WHEELING, W.Va., April 24,
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 March 31,
2023. Net income available to common shareholders for the
first quarter of 2023 was $39.8
million, with diluted earnings per share of $0.67, compared to $41.6
million and $0.68 per diluted
share, respectively, for the first quarter of 2022. As noted
in the following table, net income available to common
shareholders, excluding after-tax restructuring and merger-related
expenses, for the three months ended March
31, 2023, was $42.3 million,
or $0.71 per diluted share, as
compared to $42.9 million and
$0.70 per diluted share,
respectively, in the prior year quarter (non-GAAP measures).
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For the Three
Months Ended March 31,
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2023
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2022
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(unaudited, dollars
in thousands,
except per share amounts)
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Net
Income
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Diluted
Earnings
Per Share
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Net
Income
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Diluted
Earnings
Per Share
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Net income available to
common shareholders (Non-GAAP)(1)
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$ 42,301
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$ 0.71
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$ 42,851
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$ 0.70
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Less: After-tax
restructuring and merger-related expenses
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(2,491)
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(0.04)
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(1,258)
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(0.02)
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Net income available to
common shareholders (GAAP)
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$ 39,810
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$ 0.67
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$ 41,593
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$ 0.68
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(1)
See non-GAAP financial measures for
additional information relating to the calculation of these
items.
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Financial and operational highlights during the quarter ended
March 31, 2023:
- Generated solid growth in pre-tax, pre-provision income
(excluding restructuring and merger-related expenses) of 13.2%
year-over-year (non-GAAP)
- Total loan growth was 11.9% year-over-year and 7.0% annualized
when compared to December 31, 2022,
reflecting the strength of our markets and lending teams
- 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)
- WesBanco remains well-capitalized with solid liquidity and a
strong balance sheet with capacity to fund loan growth
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- Returns on average assets and tangible equity were 1.01% and
13.48%, respectively (non-GAAP)
- Average loans to average deposits were 83.5%
- Strong new commercial swap fee income, excluding fair market
value adjustments, increased $1.7
million year-over-year
- Controlled discretionary expenses, while continuing to make
important long-term growth investments
- WesBanco continues to be acknowledged for its soundness,
profitability, employee focus, and customer service as it continued
to receive numerous national accolades the last few months
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- For the 13th time since 2010, named one of America's
Best Banks for strong capital, credit quality, and
profitability
- For the third consecutive year, voted one of America's Best
Midsize Employers by our employees
- For the fifth year in a row, recognized by our customers as one
of the World's Best Banks
"WesBanco demonstrated the earnings power, capital, and
liquidity to perform well during a quarter of industry volatility,"
said Todd F. Clossin, President and
Chief Executive Officer of WesBanco. "I am pleased with both
the company's performance and our employees continued commitment to
serving the needs of our customers and communities. The
recent naming of our company as One of America's Best Banks, and
One of America's Best Midsize Employers by Forbes is a testament to
the dedicated efforts of our teams."
Jeffrey H. Jackson, Senior
Executive Vice President and Chief Operating Officer added, "We
continued to effectively execute our strategic business plans,
during the quarter, as evidenced by our solid loan growth across
all markets, disciplined expense management, and excellent credit
quality. Our deposit granularity, as evidenced by our average
deposit account size of $27,000,
reflects the trust our customers have in our 153-year heritage as a
community bank. Our current loan to deposit ratio of 83% also
provides us with ample lending capacity to support our customers as
they grow."
Balance Sheet
Loan growth for the first quarter of
2023 continues to reflect strong performance by our commercial and
consumer lending teams, as well as more 1-to-4 family residential
mortgages retained on the balance sheet. As of March 31, 2023, total portfolio loans were
$10.9 billion, which increased 7.0%
annualized, when compared to December 31,
2022, driven by strong growth across our markets, and the
total commercial pipeline was $1.1
billion. Further, commercial real estate payoffs
during the first quarter remained in the historical range of
approximately $90 million.
Total deposits, as of March 31,
2023, were $12.9 billion, down
2.0%, when compared to December 31,
2022, reflecting the impact of rate and inflationary
pressures and rising costs across the economy. Further, the
Federal Reserve's tightening actions to control inflation have
resulted in industry-wide deposit contraction. Deposits
declined approximately $360 million
early during the quarter and remained flat through February and
March. Despite the decrease in deposits, early in the
quarter, the average loans to average deposits ratio remained
relatively low at 83.5% for the first quarter of 2023.
Credit Quality
As of March 31,
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 4 basis points from the fourth quarter and 19 basis
points from the prior year, while criticized and classified loans
as a percent of the loan portfolio decreased 74 and 208 basis
points, respectively, to 1.60%. For the first quarter, net
loan charge-offs totaled $1.9
million, mostly related to one long-term care facility
credit. During the first quarter of 2023, we recorded a
provision for credit losses of $3.6
million, as compared to a release of provision in the prior
year period of $3.4 million.
Reflecting the current recorded provision and loan growth, as well
as changes in prepayment assumptions, the allowance for credit
losses to total portfolio loans at March 31,
2023 was $118.7 million, or
1.09% of total loans.
Net Interest Margin and Income
The net interest margin
of 3.36% for the first quarter of 2023 increased 41 basis points
year-over-year, which reflects the 425 basis point increase in the
federal fund rate since March 2022,
as well as our successful deployment of excess cash into
higher-yielding loans. However, the net interest margin
decreased 13 basis points from the fourth quarter of 2022 primarily
due to higher funding costs as lower cost deposits were replaced
with higher cost wholesale borrowings. While our robust
legacy deposit base provides a pricing advantage, we are not immune
to the impact of rising interest rates on our funding sources,
including rising competitive rates for public funds, which totaled
approximately $1.4 billion at
March 31, 2023. Total deposit
funding costs of 100 basis points for the first quarter of 2023
increased 88 basis points year-over-year and 43
quarter-over-quarter, or 57 and 28 basis points, respectively, when
including non-interest bearing deposits. This reflects a
total deposit beta of 13%, when compared to the 425 basis point
increase in the federal fund rate from May
2022 through February 2023. Accretion from
acquisitions benefited the first quarter net interest margin by 4
basis points, as compared to 8 basis points in the prior year
period.
Net interest income increased $16.6
million, or 15.4%, during the first quarter of 2023, as
compared to the same quarter of 2022, reflecting loan growth and
the benefit of rising rates on loan and securities yields, which
more than offset higher funding costs.
Non-Interest Income
For the first quarter of 2023,
non-interest income of $27.7 million
decreased $2.7 million, or 9.0%, from
the first quarter of 2022, driven primarily by lower bank-owned
life insurance and mortgage banking income. Bank-owned life
insurance decreased $1.9 million
year-over-year due to $1.9 million of
higher death benefits received in the prior year period.
Mortgage banking income decreased $1.5
million year-over-year due to a reduction in residential
mortgage originations, primarily driven by the higher interest rate
environment, and our retention of more residential mortgages on the
balance sheet as production continues to migrate towards
shorter-term adjustable rate mortgage products. First quarter
mortgage originations decreased 40% year-over-year to $162 million, with approximately 70% retained, as
compared to 75% last year. New commercial swap fees, which
are recorded in other income, increased $1.7
million from the prior year period to $1.8 million, while associated fair market value
adjustments totaled negative $1.0
million during the first quarter, as compared to a positive
$1.5 million last year.
Non-Interest Expense
Excluding restructuring and
merger-related expenses, non-interest expense for the three months
ended March 31, 2023 totaled
$93.0 million, an increase of 8.2%
year-over-year, reflecting increased salaries and wages, benefits,
FDIC insurance, and equipment expense, partially offset by
discretionary cost control. Salaries and wages increased
$3.0 million, or 7.7%, 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 $2.9 million from last year due to higher
staffing levels, increased pension expense, and higher health
insurance contributions. FDIC insurance expense increased
$1.4 million year-over-year due to
the 2 basis point increase in the minimum rate for all banks.
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.
Lastly, restructuring charges of $3.2
million during the quarter reflect the associated
write-downs of leases and fixed assets related to five properties,
two of which are larger back-office facilities, to be closed later
this year.
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 March 31, 2023, Tier I leverage
was 9.82%, Tier I risk-based capital ratio was 12.22%, common
equity Tier 1 capital ratio ("CET 1") was 11.11%, and total
risk-based capital was 14.97%. In addition, tangible common
equity to tangible assets improved 16 basis points on a sequential
quarter basis to 7.44%.
Conference Call and Webcast
WesBanco will host a
conference call to discuss the Company's financial results for the
first quarter of 2023 at 10:00 a.m. ET on
Tuesday, April 25, 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
7397505. The replay will begin at approximately 12:00 p.m. ET on April 25,
2023 and end at 12 a.m. ET on
May 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"), 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. 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.
Furthermore, our strong financial performance and employee focus
has earned us recognition by Forbes as both one of America's Best
Banks and Best Midsize Employers. In addition to a full range
of online and mobile banking options and a full-suite of commercial
products and services, WesBanco provides trust, wealth management,
securities brokerage, and private banking services through our
century-old Trust and Investment Services department, with
approximately $5.0 billion of assets
under management (as of March 31,
2023). WesBanco's banking subsidiary, WesBanco Bank, Inc.,
operates 194 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
Additionally, WesBanco operates an insurance agency, WesBanco
Insurance Services, Inc., and a full service broker/dealer,
WesBanco Securities, Inc. Learn more at
www.wesbanco.com. Follow @WesBanco on Facebook, LinkedIn, and
Twitter.
WESBANCO,
INC.
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Consolidated
Selected Financial Highlights
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Page
5
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(unaudited, dollars
in thousands, except shares and per share amounts)
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For the Three
Months Ended
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Statement of
Income
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March
31,
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Interest and
dividend income
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2023
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2022
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%
Change
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Loans, including
fees
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$
133,406
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$
93,121
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43.3
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Interest and dividends
on securities:
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Taxable
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19,086
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14,112
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35.2
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Tax-exempt
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4,790
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4,344
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10.3
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Total interest and
dividends on securities
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23,876
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18,456
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29.4
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Other interest
income
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3,273
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597
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448.2
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Total interest and dividend income
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160,555
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112,174
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43.1
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Interest
expense
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Interest bearing demand
deposits
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11,106
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811
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NM
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Money market
deposits
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4,252
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321
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NM
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Savings
deposits
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4,000
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264
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NM
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Certificates of
deposit
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1,203
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1,273
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(5.5)
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Total interest expense
on deposits
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20,561
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2,669
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670.4
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Federal Home Loan Bank
borrowings
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11,300
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575
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NM
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Other short-term
borrowings
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418
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48
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770.8
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Subordinated debt and
junior subordinated debt
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3,944
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1,171
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236.8
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Total interest
expense
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36,223
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4,463
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|
711.6
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Net interest
income
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124,332
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|
107,711
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15.4
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Provision for credit
losses
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3,577
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(3,438)
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204.0
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Net interest income
after provision for credit losses
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120,755
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111,149
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8.6
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Non-interest
income
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Trust fees
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7,494
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7,835
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(4.4)
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Service charges on
deposits
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6,170
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6,090
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1.3
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Electronic banking
fees
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4,605
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5,345
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(13.8)
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Net securities
brokerage revenue
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2,576
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2,220
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16.0
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Bank-owned life
insurance
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1,959
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3,881
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(49.5)
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Mortgage banking
income
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426
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1,923
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(77.8)
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Net securities
gains/(losses)
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145
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(650)
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122.3
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Net gain/(loss) on
other real estate owned and other assets
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232
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(806)
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128.8
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Other income
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4,046
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4,544
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(11.0)
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Total non-interest
income
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27,653
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30,382
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(9.0)
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Non-interest
expense
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Salaries and
wages
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41,952
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38,937
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7.7
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Employee
benefits
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12,060
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|
9,158
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|
31.7
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Net
occupancy
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6,643
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|
7,234
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(8.2)
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Equipment and
software
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9,063
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8,011
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13.1
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Marketing
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2,325
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|
2,421
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(4.0)
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FDIC
insurance
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2,884
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|
1,522
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89.5
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Amortization of
intangible assets
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2,301
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|
2,598
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(11.4)
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Restructuring and
merger-related expense
|
|
3,153
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|
1,593
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|
97.9
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Other operating
expenses
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|
15,744
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|
16,074
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(2.1)
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Total non-interest
expense
|
|
96,125
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|
87,548
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9.8
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Income before provision
for income taxes
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|
52,283
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|
53,983
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(3.1)
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Provision for income
taxes
|
|
9,942
|
|
9,859
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|
0.8
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Net Income
|
|
|
42,341
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|
44,124
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(4.0)
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Preferred stock
dividends
|
|
2,531
|
|
2,531
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|
-
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Net income available
to common shareholders
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$
39,810
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|
$
41,593
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(4.3)
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|
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|
|
|
|
|
|
|
|
Taxable equivalent
net interest income
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|
$
125,605
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$
108,866
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15.4
|
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|
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|
|
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Per common share
data
|
|
|
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|
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Net income per common
share - basic
|
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$
0.67
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$
0.68
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(1.5)
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Net income per common
share - diluted
|
|
0.67
|
|
0.68
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(1.5)
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Net income per common
share - diluted, excluding certain items (1)(2)
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|
0.71
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|
0.70
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1.4
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Dividends
declared
|
|
0.35
|
|
0.34
|
|
2.9
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Book value (period
end)
|
|
39.34
|
|
39.64
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|
(0.8)
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Tangible book value
(period end) (1)
|
|
20.27
|
|
20.87
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(2.9)
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Average common shares
outstanding - basic
|
|
59,217,711
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|
61,445,399
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(3.6)
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Average common shares
outstanding - diluted
|
|
59,375,053
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|
61,593,365
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(3.6)
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Period end common
shares outstanding
|
|
59,246,569
|
|
60,613,414
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(2.3)
|
Period end preferred
shares outstanding
|
|
150,000
|
|
150,000
|
|
-
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|
|
|
|
|
|
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(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.
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NM = Not
Meaningful
|
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WESBANCO,
INC.
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Consolidated
Selected Financial Highlights
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Page
6
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(unaudited, dollars
in thousands)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
|
0.95
|
%
|
0.99
|
%
|
(4.04)
|
%
|
|
|
|
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
1.01
|
|
1.02
|
|
(0.98)
|
|
|
|
|
|
|
|
Return on average
equity
|
|
|
|
|
|
6.57
|
|
6.35
|
|
3.46
|
|
|
|
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
6.98
|
|
6.54
|
|
6.73
|
|
|
|
|
|
|
|
Return on average
tangible equity (1)
|
|
|
|
|
12.72
|
|
11.67
|
|
9.00
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
13.48
|
|
12.01
|
|
12.24
|
|
|
|
|
|
|
|
Return on average
tangible common equity (1)
|
|
|
|
14.28
|
|
12.90
|
|
10.70
|
|
|
|
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
15.13
|
|
13.27
|
|
14.02
|
|
|
|
|
|
|
|
Yield on earning assets
(2)
|
|
|
|
|
4.32
|
|
3.07
|
|
40.72
|
|
|
|
|
|
|
|
Cost of interest
bearing liabilities
|
|
|
|
|
1.52
|
|
0.19
|
|
700.00
|
|
|
|
|
|
|
|
Net interest spread
(2)
|
|
|
|
|
|
2.80
|
|
2.88
|
|
(2.78)
|
|
|
|
|
|
|
|
Net interest margin
(2)
|
|
|
|
|
|
3.36
|
|
2.95
|
|
13.90
|
|
|
|
|
|
|
|
Efficiency (1)
(2)
|
|
|
|
|
|
60.66
|
|
61.73
|
|
(1.73)
|
|
|
|
|
|
|
|
Average loans to
average deposits
|
|
|
|
|
83.46
|
|
71.05
|
|
17.47
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs/average loans
|
|
|
|
0.07
|
|
0.00
|
|
100.00
|
|
|
|
|
|
|
|
Effective income tax
rate
|
|
|
|
|
19.02
|
|
18.26
|
|
4.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
|
0.95
|
%
|
1.18
|
%
|
1.19
|
%
|
0.95
|
%
|
0.99
|
%
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
1.01
|
|
1.18
|
|
1.19
|
|
0.95
|
|
1.02
|
|
|
|
Return on average
equity
|
|
|
|
|
|
6.57
|
|
8.18
|
|
8.05
|
|
6.43
|
|
6.35
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
6.98
|
|
8.18
|
|
8.06
|
|
6.43
|
|
6.54
|
|
|
|
Return on average
tangible equity (1)
|
|
|
|
|
12.72
|
|
16.05
|
|
15.39
|
|
12.35
|
|
11.67
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
13.48
|
|
16.05
|
|
15.41
|
|
12.36
|
|
12.01
|
|
|
|
Return on average
tangible common equity (1)
|
|
|
|
14.28
|
|
18.09
|
|
17.23
|
|
13.80
|
|
12.90
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
15.13
|
|
18.10
|
|
17.25
|
|
13.82
|
|
13.27
|
|
|
|
Yield on earning assets
(2)
|
|
|
|
|
4.32
|
|
4.00
|
|
3.59
|
|
3.20
|
|
3.07
|
|
|
|
Cost of interest
bearing liabilities
|
|
|
|
|
1.52
|
|
0.82
|
|
0.41
|
|
0.26
|
|
0.19
|
|
|
|
Net interest spread
(2)
|
|
|
|
|
|
2.80
|
|
3.18
|
|
3.18
|
|
2.94
|
|
2.88
|
|
|
|
Net interest margin
(2)
|
|
|
|
|
|
3.36
|
|
3.49
|
|
3.33
|
|
3.03
|
|
2.95
|
|
|
|
Efficiency (1)
(2)
|
|
|
|
|
|
60.66
|
|
56.91
|
|
58.13
|
|
61.91
|
|
61.73
|
|
|
|
Average loans to
average deposits
|
|
|
|
|
83.46
|
|
78.43
|
|
75.01
|
|
72.36
|
|
71.05
|
|
|
|
Annualized net loan
charge-offs and recoveries /average loans
|
|
0.07
|
|
0.02
|
|
0.04
|
|
0.00
|
|
0.00
|
|
|
|
Effective income tax
rate
|
|
|
|
|
19.02
|
|
18.51
|
|
18.85
|
|
19.35
|
|
18.26
|
|
|
|
Trust assets, market
value at period end
|
|
|
|
$ 5,026,631
|
|
$ 4,878,479
|
|
$ 4,622,878
|
|
$ 4,803,043
|
|
$ 5,412,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
March
31,
|
|
|
December
31,
|
December 31,
2022
|
Assets
|
|
|
|
2023
|
|
2022
|
|
%
Change
|
2022
|
to March 31,
2023
|
Cash and due from
banks
|
|
$
152,756
|
|
$
200,513
|
|
(23.8)
|
$
166,182
|
(8.1)
|
Due from banks -
interest bearing
|
|
444,747
|
|
1,168,985
|
|
(62.0)
|
242,229
|
83.6
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
Equity securities, at
fair value
|
|
11,843
|
|
12,757
|
|
(7.2)
|
11,506
|
2.9
|
|
Available-for-sale debt
securities, at fair value
|
|
2,465,996
|
|
2,911,373
|
|
(15.3)
|
2,529,140
|
(2.5)
|
|
Held-to-maturity debt
securities (fair values of $1,107,685; $1,092,993
|
|
|
|
|
|
|
|
|
|
and $1,084,390,
respectively)
|
|
1,239,247
|
|
1,157,202
|
|
7.1
|
1,248,629
|
(0.8)
|
|
|
Allowance for credit
losses, held-to-maturity debt securities
|
|
(212)
|
|
(285)
|
|
25.6
|
(220)
|
3.6
|
|
Net held-to-maturity
debt securities
|
|
1,239,035
|
|
1,156,917
|
|
7.1
|
1,248,409
|
(0.8)
|
|
|
Total
securities
|
|
3,716,874
|
|
4,081,047
|
|
(8.9)
|
3,789,055
|
(1.9)
|
Loans held for
sale
|
|
12,722
|
|
15,959
|
|
(20.3)
|
8,249
|
54.2
|
Portfolio
loans:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
6,197,844
|
|
5,580,082
|
|
11.1
|
6,061,344
|
2.3
|
|
Commercial and
industrial
|
|
1,519,808
|
|
1,513,078
|
|
0.4
|
1,579,395
|
(3.8)
|
|
Residential real
estate
|
|
2,251,423
|
|
1,767,064
|
|
27.4
|
2,140,584
|
5.2
|
|
Home equity
|
|
692,001
|
|
592,872
|
|
16.7
|
695,065
|
(0.4)
|
|
Consumer
|
|
227,612
|
|
280,176
|
|
(18.8)
|
226,340
|
0.6
|
Total portfolio loans,
net of unearned income
|
|
10,888,688
|
|
9,733,272
|
|
11.9
|
10,702,728
|
1.7
|
Allowance for credit
losses - loans
|
|
(118,698)
|
|
(117,865)
|
|
(0.7)
|
(117,790)
|
(0.8)
|
|
|
Net portfolio
loans
|
|
10,769,990
|
|
9,615,407
|
|
12.0
|
10,584,938
|
1.7
|
Premises and equipment,
net
|
|
224,940
|
|
219,907
|
|
2.3
|
220,892
|
1.8
|
Accrued interest
receivable
|
|
69,232
|
|
60,370
|
|
14.7
|
68,522
|
1.0
|
Goodwill and other
intangible assets, net
|
|
1,139,054
|
|
1,149,035
|
|
(0.9)
|
1,141,355
|
(0.2)
|
Bank-owned life
insurance
|
|
354,320
|
|
348,179
|
|
1.8
|
352,361
|
0.6
|
Other assets
|
|
|
389,991
|
|
244,613
|
|
59.4
|
358,122
|
8.9
|
Total
Assets
|
|
$
17,274,626
|
|
$
17,104,015
|
|
1.0
|
$ 16,931,905
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
|
$
4,478,954
|
|
$ 4,670,520
|
|
(4.1)
|
$
4,700,438
|
(4.7)
|
|
Interest bearing
demand
|
|
3,107,112
|
|
3,405,610
|
|
(8.8)
|
3,119,807
|
(0.4)
|
|
Money market
|
|
1,618,204
|
|
1,831,683
|
|
(11.7)
|
1,684,023
|
(3.9)
|
|
Savings
deposits
|
|
2,784,780
|
|
2,679,053
|
|
3.9
|
2,741,004
|
1.6
|
|
Certificates of
deposit
|
|
884,146
|
|
1,211,008
|
|
(27.0)
|
885,818
|
(0.2)
|
|
|
Total
deposits
|
|
12,873,196
|
|
13,797,874
|
|
(6.7)
|
13,131,090
|
(2.0)
|
Federal Home Loan Bank
borrowings
|
|
1,280,000
|
|
123,898
|
|
933.1
|
705,000
|
81.6
|
Other short-term
borrowings
|
|
111,176
|
|
158,538
|
|
(29.9)
|
135,069
|
(17.7)
|
Subordinated debt and
junior subordinated debt
|
|
281,629
|
|
280,743
|
|
0.3
|
281,404
|
0.1
|
|
|
Total
borrowings
|
|
1,672,805
|
|
563,179
|
|
197.0
|
1,121,473
|
49.2
|
Accrued interest
payable
|
|
7,669
|
|
1,786
|
|
329.4
|
4,593
|
67.0
|
Other
liabilities
|
|
245,499
|
|
193,860
|
|
26.6
|
248,087
|
(1.0)
|
Total
Liabilities
|
|
14,799,169
|
|
14,556,699
|
|
1.7
|
14,505,243
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
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; 59,246,569,
60,613,414 and 59,198,963
|
|
|
|
|
|
|
|
|
|
shares outstanding,
respectively
|
|
141,834
|
|
141,834
|
|
-
|
141,834
|
-
|
Capital
surplus
|
|
1,636,061
|
|
1,636,705
|
|
-
|
1,635,877
|
-
|
Retained
earnings
|
|
1,096,924
|
|
998,315
|
|
9.9
|
1,077,675
|
1.8
|
Treasury stock
(8,834,737, 7,467,892 and 8,882,343 shares - at cost,
respectively)
|
|
(307,507)
|
|
(261,012)
|
|
(17.8)
|
(308,964)
|
0.5
|
Accumulated other
comprehensive loss
|
|
(234,399)
|
|
(111,312)
|
|
(110.6)
|
(262,416)
|
10.7
|
Deferred benefits for
directors
|
|
(1,940)
|
|
(1,698)
|
|
(14.3)
|
(1,828)
|
(6.1)
|
Total Shareholders'
Equity
|
|
2,475,457
|
|
2,547,316
|
|
(2.8)
|
2,426,662
|
2.0
|
Total Liabilities
and Shareholders' Equity
|
|
$
17,274,626
|
|
$
17,104,015
|
|
1.0
|
$ 16,931,905
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31,
|
|
|
|
|
|
|
|
2023
|
2022
|
|
|
|
|
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
Assets
|
|
|
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
Due from banks -
interest bearing
|
|
|
|
|
$
279,448
|
4.29
|
%
|
|
$ 1,161,218
|
0.16
|
%
|
Loans, net of unearned
income (1)
|
|
|
|
|
10,750,132
|
5.03
|
|
|
9,712,085
|
3.89
|
|
Securities:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
|
3,302,081
|
2.34
|
|
|
3,333,379
|
1.72
|
|
Tax-exempt (3)
|
|
|
|
|
|
800,804
|
3.07
|
|
|
729,380
|
3.06
|
|
Total
securities
|
|
|
|
|
|
4,102,885
|
2.49
|
|
|
4,062,759
|
1.96
|
|
Other earning
assets
|
|
|
|
|
|
45,879
|
2.82
|
|
|
15,446
|
3.81
|
|
Total earning assets (3)
|
|
|
|
|
15,178,344
|
4.32
|
%
|
|
14,951,508
|
3.07
|
%
|
Other assets
|
|
|
|
|
|
1,792,210
|
|
|
|
2,041,090
|
|
|
Total
Assets
|
|
|
|
|
|
$
16,970,554
|
|
|
|
$
16,992,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
|
|
|
|
$
3,029,944
|
1.49
|
%
|
|
$ 3,403,499
|
0.10
|
%
|
Money market
accounts
|
|
|
|
|
|
1,632,738
|
1.06
|
|
|
1,806,719
|
0.07
|
|
Savings
deposits
|
|
|
|
|
|
2,774,741
|
0.58
|
|
|
2,626,962
|
0.04
|
|
Certificates of
deposit
|
|
|
|
|
|
862,703
|
0.57
|
|
|
1,254,603
|
0.41
|
|
Total interest bearing deposits
|
|
|
|
|
8,300,126
|
1.00
|
|
|
9,091,783
|
0.12
|
|
Federal Home Loan Bank
borrowings
|
|
|
|
|
970,000
|
4.72
|
|
|
180,024
|
1.30
|
|
Repurchase
agreements
|
|
|
|
|
|
131,186
|
1.29
|
|
|
156,167
|
0.12
|
|
Subordinated debt and
junior subordinated debt
|
|
|
281,483
|
5.68
|
|
|
147,709
|
3.22
|
|
Total interest
bearing liabilities (4)
|
|
|
|
9,682,795
|
1.52
|
%
|
|
9,575,683
|
0.19
|
%
|
Non-interest bearing
demand deposits
|
|
|
|
4,580,164
|
|
|
|
4,576,749
|
|
|
Other
liabilities
|
|
|
|
|
|
249,528
|
|
|
|
184,359
|
|
|
Shareholders'
equity
|
|
|
|
|
|
2,458,067
|
|
|
|
2,655,807
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
|
|
$
16,970,554
|
|
|
|
$
16,992,598
|
|
|
Taxable equivalent
net interest spread
|
|
|
|
|
2.80
|
%
|
|
|
2.88
|
%
|
Taxable equivalent
net interest margin
|
|
|
|
|
3.36
|
%
|
|
|
2.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.4 million and
$4.1 million for the three months ended March 31, 2023 and 2022,
respectively. Additionally, loan accretion included in
interest income on loans acquired from prior acquisitions was
$1.3 million and $2.5 million for the three months ended March 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 and $0.4 million for the three months ended March 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
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
Interest and
dividend income
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
Loans, including
fees
|
$
133,406
|
|
$
123,307
|
|
$
109,562
|
|
$
96,412
|
|
$
93,121
|
|
Interest and dividends
on securities:
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
19,086
|
|
18,655
|
|
17,531
|
|
15,825
|
|
14,112
|
|
|
Tax-exempt
|
4,790
|
|
4,853
|
|
4,916
|
|
4,706
|
|
4,344
|
|
|
|
Total interest and
dividends on securities
|
23,876
|
|
23,508
|
|
22,447
|
|
20,531
|
|
18,456
|
|
Other interest
income
|
3,273
|
|
2,103
|
|
2,108
|
|
1,504
|
|
597
|
Total interest and dividend income
|
160,555
|
|
148,918
|
|
134,117
|
|
118,447
|
|
112,174
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
11,106
|
|
7,264
|
|
2,953
|
|
1,153
|
|
811
|
|
Money market
deposits
|
4,252
|
|
1,890
|
|
968
|
|
383
|
|
321
|
|
Savings
deposits
|
4,000
|
|
2,454
|
|
1,067
|
|
330
|
|
264
|
|
Certificates of
deposit
|
1,203
|
|
742
|
|
958
|
|
1,116
|
|
1,273
|
|
|
|
Total interest expense
on deposits
|
20,561
|
|
12,350
|
|
5,946
|
|
2,982
|
|
2,669
|
|
Federal Home Loan Bank
borrowings
|
11,300
|
|
2,634
|
|
348
|
|
411
|
|
575
|
|
Other short-term
borrowings
|
418
|
|
324
|
|
147
|
|
48
|
|
48
|
|
Subordinated debt and
junior subordinated debt
|
3,944
|
|
3,736
|
|
3,175
|
|
2,778
|
|
1,171
|
|
|
|
Total interest
expense
|
36,223
|
|
19,044
|
|
9,616
|
|
6,219
|
|
4,463
|
Net interest
income
|
124,332
|
|
129,874
|
|
124,501
|
|
112,228
|
|
107,711
|
|
Provision for credit
losses
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
Net interest income
after provision for credit losses
|
120,755
|
|
126,751
|
|
125,036
|
|
113,040
|
|
111,149
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
7,494
|
|
6,672
|
|
6,517
|
|
6,527
|
|
7,835
|
|
Service charges on
deposits
|
6,170
|
|
6,762
|
|
6,942
|
|
6,487
|
|
6,090
|
|
Electronic banking
fees
|
4,605
|
|
4,695
|
|
4,808
|
|
5,154
|
|
5,345
|
|
Net securities
brokerage revenue
|
2,576
|
|
2,556
|
|
2,491
|
|
2,258
|
|
2,220
|
|
Bank-owned life
insurance
|
1,959
|
|
2,464
|
|
1,999
|
|
2,384
|
|
3,881
|
|
Mortgage banking
income
|
426
|
|
621
|
|
1,257
|
|
1,328
|
|
1,923
|
|
Net securities
gains/(losses)
|
145
|
|
(600)
|
|
656
|
|
(1,183)
|
|
(650)
|
|
Net gain/(loss) on
other real estate owned and other assets
|
232
|
|
550
|
|
2,040
|
|
(1,302)
|
|
(806)
|
|
Other income
|
4,046
|
|
4,050
|
|
5,546
|
|
5,330
|
|
4,544
|
|
|
|
Total non-interest
income
|
27,653
|
|
27,770
|
|
32,256
|
|
26,983
|
|
30,382
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
41,952
|
|
42,606
|
|
44,271
|
|
41,213
|
|
38,937
|
|
Employee
benefits
|
12,060
|
|
9,198
|
|
10,693
|
|
8,722
|
|
9,158
|
|
Net
occupancy
|
6,643
|
|
6,262
|
|
6,489
|
|
6,119
|
|
7,234
|
|
Equipment and
software
|
9,063
|
|
8,712
|
|
8,083
|
|
7,702
|
|
8,011
|
|
Marketing
|
2,325
|
|
1,788
|
|
2,377
|
|
2,749
|
|
2,421
|
|
FDIC
insurance
|
2,884
|
|
2,051
|
|
2,391
|
|
1,937
|
|
1,522
|
|
Amortization of
intangible assets
|
2,301
|
|
2,541
|
|
2,560
|
|
2,579
|
|
2,598
|
|
Restructuring and
merger-related expense
|
3,153
|
|
11
|
|
66
|
|
52
|
|
1,593
|
|
Other operating
expenses
|
15,744
|
|
17,286
|
|
15,011
|
|
15,946
|
|
16,074
|
|
|
|
Total non-interest
expense
|
96,125
|
|
90,455
|
|
91,941
|
|
87,019
|
|
87,548
|
Income before provision
for income taxes
|
52,283
|
|
64,066
|
|
65,351
|
|
53,004
|
|
53,983
|
|
Provision for income
taxes
|
9,942
|
|
11,856
|
|
12,318
|
|
10,256
|
|
9,859
|
Net Income
|
|
42,341
|
|
52,210
|
|
53,033
|
|
42,748
|
|
44,124
|
Preferred stock
dividends
|
2,531
|
|
2,531
|
|
2,531
|
|
2,531
|
|
2,531
|
Net income available
to common shareholders
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent
net interest income
|
$
125,605
|
|
$
131,164
|
|
$
125,808
|
|
$
113,479
|
|
$
108,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share
data
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
0.67
|
|
$
0.84
|
|
$
0.85
|
|
$
0.67
|
|
$
0.68
|
Net income per common
share - diluted
|
0.67
|
|
0.84
|
|
0.85
|
|
0.67
|
|
0.68
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
0.71
|
|
0.84
|
|
0.85
|
|
0.67
|
|
0.70
|
Dividends
declared
|
0.35
|
|
0.35
|
|
0.34
|
|
0.34
|
|
0.34
|
Book value (period
end)
|
39.34
|
|
38.55
|
|
37.96
|
|
38.92
|
|
39.64
|
Tangible book value
(period end) (1)
|
20.27
|
|
19.43
|
|
18.84
|
|
19.89
|
|
20.87
|
Average common shares
outstanding - basic
|
59,217,711
|
|
59,188,238
|
|
59,549,244
|
|
60,036,103
|
|
61,445,399
|
Average common shares
outstanding - diluted
|
59,375,053
|
|
59,374,204
|
|
59,697,676
|
|
60,185,207
|
|
61,593,365
|
Period end common
shares outstanding
|
59,246,569
|
|
59,198,963
|
|
59,304,505
|
|
59,698,788
|
|
60,613,414
|
Period end preferred
shares outstanding
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
Full time equivalent
employees
|
2,501
|
|
2,495
|
|
2,480
|
|
2,509
|
|
2,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Asset quality
data
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings - accruing (1)
|
$
-
|
|
$
3,230
|
|
$
4,583
|
|
$
3,579
|
|
$
3,731
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings
|
|
-
|
|
1,711
|
|
1,756
|
|
2,120
|
|
1,348
|
|
|
|
Other non-accrual
loans
|
|
39,216
|
|
36,474
|
|
26,428
|
|
29,594
|
|
32,024
|
|
|
|
Total non-accrual loans
|
|
39,216
|
|
38,185
|
|
28,184
|
|
31,714
|
|
33,372
|
|
|
|
Total non-performing loans
|
|
39,216
|
|
41,415
|
|
32,767
|
|
35,293
|
|
37,103
|
|
|
Other real estate and
repossessed assets
|
1,554
|
|
1,486
|
|
1,595
|
|
31
|
|
87
|
|
|
|
Total non-performing
assets
|
|
$
40,770
|
|
$
42,901
|
|
$
34,362
|
|
$
35,324
|
|
$
37,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans
(2):
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days
|
|
$
12,920
|
|
$
15,439
|
|
$
21,836
|
|
$
31,388
|
|
$
28,322
|
|
|
Loans past due 90 days
or more
|
|
4,570
|
|
5,443
|
|
24,311
|
|
9,560
|
|
6,142
|
|
|
|
Total past due
loans
|
|
$
17,490
|
|
$
20,882
|
|
$
46,147
|
|
$
40,948
|
|
$
34,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized and
classified loans (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized
loans
|
|
$ 116,608
|
|
$ 147,945
|
|
$ 163,176
|
|
$ 193,871
|
|
$ 234,143
|
|
|
Classified
loans
|
|
57,222
|
|
102,555
|
|
86,861
|
|
126,257
|
|
123,837
|
|
|
|
Total criticized and
classified loans
|
|
$ 173,830
|
|
$ 250,500
|
|
$ 250,037
|
|
$ 320,128
|
|
$ 357,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days / total portfolio loans
|
0.12
|
%
|
0.14
|
%
|
0.21
|
%
|
0.31
|
%
|
0.29
|
%
|
Loans past due 90 days
or more / total portfolio loans
|
0.04
|
|
0.05
|
|
0.24
|
|
0.09
|
|
0.06
|
|
Non-performing loans /
total portfolio loans
|
0.36
|
|
0.39
|
|
0.32
|
|
0.35
|
|
0.38
|
|
Non-performing assets /
total portfolio loans, other
|
|
|
|
|
|
|
|
|
|
|
|
real estate and
repossessed assets
|
|
0.37
|
|
0.40
|
|
0.33
|
|
0.35
|
|
0.38
|
|
Non-performing assets /
total assets
|
|
0.24
|
|
0.25
|
|
0.21
|
|
0.21
|
|
0.22
|
|
Criticized and
classified loans / total portfolio loans
|
1.60
|
|
2.34
|
|
2.43
|
|
3.14
|
|
3.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses - loans
|
|
$ 118,698
|
|
$ 117,790
|
|
$ 114,584
|
|
$ 117,403
|
|
$ 117,865
|
|
Allowance for credit
losses - loan commitments
|
9,127
|
|
8,368
|
|
8,938
|
|
7,718
|
|
8,050
|
|
Provision for credit
losses
|
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
Net loan and deposit
account overdraft charge-offs and recoveries
|
1,919
|
|
493
|
|
1,102
|
|
2
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs and recoveries / average loans
|
0.07
|
%
|
0.02
|
%
|
0.04
|
%
|
0.00
|
%
|
0.00
|
%
|
Allowance for credit
losses - loans / total portfolio loans
|
1.09
|
%
|
1.10
|
%
|
1.11
|
%
|
1.15
|
%
|
1.21
|
%
|
Allowance for credit
losses - loans / non-performing loans
|
3.03
|
x
|
2.84
|
x
|
3.50
|
x
|
3.33
|
x
|
3.18
|
x
|
Allowance for credit
losses - loans / non-performing loans and
|
|
|
|
|
|
|
|
|
|
|
|
loans past
due
|
|
2.09
|
x
|
1.89
|
x
|
1.45
|
x
|
1.54
|
x
|
1.65
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
|
|
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
Capital
ratios
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage
capital
|
|
9.82
|
%
|
9.90
|
%
|
9.68
|
%
|
9.51
|
%
|
9.67
|
%
|
Tier I risk-based
capital
|
|
12.22
|
|
12.33
|
|
12.51
|
|
12.49
|
|
13.25
|
|
Total risk-based
capital
|
|
14.97
|
|
15.11
|
|
15.37
|
|
15.40
|
|
16.32
|
|
Common equity tier 1
capital ratio (CET 1)
|
11.11
|
|
11.20
|
|
11.35
|
|
11.31
|
|
12.01
|
|
Average shareholders'
equity to average assets
|
14.48
|
|
14.45
|
|
14.75
|
|
14.79
|
|
15.63
|
|
Tangible equity to
tangible assets (4)
|
|
8.33
|
|
8.19
|
|
8.16
|
|
8.50
|
|
8.83
|
|
Tangible common equity
to tangible assets (4)
|
7.44
|
|
7.28
|
|
7.22
|
|
7.58
|
|
7.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Troubled debt
restructurings no longer exist with Wesbanco's adoption of ASU
2022-02 on January 1, 2023.
|
|
|
|
|
|
|
|
(2) Excludes
non-performing loans.
|
|
|
|
|
|
|
|
|
|
|
|
(3) Criticized and
classified commercial loans may include loans that are also
reported as non-performing or past due.
|
|
|
|
|
|
(4) 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
|
|
|
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
(unaudited, dollars
in thousands, except shares and per share amounts)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
2,491
|
|
9
|
|
52
|
|
41
|
|
1,258
|
|
Net income available to
common shareholders excluding after-tax restructuring and
merger-related expenses
|
42,301
|
|
49,688
|
|
50,554
|
|
40,258
|
|
42,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$
16,970,554
|
|
$
16,685,930
|
|
$
16,871,655
|
|
$
16,971,452
|
|
$
16,992,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
1.01 %
|
|
1.18 %
|
|
1.19 %
|
|
0.95 %
|
|
1.02 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
2,491
|
|
9
|
|
52
|
|
41
|
|
1,258
|
|
Net income available to
common shareholders excluding after-tax restructuring and
merger-related expenses
|
42,301
|
|
49,688
|
|
50,554
|
|
40,258
|
|
42,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$ 2,458,067
|
|
$ 2,410,761
|
|
$ 2,488,938
|
|
$ 2,509,439
|
|
$
2,655,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
6.98 %
|
|
8.18 %
|
|
8.06 %
|
|
6.43 %
|
|
6.54 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity:
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
Plus: amortization of
intangibles (1)
|
1,818
|
|
2,007
|
|
2,022
|
|
2,037
|
|
2,052
|
|
Net income available to
common shareholders before amortization of
intangibles
|
41,628
|
|
51,686
|
|
52,524
|
|
42,254
|
|
43,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,458,067
|
|
2,410,761
|
|
2,488,938
|
|
2,509,439
|
|
2,655,807
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,131,027)
|
|
(1,132,894)
|
|
(1,135,007)
|
|
(1,137,187)
|
|
(1,139,242)
|
|
Average tangible
equity
|
|
$ 1,327,040
|
|
$ 1,277,867
|
|
$ 1,353,931
|
|
$ 1,372,252
|
|
$
1,516,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity (annualized) (2)
|
12.72 %
|
|
16.05 %
|
|
15.39 %
|
|
12.35 %
|
|
11.67 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$ 1,182,556
|
|
$ 1,133,383
|
|
$ 1,209,447
|
|
$ 1,227,768
|
|
$
1,372,081
|
Return on average
tangible common equity (annualized) (2)
|
14.28 %
|
|
18.09 %
|
|
17.23 %
|
|
13.80 %
|
|
12.90 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
2,491
|
|
9
|
|
52
|
|
41
|
|
1,258
|
|
Plus: amortization of
intangibles (1)
|
1,818
|
|
2,007
|
|
2,022
|
|
2,037
|
|
2,052
|
|
Net income available to
common shareholders before amortization of
intangibles
|
|
|
|
|
|
|
|
|
|
|
and excluding after-tax
restructuring and merger-related expenses
|
44,119
|
|
51,695
|
|
52,576
|
|
42,295
|
|
44,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,458,067
|
|
2,410,761
|
|
2,488,938
|
|
2,509,439
|
|
2,655,807
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,131,027)
|
|
(1,132,894)
|
|
(1,135,007)
|
|
(1,137,187)
|
|
(1,139,242)
|
|
Average tangible
equity
|
|
$ 1,327,040
|
|
$ 1,277,867
|
|
$ 1,353,931
|
|
$ 1,372,252
|
|
$
1,516,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
13.48 %
|
|
16.05 %
|
|
15.41 %
|
|
12.36 %
|
|
12.01 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$ 1,182,556
|
|
$ 1,133,383
|
|
$ 1,209,447
|
|
$ 1,227,768
|
|
$
1,372,081
|
Return on average
tangible common equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
15.13 %
|
|
18.10 %
|
|
17.25 %
|
|
13.82 %
|
|
13.27 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
$
96,125
|
|
$
90,455
|
|
$
91,941
|
|
$
87,019
|
|
$
87,548
|
|
Less: restructuring and
merger-related expense
|
(3,153)
|
|
(11)
|
|
(66)
|
|
(52)
|
|
(1,593)
|
|
Non-interest expense
excluding restructuring and merger-related expense
|
92,972
|
|
90,444
|
|
91,875
|
|
86,967
|
|
85,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income on
a fully taxable equivalent basis
|
125,605
|
|
131,164
|
|
125,808
|
|
113,479
|
|
108,866
|
|
Non-interest
income
|
|
27,653
|
|
27,770
|
|
32,256
|
|
26,983
|
|
30,382
|
|
Net interest income on
a fully taxable equivalent basis plus non-interest
income
|
$
153,258
|
|
$
158,934
|
|
$
158,064
|
|
$
140,462
|
|
$
139,248
|
|
Efficiency
ratio
|
|
60.66 %
|
|
56.91 %
|
|
58.13 %
|
|
61.91 %
|
|
61.73 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
39,810
|
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
Add: After-tax
restructuring and merger-related expenses (1)
|
2,491
|
|
9
|
|
52
|
|
41
|
|
1,258
|
Net income available to
common shareholders, excluding after-tax restructuring and
merger-related expenses
|
$
42,301
|
|
$
49,688
|
|
$
50,554
|
|
$
40,258
|
|
$
42,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share - diluted, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - diluted
|
$
0.67
|
|
$
0.84
|
|
$
0.85
|
|
$
0.67
|
|
$
0.68
|
|
Add: After-tax
restructuring and merger-related expenses per common share -
diluted (1)
|
0.04
|
|
-
|
|
-
|
|
-
|
|
0.02
|
Net income per common
share - diluted, excluding after-tax restructuring and
merger-related expenses
|
$
0.71
|
|
$
0.84
|
|
$
0.85
|
|
$
0.67
|
|
$
0.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
End
|
|
|
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
|
|
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
Tangible book value
per share:
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$ 2,475,457
|
|
$ 2,426,662
|
|
$ 2,395,652
|
|
$ 2,467,951
|
|
$
2,547,316
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,130,172)
|
|
(1,131,990)
|
|
(1,133,998)
|
|
(1,136,020)
|
|
(1,138,057)
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
Tangible common
equity
|
|
1,200,801
|
|
1,150,188
|
|
1,117,170
|
|
1,187,447
|
|
1,264,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
59,246,569
|
|
59,198,963
|
|
59,304,505
|
|
59,698,788
|
|
60,613,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share
|
|
$
20.27
|
|
$
19.43
|
|
$
18.84
|
|
$
19.89
|
|
$
20.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets:
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$ 2,475,457
|
|
$ 2,426,662
|
|
$ 2,395,652
|
|
$ 2,467,951
|
|
$
2,547,316
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,130,172)
|
|
(1,131,990)
|
|
(1,133,998)
|
|
(1,136,020)
|
|
(1,138,057)
|
|
Tangible
equity
|
|
1,345,285
|
|
1,294,672
|
|
1,261,654
|
|
1,331,931
|
|
1,409,259
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
Tangible common
equity
|
|
1,200,801
|
|
1,150,188
|
|
1,117,170
|
|
1,187,447
|
|
1,264,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
17,274,626
|
|
16,931,905
|
|
16,604,747
|
|
16,799,624
|
|
17,104,015
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,130,172)
|
|
(1,131,990)
|
|
(1,133,998)
|
|
(1,136,020)
|
|
(1,138,057)
|
|
Tangible
assets
|
|
$
16,144,454
|
|
$
15,799,915
|
|
$
15,470,749
|
|
$
15,663,604
|
|
$
15,965,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets
|
8.33 %
|
|
8.19 %
|
|
8.16 %
|
|
8.50 %
|
|
8.83 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
7.44 %
|
|
7.28 %
|
|
7.22 %
|
|
7.58 %
|
|
7.92 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
(unaudited, dollars
in thousands, except shares and per share amounts)
|
2023
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
Pre-tax,
pre-provision income:
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
52,283
|
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
53,983
|
|
|
Add: provision for
credit losses
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
Pre-tax, pre-provision
income
|
|
$
55,860
|
|
$
67,189
|
|
$
64,816
|
|
$
52,192
|
|
$
50,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
52,283
|
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
53,983
|
|
|
Add: provision for
credit losses
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
|
Add: restructuring and
merger-related expenses
|
3,153
|
|
11
|
|
66
|
|
52
|
|
1,593
|
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
$
59,013
|
|
$
67,200
|
|
$
64,882
|
|
$
52,244
|
|
$
52,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
52,283
|
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
53,983
|
|
|
Add: provision for
credit losses
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
|
Add: restructuring and
merger-related expenses
|
3,153
|
|
11
|
|
66
|
|
52
|
|
1,593
|
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
59,013
|
|
67,200
|
|
64,882
|
|
52,244
|
|
52,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$
16,970,554
|
|
$
16,685,930
|
|
$
16,871,655
|
|
$
16,971,452
|
|
$
16,992,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (annualized) (1)
(2)
|
1.41 %
|
|
1.60 %
|
|
1.53 %
|
|
1.23 %
|
|
1.24 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
52,283
|
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
53,983
|
|
|
Add: provision for
credit losses
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
|
Add: restructuring and
merger-related expenses
|
3,153
|
|
11
|
|
66
|
|
52
|
|
1,593
|
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
59,013
|
|
67,200
|
|
64,882
|
|
52,244
|
|
52,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$ 2,458,067
|
|
$ 2,410,761
|
|
$ 2,488,938
|
|
$ 2,509,439
|
|
$ 2,655,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (annualized) (1) (2)
|
9.74 %
|
|
11.06 %
|
|
10.34 %
|
|
8.35 %
|
|
7.96 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
52,283
|
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
53,983
|
|
|
Add: provision for
credit losses
|
3,577
|
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
|
Add: amortization of
intangibles
|
2,301
|
|
2,541
|
|
2,560
|
|
2,579
|
|
2,598
|
|
|
Add: restructuring and
merger-related expenses
|
3,153
|
|
11
|
|
66
|
|
52
|
|
1,593
|
|
Income before
provision, restructuring and merger-related expenses and
amortization of intangibles
|
61,314
|
|
69,741
|
|
67,442
|
|
54,823
|
|
54,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,458,067
|
|
2,410,761
|
|
2,488,938
|
|
2,509,439
|
|
2,655,807
|
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,131,027)
|
|
(1,132,894)
|
|
(1,135,007)
|
|
(1,137,187)
|
|
(1,139,242)
|
|
|
Average tangible
equity
|
|
$ 1,327,040
|
|
$ 1,277,867
|
|
$ 1,353,931
|
|
$ 1,372,252
|
|
$ 1,516,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (annualized) (1)
(2)
|
18.74 %
|
|
21.65 %
|
|
19.76 %
|
|
16.02 %
|
|
14.64 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$ 1,182,556
|
|
$ 1,133,383
|
|
$ 1,209,447
|
|
$ 1,227,768
|
|
$ 1,372,081
|
|
Return on average
tangible common equity, excluding certain items (annualized) (1)
(2)
|
21.03 %
|
|
24.41 %
|
|
22.12 %
|
|
17.91 %
|
|
16.18 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-first-quarter-2023-financial-results-301805914.html
SOURCE WesBanco, Inc.