EX-99 2 pressrelease.htm EARNING RELEASE Earning Release


EXHIBIT 99

 
NEWS FOR IMMEDIATE RELEASE
July 20, 2005       For Further Information Contact:

Paul M. Limbert
President & Chief Executive Officer

or

Robert H. Young
Executive VP & Chief Financial Officer

(304) 234-9000
NASDAQ Trading Symbol: WSBC
Website: www.wesbanco.com

WesBanco Announces Higher Second Quarter 2005 Net Income

Wheeling, WV…Paul M. Limbert, President & Chief Executive Officer of WesBanco, Inc., (NASDAQ: WSBC) a Wheeling, West Virginia based multi-state bank holding company, today announced earnings for the second quarter and six months ended June 30, 2005.

Net income for the second quarter ended June 30, 2005 increased 20.2% to $11.3 million as compared to $9.4 million for the second quarter of 2004, while diluted earnings per share for the second quarter ended June 30, 2005 were $0.50 compared to $0.48 for the same period in 2004, an increase of 4.2%. Net income for the six months ended June 30, 2005 increased 16.8% to $22.3 million as compared to $19.1 million for the same period in 2004, while diluted earnings per share for the six months ended June 30, 2005 were $0.98 compared to $0.97 for 2004. The 2005 second quarter and the year to date results include Winton Financial Corporation ("Winton"), a $550 million thrift institution acquired on January 3, 2005 and Western Ohio Financial Corporation ("Western Ohio"), a $400 million savings bank acquired on August 31, 2004.

"WesBanco’s second quarter and first half of 2005 results showed strong gains given the acquisitions completed in the prior periods and were led by growth in most categories of net interest income and non-interest income," Mr. Limbert stated. "Our balance sheet growth continues to be led by loan growth, primarily in the commercial and commercial real estate categories. New loan volume for the second quarter of 2005 increased in all loan categories on a linked quarter basis from the first quarter of 2005. While loan growth is crucial to the success of any financial institution, credit quality is equally important, with most ratios showing improvement over the same periods in 2004," said Mr. Limbert.

Highlights for the three and six month periods ended June 30, 2005:

·  
Net interest income for the second quarter and first half of 2005 increased $7.5 million or 28.5% and $14.7 million or 27.9%, respectively, compared to the same periods in 2004. The net interest margin for the second quarter and first half of 2005 was 3.52% and 3.51%, respectively compared to 3.67% and 3.69% for the corresponding periods in 2004, with the decrease primarily due to the acquired institutions having lower net interest margins than WesBanco, as well as current market conditions. The net interest margin for the second quarter of 2005 remained approximately the same on a linked quarter basis from 3.51% for the first quarter of 2005. WesBanco’s net interest margin has held at the same level over the past few quarters, despite significant short-term rate increases, as core deposit rates have lagged the increases in short-term interest rates; however, with market rates anticipated to further increase over the course of the year, competitive factors may result in further margin compression.

·  
Non-interest income increased $1.8 million or 22.8% and $2.6 million or 15.5% over the second quarter and first half of 2004, with both periods driven by higher service charge revenue on deposit accounts due to an increase in the number of accounts primarily from the acquisitions, growth in ATM and debit card transaction income and to a lesser extent, an increase in trust revenues. Net securities gains were $1.1 million and $1.8 million for the second quarter and first half of 2005, respectively, which included a $0.7 million gain on the disposition of an equity security, as previously disclosed in a Form 8-K, compared to $0.2 million and $0.8 million for the same periods in 2004. In June 2005, WesBanco sold approximately $67.8 million of 1-4 family, fixed rate residential mortgage loans, with mortgage servicing rights retained, from its existing loan portfolio, at no significant gain or loss. The sale was completed in order to reduce exposure to potential rising interest rates and to improve the company’s asset/liability position.

·  
WesBanco’s provision for loan losses increased $0.4 million or 28.3% and $0.5 million or 14.1% over the second quarter and first half of 2004, respectively, while the loan portfolio grew by $902.9 million or 44.5% since June 30, 2004. The lower provision, in relation to the growth in the loan portfolio for both periods in 2005, was due to the lower risk loans obtained in the two acquisitions. The allowance for loan losses as a percentage of total loans was 1.10% at June 30, 2005, down from 1.34% at June 30, 2004, due to the acquired institutions having lower allowance percentages as of the acquisition dates, a change in loan mix and a stable loan portfolio risk profile.

·  
Non-interest expense increased $6.0 million or 28.2% and $12.0 million or 28.3% compared to the second quarter and first half of 2004. Both period increases were primarily due to increased staffing from the acquisitions, higher health care costs and overall higher operating costs due to the Winton and Western Ohio acquisitions. Final staffing reductions from the Winton transaction occurred in the second quarter of 2005 and accordingly the number of full-time equivalent employees has decreased from 1,358 at March 31, 2005 to 1,311 at June 30, 2005. Cost savings related to the Winton acquisition commenced in March 2005 and are expected to be fully realized later this year.

·  
The provision for income taxes for the second quarter of 2005 increased $1.0 million or 46.0% compared to 2004, and on a year to date basis for 2005, increased $1.6 million or 34.7% compared to 2004. The increase for both periods in 2005, compared to the same periods in 2004 was primarily due to an increase in pretax income and to a lesser extent the relative tax inefficiency of the income producing assets of recent acquisitions. For the second quarter of 2005, the effective tax rate was 21.8% compared to 18.7% for the same period in 2004, while on a year to date basis for 2005, it was 21.5% compared to 19.2% for the same period in 2004.

·  
Total loans increased $444.8 million or 17.9% between December 31, 2004 and June 30, 2005. The increase was primarily due to the 2005 Winton acquisition, which added approximately $477 million to the loan portfolio at the time of the merger, and continued organic loan growth in the commercial and commercial real estate categories, which was partially offset by the $67.8 million mortgage loan sale in June 2005. On a linked quarter basis from the first quarter of 2005, organic loan growth was approximately $35 million or 1.2% for the second quarter of 2005.

·  
Total deposits increased $330.2 million or 12.1% between December 31, 2004 and June 30, 2005 primarily due to the Winton acquisition. On a linked quarter basis from the first quarter of 2005, WesBanco has seen increases in non-interest bearing demand deposits, savings and certificates of deposit categories, while money market accounts have decreased due to customer preferences, higher certificate of deposit pricing and competitive factors in the markets served by WesBanco.

·  
For the quarter ended June 30, 2005, WesBanco repurchased a total of 469,742 shares and on a year to date basis for 2005 a total of 962,863 shares were repurchased. The average price paid on a year to date basis for 2005 was $28.58 per share. WesBanco has 553,780 shares still remaining for repurchase under the current one million share stock repurchase plan approved by the Board in March 2005.

"WesBanco continues to deliver solid results for our shareholders, both quarter after quarter and year over year. For the remainder of 2005, we look to expand our customer base in all of our market areas, as well as new market areas which we identified as having above average growth potential. We will also search for new products and ideas that will greatly enhance our customers overall banking experience and provide new customers a reason to come and experience what WesBanco has to offer. Another area of vital importance to all banks is customer service. WesBanco recently received a 97% customer satisfaction rating based on an independent customer survey. This rating not only shows our commitment and dedication to our existing customers but shows potential customers what makes WesBanco a great place to do business. To support our marketing program, WesBanco recently hired a new marketing and advertising firm, Blattner Brunner, headquartered in Pittsburgh, PA. Blattner Brunner will support WesBanco’s advertising, public relations, research, direct marketing and interactive marketing efforts," said Mr. Limbert.

WesBanco is a multi-state bank holding company with total assets of approximately $4.5 billion, operating through 85 banking offices, 2 loan production offices, and 129 ATMs in West Virginia, Ohio, and Pennsylvania. WesBanco’s banking subsidiary is WesBanco Bank, Inc., headquartered in Wheeling, West Virginia. In addition, WesBanco operates an insurance brokerage company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc. that also operates Mountaineer Securities, WesBanco’s discount brokerage operation.

Forward-looking statements in this press release 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 press release should be read in conjunction with WesBanco’s 2004 Annual Report on Form 10-K, as well as the Form 10-Q for the prior quarter ended March 31, 2005, filed 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 2004 Annual Report on Form 10-K filed with the SEC under the section "Risk Factors." 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 businesses of WesBanco and its recent acquisitions may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the mergers may not be fully realized within the expected timeframes; disruption from the mergers may make it more difficult to maintain relationships with clients, associates, or suppliers; 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 the parent company 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, Federal Deposit Insurance Corporation, the SEC, the National Association of Securities Dealers and other regulatory bodies; potential legislative and federal and state regulatory actions and reform; competitive conditions in the financial services industry; rapidly changing technology affecting financial services and/or other external developments materially impacting WesBanco’s operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.

### See attached financial highlights.
 
 
                           
WESBANCO, INC.
                          
Consolidated Selected Financial Highlights
Page 4
  
(unaudited, dollars in thousands, except per share amounts)
                        
                                       
   
For the Three Months Ended
    
For the Six Months Ended
  
   
June 30, 
    
June 30,
Statement of income
    
2005
 
 
2004
    % Change    
2005
    
2004
    % Change  
Interest income
 
$
56,534
  
$
40,020
    
41.26
%
$
111,418
  
$
79,852
    
39.53
%
Interest expense
    
22,666
   
13,658
   
65.95
%
  
44,049
   
27,163
   
62.17
%
Net interest income
   
33,868
   
26,362
   
28.47
%
  
67,369
   
52,689
   
27.86
%
Provision for loan losses
    
1,919
   
1,496
   
28.28
%
  
3,762
   
3,296
   
14.14
%
Net interest income after provision for
                                     
loan losses
   
31,949
   
24,866
   
28.48
%
  
63,607
   
49,393
   
28.78
%
Non-interest income
                                      
Trust fees
    
3,512
   
3,210
   
9.41
%
  
7,226
   
6,741
   
7.19
%
Service charges on deposit accounts
    
2,723
   
2,283
   
19.27
%
  
5,185
   
4,466
   
16.10
%
Net securities gains
   
1,068
   
155
   
589.03
%
  
1,821
   
816
   
123.16
%
Other income
    
2,637
   
2,444
   
7.90
%
  
5,239
   
4,830
   
8.47
%
Total non-interest income
    
9,940
   
8,092
   
22.84
%
  
19,471
   
16,853
   
15.53
%
Non-interest expense
                                      
Salaries and employee benefits
    
14,528
   
11,278
   
28.82
%
  
28,424
   
22,473
   
26.48
%
Net occupancy
    
1,751
   
1,362
   
28.56
%
  
3,547
   
2,930
   
21.06
%
Equipment
   
2,190
   
1,884
   
16.24
%
  
4,394
   
3,654
   
20.25
%
Core deposit intangible amortization
    
685
   
287
   
138.68
%
  
1,348
   
574
   
134.84
%
Merger-related expenses (1)
    
70
   
8
   
775.00
%
  
563
   
17
   
3,211.76
%
Other operating
   
8,269
   
6,627
   
24.78
%
  
16,346
   
12,933
   
26.39
%
Total non-interest expense
    
27,493
   
21,446
   
28.20
%
  
54,622
   
42,581
   
28.28
%
Income before provision for income taxes
    
14,396
   
11,512
   
25.05
%
  
28,456
   
23,665
   
20.25
%
Provision for income taxes
    
3,138
   
2,149
   
46.02
%
  
6,118
   
4,543
   
34.67
%
Net income
  
$
11,258
  
$
9,363
    
20.24
%
$
22,338
  
$
19,122
    
16.82
%
                                       
Taxable equivalent net interest income
  
$
36,448
  
$
28,689
    
27.05
%
$
72,473
  
$
57,359
    
26.35
%
                                       
Per common share data
                                      
Net income per common share - basic
  
$
0.50
  
$
0.48
    
4.17
%
$
0.98
  
$
0.97
    
1.03
%
Net income per common share - diluted
  
$
0.50
  
$
0.48
    
4.17
%
$
0.98
  
$
0.97
    
1.03
%
Dividends declared
  
$
0.26
  
$
0.25
    
4.00
%
$
0.52
  
$
0.50
    
4.00
%
Book value (period end)
                    
$
18.82
  
$
16.22
    
16.03
%
Tangible book value (period end)
                    
$
12.15
  
$
13.30
    
(8.65
%)
Average shares outstanding - basic
    
22,587,213
   
19,665,779
   
14.86
%
  
22,788,686
   
19,692,856
   
15.72
%
Average shares outstanding - diluted
    
22,643,463
   
19,709,958
   
14.88
%
  
22,840,483
   
19,740,856
   
15.70
%
Period end shares outstanding
                      
22,321,525
   
19,649,453
   
13.60
%
                                       
Selected ratios (annualized)
                                      
Return on average assets
    
0.99
%
  
1.10
%
  
(10.00
%)
  
0.99
%
  
1.13
%
  
(12.39
%)
Return on average equity
    
10.66
%
  
11.80
%
  
(9.66
%)
  
10.54
%
  
12.02
%
  
(12.31
%)
Yield on earning assets (2)
   
5.71
%
  
5.42
%
  
5.35
%
  
5.66
%
  
5.44
%
  
4.04
%
Cost of interest bearing liabilities
    
2.44
%
  
2.00
%
  
22.00
%
  
2.39
%
  
2.00
%
  
19.50
%
Net interest spread (2)
    
3.27
%
  
3.42
%
  
(4.39
%)
  
3.27
%
  
3.44
%
  
(4.94
%)
Net interest margin (2)
    
3.52
%
  
3.67
%
  
(4.09
%)
  
3.51
%
  
3.69
%
  
(4.88
%)
Efficiency (2)
   
59.27
%
  
58.31
%
  
1.65
%
  
59.41
%
  
57.38
%
  
3.54
%
Average loans to average deposits
    
96.36
%
  
80.72
%
  
19.38
%
  
96.40
%
  
79.62
%
  
21.08
%
Annualized net loan charge-offs /average loans
    
0.24
%
  
0.31
%
  
(22.58
%)
  
0.19
%
  
0.23
%
  
(16.85
%)
                                       
(1) merger-related expenses are primarily related to the acquisitions of Winton Financial Corporation and Western Ohio Financial Corporation.
(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 5       
(unaudited, dollars in thousands)
    
 
 
 
 
 
 
% Change
 
 
 
 
 
% Change
 
 
 
Balance sheet (period end)
 
 
 
 
 
 
June 30, 2004 to
 
 
 
 
 
December 31, 2004
 
 
 
Assets
 
 
June 30, 2005
 
 
June 30, 2004
 
 
June 30, 2005
 
December 31, 2004
to June 30, 2005
      
Cash and due from banks
  
$
93,045
  
$
93,025
    
0.02
%
$
93,611
    
(0.60
)%
    
Due from banks - Interest bearing
   
2,370
   
2,114
   
12.11
   
3,446
   
(31.22
)
    
Federal funds sold
    
-
   
-
   
-
   
-
   
-
     
Securities
    
1,137,124
   
1,157,427
   
(1.75
)
  
1,172,182
   
(2.99
)
    
Loans:
                                    
Commercial and commercial real estate
    
1,522,303
   
1,062,230
   
43.31
   
1,308,044
   
16.38
     
Residential real estate
   
956,789
   
596,886
   
60.30
   
774,506
   
23.54
     
Consumer and home equity
    
454,277
   
371,357
   
22.33
   
405,985
   
11.90
     
Total loans
    
2,933,369
   
2,030,473
   
44.47
   
2,488,535
   
17.88
     
Allowance for loan losses
    
(32,348
)
  
(27,267
)
  
18.63
   
(29,486
)
  
9.71
     
Net loans
    
2,901,021
   
2,003,206
   
44.82
   
2,459,049
   
17.97
     
Premises and equipment, net
    
63,459
   
53,162
   
19.37
   
56,670
   
11.98
     
Goodwill
    
137,339
   
49,868
   
175.41
   
73,760
   
86.20
     
Core deposit intangible, net
    
11,720
   
7,359
   
59.26
   
10,162
   
15.33
     
Other assets
    
150,682
   
129,662
   
16.21
   
142,519
   
5.73
     
Total Assets
  
$
4,496,760
  
$
3,495,823
    
28.63
%
$
4,011,399
    
12.10
%
    
                                     
Liabilities and Shareholders' Equity
                                    
Non-interest bearing demand deposits
  
$
373,210
  
$
335,843
    
11.13
%
$
355,364
    
5.02
%
    
Interest bearing demand deposits
    
318,786
   
281,998
   
13.05
   
312,080
   
2.15
     
Money market accounts
   
517,516
   
552,217
   
(6.28
)
  
587,523
   
(11.92
)
    
Savings deposits
    
464,628
   
354,567
   
31.04
   
362,581
   
28.14
     
Certificates of deposit
    
1,381,986
   
922,564
   
49.80
   
1,108,386
   
24.68
     
Total deposits
    
3,056,126
   
2,447,189
   
24.88
   
2,725,934
   
12.11
     
Federal Home Loan Bank borrowings
    
673,183
   
432,975
   
55.48
   
599,411
   
12.31
     
Other borrowings
    
226,417
   
191,498
   
18.23
   
200,513
   
12.92
     
Junior subordinated debt
    
87,638
   
72,174
   
21.43
   
72,174
   
21.43
     
Other liabilities
    
33,194
   
33,359
   
(0.49
)
  
43,186
   
(23.14
)
    
Shareholders' equity
    
420,202
   
318,628
   
31.88
   
370,181
   
13.51
     
Total Liabilities and Shareholders' Equity
  
$
4,496,760
  
$
3,495,823
    
28.63
%
$
4,011,399
    
12.10
%
    
                                     
                                     

Average balance sheet and
                                  
net interest margin analysis
  
Three months ended June 30,
  
Six months ended June 30,
 
   
2005
2004
2005
2004
 
 
 
Average 
    
Average
    
Average
   
Average
    
Average
   
Average
    
Average
   
Average
  
Assets
    
Volume
 
 
Rate
 
 
Volume
 
 
Rate
 
 
Volume
 
 
Rate
 
 
Volume
 
 
Rate
  
Due from banks - interest bearing
  
$
4,631
    
1.91
%
$
2,298
    
3.49
%
$
5,678
    
1.49
%
$
2,655
    
0.76
%
Loans, net of unearned income
    
2,968,613
   
6.02
%
  
1,981,904
   
5.81
%
  
2,964,017
   
5.95
%
  
1,954,934
   
5.84
%
Securities:
    
   
   
   
   
   
   
   
 
Taxable
    
741,597
   
3.87
%
  
778,670
   
3.76
%
  
751,735
   
3.85
%
  
782,911
   
3.67
%
Tax-exempt
    
433,806
   
6.80
%
  
372,130
   
7.15
%
  
422,316
   
6.91
%
  
373,708
   
7.14
%
Total securities
    
1,175,403
   
4.94
%
  
1,150,800
   
4.76
%
  
1,174,051
   
4.93
%
  
1,156,619
   
4.78
%
Federal funds sold
    
-
   
0.00
%
  
4,367
   
1.01
%
  
1,835
   
2.62
%
  
7,421
   
0.94
%
Total earning assets
    
4,148,647
   
5.71
%
  
3,139,369
   
5.42
%
  
4,145,581
   
5.66
%
  
3,121,629
   
5.44
%
Other assets
    
402,949
   
   
278,819
   
   
405,061
   
   
274,410
   
 
Total Assets
  
$
4,551,596
    
 
$
3,418,188
    
 
$
4,550,642
    
 
$
3,396,039
    
 
 
    
   
   
   
   
   
   
   
 
Liabilities and Shareholders' Equity
    
   
   
   
   
   
   
   
 
Interest bearing demand deposits
  
$
330,273
    
0.41
%
$
291,827
    
0.25
%
$
330,375
    
0.41
%
$
292,892
    
0.26
%
Money market accounts
   
545,475
   
1.87
%
  
558,354
   
1.66
%
  
566,780
   
1.85
%
  
561,310
   
1.66
%
Savings deposits
    
455,916
   
0.64
%
  
355,871
   
0.31
%
  
446,954
   
0.58
%
  
353,809
   
0.32
%
Certificates of deposit
    
1,377,006
   
3.01
%
  
926,761
   
2.81
%
  
1,364,713
   
2.95
%
  
928,580
   
2.81
%
Total interest bearing deposits
    
2,708,670
   
2.07
%
  
2,132,813
   
1.74
%
  
2,708,822
   
2.02
%
  
2,136,591
   
1.75
%
Federal Home Loan Bank borrowings
    
695,179
   
3.36
%
  
394,063
   
3.41
%
  
707,395
   
3.35
%
  
375,910
   
3.49
%
Other borrowings
    
229,916
   
2.75
%
  
180,103
   
1.29
%
  
225,730
   
2.48
%
  
178,030
   
1.26
%
Junior subordinated debt
    
87,638
   
5.97
%
  
37,270
   
5.54
%
  
81,145
   
5.87
%
  
34,103
   
5.55
%
Total interest bearing liabilities
   
3,721,403
   
2.44
%
  
2,744,249
   
2.00
%
  
3,723,092
   
2.39
%
  
2,724,634
   
2.00
%
Non-interest bearing demand deposits
    
372,201
   
   
322,402
   
   
365,945
   
   
318,709
   
 
Other liabilities
    
34,492
   
   
32,339
   
   
34,335
   
   
32,681
   
 
Shareholders' equity
    
423,500
   
   
319,198
   
   
427,270
   
   
320,015
   
 
Total Liabilities and
    
   
   
   
   
   
   
   
 
Shareholders' Equity
  
$
4,551,596
    
 
$
3,418,188
    
 
$
4,550,642
    
 
$
3,396,039
    
 
 
    
   
   
   
   
   
   
   
 
Taxable equivalent net interest spread
    
   
3.27
%
  
   
3.42
%
  
   
3.27
%
  
   
3.44
%
Taxable equivalent net interest margin
   
   
3.52
%
  
   
3.67
%
  
   
3.51
%
  
   
3.69
%
                                                   
 

WESBANCO, INC.
                                
Consolidated Selected Financial Highlights
Page 6
 
(unaudited, dollars in thousands, except per share amounts)
                          
                                 
 
  
 Quarter Ended
    June 30,     
March 31,
    
Dec.31,
   
Sept. 30,
    
June 30,
  
Statement of income
    
2005
 
 
2005
 
 
2004
 
 
2004
 
 
2004
 
Interest income
 
$
56,534
  
$
54,884
  
$
46,727
  
$
42,858
  
$
40,020
  
Interest expense
    
22,666
   
21,383
   
17,465
   
15,585
   
13,658
 
Net interest income
   
33,868
   
33,501
   
29,262
   
27,273
   
26,362
 
Provision for loan losses
    
1,919
   
1,843
   
2,269
   
2,170
   
1,496
 
Net interest income after provision
                               
for loan losses
   
31,949
   
31,658
   
26,993
   
25,103
   
24,866
 
Non-interest income
                                
Trust fees
    
3,512
   
3,714
   
3,334
   
2,981
   
3,210
 
Service charges on deposit accounts
    
2,723
   
2,462
   
2,600
   
2,483
   
2,283
 
Net securities gains
   
1,068
   
753
   
733
   
867
   
155
 
Other income
    
2,637
   
2,602
   
2,750
   
2,940
   
2,444
 
Total non-interest income
    
9,940
   
9,531
   
9,417
   
9,271
   
8,092
 
Non-interest expense
                                
Salaries and employee benefits
    
14,528
   
13,896
   
13,044
   
11,876
   
11,278
 
Net occupancy
    
1,751
   
1,796
   
1,496
   
1,336
   
1,362
 
Equipment
   
2,190
   
2,204
   
2,177
   
1,897
   
1,884
 
Core deposit intangible amortization
    
685
   
663
   
414
   
382
   
287
 
Merger-related expenses (1)
    
70
   
493
   
180
   
200
   
8
 
Other operating
   
8,269
   
8,077
   
7,807
   
6,482
   
6,627
 
Total non-interest expense
    
27,493
   
27,129
   
25,118
   
22,173
   
21,446
 
Income before income taxes
    
14,396
   
14,060
   
11,292
   
12,201
   
11,512
 
Provision for income taxes
    
3,138
   
2,980
   
2,260
   
2,173
   
2,149
 
Net income
  
$
11,258
  
$
11,080
  
$
9,032
  
$
10,028
  
$
9,363
  
                                 
Taxable equivalent net interest income
  
$
36,448
  
$
36,024
  
$
31,652
  
$
29,642
  
$
28,689
  
                                 
Per common share data
                                
Net income per common share - basic
  
$
0.50
  
$
0.48
  
$
0.44
  
$
0.50
  
$
0.48
  
Net income per common share - diluted
  
$
0.50
  
$
0.48
  
$
0.43
  
$
0.50
  
$
0.48
  
Dividends declared
  
$
0.26
  
$
0.26
  
$
0.25
  
$
0.25
  
$
0.25
  
Book value (period end)
  
$
18.82
  
$
18.62
  
$
17.77
  
$
17.59
  
$
16.22
  
Tangible book value (period end)
  
$
12.15
  
$
12.08
  
$
13.74
  
$
13.49
  
$
13.30
  
Average shares outstanding - basic
    
22,587,213
   
22,992,398
   
20,795,545
   
20,206,108
   
19,665,779
 
Average shares outstanding - diluted
    
22,643,463
   
23,043,874
   
20,871,212
   
20,256,465
   
19,709,958
 
Period end shares outstanding
    
22,321,525
   
22,769,417
   
20,837,469
   
20,823,606
   
19,649,453
 
Full time equivalent employees
    
1,311
   
1,358
   
1,209
   
1,229
   
1,161
 
                                 
Selected ratios
                                
Return on average assets
    
0.99
%
  
0.99
%
  
0.92
%
  
1.10
%
  
1.10
%
Return on average equity
    
10.66
%
  
10.42
%
  
9.79
%
  
11.88
%
  
11.80
%
Yield on earning assets (2)
   
5.71
%
  
5.60
%
  
5.45
%
  
5.37
%
  
5.42
%
Cost of interest bearing liabilities
    
2.44
%
  
2.33
%
  
2.19
%
  
2.12
%
  
2.00
%
Net interest spread (2)
    
3.27
%
  
3.27
%
  
3.26
%
  
3.25
%
  
3.42
%
Net interest margin (2)
    
3.52
%
  
3.51
%
  
3.52
%
  
3.52
%
  
3.67
%
Efficiency (2)
   
59.27
%
  
59.55
%
  
61.16
%
  
56.98
%
  
58.31
%
Average loans to average deposits
    
96.36
%
  
96.44
%
  
89.80
%
  
87.29
%
  
80.72
%
Trust Assets, market value at period end
  
$
2,557,916
  
$
2,589,631
  
$
2,664,795
  
$
2,594,226
  
$
2,577,985
  
                                 
(1) merger-related expenses are primarily related to the acquisitions of Winton Financial Corporation and Western
Ohio Financial Corporation.
                                
(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)
                  
       
Quarter Ended
     
 
June 30,
 
March 31,
 
Dec.31,
 
Sept. 30,
 
June 30,
 
Asset quality data
 
2005
 
2005
 
2004
 
2004
 
2004
 
Non-performing assets:
                      
Non-accrual loans 
  
$ 10,941
 
$ 8,476
 
$ 8,195
 
$ 7,685
 
$ 8,639
 
 Renegotiated loans
  
-
 
-
 
-
 
-
 
646
 
 Total non-performing loans
  
10,941
 
8,476
 
8,195
 
7,685
 
9,285
 
 Other real estate and repossessed assets
2,525
 
2,497
 
2,059
 
1,986
 
1,708
 
 Total non-performing loans and assets
$ 13,466
 
$ 10,973
 
$ 10,254
 
$ 9,671
 
$ 10,993
 
Loans past due 90 days or more
  
$ 7,585
 
$ 8,032
 
$ 7,584
 
$ 6,262
 
$ 4,169
 
                           
Non-performing assets/total assets
0.30
%
0.24
%
0.26
%
0.25
%
0.31
%
Non-performing assets/total loans, other real
                   
 estate and repossessed assets
0.46
%
0.37
%
0.41
%
0.40
%
0.54
%
Non-performing loans/total loans
  
0.37
%
0.29
%
0.33
%
0.32
%
0.46
%
Non-performing loans and loans past due 90
                   
 days or more/total loans
0.63
%
0.56
%
0.63
%
0.58
%
0.66
%
                           
Allowance for loan losses
                      
Allowance for loan losses
  
$ 32,348
 
$ 32,225
 
$ 29,486
 
$ 29,694
 
$ 27,267
 
Provision for loan losses
  
1,919
 
1,843
 
2,269
 
2,170
 
1,496
 
Net loan charge-offs
  
1,795
 
1,051
 
2,478
 
1,814
 
1,031
 
Annualized net loan charge-offs /average loans
0.24
%
0.14
%
0.31
%
0.27
%
0.31
%
Allowance for loan losses/total loans
1.10
%
1.09
%
1.18
%
1.23
%
1.34
%
Allowance for loan losses/non-performing loans
2.96
x
3.80
x
3.60
x
3.86
x
2.94
x
Allowance for loan losses/non-performing
                    
  loans and past due 90 days or more
1.75
x
1.95
x
1.87
x
2.13
x
2.03
x
                           
                           
                           
                           
Capital ratios
                    
Tier I leverage capital
8.17
%
8.34
%
9.34
%
9.98
%
10.11
%
Tier I risk-based capital
11.93
%
12.03
%
13.43
%
13.61
%
15.00
%
Total risk-based capital
13.01
%
13.09
%
14.54
%
14.76
%
16.21
%
Shareholders' equity to assets (period end)
9.34
%
9.30
%
9.23
%
9.39
%
9.11
%
Tangible equity to tangible assets (1)
6.24
%
6.52
%
7.36
%
7.59
%
7.79
%
                           
(1)Tangible equity is defined as shareholders' equity less goodwill and other intangible assets. Based on quarterly averages.