Business Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segments

NOTE 23. BUSINESS SEGMENTS

Wesbanco operates two reportable segments: (i) Community Banking and (ii) Trust and Investment Services. Wesbanco’s community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. The market value of assets of the trust and investment services segment was approximately $5.4 billion and $4.9 billion as of December 31, 2023 and 2022, respectively. These assets are held by Wesbanco, in fiduciary or agency capacities for their customers and therefore are not included as assets on Wesbanco’s Consolidated Balance Sheets.

Condensed financial information by business segment is presented below:

(in thousands)	Community Banking			Trust and Investment Services		Consolidated
For the Year Ended December 31, 2023
Interest and dividend income	$	711,516		$	—	$	711,516
Interest expense		230,178			—		230,178
Net interest income		481,338			—		481,338
Provision for credit losses		17,734			—		17,734
Net interest income after provision for credit losses		463,604			—		463,604
Non-interest income		92,312			28,135		120,447
Non-interest expense		370,771			19,231		390,002
Income before provision for income taxes		185,145			8,904		194,049
Provision for income taxes		33,147			1,870		35,017
Net income		151,998			7,034		159,032
Preferred stock dividends		10,125			—		10,125
Net income available to common shareholders	$	141,873		$	7,034	$	148,907
For the Year Ended December 31, 2022
Interest and dividend income	$	513,656		$	—	$	513,656
Interest expense		39,343			—		39,343
Net interest income		474,313			—		474,313
Provision for credit losses		(1,663	)		—		(1,663	)
Net interest income after provision for credit losses		475,976			—		475,976
Non-interest income		89,840			27,551		117,391
Non-interest expense		340,573			16,393		356,966
Income before provision for income taxes		225,243			11,158		236,401
Provision for income taxes		41,945			2,343		44,288
Net income		183,298			8,815		192,113
Preferred stock dividends		10,125			—		10,125
Net income available to common shareholders	$	173,173		$	8,815	$	181,988
For the Year Ended December 31, 2021
Interest and dividend income	$	484,967		$	—	$	484,967
Interest expense		27,034			—		27,034
Net interest income		457,933			—		457,933
Provision for credit losses		(64,274	)		—		(64,274	)
Net interest income after provision for credit losses		522,207			—		522,207
Non-interest income		103,274			29,511		132,785
Non-interest expense		336,766			16,377		353,143
Income before provision for income taxes		288,715			13,134		301,849
Provision for income taxes		56,831			2,758		59,589
Net income		231,884			10,376		242,260
Preferred stock dividends		10,125			—		10,125
Net income available to common shareholders	$	221,759		$	10,376	$	232,135

Total non-fiduciary assets of the trust and investment services segment were $3.2 million (including $0.9 million of trust customer intangibles) and $3.3 million at December 31, 2023 and 2022, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment.