Marks eight consecutive quarters of strong year-over-year loan growth averaging 9%
WHEELING, W.Va., July 26, 2024 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (NASDAQ:WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and six months ended June 30, 2024. Net income available to common shareholders for the second quarter of 2024 was $26.4 million, with diluted earnings per share of $0.44, compared to $42.3 million and $0.71 per diluted share, respectively, for the second quarter of 2023. For the six months ended June 30, 2024, net income was $59.5 million, or $1.00 per diluted share, compared to $82.2 million, or $1.38 per diluted 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 six months ended June 30, 2024 was $62.5 million, or $1.05 per diluted share, as compared to $84.7 million, or $1.43 per diluted share (non-GAAP measures).
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
(unaudited, dollars in thousands, | Net Income | Diluted Earnings | Net Income | Diluted Earnings | Net Income | Diluted Earnings | Net Income | Diluted Earnings | |||||||||
Net income available to common shareholders (Non-GAAP)(1) | $ 29,369 | $ 0.49 | $ 42,377 | $ 0.71 | $ 62,530 | $ 1.05 | $ 84,677 | $ 1.43 | |||||||||
Less: After-tax restructuring and merger-related expenses | (2,984) | (0.05) | (28) | - | (2,984) | (0.05) | (2,519) | (0.05) | |||||||||
Net income available to common shareholders (GAAP) | $ 26,385 | $ 0.44 | $ 42,349 | $ 0.71 | $ 59,546 | $ 1.00 | $ 82,158 | $ 1.38 | |||||||||
(1) See non-GAAP financial measures for additional information relating to the calculation of these items. | |||||||||||||||||
Financial and operational highlights during the quarter ended June 30, 2024:
- Total loan growth was 10.1% year-over-year and 3.2% quarter-over-quarter, or 12.9% annualized
- Total loans are up $1.1 billion as compared to the prior year period, driven by both commercial and residential lending
- Deposits of $13.4 billion increased 4.4% year-over-year
- Average loans to average deposits were 89.4%, providing continued capacity to fund loan growth
- The quarter-over-quarter increase in provision for credit losses, which negatively impacted diluted earnings per share by approximately $0.09, was primarily due to strong loan growth, changes in macroeconomic factors, and a specific reserve on one commercial and industrial (C&I) loan
- Non-interest income increased 2.4% quarter-over-quarter, with growth across key categories more than offsetting the seasonal decline in trust fees
- Trust and investment services assets under management of $5.6 billion and broker-dealer securities account value of $1.8 billion increased due to market value adjustments and organic growth
- Continued efforts to optimize our financial center network to improve efficiencies
- Key credit quality metrics such as non-performing assets, total past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages (based upon the prior four quarters for banks with total assets between $10 billion and $25 billion)
- WesBanco continues to earn national accolades, most recently Newsweeks' America's Greatest Workplaces 2024
"WesBanco sustained its positive momentum in 2024 with solid second-quarter results characterized by continued loan and deposit growth. We maintained a diligent focus on cost control, while making strategic investments in our company to secure our long-term success," said Jeff Jackson, President and Chief Executive Officer, WesBanco. "The strength of our balance sheet and long-term growth strategies, supported by the high engagement of our diverse and talented teams, as evidenced by our inclusion in Newsweek's America's Greatest Workplaces list, position us well for continued growth in the second half of 2024."
Balance Sheet
As of June 30, 2024, portfolio loans were $12.3 billion, which increased $1.1 billion, or 10.1%, year-over-year driven by strong performance from our commercial and residential lending teams. Total commercial loans of $8.8 billion increased 11.5% year-over-year and 15.2% quarter-over-quarter annualized. Commercial loan growth continues to reflect the benefit of our commercial banker hiring and loan production office strategy, as well as lower commercial real estate payoffs. Total residential lending reflects increased mortgage origination production with lower staffing levels, as well as increased home equity line of credit usage.
Deposits, as of June 30, 2024, were $13.4 billion, up 4.4% from June 30, 2023 and up 2.0% from December 31, 2023, reflecting the benefit of deposit gathering and retention efforts by our retail and commercial teams. The composition of total deposits continues to have some mix shift, reflecting the impact of the significant increase in the federal funds rate; however, total demand deposits continue to represent 55% of total deposits, with the non-interest bearing component representing 28%, which remains consistent with the percentage range prior to the pandemic.
Credit Quality
As of June 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 two years. Criticized and classified loans as a percent of the loan portfolio decreased 15 basis points quarter-over-quarter to 2.15%, while non-performing assets as a percentage of total assets remained consistent with the prior quarter and year periods at 0.20%. The allowance for credit losses to total portfolio loans at June 30, 2024 increased to 1.11% of total loans, or $136.5 million. The increase in the allowance for credit losses and resulting $10.5 million provision for credit losses in the second quarter was due primarily to strong loan growth, higher unemployment assumptions, and a specific reserve for an individual C&I loan. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.10% of total loans.
Net Interest Margin and Income
The net interest margin of 2.95% for the second quarter of 2024 increased 3 basis points sequentially as higher loan yields began to outpace higher funding costs. On a year-over-year basis, the net interest margin decreased 23 basis points primarily due to higher funding costs from the remix of non-interest bearing deposits into higher tier money market and certificate of deposit accounts. Deposit funding costs were 274 basis points for the second quarter of 2024, and, when including non-interest deposits, deposit funding costs were 195 basis points. Accretion from acquisitions benefited the second quarter net interest margin by 2 basis points, as compared to 3 basis points in the prior year period.
Net interest income for the second quarter of 2024 was $116.6 million, a decrease of $5.0 million, or 4.1% year-over-year, reflecting the impact of rising rates on funding costs more than offsetting loan growth and higher loan and securities yields. For the six months ended June 30, 2024, net interest income of $230.6 million decreased $15.3 million, or 6.2%, primarily due to the reasons discussed for the three-month period comparison.
Non-Interest Income
For the second quarter of 2024, non-interest income of $31.4 million decreased $0.5 million, or 1.5%, from the second quarter of 2023. This decrease was primarily due to lower net swap fee and valuation income, as well as higher net gains on other real estate owned and other assets in the prior year period. Gross swap fees were $1.8 million in the second quarter, as compared to $2.4 million in the prior year period. Service charges on deposits increased $0.9 million year-over-year, reflecting fee income from new products and services and increased general consumer spending. Mortgage banking income increased $0.5 million year-over-year due to an 85 basis point improvement in the net gain on sale margin for residential mortgages sold in the secondary market.
Primarily reflecting the items discussed above, as well as higher trust fees, non-interest income, for the six months ended June 30, 2024, increased $2.5 million, or 4.2%, year-over-year to $62.0 million. Trust fees increased $1.0 million year-over-year due to a 10% increase in trust assets, driven by both market value adjustments and organic growth.
Non-Interest Expense
Non-interest expense, excluding restructuring and merger-related costs, for the three months ended June 30, 2024 were $98.6 million, a $2.2 million, or 2.3%, increase year-over-year primarily due to increases in other operating expenses and equipment and software expenses. Other operating expenses increased $1.8 million primarily due to higher costs and fees in support of loan growth and higher other miscellaneous expenses. Equipment and software expense increased $1.6 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 $0.9 million due to a 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 half of 2024 of $195.8 million increased $6.4 million, or 3.4%, 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 $1.2 million year-over-year due to due to an increase in the minimum rate for all banks.
Capital
WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable "well-capitalized" standards promulgated by bank regulators and the BASEL III capital standards. At June 30, 2024, Tier I leverage was 9.72%, Tier I risk-based capital ratio was 11.58%, common equity Tier 1 capital ratio ("CET 1") was 10.58%, and total risk-based capital was 14.45%. In addition, the tangible common equity to tangible assets ratio was 7.52%.
Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the second quarter of 2024 at 10:00 a.m. ET on Friday, July 26, 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 1675057. The replay will begin at approximately 12:00 p.m. ET on July 26, 2024 and end at 12 a.m. ET on August 9, 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 quarter ended March 31, 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, the effects of changing regional and national economic conditions, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco's operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.
Non-GAAP Financial Measures
In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses; efficiency ratio; return on average assets; and return on average tangible equity. WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.
About WesBanco, Inc.
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 $18.1 billion in total assets, with our Trust and Investment Services holding $5.6 billion of assets under management and securities account values (including annuities) of $1.8 billion through our broker/dealer, as of June 30, 2024. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram.
WESBANCO, INC. | |||||||||||||||
Consolidated Selected Financial Highlights | Page 5 | ||||||||||||||
(unaudited, dollars in thousands, except shares and per share amounts) | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||
Statement of Income | June 30, | June 30, | |||||||||||||
Interest and dividend income | 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||
Loans, including fees | $ 175,361 | $ 145,741 | 20.3 | $ 342,335 | $ 279,147 | 22.6 | |||||||||
Interest and dividends on securities: | |||||||||||||||
Taxable | 16,929 | 18,483 | (8.4) | 34,334 | 37,569 | (8.6) | |||||||||
Tax-exempt | 4,556 | 4,723 | (3.5) | 9,142 | 9,513 | (3.9) | |||||||||
Total interest and dividends on securities | 21,485 | 23,206 | (7.4) | 43,476 | 47,082 | (7.7) | |||||||||
Other interest income | 6,147 | 7,108 | (13.5) | 12,516 | 10,380 | 20.6 | |||||||||
Total interest and dividend income | 202,993 | 176,055 | 15.3 | 398,327 | 336,609 | 18.3 | |||||||||
Interest expense | |||||||||||||||
Interest bearing demand deposits | 26,925 | 17,203 | 56.5 | 52,516 | 28,309 | 85.5 | |||||||||
Money market deposits | 18,443 | 7,220 | 155.4 | 34,557 | 11,472 | 201.2 | |||||||||
Savings deposits | 7,883 | 5,860 | 34.5 | 15,549 | 9,860 | 57.7 | |||||||||
Certificates of deposit | 11,982 | 2,906 | 312.3 | 22,229 | 4,109 | 441.0 | |||||||||
Total interest expense on deposits | 65,233 | 33,189 | 96.6 | 124,851 | 53,750 | 132.3 | |||||||||
Federal Home Loan Bank borrowings | 16,227 | 16,713 | (2.9) | 33,227 | 28,013 | 18.6 | |||||||||
Other short-term borrowings | 896 | 492 | 82.1 | 1,570 | 909 | 72.7 | |||||||||
Subordinated debt and junior subordinated debt | 4,044 | 4,094 | (1.2) | 8,119 | 8,039 | 1.0 | |||||||||
Total interest expense | 86,400 | 54,488 | 58.6 | 167,767 | 90,711 | 84.9 | |||||||||
Net interest income | 116,593 | 121,567 | (4.1) | 230,560 | 245,898 | (6.2) | |||||||||
Provision for credit losses | 10,541 | 3,028 | 248.1 | 14,555 | 6,605 | 120.4 | |||||||||
Net interest income after provision for credit losses | 106,052 | 118,539 | (10.5) | 216,005 | 239,293 | (9.7) | |||||||||
Non-interest income | |||||||||||||||
Trust fees | 7,303 | 6,918 | 5.6 | 15,385 | 14,412 | 6.8 | |||||||||
Service charges on deposits | 7,111 | 6,232 | 14.1 | 13,895 | 12,401 | 12.0 | |||||||||
Digital banking income | 5,040 | 5,010 | 0.6 | 9,745 | 9,615 | 1.4 | |||||||||
Net swap fee and valuation income | 1,776 | 2,612 | (32.0) | 3,339 | 3,411 | (2.1) | |||||||||
Net securities brokerage revenue | 2,601 | 2,523 | 3.1 | 5,149 | 5,098 | 1.0 | |||||||||
Bank-owned life insurance | 2,791 | 3,189 | (12.5) | 4,859 | 5,149 | (5.6) | |||||||||
Mortgage banking income | 1,069 | 601 | 77.9 | 1,762 | 1,027 | 71.6 | |||||||||
Net securities gains | 135 | 205 | (34.1) | 672 | 350 | 92.0 | |||||||||
Net gains on other real estate owned and other assets | 34 | 871 | (96.1) | 188 | 1,104 | (83.0) | |||||||||
Other income | 3,495 | 3,680 | (5.0) | 6,990 | 6,926 | 0.9 | |||||||||
Total non-interest income | 31,355 | 31,841 | (1.5) | 61,984 | 59,493 | 4.2 | |||||||||
Non-interest expense | |||||||||||||||
Salaries and wages | 43,991 | 44,471 | (1.1) | 86,988 | 86,422 | 0.7 | |||||||||
Employee benefits | 10,579 | 11,511 | (8.1) | 22,763 | 23,570 | (3.4) | |||||||||
Net occupancy | 6,309 | 6,132 | 2.9 | 12,932 | 12,775 | 1.2 | |||||||||
Equipment and software | 10,457 | 8,823 | 18.5 | 20,465 | 17,885 | 14.4 | |||||||||
Marketing | 2,371 | 2,763 | (14.2) | 4,256 | 5,088 | (16.4) | |||||||||
FDIC insurance | 3,523 | 2,871 | 22.7 | 6,971 | 5,755 | 21.1 | |||||||||
Amortization of intangible assets | 2,072 | 2,282 | (9.2) | 4,164 | 4,583 | (9.1) | |||||||||
Restructuring and merger-related expense | 3,777 | 35 | NM | 3,777 | 3,188 | 18.5 | |||||||||
Other operating expenses | 19,313 | 17,549 | 10.1 | 37,269 | 33,294 | 11.9 | |||||||||
Total non-interest expense | 102,392 | 96,437 | 6.2 | 199,585 | 192,560 | 3.6 | |||||||||
Income before provision for income taxes | 35,015 | 53,943 | (35.1) | 78,404 | 106,226 | (26.2) | |||||||||
Provision for income taxes | 6,099 | 9,063 | (32.7) | 13,795 | 19,005 | (27.4) | |||||||||
Net Income | 28,916 | 44,880 | (35.6) | 64,609 | 87,221 | (25.9) | |||||||||
Preferred stock dividends | 2,531 | 2,531 | - | 5,063 | 5,063 | - | |||||||||
Net income available to common shareholders | $ 26,385 | $ 42,349 | (37.7) | $ 59,546 | $ 82,158 | (27.5) | |||||||||
Taxable equivalent net interest income | $ 117,804 | $ 122,822 | (4.1) | $ 232,990 | $ 248,427 | (6.2) | |||||||||
Per common share data | |||||||||||||||
Net income per common share - basic | $ 0.44 | $ 0.71 | (38.0) | $ 1.00 | $ 1.39 | (28.1) | |||||||||
Net income per common share - diluted | 0.44 | 0.71 | (38.0) | 1.00 | 1.38 | (27.5) | |||||||||
Net income per common share - diluted, excluding certain items (1)(2) | 0.49 | 0.71 | (31.0) | 1.05 | 1.43 | (26.6) | |||||||||
Dividends declared | 0.36 | 0.35 | 2.9 | 0.72 | 0.70 | 2.9 | |||||||||
Book value (period end) | 40.28 | 39.10 | 3.0 | 40.28 | 39.10 | 3.0 | |||||||||
Tangible book value (period end) (1) | 21.45 | 20.08 | 6.8 | 21.45 | 20.08 | 6.8 | |||||||||
Average common shares outstanding - basic | 59,521,872 | 59,263,949 | 0.4 | 59,452,315 | 59,240,958 | 0.4 | |||||||||
Average common shares outstanding - diluted | 59,656,429 | 59,385,847 | 0.5 | 59,592,960 | 59,389,314 | 0.3 | |||||||||
Period end common shares outstanding | 59,579,310 | 59,355,062 | 0.4 | 59,579,310 | 59,355,062 | 0.4 | |||||||||
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 | Page 6 | |||||||||||||||||
(unaudited, dollars in thousands, unless otherwise noted) | ||||||||||||||||||
Selected ratios | ||||||||||||||||||
For the Six Months Ended | ||||||||||||||||||
June 30, | ||||||||||||||||||
2024 | 2023 | % Change | ||||||||||||||||
Return on average assets | 0.67 | % | 0.97 | % | (30.93) | % | ||||||||||||
Return on average assets, excluding | ||||||||||||||||||
after-tax restructuring and merger-related expenses (1) | 0.71 | 1.00 | (29.00) | |||||||||||||||
Return on average equity | 4.71 | 6.69 | (29.60) | |||||||||||||||
Return on average equity, excluding | ||||||||||||||||||
after-tax restructuring and merger-related expenses (1) | 4.94 | 6.90 | (28.41) | |||||||||||||||
Return on average tangible equity (1) | 8.89 | 12.86 | (30.87) | |||||||||||||||
Return on average tangible equity, excluding | ||||||||||||||||||
after-tax restructuring and merger-related expenses (1) | 9.31 | 13.23 | (29.63) | |||||||||||||||
Return on average tangible common equity (1) | 9.90 | 14.40 | (31.25) | |||||||||||||||
Return on average tangible common equity, excluding | ||||||||||||||||||
after-tax restructuring and merger-related expenses (1) | 10.37 | 14.82 | (30.03) | |||||||||||||||
Yield on earning assets (2) | 5.04 | 4.46 | 13.00 | |||||||||||||||
Cost of interest bearing liabilities | 3.05 | 1.84 | 65.76 | |||||||||||||||
Net interest spread (2) | 1.99 | 2.62 | (24.05) | |||||||||||||||
Net interest margin (2) | 2.93 | 3.27 | (10.40) | |||||||||||||||
Efficiency (1) (2) | 66.38 | 61.50 | 7.93 | |||||||||||||||
Average loans to average deposits | 89.04 | 84.46 | 5.42 | |||||||||||||||
Annualized net loan charge-offs/average loans | 0.14 | 0.05 | 180.00 | |||||||||||||||
Effective income tax rate | 17.59 | 17.89 | (1.68) | |||||||||||||||
For the Three Months Ended | ||||||||||||||||||
June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||
Return on average assets | 0.59 | % | 0.75 | % | 0.74 | % | 0.78 | % | 0.98 | % | ||||||||
Return on average assets, excluding | ||||||||||||||||||
after-tax restructuring and merger-related expenses (1) | 0.66 | 0.75 | 0.74 | 0.80 | 0.98 | |||||||||||||
Return on average equity | 4.17 | 5.24 | 5.21 | 5.49 | 6.81 | |||||||||||||
Return on average equity, excluding | ||||||||||||||||||
after-tax restructuring and merger-related expenses (1) | 4.65 | 5.24 | 5.21 | 5.57 | 6.82 | |||||||||||||
Return on average tangible equity (1) | 7.93 | 9.85 | 10.11 | 10.60 | 12.98 | |||||||||||||
Return on average tangible equity, excluding | ||||||||||||||||||
after-tax restructuring and merger-related expenses (1) | 8.78 | 9.85 | 10.11 | 10.75 | 12.99 | |||||||||||||
Return on average tangible common equity (1) | 8.83 | 10.96 | 11.32 | 11.87 | 14.52 | |||||||||||||
Return on average tangible common equity, excluding | ||||||||||||||||||
after-tax restructuring and merger-related expenses (1) | 9.77 | 10.96 | 11.32 | 12.03 | 14.53 | |||||||||||||
Yield on earning assets (2) | 5.11 | 4.98 | 4.88 | 4.72 | 4.59 | |||||||||||||
Cost of interest bearing liabilities | 3.12 | 2.98 | 2.76 | 2.52 | 2.15 | |||||||||||||
Net interest spread (2) | 1.99 | 2.00 | 2.12 | 2.20 | 2.44 | |||||||||||||
Net interest margin (2) | 2.95 | 2.92 | 3.02 | 3.03 | 3.18 | |||||||||||||
Efficiency (1) (2) | 66.11 | 66.65 | 66.75 | 64.95 | 62.33 | |||||||||||||
Average loans to average deposits | 89.40 | 88.67 | 87.07 | 86.79 | 85.44 | |||||||||||||
Annualized net loan charge-offs and recoveries /average loans | 0.07 | 0.20 | 0.06 | 0.01 | 0.02 | |||||||||||||
Effective income tax rate | 17.42 | 17.74 | 19.66 | 16.83 | 16.80 | |||||||||||||
Trust and Investment Services assets under management (3) | $ 5,633 | $ 5,601 | $ 5,360 | $ 4,982 | $ 5,127 | |||||||||||||
Broker-dealer securities account values (including annuities) (3) | $ 1,780 | $ 1,751 | $ 1,686 | $ 1,600 | $ 1,596 | |||||||||||||
(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 | Page 7 | |||||||||||
(unaudited, dollars in thousands, except shares) | % Change | |||||||||||
Balance sheet | June 30, | December 31, | December 31, 2023 | |||||||||
Assets | 2024 | 2023 | % Change | 2023 | to June 30, 2024 | |||||||
Cash and due from banks | $ 173,816 | $ 178,057 | (2.4) | $ 158,504 | 9.7 | |||||||
Due from banks - interest bearing | 312,973 | 384,261 | (18.6) | 436,879 | (28.4) | |||||||
Securities: | ||||||||||||
Equity securities, at fair value | 13,091 | 11,948 | 9.6 | 12,320 | 6.3 | |||||||
Available-for-sale debt securities, at fair value | 2,102,123 | 2,329,222 | (9.7) | 2,194,329 | (4.2) | |||||||
Held-to-maturity debt securities (fair values of $1,028,432; $1,072,229 | ||||||||||||
and $1,069,159, respectively) | 1,179,684 | 1,224,470 | (3.7) | 1,199,527 | (1.7) | |||||||
Allowance for credit losses, held-to-maturity debt securities | (163) | (193) | 15.5 | (192) | 15.1 | |||||||
Net held-to-maturity debt securities | 1,179,521 | 1,224,277 | (3.7) | 1,199,335 | (1.7) | |||||||
Total securities | 3,294,735 | 3,565,447 | (7.6) | 3,405,984 | (3.3) | |||||||
Loans held for sale | 25,433 | 28,970 | (12.2) | 16,354 | 55.5 | |||||||
Portfolio loans: | ||||||||||||
Commercial real estate | 6,998,888 | 6,295,467 | 11.2 | 6,565,448 | 6.6 | |||||||
Commercial and industrial | 1,760,479 | 1,558,491 | 13.0 | 1,670,659 | 5.4 | |||||||
Residential real estate | 2,506,957 | 2,341,928 | 7.0 | 2,438,574 | 2.8 | |||||||
Home equity | 770,599 | 701,824 | 9.8 | 734,219 | 5.0 | |||||||
Consumer | 220,588 | 232,254 | (5.0) | 229,561 | (3.9) | |||||||
Total portfolio loans, net of unearned income | 12,257,511 | 11,129,964 | 10.1 | 11,638,461 | 5.3 | |||||||
Allowance for credit losses - loans | (136,509) | (120,166) | (13.6) | (130,675) | (4.5) | |||||||
Net portfolio loans | 12,121,002 | 11,009,798 | 10.1 | 11,507,786 | 5.3 | |||||||
Premises and equipment, net | 222,266 | 219,934 | 1.1 | 233,571 | (4.8) | |||||||
Accrued interest receivable | 79,759 | 69,773 | 14.3 | 77,435 | 3.0 | |||||||
Goodwill and other intangible assets, net | 1,128,103 | 1,136,773 | (0.8) | 1,132,267 | (0.4) | |||||||
Bank-owned life insurance | 358,682 | 355,204 | 1.0 | 355,033 | 1.0 | |||||||
Other assets | 411,606 | 408,737 | 0.7 | 388,561 | 5.9 | |||||||
Total Assets | $ 18,128,375 | $ 17,356,954 | 4.4 | $ 17,712,374 | 2.3 | |||||||
Liabilities | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing demand | $ 3,826,249 | $ 4,286,235 | (10.7) | $ 3,962,592 | (3.4) | |||||||
Interest bearing demand | 3,505,651 | 3,273,745 | 7.1 | 3,463,443 | 1.2 | |||||||
Money market | 2,283,294 | 1,685,667 | 35.5 | 2,017,713 | 13.2 | |||||||
Savings deposits | 2,429,241 | 2,655,680 | (8.5) | 2,493,254 | (2.6) | |||||||
Certificates of deposit | 1,387,938 | 960,107 | 44.6 | 1,231,702 | 12.7 | |||||||
Total deposits | 13,432,373 | 12,861,434 | 4.4 | 13,168,704 | 2.0 | |||||||
Federal Home Loan Bank borrowings | 1,475,000 | 1,380,000 | 6.9 | 1,350,000 | 9.3 | |||||||
Other short-term borrowings | 105,757 | 101,286 | 4.4 | 105,893 | (0.1) | |||||||
Subordinated debt and junior subordinated debt | 279,193 | 281,854 | (0.9) | 279,078 | 0.0 | |||||||
Total borrowings | 1,859,950 | 1,763,140 | 5.5 | 1,734,971 | 7.2 | |||||||
Accrued interest payable | 15,393 | 8,869 | 73.6 | 11,121 | 38.4 | |||||||
Other liabilities | 276,380 | 258,513 | 6.9 | 264,516 | 4.5 | |||||||
Total Liabilities | 15,584,096 | 14,891,956 | 4.6 | 15,179,312 | 2.7 | |||||||
Shareholders' Equity | ||||||||||||
Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares | ||||||||||||
6.75% non-cumulative perpetual preferred stock, Series A, liquidation | ||||||||||||
preference $150.0 million, issued and outstanding, respectively | 144,484 | 144,484 | - | 144,484 | - | |||||||
Common stock, $2.0833 par value; 100,000,000 shares authorized; | ||||||||||||
68,081,306 shares issued; 59,579,310, 59,355,062 and 59,376,435 | ||||||||||||
shares outstanding, respectively | 141,834 | 141,834 | - | 141,834 | - | |||||||
Capital surplus | 1,630,830 | 1,630,963 | (0.0) | 1,635,859 | (0.3) | |||||||
Retained earnings | 1,159,217 | 1,118,135 | 3.7 | 1,142,586 | 1.5 | |||||||
Treasury stock(8,501,996, 8,726,244 and 8,704,871 shares - at cost, respectively) | (294,818) | (303,770) | 2.9 | (302,995) | 2.7 | |||||||
Accumulated other comprehensive loss | (235,208) | (264,627) | 11.1 | (226,693) | (3.8) | |||||||
Deferred benefits for directors | (2,060) | (2,021) | (1.9) | (2,013) | (2.3) | |||||||
Total Shareholders' Equity | 2,544,279 | 2,464,998 | 3.2 | 2,533,062 | 0.4 | |||||||
Total Liabilities and Shareholders' Equity | $ 18,128,375 | $ 17,356,954 | 4.4 | $ 17,712,374 | 2.3 | |||||||
WESBANCO, INC. | ||||||||||
Consolidated Selected Financial Highlights | Page 8 | |||||||||
(unaudited, dollars in thousands, except shares) | ||||||||||
Balance sheet | June 30, | March 31, | ||||||||
Assets | 2024 | 2024 | % Change | |||||||
Cash and due from banks | $ 173,816 | $ 138,940 | 25.1 | |||||||
Due from banks - interest bearing | 312,973 | 370,729 | (15.6) | |||||||
Securities: | ||||||||||
Equity securities, at fair value | 13,091 | 13,074 | 0.1 | |||||||
Available-for-sale debt securities, at fair value | 2,102,123 | 2,119,272 | (0.8) | |||||||
Held-to-maturity debt securities (fair values of $1,028,432; | ||||||||||
and $1,107,685, respectively) | 1,179,684 | 1,190,010 | (0.9) | |||||||
Allowance for credit losses, held-to-maturity debt securities | (163) | (183) | 10.9 | |||||||
Net held-to-maturity debt securities | 1,179,521 | 1,189,827 | (0.9) | |||||||
Total securities | 3,294,735 | 3,322,173 | (0.8) | |||||||
Loans held for sale | 25,433 | 12,472 | 103.9 | |||||||
Portfolio loans: | ||||||||||
Commercial real estate | 6,998,888 | 6,754,933 | 3.6 | |||||||
Commercial and industrial | 1,760,479 | 1,683,172 | 4.6 | |||||||
Residential real estate | 2,506,957 | 2,469,357 | 1.5 | |||||||
Home equity | 770,599 | 740,973 | 4.0 | |||||||
Consumer | 220,588 | 224,732 | (1.8) | |||||||
Total portfolio loans, net of unearned income | 12,257,511 | 11,873,167 | 3.2 | |||||||
Allowance for credit losses - loans | (136,509) | (129,190) | (5.7) | |||||||
Net portfolio loans | 12,121,002 | 11,743,977 | 3.2 | |||||||
Premises and equipment, net | 222,266 | 232,630 | (4.5) | |||||||
Accrued interest receivable | 79,759 | 78,564 | 1.5 | |||||||
Goodwill and other intangible assets, net | 1,128,103 | 1,130,175 | (0.2) | |||||||
Bank-owned life insurance | 358,682 | 357,099 | 0.4 | |||||||
Other assets | 411,606 | 385,976 | 6.6 | |||||||
Total Assets | $ 18,128,375 | $ 17,772,735 | 2.0 | |||||||
Liabilities | ||||||||||
Deposits: | ||||||||||
Non-interest bearing demand | $ 3,826,249 | $ 3,938,610 | (2.9) | |||||||
Interest bearing demand | 3,505,651 | 3,529,691 | (0.7) | |||||||
Money market | 2,283,294 | 2,189,769 | 4.3 | |||||||
Savings deposits | 2,429,241 | 2,499,466 | (2.8) | |||||||
Certificates of deposit | 1,387,938 | 1,339,237 | 3.6 | |||||||
Total deposits | 13,432,373 | 13,496,773 | (0.5) | |||||||
Federal Home Loan Bank borrowings | 1,475,000 | 1,100,000 | 34.1 | |||||||
Other short-term borrowings | 105,757 | 72,935 | 45.0 | |||||||
Subordinated debt and junior subordinated debt | 279,193 | 279,136 | 0.0 | |||||||
Total borrowings | 1,859,950 | 1,452,071 | 28.1 | |||||||
Accrued interest payable | 15,393 | 15,929 | (3.4) | |||||||
Other liabilities | 276,380 | 269,600 | 2.5 | |||||||
Total Liabilities | 15,584,096 | 15,234,373 | 2.3 | |||||||
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; | ||||||||||
68,081,306 shares issued; 59,355,062 and 59,246,569 | ||||||||||
shares outstanding, respectively | 141,834 | 141,834 | - | |||||||
Capital surplus | 1,630,830 | 1,636,964 | (0.4) | |||||||
Retained earnings | 1,159,217 | 1,154,307 | 0.4 | |||||||
Treasury stock (8,726,244 and 8,834,737 shares - at cost, respectively) | (294,818) | (302,264) | 2.5 | |||||||
Accumulated other comprehensive loss | (235,208) | (234,922) | (0.1) | |||||||
Deferred benefits for directors | (2,060) | (2,041) | (0.9) | |||||||
Total Shareholders' Equity | 2,544,279 | 2,538,362 | 0.2 | |||||||
Total Liabilities and Shareholders' Equity | $ 18,128,375 | $ 17,772,735 | 2.0 | |||||||
WESBANCO, INC. | |||||||||||||||||||||
Consolidated Selected Financial Highlights | Page 9 | ||||||||||||||||||||
(unaudited, dollars in thousands) | |||||||||||||||||||||
Average balance sheet and | |||||||||||||||||||||
net interest margin analysis | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
Average | Average | Average | Average | Average | Average | Average | Average | ||||||||||||||
Assets | Balance | Rate | Balance | Rate | Balance | Rate | Balance | Rate | |||||||||||||
Due from banks - interest bearing | $ 352,986 | 5.62 | % | $ 438,604 | 5.71 | % | $ 364,127 | 5.66 | % | $ 359,466 | 5.16 | % | |||||||||
Loans, net of unearned income (1) | 12,057,831 | 5.85 | 11,009,093 | 5.31 | 11,907,353 | 5.78 | 10,880,328 | 5.17 | |||||||||||||
Securities: (2) | |||||||||||||||||||||
Taxable | 2,863,213 | 2.38 | 3,198,838 | 2.32 | 2,896,040 | 2.38 | 3,250,174 | 2.33 | |||||||||||||
Tax-exempt (3) | 753,151 | 3.08 | 786,128 | 3.05 | 756,474 | 3.08 | 793,425 | 3.06 | |||||||||||||
Total securities | 3,616,364 | 2.52 | 3,984,966 | 2.46 | 3,652,514 | 2.53 | 4,043,599 | 2.47 | |||||||||||||
Other earning assets | 56,077 | 8.71 | 61,613 | 5.64 | 58,499 | 7.78 | 53,789 | 4.44 | |||||||||||||
Total earning assets (3) | 16,083,258 | 5.11 | % | 15,494,276 | 4.59 | % | 15,982,493 | 5.04 | % | 15,337,182 | 4.46 | % | |||||||||
Other assets | 1,807,056 | 1,800,070 | 1,814,796 | 1,796,162 | |||||||||||||||||
Total Assets | $ 17,890,314 | $ 17,294,346 | $ 17,797,289 | $ 17,133,344 | |||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||
Interest bearing demand deposits | $ 3,527,316 | 3.07 | % | $ 3,228,799 | 2.14 | % | $ 3,514,182 | 3.01 | % | $ 3,129,921 | 1.82 | % | |||||||||
Money market accounts | 2,228,070 | 3.33 | 1,635,939 | 1.77 | 2,157,553 | 3.22 | 1,634,347 | 1.42 | |||||||||||||
Savings deposits | 2,441,949 | 1.30 | 2,729,210 | 0.86 | 2,461,330 | 1.27 | 2,751,850 | 0.72 | |||||||||||||
Certificates of deposit | 1,371,179 | 3.51 | 912,144 | 1.28 | 1,331,145 | 3.36 | 887,560 | 0.93 | |||||||||||||
Total interest bearing deposits | 9,568,514 | 2.74 | 8,506,092 | 1.57 | 9,464,210 | 2.65 | 8,403,678 | 1.29 | |||||||||||||
Federal Home Loan Bank borrowings | 1,186,538 | 5.50 | 1,288,242 | 5.20 | 1,214,973 | 5.50 | 1,130,000 | 5.00 | |||||||||||||
Repurchase agreements | 107,811 | 3.34 | 105,266 | 1.87 | 100,188 | 3.15 | 118,155 | 1.55 | |||||||||||||
Subordinated debt and junior subordinated debt | 279,159 | 5.83 | 281,715 | 5.83 | 279,131 | 5.85 | 281,600 | 5.76 | |||||||||||||
Total interest bearing liabilities (4) | 11,142,022 | 3.12 | % | 10,181,315 | 2.15 | % | 11,058,502 | 3.05 | % | 9,933,433 | 1.84 | % | |||||||||
Non-interest bearing demand deposits | 3,918,685 | 4,379,345 | 3,908,837 | 4,479,200 | |||||||||||||||||
Other liabilities | 286,659 | 240,590 | 285,556 | 245,033 | |||||||||||||||||
Shareholders' equity | 2,542,948 | 2,493,096 | 2,544,394 | 2,475,678 | |||||||||||||||||
Total Liabilities and Shareholders' Equity | $ 17,890,314 | $ 17,294,346 | $ 17,797,289 | $ 17,133,344 | |||||||||||||||||
Taxable equivalent net interest spread | 1.99 | % | 2.44 | % | 1.99 | % | 2.62 | % | |||||||||||||
Taxable equivalent net interest margin | 2.95 | % | 3.18 | % | 2.93 | % | 3.27 | % | |||||||||||||
(1) Gross of allowance for credit losses and net of unearned income, Includes non-accrual and loans held for sale. Loan fees included in interest income on loans were $0.9 million and $0.7 million for the three months ended June 30, 2024 and 2023, respectively, and were $1.2 million and $1.1 million for the six months ended June 30, 2024 and 2023, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $0.8 million and $1.2 million for the three months ended June 30, 2024 and 2023, respectively, and $1.5 million and $2.5 million for the six months ended June 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 $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.2 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively. | |||||||||||||||||||||
WESBANCO, INC. | |||||||||||||
Consolidated Selected Financial Highlights | Page 10 | ||||||||||||
(unaudited, dollars in thousands, except shares and per share amounts) | |||||||||||||
Quarter Ended | |||||||||||||
Statement of Income | June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||
Interest and dividend income | 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||
Loans, including fees | $ 175,361 | $ 166,974 | $ 162,498 | $ 155,206 | $ 145,741 | ||||||||
Interest and dividends on securities: | |||||||||||||
Taxable | 16,929 | 17,404 | 17,798 | 18,082 | 18,483 | ||||||||
Tax-exempt | 4,556 | 4,586 | 4,639 | 4,679 | 4,723 | ||||||||
Total interest and dividends on securities | 21,485 | 21,990 | 22,437 | 22,761 | 23,206 | ||||||||
Other interest income | 6,147 | 6,369 | 6,383 | 5,622 | 7,108 | ||||||||
Total interest and dividend income | 202,993 | 195,333 | 191,318 | 183,589 | 176,055 | ||||||||
Interest expense | |||||||||||||
Interest bearing demand deposits | 26,925 | 25,590 | 23,686 | 20,873 | 17,203 | ||||||||
Money market deposits | 18,443 | 16,114 | 14,302 | 10,841 | 7,220 | ||||||||
Savings deposits | 7,883 | 7,667 | 7,310 | 6,699 | 5,860 | ||||||||
Certificates of deposit | 11,982 | 10,247 | 8,380 | 5,983 | 2,906 | ||||||||
Total interest expense on deposits | 65,233 | 59,618 | 53,678 | 44,396 | 33,189 | ||||||||
Federal Home Loan Bank borrowings | 16,227 | 17,000 | 14,841 | 16,463 | 16,713 | ||||||||
Other short-term borrowings | 896 | 674 | 891 | 745 | 492 | ||||||||
Subordinated debt and junior subordinated debt | 4,044 | 4,075 | 4,150 | 4,303 | 4,094 | ||||||||
Total interest expense | 86,400 | 81,367 | 73,560 | 65,907 | 54,488 | ||||||||
Net interest income | 116,593 | 113,966 | 117,758 | 117,682 | 121,567 | ||||||||
Provision for credit losses | 10,541 | 4,014 | 4,803 | 6,327 | 3,028 | ||||||||
Net interest income after provision for credit losses | 106,052 | 109,952 | 112,955 | 111,355 | 118,539 | ||||||||
Non-interest income | |||||||||||||
Trust fees | 7,303 | 8,082 | 7,019 | 6,705 | 6,918 | ||||||||
Service charges on deposits | 7,111 | 6,784 | 6,989 | 6,726 | 6,232 | ||||||||
Digital banking income | 5,040 | 4,704 | 4,890 | 4,949 | 5,010 | ||||||||
Net swap fee and valuation income/(loss) | 1,776 | 1,563 | (345) | 3,845 | 2,612 | ||||||||
Net securities brokerage revenue | 2,601 | 2,548 | 2,563 | 2,394 | 2,523 | ||||||||
Bank-owned life insurance | 2,791 | 2,067 | 3,455 | 2,398 | 3,189 | ||||||||
Mortgage banking income | 1,069 | 693 | 650 | 975 | 601 | ||||||||
Net securities gains/(losses) | 135 | 537 | 887 | (337) | 205 | ||||||||
Net gains/(losses) on other real estate owned and other assets | 34 | 154 | 445 | (28) | 871 | ||||||||
Other income | 3,495 | 3,497 | 3,521 | 3,252 | 3,680 | ||||||||
Total non-interest income | 31,355 | 30,629 | 30,074 | 30,879 | 31,841 | ||||||||
Non-interest expense | |||||||||||||
Salaries and wages | 43,991 | 42,997 | 45,164 | 45,351 | 44,471 | ||||||||
Employee benefits | 10,579 | 12,184 | 11,409 | 11,922 | 11,511 | ||||||||
Net occupancy | 6,309 | 6,623 | 6,417 | 6,146 | 6,132 | ||||||||
Equipment and software | 10,457 | 10,008 | 9,648 | 9,132 | 8,823 | ||||||||
Marketing | 2,371 | 1,885 | 2,975 | 3,115 | 2,763 | ||||||||
FDIC insurance | 3,523 | 3,448 | 3,369 | 3,125 | 2,871 | ||||||||
Amortization of intangible assets | 2,072 | 2,092 | 2,243 | 2,262 | 2,282 | ||||||||
Restructuring and merger-related expense | 3,777 | - | - | 641 | 35 | ||||||||
Other operating expenses | 19,313 | 17,954 | 18,278 | 16,245 | 17,549 | ||||||||
Total non-interest expense | 102,392 | 97,191 | 99,503 | 97,939 | 96,437 | ||||||||
Income before provision for income taxes | 35,015 | 43,390 | 43,526 | 44,295 | 53,943 | ||||||||
Provision for income taxes | 6,099 | 7,697 | 8,558 | 7,453 | 9,063 | ||||||||
Net Income | 28,916 | 35,693 | 34,968 | 36,842 | 44,880 | ||||||||
Preferred stock dividends | 2,531 | 2,531 | 2,531 | 2,531 | 2,531 | ||||||||
Net income available to common shareholders | $ 26,385 | $ 33,162 | $ 32,437 | $ 34,311 | $ 42,349 | ||||||||
Taxable equivalent net interest income | $ 117,804 | $ 115,185 | $ 118,991 | $ 118,926 | $ 122,822 | ||||||||
Per common share data | |||||||||||||
Net income per common share - basic | $ 0.44 | $ 0.56 | $ 0.55 | $ 0.58 | $ 0.71 | ||||||||
Net income per common share - diluted | 0.44 | 0.56 | 0.55 | 0.58 | 0.71 | ||||||||
Net income per common share - diluted, excluding certain items (1)(2) | 0.49 | 0.56 | 0.55 | 0.59 | 0.71 | ||||||||
Dividends declared | 0.36 | 0.36 | 0.36 | 0.35 | 0.35 | ||||||||
Book value (period end) | 40.28 | 40.30 | 40.23 | 38.80 | 39.10 | ||||||||
Tangible book value (period end) (1) | 21.45 | 21.39 | 21.28 | 19.82 | 20.08 | ||||||||
Average common shares outstanding - basic | 59,521,872 | 59,382,758 | 59,370,171 | 59,358,653 | 59,263,949 | ||||||||
Average common shares outstanding - diluted | 59,656,429 | 59,523,679 | 59,479,031 | 59,443,366 | 59,385,847 | ||||||||
Period end common shares outstanding | 59,579,310 | 59,395,777 | 59,376,435 | 59,364,696 | 59,355,062 | ||||||||
Period end preferred shares outstanding | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | ||||||||
Full time equivalent employees | 2,370 | 2,331 | 2,368 | 2,427 | 2,542 | ||||||||
(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 | Page 11 | |||||||||||||
(unaudited, dollars in thousands) | ||||||||||||||
Quarter Ended | ||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||
Asset quality data | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||
Non-performing assets: | ||||||||||||||
Total non-performing loans | $ 35,468 | $ 32,919 | $ 26,808 | $ 29,878 | $ 31,555 | |||||||||
Other real estate and repossessed assets | 1,328 | 1,474 | 1,497 | 1,333 | 1,432 | |||||||||
Total non-performing assets | $ 36,796 | $ 34,393 | $ 28,305 | $ 31,211 | $ 32,987 | |||||||||
Past due loans (1): | ||||||||||||||
Loans past due 30-89 days | $ 20,237 | $ 18,515 | $ 22,875 | $ 16,030 | $ 18,348 | |||||||||
Loans past due 90 days or more | 9,171 | 5,408 | 9,638 | 8,606 | 5,147 | |||||||||
Total past due loans | $ 29,408 | $ 23,923 | $ 32,513 | $ 24,636 | $ 23,495 | |||||||||
Criticized and classified loans (2): | ||||||||||||||
Criticized loans | $ 179,621 | $ 171,536 | $ 183,174 | $ 180,136 | $ 119,771 | |||||||||
Classified loans | 83,744 | 101,898 | 75,497 | 70,997 | 67,036 | |||||||||
Total criticized and classified loans | $ 263,365 | $ 273,434 | $ 258,671 | $ 251,133 | $ 186,807 | |||||||||
Loans past due 30-89 days / total portfolio loans | 0.17 | % | 0.16 | % | 0.20 | % | 0.14 | % | 0.16 | % | ||||
Loans past due 90 days or more / total portfolio loans | 0.07 | 0.05 | 0.08 | 0.08 | 0.05 | |||||||||
Non-performing loans / total portfolio loans | 0.29 | 0.28 | 0.23 | 0.26 | 0.28 | |||||||||
Non-performing assets / total portfolio loans, other | ||||||||||||||
real estate and repossessed assets | 0.30 | 0.29 | 0.24 | 0.28 | 0.30 | |||||||||
Non-performing assets / total assets | 0.20 | 0.19 | 0.16 | 0.18 | 0.19 | |||||||||
Criticized and classified loans / total portfolio loans | 2.15 | 2.30 | 2.22 | 2.22 | 1.68 | |||||||||
Allowance for credit losses | ||||||||||||||
Allowance for credit losses - loans | $ 136,509 | $ 129,190 | $ 130,675 | $ 126,615 | $ 120,166 | |||||||||
Allowance for credit losses - loan commitments | 9,194 | 8,175 | 8,604 | 9,729 | 10,124 | |||||||||
Provision for credit losses | 10,541 | 4,014 | 4,803 | 6,327 | 3,028 | |||||||||
Net loan and deposit account overdraft charge-offs and recoveries | 2,221 | 5,935 | 1,857 | 286 | 581 | |||||||||
Annualized net loan charge-offs and recoveries / average loans | 0.07 | % | 0.20 | % | 0.06 | % | 0.01 | % | 0.02 | % | ||||
Allowance for credit losses - loans / total portfolio loans | 1.11 | % | 1.09 | % | 1.12 | % | 1.12 | % | 1.08 | % | ||||
Allowance for credit losses - loans / non-performing loans | 3.85 | x | 3.92 | x | 4.87 | x | 4.24 | x | 3.81 | x | ||||
Allowance for credit losses - loans / non-performing loans and | ||||||||||||||
loans past due | 2.10 | x | 2.27 | x | 2.20 | x | 2.32 | x | 2.18 | x | ||||
June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||
Capital ratios | ||||||||||||||
Tier I leverage capital | 9.72 | % | 9.79 | % | 9.87 | % | 9.84 | % | 9.78 | % | ||||
Tier I risk-based capital | 11.58 | 11.87 | 12.05 | 12.07 | 12.12 | |||||||||
Total risk-based capital | 14.45 | 14.76 | 14.91 | 14.97 | 14.83 | |||||||||
Common equity tier 1 capital ratio (CET 1) | 10.58 | 10.84 | 10.99 | 11.00 | 11.04 | |||||||||
Average shareholders' equity to average assets | 14.21 | 14.38 | 14.17 | 14.29 | 14.42 | |||||||||
Tangible equity to tangible assets (3) | 8.37 | 8.50 | 8.49 | 8.15 | 8.24 | |||||||||
Tangible common equity to tangible assets (3) | 7.52 | 7.63 | 7.62 | 7.26 | 7.35 | |||||||||
(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. | ||||||||||||||
WESBANCO, INC. | ||||||||||||||||
Non-GAAP Financial Measures | Page 12 | |||||||||||||||
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 | |||||||||||||||
June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | |||||||||||
(unaudited, dollars in thousands, except shares and per share amounts) | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | |||||||||
Return on average assets, excluding after-tax restructuring and merger-related expenses: | ||||||||||||||||
Net income available to common shareholders | $ 26,385 | $ 33,162 | $ 32,437 | $ 34,311 | $ 42,349 | $ 59,546 | $ 82,158 | |||||||||
Plus: after-tax restructuring and merger-related expenses (1) | 2,984 | - | - | 506 | 28 | 2,984 | 2,519 | |||||||||
Net income available to common shareholders excluding after-tax restructuring and merger-related expenses | 29,369 | 33,162 | 32,437 | 34,817 | 42,377 | 62,530 | 84,677 | |||||||||
Average total assets | $ 17,890,314 | $ 17,704,265 | $ 17,426,111 | $ 17,341,959 | $ 17,294,346 | $ 17,797,289 | $ 17,133,344 | |||||||||
Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2) | 0.66 % | 0.75 % | 0.74 % | 0.80 % | 0.98 % | 0.71 % | 1.00 % | |||||||||
Return on average equity, excluding after-tax restructuring and merger-related expenses: | ||||||||||||||||
Net income available to common shareholders | $ 26,385 | $ 33,162 | $ 32,437 | $ 34,311 | $ 42,349 | $ 59,546 | $ 82,158 | |||||||||
Plus: after-tax restructuring and merger-related expenses (1) | 2,984 | - | - | 506 | 28 | 2,984 | 2,519 | |||||||||
Net income available to common shareholders excluding after-tax restructuring and merger-related expenses | 29,369 | 33,162 | 32,437 | 34,817 | 42,377 | 62,530 | 84,677 | |||||||||
Average total shareholders' equity | $ 2,542,948 | $ 2,545,841 | $ 2,468,525 | $ 2,478,662 | $ 2,493,096 | $ 2,544,394 | $ 2,475,678 | |||||||||
Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2) | 4.65 % | 5.24 % | 5.21 % | 5.57 % | 6.82 % | 4.94 % | 6.90 % | |||||||||
Return on average tangible equity: | ||||||||||||||||
Net income available to common shareholders | $ 26,385 | $ 33,162 | $ 32,437 | $ 34,311 | $ 42,349 | $ 59,546 | $ 82,158 | |||||||||
Plus: amortization of intangibles (1) | 1,637 | 1,653 | 1,772 | 1,787 | 1,803 | 3,290 | 3,621 | |||||||||
Net income available to common shareholders before amortization of intangibles | 28,022 | 34,815 | 34,209 | 36,098 | 44,152 | 62,836 | 85,779 | |||||||||
Average total shareholders' equity | 2,542,948 | 2,545,841 | 2,468,525 | 2,478,662 | 2,493,096 | 2,544,394 | 2,475,678 | |||||||||
Less: average goodwill and other intangibles, net of def. tax liability | (1,122,264) | (1,123,938) | (1,125,593) | (1,127,404) | (1,129,155) | (1,123,101) | (1,130,086) | |||||||||
Average tangible equity | $ 1,420,684 | $ 1,421,903 | $ 1,342,932 | $ 1,351,258 | $ 1,363,941 | $ 1,421,293 | $ 1,345,592 | |||||||||
Return on average tangible equity (annualized) (2) | 7.93 % | 9.85 % | 10.11 % | 10.60 % | 12.98 % | 8.89 % | 12.86 % | |||||||||
Average tangible common equity | $ 1,276,200 | $ 1,277,419 | $ 1,198,448 | $ 1,206,774 | $ 1,219,457 | $ 1,276,809 | $ 1,201,108 | |||||||||
Return on average tangible common equity (annualized) (2) | 8.83 % | 10.96 % | 11.32 % | 11.87 % | 14.52 % | 9.90 % | 14.40 % | |||||||||
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses: | ||||||||||||||||
Net income available to common shareholders | $ 26,385 | $ 33,162 | $ 32,437 | $ 34,311 | $ 42,349 | $ 59,546 | $ 82,158 | |||||||||
Plus: after-tax restructuring and merger-related expenses (1) | 2,984 | - | - | 506 | 28 | 2,984 | 2,519 | |||||||||
Plus: amortization of intangibles (1) | 1,637 | 1,653 | 1,772 | 1,787 | 1,803 | 3,290 | 3,621 | |||||||||
Net income available to common shareholders before amortization of intangibles | ||||||||||||||||
and excluding after-tax restructuring and merger-related expenses | 31,006 | 34,815 | 34,209 | 36,604 | 44,180 | 65,820 | 88,298 | |||||||||
Average total shareholders' equity | 2,542,948 | 2,545,841 | 2,468,525 | 2,478,662 | 2,493,096 | 2,544,394 | 2,475,678 | |||||||||
Less: average goodwill and other intangibles, net of def. tax liability | (1,122,264) | (1,123,938) | (1,125,593) | (1,127,404) | (1,129,155) | (1,123,101) | (1,130,086) | |||||||||
Average tangible equity | $ 1,420,684 | $ 1,421,903 | $ 1,342,932 | $ 1,351,258 | $ 1,363,941 | $ 1,421,293 | $ 1,345,592 | |||||||||
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2) | 8.78 % | 9.85 % | 10.11 % | 10.75 % | 12.99 % | 9.31 % | 13.23 % | |||||||||
Average tangible common equity | $ 1,276,200 | $ 1,277,419 | $ 1,198,448 | $ 1,206,774 | $ 1,219,457 | $ 1,276,809 | $ 1,201,108 | |||||||||
Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2) | 9.77 % | 10.96 % | 11.32 % | 12.03 % | 14.53 % | 10.37 % | 14.82 % | |||||||||
Efficiency ratio: | ||||||||||||||||
Non-interest expense | $ 102,392 | $ 97,191 | $ 99,503 | $ 97,939 | $ 96,437 | $ 199,585 | $ 192,560 | |||||||||
Less: restructuring and merger-related expense | (3,777) | - | - | (641) | (35) | (3,777) | (3,188) | |||||||||
Non-interest expense excluding restructuring and merger-related expense | 98,615 | 97,191 | 99,503 | 97,298 | 96,402 | 195,808 | 189,372 | |||||||||
Net interest income on a fully taxable equivalent basis | 117,804 | 115,185 | 118,991 | 118,926 | 122,822 | 232,990 | 248,427 | |||||||||
Non-interest income | 31,355 | 30,629 | 30,074 | 30,879 | 31,841 | 61,984 | 59,493 | |||||||||
Net interest income on a fully taxable equivalent basis plus non-interest income | $ 149,159 | $ 145,814 | $ 149,065 | $ 149,805 | $ 154,663 | $ 294,974 | $ 307,920 | |||||||||
Efficiency ratio | 66.11 % | 66.65 % | 66.75 % | 64.95 % | 62.33 % | 66.38 % | 61.50 % | |||||||||
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses: | ||||||||||||||||
Net income available to common shareholders | $ 26,385 | $ 33,162 | $ 32,437 | $ 34,311 | $ 42,349 | $ 59,546 | $ 82,158 | |||||||||
Add: After-tax restructuring and merger-related expenses (1) | 2,984 | - | - | 506 | 28 | 2,984 | 2,519 | |||||||||
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses | $ 29,369 | $ 33,162 | $ 32,437 | $ 34,817 | $ 42,377 | $ 62,530 | $ 84,677 | |||||||||
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses: | ||||||||||||||||
Net income per common share - diluted | $ 0.44 | $ 0.56 | $ 0.55 | $ 0.58 | $ 0.71 | $ 1.00 | $ 1.38 | |||||||||
Add: After-tax restructuring and merger-related expenses per common share - diluted (1) | 0.05 | - | - | 0.01 | - | 0.05 | 0.05 | |||||||||
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses | $ 0.49 | $ 0.56 | $ 0.55 | $ 0.59 | $ 0.71 | $ 1.05 | $ 1.43 | |||||||||
Period End | ||||||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||
Tangible book value per share: | ||||||||||||||||
Total shareholders' equity | $ 2,544,279 | $ 2,538,362 | $ 2,533,062 | $ 2,447,941 | $ 2,464,998 | |||||||||||
Less: goodwill and other intangible assets, net of def. tax liability | (1,121,521) | (1,123,158) | (1,124,811) | (1,126,583) | (1,128,371) | |||||||||||
Less: preferred shareholder's equity | (144,484) | (144,484) | (144,484) | (144,484) | (144,484) | |||||||||||
Tangible common equity | 1,278,274 | 1,270,720 | 1,263,767 | 1,176,874 | 1,192,143 | |||||||||||
Common shares outstanding | 59,579,310 | 59,395,777 | 59,376,435 | 59,364,696 | 59,355,062 | |||||||||||
Tangible book value per share | $ 21.45 | $ 21.39 | $ 21.28 | $ 19.82 | $ 20.08 | |||||||||||
Tangible common equity to tangible assets: | ||||||||||||||||
Total shareholders' equity | $ 2,544,279 | $ 2,538,362 | $ 2,533,062 | $ 2,447,941 | $ 2,464,998 | |||||||||||
Less: goodwill and other intangible assets, net of def. tax liability | (1,121,521) | (1,123,158) | (1,124,811) | (1,126,583) | (1,128,371) | |||||||||||
Tangible equity | 1,422,758 | 1,415,204 | 1,408,251 | 1,321,358 | 1,336,627 | |||||||||||
Less: preferred shareholder's equity | (144,484) | (144,484) | (144,484) | (144,484) | (144,484) | |||||||||||
Tangible common equity | 1,278,274 | 1,270,720 | 1,263,767 | 1,176,874 | 1,192,143 | |||||||||||
Total assets | 18,128,375 | 17,772,735 | 17,712,374 | 17,344,377 | 17,356,954 | |||||||||||
Less: goodwill and other intangible assets, net of def. tax liability | (1,121,521) | (1,123,158) | (1,124,811) | (1,126,583) | (1,128,371) | |||||||||||
Tangible assets | $ 17,006,854 | $ 16,649,577 | $ 16,587,563 | $ 16,217,794 | $ 16,228,583 | |||||||||||
Tangible equity to tangible assets | 8.37 % | 8.50 % | 8.49 % | 8.15 % | 8.24 % | |||||||||||
Tangible common equity to tangible assets | 7.52 % | 7.63 % | 7.62 % | 7.26 % | 7.35 % | |||||||||||
(1) Tax effected at 21% for all periods presented. | ||||||||||||||||
(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year. | ||||||||||||||||
WESBANCO, INC. | ||||||||||||||||
Additional Non-GAAP Financial Measures | Page 13 | |||||||||||||||
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 | |||||||||||||||
June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | June 30, | |||||||||||
(unaudited, dollars in thousands, except shares and per share amounts) | 2024 | 2024 | 2023 | 2023 | 2023 | 2024 | 2023 | |||||||||
Pre-tax, pre-provision income: | ||||||||||||||||
Income before provision for income taxes | $ 35,015 | $ 43,390 | $ 43,526 | $ 44,295 | $ 53,943 | $ 78,404 | $ 106,226 | |||||||||
Add: provision for credit losses | 10,541 | 4,014 | 4,803 | 6,327 | 3,028 | 14,555 | 6,605 | |||||||||
Pre-tax, pre-provision income | $ 45,556 | $ 47,404 | $ 48,329 | $ 50,622 | $ 56,971 | $ 92,959 | $ 112,831 | |||||||||
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses: | ||||||||||||||||
Income before provision for income taxes | $ 35,015 | $ 43,390 | $ 43,526 | $ 44,295 | $ 53,943 | $ 78,404 | $ 106,226 | |||||||||
Add: provision for credit losses | 10,541 | 4,014 | 4,803 | 6,327 | 3,028 | 14,555 | 6,605 | |||||||||
Add: restructuring and merger-related expenses | 3,777 | - | - | 641 | 35 | 3,777 | 3,188 | |||||||||
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses | $ 49,333 | $ 47,404 | $ 48,329 | $ 51,263 | $ 57,006 | $ 96,736 | $ 116,019 | |||||||||
Return on average assets, excluding certain items (1): | ||||||||||||||||
Income before provision for income taxes | $ 35,015 | $ 43,390 | $ 43,526 | $ 44,295 | $ 53,943 | $ 78,404 | $ 106,226 | |||||||||
Add: provision for credit losses | 10,541 | 4,014 | 4,803 | 6,327 | 3,028 | 14,555 | 6,605 | |||||||||
Add: restructuring and merger-related expenses | 3,777 | - | - | 641 | 35 | 3,777 | 3,188 | |||||||||
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses | 49,333 | 47,404 | 48,329 | 51,263 | 57,006 | 96,736 | 116,019 | |||||||||
Average total assets | $ 17,890,314 | $ 17,704,265 | $ 17,426,111 | $ 17,341,959 | $ 17,294,346 | $ 17,797,289 | $ 17,133,344 | |||||||||
Return on average assets, excluding certain items (annualized) (1) (2) | 1.11 % | 1.08 % | 1.10 % | 1.17 % | 1.32 % | 1.09 % | 1.37 % | |||||||||
Return on average equity, excluding certain items (1): | ||||||||||||||||
Income before provision for income taxes | $ 35,015 | $ 43,390 | $ 43,526 | $ 44,295 | $ 53,943 | $ 78,404 | $ 106,226 | |||||||||
Add: provision for credit losses | 10,541 | 4,014 | 4,803 | 6,327 | 3,028 | 14,555 | 6,605 | |||||||||
Add: restructuring and merger-related expenses | 3,777 | - | - | 641 | 35 | 3,777 | 3,188 | |||||||||
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses | 49,333 | 47,404 | 48,329 | 51,263 | 57,006 | 96,736 | 116,019 | |||||||||
Average total shareholders' equity | $ 2,542,948 | $ 2,545,841 | $ 2,468,525 | $ 2,478,662 | $ 2,493,096 | $ 2,544,394 | $ 2,475,678 | |||||||||
Return on average equity, excluding certain items (annualized) (1) (2) | 7.80 % | 7.49 % | 7.77 % | 8.21 % | 9.17 % | 7.65 % | 9.45 % | |||||||||
Return on average tangible equity, excluding certain items (1): | ||||||||||||||||
Income before provision for income taxes | $ 35,015 | $ 43,390 | $ 43,526 | $ 44,295 | $ 53,943 | $ 78,404 | $ 106,226 | |||||||||
Add: provision for credit losses | 10,541 | 4,014 | 4,803 | 6,327 | 3,028 | 14,555 | 6,605 | |||||||||
Add: amortization of intangibles | 2,072 | 2,092 | 2,243 | 2,262 | 2,282 | 4,164 | 4,583 | |||||||||
Add: restructuring and merger-related expenses | 3,777 | - | - | 641 | 35 | 3,777 | 3,188 | |||||||||
Income before provision, restructuring and merger-related expenses and amortization of intangibles | 51,405 | 49,496 | 50,572 | 53,525 | 59,288 | 100,900 | 120,602 | |||||||||
Average total shareholders' equity | 2,542,948 | 2,545,841 | 2,468,525 | 2,478,662 | 2,493,096 | 2,544,394 | 2,475,678 | |||||||||
Less: average goodwill and other intangibles, net of def. tax liability | (1,122,264) | (1,123,938) | (1,125,593) | (1,127,404) | (1,129,155) | (1,123,101) | (1,130,086) | |||||||||
Average tangible equity | $ 1,420,684 | $ 1,421,903 | $ 1,342,932 | $ 1,351,258 | $ 1,363,941 | $ 1,421,293 | $ 1,345,592 | |||||||||
Return on average tangible equity, excluding certain items (annualized) (1) (2) | 14.55 % | 14.00 % | 14.94 % | 15.72 % | 17.44 % | 14.28 % | 18.07 % | |||||||||
Average tangible common equity | $ 1,276,200 | $ 1,277,419 | $ 1,198,448 | $ 1,206,774 | $ 1,219,457 | $ 1,276,809 | $ 1,201,108 | |||||||||
Return on average tangible common equity, excluding certain items (annualized) (1) (2) | 16.20 % | 15.58 % | 16.74 % | 17.60 % | 19.50 % | 15.89 % | 20.25 % | |||||||||
(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. | ||||||||||||||||
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SOURCE WesBanco, Inc.