EX-99.1 2 wsbc-ex99_1.htm EX-99.1 EX-99.1

 

img235408680_0.jpg 

 

WesBanco Announces First Quarter 2024 Financial Results

Deposit growth outpaces strong sequential quarter loan growth

 

 

Wheeling, WVa. (April 23, 2024) – WesBanco, Inc. (“WesBanco”) (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended March 31, 2024. Net income available to common shareholders for the first quarter of 2024 was $33.2 million, with diluted earnings per share of $0.56, compared to $39.8 million and $0.67 per diluted share, respectively, for the first quarter of 2023. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended March 31, 2024 was $33.2 million, or $0.56 per diluted share, as compared to $42.3 million, or $0.71 per diluted share (non-GAAP measures).

 

 

For the Three Months Ended March 31,

 

 

 

 

2024

 

 

2023

 

 

(unaudited, dollars in thousands,
except per share amounts)

 

Net
Income

 

 

Diluted
Earnings
Per Share

 

 

Net
Income

 

 

Diluted
Earnings
Per Share

 

 

Net income available to common shareholders (Non-GAAP)(1)

$

33,162

 

 

$

0.56

 

 

$

42,301

 

 

$

0.71

 

 

Less: After tax restructuring and merger-related expenses

 

-

 

 

 

-

 

 

 

(2,491

)

 

 

(0.04

)

 

Net income available to common shareholders (GAAP)

$

33,162

 

 

$

0.56

 

 

$

39,810

 

 

$

0.67

 

 

(1) See non-GAAP financial measures for additional information relating to these items.

 

Financial and operational highlights during the quarter ended March 31, 2024:

•
Deposits of $13.5 billion increased 4.8% year-over-year and 2.5% quarter-over-quarter
o
Average loans to average deposits were 88.7%, providing continued capacity to fund loan growth
o
Solid sequential quarter deposit growth allowed for both the funding of loan growth and the pay-down of Federal Home Loan Bank borrowings
•
Total loan growth was 9.0% year-over-year and 2.0% quarter-over-quarter, or 8.1% annualized
o
Total loans are up $1.0 billion as compared to the prior year period
•
Non-interest income increased 10.8% year-over-year, supported by new commercial loan swap and wealth management fees
o
Trust assets increased to $5.6 billion, driven by both market value adjustments and organic growth
•
Non-interest expense declined sequentially due to management of staffing levels and marketing costs
•
Key credit quality metrics such as non-performing assets, total past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages (based upon the prior four quarters for banks with total assets between $10 billion and $25 billion)
•
WesBanco continues to earn national accolades, most recently Forbes’ America’s Best Banks 2024

 

“WesBanco’s first quarter results marked a strong start to 2024. We grew loans and deposits while smartly managing borrowings, controlling costs, and advancing our efforts to diversify revenue streams and drive non-interest income,” said Jeff Jackson, President and Chief Executive Officer, WesBanco. “Our commitment to customer service, sustainable growth strategies, and strong credit quality earned us yet another national accolade this quarter. With this solid start to the year and the continued strength of our teams, markets, and strategies, we are well-positioned to continue delivering value for our shareholders.”

 

Balance Sheet

As of March 31, 2024, total portfolio loans were $11.9 billion, which increased $1.0 billion, or 9.0%, year-over-year driven by strong performance from our commercial and residential lending teams. Total commercial loans of $8.4 billion increased 9.3% year-over-year and 9.8% quarter-over-quarter annualized. Commercial loan growth continues to reflect the benefit of our commercial banker hiring and loan production office strategies, as well as lower commercial real estate payoffs of $63 million for the quarter, compared to an anticipated annual level in the $500 million range within a more normal operating environment. The commercial pipeline was a record $1.2 billion at March 31, 2024, with substantial generation from the four new loan production offices.

 

 

 

Total deposits, as of March 31, 2024, were $13.5 billion, up 4.8% from March 31, 2023 and up 2.5% from December 31, 2023, reflecting the benefit of deposit gathering and retention efforts by our retail and commercial teams. The composition of total deposits continues to have some mix shift, reflecting the impact of the significant increase in the federal funds rate; however, total demand deposits continue to represent 55% of total deposits, with the non-interest bearing component representing 29%, which remains consistent with the percentage range prior to the pandemic.

 

Credit Quality

As of March 31, 2024, total loans past due, criticized and classified loans, non-performing loans, and non-performing assets as percentages of the loan portfolio and total assets have remained low, from a historical perspective, and within a consistent range through the last two years. Total loans past due as a percent of the loan portfolio increased 4 basis points from the prior year but declined 8 basis points sequentially. Criticized and classified loans as a percent of the loan portfolio increased 8 basis points quarter-over-quarter to 2.30%, while non-performing assets as a percentage of total assets increased 3 basis points to 0.19% but were down 5 basis points from the prior year period. Net charge-offs of $5.9 million primarily reflect a single borrower with loans totaling $4.8 million. The allowance for credit losses to total portfolio loans at March 31, 2024 decreased slightly, as compared to the fourth quarter, to 1.09% of total loans, or $129.2 million. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.11% of total loans.

 

Net Interest Margin and Income

As anticipated, the net interest margin of 2.92% for the first quarter of 2024 decreased 10 basis points sequentially and 44 basis points year-over-year primarily due to higher funding costs from increasing deposit costs and associated remix from non-interest bearing deposits into higher tier money market and certificate of deposit accounts. Total deposit funding costs were 256 basis points for the first quarter of 2024, and, when including non-interest deposits, total deposit funding costs were 181 basis points. Accretion from acquisitions benefited the first quarter net interest margin by 3 basis points, as compared to 4 basis points in the prior year period.

 

First quarter net interest income of $114.0 million decreased $10.4 million, or 8.3%, year-over-year, reflecting the impact of rising rates on funding costs more than offsetting higher loan and securities yields and loan growth.

 

Non-Interest Income

For the first quarter of 2024, non-interest income of $30.6 million increased $3.0 million, or 10.8%, from the first quarter of 2023. This increase was primarily due to net swap fee and valuation income, service charges on deposits, and trust fees. The net swap fee and valuation income of $1.6 million reflects $0.8 million of new swap fees and net fair value adjustments of $0.8 million, as compared to $1.8 million and negative $1.0 million, respectively, in the prior year period. Service charges on deposits increased $0.6 million year-over-year, reflecting fee income from new products and services and increased general consumer spending. Trust fees, which are seasonally higher during the first quarter, increased $0.6 million year-over-year due to an 11.4% increase in trust assets, driven by both market value adjustments and organic growth.

 

Non-Interest Expense

Non-interest expense, excluding restructuring and merger-related costs, for the three months ended March 31, 2024 were $97.2 million, a $4.2 million increase year-over-year but a $2.3 million decrease sequentially, which reflects lower quarterly average staffing levels and the timing of marketing campaigns. The year-over-year increase was primarily driven by increases in other operating expenses, salaries and wages, and equipment and software expenses. Other operating expenses increased $2.2 million primarily due to higher costs and fees in support of loan growth and higher miscellaneous taxes and expenses. Salaries and wages increased $1.0 million compared to the prior year period due to higher salary expense related to annual merit increases and new revenue-producing hires, mainly commercial lenders during the past year, partially offset by efficiency improvements in the mortgage and branch staffing models. Equipment and software expense increased $0.9 million due to the planned upgrade of our ATM fleet with the latest technology and general inflationary cost increases for existing service agreements.

 

Capital

WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable “well-capitalized” standards promulgated by bank regulators and the BASEL III capital standards. At March 31, 2024, Tier I leverage was 9.79%, Tier I risk-based capital ratio was 11.87%, common equity Tier 1 capital ratio (“CET 1”) was 10.84%, and total risk-based capital was 14.76%. In addition, the tangible common equity to tangible assets ratio improved to 7.63%.

 

Conference Call and Webcast

WesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2024 at 10:00 a.m. ET on Wednesday, April 24, 2024. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com. Participants can also listen to the conference call by

 

dialing 888-347-6607, 855-669-9657 for Canadian callers, or 412-902-4290 for international callers, and asking to be joined into the WesBanco call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

 

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 7101399. The replay will begin at approximately 12:00 p.m. ET on April 24, 2024 and end at 12 a.m. ET on May 8, 2024. An archive of the webcast will be available for one year on the Investor Relations section of the Company’s website (www.wesbanco.com).

Forward-Looking Statements

Forward-looking statements in this report relating to WesBanco’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained in this report should be read in conjunction with WesBanco’s Form 10-K for the year ended December 31, 2023 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website, www.sec.gov or at WesBanco’s website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco’s most recent Annual Report on Form 10-K filed with the SEC under “Risk Factors” in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco’s operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.

 

Non-GAAP Financial Measures

In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses; efficiency ratio; return on average assets; and return on average tangible equity. WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.

 

About WesBanco, Inc.

Founded in 1870, Wesbanco, Inc. is a diversified and balanced financial services company that delivers large bank capabilities with a community bank feel. Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share. The company’s banking subsidiary, Wesbanco Bank, Inc., operates more than 190 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Built upon our ‘Better Banking Pledge’, our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively. In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, the company provides trust, wealth management, securities brokerage, and private banking services through its century-old Trust and Investment Services department, with approximately $5.6 billion of assets under management (as of March 31, 2024). The company also offers insurance and brokerage services through its affiliates and subsidiaries. Learn more at www.wesbanco.com and follow us on Facebook, LinkedIn and X, formerly Twitter.

 

 

 

SOURCE: WesBanco, Inc.

 

WesBanco Company Contact:

John H. Iannone

Senior Vice President, Investor Relations

304-905-7021

###

 

 

WESBANCO, INC.

 

Consolidated Selected Financial Highlights

 

(unaudited, dollars in thousands, except shares and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

 

STATEMENT OF INCOME

 

March 31,

 

 

 

 

2024

 

 

2023

 

 

% Change

 

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

166,974

 

 

$

133,406

 

 

 

25.2

 

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

17,404

 

 

 

19,086

 

 

 

(8.8

)

 

Tax-exempt

 

 

4,586

 

 

 

4,790

 

 

 

(4.3

)

 

Total interest and dividends on securities

 

 

21,990

 

 

 

23,876

 

 

 

(7.9

)

 

Other interest income

 

 

6,369

 

 

 

3,273

 

 

 

94.6

 

 

          Total interest and dividend income

 

 

195,333

 

 

 

160,555

 

 

 

21.7

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

 

25,590

 

 

 

11,106

 

 

 

130.4

 

 

Money market deposits

 

 

16,114

 

 

 

4,252

 

 

 

279.0

 

 

Savings deposits

 

 

7,667

 

 

 

4,000

 

 

 

91.7

 

 

Certificates of deposit

 

 

10,247

 

 

 

1,203

 

 

 

751.8

 

 

Total interest expense on deposits

 

 

59,618

 

 

 

20,561

 

 

 

190.0

 

 

Federal Home Loan Bank borrowings

 

 

17,000

 

 

 

11,300

 

 

 

50.4

 

 

Other short-term borrowings

 

 

674

 

 

 

418

 

 

 

61.2

 

 

Subordinated debt and junior subordinated debt

 

 

4,075

 

 

 

3,944

 

 

 

3.3

 

 

Total interest expense

 

 

81,367

 

 

 

36,223

 

 

 

124.6

 

 

Net interest income

 

 

113,966

 

 

 

124,332

 

 

 

(8.3

)

 

Provision for credit losses

 

 

4,014

 

 

 

3,577

 

 

 

12.2

 

 

Net interest income after provision for credit losses

 

 

109,952

 

 

 

120,755

 

 

 

(8.9

)

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

8,082

 

 

 

7,494

 

 

 

7.8

 

 

Service charges on deposits

 

 

6,784

 

 

 

6,170

 

 

 

10.0

 

 

Digital banking income

 

 

4,704

 

 

 

4,605

 

 

 

2.1

 

 

Net swap fee and valuation income

 

 

1,563

 

 

 

799

 

 

 

95.6

 

 

Net securities brokerage revenue

 

 

2,548

 

 

 

2,576

 

 

 

(1.1

)

 

Bank-owned life insurance

 

 

2,067

 

 

 

1,959

 

 

 

5.5

 

 

Mortgage banking income

 

 

693

 

 

 

426

 

 

 

62.7

 

 

Net securities gains

 

 

537

 

 

 

145

 

 

 

270.3

 

 

Net gains on other real estate owned and other assets

 

 

154

 

 

 

232

 

 

 

(33.6

)

 

Other income

 

 

3,497

 

 

 

3,247

 

 

 

7.7

 

 

Total non-interest income

 

 

30,629

 

 

 

27,653

 

 

 

10.8

 

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

42,997

 

 

 

41,952

 

 

 

2.5

 

 

Employee benefits

 

 

12,184

 

 

 

12,060

 

 

 

1.0

 

 

Net occupancy

 

 

6,623

 

 

 

6,643

 

 

 

(0.3

)

 

Equipment and software

 

 

10,008

 

 

 

9,063

 

 

 

10.4

 

 

Marketing

 

 

1,885

 

 

 

2,325

 

 

 

(18.9

)

 

FDIC insurance

 

 

3,448

 

 

 

2,884

 

 

 

19.6

 

 

Amortization of intangible assets

 

 

2,092

 

 

 

2,301

 

 

 

(9.1

)

 

Restructuring and merger-related expense

 

 

-

 

 

 

3,153

 

 

 

(100.0

)

 

Other operating expenses

 

 

17,954

 

 

 

15,744

 

 

 

14.0

 

 

Total non-interest expense

 

 

97,191

 

 

 

96,125

 

 

 

1.1

 

 

Income before provision for income taxes

 

 

43,390

 

 

 

52,283

 

 

 

(17.0

)

 

Provision for income taxes

 

 

7,697

 

 

 

9,942

 

 

 

(22.6

)

 

Net Income

 

 

35,693

 

 

 

42,341

 

 

 

(15.7

)

 

Preferred stock dividends

 

 

2,531

 

 

 

2,531

 

 

 

-

 

 

Net income available to common shareholders

 

$

33,162

 

 

$

39,810

 

 

 

(16.7

)

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent net interest income

 

$

115,185

 

 

$

125,605

 

 

 

(8.3

)

 

 

 

 

 

 

 

 

 

 

 

 

Per common share data

 

 

 

 

 

 

 

 

 

 

Net income per common share - basic

 

$

0.56

 

 

$

0.67

 

 

 

(16.4

)

 

Net income per common share - diluted

 

 

0.56

 

 

 

0.67

 

 

 

(16.4

)

 

Net income per common share - diluted, excluding certain items (1)(2)

 

 

0.56

 

 

 

0.71

 

 

 

(21.1

)

 

Dividends declared

 

 

0.36

 

 

 

0.35

 

 

 

2.9

 

 

Book value (period end)

 

 

40.30

 

 

 

39.34

 

 

 

2.4

 

 

Tangible book value (period end) (1)

 

 

21.39

 

 

 

20.27

 

 

 

5.5

 

 

Average common shares outstanding - basic

 

 

59,382,758

 

 

 

59,217,711

 

 

 

0.3

 

 

Average common shares outstanding - diluted

 

 

59,523,679

 

 

 

59,375,053

 

 

 

0.3

 

 

Period end common shares outstanding

 

 

59,395,777

 

 

 

59,246,569

 

 

 

0.3

 

 

Period end preferred shares outstanding

 

 

150,000

 

 

 

150,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See non-GAAP financial measures for additional information relating to the calculation of this item.

 

 

 

 

 

(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.

 

 

 

 

 

 

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands, unless otherwise noted)

 

 

 

 

 

 

 

 

 

 

 

 

Selected ratios

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2024

 

 

2023

 

 

% Change

 

 

 

Return on average assets

 

0.75

 

%

 

0.95

 

%

 

(21.05

)

%

 

Return on average assets, excluding after-tax restructuring and merger-related expenses (1)

 

0.75

 

 

 

1.01

 

 

 

(25.74

)

 

 

Return on average equity

 

5.24

 

 

 

6.57

 

 

 

(20.24

)

 

 

Return on average equity, excluding after-tax restructuring and merger-related expenses (1)

 

5.24

 

 

 

6.98

 

 

 

(24.93

)

 

 

Return on average tangible equity (1)

 

9.85

 

 

 

12.72

 

 

 

(22.56

)

 

 

Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)

 

9.85

 

 

 

13.48

 

 

 

(26.93

)

 

 

Return on average tangible common equity (1)

 

10.96

 

 

 

14.28

 

 

 

(23.25

)

 

 

Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)

 

10.96

 

 

 

15.13

 

 

 

(27.56

)

 

 

Yield on earning assets (2)

 

4.98

 

 

 

4.32

 

 

 

15.28

 

 

 

Cost of interest bearing liabilities

 

2.98

 

 

 

1.52

 

 

 

96.05

 

 

 

Net interest spread (2)

 

2.00

 

 

 

2.80

 

 

 

(28.57

)

 

 

Net interest margin (2)

 

2.92

 

 

 

3.36

 

 

 

(13.10

)

 

 

Efficiency (1) (2)

 

66.65

 

 

 

60.66

 

 

 

9.87

 

 

 

Average loans to average deposits

 

88.67

 

 

 

83.46

 

 

 

6.24

 

 

 

Annualized net loan charge-offs/average loans

 

0.20

 

 

 

0.07

 

 

 

185.71

 

 

 

Effective income tax rate

 

17.74

 

 

 

19.02

 

 

 

(6.73

)

 

 

 

For the Three Months Ended

 

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

Return on average assets

 

0.75

 

%

 

0.74

 

%

 

0.78

 

%

 

0.98

 

%

 

0.95

 

%

Return on average assets, excluding after-tax restructuring and merger-related expenses (1)

 

0.75

 

 

 

0.74

 

 

 

0.80

 

 

 

0.98

 

 

 

1.01

 

 

Return on average equity

 

5.24

 

 

 

5.21

 

 

 

5.49

 

 

 

6.81

 

 

 

6.57

 

 

Return on average equity, excluding after-tax restructuring and merger-related expenses (1)

 

5.24

 

 

 

5.21

 

 

 

5.57

 

 

 

6.82

 

 

 

6.98

 

 

Return on average tangible equity (1)

 

9.85

 

 

 

10.11

 

 

 

10.60

 

 

 

12.98

 

 

 

12.72

 

 

Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)

 

9.85

 

 

 

10.11

 

 

 

10.75

 

 

 

12.99

 

 

 

13.48

 

 

Return on average tangible common equity (1)

 

10.96

 

 

 

11.32

 

 

 

11.87

 

 

 

14.52

 

 

 

14.28

 

 

Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)

 

10.96

 

 

 

11.32

 

 

 

12.03

 

 

 

14.53

 

 

 

15.13

 

 

Yield on earning assets (2)

 

4.98

 

 

 

4.88

 

 

 

4.72

 

 

 

4.59

 

 

 

4.32

 

 

Cost of interest bearing liabilities

 

2.98

 

 

 

2.76

 

 

 

2.52

 

 

 

2.15

 

 

 

1.52

 

 

Net interest spread (2)

 

2.00

 

 

 

2.12

 

 

 

2.20

 

 

 

2.44

 

 

 

2.80

 

 

Net interest margin (2)

 

2.92

 

 

 

3.02

 

 

 

3.03

 

 

 

3.18

 

 

 

3.36

 

 

Efficiency (1) (2)

 

66.65

 

 

 

66.75

 

 

 

64.95

 

 

 

62.33

 

 

 

60.66

 

 

Average loans to average deposits

 

88.67

 

 

 

87.07

 

 

 

86.79

 

 

 

85.44

 

 

 

83.46

 

 

Annualized net loan charge-offs and recoveries /average loans

 

0.20

 

 

 

0.06

 

 

 

0.01

 

 

 

0.02

 

 

 

0.07

 

 

Effective income tax rate

 

17.74

 

 

 

19.66

 

 

 

16.83

 

 

 

16.80

 

 

 

19.02

 

 

Trust assets, market value at period end ($MM)

$

5,601

 

 

$

5,360

 

 

$

4,982

 

 

$

5,127

 

 

$

5,026

 

 

Securities brokerage account value (includes annuities) ($MM)

$

1,751

 

 

$

1,686

 

 

$

1,600

 

 

$

1,596

 

 

$

1,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

$MM = millions

 

 

 

 

 

 

 

 

 

 

WESBANCO, INC.

 

Consolidated Selected Financial Highlights

 

(unaudited, dollars in thousands, except shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

 

 

 

 

March 31,

 

 

 

 

December 31,

 

December 31, 2023

 

 

Balance sheets

 

2024

 

 

2023

 

 

% Change

 

2023

 

to March 31, 2024

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

138,940

 

 

$

152,756

 

 

 

(9.0

)

$

158,504

 

 

(12.3

)

 

Due from banks - interest bearing

 

 

370,729

 

 

 

444,747

 

 

 

(16.6

)

 

436,879

 

 

(15.1

)

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

13,074

 

 

 

11,843

 

 

 

10.4

 

 

12,320

 

 

6.1

 

 

Available-for-sale debt securities, at fair value

 

 

2,119,272

 

 

 

2,465,996

 

 

 

(14.1

)

 

2,194,329

 

 

(3.4

)

 

Held-to-maturity debt securities (fair values of $1,052,444; $1,107,685 and $1,069,159, respectively)

 

 

1,190,010

 

 

 

1,239,247

 

 

 

(4.0

)

 

1,199,527

 

 

(0.8

)

 

Allowance for credit losses - held-to-maturity debt securities

 

 

(183

)

 

 

(212

)

 

 

13.7

 

 

(192

)

 

4.7

 

 

Net held-to-maturity debt securities

 

 

1,189,827

 

 

 

1,239,035

 

 

 

(4.0

)

 

1,199,335

 

 

(0.8

)

 

Total securities

 

 

3,322,173

 

 

 

3,716,874

 

 

 

(10.6

)

 

3,405,984

 

 

(2.5

)

 

Loans held for sale

 

 

12,472

 

 

 

12,722

 

 

 

(2.0

)

 

16,354

 

 

(23.7

)

 

Portfolio loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

 

6,754,933

 

 

 

6,197,844

 

 

 

9.0

 

 

6,565,448

 

 

2.9

 

 

Commercial and industrial

 

 

1,683,172

 

 

 

1,519,808

 

 

 

10.7

 

 

1,670,659

 

 

0.7

 

 

Residential real estate

 

 

2,469,357

 

 

 

2,251,423

 

 

 

9.7

 

 

2,438,574

 

 

1.3

 

 

Home equity

 

 

740,973

 

 

 

692,001

 

 

 

7.1

 

 

734,219

 

 

0.9

 

 

Consumer

 

 

224,732

 

 

 

227,612

 

 

 

(1.3

)

 

229,561

 

 

(2.1

)

 

Total portfolio loans, net of unearned income

 

 

11,873,167

 

 

 

10,888,688

 

 

 

9.0

 

 

11,638,461

 

 

2.0

 

 

Allowance for credit losses - loans

 

 

(129,190

)

 

 

(118,698

)

 

 

(8.8

)

 

(130,675

)

 

1.1

 

 

Net portfolio loans

 

 

11,743,977

 

 

 

10,769,990

 

 

 

9.0

 

 

11,507,786

 

 

2.1

 

 

Premises and equipment, net

 

 

232,630

 

 

 

224,940

 

 

 

3.4

 

 

233,571

 

 

(0.4

)

 

Accrued interest receivable

 

 

78,564

 

 

 

69,232

 

 

 

13.5

 

 

77,435

 

 

1.5

 

 

Goodwill and other intangible assets, net

 

 

1,130,175

 

 

 

1,139,054

 

 

 

(0.8

)

 

1,132,267

 

 

(0.2

)

 

Bank-owned life insurance

 

 

357,099

 

 

 

354,320

 

 

 

0.8

 

 

355,033

 

 

0.6

 

 

Other assets

 

 

385,976

 

 

 

389,991

 

 

 

(1.0

)

 

388,561

 

 

(0.7

)

 

Total Assets

 

$

17,772,735

 

 

$

17,274,626

 

 

 

2.9

 

$

17,712,374

 

 

0.3

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing demand

 

$

3,938,610

 

 

$

4,478,954

 

 

 

(12.1

)

$

3,962,592

 

 

(0.6

)

 

Interest bearing demand

 

 

3,529,691

 

 

 

3,107,112

 

 

 

13.6

 

 

3,463,443

 

 

1.9

 

 

Money market

 

 

2,189,769

 

 

 

1,618,204

 

 

 

35.3

 

 

2,017,713

 

 

8.5

 

 

Savings deposits

 

 

2,499,466

 

 

 

2,784,780

 

 

 

(10.2

)

 

2,493,254

 

 

0.2

 

 

Certificates of deposit

 

 

1,339,237

 

 

 

884,146

 

 

 

51.5

 

 

1,231,702

 

 

8.7

 

 

Total deposits

 

 

13,496,773

 

 

 

12,873,196

 

 

 

4.8

 

 

13,168,704

 

 

2.5

 

 

Federal Home Loan Bank borrowings

 

 

1,100,000

 

 

 

1,280,000

 

 

 

(14.1

)

 

1,350,000

 

 

(18.5

)

 

Other short-term borrowings

 

 

72,935

 

 

 

111,176

 

 

 

(34.4

)

 

105,893

 

 

(31.1

)

 

Subordinated debt and junior subordinated debt

 

 

279,136

 

 

 

281,629

 

 

 

(0.9

)

 

279,078

 

 

0.0

 

 

Total borrowings

 

 

1,452,071

 

 

 

1,672,805

 

 

 

(13.2

)

 

1,734,971

 

 

(16.3

)

 

Accrued interest payable

 

 

15,929

 

 

 

7,669

 

 

 

107.7

 

 

11,121

 

 

43.2

 

 

Other liabilities

 

 

269,600

 

 

 

245,499

 

 

 

9.8

 

 

264,516

 

 

1.9

 

 

Total Liabilities

 

 

15,234,373

 

 

 

14,799,169

 

 

 

2.9

 

 

15,179,312

 

 

0.4

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150.0 million, issued and outstanding, respectively

 

 

144,484

 

 

 

144,484

 

 

 

-

 

 

144,484

 

 

-

 

 

Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 59,395,777, 59,246,569 and 59,376,435 shares outstanding, respectively

 

 

141,834

 

 

 

141,834

 

 

 

-

 

 

141,834

 

 

-

 

 

Capital surplus

 

 

1,636,964

 

 

 

1,636,061

 

 

 

0.1

 

 

1,635,859

 

 

0.1

 

 

Retained earnings

 

 

1,154,307

 

 

 

1,096,924

 

 

 

5.2

 

 

1,142,586

 

 

1.0

 

 

Treasury stock (8,685,529, 8,834,737 and 8,704,871 shares - at cost, respectively)

 

 

(302,264

)

 

 

(307,507

)

 

 

1.7

 

 

(302,995

)

 

0.2

 

 

Accumulated other comprehensive loss

 

 

(234,922

)

 

 

(234,399

)

 

 

(0.2

)

 

(226,693

)

 

(3.6

)

 

Deferred benefits for directors

 

 

(2,041

)

 

 

(1,940

)

 

 

(5.2

)

 

(2,013

)

 

(1.4

)

 

Total Shareholders' Equity

 

 

2,538,362

 

 

 

2,475,457

 

 

 

2.5

 

 

2,533,062

 

 

0.2

 

 

Total Liabilities and Shareholders' Equity

 

$

17,772,735

 

 

$

17,274,626

 

 

 

2.9

 

$

17,712,374

 

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

 

 

2024

 

 

 

2023

 

 

 

Average balance sheet and net interest margin analysis

 

Average

 

Average

 

 

 

Average

 

Average

 

 

 

 

 

Balance

 

Rate

 

 

 

Balance

 

Rate

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Due from banks - interest bearing

 

$

375,268

 

 

5.70

 

%

 

$

279,448

 

 

4.29

 

%

 

Loans, net of unearned income (1)

 

 

11,756,875

 

 

5.71

 

 

 

 

10,750,132

 

 

5.03

 

 

 

Securities: (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

2,928,867

 

 

2.39

 

 

 

 

3,302,081

 

 

2.34

 

 

 

Tax-exempt (3)

 

 

759,797

 

 

3.07

 

 

 

 

800,804

 

 

3.07

 

 

 

Total securities

 

 

3,688,664

 

 

2.53

 

 

 

 

4,102,885

 

 

2.49

 

 

 

Other earning assets

 

 

60,920

 

 

6.92

 

 

 

 

45,879

 

 

2.82

 

%

 

Total earning assets (3)

 

 

15,881,727

 

 

4.98

 

%

 

 

15,178,344

 

 

4.32

 

%

 

Other assets

 

 

1,822,538

 

 

 

 

 

 

1,792,210

 

 

 

 

 

Total Assets

 

$

17,704,265

 

 

 

 

 

$

16,970,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

$

3,501,049

 

 

2.94

 

%

 

$

3,029,944

 

 

1.49

 

%

 

Money market accounts

 

 

2,087,036

 

 

3.11

 

 

 

 

1,632,738

 

 

1.06

 

 

 

Savings deposits

 

 

2,480,710

 

 

1.24

 

 

 

 

2,774,741

 

 

0.58

 

 

 

Certificates of deposit

 

 

1,291,111

 

 

3.19

 

 

 

 

862,703

 

 

0.57

 

 

 

Total interest bearing deposits

 

 

9,359,906

 

 

2.56

 

 

 

 

8,300,126

 

 

1.00

 

 

 

Federal Home Loan Bank borrowings

 

 

1,243,407

 

 

5.50

 

 

 

 

970,000

 

 

4.72

 

 

 

Repurchase agreements

 

 

92,565

 

 

2.93

 

 

 

 

131,186

 

 

1.29

 

 

 

Subordinated debt and junior subordinated debt

 

 

279,103

 

 

5.87

 

 

 

 

281,483

 

 

5.68

 

 

 

Total interest bearing liabilities (4)

 

 

10,974,981

 

 

2.98

 

%

 

 

9,682,795

 

 

1.52

 

%

 

Non-interest bearing demand deposits

 

 

3,898,990

 

 

 

 

 

 

4,580,164

 

 

 

 

 

Other liabilities

 

 

284,453

 

 

 

 

 

 

249,528

 

 

 

 

 

Shareholders' equity

 

 

2,545,841

 

 

 

 

 

 

2,458,067

 

 

 

 

 

Total Liabilities and Shareholders' Equity

 

$

17,704,265

 

 

 

 

 

$

16,970,554

 

 

 

 

 

Taxable equivalent net interest spread

 

 

 

 

2.00

 

%

 

 

 

 

2.80

 

%

 

Taxable equivalent net interest margin

 

 

 

 

2.92

 

%

 

 

 

 

3.36

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Gross of allowance for loan losses and net of unearned income. Includes non-accrual and loans held for sale. Loan fees included in interest income on loans were $0.3 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $0.8 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Average yields on available-for-sale securities are calculated based on amortized cost.

 

(3) Taxable equivalent basis is calculated on tax-exempt securities using a rate of 21% for each period presented.

 

(4) Accretion on interest bearing liabilities acquired from prior acquisitions was $0.1 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively.

 

 

WESBANCO, INC.

 

Consolidated Selected Financial Highlights

 

(unaudited, dollars in thousands, except shares and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

Statement of Income

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

166,974

 

 

$

162,498

 

 

$

155,206

 

 

$

145,741

 

 

$

133,406

 

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

17,404

 

 

 

17,798

 

 

 

18,082

 

 

 

18,483

 

 

 

19,086

 

 

Tax-exempt

 

 

4,586

 

 

 

4,639

 

 

 

4,679

 

 

 

4,723

 

 

 

4,790

 

 

Total interest and dividends on securities

 

 

21,990

 

 

 

22,437

 

 

 

22,761

 

 

 

23,206

 

 

 

23,876

 

 

Other interest income

 

 

6,369

 

 

 

6,383

 

 

 

5,622

 

 

 

7,108

 

 

 

3,273

 

 

Total interest and dividend income

 

 

195,333

 

 

 

191,318

 

 

 

183,589

 

 

 

176,055

 

 

 

160,555

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

 

25,590

 

 

 

23,686

 

 

 

20,873

 

 

 

17,203

 

 

 

11,106

 

 

Money market deposits

 

 

16,114

 

 

 

14,302

 

 

 

10,841

 

 

 

7,220

 

 

 

4,252

 

 

Savings deposits

 

 

7,667

 

 

 

7,310

 

 

 

6,699

 

 

 

5,860

 

 

 

4,000

 

 

Certificates of deposit

 

 

10,247

 

 

 

8,380

 

 

 

5,983

 

 

 

2,906

 

 

 

1,203

 

 

Total interest expense on deposits

 

 

59,618

 

 

 

53,678

 

 

 

44,396

 

 

 

33,189

 

 

 

20,561

 

 

Federal Home Loan Bank borrowings

 

 

17,000

 

 

 

14,841

 

 

 

16,463

 

 

 

16,713

 

 

 

11,300

 

 

Other short-term borrowings

 

 

674

 

 

 

891

 

 

 

745

 

 

 

492

 

 

 

418

 

 

Subordinated debt and junior subordinated debt

 

 

4,075

 

 

 

4,150

 

 

 

4,303

 

 

 

4,094

 

 

 

3,944

 

 

Total interest expense

 

 

81,367

 

 

 

73,560

 

 

 

65,907

 

 

 

54,488

 

 

 

36,223

 

 

Net interest income

 

 

113,966

 

 

 

117,758

 

 

 

117,682

 

 

 

121,567

 

 

 

124,332

 

 

Provision for credit losses

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

3,028

 

 

 

3,577

 

 

Net interest income after provision for credit losses

 

 

109,952

 

 

 

112,955

 

 

 

111,355

 

 

 

118,539

 

 

 

120,755

 

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

8,082

 

 

 

7,019

 

 

 

6,705

 

 

 

6,918

 

 

 

7,494

 

 

Service charges on deposits

 

 

6,784

 

 

 

6,989

 

 

 

6,726

 

 

 

6,232

 

 

 

6,170

 

 

Digital banking income

 

 

4,704

 

 

 

4,890

 

 

 

4,949

 

 

 

5,010

 

 

 

4,605

 

 

Net swap fee and valuation income/(loss)

 

 

1,563

 

 

 

(345

)

 

 

3,845

 

 

 

2,612

 

 

 

799

 

 

Net securities brokerage revenue

 

 

2,548

 

 

 

2,563

 

 

 

2,394

 

 

 

2,523

 

 

 

2,576

 

 

Bank-owned life insurance

 

 

2,067

 

 

 

3,455

 

 

 

2,398

 

 

 

3,189

 

 

 

1,959

 

 

Mortgage banking income

 

 

693

 

 

 

650

 

 

 

975

 

 

 

601

 

 

 

426

 

 

Net securities gains/(losses)

 

 

537

 

 

 

887

 

 

 

(337

)

 

 

205

 

 

 

145

 

 

Net gains/(losses) on other real estate owned and other assets

 

 

154

 

 

 

445

 

 

 

(28

)

 

 

871

 

 

 

232

 

 

Other income

 

 

3,497

 

 

 

3,521

 

 

 

3,252

 

 

 

3,680

 

 

 

3,247

 

 

Total non-interest income

 

 

30,629

 

 

 

30,074

 

 

 

30,879

 

 

 

31,841

 

 

 

27,653

 

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

42,997

 

 

 

45,164

 

 

 

45,351

 

 

 

44,471

 

 

 

41,952

 

 

Employee benefits

 

 

12,184

 

 

 

11,409

 

 

 

11,922

 

 

 

11,511

 

 

 

12,060

 

 

Net occupancy

 

 

6,623

 

 

 

6,417

 

 

 

6,146

 

 

 

6,132

 

 

 

6,643

 

 

Equipment and software

 

 

10,008

 

 

 

9,648

 

 

 

9,132

 

 

 

8,823

 

 

 

9,063

 

 

Marketing

 

 

1,885

 

 

 

2,975

 

 

 

3,115

 

 

 

2,763

 

 

 

2,325

 

 

FDIC insurance

 

 

3,448

 

 

 

3,369

 

 

 

3,125

 

 

 

2,871

 

 

 

2,884

 

 

Amortization of intangible assets

 

 

2,092

 

 

 

2,243

 

 

 

2,262

 

 

 

2,282

 

 

 

2,301

 

 

Restructuring and merger-related expense

 

-

 

 

-

 

 

 

641

 

 

 

35

 

 

 

3,153

 

 

Other operating expenses

 

 

17,954

 

 

 

18,278

 

 

 

16,245

 

 

 

17,549

 

 

 

15,744

 

 

Total non-interest expense

 

 

97,191

 

 

 

99,503

 

 

 

97,939

 

 

 

96,437

 

 

 

96,125

 

 

Income before provision for income taxes

 

 

43,390

 

 

 

43,526

 

 

 

44,295

 

 

 

53,943

 

 

 

52,283

 

 

Provision for income taxes

 

 

7,697

 

 

 

8,558

 

 

 

7,453

 

 

 

9,063

 

 

 

9,942

 

 

Net Income

 

 

35,693

 

 

 

34,968

 

 

 

36,842

 

 

 

44,880

 

 

 

42,341

 

 

Preferred stock dividends

 

 

2,531

 

 

 

2,531

 

 

 

2,531

 

 

 

2,531

 

 

 

2,531

 

 

Net income available to common shareholders

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

42,349

 

 

$

39,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent net interest income

 

$

115,185

 

 

$

118,991

 

 

$

118,926

 

 

$

122,822

 

 

$

125,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share - basic

 

$

0.56

 

 

$

0.55

 

 

$

0.58

 

 

$

0.71

 

 

$

0.67

 

 

Net income per common share - diluted

 

 

0.56

 

 

 

0.55

 

 

 

0.58

 

 

 

0.71

 

 

 

0.67

 

 

Net income per common share - diluted, excluding
   certain items (1)(2)

 

 

0.56

 

 

 

0.55

 

 

 

0.59

 

 

 

0.71

 

 

 

0.71

 

 

Dividends declared

 

 

0.36

 

 

 

0.36

 

 

 

0.35

 

 

 

0.35

 

 

 

0.35

 

 

Book value (period end)

 

 

40.30

 

 

 

40.23

 

 

 

38.80

 

 

 

39.10

 

 

 

39.34

 

 

Tangible book value (period end) (1)

 

 

21.39

 

 

 

21.28

 

 

 

19.82

 

 

 

20.08

 

 

 

20.27

 

 

Average common shares outstanding - basic

 

 

59,382,758

 

 

 

59,370,171

 

 

 

59,358,653

 

 

 

59,263,949

 

 

 

59,217,711

 

 

Average common shares outstanding - diluted

 

 

59,523,679

 

 

 

59,479,031

 

 

 

59,443,366

 

 

 

59,385,847

 

 

 

59,375,053

 

 

Period end common shares outstanding

 

 

59,395,777

 

 

 

59,376,435

 

 

 

59,364,696

 

 

 

59,355,062

 

 

 

59,246,569

 

 

Period end preferred shares outstanding

 

 

150,000

 

 

 

150,000

 

 

 

150,000

 

 

 

150,000

 

 

 

150,000

 

 

Full time equivalent employees

 

 

2,331

 

 

 

2,368

 

 

 

2,427

 

 

 

2,542

 

 

 

2,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See non-GAAP financial measures for additional information relating to the calculation of this item.

 

 

(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.

 

 

 

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands)

 

 

 

Quarter Ended

 

 

 

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

 

Asset quality data

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

 

Non-performing assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

32,919

 

 

$

26,808

 

 

$

29,878

 

 

$

31,555

 

 

$

39,216

 

 

 

Other real estate and repossessed assets

 

 

1,474

 

 

 

1,497

 

 

 

1,333

 

 

 

1,432

 

 

 

1,554

 

 

 

Total non-performing assets

 

$

34,393

 

 

$

28,305

 

 

$

31,211

 

 

$

32,987

 

 

$

40,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past due loans (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans past due 30-89 days

 

$

18,515

 

 

$

22,875

 

 

$

16,030

 

 

$

18,348

 

 

$

12,920

 

 

 

Loans past due 90 days or more

 

 

5,408

 

 

 

9,638

 

 

 

8,606

 

 

 

5,147

 

 

 

4,570

 

 

 

Total past due loans

 

$

23,923

 

 

$

32,513

 

 

$

24,636

 

 

$

23,495

 

 

$

17,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Criticized and classified loans (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Criticized loans

 

$

171,536

 

 

$

183,174

 

 

$

180,136

 

 

$

119,771

 

 

$

116,608

 

 

 

Classified loans

 

 

101,898

 

 

 

75,497

 

 

 

70,997

 

 

 

67,036

 

 

 

57,222

 

 

 

Total criticized and classified loans

 

$

273,434

 

 

$

258,671

 

 

$

251,133

 

 

$

186,807

 

 

$

173,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans past due 30-89 days / total portfolio loans

 

 

0.16

 

%

 

0.20

 

%

 

0.14

 

%

 

0.16

 

%

 

0.12

 

%

 

Loans past due 90 days or more / total portfolio loans

 

 

0.05

 

 

 

0.08

 

 

 

0.08

 

 

 

0.05

 

 

 

0.04

 

 

 

Non-performing loans / total portfolio loans

 

 

0.28

 

 

 

0.23

 

 

 

0.26

 

 

 

0.28

 

 

 

0.36

 

 

 

Non-performing assets/total portfolio loans, other
   real estate and repossessed assets

 

 

0.29

 

 

 

0.24

 

 

 

0.28

 

 

 

0.30

 

 

 

0.37

 

 

 

Non-performing assets / total assets

 

 

0.19

 

 

 

0.16

 

 

 

0.18

 

 

 

0.19

 

 

 

0.24

 

 

 

Criticized and classified loans / total portfolio loans

 

 

2.30

 

 

 

2.22

 

 

 

2.22

 

 

 

1.68

 

 

 

1.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses - loans

 

$

129,190

 

 

$

130,675

 

 

$

126,615

 

 

$

120,166

 

 

$

118,698

 

 

 

Allowance for credit losses - loan commitments

 

 

8,175

 

 

 

8,604

 

 

 

9,729

 

 

 

10,124

 

 

 

9,127

 

 

 

Provision for credit losses

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

3,028

 

 

 

3,577

 

 

 

Net loan and deposit account overdraft charge-offs and recoveries

 

 

5,935

 

 

 

1,857

 

 

 

286

 

 

 

581

 

 

 

1,919

 

 

 

Annualized net loan charge-offs and recoveries / average loans

 

 

0.20

 

%

 

0.06

 

%

 

0.01

 

%

 

0.02

 

%

 

0.07

 

%

 

Allowance for credit losses - loans / total portfolio loans

 

 

1.09

 

%

 

1.12

 

%

 

1.12

 

%

 

1.08

 

%

 

1.09

 

%

 

Allowance for credit losses - loans / non-performing loans

 

 

3.92

 

x

 

4.87

 

x

 

4.24

 

x

 

3.81

 

x

 

3.03

 

x

 

Allowance for credit losses - loans / non-performing loans
   and loans past due

 

 

2.27

 

x

 

2.20

 

x

 

2.32

 

x

 

2.18

 

x

 

2.09

 

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

 

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

 

Capital ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier I leverage capital

 

 

9.79

 

%

 

9.87

 

%

 

9.84

 

%

 

9.78

 

%

 

9.82

 

%

 

Tier I risk-based capital

 

 

11.87

 

 

 

12.05

 

 

 

12.07

 

 

 

12.12

 

 

 

12.22

 

 

 

Total risk-based capital

 

 

14.76

 

 

 

14.91

 

 

 

14.97

 

 

 

14.83

 

 

 

14.97

 

 

 

Common equity tier 1 capital ratio (CET 1)

 

 

10.84

 

 

 

10.99

 

 

 

11.00

 

 

 

11.04

 

 

 

11.11

 

 

 

Average shareholders' equity to average assets

 

 

14.38

 

 

 

14.17

 

 

 

14.29

 

 

 

14.42

 

 

 

14.48

 

 

 

Tangible equity to tangible assets (3)

 

 

8.50

 

 

 

8.49

 

 

 

8.15

 

 

 

8.24

 

 

 

8.33

 

 

 

Tangible common equity to tangible assets (3)

 

 

7.63

 

 

 

7.62

 

 

 

7.26

 

 

 

7.35

 

 

 

7.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Excludes non-performing loans.

 

 

 

(2) Criticized and classified commercial loans may include loans that are also reported as non-performing or past due.

 

 

 

(3) See non-GAAP financial measures for additional information relating to the calculation of this ratio.

 

 

 

 

NON-GAAP FINANCIAL MEASURES

The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

 

 

(unaudited, dollars in thousands, except shares and per share amounts)

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

Return on average assets, excluding after-tax restructuring and merger-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

42,349

 

 

$

39,810

 

 

 

 

Plus: after-tax restructuring and merger-related expenses (1)

 

 

-

 

 

 

-

 

 

 

506

 

 

 

28

 

 

 

2,491

 

 

 

 

Net income available to common shareholders excluding after-tax restructuring and merger-related expenses

 

 

33,162

 

 

 

32,437

 

 

 

34,817

 

 

 

42,377

 

 

 

42,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

$

17,704,265

 

 

$

17,426,111

 

 

$

17,341,959

 

 

$

17,294,346

 

 

$

16,970,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2)

 

 

0.75

%

 

 

0.74

%

 

 

0.80

%

 

 

0.98

%

 

 

1.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity, excluding after-tax restructuring and merger-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

42,349

 

 

$

39,810

 

 

 

 

Plus: after-tax restructuring and merger-related expenses (1)

 

 

-

 

 

 

-

 

 

 

506

 

 

 

28

 

 

 

2,491

 

 

 

 

Net income available to common shareholders excluding after-tax restructuring and merger-related expenses

 

 

33,162

 

 

 

32,437

 

 

 

34,817

 

 

 

42,377

 

 

 

42,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity

 

 

2,545,841

 

 

 

2,468,525

 

 

 

2,478,662

 

 

 

2,493,096

 

 

 

2,458,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)

 

 

5.24

%

 

 

5.21

%

 

 

5.57

%

 

 

6.82

%

 

 

6.98

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average tangible equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

42,349

 

 

$

39,810

 

 

 

 

Plus: amortization of intangibles (1)

 

 

1,653

 

 

 

1,772

 

 

 

1,787

 

 

 

1,803

 

 

 

1,818

 

 

 

 

Net income available to common shareholders before amortization of intangibles

 

 

34,815

 

 

 

34,209

 

 

 

36,098

 

 

 

44,152

 

 

 

41,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity

 

 

2,545,841

 

 

 

2,468,525

 

 

 

2,478,662

 

 

 

2,493,096

 

 

 

2,458,067

 

 

 

 

Less: average goodwill and other intangibles, net of def. tax liability

 

 

(1,123,938

)

 

 

(1,125,593

)

 

 

(1,127,404

)

 

 

(1,129,155

)

 

 

(1,131,027

)

 

 

 

Average tangible equity

 

$

1,421,903

 

 

$

1,342,932

 

 

$

1,351,258

 

 

$

1,363,941

 

 

$

1,327,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average tangible equity (annualized) (2)

 

 

9.85

%

 

 

10.11

%

 

 

10.60

%

 

 

12.98

%

 

 

12.72

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common equity

 

$

1,277,419

 

 

$

1,198,448

 

 

$

1,206,774

 

 

$

1,219,457

 

 

$

1,182,556

 

 

 

 

Return on average tangible common equity (annualized) (2)

 

 

10.96

%

 

 

11.32

%

 

 

11.87

%

 

 

14.52

%

 

 

14.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

42,349

 

 

$

39,810

 

 

 

 

Plus: after-tax restructuring and merger-related expenses (1)

 

 

-

 

 

 

-

 

 

 

506

 

 

 

28

 

 

 

2,491

 

 

 

 

Plus: amortization of intangibles (1)

 

 

1,653

 

 

 

1,772

 

 

 

1,787

 

 

 

1,803

 

 

 

1,818

 

 

 

 

Net income available to common shareholders before amortization of intangibles and
   excluding after-tax restructuring and merger-related expenses

 

 

34,815

 

 

 

34,209

 

 

 

36,604

 

 

 

44,180

 

 

 

44,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity

 

 

2,545,841

 

 

 

2,468,525

 

 

 

2,478,662

 

 

 

2,493,096

 

 

 

2,458,067

 

 

 

 

Less: average goodwill and other intangibles, net of def. tax liability

 

 

(1,123,938

)

 

 

(1,125,593

)

 

 

(1,127,404

)

 

 

(1,129,155

)

 

 

(1,131,027

)

 

 

 

Average tangible equity

 

$

1,421,903

 

 

$

1,342,932

 

 

$

1,351,258

 

 

$

1,363,941

 

 

$

1,327,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)

 

 

9.85

%

 

 

10.11

%

 

 

10.75

%

 

 

12.99

%

 

 

13.48

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common equity

 

$

1,277,419

 

 

$

1,198,448

 

 

$

1,206,774

 

 

$

1,219,457

 

 

$

1,182,556

 

 

 

 

Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)

 

 

10.96

%

 

 

11.32

%

 

 

12.03

%

 

 

14.53

%

 

 

15.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

(unaudited, dollars in thousands, except shares and per share amounts)

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

$

97,191

 

 

$

99,503

 

 

$

97,939

 

 

$

96,437

 

 

$

96,125

 

 

Less: restructuring and merger-related expense

 

 

-

 

 

 

-

 

 

 

(641

)

 

 

(35

)

 

 

(3,153

)

 

Non-interest expense excluding restructuring and merger-related expense

 

 

97,191

 

 

 

99,503

 

 

 

97,298

 

 

 

96,402

 

 

 

92,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income on a fully taxable equivalent basis

 

 

115,185

 

 

 

118,991

 

 

 

118,926

 

 

 

122,822

 

 

 

125,605

 

 

Non-interest income

 

 

30,629

 

 

 

30,074

 

 

 

30,879

 

 

 

31,841

 

 

 

27,653

 

 

Net interest income on a fully taxable equivalent basis plus non-interest income

 

$

145,814

 

 

$

149,065

 

 

$

149,805

 

 

$

154,663

 

 

$

153,258

 

 

Efficiency Ratio

 

 

66.65

%

 

 

66.75

%

 

 

64.95

%

 

 

62.33

%

 

 

60.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

42,349

 

 

$

39,810

 

 

Add: After-tax restructuring and merger-related expenses (1)

 

 

-

 

 

 

-

 

 

 

506

 

 

 

28

 

 

 

2,491

 

 

Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses

 

$

33,162

 

 

$

32,437

 

 

$

34,817

 

 

$

42,377

 

 

$

42,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share - diluted

 

$

0.56

 

 

$

0.55

 

 

$

0.58

 

 

$

0.71

 

 

$

0.67

 

 

Add: After-tax restructuring and merger-related expenses per common share - diluted (1)

 

 

-

 

 

 

-

 

 

 

0.01

 

 

 

-

 

 

 

0.04

 

 

Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses

 

$

0.56

 

 

$

0.55

 

 

$

0.59

 

 

$

0.71

 

 

$

0.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period End

 

 

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

 

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

Tangible book value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

$

2,538,362

 

 

$

2,533,062

 

 

$

2,447,941

 

 

$

2,464,998

 

 

$

2,475,457

 

 

Less: goodwill and other intangible assets, net of def. tax liability

 

 

(1,123,158

)

 

 

(1,124,811

)

 

 

(1,126,583

)

 

 

(1,128,371

)

 

 

(1,130,172

)

 

Less: preferred shareholders' equity

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

Tangible common equity

 

 

1,270,720

 

 

 

1,263,767

 

 

 

1,176,874

 

 

 

1,192,143

 

 

 

1,200,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

59,395,777

 

 

 

59,376,435

 

 

 

59,364,696

 

 

 

59,355,062

 

 

 

59,246,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share

 

$

21.39

 

 

$

21.28

 

 

$

19.82

 

 

$

20.08

 

 

$

20.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

$

2,538,362

 

 

$

2,533,062

 

 

$

2,447,941

 

 

$

2,464,998

 

 

$

2,475,457

 

 

Less: goodwill and other intangible assets, net of def. tax liability

 

 

(1,123,158

)

 

 

(1,124,811

)

 

 

(1,126,583

)

 

 

(1,128,371

)

 

 

(1,130,172

)

 

Tangible equity

 

 

1,415,204

 

 

 

1,408,251

 

 

 

1,321,358

 

 

 

1,336,627

 

 

 

1,345,285

 

 

Less: preferred shareholders' equity

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

Tangible common equity

 

 

1,270,720

 

 

 

1,263,767

 

 

 

1,176,874

 

 

 

1,192,143

 

 

 

1,200,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

17,772,735

 

 

 

17,712,374

 

 

 

17,344,377

 

 

 

17,356,954

 

 

 

17,274,626

 

 

Less: goodwill and other intangible assets, net of def. tax liability

 

 

(1,123,158

)

 

 

(1,124,811

)

 

 

(1,126,583

)

 

 

(1,128,371

)

 

 

(1,130,172

)

 

Tangible assets

 

$

16,649,577

 

 

$

16,587,563

 

 

$

16,217,794

 

 

$

16,228,583

 

 

$

16,144,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity to tangible assets

 

 

8.50

%

 

 

8.49

%

 

 

8.15

%

 

 

8.24

%

 

 

8.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets

 

 

7.63

%

 

 

7.62

%

 

 

7.26

%

 

 

7.35

%

 

 

7.44

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Tax effected at 21% for all periods presented.

 

 

(2) The ratios are annualized by utilizing actual number of days in the quarter versus the year.

 

 

 

 

ADDITIONAL NON-GAAP FINANCIAL MEASURES

The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

 

 

(unaudited, dollars in thousands, except shares and per share amounts)

 

2024

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

 

 

 

Pre-tax, pre-provision income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

43,390

 

 

$

43,526

 

 

$

44,295

 

 

$

53,943

 

 

$

52,283

 

 

 

 

Add: provision for credit losses

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

3,028

 

 

 

3,577

 

 

 

 

Pre-tax, pre-provision income

 

$

47,404

 

 

$

48,329

 

 

$

50,622

 

 

$

56,971

 

 

$

55,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

43,390

 

 

$

43,526

 

 

$

44,295

 

 

$

53,943

 

 

$

52,283

 

 

 

 

Add: provision for credit losses

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

3,028

 

 

 

3,577

 

 

 

 

Add: restructuring and merger-related expenses

 

 

-

 

 

 

-

 

 

 

641

 

 

 

35

 

 

 

3,153

 

 

 

 

Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

 

$

47,404

 

 

$

48,329

 

 

$

51,263

 

 

$

57,006

 

 

$

59,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

'Return on average assets, excluding certain items (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

43,390

 

 

$

43,526

 

 

$

44,295

 

 

$

53,943

 

 

$

52,283

 

 

 

 

Add: provision for credit losses

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

3,028

 

 

 

3,577

 

 

 

 

Add: restructuring and merger-related expenses

 

 

-

 

 

 

-

 

 

 

641

 

 

 

35

 

 

 

3,153

 

 

 

 

Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

 

 

47,404

 

 

 

48,329

 

 

 

51,263

 

 

 

57,006

 

 

 

59,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

$

17,704,265

 

 

$

17,426,111

 

 

$

17,341,959

 

 

$

17,294,346

 

 

$

16,970,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets, excluding certain items (annualized) (1) (2)

 

 

1.08

%

 

 

1.10

%

 

 

1.17

%

 

 

1.32

%

 

 

1.41

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity, excluding certain items (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

43,390

 

 

$

43,526

 

 

$

44,295

 

 

$

53,943

 

 

$

52,283

 

 

 

 

Add: provision for credit losses

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

3,028

 

 

 

3,577

 

 

 

 

Add: restructuring and merger-related expenses

 

 

-

 

 

 

-

 

 

 

641

 

 

 

35

 

 

 

3,153

 

 

 

 

Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

 

 

47,404

 

 

 

48,329

 

 

 

51,263

 

 

 

57,006

 

 

 

59,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity

 

$

2,545,841

 

 

$

2,468,525

 

 

$

2,478,662

 

 

$

2,493,096

 

 

$

2,458,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity, excluding certain items (annualized) (1) (2)

 

 

7.49

%

 

 

7.77

%

 

 

8.21

%

 

 

9.17

%

 

 

9.74

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average tangible equity, excluding certain items (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

43,390

 

 

$

43,526

 

 

$

44,295

 

 

$

53,943

 

 

$

52,283

 

 

 

 

Add: provision for credit losses

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

3,028

 

 

 

3,577

 

 

 

 

Add: amortization of intangibles

 

 

2,092

 

 

 

2,243

 

 

 

2,262

 

 

 

2,282

 

 

 

2,301

 

 

 

 

Add: restructuring and merger-related expenses

 

 

-

 

 

 

-

 

 

 

641

 

 

 

35

 

 

 

3,153

 

 

 

 

Income before provision, restructuring and merger-related expenses and amortization of intangibles

 

 

49,496

 

 

 

50,572

 

 

 

53,525

 

 

 

59,288

 

 

 

61,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity

 

 

2,545,841

 

 

 

2,468,525

 

 

 

2,478,662

 

 

 

2,493,096

 

 

 

2,458,067

 

 

 

 

Less: average goodwill and other intangibles, net of def. tax liability

 

 

(1,123,938

)

 

 

(1,125,593

)

 

 

(1,127,404

)

 

 

(1,129,155

)

 

 

(1,131,027

)

 

 

 

Average tangible equity

 

$

1,421,903

 

 

$

1,342,932

 

 

$

1,351,258

 

 

$

1,363,941

 

 

$

1,327,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average tangible equity, excluding certain items (annualized) (1) (2)

 

 

14.00

%

 

 

14.94

%

 

 

15.72

%

 

 

17.44

%

 

 

18.74

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common equity

 

$

1,277,419

 

 

$

1,198,448

 

 

$

1,206,774

 

 

$

1,219,457

 

 

$

1,182,556

 

 

 

 

Return on average tangible common equity, excluding certain items (annualized) (1) (2)

 

 

15.58

%

 

 

16.74

%

 

 

17.60

%

 

 

19.50

%

 

 

21.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Certain items excluded from the calculations consist of credit provisions, tax provisions and restructuring and merger-related expenses.

 

 

(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.