West Virginia
|
000-08467
|
55-0571723
|
(State or other jurisdiction
|
(Commission File Number)
|
(IRS Employer
|
of incorporation)
|
Identification No.)
|
1 Bank Plaza, Wheeling, WV
|
26003
|
(Address of principal executive offices)
|
(Zip Code)
|
d)
|
Exhibits – 99.1 - Press release dated October 25, 2011 announcing earnings for the three and nine months ended September 30, 2011.
|
WesBanco, Inc.
|
|
(Registrant)
|
|
Date: October 25, 2011
|
/s/ Robert H. Young |
Robert H. Young
|
|
Executive Vice President and
|
|
Chief Financial Officer
|
WESBANCO, INC.
|
||||||||||||||
Consolidated Selected Financial Highlights
|
Page 4
|
|||||||||||||
(unaudited, dollars in thousands, except shares and per share amounts)
|
||||||||||||||
For the Three Months Ended
|
For the Nine Months Ended
|
|||||||||||||
STATEMENT OF INCOME
|
September 30,
|
September 30,
|
||||||||||||
Interest and dividend income
|
2011
|
2010
|
% Change
|
2011
|
2010
|
% Change
|
||||||||
Loans, including fees
|
$ 44,191
|
$ 46,753
|
(5.48%)
|
$ 133,051
|
$ 143,038
|
(6.98%)
|
||||||||
Interest and dividends on securities:
|
||||||||||||||
Taxable
|
9,032
|
8,957
|
0.84%
|
27,171
|
26,792
|
1.41%
|
||||||||
Tax-exempt
|
3,019
|
2,763
|
9.27%
|
9,051
|
8,609
|
5.13%
|
||||||||
Total interest and dividends on securities
|
12,051
|
11,720
|
2.82%
|
36,222
|
35,401
|
2.32%
|
||||||||
Other interest income
|
45
|
103
|
(56.31%)
|
154
|
299
|
(48.49%)
|
||||||||
Total interest and dividend income
|
56,287
|
58,576
|
(3.91%)
|
169,427
|
178,738
|
(5.21%)
|
||||||||
Interest Expense
|
||||||||||||||
Interest bearing demand deposits
|
394
|
650
|
(39.38%)
|
1,397
|
1,957
|
(28.62%)
|
||||||||
Money market deposits
|
1,189
|
1,821
|
(34.71%)
|
3,969
|
5,949
|
(33.28%)
|
||||||||
Savings deposits
|
332
|
533
|
(37.71%)
|
1,169
|
1,758
|
(33.50%)
|
||||||||
Certificates of deposit
|
7,728
|
8,817
|
(12.35%)
|
23,707
|
28,299
|
(16.23%)
|
||||||||
Total interest expense on deposits
|
9,643
|
11,821
|
(18.42%)
|
30,242
|
37,963
|
(20.34%)
|
||||||||
Federal Home Loan Bank borrowings
|
1,714
|
2,576
|
(33.46%)
|
5,743
|
10,477
|
(45.18%)
|
||||||||
Other short-term borrowings
|
1,220
|
1,207
|
1.08%
|
3,590
|
3,558
|
0.90%
|
||||||||
Junior subordinated debt owed to unconsolidated subsidiary trusts
|
809
|
986
|
(17.95%)
|
2,421
|
2,974
|
(18.59%)
|
||||||||
Total interest expense
|
13,386
|
16,590
|
(19.31%)
|
41,996
|
54,972
|
(23.60%)
|
||||||||
Net interest income
|
42,901
|
41,986
|
2.18%
|
127,431
|
123,766
|
2.96%
|
||||||||
Provision for credit losses
|
10,836
|
11,778
|
(8.00%)
|
25,680
|
34,953
|
(26.53%)
|
||||||||
Net interest income after provision for credit losses
|
32,065
|
30,208
|
6.15%
|
101,751
|
88,813
|
14.57%
|
||||||||
Non-interest income
|
||||||||||||||
Trust fees
|
3,941
|
3,765
|
4.67%
|
12,975
|
11,459
|
13.23%
|
||||||||
Service charges on deposits
|
4,881
|
4,897
|
(0.33%)
|
13,992
|
15,914
|
(12.08%)
|
||||||||
Electronic banking fees
|
2,679
|
2,230
|
20.13%
|
7,486
|
6,335
|
18.17%
|
||||||||
Net securities brokerage and insurance services revenue
|
1,703
|
1,874
|
(9.12%)
|
5,117
|
5,341
|
(4.19%)
|
||||||||
Bank-owned life insurance
|
908
|
879
|
3.30%
|
2,703
|
2,789
|
(3.08%)
|
||||||||
Net gains on sales of mortgage loans
|
327
|
985
|
(66.80%)
|
1,298
|
2,079
|
(37.57%)
|
||||||||
Net securities gains
|
67
|
981
|
(93.17%)
|
97
|
3,284
|
(97.05%)
|
||||||||
Net loss on other real estate owned and other assets
|
(162)
|
(654)
|
75.23%
|
(978)
|
(3,499)
|
72.05%
|
||||||||
Other income
|
255
|
19
|
1242.11%
|
1,430
|
900
|
58.89%
|
||||||||
Total non-interest income
|
14,599
|
14,976
|
(2.52%)
|
44,120
|
44,602
|
(1.08%)
|
||||||||
Non-interest expense
|
||||||||||||||
Salaries and wages
|
14,227
|
13,749
|
3.48%
|
41,612
|
40,326
|
3.19%
|
||||||||
Employee benefits
|
3,662
|
4,671
|
(21.60%)
|
13,294
|
14,016
|
(5.15%)
|
||||||||
Net occupancy
|
3,068
|
2,534
|
21.07%
|
8,450
|
8,133
|
3.90%
|
||||||||
Equipment
|
2,107
|
2,460
|
(14.35%)
|
6,552
|
7,440
|
(11.94%)
|
||||||||
Marketing
|
1,214
|
1,223
|
(0.74%)
|
3,861
|
3,008
|
28.36%
|
||||||||
FDIC insurance
|
1,091
|
1,740
|
(37.30%)
|
3,760
|
5,028
|
(25.22%)
|
||||||||
Amortization of intangible assets
|
599
|
676
|
(11.39%)
|
1,822
|
2,060
|
(11.55%)
|
||||||||
Other operating expenses
|
7,639
|
8,628
|
(11.46%)
|
25,450
|
25,629
|
(0.70%)
|
||||||||
Total non-interest expense
|
33,607
|
35,681
|
(5.81%)
|
104,801
|
105,640
|
(0.79%)
|
||||||||
Income before provision for income taxes
|
13,057
|
9,503
|
37.40%
|
41,070
|
27,775
|
47.87%
|
||||||||
Provision for income taxes
|
2,044
|
350
|
484.00%
|
7,898
|
2,473
|
219.37%
|
||||||||
Net income
|
$ 11,013
|
$ 9,153
|
20.32%
|
$ 33,172
|
$ 25,302
|
31.10%
|
||||||||
Taxable equivalent net interest income
|
$ 44,526
|
$ 43,474
|
2.42%
|
$ 132,304
|
$ 128,402
|
3.04%
|
||||||||
Per common share data
|
||||||||||||||
Net income per common share - basic
|
$ 0.41
|
$ 0.34
|
20.59%
|
$ 1.25
|
$ 0.95
|
31.58%
|
||||||||
Net income per common share - diluted
|
$ 0.41
|
$ 0.34
|
20.59%
|
$ 1.25
|
$ 0.95
|
31.58%
|
||||||||
Dividends declared
|
$ 0.16
|
$ 0.14
|
14.29%
|
$ 0.46
|
$ 0.42
|
9.52%
|
||||||||
Book value (period end)
|
$ 23.82
|
$ 22.88
|
4.11%
|
|||||||||||
Tangible book value (period end) (1)
|
$ 13.17
|
$ 12.11
|
8.75%
|
|||||||||||
Average common shares outstanding - basic
|
26,629,360
|
26,586,953
|
0.16%
|
26,609,755
|
26,577,302
|
0.12%
|
||||||||
Average common shares outstanding - diluted
|
26,629,543
|
26,587,281
|
0.16%
|
26,610,347
|
26,577,827
|
0.12%
|
||||||||
Period end common shares outstanding
|
26,629,360
|
26,586,953
|
0.16%
|
26,629,360
|
26,586,953
|
0.16%
|
||||||||
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
|
WESBANCO, INC.
|
|||||||||||||||
Consolidated Selected Financial Highlights
|
Page 5
|
||||||||||||||
(unaudited, dollars in thousands)
|
|||||||||||||||
Selected ratios
|
|||||||||||||||
For the Nine Months Ended
|
|||||||||||||||
September 30,
|
|||||||||||||||
2011
|
2010
|
% Change
|
|||||||||||||
Return on average assets
|
0.82
|
%
|
0.62
|
%
|
32.26
|
%
|
|||||||||
Return on average equity
|
7.15
|
5.60
|
27.68
|
||||||||||||
Return on average tangible equity (1)
|
13.68
|
11.25
|
21.60
|
||||||||||||
Yield on earning assets (2)
|
4.86
|
5.11
|
(4.89)
|
||||||||||||
Cost of interest bearing liabilities
|
1.36
|
1.74
|
(21.84)
|
||||||||||||
Net interest spread (2)
|
3.50
|
3.38
|
3.55
|
||||||||||||
Net interest margin (2)
|
3.69
|
3.58
|
3.07
|
||||||||||||
Efficiency (2)
|
59.40
|
61.06
|
(2.72)
|
||||||||||||
Average loans to average deposits
|
77.02
|
83.32
|
(7.56)
|
||||||||||||
Annualized net loan charge-offs/average loans
|
1.33
|
1.44
|
(7.64)
|
||||||||||||
Effective income tax rate
|
19.23
|
8.90
|
116.07
|
||||||||||||
For the Quarter Ended
|
|||||||||||||||
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
|||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
|||||||||||
Return on average assets
|
0.80
|
%
|
0.88
|
%
|
0.77
|
%
|
0.76
|
%
|
0.67
|
%
|
|||||
Return on average equity
|
6.92
|
7.71
|
6.81
|
6.69
|
5.96
|
||||||||||
Return on average tangible equity (1)
|
13.03
|
14.73
|
13.29
|
13.09
|
11.80
|
||||||||||
Yield on earning assets (2)
|
4.78
|
4.90
|
4.92
|
4.94
|
4.98
|
||||||||||
Cost of interest bearing liabilities
|
1.28
|
1.35
|
1.44
|
1.48
|
1.56
|
||||||||||
Net interest spread (2)
|
3.50
|
3.55
|
3.47
|
3.46
|
3.42
|
||||||||||
Net interest margin (2)
|
3.67
|
3.73
|
3.67
|
3.66
|
3.61
|
||||||||||
Efficiency (2)
|
56.84
|
59.79
|
61.63
|
60.36
|
61.05
|
||||||||||
Average loans to average deposits
|
76.55
|
76.47
|
78.08
|
78.69
|
80.60
|
||||||||||
Annualized net loan charge-offs/average loans
|
2.11
|
0.85
|
1.03
|
0.80
|
2.09
|
||||||||||
Effective income tax rate
|
15.65
|
23.43
|
17.74
|
15.40
|
3.69
|
||||||||||
Trust Assets, market value at period end
|
$ 2,789,218
|
$ 3,029,320
|
$ 3,061,907
|
$ 2,943,786
|
$ 2,797,935
|
||||||||||
(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 6
|
|||||||||||
(unaudited, dollars in thousands, except shares)
|
% Change
|
|||||||||||
Balance sheets
|
September 30,
|
December 31,
|
December 31, 2010
|
|||||||||
Assets
|
2011
|
2010
|
% Change
|
2010
|
to September 30, 2011
|
|||||||
Cash and due from banks
|
$ 126,437
|
$ 88,371
|
43.08
|
%
|
$ 57,242
|
120.88
|
%
|
|||||
Due from banks - interest bearing
|
19,081
|
583
|
3,172.90
|
21,894
|
(12.85)
|
|||||||
Securities:
|
||||||||||||
Available-for-sale, at fair value
|
952,065
|
893,414
|
6.56
|
957,481
|
(0.57)
|
|||||||
Held-to-maturity (fair values of $631,405; $476,710 and $465,902, respectively)
|
604,994
|
465,297
|
30.02
|
468,710
|
29.08
|
|||||||
Total securities
|
1,557,059
|
1,358,711
|
14.60
|
1,426,191
|
9.18
|
|||||||
Loans held for sale
|
8,139
|
13,132
|
(38.02)
|
10,800
|
(24.64)
|
|||||||
Portfolio Loans:
|
||||||||||||
Commercial real estate
|
1,697,791
|
1,733,426
|
(2.06)
|
1,757,249
|
(3.38)
|
|||||||
Commercial and industrial
|
426,165
|
431,996
|
(1.35)
|
412,726
|
3.26
|
|||||||
Residential real estate
|
612,647
|
635,934
|
(3.66)
|
608,693
|
0.65
|
|||||||
Home equity
|
250,867
|
248,481
|
0.96
|
249,423
|
0.58
|
|||||||
Consumer
|
252,908
|
268,265
|
(5.72)
|
260,585
|
(2.95)
|
|||||||
Total portfolio loans, net of unearned income
|
3,240,378
|
3,318,102
|
(2.34)
|
3,288,676
|
(1.47)
|
|||||||
Allowance for loan losses
|
(55,098)
|
(58,989)
|
6.60
|
(61,051)
|
9.75
|
|||||||
Net portfolio loans
|
3,185,280
|
3,259,113
|
(2.27)
|
3,227,625
|
(1.31)
|
|||||||
Premises and equipment, net
|
83,198
|
85,868
|
(3.11)
|
85,928
|
(3.18)
|
|||||||
Accrued interest receivable
|
20,837
|
20,882
|
(0.22)
|
20,536
|
1.47
|
|||||||
Goodwill and other intangible assets, net
|
283,737
|
286,228
|
(0.87)
|
285,559
|
(0.64)
|
|||||||
Bank-owned life insurance
|
109,204
|
106,054
|
2.97
|
106,502
|
2.54
|
|||||||
Other assets
|
109,186
|
143,681
|
(24.01)
|
119,181
|
(8.39)
|
|||||||
Total Assets
|
$ 5,502,158
|
$ 5,362,623
|
2.60
|
%
|
$ 5,361,458
|
2.62
|
%
|
|||||
Liabilities
|
||||||||||||
Deposits:
|
||||||||||||
Non-interest bearing demand
|
$ 676,724
|
$ 562,770
|
20.25
|
%
|
$ 591,052
|
14.49
|
%
|
|||||
Interest bearing demand
|
571,736
|
493,172
|
15.93
|
481,129
|
18.83
|
|||||||
Money market
|
903,724
|
853,324
|
5.91
|
854,836
|
5.72
|
|||||||
Savings deposits
|
587,263
|
520,074
|
12.92
|
530,701
|
10.66
|
|||||||
Certificates of deposit
|
1,616,961
|
1,741,736
|
(7.16)
|
1,714,705
|
(5.70)
|
|||||||
Total deposits
|
4,356,408
|
4,171,076
|
4.44
|
4,172,423
|
4.41
|
|||||||
Federal Home Loan Bank borrowings
|
176,581
|
259,179
|
(31.87)
|
253,606
|
(30.37)
|
|||||||
Other short-term borrowings
|
192,780
|
180,422
|
6.85
|
187,385
|
2.88
|
|||||||
Junior subordinated debt owed to unconsolidated subsidiary trusts
|
106,058
|
106,027
|
0.03
|
106,034
|
0.02
|
|||||||
Total borrowings
|
475,419
|
545,628
|
(12.87)
|
547,025
|
(13.09)
|
|||||||
Accrued interest payable
|
5,772
|
6,888
|
(16.20)
|
6,559
|
(12.00)
|
|||||||
Other liabilities
|
30,157
|
30,744
|
(1.91)
|
28,588
|
5.49
|
|||||||
Total liabilities
|
4,867,756
|
4,754,336
|
2.39
|
4,754,595
|
2.38
|
|||||||
Shareholders' Equity
|
||||||||||||
Preferred stock, no par value; 1,000,000 shares authorized;
|
||||||||||||
none outstanding
|
-
|
-
|
-
|
-
|
-
|
|||||||
Common stock, $2.0833 par value; 50,000,000 shares authorized;
|
||||||||||||
26,633,848 shares issued; 26,629,360 shares, 26,586,953
|
||||||||||||
shares and 26,586,953 shares outstanding, respectively
|
55,487
|
55,487
|
-
|
55,487
|
-
|
|||||||
Capital surplus
|
191,471
|
191,902
|
(0.22)
|
191,987
|
(0.27)
|
|||||||
Retained earnings
|
382,442
|
354,925
|
7.75
|
361,513
|
5.79
|
|||||||
Treasury stock (4,488; 46,895 and 46,895 shares - at cost,
|
||||||||||||
respectively)
|
(96)
|
(1,063)
|
90.97
|
(1,063)
|
90.97
|
|||||||
Accumulated other comprehensive income
|
6,287
|
8,221
|
(23.53)
|
131
|
4,699.24
|
|||||||
Deferred benefits for directors
|
(1,189)
|
(1,185)
|
(0.34)
|
(1,192)
|
0.25
|
|||||||
Total Shareholders' Equity
|
634,402
|
608,287
|
4.29
|
606,863
|
4.54
|
|||||||
Total Liabilities and Shareholders' Equity
|
$ 5,502,158
|
$ 5,362,623
|
2.60
|
%
|
$ 5,361,458
|
2.62
|
%
|
WESBANCO, INC.
|
||||||||
Consolidated Selected Financial Highlights
|
Page 7
|
|||||||
(unaudited, dollars in thousands, except shares)
|
||||||||
Balance sheets
|
September 30, |
June 30,
|
||||||
Assets
|
2011
|
2011
|
% Change
|
|||||
Cash and due from banks
|
$ 126,437
|
$ 73,563
|
71.88
|
%
|
||||
Due from banks - interest bearing
|
19,081
|
9,782
|
95.06
|
|||||
Securities:
|
||||||||
Available-for-sale, at fair value
|
952,065
|
938,342
|
1.46
|
|||||
Held-to-maturity (fair values of $631,405 and $596,341, respectively)
|
604,994
|
586,353
|
3.18
|
|||||
Total securities
|
1,557,059
|
1,524,695
|
2.12
|
|||||
Loans held for sale
|
8,139
|
4,205
|
93.56
|
|||||
Portfolio Loans:
|
||||||||
Commercial real estate
|
1,697,791
|
1,733,753
|
(2.07)
|
|||||
Commercial and industrial
|
426,165
|
429,162
|
(0.70)
|
|||||
Residential real estate
|
612,647
|
598,720
|
2.33
|
|||||
Home equity
|
250,867
|
250,678
|
0.08
|
|||||
Consumer
|
252,908
|
250,733
|
0.87
|
|||||
Total portfolio loans, net of unearned income
|
3,240,378
|
3,263,046
|
(0.69)
|
|||||
Allowance for loan losses
|
(55,098)
|
(61,418)
|
10.29
|
|||||
Net portfolio loans
|
3,185,280
|
3,201,628
|
(0.51)
|
|||||
Premises and equipment, net
|
83,198
|
84,325
|
(1.34)
|
|||||
Accrued interest receivable
|
20,837
|
20,683
|
0.74
|
|||||
Goodwill and other intangible assets, net
|
283,737
|
284,336
|
(0.21)
|
|||||
Bank-owned life insurance
|
109,204
|
108,296
|
0.84
|
|||||
Other assets
|
109,186
|
114,394
|
(4.55)
|
|||||
Total Assets
|
$ 5,502,158
|
$ 5,425,907
|
1.41
|
%
|
||||
Liabilities
|
||||||||
Deposits:
|
||||||||
Non-interest bearing demand
|
$ 676,724
|
$ 629,429
|
7.51
|
%
|
||||
Interest bearing demand
|
571,736
|
495,807
|
15.31
|
|||||
Money market
|
903,724
|
897,929
|
0.65
|
|||||
Savings deposits
|
587,263
|
570,274
|
2.98
|
|||||
Certificates of deposit
|
1,616,961
|
1,627,900
|
(0.67)
|
|||||
Total deposits
|
4,356,408
|
4,221,339
|
3.20
|
|||||
Federal Home Loan Bank borrowings
|
176,581
|
226,897
|
(22.18)
|
|||||
Other short-term borrowings
|
192,780
|
208,704
|
(7.63)
|
|||||
Junior subordinated debt owed to unconsolidated subsidiary trusts
|
106,058
|
106,050
|
0.01
|
|||||
Total borrowings
|
475,419
|
541,651
|
(12.23)
|
|||||
Accrued interest payable
|
5,772
|
5,906
|
(2.27)
|
|||||
Other liabilities
|
30,157
|
33,974
|
(11.24)
|
|||||
Total liabilities
|
4,867,756
|
4,802,870
|
1.35
|
|||||
Shareholders' Equity
|
||||||||
Preferred stock, no par value; 1,000,000 shares authorized;
|
||||||||
none outstanding
|
-
|
-
|
-
|
|||||
Common stock, $2.0833 par value; 50,000,000 shares authorized;
|
||||||||
26,633,848 shares issued; 26,629,360 shares outstanding
|
55,487
|
55,487
|
-
|
|||||
Capital surplus
|
191,471
|
191,263
|
0.11
|
|||||
Retained earnings
|
382,442
|
375,689
|
1.80
|
|||||
Treasury stock (4,488 shares - at cost)
|
(96)
|
(96)
|
-
|
|||||
Accumulated other comprehensive income
|
6,287
|
1,875
|
235.31
|
|||||
Deferred benefits for directors
|
(1,189)
|
(1,181)
|
(0.68)
|
|||||
Total Shareholders' Equity
|
634,402
|
623,037
|
1.82
|
|||||
Total Liabilities and Shareholders' Equity
|
$ 5,502,158
|
$ 5,425,907
|
1.41
|
%
|
WESBANCO, INC.
|
||||||||||||
Consolidated Selected Financial Highlights
|
Page 8
|
|||||||||||
(unaudited, dollars in thousands)
|
||||||||||||
Average balance sheet and
|
||||||||||||
net interest margin analysis
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||
Average
|
Average
|
Average
|
Average
|
Average
|
Average
|
Average
|
Average
|
|||||
Assets
|
Balance
|
Rate
|
Balance
|
Rate
|
Balance
|
Rate
|
Balance
|
Rate
|
||||
Due from banks - interest bearing
|
$ 51,860
|
0.18%
|
$ 79,613
|
0.32%
|
$ 47,280
|
0.19%
|
$ 95,895
|
0.23%
|
||||
Loans, net of unearned income (1)
|
3,276,095
|
5.35%
|
3,367,628
|
5.51%
|
3,263,317
|
5.45%
|
3,414,824
|
5.60%
|
||||
Securities: (2)
|
||||||||||||
Taxable
|
1,170,868
|
3.09%
|
1,054,588
|
3.40%
|
1,156,706
|
3.13%
|
981,320
|
3.64%
|
||||
Tax-exempt (3)
|
297,595
|
6.24%
|
260,944
|
6.52%
|
297,412
|
6.24%
|
269,142
|
6.56%
|
||||
Total securities
|
1,468,463
|
3.73%
|
1,315,532
|
4.02%
|
1,454,118
|
3.77%
|
1,250,462
|
4.27%
|
||||
Other earning assets
|
24,087
|
0.36%
|
29,743
|
0.54%
|
25,748
|
0.45%
|
30,121
|
0.60%
|
||||
Total earning assets (3)
|
4,820,505
|
4.78%
|
4,792,516
|
4.98%
|
4,790,463
|
4.86%
|
4,791,302
|
5.11%
|
||||
Other assets
|
632,749
|
629,665
|
624,988
|
633,237
|
||||||||
Total Assets
|
$ 5,453,254
|
$ 5,422,181
|
$ 5,415,451
|
$ 5,424,539
|
||||||||
Liabilities and Shareholders' Equity
|
||||||||||||
Interest bearing demand deposits
|
$ 521,894
|
0.30%
|
$ 474,897
|
0.54%
|
$ 511,416
|
0.37%
|
$ 468,571
|
0.56%
|
||||
Money market accounts
|
903,746
|
0.52%
|
851,910
|
0.85%
|
889,797
|
0.60%
|
804,810
|
0.99%
|
||||
Savings deposits
|
579,901
|
0.23%
|
518,272
|
0.41%
|
563,789
|
0.28%
|
508,740
|
0.46%
|
||||
Certificates of deposit
|
1,623,908
|
1.89%
|
1,765,540
|
1.98%
|
1,645,866
|
1.93%
|
1,763,315
|
2.15%
|
||||
Total interest bearing deposits
|
3,629,449
|
1.05%
|
3,610,619
|
1.30%
|
3,610,868
|
1.12%
|
3,545,436
|
1.43%
|
||||
Federal Home Loan Bank borrowings
|
198,986
|
3.42%
|
303,377
|
3.37%
|
223,277
|
3.44%
|
393,279
|
3.56%
|
||||
Other borrowings
|
200,025
|
2.42%
|
183,895
|
2.60%
|
191,552
|
2.51%
|
181,441
|
2.62%
|
||||
Junior subordinated debt
|
106,054
|
3.03%
|
109,889
|
3.56%
|
106,046
|
3.05%
|
110,739
|
3.59%
|
||||
Total interest bearing liabilities
|
4,134,514
|
1.28%
|
4,207,780
|
1.56%
|
4,131,743
|
1.36%
|
4,230,895
|
1.74%
|
||||
Non-interest bearing demand deposits
|
649,956
|
567,645
|
626,088
|
553,170
|
||||||||
Other liabilities
|
37,610
|
37,824
|
37,141
|
36,672
|
||||||||
Shareholders' equity
|
631,174
|
608,932
|
620,479
|
603,802
|
||||||||
Total Liabilities and Shareholders' Equity
|
$ 5,453,254
|
$ 5,422,181
|
$ 5,415,451
|
$ 5,424,539
|
||||||||
Taxable equivalent net interest spread
|
3.50%
|
3.42%
|
3.50%
|
3.38%
|
||||||||
Taxable equivalent net interest margin
|
3.67%
|
3.61%
|
3.69%
|
3.58%
|
||||||||
(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 are $1.0 million and $0.9 million for the three months ended September 30, 2011 and 2010,
|
||||||||||||
and $3.3 million and $3.1 million for the nine months ended September 30, 2011 and 2010, 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 35% for each period presented.
|
WESBANCO, INC.
|
||||||||||||
Consolidated Selected Financial Highlights
|
Page 9
|
|||||||||||
(unaudited, dollars in thousands, except shares and per share amounts)
|
||||||||||||
Quarter Ended
|
||||||||||||
Statement of Income
|
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
|||||||
Interest income
|
2011
|
2011
|
2011
|
2010
|
2010
|
|||||||
Loans, including fees
|
$ 44,191
|
$ 44,511
|
$ 44,348
|
$ 46,341
|
$ 46,753
|
|||||||
Interest and dividends on securities:
|
||||||||||||
Taxable
|
9,032
|
9,431
|
8,708
|
8,589
|
8,957
|
|||||||
Tax-exempt
|
3,019
|
3,046
|
2,986
|
2,799
|
2,763
|
|||||||
Total interest and dividends on securities
|
12,051
|
12,477
|
11,694
|
11,388
|
11,720
|
|||||||
Other interest income
|
45
|
54
|
56
|
66
|
103
|
|||||||
Total interest and dividend income
|
56,287
|
57,042
|
56,098
|
57,795
|
58,576
|
|||||||
Interest Expense
|
||||||||||||
Interest bearing demand deposits
|
394
|
501
|
503
|
610
|
650
|
|||||||
Money market deposits
|
1,189
|
1,208
|
1,572
|
1,581
|
1,821
|
|||||||
Savings deposits
|
332
|
349
|
488
|
484
|
533
|
|||||||
Certificates of deposit
|
7,728
|
7,929
|
8,050
|
8,518
|
8,817
|
|||||||
Total interest expense on deposits
|
9,643
|
9,987
|
10,613
|
11,193
|
11,821
|
|||||||
Federal Home Loan Bank borrowings
|
1,714
|
2,003
|
2,026
|
2,244
|
2,576
|
|||||||
Other short-term borrowings
|
1,220
|
1,188
|
1,182
|
1,214
|
1,207
|
|||||||
Junior subordinated debt owed to unconsolidated subsidiary trusts
|
809
|
811
|
801
|
818
|
986
|
|||||||
Total interest expense
|
13,386
|
13,989
|
14,622
|
15,469
|
16,590
|
|||||||
Net interest income
|
42,901
|
43,053
|
41,476
|
42,326
|
41,986
|
|||||||
Provision for credit losses
|
10,836
|
6,802
|
8,041
|
9,625
|
11,778
|
|||||||
Net interest income after provision for credit losses
|
32,065
|
36,251
|
33,435
|
32,701
|
30,208
|
|||||||
Non-interest income
|
||||||||||||
Trust fees
|
3,941
|
4,272
|
4,762
|
4,377
|
3,765
|
|||||||
Service charges on deposits
|
4,881
|
4,889
|
4,222
|
4,731
|
4,897
|
|||||||
Electronic banking fees
|
2,679
|
2,523
|
2,284
|
2,147
|
2,230
|
|||||||
Net securities brokerage and insurance services revenue
|
1,703
|
1,694
|
1,721
|
1,575
|
1,874
|
|||||||
Bank-owned life insurance
|
908
|
900
|
895
|
1,716
|
879
|
|||||||
Net gains on sales of mortgage loans
|
327
|
389
|
582
|
806
|
985
|
|||||||
Net securities gains
|
67
|
14
|
17
|
78
|
981
|
|||||||
Net loss on other real estate owned and other assets
|
(162)
|
(271)
|
(545)
|
(629)
|
(654)
|
|||||||
Other income
|
255
|
606
|
566
|
196
|
19
|
|||||||
Total non-interest income
|
14,599
|
15,016
|
14,504
|
14,997
|
14,976
|
|||||||
Non-interest expense
|
||||||||||||
Salaries and wages
|
14,227
|
13,800
|
13,585
|
14,127
|
13,749
|
|||||||
Employee benefits
|
3,662
|
4,408
|
5,224
|
4,299
|
4,671
|
|||||||
Net occupancy
|
3,068
|
2,461
|
2,921
|
2,595
|
2,534
|
|||||||
Equipment
|
2,107
|
2,145
|
2,300
|
2,475
|
2,460
|
|||||||
Marketing
|
1,214
|
1,642
|
1,005
|
1,179
|
1,223
|
|||||||
FDIC insurance
|
1,091
|
1,015
|
1,654
|
1,653
|
1,740
|
|||||||
Amortization of intangible assets
|
599
|
605
|
618
|
669
|
676
|
|||||||
Other operating expenses
|
7,639
|
9,627
|
8,184
|
8,514
|
8,628
|
|||||||
Total non-interest expense
|
33,607
|
35,703
|
35,491
|
35,511
|
35,681
|
|||||||
Income before provision for income taxes
|
13,057
|
15,564
|
12,448
|
12,187
|
9,503
|
|||||||
Provision for income taxes
|
2,044
|
3,646
|
2,208
|
1,877
|
350
|
|||||||
Net income
|
$ 11,013
|
$ 11,918
|
$ 10,240
|
$ 10,310
|
$ 9,153
|
|||||||
Taxable equivalent net interest income
|
$ 44,526
|
$ 44,693
|
$ 43,084
|
$ 43,833
|
$ 43,474
|
|||||||
Per common share data
|
||||||||||||
Net income per common share - basic
|
$ 0.41
|
$ 0.45
|
$ 0.39
|
$ 0.39
|
$ 0.34
|
|||||||
Net income per common share - diluted
|
$ 0.41
|
$ 0.45
|
$ 0.39
|
$ 0.39
|
$ 0.34
|
|||||||
Dividends declared
|
$ 0.16
|
$ 0.15
|
$ 0.15
|
$ 0.14
|
$ 0.14
|
|||||||
Book value (period end)
|
$ 23.82
|
$ 23.40
|
$ 23.01
|
$ 22.83
|
$ 22.88
|
|||||||
Tangible book value (period end) (1)
|
$ 13.17
|
$ 12.72
|
$ 12.30
|
$ 12.09
|
$ 12.11
|
|||||||
Average common shares outstanding - basic
|
26,629,360
|
26,610,450
|
26,589,013
|
26,586,953
|
26,586,953
|
|||||||
Average common shares outstanding - diluted
|
26,629,543
|
26,611,409
|
26,590,410
|
26,587,471
|
26,587,281
|
|||||||
Period end common shares outstanding
|
26,629,360
|
26,629,360
|
26,593,510
|
26,586,953
|
26,586,953
|
|||||||
Full time equivalent employees
|
1,377
|
1,406
|
1,376
|
1,377
|
1,371
|
|||||||
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
|
WESBANCO, INC.
|
||||||||||||||
Consolidated Selected Financial Highlights
|
Page 10
|
|||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||
Quarter Ended
|
||||||||||||||
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
||||||||||
Asset quality data
|
2011
|
2011
|
2011
|
2010
|
2010
|
|||||||||
Past due loans - accruing:
|
||||||||||||||
Loans past due 30-89 days
|
$ 23,658
|
$ 19,047
|
$ 22,367
|
$ 24,774
|
$ 23,661
|
|||||||||
Loans past due 90 days or more
|
6,401
|
6,732
|
4,869
|
7,683
|
7,316
|
|||||||||
Total past due loans
|
$ 30,059
|
$ 25,779
|
$ 27,236
|
$ 32,457
|
$ 30,977
|
|||||||||
Non-performing assets:
|
||||||||||||||
Troubled debt restructurings (1)
|
$ 27,416
|
$ 36,437
|
$ 36,636
|
$ 47,483
|
$ 35,532
|
|||||||||
Non-accrual loans:
|
||||||||||||||
Troubled debt restructurings on non-accrual
|
16,312
|
17,632
|
13,153
|
9,864
|
5,607
|
|||||||||
Other non-accrual loans
|
40,505
|
44,409
|
46,418
|
38,956
|
47,971
|
|||||||||
Total non-accrual loans
|
56,817
|
62,041
|
59,571
|
48,820
|
53,578
|
|||||||||
Total non-performing loans
|
84,233
|
98,478
|
96,207
|
96,303
|
89,110
|
|||||||||
Other real estate and repossessed assets
|
4,687
|
5,012
|
5,554
|
8,069
|
8,577
|
|||||||||
Total non-performing assets
|
$ 88,920
|
$ 103,490
|
$ 101,761
|
$ 104,372
|
$ 97,687
|
|||||||||
Criticized and classified loans:
|
||||||||||||||
Criticized loans
|
$ 147,572
|
$ 169,162
|
$ 172,760
|
$ 179,905
|
$ 192,817
|
|||||||||
Classified loans
|
123,102
|
136,583
|
136,807
|
140,311
|
128,578
|
|||||||||
Total criticized and classified loans
|
$ 270,674
|
$ 305,745
|
$ 309,567
|
$ 320,216
|
$ 321,395
|
|||||||||
Loans past due 30-89 days / total loans
|
0.73
|
%
|
0.58
|
%
|
0.69
|
%
|
0.75
|
%
|
0.71
|
%
|
||||
Loans past due 90 days or more / total loans
|
0.20
|
0.21
|
0.15
|
0.23
|
0.22
|
|||||||||
Non-performing loans / total loans
|
2.60
|
3.02
|
2.97
|
2.93
|
2.69
|
|||||||||
Non-performing assets/total loans, other
|
||||||||||||||
real estate and repossessed assets
|
2.74
|
3.17
|
3.13
|
3.17
|
2.94
|
|||||||||
Criticized and classified loans / total loans
|
8.35
|
9.37
|
9.54
|
9.74
|
9.69
|
|||||||||
Allowance for loan losses
|
||||||||||||||
Allowance for loan losses
|
$ 55,098
|
$ 61,418
|
$ 61,440
|
$ 61,051
|
$ 58,989
|
|||||||||
Provision for credit losses
|
10,836
|
6,802
|
8,041
|
9,625
|
11,778
|
|||||||||
Net loan and deposit account overdraft charge-offs
|
17,392
|
6,877
|
8,298
|
6,641
|
17,705
|
|||||||||
Annualized net loan charge-offs /average loans
|
2.11
|
%
|
0.85
|
%
|
1.03
|
%
|
0.80
|
%
|
2.09
|
%
|
||||
Allowance for loan losses/total loans
|
1.70
|
%
|
1.88
|
%
|
1.89
|
%
|
1.86
|
%
|
1.78
|
%
|
||||
Allowance for loan losses/non-performing loans
|
0.65
|
x
|
0.62
|
x
|
0.64
|
x
|
0.63
|
x
|
0.66
|
x
|
||||
Allowance for loan losses/non-performing loans and
|
||||||||||||||
loans past due
|
0.48
|
x
|
0.49
|
x
|
0.50
|
x
|
0.47
|
x
|
0.49
|
x
|
||||
Quarter Ended
|
||||||||||||||
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||
Capital ratios
|
||||||||||||||
Tier I leverage capital
|
8.69
|
%
|
8.59
|
%
|
8.53
|
%
|
8.35
|
%
|
8.17
|
%
|
||||
Tier I risk-based capital
|
12.49
|
12.35
|
12.23
|
11.94
|
11.63
|
|||||||||
Total risk-based capital
|
13.74
|
13.61
|
13.48
|
13.20
|
12.89
|
|||||||||
Average shareholders' equity to average assets
|
11.57
|
11.42
|
11.37
|
11.33
|
11.23
|
|||||||||
Tangible equity to tangible assets (2)
|
6.72
|
6.59
|
6.43
|
6.33
|
6.34
|
|||||||||
(1) Balances include troubled debt restructurings that are accruing interest. Troubled debt restructurings not accruing interest are included in non-accrual loans.
|
||||||||||||||
(2) See non-GAAP financial measures for additional information relating to the calculation of this item.
|
NON-GAAP FINANCIAL MEASURES
|
Page 11 | |||||||||||||
The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.
|
||||||||||||||
Three Months Ended
|
Year to Date
|
|||||||||||||
Sept. 30,
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
Sept. 30,
|
|||||||||
(unaudited, dollars in thousands)
|
2011
|
2011
|
2011
|
2010
|
2010
|
2011
|
2010
|
|||||||
Return on average tangible equity:
|
||||||||||||||
Net income (annualized)
|
$ 43,694
|
$ 47,805
|
$ 41,531
|
$ 40,903
|
$ 36,313
|
$ 44,351
|
$ 33,828
|
|||||||
Plus: amortization of intangibles (annualized) (1)
|
1,545
|
1,577
|
1,629
|
1,724
|
1,743
|
1,583
|
1,791
|
|||||||
Net income before amortization of intangibles (annualized)
|
45,239
|
49,382
|
43,159
|
42,627
|
38,056
|
45,934
|
35,619
|
|||||||
Average total shareholders' equity
|
631,174
|
619,954
|
610,077
|
611,497
|
608,932
|
620,479
|
603,802
|
|||||||
Less: average goodwill and other intangibles
|
(284,003)
|
(284,611)
|
(285,219)
|
(285,860)
|
(286,537)
|
(284,607)
|
(287,217)
|
|||||||
Average tangible equity
|
347,171
|
335,343
|
324,858
|
325,637
|
322,395
|
335,872
|
316,585
|
|||||||
Return on average tangible equity
|
13.03%
|
14.73%
|
13.29%
|
13.09%
|
11.80%
|
13.68%
|
11.25%
|
|||||||
Period End
|
||||||||||||||
Sept. 30, |
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
||||||||||
Tangible book value:
|
||||||||||||||
Total shareholders' equity
|
$ 634,402
|
$ 623,037
|
$ 611,978
|
$ 606,863
|
$ 608,287
|
|||||||||
Less: goodwill and other intangible assets
|
(283,737)
|
(284,336)
|
(284,941)
|
(285,559)
|
(286,228)
|
|||||||||
Tangible equity
|
350,665
|
338,701
|
327,037
|
321,304
|
322,059
|
|||||||||
Common shares outstanding
|
26,629,360
|
26,629,360
|
26,593,510
|
26,586,953
|
26,586,953
|
|||||||||
Tangible book value
|
$ 13.17
|
$ 12.72
|
$ 12.30
|
$ 12.09
|
$ 12.11
|
|||||||||
Tangible equity to tangible assets:
|
||||||||||||||
Total shareholders' equity
|
$ 634,402
|
$ 623,037
|
$ 611,978
|
$ 606,863
|
$ 608,287
|
|||||||||
Less: goodwill and other intangible assets
|
(283,737)
|
(284,336)
|
(284,941)
|
(285,559)
|
(286,228)
|
|||||||||
Tangible equity
|
350,665
|
338,701
|
327,037
|
321,304
|
322,059
|
|||||||||
Total assets
|
5,502,158
|
5,425,907
|
5,368,852
|
5,361,458
|
5,362,623
|
|||||||||
Less: goodwill and other intangible assets
|
(283,737)
|
(284,336)
|
(284,941)
|
(285,559)
|
(286,228)
|
|||||||||
Tangible assets
|
5,218,421
|
5,141,571
|
5,083,911
|
5,075,899
|
5,076,395
|
|||||||||
Tangible equity to tangible assets
|
6.72%
|
6.59%
|
6.43%
|
6.33%
|
6.34%
|
|||||||||
(1) Tax effected at 35%.
|