EX-99 2 ex99pr.htm EXHIBIT 99 - PRESS RELEASE Exhibit 99 - Press Release
EXHIBIT 99

NEWS FOR IMMEDIATE RELEASE    
October 19, 2005            For Further Information Contact:

Paul M. Limbert
President and Chief Executive Officer

or

Robert H. Young
Executive VP and Chief Financial Officer

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

WesBanco Announces Third Quarter Earnings

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

Net income for the third quarter ended September 30, 2005 was $9.9 million as compared to $10.0 million for the third quarter of 2004, while diluted earnings per share for the third quarter ended September 30, 2005 were $0.44 compared to $0.50 for the same period in 2004. The third quarter of 2005 included a pre-tax charge of approximately $1.0 million, or $0.03 after-tax per diluted share, relating to the previously announced restructuring of certain business lines. Net income for the nine months ended September 30, 2005 increased 10.5% to $32.2 million as compared to $29.2 million for the same period in 2004, while diluted earnings per share for the nine months ended September 30, 2005 were $1.42 compared to $1.47 for 2004. The 2005 third quarter and 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. The third quarter of 2004 includes one month of Western Ohio’s results of operations.

“WesBanco made some intermediate and long-term decisions in the third quarter of 2005 that involved the restructuring of certain business lines within the company and the improvement of our banking center network. Our goal is to efficiently provide a high level of customer satisfaction while we create more value for our shareholders,” Mr. Limbert stated. “Late in the third quarter WesBanco announced the sale of four branch offices located in Ritchie County, WV. The sale is scheduled to be consummated in early 2006. WesBanco also closed a loan production office and restructured certain business lines which resulted in the immediate reduction of its workforce through layoffs and provided for additional reductions through attrition. New banking centers are planned for Wheeling, WV, and in the Columbus, OH suburbs of Reynoldsburg and Bexley. We will consolidate five existing banking centers into just two locations through new structures that are to be built in Barnesville, OH and Marietta, OH. We will improve our efficiency while we offer an expanded variety of services. This phase of restructuring helps position the company for future growth and increased profitability,” said Mr. Limbert.


Highlights for the three and nine month periods ended September 30, 2005:

·  
Net interest income for the third quarter and nine months ended September 30, 2005 increased $5.3 million or 19.5% and $20.0 million or 25.0%, respectively, compared to the same periods in 2004. Net interest margin for the third quarter and nine months ended September 30, 2005 was 3.46% and 3.49%, respectively compared to 3.52% and 3.63% 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 anticipated increase in market rates over the remainder of the year and into early 2006, as well as other competitive factors may result in a tightening margin over the near term.
 
Page 2
·  
Non-interest income increased $0.6 million or 6.1% and $3.2 million or 12.2% over the third quarter and nine months ended September 30, 2004, respectively. Both the third quarter and year to date increases for 2005, as compared to the same periods in 2004, were driven by increased trust revenues, higher service charge revenue on deposit accounts due to an increase in fees and an increase in the number of accounts, including those from the acquisitions, and to a lesser extent, growth in ATM and debit card transaction income. Net securities gains were $0.1 million and $2.0 million for the third quarter and nine months ended September 30, 2005, respectively, compared to $1.2 million and $2.0 million for the same periods in 2004.

·  
WesBanco’s provision for loan losses decreased $29 thousand or 1.3% and increased $0.4 million or 8.0% over the third quarter and nine months ended September 30, 2004, respectively. The increase for the year was primarily the result of higher net charge-offs due to an increase in consumer bankruptcies as individuals filed in advance of new bankruptcy laws which became effective October 17, 2005. The allowance for loan losses as a percentage of total loans was 1.11% at September 30, 2005, down from 1.23% at September 30, 2004, due to the acquired institutions having lower allowance percentages and a different portfolio composition than WesBanco as of the acquisition dates.

·  
Non-interest expense increased $5.5 million or 24.8% and $17.5 million or 27.1% compared to the third quarter and nine months ended September 30, 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. Included in the third quarter and nine month results was a pre-tax charge of approximately $1.0 million in severance payouts and related payroll taxes and health care costs relating to the restructuring. The staff reductions resulting from the third quarter restructuring had a minimal impact on non-interest expenses for the quarter. The restructuring is anticipated to reduce certain non-interest expenses, primarily salaries and employee benefits, beginning in October 2005 and is expected to result in cost savings of approximately $2.5 million in 2006.

·  
The provision for income taxes for the third quarter of 2005 increased $0.6 million or 26.7% compared to 2004, and on a year to date basis for 2005, increased $2.2 million or 32.1% 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 Winton and Western Ohio acquisitions which both had effective tax rates approximating 33% prior to the respective merger. For the third quarter of 2005, the effective tax rate was 21.8% compared to 17.8% for the same period in 2004, while on a year to date basis for 2005, it was 21.6% compared to 18.7% for the same period in 2004.

·  
Total loans increased $447.2 million or 18.0% between December 31, 2004 and September 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 sale of $67.8 million of residential mortgage loans in June 2005. Loan growth in the third quarter of 2005, compared to the second quarter of 2005, was slower than expected due to the implementation of certain risk reduction strategies, as well as disciplined underwriting and pricing practices to preserve credit quality and improve targeted risk adjusted rates of return.
 
Page 3
·  
Total deposits increased $313.4 million or 11.5% between December 31, 2004 and September 30, 2005 primarily due to the Winton acquisition. On a linked quarter basis from the second quarter of 2005, increases occurred in interest bearing demand deposits, savings and certificates of deposit categories, which was offset by declines in non-interest bearing demand and money market accounts. WesBanco has experienced a continued decrease in money market accounts as customers seek higher rates of return from certificates of deposit as well as other competitive products in the markets served by WesBanco.

·  
For the quarter ended September 30, 2005, WesBanco repurchased a total of 186,328 shares and on a year to date basis for 2005 a total of 1,149,191 shares have been repurchased. The average price paid on a year to date basis for 2005 was $28.69 per share. WesBanco has 367,452 shares still remaining for repurchase under the current stock repurchase plan approved by the Board in March 2005.

“Through our strategic and business planning processes, we will continue to analyze our business lines, product lines and overall corporate structure to continue to improve our efficiency, increase our profitability and provide higher shareholder value and returns. For the remainder of 2005, WesBanco will execute our previously announced restructuring plan and look to expand our presence in our new market areas. In the last quarter of the year, we will roll out a new marketing campaign that will energize the WesBanco brand around our customers’ satisfaction with the overall WesBanco banking experience and new products and services,” said Mr. Limbert.

WesBanco is a multi-state bank holding company with total assets of approximately $4.4 billion, currently operating through 85 banking offices, 1 loan production office, and 124 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 June 30, 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 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 Nine Months Ended
 
September 30,
  
September 30,
Statement of income
2005
 
2004
 
% Change
 
2005
 
2004
 
% Change
Interest income
$ 56,231
 
$ 42,858
 
31.20%
  
$ 167,649
 
$ 122,710
 
36.62%
Interest expense
23,643
 
15,585
 
51.70%
  
67,692
 
42,748
 
58.35%
Net interest income
32,588
 
27,273
 
19.49%
  
99,957
 
79,962
 
25.01%
Provision for loan losses
2,141
 
2,170
 
(1.34%)
  
5,903
 
5,466
 
7.99%
Net interest income after provision for
                     
loan losses
30,447
 
25,103
 
21.29%
  
94,054
 
74,496
 
26.25%
Non-interest income
                      
Trust fees
3,541
 
2,981
 
18.79%
  
10,767
 
9,722
 
10.75%
Service charges on deposit accounts
2,834
 
2,462
 
15.11%
  
8,019
 
6,949
 
15.40%
Net securities gains
141
 
1,219
 
(88.43%)
  
1,962
 
2,035
 
(3.59%)
Other income
3,324
 
2,609
 
27.41%
  
8,563
 
7,418
 
15.44%
Total non-interest income
9,840
 
9,271
 
6.14%
  
29,311
 
26,124
 
12.20%
Non-interest expense
                      
Salaries and employee benefits
14,420
 
11,876
 
21.42%
  
42,844
 
34,349
 
24.73%
Net occupancy
1,844
 
1,336
 
38.02%
  
5,391
 
4,266
 
26.37%
Equipment
2,018
 
1,897
 
6.38%
  
6,412
 
5,551
 
15.51%
Core deposit intangibles
665
 
382
 
74.08%
  
2,013
 
956
 
110.56%
Merger-related expenses (1)
15
 
200
 
(92.50%)
  
578
 
217
 
166.36 %
Restructuring expenses (2)
952
 
-
 
100.00 %
  
952
 
-
 
100.00 %
Other operating
7,749
 
6,482
 
19.55%
  
24,095
 
19,415
 
24.11%
Total non-interest expense
27,663
 
22,173
 
24.76%
  
82,285
 
64,754
 
27.07%
Income before provision for income taxes
12,624
 
12,201
 
3.47%
  
41,080
 
35,866
 
14.54%
Provision for income taxes
2,754
 
2,173
 
26.74%
  
8,872
 
6,716
 
32.10%
Net income
$ 9,870
 
$ 10,028
 
(1.58%)
  
$ 32,208
 
$ 29,150
 
10.49%
 
                      
Taxable equivalent net interest income
$ 35,111
 
$ 29,642
 
18.45%
  
$ 107,583
 
$ 87,001
 
23.66%
 
                      
Per common share data
                      
Net income per common share - basic
$ 0.44
 
$ 0.50
 
(11.32%)
  
$ 1.42
 
$ 1.47
 
(3.10%)
Net income per common share - diluted
$ 0.44
 
$ 0.50
 
(11.56%)
  
$ 1.42
 
$ 1.47
 
(3.33%)
Dividends declared
$ 0.26
 
$ 0.25
 
4.00%
  
$ 0.78
 
$ 0.75
 
4.00%
Book value (period end)
            
$ 18.78
 
$ 17.59
 
6.79%
Tangible book value (period end)
            
$ 12.12
 
$ 13.49
 
(10.19%)
Average shares outstanding - basic
22,260,541
 
20,206,108
 
10.17%
  
22,610,703
 
19,802,210
 
14.18%
Average shares outstanding - diluted
22,320,674
 
20,256,465
 
10.19%
  
22,664,922
 
19,854,885
 
14.15%
Period end shares outstanding
            
22,156,096
 
20,823,606
 
6.40%
                       
Selected ratios
                      
Return on average assets
0.88%
  
1.10%
  
(19.92%)
  
0.95%
  
1.12%
  
(14.84%)
Return on average equity
9.35%
  
11.88%
  
(21.33%)
  
10.14%
  
11.97%
  
(15.25%)
Yield on earning assets (3)
5.78%
  
5.37%
  
7.64%
  
5.70%
  
5.41%
  
5.36%
Cost of interest bearing liabilities
2.59%
  
2.12%
  
22.17%
  
2.45%
  
2.04%
  
20.10%
Net interest spread (3)
3.19%
  
3.25%
  
(1.85%)
  
3.25%
  
3.37%
  
(3.56%)
Net interest margin (3)
3.46%
  
3.52%
  
(1.70%)
  
3.49%
  
3.63%
  
(3.86%)
Efficiency (3)
61.54%
  
56.98%
  
8.00%
  
60.11%
  
57.24%
  
5.01%
Average loans to average deposits
95.80%
  
87.29%
  
9.74%
  
96.20%
  
82.24%
  
16.97%
Annualized net loan charge-offs/average loans
0.27%
  
0.27%
  
0.00%
  
0.22%
  
0.27%
  
(18.85%)
 
                      
(1) merger-related expenses are primarily related to the acquisitions of Winton Financial Corporation and Western
Ohio Financial Corporation.
                      
(2) restructuring costs associated with a reduction in workforce through layoffs.
(3) 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)
  
September 30,
  
September 30,
  
Sept. 30, 2004 to
  
December 31,
 
Dec. 31, 2004
  
Assets
  
2005
  
2004
  
Sept. 30, 2005
  
2004
  
to Sept. 30, 2005
  
Cash and due from banks
  
$ 79,638
 
$ 83,232
 
(4.32)
 % 
$ 93,611
 
(14.93)
  %
Due from banks - Interest bearing
 
1,622
 
3,309
 
(50.98)
  
3,446
 
(52.93)
  
Federal funds sold
  
-
 
-
 
-
 
-
 
-
 
Securities
  
1,079,910
 
1,144,606
 
(5.65)
  
1,172,182
 
(7.87)
  
Loans:
                      
Commercial and commercial real estate
    
1,527,133
   
1,239,208
   
23.23
   
1,308,044
   
16.75
 
Residential real estate
   
944,718
   
770,272
   
22.65
   
774,506
   
21.98
 
Consumer and home equity
    
463,915
   
408,828
   
13.47
   
405,985
   
14.27
 
Total loans
    
2,935,766
   
2,418,308
   
21.40
   
2,488,535
   
17.97
 
Allowance for loan losses
    
(32,497
)
  
(29,694
)
  
9.44
   
(29,486
)
  
10.21
 
Net loans
    
2,903,269
   
2,388,614
   
21.55
   
2,459,049
   
18.06
 
Premises and equipment, net
    
63,365
   
56,949
   
11.27
   
56,670
   
11.81
 
Goodwill
    
136,697
   
74,765
   
82.84
   
73,760
   
85.33
 
Core deposit intangible, net
    
11,054
   
10,576
   
4.52
   
10,162
   
8.78
 
Other assets
    
146,880
   
140,600
   
4.47
   
142,519
   
3.06
 
Total Assets
  
$
4,422,435
  
$
3,902,651
    
13.32
%
$
4,011,399
    
10.25
%
                                 
Liabilities and Shareholders' Equity
                                
Non-interest bearing demand deposits
  
$
356,705
  
$
343,790
    
3.76
%
$
355,364
    
0.38
%
Interest bearing demand deposits
    
330,203
   
309,921
   
6.54
   
312,080
   
5.81
 
Money market accounts
   
481,999
   
616,492
   
(21.82
)
  
587,523
   
(17.96
)
Savings deposits
    
473,351
   
360,276
   
31.39
   
362,581
   
30.55
 
Certificates of deposit
    
1,397,045
   
1,071,734
   
30.35
   
1,108,386
   
26.04
 
Total deposits
    
3,039,303
   
2,702,213
   
12.47
   
2,725,934
   
11.50
 
Federal Home Loan Bank borrowings
    
636,634
   
563,860
   
12.91
   
599,411
   
6.21
 
Other borrowings
    
207,665
   
162,192
   
28.04
   
200,513
   
3.57
 
Junior subordinated debt
    
87,638
   
72,174
   
21.43
   
72,174
   
21.43
 
Other liabilities
    
35,020
   
35,909
   
(2.48
)
  
43,186
   
(18.91
)
Shareholders' equity
    
416,175
   
366,303
   
13.61
   
370,181
   
12.42
 
Total Liabilities and Shareholders' Equity
  
$
4,422,435
  
$
3,902,651
    
13.32
%
$
4,011,399
    
10.25
%
                                 
 

Average balance sheet and
                    
net interest margin analysis
  
Three months ended September 30,
  
Nine months ended September 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
  
$ 2,413
3.62%
  
$ 2,760
1.15%
  
$ 4,577
1.64%
  
$ 2,690
0.95%
Loans, net of unearned income
  
2,931,165
6.08%
  
2,200,181
5.64%
  
2,952,946
5.99%
 
2,037,278
5.77%
Securities:
                            
 
Taxable
        
685,244
3.88%
  
773,502
3.68%
  
729,328
3.88%
  
779,799
3.69%
Tax-exempt
        
423,286
6.81%
  
381,672
7.09%
  
422,644
6.87%
  
376,382
7.12%
Total securities
  
1,108,530
4.99%
  
1,155,174
4.81%
  
1,151,972
4.97%
  
1,156,181
4.81%
Federal funds sold
  
1,522
3.39%
  
1,266
1.01%
  
1,729
2.85%
  
5,355
0.97%
Total earning assets
    
4,043,630
5.78%
  
3,359,381
5.37%
  
4,111,224
5.70%
  
3,201,504
5.41%
Other assets
        
401,464
   
258,981
   
403,849
   
269,183
 
Total Assets
        
$ 4,445,094
   
$ 3,618,362
   
$ 4,515,073
   
$ 3,470,687
 
                               
Liabilities and Shareholders' Equity
                        
Interest bearing demand deposits
  
$ 328,441
0.59%
  
$ 296,209
0.32%
  
$ 329,723
0.47%
  
$ 294,005
0.28%
Money market accounts
   
499,088
1.95%
  
572,630
1.71%
  
543,968
1.88%
  
565,111
1.68%
Savings deposits
      
470,014
0.83%
  
354,793
0.31%
  
454,725
0.67%
  
354,140
0.32%
Certificates of deposit
    
1,390,833
3.18%
  
972,452
2.84%
  
1,373,515
3.03%
  
943,311
2.82%
Total interest bearing deposits
  
2,688,376
2.23%
  
2,196,084
1.80%
  
2,701,931
2.09%
  
2,156,567
1.76%
Federal Home Loan Bank borrowings
  
648,272
3.44%
  
482,549
3.37%
  
687,471
3.38%
  
411,716
3.44%
Other borrowings
      
197,049
3.21%
  
175,905
1.36%
  
216,065
2.70%
  
177,316
1.30%
Junior subordinated debt
  
87,638
6.04%
  
72,174
5.42%
  
83,333
5.93%
  
46,886
5.49%
Total interest bearing liabilities
3,621,335
2.59%
  
2,926,712
2.12%
  
3,688,800
2.45%
  
2,792,485
2.04%
Non-interest bearing demand deposits
371,412
   
324,542
   
367,787
   
320,667
 
Other liabilities
      
33,339
   
31,295
   
34,000
   
32,216
 
Shareholders' equity
  
419,008
   
335,813
   
424,486
   
325,319
 
Total Liabilities and
                        
Shareholders' Equity
    
$ 4,445,094
   
$ 3,618,362
   
$ 4,515,073
   
$ 3,470,687
 
                               
Taxable equivalent net interest spread
3.19%
    
3.25%
    
3.25%
    
3.37%
Taxable equivalent net interest margin
3.46%
    
3.52%
    
3.49%
    
3.63%
                               
                               
                               
 

                   
WESBANCO, INC.
                  
Consolidated Selected Financial Highlights
                
Page 6
(unaudited, dollars in thousands, except per share amounts)
                
                   
 
Quarter Ended
 
Sept. 30,
 
June 30,
 
March 31,
 
Dec.31,
 
Sept. 30,
Statement of income
2005
 
2005
 
2005
 
2004
 
2004
Interest income
$ 56,231
 
$ 56,534
 
$ 54,884
 
$ 46,727
 
$ 42,858
Interest expense
23,643
 
22,666
 
21,383
 
17,465
 
15,585
Net interest income
32,588
 
33,868
 
33,501
 
29,262
 
27,273
Provision for loan losses
2,141
 
1,919
 
1,843
 
2,269
 
2,170
Net interest income after provision for
                 
loan losses
30,447
 
31,949
 
31,658
 
26,993
 
25,103
Non-interest income
                  
Trust fees
3,541
 
3,512
 
3,714
 
3,334
 
2,981
Service charges on deposit accounts
2,834
 
2,723
 
2,462
 
2,600
 
2,483
Net securities gains
141
 
1,068
 
753
 
733
 
1,219
Other income
3,324
 
2,637
 
2,602
 
2,750
 
2,588
Total non-interest income
9,840
 
9,940
 
9,531
 
9,417
 
9,271
Non-interest expense
                  
Salaries and employee benefits
14,420
 
14,528
 
13,896
 
13,044
 
11,876
Net occupancy
1,844
 
1,751
 
1,796
 
1,496
 
1,336
Equipment
2,018
 
2,190
 
2,204
 
2,177
 
1,897
Core deposit intangibles
665
 
685
 
663
 
414
 
382
Merger-related expenses (1)
15
 
70
 
493
 
180
 
200
Restructuring expenses (2)
952
 
-
 
-
 
-
 
-
Other operating
7,749
 
8,269
 
8,077
 
7,807
 
6,482
Total non-interest expense
27,663
 
27,493
 
27,129
 
25,118
 
22,173
Income before income taxes
12,624
 
14,396
 
14,060
 
11,292
 
12,201
Provision for income taxes
2,754
 
3,138
 
2,980
 
2,260
 
2,173
Net income
$ 9,870
 
$ 11,258
 
$ 11,080
 
$ 9,032
 
$ 10,028
 
                  
Taxable equivalent net interest income
$ 35,111
 
$ 36,448
 
$ 36,024
 
$ 31,652
 
$ 29,642
 
                  
Per common share data
                  
Net income per common share - basic
$ 0.44
 
$ 0.50
 
$ 0.48
 
$ 0.44
 
$ 0.50
Net income per common share - diluted
$ 0.44
 
$ 0.50
 
$ 0.48
 
$ 0.43
 
$ 0.50
Dividends declared
$ 0.26
 
$ 0.26
 
$ 0.26
 
$ 0.25
 
$ 0.25
Book value (period end)
$ 18.78
 
$ 18.82
 
$ 18.62
 
$ 17.77
 
$ 17.59
Tangible book value (period end)
$ 12.12
 
$ 12.15
 
$ 12.08
 
$ 13.74
 
$ 13.49
Average shares outstanding - basic
22,260,541
 
22,587,213
 
22,992,398
 
20,795,545
 
20,206,108
Average shares outstanding - diluted
22,320,674
 
22,643,463
 
23,043,874
 
20,871,212
 
20,256,465
Period end shares outstanding
22,156,096
 
22,321,525
 
22,769,417
 
20,837,469
 
20,823,606
Full time equivalent employees
1,254
 
1,311
 
1,358
 
1,209
 
1,229
 
                  
Selected ratios
                  
Return on average assets
0.88%
  
0.99%
  
0.99%
  
0.92%
  
1.10%
Return on average equity
9.35%
  
10.66%
  
10.42%
  
9.79%
  
11.88%
Yield on earning assets (3)
5.78%
  
5.71%
  
5.60%
  
5.45%
  
5.37%
Cost of interest bearing liabilities
2.59%
  
2.44%
  
2.33%
  
2.19%
  
2.12%
Net interest spread (3)
3.19%
  
3.27%
  
3.27%
  
3.26%
  
3.25%
Net interest margin (3)
3.46%
  
3.52%
  
3.51%
  
3.52%
  
3.52%
Efficiency (3)
61.54%
  
59.27%
  
59.55%
  
61.16%
  
56.98%
Average loans to average deposits
95.80%
  
96.36%
  
96.44%
  
89.80%
  
87.29%
Trust Assets, market value at period end
$ 2,598,993
 
$ 2,557,916
 
$ 2,589,631
 
$ 2,664,795
 
$ 2,594,226
 
                  
(1) merger-related expenses are primarily related to the acquisitions of Winton Financial Corporation and Western
  
Ohio Financial Corporation.
                  
(2) restructuring costs associated with a reduction in workforce through layoffs.
(3) 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
       
Sept. 30,
 
June 30,
 
March 31,
 
Dec.31,
 
Sept. 30,
 
Asset quality data
 
2005
 
2005
 
2005
 
2004
 
2004
  
Non-performing assets:
                      
 Non-accrual loans
  
$ 9,812
 
$ 10,941
 
$ 8,476
 
$ 8,195
 
$ 7,685
 
 Renegotiated loans
  
-
 
-
 
-
 
-
 
-
 
 Total non-performing loans
  
9,812
 
10,941
 
8,476
 
8,195
 
7,685
 
 Other real estate and repossessed assets
1,929
 
2,525
 
2,497
 
2,059
 
1,986
 
 Total non-performing loans and assets
$ 11,741
 
$ 13,466
 
$ 10,973
 
$ 10,254
 
$ 9,671
 
Loans past due 90 days or more
  
$ 8,411
 
$ 7,585
 
$ 8,032
 
$ 7,584
 
$ 6,262
 
                           
Non-performing assets/total assets
  
0.27
%
0.30
%
0.24
%
0.26
%
0.25
%
Non-performing assets/total loans, other real
                   
 estate and repossessed assets
  
0.40
%
0.46
%
0.37
%
0.41
%
0.40
%
Non-performing loans/total loans
0.33
%
0.37
%
0.29
%
0.33
%
0.32
%
Non-performing loans and loans past due 90
 
 
              
 days or more/total loans
0.62
%
0.63
%
0.56
%
0.63
%
0.58
%
                           
Allowance for loan losses
                      
Allowance for loan losses
  
$ 32,497
 
$ 32,348
 
$ 32,225
 
$ 29,486
 
$ 29,694
 
Provision for loan losses
$ 2,141
 
$ 1,919
 
$ 1,843
 
$ 2,269
 
$ 2,170
 
Net loan charge-offs
  
1,993
 
1,795
 
1,051
 
2,478
 
1,814
 
Annualized net loan charge-offs /average loans
0.27
%
0.24
%
0.14
%
0.40
%
0.33
%
Allowance for loan losses/total loans
1.11
%
1.10
%
1.09
%
1.18
%
1.23
%
Allowance for loan losses/non-performing loans
3.31
x
2.96
x
3.80
x
3.60
x
3.86
x
Allowance for loan losses/non-performing loans and
                    
past due 90 days or more
1.78
x
1.75
x
1.95
x
1.87
x
2.13
x
                           
                           
                           
                           
Capital ratios
                      
Tier I leverage capital
8.39
%
8.17
%
8.34
%
9.34
%
9.98
%
Tier I risk-based capital
  
11.93
%
11.93
%
12.03
%
13.43
%
13.61
%
Total risk-based capital
  
13.02
%
13.01
%
13.09
%
14.54
%
14.76
%
Shareholders' equity to assets
  
9.43
%
9.34
%
9.30
%
9.23
%
9.39
%
Tangible equity to tangible assets (1)
6.31
%
6.24
%
6.52
%
7.36
%
7.59
%
                           
(1)Tangible equity is defined as shareholders' equity less goodwill and other intangible assets, and
tangible assets are defined as total assets less goodwill and other intangible assets. The calculation is based on quarterly averages.
 

WESBANCO, INC.
                
Reconciliation Table - Non-GAAP Financial Information
              
Page 8
(unaudited, dollars in thousands, except per share amounts)
            
                 
Note: This press release contains financial information other than that provided by accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management believes these Non-GAAP measurements, which exclude the effects of merger-related and restructuring expenses, are essential to a proper understanding of the operating results of the Company’s core business largely because they allow investors to see clearly the performance of the Company without the restructuring charges included in certain key financial ratios. These Non-GAAP measurements are not a substitute for operating results determined in accordance with GAAP nor do they necessarily conform to Non-GAAP performance measures that may be presented by other companies. These Non-GAAP measures should not be compared to Non-GAAP performance measures of other companies.
                 
 
                
 
For the Three Months Ended
 
For the Nine Months Ended
 
September 30,
    
September 30,
 
2005
 
2004
 
 
2005
 
2004
Net income
$ 9,870
 
$ 10,028
   
$ 32,208
 
$ 29,150
Add back: merger-related expenses, net of tax (1)
9
 
120
   
347
 
130
Add back: restructuring expenses, net of tax (1)
571
 
-
   
571
 
-
Core operating earnings
$ 10,450
 
$ 10,148
   
$ 33,126
 
$ 29,280
                 
 
                
Net income per common share - basic
$ 0.44
 
$ 0.50
   
$ 1.42
 
$ 1.47
Effects of merger-related expenses, net of tax (1)
-
 
-
   
0.02
 
0.01
Effects of restructuring expenses, net of tax (1)
0.03
 
-
   
0.03
 
-
Core operating earnings per common share - basic
$ 0.47
 
$ 0.50
   
$ 1.47
 
$ 1.48
 
                
 
                
Net income per common share - diluted
$ 0.44
 
$ 0.50
   
$ 1.42
 
$ 1.47
Effects of merger-related expenses, net of tax (1)
-
 
-
   
0.01
 
-
Effects of restructuring expenses, net of tax (1)
0.03
 
-
   
0.03
 
-
Core operating earnings per common share - diluted
$ 0.47
 
$ 0.50
   
$ 1.46
 
$ 1.47
 
                
 
                
Selected ratios
                
Return on average assets
0.88%
  
1.10%
    
0.95%
  
1.12%
Effects of merger-related expenses, net of tax (1)
0.00%
  
0.02%
    
0.01%
  
0.01%
Effects of restructuring expenses, net of tax (1)
0.05%
  
-
   
0.02%
  
-
Core return on average assets
0.93%
  
1.12%
    
0.98%
  
1.13%
 
                
 
                
Return on average equity
9.35%
  
11.88%
    
10.14%
  
11.97%
Effects of merger-related expenses, net of tax (1)
0.00%
  
0.14%
    
0.14%
  
0.05%
Effects of restructuring expenses, net of tax (1)
0.54%
  
-
   
0.18%
  
-
Core return on average equity
9.89%
  
12.02%
    
10.46%
  
12.02%
 
                
                 
Efficiency ratio (2)
61.54%
  
56.98%
    
60.11%
  
57.24%
Effects of merger-related expenses
-0.03%
  
-0.51%
    
-0.42%
  
-0.19%
Effects of restructuring expenses
-2.12%
  
-
   
-0.70%
  
-
Core efficiency ratio
59.39%
  
56.47%
    
58.99%
  
57.05%
 
                
 
                
(1) The related income tax expense is calculated using a combined Federal and State income tax rate of 40%.
(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.