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

 

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WesBanco Announces Third Quarter 2024 Financial Results

Strong sequential quarter deposit growth of 12.1% annualized and loan growth of 6.3% annualized

 

Wheeling, WVa. (October 23, 2024) – WesBanco, Inc. (“WesBanco” or "Company") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and nine months ended September 30, 2024. Net income available to common shareholders for the third quarter of 2024 was $34.7 million, with earnings per share of $0.54, compared to $34.3 million and $0.58 per share, respectively, for the third quarter of 2023. For the nine months ended September 30, 2024, net income was $94.3 million, or $1.54 per share, compared to $116.5 million, or $1.96 per share, for the 2023 period. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the nine months ended September 30, 2024 was $98.8 million, or $1.61 per share, as compared to $119.5 million, or $2.01 per share (non-GAAP measures).

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

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

 

Net
Income

 

 

Diluted
Earnings
Per Share

 

 

Net
Income

 

 

Diluted
Earnings
Per Share

 

 

Net
Income

 

 

Diluted
Earnings
Per Share

 

 

Net
Income

 

 

Diluted
Earnings
Per Share

 

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

$

36,303

 

 

$

0.56

 

 

$

34,817

 

 

$

0.59

 

 

$

98,833

 

 

$

1.61

 

 

$

119,496

 

 

$

2.01

 

Less: After tax restructuring and merger-related expenses

 

(1,562

)

 

 

(0.02

)

 

 

(506

)

 

 

(0.01

)

 

 

(4,546

)

 

 

(0.07

)

 

 

(3,026

)

 

 

(0.05

)

Net income available to common shareholders (GAAP)

$

34,741

 

 

$

0.54

 

 

$

34,311

 

 

$

0.58

 

 

$

94,287

 

 

$

1.54

 

 

$

116,470

 

 

$

1.96

 

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

 

 

Financial and operational highlights during the quarter ended September 30, 2024:

•
Total loan growth was 10.0% year-over-year and 6.3% over the sequential quarter, annualized
o
Total loans are up $1.1 billion over the last year, driven by commercial loan growth
•
Deposits of $13.8 billion increased 5.7% year-over-year and 12.1% over the sequential quarter, annualized
o
Deposit growth, excluding certificates of deposit, increased 2.2% year-over-year and 4.3% over the sequential quarter, annualized
o
Average loans to average deposits were 90.6%, providing continued capacity to fund loan growth
•
Trust fees and net securities brokerage revenue increased $1.1 million combined year-over-year reflecting growth in Trust and Investment Services (“WTIS”) assets under management and broker-dealer securities account values (including annuities), respectively, from organic growth and market appreciation
o
WTIS assets under management increased 21.7% year-over-year to a record $6.1 billion
o
Broker-dealer securities account values increased 15.8% year-over-year to a record $1.9 billion
•
Key credit quality metrics continued to remain 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)
•
The acquisition of Premier Financial Corp. remains on track, pending regulatory and shareholder approvals
•
WesBanco was recently named one of America’s Greatest Workplaces for Parents and Families by Newsweek

 

“WesBanco marked strong momentum in the third quarter, driven by strategic actions that continue to strengthen our balance sheet, including robust deposit and loan growth and the pay down of higher cost borrowings. Over the last year, WesBanco has grown loans by $1.1 billion and deposits by $0.7 billion, reflecting the strength of our people, markets and strategies,” said Jeff Jackson, President and Chief Executive Officer, WesBanco. “We are focused on organic growth and efficiency gains to achieve positive operating leverage. We also successfully raised $200 million of common equity during the quarter to position WesBanco for future growth. With the pending acquisition of Premier Financial, we expect to accelerate our positive momentum, build on their legacy of community engagement and support, and together bring the resources of a larger and stronger financial services organization to all of our communities.”

 

Balance Sheet

As of September 30, 2024, portfolio loans were $12.5 billion, which increased $1.1 billion, or 10.0%, year-over-year driven by strong performance from our commercial and residential lending teams. Total commercial loans of $8.9 billion increased 11.9% year-over-year and 7.5% quarter-over-quarter annualized. Commercial loan growth continues to reflect the success of our strategies, as well as lower commercial real estate payoffs, which have totaled approximately $185 million year-to-date. Total residential lending reflects increased mortgage origination production and home equity line of credit usage.

 

 

Deposits, as of September 30, 2024, were $13.8 billion, up 5.7% year-over-year and up 12.1% annualized from June 30, 2024, reflecting the success of our summer deposit gathering and retention campaign. The composition of total deposits continues to have some mix shift; however, total demand deposits continue to represent 54% of total deposits, with the non-interest bearing component representing 27%, which remains consistent with the percentage range prior to the pandemic. When excluding certificate of deposits, total deposits increased 2.2% year-over-year and 4.3% quarter-over-quarter annualized.

 

Federal Home Loan Bank borrowings totaled $1.2 billion, at September 30, 2024, a decrease of 20.3%, or $300.0 million from June 30, 2024. This decrease was driven by deposit growth exceeding loan growth and $200 million of equity raised in the third quarter.

 

Credit Quality

As of September 30, 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 three years. Total loans past due as a percent of the loan portfolio increased 20 basis points quarter-over-quarter to 0.44%, while non-performing assets as a percentage of total assets declined slightly from the prior quarter and year periods. The third quarter provision for credit losses declined both year-over-year and sequentially to $4.8 million. The allowance for credit losses to total portfolio loans at September 30, 2024 increased to 1.13% of total loans, or $140.9 million, primarily due to higher unemployment assumptions and other qualitative adjustments. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.09% of total loans.

 

Net Interest Margin and Income

The year-to-date net interest margin improved 1 basis point to 2.94% compared to the second quarter period. The third quarter margin of 2.95% remained stable compared to the second quarter and reflected both higher loan yields and higher funding costs. On a year-over-year basis, the net interest margin was 8 basis points lower primarily due to higher funding costs from the remix of non-interest bearing deposits into higher tier money market and certificate of deposit accounts during the back half of 2023. Deposit funding costs were 285 basis points for the third quarter of 2024, and, when including non-interest bearing deposits, deposit funding costs were 205 basis points.

 

Net interest income for the third quarter of 2024 was $121.1 million, an increase of $3.5 million, or 2.9% year-over-year, reflecting the impact of loan growth and higher loan and securities yields more than offsetting higher funding costs. For the nine months ended September 30, 2024, net interest income of $351.7 million decreased $11.9 million, or 3.3%, primarily due to higher funding costs offsetting the impact of loan growth and higher loan and securities yields in the year-to-date period.

 

Non-Interest Income

For the third quarter of 2024, non-interest income of $29.6 million decreased $1.3 million, or 4.1%, from the third quarter of 2023 due to lower net swap fee and valuation income. Gross swap fees were $1.1 million in the third quarter, compared to $2.5 million in the prior year period, while fair value adjustments were a $1.7 million loss compared to a gain of $1.4 million, respectively. Service charges on deposits increased $1.2 million year-over-year, reflecting fee income from new products and services and increased general consumer spending. Trust fees increased $0.8 million, reflecting higher assets under management from organic growth and market appreciation.

 

Primarily reflecting the items discussed above, as well as mortgage banking income, non-interest income, for the nine months ended September 30, 2024, increased $1.2 million, or 1.4%, year-over-year to $91.6 million. Mortgage banking income increased $1.0 million year-over-year due to a wider gain-on-sale margin for residential mortgages sold in the secondary market.

 

Non-Interest Expense

Non-interest expense, excluding restructuring and merger-related costs, for the three months ended September 30, 2024 were $99.2 million, a $1.9 million, or 2.0%, increase year-over-year primarily due to increases in other operating expenses and equipment and software expenses. Other operating expenses increased $1.5 million primarily due to higher costs and fees in support of loan growth and higher other miscellaneous expenses. Equipment and software expense increased $1.0 million reflecting the impact of the prior year ATM upgrades, which were phased in throughout the prior year. Salaries and wages decreased $0.5 million compared to the prior year period due to lower staffing levels associated with efficiency improvements in the mortgage and branch staffing models, partially offset by normal compensation merit adjustments. Employee benefits decreased $0.4 million due to lower health insurance costs driven by lower staffing levels, as compared to the prior year period.

 

Excluding restructuring and merger-related expenses, non-interest expense during the first nine months of 2024 of $295.0 million increased $8.3 million, or 2.9%, compared to the prior year period, due primarily to other operating expenses and

 

equipment and software expense, as described above, and higher FDIC insurance expense. FDIC insurance increased $1.7 million year-over-year due to due to an increase in the minimum rate for all banks.

 

Capital

As previously disclosed in conjunction with the announcement of the pending acquisition of Premier Financial Corp., WesBanco successfully raised $200 million of common equity, on August 1, 2024, to support the pro-forma bank’s balance sheet, regulatory ratios, and future growth. The equity was raised from a blend of existing and new institutional shareholders and adds long-term support to WesBanco’s shareholder base, as well as providing additional liquidity. The proceeds were subsequently used to pay down Federal Home Loan Bank borrowings.

 

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 September 30, 2024, Tier I leverage was 10.69%, Tier I risk-based capital ratio was 12.89%, common equity Tier 1 capital ratio (“CET 1”) was 11.89%, and total risk-based capital was 15.74%. In addition, the tangible common equity to tangible assets ratio increased from 7.52% in the prior sequential quarter to 8.84% due to the common equity raise and strong earnings.

 

Conference Call and Webcast

WesBanco will host a conference call to discuss the Company's financial results for the third quarter of 2024 at 3:00 p.m. ET on Thursday, October 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 1-412-902-4290 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 1-412-317-0088 for international callers, and providing the access code of 7056218. The replay will begin at approximately 5:00 p.m. ET on October 24, 2024 and end at 12 a.m. ET on November 7, 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”) including WesBanco’s Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, 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, that the proposed merger with Premier Financial Corp. ("Premier Financial" or "Premier") may not close when expected, that the businesses of WesBanco and Premier may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the merger of WesBanco and Premier may not be fully realized within the expected timeframes; disruption from the proposed merger of WesBanco and Premier may make it more difficult to maintain relationships with clients, associates, or suppliers; the required governmental approvals of the proposed Merger may not be obtained on the expected terms and schedule; Premier’s shareholders and/or the Company’s shareholders may not approve the proposed Merger; the shareholders of the Company may not approve the issuance of shares of the Company’s common stock in connection with the Merger; 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.

 

While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from

 

those expressed in or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

 

Statements in this presentation with respect to the expected timing of and benefits of the proposed merger between WesBanco and Premier, the parties’ plans, obligations, expectations, and intentions, and the statements with respect to accretion, earn back of tangible book value, tangible book value dilution and internal rate of return, constitute forward-looking statements as defined by federal securities laws. Such statements are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: the businesses of WesBanco and Premier may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the proposed merger may not be fully realized within the expected time frames; disruption from the proposed merger may make it more difficult to maintain relationships with clients, associates, or suppliers; the required governmental approvals of the proposed merger may not be obtained on the expected terms and schedule; Premier’s stockholders and/or WesBanco’s shareholders may not approve the proposed merger and the merger agreement and issuance of shares of WesBanco common stock in the proposed merger, respectively; changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; extended disruption of vital infrastructure; and other factors described in WesBanco’s 2023 Annual Report on Form 10-K, Premier’s 2023 Annual Report on Form 10-K, and documents subsequently filed by WesBanco and Premier with the Securities and Exchange Commission.

 

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.

 

Additional Information about the Merger and Where to Find It

In connection with the proposed merger, WesBanco has filed with the SEC a Registration Statement on Form S-4 that will include a joint proxy statement of WesBanco and Premier and a prospectus of WesBanco, as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS OF WESBANCO, SHAREHOLDERS OF PREMIER, AND OTHER INTERESTED PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The Joint Proxy Statement/Prospectus will be mailed to shareholders of WesBanco and shareholders of Premier prior to the respective shareholder meetings, once they are officially noticed. In addition, when the Registration Statement on Form S-4, which will include the Joint Proxy Statement/Prospectus, and other related documents are filed by WesBanco or Premier with the SEC, they may be obtained for free at the SEC’s website at http://www.sec.gov, and from either WesBanco’s website at https://www.wesbanco.com or Premier’s website at https://www.premierfincorp.com/.

 

No Offer or Solicitation

This presentation is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed merger and shall not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

 

Participants in the Solicitation

WesBanco, Premier, and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the shareholders of WesBanco and Premier in connection with the proposed merger. Information about the directors and executive officers of WesBanco is set forth in the proxy statement for WesBanco’s 2024 annual meeting of shareholders, as filed with the SEC on March 13, 2024. Information about the directors and executive officers of

 

Premier is set forth in the proxy statement for Premier’s 2024 annual meeting of shareholders, as filed with the SEC on March 18, 2024. Information about any other persons who may, under the rules of the SEC, be considered participants in the solicitation of shareholders of WesBanco or Premier in connection with the proposed merger will be included in the Joint Proxy Statement/Prospectus. You can obtain free copies of these documents from the SEC, WesBanco, or Premier using the website information above. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

 

WESBANCO SHAREHOLDERS AND PREMIER SHAREHOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS CAREFULLY WHEN IT BECOMES AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS WITH RESPECT TO THE PROPOSED MERGER.

 

About WesBanco, Inc.

With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our eight-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia, WesBanco has $18.5 billion in total assets, with our Trust and Investment Services holding $6.1 billion of assets under management and securities account values (including annuities) of $1.9 billion through our broker/dealer, as of September 30, 2024. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram.

 

SOURCE: WesBanco, Inc.

 

WesBanco Company Contact:

John H. Iannone

Senior Vice President, Investor Relations

304-905-7021

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WESBANCO, INC.

 

Consolidated Selected Financial Highlights

 

(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,

 

 

 

 

2024

 

 

2023

 

 

% Change

 

 

2024

 

 

2023

 

 

% Change

 

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

184,215

 

 

$

155,206

 

 

 

18.7

 

 

$

526,550

 

 

$

434,352

 

 

 

21.2

 

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

17,651

 

 

 

18,082

 

 

 

(2.4

)

 

 

51,984

 

 

 

55,651

 

 

 

(6.6

)

 

Tax-exempt

 

 

4,498

 

 

 

4,679

 

 

 

(3.9

)

 

 

13,640

 

 

 

14,191

 

 

 

(3.9

)

 

Total interest and dividends on securities

 

 

22,149

 

 

 

22,761

 

 

 

(2.7

)

 

 

65,624

 

 

 

69,842

 

 

 

(6.0

)

 

Other interest income

 

 

7,365

 

 

 

5,622

 

 

 

31.0

 

 

 

19,881

 

 

 

16,004

 

 

 

24.2

 

 

          Total interest and dividend income

 

 

213,729

 

 

 

183,589

 

 

 

16.4

 

 

 

612,055

 

 

 

520,198

 

 

 

17.7

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

 

28,139

 

 

 

20,873

 

 

 

34.8

 

 

 

80,654

 

 

 

49,181

 

 

 

64.0

 

 

Money market deposits

 

 

19,609

 

 

 

10,841

 

 

 

80.9

 

 

 

54,166

 

 

 

22,313

 

 

 

142.8

 

 

Savings deposits

 

 

8,246

 

 

 

6,699

 

 

 

23.1

 

 

 

23,796

 

 

 

16,559

 

 

 

43.7

 

 

Certificates of deposit

 

 

14,284

 

 

 

5,983

 

 

 

138.7

 

 

 

36,513

 

 

 

10,092

 

 

 

261.8

 

 

Total interest expense on deposits

 

 

70,278

 

 

 

44,396

 

 

 

58.3

 

 

 

195,129

 

 

 

98,145

 

 

 

98.8

 

 

Federal Home Loan Bank borrowings

 

 

17,147

 

 

 

16,463

 

 

 

4.2

 

 

 

50,374

 

 

 

44,477

 

 

 

13.3

 

 

Other short-term borrowings

 

 

1,092

 

 

 

745

 

 

 

46.6

 

 

 

2,662

 

 

 

1,654

 

 

 

60.9

 

 

Subordinated debt and junior subordinated debt

 

 

4,070

 

 

 

4,303

 

 

 

(5.4

)

 

 

12,189

 

 

 

12,342

 

 

 

(1.2

)

 

Total interest expense

 

 

92,587

 

 

 

65,907

 

 

 

40.5

 

 

 

260,354

 

 

 

156,618

 

 

 

66.2

 

 

Net interest income

 

 

121,142

 

 

 

117,682

 

 

 

2.9

 

 

 

351,701

 

 

 

363,580

 

 

 

(3.3

)

 

Provision for credit losses

 

 

4,798

 

 

 

6,327

 

 

 

(24.2

)

 

 

19,352

 

 

 

12,932

 

 

 

49.6

 

 

Net interest income after provision for credit losses

 

 

116,344

 

 

 

111,355

 

 

 

4.5

 

 

 

332,349

 

 

 

350,648

 

 

 

(5.2

)

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

7,517

 

 

 

6,705

 

 

 

12.1

 

 

 

22,902

 

 

 

21,116

 

 

 

8.5

 

 

Service charges on deposits

 

 

7,945

 

 

 

6,726

 

 

 

18.1

 

 

 

21,841

 

 

 

19,128

 

 

 

14.2

 

 

Digital banking income

 

 

5,084

 

 

 

4,949

 

 

 

2.7

 

 

 

14,828

 

 

 

14,564

 

 

 

1.8

 

 

Net swap fee and valuation (loss) / income

 

 

(627

)

 

 

3,845

 

 

 

(116.3

)

 

 

2,712

 

 

 

7,257

 

 

 

(62.6

)

 

Net securities brokerage revenue

 

 

2,659

 

 

 

2,394

 

 

 

11.1

 

 

 

7,808

 

 

 

7,492

 

 

 

4.2

 

 

Bank-owned life insurance

 

 

2,173

 

 

 

2,398

 

 

 

(9.4

)

 

 

7,032

 

 

 

7,547

 

 

 

(6.8

)

 

Mortgage banking income

 

 

1,280

 

 

 

975

 

 

 

31.3

 

 

 

3,042

 

 

 

2,002

 

 

 

51.9

 

 

Net securities gains

 

 

675

 

 

 

(337

)

 

 

300.3

 

 

 

1,347

 

 

 

13

 

 

NM

 

 

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

 

 

(239

)

 

 

(28

)

 

 

(753.6

)

 

 

(51

)

 

 

1,075

 

 

 

(104.7

)

 

Other income

 

 

3,145

 

 

 

3,252

 

 

 

(3.3

)

 

 

10,135

 

 

 

10,178

 

 

 

(0.4

)

 

Total non-interest income

 

 

29,612

 

 

 

30,879

 

 

 

(4.1

)

 

 

91,596

 

 

 

90,372

 

 

 

1.4

 

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

44,890

 

 

 

45,351

 

 

 

(1.0

)

 

 

131,879

 

 

 

131,774

 

 

 

0.1

 

 

Employee benefits

 

 

11,522

 

 

 

11,922

 

 

 

(3.4

)

 

 

34,284

 

 

 

35,492

 

 

 

(3.4

)

 

Net occupancy

 

 

6,226

 

 

 

6,146

 

 

 

1.3

 

 

 

19,158

 

 

 

18,921

 

 

 

1.3

 

 

Equipment and software

 

 

10,157

 

 

 

9,132

 

 

 

11.2

 

 

 

30,622

 

 

 

27,018

 

 

 

13.3

 

 

Marketing

 

 

2,977

 

 

 

3,115

 

 

 

(4.4

)

 

 

7,233

 

 

 

8,203

 

 

 

(11.8

)

 

FDIC insurance

 

 

3,604

 

 

 

3,125

 

 

 

15.3

 

 

 

10,576

 

 

 

8,880

 

 

 

19.1

 

 

Amortization of intangible assets

 

 

2,053

 

 

 

2,262

 

 

 

(9.2

)

 

 

6,217

 

 

 

6,845

 

 

 

(9.2

)

 

Restructuring and merger-related expense

 

 

1,977

 

 

 

641

 

 

 

208.4

 

 

 

5,755

 

 

 

3,830

 

 

 

50.3

 

 

Other operating expenses

 

 

17,777

 

 

 

16,245

 

 

 

9.4

 

 

 

55,044

 

 

 

49,535

 

 

 

11.1

 

 

Total non-interest expense

 

 

101,183

 

 

 

97,939

 

 

 

3.3

 

 

 

300,768

 

 

 

290,498

 

 

 

3.5

 

 

Income before provision for income taxes

 

 

44,773

 

 

 

44,295

 

 

 

1.1

 

 

 

123,177

 

 

 

150,522

 

 

 

(18.2

)

 

Provision for income taxes

 

 

7,501

 

 

 

7,453

 

 

 

0.6

 

 

 

21,296

 

 

 

26,458

 

 

 

(19.5

)

 

Net Income

 

 

37,272

 

 

 

36,842

 

 

 

1.2

 

 

 

101,881

 

 

 

124,064

 

 

 

(17.9

)

 

Preferred stock dividends

 

 

2,531

 

 

 

2,531

 

 

 

-

 

 

 

7,594

 

 

 

7,594

 

 

 

-

 

 

Net income available to common shareholders

 

$

34,741

 

 

$

34,311

 

 

 

1.3

 

 

$

94,287

 

 

$

116,470

 

 

 

(19.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent net interest income

 

$

122,338

 

 

$

118,926

 

 

 

2.9

 

 

$

355,327

 

 

$

367,352

 

 

 

(3.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share - basic

 

$

0.54

 

 

$

0.58

 

 

 

(6.9

)

 

$

1.54

 

 

$

1.96

 

 

 

(21.4

)

 

Net income per common share - diluted

 

 

0.54

 

 

 

0.58

 

 

 

(6.9

)

 

 

1.54

 

 

 

1.96

 

 

 

(21.4

)

 

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

 

 

0.56

 

 

 

0.59

 

 

 

(5.1

)

 

 

1.61

 

 

 

2.01

 

 

 

(19.9

)

 

Dividends declared

 

 

0.36

 

 

 

0.35

 

 

 

2.9

 

 

 

1.08

 

 

 

1.05

 

 

 

2.9

 

 

Book value (period end)

 

 

39.73

 

 

 

38.80

 

 

 

2.4

 

 

 

39.73

 

 

 

38.80

 

 

 

2.4

 

 

Tangible book value (period end) (1)

 

 

22.99

 

 

 

19.82

 

 

 

16.0

 

 

 

22.99

 

 

 

19.82

 

 

 

16.0

 

 

Average common shares outstanding - basic

 

 

64,488,962

 

 

 

59,358,653

 

 

 

8.6

 

 

 

61,143,452

 

 

 

59,280,644

 

 

 

3.1

 

 

Average common shares outstanding - diluted

 

 

64,634,208

 

 

 

59,443,366

 

 

 

8.7

 

 

 

61,272,602

 

 

 

59,386,429

 

 

 

3.2

 

 

Period end common shares outstanding

 

 

66,871,479

 

 

 

59,364,696

 

 

 

12.6

 

 

 

66,871,479

 

 

 

59,364,696

 

 

 

12.6

 

 

Period end preferred shares outstanding

 

 

150,000

 

 

 

150,000

 

 

 

-

 

 

 

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.

 

 

 

 

 

 

 

 

NM - Not Meaningful

 

 

 

 

 

 

 

 

 

 

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Selected ratios

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended

 

 

 

 

September 30,

 

 

 

 

2024

 

 

2023

 

 

% Change

 

 

 

Return on average assets

 

0.70

 

%

 

0.91

 

%

 

(23.08

)

%

 

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

 

0.73

 

 

 

0.93

 

 

 

(21.51

)

 

 

Return on average equity

 

4.84

 

 

 

6.29

 

 

 

(23.05

)

 

 

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

 

5.07

 

 

 

6.45

 

 

 

(21.40

)

 

 

Return on average tangible equity (1)

 

8.96

 

 

 

12.09

 

 

 

(25.89

)

 

 

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

 

9.37

 

 

 

12.39

 

 

 

(24.37

)

 

 

Return on average tangible common equity (1)

 

9.93

 

 

 

13.55

 

 

 

(26.72

)

 

 

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

 

10.38

 

 

 

13.88

 

 

 

(25.22

)

 

 

Yield on earning assets (2)

 

5.09

 

 

 

4.55

 

 

 

11.87

 

 

 

Cost of interest bearing liabilities

 

3.10

 

 

 

2.08

 

 

 

49.04

 

 

 

Net interest spread (2)

 

1.99

 

 

 

2.47

 

 

 

(19.43

)

 

 

Net interest margin (2)

 

2.94

 

 

 

3.19

 

 

 

(7.84

)

 

 

Efficiency (1) (2)

 

66.01

 

 

 

62.63

 

 

 

5.40

 

 

 

Average loans to average deposits

 

89.56

 

 

 

85.25

 

 

 

5.06

 

 

 

Annualized net loan charge-offs/average loans

 

0.11

 

 

 

0.03

 

 

 

266.67

 

 

 

Effective income tax rate

 

17.29

 

 

 

17.58

 

 

 

(1.65

)

 

 

 

For the Three Months Ended

 

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

Return on average assets

 

0.76

 

%

 

0.59

 

%

 

0.75

 

%

 

0.74

 

%

 

0.78

 

%

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

 

0.79

 

 

 

0.66

 

 

 

0.75

 

 

 

0.74

 

 

 

0.80

 

 

Return on average equity

 

5.09

 

 

 

4.17

 

 

 

5.24

 

 

 

5.21

 

 

 

5.49

 

 

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

 

5.32

 

 

 

4.65

 

 

 

5.24

 

 

 

5.21

 

 

 

5.57

 

 

Return on average tangible equity (1)

 

9.07

 

 

 

7.93

 

 

 

9.85

 

 

 

10.11

 

 

 

10.60

 

 

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

 

9.46

 

 

 

8.78

 

 

 

9.85

 

 

 

10.11

 

 

 

10.75

 

 

Return on average tangible common equity (1)

 

9.97

 

 

 

8.83

 

 

 

10.96

 

 

 

11.32

 

 

 

11.87

 

 

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

 

10.40

 

 

 

9.77

 

 

 

10.96

 

 

 

11.32

 

 

 

12.03

 

 

Yield on earning assets (2)

 

5.19

 

 

 

5.11

 

 

 

4.98

 

 

 

4.88

 

 

 

4.72

 

 

Cost of interest bearing liabilities

 

3.21

 

 

 

3.12

 

 

 

2.98

 

 

 

2.76

 

 

 

2.52

 

 

Net interest spread (2)

 

1.98

 

 

 

1.99

 

 

 

2.00

 

 

 

2.12

 

 

 

2.20

 

 

Net interest margin (2)

 

2.95

 

 

 

2.95

 

 

 

2.92

 

 

 

3.02

 

 

 

3.03

 

 

Efficiency (1) (2)

 

65.29

 

 

 

66.11

 

 

 

66.65

 

 

 

66.75

 

 

 

64.95

 

 

Average loans to average deposits

 

90.58

 

 

 

89.40

 

 

 

88.67

 

 

 

87.07

 

 

 

86.79

 

 

Annualized net loan charge-offs and recoveries /average loans

 

0.05

 

 

 

0.07

 

 

 

0.20

 

 

 

0.06

 

 

 

0.01

 

 

Effective income tax rate

 

16.75

 

 

 

17.42

 

 

 

17.74

 

 

 

19.66

 

 

 

16.83

 

 

Trust and Investment Services assets under management (3)

$

6,061

 

 

$

5,633

 

 

$

5,601

 

 

$

5,360

 

 

$

4,982

 

 

Broker-dealer securities account values (including annuities) (3)

$

1,853

 

 

$

1,780

 

 

$

1,751

 

 

$

1,686

 

 

$

1,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

(3) Represents market value at period end, in millions.

 

 

 

 

 

 

 

 

 

 

WESBANCO, INC.

 

Consolidated Selected Financial Highlights

 

(unaudited, dollars in thousands, except shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% Change

 

 

 

 

September 30,

 

 

 

 

December 31,

 

December 31, 2023

 

 

Balance sheets

 

2024

 

 

2023

 

 

% Change

 

2023

 

to Sept. 30, 2024

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

172,221

 

 

$

153,012

 

 

 

12.6

 

$

158,504

 

 

8.7

 

 

Due from banks - interest bearing

 

 

448,676

 

 

 

342,070

 

 

 

31.2

 

 

436,879

 

 

2.7

 

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

13,355

 

 

 

11,453

 

 

 

16.6

 

 

12,320

 

 

8.4

 

 

Available-for-sale debt securities, at fair value

 

 

2,228,527

 

 

 

2,196,141

 

 

 

1.5

 

 

2,194,329

 

 

1.6

 

 

Held-to-maturity debt securities (fair values of $1,052,781, $998,987 and $1,069,159, respectively)

 

 

1,162,359

 

 

 

1,210,992

 

 

 

(4.0

)

 

1,199,527

 

 

(3.1

)

 

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

 

 

(148

)

 

 

(180

)

 

 

17.8

 

 

(192

)

 

22.9

 

 

Net held-to-maturity debt securities

 

 

1,162,211

 

 

 

1,210,812

 

 

 

(4.0

)

 

1,199,335

 

 

(3.1

)

 

Total securities

 

 

3,404,093

 

 

 

3,418,406

 

 

 

(0.4

)

 

3,405,984

 

 

(0.1

)

 

Loans held for sale

 

 

22,127

 

 

 

17,677

 

 

 

25.2

 

 

16,354

 

 

35.3

 

 

Portfolio loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

 

7,206,271

 

 

 

6,387,183

 

 

 

12.8

 

 

6,565,448

 

 

9.8

 

 

Commercial and industrial

 

 

1,717,369

 

 

 

1,587,611

 

 

 

8.2

 

 

1,670,659

 

 

2.8

 

 

Residential real estate

 

 

2,519,089

 

 

 

2,392,531

 

 

 

5.3

 

 

2,438,574

 

 

3.3

 

 

Home equity

 

 

796,594

 

 

 

715,186

 

 

 

11.4

 

 

734,219

 

 

8.5

 

 

Consumer

 

 

212,107

 

 

 

233,362

 

 

 

(9.1

)

 

229,561

 

 

(7.6

)

 

Total portfolio loans, net of unearned income

 

 

12,451,430

 

 

 

11,315,873

 

 

 

10.0

 

 

11,638,461

 

 

7.0

 

 

Allowance for credit losses - loans

 

 

(140,872

)

 

 

(126,615

)

 

 

(11.3

)

 

(130,675

)

 

(7.8

)

 

Net portfolio loans

 

 

12,310,558

 

 

 

11,189,258

 

 

 

10.0

 

 

11,507,786

 

 

7.0

 

 

Premises and equipment, net

 

 

222,005

 

 

 

226,377

 

 

 

(1.9

)

 

233,571

 

 

(5.0

)

 

Accrued interest receivable

 

 

79,465

 

 

 

73,014

 

 

 

8.8

 

 

77,435

 

 

2.6

 

 

Goodwill and other intangible assets, net

 

 

1,126,050

 

 

 

1,134,510

 

 

 

(0.7

)

 

1,132,267

 

 

(0.5

)

 

Bank-owned life insurance

 

 

358,701

 

 

 

356,962

 

 

 

0.5

 

 

355,033

 

 

1.0

 

 

Other assets

 

 

370,273

 

 

 

433,091

 

 

 

(14.5

)

 

388,561

 

 

(4.7

)

 

Total Assets

 

$

18,514,169

 

 

$

17,344,377

 

 

 

6.7

 

$

17,712,374

 

 

4.5

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest bearing demand

 

$

3,777,781

 

 

$

4,169,956

 

 

 

(9.4

)

$

3,962,592

 

 

(4.7

)

 

Interest bearing demand

 

 

3,667,082

 

 

 

3,278,956

 

 

 

11.8

 

 

3,463,443

 

 

5.9

 

 

Money market

 

 

2,347,444

 

 

 

1,905,001

 

 

 

23.2

 

 

2,017,713

 

 

16.3

 

 

Savings deposits

 

 

2,381,542

 

 

 

2,559,894

 

 

 

(7.0

)

 

2,493,254

 

 

(4.5

)

 

Certificates of deposit

 

 

1,663,494

 

 

 

1,176,421

 

 

 

41.4

 

 

1,231,702

 

 

35.1

 

 

Total deposits

 

 

13,837,343

 

 

 

13,090,228

 

 

 

5.7

 

 

13,168,704

 

 

5.1

 

 

Federal Home Loan Bank borrowings

 

 

1,175,000

 

 

 

1,125,000

 

 

 

4.4

 

 

1,350,000

 

 

(13.0

)

 

Other short-term borrowings

 

 

140,641

 

 

 

106,693

 

 

 

31.8

 

 

105,893

 

 

32.8

 

 

Subordinated debt and junior subordinated debt

 

 

279,251

 

 

 

282,079

 

 

 

(1.0

)

 

279,078

 

 

0.1

 

 

Total borrowings

 

 

1,594,892

 

 

 

1,513,772

 

 

 

5.4

 

 

1,734,971

 

 

(8.1

)

 

Accrued interest payable

 

 

16,406

 

 

 

11,416

 

 

 

43.7

 

 

11,121

 

 

47.5

 

 

Other liabilities

 

 

263,943

 

 

 

281,020

 

 

 

(6.1

)

 

264,516

 

 

(0.2

)

 

Total Liabilities

 

 

15,712,584

 

 

 

14,896,436

 

 

 

5.5

 

 

15,179,312

 

 

3.5

 

 

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; 75,354,034, 68,081,306, and 68,081,306 shares issued; 66,871,479, 59,364,696 and 59,376,435 shares outstanding, respectively

 

 

156,985

 

 

 

141,834

 

 

 

10.7

 

 

141,834

 

 

10.7

 

 

Capital surplus

 

 

1,808,272

 

 

 

1,633,395

 

 

 

10.7

 

 

1,635,859

 

 

10.5

 

 

Retained earnings

 

 

1,169,808

 

 

 

1,131,597

 

 

 

3.4

 

 

1,142,586

 

 

2.4

 

 

Treasury stock (8,482,555, 8,716,610 and 8,704,871 shares - at cost, respectively)

 

 

(294,079

)

 

 

(303,424

)

 

 

3.1

 

 

(302,995

)

 

2.9

 

 

Accumulated other comprehensive loss

 

 

(181,804

)

 

 

(297,906

)

 

 

39.0

 

 

(226,693

)

 

19.8

 

 

Deferred benefits for directors

 

 

(2,081

)

 

 

(2,039

)

 

 

(2.1

)

 

(2,013

)

 

(3.4

)

 

Total Shareholders' Equity

 

 

2,801,585

 

 

 

2,447,941

 

 

 

14.4

 

 

2,533,062

 

 

10.6

 

 

Total Liabilities and Shareholders' Equity

 

$

18,514,169

 

 

$

17,344,377

 

 

 

6.7

 

$

17,712,374

 

 

4.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WESBANCO, INC.

 

Consolidated Selected Financial Highlights

 

(unaudited, dollars in thousands, except shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

June 30,

 

 

 

 

 

Balance sheets

 

2024

 

 

2024

 

 

% Change

 

 

Assets

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

172,221

 

 

$

173,816

 

 

 

(0.9

)

 

Due from banks - interest bearing

 

 

448,676

 

 

 

312,973

 

 

 

43.4

 

 

Securities:

 

 

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

13,355

 

 

 

13,091

 

 

 

2.0

 

 

Available-for-sale debt securities, at fair value

 

 

2,228,527

 

 

 

2,102,123

 

 

 

6.0

 

 

Held-to-maturity (fair values of $1,052,781; and $1,028,432, respectively)

 

 

1,162,359

 

 

 

1,179,684

 

 

 

(1.5

)

 

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

 

 

(148

)

 

 

(163

)

 

 

9.2

 

 

Net held-to-maturity debt securities

 

 

1,162,211

 

 

 

1,179,521

 

 

 

(1.5

)

 

Total securities

 

 

3,404,093

 

 

 

3,294,735

 

 

 

3.3

 

 

Loans held for sale

 

 

22,127

 

 

 

25,433

 

 

 

(13.0

)

 

Portfolio loans:

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

 

7,206,271

 

 

 

6,998,888

 

 

 

3.0

 

 

Commercial and industrial

 

 

1,717,369

 

 

 

1,760,479

 

 

 

(2.4

)

 

Residential real estate

 

 

2,519,089

 

 

 

2,506,957

 

 

 

0.5

 

 

Home equity

 

 

796,594

 

 

 

770,599

 

 

 

3.4

 

 

Consumer

 

 

212,107

 

 

 

220,588

 

 

 

(3.8

)

 

Total portfolio loans, net of unearned income

 

 

12,451,430

 

 

 

12,257,511

 

 

 

1.6

 

 

Allowance for credit losses - loans

 

 

(140,872

)

 

 

(136,509

)

 

 

(3.2

)

 

Net portfolio loans

 

 

12,310,558

 

 

 

12,121,002

 

 

 

1.6

 

 

Premises and equipment, net

 

 

222,005

 

 

 

222,266

 

 

 

(0.1

)

 

Accrued interest receivable

 

 

79,465

 

 

 

79,759

 

 

 

(0.4

)

 

Goodwill and other intangible assets, net

 

 

1,126,050

 

 

 

1,128,103

 

 

 

(0.2

)

 

Bank-owned life insurance

 

 

358,701

 

 

 

358,682

 

 

 

0.0

 

 

Other assets

 

 

370,273

 

 

 

411,606

 

 

 

(10.0

)

 

Total Assets

 

$

18,514,169

 

 

$

18,128,375

 

 

 

2.1

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Non-interest bearing demand

 

$

3,777,781

 

 

$

3,826,249

 

 

 

(1.3

)

 

Interest bearing demand

 

 

3,667,082

 

 

 

3,505,651

 

 

 

4.6

 

 

Money market

 

 

2,347,444

 

 

 

2,283,294

 

 

 

2.8

 

 

Savings deposits

 

 

2,381,542

 

 

 

2,429,241

 

 

 

(2.0

)

 

Certificates of deposit

 

 

1,663,494

 

 

 

1,387,938

 

 

 

19.9

 

 

Total deposits

 

 

13,837,343

 

 

 

13,432,373

 

 

 

3.0

 

 

Federal Home Loan Bank borrowings

 

 

1,175,000

 

 

 

1,475,000

 

 

 

(20.3

)

 

Other short-term borrowings

 

 

140,641

 

 

 

105,757

 

 

 

33.0

 

 

Subordinated debt and junior subordinated debt

 

 

279,251

 

 

 

279,193

 

 

 

0.0

 

 

Total borrowings

 

 

1,594,892

 

 

 

1,859,950

 

 

 

(14.3

)

 

Accrued interest payable

 

 

16,406

 

 

 

15,393

 

 

 

6.6

 

 

Other liabilities

 

 

263,943

 

 

 

276,380

 

 

 

(4.5

)

 

Total Liabilities

 

 

15,712,584

 

 

 

15,584,096

 

 

 

0.8

 

 

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

 

 

 

-

 

 

Common stock, $2.0833 par value; 100,000,000 shares authorized; 75,354,034 and 68,081,306 shares issued; 66,871,479 and 59,355,062 shares outstanding, respectively

 

 

156,985

 

 

 

141,834

 

 

 

10.7

 

 

Capital surplus

 

 

1,808,272

 

 

 

1,630,830

 

 

 

10.9

 

 

Retained earnings

 

 

1,169,808

 

 

 

1,159,217

 

 

 

0.9

 

 

Treasury stock (8,482,555 and 8,726,244 shares - at cost, respectively)

 

 

(294,079

)

 

 

(294,818

)

 

 

0.3

 

 

Accumulated other comprehensive loss

 

 

(181,804

)

 

 

(235,208

)

 

 

22.7

 

 

Deferred benefits for directors

 

 

(2,081

)

 

 

(2,060

)

 

 

(1.0

)

 

Total Shareholders' Equity

 

 

2,801,585

 

 

 

2,544,279

 

 

 

10.1

 

 

Total Liabilities and Shareholders' Equity

 

$

18,514,169

 

 

$

18,128,375

 

 

 

2.1

 

 

 

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30,

 

 

 

For the Nine Months Ended September 30,

 

 

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

Average balance sheet and net interest margin analysis

 

Average

 

Average

 

 

 

Average

 

Average

 

 

 

Average

 

Average

 

 

 

Average

 

Average

 

 

 

 

 

Balance

 

Rate

 

 

 

Balance

 

Rate

 

 

 

Balance

 

Rate

 

 

 

Balance

 

Rate

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Due from banks - interest bearing

 

$

435,417

 

 

5.64

 

%

 

$

341,206

 

 

5.21

 

%

 

$

388,064

 

 

5.65

 

%

 

$

353,312

 

 

5.18

 

%

 

Loans, net of unearned income (1)

 

 

12,355,547

 

 

5.93

 

 

 

 

11,271,211

 

 

5.46

 

 

 

 

12,057,841

 

 

5.83

 

 

 

 

11,012,054

 

 

5.27

 

 

 

Securities: (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

2,863,374

 

 

2.45

 

 

 

 

3,100,769

 

 

2.31

 

 

 

 

2,885,072

 

 

2.41

 

 

 

 

3,199,826

 

 

2.33

 

 

 

Tax-exempt (3)

 

 

745,517

 

 

3.04

 

 

 

 

778,069

 

 

3.02

 

 

 

 

752,795

 

 

3.06

 

 

 

 

788,250

 

 

3.05

 

 

 

Total securities

 

 

3,608,891

 

 

2.57

 

 

 

 

3,878,838

 

 

2.46

 

 

 

 

3,637,867

 

 

2.54

 

 

 

 

3,988,076

 

 

2.47

 

 

 

Other earning assets

 

 

63,187

 

 

7.51

 

 

 

 

60,963

 

 

7.41

 

 

 

 

60,073

 

 

7.68

 

 

 

 

56,207

 

 

5.53

 

 

 

Total earning assets (3)

 

 

16,463,042

 

 

5.19

 

%

 

 

15,552,218

 

 

4.72

 

%

 

 

16,143,845

 

 

5.09

 

%

 

 

15,409,649

 

 

4.55

 

%

 

Other assets

 

 

1,832,541

 

 

 

 

 

 

1,789,741

 

 

 

 

 

 

1,820,755

 

 

 

 

 

 

1,793,998

 

 

 

 

 

Total Assets

 

$

18,295,583

 

 

 

 

 

$

17,341,959

 

 

 

 

 

$

17,964,600

 

 

 

 

 

$

17,203,647

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

$

3,624,061

 

 

3.09

 

%

 

$

3,294,370

 

 

2.51

 

%

 

$

3,551,076

 

 

3.03

 

%

 

$

3,185,340

 

 

2.06

 

%

 

Money market accounts

 

 

2,295,192

 

 

3.40

 

 

 

 

1,797,562

 

 

2.39

 

 

 

 

2,203,768

 

 

3.28

 

 

 

 

1,689,350

 

 

1.77

 

 

 

Savings deposits

 

 

2,403,806

 

 

1.36

 

 

 

 

2,604,075

 

 

1.02

 

 

 

 

2,442,015

 

 

1.30

 

 

 

 

2,702,050

 

 

0.82

 

 

 

Certificates of deposit

 

 

1,500,816

 

 

3.79

 

 

 

 

1,065,140

 

 

2.23

 

 

 

 

1,388,115

 

 

3.51

 

 

 

 

947,404

 

 

1.42

 

 

 

Total interest bearing deposits

 

 

9,823,875

 

 

2.85

 

 

 

 

8,761,147

 

 

2.01

 

 

 

 

9,584,974

 

 

2.72

 

 

 

 

8,524,144

 

 

1.54

 

 

 

Federal Home Loan Bank borrowings

 

 

1,256,250

 

 

5.43

 

 

 

 

1,212,554

 

 

5.39

 

 

 

 

1,228,832

 

 

5.48

 

 

 

 

1,157,821

 

 

5.14

 

 

 

Repurchase agreements

 

 

122,159

 

 

3.56

 

 

 

 

112,233

 

 

2.63

 

 

 

 

107,565

 

 

3.31

 

 

 

 

116,159

 

 

1.90

 

 

 

Subordinated debt and junior subordinated debt

 

 

279,218

 

 

5.80

 

 

 

 

281,943

 

 

6.06

 

 

 

 

279,160

 

 

5.83

 

 

 

 

281,715

 

 

5.86

 

 

 

Total interest bearing liabilities (4)

 

 

11,481,502

 

 

3.21

 

%

 

 

10,367,877

 

 

2.52

 

%

 

 

11,200,531

 

 

3.10

 

%

 

 

10,079,839

 

 

2.08

 

%

 

Non-interest bearing demand deposits

 

 

3,817,184

 

 

 

 

 

 

4,225,529

 

 

 

 

 

 

3,878,063

 

 

 

 

 

 

4,393,714

 

 

 

 

 

Other liabilities

 

 

281,436

 

 

 

 

 

 

269,891

 

 

 

 

 

 

284,172

 

 

 

 

 

 

253,410

 

 

 

 

 

Shareholders' equity

 

 

2,715,461

 

 

 

 

 

 

2,478,662

 

 

 

 

 

 

2,601,834

 

 

 

 

 

 

2,476,684

 

 

 

 

 

Total Liabilities and Shareholders' Equity

 

$

18,295,583

 

 

 

 

 

$

17,341,959

 

 

 

 

 

$

17,964,600

 

 

 

 

 

$

17,203,647

 

 

 

 

 

Taxable equivalent net interest spread

 

 

 

 

1.98

 

%

 

 

 

 

2.20

 

%

 

 

 

 

1.99

 

%

 

 

 

 

2.47

 

%

 

Taxable equivalent net interest margin

 

 

 

 

2.95

 

%

 

 

 

 

3.03

 

%

 

 

 

 

2.94

 

%

 

 

 

 

3.19

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Gross of allowance for credit losses, net of unearned income and includes non-accrual and loans held for sale. Loan fees included in interest income on loans were $0.5 million and $0.8 million for the three months ended September 30, 2024 and 2023, respectively, and were $1.8 million and $1.9 million for the nine months ended September 30, 2024 and 2023. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $0.8 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $2.3 million and $3.5 million for the nine months ended September 30, 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 $7 thousand and $35 thousand for the three months ended September 30, 2024 and 2023, respectively, and $0.2 million and $0.3 million for the nine months ended September 30, 2024 and 2023, respectively.

 

 

WESBANCO, INC.

 

Consolidated Selected Financial Highlights

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

Sept. 30,

 

 

June 30,

 

 

March 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

Statement of Income

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

184,215

 

 

$

175,361

 

 

$

166,974

 

 

$

162,498

 

 

$

155,206

 

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

17,651

 

 

 

16,929

 

 

 

17,404

 

 

 

17,798

 

 

 

18,082

 

 

Tax-exempt

 

 

4,498

 

 

 

4,556

 

 

 

4,586

 

 

 

4,639

 

 

 

4,679

 

 

Total interest and dividends on securities

 

 

22,149

 

 

 

21,485

 

 

 

21,990

 

 

 

22,437

 

 

 

22,761

 

 

Other interest income

 

 

7,365

 

 

 

6,147

 

 

 

6,369

 

 

 

6,383

 

 

 

5,622

 

 

Total interest and dividend income

 

 

213,729

 

 

 

202,993

 

 

 

195,333

 

 

 

191,318

 

 

 

183,589

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

 

28,139

 

 

 

26,925

 

 

 

25,590

 

 

 

23,686

 

 

 

20,873

 

 

Money market deposits

 

 

19,609

 

 

 

18,443

 

 

 

16,114

 

 

 

14,302

 

 

 

10,841

 

 

Savings deposits

 

 

8,246

 

 

 

7,883

 

 

 

7,667

 

 

 

7,310

 

 

 

6,699

 

 

Certificates of deposit

 

 

14,284

 

 

 

11,982

 

 

 

10,247

 

 

 

8,380

 

 

 

5,983

 

 

Total interest expense on deposits

 

 

70,278

 

 

 

65,233

 

 

 

59,618

 

 

 

53,678

 

 

 

44,396

 

 

Federal Home Loan Bank borrowings

 

 

17,147

 

 

 

16,227

 

 

 

17,000

 

 

 

14,841

 

 

 

16,463

 

 

Other short-term borrowings

 

 

1,092

 

 

 

896

 

 

 

674

 

 

 

891

 

 

 

745

 

 

Subordinated debt and junior subordinated debt

 

 

4,070

 

 

 

4,044

 

 

 

4,075

 

 

 

4,150

 

 

 

4,303

 

 

Total interest expense

 

 

92,587

 

 

 

86,400

 

 

 

81,367

 

 

 

73,560

 

 

 

65,907

 

 

Net interest income

 

 

121,142

 

 

 

116,593

 

 

 

113,966

 

 

 

117,758

 

 

 

117,682

 

 

Provision for credit losses

 

 

4,798

 

 

 

10,541

 

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

Net interest income after provision for credit losses

 

 

116,344

 

 

 

106,052

 

 

 

109,952

 

 

 

112,955

 

 

 

111,355

 

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

7,517

 

 

 

7,303

 

 

 

8,082

 

 

 

7,019

 

 

 

6,705

 

 

Service charges on deposits

 

 

7,945

 

 

 

7,111

 

 

 

6,784

 

 

 

6,989

 

 

 

6,726

 

 

Digital banking income

 

 

5,084

 

 

 

5,040

 

 

 

4,704

 

 

 

4,890

 

 

 

4,949

 

 

Net swap fee and valuation (loss) / income

 

 

(627

)

 

 

1,776

 

 

 

1,563

 

 

 

(345

)

 

 

3,845

 

 

Net securities brokerage revenue

 

 

2,659

 

 

 

2,601

 

 

 

2,548

 

 

 

2,563

 

 

 

2,394

 

 

Bank-owned life insurance

 

 

2,173

 

 

 

2,791

 

 

 

2,067

 

 

 

3,455

 

 

 

2,398

 

 

Mortgage banking income

 

 

1,280

 

 

 

1,069

 

 

 

693

 

 

 

650

 

 

 

975

 

 

Net securities gains/(losses)

 

 

675

 

 

 

135

 

 

 

537

 

 

 

887

 

 

 

(337

)

 

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

 

 

(239

)

 

 

34

 

 

 

154

 

 

 

445

 

 

 

(28

)

 

Other income

 

 

3,145

 

 

 

3,495

 

 

 

3,497

 

 

 

3,521

 

 

 

3,252

 

 

Total non-interest income

 

 

29,612

 

 

 

31,355

 

 

 

30,629

 

 

 

30,074

 

 

 

30,879

 

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

44,890

 

 

 

43,991

 

 

 

42,997

 

 

 

45,164

 

 

 

45,351

 

 

Employee benefits

 

 

11,522

 

 

 

10,579

 

 

 

12,184

 

 

 

11,409

 

 

 

11,922

 

 

Net occupancy

 

 

6,226

 

 

 

6,309

 

 

 

6,623

 

 

 

6,417

 

 

 

6,146

 

 

Equipment and software

 

 

10,157

 

 

 

10,457

 

 

 

10,008

 

 

 

9,648

 

 

 

9,132

 

 

Marketing

 

 

2,977

 

 

 

2,371

 

 

 

1,885

 

 

 

2,975

 

 

 

3,115

 

 

FDIC insurance

 

 

3,604

 

 

 

3,523

 

 

 

3,448

 

 

 

3,369

 

 

 

3,125

 

 

Amortization of intangible assets

 

 

2,053

 

 

 

2,072

 

 

 

2,092

 

 

 

2,243

 

 

 

2,262

 

 

Restructuring and merger-related expense

 

 

1,977

 

 

 

3,777

 

 

 

-

 

 

 

-

 

 

 

641

 

 

Other operating expenses

 

 

17,777

 

 

 

19,313

 

 

 

17,954

 

 

 

18,278

 

 

 

16,245

 

 

Total non-interest expense

 

 

101,183

 

 

 

102,392

 

 

 

97,191

 

 

 

99,503

 

 

 

97,939

 

 

Income before provision for income taxes

 

 

44,773

 

 

 

35,015

 

 

 

43,390

 

 

 

43,526

 

 

 

44,295

 

 

Provision for income taxes

 

 

7,501

 

 

 

6,099

 

 

 

7,697

 

 

 

8,558

 

 

 

7,453

 

 

Net Income

 

 

37,272

 

 

 

28,916

 

 

 

35,693

 

 

 

34,968

 

 

 

36,842

 

 

Preferred stock dividends

 

 

2,531

 

 

 

2,531

 

 

 

2,531

 

 

 

2,531

 

 

 

2,531

 

 

Net income available to common shareholders

 

$

34,741

 

 

$

26,385

 

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable equivalent net interest income

 

$

122,338

 

 

$

117,804

 

 

$

115,185

 

 

$

118,991

 

 

$

118,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share - basic

 

$

0.54

 

 

$

0.44

 

 

$

0.56

 

 

$

0.55

 

 

$

0.58

 

 

Net income per common share - diluted

 

 

0.54

 

 

 

0.44

 

 

 

0.56

 

 

 

0.55

 

 

 

0.58

 

 

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

 

 

0.56

 

 

 

0.49

 

 

 

0.56

 

 

 

0.55

 

 

 

0.59

 

 

Dividends declared

 

 

0.36

 

 

 

0.36

 

 

 

0.36

 

 

 

0.36

 

 

 

0.35

 

 

Book value (period end)

 

 

39.73

 

 

 

40.28

 

 

 

40.30

 

 

 

40.23

 

 

 

38.80

 

 

Tangible book value (period end) (1)

 

 

22.99

 

 

 

21.45

 

 

 

21.39

 

 

 

21.28

 

 

 

19.82

 

 

Average common shares outstanding - basic

 

 

64,488,962

 

 

 

59,521,872

 

 

 

59,382,758

 

 

 

59,370,171

 

 

 

59,358,653

 

 

Average common shares outstanding - diluted

 

 

64,634,208

 

 

 

59,656,429

 

 

 

59,523,679

 

 

 

59,479,031

 

 

 

59,443,366

 

 

Period end common shares outstanding

 

 

66,871,479

 

 

 

59,579,310

 

 

 

59,395,777

 

 

 

59,376,435

 

 

 

59,364,696

 

 

Period end preferred shares outstanding

 

 

150,000

 

 

 

150,000

 

 

 

150,000

 

 

 

150,000

 

 

 

150,000

 

 

Full time equivalent employees

 

 

2,277

 

 

 

2,370

 

 

 

2,331

 

 

 

2,368

 

 

 

2,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

 

Sept. 30,

 

 

June 30,

 

 

March 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

 

Asset quality data

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

 

Non-performing assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

$

30,421

 

 

$

35,468

 

 

$

32,919

 

 

$

26,808

 

 

$

29,878

 

 

 

Other real estate and repossessed assets

 

 

906

 

 

 

1,328

 

 

 

1,474

 

 

 

1,497

 

 

 

1,333

 

 

 

Total non-performing assets

 

$

31,327

 

 

$

36,796

 

 

$

34,393

 

 

$

28,305

 

 

$

31,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Past due loans (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans past due 30-89 days

 

$

33,762

 

 

$

20,237

 

 

$

18,515

 

 

$

22,875

 

 

$

16,030

 

 

 

Loans past due 90 days or more

 

 

20,427

 

 

 

9,171

 

 

 

5,408

 

 

 

9,638

 

 

 

8,606

 

 

 

Total past due loans

 

$

54,189

 

 

$

29,408

 

 

$

23,923

 

 

$

32,513

 

 

$

24,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Criticized and classified loans (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Criticized loans

 

$

200,540

 

 

$

179,621

 

 

$

171,536

 

 

$

183,174

 

 

$

180,136

 

 

 

Classified loans

 

 

93,185

 

 

 

83,744

 

 

 

101,898

 

 

 

75,497

 

 

 

70,997

 

 

 

Total criticized and classified loans

 

$

293,725

 

 

$

263,365

 

 

$

273,434

 

 

$

258,671

 

 

$

251,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans past due 30-89 days / total portfolio loans

 

 

0.27

 

%

 

0.17

 

%

 

0.16

 

%

 

0.20

 

%

 

0.14

 

%

 

Loans past due 90 days or more / total portfolio loans

 

 

0.16

 

 

 

0.07

 

 

 

0.05

 

 

 

0.08

 

 

 

0.08

 

 

 

Non-performing loans / total portfolio loans

 

 

0.24

 

 

 

0.29

 

 

 

0.28

 

 

 

0.23

 

 

 

0.26

 

 

 

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

 

 

0.25

 

 

 

0.30

 

 

 

0.29

 

 

 

0.24

 

 

 

0.28

 

 

 

Non-performing assets / total assets

 

 

0.17

 

 

 

0.20

 

 

 

0.19

 

 

 

0.16

 

 

 

0.18

 

 

 

Criticized and classified loans / total portfolio loans

 

 

2.36

 

 

 

2.15

 

 

 

2.30

 

 

 

2.22

 

 

 

2.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses - loans

 

$

140,872

 

 

$

136,509

 

 

$

129,190

 

 

$

130,675

 

 

$

126,615

 

 

 

Allowance for credit losses - loan commitments

 

 

8,225

 

 

 

9,194

 

 

 

8,175

 

 

 

8,604

 

 

 

9,729

 

 

 

Provision for credit losses

 

 

4,798

 

 

 

10,541

 

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

Net loan and deposit account overdraft charge-offs and recoveries

 

 

1,420

 

 

 

2,221

 

 

 

5,935

 

 

 

1,857

 

 

 

286

 

 

 

Annualized net loan charge-offs and recoveries / average loans

 

 

0.05

 

%

 

0.07

 

%

 

0.20

 

%

 

0.06

 

%

 

0.01

 

%

 

Allowance for credit losses - loans / total portfolio loans

 

 

1.13

 

%

 

1.11

 

%

 

1.09

 

%

 

1.12

 

%

 

1.12

 

%

 

Allowance for credit losses - loans / non-performing loans

 

 

4.63

 

x

 

3.85

 

x

 

3.92

 

x

 

4.87

 

x

 

4.24

 

x

 

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

 

 

1.66

 

x

 

2.10

 

x

 

2.27

 

x

 

2.20

 

x

 

2.32

 

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

 

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

 

Capital ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier I leverage capital

 

 

10.69

 

%

 

9.72

 

%

 

9.79

 

%

 

9.87

 

%

 

9.84

 

%

 

Tier I risk-based capital

 

 

12.89

 

 

 

11.58

 

 

 

11.87

 

 

 

12.05

 

 

 

12.07

 

 

 

Total risk-based capital

 

 

15.74

 

 

 

14.45

 

 

 

14.76

 

 

 

14.91

 

 

 

14.97

 

 

 

Common equity tier 1 capital ratio (CET 1)

 

 

11.89

 

 

 

10.58

 

 

 

10.84

 

 

 

10.99

 

 

 

11.00

 

 

 

Average shareholders' equity to average assets

 

 

14.84

 

 

 

14.21

 

 

 

14.38

 

 

 

14.17

 

 

 

14.29

 

 

 

Tangible equity to tangible assets (3)

 

 

9.67

 

 

 

8.37

 

 

 

8.50

 

 

 

8.49

 

 

 

8.15

 

 

 

Tangible common equity to tangible assets (3)

 

 

8.84

 

 

 

7.52

 

 

 

7.63

 

 

 

7.62

 

 

 

7.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

Year to Date

 

 

 

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

Sept. 30,

 

 

 

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

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2024

 

2023

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

34,741

 

 

$

26,385

 

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

94,287

 

$

116,470

 

 

 

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

 

 

1,562

 

 

 

2,984

 

 

 

-

 

 

 

-

 

 

 

506

 

 

 

4,546

 

 

3,026

 

 

 

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

 

 

36,303

 

 

 

29,369

 

 

 

33,162

 

 

 

32,437

 

 

 

34,817

 

 

 

98,833

 

 

119,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

$

18,295,583

 

 

$

17,890,314

 

 

$

17,704,265

 

 

$

17,426,111

 

 

$

17,341,959

 

 

$

17,964,600

 

$

17,203,647

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

0.79

%

 

 

0.66

%

 

 

0.75

%

 

 

0.74

%

 

 

0.80

%

 

 

0.73

%

 

0.93

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

34,741

 

 

$

26,385

 

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

94,287

 

$

116,470

 

 

 

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

 

 

1,562

 

 

 

2,984

 

 

 

-

 

 

 

-

 

 

 

506

 

 

 

4,546

 

 

3,026

 

 

 

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

 

 

36,303

 

 

 

29,369

 

 

 

33,162

 

 

 

32,437

 

 

 

34,817

 

 

 

98,833

 

 

119,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity

 

 

2,715,461

 

 

 

2,542,948

 

 

 

2,545,841

 

 

 

2,468,525

 

 

 

2,478,662

 

 

 

2,601,834

 

 

2,476,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

5.32

%

 

 

4.65

%

 

 

5.24

%

 

 

5.21

%

 

 

5.57

%

 

 

5.07

%

 

6.45

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average tangible equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

34,741

 

 

$

26,385

 

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

94,287

 

$

116,470

 

 

 

Plus: amortization of intangibles (1)

 

 

1,622

 

 

 

1,637

 

 

 

1,653

 

 

 

1,772

 

 

 

1,787

 

 

 

4,911

 

 

5,408

 

 

 

Net income available to common shareholders before amortization of intangibles

 

 

36,363

 

 

 

28,022

 

 

 

34,815

 

 

 

34,209

 

 

 

36,098

 

 

 

99,198

 

 

121,878

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity

 

 

2,715,461

 

 

 

2,542,948

 

 

 

2,545,841

 

 

 

2,468,525

 

 

 

2,478,662

 

 

 

2,601,834

 

 

2,476,684

 

 

 

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

 

 

(1,120,662

)

 

 

(1,122,264

)

 

 

(1,123,938

)

 

 

(1,125,593

)

 

 

(1,127,404

)

 

 

(1,122,282

)

 

(1,129,182

)

 

 

Average tangible equity

 

$

1,594,799

 

 

$

1,420,684

 

 

$

1,421,903

 

 

$

1,342,932

 

 

$

1,351,258

 

 

$

1,479,552

 

$

1,347,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average tangible equity (annualized) (2)

 

 

9.07

%

 

 

7.93

%

 

 

9.85

%

 

 

10.11

%

 

 

10.60

%

 

 

8.96

%

 

12.09

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common equity

 

$

1,450,315

 

 

$

1,276,200

 

 

$

1,277,419

 

 

$

1,198,448

 

 

$

1,206,774

 

 

$

1,335,068

 

$

1,203,018

 

 

 

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

 

 

9.97

%

 

 

8.83

%

 

 

10.96

%

 

 

11.32

%

 

 

11.87

%

 

 

9.92

%

 

13.55

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

34,741

 

 

$

26,385

 

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

94,287

 

$

116,470

 

 

 

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

 

 

1,562

 

 

 

2,984

 

 

 

-

 

 

 

-

 

 

 

506

 

 

 

4,546

 

 

3,026

 

 

 

Plus: amortization of intangibles (1)

 

 

1,622

 

 

 

1,637

 

 

 

1,653

 

 

 

1,772

 

 

 

1,787

 

 

 

4,911

 

 

5,408

 

 

 

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

 

 

37,925

 

 

 

31,006

 

 

 

34,815

 

 

 

34,209

 

 

 

36,604

 

 

 

103,744

 

 

124,904

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity

 

 

2,715,461

 

 

 

2,542,948

 

 

 

2,545,841

 

 

 

2,468,525

 

 

 

2,478,662

 

 

 

2,601,834

 

 

2,476,684

 

 

 

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

 

 

(1,120,662

)

 

 

(1,122,264

)

 

 

(1,123,938

)

 

 

(1,125,593

)

 

 

(1,127,404

)

 

 

(1,122,282

)

 

(1,129,182

)

 

 

Average tangible equity

 

$

1,594,799

 

 

$

1,420,684

 

 

$

1,421,903

 

 

$

1,342,932

 

 

$

1,351,258

 

 

$

1,479,552

 

$

1,347,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

9.46

%

 

 

8.78

%

 

 

9.85

%

 

 

10.11

%

 

 

10.75

%

 

 

9.37

%

 

12.39

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common equity

 

$

1,450,315

 

 

$

1,276,200

 

 

$

1,277,419

 

 

$

1,198,448

 

 

$

1,206,774

 

 

$

1,335,068

 

$

1,203,018

 

 

 

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

 

 

10.40

%

 

 

9.77

%

 

 

10.96

%

 

 

11.32

%

 

 

12.03

%

 

 

10.38

%

 

13.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Year to Date

 

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

Sept. 30,

 

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

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2024

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

$

101,183

 

 

$

102,392

 

 

$

97,191

 

 

$

99,503

 

 

$

97,939

 

 

$

300,768

 

$

290,498

 

Less: restructuring and merger-related expense

 

 

(1,977

)

 

 

(3,777

)

 

 

-

 

 

 

-

 

 

 

(641

)

 

 

(5,755

)

 

(3,830

)

Non-interest expense excluding restructuring and merger-related expense

 

 

99,206

 

 

 

98,615

 

 

 

97,191

 

 

 

99,503

 

 

 

97,298

 

 

 

295,013

 

 

286,668

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income on a fully taxable equivalent basis

 

 

122,338

 

 

 

117,804

 

 

 

115,185

 

 

 

118,991

 

 

 

118,926

 

 

 

355,327

 

 

367,352

 

Non-interest income

 

 

29,612

 

 

 

31,355

 

 

 

30,629

 

 

 

30,074

 

 

 

30,879

 

 

 

91,596

 

 

90,372

 

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

 

$

151,950

 

 

$

149,159

 

 

$

145,814

 

 

$

149,065

 

 

$

149,805

 

 

$

446,923

 

$

457,724

 

Efficiency Ratio

 

 

65.29

%

 

 

66.11

%

 

 

66.65

%

 

 

66.75

%

 

 

64.95

%

 

 

66.01

%

 

62.63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

34,741

 

 

$

26,385

 

 

$

33,162

 

 

$

32,437

 

 

$

34,311

 

 

$

94,287

 

$

116,470

 

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

 

 

1,562

 

 

 

2,984

 

 

 

-

 

 

 

-

 

 

 

506

 

 

 

4,546

 

 

3,026

 

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

 

$

36,303

 

 

$

29,369

 

 

$

33,162

 

 

$

32,437

 

 

$

34,817

 

 

$

98,833

 

$

119,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share - diluted

 

$

0.54

 

 

$

0.44

 

 

$

0.56

 

 

$

0.55

 

 

$

0.58

 

 

$

1.54

 

$

1.96

 

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

 

 

0.02

 

 

 

0.05

 

 

 

-

 

 

 

-

 

 

 

0.01

 

 

 

0.07

 

 

0.05

 

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

 

$

0.56

 

 

$

0.49

 

 

$

0.56

 

 

$

0.55

 

 

$

0.59

 

 

$

1.61

 

$

2.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period End

 

 

 

 

 

 

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

 

 

 

 

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

 

 

 

 

Tangible book value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

$

2,801,585

 

 

$

2,544,279

 

 

$

2,538,362

 

 

$

2,533,062

 

 

$

2,447,941

 

 

 

 

 

 

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

 

 

(1,119,899

)

 

 

(1,121,521

)

 

 

(1,123,158

)

 

 

(1,124,811

)

 

 

(1,126,583

)

 

 

 

 

 

Less: preferred shareholders' equity

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

 

 

 

 

Tangible common equity

 

 

1,537,202

 

 

 

1,278,274

 

 

 

1,270,720

 

 

 

1,263,767

 

 

 

1,176,874

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares outstanding

 

 

66,871,479

 

 

 

59,579,310

 

 

 

59,395,777

 

 

 

59,376,435

 

 

 

59,364,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share

 

$

22.99

 

 

$

21.45

 

 

$

21.39

 

 

$

21.28

 

 

$

19.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

$

2,801,585

 

 

$

2,544,279

 

 

$

2,538,362

 

 

$

2,533,062

 

 

$

2,447,941

 

 

 

 

 

 

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

 

 

(1,119,899

)

 

 

(1,121,521

)

 

 

(1,123,158

)

 

 

(1,124,811

)

 

 

(1,126,583

)

 

 

 

 

 

Tangible equity

 

 

1,681,686

 

 

 

1,422,758

 

 

 

1,415,204

 

 

 

1,408,251

 

 

 

1,321,358

 

 

 

 

 

 

Less: preferred shareholders' equity

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

 

(144,484

)

 

 

 

 

 

Tangible common equity

 

 

1,537,202

 

 

 

1,278,274

 

 

 

1,270,720

 

 

 

1,263,767

 

 

 

1,176,874

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

 

18,514,169

 

 

 

18,128,375

 

 

 

17,772,735

 

 

 

17,712,374

 

 

 

17,344,377

 

 

 

 

 

 

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

 

 

(1,119,899

)

 

 

(1,121,521

)

 

 

(1,123,158

)

 

 

(1,124,811

)

 

 

(1,126,583

)

 

 

 

 

 

Tangible assets

 

$

17,394,270

 

 

$

17,006,854

 

 

$

16,649,577

 

 

$

16,587,563

 

 

$

16,217,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible equity to tangible assets

 

 

9.67

%

 

 

8.37

%

 

 

8.50

%

 

 

8.49

%

 

 

8.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets

 

 

8.84

%

 

 

7.52

%

 

 

7.63

%

 

 

7.62

%

 

 

7.26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

Year to Date

 

 

 

 

 

Sept. 30,

 

 

June 30,

 

 

Mar. 31,

 

 

Dec. 31,

 

 

Sept. 30,

 

 

Sept. 30,

 

 

 

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

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

2023

 

 

2024

 

2023

 

 

 

Pre-tax, pre-provision income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

44,773

 

 

$

35,015

 

 

$

43,390

 

 

$

43,526

 

 

$

44,295

 

 

$

123,177

 

$

150,522

 

 

 

Add: provision for credit losses

 

 

4,798

 

 

 

10,541

 

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

19,352

 

 

12,932

 

 

 

Pre-tax, pre-provision income

 

$

49,571

 

 

$

45,556

 

 

$

47,404

 

 

$

48,329

 

 

$

50,622

 

 

$

142,529

 

$

163,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

44,773

 

 

$

35,015

 

 

$

43,390

 

 

$

43,526

 

 

$

44,295

 

 

$

123,177

 

$

150,522

 

 

 

Add: provision for credit losses

 

 

4,798

 

 

 

10,541

 

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

19,352

 

 

12,932

 

 

 

Add: restructuring and merger-related expenses

 

 

1,977

 

 

 

3,777

 

 

 

-

 

 

 

-

 

 

 

641

 

 

 

5,755

 

 

3,830

 

 

 

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

 

$

51,548

 

 

$

49,333

 

 

$

47,404

 

 

$

48,329

 

 

$

51,263

 

 

$

148,284

 

$

167,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

44,773

 

 

$

35,015

 

 

$

43,390

 

 

$

43,526

 

 

$

44,295

 

 

$

123,177

 

$

150,522

 

 

 

Add: provision for credit losses

 

 

4,798

 

 

 

10,541

 

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

19,352

 

 

12,932

 

 

 

Add: restructuring and merger-related expenses

 

 

1,977

 

 

 

3,777

 

 

 

-

 

 

 

-

 

 

 

641

 

 

 

5,755

 

 

3,830

 

 

 

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

 

 

51,548

 

 

 

49,333

 

 

 

47,404

 

 

 

48,329

 

 

 

51,263

 

 

 

148,284

 

 

167,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total assets

 

$

18,295,583

 

 

$

17,890,314

 

 

$

17,704,265

 

 

$

17,426,111

 

 

$

17,341,959

 

 

$

17,964,600

 

$

17,203,647

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

1.12

%

 

 

1.11

%

 

 

1.08

%

 

 

1.10

%

 

 

1.17

%

 

 

1.10

%

 

1.30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

44,773

 

 

$

35,015

 

 

$

43,390

 

 

$

43,526

 

 

$

44,295

 

 

$

123,177

 

$

150,522

 

 

 

Add: provision for credit losses

 

 

4,798

 

 

 

10,541

 

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

19,352

 

 

12,932

 

 

 

Add: restructuring and merger-related expenses

 

 

1,977

 

 

 

3,777

 

 

 

-

 

 

 

-

 

 

 

641

 

 

 

5,755

 

 

3,830

 

 

 

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

 

 

51,548

 

 

 

49,333

 

 

 

47,404

 

 

 

48,329

 

 

 

51,263

 

 

 

148,284

 

 

167,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity

 

$

2,715,461

 

 

$

2,542,948

 

 

$

2,545,841

 

 

$

2,468,525

 

 

$

2,478,662

 

 

$

2,601,834

 

$

2,476,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

7.55

%

 

 

7.80

%

 

 

7.49

%

 

 

7.77

%

 

 

8.21

%

 

 

7.61

%

 

9.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

$

44,773

 

 

$

35,015

 

 

$

43,390

 

 

$

43,526

 

 

$

44,295

 

 

$

123,177

 

$

150,522

 

 

 

Add: provision for credit losses

 

 

4,798

 

 

 

10,541

 

 

 

4,014

 

 

 

4,803

 

 

 

6,327

 

 

 

19,352

 

 

12,932

 

 

 

Add: amortization of intangibles

 

 

2,053

 

 

 

2,072

 

 

 

2,092

 

 

 

2,243

 

 

 

2,262

 

 

 

6,217

 

 

6,845

 

 

 

Add: restructuring and merger-related expenses

 

 

1,977

 

 

 

3,777

 

 

 

-

 

 

 

-

 

 

 

641

 

 

 

5,755

 

 

3,830

 

 

 

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

 

 

53,601

 

 

 

51,405

 

 

 

49,496

 

 

 

50,572

 

 

 

53,525

 

 

 

154,501

 

 

174,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity

 

 

2,715,461

 

 

 

2,542,948

 

 

 

2,545,841

 

 

 

2,468,525

 

 

 

2,478,662

 

 

 

2,601,834

 

 

2,476,684

 

 

 

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

 

 

(1,120,662

)

 

 

(1,122,264

)

 

 

(1,123,938

)

 

 

(1,125,593

)

 

 

(1,127,404

)

 

 

(1,122,282

)

 

(1,129,182

)

 

 

Average tangible equity

 

$

1,594,799

 

 

$

1,420,684

 

 

$

1,421,903

 

 

$

1,342,932

 

 

$

1,351,258

 

 

$

1,479,552

 

$

1,347,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

13.37

%

 

 

14.55

%

 

 

14.00

%

 

 

14.94

%

 

 

15.72

%

 

 

13.95

%

 

17.28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average tangible common equity

 

$

1,450,315

 

 

$

1,276,200

 

 

$

1,277,419

 

 

$

1,198,448

 

 

$

1,206,774

 

 

$

1,335,068

 

$

1,203,018

 

 

 

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

 

 

14.70

%

 

 

16.20

%

 

 

15.58

%

 

 

16.74

%

 

 

17.60

%

 

 

15.46

%

 

19.35

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.