WHEELING, W.Va., Jan. 24,
2023 /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 twelve months ended December
31, 2022. Net income available to common shareholders
for the fourth quarter of 2022 was $49.7
million, with diluted earnings per share of $0.84, compared to $51.6
million and $0.82 per diluted
share, respectively, for the fourth quarter of 2021. For the
twelve months ended December 31,
2022, net income was $182.0
million, or $3.02 per diluted
share, compared to $232.1 million, or
$3.53 per diluted share, for the 2021
period, which included a release of provision for credit losses of
$64.3 million, or $51.6 million net of tax. Net income
available to common shareholders, excluding after-tax restructuring
and merger-related expenses, for the three months ended
December 31, 2022, was $49.7 million, or $0.84 per diluted share, as compared to
$51.8 million and $0.82 per diluted share, respectively, in the
prior year quarter (non-GAAP measures). On the same basis,
net income for the twelve months ended December 31, 2022 was $183.3 million, or $3.04 per diluted share, as compared to
$237.4 million, or $3.62 per diluted share, in the prior year period
(non-GAAP measures).
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For the Three
Months Ended December 31,
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For the Twelve
Months Ended December 31,
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2022
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2021
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2022
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2021
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(unaudited, dollars
in thousands,
except per share amounts)
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Net
Income
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Diluted
Earnings
Per Share
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Net
Income
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Diluted
Earnings
Per Share
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Net
Income
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Diluted
Earnings
Per Share
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Net
Income
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Diluted
Earnings
Per Share
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Net income available to
common
shareholders (Non-GAAP)(1)
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$
49,688
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$ 0.84
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$
51,757
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$ 0.82
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$ 183,349
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$ 3.04
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$ 237,441
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$ 3.62
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Less: After-tax
restructuring and merger-
related expenses
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(9)
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-
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(140)
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-
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(1,361)
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(0.02)
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(5,306)
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(0.09)
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Net income available to
common
shareholders (GAAP)
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$
49,679
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$ 0.84
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$
51,617
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$ 0.82
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$ 181,988
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$ 3.02
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$ 232,135
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$ 3.53
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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
December 31, 2022:
- Total loan growth was 11.7% year-over-year, and 4.2%, or 16.8%
annualized, when compared to September 30,
2022, excluding Small Business Administration Payroll
Protection Program ("SBA PPP"), reflecting the strength of our
markets and lending teams
- 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, those with total assets between $10 billion and $25
billion (based upon the prior four quarters)
- Fourth quarter net interest margin increased 16 basis points
sequentially to 3.49%
- Deposits, excluding certificates of deposit ("CDs"), were
essentially flat compared to the prior year quarter, as growth in
non-interest bearing demand deposits and savings accounts offset a
decline in interest-bearing demand deposit balances
- Non-interest expense increased just 2.6% year-over-year,
excluding restructuring and merger-related expenses, which
demonstrates our commitment to strong discretionary cost control in
an inflationary environment
- WesBanco remains well-capitalized with solid liquidity and a
strong balance sheet
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- Returns on average assets and tangible equity were 1.18% and
16.05%, respectively
"WesBanco had another successful year during 2022 as our
operational strategies and core advantages were evident," said
Todd F. Clossin, President and Chief
Executive Officer of WesBanco. "We have begun to realize the
benefit of our strategic growth initiatives, as we continue to post
solid loan growth, as well as organic growth across our wealth
management businesses. We continued to benefit from our core
funding advantage, strong credit standards, and focus on
discretionary cost control. Further, we received numerous
accolades during the year recognizing us for financial performance,
employee satisfaction, customer service, and trust. I am
exceptionally pleased that we were the only midsize bank to be
ranked in the top ten as one of America's Best Banks and Best
Midsize Employers."
Mr. Clossin added, "We remain focused on ensuring a strong
organization with sound credit quality, solid liquidity, and strong
balance sheet. We have the right markets, teams, leadership,
and strategies, combined with our core strengths, to provide
long-term success for our shareholders, customers, and
employees. I am excited for our future growth
opportunities."
Balance Sheet
Loan growth for the fourth quarter of
2022 reflects strong performance by our commercial and consumer
lending teams and more 1-to-4 family residential mortgages retained
on the balance sheet. As of December
31, 2022, total portfolio loans were $10.7 billion, which increased 11.7%
year-over-year, and 4.2%, or 16.8% annualized, when compared to
September 30, 2022, excluding SBA PPP
loans, driven by strong growth across our markets. Commercial
real estate payoffs during the fourth quarter moderated, as
expected, totaling approximately $63
million, as compared to $173
million in the third quarter and $160
million in the fourth quarter of last year. The fourth
quarter of 2022 included the forgiveness of approximately
$5 million of SBA PPP loans, with
approximately $8 million remaining in
the loan portfolio (net of deferred fees).
Deposits, excluding CDs, were essentially flat to the prior year
period but decreased 1.7%, or 6.7% annualized, quarter-over-quarter
reflecting the impact of inflationary pressures and rising costs
across the economy. Total deposits, as of December 31, 2022, were $13.1 billion, a decrease of $434.8 million year-over-year due primarily
to a $406.8 million reduction in
CDs.
Credit Quality
As of December
31, 2022, total loans past due, non-performing loans, and
non-performing assets as percentages of the loan portfolio and
total assets have remained relatively low, from a historical
perspective, and consistent throughout the last five quarters.
Total loans past due as a percent of the loan portfolio
decreased 26 basis points from the third quarter, while criticized
and classified loans as a percent of the loan portfolio decreased 9
basis points to 2.34%. In addition, total loans past due and
criticized and classified loans as percentages of the loan
portfolio decreased 17 and 141 basis points year-over-year,
respectively. For the fourth quarter, net loan charge-offs to
average loans totaled $0.5 million,
as compared to $0.9 million in the
prior year period. The allowance for credit losses to total
portfolio loans at December 31, 2022
was $117.8 million, or 1.10% of total
loans, reflecting increases in current loan growth and projected
macroeconomic forecasts, offset by continued improvements in
COVID-impacted borrowers. During the prior year three- and
twelve- month periods ending December 31,
2021, we recorded negative provisions for credit losses of
$13.6 million and $64.3 million, respectively, due to significantly
improved macroeconomic forecasts and other factors, as compared to
provisions of $3.1 million and a
negative $1.7 million, respectively,
in the current year.
Net Interest Margin and Income
The net interest margin
of 3.49% for the fourth quarter of 2022 increased 16 basis points
sequentially and 52 basis points year-over-year, which reflects the
425 basis point increase in the federal fund rate during 2022, as
well as our successful deployment of excess cash into
higher-yielding loans. Variable rate securities, which
represent 18% of the total securities portfolio also contributed to
the margin. While our robust legacy deposit base provides a
pricing advantage, we are not immune to the impact of rising
interest rates on our funding sources. Deposit funding costs
increased 44 basis points year-over-year to 57 basis points for the
fourth quarter of 2022, or 29 basis points when including
non-interest bearing deposits. This reflects a total deposit
beta of 8%, when compared to the 375 basis point increase in the
federal fund rate through November 2022. Further, total
deposit funding costs also increased 20 basis points on a
sequential quarter basis. Accretion from acquisitions
benefited the fourth quarter net interest margin by 5 basis points,
as compared to 9 basis points in the prior year period.
Lastly, the forgiveness of SBA PPP loans had no material impact on
the fourth quarter of 2022 net interest margin, as compared to a
net 9 basis point benefit in the prior year period.
Net interest income increased $19.5
million, or 17.7%, during the fourth quarter of 2022, as
compared to the same quarter of 2021, reflecting loan growth and
the benefit of rising rates on loan and securities yields, which
more than offset higher funding costs, lower accretion from
purchase accounting, and lower SBA PPP-related loan income.
For the twelve months ended December 31,
2022, net interest income increased $16.4 million, or 3.6%, primarily due to the
reasons discussed for the three-month period comparison.
Non-Interest Income
For the fourth quarter of 2022,
non-interest income of $27.8 million
decreased $2.9 million, or 9.6%, from
the fourth quarter of 2021, driven primarily by lower mortgage
banking income. Mortgage banking income decreased
$2.3 million year-over-year due to a
reduction in residential mortgage originations, primarily driven by
the higher interest rate environment, and our retention of more
residential mortgages on the balance sheet. Fourth quarter
mortgage originations decreased 53% year-over-year to $179 million, with approximately 80% retained, as
compared to 70% last year. Net securities brokerage revenue
increased $1.0 million year-over-year
to a record $2.6 million during the
quarter due to organic growth.
Non-interest income, for the twelve months ended December 31, 2022, decreased $15.4 million, or 11.6%, to $117.4 million. In addition to the items
discussed above, both service charges on deposits and electronic
banking fees increased year-over-year to $26.3 million and $20.0
million, respectively, reflecting increased general consumer
spending. Bank-owned life insurance of $10.7 million increased $1.8 million year-over-year due to higher death
benefits and the impact of new policies purchased during the fourth
quarter of 2021. Trust fees decreased $2.0 million year-over-year to $27.6 million, primarily due to the declines in
the equity markets on the value of trust assets, which more than
offset net organic growth. The net gain on other real estate
owned and other assets of $0.5
million reflects the change in the fair value of an
underlying equity investment held by WesBanco Community Development
Corporation during the second quarter of 2022, as compared to a net
gain of $3.8 million for the same
investment in the prior year.
Non-Interest Expense
Excluding restructuring and
merger-related expenses, non-interest expense for the three months
ended December 31, 2022 totaled
$90.4 million, an increase of just
2.6% year-over-year, reflecting discretionary cost control and a
credit from adjustments to the mortgage incentive compensation
plan. Salaries and wages increased $2.2 million, or 5.4%, compared to the prior year
period due to higher salary expense related to merit increases and
higher staffing levels. Employee benefits of $9.2 million decreased $1.6 million from last year due primarily to a
higher health insurance liability recorded in the prior year
period, as well as a decrease in this quarter's pension
expense.
On a similar basis, non-interest expense for the twelve months
ended December 31, 2022 increased
$8.8 million, or 2.5%, due primarily
to higher salaries and wages, as described above, and higher FDIC
insurance, which reflects the benefit to last year's FDIC insurance
calculation from the large negative credit loss provision
recognized during 2021, partially offset by lower employee benefits
from lower deferred compensation expense and discretionary cost
control.
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 December 31, 2022, Tier I leverage
was 9.90%, Tier I risk-based capital ratio was 12.33%, common
equity Tier 1 capital ratio ("CET 1") was 11.20%, and total
risk-based capital was 15.11%.
Conference Call and Webcast
WesBanco will host a
conference call to discuss the Company's financial results for the
fourth quarter of 2022 at 10:00 a.m. ET on Wednesday, January 25, 2023. 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. 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 412-317-0088
for international callers, and providing the access code of
8654312. The replay will begin at approximately 12:00 p.m. ET on January
25, 2023 and end at 12 a.m. ET
on February 8, 2023. 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,
2021 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,
2022, June 30, 2022 and
September 30, 2022, 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.
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.
Furthermore, our strong financial performance and employee focus
has earned us recognition by Forbes as both one of America's Best
Banks and Best Midsize Employers – the only midsize bank making the
top ten of both rankings. 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 $4.9 billion of assets
under management (as of December 31,
2022). WesBanco's banking subsidiary, WesBanco Bank, Inc.,
operates 194 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
Additionally, WesBanco operates an insurance agency, WesBanco
Insurance Services, Inc., and a full service broker/dealer,
WesBanco Securities, Inc.
WESBANCO,
INC.
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Consolidated
Selected Financial Highlights
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Page
5
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(unaudited, dollars
in thousands, except shares and per share amounts)
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For the Three
Months Ended
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For the Twelve
Months Ended
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Statement of
Income
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December
31,
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December
31,
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Interest and
dividend income
|
2022
|
|
2021
|
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%
Change
|
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2022
|
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2021
|
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%
Change
|
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Loans, including
fees
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$
123,307
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$
97,432
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26.6
|
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$
422,401
|
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$
415,965
|
|
1.5
|
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Interest and dividends
on securities:
|
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|
|
|
|
|
|
|
|
|
|
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Taxable
|
18,655
|
|
12,934
|
|
44.2
|
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66,123
|
|
50,401
|
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31.2
|
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Tax-exempt
|
4,853
|
|
4,236
|
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14.6
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|
18,818
|
|
16,161
|
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16.4
|
|
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Total interest and
dividends on securities
|
23,508
|
|
17,170
|
|
36.9
|
|
84,941
|
|
66,562
|
|
27.6
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Other interest
income
|
2,103
|
|
605
|
|
247.6
|
|
6,314
|
|
2,440
|
|
158.8
|
Total interest and dividend income
|
148,918
|
|
115,207
|
|
29.3
|
|
513,656
|
|
484,967
|
|
5.9
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
7,264
|
|
810
|
|
796.8
|
|
12,181
|
|
3,669
|
|
232.0
|
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Money market
deposits
|
1,890
|
|
315
|
|
500.0
|
|
3,562
|
|
1,803
|
|
97.6
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Savings
deposits
|
2,454
|
|
261
|
|
840.2
|
|
4,115
|
|
1,031
|
|
299.1
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Certificates of
deposit
|
742
|
|
1,501
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|
(50.6)
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4,089
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|
7,623
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|
(46.4)
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Total interest expense
on deposits
|
12,350
|
|
2,887
|
|
327.8
|
|
23,947
|
|
14,126
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|
69.5
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Federal Home Loan Bank
borrowings
|
2,634
|
|
780
|
|
237.7
|
|
3,968
|
|
6,167
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|
(35.7)
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Other short-term
borrowings
|
324
|
|
35
|
|
825.7
|
|
568
|
|
227
|
|
150.2
|
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Subordinated debt and
junior subordinated debt
|
3,736
|
|
1,178
|
|
217.1
|
|
10,860
|
|
6,514
|
|
66.7
|
|
|
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Total interest
expense
|
19,044
|
|
4,880
|
|
290.2
|
|
39,343
|
|
27,034
|
|
45.5
|
Net interest
income
|
129,874
|
|
110,327
|
|
17.7
|
|
474,313
|
|
457,933
|
|
3.6
|
|
Provision for credit
losses
|
3,123
|
|
(13,559)
|
|
123.0
|
|
(1,663)
|
|
(64,274)
|
|
97.4
|
Net interest income
after provision for credit losses
|
126,751
|
|
123,886
|
|
2.3
|
|
475,976
|
|
522,207
|
|
(8.9)
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Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
6,672
|
|
7,441
|
|
(10.3)
|
|
27,551
|
|
29,511
|
|
(6.6)
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Service charges on
deposits
|
6,762
|
|
6,592
|
|
2.6
|
|
26,281
|
|
22,412
|
|
17.3
|
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Electronic banking
fees
|
4,695
|
|
4,465
|
|
5.2
|
|
20,002
|
|
19,318
|
|
3.5
|
|
Net securities
brokerage revenue
|
2,556
|
|
1,579
|
|
61.9
|
|
9,525
|
|
6,896
|
|
38.1
|
|
Bank-owned life
insurance
|
2,464
|
|
2,864
|
|
(14.0)
|
|
10,728
|
|
8,936
|
|
20.1
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Mortgage banking
income
|
621
|
|
2,872
|
|
(78.4)
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|
5,129
|
|
19,528
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|
(73.7)
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Net securities
(losses)/gains
|
(600)
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|
372
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(261.3)
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(1,777)
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|
1,113
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|
(259.7)
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Net gain/(loss) on
other real estate owned and other assets
|
550
|
|
(158)
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|
448.1
|
|
482
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|
4,816
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|
(90.0)
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Other income
|
4,050
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|
4,682
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|
(13.5)
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|
19,470
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|
20,255
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|
(3.9)
|
|
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|
Total non-interest
income
|
27,770
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|
30,709
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|
(9.6)
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|
117,391
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|
132,785
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(11.6)
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Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
42,606
|
|
40,420
|
|
5.4
|
|
167,028
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|
154,242
|
|
8.3
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Employee
benefits
|
9,198
|
|
10,842
|
|
(15.2)
|
|
37,771
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|
41,033
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|
(7.9)
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Net
occupancy
|
6,262
|
|
6,413
|
|
(2.4)
|
|
26,105
|
|
26,843
|
|
(2.7)
|
|
Equipment and
software
|
8,712
|
|
8,352
|
|
4.3
|
|
32,508
|
|
30,006
|
|
8.3
|
|
Marketing
|
1,788
|
|
2,601
|
|
(31.3)
|
|
9,335
|
|
8,634
|
|
8.1
|
|
FDIC
insurance
|
2,051
|
|
1,460
|
|
40.5
|
|
7,901
|
|
4,150
|
|
90.4
|
|
Amortization of
intangible assets
|
2,541
|
|
2,834
|
|
(10.3)
|
|
10,278
|
|
11,457
|
|
(10.3)
|
|
Restructuring and
merger-related expense
|
11
|
|
177
|
|
(93.8)
|
|
1,723
|
|
6,717
|
|
(74.3)
|
|
Other operating
expenses
|
17,286
|
|
15,204
|
|
13.7
|
|
64,317
|
|
70,061
|
|
(8.2)
|
|
|
|
Total non-interest
expense
|
90,455
|
|
88,303
|
|
2.4
|
|
356,966
|
|
353,143
|
|
1.1
|
Income before provision
for income taxes
|
64,066
|
|
66,292
|
|
(3.4)
|
|
236,401
|
|
301,849
|
|
(21.7)
|
|
Provision for income
taxes
|
11,856
|
|
12,144
|
|
(2.4)
|
|
44,288
|
|
59,589
|
|
(25.7)
|
Net Income
|
52,210
|
|
54,148
|
|
(3.6)
|
|
192,113
|
|
242,260
|
|
(20.7)
|
Preferred stock
dividends
|
2,531
|
|
2,531
|
|
-
|
|
10,125
|
|
10,125
|
|
-
|
Net income available
to common shareholders
|
$
49,679
|
|
$
51,617
|
|
(3.8)
|
|
$
181,988
|
|
$
232,135
|
|
(21.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent
net interest income
|
$
131,164
|
|
$
111,453
|
|
17.7
|
|
$
479,315
|
|
$
462,229
|
|
3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share
data
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
0.84
|
|
$
0.82
|
|
2.4
|
|
$
3.03
|
|
$
3.54
|
|
(14.4)
|
Net income per common
share - diluted
|
0.84
|
|
0.82
|
|
2.4
|
|
3.02
|
|
3.53
|
|
(14.4)
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
0.84
|
|
0.82
|
|
2.4
|
|
3.04
|
|
3.62
|
|
(16.0)
|
Dividends
declared
|
0.35
|
|
0.33
|
|
6.1
|
|
1.37
|
|
1.32
|
|
3.8
|
Book value (period
end)
|
38.55
|
|
40.91
|
|
(5.8)
|
|
38.55
|
|
40.91
|
|
(5.8)
|
Tangible book value
(period end) (1)
|
19.43
|
|
22.61
|
|
(14.1)
|
|
19.43
|
|
22.61
|
|
(14.1)
|
Average common shares
outstanding - basic
|
59,188,238
|
|
63,045,061
|
|
(6.1)
|
|
60,047,177
|
|
65,520,527
|
|
(8.4)
|
Average common shares
outstanding - diluted
|
59,374,204
|
|
63,183,411
|
|
(6.0)
|
|
60,215,374
|
|
65,669,970
|
|
(8.3)
|
Period end common
shares outstanding
|
59,198,963
|
|
62,307,245
|
|
(5.0)
|
|
59,198,963
|
|
62,307,245
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
6
|
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve
Months Ended
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
1.08
|
%
|
1.37
|
%
|
(21.17)
|
%
|
|
|
|
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
1.09
|
|
1.40
|
|
(22.14)
|
|
|
|
|
|
|
|
Return on average
equity
|
|
|
|
|
7.23
|
|
8.40
|
|
(13.93)
|
|
|
|
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
7.29
|
|
8.59
|
|
(15.13)
|
|
|
|
|
|
|
|
Return on average
tangible equity (1)
|
|
|
|
13.78
|
|
14.89
|
|
(7.45)
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
13.88
|
|
15.22
|
|
(8.80)
|
|
|
|
|
|
|
|
Return on average
tangible common equity (1)
|
|
|
|
15.39
|
|
16.35
|
|
(5.87)
|
|
|
|
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
15.50
|
|
16.71
|
|
(7.24)
|
|
|
|
|
|
|
|
Yield on earning assets
(2)
|
|
|
|
|
3.47
|
|
3.29
|
|
5.47
|
|
|
|
|
|
|
|
Cost of interest
bearing liabilities
|
|
|
|
|
0.42
|
|
0.28
|
|
50.00
|
|
|
|
|
|
|
|
Net interest spread
(2)
|
|
|
|
|
|
3.05
|
|
3.01
|
|
1.33
|
|
|
|
|
|
|
|
Net interest margin
(2)
|
|
|
|
|
|
3.20
|
|
3.11
|
|
2.89
|
|
|
|
|
|
|
|
Efficiency (1)
(2)
|
|
|
|
|
|
59.53
|
|
58.22
|
|
2.25
|
|
|
|
|
|
|
|
Average loans to
average deposits
|
|
|
|
|
74.21
|
|
78.11
|
|
(4.99)
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs/average loans
|
|
|
|
0.02
|
|
0.02
|
|
-
|
|
|
|
|
|
|
|
Effective income tax
rate
|
|
|
|
|
18.73
|
|
19.74
|
|
(5.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
|
|
|
|
|
|
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
|
|
|
1.18
|
%
|
1.19
|
%
|
0.95
|
%
|
0.99
|
%
|
1.21
|
%
|
|
|
Return on average
assets, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
1.18
|
|
1.19
|
|
0.95
|
|
1.02
|
|
1.21
|
|
|
|
Return on average
equity
|
|
|
|
|
8.18
|
|
8.05
|
|
6.43
|
|
6.35
|
|
7.56
|
|
|
|
Return on average
equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
8.18
|
|
8.06
|
|
6.43
|
|
6.54
|
|
7.58
|
|
|
|
Return on average
tangible equity (1)
|
|
|
|
16.05
|
|
15.39
|
|
12.35
|
|
11.67
|
|
13.62
|
|
|
|
Return on average
tangible equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
16.05
|
|
15.41
|
|
12.36
|
|
12.01
|
|
13.66
|
|
|
|
Return on average
tangible common equity (1)
|
|
|
|
18.09
|
|
17.23
|
|
13.80
|
|
12.90
|
|
15.00
|
|
|
|
Return on average
tangible common equity, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
after-tax restructuring and merger-related expenses (1)
|
|
|
18.10
|
|
17.25
|
|
13.82
|
|
13.27
|
|
15.04
|
|
|
|
Yield on earning assets
(2)
|
|
|
|
|
4.00
|
|
3.59
|
|
3.20
|
|
3.07
|
|
3.10
|
|
|
|
Cost of interest
bearing liabilities
|
|
|
|
|
0.82
|
|
0.41
|
|
0.26
|
|
0.19
|
|
0.20
|
|
|
|
Net interest spread
(2)
|
|
|
|
|
|
3.18
|
|
3.18
|
|
2.94
|
|
2.88
|
|
2.90
|
|
|
|
Net interest margin
(2)
|
|
|
|
|
|
3.49
|
|
3.33
|
|
3.03
|
|
2.95
|
|
2.97
|
|
|
|
Efficiency (1)
(2)
|
|
|
|
|
|
56.91
|
|
58.13
|
|
61.91
|
|
61.73
|
|
61.99
|
|
|
|
Average loans to
average deposits
|
|
|
|
|
78.43
|
|
75.01
|
|
72.36
|
|
71.05
|
|
72.61
|
|
|
|
Annualized net loan
charge-offs and recoveries /average loans
|
0.02
|
|
0.04
|
|
0.00
|
|
0.00
|
|
0.04
|
|
|
|
Effective income tax
rate
|
|
|
|
|
18.51
|
|
18.85
|
|
19.35
|
|
18.26
|
|
18.32
|
|
|
|
Trust assets, market
value at period end
|
|
|
|
$
4,878,479
|
|
$
4,622,878
|
|
$
4,803,043
|
|
$
5,412,342
|
|
$
5,644,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
December
31,
|
|
|
September
30,
|
December 31,
2022
|
Assets
|
|
|
|
2022
|
|
2021
|
|
%
Change
|
2022
|
to Sept. 30,
2022
|
Cash and due from
banks
|
|
$
166,182
|
|
$
157,046
|
|
5.8
|
$
212,341
|
(21.7)
|
Due from banks -
interest bearing
|
|
242,229
|
|
1,094,312
|
|
(77.9)
|
166,215
|
45.7
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
Equity securities, at
fair value
|
|
11,506
|
|
13,466
|
|
(14.6)
|
11,964
|
(3.8)
|
|
Available-for-sale debt
securities, at fair value
|
|
2,529,140
|
|
3,013,462
|
|
(16.1)
|
2,645,748
|
(4.4)
|
|
Held-to-maturity debt
securities (fair values of $1,084,390; $1,028,452
|
|
|
|
|
|
|
|
|
|
and $1,065,833,
respectively)
|
|
1,248,629
|
|
1,004,823
|
|
24.3
|
1,262,467
|
(1.1)
|
|
|
Allowance for credit
losses, held-to-maturity debt securities
|
|
(220)
|
|
(268)
|
|
17.9
|
(225)
|
2.2
|
|
Net held-to-maturity
debt securities
|
|
1,248,409
|
|
1,004,555
|
|
24.3
|
1,262,242
|
(1.1)
|
|
|
Total
securities
|
|
3,789,055
|
|
4,031,483
|
|
(6.0)
|
3,919,954
|
(3.3)
|
Loans held for
sale
|
|
8,249
|
|
25,277
|
|
(67.4)
|
12,887
|
(36.0)
|
Portfolio
loans:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
6,061,344
|
|
5,538,968
|
|
9.4
|
5,831,384
|
3.9
|
|
Commercial and
industrial
|
|
1,579,395
|
|
1,590,320
|
|
(0.7)
|
1,516,856
|
4.1
|
|
Residential real
estate
|
|
2,140,584
|
|
1,721,378
|
|
24.4
|
2,010,344
|
6.5
|
|
Home equity
|
|
695,065
|
|
605,682
|
|
14.8
|
609,765
|
14.0
|
|
Consumer
|
|
226,340
|
|
277,130
|
|
(18.3)
|
309,313
|
(26.8)
|
Total portfolio loans,
net of unearned income
|
|
10,702,728
|
|
9,733,478
|
|
10.0
|
10,277,662
|
4.1
|
Allowance for credit
losses - loans
|
|
(117,790)
|
|
(121,622)
|
|
3.2
|
(114,584)
|
(2.8)
|
|
|
Net portfolio
loans
|
|
10,584,938
|
|
9,611,856
|
|
10.1
|
10,163,078
|
4.2
|
Premises and equipment,
net
|
|
220,892
|
|
229,016
|
|
(3.5)
|
221,355
|
(0.2)
|
Accrued interest
receivable
|
|
68,522
|
|
60,844
|
|
12.6
|
63,375
|
8.1
|
Goodwill and other
intangible assets, net
|
|
1,141,355
|
|
1,151,634
|
|
(0.9)
|
1,143,896
|
(0.2)
|
Bank-owned life
insurance
|
|
352,361
|
|
350,359
|
|
0.6
|
350,806
|
0.4
|
Other assets
|
|
358,122
|
|
215,298
|
|
66.3
|
350,840
|
2.1
|
Total
Assets
|
|
$
16,931,905
|
|
$
16,927,125
|
|
0.0
|
$
16,604,747
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
demand
|
|
$
4,700,438
|
|
$
4,590,895
|
|
2.4
|
$ 4,736,722
|
(0.8)
|
|
Interest bearing
demand
|
|
3,119,807
|
|
3,380,056
|
|
(7.7)
|
3,201,714
|
(2.6)
|
|
Money market
|
|
1,684,023
|
|
1,739,750
|
|
(3.2)
|
1,772,481
|
(5.0)
|
|
Savings
deposits
|
|
2,741,004
|
|
2,562,510
|
|
7.0
|
2,741,937
|
(0.0)
|
|
Certificates of
deposit
|
|
885,818
|
|
1,292,652
|
|
(31.5)
|
991,512
|
(10.7)
|
|
|
Total
deposits
|
|
13,131,090
|
|
13,565,863
|
|
(3.2)
|
13,444,366
|
(2.3)
|
Federal Home Loan Bank
borrowings
|
|
705,000
|
|
183,920
|
|
283.3
|
56,998
|
NM
|
Other short-term
borrowings
|
|
135,069
|
|
141,893
|
|
(4.8)
|
127,983
|
5.5
|
Subordinated debt and
junior subordinated debt
|
|
281,404
|
|
132,860
|
|
111.8
|
281,179
|
0.1
|
|
|
Total
borrowings
|
|
1,121,473
|
|
458,673
|
|
144.5
|
466,160
|
140.6
|
Accrued interest
payable
|
|
4,593
|
|
1,901
|
|
141.6
|
4,358
|
5.4
|
Other
liabilities
|
|
248,087
|
|
207,522
|
|
19.5
|
294,211
|
(15.7)
|
Total
Liabilities
|
|
14,505,243
|
|
14,233,959
|
|
1.9
|
14,209,095
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
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, respectively
|
|
144,484
|
|
144,484
|
|
-
|
144,484
|
-
|
Common stock, $2.0833
par value; 100,000,000 shares authorized;
|
|
|
|
|
|
|
|
|
|
68,081,306 shares
issued; 59,198,963, 62,307,245 and 59,304,505
|
|
|
|
|
|
|
|
|
|
shares outstanding,
respectively
|
|
141,834
|
|
141,834
|
|
-
|
141,834
|
-
|
Capital
surplus
|
|
1,635,877
|
|
1,635,642
|
|
0.0
|
1,634,280
|
0.1
|
Retained
earnings
|
|
1,077,675
|
|
977,765
|
|
10.2
|
1,048,532
|
2.8
|
Treasury stock
(8,882,343, 5,774,061 and 8,776,801 shares - at cost,
respectively)
|
|
(308,964)
|
|
(199,759)
|
|
(54.7)
|
(305,033)
|
(1.3)
|
Accumulated other
comprehensive loss
|
|
(262,416)
|
|
(5,120)
|
|
NM
|
(266,640)
|
1.6
|
Deferred benefits for
directors
|
|
(1,828)
|
|
(1,680)
|
|
(8.8)
|
(1,805)
|
(1.3)
|
Total Shareholders'
Equity
|
|
2,426,662
|
|
2,693,166
|
|
(9.9)
|
2,395,652
|
1.3
|
Total Liabilities
and Shareholders' Equity
|
|
$
16,931,905
|
|
$
16,927,125
|
|
0.0
|
$
16,604,747
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
NM = Not
Meaningful
|
|
|
|
|
|
|
|
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
8
|
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balance
sheet and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net interest margin
analysis
|
|
|
|
For the Three
Months Ended December 31,
|
|
|
For the Twelve
Months Ended December 31,
|
|
|
|
|
|
|
2022
|
2021
|
|
|
2022
|
2021
|
|
|
|
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
|
Average
|
Average
|
|
Assets
|
|
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
|
Balance
|
Rate
|
|
Due from banks -
interest bearing
|
|
|
|
$
178,706
|
4.32
|
%
|
|
$
1,028,014
|
0.16
|
%
|
|
$
611,482
|
0.94
|
%
|
|
$
860,249
|
0.13
|
%
|
Loans, net of unearned
income (1)
|
|
|
|
10,456,648
|
4.68
|
|
|
9,839,726
|
3.93
|
|
|
10,083,925
|
4.19
|
|
|
10,380,605
|
4.01
|
|
Securities:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
3,429,372
|
2.16
|
|
|
3,295,240
|
1.56
|
|
|
3,461,414
|
1.91
|
|
|
2,966,745
|
1.70
|
|
Tax-exempt (3)
|
|
|
|
|
811,593
|
3.00
|
|
|
696,695
|
3.05
|
|
|
789,564
|
3.02
|
|
|
632,187
|
3.24
|
|
Total
securities
|
|
|
|
|
4,240,965
|
2.32
|
|
|
3,991,935
|
1.82
|
|
|
4,250,978
|
2.12
|
|
|
3,598,932
|
1.97
|
|
Other earning
assets
|
|
|
|
|
19,494
|
3.20
|
|
|
16,539
|
4.69
|
|
|
15,265
|
3.66
|
|
|
25,481
|
5.04
|
|
Total earning assets (3)
|
|
|
|
14,895,813
|
4.00
|
%
|
|
14,876,214
|
3.10
|
%
|
|
14,961,650
|
3.47
|
%
|
|
14,865,267
|
3.29
|
%
|
Other assets
|
|
|
|
|
1,790,117
|
|
|
|
2,071,448
|
|
|
|
1,917,891
|
|
|
|
2,063,110
|
|
|
Total
Assets
|
|
|
|
|
$
16,685,930
|
|
|
|
$
16,947,662
|
|
|
|
$
16,879,541
|
|
|
|
$
16,928,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
|
|
|
$
3,169,673
|
0.91
|
%
|
|
$
3,351,982
|
0.10
|
%
|
|
$
3,314,384
|
0.37
|
%
|
|
$
3,193,425
|
0.11
|
%
|
Money market
accounts
|
|
|
|
1,739,874
|
0.43
|
|
|
1,748,900
|
0.07
|
|
|
1,774,152
|
0.20
|
|
|
1,760,540
|
0.10
|
|
Savings
deposits
|
|
|
|
|
2,726,647
|
0.36
|
|
|
2,521,850
|
0.04
|
|
|
2,692,568
|
0.15
|
|
|
2,425,527
|
0.04
|
|
Certificates of
deposit
|
|
|
|
|
931,853
|
0.32
|
|
|
1,326,789
|
0.45
|
|
|
1,098,614
|
0.37
|
|
|
1,457,730
|
0.52
|
|
Total interest bearing deposits
|
|
|
|
8,568,047
|
0.57
|
|
|
8,949,521
|
0.13
|
|
|
8,879,718
|
0.27
|
|
|
8,837,222
|
0.16
|
|
Federal Home Loan Bank
borrowings
|
|
|
282,934
|
3.69
|
|
|
208,663
|
1.48
|
|
|
175,104
|
2.27
|
|
|
343,185
|
1.80
|
|
Repurchase
agreements
|
|
|
|
|
136,099
|
0.94
|
|
|
138,769
|
0.10
|
|
|
146,590
|
0.39
|
|
|
149,001
|
0.15
|
|
Subordinated debt and
junior subordinated debt
|
281,265
|
5.27
|
|
|
149,879
|
3.12
|
|
|
248,192
|
4.38
|
|
|
180,649
|
3.61
|
|
Total interest
bearing liabilities (4)
|
|
|
9,268,345
|
0.82
|
%
|
|
9,446,832
|
0.20
|
%
|
|
9,449,604
|
0.42
|
%
|
|
9,510,057
|
0.28
|
%
|
Non-interest bearing
demand deposits
|
|
|
4,763,773
|
|
|
|
4,601,270
|
|
|
|
4,708,758
|
|
|
|
4,452,590
|
|
|
Other
liabilities
|
|
|
|
|
243,051
|
|
|
|
189,778
|
|
|
|
205,670
|
|
|
|
201,393
|
|
|
Shareholders'
equity
|
|
|
|
|
2,410,761
|
|
|
|
2,709,782
|
|
|
|
2,515,509
|
|
|
|
2,764,337
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
16,685,930
|
|
|
|
$
16,947,662
|
|
|
|
$
16,879,541
|
|
|
|
$
16,928,377
|
|
|
Taxable equivalent
net interest spread
|
|
|
|
3.18
|
%
|
|
|
2.90
|
%
|
|
|
3.05
|
%
|
|
|
3.01
|
%
|
Taxable equivalent
net interest margin
|
|
|
|
3.49
|
%
|
|
|
2.97
|
%
|
|
|
3.20
|
%
|
|
|
3.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $0.8 million and $4.7
million for the three months ended December 31, 2022 and 2021,
respectively, and were $8.8 million and $26.3 million for the
twelve months ended December 31, 2022 and 2021,
respectively.
As part of loan fees, PPP loan fees were $0.2 million and $4.3
million for the three months ended December 31, 2022 and 2021,
respectively, and $5.9 million and $25.3 million for the twelve
months ended December 31, 2022 and 2021, respectively.
Additionally, loan accretion included in interest income on loans
acquired from prior acquisitions was $1.8 million and $3.0
million
for the three months ended December 31, 2022 and 2021, respectively
and $8.0 million and $13.3 million for the twelve months ended
December 31, 2022 and 2021, 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
$0.2 million and $0.6 million for the three months ended December
31, 2022 and 2021, respectively, and $1.1
million and $3.1 million for the twelve months ended December 31,
2022 and 2021, respectively.
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
Consolidated
Selected Financial Highlights
|
|
|
|
|
|
|
|
|
Page
9
|
(unaudited, dollars
in thousands, except shares and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Statement of
Income
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
Interest and
dividend income
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
Loans, including
fees
|
$
123,307
|
|
$
109,562
|
|
$
96,412
|
|
$
93,121
|
|
$
97,432
|
|
Interest and dividends
on securities:
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
18,655
|
|
17,531
|
|
15,825
|
|
14,112
|
|
12,934
|
|
|
Tax-exempt
|
4,853
|
|
4,916
|
|
4,706
|
|
4,344
|
|
4,236
|
|
|
|
Total interest and
dividends on securities
|
23,508
|
|
22,447
|
|
20,531
|
|
18,456
|
|
17,170
|
|
Other interest
income
|
2,103
|
|
2,108
|
|
1,504
|
|
597
|
|
605
|
Total interest and dividend income
|
148,918
|
|
134,117
|
|
118,447
|
|
112,174
|
|
115,207
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
deposits
|
7,264
|
|
2,953
|
|
1,153
|
|
811
|
|
810
|
|
Money market
deposits
|
1,890
|
|
968
|
|
383
|
|
321
|
|
315
|
|
Savings
deposits
|
2,454
|
|
1,067
|
|
330
|
|
264
|
|
261
|
|
Certificates of
deposit
|
742
|
|
958
|
|
1,116
|
|
1,273
|
|
1,501
|
|
|
|
Total interest expense
on deposits
|
12,350
|
|
5,946
|
|
2,982
|
|
2,669
|
|
2,887
|
|
Federal Home Loan Bank
borrowings
|
2,634
|
|
348
|
|
411
|
|
575
|
|
780
|
|
Other short-term
borrowings
|
324
|
|
147
|
|
48
|
|
48
|
|
35
|
|
Subordinated debt and
junior subordinated debt
|
3,736
|
|
3,175
|
|
2,778
|
|
1,171
|
|
1,178
|
|
|
|
Total interest
expense
|
19,044
|
|
9,616
|
|
6,219
|
|
4,463
|
|
4,880
|
Net interest
income
|
129,874
|
|
124,501
|
|
112,228
|
|
107,711
|
|
110,327
|
|
Provision for credit
losses
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
(13,559)
|
Net interest income
after provision for credit losses
|
126,751
|
|
125,036
|
|
113,040
|
|
111,149
|
|
123,886
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
Trust fees
|
6,672
|
|
6,517
|
|
6,527
|
|
7,835
|
|
7,441
|
|
Service charges on
deposits
|
6,762
|
|
6,942
|
|
6,487
|
|
6,090
|
|
6,592
|
|
Electronic banking
fees
|
4,695
|
|
4,808
|
|
5,154
|
|
5,345
|
|
4,465
|
|
Net securities
brokerage revenue
|
2,556
|
|
2,491
|
|
2,258
|
|
2,220
|
|
1,579
|
|
Bank-owned life
insurance
|
2,464
|
|
1,999
|
|
2,384
|
|
3,881
|
|
2,864
|
|
Mortgage banking
income
|
621
|
|
1,257
|
|
1,328
|
|
1,923
|
|
2,872
|
|
Net securities
(losses)/gains
|
(600)
|
|
656
|
|
(1,183)
|
|
(650)
|
|
372
|
|
Net gain/(loss) on
other real estate owned and other assets
|
550
|
|
2,040
|
|
(1,302)
|
|
(806)
|
|
(158)
|
|
Other income
|
4,050
|
|
5,546
|
|
5,330
|
|
4,544
|
|
4,682
|
|
|
|
Total non-interest
income
|
27,770
|
|
32,256
|
|
26,983
|
|
30,382
|
|
30,709
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
42,606
|
|
44,271
|
|
41,213
|
|
38,937
|
|
40,420
|
|
Employee
benefits
|
9,198
|
|
10,693
|
|
8,722
|
|
9,158
|
|
10,842
|
|
Net
occupancy
|
6,262
|
|
6,489
|
|
6,119
|
|
7,234
|
|
6,413
|
|
Equipment and
software
|
8,712
|
|
8,083
|
|
7,702
|
|
8,011
|
|
8,352
|
|
Marketing
|
1,788
|
|
2,377
|
|
2,749
|
|
2,421
|
|
2,601
|
|
FDIC
insurance
|
2,051
|
|
2,391
|
|
1,937
|
|
1,522
|
|
1,460
|
|
Amortization of
intangible assets
|
2,541
|
|
2,560
|
|
2,579
|
|
2,598
|
|
2,834
|
|
Restructuring and
merger-related expense
|
11
|
|
66
|
|
52
|
|
1,593
|
|
177
|
|
Other operating
expenses
|
17,286
|
|
15,011
|
|
15,946
|
|
16,074
|
|
15,204
|
|
|
|
Total non-interest
expense
|
90,455
|
|
91,941
|
|
87,019
|
|
87,548
|
|
88,303
|
Income before provision
for income taxes
|
64,066
|
|
65,351
|
|
53,004
|
|
53,983
|
|
66,292
|
|
Provision for income
taxes
|
11,856
|
|
12,318
|
|
10,256
|
|
9,859
|
|
12,144
|
Net Income
|
52,210
|
|
53,033
|
|
42,748
|
|
44,124
|
|
54,148
|
Preferred stock
dividends
|
2,531
|
|
2,531
|
|
2,531
|
|
2,531
|
|
2,531
|
Net income available
to common shareholders
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
$
51,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable equivalent
net interest income
|
$
131,164
|
|
$
125,808
|
|
$
113,479
|
|
$
108,866
|
|
$
111,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share
data
|
|
|
|
|
|
|
|
|
|
Net income per common
share - basic
|
$
0.84
|
|
$
0.85
|
|
$
0.67
|
|
$
0.68
|
|
$
0.82
|
Net income per common
share - diluted
|
0.84
|
|
0.85
|
|
0.67
|
|
0.68
|
|
0.82
|
Net income per common
share - diluted, excluding certain items (1)(2)
|
0.84
|
|
0.85
|
|
0.67
|
|
0.70
|
|
0.82
|
Dividends
declared
|
0.35
|
|
0.34
|
|
0.34
|
|
0.34
|
|
0.33
|
Book value (period
end)
|
38.55
|
|
37.96
|
|
38.92
|
|
39.64
|
|
40.91
|
Tangible book value
(period end) (1)
|
19.43
|
|
18.84
|
|
19.89
|
|
20.87
|
|
22.61
|
Average common shares
outstanding - basic
|
59,188,238
|
|
59,549,244
|
|
60,036,103
|
|
61,445,399
|
|
63,045,061
|
Average common shares
outstanding - diluted
|
59,374,204
|
|
59,697,676
|
|
60,185,207
|
|
61,593,365
|
|
63,183,411
|
Period end common
shares outstanding
|
59,198,963
|
|
59,304,505
|
|
59,698,788
|
|
60,613,414
|
|
62,307,245
|
Period end preferred
shares outstanding
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
|
150,000
|
Full time equivalent
employees
|
2,495
|
|
2,480
|
|
2,509
|
|
2,456
|
|
2,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
10
|
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Asset quality
data
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings - accruing
|
$
3,230
|
|
$
4,583
|
|
$
3,579
|
|
$
3,731
|
|
$
3,746
|
|
|
Non-accrual
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt
restructurings
|
|
1,711
|
|
1,756
|
|
2,120
|
|
1,348
|
|
1,547
|
|
|
|
Other non-accrual
loans
|
|
36,474
|
|
26,428
|
|
29,594
|
|
32,024
|
|
34,195
|
|
|
|
Total non-accrual loans
|
|
38,185
|
|
28,184
|
|
31,714
|
|
33,372
|
|
35,742
|
|
|
|
Total non-performing loans
|
|
41,415
|
|
32,767
|
|
35,293
|
|
37,103
|
|
39,488
|
|
|
Other real estate and
repossessed assets
|
1,486
|
|
1,595
|
|
31
|
|
87
|
|
-
|
|
|
|
Total non-performing
assets
|
|
$
42,901
|
|
$ 34,362
|
|
$ 35,324
|
|
$ 37,190
|
|
$ 39,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due loans
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days
|
|
$
15,439
|
|
$ 21,836
|
|
$ 31,388
|
|
$ 28,322
|
|
$ 27,152
|
|
|
Loans past due 90 days
or more
|
|
5,443
|
|
24,311
|
|
9,560
|
|
6,142
|
|
7,804
|
|
|
|
Total past due
loans
|
|
$
20,882
|
|
$ 46,147
|
|
$ 40,948
|
|
$ 34,464
|
|
$ 34,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized and
classified loans (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
Criticized
loans
|
|
$
147,945
|
|
$
163,176
|
|
$
193,871
|
|
$
234,143
|
|
$
248,518
|
|
|
Classified
loans
|
|
102,555
|
|
86,861
|
|
126,257
|
|
123,837
|
|
116,013
|
|
|
|
Total criticized and
classified loans
|
$
250,500
|
|
$
250,037
|
|
$
320,128
|
|
$
357,980
|
|
$
364,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 30-89
days / total portfolio loans (3)
|
0.14
|
%
|
0.21
|
%
|
0.31
|
%
|
0.29
|
%
|
0.28
|
%
|
Loans past due 90 days
or more / total portfolio loans
|
0.05
|
|
0.24
|
|
0.09
|
|
0.06
|
|
0.08
|
|
Non-performing loans /
total portfolio loans
|
0.39
|
|
0.32
|
|
0.35
|
|
0.38
|
|
0.41
|
|
Non-performing assets /
total portfolio loans, other
|
|
|
|
|
|
|
|
|
|
|
|
real estate and
repossessed assets
|
|
0.40
|
|
0.33
|
|
0.35
|
|
0.38
|
|
0.41
|
|
Non-performing assets /
total assets
|
|
0.25
|
|
0.21
|
|
0.21
|
|
0.22
|
|
0.23
|
|
Criticized and
classified loans / total portfolio loans
|
2.34
|
|
2.43
|
|
3.14
|
|
3.68
|
|
3.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses - loans
|
|
$
117,790
|
|
$
114,584
|
|
$
117,403
|
|
$
117,865
|
|
$
121,622
|
|
Allowance for credit
losses - loan commitments
|
8,368
|
|
8,938
|
|
7,718
|
|
8,050
|
|
7,775
|
|
Provision for credit
losses
|
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
(13,559)
|
|
Net loan and deposit
account overdraft charge-offs and recoveries
|
493
|
|
1,102
|
|
2
|
|
27
|
|
929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net loan
charge-offs and recoveries / average loans
|
0.02
|
%
|
0.04
|
%
|
0.00
|
%
|
0.00
|
%
|
0.04
|
%
|
Allowance for credit
losses - loans / total portfolio loans
|
1.10
|
%
|
1.11
|
%
|
1.15
|
%
|
1.21
|
%
|
1.25
|
%
|
Allowance for credit
losses - loans / total portfolio loans excluding PPP
loans
|
1.10
|
%
|
1.12
|
%
|
1.15
|
%
|
1.22
|
%
|
1.27
|
%
|
Allowance for credit
losses - loans / non-performing loans
|
2.84
|
x
|
3.50
|
x
|
3.33
|
x
|
3.18
|
x
|
3.08
|
x
|
Allowance for credit
losses - loans / non-performing loans and
|
|
|
|
|
|
|
|
|
|
|
|
loans past
due
|
|
1.89
|
x
|
1.45
|
x
|
1.54
|
x
|
1.65
|
x
|
1.63
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
|
|
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
Capital
ratios
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage
capital
|
|
9.90
|
%
|
9.68
|
%
|
9.51
|
%
|
9.67
|
%
|
10.02
|
%
|
Tier I risk-based
capital
|
|
12.33
|
|
12.51
|
|
12.49
|
|
13.25
|
|
14.05
|
|
Total risk-based
capital
|
|
15.11
|
|
15.37
|
|
15.40
|
|
16.32
|
|
15.91
|
|
Common equity tier 1
capital ratio (CET 1)
|
11.20
|
|
11.35
|
|
11.31
|
|
12.01
|
|
12.77
|
|
Average shareholders'
equity to average assets
|
14.45
|
|
14.75
|
|
14.79
|
|
15.63
|
|
15.99
|
|
Tangible equity to
tangible assets (4)
|
|
8.19
|
|
8.16
|
|
8.50
|
|
8.83
|
|
9.84
|
|
Tangible common equity
to tangible assets (4)
|
7.28
|
|
7.22
|
|
7.58
|
|
7.92
|
|
8.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $8.1 million of PPP loans as of December 31,
2022.
|
|
|
|
|
|
|
|
|
|
(4) See non-GAAP
financial measures for additional information relating to the
calculation of this ratio.
|
|
|
|
|
|
|
|
WESBANCO,
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures
|
|
|
|
|
|
|
|
|
|
|
|
Page
11
|
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
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Dec.
31,
|
(unaudited, dollars
in thousands, except shares and per share amounts)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
2021
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
$
51,617
|
|
$
181,988
|
$ 232,135
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
9
|
|
52
|
|
41
|
|
1,258
|
|
140
|
|
1,361
|
5,306
|
|
Net income available to
common shareholders excluding after-tax restructuring and
merger-related expenses
|
49,688
|
|
50,554
|
|
40,258
|
|
42,851
|
|
51,757
|
|
183,349
|
237,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$
16,685,930
|
|
$ 16,871,655
|
|
$ 16,971,452
|
|
$ 16,992,598
|
|
$16,947,662
|
|
$
16,879,541
|
$ 16,928,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
1.18 %
|
|
1.19 %
|
|
0.95 %
|
|
1.02 %
|
|
1.21 %
|
|
1.09 %
|
1.40 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
$
51,617
|
|
$
181,988
|
$ 232,135
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
9
|
|
52
|
|
41
|
|
1,258
|
|
140
|
|
1,361
|
5,306
|
|
Net income available to
common shareholders excluding after-tax restructuring and
merger-related expenses
|
49,688
|
|
50,554
|
|
40,258
|
|
42,851
|
|
51,757
|
|
183,349
|
237,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$
2,410,761
|
|
$
2,488,938
|
|
$
2,509,439
|
|
$
2,655,807
|
|
$
2,709,782
|
|
$
2,515,509
|
$
2,764,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding after-tax restructuring and merger-related
expenses (annualized) (2)
|
8.18 %
|
|
8.06 %
|
|
6.43 %
|
|
6.54 %
|
|
7.58 %
|
|
7.29 %
|
8.59 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
$
51,617
|
|
$
181,988
|
$ 232,135
|
|
Plus: amortization of
intangibles (1)
|
2,007
|
|
2,022
|
|
2,037
|
|
2,052
|
|
2,239
|
|
8,120
|
9,051
|
|
Net income available to
common shareholders before amortization of
intangibles
|
51,686
|
|
52,524
|
|
42,254
|
|
43,645
|
|
53,856
|
|
190,108
|
241,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,410,761
|
|
2,488,938
|
|
2,509,439
|
|
2,655,807
|
|
2,709,782
|
|
2,515,509
|
2,764,337
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,132,894)
|
|
(1,135,007)
|
|
(1,137,187)
|
|
(1,139,242)
|
|
(1,141,307)
|
|
(1,136,062)
|
(1,144,698)
|
|
Average tangible
equity
|
$
1,277,867
|
|
$
1,353,931
|
|
$
1,372,252
|
|
$
1,516,565
|
|
$
1,568,475
|
|
$
1,379,447
|
$
1,619,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity (annualized) (2)
|
16.05 %
|
|
15.39 %
|
|
12.35 %
|
|
11.67 %
|
|
13.62 %
|
|
13.78 %
|
14.89 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$
1,133,383
|
|
$
1,209,447
|
|
$
1,227,768
|
|
$
1,372,081
|
|
$
1,423,991
|
|
$
1,234,963
|
$
1,475,155
|
Return on average
tangible common equity (annualized) (2)
|
18.09 %
|
|
17.23 %
|
|
13.80 %
|
|
12.90 %
|
|
15.00 %
|
|
15.39 %
|
16.35 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
$
51,617
|
|
$
181,988
|
$ 232,135
|
|
Plus: after-tax
restructuring and merger-related expenses (1)
|
9
|
|
52
|
|
41
|
|
1,258
|
|
140
|
|
1,361
|
5,306
|
|
Plus: amortization of
intangibles (1)
|
2,007
|
|
2,022
|
|
2,037
|
|
2,052
|
|
2,239
|
|
8,120
|
9,051
|
|
Net income available to
common shareholders before amortization of
intangibles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and excluding after-tax
restructuring and merger-related expenses
|
51,695
|
|
52,576
|
|
42,295
|
|
44,903
|
|
53,996
|
|
191,469
|
246,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,410,761
|
|
2,488,938
|
|
2,509,439
|
|
2,655,807
|
|
2,709,782
|
|
2,515,509
|
2,764,337
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,132,894)
|
|
(1,135,007)
|
|
(1,137,187)
|
|
(1,139,242)
|
|
(1,141,307)
|
|
(1,136,062)
|
(1,144,698)
|
|
Average tangible
equity
|
$
1,277,867
|
|
$
1,353,931
|
|
$
1,372,252
|
|
$
1,516,565
|
|
$
1,568,475
|
|
$
1,379,447
|
$
1,619,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
16.05 %
|
|
15.41 %
|
|
12.36 %
|
|
12.01 %
|
|
13.66 %
|
|
13.88 %
|
15.22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$
1,133,383
|
|
$
1,209,447
|
|
$
1,227,768
|
|
$
1,372,081
|
|
$
1,423,991
|
|
$
1,234,963
|
$
1,475,155
|
Return on average
tangible common equity, excluding after-tax restructuring and
merger-related expenses (annualized) (2)
|
18.10 %
|
|
17.25 %
|
|
13.82 %
|
|
13.27 %
|
|
15.04 %
|
|
15.50 %
|
16.71 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
$
90,455
|
|
$
91,941
|
|
$
87,019
|
|
$
87,548
|
|
$
88,303
|
|
$
356,966
|
$ 353,143
|
|
Less: restructuring and
merger-related expense
|
(11)
|
|
(66)
|
|
(52)
|
|
(1,593)
|
|
(177)
|
|
(1,723)
|
(6,717)
|
|
Non-interest expense
excluding restructuring and merger-related expense
|
90,444
|
|
91,875
|
|
86,967
|
|
85,955
|
|
88,126
|
|
355,243
|
346,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income on
a fully taxable equivalent basis
|
131,164
|
|
125,808
|
|
113,479
|
|
108,866
|
|
111,453
|
|
479,315
|
462,229
|
|
Non-interest
income
|
|
27,770
|
|
32,256
|
|
26,983
|
|
30,382
|
|
30,709
|
|
117,391
|
132,785
|
|
Net interest income on
a fully taxable equivalent basis plus non-interest
income
|
$
158,934
|
|
$ 158,064
|
|
$ 140,462
|
|
$ 139,248
|
|
$ 142,162
|
|
$
596,706
|
$ 595,014
|
|
Efficiency
ratio
|
|
56.91 %
|
|
58.13 %
|
|
61.91 %
|
|
61.73 %
|
|
61.99 %
|
|
59.53 %
|
58.22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common shareholders
|
$
49,679
|
|
$
50,502
|
|
$
40,217
|
|
$
41,593
|
|
$
51,617
|
|
$
181,988
|
$ 232,135
|
|
Add: After-tax
restructuring and merger-related expenses (1)
|
9
|
|
52
|
|
41
|
|
1,258
|
|
140
|
|
1,361
|
5,306
|
Net income available to
common shareholders, excluding after-tax restructuring and
merger-related expenses
|
$
49,688
|
|
$
50,554
|
|
$
40,258
|
|
$
42,851
|
|
$
51,757
|
|
$
183,349
|
$ 237,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share - diluted, excluding after-tax restructuring and
merger-related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share - diluted
|
$
0.84
|
|
$
0.85
|
|
$
0.67
|
|
$
0.68
|
|
$
0.82
|
|
$
3.02
|
$
3.53
|
|
Add: After-tax
restructuring and merger-related expenses per common share -
diluted (1)
|
-
|
|
-
|
|
-
|
|
0.02
|
|
-
|
|
0.02
|
0.09
|
Net income per common
share - diluted, excluding after-tax restructuring and
merger-related expenses
|
$
0.84
|
|
$
0.85
|
|
$
0.67
|
|
$
0.70
|
|
$
0.82
|
|
$
3.04
|
$
3.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
End
|
|
|
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
|
|
|
|
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
|
|
Tangible book value
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,426,662
|
|
$
2,395,652
|
|
$
2,467,951
|
|
$
2,547,316
|
|
$
2,693,166
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,131,990)
|
|
(1,133,998)
|
|
(1,136,020)
|
|
(1,138,057)
|
|
(1,140,111)
|
|
|
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
|
|
|
Tangible common
equity
|
1,150,188
|
|
1,117,170
|
|
1,187,447
|
|
1,264,775
|
|
1,408,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
59,198,963
|
|
59,304,505
|
|
59,698,788
|
|
60,613,414
|
|
62,307,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share
|
|
$
19.43
|
|
$
18.84
|
|
$
19.89
|
|
$
20.87
|
|
$
22.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
equity to tangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,426,662
|
|
$
2,395,652
|
|
$
2,467,951
|
|
$
2,547,316
|
|
$
2,693,166
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,131,990)
|
|
(1,133,998)
|
|
(1,136,020)
|
|
(1,138,057)
|
|
(1,140,111)
|
|
|
|
|
Tangible
equity
|
|
1,294,672
|
|
1,261,654
|
|
1,331,931
|
|
1,409,259
|
|
1,553,055
|
|
|
|
|
Less: preferred
shareholder's equity
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
(144,484)
|
|
|
|
|
Tangible common
equity
|
1,150,188
|
|
1,117,170
|
|
1,187,447
|
|
1,264,775
|
|
1,408,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
16,931,905
|
|
16,604,747
|
|
16,799,624
|
|
17,104,015
|
|
16,927,125
|
|
|
|
|
Less: goodwill
and other intangible assets, net of def. tax liability
|
(1,131,990)
|
|
(1,133,998)
|
|
(1,136,020)
|
|
(1,138,057)
|
|
(1,140,111)
|
|
|
|
|
Tangible
assets
|
|
$
15,799,915
|
|
$ 15,470,749
|
|
$ 15,663,604
|
|
$ 15,965,958
|
|
$15,787,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets
|
8.19 %
|
|
8.16 %
|
|
8.50 %
|
|
8.83 %
|
|
9.84 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
7.28 %
|
|
7.22 %
|
|
7.58 %
|
|
7.92 %
|
|
8.92 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
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
|
|
|
|
|
Dec.
31,
|
|
Sept.
30,
|
|
June
30,
|
|
Mar.
31,
|
|
Dec.
31,
|
|
Dec.
31,
|
(unaudited, dollars
in thousands, except shares and per share amounts)
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
2021
|
Pre-tax,
pre-provision income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
53,983
|
|
$
66,292
|
|
$
236,401
|
$ 301,849
|
|
Add: provision for
credit losses
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
(13,559)
|
|
(1,663)
|
(64,274)
|
Pre-tax, pre-provision
income
|
$
67,189
|
|
$
64,816
|
|
$
52,192
|
|
$
50,545
|
|
$
52,733
|
|
$
234,738
|
$ 237,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax,
pre-provision income, excluding restructuring and merger-related
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
53,983
|
|
$
66,292
|
|
$
236,401
|
$ 301,849
|
|
Add: provision for
credit losses
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
(13,559)
|
|
(1,663)
|
(64,274)
|
|
Add: restructuring and
merger-related expenses
|
11
|
|
66
|
|
52
|
|
1,593
|
|
177
|
|
1,723
|
6,717
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
$
67,200
|
|
$
64,882
|
|
$
52,244
|
|
$
52,138
|
|
$
52,910
|
|
$
236,461
|
$ 244,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
53,983
|
|
$
66,292
|
|
$
236,401
|
$ 301,849
|
|
Add: provision for
credit losses
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
(13,559)
|
|
(1,663)
|
(64,274)
|
|
Add: restructuring and
merger-related expenses
|
11
|
|
66
|
|
52
|
|
1,593
|
|
177
|
|
1,723
|
6,717
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
67,200
|
|
64,882
|
|
52,244
|
|
52,138
|
|
52,910
|
|
236,461
|
244,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$
16,685,930
|
|
$ 16,871,655
|
|
$ 16,971,452
|
|
$ 16,992,598
|
|
$ 16,947,662
|
|
$
16,879,541
|
$ 16,928,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets, excluding certain items (annualized) (1)
(2)
|
1.60 %
|
|
1.53 %
|
|
1.23 %
|
|
1.24 %
|
|
1.24 %
|
|
1.40 %
|
1.44 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
53,983
|
|
$
66,292
|
|
$
236,401
|
$ 301,849
|
|
Add: provision for
credit losses
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
(13,559)
|
|
(1,663)
|
(64,274)
|
|
Add: restructuring and
merger-related expenses
|
11
|
|
66
|
|
52
|
|
1,593
|
|
177
|
|
1,723
|
6,717
|
Pre-tax, pre-provision
income, excluding restructuring and merger-related
expenses
|
67,200
|
|
64,882
|
|
52,244
|
|
52,138
|
|
52,910
|
|
236,461
|
244,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$
2,410,761
|
|
$
2,488,938
|
|
$
2,509,439
|
|
$
2,655,807
|
|
$
2,709,782
|
|
$
2,515,509
|
$
2,764,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity, excluding certain items (annualized) (1) (2)
|
11.06 %
|
|
10.34 %
|
|
8.35 %
|
|
7.96 %
|
|
7.75 %
|
|
9.40 %
|
8.84 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
64,066
|
|
$
65,351
|
|
$
53,004
|
|
$
53,983
|
|
$
66,292
|
|
$
236,401
|
$ 301,849
|
|
Add: provision for
credit losses
|
3,123
|
|
(535)
|
|
(812)
|
|
(3,438)
|
|
(13,559)
|
|
(1,663)
|
(64,274)
|
|
Add: amortization of
intangibles
|
2,541
|
|
2,560
|
|
2,579
|
|
2,598
|
|
2,834
|
|
10,278
|
11,457
|
|
Add: restructuring and
merger-related expenses
|
11
|
|
66
|
|
52
|
|
1,593
|
|
177
|
|
1,723
|
6,717
|
Income before
provision, restructuring and merger-related expenses and
amortization of intangibles
|
69,741
|
|
67,442
|
|
54,823
|
|
54,736
|
|
55,744
|
|
246,739
|
255,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
2,410,761
|
|
2,488,938
|
|
2,509,439
|
|
2,655,807
|
|
2,709,782
|
|
2,515,509
|
2,764,337
|
|
Less: average goodwill
and other intangibles, net of def. tax liability
|
(1,132,894)
|
|
(1,135,007)
|
|
(1,137,187)
|
|
(1,139,242)
|
|
(1,141,307)
|
|
(1,136,062)
|
(1,144,698)
|
|
Average tangible
equity
|
$
1,277,867
|
|
$
1,353,931
|
|
$
1,372,252
|
|
$
1,516,565
|
|
$
1,568,475
|
|
$
1,379,447
|
$
1,619,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity, excluding certain items (annualized) (1)
(2)
|
21.65 %
|
|
19.76 %
|
|
16.02 %
|
|
14.64 %
|
|
14.10 %
|
|
17.89 %
|
15.79 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common
equity
|
$
1,133,383
|
|
$
1,209,447
|
|
$
1,227,768
|
|
$
1,372,081
|
|
$
1,423,991
|
|
$
1,234,963
|
$
1,475,155
|
Return on average
tangible common equity, excluding certain items (annualized) (1)
(2)
|
24.41 %
|
|
22.12 %
|
|
17.91 %
|
|
16.18 %
|
|
15.53 %
|
|
19.98 %
|
17.34 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-fourth-quarter-2022-financial-results-301729717.html
SOURCE WesBanco, Inc.