Generated solid earnings and loan growth;
maintained strong capital levels; stable deposits
WHEELING, W.Va., July 25,
2023 /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 months ended June 30,
2023. Net income available to common shareholders for the
second quarter of 2023 was $42.3
million, with diluted earnings per share of $0.71, compared to $40.2
million and $0.67 per diluted
share, respectively, for the second quarter of 2022. For the
six months ended June 30, 2023, net
income was $82.2 million, or
$1.38 per diluted share, compared to
$81.8 million, or $1.34 per diluted share, for the 2022
period. As noted in the following table, net income available
to common shareholders, excluding after-tax restructuring and
merger-related expenses, for the six months ended June 30, 2023 was $84.7
million, or $1.43 per diluted
share, as compared to $83.1 million,
or $1.36 per diluted share, in the
prior year period (non-GAAP measures).
|
|
|
For the Three Months Ended June
30,
|
|
|
For the Six Months Ended June
30,
|
|
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
(unaudited, dollars in thousands,
except per share amounts)
|
|
Net Income
|
|
Diluted
Earnings
Per Share
|
|
Net Income
|
|
Diluted
Earnings
Per Share
|
|
|
Net Income
|
|
Diluted
Earnings
Per Share
|
|
Net Income
|
|
Diluted
Earnings
Per Share
|
Net income available to
common
shareholders (Non-GAAP)(1)
|
|
$ 42,377
|
|
$ 0.71
|
|
$ 40,258
|
|
$ 0.67
|
|
|
$ 84,677
|
|
$ 1.43
|
|
$ 83,107
|
|
$ 1.36
|
Less: After-tax
restructuring and merger-
related expenses
|
|
(28)
|
|
-
|
|
(41)
|
|
-
|
|
|
(2,519)
|
|
(0.05)
|
|
(1,300)
|
|
(0.02)
|
Net income available to
common
shareholders (GAAP)
|
|
$ 42,349
|
|
$ 0.71
|
|
$ 40,217
|
|
$ 0.67
|
|
|
$ 82,158
|
|
$ 1.38
|
|
$ 81,807
|
|
$ 1.34
|
(1)
See non-GAAP financial measures for
additional information relating to the calculation of these
items.
|
Financial and operational highlights during the quarter ended
June 30, 2023:
- Generated solid growth in pre-tax, pre-provision income
(excluding restructuring and merger-related expenses) of 9.2%
year-over-year (non-GAAP)
- Total loan growth was 9.0% year-over-year and 8.0% annualized
(when compared to December 31, 2022),
reflecting the strength of our markets and lending teams
- Both period-end and average total deposits were flat compared
to the quarter ending March 31, 2023,
reflecting deposit gathering and retention efforts across retail
and business customers
-
- Average loans to average deposits were 85.4%
- Key credit quality metrics such as non-performing assets, total
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)
- Expanded Tennessee presence
with the hiring of a team of commercial and industrial lenders in
Chattanooga
- WesBanco remains well-capitalized with solid liquidity and a
strong balance sheet with capacity to fund loan growth
"Our second quarter results demonstrate the continued strength
of our franchise and successful execution of our strategic
initiatives. We delivered solid earnings and loan growth, and
focused on maintaining our net interest margin," said Todd Clossin, President and Chief Executive
Officer of WesBanco. "As I close my tenure as CEO, I believe
WesBanco is well-positioned for ongoing success with strong market
positions, diversified revenue generation capabilities, and
distinct long-term advantages. I am confident these will be
the foundation for further growth and expansion through our
incoming CEO Jeff Jackson's
strategic vision and leadership."
Jeffrey H. Jackson, Senior
Executive Vice President and Chief Operating Officer added, "Our
solid earnings growth during the second quarter was supported by
year-to-date annualized loan growth of 8 percent. This loan
growth was driven by our strong markets and lending teams and
underpinned by our strategic loan production office and lender
hiring initiatives. Additionally, our commercial and retail
teams concerted efforts enabled us to maintain deposit levels
despite industry headwinds. We remain focused on disciplined
expense management while making appropriate investments that ensure
a safe and sound financial institution with attractive long-term
growth prospects. As I assume the CEO role on August 1st, I look forward to building
on the impressive foundation Todd and the team have established to
deliver continued growth and success for our customers,
shareholders, and employees."
Balance Sheet
Loan growth for the second quarter of 2023 continues to reflect
strong performance by our commercial and consumer lending
teams. As of June 30, 2023,
total portfolio loans were $11.1
billion, which increased 9.0% year-over-year driven by
strong growth across all markets and the closing of loans from the
commercial pipeline, which totaled $0.7
billion at June 30,
2023. Reflecting our strategic loan production office and
lender hiring initiatives, commercial and industrial loans of
$1.6 billion, as of June 30, 2023, increased 10.2% annualized
quarter-over-quarter.
Total deposits, as of June 30,
2023, were $12.9 billion,
consistent with the level reported at March
31, 2023, reflecting the benefit of deposit gathering and
retention efforts by our retail and commercial teams. In
addition, brokered deposits increased $60
million sequentially. On a year-over-year basis, the
decrease in total deposits reflects the impact of interest rate and
inflationary pressures and rising costs across the economy,
combined with Federal Reserve's tightening actions to control
inflation, which has resulted in industry-wide deposit
contraction. While there has been some mix shift in the
composition of total deposits, total demand deposits continue to
represent 59% of total deposits, with the non-interest bearing
component representing 33%, which is consistent with the percentage
range since early 2020.
Credit Quality
As of June 30, 2023, total loans
past due, non-performing loans, and non-performing assets as
percentages of the loan portfolio and total assets have remained
low, from a historical perspective, and within a consistent range
throughout the last five quarters. Total loans past due as a
percent of the loan portfolio decreased 19 basis points from the
prior year, while criticized and classified loans as a percent of
the loan portfolio decreased 146 basis points to 1.68%.
During the second quarter of 2023, we recorded a provision for
credit losses of $3.0 million, as
compared to a release of provision in the prior year period of
$0.8 million. The current
recorded provision was primarily driven by loan growth and
adjustments in regional macroeconomic factors and loan
concentrations. The allowance for credit losses to total
portfolio loans at June 30, 2023 was
$120.2 million, or 1.08% of total
loans. Excluded from the allowance for credit losses and
related coverage ratio are fair market value adjustments on
previously acquired loans representing 0.14% of total loans.
Net Interest Margin and Income
The net interest margin of 3.18% for the second quarter of 2023
increased 15 basis points year-over-year, which reflects the 500
basis point increase in the federal fund rate since March 2022, and the subsequent increase in
funding costs, as well as the deployment of excess cash into
higher-yielding loans. The net interest margin decreased 18
basis points from the first quarter of 2023 primarily due to higher
funding costs from increasing deposit costs and higher cost
wholesale borrowings to support loan growth. Total deposit
funding costs of 157 basis points for the second quarter of 2023
increased 144 basis points year-over-year and 57
quarter-over-quarter. When including non-interest deposits,
total deposit funding costs were 103 basis points, up 94 basis
points year-over-year and 38 basis points sequentially.
Accretion from acquisitions benefited the second quarter net
interest margin by 3 basis points, as compared to 6 basis points in
the prior year period.
Net interest income of $121.6
million increased $9.3
million, or 8.3%, during the second quarter of 2023, as
compared to the same quarter of 2022, reflecting loan growth and
the impact of rising rates on loan and securities yields and
funding costs. For the six months ended June 30, 2023, net interest income of
$245.9 million increased $26.0 million, or 11.8%, primarily due to the
reasons discussed for the three-month period comparison.
Non-Interest Income
For the second quarter of 2023, non-interest income of
$31.8 million increased $4.9 million, or 18.0%, from the second quarter
of 2022, driven primarily by higher commercial swap fees, as well
as, net gains on other assets and net securities gains, both of
which reported losses in the prior year period. New
commercial swap fees, which are recorded in other income, increased
$1.6 million from the prior year
period to $2.4 million, while
associated fair market value adjustments totaled $0.2 million during the second quarter, as
compared to $1.1 million last year.
Net gains on other assets of $0.9
million increased $2.2 million
year-over-year primarily due to a $1.1
million recovery of an asset previously written-off, as well
as, a net loss on other assets of $1.3
million in the prior year period from the change in the fair
value of an underlying equity investment, which was subsequently
sold. Net securities gains of $0.2
million increased $1.4 million
year-over-year due to market fluctuations from equity securities in
the deferred compensation plan.
Primarily reflecting the items discussed above, as well as lower
mortgage banking and bank-owned life insurance income, non-interest
income, for the six months ended June 30,
2023, of $59.5 million
increased $2.1 million, or 3.7%.
Mortgage banking income decreased $2.2
million from the prior year to $1.0
million due to a reduction in residential mortgage
originations, primarily driven by the higher interest rate
environment. Bank-owned life insurance of $5.1 million decreased $1.1 million year-over-year due to higher death
benefits during 2022.
Non-Interest Expense
Excluding restructuring and merger-related expenses,
non-interest expense for the three months ended June 30, 2023 totaled $96.4 million, reflecting increased salaries and
wages, benefits, FDIC insurance, and equipment and software
expense. Salaries and wages increased $3.3 million, or 7.9%, compared to the prior year
period due to higher salary expense related to higher staffing
levels, mainly revenue-producing positions, and merit
increases. Employee benefits increased $2.8 million from last year due to a $1.2 million credit in the prior year period
related to the deferred compensation plan, higher staffing levels,
and higher health insurance contributions. Equipment and
software expense increased $1.1
million due to the planned upgrade to one-third of our ATM
fleet with the latest technology and general inflationary cost
increases for existing service agreements. FDIC insurance
expense increased $0.9 million
year-over-year due to increase in the minimum rate for all
banks.
Excluding restructuring and merger-related
expenses, non-interest expense during the first half of 2023
of $189.4 million increased
$16.4 million, or 9.5%, compared to
the prior year period, due primarily to higher salaries and wages,
employee benefits, FDIC insurance, and equipment and software
expense as described above.
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, 2023, Tier I leverage was
9.78%, Tier I risk-based capital ratio was 12.12%, common equity
Tier 1 capital ratio ("CET 1") was 11.03%, and total risk-based
capital was 14.83%. In addition, the tangible common equity
to tangible assets ratio was 7.35%.
During the second quarter, WesBanco repurchased 0.1 million
shares of its outstanding common stock on the open market at a
total cost of $2.2 million, or
$22.02 per share. As of
June 30, 2023, approximately 1.0
million shares remained for repurchase under the existing share
repurchase authorization that was approved on February 24, 2022, by WesBanco's Board of
Directors.
Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's
financial results for the second quarter of 2023 at 10:00 a.m. ET on Wednesday, July 26, 2023.
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. Please log in or
dial in at least 10 minutes prior to the start time to ensure a
connection.
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
2737150. The replay will begin at approximately 12:00 p.m. ET on July 26,
2023 and end at 12 a.m. ET on
August 9, 2023. 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, 2022 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, 2023, 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, 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
Consumer Financial Protection Bureau, 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. 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. The company's
banking subsidiary, Wesbanco Bank, Inc., operates more than 190
financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. 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, the company provides trust,
wealth management, securities brokerage, and private banking
services through its century-old Trust and Investment Services
department, with approximately $5.1
billion of assets under management (as of June 30, 2023). The company also offers insurance
and brokerage services through its affiliates and subsidiaries.
Learn more at www.wesbanco.com and follow us on Facebook, LinkedIn
and Twitter.
WESBANCO, INC.
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|
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Consolidated Selected Financial
Highlights
|
|
|
|
|
|
|
|
|
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Page 5
|
(unaudited, dollars in thousands, except shares and
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
Statement of Income
|
June 30,
|
|
June 30,
|
Interest and dividend income
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
|
Loans, including
fees
|
$
145,741
|
|
$
96,412
|
|
51.2
|
|
$
279,147
|
|
$
189,532
|
|
47.3
|
|
Interest and dividends
on securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
18,483
|
|
15,825
|
|
16.8
|
|
37,569
|
|
29,937
|
|
25.5
|
|
|
Tax-exempt
|
4,723
|
|
4,706
|
|
0.4
|
|
9,513
|
|
9,049
|
|
5.1
|
|
|
|
Total interest and
dividends on securities
|
23,206
|
|
20,531
|
|
13.0
|
|
47,082
|
|
38,986
|
|
20.8
|
|
Other interest
income
|
7,108
|
|
1,504
|
|
372.6
|
|
10,380
|
|
2,103
|
|
393.6
|
Total interest and dividend income
|
176,055
|
|
118,447
|
|
48.6
|
|
336,609
|
|
230,621
|
|
46.0
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
17,203
|
|
1,153
|
|
NM
|
|
28,309
|
|
1,965
|
|
NM
|
|
Money market
deposits
|
7,220
|
|
383
|
|
NM
|
|
11,472
|
|
704
|
|
NM
|
|
Savings
deposits
|
5,860
|
|
330
|
|
NM
|
|
9,860
|
|
595
|
|
NM
|
|
Certificates of
deposit
|
2,906
|
|
1,116
|
|
160.4
|
|
4,109
|
|
2,389
|
|
72.0
|
|
|
|
Total interest expense
on deposits
|
33,189
|
|
2,982
|
|
NM
|
|
53,750
|
|
5,653
|
|
850.8
|
|
Federal Home Loan Bank
borrowings
|
16,713
|
|
411
|
|
NM
|
|
28,013
|
|
986
|
|
NM
|
|
Other short-term
borrowings
|
492
|
|
48
|
|
925.0
|
|
909
|
|
96
|
|
846.9
|
|
Subordinated debt and
junior subordinated debt
|
4,094
|
|
2,778
|
|
47.4
|
|
8,039
|
|
3,948
|
|
103.6
|
|
|
|
Total interest
expense
|
54,488
|
|
6,219
|
|
776.2
|
|
90,711
|
|
10,683
|
|
749.1
|
Net interest income
|
121,567
|
|
112,228
|
|
8.3
|
|
245,898
|
|
219,938
|
|
11.8
|
|
Provision for credit
losses
|
3,028
|
|
(812)
|
|
472.9
|
|
6,605
|
|
(4,250)
|
|
255.4
|
Net interest income
after provision for credit losses
|
118,539
|
|
113,040
|
|
4.9
|
|
239,293
|
|
224,188
|
|
6.7
|
Non-interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
6,918
|
|
6,527
|
|
6.0
|
|
14,412
|
|
14,362
|
|
0.3
|
|
Service charges on
deposits
|
6,232
|
|
6,487
|
|
(3.9)
|
|
12,401
|
|
12,577
|
|
(1.4)
|
|
Electronic banking
fees
|
5,010
|
|
5,154
|
|
(2.8)
|
|
9,615
|
|
10,499
|
|
(8.4)
|
|
Net securities
brokerage revenue
|
2,523
|
|
2,258
|
|
11.7
|
|
5,098
|
|
4,478
|
|
13.8
|
|
Bank-owned life
insurance
|
3,189
|
|
2,384
|
|
33.8
|
|
5,149
|
|
6,264
|
|
(17.8)
|
|
Mortgage banking
income
|
601
|
|
1,328
|
|
(54.7)
|
|
1,027
|
|
3,251
|
|
(68.4)
|
|
Net securities
gains/(losses)
|
205
|
|
(1,183)
|
|
117.3
|
|
350
|
|
(1,832)
|
|
119.1
|
|
Net gain/(loss) on
other real estate owned and other assets
|
871
|
|
(1,302)
|
|
166.9
|
|
1,104
|
|
(2,108)
|
|
152.4
|
|
Other income
|
6,292
|
|
5,330
|
|
18.0
|
|
10,337
|
|
9,874
|
|
4.7
|
|
|
|
Total non-interest
income
|
31,841
|
|
26,983
|
|
18.0
|
|
59,493
|
|
57,365
|
|
3.7
|
Non-interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
44,471
|
|
41,213
|
|
7.9
|
|
86,422
|
|
80,150
|
|
7.8
|
|
Employee
benefits
|
11,511
|
|
8,722
|
|
32.0
|
|
23,570
|
|
17,880
|
|
31.8
|
|
Net
occupancy
|
6,132
|
|
6,119
|
|
0.2
|
|
12,775
|
|
13,354
|
|
(4.3)
|
|
Equipment and
software
|
8,823
|
|
7,702
|
|
14.6
|
|
17,885
|
|
15,713
|
|
13.8
|
|
Marketing
|
2,763
|
|
2,749
|
|
0.5
|
|
5,088
|
|
5,170
|
|
(1.6)
|
|
FDIC
insurance
|
2,871
|
|
1,937
|
|
48.2
|
|
5,755
|
|
3,459
|
|
66.4
|
|
Amortization of
intangible assets
|
2,282
|
|
2,579
|
|
(11.5)
|
|
4,583
|
|
5,178
|
|
(11.5)
|
|
Restructuring and
merger-related expense
|
35
|
|
52
|
|
(32.7)
|
|
3,188
|
|
1,646
|
|
93.7
|
|
Other operating
expenses
|
17,549
|
|
15,946
|
|
10.1
|
|
33,294
|
|
32,019
|
|
4.0
|
|
|
|
Total non-interest
expense
|
96,437
|
|
87,019
|
|
10.8
|
|
192,560
|
|
174,569
|
|
10.3
|
Income before provision
for income taxes
|
53,943
|
|
53,004
|
|
1.8
|
|
106,226
|
|
106,984
|
|
(0.7)
|
|
Provision for income
taxes
|
9,063
|
|
10,256
|
|
(11.6)
|
|
19,005
|
|
20,114
|
|
(5.5)
|
Net Income
|
44,880
|
|
42,748
|
|
5.0
|
|
87,221
|
|
86,870
|
|
0.4
|
Preferred stock
dividends
|
2,531
|
|
2,531
|
|
-
|
|
5,063
|
|
5,063
|
|
-
|
Net income available to common
shareholders
|
$
42,349
|
|
$
40,217
|
|
5.3
|
|
$
82,158
|
|
$
81,807
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest
income
|
$
122,822
|
|
$
113,479
|
|
8.2
|
|
$
248,427
|
|
$
222,343
|
|
11.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share data
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
0.71
|
|
$
0.67
|
|
6.0
|
|
$
1.39
|
|
$
1.35
|
|
3.0
|
Net income per common
share - diluted
|
0.71
|
|
0.67
|
|
6.0
|
|
1.38
|
|
1.34
|
|
3.0
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
0.71
|
|
0.67
|
|
6.0
|
|
1.43
|
|
1.36
|
|
5.1
|
Dividends
declared
|
0.35
|
|
0.34
|
|
2.9
|
|
0.70
|
|
0.68
|
|
2.9
|
Book value (period
end)
|
39.10
|
|
38.92
|
|
0.5
|
|
39.10
|
|
38.92
|
|
0.5
|
Tangible book value
(period end) (1)
|
20.08
|
|
19.89
|
|
1.0
|
|
20.08
|
|
19.89
|
|
1.0
|
Average common shares
outstanding - basic
|
59,263,949
|
|
60,036,103
|
|
(1.3)
|
|
59,240,958
|
|
60,736,858
|
|
(2.5)
|
Average common shares
outstanding - diluted
|
59,385,847
|
|
60,185,207
|
|
(1.3)
|
|
59,389,314
|
|
60,899,270
|
|
(2.5)
|
Period end common
shares outstanding
|
59,355,062
|
|
59,698,788
|
|
(0.6)
|
|
59,355,062
|
|
59,698,788
|
|
(0.6)
|
Period end preferred
shares outstanding
|
150,000
|
|
150,000
|
|
-
|
|
150,000
|
|
150,000
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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,
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
0.97
|
%
|
0.97
|
%
|
-
|
%
|
|
|
|
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
1.00
|
|
0.99
|
|
1.01
|
|
|
|
|
|
|
|
Return on average
equity
|
|
|
|
|
6.69
|
|
6.39
|
|
4.69
|
|
|
|
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
6.90
|
|
6.49
|
|
6.32
|
|
|
|
|
|
|
|
Return on average
tangible equity (1)
|
|
|
|
12.86
|
|
12.00
|
|
7.17
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
13.23
|
|
12.18
|
|
8.62
|
|
|
|
|
|
|
|
Return on average
tangible common equity (1)
|
|
|
|
14.40
|
|
13.33
|
|
8.03
|
|
|
|
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
14.82
|
|
13.53
|
|
9.53
|
|
|
|
|
|
|
|
Yield on earning assets
(2)
|
|
|
|
|
4.46
|
|
3.14
|
|
42.04
|
|
|
|
|
|
|
|
Cost of interest
bearing liabilities
|
|
|
|
|
1.84
|
|
0.23
|
|
700.00
|
|
|
|
|
|
|
|
Net interest spread
(2)
|
|
|
|
|
|
2.62
|
|
2.91
|
|
(9.97)
|
|
|
|
|
|
|
|
Net interest margin
(2)
|
|
|
|
|
|
3.27
|
|
2.99
|
|
9.36
|
|
|
|
|
|
|
|
Efficiency (1)
(2)
|
|
|
|
|
|
61.50
|
|
61.82
|
|
(0.52)
|
|
|
|
|
|
|
|
Average loans to
average deposits
|
|
|
|
|
84.46
|
|
71.71
|
|
17.78
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs/average loans
|
|
|
|
0.05
|
|
0.00
|
|
100.00
|
|
|
|
|
|
|
|
Effective income tax
rate
|
|
|
|
|
17.89
|
|
18.80
|
|
(4.84)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
|
|
|
|
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
0.98
|
%
|
0.95
|
%
|
1.18
|
%
|
1.19
|
%
|
0.95
|
%
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
0.98
|
|
1.01
|
|
1.18
|
|
1.19
|
|
0.95
|
|
|
|
Return on average
equity
|
|
|
|
|
6.81
|
|
6.57
|
|
8.18
|
|
8.05
|
|
6.43
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
6.82
|
|
6.98
|
|
8.18
|
|
8.06
|
|
6.43
|
|
|
|
Return on average
tangible equity (1)
|
|
|
|
12.98
|
|
12.72
|
|
16.05
|
|
15.39
|
|
12.35
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
12.99
|
|
13.48
|
|
16.05
|
|
15.41
|
|
12.36
|
|
|
|
Return on average
tangible common equity (1)
|
|
|
|
14.52
|
|
14.28
|
|
18.09
|
|
17.23
|
|
13.80
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
14.53
|
|
15.13
|
|
18.10
|
|
17.25
|
|
13.82
|
|
|
|
Yield on earning assets
(2)
|
|
|
|
|
4.59
|
|
4.32
|
|
4.00
|
|
3.59
|
|
3.20
|
|
|
|
Cost of interest
bearing liabilities
|
|
|
|
|
2.15
|
|
1.52
|
|
0.82
|
|
0.41
|
|
0.26
|
|
|
|
Net interest spread
(2)
|
|
|
|
|
|
2.44
|
|
2.80
|
|
3.18
|
|
3.18
|
|
2.94
|
|
|
|
Net interest margin
(2)
|
|
|
|
|
|
3.18
|
|
3.36
|
|
3.49
|
|
3.33
|
|
3.03
|
|
|
|
Efficiency (1)
(2)
|
|
|
|
|
|
62.33
|
|
60.66
|
|
56.91
|
|
58.13
|
|
61.91
|
|
|
|
Average loans to
average deposits
|
|
|
|
|
85.44
|
|
83.46
|
|
78.43
|
|
75.01
|
|
72.36
|
|
|
|
Annualized net loan
charge-offs and recoveries /average loans
|
0.02
|
|
0.07
|
|
0.02
|
|
0.04
|
|
0.00
|
|
|
|
Effective income tax
rate
|
|
|
|
|
16.80
|
|
19.02
|
|
18.51
|
|
18.85
|
|
19.35
|
|
|
|
Trust assets, market
value at period end
|
|
|
|
$
5,127,265
|
|
$ 5,026,631
|
|
$ 4,878,479
|
|
$ 4,622,878
|
|
$ 4,803,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2022
|
Assets
|
|
|
|
2023
|
|
2022
|
|
% Change
|
2022
|
to June 30, 2023
|
Cash and due from
banks
|
|
$
178,057
|
|
$
186,534
|
|
(4.5)
|
$
166,182
|
7.1
|
Due from banks -
interest bearing
|
|
384,261
|
|
263,475
|
|
45.8
|
242,229
|
58.6
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
Equity securities, at
fair value
|
|
11,948
|
|
11,413
|
|
4.7
|
11,506
|
3.8
|
|
Available-for-sale debt
securities, at fair value
|
|
2,329,222
|
|
2,884,651
|
|
(19.3)
|
2,529,140
|
(7.9)
|
|
Held-to-maturity debt
securities (fair values of $1,072,229; $1,153,594
|
|
|
|
|
|
|
|
|
|
and $1,084,390,
respectively)
|
|
1,224,470
|
|
1,281,295
|
|
(4.4)
|
1,248,629
|
(1.9)
|
|
|
Allowance for credit
losses, held-to-maturity debt securities
|
|
(193)
|
|
(265)
|
|
27.2
|
(220)
|
12.3
|
|
Net held-to-maturity
debt securities
|
|
1,224,277
|
|
1,281,030
|
|
(4.4)
|
1,248,409
|
(1.9)
|
|
|
Total
securities
|
|
3,565,447
|
|
4,177,094
|
|
(14.6)
|
3,789,055
|
(5.9)
|
Loans held for
sale
|
|
28,970
|
|
17,560
|
|
65.0
|
8,249
|
251.2
|
Portfolio
loans:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
6,295,467
|
|
5,852,564
|
|
7.6
|
6,061,344
|
3.9
|
|
Commercial and
industrial
|
|
1,558,491
|
|
1,549,768
|
|
0.6
|
1,579,395
|
(1.3)
|
|
Residential real
estate
|
|
2,341,928
|
|
1,907,875
|
|
22.8
|
2,140,584
|
9.4
|
|
Home equity
|
|
701,824
|
|
597,845
|
|
17.4
|
695,065
|
1.0
|
|
Consumer
|
|
232,254
|
|
300,637
|
|
(22.7)
|
226,340
|
2.6
|
Total portfolio loans,
net of unearned income
|
|
11,129,964
|
|
10,208,689
|
|
9.0
|
10,702,728
|
4.0
|
Allowance for credit
losses - loans
|
|
(120,166)
|
|
(117,403)
|
|
(2.4)
|
(117,790)
|
(2.0)
|
|
|
Net portfolio
loans
|
|
11,009,798
|
|
10,091,286
|
|
9.1
|
10,584,938
|
4.0
|
Premises and equipment,
net
|
|
219,934
|
|
216,293
|
|
1.7
|
220,892
|
(0.4)
|
Accrued interest
receivable
|
|
69,773
|
|
61,918
|
|
12.7
|
68,522
|
1.8
|
Goodwill and other
intangible assets, net
|
|
1,136,773
|
|
1,146,456
|
|
(0.8)
|
1,141,355
|
(0.4)
|
Bank-owned life
insurance
|
|
355,204
|
|
348,807
|
|
1.8
|
352,361
|
0.8
|
Other assets
|
|
408,737
|
|
290,201
|
|
40.8
|
358,122
|
14.1
|
Total Assets
|
|
$
17,356,954
|
|
$ 16,799,624
|
|
3.3
|
$
16,931,905
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
|
$ 4,286,235
|
|
$
4,738,830
|
|
(9.6)
|
$
4,700,438
|
(8.8)
|
|
Interest bearing
demand
|
|
3,273,745
|
|
3,258,871
|
|
0.5
|
3,119,807
|
4.9
|
|
Money market
|
|
1,685,667
|
|
1,770,859
|
|
(4.8)
|
1,684,023
|
0.1
|
|
Savings
deposits
|
|
2,655,680
|
|
2,695,437
|
|
(1.5)
|
2,741,004
|
(3.1)
|
|
Certificates of
deposit
|
|
960,107
|
|
1,105,305
|
|
(13.1)
|
885,818
|
8.4
|
|
|
Total
deposits
|
|
12,861,434
|
|
13,569,302
|
|
(5.2)
|
13,131,090
|
(2.1)
|
Federal Home Loan Bank
borrowings
|
|
1,380,000
|
|
122,650
|
|
NM
|
705,000
|
95.7
|
Other short-term
borrowings
|
|
101,286
|
|
147,964
|
|
(31.5)
|
135,069
|
(25.0)
|
Subordinated debt and
junior subordinated debt
|
|
281,854
|
|
280,910
|
|
0.3
|
281,404
|
0.2
|
|
|
Total
borrowings
|
|
1,763,140
|
|
551,524
|
|
219.7
|
1,121,473
|
57.2
|
Accrued interest
payable
|
|
8,869
|
|
2,815
|
|
215.1
|
4,593
|
93.1
|
Other
liabilities
|
|
258,513
|
|
208,032
|
|
24.3
|
248,087
|
4.2
|
Total Liabilities
|
|
14,891,956
|
|
14,331,673
|
|
3.9
|
14,505,243
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
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, respectively
|
|
144,484
|
|
144,484
|
|
-
|
144,484
|
-
|
Common stock, $2.0833
par value; 100,000,000 shares authorized;
|
|
|
|
|
|
|
|
|
|
68,081,306
shares issued; 59,355,062, 59,698,788 and
59,198,963
|
|
|
|
|
|
|
|
|
|
shares outstanding,
respectively
|
|
141,834
|
|
141,834
|
|
-
|
141,834
|
-
|
Capital
surplus
|
|
1,630,963
|
|
1,632,617
|
|
(0.1)
|
1,635,877
|
(0.3)
|
Retained
earnings
|
|
1,118,135
|
|
1,018,209
|
|
9.8
|
1,077,675
|
3.8
|
Treasury stock
(8,726,244, 8,382,518 and 8,882,343 shares - at cost,
respectively)
|
|
(303,770)
|
|
(291,337)
|
|
(4.3)
|
(308,964)
|
1.7
|
Accumulated other
comprehensive loss
|
|
(264,627)
|
|
(176,061)
|
|
(50.3)
|
(262,416)
|
(0.8)
|
Deferred benefits for
directors
|
|
(2,021)
|
|
(1,795)
|
|
(12.6)
|
(1,828)
|
(10.6)
|
Total Shareholders' Equity
|
|
2,464,998
|
|
2,467,951
|
|
(0.1)
|
2,426,662
|
1.6
|
Total Liabilities and Shareholders'
Equity
|
|
$
17,356,954
|
|
$ 16,799,624
|
|
3.3
|
$
16,931,905
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
NM = Not Meaningful
|
|
|
|
|
|
|
|
|
WESBANCO, INC.
|
|
|
|
|
|
|
Consolidated Selected Financial
Highlights
|
|
|
|
|
|
Page 8
|
(unaudited, dollars in thousands, except
shares)
|
|
|
|
|
|
|
Balance sheet
|
|
June 30,
|
|
March 31,
|
|
|
Assets
|
|
|
|
2023
|
|
2023
|
|
% Change
|
Cash and due from
banks
|
|
$
178,057
|
|
$
152,756
|
|
16.6
|
Due from banks -
interest bearing
|
|
384,261
|
|
444,747
|
|
(13.6)
|
Securities:
|
|
|
|
|
|
|
|
|
Equity securities, at
fair value
|
|
11,948
|
|
11,843
|
|
0.9
|
|
Available-for-sale debt
securities, at fair value
|
|
2,329,222
|
|
2,465,996
|
|
(5.5)
|
|
Held-to-maturity debt
securities (fair values of $1,072,229;
|
|
|
|
|
|
|
|
and $1,107,685,
respectively)
|
|
1,224,470
|
|
1,239,247
|
|
(1.2)
|
|
|
Allowance for credit
losses, held-to-maturity debt securities
|
|
(193)
|
|
(212)
|
|
9.0
|
|
Net held-to-maturity
debt securities
|
|
1,224,277
|
|
1,239,035
|
|
(1.2)
|
|
|
Total
securities
|
|
3,565,447
|
|
3,716,874
|
|
(4.1)
|
Loans held for
sale
|
|
28,970
|
|
12,722
|
|
127.7
|
Portfolio
loans:
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
6,295,467
|
|
6,197,844
|
|
1.6
|
|
Commercial and
industrial
|
|
1,558,491
|
|
1,519,808
|
|
2.5
|
|
Residential real
estate
|
|
2,341,928
|
|
2,251,423
|
|
4.0
|
|
Home equity
|
|
701,824
|
|
692,001
|
|
1.4
|
|
Consumer
|
|
232,254
|
|
227,612
|
|
2.0
|
Total portfolio loans,
net of unearned income
|
|
11,129,964
|
|
10,888,688
|
|
2.2
|
Allowance for credit
losses - loans
|
|
(120,166)
|
|
(118,698)
|
|
(1.2)
|
|
|
Net portfolio
loans
|
|
11,009,798
|
|
10,769,990
|
|
2.2
|
Premises and equipment,
net
|
|
219,934
|
|
224,940
|
|
(2.2)
|
Accrued interest
receivable
|
|
69,773
|
|
69,232
|
|
0.8
|
Goodwill and other
intangible assets, net
|
|
1,136,773
|
|
1,139,054
|
|
(0.2)
|
Bank-owned life
insurance
|
|
355,204
|
|
354,320
|
|
0.2
|
Other assets
|
|
408,737
|
|
389,991
|
|
4.8
|
Total Assets
|
|
$
17,356,954
|
|
$
17,274,626
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
|
$
4,286,235
|
|
$ 4,478,954
|
|
(4.3)
|
|
Interest bearing
demand
|
|
3,273,745
|
|
3,107,112
|
|
5.4
|
|
Money market
|
|
1,685,667
|
|
1,618,204
|
|
4.2
|
|
Savings
deposits
|
|
2,655,680
|
|
2,784,780
|
|
(4.6)
|
|
Certificates of
deposit
|
|
960,107
|
|
884,146
|
|
8.6
|
|
|
Total
deposits
|
|
12,861,434
|
|
12,873,196
|
|
(0.1)
|
Federal Home Loan Bank
borrowings
|
|
1,380,000
|
|
1,280,000
|
|
7.8
|
Other short-term
borrowings
|
|
101,286
|
|
111,176
|
|
(8.9)
|
Subordinated debt and
junior subordinated debt
|
|
281,854
|
|
281,629
|
|
0.1
|
|
|
Total
borrowings
|
|
1,763,140
|
|
1,672,805
|
|
5.4
|
Accrued interest
payable
|
|
8,869
|
|
7,669
|
|
15.6
|
Other
liabilities
|
|
258,513
|
|
245,499
|
|
5.3
|
Total Liabilities
|
|
14,891,956
|
|
14,799,169
|
|
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, respectively
|
|
144,484
|
|
144,484
|
|
-
|
Common stock, $2.0833
par value; 100,000,000 shares authorized;
|
|
|
|
|
|
|
|
68,081,306 shares
issued; 59,355,062 and 59,246,569
|
|
|
|
|
|
|
|
shares outstanding,
respectively
|
|
141,834
|
|
141,834
|
|
-
|
Capital
surplus
|
|
1,630,963
|
|
1,636,061
|
|
(0.3)
|
Retained
earnings
|
|
1,118,135
|
|
1,096,924
|
|
1.9
|
Treasury stock
(8,726,244 and 8,834,737 shares - at cost, respectively)
|
|
(303,770)
|
|
(307,507)
|
|
1.2
|
Accumulated other
comprehensive loss
|
|
(264,627)
|
|
(234,399)
|
|
(12.9)
|
Deferred benefits for
directors
|
|
(2,021)
|
|
(1,940)
|
|
(4.2)
|
Total Shareholders' Equity
|
|
2,464,998
|
|
2,475,457
|
|
(0.4)
|
Total Liabilities and Shareholders'
Equity
|
|
$
17,356,954
|
|
$
17,274,626
|
|
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,
|
|
|
|
|
|
|
|
2023
|
2022
|
|
|
2023
|
2022
|
|
|
|
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
Assets
|
|
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
Due from banks -
interest bearing
|
|
|
|
$
438,604
|
5.71
|
%
|
|
$
744,261
|
0.74
|
%
|
|
$
359,466
|
5.16
|
%
|
|
$
951,588
|
0.39
|
%
|
Loans, net of unearned
income (1)
|
|
|
|
11,009,093
|
5.31
|
|
|
9,932,744
|
3.89
|
|
|
10,880,328
|
5.17
|
|
|
9,823,024
|
3.89
|
|
Securities:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
3,198,838
|
2.32
|
|
|
3,532,624
|
1.80
|
|
|
3,250,174
|
2.33
|
|
|
3,433,551
|
1.76
|
|
Tax-exempt (3)
|
|
|
|
|
786,128
|
3.05
|
|
|
792,878
|
3.01
|
|
|
793,425
|
3.06
|
|
|
761,304
|
3.03
|
|
Total
securities
|
|
|
|
|
3,984,966
|
2.46
|
|
|
4,325,502
|
2.02
|
|
|
4,043,599
|
2.47
|
|
|
4,194,855
|
1.99
|
|
Other earning
assets
|
|
|
|
|
61,613
|
5.64
|
|
|
13,296
|
3.82
|
|
|
53,789
|
4.44
|
|
|
14,365
|
3.81
|
|
Total earning assets (3)
|
|
|
|
15,494,276
|
4.59
|
%
|
|
15,015,803
|
3.20
|
%
|
|
15,337,182
|
4.46
|
%
|
|
14,983,832
|
3.14
|
%
|
Other assets
|
|
|
|
|
1,800,070
|
|
|
|
1,955,649
|
|
|
|
1,796,162
|
|
|
|
1,998,126
|
|
|
Total Assets
|
|
|
|
|
$
17,294,346
|
|
|
|
$
16,971,452
|
|
|
|
$
17,133,344
|
|
|
|
$ 16,981,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
|
|
|
$ 3,228,799
|
2.14
|
%
|
|
$
3,380,684
|
0.14
|
%
|
|
$ 3,129,921
|
1.82
|
%
|
|
$
3,392,029
|
0.12
|
%
|
Money market
accounts
|
|
|
|
1,635,939
|
1.77
|
|
|
1,770,342
|
0.09
|
|
|
1,634,347
|
1.42
|
|
|
1,788,430
|
0.08
|
|
Savings
deposits
|
|
|
|
|
2,729,210
|
0.86
|
|
|
2,700,642
|
0.05
|
|
|
2,751,850
|
0.72
|
|
|
2,664,005
|
0.05
|
|
Certificates of
deposit
|
|
|
|
|
912,144
|
1.28
|
|
|
1,162,392
|
0.39
|
|
|
887,560
|
0.93
|
|
|
1,208,243
|
0.40
|
|
Total interest bearing deposits
|
|
|
|
8,506,092
|
1.57
|
|
|
9,014,060
|
0.13
|
|
|
8,403,678
|
1.29
|
|
|
9,052,707
|
0.13
|
|
Federal Home Loan Bank
borrowings
|
|
|
1,288,242
|
5.20
|
|
|
123,474
|
1.34
|
|
|
1,130,000
|
5.00
|
|
|
151,593
|
1.31
|
|
Repurchase
agreements
|
|
|
|
105,266
|
1.87
|
|
|
146,119
|
0.13
|
|
|
118,155
|
1.55
|
|
|
151,115
|
0.13
|
|
Subordinated debt and
junior subordinated debt
|
281,715
|
5.83
|
|
|
280,962
|
3.97
|
|
|
281,600
|
5.76
|
|
|
214,704
|
3.71
|
|
Total interest bearing
liabilities (4)
|
|
|
10,181,315
|
2.15
|
%
|
|
9,564,615
|
0.26
|
%
|
|
9,933,433
|
1.84
|
%
|
|
9,570,119
|
0.23
|
%
|
Non-interest bearing
demand deposits
|
|
|
4,379,345
|
|
|
|
4,712,466
|
|
|
|
4,479,200
|
|
|
|
4,644,982
|
|
|
Other
liabilities
|
|
|
|
|
240,590
|
|
|
|
184,932
|
|
|
|
245,033
|
|
|
|
184,600
|
|
|
Shareholders'
equity
|
|
|
|
|
2,493,096
|
|
|
|
2,509,439
|
|
|
|
2,475,678
|
|
|
|
2,582,257
|
|
|
Total Liabilities and Shareholders'
Equity
|
|
|
$
17,294,346
|
|
|
|
$
16,971,452
|
|
|
|
$
17,133,344
|
|
|
|
$ 16,981,958
|
|
|
Taxable equivalent net interest
spread
|
|
|
|
2.44
|
%
|
|
|
2.94
|
%
|
|
|
2.62
|
%
|
|
|
2.91
|
%
|
Taxable equivalent net interest
margin
|
|
|
|
3.18
|
%
|
|
|
3.03
|
%
|
|
|
3.27
|
%
|
|
|
2.99
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gross of allowance
for credit losses and net of unearned income. Includes
non-accrual and loans held for sale. Loan fees included in
interest income on loans were $0.7 million and $2.5 million for the
three months ended June 30, 2023 and 2022,
respectively, and were $1.1 million and $6.6 million for the six
months ended June 30, 2023 and 2022. Additionally, loan
accretion included in interest income on loans acquired from prior
acquisitions was $1.2 million and $1.9 million for the three
months ended June 30, 2023 and 2022, respectively, and $2.5 million
and $4.5 million for the six months ended June 30, 2023 and 2022,
respectively.
|
(2) Average yields on
available-for-sale debt 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
$0.1 million and $0.3 million for the three months ended June 30,
2023 and 2022, respectively, and $0.3 million and $0.7 million for
the six months ended June 30, 2023
and 2022, 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,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
Interest and dividend income
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
Loans, including
fees
|
$
145,741
|
|
$
133,406
|
|
$
123,307
|
|
$
109,562
|
|
$
96,412
|
|
Interest and dividends
on securities:
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
18,483
|
|
19,086
|
|
18,655
|
|
17,531
|
|
15,825
|
|
|
Tax-exempt
|
4,723
|
|
4,790
|
|
4,853
|
|
4,916
|
|
4,706
|
|
|
|
Total interest and
dividends on securities
|
23,206
|
|
23,876
|
|
23,508
|
|
22,447
|
|
20,531
|
|
Other interest
income
|
7,108
|
|
3,273
|
|
2,103
|
|
2,108
|
|
1,504
|
Total interest and dividend income
|
176,055
|
|
160,555
|
|
148,918
|
|
134,117
|
|
118,447
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
17,203
|
|
11,106
|
|
7,264
|
|
2,953
|
|
1,153
|
|
Money market
deposits
|
7,220
|
|
4,252
|
|
1,890
|
|
968
|
|
383
|
|
Savings
deposits
|
5,860
|
|
4,000
|
|
2,454
|
|
1,067
|
|
330
|
|
Certificates of
deposit
|
2,906
|
|
1,203
|
|
742
|
|
958
|
|
1,116
|
|
|
|
Total interest expense
on deposits
|
33,189
|
|
20,561
|
|
12,350
|
|
5,946
|
|
2,982
|
|
Federal Home Loan Bank
borrowings
|
16,713
|
|
11,300
|
|
2,634
|
|
348
|
|
411
|
|
Other short-term
borrowings
|
492
|
|
418
|
|
324
|
|
147
|
|
48
|
|
Subordinated debt and
junior subordinated debt
|
4,094
|
|
3,944
|
|
3,736
|
|
3,175
|
|
2,778
|
|
|
|
Total interest
expense
|
54,488
|
|
36,223
|
|
19,044
|
|
9,616
|
|
6,219
|
Net interest income
|
121,567
|
|
124,332
|
|
129,874
|
|
124,501
|
|
112,228
|
|
Provision for credit
losses
|
3,028
|
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
Net interest income
after provision for credit losses
|
118,539
|
|
120,755
|
|
126,751
|
|
125,036
|
|
113,040
|
Non-interest income
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
6,918
|
|
7,494
|
|
6,672
|
|
6,517
|
|
6,527
|
|
Service charges on
deposits
|
6,232
|
|
6,170
|
|
6,762
|
|
6,942
|
|
6,487
|
|
Electronic banking
fees
|
5,010
|
|
4,605
|
|
4,695
|
|
4,808
|
|
5,154
|
|
Net securities
brokerage revenue
|
2,523
|
|
2,576
|
|
2,556
|
|
2,491
|
|
2,258
|
|
Bank-owned life
insurance
|
3,189
|
|
1,959
|
|
2,464
|
|
1,999
|
|
2,384
|
|
Mortgage banking
income
|
601
|
|
426
|
|
621
|
|
1,257
|
|
1,328
|
|
Net securities
gains/(losses)
|
205
|
|
145
|
|
(600)
|
|
656
|
|
(1,183)
|
|
Net gain/(loss) on
other real estate owned and other assets
|
871
|
|
232
|
|
550
|
|
2,040
|
|
(1,302)
|
|
Other income
|
6,292
|
|
4,046
|
|
4,050
|
|
5,546
|
|
5,330
|
|
|
|
Total non-interest
income
|
31,841
|
|
27,653
|
|
27,770
|
|
32,256
|
|
26,983
|
Non-interest expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
44,471
|
|
41,952
|
|
42,606
|
|
44,271
|
|
41,213
|
|
Employee
benefits
|
11,511
|
|
12,060
|
|
9,198
|
|
10,693
|
|
8,722
|
|
Net
occupancy
|
6,132
|
|
6,643
|
|
6,262
|
|
6,489
|
|
6,119
|
|
Equipment and
software
|
8,823
|
|
9,063
|
|
8,712
|
|
8,083
|
|
7,702
|
|
Marketing
|
2,763
|
|
2,325
|
|
1,788
|
|
2,377
|
|
2,749
|
|
FDIC
insurance
|
2,871
|
|
2,884
|
|
2,051
|
|
2,391
|
|
1,937
|
|
Amortization of
intangible assets
|
2,282
|
|
2,301
|
|
2,541
|
|
2,560
|
|
2,579
|
|
Restructuring and
merger-related expense
|
35
|
|
3,153
|
|
11
|
|
66
|
|
52
|
|
Other operating
expenses
|
17,549
|
|
15,744
|
|
17,286
|
|
15,011
|
|
15,946
|
|
|
|
Total non-interest
expense
|
96,437
|
|
96,125
|
|
90,455
|
|
91,941
|
|
87,019
|
Income before provision
for income taxes
|
53,943
|
|
52,283
|
|
64,066
|
|
65,351
|
|
53,004
|
|
Provision for income
taxes
|
9,063
|
|
9,942
|
|
11,856
|
|
12,318
|
|
10,256
|
Net Income
|
44,880
|
|
42,341
|
|
52,210
|
|
53,033
|
|
42,748
|
Preferred stock
dividends
|
2,531
|
|
2,531
|
|
2,531
|
|
2,531
|
|
2,531
|
Net income available to common
shareholders
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent net interest
income
|
$
122,822
|
|
$
125,605
|
|
$
131,164
|
|
$
125,808
|
|
$
113,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share data
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
0.71
|
|
$
0.67
|
|
$
0.84
|
|
$
0.85
|
|
$
0.67
|
Net income per common
share - diluted
|
0.71
|
|
0.67
|
|
0.84
|
|
0.85
|
|
0.67
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
0.71
|
|
0.71
|
|
0.84
|
|
0.85
|
|
0.67
|
Dividends
declared
|
0.35
|
|
0.35
|
|
0.35
|
|
0.34
|
|
0.34
|
Book value (period
end)
|
39.10
|
|
39.34
|
|
38.55
|
|
37.96
|
|
38.92
|
Tangible book value
(period end) (1)
|
20.08
|
|
20.27
|
|
19.43
|
|
18.84
|
|
19.89
|
Average common shares
outstanding - basic
|
59,263,949
|
|
59,217,711
|
|
59,188,238
|
|
59,549,244
|
|
60,036,103
|
Average common shares
outstanding - diluted
|
59,385,847
|
|
59,375,053
|
|
59,374,204
|
|
59,697,676
|
|
60,185,207
|
Period end common
shares outstanding
|
59,355,062
|
|
59,246,569
|
|
59,198,963
|
|
59,304,505
|
|
59,698,788
|
Period end preferred
shares outstanding
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
Full time equivalent
employees
|
2,542
|
|
2,501
|
|
2,495
|
|
2,480
|
|
2,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings - accruing
|
$
-
|
|
$
-
|
|
$
3,230
|
|
$
4,583
|
|
$
3,579
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings
|
|
-
|
|
-
|
|
1,711
|
|
1,756
|
|
2,120
|
|
|
|
Other non-accrual
loans
|
|
31,555
|
|
39,216
|
|
36,474
|
|
26,428
|
|
29,594
|
|
|
|
Total non-accrual loans
|
|
31,555
|
|
39,216
|
|
38,185
|
|
28,184
|
|
31,714
|
|
|
|
Total non-performing loans
|
|
31,555
|
|
39,216
|
|
41,415
|
|
32,767
|
|
35,293
|
|
|
Other real estate and
repossessed assets
|
1,432
|
|
1,554
|
|
1,486
|
|
1,595
|
|
31
|
|
|
|
Total non-performing
assets
|
|
$
32,987
|
|
$
40,770
|
|
$
42,901
|
|
$
34,362
|
|
$
35,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days
|
|
$
18,348
|
|
$
12,920
|
|
$
15,439
|
|
$
21,836
|
|
$
31,388
|
|
|
Loans past due 90 days
or more
|
|
5,147
|
|
4,570
|
|
5,443
|
|
24,311
|
|
9,560
|
|
|
|
Total past due
loans
|
|
$
23,495
|
|
$
17,490
|
|
$
20,882
|
|
$
46,147
|
|
$
40,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized and
classified loans (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized
loans
|
|
$
119,771
|
|
$
116,608
|
|
$
147,945
|
|
$
163,176
|
|
$
193,871
|
|
|
Classified
loans
|
|
67,036
|
|
57,222
|
|
102,555
|
|
86,861
|
|
126,257
|
|
|
|
Total criticized and
classified loans
|
$
186,807
|
|
$
173,830
|
|
$
250,500
|
|
$
250,037
|
|
$
320,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days / total portfolio loans
|
0.16
|
%
|
0.12
|
%
|
0.14
|
%
|
0.21
|
%
|
0.31
|
%
|
Loans past due 90 days
or more / total portfolio loans
|
0.05
|
|
0.04
|
|
0.05
|
|
0.24
|
|
0.09
|
|
Non-performing loans /
total portfolio loans
|
0.28
|
|
0.36
|
|
0.39
|
|
0.32
|
|
0.35
|
|
Non-performing assets /
total portfolio loans, other
|
|
|
|
|
|
|
|
|
|
|
|
real estate and
repossessed assets
|
|
0.30
|
|
0.37
|
|
0.40
|
|
0.33
|
|
0.35
|
|
Non-performing assets /
total assets
|
|
0.19
|
|
0.24
|
|
0.25
|
|
0.21
|
|
0.21
|
|
Criticized and
classified loans / total portfolio loans
|
1.68
|
|
1.60
|
|
2.34
|
|
2.43
|
|
3.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses - loans
|
|
$
120,166
|
|
$
118,698
|
|
$
117,790
|
|
$
114,584
|
|
$
117,403
|
|
Allowance for credit
losses - loan commitments
|
10,124
|
|
9,127
|
|
8,368
|
|
8,938
|
|
7,718
|
|
Provision for credit
losses
|
|
3,028
|
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
Net loan and deposit
account overdraft charge-offs and recoveries
|
581
|
|
1,919
|
|
493
|
|
1,102
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs and recoveries / average loans
|
0.02
|
%
|
0.07
|
%
|
0.02
|
%
|
0.04
|
%
|
0.00
|
%
|
Allowance for credit
losses - loans / total portfolio loans
|
1.08
|
%
|
1.09
|
%
|
1.10
|
%
|
1.11
|
%
|
1.15
|
%
|
Allowance for credit
losses - loans / non-performing loans
|
3.81
|
x
|
3.03
|
x
|
2.84
|
x
|
3.50
|
x
|
3.33
|
x
|
Allowance for credit
losses - loans / non-performing loans and
|
|
|
|
|
|
|
|
|
|
|
|
loans past
due
|
|
2.18
|
x
|
2.09
|
x
|
1.89
|
x
|
1.45
|
x
|
1.54
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
Capital ratios
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage
capital
|
|
9.78
|
%
|
9.82
|
%
|
9.90
|
%
|
9.68
|
%
|
9.51
|
%
|
Tier I risk-based
capital
|
|
12.12
|
|
12.22
|
|
12.33
|
|
12.51
|
|
12.49
|
|
Total risk-based
capital
|
|
14.83
|
|
14.97
|
|
15.11
|
|
15.37
|
|
15.40
|
|
Common equity tier 1
capital ratio (CET 1)
|
11.03
|
|
11.11
|
|
11.20
|
|
11.35
|
|
11.31
|
|
Average shareholders'
equity to average assets
|
14.42
|
|
14.48
|
|
14.45
|
|
14.75
|
|
14.79
|
|
Tangible equity to
tangible assets (3)
|
|
8.24
|
|
8.33
|
|
8.19
|
|
8.16
|
|
8.50
|
|
Tangible common equity
to tangible assets (3)
|
7.35
|
|
7.44
|
|
7.28
|
|
7.22
|
|
7.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) 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)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
2022
|
Return on average assets, excluding after-tax
restructuring and merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
82,158
|
$
81,807
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
28
|
|
2,491
|
|
9
|
|
52
|
|
41
|
|
2,519
|
1,300
|
|
Net income available to
common shareholders excluding after-tax restructuring and
merger-related expenses
|
42,377
|
|
42,301
|
|
49,688
|
|
50,554
|
|
40,258
|
|
84,677
|
83,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$
17,294,346
|
|
$
16,970,554
|
|
$
16,685,930
|
|
$
16,871,655
|
|
$
16,971,452
|
|
$
17,133,344
|
$
16,981,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
0.98 %
|
|
1.01 %
|
|
1.18 %
|
|
1.19 %
|
|
0.95 %
|
|
1.00 %
|
0.99 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity, excluding after-tax
restructuring and merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
82,158
|
$
81,807
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
28
|
|
2,491
|
|
9
|
|
52
|
|
41
|
|
2,519
|
1,300
|
|
Net income available to
common shareholders excluding after-tax restructuring and
merger-related expenses
|
42,377
|
|
42,301
|
|
49,688
|
|
50,554
|
|
40,258
|
|
84,677
|
83,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$
2,493,096
|
|
$ 2,458,067
|
|
$ 2,410,761
|
|
$ 2,488,938
|
|
$ 2,509,439
|
|
$
2,475,678
|
$ 2,582,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
6.82 %
|
|
6.98 %
|
|
8.18 %
|
|
8.06 %
|
|
6.43 %
|
|
6.90 %
|
6.49 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
82,158
|
$
81,807
|
|
Plus: amortization of
intangibles (1)
|
1,803
|
|
1,818
|
|
2,007
|
|
2,022
|
|
2,037
|
|
3,621
|
4,091
|
|
Net income available to
common shareholders before amortization of intangibles
|
44,152
|
|
41,628
|
|
51,686
|
|
52,524
|
|
42,254
|
|
85,779
|
85,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,493,096
|
|
2,458,067
|
|
2,410,761
|
|
2,488,938
|
|
2,509,439
|
|
2,475,678
|
2,582,257
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,129,155)
|
|
(1,131,027)
|
|
(1,132,894)
|
|
(1,135,007)
|
|
(1,137,187)
|
|
(1,130,086)
|
(1,138,209)
|
|
Average tangible
equity
|
$
1,363,941
|
|
$ 1,327,040
|
|
$ 1,277,867
|
|
$ 1,353,931
|
|
$ 1,372,252
|
|
$
1,345,592
|
$ 1,444,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity (annualized) (2)
|
12.98 %
|
|
12.72 %
|
|
16.05 %
|
|
15.39 %
|
|
12.35 %
|
|
12.86 %
|
12.00 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$
1,219,457
|
|
$ 1,182,556
|
|
$ 1,133,383
|
|
$ 1,209,447
|
|
$ 1,227,768
|
|
$
1,201,108
|
$ 1,299,564
|
Return on average
tangible common equity (annualized) (2)
|
14.52 %
|
|
14.28 %
|
|
18.10 %
|
|
17.23 %
|
|
13.80 %
|
|
14.40 %
|
13.33 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity, excluding
after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
82,158
|
$
81,807
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
28
|
|
2,491
|
|
9
|
|
52
|
|
41
|
|
2,519
|
1,300
|
|
Plus: amortization of
intangibles (1)
|
1,803
|
|
1,818
|
|
2,007
|
|
2,022
|
|
2,037
|
|
3,621
|
4,091
|
|
Net income available to
common shareholders before amortization of intangibles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and excluding after-tax
restructuring and merger-related expenses
|
44,180
|
|
44,119
|
|
51,695
|
|
52,576
|
|
42,295
|
|
88,298
|
87,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,493,096
|
|
2,458,067
|
|
2,410,761
|
|
2,488,938
|
|
2,509,439
|
|
2,475,678
|
2,582,257
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,129,155)
|
|
(1,131,027)
|
|
(1,132,894)
|
|
(1,135,007)
|
|
(1,137,187)
|
|
(1,130,086)
|
(1,138,209)
|
|
Average tangible
equity
|
$
1,363,941
|
|
$ 1,327,040
|
|
$ 1,277,867
|
|
$ 1,353,931
|
|
$ 1,372,252
|
|
$
1,345,592
|
$ 1,444,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
12.99 %
|
|
13.48 %
|
|
16.05 %
|
|
15.41 %
|
|
12.36 %
|
|
13.23 %
|
12.18 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$
1,219,457
|
|
$ 1,182,556
|
|
$ 1,133,383
|
|
$ 1,209,447
|
|
$ 1,227,768
|
|
$
1,201,108
|
$ 1,299,564
|
Return on average
tangible common equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
14.53 %
|
|
15.13 %
|
|
18.10 %
|
|
17.25 %
|
|
13.82 %
|
|
14.82 %
|
13.53 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
$
96,437
|
|
$
96,125
|
|
$
90,455
|
|
$
91,941
|
|
$
87,019
|
|
$
192,560
|
$
174,569
|
|
Less: restructuring and
merger-related expense
|
(35)
|
|
(3,153)
|
|
(11)
|
|
(66)
|
|
(52)
|
|
(3,188)
|
(1,646)
|
|
Non-interest expense
excluding restructuring and merger-related expense
|
96,402
|
|
92,972
|
|
90,444
|
|
91,875
|
|
86,967
|
|
189,372
|
172,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income on
a fully taxable equivalent basis
|
122,822
|
|
125,605
|
|
131,164
|
|
125,808
|
|
113,479
|
|
248,427
|
222,343
|
|
Non-interest
income
|
|
31,841
|
|
27,653
|
|
27,770
|
|
32,256
|
|
26,983
|
|
59,493
|
57,365
|
|
Net interest income on
a fully taxable equivalent basis plus non-interest
income
|
$
154,663
|
|
$
153,258
|
|
$
158,934
|
|
$
158,064
|
|
$
140,462
|
|
$
307,920
|
$
279,708
|
|
Efficiency
ratio
|
|
62.33 %
|
|
60.66 %
|
|
56.91 %
|
#
|
58.13 %
|
|
61.91 %
|
|
61.50 %
|
61.82 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders,
excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
82,158
|
$
81,807
|
|
Add: After-tax
restructuring and merger-related expenses (1)
|
28
|
|
2,491
|
|
9
|
|
52
|
|
41
|
|
2,519
|
1,300
|
Net income available to
common shareholders, excluding after-tax restructuring and
merger-related expenses
|
$
42,377
|
|
$
42,301
|
|
$
49,688
|
|
$
50,554
|
|
$
40,258
|
|
$
84,677
|
$
83,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share - diluted, excluding
after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - diluted
|
$
0.71
|
|
$
0.67
|
|
$
0.84
|
|
$
0.85
|
|
$
0.67
|
|
$
1.38
|
$
1.34
|
|
Add: After-tax
restructuring and merger-related expenses per common share -
diluted (1)
|
-
|
|
0.04
|
|
-
|
|
-
|
|
-
|
|
0.05
|
0.02
|
Net income per common
share - diluted, excluding after-tax restructuring and
merger-related expenses
|
$
0.71
|
|
$
0.71
|
|
$
0.84
|
|
$
0.85
|
|
$
0.67
|
|
$
1.43
|
$
1.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
|
|
|
|
|
|
|
|
June 30,
|
|
March 31,
|
|
Dec. 31,
|
|
Sept. 30,
|
|
June 30,
|
|
|
|
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
|
|
Tangible book value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,464,998
|
|
$ 2,475,457
|
|
$ 2,426,662
|
|
$ 2,395,652
|
|
$ 2,467,951
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,128,371)
|
|
(1,130,172)
|
|
(1,131,990)
|
|
(1,133,998)
|
|
(1,136,020)
|
|
|
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
|
|
|
Tangible common
equity
|
1,192,143
|
|
1,200,801
|
|
1,150,188
|
|
1,117,170
|
|
1,187,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
59,355,062
|
|
59,246,569
|
|
59,198,963
|
|
59,304,505
|
|
59,698,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share
|
$
20.08
|
|
$
20.27
|
|
$
19.43
|
|
$
18.84
|
|
$
19.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,464,998
|
|
$ 2,475,457
|
|
$ 2,426,662
|
|
$ 2,395,652
|
|
$ 2,467,951
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,128,371)
|
|
(1,130,172)
|
|
(1,131,990)
|
|
(1,133,998)
|
|
(1,136,020)
|
|
|
|
|
Tangible
equity
|
|
1,336,627
|
|
1,345,285
|
|
1,294,672
|
|
1,261,654
|
|
1,331,931
|
|
|
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
|
|
|
Tangible common
equity
|
1,192,143
|
|
1,200,801
|
|
1,150,188
|
|
1,117,170
|
|
1,187,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
17,356,954
|
|
17,274,626
|
|
16,931,905
|
|
16,604,747
|
|
16,799,624
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,128,371)
|
|
(1,130,172)
|
|
(1,131,990)
|
|
(1,133,998)
|
|
(1,136,020)
|
|
|
|
|
Tangible
assets
|
|
$
16,228,583
|
|
$
16,144,454
|
|
$
15,799,915
|
|
$
15,470,749
|
|
$
15,663,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets
|
8.24 %
|
|
8.33 %
|
|
8.19 %
|
|
8.16 %
|
|
8.50 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
7.35 %
|
|
7.44 %
|
|
7.28 %
|
|
7.22 %
|
|
7.58 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
2023
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
2022
|
Pre-tax, pre-provision income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
53,943
|
|
$
52,283
|
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
106,226
|
$
106,984
|
|
Add: provision for
credit losses
|
3,028
|
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
6,605
|
(4,250)
|
Pre-tax, pre-provision
income
|
|
$
56,971
|
|
$
55,860
|
|
$
67,189
|
|
$
64,816
|
|
$
52,192
|
|
$
112,831
|
$
102,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income, excluding
restructuring and merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
53,943
|
|
$
52,283
|
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
106,226
|
$
106,984
|
|
Add: provision for
credit losses
|
3,028
|
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
6,605
|
(4,250)
|
|
Add: restructuring and
merger-related expenses
|
35
|
|
3,153
|
|
11
|
|
66
|
|
52
|
|
3,188
|
1,646
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
$
57,006
|
|
$
59,013
|
|
$
67,200
|
|
$
64,882
|
|
$
52,244
|
|
$
116,019
|
$
104,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets, excluding certain items
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
53,943
|
|
$
52,283
|
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
106,226
|
$
106,984
|
|
Add: provision for
credit losses
|
3,028
|
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
6,605
|
(4,250)
|
|
Add: restructuring and
merger-related expenses
|
35
|
|
3,153
|
|
11
|
|
66
|
|
52
|
|
3,188
|
1,646
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
57,006
|
|
59,013
|
|
67,200
|
|
64,882
|
|
52,244
|
|
116,019
|
104,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$
17,294,346
|
|
$
16,970,554
|
|
$
16,685,930
|
|
$
16,871,655
|
|
$
16,971,452
|
|
$
17,133,344
|
$
16,981,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (annualized) (1)
(2)
|
1.32 %
|
|
1.41 %
|
|
1.60 %
|
|
1.53 %
|
|
1.23 %
|
|
1.37 %
|
1.24 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity, excluding certain items
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
53,943
|
|
$
52,283
|
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
106,226
|
$
106,984
|
|
Add: provision for
credit losses
|
3,028
|
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
6,605
|
(4,250)
|
|
Add: restructuring and
merger-related expenses
|
35
|
|
3,153
|
|
11
|
|
66
|
|
52
|
|
3,188
|
1,646
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
57,006
|
|
59,013
|
|
67,200
|
|
64,882
|
|
52,244
|
|
116,019
|
104,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$
2,493,096
|
|
$ 2,458,067
|
|
$ 2,410,761
|
|
$ 2,488,938
|
|
$ 2,509,439
|
|
$
2,475,678
|
$ 2,582,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (annualized) (1) (2)
|
9.17 %
|
|
9.74 %
|
|
11.06 %
|
|
10.34 %
|
|
8.35 %
|
|
9.45 %
|
8.15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible equity, excluding certain
items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
53,943
|
|
$
52,283
|
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
106,226
|
$
106,984
|
|
Add: provision for
credit losses
|
3,028
|
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
6,605
|
(4,250)
|
|
Add: amortization of
intangibles
|
2,282
|
|
2,301
|
|
2,541
|
|
2,560
|
|
2,579
|
|
4,583
|
5,178
|
|
Add: restructuring and
merger-related expenses
|
35
|
|
3,153
|
|
11
|
|
66
|
|
52
|
|
3,188
|
1,646
|
Income before
provision, restructuring and merger-related expenses and
amortization of intangibles
|
59,288
|
|
61,314
|
|
69,741
|
|
67,442
|
|
54,823
|
|
120,602
|
109,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,493,096
|
|
2,458,067
|
|
2,410,761
|
|
2,488,938
|
|
2,509,439
|
|
2,475,678
|
2,582,257
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,129,155)
|
|
(1,131,027)
|
|
(1,132,894)
|
|
(1,135,007)
|
|
(1,137,187)
|
|
(1,130,086)
|
(1,138,209)
|
|
Average tangible
equity
|
$
1,363,941
|
|
$ 1,327,040
|
|
$ 1,277,867
|
|
$ 1,353,931
|
|
$ 1,372,252
|
|
$
1,345,592
|
$ 1,444,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (annualized) (1)
(2)
|
17.44 %
|
|
18.74 %
|
|
21.65 %
|
|
19.76 %
|
|
16.02 %
|
|
18.07 %
|
15.30 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$
1,219,457
|
|
$ 1,182,556
|
|
$ 1,133,383
|
|
$ 1,209,447
|
|
$ 1,227,768
|
|
$
1,201,108
|
$ 1,299,564
|
Return on average
tangible common equity, excluding certain items (annualized) (1)
(2)
|
19.50 %
|
|
21.03 %
|
|
24.41 %
|
|
22.12 %
|
|
17.91 %
|
|
20.25 %
|
17.00 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-2023-financial-results-301885576.html
SOURCE WesBanco, Inc.