WHEELING, W.Va., July 27, 2021 /PRNewswire/ -- WesBanco, Inc.
("WesBanco") (Nasdaq: WSBC), a diversified, multi-state bank
holding company, today announced net income and related earnings
per share for the three and six months ended June 30, 2021. Net income available to
common shareholders for the period was $68.1
million, with diluted earnings per share of $1.01, compared to $4.5
million and $0.07 per diluted
share, respectively, for the second quarter of 2020. For the
six months ended June 30, 2021, net
income was $138.6 million, or
$2.06 per diluted share, compared to
$27.9 million, or $0.41 per diluted share, for the 2020
period. Net income available to common
shareholders, excluding after-tax restructuring and merger-related
expenses, for the three months ended June
30, 2021, was $69.0 million,
or $1.03 per diluted share, as
compared to $4.9 million and
$0.07 per diluted share,
respectively, in the prior year quarter (non-GAAP measures).
On the same basis, net income for the six months ended June 30, 2021 was $140.3
million, or $2.09 per diluted
share, as compared to $32.3 million,
or $0.48 per diluted share, in the
prior year period (non-GAAP measures).
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For the Three
Months Ended June 30,
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For the Six
Months Ended June 30,
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2021
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2020
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2021
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2020
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(unaudited,
dollars in thousands,
except per share amounts)
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Net
Income
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Diluted
Earnings
Per Share
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Net
Income
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Diluted
Earnings
Per Share
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Net
Income
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Diluted
Earnings
Per Share
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Net
Income
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Diluted
Earnings
Per Share
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Net income available
to common shareholders (Non-GAAP)(1)
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$
69,022
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$
1.03
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$
4,858
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$
0.07
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$
140,279
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$
2.09
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$
32,334
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$
0.48
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Less: After-tax
restructuring and merger-related expenses
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(965)
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(0.02)
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(370)
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-
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(1,638)
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(0.03)
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(4,450)
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(0.07)
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Net income available
to common shareholders (GAAP)
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$
68,057
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$
1.01
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$
4,488
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$
0.07
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$
138,641
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$
2.06
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$
27,884
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$
0.41
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(1)See
non-GAAP financial measures for additional information relating to
the calculation of these items.
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WesBanco believes that pre-tax, pre-provision income ("PTPP")
(non-GAAP measure) provides a more comparable year-over-year
measure as it removes the provision for credit losses to improve
comparability from period-to-period. For the three months
ended June 30, 2021, PTPP, excluding
restructuring and merger-related expenses, increased 3.8%
year-over-year to $69.4 million, as
compared to $66.8 million for the
prior period. In addition, on the same basis, the PTPP return
on average assets was 1.63% for the three months ended June 30, 2021, as compared to 1.61% in the prior
year period. For the six months ended June 30, 2021, PTPP income, excluding
restructuring and merger-related expenses, increased 3.7%
year-over-year to $133.6 million, as
compared to $128.8 million for the
prior period.
Financial and operational highlights during the quarter ended
June 30, 2021:
- Deposit growth, excluding certificates of deposit ("CDs"), was
14.0% year-over-year, driven by growth in demand deposits
- Trust assets under management increased 22.2% year-over-year to
a record $5.5 billion, which was
driven by both market appreciation and organic growth
- Continued expense management demonstrated by a year-to-date
efficiency ratio of 55.33% (non-GAAP measure)
- Improving macro-economic factors favorably impacted the
provision for credit losses under the Current Expected Credit
Losses ("CECL") methodology, which drove both the net benefit in
the provision for credit losses and the reduction in allowance for
credit losses during the quarter
- Key credit quality metrics such as non-performing assets, past
due loans, and net loan charge-offs, as percentages of total
portfolio loans, have remained at low levels and favorable to peer
bank averages, those with total assets between $10 billion and $25
billion (based upon the prior four quarters)
- During the quarter, we purchased approximately 1.5 million
shares of our common stock on the open market under existing share
repurchase authorizations
- WesBanco Bank was named, for the third year in a row, one of
the world's best banks in an independent ranking based solely on
customer satisfaction and feedback
- We anticipate our core banking software system conversion to be
completed during the third quarter, which will provide enhanced
products and services for our customers, as well as improved
operational efficiencies
"We are pleased with WesBanco's performance during the second
quarter of 2021 as we continue to deliver pre-tax, pre-provision
earnings growth," said Todd F.
Clossin, President and Chief Executive Officer of
WesBanco. "Our financial performance this quarter was again
driven by strong fee income growth and disciplined expense
management. In addition, we remain focused on ensuring a
strong organization for our shareholders and will continue to
appropriately return capital to them."
Mr. Clossin added, "The successful execution of our growth and
diversification plans has enabled WesBanco to transform into an
emerging regional financial institution with the majority of our
organization in higher growth markets. This diversification,
combined with our experienced teams, make us well-positioned to
drive loan growth once the excess liquidity throughout our
economies is absorbed. In fact, we have continued to make
strategic hires across our organization and markets in order to
strengthen our teams and enhance our ability to leverage growth
opportunities once they fully return."
Balance Sheet
Portfolio loans of $10.4 billion as
of June 30, 2021 decreased 6.5% when
compared to the prior year period, due primarily to forgiveness of
approximately $662 million of SBA
Payroll Protection Program ("SBA PPP") loans and lower residential
real estate and consumer loans. Further, when excluding SBA
PPP loans, total loans decreased 4.1% year-over-year and 0.7%
sequentially. During the second quarter, approximately 2,320
customers applied for and received forgiveness of their SBA PPP
loans totaling $327 million; while
our lenders assisted more than 780 businesses with Round 2 SBA PPP
loans totaling approximately $27
million, through its conclusion at the end of May.
Total deposits increased 9.3% year-over-year to $13.3 billion due primarily to stimulus funds
previously received by our customers and increased personal
savings, which more than offset a $324.5 million reduction in CDs. Deposits,
excluding CDs, increased 14.0% year-over-year, driven by a 14.4%
increase in total demand deposits, which represent approximately
57% of total deposits.
Credit Quality
As of June 30, 2021, total loans past
due, non-performing loans, and non-performing assets as percentages
of the portfolio and total assets have remained relatively low and
consistent throughout the last five quarters. In addition, we
realized annualized net loan recoveries to average loans of three
basis points. Reflecting improved macroeconomic factors and
qualitative adjustments in the CECL calculation, the allowance for
credit losses specific to total portfolio loans at June 30, 2021 was $140.7
million, or 1.36% of total loans; or, when excluding SBA PPP
loans, 1.43% of total portfolio loans. The improvements in
these macroeconomic factors resulted in a negative provision for
credit losses of $21.0 million for
the second quarter of 2021.
Net Interest Margin and Income
The net interest margin of 3.12% for the second quarter of 2021
decreased 15 basis points sequentially and 20 basis points from the
second quarter of 2020, primarily due to the lower interest rate
environment, and a mix shift of higher securities as a percentage
of total assets. As a result of higher cash balances from
additional stimulus funds received by our customers and their
higher personal savings creating extra liquidity, investment
securities increased by $1.0 billion
year-over-year and represent approximately 23% of total assets, as
of June 30, 2021. Reflecting
the significantly lower interest rate environment, we aggressively
reduced our deposit rates throughout the past year, which helped to
lower deposit funding costs 13 basis points year-over-year to 17
basis points for the second quarter of 2021, or 12 basis points
when including non-interest bearing deposits. The total cost
of deposits was down 2 basis points sequentially.
Furthermore, we continued to lower the cost of FHLB borrowings,
down 17 basis points quarter-over-quarter, as second quarter
average borrowings declined $0.1
billion, or 20.1%, from the first quarter to $0.4 billion, which have a remaining average life
of less than one year. Accretion from acquisitions benefited
the second quarter net interest margin by 12 basis points, as
compared to 19 basis points in the prior year period and 13 basis
points during the first quarter of 2021. Lastly, the
forgiveness of existing and funding of new SBA PPP loans benefited
the second quarter of 2021 net interest margin by a net 5 basis
points, and should positively impact the net interest margin as the
loans are forgiven during the next few quarters.
Net interest income decreased $3.2
million, or 2.7%, during the second quarter of 2021, as
compared to the same quarter of 2021, reflecting lower loan yields
due to repricing of existing loans and lower new offered rates in
the current market environment, lower accretion from purchase
accounting, and lower rates on new investment securities purchased,
partially offset by lower interest paid on deposits and borrowings
as described above. For the six months ended June 30, 2021, net interest income decreased
$6.8 million, or 2.9%, due to the
reasons discussed for the three-month period comparison.
Non-Interest Income
For the second quarter of 2021, non-interest income of $36.1 million increased $3.3 million, or 9.9%, from the second quarter of
2020, driven primarily by a net gain on other real estate owned and
other assets, electronic banking fees, and trust fees, which were
partially offset by lower other income and net securities
gains. The net gain on other real estate owned and other
assets of $4.0 million was due to a
gain earned on an investment made by WesBanco's Community
Development Corporation in a start-up firm more than ten years ago
that was recently acquired by a public company. Electronic
banking fees increased $1.0 million,
or 24.4%, due primarily to increased point-of-sale transactions and
ATM volumes. Trust fees increased $0.9
million, or 15.3%, due to market value appreciation and
organic growth. Loan swap-related income, which is recorded
in other income, of $1.0 million was
offset during the quarter by a negative $1.0
million of fair market value adjustments, as compared,
respectively, to $3.5 million and a
negative $0.5 million last year.
Primarily reflecting the items discussed above, non-interest
income, for the six months ended June 30,
2021, increased $8.5 million,
or 13.9%. In addition, reflecting the low interest rate
environment and organic growth, mortgage banking fees increased
$3.3 million, or 37.3%, compared to
the prior year period, net of fair value adjustments, while service
charges on deposits were lower due to higher consumer deposits
associated with the three rounds of stimulus to-date and lower
general consumer spending, resulting in fewer eligible account
fees.
Non-Interest Expense
Total operating expenses continued to be well-controlled through
company-wide efforts to effectively manage discretionary costs and
full-time equivalent employee counts, as demonstrated by a
year-to-date efficiency ratio of 55.33%. Excluding
restructuring and merger-related expenses, non-interest expense for
the three months ended June 30, 2021
decreased $2.4 million, or 2.9%, to
$82.6 million compared to the prior
year period, primarily due to lower FDIC insurance expense, as well
as continuing cost control measures over certain discretionary
expenses. FDIC insurance expense decreased $2.2 million, or 92.4%, due to certain prior
period reporting adjustments resulting in a $1.0 million refund and improved risk
factors. Equipment and software expense for the second
quarter of 2021 increased $1.6
million, or 27.2%, year-over-year due to increased asset
size and the SBA PPP loan program. Other operating expenses
decreased $1.1 million, or 6.1%,
reflecting a $0.8 million state
franchise tax refund.
On a similar basis, non-interest expense during the first
half of 2021 decreased $3.1 million,
or 1.8%, compared to the prior year period, due primarily to lower
salaries and wages from financial center closures during the past
year, lower FDIC insurance, and discretionary cost control which
more than offset higher equipment and software costs, higher
marketing expense from product advertising and brand awareness
campaigns that were delayed from 2020 due to the COVID-19 pandemic,
and mid-2020 annual salary increases.
Capital
WesBanco continues to maintain what we believe are strong
regulatory capital ratios, as both consolidated and bank-level
regulatory capital ratios are well above the applicable
"well-capitalized" standards promulgated by bank regulators and the
BASEL III capital standards.
At June 30, 2021, Tier I leverage was
10.42%, Tier I risk-based capital ratio was 15.15%, common equity
Tier 1 capital ratio ("CET 1") was 13.83%, and total risk-based
capital was 17.68%.
During the second quarter of 2021, WesBanco repurchased
1,478,882 shares of its outstanding common stock on the open market
at a total cost of $55.6
million. As of June 30,
2021, approximately 1.9 million shares remained for
repurchase under existing share repurchase authorizations.
Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's
financial results for the second quarter of 2021 at 10:00 a.m. ET on Wednesday, July 28, 2021.
Interested parties can access the live webcast of the conference
call through the Investor Relations section of the Company's
website, www.wesbanco.com. Participants can also listen to
the conference call by dialing 888-347-6607, 855-669-9657 for
Canadian callers, or 412-902-4290 for international callers, and
asking to be joined into the WesBanco call.
A replay of the conference call will be available by dialing
877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088
for international callers, and providing the access code of
10150982. The replay will begin at approximately 12:00 p.m. ET on July
28, and end at 12 a.m. ET on
August 11. An archive of the webcast will be available for
one year on the Investor Relations section of the Company's website
(www.wesbanco.com).
Forward-Looking Statements
Forward-looking statements in this report relating to WesBanco's
plans, strategies, objectives, expectations, intentions and
adequacy of resources, are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. The information contained in this report should be read
in conjunction with WesBanco's Form 10-K for the year ended
December 31, 2020 and documents
subsequently filed by WesBanco with the Securities and Exchange
Commission ("SEC"), including WesBanco's Form 10-Q for the quarter
ended March 31, 2021, which are
available at the SEC's website, www.sec.gov or at WesBanco's
website, www.WesBanco.com. Investors are cautioned that
forward-looking statements, which are not historical fact, involve
risks and uncertainties, including those detailed in WesBanco's
most recent Annual Report on Form 10-K filed with the SEC under
"Risk Factors" in Part I, Item 1A. Such statements are
subject to important factors that could cause actual results to
differ materially from those contemplated by such statements,
including, without limitation, the effects of changing regional and
national economic conditions including the effects of the COVID-19
pandemic; changes in interest rates, spreads on earning assets and
interest-bearing liabilities, and associated interest rate
sensitivity; sources of liquidity available to WesBanco and its
related subsidiary operations; potential future credit losses and
the credit risk of commercial, real estate, and consumer loan
customers and their borrowing activities; actions of the Federal
Reserve Board, the Federal Deposit Insurance Corporation, the SEC,
the Financial Institution Regulatory Authority, the Municipal
Securities Rulemaking Board, the Securities Investors Protection
Corporation, and other regulatory bodies; potential legislative and
federal and state regulatory actions and reform, including, without
limitation, the impact of the implementation of the Dodd-Frank Act;
adverse decisions of federal and state courts; fraud, scams and
schemes of third parties; cyber-security breaches; competitive
conditions in the financial services industry; rapidly changing
technology affecting financial services; marketability of debt
instruments and corresponding impact on fair value adjustments;
and/or other external developments materially impacting WesBanco's
operational and financial performance. WesBanco does not
assume any duty to update forward-looking statements.
Non-GAAP Financial Measures
In addition to the results of operations presented in accordance
with Generally Accepted Accounting Principles (GAAP), WesBanco's
management uses, and this presentation contains or references,
certain non-GAAP financial measures, such as pre-tax pre-provision
income, tangible common equity/tangible assets; net income
excluding after-tax restructuring and merger-related expenses;
efficiency ratio; return on average assets; and return on average
tangible equity. WesBanco believes these financial measures
provide information useful to investors in understanding our
operational performance and business and performance trends which
facilitate comparisons with the performance of others in the
financial services industry. Although WesBanco believes that these
non-GAAP financial measures enhance investors' understanding of
WesBanco's business and performance, these non-GAAP financial
measures should not be considered an alternative to GAAP. The
non-GAAP financial measures contained therein should be read in
conjunction with the audited financial statements and analysis as
presented in the Annual Report on Form 10-K as well as the
unaudited financial statements and analyses as presented in the
Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries,
as well as other filings that the company has made with the
SEC.
About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a diversified
and balanced financial services company that delivers large bank
capabilities with a community bank feel. Our distinct
long-term growth strategies are built upon unique sustainable
advantages permitting us to span six states with meaningful market
share. Built upon our 'Better Banking Pledge', our
customer-centric service culture is focused on growing long-term
relationships by pledging to serve all personal and business
customer needs efficiently and effectively. In addition to a
full range of online and mobile banking options and a full-suite of
commercial products and services, WesBanco provides trust, wealth
management, securities brokerage, and private banking services
through our century-old Trust and Investment Services department,
with approximately $5.5 billion of
assets under management (as of June
30, 2021). WesBanco's banking subsidiary, WesBanco
Bank, Inc., operates 206 financial centers in the states of
Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
Additionally, WesBanco operates an insurance agency, WesBanco
Insurance Services, Inc., and a full service broker/dealer,
WesBanco Securities, Inc.
WESBANCO,
INC.
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Consolidated
Selected Financial Highlights
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Page
5
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(unaudited,
dollars in thousands, except shares and per share
amounts)
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For the Three
Months Ended
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For the Six
Months Ended
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Statement of
Income
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June
30,
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June
30,
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Interest and
dividend income
|
2021
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2020
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%
Change
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2021
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2020
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%
Change
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Loans, including
fees
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$
105,968
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$
115,068
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(7.9)
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$
215,327
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$
234,571
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(8.2)
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Interest and
dividends on securities:
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|
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Taxable
|
12,900
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14,047
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(8.2)
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24,027
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31,034
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(22.6)
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Tax-exempt
|
3,952
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4,302
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(8.1)
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7,862
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8,758
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(10.2)
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Total interest and
dividends on securities
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16,852
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|
18,349
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(8.2)
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31,889
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39,792
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(19.9)
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Other interest
income
|
507
|
|
1,277
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(60.3)
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|
1,166
|
|
2,779
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(58.0)
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Total interest and dividend income
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123,327
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|
134,694
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(8.4)
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248,382
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|
277,142
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(10.4)
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Interest
expense
|
|
|
|
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|
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Interest bearing
demand deposits
|
1,009
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|
1,350
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(25.3)
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2,052
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|
4,745
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(56.8)
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Money market
deposits
|
551
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|
879
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(37.3)
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1,130
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|
3,231
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(65.0)
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Savings
deposits
|
261
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|
297
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(12.1)
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|
525
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|
1,220
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(57.0)
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Certificates of
deposit
|
2,026
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|
3,514
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|
(42.3)
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4,396
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|
7,568
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(41.9)
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Total interest
expense on deposits
|
3,847
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|
6,040
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|
(36.3)
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|
8,103
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|
16,764
|
|
(51.7)
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Federal Home Loan
Bank borrowings
|
1,781
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|
7,293
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(75.6)
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|
4,195
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|
15,525
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(73.0)
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Other short-term
borrowings
|
40
|
|
279
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(85.7)
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|
159
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|
1,149
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(86.2)
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Subordinated debt and
junior subordinated debt
|
1,804
|
|
2,069
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|
(12.8)
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|
3,593
|
|
4,530
|
|
(20.7)
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|
|
|
Total interest
expense
|
7,472
|
|
15,681
|
|
(52.3)
|
|
16,050
|
|
37,968
|
|
(57.7)
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Net interest
income
|
115,855
|
|
119,013
|
|
(2.7)
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|
232,332
|
|
239,174
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|
(2.9)
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Provision for credit
losses
|
(21,025)
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|
61,841
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|
(134.0)
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|
(48,984)
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|
91,661
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|
(153.4)
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Net interest income
after provision for credit losses
|
136,880
|
|
57,172
|
|
139.4
|
|
281,316
|
|
147,513
|
|
90.7
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Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
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Trust fees
|
7,148
|
|
6,202
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|
15.3
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|
14,780
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|
13,154
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|
12.4
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Service charges on
deposits
|
4,876
|
|
4,323
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|
12.8
|
|
9,770
|
|
10,940
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(10.7)
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Electronic banking
fees
|
5,060
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|
4,066
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|
24.4
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|
9,426
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|
8,320
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|
13.3
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Net securities
brokerage revenue
|
1,829
|
|
1,384
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|
32.2
|
|
3,352
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|
3,063
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|
9.4
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Bank-owned life
insurance
|
1,707
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|
1,752
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(2.6)
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|
3,416
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|
3,521
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(3.0)
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Mortgage banking
income
|
7,830
|
|
7,531
|
|
4.0
|
|
12,094
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|
8,807
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|
37.3
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Net securities
gains
|
477
|
|
1,299
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|
(63.3)
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|
756
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|
2,790
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(72.9)
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Net gain/(loss) on
other real estate owned and other assets
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4,014
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(66)
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NM
|
|
4,189
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|
103
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|
NM
|
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Other
income
|
3,171
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|
6,369
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(50.2)
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|
11,537
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|
10,171
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13.4
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Total non-interest
income
|
36,112
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|
32,860
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|
9.9
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|
69,320
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|
60,869
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|
13.9
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
37,435
|
|
36,773
|
|
1.8
|
|
74,324
|
|
75,683
|
|
(1.8)
|
|
Employee
benefits
|
9,268
|
|
10,138
|
|
(8.6)
|
|
19,534
|
|
20,511
|
|
(4.8)
|
|
Net
occupancy
|
6,427
|
|
6,634
|
|
(3.1)
|
|
13,605
|
|
13,717
|
|
(0.8)
|
|
Equipment and
software
|
7,281
|
|
5,722
|
|
27.2
|
|
14,045
|
|
11,761
|
|
19.4
|
|
Marketing
|
1,802
|
|
1,567
|
|
15.0
|
|
4,185
|
|
2,705
|
|
54.7
|
|
FDIC
insurance
|
181
|
|
2,395
|
|
(92.4)
|
|
1,462
|
|
4,508
|
|
(67.6)
|
|
Amortization of
intangible assets
|
2,873
|
|
3,365
|
|
(14.6)
|
|
5,769
|
|
6,739
|
|
(14.4)
|
|
Restructuring and
merger-related expense
|
1,222
|
|
468
|
|
161.1
|
|
2,074
|
|
5,633
|
|
(63.2)
|
|
Other operating
expenses
|
17,323
|
|
18,440
|
|
(6.1)
|
|
35,141
|
|
35,578
|
|
(1.2)
|
|
|
|
Total non-interest
expense
|
83,812
|
|
85,502
|
|
(2.0)
|
|
170,139
|
|
176,835
|
|
(3.8)
|
Income before
provision for income taxes
|
89,180
|
|
4,530
|
|
NM
|
|
180,497
|
|
31,547
|
|
472.2
|
|
Provision for income
taxes
|
18,592
|
|
42
|
|
NM
|
|
36,793
|
|
3,663
|
|
904.4
|
Net Income
|
70,588
|
|
4,488
|
|
NM
|
|
143,704
|
|
27,884
|
|
415.4
|
Preferred stock
dividends
|
2,531
|
|
-
|
|
100.0
|
|
5,063
|
|
-
|
|
100.0
|
Net income
available to common shareholders
|
$
68,057
|
|
$
4,488
|
|
NM
|
|
$
138,641
|
|
$
27,884
|
|
397.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent
net interest income
|
$
116,906
|
|
$
120,156
|
|
(2.7)
|
|
$
234,423
|
|
$
241,502
|
|
(2.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share
data
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
1.02
|
|
$
0.07
|
|
NM
|
|
$
2.07
|
|
$
0.41
|
|
404.9
|
Net income per common
share - diluted
|
1.01
|
|
0.07
|
|
NM
|
|
2.06
|
|
0.41
|
|
402.4
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
1.03
|
|
0.07
|
|
NM
|
|
2.09
|
|
0.48
|
|
335.4
|
Dividends
declared
|
0.33
|
|
0.32
|
|
3.1
|
|
0.66
|
|
0.64
|
|
3.1
|
Book value (period
end)
|
39.96
|
|
38.23
|
|
4.5
|
|
39.96
|
|
38.23
|
|
4.5
|
Tangible book value
(period end) (1)
|
22.61
|
|
21.10
|
|
7.2
|
|
22.61
|
|
21.10
|
|
7.2
|
Average common shares
outstanding - basic
|
66,894,398
|
|
67,104,628
|
|
(0.3)
|
|
67,078,036
|
|
67,295,589
|
|
(0.3)
|
Average common shares
outstanding - diluted
|
67,066,592
|
|
67,181,755
|
|
(0.2)
|
|
67,239,548
|
|
67,410,460
|
|
(0.3)
|
Period end common
shares outstanding
|
65,970,149
|
|
67,211,192
|
|
(1.8)
|
|
65,970,149
|
|
67,211,192
|
|
(1.8)
|
Period end preferred
shares outstanding
|
150,000
|
|
-
|
|
100.0
|
|
150,000
|
|
-
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See non-GAAP
financial measures for additional information relating to the
calculation of this item.
|
(2) Certain items
excluded from the calculation consist of after-tax restructuring
and merger-related expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM - Not
Meaningful
|
|
|
|
|
|
|
|
|
|
|
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
Page
6
|
(unaudited,
dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six
Months Ended
|
|
|
|
|
|
June
30,
|
|
|
|
|
|
2021
|
|
2020
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.66
|
%
|
0.35
|
%
|
374.29
|
%
|
|
|
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
1.68
|
|
0.40
|
|
320.00
|
|
|
|
|
|
|
Return on average
equity
|
|
10.04
|
|
2.16
|
|
364.81
|
|
|
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
10.15
|
|
2.50
|
|
306.00
|
|
|
|
|
|
|
Return on average
tangible equity (1)
|
|
17.62
|
|
4.56
|
|
286.40
|
|
|
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
17.82
|
|
5.17
|
|
244.68
|
|
|
|
|
|
|
Return on average
tangible common equity (1)
|
|
19.32
|
|
4.56
|
|
323.68
|
|
|
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
19.54
|
|
5.17
|
|
277.95
|
|
|
|
|
|
|
Yield on earning
assets (2)
|
|
3.41
|
|
3.96
|
|
(13.89)
|
|
|
|
|
|
|
Cost of interest
bearing liabilities
|
|
0.34
|
|
0.77
|
|
(55.84)
|
|
|
|
|
|
|
Net interest spread
(2)
|
|
3.07
|
|
3.19
|
|
(3.76)
|
|
|
|
|
|
|
Net interest margin
(2)
|
|
3.19
|
|
3.42
|
|
(6.73)
|
|
|
|
|
|
|
Efficiency (1)
(2)
|
|
55.33
|
|
56.62
|
|
(2.28)
|
|
|
|
|
|
|
Average loans to
average deposits
|
|
82.47
|
|
93.18
|
|
(11.49)
|
|
|
|
|
|
|
Annualized net loan
charge-offs/average loans
|
|
(0.00)
|
|
0.13
|
|
(100.00)
|
|
|
|
|
|
|
Effective income tax
rate
|
|
20.38
|
|
11.61
|
|
75.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.60
|
%
|
1.72
|
%
|
1.21
|
%
|
0.98
|
%
|
0.11
|
%
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
1.62
|
|
1.74
|
|
1.22
|
|
1.05
|
|
0.12
|
|
|
Return on average
equity
|
|
9.74
|
|
10.33
|
|
7.28
|
|
6.17
|
|
0.69
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
9.88
|
|
10.43
|
|
7.33
|
|
6.60
|
|
0.75
|
|
|
Return on average
tangible equity (1)
|
|
17.04
|
|
18.22
|
|
13.18
|
|
11.56
|
|
1.98
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
17.27
|
|
18.39
|
|
13.28
|
|
12.31
|
|
2.08
|
|
|
Return on average
tangible common equity (1)
|
|
18.67
|
|
20.00
|
|
14.49
|
|
12.21
|
|
1.98
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
.
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
18.92
|
|
20.18
|
|
14.60
|
|
13.00
|
|
2.08
|
|
|
Yield on earning
assets (2)
|
|
3.32
|
|
3.51
|
|
3.61
|
|
3.66
|
|
3.75
|
|
|
Cost of interest
bearing liabilities
|
|
0.31
|
|
0.37
|
|
0.45
|
|
0.53
|
|
0.63
|
|
|
Net interest spread
(2)
|
|
3.01
|
|
3.14
|
|
3.16
|
|
3.13
|
|
3.12
|
|
|
Net interest margin
(2)
|
|
3.12
|
|
3.27
|
|
3.31
|
|
3.31
|
|
3.32
|
|
|
Efficiency (1)
(2)
|
|
53.97
|
|
56.71
|
|
57.06
|
|
55.23
|
|
55.57
|
|
|
Average loans to
average deposits
|
|
79.82
|
|
85.27
|
|
89.64
|
|
90.88
|
|
91.87
|
|
|
Annualized net loan
charge-offs and recoveries /average loans
|
|
(0.03)
|
|
0.02
|
|
0.02
|
|
(0.00)
|
|
0.07
|
|
|
Effective income tax
rate
|
|
20.85
|
|
19.93
|
|
18.13
|
|
15.66
|
|
0.93
|
|
|
Trust assets, market
value at period end
|
|
$
5,480,995
|
|
$
5,244,370
|
|
$
5,025,565
|
|
$
4,649,054
|
|
$
4,487,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See non-GAAP
financial measures for additional information relating to the
calculation of this item.
|
|
(2) The yield on
earning assets, net interest margin, net interest spread and
efficiency ratios are presented on a fully taxable-equivalent
(FTE) and annualized basis. The FTE basis adjusts for the tax
benefit of income on certain tax-exempt loans and
investments. WesBanco believes this measure to be the
preferred industry measurement of net interest income and provides
a relevant comparison between taxable and non-taxable
amounts.
|
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
Page
7
|
(unaudited,
dollars in thousands, except shares)
|
|
|
|
|
|
|
|
%
Change
|
Balance
sheet
|
|
June
30,
|
|
|
December
31,
|
December 31,
2020
|
Assets
|
|
|
2021
|
|
2020
|
|
%
Change
|
2020
|
to June 30,
2021
|
Cash and due from
banks
|
|
$
208,992
|
|
$
219,022
|
|
(4.6)
|
$
184,361
|
13.4
|
Due from banks -
interest bearing
|
|
637,312
|
|
671,312
|
|
(5.1)
|
721,086
|
(11.6)
|
Securities:
|
|
|
|
|
|
|
|
|
|
Equity securities, at
fair value
|
|
13,494
|
|
12,277
|
|
9.9
|
13,047
|
3.4
|
|
Available-for-sale
debt securities, at fair value
|
|
2,964,264
|
|
2,073,949
|
|
42.9
|
1,978,136
|
49.9
|
|
Held-to-maturity debt
securities (fair values of $934,487; $802,666
|
|
|
|
|
|
|
|
|
|
and $768,183,
respectively)
|
|
902,172
|
|
766,416
|
|
17.7
|
731,212
|
23.4
|
|
|
Allowance for credit
losses, held-to-maturity debt securities
|
|
(227)
|
|
(817)
|
|
72.2
|
(326)
|
30.4
|
|
Net held-to-maturity
debt securities
|
|
901,945
|
|
765,599
|
|
17.8
|
730,886
|
23.4
|
|
|
Total
securities
|
|
3,879,703
|
|
2,851,825
|
|
36.0
|
2,722,069
|
42.5
|
Loans held for
sale
|
|
41,461
|
|
53,324
|
|
(22.2)
|
168,378
|
(75.4)
|
Portfolio
loans:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
5,705,246
|
|
5,694,457
|
|
0.2
|
5,705,392
|
(0.0)
|
|
Commercial and
industrial
|
|
2,119,186
|
|
2,496,096
|
|
(15.1)
|
2,407,438
|
(12.0)
|
|
Residential real
estate
|
|
1,625,632
|
|
1,893,544
|
|
(14.1)
|
1,720,961
|
(5.5)
|
|
Home
equity
|
|
631,059
|
|
646,323
|
|
(2.4)
|
646,387
|
(2.4)
|
|
Consumer
|
|
276,069
|
|
343,723
|
|
(19.7)
|
309,055
|
(10.7)
|
Total portfolio
loans, net of unearned income
|
|
10,357,192
|
|
11,074,143
|
|
(6.5)
|
10,789,233
|
(4.0)
|
Allowance for credit
losses - loans (1)
|
|
(140,730)
|
|
(168,475)
|
|
16.5
|
(185,827)
|
24.3
|
|
|
Net portfolio
loans
|
|
10,216,462
|
|
10,905,668
|
|
(6.3)
|
10,603,406
|
(3.6)
|
Premises and
equipment, net
|
|
235,227
|
|
255,306
|
|
(7.9)
|
249,421
|
(5.7)
|
Accrued interest
receivable
|
|
64,020
|
|
59,151
|
|
8.2
|
66,790
|
(4.1)
|
Goodwill and other
intangible assets, net
|
|
1,157,322
|
|
1,166,853
|
|
(0.8)
|
1,163,091
|
(0.5)
|
Bank-owned life
insurance
|
|
309,454
|
|
303,022
|
|
2.1
|
306,038
|
1.1
|
Other
assets
|
|
216,914
|
|
269,912
|
|
(19.6)
|
240,970
|
(10.0)
|
Total
Assets
|
|
$
16,966,867
|
|
$
16,755,395
|
|
1.3
|
$
16,425,610
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
|
$
4,409,221
|
|
$
4,067,903
|
|
8.4
|
$
4,070,835
|
8.3
|
|
Interest bearing
demand
|
|
3,214,484
|
|
2,596,132
|
|
23.8
|
2,839,536
|
13.2
|
|
Money
market
|
|
1,771,686
|
|
1,610,248
|
|
10.0
|
1,685,927
|
5.1
|
|
Savings
deposits
|
|
2,438,328
|
|
2,103,154
|
|
15.9
|
2,214,565
|
10.1
|
|
Certificates of
deposit
|
|
1,484,536
|
|
1,809,016
|
|
(17.9)
|
1,618,510
|
(8.3)
|
|
|
Total
deposits
|
|
13,318,255
|
|
12,186,453
|
|
9.3
|
12,429,373
|
7.2
|
Federal Home Loan
Bank borrowings
|
|
313,960
|
|
1,129,631
|
|
(72.2)
|
549,003
|
(42.8)
|
Other short-term
borrowings
|
|
135,267
|
|
390,777
|
|
(65.4)
|
241,950
|
(44.1)
|
Subordinated debt and
junior subordinated debt
|
|
192,571
|
|
192,080
|
|
0.3
|
192,291
|
0.1
|
|
|
Total
borrowings
|
|
641,798
|
|
1,712,488
|
|
(62.5)
|
983,244
|
(34.7)
|
Accrued interest
payable
|
|
3,342
|
|
6,040
|
|
(44.7)
|
4,314
|
(22.5)
|
Other
liabilities
|
|
222,636
|
|
280,893
|
|
(20.7)
|
251,942
|
(11.6)
|
Total
Liabilities
|
|
14,186,031
|
|
14,185,874
|
|
0.0
|
13,668,873
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Preferred stock, no
par value; 1,000,000 shares authorized in 2021 and 2020,
respectively;
|
|
|
|
|
|
|
|
|
|
150,000 shares 6.75%
non-cumulative perpetual preferred stock, Series
A,
|
|
|
|
|
|
|
|
|
|
liquidation
preference $150.0 million, issued and outstanding at June 30, 2021
and
|
|
|
|
|
|
|
|
|
|
December 31, 2020 and
0 shares issued and outstanding at June 30, 2020,
respectively.
|
|
144,484
|
|
-
|
|
100.0
|
144,484
|
-
|
Common stock, $2.0833
par value; 100,000,000 shares authorized in
|
|
|
|
|
|
|
|
|
|
2021 and 2020,
respectively; 68,081,306, 68,078,116 and 68,081,306
shares
|
|
|
|
|
|
|
|
|
|
issued, respectively;
65,970,149, 67,211,192 and 67,254,706 shares
|
|
141,834
|
|
141,827
|
|
0.0
|
141,834
|
-
|
|
outstanding,
respectively
|
|
|
|
|
|
|
|
|
Capital
surplus
|
|
1,632,460
|
|
1,633,079
|
|
(0.0)
|
1,634,815
|
(0.1)
|
Retained
earnings
|
|
925,977
|
|
782,990
|
|
18.3
|
831,688
|
11.3
|
Treasury stock (
2,111,157, 866,924 and 826,600 shares - at cost,
respectively)
|
|
(74,996)
|
|
(27,518)
|
|
(172.5)
|
(25,949)
|
(189.0)
|
Accumulated other
comprehensive income
|
|
12,586
|
|
40,516
|
|
(68.9)
|
31,359
|
(59.9)
|
Deferred benefits for
directors
|
|
(1,509)
|
|
(1,373)
|
|
(9.9)
|
(1,494)
|
(1.0)
|
Total
Shareholders' Equity
|
|
2,780,836
|
|
2,569,521
|
|
8.2
|
2,756,737
|
0.9
|
Total Liabilities
and Shareholders' Equity
|
|
$
16,966,867
|
|
$
16,755,395
|
|
1.3
|
$
16,425,610
|
3.3
|
WESBANCO,
INC.
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
Page
8
|
(unaudited,
dollars in thousands, except shares)
|
|
|
|
|
|
Balance
sheet
|
|
June
30,
|
|
March
31,
|
|
Assets
|
|
|
2021
|
|
2021
|
%
Change
|
Cash and due from
banks
|
|
$
208,992
|
|
$
209,040
|
(0.0)
|
Due from banks -
interest bearing
|
|
637,312
|
|
550,008
|
15.9
|
Securities:
|
|
|
|
|
|
|
Equity securities, at
fair value
|
|
13,494
|
|
13,123
|
2.8
|
|
Available-for-sale,
at fair value
|
|
2,964,264
|
|
2,775,212
|
6.8
|
|
Held-to-maturity
(fair values of $934,487 and 839,872, respectively)
|
|
902,172
|
|
813,740
|
10.9
|
|
|
Allowance for credit
losses, held-to-maturity debt securities
|
|
(227)
|
|
(290)
|
21.7
|
|
Net held-to-maturity
debt securities
|
|
901,945
|
|
813,450
|
21.7
|
|
|
Total
securities
|
|
3,879,703
|
|
3,601,785
|
10.9
|
Loans held for
sale
|
|
41,461
|
|
153,520
|
7.7
|
Portfolio
Loans:
|
|
|
|
|
|
|
Commercial real
estate
|
|
5,705,246
|
|
5,712,742
|
(0.1)
|
|
Commercial and
industrial
|
|
2,119,186
|
|
2,422,735
|
(12.5)
|
|
Residential real
estate
|
|
1,625,632
|
|
1,644,422
|
(1.1)
|
|
Home
equity
|
|
631,059
|
|
634,018
|
(0.5)
|
|
Consumer
|
|
276,069
|
|
289,395
|
(4.6)
|
Total portfolio
loans, net of unearned income
|
|
10,357,192
|
|
10,703,312
|
(3.2)
|
Allowance for credit
losses - loans
|
|
(140,730)
|
|
(160,040)
|
12.1
|
|
Net portfolio
loans
|
|
10,216,462
|
|
10,543,272
|
(3.1)
|
Premises and
equipment, net
|
|
235,227
|
|
239,863
|
(1.9)
|
Accrued interest
receivable
|
|
64,020
|
|
68,896
|
(7.1)
|
Goodwill and other
intangible assets, net
|
|
1,157,322
|
|
1,160,195
|
(0.2)
|
Bank-owned life
insurance
|
|
309,454
|
|
307,747
|
0.6
|
Other
assets
|
|
216,914
|
|
223,462
|
(2.9)
|
Total
Assets
|
|
$
16,966,867
|
|
$
17,057,788
|
(0.5)
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Non-interest bearing
demand
|
|
4,409,221
|
|
$
4,460,049
|
(1.1)
|
|
Interest bearing
demand
|
|
3,214,484
|
|
3,126,186
|
2.8
|
|
Money
market
|
|
1,771,686
|
|
1,771,703
|
(0.0)
|
|
Savings
deposits
|
|
2,438,328
|
|
2,373,987
|
2.7
|
|
Certificates of
deposit
|
|
1,484,536
|
|
1,555,074
|
(4.5)
|
|
|
Total
deposits
|
|
13,318,255
|
|
13,286,999
|
0.2
|
Federal Home Loan
Bank borrowings
|
|
313,960
|
|
433,984
|
(27.7)
|
Other short-term
borrowings
|
|
135,267
|
|
137,218
|
(1.4)
|
Subordinated debt and
junior subordinated debt
|
|
192,571
|
|
192,430
|
0.1
|
|
|
Total
borrowings
|
|
641,798
|
|
763,632
|
(16.0)
|
Accrued interest
payable
|
|
3,342
|
|
3,224
|
3.7
|
Other
liabilities
|
|
222,636
|
|
218,411
|
1.9
|
Total
liabilities
|
|
14,186,031
|
|
14,272,266
|
(0.6)
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred stock, no
par value; 1,000,000 shares authorized;
|
|
|
|
|
|
|
150,000 shares 6.75%
non-cumulative perpetual preferred stock, Series
A,
|
|
|
|
|
|
|
liquidation
preference $150.0 million, issued and outstanding at June 30,
2021
|
|
|
|
|
|
|
and March 31, 2021,
respectively
|
|
144,484
|
|
144,484
|
-
|
Common stock, $2.0833
par value; 100,000,000 shares authorized;
|
|
|
|
|
|
|
68,081,306 and
68,081,306 shares issued, respectively;
|
|
|
|
|
|
|
65,970,149 and
67,282,134 shares outstanding, respectively
|
|
141,834
|
|
141,834
|
-
|
Capital
surplus
|
|
1,632,460
|
|
1,636,103
|
(0.2)
|
Retained
earnings
|
|
925,977
|
|
879,786
|
5.3
|
Treasury stock
(2,111,157 and 799,172 shares - at cost)
|
|
(74,996)
|
|
(24,989)
|
(200.1)
|
Accumulated other
comprehensive income
|
|
12,586
|
|
9,803
|
28.4
|
Deferred benefits for
directors
|
|
(1,509)
|
|
(1,499)
|
(0.7)
|
Total Shareholders'
Equity
|
|
2,780,836
|
|
2,785,522
|
(0.2)
|
Total Liabilities and
Shareholders' Equity
|
|
$
16,966,867
|
|
$
17,057,788
|
(0.5)
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
9
|
(unaudited,
dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balance
sheet and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net interest
margin analysis
|
|
For the Three
Months Ended June 30,
|
|
|
For the Six
Months Ended June 30,
|
|
|
|
2021
|
|
2020
|
|
|
|
2021
|
|
2020
|
|
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
Assets
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
Due from banks -
interest bearing
|
|
$
696,967
|
0.09
|
%
|
|
$
637,979
|
0.17
|
%
|
|
$
736,387
|
0.09
|
%
|
|
$
385,755
|
0.35
|
%
|
Loans, net of
unearned income (1)
|
|
10,641,970
|
3.99
|
|
|
10,955,694
|
4.22
|
|
|
10,765,483
|
4.03
|
|
|
10,665,441
|
4.42
|
|
Securities:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
3,042,009
|
1.70
|
|
|
2,288,409
|
2.47
|
|
|
2,676,198
|
1.81
|
|
|
2,432,539
|
2.57
|
|
Tax-exempt (3)
|
|
599,980
|
3.34
|
|
|
622,637
|
3.52
|
|
|
590,144
|
3.40
|
|
|
634,612
|
3.51
|
|
Total
securities
|
|
3,641,989
|
1.97
|
|
|
2,911,046
|
2.69
|
|
|
3,266,342
|
2.10
|
|
|
3,067,151
|
2.76
|
|
Other earning
assets
|
|
28,702
|
4.95
|
|
|
71,493
|
5.68
|
|
|
30,958
|
5.45
|
|
|
70,537
|
6.02
|
|
Total earning assets (3)
|
|
15,009,628
|
3.32
|
%
|
|
14,576,212
|
3.75
|
%
|
|
14,799,170
|
3.41
|
%
|
|
14,188,884
|
3.96
|
%
|
Other
assets
|
|
2,032,519
|
|
|
|
2,138,999
|
|
|
|
2,041,154
|
|
|
|
2,061,191
|
|
|
Total
Assets
|
|
$
17,042,147
|
|
|
|
$
16,715,211
|
|
|
|
$
16,840,324
|
|
|
|
$
16,250,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand deposits
|
|
$
3,147,915
|
0.13
|
%
|
|
$
2,558,768
|
0.21
|
%
|
|
$
3,059,830
|
0.14
|
%
|
|
$
2,450,605
|
0.39
|
%
|
Money market
accounts
|
|
1,774,556
|
0.12
|
|
|
1,603,395
|
0.22
|
|
|
1,750,194
|
0.13
|
|
|
1,573,579
|
0.41
|
|
Savings
deposits
|
|
2,414,824
|
0.04
|
|
|
2,060,392
|
0.06
|
|
|
2,353,083
|
0.04
|
|
|
2,006,940
|
0.12
|
|
Certificates of
deposit
|
|
1,519,590
|
0.53
|
|
|
1,846,929
|
0.77
|
|
|
1,551,692
|
0.57
|
|
|
1,918,189
|
0.79
|
|
Total interest bearing deposits
|
|
8,856,885
|
0.17
|
|
|
8,069,484
|
0.30
|
|
|
8,714,799
|
0.19
|
|
|
7,949,313
|
0.42
|
|
Federal Home Loan
Bank borrowings
|
|
390,020
|
1.83
|
|
|
1,381,093
|
2.12
|
|
|
438,932
|
1.93
|
|
|
1,426,134
|
2.19
|
|
Other
borrowings
|
|
130,171
|
0.12
|
|
|
365,793
|
0.31
|
|
|
160,753
|
0.20
|
|
|
350,917
|
0.66
|
|
Subordinated debt and
junior subordinated debt
|
|
192,483
|
3.76
|
|
|
192,021
|
4.33
|
|
|
192,412
|
3.77
|
|
|
195,257
|
4.67
|
|
Total interest
bearing liabilities (4)
|
|
9,569,559
|
0.31
|
%
|
|
10,008,391
|
0.63
|
%
|
|
9,506,896
|
0.34
|
%
|
|
9,921,621
|
0.77
|
%
|
Non-interest bearing
demand deposits
|
|
4,474,784
|
|
|
|
3,856,291
|
|
|
|
4,338,546
|
|
|
|
3,496,784
|
|
|
Other
liabilities
|
|
196,350
|
|
|
|
247,591
|
|
|
|
208,861
|
|
|
|
233,166
|
|
|
Shareholders'
equity
|
|
2,801,455
|
|
|
|
2,602,938
|
|
|
|
2,786,021
|
|
|
|
2,598,504
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
17,042,147
|
|
|
|
$
16,715,211
|
|
|
|
$
16,840,324
|
|
|
|
$
16,250,075
|
|
|
Taxable equivalent
net interest spread
|
|
|
3.01
|
%
|
|
|
3.12
|
%
|
|
|
3.07
|
%
|
|
|
3.19
|
%
|
Taxable equivalent
net interest margin
|
|
|
3.12
|
%
|
|
|
3.32
|
%
|
|
|
3.19
|
%
|
|
|
3.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gross of
allowance for loan losses and net of unearned income,
Includes non-accrual and loans held for sale. Loan fees
included in interest income on loans were $6.5 million and $2.6
million for the three months ended June 30, 2021 and 2020,
respectively, and were $14.7 million and $3.3 million for the six
months ended June 30, 2021 and 2020, respectively. As part of
loan fees, PPP loan fees were $7.8 million and $2.1 million for the
three months ended June 30, 2021 and 2020, respectively and $17.7
million and $2.1 million for the six months ended June 30, 2021 and
2020, respectively. Additionally, loan accretion included in
interest income on loans acquired from prior acquisitions was $3.8
million and $4.1 million for the three months ended June 30, 2021
and 2020, respectively. and $7.3 million and $8.2 million for the
six months ended June 30, 2021 and 2020,
respectively.
|
(2) Average yields on
available-for-sale securities are calculated based on amortized
cost.
|
(3) Taxable
equivalent basis is calculated on tax-exempt securities using a
rate of 21% for each period presented.
|
(4) Accretion on
interest bearing liabilities acquired from prior acquisitions was
$0.8 million and $2.6 million for the three months ended June 30,
2021 and 2020, respectively, and $1.9 million and $6.0 million for
the six months ended June 30, 2021 and 2020,
respectively.
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
Page
10
|
(unaudited,
dollars in thousands, except shares and per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Statement of
Income
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
Interest and
dividend income
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
Loans, including
fees
|
$
105,968
|
|
$
109,358
|
|
$
114,582
|
|
$
116,524
|
|
$
115,068
|
|
Interest and
dividends on securities:
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
12,900
|
|
11,127
|
|
10,892
|
|
11,669
|
|
14,047
|
|
|
Tax-exempt
|
3,952
|
|
3,910
|
|
4,059
|
|
4,182
|
|
4,302
|
|
|
|
Total interest and
dividends on securities
|
16,852
|
|
15,037
|
|
14,951
|
|
15,851
|
|
18,349
|
|
Other interest
income
|
507
|
|
659
|
|
945
|
|
1,282
|
|
1,277
|
Total interest and dividend income
|
123,327
|
|
125,054
|
|
130,478
|
|
133,657
|
|
134,694
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand deposits
|
1,009
|
|
1,043
|
|
1,099
|
|
1,225
|
|
1,350
|
|
Money market
deposits
|
551
|
|
578
|
|
678
|
|
707
|
|
879
|
|
Savings
deposits
|
261
|
|
264
|
|
280
|
|
303
|
|
297
|
|
Certificates of
deposit
|
2,026
|
|
2,370
|
|
2,797
|
|
3,197
|
|
3,514
|
|
|
|
Total interest
expense on deposits
|
3,847
|
|
4,255
|
|
4,854
|
|
5,432
|
|
6,040
|
|
Federal Home Loan
Bank borrowings
|
1,781
|
|
2,414
|
|
3,719
|
|
5,457
|
|
7,293
|
|
Other short-term
borrowings
|
40
|
|
118
|
|
275
|
|
304
|
|
279
|
|
Subordinated debt and
junior subordinated debt
|
1,804
|
|
1,789
|
|
1,918
|
|
1,871
|
|
2,069
|
|
|
|
Total interest
expense
|
7,472
|
|
8,576
|
|
10,766
|
|
13,064
|
|
15,681
|
Net interest
income
|
115,855
|
|
116,478
|
|
119,712
|
|
120,593
|
|
119,013
|
|
Provision for credit
losses
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
61,841
|
Net interest income
after provision for credit losses
|
136,880
|
|
144,436
|
|
119,921
|
|
104,305
|
|
57,172
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
7,148
|
|
7,631
|
|
6,754
|
|
6,426
|
|
6,202
|
|
Service charges on
deposits
|
4,876
|
|
4,894
|
|
5,671
|
|
5,332
|
|
4,323
|
|
Electronic banking
fees
|
5,060
|
|
4,365
|
|
4,424
|
|
4,780
|
|
4,066
|
|
Net securities
brokerage revenue
|
1,829
|
|
1,524
|
|
1,402
|
|
1,725
|
|
1,384
|
|
Bank-owned life
insurance
|
1,707
|
|
1,709
|
|
1,750
|
|
2,088
|
|
1,752
|
|
Mortgage banking
income
|
7,830
|
|
4,264
|
|
5,442
|
|
8,488
|
|
7,531
|
|
Net securities
gains
|
477
|
|
279
|
|
691
|
|
787
|
|
1,299
|
|
Net gain / (loss) on
other real estate owned and other assets
|
4,014
|
|
175
|
|
18
|
|
(19)
|
|
(66)
|
|
Other
income
|
3,171
|
|
8,367
|
|
6,553
|
|
5,005
|
|
6,369
|
|
|
|
Total non-interest
income
|
36,112
|
|
33,208
|
|
32,705
|
|
34,612
|
|
32,860
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
37,435
|
|
36,890
|
|
39,140
|
|
38,342
|
|
36,773
|
|
Employee
benefits
|
9,268
|
|
10,266
|
|
10,608
|
|
10,604
|
|
10,138
|
|
Net
occupancy
|
6,427
|
|
7,177
|
|
6,771
|
|
7,092
|
|
6,634
|
|
Equipment and
software
|
7,281
|
|
6,765
|
|
6,810
|
|
6,229
|
|
5,722
|
|
Marketing
|
1,802
|
|
2,384
|
|
1,675
|
|
1,577
|
|
1,567
|
|
FDIC
insurance
|
181
|
|
1,282
|
|
1,278
|
|
1,948
|
|
2,395
|
|
Amortization of
intangible assets
|
2,873
|
|
2,896
|
|
3,327
|
|
3,346
|
|
3,365
|
|
Restructuring and
merger-related expense
|
1,222
|
|
851
|
|
484
|
|
3,608
|
|
468
|
|
Other operating
expenses
|
17,323
|
|
17,816
|
|
17,976
|
|
17,198
|
|
18,440
|
|
|
|
Total non-interest
expense
|
83,812
|
|
86,327
|
|
88,069
|
|
89,943
|
|
85,502
|
Income before
provision for income taxes
|
89,180
|
|
91,317
|
|
64,557
|
|
48,974
|
|
4,530
|
|
Provision for income
taxes
|
18,592
|
|
18,202
|
|
11,703
|
|
7,669
|
|
42
|
Net Income
|
70,588
|
|
73,115
|
|
52,854
|
|
41,305
|
|
4,488
|
Preferred stock
dividends
|
2,531
|
|
2,531
|
|
2,644
|
|
-
|
|
-
|
Net income
available to common shareholders
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
4,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent
net interest income
|
$
116,906
|
|
$
117,517
|
|
$
120,790
|
|
$
121,705
|
|
$
120,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share
data
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
1.02
|
|
$
1.05
|
|
$
0.75
|
|
$
0.61
|
|
$
0.07
|
Net income per common
share - diluted
|
1.01
|
|
1.05
|
|
0.75
|
|
0.61
|
|
0.07
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
1.03
|
|
1.06
|
|
0.76
|
|
0.66
|
|
0.07
|
Dividends
declared
|
0.33
|
|
0.33
|
|
0.32
|
|
0.32
|
|
0.32
|
Book value (period
end)
|
39.96
|
|
39.25
|
|
38.84
|
|
38.51
|
|
38.23
|
Tangible book value
(period end) (1)
|
22.61
|
|
22.21
|
|
21.75
|
|
21.39
|
|
21.10
|
Average common shares
outstanding - basic
|
66,894,398
|
|
67,263,714
|
|
67,238,005
|
|
67,214,759
|
|
67,104,628
|
Average common shares
outstanding - diluted
|
67,066,592
|
|
67,335,418
|
|
67,304,442
|
|
67,269,303
|
|
67,181,755
|
Period end common
shares outstanding
|
65,970,149
|
|
67,282,134
|
|
67,254,706
|
|
67,216,012
|
|
67,211,192
|
Period end preferred
shares outstanding
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
|
-
|
Full time equivalent
employees
|
2,459
|
|
2,490
|
|
2,612
|
|
2,618
|
|
2,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See non-GAAP
financial measures for additional information relating to the
calculation of this item.
|
(2) Certain items
excluded from the calculation consist of after-tax restructuring
and merger-related expenses.
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
|
Page
11
|
(unaudited,
dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Asset quality
data
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings - accruing
|
$
5,799
|
|
$
3,563
|
|
$
3,927
|
|
$
4,191
|
|
$
5,105
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings
|
|
1,664
|
|
1,768
|
|
1,828
|
|
1,818
|
|
1,339
|
|
|
|
Other non-accrual
loans
|
|
34,548
|
|
32,807
|
|
35,052
|
|
35,448
|
|
34,119
|
|
|
|
Total non-accrual loans
|
|
36,212
|
|
34,575
|
|
36,880
|
|
37,266
|
|
35,458
|
|
|
|
Total non-performing loans
|
|
42,011
|
|
38,138
|
|
40,807
|
|
41,457
|
|
40,563
|
|
|
Other real estate and
repossessed assets
|
773
|
|
393
|
|
549
|
|
738
|
|
1,212
|
|
|
|
Total non-performing
assets
|
|
$
42,784
|
|
$
38,531
|
|
$
41,356
|
|
$
42,195
|
|
$
41,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days
|
|
$
21,233
|
|
$
20,602
|
|
$
31,596
|
|
$
17,338
|
|
$
30,595
|
|
|
Loans past due 90
days or more
|
|
8,318
|
|
12,824
|
|
8,846
|
|
10,170
|
|
36,903
|
|
|
|
Total past due
loans
|
|
$
29,551
|
|
$
33,426
|
|
$
40,442
|
|
$
27,508
|
|
$
67,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized and
classified loans (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized
loans
|
|
$
319,448
|
|
$ 340,943
|
|
$ 362,295
|
|
$ 248,264
|
|
$ 148,580
|
|
|
Classified
loans
|
|
136,927
|
|
114,884
|
|
132,650
|
|
108,594
|
|
98,127
|
|
|
|
Total criticized and
classified loans
|
$
456,375
|
|
$ 455,827
|
|
$ 494,945
|
|
$ 356,858
|
|
$ 246,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days / total portfolio loans (3)
|
0.21
|
%
|
0.19
|
%
|
0.29
|
%
|
0.16
|
%
|
0.28
|
%
|
Loans past due 90
days or more / total portfolio loans
|
0.08
|
|
0.12
|
|
0.08
|
|
0.09
|
|
0.33
|
|
Non-performing loans
/ total portfolio loans
|
0.41
|
|
0.36
|
|
0.38
|
|
0.38
|
|
0.37
|
|
Non-performing
assets/total portfolio loans, other
|
|
|
|
|
|
|
|
|
|
|
|
real estate and
repossessed assets
|
|
0.41
|
|
0.36
|
|
0.38
|
|
0.38
|
|
0.38
|
|
Non-performing assets
/ total assets
|
|
0.25
|
|
0.23
|
|
0.25
|
|
0.26
|
|
0.25
|
|
Criticized and
classified loans / total portfolio loans
|
4.41
|
|
4.26
|
|
4.59
|
|
3.25
|
|
2.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
credit losses
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses - loans
|
|
$
140,730
|
|
$ 160,040
|
|
$ 185,827
|
|
$ 185,109
|
|
$ 168,475
|
|
Allowance for credit
losses - loan commitments
|
5,766
|
|
6,731
|
|
9,514
|
|
10,829
|
|
10,685
|
|
Provision for credit
losses
|
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
61,841
|
|
Net loan and deposit
account overdraft charge-offs and recoveries
|
(689)
|
|
648
|
|
524
|
|
(133)
|
|
1,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs and recoveries /average loans
|
(0.03)
|
%
|
0.02
|
%
|
0.02
|
%
|
(0.00)
|
%
|
0.07
|
%
|
Allowance for credit
losses - loans / total portfolio loans
|
1.36
|
%
|
1.50
|
%
|
1.72
|
%
|
1.68
|
%
|
1.52
|
%
|
Allowance for credit
losses - loans / total portfolio loans excluding PPP
loans
|
1.43
|
%
|
1.62
|
%
|
1.85
|
%
|
1.83
|
%
|
1.65
|
%
|
Allowance for credit
losses - loans / non-performing loans
|
3.35
|
x
|
4.20
|
x
|
4.55
|
x
|
4.47
|
x
|
4.15
|
x
|
Allowance for credit
losses - loans / non-performing loans and
|
|
|
|
|
|
|
|
|
|
|
|
loans past
due
|
|
1.97
|
x
|
2.24
|
x
|
2.29
|
x
|
2.68
|
x
|
1.56
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
Capital
ratios
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage
capital
|
|
10.42
|
%
|
10.74
|
%
|
10.51
|
%
|
10.18
|
%
|
9.09
|
%
|
Tier I risk-based
capital
|
|
15.15
|
|
14.95
|
|
14.72
|
|
14.29
|
|
12.59
|
|
Total risk-based
capital
|
|
17.68
|
|
17.58
|
|
17.58
|
|
17.18
|
|
15.33
|
|
Common equity tier 1
capital ratio (CET 1)
|
13.83
|
|
13.65
|
|
13.40
|
|
12.99
|
|
12.59
|
|
Average shareholders'
equity to average assets
|
16.44
|
|
16.65
|
|
16.59
|
|
15.92
|
|
15.57
|
|
Tangible equity to
tangible assets (4)
|
|
10.34
|
|
10.30
|
|
10.52
|
|
10.27
|
|
9.09
|
|
Tangible common
equity to tangible assets (4)
|
9.43
|
|
9.39
|
|
9.58
|
|
9.33
|
|
9.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes
non-performing loans.
|
(2) Criticized and
classified commercial loans may include loans that are also
reported as non-performing or past due.
|
(3) Total
portfolio loans includes $543.6 million of PPP loans as of June 30,
2021.
|
(4) See non-GAAP
financial measures for additional information relating to the
calculation of this ratio.
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures
|
|
|
|
|
|
|
|
|
|
|
|
Page
12
|
The following
non-GAAP financial measures used by WesBanco provide information
useful to investors in understanding WesBanco's operating
performance and trends, and facilitate comparisons with the
performance of WesBanco's peers. The following tables summarize the
non-GAAP financial measures derived from amounts reported in
WesBanco's financial statements.
|
|
|
Three Months
Ended
|
|
Year to
Date
|
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
June
30,
|
(unaudited,
dollars in thousands, except shares and per share
amounts)
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
2021
|
2020
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
4,488
|
|
$
138,641
|
$
27,884
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
965
|
|
672
|
|
383
|
|
2,850
|
|
370
|
|
1,638
|
4,450
|
|
Net income available
to common shareholders excluding after-tax restructuring and
merger-related expenses
|
69,022
|
|
71,256
|
|
50,593
|
|
44,155
|
|
4,858
|
|
140,279
|
32,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
$
17,042,147
|
|
$
16,636,258
|
|
$
16,546,761
|
|
$
16,719,717
|
|
$
16,715,211
|
|
$
16,840,324
|
$
16,250,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
1.62%
|
|
1.74%
|
|
1.22%
|
|
1.05%
|
|
0.12%
|
|
1.68%
|
0.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
4,488
|
|
$
138,641
|
$
27,884
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
965
|
|
672
|
|
383
|
|
2,850
|
|
370
|
|
1,638
|
4,450
|
|
Net income available
to common shareholders excluding after-tax restructuring and
merger-related expenses
|
69,022
|
|
71,256
|
|
50,593
|
|
44,155
|
|
4,858
|
|
140,279
|
32,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$
2,801,455
|
|
$
2,770,416
|
|
$
2,744,936
|
|
$
2,662,513
|
|
$
2,602,938
|
|
$
2,786,021
|
$
2,598,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
9.88%
|
|
10.43%
|
|
7.33%
|
|
6.60%
|
|
0.75%
|
|
10.15%
|
2.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
4,488
|
|
$
138,641
|
$
27,884
|
|
Plus: amortization of
intangibles (1)
|
2,270
|
|
2,288
|
|
2,628
|
|
2,643
|
|
2,658
|
|
4,558
|
5,324
|
|
Net income available
to common shareholders before amortization of
intangibles
|
70,327
|
|
72,872
|
|
52,838
|
|
43,948
|
|
7,146
|
|
143,199
|
33,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,801,455
|
|
2,770,416
|
|
2,744,936
|
|
2,662,513
|
|
2,602,938
|
|
2,786,021
|
2,598,504
|
|
Less: average
goodwill and other intangibles, net of def. tax
liability
|
(1,145,882)
|
|
(1,148,171)
|
|
(1,150,184)
|
|
(1,150,549)
|
|
(1,152,856)
|
|
(1,147,020)
|
(1,132,591)
|
|
Average tangible
equity
|
$
1,655,573
|
|
$
1,622,245
|
|
$
1,594,752
|
|
$
1,511,964
|
|
$
1,450,082
|
|
$
1,639,001
|
$
1,465,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity (annualized) (2)
|
17.04%
|
|
18.22%
|
|
13.18%
|
|
11.56%
|
|
1.98%
|
|
17.62%
|
4.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
common equity
|
$
1,511,089
|
|
$
1,477,736
|
|
$
1,450,243
|
|
$
1,431,657
|
|
$
1,450,082
|
|
$
1,494,517
|
$
1,465,913
|
Return on average
tangible common equity (annualized) (2)
|
18.67%
|
|
20.00%
|
|
14.49%
|
|
12.21%
|
|
1.98%
|
|
19.32%
|
4.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
4,488
|
|
$
138,641
|
$
27,884
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
965
|
|
672
|
|
383
|
|
2,850
|
|
370
|
|
1,638
|
4,450
|
|
Plus: amortization of
intangibles (1)
|
2,270
|
|
2,288
|
|
2,628
|
|
2,643
|
|
2,658
|
|
4,558
|
5,324
|
|
Net income available
to common shareholders before amortization of
intangibles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and excluding after-tax
restructuring and merger-related expenses
|
71,292
|
|
73,544
|
|
53,221
|
|
46,798
|
|
7,516
|
|
144,837
|
37,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,801,455
|
|
2,770,416
|
|
2,744,936
|
|
2,662,513
|
|
2,602,938
|
|
2,786,021
|
2,598,504
|
|
Less: average
goodwill and other intangibles, net of def. tax
liability
|
(1,145,882)
|
|
(1,148,171)
|
|
(1,150,184)
|
|
(1,150,549)
|
|
(1,152,856)
|
|
(1,147,020)
|
(1,132,591)
|
|
Average tangible
equity
|
$
1,655,573
|
|
$
1,622,245
|
|
$
1,594,752
|
|
$
1,511,964
|
|
$
1,450,082
|
|
$
1,639,001
|
$
1,465,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
17.27%
|
|
18.39%
|
|
13.28%
|
|
12.31%
|
|
2.08%
|
|
17.82%
|
5.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
common equity
|
$
1,511,089
|
|
$
1,477,736
|
|
$
1,450,243
|
|
$
1,431,657
|
|
$
1,450,082
|
|
$
1,494,517
|
$
1,465,913
|
Return on average
tangible common equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
18.92%
|
|
20.18%
|
|
14.60%
|
|
13.00%
|
|
2.08%
|
|
19.54%
|
5.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
$
83,812
|
|
$
86,327
|
|
$
88,069
|
|
$
89,943
|
|
$
85,502
|
|
$
170,139
|
$
176,835
|
|
Less: restructuring
and merger-related expense
|
(1,222)
|
|
(851)
|
|
(484)
|
|
(3,608)
|
|
(468)
|
|
(2,074)
|
(5,633)
|
|
Non-interest expense
excluding restructuring and merger-related expense
|
82,590
|
|
85,476
|
|
87,585
|
|
86,335
|
|
85,034
|
|
168,065
|
171,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
on a fully taxable equivalent basis
|
116,906
|
|
117,517
|
|
120,790
|
|
121,705
|
|
120,156
|
|
234,423
|
241,502
|
|
Non-interest
income
|
36,112
|
|
33,208
|
|
32,705
|
|
34,612
|
|
32,860
|
|
69,320
|
60,869
|
|
Net interest income
on a fully taxable equivalent basis plus non-interest
income
|
$
153,018
|
|
$
150,725
|
|
$
153,495
|
|
$
156,317
|
|
$
153,016
|
|
$
303,743
|
$
302,371
|
|
Efficiency
ratio
|
53.97%
|
|
56.71%
|
|
57.06%
|
|
55.23%
|
|
55.57%
|
|
55.33%
|
56.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
available to common shareholders, excluding after-tax restructuring
and merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
4,488
|
|
$
138,641
|
$
27,884
|
|
Add: After-tax
restructuring and merger-related expenses (1)
|
965
|
|
672
|
|
383
|
|
2,850
|
|
370
|
|
1,638
|
4,450
|
Net income available
to common shareholders, excluding after-tax restructuring and
merger-related expenses
|
$
69,022
|
|
$
71,256
|
|
$
50,593
|
|
$
44,155
|
|
$
4,858
|
|
$
140,279
|
$
32,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share - diluted, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - diluted
|
$
1.01
|
|
$
1.05
|
|
$
0.75
|
|
$
0.61
|
|
$
0.07
|
|
$
2.06
|
$
0.41
|
|
Add: After-tax
restructuring and merger-related expenses per common share -
diluted (1)
|
0.02
|
|
0.01
|
|
0.01
|
|
0.05
|
|
(0.00)
|
|
0.03
|
0.07
|
Net income per common
share - diluted, excluding after-tax restructuring and
merger-related expenses
|
$
1.03
|
|
$
1.06
|
|
$
0.76
|
|
$
0.66
|
|
$
0.07
|
|
$
2.09
|
$
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
End
|
|
|
|
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
|
|
Tangible book
value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,780,836
|
|
$
2,785,522
|
|
$
2,756,737
|
|
$
2,732,966
|
|
$
2,569,521
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,144,604)
|
|
(1,146,874)
|
|
(1,149,161)
|
|
(1,150,939)
|
|
(1,151,523)
|
|
|
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,529)
|
|
-
|
|
|
|
|
Tangible common
equity
|
1,491,748
|
|
1,494,164
|
|
1,463,092
|
|
1,437,498
|
|
1,417,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
65,970,149
|
|
67,282,134
|
|
67,254,706
|
|
67,216,012
|
|
67,211,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share
|
$
22.61
|
|
$
22.21
|
|
$
21.75
|
|
$
21.39
|
|
$
21.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,780,836
|
|
$
2,785,522
|
|
$
2,756,737
|
|
$
2,732,966
|
|
$
2,569,521
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,144,604)
|
|
(1,146,874)
|
|
(1,149,161)
|
|
(1,150,939)
|
|
(1,151,523)
|
|
|
|
|
Tangible
equity
|
1,636,232
|
|
1,638,648
|
|
1,607,576
|
|
1,582,027
|
|
1,417,998
|
|
|
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,529)
|
|
-
|
|
|
|
|
Tangible common
equity
|
1,491,748
|
|
1,494,164
|
|
1,463,092
|
|
1,437,498
|
|
1,417,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
16,966,867
|
|
17,057,788
|
|
16,425,610
|
|
16,552,140
|
|
16,755,395
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,144,604)
|
|
(1,146,874)
|
|
(1,149,161)
|
|
(1,150,939)
|
|
(1,151,523)
|
|
|
|
|
Tangible
assets
|
$
15,822,263
|
|
$
15,910,914
|
|
$
15,276,449
|
|
$
15,401,201
|
|
$
15,603,872
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets
|
10.34%
|
|
10.30%
|
|
10.52%
|
|
10.27%
|
|
9.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
9.43%
|
|
9.39%
|
|
9.58%
|
|
9.33%
|
|
9.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax effected
at 21% for all periods presented.
|
(2) The ratios are
annualized by utilizing actual numbers of days in the quarter
versus the year.
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
Non-GAAP Financial Measures
|
|
|
|
|
|
|
|
|
|
|
|
Page
13
|
The following
non-GAAP financial measures used by WesBanco provide information
useful to investors in understanding WesBanco's operating
performance and trends, and facilitate comparisons with the
performance of WesBanco's peers. The following tables summarize the
non-GAAP financial measures derived from amounts reported in
WesBanco's financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year to
Date
|
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
June
30,
|
(unaudited,
dollars in thousands, except shares and per share
amounts)
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2020
|
|
2021
|
2020
|
Pre-tax,
pre-provision income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
89,180
|
|
$
91,317
|
|
$
64,557
|
|
$
48,974
|
|
$
4,530
|
|
$
180,497
|
$
31,547
|
|
Add: provision for
credit losses
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
61,841
|
|
(48,984)
|
91,661
|
Pre-tax,
pre-provision income
|
$
68,155
|
|
$
63,359
|
|
$
64,348
|
|
$
65,262
|
|
$
66,371
|
|
$
131,513
|
$
123,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
89,180
|
|
$
91,317
|
|
$
64,557
|
|
$
48,974
|
|
$
4,530
|
|
$
180,497
|
$
31,547
|
|
Add: provision for
credit losses
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
61,841
|
|
(48,984)
|
91,661
|
|
Add: restructuring
and merger-related expenses
|
1,222
|
|
851
|
|
484
|
|
3,608
|
|
468
|
|
2,074
|
5,633
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses
|
$
69,377
|
|
$
64,210
|
|
$
64,832
|
|
$
68,870
|
|
$
66,839
|
|
$
133,587
|
$
128,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
89,180
|
|
$
91,317
|
|
$
64,557
|
|
$
48,974
|
|
$
4,530
|
|
$
180,497
|
$
31,547
|
|
Add: provision for
credit losses
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
61,841
|
|
(48,984)
|
91,661
|
|
Add: restructuring
and merger-related expenses
|
1,222
|
|
851
|
|
484
|
|
3,608
|
|
468
|
|
2,074
|
5,633
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses
|
69,377
|
|
64,210
|
|
64,832
|
|
68,870
|
|
66,839
|
|
133,587
|
128,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
$
17,042,147
|
|
$
16,636,258
|
|
$
16,546,761
|
|
$
16,719,717
|
|
$
16,715,211
|
|
$
16,840,324
|
$
16,250,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (annualized) (1)
(2)
|
1.63%
|
|
1.57%
|
|
1.56%
|
|
1.64%
|
|
1.61%
|
|
1.60%
|
1.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
89,180
|
|
$
91,317
|
|
$
64,557
|
|
$
48,974
|
|
$
4,530
|
|
$
180,497
|
$
31,547
|
|
Add: provision for
credit losses
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
61,841
|
|
(48,984)
|
91,661
|
|
Add: restructuring
and merger-related expenses
|
1,222
|
|
851
|
|
484
|
|
3,608
|
|
468
|
|
2,074
|
5,633
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses
|
69,377
|
|
64,210
|
|
64,832
|
|
68,870
|
|
66,839
|
|
133,587
|
128,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$
2,801,455
|
|
$
2,770,416
|
|
$
2,744,936
|
|
$
2,662,513
|
|
$
2,602,938
|
|
$
2,786,021
|
$
2,598,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (annualized) (1) (2)
|
9.93%
|
|
9.40%
|
|
9.40%
|
|
10.29%
|
|
10.33%
|
|
9.67%
|
9.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
89,180
|
|
$
91,317
|
|
$
64,557
|
|
$
48,974
|
|
$
4,530
|
|
$
180,497
|
$
31,547
|
|
Add: provision for
credit losses
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
61,841
|
|
(48,984)
|
91,661
|
|
Add: amortization of
intangibles
|
2,873
|
|
2,896
|
|
3,327
|
|
3,346
|
|
3,365
|
|
5,769
|
6,739
|
|
Add: restructuring
and merger-related expenses
|
1,222
|
|
851
|
|
484
|
|
3,608
|
|
468
|
|
2,074
|
5,633
|
Income before
provision, restructuring and merger-related expenses and
amortization of intangibles
|
72,250
|
|
67,106
|
|
68,159
|
|
72,216
|
|
70,204
|
|
139,356
|
135,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,801,455
|
|
2,770,416
|
|
2,744,936
|
|
2,662,513
|
|
2,602,938
|
|
2,786,021
|
2,598,504
|
|
Less: average
goodwill and other intangibles, net of def. tax
liability
|
(1,145,882)
|
|
(1,148,171)
|
|
(1,150,184)
|
|
(1,150,549)
|
|
(1,152,856)
|
|
(1,147,020)
|
(1,132,591)
|
|
Average tangible
equity
|
$
1,655,573
|
|
$
1,622,245
|
|
$
1,594,752
|
|
$
1,511,964
|
|
$
1,450,082
|
|
$
1,639,001
|
$
1,465,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (annualized) (1)
(2)
|
17.50%
|
|
16.78%
|
|
17.00%
|
|
19.00%
|
|
19.47%
|
|
17.15%
|
18.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
common equity
|
$
1,511,089
|
|
$
1,477,736
|
|
$
1,450,243
|
|
$
1,431,657
|
|
$
1,450,082
|
|
$
1,494,517
|
$
1,465,913
|
Return on average
tangible common equity, excluding certain items (annualized) (1)
(2)
|
19.18%
|
|
18.42%
|
|
18.70%
|
|
20.07%
|
|
19.47%
|
|
18.80%
|
18.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Certain items
excluded from the calculations consist of credit provisions, tax
provisions and restructuring and merger-related
expenses.
|
(2) The ratios are
annualized by utilizing actual numbers of days in the quarter
versus the year.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/wesbanco-announces-second-quarter-2021-financial-results-301342503.html
SOURCE WesBanco, Inc.