WHEELING, W.Va., Oct. 26, 2021 /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 nine months ended September 30, 2021. Net income available to
common shareholders for the period was $41.9
million, with diluted earnings per share of $0.64, compared to $41.3
million and $0.61 per diluted
share, respectively, for the third quarter of 2020. For the
nine months ended September 30, 2021,
net income was $180.5 million, or
$2.71 per diluted share, compared to
$69.2 million, or $1.03 per diluted share, for the 2020
period. Net income available to common shareholders,
excluding after-tax restructuring and merger-related expenses, for
the three months ended September 30,
2021, was $45.4 million, or
$0.70 per diluted share, as compared
to $44.2 million and $0.66 per diluted share, respectively, in the
prior year quarter (non-GAAP measures). On the same basis,
net income for the nine months ended September 30, 2021 was $185.7 million, or $2.79 per diluted share, as compared to
$76.5 million, or $1.14 per diluted share, in the prior year period
(non-GAAP measures).
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For the Three
Months Ended September 30,
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For the Nine
Months Ended September 30,
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2021
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2020
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2021
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2020
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(unaudited,
dollars in thousands,
except per share amounts)
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Net
Income
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Diluted
Earnings
Per Share
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Net
Income
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Diluted
Earnings
Per Share
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Net
Income
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Diluted
Earnings
Per Share
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Net
Income
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Diluted Earnings
Per Share
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Net income available
to common
shareholders (Non-GAAP)(1)
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$
45,406
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$
0.70
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$
44,155
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$
0.66
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$
185,685
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$
2.79
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$
76,489
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$
1.14
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Less: After-tax
restructuring and merger-
related expenses
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(3,529)
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(0.06)
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(2,850)
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(0.05)
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(5,167)
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(0.08)
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(7,300)
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(0.11)
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Net income available
to common shareholders (GAAP)
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$
41,877
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$
0.64
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$
41,305
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$
0.61
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$
180,518
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$
2.71
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$
69,189
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$
1.03
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(1)See
non-GAAP financial measures for additional information relating to
the calculation of these items.
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Financial and operational highlights during the quarter ended
September 30, 2021:
- Pre-tax, pre-provision income ("PTPP") excluding restructuring
and merger-related expenses (non-GAAP measure) was $57.8 million, which included $2.6 million of settlement costs with respect to
the pending resolution of a lawsuit
- Continued expense management demonstrated by a year-to-date
efficiency ratio of 57.04% (non-GAAP measure)
- Deposit growth, excluding certificates of deposit ("CDs"), was
15.0% year-over-year, driven by growth in demand deposits
- Improving macro-economic forecasts favorably impacted the
provision for credit losses under the Current Expected Credit
Losses ("CECL") methodology, which drove both the net benefit in
the provision for credit losses and the reduction in allowance for
credit losses during the quarter
- Key credit quality metrics such as non-performing assets, 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, those with total assets between $10 billion and $25
billion (based upon the prior four quarters)
- During the quarter, we purchased approximately 2.1 million
shares of our common stock on the open market under existing share
repurchase authorizations
- WesBanco Bank was named, for the second consecutive year, to
Newsweek magazine's ranking of America's Best Banks,
recognizing those banks that best serve their customers' needs, as
well as being named the Best Big Bank in the state of West Virginia
- Our core banking software system conversion was completed on
August 2, which, among other
benefits, provides enhanced digital capabilities
"We are pleased with WesBanco's performance during the third
quarter of 2021 as we continue to deliver solid pre-tax,
pre-provision earnings and manage discretionary expenses," said
Todd F. Clossin, President and Chief
Executive Officer of WesBanco. "We remain focused on ensuring
a strong organization for our shareholders and will continue to
appropriately return capital to them. In addition, we
continue to make strategic hires across our organization and
markets to enhance our ability to leverage growth opportunities
once they fully return."
Mr. Clossin added, "I remain proud of our entire organization as
it has remained diligently focused on serving the financial needs
of our customers and communities throughout the pandemic, the
re-opening of our economies, and through the completion of our core
banking software system conversion. For the second year in a
row, we have been named to Newsweek magazine's ranking of
America's Best Banks which recognizes those institutions that best
serve their customers' needs. I would also like to
congratulate our Community Development team for their being
nationally honored with the ABA Foundation Community Commitment
Award for their strong performance and outreach with our New
Markets Loan Program."
Balance Sheet
Portfolio loans of $9.9 billion as of September 30, 2021 decreased 9.8% when compared
to the prior year period, due primarily to forgiveness of
approximately 8,140 SBA Payroll Protection Program ("SBA PPP")
loans totaling $940 million and a
high level of commercial real estate loan payoffs of $260 million during the third quarter of
2021. This higher level of payoffs negatively impacted total
loan growth by approximately two percentage points. Further,
when excluding SBA PPP loans, total loans decreased 4.9%
year-over-year and 1.8% sequentially. As of September 30, approximately 3,190 SBA PPP loans
for $272 million remained in the loan
portfolio.
Total deposits increased 10.0% year-over-year to $13.4 billion due primarily to stimulus funds
previously received by our customers and increased personal
savings, which more than offset a $353.3 million reduction in CDs. Deposits,
excluding CDs, increased 15.0% year-over-year, driven by a 16.5%
increase in total demand deposits, which represent approximately
58% of total deposits.
Credit Quality
As of September
30, 2021, total loans past due, non-performing loans, and
non-performing assets as percentages of the portfolio and total
assets have remained relatively low and consistent throughout the
last five quarters. In addition, for the third quarter, we
realized net loan charge-offs to average loans of three basis
points, on an annualized basis. The allowance for credit
losses specific to total portfolio loans at September 30, 2021 was $136.6 million, or 1.38% of total loans; or, when
excluding SBA PPP loans, 1.42% of total portfolio loans. The
improvements in the macroeconomic forecasts and certain qualitative
factors resulted in a negative provision for credit losses of
$1.7 million for the third quarter of
2021, and a negative provision of $50.7
million for the year-to-date period.
Net Interest Margin and Income
The net interest margin
of 3.08% for the third quarter of 2021 decreased 4 basis points
sequentially and 23 basis points from the third quarter of 2020,
primarily due to the lower interest rate environment, and a shift
to a higher level of securities as a percentage of total
assets. As a result of increased cash balances from our
customers' higher personal savings creating extra liquidity,
investment securities increased by $1.1
billion year-over-year and, as of September 30, 2021, represented approximately 23%
of total assets. Reflecting the continued low interest rate
environment, we remain focused on controlling the costs of our
various funding sources. We have reduced all posted deposit
rates, including certificates of deposit, throughout the past year,
which helped to lower deposit funding costs 12 basis points
year-over-year to 14 basis points for the third quarter of 2021, or
9 basis points when including non-interest bearing deposits.
Furthermore, we continued to reduce our average FHLB
borrowings to $0.3 billion, down
71.3% from the prior year, which lowered the cost of these
borrowings by 53 basis points year-over-year. Accretion from
acquisitions benefited the third quarter net interest margin by 10
basis points, as compared to 18 basis points in the prior year
period. Lastly, the forgiveness of existing and funding of
new SBA PPP loans benefited the third quarter of 2021 net interest
margin by a net 14 basis points, as compared to a net 2 basis
points in the prior year period.
Net interest income decreased $5.3
million, or 4.4%, during the third quarter of 2021, as
compared to the same quarter of 2020, reflecting lower loan yields
due to repricing of existing loans and lower new offered rates in
the current market environment, lower accretion from purchase
accounting, and lower rates on new investment securities purchased,
partially offset by lower interest paid on deposits and borrowings
as described above. For the nine months ended September 30, 2021, net interest income decreased
$12.2 million, or 3.4%, due to the
reasons discussed for the three-month period comparison.
Non-Interest Income
For the third quarter of 2021,
non-interest income of $32.8 million
decreased $1.9 million, or 5.4%, from
the third quarter of 2020, driven primarily by lower mortgage
banking income, which decreased $3.9
million, or 46.2%, from the record level recorded in the
prior year period. While residential mortgage originations of
$382 million continued to be strong
during the quarter, as compared to $394
million last year, the amount sold in the secondary market
decreased from 75% last year to approximately 40%, as we continued
efforts to keep more 1-to-4 family residential mortgages on the
balance sheet. Trust fees increased $0.9 million, or 13.4%, primarily from net
organic growth during the quarter. Electronic banking fees
increased $0.6 million, or 13.5%, as
we transitioned to adjusted settlement processes of a new
third-party digital banking service provider. Lastly, other
income decreased $1.0 million, or
19.4%, due to lower loan swap-related income and the sale of the
debit card sponsorship business earlier this year.
Non-interest income, for the nine months ended September 30, 2021, increased $6.6 million, or 6.9%. The net gain on
other real estate owned and other assets of $5.0 million was primarily due to a gain earned
during the second quarter on an investment made by WesBanco's
Community Development Corporation in a start-up firm more than ten
years ago that was recently acquired by a public company. In
addition, mortgage banking fees decreased $0.6 million, or 3.7%, compared to the prior year
period, net of year-to-date fair value loss adjustments of
$1.0 million, while service charges
on deposits were lower due to higher consumer deposits associated
with the three rounds of stimulus to-date and lower general
consumer spending, resulting in fewer eligible account fees.
Non-Interest Expense
Total operating expenses
continued to be well-controlled through company-wide efforts to
effectively manage discretionary costs and full-time equivalent
employee counts, as demonstrated by a year-to-date efficiency ratio
of 57.04%. Excluding restructuring and merger-related
expenses, non-interest expense for the three months ended
September 30, 2021 increased
$3.9 million, or 4.5%, to
$90.2 million compared to the prior
year period, primarily due to $2.6
million of settlement costs with respect to the pending
resolution of a lawsuit, included within other operating expenses,
and higher salary expense. Salaries and wages increased
$1.2 million, or 3.0%, due to higher
incentive compensation expense of $1.8
million, reflecting increased business growth and financial
performance as compared to the pandemic-impacted prior year, which
more than offset lower year-over-year salary expense of
approximately $0.9 million. In
addition, employee benefits for the third quarter of $10.7 million, as compared to $10.6 million last year, included an additional
$1.4 million from higher employee
health insurance claims offset by lower pension and deferred
compensation expenses. Equipment and software expense for the
third quarter of 2021 increased $1.4
million, or 22.2%, year-over-year due to increased asset
size, increased usage of digital banking services, and SBA PPP loan
forgiveness. Lastly, FDIC insurance expense decreased
$0.7 million, or 37.0%,
year-over-year due to improved risk factors.
On a similar basis, non-interest expense during the first
nine months of 2021 increased just $0.8
million, or 0.3%, compared to the prior year period.
The primary drivers of this slight increase were higher equipment
and software costs and legal settlement costs mentioned above and
higher marketing expense from product advertising and brand
awareness campaigns that were delayed from 2020 due to the COVID-19
pandemic. The increases were mostly offset by lower FDIC
insurance from a refund received last quarter and improved risk
factors, lower salaries and wages from financial center closures
during the past year, and lower amortization of intangible asset
expense.
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 September 30, 2021, Tier I
leverage was 10.10%, Tier I risk-based capital ratio was 14.18%,
common equity Tier 1 capital ratio ("CET 1") was 12.91%, and total
risk-based capital was 16.38%.
During the third quarter of 2021, WesBanco repurchased 2,138,515
shares of its outstanding common stock on the open market at a
total cost of $71.3 million. As
of September 30, 2021, approximately
2.96 million shares remained for repurchase under the existing
share repurchase authorization that was approved on August 26, 2021, by WesBanco's Board of
Directors.
Conference Call and Webcast
WesBanco will host a
conference call to discuss the Company's financial results for the
third quarter of 2021 at 10:00 a.m. ET on
Wednesday, October 27, 2021. 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 412-902-4290
for international callers, and asking to be joined into the
WesBanco call.
A replay of the conference call will be available by dialing
877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088
for international callers, and providing the access code of
10150984. The replay will begin at approximately 12:00 p.m. ET on October
27, and end at 12 a.m. ET on
November 10. 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, 2020 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, 2021 and June 30, 2021, 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 including the effects of the COVID-19
pandemic; 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 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.
Founded in 1870, WesBanco, Inc.
(www.wesbanco.com) is a diversified and balanced financial services
company that delivers large bank capabilities with a community bank
feel. Our distinct long-term growth strategies are built upon
unique sustainable advantages permitting us to span six states with
meaningful market share. Built upon our 'Better Banking
Pledge', our customer-centric service culture is focused on growing
long-term relationships by pledging to serve all personal and
business customer needs efficiently and effectively. In
addition to a full range of online and mobile banking options and a
full-suite of commercial products and services, WesBanco provides
trust, wealth management, securities brokerage, and private banking
services through our century-old Trust and Investment Services
department, with approximately $5.5
billion of assets under management (as of September 30, 2021). WesBanco's banking
subsidiary, WesBanco Bank, Inc., operates 206 financial centers in
the states of Indiana,
Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
Additionally, WesBanco operates an insurance agency, WesBanco
Insurance Services, Inc., and a full service broker/dealer,
WesBanco Securities, Inc.
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WESBANCO,
INC.
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Consolidated
Selected Financial Highlights
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Page
5
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(unaudited,
dollars in thousands, except shares and per share
amounts)
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For the Three
Months Ended
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For the Nine
Months Ended
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Statement of
Income
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September
30,
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September
30,
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Interest and
dividend income
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2021
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2020
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%
Change
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2021
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2020
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%
Change
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Loans, including
fees
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$
103,206
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$
116,524
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(11.4)
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$
318,532
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$
351,095
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(9.3)
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Interest and
dividends on securities:
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Taxable
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13,481
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11,669
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15.5
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37,467
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42,702
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(12.3)
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Tax-exempt
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4,063
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4,182
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(2.8)
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11,925
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12,940
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(7.8)
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Total interest and
dividends on securities
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17,544
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15,851
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10.7
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49,392
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55,642
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(11.2)
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Other interest
income
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628
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1,282
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(51.0)
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1,836
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4,062
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(54.8)
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Total interest and dividend income
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121,378
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133,657
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(9.2)
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369,760
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410,799
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(10.0)
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Interest
expense
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Interest bearing
demand deposits
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815
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1,225
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(33.5)
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2,859
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5,970
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(52.1)
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Money market
deposits
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350
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707
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(50.5)
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1,488
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3,937
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(62.2)
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Savings
deposits
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244
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303
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(19.5)
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769
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1,523
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(49.5)
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Certificates of
deposit
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1,726
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3,197
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(46.0)
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6,122
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10,765
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(43.1)
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Total interest
expense on deposits
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3,135
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5,432
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(42.3)
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11,238
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22,195
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(49.4)
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Federal Home Loan
Bank borrowings
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1,192
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5,457
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(78.2)
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5,387
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20,982
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(74.3)
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Other short-term
borrowings
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33
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304
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(89.1)
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192
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1,454
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(86.8)
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Subordinated debt and
junior subordinated debt
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1,743
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1,871
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(6.8)
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5,336
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6,400
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(16.6)
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Total interest
expense
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6,103
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|
13,064
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(53.3)
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22,153
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51,031
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(56.6)
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Net interest
income
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115,275
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120,593
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(4.4)
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347,607
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359,768
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(3.4)
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Provision for credit
losses
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(1,730)
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16,288
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(110.6)
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(50,714)
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107,949
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(147.0)
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Net interest income
after provision for credit losses
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117,005
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104,305
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12.2
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398,321
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251,819
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58.2
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Non-interest
income
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Trust fees
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7,289
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6,426
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13.4
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22,069
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19,580
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12.7
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Service charges on
deposits
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6,050
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5,332
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13.5
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15,820
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16,272
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(2.8)
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Electronic banking
fees
|
5,427
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4,780
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13.5
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14,853
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13,100
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13.4
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Net securities
brokerage revenue
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1,965
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1,725
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13.9
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5,318
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4,787
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11.1
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Bank-owned life
insurance
|
2,656
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2,088
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27.2
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6,072
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5,609
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8.3
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Mortgage banking
income
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4,563
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8,488
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(46.2)
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16,656
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17,295
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(3.7)
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Net securities
(losses) gains
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(15)
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787
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(101.9)
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740
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3,577
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(79.3)
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Net gain/(loss) on
other real estate owned and other assets
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785
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(19)
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NM
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4,974
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84
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NM
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Other
income
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4,035
|
|
5,005
|
|
(19.4)
|
|
15,574
|
|
15,177
|
|
2.6
|
|
|
|
Total non-interest
income
|
32,755
|
|
34,612
|
|
(5.4)
|
|
102,076
|
|
95,481
|
|
6.9
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
39,497
|
|
38,342
|
|
3.0
|
|
113,822
|
|
114,025
|
|
(0.2)
|
|
Employee
benefits
|
10,658
|
|
10,604
|
|
0.5
|
|
30,191
|
|
31,115
|
|
(3.0)
|
|
Net
occupancy
|
6,825
|
|
7,092
|
|
(3.8)
|
|
20,430
|
|
20,809
|
|
(1.8)
|
|
Equipment and
software
|
7,609
|
|
6,229
|
|
22.2
|
|
21,654
|
|
17,991
|
|
20.4
|
|
Marketing
|
1,848
|
|
1,577
|
|
17.2
|
|
6,033
|
|
4,282
|
|
40.9
|
|
FDIC
insurance
|
1,227
|
|
1,948
|
|
(37.0)
|
|
2,690
|
|
6,456
|
|
(58.3)
|
|
Amortization of
intangible assets
|
2,854
|
|
3,346
|
|
(14.7)
|
|
8,622
|
|
10,085
|
|
(14.5)
|
|
Restructuring and
merger-related expense
|
4,467
|
|
3,608
|
|
23.8
|
|
6,540
|
|
9,241
|
|
(29.2)
|
|
Other operating
expenses
|
19,716
|
|
17,197
|
|
14.6
|
|
54,858
|
|
52,775
|
|
3.9
|
|
|
|
Total non-interest
expense
|
94,701
|
|
89,943
|
|
5.3
|
|
264,840
|
|
266,779
|
|
(0.7)
|
Income before
provision for income taxes
|
55,059
|
|
48,974
|
|
12.4
|
|
235,557
|
|
80,521
|
|
192.5
|
|
Provision for income
taxes
|
10,651
|
|
7,669
|
|
38.9
|
|
47,445
|
|
11,332
|
|
318.7
|
Net Income
|
44,408
|
|
41,305
|
|
7.5
|
|
188,112
|
|
69,189
|
|
171.9
|
Preferred stock
dividends
|
2,531
|
|
-
|
|
100.0
|
|
7,594
|
|
-
|
|
100.0
|
Net income
available to common shareholders
|
$
41,877
|
|
$
41,305
|
|
1.4
|
|
$
180,518
|
|
$
69,189
|
|
160.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent
net interest income
|
$
116,355
|
|
$
121,705
|
|
(4.4)
|
|
$
350,777
|
|
$
363,208
|
|
(3.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share
data
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
0.64
|
|
$
0.61
|
|
4.9
|
|
$
2.72
|
|
$
1.03
|
|
164.1
|
Net income per common
share - diluted
|
0.64
|
|
0.61
|
|
4.9
|
|
2.71
|
|
1.03
|
|
163.1
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
0.70
|
|
0.66
|
|
6.1
|
|
2.79
|
|
1.14
|
|
144.7
|
Dividends
declared
|
0.33
|
|
0.32
|
|
3.1
|
|
0.99
|
|
0.96
|
|
3.1
|
Book value (period
end)
|
40.41
|
|
40.66
|
|
(0.6)
|
|
40.41
|
|
40.66
|
|
(0.6)
|
Tangible book value
(period end) (1)
|
22.51
|
|
21.39
|
|
5.2
|
|
22.51
|
|
21.39
|
|
5.2
|
Average common shares
outstanding - basic
|
64,931,764
|
|
67,214,759
|
|
(3.4)
|
|
66,354,750
|
|
67,268,449
|
|
(1.4)
|
Average common shares
outstanding - diluted
|
65,065,848
|
|
67,269,303
|
|
(3.3)
|
|
66,510,357
|
|
67,351,857
|
|
(1.2)
|
Period end common
shares outstanding
|
63,838,549
|
|
67,216,012
|
|
(5.0)
|
|
63,838,549
|
|
67,216,012
|
|
(5.0)
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ended
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
1.43
|
%
|
0.56
|
%
|
155.36
|
%
|
|
|
|
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
1.47
|
|
0.62
|
|
137.10
|
|
|
|
|
|
|
|
Return on average
equity
|
|
|
|
|
8.67
|
|
3.53
|
|
145.61
|
|
|
|
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
8.92
|
|
3.90
|
|
128.72
|
|
|
|
|
|
|
|
Return on average
tangible equity (1)
|
|
|
|
15.30
|
|
6.96
|
|
119.83
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
15.72
|
|
7.62
|
|
106.30
|
|
|
|
|
|
|
|
Return on average
tangible common equity (1)
|
|
|
|
16.78
|
|
7.09
|
|
136.67
|
|
|
|
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
17.25
|
|
7.76
|
|
122.29
|
|
|
|
|
|
|
|
Yield on earning
assets (2)
|
|
|
|
|
3.36
|
|
3.86
|
|
(12.95)
|
|
|
|
|
|
|
|
Cost of interest
bearing liabilities
|
|
|
|
|
0.31
|
|
0.69
|
|
(55.07)
|
|
|
|
|
|
|
|
Net interest spread
(2)
|
|
|
|
|
|
3.05
|
|
3.17
|
|
(3.79)
|
|
|
|
|
|
|
|
Net interest margin
(2)
|
|
|
|
|
|
3.16
|
|
3.38
|
|
(6.51)
|
|
|
|
|
|
|
|
Efficiency (1)
(2)
|
|
|
|
|
|
57.04
|
|
56.15
|
|
1.59
|
|
|
|
|
|
|
|
Average loans to
average deposits
|
|
|
|
|
80.01
|
|
92.37
|
|
(13.38)
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs/average loans
|
|
|
|
0.01
|
|
0.08
|
|
(87.50)
|
|
|
|
|
|
|
|
Effective income tax
rate
|
|
|
|
|
20.14
|
|
14.07
|
|
43.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
|
|
|
|
|
|
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
0.97
|
%
|
1.60
|
%
|
1.72
|
%
|
1.21
|
%
|
0.98
|
%
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
1.06
|
|
1.62
|
|
1.74
|
|
1.22
|
|
1.05
|
|
|
|
Return on average
equity
|
|
|
|
|
5.98
|
|
9.74
|
|
10.33
|
|
7.28
|
|
6.17
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
6.49
|
|
9.88
|
|
10.43
|
|
7.33
|
|
6.60
|
|
|
|
Return on average
tangible equity (1)
|
|
|
|
10.72
|
|
17.04
|
|
18.22
|
|
13.18
|
|
11.56
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
11.57
|
|
17.27
|
|
18.39
|
|
13.28
|
|
12.31
|
|
|
|
Return on average
tangible common equity (1)
|
|
|
|
11.76
|
|
18.67
|
|
20.00
|
|
14.49
|
|
12.21
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
12.70
|
|
18.92
|
|
20.18
|
|
14.60
|
|
13.00
|
|
|
|
Yield on earning
assets (2)
|
|
|
|
|
3.24
|
|
3.32
|
|
3.51
|
|
3.61
|
|
3.66
|
|
|
|
Cost of interest
bearing liabilities
|
|
|
|
|
0.25
|
|
0.31
|
|
0.37
|
|
0.45
|
|
0.53
|
|
|
|
Net interest spread
(2)
|
|
|
|
|
|
2.99
|
|
3.01
|
|
3.14
|
|
3.16
|
|
3.13
|
|
|
|
Net interest margin
(2)
|
|
|
|
|
|
3.08
|
|
3.12
|
|
3.27
|
|
3.31
|
|
3.31
|
|
|
|
Efficiency (1)
(2)
|
|
|
|
|
|
60.52
|
|
53.97
|
|
56.71
|
|
57.06
|
|
55.23
|
|
|
|
Average loans to
average deposits
|
|
|
|
|
75.46
|
|
79.82
|
|
85.27
|
|
89.64
|
|
90.88
|
|
|
|
Annualized net loan
charge-offs and recoveries /average loans
|
0.03
|
|
(0.03)
|
|
0.02
|
|
0.02
|
|
(0.00)
|
|
|
|
Effective income tax
rate
|
|
|
|
|
19.34
|
|
20.85
|
|
19.93
|
|
18.13
|
|
15.66
|
|
|
|
Trust assets, market
value at period end
|
|
|
|
$
5,464,159
|
|
$
5,480,995
|
|
$
5,244,370
|
|
$
5,025,565
|
|
$
4,649,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
Page
7
|
(unaudited,
dollars in thousands, except shares)
|
|
|
|
|
|
|
|
%
Change
|
Balance
sheet
|
|
September
30,
|
|
|
December
31,
|
December 31,
2020
|
Assets
|
|
|
|
2021
|
|
2020
|
|
%
Change
|
2020
|
to September
30, 2021
|
Cash and due from
banks
|
|
$
201,505
|
|
$
215,982
|
|
(6.7)
|
$
184,361
|
9.3
|
Due from banks -
interest bearing
|
|
919,611
|
|
544,284
|
|
69.0
|
721,086
|
27.5
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
Equity securities, at
fair value
|
|
13,451
|
|
12,516
|
|
7.5
|
13,047
|
3.1
|
|
Available-for-sale
debt securities, at fair value
|
|
2,986,803
|
|
2,045,924
|
|
46.0
|
1,978,136
|
51.0
|
|
Held-to-maturity debt
securities (fair values of $978,494; $782,401
|
|
|
|
|
|
|
|
|
|
and $768,183,
respectively)
|
|
953,920
|
|
746,767
|
|
27.7
|
731,212
|
30.5
|
|
|
Allowance for credit
losses, held-to-maturity debt securities
|
|
(257)
|
|
(461)
|
|
44.3
|
(326)
|
21.2
|
|
Net held-to-maturity
debt securities
|
|
953,663
|
|
746,306
|
|
27.8
|
730,886
|
30.5
|
|
|
Total
securities
|
|
3,953,917
|
|
2,804,746
|
|
41.0
|
2,722,069
|
45.3
|
Loans held for
sale
|
|
32,308
|
|
134,151
|
|
(75.9)
|
168,378
|
(80.8)
|
Portfolio
loans:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
5,657,886
|
|
5,708,648
|
|
(0.9)
|
5,705,392
|
(0.8)
|
|
Commercial and
industrial
|
|
1,707,214
|
|
2,507,235
|
|
(31.9)
|
2,407,438
|
(29.1)
|
|
Residential real
estate
|
|
1,655,229
|
|
1,798,019
|
|
(7.9)
|
1,720,961
|
(3.8)
|
|
Home
equity
|
|
607,735
|
|
647,052
|
|
(6.1)
|
646,387
|
(6.0)
|
|
Consumer
|
|
285,101
|
|
328,592
|
|
(13.2)
|
309,055
|
(7.8)
|
Total portfolio
loans, net of unearned income
|
|
9,913,165
|
|
10,989,546
|
|
(9.8)
|
10,789,233
|
(8.1)
|
Allowance for credit
losses - loans
|
|
(136,605)
|
|
(185,109)
|
|
26.2
|
(185,827)
|
26.5
|
|
|
Net portfolio
loans
|
|
9,776,560
|
|
10,804,437
|
|
(9.5)
|
10,603,406
|
(7.8)
|
Premises and
equipment, net
|
|
232,134
|
|
248,491
|
|
(6.6)
|
249,421
|
(6.9)
|
Accrued interest
receivable
|
|
61,895
|
|
65,023
|
|
(4.8)
|
66,790
|
(7.3)
|
Goodwill and other
intangible assets, net
|
|
1,154,468
|
|
1,165,566
|
|
(1.0)
|
1,163,091
|
(0.7)
|
Bank-owned life
insurance
|
|
349,735
|
|
304,288
|
|
14.9
|
306,038
|
14.3
|
Other
assets
|
|
209,978
|
|
265,172
|
|
(20.8)
|
240,970
|
(12.9)
|
Total
Assets
|
|
$
16,892,111
|
|
$
16,552,140
|
|
2.1
|
$
16,425,610
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
|
$
4,531,958
|
|
$
4,073,305
|
|
11.3
|
$
4,070,835
|
11.3
|
|
Interest bearing
demand
|
|
3,283,444
|
|
2,633,601
|
|
24.7
|
2,839,536
|
15.6
|
|
Money
market
|
|
1,765,480
|
|
1,619,410
|
|
9.0
|
1,685,927
|
4.7
|
|
Savings
deposits
|
|
2,488,180
|
|
2,167,597
|
|
14.8
|
2,214,565
|
12.4
|
|
Certificates of
deposit
|
|
1,354,252
|
|
1,707,512
|
|
(20.7)
|
1,618,510
|
(16.3)
|
|
|
Total
deposits
|
|
13,423,314
|
|
12,201,425
|
|
10.0
|
12,429,373
|
8.0
|
Federal Home Loan
Bank borrowings
|
|
208,940
|
|
794,621
|
|
(73.7)
|
549,003
|
(61.9)
|
Other short-term
borrowings
|
|
152,546
|
|
381,909
|
|
(60.1)
|
241,950
|
(37.0)
|
Subordinated debt and
junior subordinated debt
|
|
167,711
|
|
192,150
|
|
(12.7)
|
192,291
|
(12.8)
|
|
|
Total
borrowings
|
|
529,197
|
|
1,368,680
|
|
(61.3)
|
983,244
|
(46.2)
|
Accrued interest
payable
|
|
2,495
|
|
5,014
|
|
(50.2)
|
4,314
|
(42.2)
|
Other
liabilities
|
|
213,122
|
|
244,055
|
|
(12.7)
|
251,942
|
(15.4)
|
Total
Liabilities
|
|
14,168,128
|
|
13,819,174
|
|
2.5
|
13,668,873
|
3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
Preferred stock, no
par value; 1,000,000 shares authorized in 2021 and 2020,
respectively;
|
|
|
|
|
|
|
|
|
|
150,000 shares 6.75%
non-cumulative perpetual preferred stock, Series
A,
|
|
|
|
|
|
|
|
|
|
liquidation
preference $150.0 million, issued and outstanding in 2021 and 2020,
respectively
|
144,484
|
|
144,529
|
|
(0.0)
|
144,484
|
-
|
Common stock, $2.0833
par value; 100,000,000 shares authorized in
|
|
|
|
|
|
|
|
|
|
2021 and 2020,
respectively; 68,081,306, 68,081,306 and 68,081,306
shares
|
|
|
|
|
|
|
|
|
|
issued, respectively;
63,838,549, 67,216,012 and 67,254,706 shares
|
|
141,834
|
|
141,834
|
|
-
|
141,834
|
-
|
|
outstanding,
respectively
|
|
|
|
|
|
|
|
|
Capital
surplus
|
|
1,634,086
|
|
1,634,172
|
|
(0.0)
|
1,634,815
|
(0.0)
|
Retained
earnings
|
|
946,746
|
|
802,892
|
|
17.9
|
831,688
|
13.8
|
Treasury stock
(4,242,757, 865,294 and 826,600 shares - at cost,
respectively)
|
|
(146,102)
|
|
(27,403)
|
|
(433.2)
|
(25,949)
|
(463.0)
|
Accumulated other
comprehensive income
|
|
4,463
|
|
38,301
|
|
(88.3)
|
31,359
|
(85.8)
|
Deferred benefits for
directors
|
|
(1,528)
|
|
(1,359)
|
|
(12.4)
|
(1,494)
|
(2.3)
|
Total
Shareholders' Equity
|
|
2,723,983
|
|
2,732,966
|
|
(0.3)
|
2,756,737
|
(1.2)
|
Total Liabilities
and Shareholders' Equity
|
|
$
16,892,111
|
|
$
16,552,140
|
|
2.1
|
$
16,425,610
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESBANCO,
INC.
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
Page
8
|
(unaudited,
dollars in thousands, except shares)
|
|
|
|
|
|
Balance
sheet
|
|
September
30,
|
|
June
30,
|
|
Assets
|
|
|
|
2021
|
|
2021
|
%
Change
|
Cash and due from
banks
|
|
$
201,505
|
|
$
208,992
|
(3.6)
|
Due from banks -
interest bearing
|
|
919,611
|
|
637,312
|
44.3
|
Securities:
|
|
|
|
|
|
|
|
Equity securities, at
fair value
|
|
13,451
|
|
13,494
|
(0.3)
|
|
Available-for-sale,
at fair value
|
|
2,986,803
|
|
2,964,264
|
0.8
|
|
Held-to-maturity
(fair values of $978,494 and 934,487, respectively)
|
|
953,920
|
|
902,172
|
5.7
|
|
|
Allowance for credit
losses, held-to-maturity debt securities
|
|
(257)
|
|
(227)
|
(13.2)
|
|
Net held-to-maturity
debt securities
|
|
953,663
|
|
901,945
|
5.7
|
|
|
Total
securities
|
|
3,953,917
|
|
3,879,703
|
1.9
|
Loans held for
sale
|
|
32,308
|
|
41,461
|
(22.1)
|
Portfolio
Loans:
|
|
|
|
|
|
|
Commercial real
estate
|
|
5,657,886
|
|
5,705,246
|
(0.8)
|
|
Commercial and
industrial
|
|
1,707,214
|
|
2,119,186
|
(19.4)
|
|
Residential real
estate
|
|
1,655,229
|
|
1,625,632
|
1.8
|
|
Home
equity
|
|
607,735
|
|
631,059
|
(3.7)
|
|
Consumer
|
|
285,101
|
|
276,069
|
3.3
|
Total portfolio
loans, net of unearned income
|
|
9,913,165
|
|
10,357,192
|
(4.3)
|
Allowance for credit
losses - loans
|
|
(136,605)
|
|
(140,730)
|
2.9
|
|
Net portfolio
loans
|
|
9,776,560
|
|
10,216,462
|
(4.3)
|
Premises and
equipment, net
|
|
232,134
|
|
235,227
|
(1.3)
|
Accrued interest
receivable
|
|
61,895
|
|
64,020
|
(3.3)
|
Goodwill and other
intangible assets, net
|
|
1,154,468
|
|
1,157,322
|
(0.2)
|
Bank-owned life
insurance
|
|
349,735
|
|
309,454
|
13.0
|
Other
assets
|
|
209,978
|
|
216,914
|
(3.2)
|
Total
Assets
|
|
$
16,892,111
|
|
$
16,966,867
|
(0.4)
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
|
4,531,958
|
|
4,409,221
|
2.8
|
|
Interest bearing
demand
|
|
3,283,444
|
|
3,214,484
|
2.1
|
|
Money
market
|
|
1,765,480
|
|
1,771,686
|
(0.4)
|
|
Savings
deposits
|
|
2,488,180
|
|
2,438,328
|
2.0
|
|
Certificates of
deposit
|
|
1,354,252
|
|
1,484,536
|
(8.8)
|
|
|
Total
deposits
|
|
13,423,314
|
|
13,318,255
|
0.8
|
Federal Home Loan
Bank borrowings
|
|
208,940
|
|
313,960
|
(33.5)
|
Other short-term
borrowings
|
|
152,546
|
|
135,267
|
12.8
|
Subordinated debt and
junior subordinated debt
|
|
167,711
|
|
192,571
|
(12.9)
|
|
|
Total
borrowings
|
|
529,197
|
|
641,798
|
(17.5)
|
Accrued interest
payable
|
|
2,495
|
|
3,342
|
(25.3)
|
Other
liabilities
|
|
213,122
|
|
222,636
|
(4.3)
|
Total
liabilities
|
|
14,168,128
|
|
14,186,031
|
(0.1)
|
|
|
|
|
|
|
|
|
|
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 at September 30,
2021
|
|
|
|
|
|
|
and June 30, 2021,
respectively
|
|
144,484
|
|
144,484
|
-
|
Common stock, $2.0833
par value; 100,000,000 shares authorized;
|
|
|
|
|
|
|
68,081,306 and
68,081,306 shares issued, respectively;
|
|
|
|
|
|
|
63,838,549 and
65,970,149 shares outstanding, respectively
|
|
141,834
|
|
141,834
|
-
|
Capital
surplus
|
|
1,634,086
|
|
1,632,460
|
0.1
|
Retained
earnings
|
|
946,746
|
|
925,977
|
2.2
|
Treasury stock
(4,242,757 and 2,111,157 shares - at cost)
|
|
(146,102)
|
|
(74,996)
|
(94.8)
|
Accumulated other
comprehensive income
|
|
4,463
|
|
12,586
|
(64.5)
|
Deferred benefits for
directors
|
|
(1,528)
|
|
(1,509)
|
(1.3)
|
Total Shareholders'
Equity
|
|
2,723,983
|
|
2,780,836
|
(2.0)
|
Total Liabilities and
Shareholders' Equity
|
|
$
16,892,111
|
|
$
16,966,867
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30,
|
|
|
|
For the Nine
Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
2021
|
2020
|
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
|
|
Assets
|
|
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
|
|
Due from banks -
interest bearing
|
|
|
|
$
936,084
|
0.16
|
%
|
|
$
755,575
|
0.16
|
%
|
|
$
803,713
|
0.12
|
%
|
|
$
509,928
|
0.25
|
%
|
|
|
Loans, net of
unearned income (1)
|
|
|
|
10,164,279
|
4.03
|
|
|
11,107,106
|
4.17
|
|
|
10,562,879
|
4.03
|
|
|
10,813,737
|
4.34
|
|
|
|
Securities:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
3,210,878
|
1.67
|
|
|
2,121,780
|
2.19
|
|
|
2,856,041
|
1.75
|
|
|
2,328,196
|
2.45
|
|
|
|
Tax-exempt (3)
|
|
|
|
|
650,397
|
3.14
|
|
|
603,835
|
3.49
|
|
|
610,449
|
3.31
|
|
|
624,278
|
3.50
|
|
|
|
Total
securities
|
|
|
|
|
3,861,275
|
1.91
|
|
|
2,725,615
|
2.47
|
|
|
3,466,490
|
2.03
|
|
|
2,952,474
|
2.67
|
|
|
|
Other earning
assets
|
|
|
|
|
23,646
|
4.23
|
|
|
56,575
|
6.88
|
|
|
28,494
|
5.11
|
|
|
65,849
|
6.27
|
|
|
|
Total earning assets (3)
|
|
|
|
14,985,284
|
3.24
|
%
|
|
14,644,871
|
3.66
|
%
|
|
14,861,576
|
3.36
|
%
|
|
14,341,988
|
3.86
|
%
|
|
|
Other
assets
|
|
|
|
|
2,072,509
|
|
|
|
2,074,846
|
|
|
|
2,060,312
|
|
|
|
2,065,777
|
|
|
|
|
Total
Assets
|
|
|
|
|
$
17,057,793
|
|
|
|
$
16,719,717
|
|
|
|
$
16,921,888
|
|
|
|
$
16,407,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand deposits
|
|
|
|
$
3,297,702
|
0.10
|
%
|
|
$
2,654,161
|
0.18
|
%
|
|
$
3,139,992
|
0.12
|
%
|
|
$
2,518,952
|
0.32
|
%
|
|
|
Money market
accounts
|
|
|
|
1,791,494
|
0.08
|
|
|
1,623,969
|
0.17
|
|
|
1,764,462
|
0.11
|
|
|
1,590,498
|
0.33
|
|
|
|
Savings
deposits
|
|
|
|
|
2,471,593
|
0.04
|
|
|
2,140,932
|
0.06
|
|
|
2,393,066
|
0.04
|
|
|
2,051,930
|
0.10
|
|
|
|
Certificates of
deposit
|
|
|
|
|
1,403,812
|
0.49
|
|
|
1,761,087
|
0.72
|
|
|
1,501,857
|
0.54
|
|
|
1,865,439
|
0.77
|
|
|
|
Total interest bearing deposits
|
|
|
|
8,964,601
|
0.14
|
|
|
8,180,149
|
0.26
|
|
|
8,799,377
|
0.17
|
|
|
8,026,819
|
0.37
|
|
|
|
Federal Home Loan
Bank borrowings
|
|
|
289,334
|
1.63
|
|
|
1,006,593
|
2.16
|
|
|
388,518
|
1.85
|
|
|
1,285,266
|
2.18
|
|
|
|
Other
borrowings
|
|
|
|
|
136,028
|
0.10
|
|
|
383,771
|
0.32
|
|
|
152,450
|
0.17
|
|
|
361,949
|
0.54
|
|
|
|
Subordinated debt and
junior subordinated debt
|
188,276
|
3.67
|
|
|
192,093
|
3.87
|
|
|
191,018
|
3.73
|
|
|
194,195
|
4.40
|
|
|
|
Total interest
bearing liabilities (4)
|
|
|
9,578,239
|
0.25
|
%
|
|
9,762,606
|
0.53
|
%
|
|
9,531,363
|
0.31
|
%
|
|
9,868,229
|
0.69
|
%
|
|
|
Non-interest bearing
demand deposits
|
|
|
4,504,332
|
|
|
|
4,041,681
|
|
|
|
4,402,487
|
|
|
|
3,679,743
|
|
|
|
|
Other
liabilities
|
|
|
|
|
197,916
|
|
|
|
252,917
|
|
|
|
205,309
|
|
|
|
239,797
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
2,777,306
|
|
|
|
2,662,513
|
|
|
|
2,782,729
|
|
|
|
2,619,996
|
|
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
|
$
17,057,793
|
|
|
|
$
16,719,717
|
|
|
|
$
16,921,888
|
|
|
|
$
16,407,765
|
|
|
|
|
Taxable equivalent
net interest spread
|
|
|
|
2.99
|
%
|
|
|
3.13
|
%
|
|
|
3.05
|
%
|
|
|
3.17
|
%
|
|
|
Taxable equivalent
net interest margin
|
|
|
|
3.08
|
%
|
|
|
3.31
|
%
|
|
|
3.16
|
%
|
|
|
3.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Gross of
allowance for loan losses and net of unearned income,
Includes non-accrual and loans held for sale. Loan fees
included in interest income on loans were $6.8 million and $6.2
million for the three months ended September 30, 2021 and 2020,
respectively and were $21.5 million and $9.5 million for the nine
months ended September 30, 2021 and 2020, respectively. As
part of loan fees, PPP loan fees were $7.1 million and $5.6 million
for the three months ended September 30, 2021 and 2020,
respectively, and were $21.0 million and $7.7 million for the nine
months ended September 30, 2021 and 2020, respectively.
Additionally, loan accretion included in interest income on loans
acquired from prior acquisitions was $3.0 million and $4.2 million
for the three months ended September 30, 2021 and 2020,
respectively, and was $10.3 million and $12.5 million for the nine
months ended September 30, 2021 and 2020,
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
$0.7 million and $2.1 million for the three months ended September
30, 2021 and 2020, respectively, and was $2.6 million and $8.1
million for the nine months ended September 30, 2021 and 2020,
respectively.
|
|
|
|
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
Page
10
|
(unaudited,
dollars in thousands, except shares and per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Statement of
Income
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
Interest and
dividend income
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
Loans, including
fees
|
$
103,206
|
|
$
105,968
|
|
$
109,358
|
|
$
114,582
|
|
$
116,524
|
|
Interest and
dividends on securities:
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
13,481
|
|
12,900
|
|
11,127
|
|
10,892
|
|
11,669
|
|
|
Tax-exempt
|
4,063
|
|
3,952
|
|
3,910
|
|
4,059
|
|
4,182
|
|
|
|
Total interest and
dividends on securities
|
17,544
|
|
16,852
|
|
15,037
|
|
14,951
|
|
15,851
|
|
Other interest
income
|
628
|
|
507
|
|
659
|
|
945
|
|
1,282
|
Total interest and dividend income
|
121,378
|
|
123,327
|
|
125,054
|
|
130,478
|
|
133,657
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand deposits
|
815
|
|
1,009
|
|
1,043
|
|
1,099
|
|
1,225
|
|
Money market
deposits
|
350
|
|
551
|
|
578
|
|
678
|
|
707
|
|
Savings
deposits
|
244
|
|
261
|
|
264
|
|
280
|
|
303
|
|
Certificates of
deposit
|
1,726
|
|
2,026
|
|
2,370
|
|
2,797
|
|
3,197
|
|
|
|
Total interest
expense on deposits
|
3,135
|
|
3,847
|
|
4,255
|
|
4,854
|
|
5,432
|
|
Federal Home Loan
Bank borrowings
|
1,192
|
|
1,781
|
|
2,414
|
|
3,719
|
|
5,457
|
|
Other short-term
borrowings
|
33
|
|
40
|
|
118
|
|
275
|
|
304
|
|
Subordinated debt and
junior subordinated debt
|
1,743
|
|
1,804
|
|
1,789
|
|
1,918
|
|
1,871
|
|
|
|
Total interest
expense
|
6,103
|
|
7,472
|
|
8,576
|
|
10,766
|
|
13,064
|
Net interest
income
|
115,275
|
|
115,855
|
|
116,478
|
|
119,712
|
|
120,593
|
|
Provision for credit
losses
|
(1,730)
|
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
Net interest income
after provision for credit losses
|
117,005
|
|
136,880
|
|
144,436
|
|
119,921
|
|
104,305
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
7,289
|
|
7,148
|
|
7,631
|
|
6,754
|
|
6,426
|
|
Service charges on
deposits
|
6,050
|
|
4,876
|
|
4,894
|
|
5,671
|
|
5,332
|
|
Electronic banking
fees
|
5,427
|
|
5,060
|
|
4,365
|
|
4,424
|
|
4,780
|
|
Net securities
brokerage revenue
|
1,965
|
|
1,829
|
|
1,524
|
|
1,402
|
|
1,725
|
|
Bank-owned life
insurance
|
2,656
|
|
1,707
|
|
1,709
|
|
1,750
|
|
2,088
|
|
Mortgage banking
income
|
4,563
|
|
7,830
|
|
4,264
|
|
5,442
|
|
8,488
|
|
Net securities
(losses) gains
|
(15)
|
|
477
|
|
279
|
|
691
|
|
787
|
|
Net gain / (loss) on
other real estate owned and other assets
|
785
|
|
4,014
|
|
175
|
|
18
|
|
(19)
|
|
Other
income
|
4,035
|
|
3,171
|
|
8,367
|
|
6,553
|
|
5,005
|
|
|
|
Total non-interest
income
|
32,755
|
|
36,112
|
|
33,208
|
|
32,705
|
|
34,612
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
39,497
|
|
37,435
|
|
36,890
|
|
39,140
|
|
38,342
|
|
Employee
benefits
|
10,658
|
|
9,268
|
|
10,266
|
|
10,608
|
|
10,604
|
|
Net
occupancy
|
6,825
|
|
6,427
|
|
7,177
|
|
6,771
|
|
7,092
|
|
Equipment and
software
|
7,609
|
|
7,281
|
|
6,765
|
|
6,810
|
|
6,229
|
|
Marketing
|
1,848
|
|
1,802
|
|
2,384
|
|
1,675
|
|
1,577
|
|
FDIC
insurance
|
1,227
|
|
181
|
|
1,282
|
|
1,278
|
|
1,948
|
|
Amortization of
intangible assets
|
2,854
|
|
2,873
|
|
2,896
|
|
3,327
|
|
3,346
|
|
Restructuring and
merger-related expense
|
4,467
|
|
1,222
|
|
851
|
|
484
|
|
3,608
|
|
Other operating
expenses
|
19,716
|
|
17,323
|
|
17,816
|
|
17,976
|
|
17,198
|
|
|
|
Total non-interest
expense
|
94,701
|
|
83,812
|
|
86,327
|
|
88,069
|
|
89,943
|
Income before
provision for income taxes
|
55,059
|
|
89,180
|
|
91,317
|
|
64,557
|
|
48,974
|
|
Provision for income
taxes
|
10,651
|
|
18,592
|
|
18,202
|
|
11,703
|
|
7,669
|
Net Income
|
44,408
|
|
70,588
|
|
73,115
|
|
52,854
|
|
41,305
|
Preferred stock
dividends
|
2,531
|
|
2,531
|
|
2,531
|
|
2,644
|
|
-
|
Net income
available to common shareholders
|
$
41,877
|
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent
net interest income
|
$
116,355
|
|
$
116,906
|
|
$
117,517
|
|
$
120,790
|
|
$
121,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share
data
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
0.64
|
|
$
1.02
|
|
$
1.05
|
|
$
0.75
|
|
$
0.61
|
Net income per common
share - diluted
|
0.64
|
|
1.01
|
|
1.05
|
|
0.75
|
|
0.61
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
0.70
|
|
1.03
|
|
1.06
|
|
0.76
|
|
0.66
|
Dividends
declared
|
0.33
|
|
0.33
|
|
0.33
|
|
0.32
|
|
0.32
|
Book value (period
end)
|
40.41
|
|
39.96
|
|
39.25
|
|
38.84
|
|
38.51
|
Tangible book value
(period end) (1)
|
22.51
|
|
22.61
|
|
22.21
|
|
21.75
|
|
21.39
|
Average common shares
outstanding - basic
|
64,931,764
|
|
66,894,398
|
|
67,263,714
|
|
67,238,005
|
|
67,214,759
|
Average common shares
outstanding - diluted
|
65,065,848
|
|
67,066,592
|
|
67,335,418
|
|
67,304,442
|
|
67,269,303
|
Period end common
shares outstanding
|
63,838,549
|
|
65,970,149
|
|
67,282,134
|
|
67,254,706
|
|
67,216,012
|
Period end preferred
shares outstanding
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
Full time equivalent
employees
|
2,425
|
|
2,459
|
|
2,490
|
|
2,612
|
|
2,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
Asset quality
data
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings - accruing
|
$
3,707
|
|
$
5,799
|
|
$
3,563
|
|
$
3,927
|
|
$
4,191
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings
|
|
1,615
|
|
1,664
|
|
1,768
|
|
1,828
|
|
1,818
|
|
|
|
Other non-accrual
loans
|
|
34,644
|
|
34,548
|
|
32,807
|
|
35,052
|
|
35,448
|
|
|
|
Total non-accrual loans
|
|
36,259
|
|
36,212
|
|
34,575
|
|
36,880
|
|
37,266
|
|
|
|
Total non-performing loans
|
|
39,966
|
|
42,011
|
|
38,138
|
|
40,807
|
|
41,457
|
|
|
Other real estate and
repossessed assets
|
293
|
|
773
|
|
393
|
|
549
|
|
738
|
|
|
|
Total non-performing
assets
|
|
$
40,259
|
|
$
42,784
|
|
$
38,531
|
|
$
41,356
|
|
$
42,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days
|
|
$
32,682
|
|
$
21,233
|
|
$
20,602
|
|
$
31,596
|
|
$
17,338
|
|
|
Loans past due 90
days or more
|
|
11,252
|
|
8,318
|
|
12,824
|
|
8,846
|
|
10,170
|
|
|
|
Total past due
loans
|
|
$
43,934
|
|
$
29,551
|
|
$
33,426
|
|
$
40,442
|
|
$
27,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized and
classified loans (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized
loans
|
|
$
290,281
|
|
$
319,448
|
|
$
340,943
|
|
$
362,295
|
|
$
248,264
|
|
|
Classified
loans
|
|
127,022
|
|
136,927
|
|
114,884
|
|
132,650
|
|
108,594
|
|
|
|
Total criticized and
classified loans
|
$
417,303
|
|
$
456,375
|
|
$
455,827
|
|
$
494,945
|
|
$
356,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days / total portfolio loans (3)
|
0.33
|
%
|
0.21
|
%
|
0.19
|
%
|
0.29
|
%
|
0.16
|
%
|
Loans past due 90
days or more / total portfolio loans
|
0.11
|
|
0.08
|
|
0.12
|
|
0.08
|
|
0.09
|
|
Non-performing loans
/ total portfolio loans
|
0.40
|
|
0.41
|
|
0.36
|
|
0.38
|
|
0.38
|
|
Non-performing assets
/ total portfolio loans, other
|
|
|
|
|
|
|
|
|
|
|
|
real estate and
repossessed assets
|
|
0.41
|
|
0.41
|
|
0.36
|
|
0.38
|
|
0.38
|
|
Non-performing assets
/ total assets
|
|
0.24
|
|
0.25
|
|
0.23
|
|
0.25
|
|
0.26
|
|
Criticized and
classified loans / total portfolio loans
|
4.21
|
|
4.41
|
|
4.26
|
|
4.59
|
|
3.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
credit losses
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses - loans
|
|
$
136,605
|
|
$
140,730
|
|
$
160,040
|
|
$
185,827
|
|
$
185,109
|
|
Allowance for credit
losses - loan commitments
|
7,290
|
|
5,766
|
|
6,731
|
|
9,514
|
|
10,829
|
|
Provision for credit
losses
|
|
(1,730)
|
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
Net loan and deposit
account overdraft charge-offs and recoveries
|
842
|
|
(689)
|
|
648
|
|
524
|
|
(133)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs and recoveries / average loans
|
0.03
|
%
|
(0.03)
|
%
|
0.02
|
%
|
0.02
|
%
|
(0.00)
|
%
|
Allowance for credit
losses - loans / total portfolio loans
|
1.38
|
%
|
1.36
|
%
|
1.50
|
%
|
1.72
|
%
|
1.68
|
%
|
Allowance for credit
losses - loans / total portfolio loans excluding PPP
loans
|
1.42
|
%
|
1.43
|
%
|
1.62
|
%
|
1.85
|
%
|
1.83
|
%
|
Allowance for credit
losses - loans / non-performing loans
|
3.42
|
x
|
3.35
|
x
|
4.20
|
x
|
4.55
|
x
|
4.47
|
x
|
Allowance for credit
losses - loans / non-performing loans and
|
|
|
|
|
|
|
|
|
|
|
|
loans past
due
|
|
1.63
|
x
|
1.97
|
x
|
2.24
|
x
|
2.29
|
x
|
2.68
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
|
|
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
Capital
ratios
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage
capital
|
|
10.10
|
%
|
10.42
|
%
|
10.74
|
%
|
10.51
|
%
|
10.18
|
%
|
Tier I risk-based
capital
|
|
14.18
|
|
15.15
|
|
14.95
|
|
14.72
|
|
14.29
|
|
Total risk-based
capital
|
|
16.38
|
|
17.68
|
|
17.58
|
|
17.58
|
|
17.18
|
|
Common equity tier 1
capital ratio (CET 1)
|
12.91
|
|
13.83
|
|
13.65
|
|
13.40
|
|
12.99
|
|
Average shareholders'
equity to average assets
|
16.28
|
|
16.44
|
|
16.65
|
|
16.59
|
|
15.92
|
|
Tangible equity to
tangible assets (4)
|
|
10.04
|
|
10.34
|
|
10.30
|
|
10.52
|
|
10.27
|
|
Tangible common
equity to tangible assets (4)
|
9.12
|
|
9.43
|
|
9.39
|
|
9.58
|
|
9.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Total
portfolio loans includes $272.1 million of PPP loans as of
September 30, 2021.
|
|
|
|
|
|
|
|
|
|
(4) 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
|
|
|
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
Sept.
30,
|
(unaudited,
dollars in thousands, except shares and per share
amounts)
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2021
|
2020
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
41,877
|
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
180,518
|
$ 69,189
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
3,529
|
|
965
|
|
672
|
|
383
|
|
2,850
|
|
5,167
|
7,300
|
|
Net income available
to common shareholders excluding after-tax restructuring and
merger-related expenses
|
45,406
|
|
69,022
|
|
71,256
|
|
50,593
|
|
44,155
|
|
185,685
|
76,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$17,057,793
|
|
$
17,042,147
|
|
$
16,636,258
|
|
$
16,546,761
|
|
$
16,719,717
|
|
$
16,921,888
|
$
16,407,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
1.06%
|
|
1.62%
|
|
1.74%
|
|
1.22%
|
|
1.05%
|
|
1.47%
|
0.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
41,877
|
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
180,518
|
$
69,189
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
3,529
|
|
965
|
|
672
|
|
383
|
|
2,850
|
|
5,167
|
7,300
|
|
Net income available
to common shareholders excluding after-tax restructuring and
merger-related expenses
|
45,406
|
|
69,022
|
|
71,256
|
|
50,593
|
|
44,155
|
|
185,685
|
76,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$
2,777,306
|
|
$
2,801,455
|
|
$
2,770,416
|
|
$
2,744,936
|
|
$
2,662,513
|
|
$
2,782,729
|
$
2,619,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
6.49%
|
|
9.88%
|
|
10.43%
|
|
7.33%
|
|
6.60%
|
|
8.92%
|
3.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
41,877
|
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
180,518
|
$
69,189
|
|
Plus: amortization of
intangibles (1)
|
2,255
|
|
2,270
|
|
2,288
|
|
2,628
|
|
2,643
|
|
6,811
|
7,967
|
|
Net income available
to common shareholders before amortization of
intangibles
|
44,132
|
|
70,327
|
|
72,872
|
|
52,838
|
|
43,948
|
|
187,329
|
77,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,777,306
|
|
2,801,455
|
|
2,770,416
|
|
2,744,936
|
|
2,662,513
|
|
2,782,729
|
2,619,996
|
|
Less: average
goodwill and other intangibles, net of def. tax
liability
|
(1,143,522)
|
|
(1,145,882)
|
|
(1,148,171)
|
|
(1,150,184)
|
|
(1,150,549)
|
|
(1,145,841)
|
(1,138,621)
|
|
Average tangible
equity
|
$
1,633,784
|
|
$
1,655,573
|
|
$
1,622,245
|
|
$
1,594,752
|
|
$
1,511,964
|
|
$
1,636,888
|
$
1,481,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity (annualized) (2)
|
10.72%
|
|
17.04%
|
|
18.22%
|
|
13.18%
|
|
11.56%
|
|
15.30%
|
6.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
common equity
|
$
1,489,300
|
|
$
1,511,089
|
|
$
1,477,736
|
|
$
1,450,243
|
|
$
1,431,657
|
|
$
1,492,404
|
$
1,454,411
|
Return on average
tangible common equity (annualized) (2)
|
11.76%
|
|
18.67%
|
|
20.00%
|
|
14.49%
|
|
12.21%
|
|
16.78%
|
7.09%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
41,877
|
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
180,518
|
$
69,189
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
3,529
|
|
965
|
|
672
|
|
383
|
|
2,850
|
|
5,167
|
7,300
|
|
Plus: amortization of
intangibles (1)
|
2,255
|
|
2,270
|
|
2,288
|
|
2,628
|
|
2,643
|
|
6,811
|
7,967
|
|
Net income available
to common shareholders before amortization of
intangibles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and excluding after-tax
restructuring and merger-related expenses
|
47,661
|
|
71,292
|
|
73,544
|
|
53,221
|
|
46,798
|
|
192,496
|
84,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,777,306
|
|
2,801,455
|
|
2,770,416
|
|
2,744,936
|
|
2,662,513
|
|
2,782,729
|
2,619,996
|
|
Less: average
goodwill and other intangibles, net of def. tax
liability
|
(1,143,522)
|
|
(1,145,882)
|
|
(1,148,171)
|
|
(1,150,184)
|
|
(1,150,549)
|
|
(1,145,841)
|
(1,138,621)
|
|
Average tangible
equity
|
$
1,633,784
|
|
$
1,655,573
|
|
$
1,622,245
|
|
$
1,594,752
|
|
$
1,511,964
|
|
$
1,636,888
|
$
1,481,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
11.57%
|
|
17.27%
|
|
18.39%
|
|
13.28%
|
|
12.31%
|
|
15.72%
|
7.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
common equity
|
$
1,489,300
|
|
$
1,511,089
|
|
$
1,477,736
|
|
$
1,450,243
|
|
$
1,431,657
|
|
$
1,492,404
|
$
1,454,411
|
Return on average
tangible common equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
12.70%
|
|
18.92%
|
|
20.18%
|
|
14.60%
|
|
13.00%
|
|
17.25%
|
7.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
$
94,701
|
|
$
83,812
|
|
$
86,327
|
|
$
88,069
|
|
$
89,943
|
|
$
264,840
|
$
266,779
|
|
Less: restructuring
and merger-related expense
|
(4,467)
|
|
(1,222)
|
|
(851)
|
|
(484)
|
|
(3,608)
|
|
(6,540)
|
(9,241)
|
|
Non-interest expense
excluding restructuring and merger-related expense
|
90,234
|
|
82,590
|
|
85,476
|
|
87,585
|
|
86,335
|
|
258,300
|
257,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
on a fully taxable equivalent basis
|
116,355
|
|
116,906
|
|
117,517
|
|
120,790
|
|
121,705
|
|
350,777
|
363,208
|
|
Non-interest
income
|
|
32,755
|
|
36,112
|
|
33,208
|
|
32,705
|
|
34,612
|
|
102,076
|
95,481
|
|
Net interest income
on a fully taxable equivalent basis plus non-interest
income
|
$
149,110
|
|
$
153,018
|
|
$ 150,725
|
|
$
153,495
|
|
$
156,317
|
|
$
452,853
|
$
458,689
|
|
Efficiency
ratio
|
|
60.52%
|
|
53.97%
|
|
56.71%
|
|
57.06%
|
|
55.23%
|
|
57.04%
|
56.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
available to common shareholders, excluding after-tax restructuring
and merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$
41,877
|
|
$
68,057
|
|
$
70,584
|
|
$
50,210
|
|
$
41,305
|
|
$
180,518
|
$
69,189
|
|
Add: After-tax
restructuring and merger-related expenses (1)
|
3,529
|
|
965
|
|
672
|
|
383
|
|
2,850
|
|
5,167
|
7,300
|
Net income available
to common shareholders, excluding after-tax restructuring and
merger-related expenses
|
$
45,406
|
|
$
69,022
|
|
$
71,256
|
|
$
50,593
|
|
$
44,155
|
|
$
185,685
|
$
76,489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share - diluted, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - diluted
|
$
0.64
|
|
$
1.01
|
|
$
1.05
|
|
$
0.75
|
|
$
0.61
|
|
$
2.71
|
$
1.03
|
|
Add: After-tax
restructuring and merger-related expenses per common share -
diluted (1)
|
0.06
|
|
0.02
|
|
0.01
|
|
0.01
|
|
0.05
|
|
0.08
|
0.11
|
Net income per common
share - diluted, excluding after-tax restructuring and
merger-related expenses
|
$
0.70
|
|
$
1.03
|
|
$
1.06
|
|
$
0.76
|
|
$
0.66
|
|
$
2.79
|
$
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
End
|
|
|
|
|
|
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
|
|
|
|
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
|
|
Tangible book
value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$2,723,983
|
|
$
2,780,836
|
|
$
2,785,522
|
|
$
2,756,737
|
|
$
2,732,966
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,142,350)
|
|
(1,144,604)
|
|
(1,146,874)
|
|
(1,149,161)
|
|
(1,150,939)
|
|
|
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,529)
|
|
|
|
|
Tangible common
equity
|
1,437,149
|
|
1,491,748
|
|
1,494,164
|
|
1,463,092
|
|
1,437,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
63,838,549
|
|
65,970,149
|
|
67,282,134
|
|
67,254,706
|
|
67,216,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share
|
$
22.51
|
|
$
22.61
|
|
$
22.21
|
|
$
21.75
|
|
$
21.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,723,983
|
|
$
2,780,836
|
|
$
2,785,522
|
|
$
2,756,737
|
|
$
2,732,966
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,142,350)
|
|
(1,144,604)
|
|
(1,146,874)
|
|
(1,149,161)
|
|
(1,150,939)
|
|
|
|
|
Tangible
equity
|
|
1,581,633
|
|
1,636,232
|
|
1,638,648
|
|
1,607,576
|
|
1,582,027
|
|
|
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,529)
|
|
|
|
|
Tangible common
equity
|
1,437,149
|
|
1,491,748
|
|
1,494,164
|
|
1,463,092
|
|
1,437,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
16,892,111
|
|
16,966,867
|
|
17,057,788
|
|
16,425,610
|
|
16,552,140
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,142,350)
|
|
(1,144,604)
|
|
(1,146,874)
|
|
(1,149,161)
|
|
(1,150,939)
|
|
|
|
|
Tangible
assets
|
|
$15,749,761
|
|
$
15,822,263
|
|
$
15,910,914
|
|
$
15,276,449
|
|
$
15,401,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets
|
10.04%
|
|
10.34%
|
|
10.30%
|
|
10.52%
|
|
10.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets
|
9.12%
|
|
9.43%
|
|
9.39%
|
|
9.58%
|
|
9.33%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Sept.
30,
|
|
Sept.
30,
|
(unaudited,
dollars in thousands, except shares and per share
amounts)
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2020
|
|
2021
|
2020
|
Pre-tax,
pre-provision income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
55,059
|
|
$
89,180
|
|
$
91,317
|
|
$
64,557
|
|
$
48,974
|
|
$
235,557
|
$
80,521
|
|
Add: provision for
credit losses
|
(1,730)
|
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
(50,714)
|
107,949
|
Pre-tax,
pre-provision income
|
|
$
53,329
|
|
$
68,155
|
|
$
63,359
|
|
$
64,348
|
|
$
65,262
|
|
$184,843
|
$
188,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
55,059
|
|
$
89,180
|
|
$
91,317
|
|
$
64,557
|
|
$
48,974
|
|
$
235,557
|
$
80,521
|
|
Add: provision for
credit losses
|
(1,730)
|
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
(50,714)
|
107,949
|
|
Add: restructuring
and merger-related expenses
|
4,467
|
|
1,222
|
|
851
|
|
484
|
|
3,608
|
|
6,540
|
9,241
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses
|
$
57,796
|
|
$
69,377
|
|
$
64,210
|
|
$
64,832
|
|
$
68,870
|
|
$
191,383
|
$
197,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
55,059
|
|
$
89,180
|
|
$
91,317
|
|
$
64,557
|
|
$
48,974
|
|
$
235,557
|
$
80,521
|
|
Add: provision for
credit losses
|
(1,730)
|
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
(50,714)
|
107,949
|
|
Add: restructuring
and merger-related expenses
|
4,467
|
|
1,222
|
|
851
|
|
484
|
|
3,608
|
|
6,540
|
9,241
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses
|
57,796
|
|
69,377
|
|
64,210
|
|
64,832
|
|
68,870
|
|
191,383
|
197,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$17,057,793
|
|
$
17,042,147
|
|
$
16,636,258
|
|
$
16,546,761
|
|
$
16,719,717
|
|
$16,921,888
|
$
16,407,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (annualized) (1)
(2)
|
1.34%
|
|
1.63%
|
|
1.57%
|
|
1.56%
|
|
1.64%
|
|
1.51%
|
1.61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
55,059
|
|
$
89,180
|
|
$
91,317
|
|
$
64,557
|
|
$
48,974
|
|
$
235,557
|
$
80,521
|
|
Add: provision for
credit losses
|
(1,730)
|
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
(50,714)
|
107,949
|
|
Add: restructuring
and merger-related expenses
|
4,467
|
|
1,222
|
|
851
|
|
484
|
|
3,608
|
|
6,540
|
9,241
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses
|
57,796
|
|
69,377
|
|
64,210
|
|
64,832
|
|
68,870
|
|
191,383
|
197,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$
2,777,306
|
|
$
2,801,455
|
|
$
2,770,416
|
|
$
2,744,936
|
|
$
2,662,513
|
|
$
2,782,729
|
$
2,619,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (annualized) (1) (2)
|
8.26%
|
|
9.93%
|
|
9.40%
|
|
9.40%
|
|
10.29%
|
|
9.20%
|
10.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
55,059
|
|
$
89,180
|
|
$
91,317
|
|
$
64,557
|
|
$
48,974
|
|
$
235,557
|
$
80,521
|
|
Add: provision for
credit losses
|
(1,730)
|
|
(21,025)
|
|
(27,958)
|
|
(209)
|
|
16,288
|
|
(50,714)
|
107,949
|
|
Add: amortization of
intangibles
|
2,854
|
|
2,873
|
|
2,896
|
|
3,327
|
|
3,346
|
|
8,622
|
10,085
|
|
Add: restructuring
and merger-related expenses
|
4,467
|
|
1,222
|
|
851
|
|
484
|
|
3,608
|
|
6,540
|
9,241
|
Income before
provision, restructuring and merger-related expenses and
amortization of intangibles
|
60,650
|
|
72,250
|
|
67,106
|
|
68,159
|
|
72,216
|
|
200,005
|
207,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,777,306
|
|
2,801,455
|
|
2,770,416
|
|
2,744,936
|
|
2,662,513
|
|
2,782,729
|
2,619,996
|
|
Less: average
goodwill and other intangibles, net of def. tax
liability
|
(1,143,522)
|
|
(1,145,882)
|
|
(1,148,171)
|
|
(1,150,184)
|
|
(1,150,549)
|
|
(1,145,841)
|
(1,138,621)
|
|
Average tangible
equity
|
$
1,633,784
|
|
$
1,655,573
|
|
$
1,622,245
|
|
$
1,594,752
|
|
$
1,511,964
|
|
$
1,636,888
|
$
1,481,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (annualized) (1)
(2)
|
14.73%
|
|
17.50%
|
|
16.78%
|
|
17.00%
|
|
19.00%
|
|
16.34%
|
18.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible
common equity
|
$
1,489,300
|
|
$
1,511,089
|
|
$
1,477,736
|
|
$
1,450,243
|
|
$
1,431,657
|
|
$
1,492,404
|
$
1,454,411
|
Return on average
tangible common equity, excluding certain items (annualized) (1)
(2)
|
16.16%
|
|
19.18%
|
|
18.42%
|
|
18.70%
|
|
20.07%
|
|
17.92%
|
19.08%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/wesbanco-announces-third-quarter-2021-financial-results-301409179.html
SOURCE WesBanco, Inc.