Business Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segments

NOTE 12. BUSINESS SEGMENTS

Wesbanco operates two reportable segments: community banking and 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 managed or held in custody by the trust and investment services segment was approximately $5.6 billion and $5.0 billion at March 31, 2024 and 2023, 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:

			Trust and
	Community		Investment
(unaudited, in thousands)	Banking		Services		Consolidated
For the Three Months Ended March 31, 2024
Interest and dividend income	$	195,333	$	—	$	195,333
Interest expense		81,367		—		81,367
Net interest income		113,966		—		113,966
Provision for credit losses		4,014		—		4,014
Net interest income after provision for credit losses		109,952		—		109,952
Non-interest income		22,547		8,082		30,629
Non-interest expense		91,968		5,223		97,191
Income before provision for income taxes		40,531		2,859		43,390
Provision for income taxes		7,097		600		7,697
Net income		33,434		2,259		35,693
Preferred stock dividends		2,531		—		2,531
Net income available to common shareholders	$	30,903	$	2,259	$	33,162
For the Three Months Ended March 31, 2023
Interest and dividend income	$	160,555	$	—	$	160,555
Interest expense		36,223		—		36,223
Net interest income		124,332		—		124,332
Provision for credit losses		3,577		—		3,577
Net interest income after provision for credit losses		120,755		—		120,755
Non-interest income		20,159		7,494		27,653
Non-interest expense		91,617		4,508		96,125
Income before provision for income taxes		49,297		2,986		52,283
Provision for income taxes		9,315		627		9,942
Net income		39,982		2,359		42,341
Preferred stock dividends		2,531		—		2,531
Net income available to common shareholders	$	37,451	$	2,359	$	39,810

Total non-fiduciary assets of the trust and investment services segment were $3.3 million (including $0.8 million of trust customer intangibles) and $3.3 million (including $1.1 million of trust customer intangibles) at March 31, 2024 and 2023, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment.