Business Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Business Segments

NOTE 24. BUSINESS SEGMENTS

Wesbanco operates two reportable segments: (i) Community Banking and (ii) Trust and Investment Services. Wesbanco’s community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. The market value of assets of the trust and investment services segment was approximately $5.0 billion, $4.7 billion and $4.3 billion at December 31, 2020, 2019 and 2018, respectively. These assets are held by Wesbanco, in fiduciary or agency capacities for their customers and therefore are not included as assets on Wesbanco’s Consolidated Balance Sheets.

Condensed financial information by business segment is presented below:

(in thousands)	Community Banking		Trust and Investment Services		Consolidated
For the Year Ended December 31, 2020
Interest and dividend income	$	541,277	$	—	$	541,277
Interest expense		61,797		—		61,797
Net interest income		479,480		—		479,480
Provision for credit losses		107,741		—		107,741
Net interest income after provision for credit losses		371,739		—		371,739
Non-interest income		101,850		26,335		128,185
Non-interest expense		338,526		16,319		354,845
Income before provision for income taxes		135,063		10,016		145,079
Provision for income taxes		20,932		2,103		23,035
Net income		114,131		7,913		122,044
Preferred stock dividends		2,644		—		2,644
Net income available to common shareholders	$	111,487	$	7,913	$	119,400
For the Year Ended December 31, 2019
Interest and dividend income	$	484,253	$	—	$	484,253
Interest expense		84,349		—		84,349
Net interest income		399,904		—		399,904
Provision for credit losses		11,198		—		11,198
Net interest income after provision for credit losses		388,706		—		388,706
Non-interest income		90,137		26,579		116,716
Non-interest expense		295,747		16,461		312,208
Income before provision for income taxes		183,096		10,118		193,214
Provision for income taxes		32,216		2,125		34,341
Net income available to common shareholders	$	150,880	$	7,993	$	158,873
For the Year Ended December 31, 2018
Interest and dividend income	$	414,957	$	—	$	414,957
Interest expense		67,721		—		67,721
Net interest income		347,236		—		347,236
Provision for credit losses		7,764		—		7,764
Net interest income after provision for credit losses		339,472		—		339,472
Non-interest income		75,653		24,623		100,276
Non-interest expense		250,338		14,886		265,224
Income before provision for income taxes		164,787		9,737		174,524
Provision for income taxes		29,367		2,045		31,412
Net income available to common shareholders	$	135,420	$	7,692	$	143,112

Total non-fiduciary assets of the trust and investment services segment were $4.1 million (including $1.8 million of trust customer intangibles), $4.2 million, and $4.6 million at December 31, 2020, 2019, and 2018, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment.