Business Segments

6 Months Ended

Jun. 30, 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 $5.1 billion at June 30, 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 June 30, 2024
Interest and dividend income	$	202,993	$	—	$	202,993
Interest expense		86,400		—		86,400
Net interest income		116,593		—		116,593
Provision for credit losses		10,541		—		10,541
Net interest income after provision for credit losses		106,052		—		106,052
Non-interest income		24,052		7,303		31,355
Non-interest expense		97,403		4,989		102,392
Income before provision for income taxes		32,701		2,314		35,015
Provision for income taxes		5,613		486		6,099
Net income		27,088		1,828		28,916
Preferred stock dividends		2,531		—		2,531
Net income available to common shareholders	$	24,557	$	1,828	$	26,385
For The Three Months Ended June 30, 2023
Interest and dividend income	$	176,055	$	—	$	176,055
Interest expense		54,488		—		54,488
Net interest income		121,567		—		121,567
Provision for credit losses		3,028		—		3,028
Net interest income after provision for credit losses		118,539		—		118,539
Non-interest income		24,923		6,918		31,841
Non-interest expense		91,818		4,619		96,437
Income before provision for income taxes		51,644		2,299		53,943
Provision for income taxes		8,580		483		9,063
Net income		43,064		1,816		44,880
Preferred stock dividends		2,531		—		2,531
Net income available to common shareholders	$	40,533	$	1,816	$	42,349
For the Six Months Ended June 30, 2024
Interest and dividend income	$	398,327	$	—	$	398,327
Interest expense		167,767		—		167,767
Net interest income		230,560		—		230,560
Provision for credit losses		14,555		—		14,555
Net interest income after provision for credit losses		216,005		—		216,005
Non-interest income		46,599		15,385		61,984
Non-interest expense		189,373		10,212		199,585
Income before provision for income taxes		73,231		5,173		78,404
Provision for income taxes		12,709		1,086		13,795
Net income		60,522		4,087		64,609
Preferred stock dividends		5,063		—		5,063
Net income available to common shareholders	$	55,459	$	4,087	$	59,546
For the Six Months Ended June 30, 2023
Interest and dividend income	$	336,609	$	—	$	336,609
Interest expense		90,711		—		90,711
Net interest income		245,898		—		245,898
Provision for credit losses		6,605		—		6,605
Net interest income after provision for credit losses		239,293		—		239,293
Non-interest income		45,081		14,412		59,493
Non-interest expense		183,433		9,127		192,560
Income before provision for income taxes		100,941		5,285		106,226
Provision for income taxes		17,895		1,110		19,005
Net income		83,046		4,175		87,221
Preferred stock dividends		5,063		—		5,063
Net income available to common shareholders	$	77,983	$	4,175	$	82,158

Total non-fiduciary assets of the trust and investment services segment were $3.3 million (including $0.8 million of trust customer intangibles) and $3.4 million (including $1.0 million of trust customer intangibles) at June 30, 2024 and 2023, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment.