Continued deposit and loan growth while
maintaining a stable net interest margin
WHEELING, W.Va., Jan. 23,
2024 /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 twelve months ended December 31,
2023. Net income available to common shareholders for the
fourth quarter of 2023 was $32.4
million, with diluted earnings per share of $0.55, compared to $49.7
million and $0.84 per diluted
share, respectively, for the fourth quarter of 2022. For the twelve
months ended December 31, 2023, net
income was $148.9 million, or
$2.51 per diluted share, compared to
$182.0 million, or $3.02 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 three and twelve months ended December 31, 2023 were $32.4 million, or $0.55 per diluted share, and $151.9 million, or $2.56 per diluted share, respectively (non-GAAP
measures).
|
|
|
For the Three
Months Ended December 31,
|
|
|
For the Twelve
Months Ended December 31,
|
|
|
|
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)
|
|
$ 32,437
|
|
$
0.55
|
|
$ 49,688
|
|
$
0.84
|
|
|
$
151,933
|
|
$
2.56
|
|
$
183,349
|
|
$
3.04
|
Less: After-tax
restructuring and
merger-related expenses
|
|
-
|
|
-
|
|
(9)
|
|
-
|
|
|
(3,026)
|
|
(0.05)
|
|
(1,361)
|
|
(0.02)
|
Net income available to
common
shareholders (GAAP)
|
|
$ 32,437
|
|
$
0.55
|
|
$ 49,679
|
|
$
0.84
|
|
|
$
148,907
|
|
$
2.51
|
|
$
181,988
|
|
$
3.02
|
(1)
See non-GAAP financial measures for
additional information relating to the calculation of these
items.
|
Financial and operational highlights during the quarter ended
December 31, 2023:
- Deposits of $13.2 billion
increased both year-over-year and sequentially, reflecting deposit
gathering and retention efforts across retail and business
customers
- Average loans to average deposits were 87%, providing capacity
to fund loan growth
- Total loan growth was 8.7% year-over-year and 2.9%
quarter-over-quarter, reflecting the strength of our markets and
lending teams
- Loan production offices continued to contribute meaningfully to
the commercial loan pipeline
- Non-interest income increased 8.0% year-over-year, supported by
new commercial loan swap and wealth management fees
- New commercial swap fees totaled $9.0
million during 2023
- Trust assets increased to $5.4
billion, driven by both market value adjustments and organic
growth
- Net interest margin of 3.02% was stable to the third quarter of
2023
- 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 (based upon the prior four quarters for banks with
total assets between $10 billion and
$25 billion)
- WesBanco remains well-capitalized with solid liquidity and a
strong balance sheet with capacity to fund loan growth
- WesBanco continued to earn national accolades, being recognized
as one of America's Best Regional Banks by Newsweek
"Record interest rate escalation by the Federal Reserve had a
significant impact on all banks, including WesBanco. Despite that
headwind, WesBanco performed well during 2023 through our continued
focus on customer service and sustainable growth strategies. We
achieved sustained loan, deposit, and fee income growth, while
maintaining strong capital levels and credit quality," said
Jeff Jackson, President and Chief
Executive Officer, WesBanco. "Our focus on further diversifying our
revenue streams with new fee-based services is driving positive
non-interest income trends. As we begin 2024, we remain
well-capitalized with solid liquidity and a strong balance sheet to
fund loan growth, positioning us well to continue generating value
for our stakeholders."
Balance Sheet
As of December
31, 2023, total portfolio loans were $11.6 billion, which increased 8.7%
year-over-year driven by strong performance from our commercial and
residential lending teams. Total commercial loans of $8.2 billion, which increased 7.8%
year-over-year, reflects the benefit of our commercial banker
hiring and loan production office strategies and lower commercial
real estate payoffs of $276 million
for the year, compared to an anticipated level in the $500 million range within a more normal operating
environment. Our new loan production offices accounted for
more than 20% of commercial loan growth during the year. The
commercial pipeline totaled $0.7
billion at December 31, 2023,
approximately 28% of which is from the four new loan production
offices.
Total deposits, as of December 31,
2023, were $13.2 billion, up
0.6% from September 30, 2023 and up
0.3% from December 31, 2022,
reflecting the benefit of deposit gathering and retention efforts
by our retail and commercial teams. Reflecting the impact of the
significant increase in the federal funds rate, there continued to
be some mix shift in the composition of total deposits; however,
total demand deposits continue to represent 56% of total deposits,
with the non-interest bearing component representing 30%, which
remains consistent with the percentage range since early 2020.
Credit Quality
As of December
31, 2023, total loans past due, criticized and classified
loans, 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 increased 9 basis points from the
prior year, but remain below the quarterly average for the last
three years. Criticized and classified loans as a percent of the
loan portfolio decreased 12 basis points year-over-year to 2.22%,
while non-performing assets as a percentage of total assets
declined 9 basis points to 0.16%. The current recorded provision
was primarily driven by changes in criticized and classified loan
balances, prepayment assumptions, and loan growth. The allowance
for credit losses to total portfolio loans at December 31, 2023 remained at 1.12% of total
loans, as compared to the third quarter, or $130.7 million. Excluded from the allowance for
credit losses and related coverage ratio are fair market value
adjustments on previously acquired loans representing 0.12% of
total loans.
Net Interest Margin and Income
The net interest margin
of 3.02% for the fourth quarter of 2023 decreased just 1 basis
point sequentially but 47 basis points year-over-year primarily due
to higher funding costs from increasing deposit costs and continued
remix from non-interest bearing deposits into higher tier money
market and certificate of deposit accounts. Total deposit funding
costs were 234 basis points for the fourth quarter of 2023, and,
when including non-interest deposits, total deposit funding costs
were 161 basis points. Accretion from acquisitions benefited the
fourth quarter net interest margin by 3 basis points, as compared
to 5 basis points in the prior year period.
Fourth quarter net interest income of $117.8 million decreased $12.1 million, or 9.3%, year-over-year,
reflecting the impact of rising rates on funding costs more than
offsetting higher loan and securities yields and loan growth. For
the twelve months ended December 31,
2023, net interest income of $481.3
million increased $7.0
million, or 1.5%, primarily due to loan growth and the
benefit of rising rates on earning assets outpacing funding
costs.
Non-Interest Income
For the fourth quarter of 2023,
non-interest income of $30.1 million
increased $2.3 million, or 8.3%, from
the fourth quarter of 2022. This increase was primarily due
to net securities gains of $0.9
million, as compared to a loss of $0.6 million in the prior year period, from
market fluctuations of equity securities in the deferred
compensation plan and higher death benefits within bank-owned life
insurance. The net swap fee and valuation loss of $0.3 million reflects $2.2
million of new swap fees offset by negative fair value
adjustments of $2.5 million, as
compared to $1.7 million and negative
$0.7 million, respectively, in the
prior year period.
For the twelve months ended December 31,
2023, non-interest income of $120.4
million increased $3.1
million, or 2.6%, year-over-year due primarily to the items
discussed above, partially offset by lower mortgage banking income.
Mortgage banking income decreased $2.5
million from the prior year to $2.7
million due to reduced fair value adjustments on
mortgage derivatives. Net gains on other assets of $1.5 million increased $1.0 million year-over-year primarily due to a
$1.1 million recovery of an asset
previously written-off.
Non-Interest Expense
Non-interest expense for the
three months ended December 31, 2023
increased $9.0 million year-over-year
to $99.5 million, reflecting
increased salaries and wages, benefits, equipment and software
expense, and FDIC insurance. As anticipated, salaries and wages
declined sequentially which reflects efficiency improvements in the
mortgage staffing model. Salaries and wages increased $2.6 million, or 6.0%, compared to the prior year
period due to higher salary expense related to annual merit
increases and new revenue-producing hires, mainly commercial
lenders, during the past year. Employee benefits increased
$2.2 million year-over-year due to
higher deferred compensation expense, the offsetting gain is
located within net securities gains, and higher health insurance
contributions. FDIC insurance expense increased $1.3 million year-over-year due to an increase in
the minimum rate for all banks. Marketing expense increased
$1.2 million in support of deposit
and loan generation campaigns. Equipment and software expense
increased $0.9 million due to the
planned upgrade of our ATM fleet with the latest technology and
general inflationary cost increases for existing service
agreements.
Excluding restructuring and merger-related expenses,
non-interest expense during the twelve months of 2023 of
$386.2 million increased $30.9 million compared to the prior year period,
due primarily to the same factors 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
December 31, 2023, Tier I leverage
was 9.87%, Tier I risk-based capital ratio was 12.05%, common
equity Tier 1 capital ratio ("CET 1") was 10.99%, and total
risk-based capital was 14.91%. In addition, the tangible common
equity to tangible assets ratio improved to 7.62%.
Conference Call and Webcast
WesBanco will host a
conference call to discuss the Company's financial results for the
fourth quarter of 2023 at 10:00 a.m. ET on Wednesday, January 24, 2024. 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
4078172. The replay will begin at approximately 12:00 p.m. ET on January
24, 2024 and end at 12 a.m. ET
on February 7, 2024. 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 quarters ended March 31,
2023, June 30, 2023 and
September 30, 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 $5.4
billion of assets under management (as of December 31, 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 X, formerly Twitter.
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
Page
5
|
(unaudited, dollars
in thousands, except shares and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Twelve
Months Ended
|
Statement of Income
|
December
31,
|
|
December
31,
|
Interest and
dividend income
|
2023
|
|
2022
|
|
%
Change
|
|
2023
|
|
2022
|
|
%
Change
|
|
Loans, including
fees
|
$
162,498
|
|
$
123,307
|
|
31.8
|
|
$
596,852
|
|
$
422,401
|
|
41.3
|
|
Interest and dividends
on securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
17,798
|
|
18,655
|
|
(4.6)
|
|
73,449
|
|
66,123
|
|
11.1
|
|
|
Tax-exempt
|
4,639
|
|
4,853
|
|
(4.4)
|
|
18,830
|
|
18,818
|
|
0.1
|
|
|
|
Total interest and
dividends on securities
|
22,437
|
|
23,508
|
|
(4.6)
|
|
92,279
|
|
84,941
|
|
8.6
|
|
Other interest
income
|
6,383
|
|
2,103
|
|
203.5
|
|
22,385
|
|
6,314
|
|
254.5
|
Total interest and dividend income
|
191,318
|
|
148,918
|
|
28.5
|
|
711,516
|
|
513,656
|
|
38.5
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
23,686
|
|
7,264
|
|
226.1
|
|
72,866
|
|
12,181
|
|
498.2
|
|
Money market
deposits
|
14,302
|
|
1,890
|
|
656.7
|
|
36,616
|
|
3,562
|
|
928.0
|
|
Savings
deposits
|
7,310
|
|
2,454
|
|
197.9
|
|
23,869
|
|
4,115
|
|
480.0
|
|
Certificates of
deposit
|
8,380
|
|
742
|
|
NM
|
|
18,472
|
|
4,089
|
|
351.7
|
|
|
|
Total interest expense
on deposits
|
53,678
|
|
12,350
|
|
334.6
|
|
151,823
|
|
23,947
|
|
534.0
|
|
Federal Home Loan Bank
borrowings
|
14,841
|
|
2,634
|
|
463.4
|
|
59,318
|
|
3,968
|
|
NM
|
|
Other short-term
borrowings
|
891
|
|
324
|
|
175.0
|
|
2,545
|
|
568
|
|
348.1
|
|
Subordinated debt and
junior subordinated debt
|
4,150
|
|
3,736
|
|
11.1
|
|
16,492
|
|
10,860
|
|
51.9
|
|
|
|
Total interest
expense
|
73,560
|
|
19,044
|
|
286.3
|
|
230,178
|
|
39,343
|
|
485.1
|
Net interest
income
|
117,758
|
|
129,874
|
|
(9.3)
|
|
481,338
|
|
474,313
|
|
1.5
|
|
Provision for credit
losses
|
4,803
|
|
3,123
|
|
53.8
|
|
17,734
|
|
(1,663)
|
|
NM
|
Net interest income
after provision for credit losses
|
112,955
|
|
126,751
|
|
(10.9)
|
|
463,604
|
|
475,976
|
|
(2.6)
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
7,019
|
|
6,672
|
|
5.2
|
|
28,135
|
|
27,551
|
|
2.1
|
|
Service charges on
deposits
|
6,989
|
|
6,762
|
|
3.4
|
|
26,116
|
|
26,281
|
|
(0.6)
|
|
Electronic banking
fees
|
4,890
|
|
4,695
|
|
4.2
|
|
19,454
|
|
20,002
|
|
(2.7)
|
|
Net swap fee and
valuation (loss)/income
|
(345)
|
|
1,015
|
|
(134.0)
|
|
6,912
|
|
7,067
|
|
(2.2)
|
|
Net securities
brokerage revenue
|
2,563
|
|
2,556
|
|
0.3
|
|
10,055
|
|
9,525
|
|
5.6
|
|
Bank-owned life
insurance
|
3,455
|
|
2,464
|
|
40.2
|
|
11,002
|
|
10,728
|
|
2.6
|
|
Mortgage banking
income
|
650
|
|
621
|
|
4.7
|
|
2,652
|
|
5,129
|
|
(48.3)
|
|
Net securities
gains/(losses)
|
887
|
|
(600)
|
|
247.8
|
|
900
|
|
(1,777)
|
|
150.6
|
|
Net gains on other real
estate owned and other assets
|
445
|
|
550
|
|
(19.1)
|
|
1,520
|
|
482
|
|
215.4
|
|
Other income
|
3,521
|
|
3,035
|
|
16.0
|
|
13,701
|
|
12,403
|
|
10.5
|
|
|
|
Total non-interest
income
|
30,074
|
|
27,770
|
|
8.3
|
|
120,447
|
|
117,391
|
|
2.6
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
45,164
|
|
42,606
|
|
6.0
|
|
176,938
|
|
167,028
|
|
5.9
|
|
Employee
benefits
|
11,409
|
|
9,198
|
|
24.0
|
|
46,901
|
|
37,771
|
|
24.2
|
|
Net
occupancy
|
6,417
|
|
6,262
|
|
2.5
|
|
25,338
|
|
26,105
|
|
(2.9)
|
|
Equipment and
software
|
9,648
|
|
8,712
|
|
10.7
|
|
36,666
|
|
32,508
|
|
12.8
|
|
Marketing
|
2,975
|
|
1,788
|
|
66.4
|
|
11,178
|
|
9,335
|
|
19.7
|
|
FDIC
insurance
|
3,369
|
|
2,051
|
|
64.3
|
|
12,249
|
|
7,901
|
|
55.0
|
|
Amortization of
intangible assets
|
2,243
|
|
2,541
|
|
(11.7)
|
|
9,088
|
|
10,278
|
|
(11.6)
|
|
Restructuring and
merger-related expense
|
-
|
|
11
|
|
(100.0)
|
|
3,830
|
|
1,723
|
|
122.3
|
|
Other operating
expenses
|
18,278
|
|
17,286
|
|
5.7
|
|
67,814
|
|
64,317
|
|
5.4
|
|
|
|
Total non-interest
expense
|
99,503
|
|
90,455
|
|
10.0
|
|
390,002
|
|
356,966
|
|
9.3
|
Income before provision
for income taxes
|
43,526
|
|
64,066
|
|
(32.1)
|
|
194,049
|
|
236,401
|
|
(17.9)
|
|
Provision for income
taxes
|
8,558
|
|
11,856
|
|
(27.8)
|
|
35,017
|
|
44,288
|
|
(20.9)
|
Net Income
|
34,968
|
|
52,210
|
|
(33.0)
|
|
159,032
|
|
192,113
|
|
(17.2)
|
Preferred stock
dividends
|
2,531
|
|
2,531
|
|
-
|
|
10,125
|
|
10,125
|
|
-
|
Net income available
to common shareholders
|
$
32,437
|
|
$
49,679
|
|
(34.7)
|
|
$
148,907
|
|
$
181,988
|
|
(18.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent
net interest income
|
$
118,991
|
|
$
131,164
|
|
(9.3)
|
|
$
486,343
|
|
$
479,315
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share data
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
0.55
|
|
$
0.84
|
|
(34.5)
|
|
$
2.51
|
|
$
3.03
|
|
(17.2)
|
Net income per common
share - diluted
|
0.55
|
|
0.84
|
|
(34.5)
|
|
2.51
|
|
3.02
|
|
(16.9)
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
0.55
|
|
0.84
|
|
(34.5)
|
|
2.56
|
|
3.04
|
|
(15.8)
|
Dividends
declared
|
0.36
|
|
0.35
|
|
2.9
|
|
1.41
|
|
1.37
|
|
2.9
|
Book value (period
end)
|
40.23
|
|
38.55
|
|
4.4
|
|
40.23
|
|
38.55
|
|
4.4
|
Tangible book value
(period end) (1)
|
21.28
|
|
19.43
|
|
9.5
|
|
21.28
|
|
19.43
|
|
9.5
|
Average common shares
outstanding - basic
|
59,370,171
|
|
59,188,238
|
|
0.3
|
|
59,303,210
|
|
60,047,177
|
|
(1.2)
|
Average common shares
outstanding - diluted
|
59,479,031
|
|
59,374,204
|
|
0.2
|
|
59,427,989
|
|
60,215,374
|
|
(1.3)
|
Period end common
shares outstanding
|
59,376,435
|
|
59,198,963
|
|
0.3
|
|
59,376,435
|
|
59,198,963
|
|
0.3
|
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 Twelve
Months Ended
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
0.86
|
%
|
1.08
|
%
|
(20.37)
|
%
|
|
|
|
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
0.88
|
|
1.09
|
|
(19.27)
|
|
|
|
|
|
|
|
Return on average
equity
|
|
|
|
|
6.02
|
|
7.23
|
|
(16.74)
|
|
|
|
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
6.14
|
|
7.29
|
|
(15.78)
|
|
|
|
|
|
|
|
Return on average
tangible equity (1)
|
|
|
|
11.59
|
|
13.78
|
|
(15.89)
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
11.82
|
|
13.88
|
|
(14.84)
|
|
|
|
|
|
|
|
Return on average
tangible common equity (1)
|
|
|
|
12.99
|
|
15.39
|
|
(15.59)
|
|
|
|
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
13.24
|
|
15.50
|
|
(14.58)
|
|
|
|
|
|
|
|
Yield on earning assets
(2)
|
|
|
|
|
4.63
|
|
3.47
|
|
33.43
|
|
|
|
|
|
|
|
Cost of interest
bearing liabilities
|
|
|
|
|
2.25
|
|
0.42
|
|
435.71
|
|
|
|
|
|
|
|
Net interest spread
(2)
|
|
|
|
|
|
2.38
|
|
3.05
|
|
(21.97)
|
|
|
|
|
|
|
|
Net interest margin
(2)
|
|
|
|
|
|
3.14
|
|
3.20
|
|
(1.88)
|
|
|
|
|
|
|
|
Efficiency (1)
(2)
|
|
|
|
|
|
63.64
|
|
59.53
|
|
6.90
|
|
|
|
|
|
|
|
Average loans to
average deposits
|
|
|
|
|
85.71
|
|
74.21
|
|
15.50
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs/average loans
|
|
|
|
0.04
|
|
0.02
|
|
100.00
|
|
|
|
|
|
|
|
Effective income tax
rate
|
|
|
|
|
18.05
|
|
18.73
|
|
(3.63)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
|
|
|
|
|
|
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
0.74
|
%
|
0.78
|
%
|
0.98
|
%
|
0.95
|
%
|
1.18
|
%
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
0.74
|
|
0.80
|
|
0.98
|
|
1.01
|
|
1.18
|
|
|
|
Return on average
equity
|
|
|
|
|
5.21
|
|
5.49
|
|
6.81
|
|
6.57
|
|
8.18
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
5.21
|
|
5.57
|
|
6.82
|
|
6.98
|
|
8.18
|
|
|
|
Return on average
tangible equity (1)
|
|
|
|
10.11
|
|
10.60
|
|
12.98
|
|
12.72
|
|
16.05
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
10.11
|
|
10.75
|
|
12.99
|
|
13.48
|
|
16.05
|
|
|
|
Return on average
tangible common equity (1)
|
|
|
|
11.32
|
|
11.87
|
|
14.52
|
|
14.28
|
|
18.09
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
11.32
|
|
12.03
|
|
14.53
|
|
15.13
|
|
18.10
|
|
|
|
Yield on earning assets
(2)
|
|
|
|
|
4.88
|
|
4.72
|
|
4.59
|
|
4.32
|
|
4.00
|
|
|
|
Cost of interest
bearing liabilities
|
|
|
|
|
2.76
|
|
2.52
|
|
2.15
|
|
1.52
|
|
0.82
|
|
|
|
Net interest spread
(2)
|
|
|
|
|
|
2.12
|
|
2.20
|
|
2.44
|
|
2.80
|
|
3.18
|
|
|
|
Net interest margin
(2)
|
|
|
|
|
|
3.02
|
|
3.03
|
|
3.18
|
|
3.36
|
|
3.49
|
|
|
|
Efficiency (1)
(2)
|
|
|
|
|
|
66.75
|
|
64.95
|
|
62.33
|
|
60.66
|
|
56.91
|
|
|
|
Average loans to
average deposits
|
|
|
|
|
87.07
|
|
86.79
|
|
85.44
|
|
83.46
|
|
78.43
|
|
|
|
Annualized net loan
charge-offs and recoveries /average loans
|
0.06
|
|
0.01
|
|
0.02
|
|
0.07
|
|
0.02
|
|
|
|
Effective income tax
rate
|
|
|
|
|
19.66
|
|
16.83
|
|
16.80
|
|
19.02
|
|
18.51
|
|
|
|
Trust assets, market
value at period end
|
|
|
|
$
5,360,657
|
|
$ 4,982,324
|
|
$ 5,127,265
|
|
$ 5,026,631
|
|
$ 4,878,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
December
31,
|
|
|
September
30,
|
September 30,
2023
|
Assets
|
|
|
|
2023
|
|
2022
|
|
%
Change
|
2023
|
to December 31,
2023
|
Cash and due from
banks
|
|
$
158,504
|
|
$
166,182
|
|
(4.6)
|
$
153,012
|
3.6
|
Due from banks -
interest bearing
|
|
436,879
|
|
242,229
|
|
80.4
|
342,070
|
27.7
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
Equity securities, at
fair value
|
|
12,320
|
|
11,506
|
|
7.1
|
11,453
|
7.6
|
|
Available-for-sale debt
securities, at fair value
|
|
2,194,329
|
|
2,529,140
|
|
(13.2)
|
2,196,141
|
(0.1)
|
|
Held-to-maturity debt
securities (fair values of $1,069,159; $1,084,390
|
|
|
|
|
|
|
|
|
|
and $998,987,
respectively)
|
|
1,199,527
|
|
1,248,629
|
|
(3.9)
|
1,210,992
|
(0.9)
|
|
|
Allowance for credit
losses, held-to-maturity debt securities
|
|
(192)
|
|
(220)
|
|
12.7
|
(180)
|
(6.7)
|
|
Net held-to-maturity
debt securities
|
|
1,199,335
|
|
1,248,409
|
|
(3.9)
|
1,210,812
|
(0.9)
|
|
|
Total
securities
|
|
3,405,984
|
|
3,789,055
|
|
(10.1)
|
3,418,406
|
(0.4)
|
Loans held for
sale
|
|
16,354
|
|
8,249
|
|
98.3
|
17,677
|
(7.5)
|
Portfolio
loans:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
6,565,448
|
|
6,061,344
|
|
8.3
|
6,387,183
|
2.8
|
|
Commercial and
industrial
|
|
1,670,659
|
|
1,579,395
|
|
5.8
|
1,587,611
|
5.2
|
|
Residential real
estate
|
|
2,438,574
|
|
2,140,584
|
|
13.9
|
2,392,531
|
1.9
|
|
Home equity
|
|
734,219
|
|
695,065
|
|
5.6
|
715,186
|
2.7
|
|
Consumer
|
|
229,561
|
|
226,340
|
|
1.4
|
233,362
|
(1.6)
|
Total portfolio loans,
net of unearned income
|
|
11,638,461
|
|
10,702,728
|
|
8.7
|
11,315,873
|
2.9
|
Allowance for credit
losses - loans
|
|
(130,675)
|
|
(117,790)
|
|
(10.9)
|
(126,615)
|
(3.2)
|
|
|
Net portfolio
loans
|
|
11,507,786
|
|
10,584,938
|
|
8.7
|
11,189,258
|
2.8
|
Premises and equipment,
net
|
|
233,571
|
|
220,892
|
|
5.7
|
226,377
|
3.2
|
Accrued interest
receivable
|
|
77,435
|
|
68,522
|
|
13.0
|
73,014
|
6.1
|
Goodwill and other
intangible assets, net
|
|
1,132,267
|
|
1,141,355
|
|
(0.8)
|
1,134,510
|
(0.2)
|
Bank-owned life
insurance
|
|
355,033
|
|
352,361
|
|
0.8
|
356,962
|
(0.5)
|
Other assets
|
|
388,561
|
|
358,122
|
|
8.5
|
433,091
|
(10.3)
|
Total
Assets
|
|
$
17,712,374
|
|
$ 16,931,905
|
|
4.6
|
$
17,344,377
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
|
$ 3,962,592
|
|
$
4,700,438
|
|
(15.7)
|
$
4,169,956
|
(5.0)
|
|
Interest bearing
demand
|
|
3,463,443
|
|
3,119,807
|
|
11.0
|
3,278,956
|
5.6
|
|
Money market
|
|
2,017,713
|
|
1,684,023
|
|
19.8
|
1,905,001
|
5.9
|
|
Savings
deposits
|
|
2,493,254
|
|
2,741,004
|
|
(9.0)
|
2,559,894
|
(2.6)
|
|
Certificates of
deposit
|
|
1,231,702
|
|
885,818
|
|
39.0
|
1,176,421
|
4.7
|
|
|
Total
deposits
|
|
13,168,704
|
|
13,131,090
|
|
0.3
|
13,090,228
|
0.6
|
Federal Home Loan Bank
borrowings
|
|
1,350,000
|
|
705,000
|
|
91.5
|
1,125,000
|
20.0
|
Other short-term
borrowings
|
|
105,893
|
|
135,069
|
|
(21.6)
|
106,693
|
(0.7)
|
Subordinated debt and
junior subordinated debt
|
|
279,078
|
|
281,404
|
|
(0.8)
|
282,079
|
(1.1)
|
|
|
Total
borrowings
|
|
1,734,971
|
|
1,121,473
|
|
54.7
|
1,513,772
|
14.6
|
Accrued interest
payable
|
|
11,121
|
|
4,593
|
|
142.1
|
11,416
|
(2.6)
|
Other
liabilities
|
|
264,516
|
|
248,087
|
|
6.6
|
281,020
|
(5.9)
|
Total
Liabilities
|
|
15,179,312
|
|
14,505,243
|
|
4.6
|
14,896,436
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 59,376,435, 59,198,963 and
59,364,696
|
|
|
|
|
|
|
|
|
|
shares outstanding,
respectively
|
|
141,834
|
|
141,834
|
|
-
|
141,834
|
-
|
Capital
surplus
|
|
1,635,859
|
|
1,635,877
|
|
(0.0)
|
1,633,395
|
0.2
|
Retained
earnings
|
|
1,142,586
|
|
1,077,675
|
|
6.0
|
1,131,597
|
1.0
|
Treasury stock
(8,704,871, 8,882,343 and 8,716,610 shares - at cost,
respectively)
|
|
(302,995)
|
|
(308,964)
|
|
1.9
|
(303,424)
|
0.1
|
Accumulated other
comprehensive loss
|
|
(226,693)
|
|
(262,416)
|
|
13.6
|
(297,906)
|
23.9
|
Deferred benefits for
directors
|
|
(2,013)
|
|
(1,828)
|
|
(10.1)
|
(2,039)
|
1.3
|
Total Shareholders'
Equity
|
|
2,533,062
|
|
2,426,662
|
|
4.4
|
2,447,941
|
3.5
|
Total Liabilities
and Shareholders' Equity
|
|
$
17,712,374
|
|
$ 16,931,905
|
|
4.6
|
$
17,344,377
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
8
|
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balance sheet and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net interest margin analysis
|
|
|
|
For the Three
Months Ended Dec. 31,
|
|
|
|
For the Twelve
Months Ended Dec. 31,
|
|
|
|
|
|
|
|
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
|
|
|
|
$
332,670
|
6.25
|
%
|
|
$
178,706
|
4.32
|
%
|
|
$
348,109
|
5.43
|
%
|
|
$
611,482
|
0.94
|
%
|
Loans, net of unearned
income (1)
|
|
|
|
11,490,379
|
5.61
|
|
|
10,456,648
|
4.68
|
|
|
11,132,618
|
5.36
|
|
|
10,083,925
|
4.19
|
|
Securities:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
3,010,064
|
2.35
|
|
|
3,429,372
|
2.16
|
|
|
3,150,781
|
2.33
|
|
|
3,461,414
|
1.91
|
|
Tax-exempt (3)
|
|
|
|
|
770,186
|
3.02
|
|
|
811,593
|
3.00
|
|
|
783,697
|
3.04
|
|
|
789,564
|
3.02
|
|
Total
securities
|
|
|
|
|
3,780,250
|
2.48
|
|
|
4,240,965
|
2.32
|
|
|
3,934,478
|
2.47
|
|
|
4,250,978
|
2.12
|
|
Other earning
assets
|
|
|
|
|
52,879
|
8.57
|
|
|
19,494
|
3.20
|
|
|
55,368
|
6.26
|
|
|
15,265
|
3.66
|
|
Total earning assets (3)
|
|
|
|
15,656,178
|
4.88
|
%
|
|
14,895,813
|
4.00
|
%
|
|
15,470,573
|
4.63
|
%
|
|
14,961,650
|
3.47
|
%
|
Other assets
|
|
|
|
|
1,769,933
|
|
|
|
1,790,117
|
|
|
|
1,789,147
|
|
|
|
1,917,891
|
|
|
Total
Assets
|
|
|
|
|
$
17,426,111
|
|
|
|
$
16,685,930
|
|
|
|
$
17,259,720
|
|
|
|
$ 16,879,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
|
|
|
$ 3,417,220
|
2.75
|
%
|
|
$
3,169,673
|
0.91
|
%
|
|
$ 3,243,786
|
2.25
|
%
|
|
$
3,314,384
|
0.37
|
%
|
Money market
accounts
|
|
|
|
1,985,203
|
2.86
|
|
|
1,739,874
|
0.43
|
|
|
1,763,921
|
2.08
|
|
|
1,774,152
|
0.20
|
|
Savings
deposits
|
|
|
|
|
2,515,798
|
1.15
|
|
|
2,726,647
|
0.36
|
|
|
2,655,105
|
0.90
|
|
|
2,692,568
|
0.15
|
|
Certificates of
deposit
|
|
|
|
|
1,191,583
|
2.79
|
|
|
931,853
|
0.32
|
|
|
1,008,950
|
1.83
|
|
|
1,098,614
|
0.37
|
|
Total interest bearing deposits
|
|
|
|
9,109,804
|
2.34
|
|
|
8,568,047
|
0.57
|
|
|
8,671,762
|
1.75
|
|
|
8,879,718
|
0.27
|
|
Federal Home Loan Bank
borrowings
|
|
|
1,080,163
|
5.45
|
|
|
282,934
|
3.69
|
|
|
1,138,247
|
5.21
|
|
|
175,104
|
2.27
|
|
Repurchase
agreements
|
|
|
|
114,801
|
3.08
|
|
|
136,099
|
0.94
|
|
|
115,817
|
2.20
|
|
|
146,590
|
0.39
|
|
Subordinated debt and
junior subordinated debt
|
282,004
|
5.84
|
|
|
281,265
|
5.27
|
|
|
281,788
|
5.85
|
|
|
248,192
|
4.38
|
|
Total interest
bearing liabilities (4)
|
|
|
10,586,772
|
2.76
|
%
|
|
9,268,345
|
0.82
|
%
|
|
10,207,614
|
2.25
|
%
|
|
9,449,604
|
0.42
|
%
|
Non-interest bearing
demand deposits
|
|
|
4,086,366
|
|
|
|
4,763,773
|
|
|
|
4,316,245
|
|
|
|
4,708,758
|
|
|
Other
liabilities
|
|
|
|
|
284,448
|
|
|
|
243,051
|
|
|
|
261,234
|
|
|
|
205,670
|
|
|
Shareholders'
equity
|
|
|
|
|
2,468,525
|
|
|
|
2,410,761
|
|
|
|
2,474,627
|
|
|
|
2,515,509
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
|
$
17,426,111
|
|
|
|
$
16,685,930
|
|
|
|
$
17,259,720
|
|
|
|
$ 16,879,541
|
|
|
Taxable equivalent
net interest spread
|
|
|
|
2.12
|
%
|
|
|
3.18
|
%
|
|
|
2.38
|
%
|
|
|
3.05
|
%
|
Taxable equivalent
net interest margin
|
|
|
|
3.02
|
%
|
|
|
3.49
|
%
|
|
|
3.14
|
%
|
|
|
3.20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.7 million and $0.8 million for the
three months ended December 31, 2023 and 2022, respectively, and
were $2.7 million and $8.8 million for the years ended December 31,
2023 and 2022, respectively. Additionally, loan accretion
included in interest income on loans acquired from prior
acquisitions was $1.0 million and $1.8 million for the three months
ended December 31, 2023 and 2022, respectively, and $4.5 million
and $8.0 million for the years ended December 31, 2023 and 2022,
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
$0.2 million for both the three months ended December 31, 2023 and
2022, and $0.5 million and $1.1 million for the years ended
December 31, 2023 and 2022, respectively.
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
Page
9
|
(unaudited, dollars
in thousands, except shares and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Statement of Income
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
Interest and
dividend income
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
Loans, including
fees
|
$
162,498
|
|
$
155,206
|
|
$
145,741
|
|
$
133,406
|
|
$
123,307
|
|
Interest and dividends
on securities:
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
17,798
|
|
18,082
|
|
18,483
|
|
19,086
|
|
18,655
|
|
|
Tax-exempt
|
4,639
|
|
4,679
|
|
4,723
|
|
4,790
|
|
4,853
|
|
|
|
Total interest and
dividends on securities
|
22,437
|
|
22,761
|
|
23,206
|
|
23,876
|
|
23,508
|
|
Other interest
income
|
6,383
|
|
5,622
|
|
7,108
|
|
3,273
|
|
2,103
|
Total interest and dividend income
|
191,318
|
|
183,589
|
|
176,055
|
|
160,555
|
|
148,918
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
23,686
|
|
20,873
|
|
17,203
|
|
11,106
|
|
7,264
|
|
Money market
deposits
|
14,302
|
|
10,841
|
|
7,220
|
|
4,252
|
|
1,890
|
|
Savings
deposits
|
7,310
|
|
6,699
|
|
5,860
|
|
4,000
|
|
2,454
|
|
Certificates of
deposit
|
8,380
|
|
5,983
|
|
2,906
|
|
1,203
|
|
742
|
|
|
|
Total interest expense
on deposits
|
53,678
|
|
44,396
|
|
33,189
|
|
20,561
|
|
12,350
|
|
Federal Home Loan Bank
borrowings
|
14,841
|
|
16,463
|
|
16,713
|
|
11,300
|
|
2,634
|
|
Other short-term
borrowings
|
891
|
|
745
|
|
492
|
|
418
|
|
324
|
|
Subordinated debt and
junior subordinated debt
|
4,150
|
|
4,303
|
|
4,094
|
|
3,944
|
|
3,736
|
|
|
|
Total interest
expense
|
73,560
|
|
65,907
|
|
54,488
|
|
36,223
|
|
19,044
|
Net interest
income
|
117,758
|
|
117,682
|
|
121,567
|
|
124,332
|
|
129,874
|
|
Provision for credit
losses
|
4,803
|
|
6,327
|
|
3,028
|
|
3,577
|
|
3,123
|
Net interest income
after provision for credit losses
|
112,955
|
|
111,355
|
|
118,539
|
|
120,755
|
|
126,751
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
7,019
|
|
6,705
|
|
6,918
|
|
7,494
|
|
6,672
|
|
Service charges on
deposits
|
6,989
|
|
6,726
|
|
6,232
|
|
6,170
|
|
6,762
|
|
Electronic banking
fees
|
4,890
|
|
4,949
|
|
5,010
|
|
4,605
|
|
4,695
|
|
Net swap fee and
valuation (loss)/income
|
(345)
|
|
3,845
|
|
2,612
|
|
799
|
|
1,015
|
|
Net securities
brokerage revenue
|
2,563
|
|
2,394
|
|
2,523
|
|
2,576
|
|
2,556
|
|
Bank-owned life
insurance
|
3,455
|
|
2,398
|
|
3,189
|
|
1,959
|
|
2,464
|
|
Mortgage banking
income
|
650
|
|
975
|
|
601
|
|
426
|
|
621
|
|
Net securities
gains/(losses)
|
887
|
|
(337)
|
|
205
|
|
145
|
|
(600)
|
|
Net gains/(losses) on
other real estate owned and other assets
|
445
|
|
(28)
|
|
871
|
|
232
|
|
550
|
|
Other income
|
3,521
|
|
3,252
|
|
3,680
|
|
3,247
|
|
3,035
|
|
|
|
Total non-interest
income
|
30,074
|
|
30,879
|
|
31,841
|
|
27,653
|
|
27,770
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
45,164
|
|
45,351
|
|
44,471
|
|
41,952
|
|
42,606
|
|
Employee
benefits
|
11,409
|
|
11,922
|
|
11,511
|
|
12,060
|
|
9,198
|
|
Net
occupancy
|
6,417
|
|
6,146
|
|
6,132
|
|
6,643
|
|
6,262
|
|
Equipment and
software
|
9,648
|
|
9,132
|
|
8,823
|
|
9,063
|
|
8,712
|
|
Marketing
|
2,975
|
|
3,115
|
|
2,763
|
|
2,325
|
|
1,788
|
|
FDIC
insurance
|
3,369
|
|
3,125
|
|
2,871
|
|
2,884
|
|
2,051
|
|
Amortization of
intangible assets
|
2,243
|
|
2,262
|
|
2,282
|
|
2,301
|
|
2,541
|
|
Restructuring and
merger-related expense
|
-
|
|
641
|
|
35
|
|
3,153
|
|
11
|
|
Other operating
expenses
|
18,278
|
|
16,245
|
|
17,549
|
|
15,744
|
|
17,286
|
|
|
|
Total non-interest
expense
|
99,503
|
|
97,939
|
|
96,437
|
|
96,125
|
|
90,455
|
Income before provision
for income taxes
|
43,526
|
|
44,295
|
|
53,943
|
|
52,283
|
|
64,066
|
|
Provision for income
taxes
|
8,558
|
|
7,453
|
|
9,063
|
|
9,942
|
|
11,856
|
Net Income
|
34,968
|
|
36,842
|
|
44,880
|
|
42,341
|
|
52,210
|
Preferred stock
dividends
|
2,531
|
|
2,531
|
|
2,531
|
|
2,531
|
|
2,531
|
Net income available
to common shareholders
|
$
32,437
|
|
$
34,311
|
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent
net interest income
|
$
118,991
|
|
$
118,926
|
|
$
122,822
|
|
$
125,605
|
|
$
131,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share data
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
0.55
|
|
$
0.58
|
|
$
0.71
|
|
$
0.67
|
|
$
0.84
|
Net income per common
share - diluted
|
0.55
|
|
0.58
|
|
0.71
|
|
0.67
|
|
0.84
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
0.55
|
|
0.59
|
|
0.71
|
|
0.71
|
|
0.84
|
Dividends
declared
|
0.36
|
|
0.35
|
|
0.35
|
|
0.35
|
|
0.35
|
Book value (period
end)
|
40.23
|
|
38.80
|
|
39.10
|
|
39.34
|
|
38.55
|
Tangible book value
(period end) (1)
|
21.28
|
|
19.82
|
|
20.08
|
|
20.27
|
|
19.43
|
Average common shares
outstanding - basic
|
59,370,171
|
|
59,358,653
|
|
59,263,949
|
|
59,217,711
|
|
59,188,238
|
Average common shares
outstanding - diluted
|
59,479,031
|
|
59,443,366
|
|
59,385,847
|
|
59,375,053
|
|
59,374,204
|
Period end common
shares outstanding
|
59,376,435
|
|
59,364,696
|
|
59,355,062
|
|
59,246,569
|
|
59,198,963
|
Period end preferred
shares outstanding
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
Full time equivalent
employees
|
2,368
|
|
2,427
|
|
2,542
|
|
2,501
|
|
2,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
10
|
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Asset quality data
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings - accruing
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
3,230
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,711
|
|
|
|
Other non-accrual
loans
|
|
26,808
|
|
29,878
|
|
31,555
|
|
39,216
|
|
36,474
|
|
|
|
Total non-accrual loans
|
|
26,808
|
|
29,878
|
|
31,555
|
|
39,216
|
|
38,185
|
|
|
|
Total non-performing loans
|
|
26,808
|
|
29,878
|
|
31,555
|
|
39,216
|
|
41,415
|
|
|
Other real estate and
repossessed assets
|
1,497
|
|
1,333
|
|
1,432
|
|
1,554
|
|
1,486
|
|
|
|
Total non-performing
assets
|
|
$
28,305
|
|
$
31,211
|
|
$
32,987
|
|
$
40,770
|
|
$
42,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days
|
|
$
22,875
|
|
$
16,030
|
|
$
18,348
|
|
$
12,920
|
|
$
15,439
|
|
|
Loans past due 90 days
or more
|
|
9,638
|
|
8,606
|
|
5,147
|
|
4,570
|
|
5,443
|
|
|
|
Total past due
loans
|
|
$
32,513
|
|
$
24,636
|
|
$
23,495
|
|
$
17,490
|
|
$
20,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized and
classified loans (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized
loans
|
|
$
183,174
|
|
$
180,136
|
|
$
119,771
|
|
$
116,608
|
|
$
147,945
|
|
|
Classified
loans
|
|
75,497
|
|
70,997
|
|
67,036
|
|
57,222
|
|
102,555
|
|
|
|
Total criticized and
classified loans
|
$
258,671
|
|
$
251,133
|
|
$
186,807
|
|
$
173,830
|
|
$
250,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days / total portfolio loans
|
0.20
|
%
|
0.14
|
%
|
0.16
|
%
|
0.12
|
%
|
0.14
|
%
|
Loans past due 90 days
or more / total portfolio loans
|
0.08
|
|
0.08
|
|
0.05
|
|
0.04
|
|
0.05
|
|
Non-performing loans /
total portfolio loans
|
0.23
|
|
0.26
|
|
0.28
|
|
0.36
|
|
0.39
|
|
Non-performing assets /
total portfolio loans, other
|
|
|
|
|
|
|
|
|
|
|
|
real estate and
repossessed assets
|
|
0.24
|
|
0.28
|
|
0.30
|
|
0.37
|
|
0.40
|
|
Non-performing assets /
total assets
|
|
0.16
|
|
0.18
|
|
0.19
|
|
0.24
|
|
0.25
|
|
Criticized and
classified loans / total portfolio loans
|
2.22
|
|
2.22
|
|
1.68
|
|
1.60
|
|
2.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses - loans
|
|
$
130,675
|
|
$
126,615
|
|
$
120,166
|
|
$
118,698
|
|
$
117,790
|
|
Allowance for credit
losses - loan commitments
|
8,604
|
|
9,729
|
|
10,124
|
|
9,127
|
|
8,368
|
|
Provision for credit
losses
|
|
4,803
|
|
6,327
|
|
3,028
|
|
3,577
|
|
3,123
|
|
Net loan and deposit
account overdraft charge-offs and recoveries
|
1,857
|
|
286
|
|
581
|
|
1,919
|
|
493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs and recoveries / average loans
|
0.06
|
%
|
0.01
|
%
|
0.02
|
%
|
0.07
|
%
|
0.02
|
%
|
Allowance for credit
losses - loans / total portfolio loans
|
1.12
|
%
|
1.12
|
%
|
1.08
|
%
|
1.09
|
%
|
1.10
|
%
|
Allowance for credit
losses - loans / non-performing loans
|
4.87
|
x
|
4.24
|
x
|
3.81
|
x
|
3.03
|
x
|
2.84
|
x
|
Allowance for credit
losses - loans / non-performing loans and
|
|
|
|
|
|
|
|
|
|
|
|
loans past
due
|
|
2.20
|
x
|
2.32
|
x
|
2.18
|
x
|
2.09
|
x
|
1.89
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
|
|
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
Capital ratios
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage
capital
|
|
9.87
|
%
|
9.84
|
%
|
9.78
|
%
|
9.82
|
%
|
9.90
|
%
|
Tier I risk-based
capital
|
|
12.05
|
|
12.07
|
|
12.12
|
|
12.22
|
|
12.33
|
|
Total risk-based
capital
|
|
14.91
|
|
14.97
|
|
14.83
|
|
14.97
|
|
15.11
|
|
Common equity tier 1
capital ratio (CET 1)
|
10.99
|
|
11.00
|
|
11.04
|
|
11.11
|
|
11.20
|
|
Average shareholders'
equity to average assets
|
14.17
|
|
14.29
|
|
14.42
|
|
14.48
|
|
14.45
|
|
Tangible equity to
tangible assets (3)
|
|
8.49
|
|
8.15
|
|
8.24
|
|
8.33
|
|
8.19
|
|
Tangible common equity
to tangible assets (3)
|
7.62
|
|
7.26
|
|
7.35
|
|
7.44
|
|
7.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
11
|
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
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Dec.
31,
|
(unaudited, dollars
in thousands, except shares and per share amounts)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
2022
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
32,437
|
|
$
34,311
|
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
148,907
|
$
181,988
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
-
|
|
506
|
|
28
|
|
2,491
|
|
9
|
|
3,026
|
1,361
|
|
Net income available to
common shareholders excluding after-tax restructuring and
merger-related expenses
|
32,437
|
|
34,817
|
|
42,377
|
|
42,301
|
|
49,688
|
|
151,933
|
183,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$
17,426,111
|
|
$
17,341,959
|
|
$
17,294,346
|
|
$
16,970,554
|
|
$
16,685,930
|
|
$
17,259,720
|
$
16,879,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
0.74 %
|
|
0.80 %
|
|
0.98 %
|
|
1.01 %
|
|
1.18 %
|
|
0.88 %
|
1.09 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
32,437
|
|
$
34,311
|
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
148,907
|
$
181,988
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
-
|
|
506
|
|
28
|
|
2,491
|
|
9
|
|
3,026
|
1,361
|
|
Net income available to
common shareholders excluding after-tax restructuring and
merger-related expenses
|
32,437
|
|
34,817
|
|
42,377
|
|
42,301
|
|
49,688
|
|
151,933
|
183,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$
2,468,525
|
|
$ 2,478,662
|
|
$ 2,493,096
|
|
$ 2,458,067
|
|
$ 2,410,761
|
|
$
2,474,627
|
$ 2,515,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
5.21 %
|
|
5.57 %
|
|
6.82 %
|
|
6.98 %
|
|
8.18 %
|
|
6.14 %
|
7.29 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
32,437
|
|
$
34,311
|
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
148,907
|
$
181,988
|
|
Plus: amortization of
intangibles (1)
|
1,772
|
|
1,787
|
|
1,803
|
|
1,818
|
|
2,007
|
|
7,180
|
8,120
|
|
Net income available to
common shareholders before amortization of
intangibles
|
34,209
|
|
36,098
|
|
44,152
|
|
41,628
|
|
51,686
|
|
156,087
|
190,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,468,525
|
|
2,478,662
|
|
2,493,096
|
|
2,458,067
|
|
2,410,761
|
|
2,474,627
|
2,515,509
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,125,593)
|
|
(1,127,404)
|
|
(1,129,155)
|
|
(1,131,027)
|
|
(1,132,894)
|
|
(1,128,277)
|
(1,136,062)
|
|
Average tangible
equity
|
$
1,342,932
|
|
$ 1,351,258
|
|
$ 1,363,941
|
|
$ 1,327,040
|
|
$ 1,277,867
|
|
$
1,346,350
|
$ 1,379,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity (annualized) (2)
|
10.11 %
|
|
10.60 %
|
|
12.98 %
|
|
12.72 %
|
|
16.05 %
|
|
11.59 %
|
13.78 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$
1,198,448
|
|
$ 1,206,774
|
|
$ 1,219,457
|
|
$ 1,182,556
|
|
$ 1,133,383
|
|
$
1,201,866
|
$ 1,234,963
|
Return on average
tangible common equity (annualized) (2)
|
11.32 %
|
|
11.87 %
|
|
14.52 %
|
|
14.28 %
|
|
18.09 %
|
|
12.99 %
|
15.39 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
32,437
|
|
$
34,311
|
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
148,907
|
$
181,988
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
-
|
|
506
|
|
28
|
|
2,491
|
|
9
|
|
3,026
|
1,361
|
|
Plus: amortization of
intangibles (1)
|
1,772
|
|
1,787
|
|
1,803
|
|
1,818
|
|
2,007
|
|
7,180
|
8,120
|
|
Net income available to
common shareholders before amortization of
intangibles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and excluding after-tax
restructuring and merger-related expenses
|
34,209
|
|
36,604
|
|
44,180
|
|
44,119
|
|
51,695
|
|
159,113
|
191,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,468,525
|
|
2,478,662
|
|
2,493,096
|
|
2,458,067
|
|
2,410,761
|
|
2,474,627
|
2,515,509
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,125,593)
|
|
(1,127,404)
|
|
(1,129,155)
|
|
(1,131,027)
|
|
(1,132,894)
|
|
(1,128,277)
|
(1,136,062)
|
|
Average tangible
equity
|
$
1,342,932
|
|
$ 1,351,258
|
|
$ 1,363,941
|
|
$ 1,327,040
|
|
$ 1,277,867
|
|
$
1,346,350
|
$ 1,379,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
10.11 %
|
|
10.75 %
|
|
12.99 %
|
|
13.48 %
|
|
16.05 %
|
|
11.82 %
|
13.88 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$
1,198,448
|
|
$ 1,206,774
|
|
$ 1,219,457
|
|
$ 1,182,556
|
|
$ 1,133,383
|
|
$
1,201,866
|
$ 1,234,963
|
Return on average
tangible common equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
11.32 %
|
|
12.03 %
|
|
14.53 %
|
|
15.13 %
|
|
18.10 %
|
|
13.24 %
|
15.50 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
$
99,503
|
|
$
97,939
|
|
$
96,437
|
|
$
96,125
|
|
$
90,455
|
|
$
390,002
|
$
356,966
|
|
Less: restructuring and
merger-related expense
|
-
|
|
(641)
|
|
(35)
|
|
(3,153)
|
|
(11)
|
|
(3,830)
|
(1,723)
|
|
Non-interest expense
excluding restructuring and merger-related expense
|
99,503
|
|
97,298
|
|
96,402
|
|
92,972
|
|
90,444
|
|
386,172
|
355,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income on
a fully taxable equivalent basis
|
118,991
|
|
118,926
|
|
122,822
|
|
125,605
|
|
131,164
|
|
486,343
|
479,315
|
|
Non-interest
income
|
|
30,074
|
|
30,879
|
|
31,841
|
|
27,653
|
|
27,770
|
|
120,447
|
117,391
|
|
Net interest income on
a fully taxable equivalent basis plus non-interest
income
|
$
149,065
|
|
$
149,805
|
|
$
154,663
|
|
$
153,258
|
|
$
158,934
|
|
$
606,790
|
$
596,706
|
|
Efficiency
ratio
|
|
66.75 %
|
|
64.95 %
|
|
62.33 %
|
|
60.66 %
|
|
56.91 %
|
|
63.64 %
|
59.53 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
32,437
|
|
$
34,311
|
|
$
42,349
|
|
$
39,810
|
|
$
49,679
|
|
$
148,907
|
$
181,988
|
|
Add: After-tax
restructuring and merger-related expenses (1)
|
-
|
|
506
|
|
28
|
|
2,491
|
|
9
|
|
3,026
|
1,361
|
Net income available to
common shareholders, excluding after-tax restructuring and
merger-related expenses
|
$
32,437
|
|
$
34,817
|
|
$
42,377
|
|
$
42,301
|
|
$
49,688
|
|
$
151,933
|
$
183,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share - diluted, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - diluted
|
$
0.55
|
|
$
0.58
|
|
$
0.71
|
|
$
0.67
|
|
$
0.84
|
|
$
2.51
|
$
3.02
|
|
Add: After-tax
restructuring and merger-related expenses per common share -
diluted (1)
|
-
|
|
0.01
|
|
-
|
|
0.04
|
|
-
|
|
0.05
|
0.02
|
Net income per common
share - diluted, excluding after-tax restructuring and
merger-related expenses
|
$
0.55
|
|
$
0.59
|
|
$
0.71
|
|
$
0.71
|
|
$
0.84
|
|
$
2.56
|
$
3.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
End
|
|
|
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
March
31,
|
|
Dec.
31,
|
|
|
|
|
|
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
|
|
Tangible book value
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,533,062
|
|
$ 2,447,941
|
|
$ 2,464,998
|
|
$ 2,475,457
|
|
$ 2,426,662
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,124,811)
|
|
(1,126,583)
|
|
(1,128,371)
|
|
(1,130,172)
|
|
(1,131,990)
|
|
|
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
|
|
|
Tangible common
equity
|
1,263,767
|
|
1,176,874
|
|
1,192,143
|
|
1,200,801
|
|
1,150,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
59,376,435
|
|
59,364,696
|
|
59,355,062
|
|
59,246,569
|
|
59,198,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share
|
$
21.28
|
|
$
19.82
|
|
$
20.08
|
|
$
20.27
|
|
$
19.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,533,062
|
|
$ 2,447,941
|
|
$ 2,464,998
|
|
$ 2,475,457
|
|
$ 2,426,662
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,124,811)
|
|
(1,126,583)
|
|
(1,128,371)
|
|
(1,130,172)
|
|
(1,131,990)
|
|
|
|
|
Tangible
equity
|
|
1,408,251
|
|
1,321,358
|
|
1,336,627
|
|
1,345,285
|
|
1,294,672
|
|
|
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
|
|
|
Tangible common
equity
|
1,263,767
|
|
1,176,874
|
|
1,192,143
|
|
1,200,801
|
|
1,150,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
17,712,374
|
|
17,344,377
|
|
17,356,954
|
|
17,274,626
|
|
16,931,905
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,124,811)
|
|
(1,126,583)
|
|
(1,128,371)
|
|
(1,130,172)
|
|
(1,131,990)
|
|
|
|
|
Tangible
assets
|
|
$
16,587,563
|
|
$
16,217,794
|
|
$
16,228,583
|
|
$
16,144,454
|
|
$
15,799,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets
|
8.49 %
|
|
8.15 %
|
|
8.24 %
|
|
8.33 %
|
|
8.19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
7.62 %
|
|
7.26 %
|
|
7.35 %
|
|
7.44 %
|
|
7.28 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
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
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Dec.
31,
|
(unaudited, dollars
in thousands, except shares and per share amounts)
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
2022
|
Pre-tax,
pre-provision income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
43,526
|
|
$
44,295
|
|
$
53,943
|
|
$
52,283
|
|
$
64,066
|
|
$
194,049
|
$
236,401
|
|
Add: provision for
credit losses
|
4,803
|
|
6,327
|
|
3,028
|
|
3,577
|
|
3,123
|
|
17,734
|
(1,663)
|
Pre-tax, pre-provision
income
|
|
$
48,329
|
|
$
50,622
|
|
$
56,971
|
|
$
55,860
|
|
$
67,189
|
|
$
211,783
|
$
234,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
43,526
|
|
$
44,295
|
|
$
53,943
|
|
$
52,283
|
|
$
64,066
|
|
$
194,049
|
$
236,401
|
|
Add: provision for
credit losses
|
4,803
|
|
6,327
|
|
3,028
|
|
3,577
|
|
3,123
|
|
17,734
|
(1,663)
|
|
Add: restructuring and
merger-related expenses
|
-
|
|
641
|
|
35
|
|
3,153
|
|
11
|
|
3,830
|
1,723
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
$
48,329
|
|
$
51,263
|
|
$
57,006
|
|
$
59,013
|
|
$
67,200
|
|
$
215,613
|
$
236,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
43,526
|
|
$
44,295
|
|
$
53,943
|
|
$
52,283
|
|
$
64,066
|
|
$
194,049
|
$
236,401
|
|
Add: provision for
credit losses
|
4,803
|
|
6,327
|
|
3,028
|
|
3,577
|
|
3,123
|
|
17,734
|
(1,663)
|
|
Add: restructuring and
merger-related expenses
|
-
|
|
641
|
|
35
|
|
3,153
|
|
11
|
|
3,830
|
1,723
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
48,329
|
|
51,263
|
|
57,006
|
|
59,013
|
|
67,200
|
|
215,613
|
236,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$
17,426,111
|
|
$
17,341,959
|
|
$
17,294,346
|
|
$
16,970,554
|
|
$
16,685,930
|
|
$
17,259,720
|
$
16,879,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (annualized) (1)
(2)
|
1.10 %
|
|
1.17 %
|
|
1.32 %
|
|
1.41 %
|
|
1.60 %
|
|
1.25 %
|
1.40 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
43,526
|
|
$
44,295
|
|
$
53,943
|
|
$
52,283
|
|
$
64,066
|
|
$
194,049
|
$
236,401
|
|
Add: provision for
credit losses
|
4,803
|
|
6,327
|
|
3,028
|
|
3,577
|
|
3,123
|
|
17,734
|
(1,663)
|
|
Add: restructuring and
merger-related expenses
|
-
|
|
641
|
|
35
|
|
3,153
|
|
11
|
|
3,830
|
1,723
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
48,329
|
|
51,263
|
|
57,006
|
|
59,013
|
|
67,200
|
|
215,613
|
236,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$
2,468,525
|
|
$ 2,478,662
|
|
$ 2,493,096
|
|
$ 2,458,067
|
|
$ 2,410,761
|
|
$
2,474,627
|
$ 2,515,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (annualized) (1) (2)
|
7.77 %
|
|
8.21 %
|
|
9.17 %
|
|
9.74 %
|
|
11.06 %
|
|
8.71 %
|
9.40 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
43,526
|
|
$
44,295
|
|
$
53,943
|
|
$
52,283
|
|
$
64,066
|
|
$
194,049
|
$
236,401
|
|
Add: provision for
credit losses
|
4,803
|
|
6,327
|
|
3,028
|
|
3,577
|
|
3,123
|
|
17,734
|
(1,663)
|
|
Add: amortization of
intangibles
|
2,243
|
|
2,262
|
|
2,282
|
|
2,301
|
|
2,541
|
|
9,088
|
10,278
|
|
Add: restructuring and
merger-related expenses
|
-
|
|
641
|
|
35
|
|
3,153
|
|
11
|
|
3,830
|
1,723
|
Income before
provision, restructuring and merger-related expenses and
amortization of intangibles
|
50,572
|
|
53,525
|
|
59,288
|
|
61,314
|
|
69,741
|
|
224,701
|
246,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,468,525
|
|
2,478,662
|
|
2,493,096
|
|
2,458,067
|
|
2,410,761
|
|
2,474,627
|
2,515,509
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,125,593)
|
|
(1,127,404)
|
|
(1,129,155)
|
|
(1,131,027)
|
|
(1,132,894)
|
|
(1,128,277)
|
(1,136,062)
|
|
Average tangible
equity
|
$
1,342,932
|
|
$ 1,351,258
|
|
$ 1,363,941
|
|
$ 1,327,040
|
|
$ 1,277,867
|
|
$
1,346,350
|
$ 1,379,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (annualized) (1)
(2)
|
14.94 %
|
|
15.72 %
|
|
17.44 %
|
|
18.74 %
|
|
21.65 %
|
|
16.69 %
|
17.89 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$
1,198,448
|
|
$ 1,206,774
|
|
$ 1,219,457
|
|
$ 1,182,556
|
|
$ 1,133,383
|
|
$
1,201,866
|
$ 1,234,963
|
Return on average
tangible common equity, excluding certain items (annualized) (1)
(2)
|
16.74 %
|
|
17.60 %
|
|
19.50 %
|
|
21.03 %
|
|
24.41 %
|
|
18.70 %
|
19.98 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-fourth-quarter-2023-financial-results-302042463.html
SOURCE WesBanco, Inc.