    
    
    58
    %Percent from Pennsylvania market
    
    
    25
    %
    
    
    26
    %
    
    
    27
    %Percent from Maryland market
    
    
    10
    %
    
    
    9
    %
    
    
    8
    %Percent from New Jersey market
    
    
    8
    %
    
    
    7
    %
    
    
    5
    %Percent from other markets
    
    
    3
    %
    
    
    3
    %
    
    
    2
    %
  
    
    59% of commercial loans were scheduled to mature within five years.
 
    
    73% of total commercial loans outstanding were for amounts of $10 million or less.
 
    
    91% of commercial loans had floating rates.
 
    
    Of commercial loans with floating rates, 53% were tied to a prime rate, and 39% were tied to
the 30-day London interbank offered rate (Libor).




---



##### 



Part II  Item 7 (continued)
    
    33
  Less than
    
    
    1 through
    
    
    More than
    
    
    Total grossAs of December 31, 2009 (in millions)
    
    1 year
    
    
    5 years
    
    
    5 years
    
    
    loansCommercial,
financial, and agricultural loans
    
    $
    1,099.4
    
    
    $
    867.9
    
    
    $
    659.7
    
    
    $
    2,627.0Commercial
real estate  construction loans
    
    
    118.4
    
    
    
    1,327.6
    
    
    
    510.4
    
    
    
    1,956.4Commercial
mortgage loans
    
    
    5.1
    
    
    
    512.0
    
    
    
    1,585.2
    
    
    
    2,102.3Total
    
    $
    1,222.9
    
    
    $
    2,707.5
    
    
    $
    2,755.3
    
    
    $
    6,685.7Commercial loans with fixed rates
    
    $
    16.6
    
    
    $
    151.4
    
    
    $
    461.9
    
    
    $
    629.9Commercial loans with floating rates
    
    
    1,206.3
    
    
    
    2,556.1
    
    
    
    2,293.4
    
    
    
    6,055.8Total
    
    $
    1,222.9
    
    
    $
    2,707.5
    
    
    $
    2,755.3
    
    
    $
    6,685.7
 1
 As of December 31
    
    2009
    
    
    2008
    
    
    2007Less than $250,000
    
    
    3
    %
    
    
    3
    %
    
    
    3
    %$250,000 to $1 million
    
    
    10
    %
    
    
    10
    %
    
    
    11
    %$1 million to $5 million
    
    
    38
    %
    
    
    36
    %
    
    
    37
    %$5 million to $10 million
    
    
    22
    %
    
    
    24
    %
    
    
    25
    %$10 million to $20 million
    
    
    18
    %
    
    
    18
    %
    
    
    18
    %More than $20 million
    
    
    9
    %
    
    
    9
    %
    
    
    6
    %
 1




---



##### 



34     Wilmington Trust Corporation
    
    2009 Form-10-K
  
    
    More than half of our commercial mortgage loans were for owner-occupied properties.
 
    
    Approximately 18% were for community shopping centers.
 
    
    The rest were for a variety of other types of commercial and industrial properties.
 
    
    Approximately 57% were for properties in Delaware, with the majority in the northern part of
the state.
  At December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007Breakdown by project type:Owner-occupied
    
    $
    1,096.5
    
    
    $
    983.0
    
    
    $
    724.6Retail
    
    
    368.8
    
    
    
    205.4
    
    
    
    156.5Industrial
    
    
    119.6
    
    
    
    81.9
    
    
    
    85.7Office
    
    
    156.8
    
    
    
    73.0
    
    
    
    66.9Residential/land
    
    
    90.3
    
    
    
    7.7
    
    
    
    12.8Hotel
    
    
    83.2
    
    
    
    81.3
    
    
    
    105.1Other
    
    
    187.1
    
    
    
    437.9
    
    
    
    311.8Total commercial mortgage loans
    
    $
    2,102.3
    
    
    $
    1,870.2
    
    
    $
    1,463.4Breakdown by geography:Delaware
    
    
    57
    %
    
    
    57
    %
    
    
    61
    %Pennsylvania
    
    
    21
    %
    
    
    22
    %
    
    
    21
    %Maryland
    
    
    14
    %
    
    
    14
    %
    
    
    13
    %New Jersey
    
    
    6
    %
    
    
    5
    %
    
    
    4
    %Other
    
    
    2
    %
    
    
    2
    %
    
    
    1
    %
     At December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007Breakdown by project type:Residential
    
    $
    983.3
    
    
    $
    1,030.9
    
    
    $
    918.9Land development
    
    
    434.9
    
    
    
    404.9
    
    
    
    370.7Retail and office
    
    
    344.0
    
    
    
    291.8
    
    
    
    256.0Owner-occupied
    
    
    28.0
    
    
    
    46.4
    
    
    
    92.8Multi-family
    
    
    81.2
    
    
    
    31.0
    
    
    
    39.8Other
    
    
    85.0
    
    
    
    118.8
    
    
    
    102.2Total commercial construction/real estate loans
    
    $
    1,956.4
    
    
    $
    1,923.8
    
    
    $
    1,780.4Breakdown by geography:Delaware
    
    
    59
    %
    
    
    60
    %
    
    
    60
    %Pennsylvania
    
    
    23
    %
    
    
    23
    %
    
    
    25
    %Maryland
    
    
    7
    %
    
    
    6
    %
    
    
    7
    %New Jersey
    
    
    9
    %
    
    
    7
    %
    
    
    5
    %Other
    
    
    2
    %
    
    
    4
    %
    
    
    3
    %




---



##### 



Part II  Item 7 (continued)
    
    35
       Change 2009
    
    
    Change 2008For the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Indirect loans
    
    $
    752.7
    
    
    $
    893.9
    
    
    $
    708.8
    
    
    
    (16
    )%
    
    
    26
    %Home equity loans
    
    
    571.2
    
    
    
    523.5
    
    
    
    486.6
    
    
    
    9
    %
    
    
    8
    %Credit card loans
    
    
    64.7
    
    
    
    66.9
    
    
    
    64.6
    
    
    
    (3
    )%
    
    
    4
    %Other loans
    
    
    176.6
    
    
    
    244.4
    
    
    
    266.6
    
    
    
    (28
    )%
    
    
    (8
    )%Total consumer loans
    
    $
    1,565.2
    
    
    $
    1,728.7
    
    
    $
    1,526.6
    
    
    
    (9
    )%
    
    
    13
    %
  Change 2009
    
    
    Change 2008As of December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Indirect loans
    
    $
    613.4
    
    
    $
    891.5
    
    
    $
    748.2
    
    
    
    (31
    )%
    
    
    19
    %Home equity loans
    
    
    568.6
    
    
    
    565.4
    
    
    
    492.6
    
    
    
    1
    %
    
    
    15
    %Credit card loans
    
    
    66.4
    
    
    
    67.8
    
    
    
    69.1
    
    
    
    (2
    )%
    
    
    (2
    )%Other loans
    
    
    160.5
    
    
    
    208.2
    
    
    
    261.7
    
    
    
    (23
    )%
    
    
    (20
    )%Total consumer loans
    
    $
    1,408.9
    
    
    $
    1,732.9
    
    
    $
    1,571.6
    
    
    
    (19
    )%
    
    
    10
    %
     
    
    We sell most of the fixed rate residential mortgages we originate into the secondary market,
instead of retaining them on our balance sheet. This is one of our interest rate risk
management strategies, which we describe in more detail in Item 7A, Quantitative and
Qualitative Disclosures about Market Risk, in this report.
 
    
    Our origination volumes include refinancings.
 
    
    We do not include the CRA loans we purchase in our origination volumes.




---



##### 



36     Wilmington Trust Corporation
    
    2009 Form-10-K
  Change 2009
    
    
    Change 2008As of and for the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Dollar amount of originations
    
    $
    317.4
    
    
    $
    166.7
    
    
    $
    205.8
    
    
    
    90
    %
    
    
    (19
    )%Number of loans originated
    
    
    1,450
    
    
    
    739
    
    
    
    867
    
    
    
    96
    %
    
    
    (15
    )%Residential mortgage balances
    
    $
    431.0
    
    
    $
    571.2
    
    
    $
    562.0
    
    
    
    (25
    )%
    
    
    2
    %Percent of originations at fixed rates
    
    
    95
    %
    
    
    83
    %
    
    
    74
    %
  
    
    No payment option adjustable rate mortgages.
    
    No negatively amortizing adjustable rate mortgages.
    
    No other types of nontraditional mortgages.
    
    One interest-only loan.
   
    
    Core deposits, which are deposits from our clients. Most of our core deposits come from
clients in Delaware, where we focus our consumer banking activities. Changes in core deposit
balances primarily reflect trends in the Regional Banking business.
 
    
    Non-core deposits, which include national brokered CDs and short-term borrowings. Non-core
deposits are not associated with client activity, and changes in their balances do not reflect
Regional Banking business trends. We use non-core deposits to augment core deposits to fund
earning asset growth.
    Change 2009
    
    
    Change 2008For the year ended December 31 (dollars in millions, on average)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Noninterest-bearing demand deposits
    
    $
    1,167.9
    
    
    $
    778.1
    
    
    $
    722.4
    
    
    
    50
    %
    
    
    8
    %Savings deposits
    
    
    908.3
    
    
    
    779.3
    
    
    
    500.1
    
    
    
    17
    %
    
    
    56
    %Interest-bearing demand deposits
    
    
    3,164.9
    
    
    
    2,470.4
    
    
    
    2,400.2
    
    
    
    28
    %
    
    
    3
    %CDs < $100,000
    
    
    1,072.5
    
    
    
    1,006.3
    
    
    
    1,010.1
    
    
    
    7
    %
    
    
    
    %Local CDs ≥ $100,000
    
    
    176.7
    
    
    
    299.5
    
    
    
    412.7
    
    
    
    (41
    )%
    
    
    (27
    )%Total core deposits
    
    $
    6,490.3
    
    
    $
    5,333.6
    
    
    $
    5,045.5
    
    
    
    22
    %
    
    
    6
    %




---



##### 



Part II  Item 7 (continued)
    
    37
    
    
    The capital resources discussion.
    
    The net interest income summary.
    
    The summary of changes in net interest income due to volume and rate.
    
    Note 11, Deposits, in this report.
 CORPORATE CLIENT SERVICES
   
    
    Use capital markets financing structures.
    
    Seek to establish and maintain legal residency (nexus) for special purpose entities in preferred jurisdictions.
    
    Use independent trustees to hold retirement plan assets.
    
    Need investment and cash management services.
  
    
    In general, we do not make loans to CCS clients, and we have no credit exposure to capital markets transactions.
    
    We do not issue, underwrite, set pricing, or establish valuations for the financing structures or entities we support.
    
    We do not consolidate these entities in our financial statements.
    
    We do not offer high-volume, back office processing services for capital markets transactions.
   Global corporate trust services.
 
    
    Indenture, successor, collateral, and liquidating trustee and
administrative services for corporate debt issuance and debt
restructuring, reorganizations, mergers, and bankruptcies.
    
    Owner trustee, indenture trustee, and administrative services for
securitizations and other structured finance transactions, and for
capital equipment and project financing transactions.
    
    Successor loan agency services.
    
    Services that fulfill legal residency requirements for special purpose
entities, such as providing independent directors and corporate
governance, regulatory reporting, tax and accounting services, captive
insurance company management, office management, and other
administrative services.




---



##### 



38     Wilmington Trust Corporation
    
    2009 Form-10-K
 Retirement services.
 Institutional investment and cash management services.
    
    
    Global corporate trust services revenue.Fees for these services are based on the
complexity and duration of the services we provide, not on asset valuations. We perform
most of these services under multiyear contracts. (In December 2009, we combined the
formerly separate capital markets and entity management revenue lines into a single
category called global corporate trust services. We have adjusted amounts presented in
this report to reflect this change.)
 
    
    Retirement services revenue.A portion of this revenue is based on the market
valuations of retirement plan assets and collective funds for which we are trustee. The
remainder is based on the level of service we provide.
 
    
    Investment and cash management services revenue.This revenue is based on money market fund
balances and the market valuations of investment-grade fixed income instruments.
      Change 2009
    
    
    Change 2008For the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Global corporate trust services
    
    $
    89.0
    
    
    $
    80.5
    
    
    $
    72.9
    
    
    
    11
    %
    
    
    10
    %Retirement services
    
    
    67.5
    
    
    
    37.4
    
    
    
    12.9
    
    
    
    80
    %
    
    
    190
    %Investment/cash management services
    
    
    14.9
    
    
    
    13.9
    
    
    
    12.8
    
    
    
    7
    %
    
    
    9
    %Total Corporate Client Services revenue
    
    $
    171.4
    
    
    $
    131.8
    
    
    $
    98.6
    
    
    
    30
    %
    
    
    34
    %




---



##### 



Part II  Item 7 (continued)
    
    39
  
    
    The advantages of being an independent provider with no lending or investment banking
conflicts of interest. Many clients prefer service providers that do not have these types of
conflicts.
    
    How effectively CCS has been able to respond quickly to changing market needs. While the
market for services that support asset-backed securitizations and other traditional financing
structures remained at a near-standstill, demand rose for successor loan agency, bankruptcy,
and other types of services.
    
    How staff members we have added over the past 18 months have generated more business. For
example, we hired a team of 12 seasoned capital markets experts in Minneapolis in 2008. This
group has helped us garner additional successor loan agency, bankruptcy-related, and
distressed debt business. In 2009, we hired a team of New York-based professionals to support
global expansion of our project finance services.
    
    How CCS is benefiting from industry consolidation. In February 2009, Bank of America, N.A.
selected us to assume some of the corporate debt trustee services formerly performed by
LaSalle Bank N.A., which Bank of America acquired in 2007. (This transfer did not affect Bank
of Americas larger securitization trustee business, LaSalle Global Trust Services.) In July
2009, we hired a team of former LaSalle corporate trust professionals who specialize in trust
administration for insurance products.
    1
 Change 2009
    
    
    Change 2008At December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007CCS assets under management
    
    $
    15,092.8
    
    
    $
    9,732.9
    
    
    $
    3,029.3
    
    
    
    55
    %
    
    
    221
    %CCS assets under administration
    
    
    81,654.1
    
    
    
    79,550.8
    
    
    
    73,582.7
    
    
    
    3
    %
    
    
    8
    %Total CCS client assets
    
    $
    96,746.9
    
    
    $
    89,283.7
    
    
    $
    76,612.0
    
    
    
    8
    %
    
    
    17
    %
 1
    
    Excludes Cramer Rosenthal McGlynn and Roxbury Capital Management. Includes
estimates of asset values that are not readily available, such as those held in limited
partnerships.
  WEALTH ADVISORY SERVICES




---



##### 



40     Wilmington Trust Corporation
    
    2009 Form-10-K
  
    
    Complete Asset ManagementSM.To our clients, managing risk is as important as
increasing return. Our investment advisory firm, Wilmington Trust Investment Management,
helps clients meet both objectives by focusing on portfolio construction, not stock-picking,
and by:
 
    
    Emphasizing diversification.
    
    Applying forward-looking asset allocation.
    
    Performing strategic and tactical rebalancing.
    
    Employing a blend of active and passive funds.
 We use an open architecture approach to implement our asset allocation strategies. This means
we use a mix of proprietary and third-party investment managers. For fixed income and core
equity investing, we have in-house experts. For other asset classes and styles, we use
independent investment managers.
    
    Fiduciary services.Trust and estate attorneys and tax advisors throughout the United States
regard us as a premier provider of fiduciary services, which include trust management, trust
administration, philanthropic services, estate settlement, and a variety of financial,
retirement, and succession planning services. We specialize in helping clients employ the
favorable trust laws in Delaware, which is considered the leading trust jurisdiction in the
United States. Many of the legal and tax advantages available for trusts domiciled in Delaware
are not available in other states.
    
    Family office services.We help family office clients identify, review, consolidate, and
execute financial and lifestyle management needs. We specialize in the unique needs of these
clients, including:
 
    
    Family office legal structures.
    
    Strategies for clients with inherited wealth.
    
    Compensation strategies for corporate executives.
 The family office services we provide include planning and governance, cash flow management and
budgeting, tax planning and compliance, real estate acquisition and disposition, risk assessment
and insurance oversight, bill payment and payroll management, family security, and other
services. Many, but not all, of our family office clients also use our asset management services.
    
    
    Trust and investment advisory revenue.This category consists of fees for asset management,
asset allocation, and trust management services. These fees are based on the market valuations
of assets we manage, direct, or hold in custody for clients. These fees are affected by
movements in financial markets such as the Dow Jones Industrial Average, the Standard & Poors
500 (S&P 500), NASDAQ, and others. Changes in trust and investment advisory revenue may or may
not correlate directly with financial market movements, depending on the mix of assets in
client accounts.We use the S&P 500 as a benchmark for comparison because its composition mirrors, to a large
extent, the mix of equities in our clients portfolios. For more information about the mix of
instruments in client portfolios, read the assets under management discussion in this report.
    
    Planning and other services revenue.This category consists of fees from family office,
financial planning, estate settlement, tax, and other services. These fees are based on the
level and complexity of the services we provide, regardless of the value of any associated
assets. In some cases, these fees are based on the clients annual income. These fees can vary
widely in amount, and portions may be nonrecurring. It is not unusual for revenue from these
services to fluctuate from one reporting period to another.When family office clients use our asset management services, the associated fees are
based on market valuations and recorded as trust and investment advisory revenue.
    
    Mutual fund revenue.Most of our mutual fund fees are tied to money market mutual funds and
cash balances. Consequently, equity market movements typically have little, if any, effect on
this category of revenue.




---



##### 



Part II  Item 7 (continued)
    
    41
     Change 2009
    
    
    Change 2008For the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Trust and investment advisory fees
    
    $
    131.6
    
    
    $
    152.0
    
    
    $
    158.6
    
    
    
    (13
    )%
    
    
    (4
    )%Planning and other services fees
    
    
    42.0
    
    
    
    45.5
    
    
    
    40.1
    
    
    
    (8
    )%
    
    
    13
    %Mutual fund fees
    
    
    16.6
    
    
    
    27.2
    
    
    
    21.4
    
    
    
    (39
    )%
    
    
    27
    %Total Wealth Advisory Services revenue
    
    $
    190.2
    
    
    $
    224.7
    
    
    $
    220.1
    
    
    
    (15
    )%
    
    
    2
    %
        1
 Change 2009
    
    
    Change 2008At December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007WAS assets under management
    
    $
    27,043.4
    
    
    $
    26,771.4
    
    
    $
    32,905.4
    
    
    
    1
    %
    
    
    (19
    )%WAS assets under administration
    
    
    24,818.9
    
    
    
    11,584.7
    
    
    
    14,765.4
    
    
    
    114
    %
    
    
    (22
    )%Total WAS client assets
    
    $
    51,862.3
    
    
    $
    38,356.1
    
    
    $
    47,670.8
    
    
    
    35
    %
    
    
    (20
    )%
 1
    
    Excludes Cramer Rosenthal McGlynn and Roxbury Capital Management.
Includes estimates of asset values that are not readily available, such as those held
in limited partnerships.




---



##### 



42     Wilmington Trust Corporation
    
    2009 Form-10-K
  1
 For the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008Mid-Atlantic market sales
    
    
    21
    %
    
    
    24
    %National market sales
    
    
    46
    %
    
    
    33
    %Family wealth sales
    
    
    33
    %
    
    
    43
    %Total WAS sales (in millions)
    
    $
    18.3
    
    
    $
    23.4
 1
    
    New fees, annualized.
  ASSETS UNDER MANAGEMENT AND ADMINISTRATION
  
    
    Assets under management (AUM). These are assets for which we make investment decisions on
behalf of clients. Most of our AUM are associated with WAS clients.
    
    Assets under administration (AUA). These are assets we hold in custody, or for which we serve
as fiduciary, on behalf of clients. Most of our AUA are associated with CCS retirement
services clients.
   
    
    The pricing on many of our services is not based on asset valuations.
    
    WAS and CCS revenue may include fees for direction trust services, but direction trust assets
are not included in our AUM amounts. Direction trusts, which are permitted in Delaware, allow
clients to have their assets and fiduciary matters managed separately and by different
providers. Trust laws in many other states do not permit direction trusts.
    
    Monetary assets we manage or administer for CCS clients can fluctuate by hundreds of millions
of dollars from one reporting period to the next, depending on the cash management needs of
these clients.




---



##### 



Part II  Item 7 (continued)
    
    43
 1
 Change 2009
    
    
    Change 2008At December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    vs. 2008
    
    
    vs. 2007Assets under management:WAS assets under management
    
    $
    27,043.4
    
    
    $
    26,771.4
    
    
    $
    32,905.4
    
    
    
    1
    %
    
    
    (19
    )%CCS assets under management
    
    
    15,092.8
    
    
    
    9,732.9
    
    
    
    3,029.3
    
    
    
    55
    %
    
    
    221
    %Total Wilmington Trust assets under management
    
    $
    42,136.2
    
    
    $
    36,504.3
    
    
    $
    35,934.7
    
    
    
    15
    %
    
    
    2
    %Assets under administration:WAS assets under administration
    
    $
    24,818.9
    
    
    $
    11,584.7
    
    
    $
    14,765.4
    
    
    
    114
    %
    
    
    (22
    )%CCS assets under administration
    
    
    81,654.1
    
    
    
    79,550.8
    
    
    
    73,582.7
    
    
    
    3
    %
    
    
    8
    %Total Wilmington Trust assets under administration
    
    
    106,473.0
    
    
    
    91,135.5
    
    
    
    88,348.1
    
    
    
    17
    %
    
    
    3
    %Combined AUM and AUA at Wilmington Trust
    
    $
    148,609.2
    
    
    $
    127,639.8
    
    
    $
    124,282.8
    
    
    
    16
    %
    
    
    3
    %
 1
    
    Excludes Cramer Rosenthal McGlynn and Roxbury Capital Management.
Includes estimates of asset values that are not readily available, such as those held
in limited partnerships.
   1
 At December 31
    
    2009
    
    
    2008
    
    
    2007Equities
    
    
    40
    %
    
    
    38
    %
    
    
    47
    %Fixed income
    
    
    34
    %
    
    
    33
    %
    
    
    23
    %Cash and cash equivalents
    
    
    15
    %
    
    
    18
    %
    
    
    15
    %Other assets
    
    
    11
    %
    
    
    11
    %
    
    
    15
    %
 1
    
    Excludes Cramer Rosenthal McGlynn and Roxbury Capital Management.
  AFFILIATE MONEY MANAGERS
  
    
    Cramer Rosenthal McGlynn (CRM), a value-style manager based in New York. CRM targets
institutional clients.
    
    Roxbury Capital Management (RCM), a growth-style manager based in Minneapolis, Minnesota. RCM
targets institutional and high-net-worth clients.




---



##### 



44     Wilmington Trust Corporation
    
    2009 Form-10-K
  For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Total revenue from affiliate money managers (net of expenses)
    
    $
    15.2
    
    
    $
    15.7
    
    
    $
    21.9
     As of and for the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Assets under management
    
    $
    11,852.8
    
    
    $
    7,817.4
    
    
    $
    11,417.3Revenue (net of expenses)
    
    $
    17.6
    
    
    $
    16.4
    
    
    $
    20.7
   As of and for the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Assets under management
    
    $
    1,675.8
    
    
    $
    1,336.6
    
    
    $
    2,466.0Revenue (net of expenses)
    
    $
    (2.4
    )
    
    $
    (0.7
    )
    
    $
    1.2
  CAPITAL RESOURCES
   UBPR Users Guide




---



##### 



Part II  Item 7 (continued)
    
    45
   As of and for the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007Common stockholders equity (period-end)
    
    $
    983.4
    
    
    $
    1,012.4
    
    
    $
    1,120.3Common stockholders equity (on average)
    
    $
    1,009.0
    
    
    $
    1,085.2
    
    
    $
    1,091.0(Loss)/return on average common stockholders equity (annualized)
    
    
    (0.44
    )%
    
    
    (2.17
    )%
    
    
    16.68
    %(Loss)/return on average assets (annualized)
    
    
    (0.04
    )%
    
    
    (0.20
    )%
    
    
    1.65
    %Average common equity to average assets ratio
    
    
    8.89
    %
    
    
    9.13
    %
    
    
    9.92
    %
    
    
    Our capital included $330.0 million of Wilmington Trust Series A preferred stock and common
stock warrants, which we sold to the U.S. Department of the Treasury under the Capital
Purchase Program (CPP) in December 2008. For more information about our participation in the
CPP, read Note 16, Capital, in this report.
 
    
    All of our regulatory capital ratios were higher than at December 31, 2008.
 
    
    All of our regulatory capital ratios exceeded the amounts required by the Federal Reserve to
be considered a well-capitalized institution, both including and excluding the $330.0 million
in CPP funds. Discussing regulatory capital ratios without the CPP funds is a non-GAAP disclosure. We believe
this information is useful, and we include it here to provide a more complete picture of our
capital position.
  Federal Reserve
    
    
    Federal Reserveminimum to
    
    
    minimum tobe adequately
    
    
    be well-At 12/31/09
    
    
    At 12/31/08
    
    
    capitalized
    
    
    capitalizedTotal risk-based capital
    
    
    14.31
    %
    
    
    13.97
    %
    
    
    8
    %
    
    
    10
    %Tier 1 risk-based capital
    
    
    9.86
    %
    
    
    9.24
    %
    
    
    4
    %
    
    
    6
    %Tier 1 leverage capital
    
    
    10.10
    %
    
    
    8.77
    %
    
    
    4
    %
    
    
    5
    %
  
    
    We reduced the amount of capital paid out for the quarterly cash dividend.
    
    Commercial and retail loan balances declined.
    
    We decreased our investment securities portfolio balances.




---



##### 



46     Wilmington Trust Corporation
    
    2009 Form-10-K
     As of December 31 (dollars in millions)
    
    2009
    
    
    2008Total equity
    
    $
    1,307.1
    
    
    $
    1,334.1Less:Preferred stock
    
    
    323.3
    
    
    
    321.5Noncontrolling interest
    
    
    0.4
    
    
    
    0.2Goodwill
    
    
    363.2
    
    
    
    355.6Other intangible assets
    
    
    40.2
    
    
    
    47.0Tangible common equity
    
    $
    580.0
    
    
    $
    609.8Total assets
    
    $
    11,097.1
    
    
    $
    12,318.9Less:Goodwill
    
    
    363.2
    
    
    
    355.6Other intangible assets
    
    
    40.2
    
    
    
    47.0Tangible assets
    
    $
    10,693.7
    
    
    $
    11,916.3TCE ratio
    
    
    5.42
    %
    
    
    5.12
    %
    As of and for the year ended December 31
    
    2009
    
    
    2008
    
    
    2007Dividends declared per common share (annualized)
    
    $
    0.04
    
    
    $
    1.38
    
    
    $
    1.34Dividends paid per common share
    
    $
    0.365
    
    
    $
    1.37
    
    
    $
    1.32Capital payout for cash dividend payments on common shares (in millions)
    
    $
    25.2
    
    
    $
    92.5
    
    
    $
    89.9Common stock dividend payout ratio
    
    
    N/M
    
    
    
    N/M
    
    
    
    49.40
    %
   Quarterly cash dividend
    
    Approximate capital payout1$0.345 per common share
    
    Approximately $24 million per quarter$0.1725 per common share
    
    Approximately $12 million per quarter$0.01 per common share
    
    Approximately $700,000 per quarter
 1
    
    Based on common shares outstanding at December 31, 2009.




---



##### 



Part II  Item 7 (continued)
    
    47
       LIQUIDITY AND FUNDING
  
    
    Our capital ratios demonstrate that we are well capitalized.
    
    We have access to diverse sources of funding, which mitigates our liquidity risk and gives us the ability to adjust the
mix and amount of funding as we deem appropriate.
    
    Our liquidity management practices give us the flexibility to react to changes that might affect our liquidity adversely.
  
    
    Monitor our existing and projected liquidity requirements continually.
    
    Follow policies in the Liquidity/Funding Plan approved by our Board of Directors.
    
    Calculate a wholesale funding coverage ratio monthly using three-, six-, and 12-month time horizons.
    
    Identify our exposure to volatile liabilities and calculate liquid asset coverage ratios.
    
    Monitor cash flows.
   
    
    Core deposits, which are deposits made by clients.
    
    National brokered CDs, which we gather through various broker
networks, and which typically consist of deposits from individuals,
mutual funds, or financial institutions. At December 31, 2009, most of
the underlying deposits in our national brokered CDs were from
individual depositors.
    
    Short-term borrowings.




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##### 



48     Wilmington Trust Corporation
    
    2009 Form-10-K
  
    
    The types of assets and liabilities on our balance sheet.
    
    Our investment, loan, and deposit balances.
    
    Our financial performance.
    
    Economic conditions that limit the range of capital-raising options available to us
and/or our ability to sell certain types of investment securities.
    
    Credit ratings downgrades.
    
    Our reputation.
    For the year ended December 31 (on average)
    
    2009
    
    
    2008
    
    
    2007Percent of funding from core deposits
    
    
    71
    %
    
    
    53
    %
    
    
    54
    %Percent of funding from non-core funding:Percent from national brokered CDs
    
    
    15
    %
    
    
    28
    %
    
    
    30
    %Percent from short-term borrowings
    
    
    14
    %
    
    
    19
    %1
    
    
    16

%1Total percent of funding from non-core funding
    
    
    29
    %
    
    
    47
    %
    
    
    46
    %
 1
    
    Excluding debt that matured in 2008.
  At December 31
    
    2009
    
    
    2008
    
    
    2007Loans-to-core deposits ratio
    
    
    126
    %
    
    
    161
    %
    
    
    155
    %Loans-to-total deposits ratio1
    
    
    107
    %
    
    
    114
    %
    
    
    108
    %
 1
    
    Total deposits include core deposits and national brokered CDs.
  As of December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    ChangeCore deposit balances
    
    $
    7,120.3
    
    
    $
    5,983.5
    
    
    
    19
    %National brokered CDs
    
    
    1,270.6
    
    
    
    2,432.9
    
    
    
    (48
    )Short-term borrowings
    
    
    603.8
    
    
    
    1,617.2
    
    
    
    (63
    )Long-term debt
    
    
    442.9
    
    
    
    468.8
    
    
    
    (6
    )Wilmington Trust stockholders equity
    
    
    1,306.7
    
    
    
    1,333.9
    
    
    
    (2
    )Investment securities
    
    
    860.5
    
    
    
    1,373.3
    
    
    
    (37
    )Unused borrowing capacity from lines of credit with U.S. financial institutions1
    
    
    
    
    
    
    80.0
    
    
    
    (100
    )Unused borrowing capacity secured with collateral from theFederal Home Loan Bank of Pittsburgh (FHLB)2
    
    
    635.9
    
    
    
    655.3
    
    
    
    (3
    )Unused borrowing capacity secured with collateral from the Federal Reserve1
    
    
    2,469.9
    
    
    
    4,498.4
    
    
    
    (45
    )Total
    
    $
    14,710.6
    
    
    $
    18,443.3
    
    
    
    (20
    )%
 1
    
    For more information about our long-term debt and lines of credit, read Note 12,
Borrowings, in this report.2
    
    Wilmington Trust Company and Wilmington Trust FSB are FHLB members. The FHLB
adjusts our borrowing capacity quarterly, but we do not receive the adjustment
calculations until after the filing dates of our quarterly and annual reports. The
amounts shown for 2009 and 2008 are based on financial information as of September 30.




---



##### 



Part II  Item 7 (continued)
    
    49
    Fitch Ratings
    
    
    Moodys Investors Service
    
    
    Standard & Poors(As of 1/29/10)
    
    
    (As of 4/24/09)
    
    
    (As of 2/1/10)Outlook
    
    Negative
    
    Negative
    
    NegativeIssuer rating (long-term/short-term)
    
    BBB+/F2
    
    Baa3/*
    
    BB+/BSubordinated debt
    
    BBB
    
    Ba1
    
    BB
 *
    
    No rating in this category.
  Fitch Ratings
    
    
    Moodys Investors Service
    
    
    Standard & Poors(As of 7/24/10)
    
    
    (As of 4/24/09)
    
    
    (As of 2/1/10)Outlook
    
    Negative
    
    Negative
    
    NegativeBank financial strength
    
    
    C
    
    
    
    C
    
    
    
    *Issuer rating (long-term/short-term)
    
    BBB+/F2
    
    Baa2
    
    BBB/A3Bank deposits (long-term/short-term)
    
    
    A/F1
    
    
    Baa2/P2
    
    BBB/A3
 *
    
    No rating in this category.
 RISK
  
    
    Credit risk:The risk that borrowers might be unable to repay their loans, which could
increase loan losses, increase the provision for loan losses, and reduce net interest
income.
    
    Interest rate risk:The risk that fluctuations in market interest rates could decrease the
profitability of loans or investment securities, compress the net interest margin, and reduce
net interest income.
    
    Financial market risk:The risk that volatility in the financial markets might reduce the market valuations of assets in:
 
    
    Client portfolios, which could decrease fee income.
    
    Our investment securities portfolio, which could require us to record securities losses.
 
    
    Economic risk:The risk that economic conditions might affect our ability to conduct business.
  
    
    Provides geographic, product, and client diversification.
    
    Produces two balanced and diversified sources of revenue:
 
    
    Net interest income, primarily from our Regional Banking business.
    
    Noninterest income, primarily from our Corporate Client Services and Wealth Advisory Services businesses.
  
    
    Item 1A, Risk Factors, in this report.
    
    Item 7A, Quantitative and Qualitative Factors about Market Risk, in this report.
    
    The discussion of asset quality and credit risk below.




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##### 



50     Wilmington Trust Corporation
    
    2009 Form-10-K
     
    
    Higher levels of problem loans, which we discuss in more detail in the credit risk section below.
    
    Declines in the market values of some of the instruments in our investment securities
portfolio. For more information about this, read Note 6, Investment securities, in this
report.
     
    
    Employ rigorous loan underwriting standards and apply them consistently.
    
    Prefer to grow loan balances ourselves, using our own underwriting standards, instead of
purchasing loans or acquiring other banks.
    
    Make the majority of our loans within Regional Bankings mid-Atlantic geographic footprint, in markets we know well.
    
    Focus on building long-term relationships with clients, instead of merely increasing transaction volumes.
    
    Typically obtain collateral and personal guarantees from commercial borrowers.
    
    Monitor the loan portfolio to identify potential problems.
    
    Regularly review all past-due loans, loans not being repaid according to contractual
terms, and loans we doubt will be paid on a timely basis.
    
    Perform an internal risk rating analysis that classifies all loans outstanding into one of
four categories of risk. We apply these classifications consistently and we analyze
migrations within the classifications quarterly. This system has helped us develop adequate
loan loss reserves for many years. The four risk categories are:
 
    
    Pass: Loans with no current or potential problems.
    
    Watchlist: Accruing loans that are potentially problematic.
    
    Substandard: Accruing or nonaccruing loans with identified weaknesses and some probability of loss.
    
    Doubtful/loss: Nonaccruing loans with a high probability of loss, or which we have charged off.
  
    
    The lending group is part of our Regional Banking business, and its reporting
relationships follow the Regional Banking organizational structure.
    
    The credit policy and administration group reports directly to our chairman and chief
executive officer. Loan recovery and appraisal staff members are part of this group.
    
    The credit review group functions independently, and reports directly to the Audit Committee of
our Board of Directors.




---



##### 



Part II  Item 7 (continued)
    
    51
   
    
    Analyses of the portfolio by type of loan, geographic exposure, and individual lender.
    
    Annual reviews of a minimum percentage of the portfolio.
    
    Assessments of the accuracy of internal risk ratings within specific portfolio segments.
    
    Assessments of the adequacy of monitoring and administration for specific portfolio segments.
    
    Reviews of our largest credit exposures.
    
    
    Review payment performance on an ongoing basis.
    
    Analyze account overdrafts.
    
    Monitor compliance with established loan covenants or collateral formulas.
    
    Perform targeted reviews and analyses of loans by type, size, and borrower.




---



##### 



52     Wilmington Trust Corporation
    
    2009 Form-10-K
   
    
    Confirm the loans assigned risk rating.
    
    Review our collateral position and valuations.
    
    Allocate an appropriate amount to the reserve for loan losses.
    
    Transfer all or part of the loan relationship to nonaccruing status.
    
    Renegotiate all or part of the loans terms.
    
    Foreclose on real property or accept a deed to real property in lieu of foreclosure, and
record the propertys value as other real estate owned (OREO).
    
    Charge off all or part of the loan.
     
    
    It is probable that we will not be able to collect the full amount of the loans principal.
    
    We can measure the amount of loss reliably.
     
    
    The client relationship manager recommends we renew or extend the loan.
    
    The loan is downgraded to a risk rating of substandard or lower.
    
    The loan has had a watchlist rating for 18 months.




---



##### 



Part II  Item 7 (continued)
    
    53
       
    
    Nonaccruing loan amounts, because we do not automatically charge off
nonaccruing loans after a certain amount of time elapses, unless the
loan is collateral-dependent as defined by ASC 310. If we believe it
is likely that the loan can return to performing status, we prefer to
work with the borrower to resolve payment problems.
    
    Charge-off dollar amounts, because increases or decreases in net
charge-off dollar amounts may not correspond directly to increases or
decreases in outstanding loan balances.
    
    Other measures of credit quality, because they do not convey the
nature of our client relationships or our pursuit of repayment even
after we classify loans as nonaccruing or charge them off.
  
    
    We prefer to work with borrowers to resolve repayment problems. This includes renegotiating loan terms and
conditions, and exploring other repayment options.
    
    Many borrowers with nonperforming loans continue to operate their businesses, and we believe it is likely that
many of these loans will return to performing status within a timeframe that is acceptable to us.
    
    When necessary, we believe that moving properties to OREO is a positive step in the loan work-out process, because:
 
    
    We gain control of the situation.
    
    Legal expenses associated with collection efforts cease.
    
    We gain the ability to facilitate disposition of these properties and recover our cash.
    
    We can then redeploy that cash into loans or other earning assets.
  
    
    Negotiations with borrowers can affect the timing and extent of charge-offs, or avert them altogether.
    
    Associated legal proceedings can affect the timing and amount of charge-offs or recoveries.
  
    
    We sell most of our newly originated fixed rate residential mortgages into the secondary market.
    
    We do not make subprime, Alt-A, or any other so-called exotic residential mortgage loans.




---



##### 



54     Wilmington Trust Corporation
    
    2009 Form-10-K
        At December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Total loans outstanding
    
    $
    8,967.2
    
    
    $
    9,619.1
    
    
    $
    8,475.8
    
    
    $
    8,094.9
    
    
    $
    7,397.7Nonperforming assets:Nonaccruing loans
    
    $
    455.6
    
    
    $
    196.4
    
    
    $
    52.5
    
    
    $
    31.0
    
    
    $
    44.0Troubled restructured loans (accruing)
    
    
    28.5
    
    
    
    
    
    
    
    19.0
    
    
    
    
    
    
    
    OREO
    
    
    34.6
    
    
    
    14.5
    
    
    
    9.1
    
    
    
    4.8
    
    
    
    0.2Total nonperforming assets
    
    $
    518.7
    
    
    $
    210.9
    
    
    $
    80.6
    
    
    $
    35.8
    
    
    $
    44.2Accruing loans past due 90 days or more
    
    $
    30.6
    
    
    $
    34.3
    
    
    $
    13.7
    
    
    $
    5.8
    
    
    $
    4.1Net charge-offs
    
    $
    112.3
    
    
    $
    52.4
    
    
    $
    21.3
    
    
    $
    18.5
    
    
    $
    10.1Net charge-off ratio (average balances)
    
    
    1.21
    %
    
    
    0.57
    %
    
    
    0.26
    %
    
    
    0.24
    %
    
    
    0.14
    %
  As of and for the year ended December 31
    
    2009
    
    
    2008
    
    
    2007Loan loss reserve ratio
    
    
    2.80
    %
    
    
    1.63
    %
    
    
    1.19
    %Nonperforming assets ratio (including OREO)
    
    
    5.76
    %
    
    
    2.19
    %
    
    
    0.95
    %Accruing loans past due 90 days or more ratio
    
    
    0.34
    %
    
    
    0.36
    %
    
    
    0.16
    %Net charge-off ratio (average balances)
    
    
    1.21
    %
    
    
    0.57
    %
    
    
    0.26
    %Serious-doubt loan ratio
    
    
    0.61
    %
    
    
    1.14
    %
    
    
    0.17
    %




---



##### 



Part II  Item 7 (continued)
    
    55
  At December 31
    
    2009
    
    
    2008
    
    
    2007Pass
    
    
    81.29
    %
    
    
    90.79
    %
    
    
    96.03
    %Watchlist
    
    
    6.77
    %
    
    
    5.20
    %
    
    
    2.69
    %Substandard
    
    
    11.31
    %
    
    
    4.00
    %
    
    
    1.27
    %Doubtful/loss
    
    
    0.63
    %
    
    
    0.01
    %
    
    
    0.01
    %
    At December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007Commercial, financial, and agricultural loans
    
    $
    4.2
    
    
    $
    8.4
    
    
    $
    2.4Commercial real estate  construction loans
    
    
    4.5
    
    
    
    5.0
    
    
    
    0.7Commercial mortgage loans
    
    
    2.2
    
    
    
    1.6
    
    
    
    1.3Consumer and other retail loans
    
    
    19.7
    
    
    
    19.3
    
    
    
    9.3Total loans past due 90 days or more
    
    $
    30.6
    
    
    $
    34.3
    
    
    $
    13.7Ratio of loans past due 90 days to total loans outstanding
    
    
    0.34
    %
    
    
    0.36
    %
    
    
    0.16
    %
   
    
    Nonaccruing loans. These are loans for which we do not expect to receive principal or
interest payments according to contractual terms.
    
    Restructured loans. These are loans for which we and the borrower have renegotiated terms or
conditions.
    
    OREO, which consists of properties we acquire through foreclosure or when the borrower
defaults. We record these properties at their fair value, less cost to sell.
  
    
    A Delaware developer of income-producing retail properties.
    
    A mid-Atlantic-based retirement community developer.
    
    Residential projects, including one located in Pennsylvania.
  At December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007Nonaccruing loans:Commercial, financial, and agricultural loans
    
    $
    80.9
    
    
    $
    41.3
    
    
    $
    24.0Commercial real estate  construction loans
    
    
    264.8
    
    
    
    112.7
    
    
    
    9.9Commercial mortgage loans
    
    
    69.0
    
    
    
    21.7
    
    
    
    7.1Consumer and other retail loans
    
    
    40.9
    
    
    
    20.7
    
    
    
    11.5Total nonaccruing loans
    
    $
    455.6
    
    
    $
    196.4
    
    
    $
    52.5Troubled restructured loans (accruing)
    
    
    28.5
    
    
    
    
    
    
    
    19.0Total nonaccruing and troubled restructured loans
    
    $
    484.1
    
    
    $
    196.4
    
    
    $
    71.5OREO
    
    
    34.6
    
    
    
    14.5
    
    
    
    9.1Total nonperforming assets
    
    $
    518.7
    
    
    $
    210.9
    
    
    $
    80.6Ratio of total nonperforming assets to total loans outstanding (including OREO)
    
    
    5.76
    %
    
    
    2.19
    %
    
    
    0.95
    %




---



##### 



56     Wilmington Trust Corporation
    
    2009 Form-10-K
  
    
    A single family residential development in central Delaware that we took possession of in the 2009 first quarter.
    
    A single- and multi-family residential project in central Delaware that we took possession of in the 2009 second quarter.
    
    A single family residential project that we took possession of in the 2009 fourth quarter.
    
    An investment property in Maryland that we took possession of in the 2009 fourth quarter.
         At December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007Commercial, financial, and agricultural loans
    
    $
    26.1
    
    
    $
    82.9
    
    
    $
    11.3Commercial real estate  construction loans
    
    
    21.0
    
    
    
    8.4
    
    
    
    Commercial mortgage loans
    
    
    4.0
    
    
    
    15.0
    
    
    
    Consumer and other retail loans
    
    
    0.8
    
    
    
    0.6
    
    
    
    Contingency allocation
    
    
    3.0
    
    
    
    3.0
    
    
    
    3.0Total serious-doubt loans
    
    $
    54.9
    
    
    $
    109.9
    
    
    $
    14.3Ratio of serious-doubt loans to total loans outstanding
    
    
    0.61
    %
    
    
    1.14
    %
    
    
    0.17
    %




---



##### 



Part II  Item 7 (continued)
    
    57
  At December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Commercial, financial, and agricultural loans
    
    $
    65.9
    
    
    $
    57.5
    
    
    $
    33.7
    
    
    $
    36.3
    
    
    $
    38.5Real estate  construction loans
    
    
    100.8
    
    
    
    40.1
    
    
    
    25.7
    
    
    
    19.2
    
    
    
    12.7Commercial mortgage loans
    
    
    40.6
    
    
    
    18.6
    
    
    
    15.9
    
    
    
    14.5
    
    
    
    15.4Residential mortgage loans
    
    
    3.3
    
    
    
    2.3
    
    
    
    1.4
    
    
    
    1.3
    
    
    
    1.3Consumer and other loans
    
    
    40.9
    
    
    
    36.5
    
    
    
    18.3
    
    
    
    16.8
    
    
    
    17.4Unallocated
    
    
    
    
    
    
    2.1
    
    
    
    6.1
    
    
    
    6.1
    
    
    
    6.1Total
    
    $
    251.5
    
    
    $
    157.1
    
    
    $
    101.1
    
    
    $
    94.2
    
    
    $
    91.4
     COMMERCIAL REAL ESTATE INDUSTRY EXPOSURE
    
    
    Conduct separate evaluations of the projects finances and the borrowers finances.
    
    Stress-test the projects estimated cash flows in a variety of economic scenarios, including
changes in absorption rates and financing costs.
  
    
    A period of tremendous expansion in our commercial lending activities in southeastern
Pennsylvania, New Jersey, and Maryland.
    
    Population growth in the region, primarily in southern Delaware.




---



##### 



58     Wilmington Trust Corporation
    
    2009 Form-10-K
 COMMERCIAL CONSTRUCTION LOAN UNDERWRITING STANDARDS
 
    
    Maximum term:
 
    
    Two years on unimproved land
    
    Three years on land development
 
    
    Target loan size: $1 million to $10 million
    
    Maximum loan-to-value (LTV) requirements:
 
    
    50% on unimproved land
    
    70% on land development for lots the borrower plans to sell to a third party
    
    75% on land development for lots to be built out by the borrower
    
    80% on residential construction and income-producing properties
    
    70% on special-purpose income-producing properties e.g., self storage facilities, hotels, etc.
 
    
    Construction limits on residential projects: Pre-sold inventory plus a maximum of:
 
    
    4 unsold single-family homes or
    
    10 unsold town homes
 
    
    Pre-leasing requirements for commercial construction projects:
 
    
    100% coverage of all debt on an interest-only basis
    
    70% coverage of all debt on an amortizing basis
    OTHER INFORMATION
   
    
    Derivative instruments, such as interest rate swaps and interest rate floors. These
instruments help us manage the effects of fluctuating interest rates on net interest income.
We also use interest rate swap contracts to help commercial loan clients manage their interest
rate risk. We do not hold or issue derivative financial instruments for trading purposes. For
more information about our use of derivatives, read Note 15, Derivative and hedging
activities, in this report.
    
    Instruments that generally accepted accounting principles deem to be off-balance-sheet
arrangements. These instruments include standby letters of credit, unfunded lending
commitments, unadvanced lines of credit, operating lease obligations, and other guaranties.
For more information about this, read Note 12, Borrowings, and Note 13, Commitments and
contingencies, in this report.
    
    Pension and other postretirement benefit plan obligations. We contributed $43.3 million and
$9.8 million in 2009 and 2008, respectively, to these plans. For more information about this,
read Note 18, Pension and other postretirement benefits, in this report.
    
    Contractual obligations including certificates of deposit and long-term debt, which appear on
our balance sheet. For more information about this, read Note 11, Deposits, and Note 12,
Borrowings, in this report.




---



##### 



Part II  Item 7 (continued)
    
    59
   At December 31 (in millions)
    
    2009
    
    
    2008FHLB loan1
    
    $
    28.0
    
    
    $
    28.0Lease commitments for offices, net of sublease arrangements2
    
    $
    72.7
    
    
    $
    72.6Certificates of deposit
    
    $
    2,408.1
    
    
    $
    3,736.1Letters of credit, unfunded lending commitments, and unadvanced lines of credit
    
    $
    3,136.4
    
    
    $
    3,667.3
 1
    
    We used these funds to construct Wilmington Trust Plaza, our
operations center in downtown Wilmington, Delaware, which was completed in 1998.2
    
    These lease commitments are for many of our branch offices in Delaware and
all of our branch and non-branch offices outside of Delaware.
  Less than
    
    
    1 to 3
    
    
    3 to 5
    
    
    More thanAs of December 31, 2009 (in millions)
    
    Total
    
    
    1 year
    
    
    years
    
    
    years
    
    
    5 yearsCertificates of deposit
    
    $
    2,408.1
    
    
    $
    1,749.2
    
    
    $
    563.3
    
    
    $
    91.9
    
    
    $
    3.7Debt obligations
    
    
    478.0
    
    
    
    28.0
    
    
    
    
    
    
    
    250.0
    
    
    
    200.0Interest on debt obligations
    
    
    181.7
    
    
    
    30.6
    
    
    
    58.4
    
    
    
    37.5
    
    
    
    55.2Operating lease obligations
    
    
    72.7
    
    
    
    13.5
    
    
    
    20.6
    
    
    
    16.9
    
    
    
    21.7Benefit plan obligations
    
    
    3.6
    
    
    
    3.6
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    3,144.1
    
    
    $
    1,824.9
    
    
    $
    642.3
    
    
    $
    396.3
    
    
    $
    280.6
  
    
    $250.0 million of subordinated long-term debt that was issued in 2003 and is due in 2013.
    
    $200.0 million of subordinated long-term debt that was issued on April 1, 2008, and is due on April 2, 2018.
    
    FHLB advances of $28.0 million.




---



##### 



60     Wilmington Trust Corporation
    
    2009 Form-10-K
 CRITICAL ACCOUNTING POLICIES AND ESTIMATES
  CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING INFORMATION




---



##### 



Part II  Item 7A
    
    61
 
    INTEREST RATE RISK
   
    
    In a rising market interest rate environment, our net interest income is more likely to increase.
    
    In a declining market interest rate environment, our net interest income is more likely to decrease.
  
    
    The pricing adjusts on most of our floating rate loans within 30 to 45 days of a rate change.
    
    The rates on noninterest-bearing demand deposits do not adjust with market rate changes.
    
    Certificates of deposit have fixed rates and typically take more than six months to mature.
  
    
    Maintain a mix of assets and liabilities that gives us flexibility in a dynamic marketplace.
    
    Manage the relative proportion of fixed and floating rate assets and liabilities so we can
manage their repricing characteristics as closely as possible.
    
    Manage the size of our investment securities portfolio and the mix of instruments in it. For
more information about this, read the investment securities discussion in this report.
    
    Sell most newly originated fixed rate residential mortgages into the secondary market. By
limiting the fixed rate residential mortgages in our loan portfolio, we eliminate much of the
long-term risk inherent in holding instruments with fixed rates and 15- to 30-year maturities.
    
    Prefer to manage our exposure to fixed rate mortgages through our investment securities
portfolio. The mortgage-backed instruments in our investment securities portfolio typically
have shorter maturity and duration characteristics than a portfolio of individual mortgage
loans.
    
    Use derivative instruments. For more information about this, read the discussion of
off-balance-sheet arrangements and contractual obligations and Note 15, Derivative and
hedging activities, in this report.




---



##### 



62     Wilmington Trust Corporation
    
    2009 Form-10-K
    For the year ended December 31
    
    2009
    
    
    2008
    
    
    2007Net interest margin
    
    
    3.08
    %
    
    
    3.28
    %
    
    
    3.67
    %
   At December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Commercial loans repricing within 30 to 45 days
    
    $
    5,901.5
    
    
    $
    5,946.2
    
    
    $
    4,988.0Non-core deposits repricing in 90 or fewer days
    
    $
    1,927.6
    
    
    $
    3,345.8
    
    
    $
    3,302.4
   For the 12 months beginning December 31
    
    2009
    
    
    2008
    
    
    2007Gradual increase of 250 basis points
    
    
    10.84
    %
    
    
    4.03
    %
    
    
    4.22
    %Gradual decrease of 250 basis points1
    
    
    
    
    
    
    
    
    
    
    (6.67
    )%
 1
    
    We discontinued modeling the declining rate scenario in December 2008, after
the FOMC included zero percent in its target rate range, since the declining rate
scenario would have created negative interest rates in the model.
  FINANCIAL MARKET RISK




---



##### 



Part II  Item 7A. (continued)
    
    63
   For the year (in millions)
    
    2009
    
    
    2008
    
    
    2007Wealth Advisory Services (WAS):Trust and investment advisory fees
    
    $
    131.6
    
    
    $
    152.0
    
    
    $
    158.6Mutual fund fees
    
    
    16.6
    
    
    
    27.2
    
    
    
    21.4Total WAS revenue subject to financial market risk
    
    $
    148.2
    
    
    $
    179.2
    
    
    $
    180.0Total WAS revenue
    
    $
    190.2
    
    
    $
    224.7
    
    
    $
    220.1Corporate Client Services (CCS):Retirement services
    
    $
    67.5
    
    
    $
    37.4
    
    
    $
    12.9Investment/cash management services
    
    
    14.9
    
    
    
    13.9
    
    
    
    12.8Total CCS revenue subject to financial market risk
    
    $
    82.4
    
    
    $
    51.3
    
    
    $
    25.7Total CCS revenue
    
    $
    171.4
    
    
    $
    131.8
    
    
    $
    98.6Affiliate money managers revenue
    
    $
    15.2
    
    
    $
    15.7
    
    
    $
    21.9Total revenue subject to financial market risk
    
    $
    245.8
    
    
    $
    246.2
    
    
    $
    227.6Total operating revenue1
    
    $
    550.3
    
    
    $
    665.3
    
    
    $
    726.7
 1
    
    Excluding securities impairment charges and after amortization and the provision for loan
losses.
  ECONOMIC RISK
    OTHER RISK




---



##### 



64     Wilmington Trust Corporation
    
    2009 Form-10-K
 
   For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005ASSETSCash and due from banks
    
    $
    188.7
    
    
    $
    226.2
    
    
    $
    208.7
    
    
    $
    210.6
    
    
    $
    229.2Interest-bearing deposits in other banks
    
    
    212.4
    
    
    
    94.0
    
    
    
    4.4
    
    
    
    2.9
    
    
    
    1.0Federal funds sold and securities purchased under agreements to resell
    
    
    22.4
    
    
    
    32.7
    
    
    
    34.0
    
    
    
    49.9
    
    
    
    32.7Investment securities:U.S. Treasury securities
    
    
    54.5
    
    
    
    61.0
    
    
    
    103.0
    
    
    
    156.5
    
    
    
    124.4Government agency securities
    
    
    250.4
    
    
    
    493.3
    
    
    
    657.8
    
    
    
    478.9
    
    
    
    363.8Obligations of state and political subdivisions
    
    
    6.3
    
    
    
    9.0
    
    
    
    14.7
    
    
    
    10.0
    
    
    
    11.5Preferred stock
    
    
    19.3
    
    
    
    35.6
    
    
    
    66.2
    
    
    
    90.2
    
    
    
    94.0Mortgage-backed securities
    
    
    363.6
    
    
    
    700.2
    
    
    
    647.5
    
    
    
    761.9
    
    
    
    925.0Other securities
    
    
    161.7
    
    
    
    262.1
    
    
    
    374.3
    
    
    
    386.5
    
    
    
    344.6Total investment securities
    
    
    855.8
    
    
    
    1,561.2
    
    
    
    1,863.5
    
    
    
    1,884.0
    
    
    
    1,863.3Federal Home Loan Bank and Federal Reserve Bank stock, at cost
    
    
    24.8
    
    
    
    22.2
    
    
    
    12.4
    
    
    
    9.1
    
    
    
    13.3Loans:Commercial, financial, and agricultural loans
    
    
    2,732.0
    
    
    
    2,814.6
    
    
    
    2,485.7
    
    
    
    2,437.4
    
    
    
    2,462.1Real estate  construction loans
    
    
    1,958.3
    
    
    
    1,860.6
    
    
    
    1,731.9
    
    
    
    1,516.8
    
    
    
    982.3Commercial mortgage loans
    
    
    2,007.8
    
    
    
    1,694.1
    
    
    
    1,382.2
    
    
    
    1,240.8
    
    
    
    1,229.1Total commercial loans
    
    
    6,698.1
    
    
    
    6,369.3
    
    
    
    5,599.8
    
    
    
    5,195.0
    
    
    
    4,673.5Residential mortgage loans
    
    
    501.0
    
    
    
    562.0
    
    
    
    556.3
    
    
    
    495.2
    
    
    
    438.6Consumer loans
    
    
    1,565.2
    
    
    
    1,728.7
    
    
    
    1,526.6
    
    
    
    1,458.2
    
    
    
    1,329.3Loans secured with investments
    
    
    479.2
    
    
    
    540.0
    
    
    
    529.3
    
    
    
    551.4
    
    
    
    605.7Total retail loans
    
    
    2,545.4
    
    
    
    2,830.7
    
    
    
    2,612.2
    
    
    
    2,504.8
    
    
    
    2,373.6Total loans net of unearned income
    
    
    9,243.5
    
    
    
    9,200.0
    
    
    
    8,212.0
    
    
    
    7,699.8
    
    
    
    7,047.1Reserve for loan losses
    
    
    (175.5
    )
    
    
    (108.1
    )
    
    
    (95.5
    )
    
    
    (91.8
    )
    
    
    (90.9
    )Net loans
    
    
    9,068.0
    
    
    
    9,091.9
    
    
    
    8,116.5
    
    
    
    7,608.0
    
    
    
    6,956.2Premises and equipment
    
    
    150.7
    
    
    
    153.5
    
    
    
    149.6
    
    
    
    150.6
    
    
    
    148.9Goodwill
    
    
    358.9
    
    
    
    356.0
    
    
    
    314.3
    
    
    
    339.6
    
    
    
    341.4Other intangibles
    
    
    43.6
    
    
    
    42.4
    
    
    
    36.6
    
    
    
    37.4
    
    
    
    41.5Other assets
    
    
    423.9
    
    
    
    301.1
    
    
    
    257.4
    
    
    
    203.0
    
    
    
    175.5Total assets
    
    $
    11,349.2
    
    
    $
    11,881.2
    
    
    $
    10,997.4
    
    
    $
    10,495.1
    
    
    $
    9,803.0LIABILITIES AND STOCKHOLDERS EQUITYDeposits:Noninterest-bearing demand deposits
    
    $
    1,167.9
    
    
    $
    778.1
    
    
    $
    722.4
    
    
    $
    759.1
    
    
    $
    992.0Interest-bearing deposits:Savings deposits
    
    
    908.3
    
    
    
    779.3
    
    
    
    500.1
    
    
    
    311.4
    
    
    
    344.9Interest-bearing demand deposits
    
    
    3,164.9
    
    
    
    2,470.4
    
    
    
    2,400.2
    
    
    
    2,365.1
    
    
    
    2,303.8Certificates under $100,000
    
    
    1,072.5
    
    
    
    1,006.3
    
    
    
    1,010.1
    
    
    
    979.4
    
    
    
    824.4Local certificates $100,000 and over
    
    
    176.7
    
    
    
    299.5
    
    
    
    412.7
    
    
    
    521.7
    
    
    
    401.5Total core deposits
    
    
    6,490.3
    
    
    
    5,333.6
    
    
    
    5,045.5
    
    
    
    4,936.7
    
    
    
    4,866.6National brokered certificates
    
    
    1,333.2
    
    
    
    2,846.3
    
    
    
    2,756.7
    
    
    
    2,803.9
    
    
    
    2,306.6Total deposits
    
    
    7,823.5
    
    
    
    8,179.9
    
    
    
    7,802.2
    
    
    
    7,740.6
    
    
    
    7,173.2Short-term borrowings:Federal funds purchased and securities sold under agreements to
repurchase
    
    
    1,311.9
    
    
    
    1,810.5
    
    
    
    1,465.0
    
    
    
    1,116.2
    
    
    
    1,096.3U.S. Treasury demand deposits
    
    
    3.7
    
    
    
    18.5
    
    
    
    9.8
    
    
    
    11.1
    
    
    
    11.5Line of credit and other debt
    
    
    7.6
    
    
    
    54.5
    
    
    
    93.4
    
    
    
    8.5
    
    
    
    Total short-term borrowings
    
    
    1,323.2
    
    
    
    1,883.5
    
    
    
    1,568.2
    
    
    
    1,135.8
    
    
    
    1,107.8Other liabilities
    
    
    407.9
    
    
    
    296.2
    
    
    
    228.5
    
    
    
    164.9
    
    
    
    167.0Long-term debt
    
    
    463.0
    
    
    
    418.3
    
    
    
    307.3
    
    
    
    394.4
    
    
    
    405.5Total liabilities
    
    
    10,017.6
    
    
    
    10,777.9
    
    
    
    9,906.2
    
    
    
    9,435.7
    
    
    
    8,853.5Wilmington Trust stockholders equity:Preferred stock
    
    
    322.3
    
    
    
    17.9
    
    
    
    
    
    
    
    
    
    
    
    Other stockholders equity
    
    
    1,009.0
    
    
    
    1,085.2
    
    
    
    1,091.0
    
    
    
    1,059.1
    
    
    
    949.3Total Wilmington Trust stockholders equity
    
    
    1,331.3
    
    
    
    1,103.1
    
    
    
    1,091.0
    
    
    
    1,059.1
    
    
    
    949.3Noncontrolling interest
    
    
    0.3
    
    
    
    0.2
    
    
    
    0.2
    
    
    
    0.3
    
    
    
    0.2Total stockholders equity
    
    
    1,331.6
    
    
    
    1,103.3
    
    
    
    1,091.2
    
    
    
    1,059.4
    
    
    
    949.5Total liabilities and stockholders equity
    
    $
    11,349.2
    
    
    $
    11,881.2
    
    
    $
    10,997.4
    
    
    $
    10,495.1
    
    
    $
    9,803.0




---



##### 



Part II  Item 8 (continued)
    
    65
  For the year ended December 31 (dollars in millions, except share amounts)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005NET INTEREST INCOMEInterest income
    
    $
    437.2
    
    
    $
    611.4
    
    
    $
    722.2
    
    
    $
    674.8
    
    
    $
    516.6Interest expense
    
    
    119.0
    
    
    
    253.7
    
    
    
    353.3
    
    
    
    311.7
    
    
    
    187.7Net interest income
    
    
    318.2
    
    
    
    357.7
    
    
    
    368.9
    
    
    
    363.1
    
    
    
    328.9Provision for loan losses
    
    
    (205.0
    )
    
    
    (115.5
    )
    
    
    (28.2
    )
    
    
    (21.3
    )
    
    
    (11.8
    )Net interest income after provision for loan losses
    
    
    113.2
    
    
    
    242.2
    
    
    
    340.7
    
    
    
    341.8
    
    
    
    317.1NONINTEREST INCOMEAdvisory fees:Wealth Advisory Services
    
    
    190.2
    
    
    
    224.7
    
    
    
    220.1
    
    
    
    192.0
    
    
    
    172.1Corporate Client Services
    
    
    171.4
    
    
    
    131.8
    
    
    
    98.6
    
    
    
    85.6
    
    
    
    76.3Cramer Rosenthal McGlynn
    
    
    17.6
    
    
    
    16.4
    
    
    
    20.7
    
    
    
    19.3
    
    
    
    16.1Roxbury Capital Management
    
    
    (2.4
    )
    
    
    (0.7
    )
    
    
    1.2
    
    
    
    1.2
    
    
    
    1.4Total advisory fees
    
    
    376.8
    
    
    
    372.2
    
    
    
    340.6
    
    
    
    298.1
    
    
    
    265.9Amortization of affiliate intangibles
    
    
    (8.5
    )
    
    
    (7.7
    )
    
    
    (4.7
    )
    
    
    (4.2
    )
    
    
    (4.0
    )Advisory fees after amortization of affiliate intangibles
    
    
    368.3
    
    
    
    364.5
    
    
    
    335.9
    
    
    
    293.9
    
    
    
    261.9Service charges on deposit accounts
    
    
    31.2
    
    
    
    30.2
    
    
    
    28.3
    
    
    
    28.2
    
    
    
    28.1Other noninterest income
    
    
    24.0
    
    
    
    28.3
    
    
    
    21.7
    
    
    
    23.8
    
    
    
    22.5Securities gains/(losses)
    
    
    (63.9
    )
    
    
    (130.6
    )
    
    
    0.1
    
    
    
    0.2
    
    
    
    0.8Total noninterest income
    
    
    359.6
    
    
    
    292.4
    
    
    
    386.0
    
    
    
    346.1
    
    
    
    313.3Net interest and noninterest income
    
    
    472.8
    
    
    
    534.6
    
    
    
    726.7
    
    
    
    687.9
    
    
    
    630.4NONINTEREST EXPENSESalaries and wages
    
    
    197.8
    
    
    
    196.3
    
    
    
    172.8
    
    
    
    154.4
    
    
    
    139.8Incentives and bonuses
    
    
    31.5
    
    
    
    48.1
    
    
    
    46.9
    
    
    
    39.8
    
    
    
    38.0Employment benefits
    
    
    58.1
    
    
    
    51.7
    
    
    
    50.9
    
    
    
    48.3
    
    
    
    47.2Net occupancy
    
    
    30.9
    
    
    
    30.8
    
    
    
    28.3
    
    
    
    25.7
    
    
    
    22.4Furniture, equipment, and supplies
    
    
    40.7
    
    
    
    43.3
    
    
    
    39.2
    
    
    
    38.3
    
    
    
    34.7Other noninterest expense
    
    
    153.5
    
    
    
    122.6
    
    
    
    106.0
    
    
    
    92.8
    
    
    
    88.0Total noninterest expense before goodwill impairment
    
    
    512.5
    
    
    
    492.8
    
    
    
    444.1
    
    
    
    399.3
    
    
    
    370.1Goodwill impairment write-down
    
    
    
    
    
    
    66.9
    
    
    
    
    
    
    
    72.3
    
    
    
    Total noninterest expense
    
    
    512.5
    
    
    
    559.7
    
    
    
    444.1
    
    
    
    471.6
    
    
    
    370.1NET (LOSS)/INCOME(Loss)/income before income taxes and noncontrolling interest
    
    
    (39.7
    )
    
    
    (25.1
    )
    
    
    282.6
    
    
    
    216.3
    
    
    
    260.3Income tax (benefit)/expense
    
    
    (36.5
    )
    
    
    (2.0
    )
    
    
    99.7
    
    
    
    72.7
    
    
    
    93.0Net (loss)/income before noncontrolling interest
    
    
    (3.2
    )
    
    
    (23.1
    )
    
    
    182.9
    
    
    
    143.6
    
    
    
    167.3Net income attributable to noncontrolling interest
    
    
    1.2
    
    
    
    0.5
    
    
    
    0.9
    
    
    
    (0.2
    )
    
    
    0.3Net (loss)/income attributable to Wilmington Trust Corporation
    
    $
    (4.4
    )
    
    $
    (23.6
    )
    
    $
    182.0
    
    
    $
    143.8
    
    
    $
    167.0Dividends and accretion on preferred stock
    
    
    18.3
    
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    Net (loss)/income available to common shareholders
    
    $
    (22.7
    )
    
    $
    (24.5
    )
    
    $
    182.0
    
    
    $
    143.6
    
    
    $
    167.0Net (loss)/income per common share  basic
    
    $
    (0.33
    )
    
    $
    (0.36
    )
    
    $
    2.68
    
    
    $
    2.10
    
    
    $
    2.47Net (loss)/income per common share  diluted
    
    $
    (0.33
    )
    
    $
    (0.36
    )
    
    $
    2.64
    
    
    $
    2.06
    
    
    $
    2.43Weighted average shares outstanding (in thousands)Basic
    
    
    68,966
    
    
    
    67,454
    
    
    
    67,946
    
    
    
    68,413
    
    
    
    67,688Diluted
    
    
    68,966
    
    
    
    67,454
    
    
    
    68,851
    
    
    
    69,675
    
    
    
    68,570Net (loss)/income as a percentage of:Average total assets
    
    
    (0.04
    )%
    
    
    (0.20
    )%
    
    
    1.65
    %
    
    
    1.37
    %
    
    
    1.70
    %Average stockholders equity
    
    
    (0.44
    )%
    
    
    (2.17
    )%
    
    
    16.68
    %
    
    
    13.58
    %
    
    
    17.59
    %




---



##### 



66     Wilmington Trust Corporation
    
    2009 Form-10-K
  For the quarter ended December 31
    
    2009
    
    
    
    
    
    
    2008(in millions, except share amounts)
    
    Dec. 31
    
    
    Sept. 30
    
    
    June 30
    
    
    Mar. 31
    
    
    Dec. 31
    
    
    Sept. 30
    
    
    June 30
    
    
    Mar. 31NET INTEREST INCOMEInterest income
    
    $
    102.4
    
    
    $
    106.3
    
    
    $
    111.3
    
    
    $
    117.1
    
    
    $
    147.1
    
    
    $
    152.1
    
    
    $
    150.0
    
    
    $
    162.4Interest expense
    
    
    24.5
    
    
    
    26.3
    
    
    
    29.7
    
    
    
    38.6
    
    
    
    52.5
    
    
    
    61.0
    
    
    
    64.8
    
    
    
    75.5Net interest income
    
    
    77.9
    
    
    
    80.0
    
    
    
    81.6
    
    
    
    78.5
    
    
    
    94.6
    
    
    
    91.1
    
    
    
    85.2
    
    
    
    86.9Provision for loan losses
    
    
    (82.8
    )
    
    
    (38.7
    )
    
    
    (54.0
    )
    
    
    (29.5
    )
    
    
    (67.5
    )
    
    
    (19.6
    )
    
    
    (18.5
    )
    
    
    (10.0
    )Net interest income after provision for loan
losses
    
    
    (4.9
    )
    
    
    41.3
    
    
    
    27.6
    
    
    
    49.0
    
    
    
    27.1
    
    
    
    71.5
    
    
    
    66.7
    
    
    
    76.9NONINTEREST INCOMEAdvisory fees:Wealth Advisory Services
    
    
    47.4
    
    
    
    45.9
    
    
    
    47.1
    
    
    
    49.7
    
    
    
    54.0
    
    
    
    57.3
    
    
    
    57.8
    
    
    
    55.7Corporate Client Services
    
    
    46.8
    
    
    
    43.9
    
    
    
    41.3
    
    
    
    39.4
    
    
    
    39.7
    
    
    
    34.4
    
    
    
    31.7
    
    
    
    26.0Cramer Rosenthal McGlynn
    
    
    4.4
    
    
    
    5.3
    
    
    
    5.0
    
    
    
    3.0
    
    
    
    3.1
    
    
    
    3.8
    
    
    
    5.5
    
    
    
    4.0Roxbury Capital Management
    
    
    (0.5
    )
    
    
    (0.6
    )
    
    
    (0.6
    )
    
    
    (0.8
    )
    
    
    (0.3
    )
    
    
    0.4
    
    
    
    (1.1
    )
    
    
    0.3Total advisory fees
    
    
    98.1
    
    
    
    94.5
    
    
    
    92.8
    
    
    
    91.3
    
    
    
    96.5
    
    
    
    95.9
    
    
    
    93.9
    
    
    
    86.0Amortization of affiliate intangibles
    
    
    (2.0
    )
    
    
    (2.1
    )
    
    
    (2.1
    )
    
    
    (2.3
    )
    
    
    (2.3
    )
    
    
    (2.2
    )
    
    
    (2.0
    )
    
    
    (1.2
    )Advisory fees after amortization of affiliate
intangibles
    
    
    96.1
    
    
    
    92.4
    
    
    
    90.7
    
    
    
    89.0
    
    
    
    94.2
    
    
    
    93.7
    
    
    
    91.9
    
    
    
    84.8Service charges on deposit accounts
    
    
    7.7
    
    
    
    8.1
    
    
    
    7.5
    
    
    
    7.9
    
    
    
    7.3
    
    
    
    7.7
    
    
    
    7.5
    
    
    
    7.6Other noninterest income
    
    
    5.8
    
    
    
    5.2
    
    
    
    6.8
    
    
    
    6.2
    
    
    
    5.5
    
    
    
    6.1
    
    
    
    6.3
    
    
    
    10.4Securities gains, net of losses
    
    
    0.1
    
    
    
    1.5
    
    
    
    
    
    
    
    12.1
    
    
    
    
    
    
    
    
    
    
    
    0.1
    
    
    
    Total other-than-temporary impairment losses
    
    
    (17.7
    )
    
    
    (57.5
    )
    
    
    (67.7
    )
    
    
    (4.5
    )
    
    
    (98.4
    )
    
    
    (19.7
    )
    
    
    (12.6
    )
    
    
    Amount of loss recognized in other comprehensive
income (before taxes)
    
    
    6.2
    
    
    
    19.4
    
    
    
    44.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net other-than-temporary impairment losses recognized
in income
    
    
    (11.5
    )
    
    
    (38.1
    )
    
    
    (23.4
    )
    
    
    (4.5
    )
    
    
    (98.4
    )
    
    
    (19.7
    )
    
    
    (12.6
    )
    
    
    Total noninterest income
    
    
    98.2
    
    
    
    69.1
    
    
    
    81.6
    
    
    
    110.7
    
    
    
    8.6
    
    
    
    87.8
    
    
    
    93.2
    
    
    
    102.8Net interest and noninterest income
    
    
    93.3
    
    
    
    110.4
    
    
    
    109.2
    
    
    
    159.7
    
    
    
    35.7
    
    
    
    159.3
    
    
    
    159.9
    
    
    
    179.7NONINTEREST EXPENSESalaries and wages
    
    
    50.7
    
    
    
    49.3
    
    
    
    48.6
    
    
    
    49.1
    
    
    
    51.7
    
    
    
    50.6
    
    
    
    48.3
    
    
    
    45.7Incentives and bonuses
    
    
    9.1
    
    
    
    9.7
    
    
    
    7.8
    
    
    
    4.9
    
    
    
    8.6
    
    
    
    11.8
    
    
    
    13.2
    
    
    
    14.5Employment benefits
    
    
    13.2
    
    
    
    14.0
    
    
    
    14.2
    
    
    
    16.7
    
    
    
    12.1
    
    
    
    12.8
    
    
    
    12.4
    
    
    
    14.3Net occupancy
    
    
    7.6
    
    
    
    7.7
    
    
    
    7.7
    
    
    
    7.8
    
    
    
    7.3
    
    
    
    7.9
    
    
    
    8.0
    
    
    
    7.5Furniture, equipment, and supplies
    
    
    10.4
    
    
    
    10.1
    
    
    
    10.0
    
    
    
    10.5
    
    
    
    11.8
    
    
    
    11.7
    
    
    
    10.3
    
    
    
    9.8Other noninterest expense:Advertising and contributions
    
    
    1.9
    
    
    
    1.4
    
    
    
    1.8
    
    
    
    2.5
    
    
    
    2.8
    
    
    
    2.6
    
    
    
    3.0
    
    
    
    2.1Servicing and consulting fees
    
    
    3.7
    
    
    
    3.1
    
    
    
    3.5
    
    
    
    4.1
    
    
    
    4.8
    
    
    
    2.9
    
    
    
    3.2
    
    
    
    2.5Subadvisor expense:Retirement services
    
    
    8.2
    
    
    
    7.6
    
    
    
    7.0
    
    
    
    6.7
    
    
    
    6.7
    
    
    
    2.0
    
    
    
    0.8
    
    
    
    Other services
    
    
    1.6
    
    
    
    1.2
    
    
    
    1.3
    
    
    
    1.4
    
    
    
    2.4
    
    
    
    2.7
    
    
    
    2.7
    
    
    
    2.7Travel, entertainment, and training
    
    
    2.3
    
    
    
    1.8
    
    
    
    1.9
    
    
    
    1.8
    
    
    
    2.8
    
    
    
    3.2
    
    
    
    2.9
    
    
    
    2.4Originating and processing fees
    
    
    2.4
    
    
    
    2.4
    
    
    
    3.1
    
    
    
    2.3
    
    
    
    2.8
    
    
    
    2.8
    
    
    
    2.6
    
    
    
    2.4Insurance
    
    
    6.1
    
    
    
    5.6
    
    
    
    10.3
    
    
    
    4.2
    
    
    
    2.5
    
    
    
    2.3
    
    
    
    1.8
    
    
    
    1.9Legal and auditing fees
    
    
    2.9
    
    
    
    2.9
    
    
    
    3.6
    
    
    
    2.3
    
    
    
    3.8
    
    
    
    1.8
    
    
    
    3.1
    
    
    
    1.8Other expense
    
    
    10.5
    
    
    
    10.2
    
    
    
    7.6
    
    
    
    12.3
    
    
    
    11.7
    
    
    
    8.8
    
    
    
    9.3
    
    
    
    7.9Total other noninterest expense
    
    
    39.6
    
    
    
    36.2
    
    
    
    40.1
    
    
    
    37.6
    
    
    
    40.3
    
    
    
    29.1
    
    
    
    29.4
    
    
    
    23.7Total noninterest expense before goodwill
impairment
    
    
    130.6
    
    
    
    127.0
    
    
    
    128.4
    
    
    
    126.6
    
    
    
    131.8
    
    
    
    123.9
    
    
    
    121.6
    
    
    
    115.5Goodwill impairment write-down
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    66.9
    
    
    
    Total noninterest expense
    
    
    130.6
    
    
    
    127.0
    
    
    
    128.4
    
    
    
    126.6
    
    
    
    131.8
    
    
    
    123.9
    
    
    
    188.5
    
    
    
    115.5NET (LOSS)/INCOME(Loss)/income before income taxes and noncontrolling
interest
    
    
    (37.3
    )
    
    
    (16.6
    )
    
    
    (19.2
    )
    
    
    33.1
    
    
    
    (96.1
    )
    
    
    35.4
    
    
    
    (28.6
    )
    
    
    64.2Income tax (benefit)/expense
    
    
    (26.9
    )
    
    
    (10.8
    )
    
    
    (10.2
    )
    
    
    11.2
    
    
    
    (27.6
    )
    
    
    12.3
    
    
    
    (9.3
    )
    
    
    22.7Net (loss)/income before noncontrolling interest
    
    
    (10.4
    )
    
    
    (5.8
    )
    
    
    (9.0
    )
    
    
    21.9
    
    
    
    (68.5
    )
    
    
    23.1
    
    
    
    (19.3
    )
    
    
    41.5Net income attributable to noncontrolling interest
    
    
    0.8
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    0.1
    
    
    
    
    
    
    
    0.2
    
    
    
    0.2
    
    
    
    0.1Net (loss)/income attributable to Wilmington Trust
Corporation
    
    $
    (11.2
    )
    
    $
    (5.9
    )
    
    $
    (9.1
    )
    
    $
    21.8
    
    
    $
    (68.5
    )
    
    $
    22.9
    
    
    $
    (19.5
    )
    
    $
    41.4Dividends and accretion on preferred stock
    
    
    4.5
    
    
    
    4.5
    
    
    
    4.5
    
    
    
    4.6
    
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    Net (loss)/income available to common shareholders
    
    $
    (15.7
    )
    
    $
    (10.4
    )
    
    $
    (13.6
    )
    
    $
    17.2
    
    
    $
    (69.4
    )
    
    $
    22.9
    
    
    $
    (19.5
    )
    
    $
    41.4Net (loss)/income per common share  basic
    
    $
    (0.23
    )
    
    $
    (0.15
    )
    
    $
    (0.20
    )
    
    $
    0.25
    
    
    $
    (1.02
    )
    
    $
    0.34
    
    
    $
    (0.29
    )
    
    $
    0.62Net (loss)/income per common share  diluted
    
    $
    (0.23
    )
    
    $
    (0.15
    )
    
    $
    (0.20
    )
    
    $
    0.25
    
    
    $
    (1.02
    )
    
    $
    0.34
    
    
    $
    (0.29
    )
    
    $
    0.62




---



##### 



Part II  Item 8 (continued)
    
    67
  As of December 31 (in millions, except share amounts)
    
    2009
    
    
    2008ASSETSCash and due from banks
    
    $
    202.9
    
    
    $
    234.7Interest-bearing deposits in other banks
    
    
    165.4
    
    
    
    196.7Federal funds sold and securities purchased under agreements to resell
    
    
    15.1
    
    
    
    45.3Investment securities available for sale
    
    
    747.6
    
    
    
    1,210.7Investment securities held to maturity (fair value of $101.8 in 2009 and $119.2 in 2008)
    
    
    112.9
    
    
    
    162.6Total investment securities
    
    
    860.5
    
    
    
    1,373.3Federal Home Loan Bank and Federal Reserve Bank stock, at cost
    
    
    26.8
    
    
    
    20.0Loans:Commercial, financial, and agricultural loans
    
    
    2,627.0
    
    
    
    2,966.3Real estate  construction loans
    
    
    1,956.4
    
    
    
    1,923.8Commercial mortgage loans
    
    
    2,102.3
    
    
    
    1,870.2Total commercial loans
    
    
    6,685.7
    
    
    
    6,760.3Residential mortgage loans
    
    
    431.0
    
    
    
    571.2Consumer loans
    
    
    1,408.9
    
    
    
    1,732.9Loans secured with investments
    
    
    441.6
    
    
    
    554.7Total retail loans
    
    
    2,281.5
    
    
    
    2,858.8Total loans net of unearned income of $6.4 in 2009 and $5.6 in 2008
    
    
    8,967.2
    
    
    
    9,619.1Reserve for loan losses
    
    
    (251.5
    )
    
    
    (157.1
    )Net loans
    
    
    8,715.7
    
    
    
    9,462.0Premises and equipment, net
    
    
    146.8
    
    
    
    152.0Goodwill, net of accumulated amortization of $29.8 in 2009 and 2008
    
    
    363.2
    
    
    
    355.6Other intangible assets, net of accumulated amortization of $49.9 in 2009 and $39.6 in 2008
    
    
    40.2
    
    
    
    47.0Accrued interest receivable
    
    
    66.9
    
    
    
    82.0Other assets
    
    
    493.6
    
    
    
    350.3Total assets
    
    $
    11,097.1
    
    
    $
    12,318.9LIABILITIES AND STOCKHOLDERS EQUITYDeposits:Noninterest-bearing demand deposits
    
    $
    1,470.6
    
    
    $
    1,231.7Interest-bearing deposits:Savings deposits
    
    
    921.5
    
    
    
    815.7Interest-bearing demand deposits
    
    
    3,590.7
    
    
    
    2,632.9Certificates under $100,000
    
    
    1,000.6
    
    
    
    1,072.5Local certificates $100,000 and over
    
    
    136.9
    
    
    
    230.7Total core deposits
    
    
    7,120.3
    
    
    
    5,983.5National brokered certificates
    
    
    1,270.6
    
    
    
    2,432.9Total deposits
    
    
    8,390.9
    
    
    
    8,416.4Short-term borrowings:Federal funds purchased and securities sold under agreements to repurchase
    
    
    575.8
    
    
    
    1,590.8U.S. Treasury demand deposits
    
    
    
    
    
    
    6.4Line of credit and other debt
    
    
    28.0
    
    
    
    20.0Total short-term borrowings
    
    
    603.8
    
    
    
    1,617.2Accrued interest payable
    
    
    56.7
    
    
    
    71.2Other liabilities
    
    
    295.7
    
    
    
    411.2Long-term debt
    
    
    442.9
    
    
    
    468.8Total liabilities
    
    
    9,790.0
    
    
    
    10,984.8Stockholders equity:Wilmington Trust stockholders equity:Preferred stock: $1.00 par value, 1,000,000 shares authorized, 330,000 5% cumulative shares issued and outstanding
    
    
    323.3
    
    
    
    321.5Common stock: $1.00 par value, authorized 150,000,000 shares, issued 78,528,346 shares
    
    
    78.5
    
    
    
    78.5Capital surplus
    
    
    214.8
    
    
    
    216.4Retained earnings
    
    
    1,101.5
    
    
    
    1,103.7Accumulated other comprehensive loss
    
    
    (116.3
    )
    
    
    (84.5
    )Total contributed capital and retained earnings
    
    
    1,601.8
    
    
    
    1,635.6Less: treasury stock: 9,131,360 shares in 2009 and 9,414,898 shares in 2008, at cost
    
    
    (295.1
    )
    
    
    (301.7
    )Total Wilmington Trust stockholders equity
    
    
    1,306.7
    
    
    
    1,333.9Noncontrolling interest
    
    
    0.4
    
    
    
    0.2Total stockholders equity
    
    
    1,307.1
    
    
    
    1,334.1Total liabilities and stockholders equity
    
    $
    11,097.1
    
    
    $
    12,318.9
 See Notes to Consolidated Financial Statements.




---



##### 



68     Wilmington Trust Corporation
    
    2009 Form-10-K
  For the year ended December 31 (in millions, except share amounts)
    
    2009
    
    
    2008
    
    
    2007NET INTEREST INCOMEInterest and fees on loans
    
    $
    400.3
    
    
    $
    532.8
    
    
    $
    627.5Interest and dividends on investment securities:Taxable interest
    
    
    34.0
    
    
    
    73.1
    
    
    
    87.4Tax-exempt interest
    
    
    0.3
    
    
    
    0.4
    
    
    
    0.5Dividends
    
    
    1.5
    
    
    
    2.5
    
    
    
    4.4Interest on deposits in other banks
    
    
    0.6
    
    
    
    1.4
    
    
    
    0.3Interest on federal funds sold and securities purchased under agreements to resell
    
    
    0.1
    
    
    
    0.5
    
    
    
    1.7Dividends on Federal Home Loan Bank and Federal Reserve Bank stock
    
    
    0.4
    
    
    
    0.7
    
    
    
    0.4Total interest income
    
    
    437.2
    
    
    
    611.4
    
    
    
    722.2Interest on deposits
    
    
    82.0
    
    
    
    182.7
    
    
    
    257.0Interest on short-term borrowings
    
    
    4.0
    
    
    
    41.7
    
    
    
    76.8Interest on long-term debt
    
    
    33.0
    
    
    
    29.3
    
    
    
    19.5Total interest expense
    
    
    119.0
    
    
    
    253.7
    
    
    
    353.3Net interest income
    
    
    318.2
    
    
    
    357.7
    
    
    
    368.9Provision for loan losses
    
    
    (205.0
    )
    
    
    (115.5
    )
    
    
    (28.2
    )Net interest income after provision for loan losses
    
    
    113.2
    
    
    
    242.2
    
    
    
    340.7NONINTEREST INCOMEAdvisory fees:Wealth Advisory Services:Trust and investment advisory fees
    
    
    131.6
    
    
    
    152.0
    
    
    
    158.6Mutual fund fees
    
    
    16.6
    
    
    
    27.2
    
    
    
    21.4Planning and other services
    
    
    42.0
    
    
    
    45.5
    
    
    
    40.1Total Wealth Advisory Services
    
    
    190.2
    
    
    
    224.7
    
    
    
    220.1Corporate Client Services:Global corporate trust services
    
    
    89.0
    
    
    
    80.5
    
    
    
    72.9Retirement services
    
    
    67.5
    
    
    
    37.4
    
    
    
    12.9Investment/cash management services
    
    
    14.9
    
    
    
    13.9
    
    
    
    12.8Total Corporate Client Services
    
    
    171.4
    
    
    
    131.8
    
    
    
    98.6Cramer Rosenthal McGlynn
    
    
    17.6
    
    
    
    16.4
    
    
    
    20.7Roxbury Capital Management
    
    
    (2.4
    )
    
    
    (0.7
    )
    
    
    1.2Total advisory fees
    
    
    376.8
    
    
    
    372.2
    
    
    
    340.6Amortization of affiliate intangibles
    
    
    (8.5
    )
    
    
    (7.7
    )
    
    
    (4.7
    )Total advisory fees after amortization of affiliate intangibles
    
    
    368.3
    
    
    
    364.5
    
    
    
    335.9Service charges on deposit accounts
    
    
    31.2
    
    
    
    30.2
    
    
    
    28.3Loan fees and late charges
    
    
    8.8
    
    
    
    8.9
    
    
    
    8.6Card fees
    
    
    9.8
    
    
    
    9.6
    
    
    
    7.2Other noninterest income
    
    
    5.4
    
    
    
    9.8
    
    
    
    5.9Securities gains, net of losses
    
    
    13.6
    
    
    
    0.1
    
    
    
    0.1Total other-than-temporary impairment losses
    
    
    (147.4
    )
    
    
    (130.7
    )
    
    
    Amount of loss recognized in other comprehensive income (before taxes)
    
    
    69.9
    
    
    
    
    
    
    
    Net other-than-temporary impairment losses recognized in income
    
    
    (77.5
    )
    
    
    (130.7
    )
    
    
    Total noninterest income
    
    
    359.6
    
    
    
    292.4
    
    
    
    386.0Net interest and noninterest income
    
    $
    472.8
    
    
    $
    534.6
    
    
    $
    726.7




---



##### 



Part II  Item 8 (continued)
    
    69
 For the year ended December 31 (in millions, except share amounts)
    
    2009
    
    
    2008
    
    
    2007NONINTEREST EXPENSESalaries and wages
    
    $
    197.8
    
    
    $
    196.3
    
    
    $
    172.8Incentives and bonuses
    
    
    31.5
    
    
    
    48.1
    
    
    
    46.9Employment benefits
    
    
    58.1
    
    
    
    51.7
    
    
    
    50.9Net occupancy
    
    
    30.9
    
    
    
    30.8
    
    
    
    28.3Furniture, equipment, and supplies
    
    
    40.7
    
    
    
    43.3
    
    
    
    39.2Advertising and contributions
    
    
    7.6
    
    
    
    10.5
    
    
    
    10.7Servicing and consulting fees
    
    
    14.3
    
    
    
    13.4
    
    
    
    11.2Subadvisor expense:Retirement services
    
    
    29.5
    
    
    
    9.6
    
    
    
    0.1Other services
    
    
    5.4
    
    
    
    10.3
    
    
    
    10.4Travel, entertainment, and training
    
    
    7.9
    
    
    
    11.3
    
    
    
    10.7Originating and processing fees
    
    
    10.2
    
    
    
    10.6
    
    
    
    10.9Insurance
    
    
    26.1
    
    
    
    8.4
    
    
    
    4.4Conversion errors
    
    
    2.8
    
    
    
    
    
    
    
    Legal and auditing fees
    
    
    11.8
    
    
    
    10.5
    
    
    
    8.8Other noninterest expense
    
    
    37.9
    
    
    
    38.0
    
    
    
    38.8Total noninterest expense before goodwill impairment
    
    
    512.5
    
    
    
    492.8
    
    
    
    444.1Goodwill impairment write-down
    
    
    
    
    
    
    66.9
    
    
    
    Total noninterest expense
    
    
    512.5
    
    
    
    559.7
    
    
    
    444.1NET (LOSS)/INCOME(Loss)/income before income taxes and noncontrolling interest
    
    
    (39.7
    )
    
    
    (25.1
    )
    
    
    282.6Income tax (benefit)/expense
    
    
    (36.5
    )
    
    
    (2.0
    )
    
    
    99.7Net (loss)/income before noncontrolling interest
    
    
    (3.2
    )
    
    
    (23.1
    )
    
    
    182.9Net income attributable to noncontrolling interest
    
    
    1.2
    
    
    
    0.5
    
    
    
    0.9Net (loss)/income attributable to Wilmington Trust Corporation
    
    
    (4.4
    )
    
    
    (23.6
    )
    
    
    182.0Dividends and accretion on preferred stock
    
    
    18.3
    
    
    
    0.9
    
    
    
    Net (loss)/income available to common shareholders
    
    $
    (22.7
    )
    
    $
    (24.5
    )
    
    $
    182.0Net (loss)/income per common share:Basic
    
    $
    (0.33
    )
    
    $
    (0.36
    )
    
    $
    2.68Diluted
    
    $
    (0.33
    )
    
    $
    (0.36
    )
    
    $
    2.64Weighted average shares outstanding (in thousands):Basic
    
    
    68,966
    
    
    
    67,454
    
    
    
    67,946Diluted
    
    
    68,966
    
    
    
    67,454
    
    
    
    68,851
 See Notes to Consolidated Financial Statements.




---



##### 



70     Wilmington Trust Corporation
    
    2009 Form-10-K
  (In millions, except share amounts)
    
    Preferred stock2009Balance at January 1, 2009
    
    $
    321.5Comprehensive income:Net loss
    
    
    Other comprehensive income1
    
    
    Total comprehensive incomeCash dividends paid: $0.365 per common share
    
    
    Cash dividends paid on preferred stock
    
    
    Common stock issued under employment benefit plans and to the Board of Directors (388,470 shares issued)
    
    
    Stock-based compensation expense
    
    
    Preferred stock discount accretion
    
    
    1.8Adoption of FSP-FAS 115-2 and FAS 124-2
    
    
    Cancellation of restricted stock
    
    
    Deferred tax asset adjustment for stock-based compensation
    
    
    Acquisition of treasury stock (3,039 shares acquired)
    
    
    Net income attributable to noncontrolling interest
    
    
    Distributions to noncontrolling interest
    
    
    Balance at December 31, 2009
    
    $
    323.32008Balance at January 1, 2008
    
    $
    Comprehensive loss:Net loss
    
    
    Other comprehensive loss1
    
    
    Total comprehensive lossCash dividends paid: $1.37 per common share
    
    
    Preferred stock issued
    
    
    321.5Pension/SERP4 adjustment due to change in measurement date, net of taxes5
    
    
    Common stock issued under employment benefit plans and to the Board of Directors (353,197 shares issued)
    
    
    Reissuance of treasury stock (1,727,300 shares reissued)
    
    
    Stock-based compensation expense
    
    
    Acquisition of treasury stock (53,595 shares acquired)
    
    
    Tax expense from stock-based compensation costs
    
    
    Net income attributable to noncontrolling interest
    
    
    Distributions to noncontrolling interest
    
    
    Balance at December 31, 2008
    
    $
    321.5




---



##### 



Part II  Item 8 (continued)
    
    71
 TotalAccumulated
    
    
    
    
    
    
    Wilmington TrustRetained
    
    
    other
    
    
    
    
    
    
    stockholders
    
    
    NoncontrollingCommon stock2
    
    
    Capital surplus
    
    
    earnings
    
    
    comprehensive loss3
    
    
    Treasury stock
    
    
    equity
    
    
    interest
    
    
    Total$
    78.5
    
    
    $
    216.4
    
    
    $
    1,103.7
    
    
    $
    (84.5
    )
    
    $
    (301.7
    )
    
    $
    1,333.9
    
    
    $
    0.2
    
    
    $
    1,334.1
    
    
    
    
    
    
    
    (4.4
    )
    
    
    
    
    
    
    
    
    
    
    (4.4
    )
    
    
    
    
    
    
    (4.4
    )
    
    
    
    
    
    
    
    
    
    
    
    12.7
    
    
    
    
    
    
    
    12.7
    
    
    
    
    
    
    
    12.78.3
    
    
    
    
    
    
    
    8.3
    
    
    
    
    
    
    
    (25.2
    )
    
    
    
    
    
    
    
    
    
    
    (25.2
    )
    
    
    
    
    
    
    (25.2
    )
    
    
    
    
    
    
    
    (15.3
    )
    
    
    
    
    
    
    
    
    
    
    (15.3
    )
    
    
    
    
    
    
    (15.3
    )
    
    
    
    (8.5
    )
    
    
    
    
    
    
    
    
    
    
    8.8
    
    
    
    0.3
    
    
    
    
    
    
    
    0.3
    
    
    
    5.6
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5.6
    
    
    
    
    
    
    
    5.6
    
    
    
    
    
    
    
    (1.8
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    44.5
    
    
    
    (44.5
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.2
    
    
    
    
    
    
    
    
    
    
    
    (2.2
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (0.9
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (0.9
    )
    
    
    
    
    
    
    (0.9
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.2
    
    
    
    1.2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1.0
    )
    
    
    (1.0
    )$
    78.5
    
    
    $
    214.8
    
    
    $
    1,101.5
    
    
    $
    (116.3
    )
    
    $
    (295.1
    )
    
    $
    1,306.7
    
    
    $
    0.4
    
    
    $
    1,307.1$
    78.5
    
    
    $
    188.1
    
    
    $
    1,221.1
    
    
    $
    (28.4
    )
    
    $
    (339.0
    )
    
    $
    1,120.3
    
    
    $
    0.1
    
    
    $
    1,120.4
    
    
    
    
    
    
    
    (23.6
    )
    
    
    
    
    
    
    
    
    
    
    (23.6
    )
    
    
    
    
    
    
    (23.6
    )
    
    
    
    
    
    
    
    
    
    
    
    (56.1
    )
    
    
    
    
    
    
    (56.1
    )
    
    
    
    
    
    
    (56.1
    )(79.7
    )
    
    
    
    
    
    
    (79.7
    )
    
    
    
    
    
    
    
    (92.5
    )
    
    
    
    
    
    
    
    
    
    
    (92.5
    )
    
    
    
    
    
    
    (92.5
    )
    
    
    
    8.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    330.0
    
    
    
    
    
    
    
    330.0
    
    
    
    
    
    
    
    (1.3
    )
    
    
    
    
    
    
    
    
    
    
    (1.3
    )
    
    
    
    
    
    
    (1.3
    )
    
    
    
    1.3
    
    
    
    
    
    
    
    
    
    
    
    5.9
    
    
    
    7.2
    
    
    
    
    
    
    
    7.2
    
    
    
    10.6
    
    
    
    
    
    
    
    
    
    
    
    33.1
    
    
    
    43.7
    
    
    
    
    
    
    
    43.7
    
    
    
    8.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8.0
    
    
    
    
    
    
    
    8.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1.7
    )
    
    
    (1.7
    )
    
    
    
    
    
    
    (1.7
    )
    
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (0.1
    )
    
    
    
    
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.5
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (0.4
    )
    
    
    (0.4
    )$
    78.5
    
    
    $
    216.4
    
    
    $
    1,103.7
    
    
    $
    (84.5
    )
    
    $
    (301.7
    )
    
    $
    1,333.9
    
    
    $
    0.2
    
    
    $
    1,334.1
 (continued)




---



##### 



72     Wilmington Trust Corporation
    
    2009 Form-10-K
 (continued)
 (In millions, except share amounts)
    
    Preferred stock2007
    
    $
    Balance at January 1, 2007
    
    
    Comprehensive income:Net income
    
    
    Other comprehensive income1
    
    
    Total comprehensive incomeCash dividends paid: $1.32 per common share
    
    
    Common stock issued under employment benefit plans and to the Board of Directors (807,955 shares issued)
    
    
    Stock-based compensation expense
    
    
    Acquisition of treasury stock (2,180,923 shares acquired)
    
    
    Adoption of FASB Interpretation No. 48
    
    
    Tax benefits from stock-based compensation costs
    
    
    Net income attributable to noncontrolling interest
    
    
    Distributions to noncontrolling interest
    
    
    Balance at December 31, 2007
    
    $
    




---



##### 



Part II  Item 8 (continued)
    
    73
 TotalAccumulated
    
    
    
    
    
    
    Wilmington TrustRetained
    
    
    other
    
    
    
    
    
    
    stockholders
    
    
    NoncontrollingCommon stock2
    
    
    Capital surplus
    
    
    earnings
    
    
    comprehensive loss3
    
    
    Treasury stock
    
    
    equity
    
    
    interest
    
    
    Total$
    78.5
    
    
    $
    168.6
    
    
    $
    1,130.4
    
    
    $
    (52.7
    )
    
    $
    (265.5
    )
    
    $
    1,059.3
    
    
    $
    
    
    
    $
    1,059.3
    
    
    
    
    
    
    
    182.0
    
    
    
    
    
    
    
    
    
    
    
    182.0
    
    
    
    
    
    
    
    182.0
    
    
    
    
    
    
    
    
    
    
    
    24.3
    
    
    
    
    
    
    
    24.3
    
    
    
    
    
    
    
    24.3206.3
    
    
    
    
    
    
    
    206.3
    
    
    
    
    
    
    
    (89.9
    )
    
    
    
    
    
    
    
    
    
    
    (89.9
    )
    
    
    
    
    
    
    (89.9
    )
    
    
    
    10.1
    
    
    
    
    
    
    
    
    
    
    
    13.0
    
    
    
    23.1
    
    
    
    
    
    
    
    23.1
    
    
    
    8.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8.1
    
    
    
    
    
    
    
    8.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (86.5
    )
    
    
    (86.5
    )
    
    
    
    
    
    
    (86.5
    )
    
    
    
    
    
    
    
    (1.4
    )
    
    
    
    
    
    
    
    
    
    
    (1.4
    )
    
    
    
    
    
    
    (1.4
    )
    
    
    
    1.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.3
    
    
    
    
    
    
    
    1.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.9
    
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (0.8
    )
    
    
    (0.8
    )$
    78.5
    
    
    $
    188.1
    
    
    $
    1,221.1
    
    
    $
    (28.4
    )
    
    $
    (339.0
    )
    
    $
    1,120.3
    
    
    $
    0.1
    
    
    $
    1,120.4
 1
    
    Other comprehensive (loss)/income
 (in millions)
    
    2009
    
    
    2008
    
    
    2007Other comprehensive (loss)/income, net of tax:Net unrealized (losses)/gains on securities, net of taxes of $3.7, $(54.0), and $(2.6)
    
    $
    6.6
    
    
    $
    (95.9
    )
    
    $
    (4.5
    )Net unrealized gain on equity method investment, net of taxes of $(0.2), $0.3, and $0.0
    
    
    (0.4
    )
    
    
    0.5
    
    
    
    Reclassification adjustment for securities losses/(gains) included in net income, net of
income taxes of $(3.3), $47.0, and $0.0
    
    
    (5.8
    )
    
    
    83.6
    
    
    
    (0.1
    )Net unrealized holding gains/(losses) arising during the year on derivatives used for cash flow hedges,
net of taxes of $0.0, $4.9, and $8.3
    
    
    
    
    
    
    8.8
    
    
    
    15.4Reclassification from accumulated other comprehensive income into earnings of discontinued cash flow hedges,
net of taxes of $(4.3), $(3.6), and $0.0
    
    
    (7.7
    )
    
    
    (6.7
    )
    
    
    Reclassification adjustment of derivative costs, net of income taxes of $0.0, $(0.8), and $0.7
    
    
    
    
    
    
    (1.4
    )
    
    
    1.3Non-credit portion of other-than-temporary impairments (OTTI) on held-to-maturity investment securities
recognized in OCI, net of taxes of $(25.2), $0.0, and $0.0
    
    
    (44.7
    )
    
    
    
    
    
    
    Accretion of non-credit portion of OTTI losses recognized in OCI, net of taxes of $(0.2), $0.0, and $0.0
    
    
    (0.4
    )
    
    
    
    
    
    
    Reclassification adjustment of current period OTTI recognized in OCI, net of taxes of $19.0, $0.0, and $0.0
    
    
    33.6
    
    
    
    
    
    
    
    Reclassification of unrealized losses recorded previously at the time of transfer to held-to-maturity,
net of taxes of $13.2, $0.0, and $0.0
    
    
    23.4
    
    
    
    
    
    
    
    Foreign currency translation adjustments, net of income taxes of $0.7, $(1.5), and $0.2
    
    
    1.2
    
    
    
    (2.6
    )
    
    
    0.3SERP4 liability adjustment, net of income taxes of $(1.5), $(1.9), and $(0.4)
    
    
    (2.7
    )
    
    
    (3.6
    )
    
    
    (0.7
    )Postretirement benefits liability adjustment, net of income taxes of $(1.2), $5.1, and $0.4
    
    
    (2.1
    )
    
    
    9.6
    
    
    
    0.4Minimum pension liability adjustment, net of income taxes of $6.5, $(26.1), and $6.5
    
    
    11.7
    
    
    
    (48.4
    )
    
    
    12.2Total other comprehensive income/(loss)
    
    $
    12.7
    
    
    $
    (56.1
    )
    
    $
    24.3
 2
    
    Shares outstanding at December 31, 2009, 2008, and 2007, respectively, were 69,396,986, 69,113,448, and 67,086,546.3
    
    See Note 21 for additional accumulated other comprehensive loss information.4
    
    Supplemental executive retirement plan.5
    
    See Note 18 for measurement date
information.
 See Notes to Consolidated Financial Statements.




---



##### 



74     Wilmington Trust Corporation
    
    2009 Form-10-K
  For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007OPERATING ACTIVITIESNet (loss)/income before noncontrolling interest
    
    $
    (3.2
    )
    
    $
    (23.1
    )
    
    $
    182.9Adjustments to reconcile net income to net cash provided by operating activities:Provision for loan losses
    
    
    205.0
    
    
    
    115.5
    
    
    
    28.2Provision for depreciation and other amortization
    
    
    22.3
    
    
    
    22.8
    
    
    
    22.8Amortization of other intangible assets
    
    
    9.9
    
    
    
    8.9
    
    
    
    5.9Amortization/(accretion) of discounts and premiums on investment securities available for sale
    
    
    1.7
    
    
    
    0.2
    
    
    
    (1.4
    )Accretion of discounts and premiums on investment securities held to maturity
    
    
    (0.3
    )
    
    
    
    
    
    
    Goodwill impairment write-down
    
    
    
    
    
    
    66.9
    
    
    
    Deferred income taxes
    
    
    (10.8
    )
    
    
    (110.2
    )
    
    
    (1.6
    )Employer pension contributions
    
    
    (40.0
    )
    
    
    (6.5
    )
    
    
    (10.0
    )Originations of residential mortgages available for sale
    
    
    (259.8
    )
    
    
    (96.8
    )
    
    
    (115.7
    )Gross proceeds from sales of residential mortgages
    
    
    392.1
    
    
    
    97.9
    
    
    
    117.2Gains on sales of residential mortgages
    
    
    (3.4
    )
    
    
    (1.1
    )
    
    
    (1.5
    )Securities losses/(gains):Other-than-temporary impairment
    
    
    77.5
    
    
    
    130.7
    
    
    
    Other
    
    
    (13.6
    )
    
    
    (0.1
    )
    
    
    (0.1
    )Amortization of gain on interest rate floor
    
    
    (12.0
    )
    
    
    (12.5
    )
    
    
    Stock-based compensation expense
    
    
    5.6
    
    
    
    8.0
    
    
    
    8.1Tax expense/(benefit) realized on employee exercise of stock options
    
    
    
    
    
    
    0.1
    
    
    
    (1.3
    )(Increase)/decrease in other assets
    
    
    (128.6
    )
    
    
    16.7
    
    
    
    (56.4
    )(Decrease)/increase in other liabilities
    
    
    (84.1
    )
    
    
    33.5
    
    
    
    46.0Net cash provided by operating activities
    
    $
    158.3
    
    
    $
    250.9
    
    
    $
    223.1INVESTING ACTIVITIESProceeds from sales of investment securities available for sale
    
    $
    420.5
    
    
    $
    11.9
    
    
    $
    44.2Proceeds from sales of Federal Home Loan Bank and Federal Reserve Bank stock, at cost
    
    
    
    
    
    
    17.9
    
    
    
    8.7Proceeds from maturities of investment securities available for sale
    
    
    991.7
    
    
    
    1,208.6
    
    
    
    1,332.4Proceeds from maturities of investment securities held to maturity
    
    
    4.4
    
    
    
    4.2
    
    
    
    0.5Purchases of investment securities available for sale
    
    
    (944.4
    )
    
    
    (900.6
    )
    
    
    (1,121.4
    )Purchases of investment securities held to maturity
    
    
    (0.8
    )
    
    
    (0.6
    )
    
    
    (0.9
    )Purchases of Federal Home Loan Bank and Federal Reserve Bank stock, at cost
    
    
    (6.8
    )
    
    
    (15.5
    )
    
    
    (23.8
    )Cash paid for acquisitions
    
    
    (6.1
    )
    
    
    (109.9
    )
    
    
    (30.7
    )Investments in affiliates
    
    
    
    
    
    
    (16.8
    )
    
    
    (17.9
    )Proceeds from sale of affiliate interest
    
    
    
    
    
    
    0.3
    
    
    
    Purchases of residential mortgages
    
    
    (5.5
    )
    
    
    (2.0
    )
    
    
    (7.0
    )Net decrease/(increase) in loans
    
    
    417.9
    
    
    
    (1,200.8
    )
    
    
    (395.2
    )Purchases of premises and equipment
    
    
    (15.4
    )
    
    
    (24.2
    )
    
    
    (20.8
    )Dispositions of premises and equipment
    
    
    0.4
    
    
    
    4.0
    
    
    
    0.2Sale of interest rate floors
    
    
    
    
    
    
    55.1
    
    
    
    Net cash provided by/(used for) investing activities
    
    $
    855.9
    
    
    $
    (968.4
    )
    
    $
    (231.7
    )




---



##### 



Part II  Item 8 (continued)
    
    75
 For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007FINANCING ACTIVITIESNet increase in demand, savings, and interest-bearing demand deposits
    
    $
    1,302.5
    
    
    $
    716.1
    
    
    $
    309.8Net decrease in certificates of deposit
    
    
    (1,328.0
    )
    
    
    (23.6
    )
    
    
    (781.4
    )Net (decrease)/increase in federal funds purchased and securities sold under agreements to repurchase
    
    
    (1,015.0
    )
    
    
    (184.5
    )
    
    
    644.5Net (decrease)/increase in U.S. Treasury demand deposits
    
    
    (6.4
    )
    
    
    (70.9
    )
    
    
    64.3Proceeds from issuance of long-term debt
    
    
    
    
    
    
    198.7
    
    
    
    Proceeds from issuance of preferred stock
    
    
    
    
    
    
    330.0
    
    
    
    Maturity of long-term debt
    
    
    
    
    
    
    (125.0
    )
    
    
    Net (decrease)/increase in line of credit
    
    
    (20.0
    )
    
    
    5.0
    
    
    
    Cash dividends
    
    
    (40.5
    )
    
    
    (92.5
    )
    
    
    (89.9
    )Distributions to noncontrolling interest
    
    
    (1.0
    )
    
    
    (0.4
    )
    
    
    (0.8
    )Proceeds from common stock issued under employment benefit plans
    
    
    
    
    
    
    5.7
    
    
    
    16.8Proceeds from reissuance of treasury stock
    
    
    
    
    
    
    43.7
    
    
    
    Tax (expense)/benefit realized on employee exercise of stock options
    
    
    
    
    
    
    (0.1
    )
    
    
    1.3Acquisition of treasury stock
    
    
    
    
    
    
    (0.2
    )
    
    
    (80.2
    )Net cash (used for)/provided by financing activities
    
    
    (1,108.4
    )
    
    
    802.0
    
    
    
    84.4Effect of foreign currency translation on cash
    
    
    0.9
    
    
    
    (2.3
    )
    
    
    0.1(Decrease)/increase in cash and cash equivalents
    
    
    (93.3
    )
    
    
    82.2
    
    
    
    75.9Cash and cash equivalents at beginning of year
    
    
    476.7
    
    
    
    394.5
    
    
    
    318.6Cash and cash equivalents at end of year
    
    $
    383.4
    
    
    $
    476.7
    
    
    $
    394.5SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATIONCash paid during the year for:Interest
    
    $
    133.5
    
    
    $
    261.3
    
    
    $
    349.9Taxes
    
    
    45.7
    
    
    
    72.9
    
    
    
    92.6Liabilities were assumed in connection with our interests in Cramer Rosenthal McGlynn, LLC;Roxbury Capital Management, LLC; and Camden Partners Holdings, LLC; and with our
acquisitions of Bingham Legg Advisers, LLC; AST Capital Trust Company; UBS Fiduciary TrustCompany; Grant Tani Barash & Altman, LLC; and Amaco (Luxembourg) S.A., as follows:Fair value of assets acquired
    
    $
    
    
    
    $
    116.4
    
    
    $
    4.9Goodwill and other intangible assets from acquisitions
    
    
    6.1
    
    
    
    114.7
    
    
    
    46.2Cash paid
    
    
    (6.1
    )
    
    
    (126.4
    )
    
    
    (48.6
    )Liabilities assumed
    
    $
    
    
    
    $
    104.7
    
    
    $
    2.5Non-cash items during the year:Net unrealized gains/(losses) on securities, net of tax of $3.7, $(54.0), and $(2.6), respectively
    
    $
    6.6
    
    
    $
    (95.9
    )
    
    $
    (4.5
    )Net unrealized gains on equity method investment, net of tax of $(0.2), $0.3, and $0.0, respectively
    
    
    (0.4
    )
    
    
    0.5
    
    
    
    Reclassification adjustment for securities losses/(gains) included in net income,
net of tax of $(3.3), $47.0, and $0.0
    
    
    (5.8
    )
    
    
    83.6
    
    
    
    (0.1
    )Net unrealized holding gains/(losses) on derivatives used for cash flow hedges,
net of tax of $0.0, $4.9, and $8.3, respectively
    
    
    
    
    
    
    8.8
    
    
    
    15.4Reclassification from accumulated other comprehensive income into earnings of
discontinued cash flow hedges, net of tax of $(4.3), $(3.6), and $0.0, respectively
    
    
    (7.7
    )
    
    
    (6.7
    )
    
    
    Foreign currency translation adjustment, net of tax of $0.7, $(1.5), and $0.2, respectively
    
    
    1.2
    
    
    
    (2.6
    )
    
    
    0.3Adoption of FASB Interpretation No. 48
    
    
    
    
    
    
    
    
    
    
    (1.4
    )Reclassification adjustment of derivative costs, net of tax of $0.0, $(0.8), and $0.7, respectively
    
    
    
    
    
    
    (1.4
    )
    
    
    1.3Pension liability adjustment, net of tax of $6.5, $(26.1), and $6.5, respectively
    
    
    11.7
    
    
    
    (48.4
    )
    
    
    12.2Postretirement benefits liability adjustment, net of tax of $(1.2), $5.1, and $0.4, respectively
    
    
    (2.1
    )
    
    
    9.6
    
    
    
    0.4SERP1 liability adjustment, net of tax of $(1.5), $(1.9), and $(0.4), respectively
    
    
    (2.7
    )
    
    
    (3.6
    )
    
    
    (0.7
    )
 1
    
    Supplemental executive retirement plan
 See Notes to Consolidated Financial Statements.




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##### 



76      Wilmington Trust Corporation
    
    2009 Form-10-K
     BUSINESS LINES
 Regional Banking.
 
    
    Commercial lending, including commercial real estate and land development loans and lines
of credit, term loans, and
demand loans for working capital and to finance accounts receivable, inventory, and equipment
purchases.
    
    Consumer lending, including installment loans, residential mortgages, home improvement loans,
direct and indirect automobile
loans, credit cards, and secured and unsecured lines of credit.
    
    Deposit taking, including demand checking, certificate of deposit, negotiable order of
withdrawal, money market, and various
savings deposit services.
  
    
    Commercial banking clients throughout the mid-Atlantic region. We target our commercial
banking services to family-owned
or closely held businesses in this region with annual sales of up to $250 million, and with whom
we can develop long-term
banking and wealth management relationships.
    
    Consumer and other retail banking clients in Delaware.
 Corporate Client Services (CCS)
  
    
    Trustee and administrative services that support capital markets transactions.
    
    To establish and maintain legal residency (nexus) for special purpose entities.
    
    Independent trustees to hold or manage retirement plan assets.
    
    Investment and cash management services.
  
    
    Indenture, successor, collateral, and liquidating trustee and administrative services that
support corporate debt issuances,
syndicated bank loans, reorganizations, debt restructurings, mergers, and bankruptcies.
    
    Owner and indenture trustee and specialized services that support asset-backed
securitizations and financing structures for
aircraft, power generating facilities, ships, and other types of capital equipment.
    
    Independent directors, corporate governance, and regulatory reporting services for special
purpose entities.
    
    Trust and custody services for unbundled retirement plans.
    
    Fixed income investment and cash management services.




---



##### 



Part II  Item 8 (continued)
    
    77
 Wealth
Advisory Services (WAS)
 
    
    High-net-worth individuals and families who want to:
 
    
    Grow, preserve, and protect their wealth.
    
    Minimize taxes.
    
    Transfer wealth to future generations.
    
    Support charitable endeavors.
    
    Manage family and business affairs.
 
    
    Foundations and endowments.
    
    Tax-qualified benefit and defined contribution plans.
  
    
    Investment counseling, asset allocation, and asset management.
    
    Proprietary and third-party investment management that encompasses a full spectrum of
investment styles and asset classes,
including domestic and international equities, fixed income instruments, mutual funds, real
estate investment trusts, private
equity investments, and hedge funds.
    
    Strategies for taxable and tax-exempt cash portfolios.
    
    Fiduciary and trust services.
    
    Financial, estate, succession, and other planning services.
    
    Tax preparation, estate settlement, private banking, and insurance services.
    
    Broker-dealer services.
    
    Corporate governance, business management, bookkeeping, and other administrative services for
family offices.
 LEGAL ENTITIES AND SUBSIDIARIES
      
    
    Rodney Square Management Corporation, which oversees the Wilmington family of mutual funds.
    
    Wilmington Trust Investment Management, LLC (WTIM), which sets our investment and asset
allocation policies and selects
the independent asset managers we use in our investment consulting services.
    
    Grant Tani Barash & Altman, LLC (GTBA) and Grant, Tani, Barash & Altman Management, Inc., the
Beverly Hills-based
firms through which we offer business management and family office services.
    
    Wilmington Family Office, Inc. (WFO), through which we provide family office services.
    
    Wilmington Brokerage Services Company, which is also a licensed broker-dealer.




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##### 



78      Wilmington Trust Corporation
    
    2009 Form-10-K
  
    
    WT Investments, Inc. (WTI), which holds interests in five asset management firms: our two
affiliate money managers,
Cramer Rosenthal McGlynn, LLC (CRM), and Roxbury Capital Management, LLC (RCM); Clemente
Capital, Inc.;
Camden Partners Holdings, LLC; and Camden Partners Private Equity Advisors, LLC.
    
    Wilmington Trust (UK) Limited, through which we conduct business outside the United States
through Wilmington Trust
SP Services (London) Limited and its subsidiaries.
    
    GTBA Holdings, Inc. (GTBAH), through which we conduct the business of GTBA, Grant,
Tani, Barash & Altman
Management, Inc., and WFO.
    
    WTC Camden, Inc., which holds our interest in Camden Partners Equity Managers I, LLC.
    
    Wilmington Trust CI Holdings Limited, which owns Wilmington Trust Corporate Services
(Cayman) Limited and
its subsidiaries.
  OTHER INFORMATION




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##### 



Part II  Item 8 (continued)
    
    79
  ARB:
    
    Accounting Research BulletinASC:
    
    Accounting Standards CodificationASU:
    
    Accounting Standards UpdateCPP:
    
    U.S. Department of the Treasury Capital Purchase ProgramEITF:
    
    Emerging Issues Task ForceESPP:
    
    Employee Stock Purchase PlanFASB:
    
    Financial Accounting Standards BoardFHLB:
    
    Federal Home Loan Bank of PittsburghFIN:
    
    FASB Interpretation (Number)FOMC:
    
    Federal Open Market CommitteeFRB:
    
    Federal Reserve BankFSP:
    
    FASB Staff PositionGAAP:
    
    U.S. generally accepted accounting principlesIRS:
    
    Internal Revenue ServiceNYSE:
    
    New York Stock ExchangeSEC:
    
    Securities and Exchange CommissionSERP:
    
    Supplemental Executive Retirement PlanSFAS:
    
    Statement of Financial Accounting StandardsTARP:
    
    U.S. Department of the Treasury Troubled Asset Relief Program
    Consolidation.
  Cash.




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##### 



80     Wilmington Trust Corporation
    
    2009 Form-10-K
 Investment securities.
 1.
    
    Available-for-sale (AFS). This means we have the ability to hold the security, but we
may elect to sell it, depending on
our needs.2.
    
    Held-to-maturity (HTM). This means we have not only the ability, but also the intent, to
retain the security on our books until
it matures.
      
    
    Whether the present value of cash flows we expect to collect is less than the amortized cost
basis of the security. The method
we use to estimate future cash flows follows guidelines specified in ASC 325-40, Investments -
Other  Beneficial Interests
in Securitized Financial Assets.
    
    The causes of the decline in fair value, such as credit problems, interest rate
fluctuations, industry conditions, and/or
market volatility.
    
    The severity and duration of the decline in the securitys fair value (from its amortized cost
basis).
    
    The security issuers ability to make scheduled interest or principal payments.
    
    Changes made by credit rating agencies to the credit rating of the security or its issuer.
    
    Whether we intend to sell the security or hold it until it recovers in value, matures, or is
called.
    
    The likelihood that we will be required to sell the security before it recovers its amortized
cost basis.
    Fair value.




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##### 



Part II  Item 8 (continued)
    
    81
  Loans.
     Reserve for loan losses.
 Premises and equipment.
 
    
    Buildings and improvements over an estimated useful life of 39 years.
    
    Leasehold improvements over the lesser of the assets useful life or the life of the lease plus
renewal options.
    
    Furniture and equipment over the lesser of the assets useful life or an estimated useful life of
three, five, or seven years.
  Goodwill and other intangible assets.




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##### 



82      Wilmington Trust Corporation
    
    2009 Form-10-K
    Other real estate owned (OREO).
 Derivative financial instruments.
       Revenue recognition.




---



##### 



Part II  Item 8 (continued)
    
    83
 Stock-based compensation.
 Pension accounting.
 Income taxes.
   Per share data.
 Comprehensive income.
 Subsequent events.
   FSP FAS No. 132(revised)-1.




---



##### 



84      Wilmington Trust Corporation
    
    2009 Form-10-K
  SFAS No. 166.
 SFAS No. 167.
 Deferral of SFAS 167 for Certain Investment Companies.
 ASU 2009-05.
 ASU 2009-12.




---



##### 



Part II  Item 8 (continued)
    
    85
 ASU 2009-13.
 ASU 2010-06.
  CRAMER ROSENTHAL MCGLYNN
      At December 31
    
    2009
    
    
    2008
    
    
    2007WTI interest in CRM
    
    
    79.75
    %
    
    
    80.99
    %
    
    
    82.41
    %




---



##### 



86       Wilmington Trust Corporation
    
    2009 Form-10-K
 ROXBURY CAPITAL MANAGEMENT
    RCM OWNERSHIP
 At December 31
    
    2009
    
    
    2008
    
    
    2007WTI interest in RCMs preferred profits
    
    
    30
    %
    
    
    30
    %
    
    
    30
    %WTI interest in RCMs common interests
    
    
    41.23
    %
    
    
    41.23
    %
    
    
    41.23
    %WTI interest in RCMs Class B interests
    
    
    67
    %
    
    
    67
    %
    
    
    25
    %
       INVESTMENTS IN AFFILIATES
 At December 31 (in millions)
    
    2009
    
    
    2008Cramer Rosenthal McGlynn
    
    $
    138.2
    
    
    $
    133.3Roxbury Capital Management
    
    $
    20.3
    
    
    $
    22.5




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##### 



Part II  Item 8 (continued)
    
    87
          
    
    Securities issued by the U.S. Treasury.
    
    Discount notes and other securities issued by other U.S. government agencies, including the
Government National Mortgage
Association (Ginnie Mae), Federal National Mortgage Association (Fannie Mae), the Federal Home
Loan Mortgage
Corporation (Freddie Mac), and the Federal Home Loan Bank System.
    
    Obligations of state and political subdivisions, which primarily are bonds issued by the
state of Delaware and municipalities
in Delaware.
    
    Mortgage-backed securities and collateralized mortgage obligations issued by Fannie Mae,
Freddie Mac, and Ginnie Mae, in
which the underlying collateral consists of adjustable rate and/or fixed rate residential
mortgages. As of December 31, 2009,
there were no subprime mortgages in the underlying collateral of these securities.
    
    Corporate debt securities, including single-issue and pooled trust-preferred securities (TruPS)
issued by financial institutions.
    
    Perpetual preferred stock, which consists of securities issued by two large money center
banks, Fannie Mae, Freddie Mac, and
one other small financial institution. (The carrying value of our Fannie Mae and Freddie Mac
perpetual preferred stock is
zero, due to impairment charges we recorded in 2008.)
    
    Non-U.S. government agency securities and small amounts of other types of marketable debt and
equity securities.




---



##### 



88       Wilmington Trust Corporation
    
    2009 Form-10-K
  1.
    
    Available-for-sale (AFS). This means we have the ability to hold the security, but we
may elect to sell it, depending on
our needs.2.
    
    Held-to-maturity (HTM). This means we have not only the ability, but also the intent, to
retain the security on our books
until it matures.
    
    
    Whether the present value of cash flows we expect to collect is less than the amortized cost
basis of the security.
    
    The causes of the decline in fair value, such as credit problems, interest rate
fluctuations, industry conditions, and/or
market volatility.
    
    The severity and duration of the decline in the securitys fair value (from its amortized cost
basis).
    
    The security issuers ability to make scheduled interest or principal payments.
    
    Changes made by credit rating agencies to the credit rating of the security or its issuer.
    
    Whether we intend to sell the security or hold it until it recovers in value, matures, or is
called.
    
    Whether it is more likely than not that we will be required to sell the security before it
recovers its amortized cost basis.
    1.
    
    A portion related to credit loss. This portion is recognized in earnings as an impairment loss.2.
    
    A portion related to all other factors. This portion is recognized in comprehensive income, net
of taxes.




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##### 



Part II  Item 8 (continued)
    
    89
  
    
    We reclassified $70.1 million from retained earnings to accumulated other comprehensive
income as a cumulative effect
adjustment to the opening balance of retained earnings and accumulated other comprehensive
income.
    
    We determined that $27.1 million was related to credit losses. This amount remained in retained
earnings.
    
    The remaining $0.4 million was the amount of accretion associated with OTTI losses in the
2009 first quarter. This amount
increased the amortized cost basis we used to calculate the cumulative effect adjustment.
    (in millions)Balance of credit-related OTTI at April 1, 20091
    
    $
    27.1Additions:Credit losses for which other-than-temporary impairment was not previously recognized
    
    
    15.9Additional credit losses for which other-than-temporary impairment was previously recognized
    
    
    54.6Balance of credit-related OTTI at December 31, 2009
    
    $
    97.6
 1
    
    On April 1, 2009, we recognized a cumulative effect adjustment for the adoption of FSP
FAS No. 115-2 and FAS No. 124-2, and determined that $27.1 million of previously recorded
OTTI write-downs represented credit losses.
  (in millions)
    
    2009
    
    
    2008
    
    
    2007Gross gains
    
    $
    
    
    
    $
    
    
    
    $
    0.2Gross losses
    
    $
    0.3
    
    
    $
    
    
    
    $
    




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##### 



90      Wilmington Trust Corporation
    
    2009 Form-10-K
 AVAILABLE-FOR-SALE SECURITIES
  OTTI recognizedin othercomprehensive
    
    
    Unrealized
    
    
    Unrealized(in millions)
    
    Amortized cost
    
    
    income
    
    
    gains
    
    
    losses
    
    
    Fair valueInvestment securities available for sale:U.S. Treasury securities
    
    $
    233.0
    
    
    $
    
    
    
    $
    
    
    
    $
    (0.2
    )
    
    $
    232.8Government agency securities
    
    
    224.9
    
    
    
    
    
    
    
    0.5
    
    
    
    (0.8
    )
    
    
    224.6Obligations of state and political subdivisions
    
    
    5.1
    
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    5.2Collateralized mortgage obligations:Secured by residential mortgages
    
    
    49.9
    
    
    
    
    
    
    
    1.3
    
    
    
    
    
    
    
    51.2Mortgage-backed debt securities:Residential mortgage-backed securities
    
    
    195.8
    
    
    
    
    
    
    
    7.6
    
    
    
    
    
    
    
    203.4Preferred stock:Large financial institutions
    
    
    17.5
    
    
    
    
    
    
    
    3.4
    
    
    
    
    
    
    
    20.9Small financial institutions
    
    
    3.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3.0Total preferred stock
    
    
    20.5
    
    
    
    
    
    
    
    3.4
    
    
    
    
    
    
    
    23.9Other marketable equity securities:Mutual funds
    
    
    3.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3.0Other
    
    
    3.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3.5Total other marketable equity securities
    
    
    6.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6.5Total investment securities available for sale
    
    $
    735.7
    
    
    $
    
    
    
    $
    12.9
    
    
    $
    (1.0
    )
    
    $
    747.6
  OTTI recognizedin othercomprehensive
    
    
    Unrealized
    
    
    Unrealized(in millions)
    
    Amortized cost
    
    
    income
    
    
    gains
    
    
    losses
    
    
    Fair valueInvestment securities available for sale:U.S. Treasury securities
    
    $
    41.2
    
    
    $
    
    
    
    $
    0.2
    
    
    $
    
    
    
    $
    41.4Government agency securities
    
    
    453.9
    
    
    
    
    
    
    
    9.1
    
    
    
    
    
    
    
    463.0Obligations of state and political subdivisions
    
    
    6.3
    
    
    
    
    
    
    
    
    
    
    
    (0.1
    )
    
    
    6.2Collateralized mortgage obligations:Secured by residential mortgages
    
    
    188.6
    
    
    
    
    
    
    
    1.9
    
    
    
    (0.7
    )
    
    
    189.8Mortgage-backed debt securities:Residential mortgage-backed securities
    
    
    461.0
    
    
    
    
    
    
    
    9.6
    
    
    
    (0.1
    )
    
    
    470.5Preferred stock:Large financial institutions
    
    
    17.5
    
    
    
    
    
    
    
    0.4
    
    
    
    (3.8
    )
    
    
    14.1Small financial institutions
    
    
    3.0
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3.0Total preferred stock
    
    
    20.5
    
    
    
    
    
    
    
    0.4
    
    
    
    (3.8
    )
    
    
    17.1Other marketable equity securities:Mutual funds
    
    
    20.5
    
    
    
    
    
    
    
    
    
    
    
    (3.6
    )
    
    
    16.9Other
    
    
    5.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5.8Total other marketable equity securities
    
    
    26.3
    
    
    
    
    
    
    
    
    
    
    
    (3.6
    )
    
    
    22.7Total investment securities available for sale
    
    $
    1,197.8
    
    
    $
    
    
    
    $
    21.2
    
    
    $
    (8.3
    )
    
    $
    1,210.7




---



##### 



Part II-Item 8 (continued)
    
    91
  For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Proceeds:Government agency securities
    
    $
    103.2
    
    
    $
    
    
    
    $
    39.5Collateralized mortgage obligations:Secured by residential mortgages
    
    
    103.8
    
    
    
    
    
    
    
    Mortgage-backed debt securities:Residential mortgage-backed securities
    
    
    197.8
    
    
    
    
    
    
    
    Other marketable equity securities:Mutual funds
    
    
    15.6
    
    
    
    1.9
    
    
    
    0.9Other
    
    
    0.1
    
    
    
    10.0
    
    
    
    3.8Total other marketable equity securities
    
    
    15.7
    
    
    
    11.9
    
    
    
    4.7Total proceeds
    
    $
    420.5
    
    
    $
    11.9
    
    
    $
    44.2Gross gains realized:Government agency securities
    
    $
    3.6
    
    
    $
    
    
    
    $
    Collateralized mortgage obligations:Secured by residential mortgages
    
    
    2.7
    
    
    
    
    
    
    
    Mortgage-backed debt securities:Residential mortgage-backed securities
    
    
    6.0
    
    
    
    
    
    
    
    Other marketable equity securities:Mutual funds
    
    
    1.8
    
    
    
    0.1
    
    
    
    0.1Total gains realized
    
    $
    14.1
    
    
    $
    0.1
    
    
    $
    0.1Gross losses realized:Government agency securities
    
    $
    
    
    
    $
    
    
    
    $
    (0.2
    )Total losses realized
    
    $
    
    
    
    $
    
    
    
    $
    (0.2
    )OTTI charges:Preferred stock:Large financial institutions
    
    $
    
    
    
    $
    (33.7
    )
    
    $
    Other marketable equity securities:Mutual funds
    
    
    (3.9
    )
    
    
    
    
    
    
    Other
    
    
    (2.5
    )
    
    
    
    
    
    
    Total other marketable equity securities
    
    
    (6.4
    )
    
    
    
    
    
    
    Total OTTI charges
    
    $
    (6.4
    )
    
    $
    (33.7
    )
    
    $
    
  After 1 year
    
    
    After 5 years1 year
    
    
    through
    
    
    throughAt December 31, 2009 (dollars in millions)
    
    or less
    
    
    5 years
    
    
    10 years
    
    
    After 10 years
    
    
    TotalU.S. Treasury securities
    
    $
    232.3
    
    
    $
    0.7
    
    
    $
    
    
    
    $
    
    
    
    $
    233.0Government agency securities
    
    
    114.5
    
    
    
    72.0
    
    
    
    38.4
    
    
    
    
    
    
    
    224.9Obligations of state and political subdivisions
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    4.9
    
    
    
    5.1Collateralized mortgage obligations:Secured by residential mortgages
    
    
    
    
    
    
    
    
    
    
    5.9
    
    
    
    44.0
    
    
    
    49.9Mortgage-backed securities:Residential mortgage-backed securities
    
    
    
    
    
    
    17.7
    
    
    
    150.1
    
    
    
    28.0
    
    
    
    195.8Total amortized cost of debt securities available for sale
    
    $
    346.8
    
    
    $
    90.6
    
    
    $
    194.4
    
    
    $
    76.9
    
    
    $
    708.7Fair value of debt securities available for sale
    
    $
    346.8
    
    
    $
    90.7
    
    
    $
    200.6
    
    
    $
    79.1
    
    
    $
    717.2Weighted average yield of debt securities available for sale1
    
    
    0.55
    %
    
    
    1.94
    %
    
    
    4.29
    %
    
    
    4.57
    %
    
    
    2.18
    %
 1
    
    Weighted average yields are not on a tax-equivalent basis.




---



##### 



92       Wilmington Trust Corporation
    
    2009 Form-10-K
 HELD-TO-MATURITY SECURITIES
  OTTI recognizedin otherAmortized
    
    
    comprehensive
    
    
    
    
    
    
    Unrealized
    
    
    Unrealized(in millions)
    
    cost
    
    
    income
    
    
    Carrying value
    
    
    gains
    
    
    losses
    
    
    Fair valueInvestment securities held to maturity:Obligations of state and political subdivisions
    
    $
    0.5
    
    
    $
    
    
    
    $
    0.5
    
    
    $
    
    
    
    $
    
    
    
    $
    0.5Corporate debt securities:Single-issue trust-preferreds
    
    
    57.7
    
    
    
    
    
    
    
    57.7
    
    
    
    
    
    
    
    (9.2
    )
    
    
    48.5Pooled trust-preferreds
    
    
    141.3
    
    
    
    88.0
    
    
    
    53.3
    
    
    
    3.0
    
    
    
    (4.9
    )
    
    
    51.4Total corporate debt securities
    
    
    199.0
    
    
    
    88.0
    
    
    
    111.0
    
    
    
    3.0
    
    
    
    (14.1
    )
    
    
    99.9Non-U.S. government agency debt securities
    
    
    0.5
    
    
    
    
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    0.5Other debt securities
    
    
    0.9
    
    
    
    
    
    
    
    0.9
    
    
    
    
    
    
    
    
    
    
    
    0.9Total investment securities held to maturity
    
    $
    200.9
    
    
    $
    88.0
    
    
    $
    112.9
    
    
    $
    3.0
    
    
    $
    (14.1
    )
    
    $
    101.8
  OTTI recognizedin otherAmortized
    
    
    comprehensive
    
    
    
    
    
    
    Unrealized
    
    
    Unrealized(in millions)
    
    cost
    
    
    income
    
    
    Carrying value
    
    
    gains
    
    
    losses
    
    
    Fair valueInvestment securities held to maturity:Obligations of state and political subdivisions
    
    $
    0.7
    
    
    $
    
    
    
    $
    0.7
    
    
    $
    
    
    
    $
    
    
    
    $
    0.7Mortgage-backed debt securities:Residential mortgage-backed securities
    
    
    0.2
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    0.2Corporate debt securities:Single-issue trust-preferreds
    
    
    57.0
    
    
    
    
    
    
    
    57.0
    
    
    
    
    
    
    
    (17.2
    )
    
    
    39.8Pooled trust-preferreds
    
    
    103.2
    
    
    
    
    
    
    
    103.2
    
    
    
    
    
    
    
    (26.2
    )
    
    
    77.0Total corporate debt securities
    
    
    160.2
    
    
    
    
    
    
    
    160.2
    
    
    
    
    
    
    
    (43.4
    )
    
    
    116.8Non-U.S. government agency debt securities
    
    
    0.5
    
    
    
    
    
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    0.5Other debt securities
    
    
    1.0
    
    
    
    
    
    
    
    1.0
    
    
    
    
    
    
    
    
    
    
    
    1.0Total investment securities held to maturity
    
    $
    162.6
    
    
    $
    
    
    
    $
    162.6
    
    
    $
    
    
    
    $
    (43.4
    )
    
    $
    119.2
  After 1 year
    
    
    After 5 years1 year
    
    
    through
    
    
    throughAt December 31, 2009 (dollars in millions)
    
    or less
    
    
    5 years
    
    
    10 years
    
    
    After 10 years
    
    
    TotalObligations of state and political subdivisions
    
    $
    0.1
    
    
    $
    0.4
    
    
    $
    
    
    
    $
    
    
    
    $
    0.5Corporate debt securities:Single-issue trust-preferreds
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    57.7
    
    
    
    57.7Pooled trust-preferreds
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    53.3
    
    
    
    53.3Total corporate debt securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    111.0
    
    
    
    111.0Non-U.S. government agency debt securities
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.5Other debt securities
    
    
    0.3
    
    
    
    0.6
    
    
    
    
    
    
    
    
    
    
    
    0.9Total carrying value of debt securities held to maturity
    
    $
    0.9
    
    
    $
    1.0
    
    
    $
    
    
    
    $
    111.0
    
    
    $
    112.9Fair value of debt securities held to maturity
    
    $
    0.9
    
    
    $
    1.0
    
    
    $
    
    
    
    $
    99.9
    
    
    $
    101.8Weighted average yield of debt securities held to maturity1
    
    
    3.23
    %
    
    
    6.02
    %
    
    
    
    %
    
    
    5.42
    %
    
    
    5.42
    %
 1
    
    Weighted average yields are not on a tax-equivalent basis.




---



##### 



Part II  Item 8 (continued)
    
    93
 TEMPORARILY IMPAIRED SECURITIES
   
    
    Report the amount of the impairment as an unrealized loss.
    
    Record the unrealized loss as a reduction in stockholders equity through accumulated other
comprehensive income.
   
    
    Disclose the amount of the decline in fair value in a footnote disclosure, not as a change in
stockholders equity. This has no
effect on our financial statements or earnings.
   Fewer than 12 months
    
    
    12 months or more
    
    
    TotalEstimated
    
    
    
    
    
    
    Estimated
    
    
    
    
    
    
    EstimatedFair
    
    
    unrealized
    
    
    Fair
    
    
    unrealized
    
    
    Fair
    
    
    unrealized(in millions)
    
    value
    
    
    losses
    
    
    value
    
    
    losses
    
    
    value
    
    
    lossesAs of December 31, 2009:U.S. Treasury securities
    
    $
    206.1
    
    
    $
    (0.2
    )
    
    $
    
    
    
    $
    
    
    
    $
    206.1
    
    
    $
    (0.2
    )Government agency securities
    
    
    89.7
    
    
    
    (0.8
    )
    
    
    
    
    
    
    
    
    
    
    89.7
    
    
    
    (0.8
    )Corporate debt securities:Single-issue trust-preferreds
    
    
    
    
    
    
    
    
    
    
    48.5
    
    
    
    (9.2
    )
    
    
    48.5
    
    
    
    (9.2
    )Pooled trust-preferreds
    
    
    
    
    
    
    
    
    
    
    51.4
    
    
    
    (92.9
    )
    
    
    51.4
    
    
    
    (92.9
    )Total corporate debt securities
    
    
    
    
    
    
    
    
    
    
    99.9
    
    
    
    (102.1
    )
    
    
    99.9
    
    
    
    (102.1
    )Total temporarily impaired securities
    
    $
    295.8
    
    
    $
    (1.0
    )
    
    $
    99.9
    
    
    $
    (102.1
    )
    
    $
    395.7
    
    
    $
    (103.1
    )As of December 31, 2008:Obligations of state and political subdivisions
    
    $
    5.5
    
    
    $
    (0.1
    )
    
    $
    
    
    
    $
    
    
    
    $
    5.5
    
    
    $
    (0.1
    )Collateralized mortgage obligations:Secured by residential mortgages
    
    
    
    
    
    
    
    
    
    
    39.5
    
    
    
    (0.7
    )
    
    
    39.5
    
    
    
    (0.7
    )Mortgage-backed debt securities:Residential mortgage-backed securities
    
    
    20.8
    
    
    
    (0.1
    )
    
    
    
    
    
    
    
    
    
    
    20.8
    
    
    
    (0.1
    )Corporate debt securities:Single-issue trust-preferreds
    
    
    
    
    
    
    
    
    
    
    39.8
    
    
    
    (17.2
    )
    
    
    39.8
    
    
    
    (17.2
    )Pooled trust-preferreds
    
    
    
    
    
    
    
    
    
    
    44.3
    
    
    
    (26.2
    )
    
    
    44.3
    
    
    
    (26.2
    )Total corporate debt securities
    
    
    
    
    
    
    
    
    
    
    84.1
    
    
    
    (43.4
    )
    
    
    84.1
    
    
    
    (43.4
    )Preferred stock:Large financial institutions
    
    
    
    
    
    
    
    
    
    
    10.8
    
    
    
    (3.8
    )
    
    
    10.8
    
    
    
    (3.8
    )Other marketable equity securities:Mutual funds
    
    
    13.6
    
    
    
    (3.6
    )
    
    
    
    
    
    
    
    
    
    
    13.6
    
    
    
    (3.6
    )Total temporarily impaired securities
    
    $
    39.9
    
    
    $
    (3.8
    )
    
    $
    134.4
    
    
    $
    (47.9
    )
    
    $
    174.3
    
    
    $
    (51.7
    )
  At December 31
    
    2009
    
    
    2008Number of positions
    
    
    41
    
    
    
    65Number of positions with unrealized losses continuously for 12 months or more
    
    
    26
    
    
    
    44




---



##### 



94      Wilmington Trust Corporation
    
    2009 Form-10-K
  TRUST-PREFERRED SECURITIES (TRUPS)
     
    
    We have recorded other-than-temporary impairment write-downs on 30 of the 38 pooled TruPS in our
portfolio.
    
    We have not recorded other-than-temporary impairment write-downs on any of the 9 single-issue
TruPS in our portfolio.
     At December 31
    
    2009
    
    
    2008Commercial, financial, and agricultural loans
    
    
    29
    %
    
    
    31
    %Commercial real estate  construction loans
    
    
    22
    %
    
    
    20
    %Commercial mortgage loans
    
    
    23
    %
    
    
    19
    %Residential mortgage loans
    
    
    5
    %
    
    
    6
    %Consumer loans
    
    
    16
    %
    
    
    18
    %Secured with investments
    
    
    5
    %
    
    
    6
    %




---



##### 



Part II  Item 8 (continued)
    
    95
   At December 31
    
    2009
    
    
    2008Project type:Residential real estate construction
    
    
    51
    %
    
    
    54
    %Land development
    
    
    22
    %
    
    
    21
    %Retail and office
    
    
    18
    %
    
    
    15
    %Owner-occupied
    
    
    1
    %
    
    
    2
    %Multi-family
    
    
    4
    %
    
    
    2
    %Other
    
    
    4
    %
    
    
    6
    %Geographic location:Delaware
    
    
    59
    %
    
    
    60
    %Pennsylvania
    
    
    23
    %
    
    
    23
    %Maryland
    
    
    7
    %
    
    
    6
    %New Jersey
    
    
    9
    %
    
    
    7
    %Other
    
    
    2
    %
    
    
    4
    %
      
    
    Charge loans deemed uncollectible against the reserve.
    
    Credit recoveries, if any, to the reserve.
    
    Reassess the level of the reserve.
    
    Have the reserve evaluated by staff members who do not have lending responsibilities.
    
    
    Group loans within most pools according to their prior-quarter risk ratings.
    
    Use historical experience over the prior eight quarters to derive an average historical loss
rate.
    
    Apply a double-weighting to the four most recent quarters.
    
    Make subjective judgments about a variety of quantitative and qualitative factors that may
affect the potential for future losses
in each pool.




---



##### 



96     Wilmington Trust Corporation
    
    2009 Form-10-K
   
    
    Among commercial, financial, and agricultural loans, we have a separate pool for automobile
dealer floorplan (inventory) loans.
 
    
    Within the commercial construction portfolio, we have separate pools for land development,
residential construction, and other types of projects.
 
    
    Within the commercial mortgage portfolio, we have separate pools for owner-occupied
properties and non-owner-occupied properties.
 
    
    We have separate pools for loans secured with investments, residential mortgage loans, home
equity loans, and other types of consumer loans.
  
    
    Historical gross and net loss experience.
 
    
    General economic trends and conditions in the United States and mid-Atlantic region.
 
    
    Micro- and macro-economic trends and conditions in specific industry sectors.
 
    
    Changes in the pace of loan growth and the size of the portfolio.
 
    
    Loan concentration trends.
 
    
    Migrations within the internal risk rating classification system.
 
    
    Delinquent and nonperforming loan amounts and trends.
 
    
    Trends in loan valuations and collateral composition.
 
    
    The quality of portfolio risk management, including policy trends and adherence, experience,
stability and depth of lending staff and management, and adequacy of loan review coverage.
 
    
    Other factors.
    
    
    When a loan initially is deemed to be impaired, if the most recent appraisal or brokers
price opinion (BPO) is less than 12 months old, we update the reserve to reflect the valuation
in that appraisal or BPO, less selling costs.
 
    
    When a loan initially is deemed to be impaired, if the most recent valuation is older than 12
months, we request an updated valuation for the collateral property.
 
    
    When a current valuation cannot be obtained in time to perform a collateral analysis on a
newly identified impaired loan, we use all available information to estimate an appropriate
level of reserves. The estimate considers, among other inputs, historical losses on similar
projects, economic factors, and credit trends in the loan portfolio, including adjustments to
the reserve to reflect collateral valuation changes. When our appraisal group receives and
accepts the updated valuation, we adjust the reserve to reflect the new valuation, less
expected selling costs. This generally occurs in the quarter after the loan is designated as
impaired. We do not make any adjustments to current appraisals, other than the cost to sell.




---



##### 



Part II  Item 8 (continued)
    
    
    97
    (in millions)
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Reserve for loan losses at January 1
    
    $
    157.1
    
    
    $
    101.1
    
    
    $
    94.2
    
    
    $
    91.4
    
    
    $
    89.7Loans charged off:Commercial, financial, and agricultural loans
    
    
    (36.4
    )
    
    
    (12.6
    )
    
    
    (4.3
    )
    
    
    (10.8
    )
    
    
    (4.9
    )Commercial real estate/construction loans
    
    
    (40.7
    )
    
    
    (13.5
    )
    
    
    (2.9
    )
    
    
    
    
    
    
    Commercial mortgage loans
    
    
    (6.0
    )
    
    
    (2.0
    )
    
    
    (1.3
    )
    
    
    (0.3
    )
    
    
    Residential mortgage loans
    
    
    (0.5
    )
    
    
    (0.4
    )
    
    
    (0.1
    )
    
    
    
    
    
    
    (0.1
    )Consumer and other retail loans
    
    
    (39.6
    )
    
    
    (30.5
    )
    
    
    (20.8
    )
    
    
    (13.5
    )
    
    
    (12.2
    )Total loans charged off
    
    $
    (123.2
    )
    
    $
    (59.0
    )
    
    $
    (29.4
    )
    
    $
    (24.6
    )
    
    $
    (17.2
    )Recoveries on loans previously charged off:Commercial, financial, and agricultural loans
    
    $
    1.5
    
    
    $
    0.7
    
    
    $
    1.0
    
    
    $
    0.6
    
    
    $
    3.3Commercial real estate/construction loans
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Commercial mortgage loans
    
    
    0.4
    
    
    
    0.8
    
    
    
    0.2
    
    
    
    
    
    
    
    Residential mortgage loans
    
    
    
    
    
    
    0.1
    
    
    
    
    
    
    
    0.1
    
    
    
    Consumer and other retail loans
    
    
    8.5
    
    
    
    5.0
    
    
    
    6.9
    
    
    
    5.4
    
    
    
    3.8Total recoveries
    
    $
    10.9
    
    
    
    6.6
    
    
    $
    8.1
    
    
    $
    6.1
    
    
    $
    7.1Net loans charged off:Commercial, financial, and agricultural loans
    
    $
    (34.9
    )
    
    $
    (11.9
    )
    
    $
    (3.3
    )
    
    $
    (10.2
    )
    
    $
    (1.6
    )Commercial real estate/construction loans
    
    
    (40.2
    )
    
    
    (13.5
    )
    
    
    (2.9
    )
    
    
    
    
    
    
    Commercial mortgage loans
    
    
    (5.6
    )
    
    
    (1.2
    )
    
    
    (1.1
    )
    
    
    (0.3
    )
    
    
    Residential mortgage loans
    
    
    (0.5
    )
    
    
    (0.3
    )
    
    
    (0.1
    )
    
    
    0.1
    
    
    
    (0.1
    )Consumer and other retail loans
    
    
    (31.1
    )
    
    
    (25.5
    )
    
    
    (13.9
    )
    
    
    (8.1
    )
    
    
    (8.4
    )Total net loans charged off
    
    $
    (112.3
    )
    
    $
    (52.4
    )
    
    $
    (21.3
    )
    
    $
    (18.5
    )
    
    $
    (10.1
    )Transfers from/(to) reserve for lending commitments
    
    
    1.7
    
    
    
    (7.1
    )
    
    
    
    
    
    
    
    
    
    
    Provision charged to operations
    
    
    205.0
    
    
    
    115.5
    
    
    
    28.2
    
    
    
    21.3
    
    
    
    11.8Reserve for loan losses at December 31
    
    $
    251.5
    
    
    $
    157.1
    
    
    $
    101.1
    
    
    $
    94.2
    
    
    $
    91.4Reserve for unfunded commitments in other liabilities1
    
    $
    7.4
    
    
    $
    7.1
    
    
    $
    
    
    
    $
    
    
    
    $
    
 
 1
    
    The reserve for unfunded commitments was transferred to other liabilities as of
December 31, 2008. Prior periods were not reclassified.   
    
    Nonaccruing loans of $67.0 million and $37.7 million, respectively.
    
    Troubled debt restructurings of $27.3 million and zero, respectively.  For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Average investment recorded in impaired loans
    
    $
    333.3
    
    
    $
    78.4
    
    
    $
    37.8Year-end investment recorded in impaired loans subject to a reserve for loan losses:2009 reserve: $88.5
    
    $
    351.52008 reserve: $31.0
    
    
    
    
    
    $
    207.52007 reserve: $5.5
    
    
    
    
    
    
    
    
    
    $
    40.3Year-end investment in impaired loans requiring no reserve for loan losses
    
    $
    148.3
    
    
    $
    2.3
    
    
    $
    27.2Year-end investment recorded in impaired loans
    
    $
    499.8
    
    
    $
    209.8
    
    
    $
    67.5Year-end investment recorded in impaired loans classfied as nonaccruing1
    
    $
    455.6
    
    
    $
    196.4
    
    
    $
    48.5Year-end investment recorded in impaired loans classfied as troubled restructured debt (accruing)
    
    $
    28.5
    
    
    $
    
    
    
    $
    19.0Interest income recognized
    
    $
    6.8
    
    
    $
    4.4
    
    
    $
    1.9Interest income recognized using the cash basis method of income recognition
    
    $
    6.8
    
    
    $
    4.4
    
    
    $
    1.91Includes loans that are
classfied as troubled debt restructurings that are nonaccruing.
    
    $
    116.7
    
    
    $
    0.1
    
    
    $
    4.7




---



##### 



98     Wilmington Trust Corporation
    
    2009 Form-10-K
  (in millions)
    
    2009
    
    
    2008
    
    
    2007Nonaccruing loans at December 31
    
    $
    455.6
    
    
    $
    196.4
    
    
    $
    52.5Interest income that would have been recognized under original terms
    
    $
    11.5
    
    
    $
    5.0
    
    
    $
    3.4Interest income actually received
    
    $
    2.9
    
    
    $
    4.3
    
    
    $
    2.1
   At December 31 (in millions)
    
    2009
    
    
    2008Land
    
    $
    9.5
    
    
    $
    9.5Buildings and improvements
    
    
    177.0
    
    
    
    171.4Furniture and equipment
    
    
    213.8
    
    
    
    209.9Total
    
    $
    400.3
    
    
    $
    390.8Accumulated depreciation
    
    
    (253.5
    )
    
    
    (238.8
    )Premises and equipment, net
    
    $
    146.8
    
    
    $
    152.0
    2009
    
    
    2008Gross carrying
    
    
    Accumulated
    
    
    Net carrying
    
    
    Gross carrying
    
    
    Accumulated
    
    
    Net carryingFor the year ended December 31 (in millions)
    
    amount
    
    
    amortization
    
    
    amount
    
    
    amount
    
    
    amortization
    
    
    amountGoodwill (nonamortizing)
    
    $
    393.0
    
    
    $
    29.8
    
    
    $
    363.2
    
    
    $
    385.4
    
    
    $
    29.8
    
    
    $
    355.6Other intangibles (amortizing):Mortgage servicing rights
    
    $
    12.6
    
    
    $
    9.0
    
    
    $
    3.6
    
    
    $
    9.7
    
    
    $
    8.0
    
    
    $
    1.7Client lists
    
    
    73.7
    
    
    
    37.6
    
    
    
    36.1
    
    
    
    73.2
    
    
    
    28.4
    
    
    
    44.8Acquisition costs
    
    
    1.7
    
    
    
    1.7
    
    
    
    
    
    
    
    1.7
    
    
    
    1.7
    
    
    
    Other intangibles
    
    
    2.1
    
    
    
    1.6
    
    
    
    0.5
    
    
    
    2.0
    
    
    
    1.5
    
    
    
    0.5Total other intangibles
    
    $
    90.1
    
    
    $
    49.9
    1
    
    $
    40.2
    
    
    $
    86.6
    
    
    $
    39.6
    2
    
    $
    47.0
 
 1
    
    The accumulated amortization balance at December 31, 2009, included an increase of
$0.4 million due to foreign currency translation adjustments.2
    
    The accumulated amortization balance at December 31, 2008, included a decrease of
$0.9 million due to foreign currency translation adjustments.




---



##### 



Part II  Item 8 (continued)
    
    
    99
  At December 31 (in millions)
    
    2009
    
    
    2008Carrying value of investment in RCM
    
    $
    20.3
    
    
    $
    22.5
   For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Amortization expense of other intangible assets
    
    $
    9.9
    
    
    $
    8.9
    
    
    $
    5.9
  For the year ended December 31 (in millions)
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014Estimated annual amortization expense of other intangibles
    
    $
    8.6
    
    
    $
    7.3
    
    
    $
    6.0
    
    
    $
    4.7
    
    
    $
    3.4
  Wealth
    
    
    Corporate
    
    
    AffiliateRegional
    
    
    Advisory
    
    
    Client
    
    
    Money(in millions)
    
    Banking
    
    
    Services
    
    
    Services
    
    
    Managers
    
    
    TotalBalance as of January 1, 2009
    
    $
    3.8
    
    
    $
    125.7
    
    
    $
    83.2
    
    
    $
    142.9
    
    
    $
    355.6Goodwill acquired
    
    
    
    
    
    
    6.1
    
    
    
    
    
    
    
    
    
    
    
    6.1Decrease in carrying value due to foreign currency
translation adjustments
    
    
    
    
    
    
    
    
    
    
    1.5
    
    
    
    
    
    
    
    1.5Balance as of December 31, 2009
    
    $
    3.8
    
    
    $
    131.8
    
    
    $
    84.7
    
    
    $
    142.9
    
    
    $
    363.2Balance as of January 1, 2008
    
    $
    3.8
    
    
    $
    107.7
    
    
    $
    25.2
    
    
    $
    193.3
    
    
    $
    330.0Goodwill acquired
    
    
    
    
    
    
    18.0
    
    
    
    63.0
    
    
    
    16.8
    
    
    
    97.8Impairment write-down
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (66.9
    )
    
    
    (66.9
    )Sale of affiliate interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (0.3
    )
    
    
    (0.3
    )Decrease in carrying value due to
foreign currency translation adjustments
    
    
    
    
    
    
    
    
    
    
    (5.0
    )
    
    
    
    
    
    
    (5.0
    )Balance as of December 31, 2008
    
    $
    3.8
    
    
    $
    125.7
    
    
    $
    83.2
    
    
    $
    142.9
    
    
    $
    355.6
  
    
    A $6.1 million contingent payment in connection with the 2004 acquisition of Grant Tani
Barash & Altman, LLC.
  
    
    The following amounts recorded under Wealth Advisory Services:
 
    
    $13.3 million in connection with the 2008 acquisition of AST Capital Trust Company.
    
    A $3.6 million contingent payment in connection with the 2004 acquisition of Grant Tani
Barash & Altman, LLC.
    
    A $2.5 million contingent payment in connection with the 2007 acquisition of Bingham Legg
Advisers, LLC (BLA).
    
    $(1.4) million recorded for subsequent adjustments in connection with the 2007
acquisition of BLA.
 
    
    The following amounts recorded under Corporate Client Services:
 
    
    $50.2 million recorded in connection with the 2008 acquisition of AST Capital Trust
Company.
    
    $12.8 million recorded in connection with the 2008 acquisition of UBS Fiduciary Trust
Company.
 
    
    $16.8 million recorded under Affiliate Money Managers in connection with the purchase of a
portion of the Class B interests from principals of RCMs
office in Portland, Oregon.




---



##### 



100     Wilmington Trust Corporation
    
    2009 Form-10-K
    2009
    
    
    2008Weighted average
    
    
    
    
    
    
    
    
    
    
    Weighted averageamortization
    
    
    Amount
    
    
    
    
    
    
    amortizationFor the year ended December 31 (dollars in millions)
    
    Amount assigned
    
    
    Residual value
    
    
    period in years
    
    
    assigned
    
    
    Residual value
    
    
    period in yearsMortgage servicing rights
    
    $
    2.9
    
    
    $
    
    
    
    
    8
    
    
    $
    0.6
    
    
    $
    
    
    
    
    8Client lists
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17.3
    
    
    
    
    
    
    
    7Increase/(decrease) in carrying value of client lists
due to foreign currency translation adjustments
    
    
    0.5
    
    
    
    
    
    
    
    
    
    
    
    (1.3
    )
    
    
    
    
    
    
    Other intangibles
    
    
    0.1
    
    
    
    
    
    
    
    9
    
    
    
    0.1
    
    
    
    
    
    
    
    9Changes in other intangible assets
    
    $
    3.5
    
    
    $
    
    
    
    
    
    
    
    $
    16.7
    
    
    $
    
  
    
    The following amounts recorded under Corporate Client Services:
 
    
    $10.6 million recorded in connection with the 2008 acquisition of AST Capital Trust
Company.
    
    $2.5 million recorded in connection with the 2008 acquisition of UBS Fiduciary Trust
Company.
 
    
    The following amounts recorded under Wealth Advisory Services:
 
    
    $2.8 million recorded in connection with the 2008 acquisition of AST Capital Trust
Company.
    
    $1.4 million recorded for subsequent adjustments in connection with the 2007 acquisition
of Bingham Legg Advisers, LLC.
   (in millions)2010
    
    $
    1,749.22011
    
    $
    357.52012
    
    $
    205.82013
    
    $
    26.32014
    
    $
    65.62015 and thereafter
    
    $
    3.7




---



##### 



Part II  Item 8 (continued)
    
    
    101
  All otherCertificates
    
    
    interest-bearingAs of December 31, 2009 (in millions)
    
    of deposit
    
    
    depositsThree months or less
    
    $
    513.4
    
    
    $
    More than three through six months
    
    
    405.6
    
    
    
    More than six through 12 months
    
    
    269.1
    
    
    
    More than 12 months
    
    
    219.4
    
    
    
    Total
    
    $
    1,407.5
    
    
    $
    
   Short-term borrowings.
 
    
    Federal funds purchased and securities sold under agreements to repurchase. The securities
underlying these agreements are U.S. Treasury bills, notes, bonds, or agency securities held
at the Federal Reserve as collateral. Federal funds purchased and securities sold under
agreements to repurchase generally mature within 365 days of the transaction date.
 
    
    U.S. Treasury demand notes that mature overnight.
 
    
    An advance from the FHLB. We used this advance to finance construction of the Wilmington
Trust Plaza, our operations center in downtown Wilmington, Delaware, which was completed in
1998. Our advance agreement requires us to maintain specific collateral levels, which the FHLB
sets quarterly. Our collateral was well above the required levels for each quarter in 2009.
Because this advance matures on October 4, 2010, we transferred it from long-term borrowings
to short-term borrowings in the 2009 fourth quarter.
  (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007Average amount outstanding during the year
    
    $
    1,311.9
    
    
    $
    1,810.5
    
    
    $
    1,465.0Weighted average interest rate during the year
    
    
    0.3
    %
    
    
    2.1
    %
    
    
    4.7
    %Weighted average interest rate at December 31
    
    
    0.1
    %
    
    
    0.4
    %
    
    
    3.9
    %Maximum amount outstanding at any month end
    
    $
    2,072.2
    
    
    $
    2,381.7
    
    
    $
    1,999.3Amount outstanding at December 31
    
    $
    575.8
    
    
    $
    1,590.8
    
    
    $
    1,775.3
  (dollars in millions)
    
    2009
    
    
    2008
    
    
    Term
    
    
    Fixed interest rate
    
    
    Maturity datePrincipal amounts
    
    $
    28.0
    
    
    $
    28.0
    
    
    15 years
    
    
    6.55
    %
    
    October 4, 2010
 Long-term borrowings.
  Amount issued and
    
    
    
    
    
    
    Semiannual
    
    FixedIssue date
    
    outstanding (in millions)
    
    
    Term
    
    payment dates
    
    payment rates
    
    
    MaturityApril 4, 2003
    
    $
    250.0
    
    
    10 years
    
    April 15 and October 15
    
    
    4.875
    %
    
    April 15, 2013April 1, 2008
    
    $
    200.0
    
    
    10 years
    
    April 1 and October 1
    
    
    8.50
    %
    
    April 2, 2018




---



##### 



102     Wilmington Trust Corporation
    
    2009 Form-10-K
  
    
    $(6.0) million of unamortized losses related to terminated interest rate swaps on long-term
debt.
 
    
    $(0.2) million of unamortized discounts on the $250.0 million of subordinated long-term debt
that matures on April 15, 2013.
 
    
    $(0.9) million of unamortized discounts on the $200.0 million of subordinated long-term debt
that matures on April 2, 2018.
  Lines of credit.
  Lease commitments.
  (in millions)
    
    Gross amount
    
    
    Sublease amount
    
    
    Net amount2010
    
    $
    13.8
    
    
    $
    0.3
    
    
    $
    13.52011
    
    $
    11.2
    
    
    $
    0.2
    
    
    $
    11.02012
    
    $
    9.8
    
    
    $
    0.2
    
    
    $
    9.62013
    
    $
    9.3
    
    
    $
    0.2
    
    
    $
    9.12014
    
    $
    7.9
    
    
    $
    0.1
    
    
    $
    7.82015 and thereafter
    
    $
    22.0
    
    
    $
    0.3
    
    
    $
    21.7
 Off-balance-sheet commitments.
     At December 31 (in millions)
    
    2009
    
    
    2008Contractual
    
    
    
    
    
    
    Contractualamount
    
    
    Fair value
    
    
    amount
    
    
    Fair valueUnfunded commitments to extend credit
    
    $
    2,838.5
    
    
    $
    10.3
    
    
    $
    3,261.3
    
    
    $
    12.5Standby and commercial letters of credit
    
    $
    297.9
    
    
    $
    2.1
    
    
    $
    406.0
    
    
    $
    2.8




---



##### 



Part II  Item 8 (continued)
    
    
    103
 Visa Inc. litigation.
  Legal proceedings.
      
    
    Level 1.Level 1 inputs are unadjusted quoted prices, such as NYSE closing prices, in active
markets for identical assets. Level 1 is the highest priority in the hierarchy.
 
    
    Level 2.Level 2 inputs may include quoted prices for similar assets and liabilities in
active markets, as well as other significant inputs that are observable at commonly quoted
intervals, such as interest rates, foreign exchange rates, and yield curves.
 
    
    Level 3.Level 3 inputs are unobservable inputs. Typically, our own assumptions determine
these inputs, since there is little, if any, related market activity. Level 3 is the lowest
priority in the hierarchy.




---



##### 



104     Wilmington Trust Corporation
    
    2009 Form-10-K
  Cash and due from banks, short-term investments, accrued interest receivable, short-term borrowings, and accrued interest payable.
 Investment securities.
      FHLB and FRB stock.
 Derivative financial instruments.




---



##### 



Part II  Item 8 (continued)
    
    
    105
  Loans.
 Deposits.
 Long-term debt.
 Commitments to extend credit and letters of credit.
  For the year ended December 31 (in millions)
    
    2009
    
    
    2008Carrying value
    
    
    Fair value
    
    
    Carrying value
    
    
    Fair valueFinancial assets:Cash and due from banks
    
    $
    202.9
    
    
    $
    202.9
    
    
    $
    234.7
    
    
    $
    234.7Short-term investments
    
    
    180.5
    
    
    
    180.5
    
    
    
    242.0
    
    
    
    242.0Investment securities
    
    
    860.5
    
    
    
    849.4
    
    
    
    1,373.3
    
    
    
    1,329.9FHLB and FRB stock
    
    
    26.8
    
    
    
    26.8
    
    
    
    20.0
    
    
    
    20.0Loans, net of reserves
    
    
    8,715.7
    
    
    
    8,579.6
    
    
    
    9,462.0
    
    
    
    9,384.0Interest rate swap contracts
    
    
    45.0
    
    
    
    45.0
    
    
    
    73.7
    
    
    
    73.7Accrued interest receivable
    
    
    66.9
    
    
    
    66.9
    
    
    
    82.0
    
    
    
    82.0Financial liabilities:Deposits
    
    $
    8,390.9
    
    
    $
    8,459.5
    
    
    $
    8,416.4
    
    
    $
    8,468.0Short-term borrowings
    
    
    603.8
    
    
    
    603.8
    
    
    
    1,617.2
    
    
    
    1,617.2Interest rate swap contracts
    
    
    45.7
    
    
    
    45.7
    
    
    
    74.5
    
    
    
    74.5Accrued interest payable
    
    
    56.7
    
    
    
    56.7
    
    
    
    71.2
    
    
    
    71.2Long-term debt
    
    
    442.9
    
    
    
    432.2
    
    
    
    468.8
    
    
    
    442.7
 FAIR VALUES MEASURED ON A RECURRING BASIS
  
    
    We used Level 1 and Level 2 inputs for investment securities. To determine the proper level
of detail for disclosure, we considered the nature of each type of security listed and its
associated risk, as well as its industry sector, vintage, geographic concentration, credit
quality, and economic characteristics.
 
    
    We used Level 2 inputs for interest rate swap contracts. Credit valuation adjustments did not
significantly change the overall valuation of these contracts.




---



##### 



106     Wilmington Trust Corporation
    
    2009 Form-10-K
  Quoted prices
    
    
    Significantin active
    
    
    other
    
    
    Significantmarkets for
    
    
    observable
    
    
    unobservableidentical assets
    
    
    inputs
    
    
    inputsAs of December 31, 2009 (in millions)
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)
    
    
    TotalAssetsInvestment securities available for sale:U.S. Treasury securities
    
    $
    232.8
    
    
    $
    
    
    
    $
    
    
    
    $
    232.8Government agency securities
    
    
    
    
    
    
    224.6
    
    
    
    
    
    
    
    224.6Obligations of state and political subdivisions
    
    
    
    
    
    
    5.2
    
    
    
    
    
    
    
    5.2Collateralized mortgage obligations:Secured by residential mortgages
    
    
    
    
    
    
    51.2
    
    
    
    
    
    
    
    51.2Mortgage-backed debt securities:Residential mortgage-backed securities
    
    
    
    
    
    
    203.4
    
    
    
    
    
    
    
    203.4Preferred stock:Large financial institutions
    
    
    
    
    
    
    20.9
    
    
    
    
    
    
    
    20.9Small financial institutions
    
    
    
    
    
    
    3.0
    
    
    
    
    
    
    
    3.0Total preferred stock
    
    
    
    
    
    
    23.9
    
    
    
    
    
    
    
    23.9Other marketable equity securities:Mutual funds
    
    
    
    
    
    
    3.0
    
    
    
    
    
    
    
    3.0Other
    
    
    
    
    
    
    3.5
    
    
    
    
    
    
    
    3.5Total other marketable equity securities
    
    
    
    
    
    
    6.5
    
    
    
    
    
    
    
    6.5Total investment securities available for sale
    
    
    232.8
    
    
    
    514.8
    
    
    
    
    
    
    
    747.6Interest rate swap contracts
    
    
    
    
    
    
    45.0
    
    
    
    
    
    
    
    45.0Total assets
    
    $
    232.8
    
    
    $
    559.8
    
    
    $
    
    
    
    $
    792.6LiabilitiesInterest rate swap contracts
    
    $
    
    
    
    $
    45.7
    
    
    $
    
    
    
    $
    45.7Total liabilities
    
    $
    
    
    
    $
    45.7
    
    
    $
    
    
    
    $
    45.7
  FAIR VALUES MEASURED ON A NONRECURRING BASIS
  
    
    For loans, we used Level 2 or Level 3 inputs, consisting principally of third party
appraisals, and the previously described techniques. Loan amounts are based mainly on the
lesser of the fair value of the loans collateral or the loan balance. Typically, loans
measured at fair value on a nonrecurring basis represent loans for which we have recorded a
partial charge-off in the current period. These amounts do not include fully charged-off loans,
because we carry fully charged-off loans at zero on our balance sheet. Also, according to ASC
820, measurements for impaired loans that are determined using a present value technique are
not considered fair value measurements under the standard and, therefore, are not included.
 Because an appraisal values the underlying collateral and not the specific loan, and because
the real estate market is not a consistent, active market for all property types, we consider
third party appraisals to meet the definition of Level 2 inputs as described in ASC 820.
Internal appraisals may be considered a Level 2 or Level 3 input depending on the factors used
in the calculation. We make no adjustments to third-party appraised values, other than costs
to sell, in estimating the fair value of the loans.
 
    
    For other real estate owned (OREO), we used Level 2 or Level 3 inputs, which consist of
appraisals or internal estimates of fair value. OREO is recorded on our balance sheet at fair
value, net of cost to sell, when we obtain control of the property. Consistent with the
discussion of loans above, we consider third-party appraisals to meet the definition of Level
2 inputs.
 
    
    For TruPS, we used Level 2 and Level 3 inputs, as continued illiquidity in the market for
these instruments made it difficult to determine their valuation. We obtained these inputs from
brokers along with cash flow projections from third-party advisors. We then used an internal
model that reflects liquidity and credit risk to discount cash flow projections provided by
the third-party advisors, as described earlier in this note.




---



##### 



Part II  Item 8 (continued)
    
    
    107
   Quoted prices
    
    
    Significantin active
    
    
    other
    
    
    Significantmarkets for
    
    
    observable
    
    
    unobservableidentical assets
    
    
    inputs
    
    
    inputsAs of December 31, 2009 (in millions)
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)
    
    
    TotalAssetsLoans
    
    $
    
    
    
    $
    25.2
    
    
    $
    21.2
    
    
    $
    46.4Other real estate owned
    
    
    
    
    
    
    27.4
    
    
    
    
    
    
    
    27.4Investment securities held to maturity:Pooled trust-preferred securities
    
    
    
    
    
    
    
    
    
    
    33.4
    
    
    
    33.4Total assets
    
    $
    
    
    
    $
    52.6
    
    
    $
    54.6
    
    
    $
    107.2Liabilities
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    A total notional amount of $1,689.8 million in interest rate swap contracts.
 
    
    No other derivative instruments.
  At December 31 (in millions)
    
    2009
    
    
    2008Asset derivatives recorded in other assets:Interest rate swap contracts
    
    $
    45.0
    
    
    $
    73.7Total asset derivatives
    
    $
    45.0
    
    
    $
    73.7Liability derivatives recorded in other liabilities:Interest rate swap contracts
    
    $
    45.7
    
    
    $
    74.5Total liability derivatives
    
    $
    45.7
    
    
    $
    74.5
 Interest rate swaps.
  
    
    All of our interest rate swaps were associated with commercial loan client activity.
 
    
    Most of our mirror counterparty swaps were in a liability position.




---



##### 



108     Wilmington Trust Corporation
    
    2009 Form-10-K
  At December 31 (dollars in millions)
    
    2009
    
    
    2008Notional amount of interest rate swap contracts with commercial borrowers
    
    $
    844.9
    
    
    $
    1,512.5Notional amount of mirror swap contracts with counterparties
    
    
    844.9
    
    
    
    1,512.5Total
    
    $
    1,689.8
    
    
    $
    3,025.0Number of client swap contracts
    
    
    145
    
    
    
    167
  For the year (in millions)
    
    2009
    
    
    2008Interest rate swap contracts in an asset position
    
    $
    (28.7
    )
    
    $
    63.3Interest rate swap contracts in a liability position
    
    
    28.8
    
    
    
    (64.1
    )Total
    
    $
    0.1
    
    
    $
    (0.8
    )
  
    
    Cross-default provisions. We have agreements with each of our non-client swap derivative
counterparties that contain cross-default provisions. If we were to default on certain
obligations, independent of our swap obligations, then we could also be declared in default on
our derivative obligations and the swap arrangement could terminate.
 
    
    Credit rating contingent features resulting in a collateral call. We have agreements with
some of our non-client swap derivative counterparties that contain provisions which could
increase the amount of collateral we are required to post if certain credit rating agencies
downgrade our credit ratings.
 
    
    Credit rating contingent features resulting in swap termination. We have an agreement with
one of our non-client swap derivative counterparties that contains a provision under which the
counterparty could terminate the swap agreement if our credit ratings fall below investment
grade.
  1.
    
    The termination values (fair value excluding the credit valuation adjustment) of the swaps,
 2.
    
    Thresholds defined in the swap contracts, and
 3.
    
    The risk associated with the securities that we pledge, which may result in collateral
postings that exceed the termination values of the collateralized swaps.
  
    
    The aggregate fair value of all derivative instruments with credit risk-related contingent
features that were in a liability position was $45.6 million, for which we had posted
collateral of $52.4 million in cash and mortgage-related securities in the normal course of
business.
 
    
    The aggregate fair value of all derivative instruments with cross-default provisions that
were in a liability position was $45.6 million. If all of our mirror swaps had terminated on
December 31, 2009, due to cross-default provisions, we could have been required to settle our
obligations under these agreements at their termination value of $46.0 million. At December
31, 2009, we had already posted $52.4 million as collateral with our counterparties.
 
    
    The aggregate fair value of all derivative instruments with a collateral call provision
related to the credit rating contingent feature that were in a liability position was $39.4
million. Additional credit rating downgrades could have resulted in a maximum collateral call
of $4.0 million.
 
    
    The derivative instrument with a contingent feature that could result in the termination of
the swap was in a liability position. Its fair value was $1.2 million, and no collateral was
posted. If this swap had terminated on December 31, 2009, the credit rating contingent feature
could have required us to settle this arrangement at its termination value of $1.3 million.
 
    
    We had a $9.7 million receivable for cash collateral posted with our counterparties. At
December 31, 2008, we had no cash collateral posted with counterparties.




---



##### 



Part II  Item 8 (continued)
    
    
    109
  Interest rate swaps associated with subordinated long-term debt.
   Interest rate floors.
  For the year ended December 31
    
    2009
    
    
    2008
    
    
    2007Interest rate floor expense (in millions)
    
    $
    
    
    
    $
    0.2
    
    
    $
    2.0
   Fair value hedging strategies.




---



##### 



110     Wilmington Trust Corporation
    
    2009 Form-10-K
 Cash flow hedging strategies.
  For the year ended December 31 (in millions)
    
    2009
    
    
    2008Amount of gain recognized in OCI (effective portion)
    
    $
    
    
    
    $
    13.5Amount of gain on derivatives recognized in interest income (ineffective portion and amount excluded
from effectiveness testing)
    
    $
    
    
    
    $
    
   Federal capital adequacy requirements.




---



##### 



Part II  Item 8 (continued)
    
    
    111
  (dollars in millions)
    
    Actual
    
    
    Adequately capitalized minimum
    
    
    Well-capitalized minimumAmount
    
    
    Ratio
    
    
    Amount ≥
    
    
    Ratio ≥
    
    
    Amount ≥
    
    
    Ratio ≥As of December 31, 2009Total capital (to risk-weighted assets):Wilmington Trust Corporation
    
    $
    1,568.8
    
    
    
    14.31
    %
    
    $
    876.8
    
    
    
    8.00
    %
    
    $
    1,095.9
    
    
    
    10.00
    %Wilmington Trust Company
    
    $
    1,127.4
    
    
    
    11.39
    %
    
    $
    791.8
    
    
    
    8.00
    %
    
    $
    989.7
    
    
    
    10.00
    %Wilmington Trust FSB
    
    $
    174.0
    
    
    
    12.08
    %
    
    $
    115.2
    
    
    
    8.00
    %
    
    $
    144.0
    
    
    
    10.00
    %Tier 1 capital (to risk-weighted assets):Wilmington Trust Corporation
    
    $
    1,080.1
    
    
    
    9.86
    %
    
    $
    438.4
    
    
    
    4.00
    %
    
    $
    657.6
    
    
    
    6.00
    %Wilmington Trust Company
    
    $
    1,001.1
    
    
    
    10.11
    %
    
    $
    395.9
    
    
    
    4.00
    %
    
    $
    593.8
    
    
    
    6.00
    %Wilmington Trust FSB
    
    $
    155.9
    
    
    
    10.83
    %
    
    $
    57.6
    
    
    
    4.00
    %
    
    $
    86.4
    
    
    
    6.00
    %Tier 1 leverage capital (to average assets):Wilmington Trust Corporation
    
    $
    1,080.1
    
    
    
    10.10
    %
    
    $
    427.6
    
    
    
    4.00
    %
    
    $
    534.5
    
    
    
    5.00
    %Wilmington Trust Company
    
    $
    1,001.1
    
    
    
    10.64
    %
    
    $
    376.4
    
    
    
    4.00
    %
    
    $
    470.4
    
    
    
    5.00
    %Wilmington Trust FSB
    
    $
    155.9
    
    
    
    7.49
    %
    
    $
    83.2
    
    
    
    4.00
    %
    
    $
    104.0
    
    
    
    5.00
    %As of December 31, 2008Total capital (to risk-weighted assets):Wilmington Trust Corporation
    
    $
    1,600.3
    
    
    
    13.97
    %
    
    $
    916.4
    
    
    
    8.00
    %
    
    $
    1,145.5
    
    
    
    10.00
    %Wilmington Trust Company
    
    $
    1,080.0
    
    
    
    10.45
    %
    
    $
    826.8
    
    
    
    8.00
    %
    
    $
    1,033.5
    
    
    
    10.00
    %Wilmington Trust FSB1
    
    $
    166.0
    
    
    
    11.09
    %
    
    $
    119.7
    
    
    
    8.00
    %
    
    $
    149.7
    
    
    
    10.00
    %Tier 1 capital (to risk-weighted assets):Wilmington Trust Corporation
    
    $
    1,058.3
    
    
    
    9.24
    %
    
    $
    458.2
    
    
    
    4.00
    %
    
    $
    687.3
    
    
    
    6.00
    %Wilmington Trust Company
    
    $
    950.6
    
    
    
    9.20
    %
    
    $
    413.4
    
    
    
    4.00
    %
    
    $
    620.1
    
    
    
    6.00
    %Wilmington Trust FSB1
    
    $
    148.4
    
    
    
    9.92
    %
    
    $
    59.9
    
    
    
    4.00
    %
    
    $
    89.8
    
    
    
    6.00
    %Tier 1 leverage capital (to average assets):Wilmington Trust Corporation
    
    $
    1,058.3
    
    
    
    8.77
    %
    
    $
    482.6
    
    
    
    4.00
    %
    
    $
    603.2
    
    
    
    5.00
    %Wilmington Trust Company
    
    $
    950.6
    
    
    
    8.88
    %
    
    $
    428.1
    
    
    
    4.00
    %
    
    $
    535.2
    
    
    
    5.00
    %Wilmington Trust FSB1
    
    $
    148.4
    
    
    
    7.27
    %
    
    $
    36.1
    
    
    
    4.00
    %
    
    $
    45.2
    
    
    
    5.00
    %
 
 1
    
    Wilmington Trust of Pennsylvania was merged into Wilmington Trust FSB on
November 1, 2008. Capital Purchase Program (CPP).




---



##### 



112     Wilmington Trust Corporation
    
    2009 Form-10-K
   Common stock dividend payments.
 
    
    Our policy is not to pay dividends that would cause our regulatory capital ratios to fall
below the levels required for us to qualify as a well-capitalized financial institution.
In addition, we have agreed with our regulators that Wilmington Trust Company will not pay dividends to
us without prior written approval from our regulators, if such dividends would reduce its regulatory
capital ratios below the minimum levels required for it to remain well capitalized under the applicable
regulatory capital standards, or below the minimum levels required under its internal capital plan,
whichever are higher.  If Wilmington Trust Company does not satisfy these requirements, we
may be unable to pay dividends on our stock.
 
    
    The Federal Reserves policy is that a bank holding company should not pay dividends unless
its prospective earnings retention rate is consistent with its capital needs, asset quality,
and overall financial condition, or its net income for the past four quarters, net of
dividends paid, is sufficient to fund the dividends fully.
 
    
    Our ability to pay dividends is limited by Delaware law, which permits corporations to pay
dividends out of surplus capital only. Historically, the surplus capital from which we have
paid dividends has come from our wholly owned primary banking subsidiary, Wilmington Trust
Company, and from another wholly owned subsidiary, Rodney Square Management Corporation.
 At-the-market equity offering.
 Other capital adequacy requirements.
    At December 31 (in millions)
    
    2009
    
    
    2008Total loans to related parties
    
    $
    63.0
    
    
    $
    57.5Loan additions
    
    $
    49.4
    
    
    $
    32.3Loan payments received
    
    $
    44.6
    
    
    $
    37.0Other changes
    
    $
    0.7
    
    
    $
    (0.3
    )




---



##### 



Part II  Item 8 (continued)
    
    
    113
        PostretirementPension benefits
    
    
    SERP benefits
    
    
    benefitsAt December 31
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Discount rate
    
    
    6.30
    %
    
    
    6.20
    %
    
    
    6.15
    %
    
    
    6.50
    %
    
    
    5.60
    %
    
    
    6.75
    %Rate of compensation increase
    
    4.50
    %
    
    
    4.50
    %
    
    
    4.50
    %
    
    
    4.50
    %
    
    
    
    
    
    
    
  Pension
    
    
    SERP
    
    
    PostretirementAt December 31, 2009 (in millions)
    
    benefits
    
    
    benefits
    
    
    benefitsGain/(loss) due to change in the discount rate
    
    $
    (3.2
    )
    
    $
    1.9
    
    
    $
    2.5Gain/(loss) due to change in return on assets
    
    $
    (9.7
    )
    
    $
    
    
    
    $
    




---



##### 



114     Wilmington Trust Corporation
    
    2009 Form-10-K
  Pension benefits
    
    
    SERP benefits
    
    
    Postretirement benefitsAt December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Fair value of plan assets
    
    $
    238.0
    
    
    $
    177.7
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Projected benefit obligation
    
    
    229.0
    
    
    
    218.6
    
    
    
    42.2
    
    
    
    32.6
    
    
    
    
    
    
    
    Funded status (difference)
    
    $
    9.0
    
    
    $
    (40.9
    )
    
    $
    (42.2
    )
    
    $
    (32.6
    )
    
    $
    
    
    
    $
    Fair value of plan assets
    
    $
    238.0
    
    
    $
    177.7
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Accumulated benefit obligation
    
    
    203.7
    
    
    
    193.6
    
    
    
    31.8
    
    
    
    25.4
    
    
    
    29.4
    
    
    
    27.7Funded status (difference)
    
    $
    34.3
    
    
    $
    (15.9
    )
    
    $
    (31.8
    )
    
    $
    (25.4
    )
    
    $
    (29.4
    )
    
    $
    (27.7
    )
  Pension benefits
    
    
    SERP benefits
    
    
    Postretirement benefitsAt December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Net projected benefit obligation at start of year
    
    $
    218.6
    
    
    $
    190.8
    
    
    $
    32.6
    
    
    $
    25.6
    
    
    $
    27.7
    
    
    $
    41.0Service cost
    
    
    11.8
    
    
    
    12.2
    
    
    
    1.1
    
    
    
    1.0
    
    
    
    0.5
    
    
    
    1.2Interest cost
    
    
    13.3
    
    
    
    15.2
    
    
    
    2.1
    
    
    
    2.1
    
    
    
    1.8
    
    
    
    2.6Plan participants contributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    
    0.4Actuarial loss/(gain)
    
    
    (6.6
    )
    
    
    9.8
    
    
    
    6.9
    
    
    
    4.6
    
    
    
    2.1
    
    
    
    0.6Gross benefits paid
    
    
    (8.1
    )
    
    
    (9.4
    )
    
    
    (0.6
    )
    
    
    (0.7
    )
    
    
    (3.1
    )
    
    
    (3.0
    )Change in plan provisions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (15.1
    )Net projected benefit obligation at end of year
    
    $
    229.0
    
    
    $
    218.6
    
    
    $
    42.2
    
    
    $
    32.6
    
    
    $
    29.4
    
    
    $
    27.7Fair value of plan assets at start of year
    
    $
    177.7
    
    
    $
    223.5
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Actual return on plan assets
    
    
    28.4
    
    
    
    (42.9
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Employer contributions
    
    
    40.0
    
    
    
    6.5
    
    
    
    0.6
    
    
    
    0.7
    
    
    
    2.7
    
    
    
    2.6Plan participants contributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.4
    
    
    
    0.4Gross benefits paid
    
    
    (8.1
    )
    
    
    (9.4
    )
    
    
    (0.6
    )
    
    
    (0.7
    )
    
    
    (3.1
    )
    
    
    (3.0
    )Fair value of plan assets at end of year
    
    $
    238.0
    
    
    $
    177.7
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Funded status at end of year
    
    $
    9.0
    
    
    $
    (40.9
    )
    
    $
    (42.2
    )
    
    $
    (32.6
    )
    
    $
    (29.4
    )
    
    $
    (27.7
    )
  Pension benefits
    
    
    SERP benefits
    
    
    Postretirement benefitsAt December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Assets
    
    $
    9.0
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Liabilities
    
    
    
    
    
    
    40.9
    
    
    
    42.2
    
    
    
    32.6
    
    
    
    29.4
    
    
    
    27.7Net amount recognized at year-end
    
    $
    9.0
    
    
    $
    (40.9
    )
    
    $
    (42.2
    )
    
    $
    (32.6
    )
    
    $
    (29.4
    )
    
    $
    (27.7
    )
  Pension benefits
    
    
    SERP benefits
    
    
    Postretirement benefitsAt December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008(Accrued)/prepaid benefit cost
    
    $
    83.4
    
    
    $
    51.7
    
    
    $
    (25.1
    )
    
    $
    (21.3
    )
    
    $
    (30.6
    )
    
    $
    (32.2
    )Net asset/(liability) recognized
    
    
    83.4
    
    
    
    51.7
    
    
    
    (25.1
    )
    
    
    (21.3
    )
    
    
    (30.6
    )
    
    
    (32.2
    )Accumulated other comprehensive (loss)/income
    
    
    (74.4
    )
    
    
    (92.6
    )
    
    
    (17.1
    )
    
    
    (11.3
    )
    
    
    1.2
    
    
    
    4.5Net amount recognized at year-end
    
    $
    9.0
    
    
    $
    (40.9
    )
    
    $
    (42.2
    )
    
    $
    (32.6
    )
    
    $
    (29.4
    )
    
    $
    (27.7
    )Amounts recognized in accumulated other comprehensive loss:Prior service cost/(credit)
    
    $
    0.1
    
    
    $
    0.1
    
    
    $
    0.8
    
    
    $
    1.1
    
    
    $
    (16.5
    )
    
    $
    (18.4
    )Net loss
    
    
    74.3
    
    
    
    92.5
    
    
    
    16.3
    
    
    
    10.2
    
    
    
    15.3
    
    
    
    13.9Total
    
    $
    74.4
    
    
    $
    92.6
    
    
    $
    17.1
    
    
    $
    11.3
    
    
    $
    (1.2
    )
    
    $
    (4.5
    )




---



##### 



Part II  Item 8 (continued)
    
    
    115
  Pension benefits
    
    
    SERP benefits
    
    
    Postretirement benefitsAt December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Prior service cost/(credit)
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    (15.1
    )Net (gain)/loss
    
    
    (16.3
    )
    
    
    75.1
    
    
    
    6.9
    
    
    
    4.6
    
    
    
    2.1
    
    
    
    0.6Amortization of prior service cost
    
    
    
    
    
    
    
    
    
    
    (0.3
    )
    
    
    (0.4
    )
    
    
    1.9
    
    
    
    0.6Amortization of net (gain)/loss
    
    
    (1.8
    )
    
    
    (0.6
    )
    
    
    (0.8
    )
    
    
    (0.4
    )
    
    
    (0.7
    )
    
    
    (0.8
    )Total recognized in other comprehensive
(loss)/income
    
    $
    (18.2
    )
    
    $
    74.5
    
    
    $
    5.8
    
    
    $
    3.8
    
    
    $
    3.3
    
    
    $
    (14.7
    )Change in liability included in other
comprehensive (loss)/income
    
    $
    18.2
    
    
    $
    (74.5
    )
    
    $
    (5.8
    )
    
    $
    (3.8
    )
    
    $
    (3.3
    )
    
    $
    14.7
  Postretirement(in millions)
    
    Pension benefits
    
    
    SERP benefits
    
    
    benefitsComponent of accumulated other comprehensive (loss)/income:Expected 2010 amortization of prior service cost
    
    $
    
    
    
    $
    0.3
    
    
    $
    (1.9
    )Expected 2010 amortization of net loss
    
    $
    1.5
    
    
    $
    1.3
    
    
    $
    0.8
  Pension benefits
    
    
    SERP benefits
    
    
    Postretirement benefitsAt December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    20071
    
    
    2009
    
    
    2008
    
    
    20071
    
    
    2009
    
    
    2008
    
    
    2007Weighted average assumptions used to determine net periodic benefit expense:Discount rate
    
    
    6.20
    %
    
    
    6.50
    %
    
    
    6.10
    %
    
    
    6.50
    %
    
    
    6.50
    %
    
    
    6.00
    %
    
    
    6.75
    %
    
    
    6.30
    %
    
    
    5.90
    %Expected return on plan assets
    
    
    8.50
    %
    
    
    8.50
    %
    
    
    8.50
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Rate of compensation increase
    
    
    4.50
    %
    
    
    4.50
    %
    
    
    4.50
    %
    
    
    4.50
    %
    
    
    4.50
    %
    
    
    4.50
    %
    
    
    
    
    
    
    
    
    
    
    Components of net periodic benefit cost:Service cost
    
    $
    11.8
    
    
    $
    9.8
    
    
    $
    9.0
    
    
    $
    1.1
    
    
    $
    0.8
    
    
    $
    0.7
    
    
    $
    0.5
    
    
    $
    1.2
    
    
    $
    1.3Interest cost
    
    
    13.3
    
    
    
    12.2
    
    
    
    11.2
    
    
    
    2.1
    
    
    
    1.7
    
    
    
    1.3
    
    
    
    1.8
    
    
    
    2.6
    
    
    
    2.4Expected return on plan assets
    
    
    (18.6
    )
    
    
    (18.0
    )
    
    
    (16.0
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Amortization of transition obligation/(asset)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Amortization of prior service cost
    
    
    
    
    
    
    
    
    
    
    0.8
    
    
    
    0.3
    
    
    
    0.3
    
    
    
    0.3
    
    
    
    (1.9
    )
    
    
    (0.5
    )
    
    
    (0.5
    )Recognized actuarial loss
    
    
    1.9
    
    
    
    0.5
    
    
    
    1.8
    
    
    
    0.8
    
    
    
    0.3
    
    
    
    0.2
    
    
    
    0.7
    
    
    
    0.8
    
    
    
    0.9Net periodic benefit cost
    
    $
    8.4
    
    
    $
    4.5
    
    
    $
    6.8
    
    
    $
    4.3
    
    
    $
    3.1
    
    
    $
    2.5
    
    
    $
    1.1
    
    
    $
    4.1
    
    
    $
    4.1
 1
    
    The 2007 measurement date for pension and SERP benefits was September 30. For all
other data in the table above, the measurement date was December 31.  Pension
    
    
    SERP
    
    
    Postretirement(in millions)
    
    benefits
    
    
    benefits
    
    
    benefitsExpected employer contributions
    
    $
    
    
    
    $
    0.8
    
    
    $
    2.8Expected employee contributions
    
    $
    
    
    
    $
    
    
    
    $
    0.8




---



##### 



116     Wilmington Trust Corporation
    
    2009 Form-10-K
  Pension
    
    
    SERP
    
    
    Postretirement(in millions)
    
    benefits
    
    
    benefits
    
    
    benefits2010
    
    $
    8.4
    
    
    $
    0.8
    
    
    $
    2.82011
    
    $
    8.8
    
    
    $
    1.1
    
    
    $
    2.82012
    
    $
    9.6
    
    
    $
    1.3
    
    
    $
    2.72013
    
    $
    10.5
    
    
    $
    1.7
    
    
    $
    2.52014
    
    $
    11.7
    
    
    $
    2.7
    
    
    $
    2.420152019
    
    $
    76.0
    
    
    $
    15.0
    
    
    $
    11.2
     Increase/(decrease)
    
    
    Increase/(decrease)At December 31, 2009 (dollars in millions)
    
    Change
    
    
    in liabilities
    
    
    in expenseGain/(loss) due to increase in the discount rate
    
    
    +0.25
    %
    
    $
    (8.1
    )
    
    $
    (1.2
    )Gain/(loss) due to increase in return on assets
    
    
    +0.25
    %
    
    $
    
    
    
    $
    (0.7
    )Gain/(loss) due to increase in salary
    
    
    +0.25
    %
    
    $
    1.0
    
    
    $
    0.3
   
    
    Grow assets at an average annual rate that exceeds the actuarially assumed expected rate of
return in order to keep pace with future obligations.
 
    
    Show positive returns after inflation.
 
    
    Provide liquidity for benefit payments to retired plan participants.
 
    
    Achieve the target growth rate with a moderate level of risk.




---



##### 



Part II  Item 8 (continued)
    
    
    117
  
    
    Returns that exceed, and volatility that is equal to or lower than, those of an index that
blends 70% of the Standard and Poors 500 Index and 30% of the Barclays Capital
Government/Credit Index.
 
    
    Returns that exceed those of the benchmarks for each asset class in which we invest plan
assets.
    Equity securities.
 Debt and other fixed income securities.
 Real asset securities.
 Alternative investments.




---



##### 



118      Wilmington Trust Corporation
    
    2009 Form-10-K
 Common
stock, mutual funds, REITs, and U. S. Treasury securities.
 U. S. government agency securities and corporate bonds.
 Private real estate, hedge funds, and private equity.
  2009Quoted prices
    
    
    Significantin active
    
    
    other
    
    
    Significantmarkets for
    
    
    observable
    
    
    unobservableidentical assets
    
    
    inputs
    
    
    inputsAt December 31 (in millions)
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)
    
    
    Total
    
    
    2008Cash
    
    $
    37.9
    
    
    $
    
    
    
    $
    
    
    
    $
    37.9
    
    
    $
    4.2Equity securities:U.S. large-cap equity
    
    
    29.9
    
    
    
    
    
    
    
    
    
    
    
    29.9
    
    
    
    24.4U.S. small-cap equity
    
    
    4.9
    
    
    
    
    
    
    
    
    
    
    
    4.9
    
    
    
    4.5Developed international equity
    
    
    23.4
    
    
    
    
    
    
    
    
    
    
    
    23.4
    
    
    
    16.7Emerging markets International equity
    
    
    5.8
    
    
    
    
    
    
    
    
    
    
    
    5.8
    
    
    
    7.2Total equity securities
    
    
    64.0
    
    
    
    
    
    
    
    
    
    
    
    64.0
    
    
    
    52.8Real asset securities:U.S. Treasury Inflation-Protected securities
    
    
    11.2
    
    
    
    
    
    
    
    
    
    
    
    11.2
    
    
    
    10.1Real estate investment trusts
    
    
    4.9
    
    
    
    
    
    
    
    
    
    
    
    4.9
    
    
    
    6.0Commodities
    
    
    7.5
    
    
    
    
    
    
    
    
    
    
    
    7.5
    
    
    
    4.2Private real estate
    
    
    
    
    
    
    
    
    
    
    4.4
    
    
    
    4.4
    
    
    
    8.1Total real asset securities
    
    
    23.6
    
    
    
    
    
    
    
    4.4
    
    
    
    28.0
    
    
    
    28.4Debt and other fixed income securities:U.S. Treasury securities
    
    
    6.1
    
    
    
    
    
    
    
    
    
    
    
    6.1
    
    
    
    7.9U.S. government agency securities
    
    
    
    
    
    
    11.5
    
    
    
    
    
    
    
    11.5
    
    
    
    14.0Corporate bonds
    
    
    
    
    
    
    19.0
    
    
    
    
    
    
    
    19.0
    
    
    
    12.2Investment-grade bond funds
    
    
    16.2
    
    
    
    
    
    
    
    
    
    
    
    16.2
    
    
    
    21.2High-yield bond funds
    
    
    9.0
    
    
    
    
    
    
    
    
    
    
    
    9.0
    
    
    
    Total debt and other fixed income securities
    
    
    31.3
    
    
    
    30.5
    
    
    
    
    
    
    
    61.8
    
    
    
    55.3Other types of investments:Low-volatility hedge funds
    
    
    2.0
    
    
    
    
    
    
    
    17.6
    
    
    
    19.6
    
    
    
    14.3Moderate-volatility hedge funds
    
    
    
    
    
    
    
    
    
    
    20.9
    
    
    
    20.9
    
    
    
    17.9Private equity funds
    
    
    
    
    
    
    
    
    
    
    5.8
    
    
    
    5.8
    
    
    
    4.8Total other types of investments
    
    
    2.0
    
    
    
    
    
    
    
    44.3
    
    
    
    46.3
    
    
    
    37.0Total pension plan assets
    
    $
    158.8
    
    
    $
    30.5
    
    
    $
    48.7
    
    
    $
    238.0
    
    
    $
    177.7
  Beginning
    
    
    
    
    
    
    Purchases,
    
    
    
    
    
    
    Endingbalance at
    
    
    Actual return
    
    
    settlements
    
    
    Transfers
    
    
    balance at(in millions)
    
    January 1, 2009
    
    
    on plan assets
    
    
    and sales
    
    
    in and out
    
    
    December 31, 2009Private real estate
    
    $
    8.1
    
    
    $
    (3.7
    )
    
    $
    
    
    
    $
    
    
    
    $
    4.4Low volatility hedge funds
    
    
    14.3
    
    
    
    3.3
    
    
    
    
    
    
    
    
    
    
    
    17.6Moderate volatility hedge funds
    
    
    17.9
    
    
    
    3.0
    
    
    
    
    
    
    
    
    
    
    
    20.9Private equity funds
    
    
    4.8
    
    
    
    1.2
    
    
    
    (0.2
    )
    
    
    
    
    
    
    5.8Total
    
    $
    45.1
    
    
    $
    3.8
    
    
    $
    (0.2
    )
    
    $
    
    
    
    $
    48.7




---



##### 



Part II  Item 8 (continued)
    
    119
     Increase/(decrease)
    
    
    Increase/(decrease)At December 31, 2009 (dollars in millions)
    
    Change
    
    
    in liabilities
    
    
    in expenseGain/(loss) due to increase in the discount rate
    
    
    +0.25
    %
    
    $
    (1.3
    )
    
    $
    (0.2
    )Gain/(loss) due to increase in return on assets
    
    
    +0.25
    %
    
    $
    
    
    
    $
    Gain/(loss) due to increase in salary
    
    
    +0.25
    %
    
    $
    0.5
    
    
    $
    0.1
    At December 31
    
    2009
    
    
    2008Health care cost trend rate assumed
    
    
    10
    %
    
    
    9
    %Pace at which the cost trend rate is assumed to decline (the ultimate trend rate)
    
    
    5
    %
    
    
    5
    %Year when the assumed cost trend rate reaches the ultimate trend rate
    
    
    2015
    
    
    
    2013
  For the year ended December 31
    
    2009
    
    
    2008Health care cost trend rate assumed
    
    
    9
    %
    
    
    10
    %Pace at which the cost trend rate is assumed to decline (the ultimate trend rate)
    
    
    5
    %
    
    
    5
    %Year when the assumed cost trend rate reaches the ultimate trend rate
    
    
    2013
    
    
    
    2013
  Increase/(decrease)
    
    
    Increase/(decrease)At December 31, 2009 (dollars in millions)
    
    Change
    
    
    in liabilities
    
    
    in expenseGain/(loss) due to increase in the discount rate
    
    
    +0.25
    %
    
    $
    (0.6
    )
    
    $
    
  At December 31, 2009 (in millions)
    
    1% increase
    
    
    1% decreaseEffect on total service and interest components of net periodic health care benefit expense
    
    $
    0.1
    
    
    $
    (0.1
    )Effect on accumulated postretirement benefit obligation
    
    $
    1.3
    
    
    $
    (1.1
    )




---



##### 



120      Wilmington Trust Corporation
    
    2009 Form-10-K
     
    
    Long-term incentive plan.Our current long-term incentive plan, which was approved by
shareholders on April 22, 2009, permits us to grant incentive common stock options,
nonstatutory common stock options, restricted common stock, and other awards of common stock
to officers, other key staff members, directors, and advisory board members. Under this plan and
its predecessors, the exercise price of each option equals the last sale price of our common
stock on the date of the grant; options are typically subject to a cliff vesting period, which
is normally three years (or such other term as our Compensation Committee or Select Committee
may determine); and options have a maximum term of 10 years.
 
    
    Executive incentive plan.Our current executive incentive plan, which was approved by
shareholders on April 22, 2009, authorizes cash bonuses and issuances of up to 300,000
shares of our common stock with a par value of $1.00 per share. The stock awards we have
granted under this plan are for restricted stock and are subject to vesting at the sole
discretion of the Compensation Committee. Recent grants typically have vested over a
three- or four-year period.
 
    
    Employee stock purchase plan (ESPP).Under the current ESPP, which shareholders approved on
April 17, 2008, substantially all staff members may purchase our common stock at the beginning
of the stock purchase plan year through payroll deductions of up to 10% of their annual base
pay, or $21,250, whichever is less. Plan participants may terminate their participation at any
time. The price per share is 85% (or such greater percentage as our Compensation Committee may
determine) of the stocks fair market value at the beginning of the plan year.
 
    
    Directors deferred fee plan.Our directors may elect to defer receipt of the cash portion of
their directors fees until they retire from the Board. A director may elect to earn a yield
on the deferred cash portion based on yields Wilmington Trust Company pays on certain deposit
products and/or changes in the price of our common stock (including dividends). Choosing the
latter creates phantom shares. As of December 31, 2009, the fair value of phantom shares
granted under the deferral plan was $0.6 million. For more information about our directors
compensation, please see the proxy statement for our 2010 annual shareholders meeting.
   For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Compensation expense:Stock options
    
    $
    3.4
    
    
    $
    5.4
    
    
    $
    5.4Restricted stock
    
    
    1.6
    
    
    
    2.6
    
    
    
    2.1ESPP
    
    
    0.6
    
    
    
    
    
    
    
    0.6Total compensation expense
    
    $
    5.6
    
    
    $
    8.0
    
    
    $
    8.1Tax benefit
    
    
    0.8
    
    
    
    2.8
    
    
    
    2.6Net income effect
    
    $
    4.8
    
    
    $
    5.2
    
    
    $
    5.5




---



##### 



Part II  Item 8 (continued)
    
    121
   
    
    Base the value of the options on the amount of time that typically lapses between when
options are granted and when they are exercised.
    
    Apply different forfeiture rates for each group.
    
    Calculate valuation estimates more precisely.
  For the year ended December 31
    
    2009
    
    
    2008
    
    
    2007Risk-free interest rate
    
    
    2.113.35
    %
    
    
    2.493.64
    %
    
    
    3.254.84
    %Volatility of the Corporations common stock
    
    
    29.8642.09
    %
    
    
    13.7117.86
    %
    
    
    13.4618.25
    %Expected dividend yield
    
    
    5.068.67
    %
    
    
    3.854.34
    %
    
    
    2.883.87
    %Expected life of options
    
    4.98.6 years
    
    
    4.78.2 years
    
    
    4.58.2 years
  
    
    We used the Black-Scholes valuation method.
    
    The risk-free interest rate was the U.S. Treasury rate commensurate with the expected life of
options on the date of each grant.
    
    We based the volatility of our stock on historical volatility over a span of time equal to the
expected life of the options.
    
    We based the expected life of stock option awards on historical experience. Expected life is
the period of time we estimate that granted stock options will remain outstanding.
     For the year ended December 31 (dollars in millions)
    
    2009
    
    
    2008
    
    
    2007Number of common stock options exercised
    
    
    
    
    
    
    219,219
    
    
    
    657,168Total intrinsic value of options exercised
    
    $
    
    
    
    $
    0.6
    
    
    $
    7.6Cash received from options exercised
    
    $
    
    
    
    $
    5.1
    
    
    $
    19.7Tax benefit realized from tax deductions for options exercised
    
    $
    
    
    
    $
    0.2
    
    
    $
    2.3




---



##### 



122      Wilmington Trust Corporation
    
    2009 Form-10-K
  Weighted average
    
    
    AggregateCommon
    
    
    Weighted average
    
    
    remaining
    
    
    intrinsic valueFor the year ended December 31, 2009
    
    stock options
    
    
    exercise price
    
    
    contractual term
    
    
    (in millions)1Options outstanding at January 1, 2009
    
    
    6,982,300
    
    
    $
    34.95Options granted
    
    
    1,130,100
    
    
    $
    10.73Options exercised
    
    
    
    
    
    $
    Options expired
    
    
    (470,979
    )
    
    $
    31.53Options forfeited
    
    
    (209,250
    )
    
    $
    28.28Options outstanding at December 31, 2009
    
    
    7,432,171
    
    
    $
    31.67
    
    
    3.0 years
    
    $
    1.7Options exercisable at December 31, 2009
    
    
    4,522,866
    
    
    $
    34.04
    
    
    2.0 years
    
    $
    0.0
  1
    
    At December 31, 2009, the closing price of our common stock was $12.34, less than
the strike price for all exercisable options and most other options.    For the year (per-share amounts)
    
    2009
    
    
    2008
    
    
    2007Weighted average fair value at grant date
    
    $
    1.32
    
    
    $
    2.95
    
    
    $
    6.92
   
    
    Reacquire the shares, hold them in our treasury, and use them to grant new awards.
    
    Adjust stockholders equity and stock-based compensation expense to reflect these forfeitures.




---



##### 



Part II  Item 8 (continued)
    
    123
  Weighted averagefair value atFor the year ended December 31
    
    Number of shares
    
    
    grant dateRestricted shares outstanding at January 1, 2009
    
    
    178,908
    
    
    $
    35.47Restricted shares granted
    
    
    371,955
    
    
    $
    11.10Restricted shares vested
    
    
    (31,961
    )
    
    $
    38.66Restricted shares forfeited
    
    
    (101,893
    )
    
    $
    15.55Restricted shares outstanding at December 31, 2009
    
    
    417,009
    
    
    $
    18.36
  (in millions)
    
    2009
    
    
    2008
    
    
    2007Total value of shares vested
    
    $
    1.2
    
    
    $
    0.9
    
    
    $
    0.8
   Shares reserved for
    
    
    SubscriptionsESPP activity
    
    future subscriptions
    
    
    outstanding
    
    
    Price per shareBalance at January 1, 2007
    
    
    500,777
    
    
    
    94,001Subscriptions entered into on June 1, 2007
    
    
    (106,012
    )
    
    
    106,012
    
    
    $
    36.64Forfeitures
    
    
    14,110
    
    
    
    (14,110
    )
    
    $
    36.64-$37.06Shares issued
    
    
    
    
    
    
    (91,911
    )
    
    $
    37.06Balance at January 1, 2008
    
    
    408,875
    
    
    
    93,992New plan appropriation
    
    
    800,000
    
    
    
    Forfeitures
    
    
    78,849
    
    
    
    (78,849
    )
    
    $
    36.64Shares issued
    
    
    
    
    
    
    (15,143
    )
    
    $
    36.64Expiration of 2004 plan
    
    
    (487,724
    )
    
    
    Subscriptions entered into on June 1, 2008
    
    
    (116,076
    )
    
    
    116,076
    
    
    $
    27.67Forfeitures
    
    
    25,918
    
    
    
    (25,918
    )
    
    $
    27.67Balance at January 1, 2009
    
    
    709,842
    
    
    
    90,158Forfeitures
    
    
    88,360
    
    
    
    (88,360
    )
    
    $
    27.67Shares issued
    
    
    
    
    
    
    (1,798
    )
    
    $
    27.67Subscriptions entered into on June 1, 2009
    
    
    (285,745
    )
    
    
    285,745
    
    
    $
    12.67Forfeitures
    
    
    34,602
    
    
    
    (34,602
    )
    
    $
    12.67Balance at December 31, 2009
    
    
    547,059
    
    
    
    251,143




---



##### 



124      Wilmington Trust Corporation
    
    2009 Form-10-K
   For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007(Loss)/income before income taxes and noncontrolling interest
    
    $
    (39.7
    )
    
    $
    (25.1
    )
    
    $
    282.6Less: net income attributable to noncontrolling interest
    
    
    1.2
    
    
    
    0.5
    
    
    
    0.9Less: foreign income before taxes
    
    
    6.0
    
    
    
    3.5
    
    
    
    1.8Domestic (loss)/income before taxes, less noncontrolling interest
    
    $
    (46.9
    )
    
    $
    (29.1
    )
    
    $
    279.9Income tax at statutory rate of 35%
    
    
    (16.4
    )
    
    
    (10.2
    )
    
    
    98.0Tax effect of tax-exempt and dividend income
    
    
    (1.6
    )
    
    
    (2.2
    )
    
    
    (3.0
    )Stock compensation expense
    
    
    (3.8
    )
    
    
    3.8
    
    
    
    0.3State taxes, net of federal tax benefit
    
    
    (0.3
    )
    
    
    (4.0
    )
    
    
    5.4Valuation allowance
    
    
    (2.0
    )
    
    
    2.7
    
    
    
    Change in unrecognized tax benefits
    
    
    (3.0
    )
    
    
    4.9
    
    
    
    (1.2
    )State rate changes
    
    
    (1.7
    )
    
    
    (1.0
    )
    
    
    Tax credits
    
    
    (1.0
    )
    
    
    (0.9
    )
    
    
    (0.7
    )Other
    
    
    (6.7
    )
    
    
    4.9
    
    
    
    0.9Total income taxes
    
    $
    (36.5
    )
    
    $
    (2.0
    )
    
    $
    99.7Current income taxes:Federal taxes
    
    $
    (19.3
    )
    
    $
    96.6
    
    
    $
    92.4State taxes
    
    
    (7.8
    )
    
    
    11.2
    
    
    
    8.4Foreign taxes
    
    
    1.4
    
    
    
    0.4
    
    
    
    0.5Total current income taxes
    
    $
    (25.7
    )
    
    $
    108.2
    
    
    $
    101.3Deferred income taxes:Federal taxes
    
    $
    (8.5
    )
    
    $
    (101.2
    )
    
    $
    0.2State taxes
    
    
    (2.3
    )
    
    
    (9.0
    )
    
    
    (1.8
    )Total deferred income taxes
    
    $
    (10.8
    )
    
    $
    (110.2
    )
    
    $
    (1.6
    )Total income taxes
    
    $
    (36.5
    )
    
    $
    (2.0
    )
    
    $
    99.7




---



##### 



Part II  Item 8 (continued)
    
    125
  For the year ended December 31 (in millions)
    
    2009
    
    
    2008Deferred tax liabilities:Partnerships
    
    $
    70.2
    
    
    $
    47.7Pension and SERP
    
    
    21.1
    
    
    
    13.1Accretion of discount
    
    
    1.9
    
    
    
    1.6Amortization expense
    
    
    8.0
    
    
    
    5.4OCI  interest rate floors
    
    
    3.8
    
    
    
    8.0Other
    
    
    2.0
    
    
    
    3.0Gross deferred tax liabilities
    
    $
    107.0
    
    
    $
    78.8Deferred tax assets:Reserve for loan losses
    
    $
    93.3
    
    
    $
    58.4Tax depreciation
    
    
    0.1
    
    
    
    3.1Customer list
    
    
    4.1
    
    
    
    2.9Postretirement benefits obligation
    
    
    10.5
    
    
    
    10.7Unearned fees
    
    
    15.5
    
    
    
    16.4Market valuation on investment securities
    
    
    60.7
    
    
    
    64.9OCI  additional pension liability
    
    
    32.7
    
    
    
    37.6Interest on nonaccruing loans
    
    
    3.8
    
    
    
    2.8Impairment of goodwill
    
    
    62.5
    
    
    
    60.7State net operating loss carryforward
    
    
    3.5
    
    
    
    Stock compensation expense
    
    
    9.0
    
    
    
    5.3Net interest rate floor gains
    
    
    3.9
    
    
    
    8.1Other
    
    
    2.7
    
    
    
    1.6Gross deferred tax assets
    
    $
    302.3
    
    
    $
    272.5Valuation allowance
    
    
    (0.7
    )
    
    
    (2.7
    )Total deferred tax assets, net of valuation allowance
    
    $
    301.6
    
    
    $
    269.8Net deferred tax assets
    
    $
    194.6
    
    
    $
    191.0




---



##### 



126      Wilmington Trust Corporation
    
    2009 Form-10-K
   (in millions)Balance at January 1, 2009
    
    $
    (6.4
    )Additions for tax positions of prior years
    
    
    (0.4
    )Reductions due to settlements/statute expirations
    
    
    3.4Balance at December 31, 2009
    
    $
    (3.4
    )
      For the year (in millions)
    
    2009
    
    
    2008
    
    
    2007Net unrealized losses on securities, net of taxes of $(18.4), $(18.8), and $(11.9)
    
    $
    (32.7
    )
    
    $
    (33.5
    )
    
    $
    (21.2
    )Net unrealized gain on equity method investment, net of taxes of $0.1, $0.3, and $0.0
    
    
    0.1
    
    
    
    0.5
    
    
    
    Net unrealized holding gains on derivatives, net of taxes of $3.8, $8.1, and $6.8
    
    
    7.1
    
    
    
    14.8
    
    
    
    12.7Reclassification adjustment of derivative costs, net of taxes of $0.0, $0.0, and $0.8
    
    
    
    
    
    
    
    
    
    
    1.4Adoption of FSP FAS 115-2 and 124-2, net of taxes of $(25.6), $0.0, and $0.0
    
    
    (44.5
    )
    
    
    
    
    
    
    Non-credit portion of held-to-maturity investment securities OTTI losses recognized in
other comprehensive (OCI), net of taxes of $(25.2), $0.0, and $0.0
    
    
    (44.7
    )
    
    
    
    
    
    
    Accretion of non-credit portion of OTTI losses recognized in OCI, net of taxes
of $(0.2), $0.0, and $0.0
    
    
    (0.4
    )
    
    
    
    
    
    
    Reclassification adjustment for current period OTTI recognized in OCI, net of taxes
of $19.0, $0.0, and $0.0
    
    
    33.6
    
    
    
    
    
    
    
    Reclassification of unrealized losses previously recorded at the time of transfer to held-to-maturity,
net of taxes of $13.2, $0.0, and $0.0
    
    
    23.4
    
    
    
    
    
    
    
    Pension liability, net of taxes of $(26.0), $(32.5), and $(6.4)
    
    
    (48.4
    )
    
    
    (60.1
    )
    
    
    (11.7
    )SERP liability, net of taxes of $(6.0), $(4.5), and $(2.6)
    
    
    (11.1
    )
    
    
    (8.4
    )
    
    
    (4.8
    )Postretirement benefits liability, net of taxes of $0.4, $1.6, and $(3.5)
    
    
    0.8
    
    
    
    2.9
    
    
    
    (6.7
    )Foreign currency translation, net of taxes of $0.3, $(0.4), and $1.1
    
    
    0.5
    
    
    
    (0.7
    )
    
    
    1.9Total accumulated other comprehensive loss
    
    $
    (116.3
    )
    
    $
    (84.5
    )
    
    $
    (28.4
    )




---



##### 



Part II  Item 8 (continued)
    
    127
 ACCUMULATED DERIVATIVE GAINS/(LOSSES) ON CASH FLOW HEDGES FOR THE YEAR, NET OF TAXES
 (in millions)
    
    2009
    
    
    2008
    
    
    2007Beginning accumulated derivative gains/(losses) on
cash flow hedges
    
    $
    14.8
    
    
    $
    12.7
    
    
    $
    (2.7
    )Net change associated with current year hedging transactions
    
    
    
    
    
    
    8.8
    
    
    
    15.4Net amount reclassified into earnings
    
    
    (7.7
    )
    
    
    (6.7
    )
    
    
    Ending accumulated derivative gains on cash flow hedges
    
    $
    7.1
    
    
    $
    14.8
    
    
    $
    12.7
    (in millions, except per-share amounts)
    
    2009
    
    
    2008
    
    
    2007Net (loss)/income
    
    $
    (4.4
    )
    
    $
    (23.6
    )
    
    $
    182.0Dividends and accretion on preferred stock
    
    
    18.3
    
    
    
    0.9
    
    
    
    Net (loss)/income available to common shareholders
    
    $
    (22.7
    )
    
    $
    (24.5
    )
    
    $
    182.0Average common shares issued and outstanding
    
    
    69.0
    
    
    
    67.5
    
    
    
    67.9Dilutive common shares from employee stock options, unvested restricted stock,
ESPP subscriptions, and stock warrants
    
    
    
    
    
    
    
    
    
    
    1.0Total diluted common shares issued and outstanding
    
    
    69.0
    
    
    
    67.5
    
    
    
    68.9Basic (loss)/income per common share
    
    $
    (0.33
    )
    
    $
    (0.36
    )
    
    $
    2.68Diluted (loss)/income per common share1
    
    $
    (0.33
    )
    
    $
    (0.36
    )
    
    $
    2.64Cash dividends declared per common share
    
    $
    0.365
    
    
    $
    1.37
    
    
    $
    1.32Anti-dilutive equity instruments excluded from calculation
    
    
    9.8
    
    
    
    7.4
    2
    
    
    0.3
  1
    
    To calculate diluted earnings per share, we applied the two-class method under the
assumption that all potentially dilutive securities other than the unvested restricted
stock had been exercised. For the purposes of this calculation, dilutive shares were determined in
accordance with the treasury method.2
    
    At December 31, 2008, the closing price of our common stock was less than the strike
price for all share equivalents.




---



##### 



128      Wilmington Trust Corporation
    
    2009 Form-10-K
   
    
    Believe average balances offer a more relevant measure of business trends than period-end
balances.
    
    Maintain and review all internal segment data on an average-balance basis.
    
    Base some expense allocations on an average-balance basis.
  
 Wealth
    
    
    Corporate
    
    
    AffiliateRegional
    
    
    Advisory
    
    
    Client
    
    
    MoneyFor the year ended December 31, 2009 (in millions)
    
    Banking
    
    
    Services
    
    
    Services
    
    
    Managers
    
    
    TotalsNet interest income/(loss)
    
    $
    294.8
    
    
    $
    22.8
    
    
    $
    5.7
    
    
    $
    (5.1
    )
    
    $
    318.2Provision for loan losses
    
    
    (188.1
    )
    
    
    (16.9
    )
    
    
    
    
    
    
    
    
    
    
    (205.0
    )Net interest income/(loss) after provision
    
    
    106.7
    
    
    
    5.9
    
    
    
    5.7
    
    
    
    (5.1
    )
    
    
    113.2Advisory fees:Wealth Advisory Services
    
    
    1.1
    
    
    
    186.7
    
    
    
    2.4
    
    
    
    
    
    
    
    190.2Corporate Client Services
    
    
    1.0
    
    
    
    
    
    
    
    170.4
    
    
    
    
    
    
    
    171.4Affiliate Money Managers
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15.2
    
    
    
    15.2Total advisory fees
    
    
    2.1
    
    
    
    186.7
    
    
    
    172.8
    
    
    
    15.2
    
    
    
    376.8Amortization of other intangibles
    
    
    
    
    
    
    (3.9
    )
    
    
    (3.7
    )
    
    
    (0.9
    )
    
    
    (8.5
    )Total advisory fees after amortization of other intangibles
    
    
    2.1
    
    
    
    182.8
    
    
    
    169.1
    
    
    
    14.3
    
    
    
    368.3Other noninterest income
    
    
    51.2
    
    
    
    2.3
    
    
    
    1.7
    
    
    
    
    
    
    
    55.2Securities gains
    
    
    12.5
    
    
    
    0.5
    
    
    
    0.6
    
    
    
    
    
    
    
    13.6Net interest and noninterest income
    
    
    172.5
    
    
    
    191.5
    
    
    
    177.1
    
    
    
    9.2
    
    
    
    550.3Noninterest expense
    
    
    (179.1
    )
    
    
    (183.3
    )
    
    
    (149.0
    )
    
    
    (1.1
    )
    
    
    (512.5
    )Segment profit before income taxes
    
    
    (6.6
    )
    
    
    8.2
    
    
    
    28.1
    
    
    
    8.1
    
    
    
    37.8Income tax (benefit)/expense and noncontrolling interest
    
    
    (12.0
    )
    
    
    0.6
    
    
    
    5.4
    
    
    
    (1.6
    )
    
    
    (7.6
    )Segment operating income
    
    $
    5.4
    
    
    $
    7.6
    
    
    $
    22.7
    
    
    $
    9.7
    
    
    $
    45.4Investment securities impairment charge
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (77.5
    )Income tax benefit for impairment charge
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27.7Reported net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    (4.4
    )Depreciation and amortization
    
    $
    13.1
    
    
    $
    10.6
    
    
    $
    9.0
    
    
    $
    0.9
    
    
    $
    33.6Investment in equity method investees
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    160.1
    
    
    $
    160.1Segment average assets
    
    $
    9,267.5
    
    
    $
    1,473.4
    
    
    $
    447.3
    
    
    $
    161.0
    
    
    $
    11,349.2




---



##### 



Part II  Item 8 (continued)
    
    129
 Wealth
    
    
    Corporate
    
    
    AffiliateRegional
    
    
    Advisory
    
    
    Client
    
    
    MoneyFor the year ended December 31, 2008 (in millions)
    
    Banking
    
    
    Services
    
    
    Services
    
    
    Managers
    
    
    TotalsNet interest income/(loss)
    
    $
    335.1
    
    
    $
    24.1
    
    
    $
    6.2
    
    
    $
    (7.7
    )
    
    $
    357.7Provision for loan losses
    
    
    (102.4
    )
    
    
    (13.1
    )
    
    
    
    
    
    
    
    
    
    
    (115.5
    )Net interest income/(loss) after provision
    
    
    232.7
    
    
    
    11.0
    
    
    
    6.2
    
    
    
    (7.7
    )
    
    
    242.2Advisory fees:Wealth Advisory Services
    
    
    2.8
    
    
    
    213.9
    
    
    
    8.0
    
    
    
    
    
    
    
    224.7Corporate Client Services
    
    
    1.5
    
    
    
    
    
    
    
    130.3
    
    
    
    
    
    
    
    131.8Affiliate Money Managers
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15.7
    
    
    
    15.7Total advisory fees
    
    
    4.3
    
    
    
    213.9
    
    
    
    138.3
    
    
    
    15.7
    
    
    
    372.2Amortization of other intangibles
    
    
    
    
    
    
    (4.1
    )
    
    
    (2.7
    )
    
    
    (0.9
    )
    
    
    (7.7
    )Total advisory fees after amortization of other intangibles
    
    
    4.3
    
    
    
    209.8
    
    
    
    135.6
    
    
    
    14.8
    
    
    
    364.5Other noninterest income
    
    
    55.1
    
    
    
    2.0
    
    
    
    1.4
    
    
    
    
    
    
    
    58.5Securities gains
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1Net interest and noninterest income
    
    
    292.2
    
    
    
    222.8
    
    
    
    143.2
    
    
    
    7.1
    
    
    
    665.3Noninterest expense
    
    
    (169.9
    )
    
    
    (200.8
    )
    
    
    (122.1
    )
    
    
    
    
    
    
    (492.8
    )Segment profit before income taxes
    
    
    122.3
    
    
    
    22.0
    
    
    
    21.1
    
    
    
    7.1
    
    
    
    172.5Income tax expense and noncontrolling interest
    
    
    48.8
    
    
    
    9.7
    
    
    
    10.9
    
    
    
    3.7
    
    
    
    73.1Segment operating income
    
    $
    73.5
    
    
    $
    12.3
    
    
    $
    10.2
    
    
    $
    3.4
    
    
    $
    99.4Investment securities impairment charge
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (130.7
    )Roxbury Capital Management impairment charge
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (66.9
    )Income tax benefit for impairment charges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    74.6Reported net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    (23.6
    )Depreciation and amortization
    
    $
    12.7
    
    
    $
    10.3
    
    
    $
    8.0
    
    
    $
    0.9
    
    
    $
    31.9Investment in equity method investees
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    158.1
    
    
    $
    158.1Segment average assets
    
    $
    9,766.8
    
    
    $
    1,592.5
    
    
    $
    333.3
    
    
    $
    188.6
    
    
    $
    11,881.2
 Wealth
    
    
    Corporate
    
    
    AffiliateRegional
    
    
    Advisory
    
    
    Client
    
    
    MoneyFor the year ended December 31, 2007 (in millions)
    
    Banking
    
    
    Services
    
    
    Services
    
    
    Managers
    
    
    TotalsNet interest income/(loss)
    
    $
    342.1
    
    
    $
    25.1
    
    
    $
    13.8
    
    
    $
    (12.1
    )
    
    $
    368.9Provision for loan losses
    
    
    (24.4
    )
    
    
    (3.8
    )
    
    
    
    
    
    
    
    
    
    
    (28.2
    )Net interest income/(loss) after provision
    
    
    317.7
    
    
    
    21.3
    
    
    
    13.8
    
    
    
    (12.1
    )
    
    
    340.7Advisory fees:Wealth Advisory Services
    
    
    2.8
    
    
    
    210.9
    
    
    
    6.4
    
    
    
    
    
    
    
    220.1Corporate Client Services
    
    
    1.3
    
    
    
    
    
    
    
    97.3
    
    
    
    
    
    
    
    98.6Affiliate Money Managers
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21.9
    
    
    
    21.9Total advisory fees
    
    
    4.1
    
    
    
    210.9
    
    
    
    103.7
    
    
    
    21.9
    
    
    
    340.6Amortization of other intangibles
    
    
    
    
    
    
    (3.1
    )
    
    
    (0.6
    )
    
    
    (1.0
    )
    
    
    (4.7
    )Total advisory fees after amortization of other intangibles
    
    
    4.1
    
    
    
    207.8
    
    
    
    103.1
    
    
    
    20.9
    
    
    
    335.9Other noninterest income
    
    
    47.2
    
    
    
    1.9
    
    
    
    0.9
    
    
    
    
    
    
    
    50.0Securities gains
    
    
    0.1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.1Net interest and noninterest income
    
    
    369.1
    
    
    
    231.0
    
    
    
    117.8
    
    
    
    8.8
    
    
    
    726.7Noninterest expense
    
    
    (169.6
    )
    
    
    (188.5
    )
    
    
    (86.0
    )
    
    
    
    
    
    
    (444.1
    )Segment profit before income taxes
    
    
    199.5
    
    
    
    42.5
    
    
    
    31.8
    
    
    
    8.8
    
    
    
    282.6Income tax expense and noncontrolling interest
    
    
    70.5
    
    
    
    15.3
    
    
    
    11.2
    
    
    
    3.6
    
    
    
    100.6Segment net income
    
    $
    129.0
    
    
    $
    27.2
    
    
    $
    20.6
    
    
    $
    5.2
    
    
    $
    82.0Depreciation and amortization
    
    $
    12.5
    
    
    $
    9.1
    
    
    $
    4.7
    
    
    $
    1.0
    
    
    $
    27.3Investment in equity method investees
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    215.3
    
    
    $
    215.3Segment average assets
    
    $
    9,173.8
    
    
    $
    1,410.9
    
    
    $
    203.3
    
    
    $
    209.4
    
    
    $
    10,997.4




---



##### 



130       Wilmington Trust Corporation
    
    2009 Form-10-K
    At December 31 (in millions)
    
    2009
    
    
    2008Assets:Cash and due from banks
    
    $
    80.5
    
    
    $
    303.7Investment in subsidiaries
    
    
    1,399.0
    
    
    
    1,372.4Investment securities available for sale
    
    
    199.7
    
    
    
    43.4Advances to subsidiaries
    
    
    63.7
    
    
    
    79.8Income taxes receivable
    
    
    4.1
    
    
    
    2.8Other assets
    
    
    9.7
    
    
    
    5.7Total assets
    
    $
    1,756.7
    
    
    $
    1,807.8Liabilities and stockholders equity:Liabilities
    
    $
    7.1
    
    
    $
    13.1Line of credit and other debt
    
    
    
    
    
    
    20.0Long-term debt
    
    
    442.9
    
    
    
    440.8Stockholders equity
    
    
    1,306.7
    
    
    
    1,333.9Total liabilities and stockholders equity
    
    $
    1,756.7
    
    
    $
    1,807.8
  For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007Income:Dividend from subsidiaries
    
    $
    9.0
    
    
    $
    94.2
    
    
    $
    142.1Interest on advance to subsidiaries
    
    
    1.2
    
    
    
    3.9
    
    
    
    5.8Interest
    
    
    0.4
    
    
    
    2.0
    
    
    
    2.6Other noninterest income
    
    
    0.1
    
    
    
    
    
    
    
    Securities (losses)/gains
    
    
    (1.7
    )
    
    
    0.1
    
    
    
    0.1Total Income
    
    $
    9.0
    
    
    $
    100.2
    
    
    $
    150.6Expense:Interest on other borrowings
    
    $
    
    
    
    $
    4.2
    
    
    $
    7.9Interest on long-term debt
    
    
    31.6
    
    
    
    27.5
    
    
    
    17.6Salaries, incentives, and bonuses
    
    
    0.2
    
    
    
    0.3
    
    
    
    0.3Other noninterest expense
    
    
    6.6
    
    
    
    1.5
    
    
    
    1.4Total expense
    
    $
    38.4
    
    
    $
    33.5
    
    
    $
    27.2(Loss)/income before income tax benefit and equity in undistributed income of subsidiaries
    
    $(29.4
    )
    
    $
    66.7
    
    
    $
    123.4Income tax benefit
    
    
    (13.7
    )
    
    
    (9.1
    )
    
    
    (5.5
    )Equity in undistributed income/(loss) of subsidiaries
    
    
    11.3
    
    
    
    (99.4
    )
    
    
    53.1Net (loss)/income
    
    $
    (4.4
    )
    
    $
    (23.6
    )
    
    $
    182.0




---



##### 



Part II  Item 8 (continued)
    
    131
  For the year ended December 31 (in millions)
    
    2009
    
    
    2008
    
    
    2007OPERATING ACTIVITIES:Net (loss)/income
    
    $
    (4.4
    )
    
    $
    (23.6
    )
    
    $
    182.0Adjustments to reconcile net income to net cash provided by operating activities:Equity in undistributed (income)/loss of subsidiaries
    
    
    (11.3
    )
    
    
    99.4
    
    
    
    (53.1
    )Amortization of premiums on investment securities available for sale
    
    
    0.1
    
    
    
    0.2
    
    
    
    0.3Securities losses/(gains)
    
    
    1.7
    
    
    
    (0.1
    )
    
    
    (0.1
    )Stock-based compensation expense
    
    
    0.2
    
    
    
    0.3
    
    
    
    0.3(Increase)/decrease in other assets
    
    
    (2.1
    )
    
    
    4.2
    
    
    
    2.7Increase in other liabilities
    
    
    (5.3
    )
    
    
    9.4
    
    
    
    1.0Net cash
(used for)/provided by operating activities
    
    
    (21.1
    )
    
    
    89.8
    
    
    
    133.1INVESTING ACTIVITIES:Proceeds from sales of investment securities available for sale
    
    
    42.6
    
    
    
    6.5
    
    
    
    1.0Proceeds from maturities of investment securities available for sale
    
    
    1.7
    
    
    
    7.6
    
    
    
    29.8Purchases of investment securities available for sale
    
    
    (200.0
    )
    
    
    (4.8
    )
    
    
    (0.4
    )Capital contribution to subsidiaries
    
    
    (0.4
    )
    
    
    (177.0
    )
    
    
    (31.2
    )Advances to subsidiaries
    
    
    
    
    
    
    (8.0
    )
    
    
    (15.3
    )Repayment of advances to subsidiaries
    
    
    16.7
    
    
    
    13.0
    
    
    
    11.3Net cash used for investing activities
    
    
    (139.4
    )
    
    
    (162.7
    )
    
    
    (4.8
    )FINANCING ACTIVITIES:Cash dividends
    
    
    (40.5
    )
    
    
    (92.5
    )
    
    
    (89.9
    )Net (decrease)/increase in line of credit
    
    
    (20.0
    )
    
    
    5.0
    
    
    
    Proceeds from common stock issued under employment benefit plans
    
    
    
    
    
    
    5.7
    
    
    
    23.1Proceeds from reissuance of treasury stock
    
    
    
    
    
    
    43.7
    
    
    
    Proceeds from issuance of preferred stock
    
    
    
    
    
    
    330.0
    
    
    
    Proceeds from issuance of long-term debt
    
    
    
    
    
    
    198.7
    
    
    
    Maturity of long-term debt
    
    
    
    
    
    
    (125.0
    )
    
    
    Acquisition of treasury stock
    
    
    (2.2
    )
    
    
    (0.2
    )
    
    
    (86.5
    )Net cash (used for)/provided by financing activities
    
    
    (62.7
    )
    
    
    365.4
    
    
    
    (153.3
    )(Decrease)/increase in cash and cash equivalents
    
    
    (223.2
    )
    
    
    292.5
    
    
    
    (25.0
    )Cash and cash equivalents at beginning of year
    
    
    303.7
    
    
    
    11.2
    
    
    
    36.2Cash and cash equivalents at end of year
    
    $
    80.5
    
    
    $
    303.7
    
    
    $
    11.2




---



##### 



132           Wilmington Trust Corporation
    
    2009 Form-10-K
  
    Investments  Debt and Equity Securities),
 Internal Control  Integrated Framework




---



##### 



Part II  Items 9 and 9A
    
    133




---



##### 



134           Wilmington Trust Corporation
    
    2009 Form-10-K
 MANAGEMENTS ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
   
    
    Maintaining a strong internal control environment.Our system of internal control includes
written policies and procedures, segregation of duties, and care in the selection,
management, and development of our staff members. It is designed to provide reasonable
assurance that transactions are executed as authorized; that transactions are recorded
accurately; that assets are safeguarded; and that accounting records are sufficiently reliable
to permit the preparation of financial statements that conform in all material respects with
U.S. generally accepted accounting principles (GAAP).Our disclosure controls and procedures are designed to ensure that information required to be
disclosed in reports under the Securities Exchange Act of 1934 is recorded, processed,
summarized, and reported within the specified time periods. We monitor our system of internal
control through self-assessments and an ongoing program of internal audits. We revise the system
when warranted by changes in circumstances or requirements.
    
    Engaging strong and effective corporate governance.We have maintained governance policies
and practices for many years. We have an active, capable, and diligent Board of Directors, and
we welcome the Boards oversight. All of our directors, except the two management
representatives, meet the required standards for independence.We review our critical accounting policies, financial reporting, and internal control matters
with our Audit Committee, which is composed exclusively of independent directors who possess the
financial knowledge and experience to provide appropriate oversight. The Audit Committee is
responsible for appointing an independent registered public accounting firm to audit our
financial statements in accordance with GAAP, and to assess independently the fair presentation
of our financial position, results of operations, and cash flows. Our Audit Committee members
communicate directly with our internal auditor and our independent registered public accounting
firm, KPMG LLP. KPMGs report is on page 132 of this report.
    
    Presenting financial results that are complete, transparent, and understandable.As
management, we are responsible for the financial statements and financial information that are
included in this report. This includes making sure that our financial statements are prepared
in accordance with GAAP. Where necessary, amounts recorded reflect our best judgment. We have
provided certifications regarding the quality of our public disclosures in all periodic
reports filed with the Securities and Exchange Commission as required. In addition, the New
York Stock Exchange (NYSE) requires us to certify annually that we are in compliance with the
NYSEs Corporate Governance Listing Standards. We made an unqualified certification regarding
our compliance with these standards on May 4, 2009. Our next NYSE certification is due in May
2010.
 MANAGEMENTS REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
 Internal
Control  Integrated Framework
 /s/ Ted T. Cecala
    
    /s/ Robert V.A. Harra Jr.
    
    /s/ David R. GibsonTED T. CECALA
    
    ROBERT V.A. HARRA JR.
    
    DAVID R. GIBSONChairman
    
    President
    
    Chief Financial Officerand Chief Executive Officer
    
    and Chief Operating Officer
    
    and Executive Vice President, Finance




---



##### 



Part II  Item 9A (continued)
    
    135
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 Internal
Control  Integrated Framework Managements Report on Internal Control Over
Financial Reporting.
    Internal Control  Integrated Framework




---



##### 



136           Wilmington Trust Corporation
    
    2009 Form-10-K




---



##### 



Part III  Item 10  Item 14
    
    137




---



##### 



138           Wilmington Trust Corporation
    
    2009 Form-10-K
 
  
    
    
    Free of charge on our Internet site at www.wilmingtontrust.com or through the SECs Web site at
www.sec.gov.
    
    By sending a written request, plus $0.20 per page for duplicating costs, to Investor
Relations at our headquarters address or
to IR@wilmingtontrust.com.
 Exhibitnumber
    
    Exhibit3.1
    
    Amended and Restated Certificate of Incorporation of the Corporation (Commission File Number 1-14659)13.2
    
    Amended and Restated Bylaws of the Corporation (Commission File Number 1-14659)23.3
    
    Form of Amended Certificate of Designation of Series A Junior Participating Preferred Stock dated December 16, 2004
(Commission File Number 1-14659)33.4
    
    Certificate of Designations for Series A Preferred Stock dated December 12, 2008 (Commission File Number
1-14659)44.1
    
    Amended and Restated Rights Agreement dated as of December 16, 2004 between Wilmington Trust Corporation and Wells
Fargo Bank, N.A. (Commission File Number 1-14659)54.2
    
    Indenture Relating to Subordinated Debt Securities dated as of May 4, 1998 between Wilmington Trust Corporation and
Norwest Bank Minnesota, National Association (Commission File Number 1-14659)64.3
    
    Officers Certificate dated April 1, 2003 establishing the terms of the 4.875% Subordinated Note due 2013
(Commission File Number 1-14659)74.4
    
    Subordinated Note of Wilmington Trust Corporation dated April 4, 2003 (Commission File Number 1-14659)84.5
    
    Officers Certificate pursuant to the Indenture, dated April 1, 2008, establishing the terms of the 8.50%
Subordinated Note due 2018 (Commission File Number 1-14659)94.6
    
    Form of 8.50% Subordinated Note due 2018 (Commission File Number 1-14659)104.7
    
    Form of Certificate for Series A Preferred Stock (Commission File Number 1-14659)114.8
    
    Warrant to Purchase Shares of Common Stock (Commission File Number 1-14659)1210.1
    
    Amended and Restated Supplemental Executive Retirement Plan (Commission File Number 1-14659)1310.2
    
    Severance Agreement dated as of February 29, 1996 between Wilmington Trust Company and Ted T. Cecala (Commission
File Number 1-14659)14




---



##### 



Part IV  Item 15
    
    139
 Exhibitnumber
    
    Exhibit10.3
    
    Severance Agreement dated as of February 29, 1996 between Wilmington Trust Company and William J.
Farrell II (Commission File Number 1-14659)1510.4
    
    Severance Agreement dated as of February 29, 1996 between Wilmington Trust Company and David R. Gibson
(Commission File Number 1-14659)1610.5
    
    Severance Agreement dated as of February 29, 1996 between Wilmington Trust Company and Robert V.A.
Harra Jr. (Commission File Number 1-14659)1710.6
    
    Severance Agreement dated as of February 22, 2006 between Wilmington Trust Company and Michael A.
DiGregorio (Commission File Number 1-14659)1810.7
    
    Severance Agreement dated as of February 13, 2007 between Wilmington Trust Company and Kevyn N.
Rakowski (Commission File Number 1-14659)1910.8
    
    Severance Agreement dated as of December 19, 2000 between Wilmington Trust of Pennsylvania and Mark A.
Graham2010.9
    
    Amendment No. 1 to Severance Agreement dated as of December 19, 2000 between Wilmington Trust Company
and Ted T. Cecala (Commission File Number 1-14659)2110.10
    
    Amendment No. 1 to Severance Agreement dated as of December 19, 2000 between Wilmington Trust Company
and William J. Farrell II (Commission File Number 1-14659)2210.11
    
    Amendment No. 1 to Severance Agreement dated as of December 19, 2000 between Wilmington Trust Company
and David R. Gibson (Commission File Number 1-14659)2310.12
    
    Amendment No. 1 to Severance Agreement dated as of December 19, 2000 between Wilmington Trust Company
and Robert V.A. Harra Jr. (Commission File Number 1-14659)2410.13
    
    2008 Employee Stock Purchase Plan2510.14
    
    1999 Long-Term Incentive Plan (Commission File Number 1-14659)2610.15
    
    Amended and Restated 2002 Long-Term Incentive Plan of Wilmington Trust Corporation (Commission File
Number 1-14659)2710.16
    
    2001 Non-Employee Directors Stock Option Plan (Commission File Number 1-14659)2810.17
    
    2004 Executive Incentive Plan (Commission File Number 1-14659)2910.18
    
    Amended and Restated 2005 Long-Term Incentive Plan (Commission File Number 1-14659)3010.19
    
    2009 Executive Incentive Plan (Commission File Number 1-14659)3110.20
    
    2009 Long-Term Incentive Plan (Commission File Number 1-14659)32




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##### 



140          Wilmington Trust Corporation
    
    2009 Form-10-K
 Exhibitnumber
    
    Exhibit10.21
    
    Amended and Restated Limited Liability Company Agreement of Cramer Rosenthal McGlynn, LLC dated
as of January 1, 2001 (Commission File Number 1-14659)3310.22
    
    Amendment to the Amended and Restated Limited Liability Company Agreement of Cramer Rosenthal
McGlynn, LLC dated as of June 28, 2002 (Commission File Number 1-14659)3410.23
    
    Second Amended and Restated Limited Liability Company Agreement of Roxbury Capital Management,
LLC dated as of August 1, 2003 (Commission File Number 1-14659)3510.24
    
    Limited Liability Company Interest Purchase Agreement dated as of April 2, 2004 among Grant Tani
Barash & Altman, Inc., Warren Grant, Jane Tani, Corey Barash, Howard Altman and GTBA Holdings,
Inc. (Commission File Number 1-14659)3610.25
    
    Amended and Restated Limited Liability Company Agreement of Grant Tani Barash & Altman, LLC
dated as of October 1, 2004 among Grant, Tani, Barash & Altman, Inc., GTBA Holdings, Inc.,
Warren Grant, Jane Tani, Corey Barash, Howard Altman (Commission File Number
1-14659)3710.26
    
    Stock Purchase Agreement dated as of January 30, 2008 among Michael Karfunkel and Leah
Karfunkel, as Trustees for the 2005 Michael Karfunkel Grantor Retained Annuity Trust, George
Karfunkel, Renee Karfunkel, Leah Karfunkel, Michael Karfunkel, AST Capital Trust Company of
Delaware, and Wilmington Trust FSB (Commission File Number 1-14659)3810.27
    
    Form of Stock Option Agreement3910.28
    
    Form of Director Stock Option
Agreement3910.29
    
    Form of Restricted Stock Agreement3910.30
    
    Form of Restricted Stock Unit Agreement (Commission File Number 1-14659)4010.31
    
    Letter Agreement including the Securities Purchase Agreement  Standard Terms incorporated
therein, dated December 12, 2008, between Wilmington Trust Corporation and the United States
Department of the Treasury (Commission File Number 1-14659)4110.32
    
    Form of Waiver (Commission File Number 1-14659)4210.33
    
    Amendments to Benefit Plans dated December 12, 2008 (Commission File Number 1-14659)4321
    
    Subsidiaries of Wilmington Trust Corporation3923
    
    Consent of KPMG LLP3931(i) and (ii)
    
    Rule 13a-14(a)/15d-14(a) Certifications3932
    
    Section 1350 Certifications3999
    
    Certifications for Capital Purchase Program39




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##### 



Part IV  Item 15
    
    141
 
 1
    
    Incorporated by reference to Exhibit 3(a) to the Report on Form S-8 of Wilmington Trust Corporation filed on October 31, 1991.2
    
    Incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of Wilmington Trust Corporation filed on January 21, 2009.3
    
    Incorporated by reference to Exhibit A to Exhibit 1 to the Form 8-A/A of Wilmington Trust Corporation filed on December 16, 2004.4
    
    Incorporated by reference to Exhibit 3.1 to the Form 8-K of Wilmington Trust Corporation filed on December 16, 2008.5
    
    Incorporated by reference to Exhibit 1 to the Form 8-A/A of Wilmington Trust Corporation filed on December 16, 2004.6
    
    Incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-3 of Wilmington Trust Corporation filed on November 29, 2007.7
    
    Incorporated by reference to Exhibit 4.3 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed March 2, 2009.8
    
    Incorporated by reference to Exhibit 10.37 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on March 15, 2005.9
    
    Incorporated by reference to Exhibit 4.3 to the Form 8-K of Wilmington Trust Corporation filed on April 1, 2008.10
    
    Incorporated by reference to Exhibit 4.2 to the Form 8-K of Wilmington Trust Corporation filed on April 1, 2008.11
    
    Incorporated by reference to Exhibit 4.1 to the Form 8-K of Wilmington Trust Corporation filed on December 16, 2008.12
    
    Incorporated by reference to Exhibit 4.2 to the Form 8-K of Wilmington Trust Corporation filed on December 16, 2008.13
    
    Incorporated by reference to Exhibit 10.1 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on March 2, 2009.14
    
    Incorporated by reference to Exhibit 10(i) to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on March 30, 1996.15
    
    Incorporated by reference to Exhibit 10(l) to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on March 30, 1996.16
    
    Incorporated by reference to Exhibit 10(m) to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on March 30, 1996.17
    
    Incorporated by reference to Exhibit 10(n) to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on March 30, 1996.18
    
    Incorporated by reference to Exhibit 10.7 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on March 1, 2007.19
    
    Incorporated by reference to Exhibit 10.8 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on February 29, 2008.20
    
    Incorporated by reference to Exhibit 10.9 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on February 29, 2008.21
    
    Incorporated by reference to Exhibit 10.18 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on April 2, 2001.22
    
    Incorporated by reference to Exhibit 10.21 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on April 2, 2001.23
    
    Incorporated by reference to Exhibit 10.22 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on April 2, 2001.24
    
    Incorporated by reference to Exhibit 10.23 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on April 2, 2001.25
    
    Incorporated by reference to ExhibitC to the Proxy Statement of Wilmington Trust Corporation filed on February 29, 2008.26
    
    Incorporated by reference to Exhibit A to the Proxy Statement of Wilmington Trust Corporation filed on March 31, 1999.27
    
    Incorporated by reference to Exhibit 10.64 to the Quarterly Report on Form 10-K of Wilmington Trust Corporation filed on November 9, 2004.28
    
    Incorporated by reference to Exhibit 4.9 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on April 2, 2001.29
    
    Incorporated by reference to Exhibit 10.61 to the Quarterly Report on Form 10-Q of Wilmington Trust Corporation filed on August 9, 2004.30
    
    Incorporated by reference to Exhibit 10.21 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on February 29, 2008.31
    
    Incorporated by reference to ExhibitC to the Proxy Statement of Wilmington Trust Corporation filed on March 16, 2009.32
    
    Incorporated by reference to Exhibit D to the Proxy Statement of Wilmington Trust Corporation filed on March 16, 2009.33
    
    Incorporated by reference to Exhibit 10.44 to the Quarterly Report on Form 10-Q/A of Wilmington Trust Corporation filed on March 25, 2003.34
    
    Incorporated by reference to Exhibit 10.46 to the Quarterly Report on Form 10-Q of Wilmington Trust Corporation filed on August 14, 2002.35
    
    Incorporated by reference to Exhibit 10.53 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on March 15, 2004.36
    
    Incorporated by reference to Exhibit 10.59 to the Quarterly Report on Form 10-Q of Wilmington Trust Corporation filed on May 10, 2004.37
    
    Incorporated by reference to Exhibit 10.63 to the Quarterly Report on Form 10-Q of Wilmington Trust Corporation filed on November 9, 2004.38
    
    Incorporated by reference to Exhibit 10.28 to the Annual Report on Form 10-K of Wilmington Trust Corporation filed on February 29, 2008.39
    
    Filed herewith.40
    
    Incorporated by reference to Exhibit 10.67 to the Quarterly Report on Form 10-Q of Wilmington Trust Corporation filed on November 9, 2004.41
    
    Incorporated by reference to Exhibit 10.1 to the Form 8-K of Wilmington Trust Corporation filed on December 16, 2008.42
    
    Incorporated by reference to Exhibit 10.2 to the Form 8-K of Wilmington Trust Corporation filed on December 16, 2008.43
    
    Incorporated by reference to Exhibit 10.3 to the Form 8-K of Wilmington Trust Corporation filed on December 16, 2008.




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142           Wilmington Trust Corporation
    
    2009 Form-10-K
   WILMINGTON TRUST CORPORATIONFebruary 22, 2010
    
    By: /s/ Ted T. CecalaTED T. CECALA, Director,Chairman of the Board and Chief Executive Officer
  February 22, 2010/s/ Ted T. Cecala
    
    /s/ Gailen KrugTED T. CECALA, Director, Chairman of the
    
    GAILEN KRUG, DirectorBoard and Chief Executive Officer/s/ Robert V.A. Harra Jr.
    
    /s/ Rex L. MearsROBERT V.A. HARRA JR., Director,
    
    REX L. MEARS, DirectorPresident, and Chief Operating Officer/s/ David R. Gibson
    
    /s/ Stacey J. MobleyDAVID R. GIBSON, Executive Vice President and
    
    STACEY J. MOBLEY, DirectorChief Financial Officer/s/ Kevyn N. Rakowski
    
    /s/ Michele M. RollinsKEVYN N. RAKOWSKI, Senior Vice President
    
    MICHELE M. ROLLINS, Directorand Controller/s/ Carolyn S. Burger
    
    /s/ Oliver R. SockwellCAROLYN S. BURGER, Director
    
    OLIVER R. SOCKWELL, Director/s/ R. Keith Elliott
    
    /s/ Robert W. Tunnell Jr.R. KEITH ELLIOTT, Director
    
    ROBERT W. TUNNELL JR., Director/s/ Donald E. Foley
    
    /s/ Susan D. WhitingDONALD E. FOLEY, Director
    
    SUSAN D. WHITING, Director/s/ Louis J. FreehLOUIS J. FREEH, Director