WesBanco Announces First Quarter 2022 Financial Results

Rhea-AI Summary

WesBanco, Inc. (WSBC) reported Q1 2022 net income of $41.6 million, translating to diluted earnings per share (EPS) of $0.68, down from $70.6 million and $1.05 EPS in Q1 2021. Excluding restructuring and merger-related expenses, adjusted net income was $42.9 million, or $0.70 EPS. Loan growth improved by 0.9%, while deposits increased 7.3% year-over-year. The net interest margin was 2.95%, a decrease from the prior year. The company executed a $150 million capital raise and continued share repurchases, buying back 1.7 million shares.

Positive

• Deposit growth of 7.3% year-over-year.
• Executed $150 million capital raise in subordinated debt.
• Successful share repurchase of 1.7 million shares.
• Strong credit quality metrics with low non-performing loans.

Negative

• Net income decreased 41% year-over-year.
• Net interest income declined by $8.8 million (7.5%) year-over-year.
• Non-interest income fell by 8.5% due to lower swap fee income.

WHEELING, W.Va., April 26, 2022 /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 months ended March 31, 2022.  Net income available to common shareholders for the first quarter of 2022 was $41.6 million, with diluted earnings per share of $0.68, compared to $70.6 million and $1.05 per diluted share, respectively, for the first quarter of 2021.  The first quarter of 2021 was favorably impacted by a negative provision of $22.1 million (net of tax) under the Current Expected Credit Losses ("CECL") methodology.  Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended March 31, 2022, was $42.9 million, or $0.70 per diluted share, as compared to $71.3 million and $1.06 per diluted share, respectively, in the prior year quarter (non-GAAP measures).

			For the Three Months Ended March 31,
			2022				2021
(unaudited, dollars in thousands, except per share amounts)			Net Income		Diluted Earnings Per Share		Net Income		Diluted Earnings Per Share
Net income available to common shareholders (Non-GAAP)(1)			$      42,851		$       0.70		$      71,256		$       1.06
Less: After-tax restructuring and merger-related expenses			(1,258)		(0.02)		(672)		(0.01)
Net income available to common shareholders (GAAP)			$      41,593		$       0.68		$      70,584		$       1.05

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

Financial and operational highlights during the quarter ended March 31, 2022:

• Sequential quarter total loan growth improved by 0.9%, or 3.6% annualized, when excluding Small Business Administration Payroll Protection Program ("SBA PPP") loans
• Successful execution on our strategy to seek additional long-term growth opportunities through the opening of loan production offices in Nashville and Indianapolis
• Deposit growth, excluding certificates of deposit ("CDs"), was 7.3% year-over-year, driven by growth in demand deposits and savings accounts
• Successful execution of a Tier 2 capital raise, through the public offering of $150 million of ten-year fixed-to-floating rate subordinated debt
• During the quarter, we continued to return capital to our shareholders as we purchased approximately 1.7 million shares of our common stock on the open market under existing share repurchase authorizations
• Key credit quality metrics such as non-performing assets, past due loans, criticized and classified 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)
• WesBanco continues to be acknowledged for its strong financial performance and employee focus as it was recognized 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, WesBanco was also named one of the World's Best Banks by Forbes, as well as one of America's Most Trustworthy Companies by Newsweek

"We are pleased with WesBanco's performance during the first quarter of 2022," said Todd F. Clossin, President and Chief Executive Officer of WesBanco.  "We exhibited strong expense management as our operating expenses were roughly consistent with the year ago period.  Furthermore, we continued our efforts of returning capital to our shareholders.  We also demonstrated annualized organic loan growth of 3.6% quarter-over-quarter, despite still elevated commercial real estate payoffs, due to the efforts of our seasoned lending teams.  We believe their efforts will be enhanced by our new loan production offices in the Nashville and Indianapolis areas."

Mr. Clossin added, "Most importantly, we are proud of our entire organization as our employees adhered to our community banking roots by focusing on providing top-tier service to our customers.  Their efforts allowed us to be recognized by Forbes as one of the best banks in America, based on financial performance, as well as one of the best banks in the world, based on customer services.  Further, our employees voted us one of America's best mid-sized employers reflecting our efforts to create an environment where they are supported and positioned to succeed.  In fact, we were the only mid-sized bank in the country to receive honors for both employee satisfaction and financial success.  Lastly, the combination of all our efforts and these great accolades, allowed us to be recognized as one of America's Most Trustworthy Companies by Newsweek."

Balance Sheet
Loan growth for the first quarter of 2022 reflects the continuation of both SBA PPP loan forgiveness and elevated commercial real estate payoffs, partially offset by efforts to keep more 1-to-4 family residential mortgages on the balance sheet, as well as sequential quarter commercial loan growth.  As of March 31, 2022, total portfolio loans of $9.7 billion, when excluding SBA Payroll Protection Program ("SBA PPP") loans, increased 0.9%, or 3.6% annualized, when compared to December 31, 2021.  In particular, commercial and industrial loans, excluding SBA PPP loans, for the first quarter increased $8.9 million, or 2.5% annualized, from December 31, 2021.  Furthermore, the first quarter of 2022 included forgiveness of approximately 867 SBA PPP loans totaling $86 million (net of deferred fees).  As of March 31, 2022, approximately 1,085 SBA PPP loans for $77 million remained in the loan portfolio.

As of March 31, 2022, total deposits were $13.8 billion, which increased both sequentially and year-over-year due primarily to increased personal savings, which more than offset a $344.1 million year-over-year reduction in CDs.  Deposits, excluding CDs, increased 7.3% year-over-year, driven by a 6.5% increase in total demand deposits, which represent approximately 59% of total deposits, as well as a 12.9% increase in savings accounts.

Credit Quality
As of March 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 and consistent throughout the last five quarters.  In addition, criticized and classified loans as a percent of the loan portfolio decreased 58 basis points year-over-year to 3.68%.  For the first quarter, net loan charge-offs to average loans were immaterial at zero basis points.  The allowance for credit losses specific to total portfolio loans at March 31, 2022 was $117.9 million, or 1.21% of total loans.  The improvement in macroeconomic forecasts was the primary driver in a negative provision for credit losses of $3.4 million for the first quarter of 2022.

Net Interest Margin and Income
The net interest margin of 2.95% for the first quarter of 2022 decreased 2 basis points sequentially and 32 basis points from the first quarter of 2021, primarily due to the lower interest rate environment of the past year before the recent federal fund and market rate increases, 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, investment securities increased by $0.5 billion year-over-year and, as of March 31, 2022, represented approximately 24% 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 deposit funding costs 8 basis points year-over-year to 12 basis points for the first quarter of 2022, or just 8 basis points when including non-interest bearing deposits.  When including our continued reductions in FHLB and other borrowings, the cost of total interest-bearing liabilities decreased 18 basis points year-over-year to 19 basis points.  Accretion from acquisitions benefited the first quarter net interest margin by 8 basis points, as compared to 13 basis points in the prior year period.  Lastly, the forgiveness of SBA PPP loans benefited the first quarter of 2022 net interest margin by a net 7 basis points, as compared to a net 11 basis points in the prior year period.

Net interest income decreased $8.8 million, or 7.5%, during the first quarter of 2022, as compared to the same quarter of 2021, 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 SBA PPP-related loan income, partially offset by lower interest paid on deposits and borrowings as described above.

Non-Interest Income
For the first quarter of 2022, non-interest income of $30.4 million decreased $2.8 million, or 8.5%, from the first quarter of 2021, driven primarily by lower swap fee income and associated fair value adjustments located within other income, which combined decreased $3.0 million from the prior year period, and lower mortgage banking income, which decreased $2.3 million year-over-year.  Bank-owned life insurance of $3.9 million increased $2.2 million year-over-year due to higher death benefits of $1.9 million and the impact of new policies purchased during the third quarter of 2021.  Reflective of macroeconomic improvements and increased general consumer spending, service charges on deposits increased $1.2 million year-over-year to $6.1 million and electronic banking fees rose $1.0 million year-over-year to $5.3 million.  Mortgage banking income was lower due to our continued efforts to retain more residential mortgages on the balance sheet, which totaled 75% of originations compared to 40% last year, and lower originations during the quarter.  Residential mortgage originations of $271 million were lower both year-over-year and quarter-over-quarter due to general market trends reflective of the rising rate environment.

Non-Interest Expense
Excluding restructuring and merger-related expenses, non-interest expense for the three months ended March 31, 2022 was well-controlled as they increased $0.5 million, or 0.6%, to $86.0 million compared to the prior year period.  Salaries and wages increased $2.0 million, or 5.5%, compared to the prior year period due to lower deferred loan origination costs and higher salary expense related to normal merit increases and the hourly wage increase that we implemented last year.  As compared to the fourth quarter, salaries and wages were down due primarily to the lower day count during the first quarter of 2022, which reduced these expenses by approximately $0.9 million.  Employee benefits expense decreased mostly due to market fluctuations on the deferred compensation plan, which reduced expense by $0.9 million, as well as lower pension and health insurance expenses.  Equipment and software expense for the first quarter of 2022 increased $1.2 million, or 18.4% year-over-year due primarily to the movement of online banking costs from other operating expenses.  Other operating expenses decreased $1.7 million, or 9.8%, due to the aforementioned move of online banking costs, as well as a reduction in ACH and ATM processing charges related to a change in providers, in conjunction with last summer's core banking software system conversion.  Lastly, as part of our on-going branch optimization strategy, we recognized restructuring charges of $1.6 million during the first quarter associated with the anticipated closure of 11 locations during June.

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 March 31, 2022, Tier I leverage was 9.67%, Tier I risk-based capital ratio was 13.25%, common equity Tier 1 capital ratio ("CET 1") was 12.01%, and total risk-based capital was 16.32%.

During the first quarter of 2022, WesBanco issued, through a public offering, $150 million of ten-year fixed-to-floating rate subordinated debt, which qualifies as Tier 2 capital and is reflected in the March 31, 2022 regulatory capital ratios.  Additionally, WesBanco repurchased 1.7 million shares of its outstanding common stock on the open market at a total cost of $62.3 million, or $36.11 per share.  As of March 31, 2022, approximately 2.9 million shares remained for repurchase under the existing share repurchase authorization that was approved on February 24, 2022, 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 first quarter of 2022 at 10:00 a.m. ET on Wednesday, April 27, 2022.  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 10162191.  The replay will begin at approximately 12:00 p.m. ET on April 27, and end at 12 a.m. ET on May 11.  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") 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 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 $5.4 billion of assets under management (as of March 31, 2022).  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 205 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.
Consolidated Selected Financial Highlights									Page 5
(unaudited, dollars in thousands, except shares and per share amounts)
					For the Three Months Ended
Statement of Income					March 31,
Interest and dividend income					2022		2021		% Change
	Loans, including fees				$       93,121		$          109,358		(14.8)
	Interest and dividends on securities:
		Taxable			14,112		11,127		26.8
		Tax-exempt			4,344		3,910		11.1
			Total interest and dividends on securities		18,456		15,037		22.7
	Other interest income				597		659		(9.4)
Total interest and dividend income					112,174		125,054		(10.3)
Interest expense
	Interest bearing demand deposits				811		1,043		(22.2)
	Money market deposits				321		578		(44.5)
	Savings deposits				264		264		-
	Certificates of deposit				1,273		2,370		(46.3)
			Total interest expense on deposits		2,669		4,255		(37.3)
	Federal Home Loan Bank borrowings				575		2,414		(76.2)
	Other short-term borrowings				48		118		(59.3)
	Subordinated debt and junior subordinated debt				1,171		1,789		(34.5)
			Total interest expense		4,463		8,576		(48.0)
Net interest income					107,711		116,478		(7.5)
	Provision for credit losses				(3,438)		(27,958)		87.7
Net interest income after provision for credit losses					111,149		144,436		(23.0)
Non-interest income
	Trust fees				7,835		7,631		2.7
	Service charges on deposits				6,090		4,894		24.4
	Electronic banking fees				5,345		4,365		22.5
	Net securities brokerage revenue				2,220		1,524		45.7
	Bank-owned life insurance				3,881		1,709		127.1
	Mortgage banking income				1,923		4,264		(54.9)
	Net securities (losses)/gains				(650)		279		(333.0)
	Net (loss)/gain on other real estate owned and other assets				(806)		175		(560.6)
	Other income				4,544		8,367		(45.7)
			Total non-interest income		30,382		33,208		(8.5)
Non-interest expense
	Salaries and wages				38,937		36,890		5.5
	Employee benefits				9,158		10,266		(10.8)
	Net occupancy				7,234		7,177		0.8
	Equipment and software				8,011		6,765		18.4
	Marketing				2,421		2,384		1.6
	FDIC insurance				1,522		1,282		18.7
	Amortization of intangible assets				2,598		2,896		(10.3)
	Restructuring and merger-related expense				1,593		851		87.2
	Other operating expenses				16,074		17,816		(9.8)
			Total non-interest expense		87,548		86,327		1.4
Income before provision for income taxes					53,983		91,317		(40.9)
	Provision for income taxes				9,859		18,202		(45.8)
Net Income					44,124		73,115		(39.7)
Preferred stock dividends					2,531		2,531		-
Net income available to common shareholders					$       41,593		$            70,584		(41.1)
Taxable equivalent net interest income					$    108,866		$       117,517		(7.4)
Per common share data
Net income per common share - basic					$           0.68		$                1.05		(35.2)
Net income per common share - diluted					0.68		1.05		(35.2)
Net income per common share - diluted, excluding certain items (1)(2)					0.70		1.06		(34.0)
Dividends declared					0.34		0.33		3.0
Book value (period end)					39.64		39.25		1.0
Tangible book value (period end) (1)					20.87		22.21		(6.0)
Average common shares outstanding - basic					61,445,399		67,263,714		(8.7)
Average common shares outstanding - diluted					61,593,365		67,355,418		(8.6)
Period end common shares outstanding					60,613,414		67,282,134		(9.9)
Period end preferred shares outstanding					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 Three Months Ended
		March 31,
		2022		2021		% Change
Return on average assets		0.99	%	1.72	%	(42.44)	%
Return on average assets, excluding
after-tax restructuring and merger-related expenses (1)		1.02		1.74		(41.38)
Return on average equity		6.35		10.33		(38.53)
Return on average equity, excluding
after-tax restructuring and merger-related expenses (1)		6.54		10.43		(37.30)
Return on average tangible equity (1)		11.67		18.22		(35.95)
Return on average tangible equity, excluding
after-tax restructuring and merger-related expenses (1)		12.01		18.39		(34.69)
Return on average tangible common equity (1)		12.90		20.00		(35.50)
Return on average tangible common equity, excluding
after-tax restructuring and merger-related expenses (1)		13.27		20.18		(34.24)
Yield on earning assets (2)		3.07		3.51		(12.54)
Cost of interest bearing liabilities		0.19		0.37		(48.65)
Net interest spread (2)		2.88		3.14		(8.28)
Net interest margin (2)		2.95		3.27		(9.79)
Efficiency (1) (2)		61.73		56.71		8.85
Average loans to average deposits		71.05		85.27		(16.68)
Annualized net loan charge-offs/average loans		0.00		0.02		(100.00)
Effective income tax rate		18.26		19.93		(8.38)
		For the Three Months Ended
		Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
		2022		2021		2021		2021		2021
Return on average assets		0.99	%	1.21	%	0.97	%	1.60	%	1.72	%
Return on average assets, excluding
after-tax restructuring and merger-related expenses (1)		1.02		1.21		1.06		1.62		1.74
Return on average equity		6.35		7.56		5.98		9.74		10.33
Return on average equity, excluding
after-tax restructuring and merger-related expenses (1)		6.54		7.58		6.49		9.88		10.43
Return on average tangible equity (1)		11.67		13.62		10.72		17.04		18.22
Return on average tangible equity, excluding
after-tax restructuring and merger-related expenses (1)		12.01		13.66		11.57		17.27		18.39
Return on average tangible common equity (1)		12.90		15.00		11.76		18.67		20.00
Return on average tangible common equity, excluding
after-tax restructuring and merger-related expenses (1)		13.27		15.04		12.70		18.92		20.18
Yield on earning assets (2)		3.07		3.10		3.24		3.32		3.51
Cost of interest bearing liabilities		0.19		0.20		0.25		0.31		0.37
Net interest spread (2)		2.88		2.90		2.99		3.01		3.14
Net interest margin (2)		2.95		2.97		3.08		3.12		3.27
Efficiency (1) (2)		61.73		61.99		60.52		53.97		56.71
Average loans to average deposits		71.05		72.61		75.46		79.82		85.27
Annualized net loan charge-offs and recoveries /average loans		0.00		0.04		0.03		(0.03)		0.02
Effective income tax rate		18.26		18.32		19.34		20.85		19.93
Trust assets, market value at period end		$ 5,412,342		$ 5,644,975		$ 5,464,159		$ 5,480,995		$ 5,244,370
(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				March 31,					December 31,	December 31, 2021
Assets				2022		2021		% Change	2021	to March 31, 2022
Cash and due from banks				$        200,513		$          209,040		(4.1)	$             157,046	27.7
Due from banks - interest bearing				1,168,985		550,008		112.5	1,094,312	6.8
Securities:
	Equity securities, at fair value			12,757		13,123		(2.8)	13,466	(5.3)
	Available-for-sale debt securities, at fair value			2,911,373		2,775,212		4.9	3,013,462	(3.4)
	Held-to-maturity debt securities (fair values of $1,092,993; $839,872
	and $1,028,452, respectively)			1,157,202		813,740		42.2	1,004,823	15.2
		Allowance for credit losses, held-to-maturity debt securities		(285)		(290)		1.7	(268)	(6.3)
	Net held-to-maturity debt securities			1,156,917		813,450		42.2	1,004,555	15.2
		Total securities		4,081,047		3,601,785		13.3	4,031,483	1.2
Loans held for sale				15,959		153,520		(89.6)	25,277	(36.9)
Portfolio loans:
	Commercial real estate			5,580,082		5,712,742		(2.3)	5,538,968	0.7
	Commercial and industrial			1,513,078		2,422,735		(37.5)	1,590,320	(4.9)
	Residential real estate			1,767,064		1,644,422		7.5	1,721,378	2.7
	Home equity			592,872		634,018		(6.5)	605,682	(2.1)
	Consumer			280,176		289,395		(3.2)	277,130	1.1
Total portfolio loans, net of unearned income				9,733,272		10,703,312		(9.1)	9,733,478	(0.0)
Allowance for credit losses - loans				(117,865)		(160,040)		26.4	(121,622)	3.1
		Net portfolio loans		9,615,407		10,543,272		(8.8)	9,611,856	0.0
Premises and equipment, net				219,907		239,863		(8.3)	229,016	(4.0)
Accrued interest receivable				60,370		68,896		(12.4)	60,844	(0.8)
Goodwill and other intangible assets, net				1,149,035		1,160,195		(1.0)	1,151,634	(0.2)
Bank-owned life insurance				348,179		307,747		13.1	350,359	(0.6)
Other assets				244,613		223,462		9.5	215,298	13.6
Total Assets				$  17,104,015		$     17,057,788		0.3	$        16,927,125	1.0
Liabilities
Deposits:
	Non-interest bearing demand			$     4,670,520		$       4,460,049		4.7	$          4,590,895	1.7
	Interest bearing demand			3,405,610		3,126,186		8.9	3,380,056	0.8
	Money market			1,831,683		1,771,703		3.4	1,739,750	5.3
	Savings deposits			2,679,053		2,373,987		12.9	2,562,510	4.5
	Certificates of deposit			1,211,008		1,555,074		(22.1)	1,292,652	(6.3)
		Total deposits		13,797,874		13,286,999		3.8	13,565,863	1.7
Federal Home Loan Bank borrowings				123,898		433,984		(71.5)	183,920	(32.6)
Other short-term borrowings				158,538		137,218		15.5	141,893	11.7
Subordinated debt and junior subordinated debt				280,743		192,430		45.9	132,860	111.3
		Total borrowings		563,179		763,632		(26.2)	458,673	22.8
Accrued interest payable				1,786		3,224		(44.6)	1,901	(6.0)
Other liabilities				193,860		218,411		(11.2)	207,522	(6.6)
Total Liabilities				14,556,699		14,272,266		2.0	14,233,959	2.3
Shareholders' Equity
Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares
	6.75% non-cumulative perpetual preferred stock, Series A, liquidation
	preference $150.0 million, issued and outstanding, respectively			144,484		144,484		-	144,484	-
Common stock, $2.0833 par value; 100,000,000 shares authorized;
	68,081,306 shares issued; 60,613,414, 67,282,134 and 62,307,245
	shares outstanding, respectively			141,834		141,834		-	141,834	-
Capital surplus				1,636,705		1,636,103		0.0	1,635,642	0.1
Retained earnings				998,315		879,786		13.5	977,765	2.1
Treasury stock (7,467,892, 799,172 and 5,774,061 shares - at cost, respectively)				(261,012)		(24,989)		(944.5)	(199,759)	(30.7)
Accumulated other comprehensive (loss)/income				(111,312)		9,803		NM	(5,120)	NM
Deferred benefits for directors				(1,698)		(1,499)		(13.3)	(1,680)	(1.1)
Total Shareholders' Equity				2,547,316		2,785,522		(8.6)	2,693,166	(5.4)
Total Liabilities and Shareholders' Equity				$  17,104,015		$     17,057,788		0.3	$        16,927,125	1.0
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 March 31,
		2022				2021
		Average	Average			Average	Average
Assets		Balance	Rate			Balance	Rate
Due from banks - interest bearing		$     1,161,218	0.16	%		$          776,245	0.09	%
Loans, net of unearned income (1)		9,712,085	3.89			10,890,370	4.07
Securities: (2)
Taxable		3,333,379	1.72			2,306,320	1.96
Tax-exempt (3)		729,380	3.06			580,199	3.46
Total securities		4,062,759	1.96			2,886,519	2.26
Other earning assets		15,446	3.81			33,240	5.89
Total earning assets (3)		14,951,508	3.07	%		14,586,374	3.51	%
Other assets		2,041,090				2,049,884
Total Assets		$  16,992,598				$     16,636,258
Liabilities and Shareholders' Equity
Interest bearing demand deposits		$     3,403,499	0.10	%		$       2,970,766	0.14	%
Money market accounts		1,806,719	0.07			1,725,561	0.14
Savings deposits		2,626,962	0.04			2,290,657	0.05
Certificates of deposit		1,254,603	0.41			1,584,152	0.61
Total interest bearing deposits		9,091,783	0.12			8,571,136	0.20
Federal Home Loan Bank borrowings		180,024	1.30			488,388	2.00
Repurchase agreements		156,167	0.12			191,676	0.25
Subordinated debt and junior subordinated debt		147,709	3.22			192,341	3.77
Total interest bearing liabilities (4)		9,575,683	0.19	%		9,443,541	0.37	%
Non-interest bearing demand deposits		4,576,749				4,200,793
Other liabilities		184,359				221,508
Shareholders' equity		2,655,807				2,770,416
Total Liabilities and Shareholders' Equity		$  16,992,598				$     16,636,258
Taxable equivalent net interest spread			2.88	%			3.14	%
Taxable equivalent net interest margin			2.95	%			3.27	%
(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 $4.1 million and $8.2 million for the three months ended March 31, 2022 and 2021, respectively. PPP loan fees, which are included as part of the total loan fees were $3.2 million and $7.9 million for the three months ended March 31, 2022 and 2021, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $2.5 million and $3.5 million for the three months ended March 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 $0.4 million and $1.1 million for the three months ended March 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				Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
Interest and dividend income				2022		2021		2021		2021		2021
	Loans, including fees			$          93,121		$            97,432		$          103,206		$          105,968		$          109,358
	Interest and dividends on securities:
		Taxable		14,112		12,934		13,481		12,900		11,127
		Tax-exempt		4,344		4,236		4,063		3,952		3,910
			Total interest and dividends on securities	18,456		17,170		17,544		16,852		15,037
	Other interest income			597		605		628		507		659
Total interest and dividend income				112,174		115,207		121,378		123,327		125,054
Interest expense
	Interest bearing demand deposits			811		810		815		1,009		1,043
	Money market deposits			321		315		350		551		578
	Savings deposits			264		261		244		261		264
	Certificates of deposit			1,273		1,501		1,726		2,026		2,370
			Total interest expense on deposits	2,669		2,887		3,135		3,847		4,255
	Federal Home Loan Bank borrowings			575		780		1,192		1,781		2,414
	Other short-term borrowings			48		35		33		40		118
	Subordinated debt and junior subordinated debt			1,171		1,178		1,743		1,804		1,789
			Total interest expense	4,463		4,880		6,103		7,472		8,576
Net interest income				107,711		110,327		115,275		115,855		116,478
	Provision for credit losses			(3,438)		(13,559)		(1,730)		(21,025)		(27,958)
Net interest income after provision for credit losses				111,149		123,886		117,005		136,880		144,436
Non-interest income
	Trust fees			7,835		7,441		7,289		7,148		7,631
	Service charges on deposits			6,090		6,592		6,050		4,876		4,894
	Electronic banking fees			5,345		4,465		5,427		5,060		4,365
	Net securities brokerage revenue			2,220		1,579		1,965		1,829		1,524
	Bank-owned life insurance			3,881		2,864		2,656		1,707		1,709
	Mortgage banking income			1,923		2,872		4,563		7,830		4,264
	Net securities (losses)/gains			(650)		372		(15)		477		279
	Net (loss)/gain on other real estate owned and other assets			(806)		(158)		785		4,014		175
	Other income			4,544		4,682		4,035		3,171		8,367
			Total non-interest income	30,382		30,709		32,755		36,112		33,208
Non-interest expense
	Salaries and wages			38,937		40,420		39,497		37,435		36,890
	Employee benefits			9,158		10,842		10,658		9,268		10,266
	Net occupancy			7,234		6,413		6,825		6,427		7,177
	Equipment and software			8,011		8,352		7,609		7,281		6,765
	Marketing			2,421		2,601		1,848		1,802		2,384
	FDIC insurance			1,522		1,460		1,227		181		1,282
	Amortization of intangible assets			2,598		2,834		2,854		2,873		2,896
	Restructuring and merger-related expense			1,593		177		4,467		1,222		851
	Other operating expenses			16,074		15,204		19,716		17,323		17,816
			Total non-interest expense	87,548		88,303		94,701		83,812		86,327
Income before provision for income taxes				53,983		66,292		55,059		89,180		91,317
	Provision for income taxes			9,859		12,144		10,651		18,592		18,202
Net Income				44,124		54,148		44,408		70,588		73,115
Preferred stock dividends				2,531		2,531		2,531		2,531		2,531
Net income available to common shareholders				$          41,593		$            51,617		$            41,877		$            68,057		$            70,584
Taxable equivalent net interest income				$       108,866		$       111,453		$       116,355		$       116,906		$       117,517
Per common share data
Net income per common share - basic				$               0.68		$                0.82		$                0.64		$                1.02		$                1.05
Net income per common share - diluted				0.68		0.82		0.64		1.01		1.05
Net income per common share - diluted, excluding certain items (1)(2)				0.70		0.82		0.70		1.03		1.06
Dividends declared				0.34		0.33		0.33		0.33		0.33
Book value (period end)				39.64		40.91		40.41		39.96		39.25
Tangible book value (period end) (1)				20.87		22.61		22.51		22.61		22.21
Average common shares outstanding - basic				61,445,399		63,045,061		64,931,764		66,894,398		67,263,714
Average common shares outstanding - diluted				61,593,365		63,183,411		65,065,848		67,066,592		67,335,418
Period end common shares outstanding				60,613,414		62,307,245		63,838,549		65,970,149		67,282,134
Period end preferred shares outstanding				150,000		150,000		150,000		150,000		150,000
Full time equivalent employees				2,456		2,462		2,425		2,459		2,490
(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
			Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
Asset quality data			2022		2021		2021		2021		2021
Non-performing assets:
	Troubled debt restructurings - accruing		$         3,731		$           3,746		$           3,707		$           5,799		$           3,563
	Non-accrual loans:
		Troubled debt restructurings	1,348		1,547		1,615		1,664		1,768
		Other non-accrual loans	32,024		34,195		34,644		34,548		32,807
		Total non-accrual loans	33,372		35,742		36,259		36,212		34,575
		Total non-performing loans	37,103		39,488		39,966		42,011		38,138
	Other real estate and repossessed assets		87		-		293		773		393
		Total non-performing assets	$       37,190		$         39,488		$         40,259		$         42,784		$         38,531
Past due loans (1):
	Loans past due 30-89 days		$       28,322		$         27,152		$         32,682		$         21,233		$         20,602
	Loans past due 90 days or more		6,142		7,804		11,252		8,318		12,824
		Total past due loans	$       34,464		$         34,956		$         43,934		$         29,551		$         33,426
Criticized and classified loans (2):
	Criticized loans		$    234,143		$       248,518		$       290,281		$       319,448		$       340,943
	Classified loans		123,837		116,013		127,022		136,927		114,884
		Total criticized and classified loans	$    357,980		$       364,531		$       417,303		$       456,375		$       455,827
Loans past due 30-89 days / total portfolio loans (3)			0.29	%	0.28	%	0.33	%	0.21	%	0.19	%
Loans past due 90 days or more / total portfolio loans			0.06		0.08		0.11		0.08		0.12
Non-performing loans / total portfolio loans			0.38		0.41		0.40		0.41		0.36
Non-performing assets / total portfolio loans, other
	real estate and repossessed assets		0.38		0.41		0.41		0.41		0.36
Non-performing assets / total assets			0.22		0.23		0.24		0.25		0.23
Criticized and classified loans / total portfolio loans			3.68		3.75		4.21		4.41		4.26
Allowance for credit losses
Allowance for credit losses - loans			$    117,865		$       121,622		$       136,605		$       140,730		$       160,040
Allowance for credit losses - loan commitments			8,050		7,775		7,290		5,766		6,731
Provision for credit losses			(3,438)		(13,559)		(1,730)		(21,025)		(27,958)
Net loan and deposit account overdraft charge-offs and recoveries			27		929		842		(689)		648
Annualized net loan charge-offs and recoveries / average loans			0.00	%	0.04	%	0.03	%	(0.03)	%	0.02	%
Allowance for credit losses - loans / total portfolio loans			1.21	%	1.25	%	1.38	%	1.36	%	1.50	%
Allowance for credit losses - loans / total portfolio loans excluding PPP loans			1.22	%	1.27	%	1.42	%	1.43	%	1.62	%
Allowance for credit losses - loans / non-performing loans			3.18	x	3.08	x	3.42	x	3.35	x	4.20	x
Allowance for credit losses - loans / non-performing loans and
	loans past due		1.65	x	1.63	x	1.63	x	1.97	x	2.24	x
			Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
			2022		2021		2021		2021		2021
Capital ratios
Tier I leverage capital			9.67	%	10.02	%	10.10	%	10.42	%	10.74	%
Tier I risk-based capital			13.25		14.05		14.18		15.15		14.95
Total risk-based capital			16.32		15.91		16.38		17.68		17.58
Common equity tier 1 capital ratio (CET 1)			12.01		12.77		12.91		13.83		13.65
Average shareholders' equity to average assets			15.63		15.99		16.28		16.44		16.65
Tangible equity to tangible assets (4)			8.83		9.84		10.04		10.34		10.30
Tangible common equity to tangible assets (4)			7.92		8.92		9.12		9.43		9.39
(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 $76.5 million of PPP loans as of March 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
		Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts)		2022		2021		2021		2021		2021
Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$         41,593		$        51,617		$        41,877		$        68,057		$        70,584
	Plus: after-tax restructuring and merger-related expenses  (1)	1,258		140		3,529		965		672
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses	42,851		51,757		45,406		69,022		71,256
	Average total assets	$ 16,992,598		$ 16,947,662		$ 17,057,793		$ 17,042,147		$ 16,636,258
Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized)  (2)		1.02%		1.21%		1.06%		1.62%		1.74%
Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$         41,593		$        51,617		$        41,877		$        68,057		$        70,584
	Plus: after-tax restructuring and merger-related expenses  (1)	1,258		140		3,529		965		672
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses	42,851		51,757		45,406		69,022		71,256
	Average total shareholders' equity	$   2,655,807		$   2,709,782		$   2,777,306		$   2,801,455		$   2,770,416
Return on average equity, excluding after-tax  restructuring and merger-related expenses (annualized)  (2)		6.54%		7.58%		6.49%		9.88%		10.43%
Return on average tangible equity:
	Net income available to common shareholders	$         41,593		$        51,617		$        41,877		$        68,057		$        70,584
	Plus: amortization of intangibles (1)	2,052		2,239		2,255		2,270		2,288
	Net income available to common shareholders before amortization of intangibles	43,645		53,856		44,132		70,327		72,872
	Average total shareholders' equity	2,655,807		2,709,782		2,777,306		2,801,455		2,770,416
	Less: average goodwill and other intangibles, net of def. tax liability	(1,139,242)		(1,141,307)		(1,143,522)		(1,145,882)		(1,148,171)
	Average tangible equity	$   1,516,565		$   1,568,475		$   1,633,784		$   1,655,573		$   1,622,245
Return on average tangible equity (annualized)  (2)		11.67%		13.62%		10.72%		17.04%		18.22%
	Average tangible common equity	$   1,372,081		$   1,423,991		$   1,489,300		$   1,511,089		$   1,477,736
Return on average tangible common equity (annualized)  (2)		12.90%		15.00%		11.76%		18.67%		20.00%
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$         41,593		$        51,617		$        41,877		$        68,057		$        70,584
	Plus: after-tax restructuring and merger-related expenses  (1)	1,258		140		3,529		965		672
	Plus: amortization of intangibles  (1)	2,052		2,239		2,255		2,270		2,288
	Net income available to common shareholders before amortization of intangibles
	and excluding after-tax restructuring and merger-related expenses	44,903		53,996		47,661		71,292		73,544
	Average total shareholders' equity	2,655,807		2,709,782		2,777,306		2,801,455		2,770,416
	Less: average goodwill and other intangibles, net of def. tax liability	(1,139,242)		(1,141,307)		(1,143,522)		(1,145,882)		(1,148,171)
	Average tangible equity	$   1,516,565		$   1,568,475		$   1,633,784		$   1,655,573		$   1,622,245
Return on average tangible equity, excluding after-tax  restructuring and merger-related expenses (annualized)  (2)		12.01%		13.66%		11.57%		17.27%		18.39%
	Average tangible common equity	$   1,372,081		$   1,423,991		$   1,489,300		$   1,511,089		$   1,477,736
Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized)  (2)		13.27%		15.04%		12.70%		18.92%		20.18%
Efficiency ratio:
	Non-interest expense	$         87,548		$        88,303		$        94,701		$        83,812		$        86,327
	Less: restructuring and merger-related expense	(1,593)		(177)		(4,467)		(1,222)		(851)
	Non-interest expense excluding restructuring and merger-related expense	85,955		88,126		90,234		82,590		85,476
	Net interest income on a fully taxable equivalent basis	108,866		111,453		116,355		116,906		117,517
	Non-interest income	30,382		30,709		32,755		36,112		33,208
	Net interest income on a fully taxable equivalent basis plus non-interest income	$       139,248		$      142,162		$      149,110		$      153,018		$      150,725
	Efficiency ratio	61.73%		61.99%		60.52%		53.97%		56.71%
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$         41,593		$        51,617		$        41,877		$        68,057		$        70,584
	Add: After-tax restructuring and merger-related expenses (1)	1,258		140		3,529		965		672
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses		$         42,851		$        51,757		$        45,406		$        69,022		$        71,256
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
	Net income per common share - diluted	$              0.68		$            0.82		$            0.64		$            1.01		$            1.05
	Add: After-tax restructuring and merger-related expenses per common share - diluted (1)	0.02		-		0.06		0.02		0.01
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses		$              0.70		$            0.82		$            0.70		$            1.03		$            1.06
		Period End
		Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
		2022		2021		2021		2021		2021
Tangible book value per share:
	Total shareholders' equity	$   2,547,316		$   2,693,166		$   2,723,983		$   2,780,836		$   2,785,522
	Less:  goodwill and other intangible assets, net of def. tax liability	(1,138,057)		(1,140,111)		(1,142,350)		(1,144,604)		(1,146,874)
	Less: preferred shareholder's equity	(144,484)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity	1,264,775		1,408,571		1,437,149		1,491,748		1,494,164
	Common shares outstanding	60,613,414		62,307,245		63,838,549		65,970,149		67,282,134
Tangible book value per share		$           20.87		$          22.61		$          22.51		$          22.61		$          22.21
Tangible common equity to tangible assets:
	Total shareholders' equity	$   2,547,316		$   2,693,166		$   2,723,983		$   2,780,836		$   2,785,522
	Less:  goodwill and other intangible assets, net of def. tax liability	(1,138,057)		(1,140,111)		(1,142,350)		(1,144,604)		(1,146,874)
	Tangible equity	1,409,259		1,553,055		1,581,633		1,636,232		1,638,648
	Less: preferred shareholder's equity	(144,484)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity	1,264,775		1,408,571		1,437,149		1,491,748		1,494,164
	Total assets	17,104,015		16,927,125		16,892,111		16,966,867		17,057,788
	Less:  goodwill and other intangible assets, net of def. tax liability	(1,138,057)		(1,140,111)		(1,142,350)		(1,144,604)		(1,146,874)
	Tangible assets	$ 15,965,958		$ 15,787,014		$ 15,749,761		$ 15,822,263		$ 15,910,914
Tangible equity to tangible assets		8.83%		9.84%		10.04%		10.34%		10.30%
Tangible common equity to tangible assets		7.92%		8.92%		9.12%		9.43%		9.39%
(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
		Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts)		2022		2021		2021		2021		2021
Pre-tax, pre-provision income:
	Income before provision for income taxes	$         53,983		$        66,292		$        55,059		$        89,180		$           91,317
	Add: provision for credit losses	(3,438)		(13,559)		(1,730)		(21,025)		(27,958)
Pre-tax, pre-provision income		$         50,545		$        52,733		$        53,329		$        68,155		$           63,359
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income before provision for income taxes	$         53,983		$        66,292		$        55,059		$        89,180		$           91,317
	Add: provision for credit losses	(3,438)		(13,559)		(1,730)		(21,025)		(27,958)
	Add: restructuring and merger-related expenses	1,593		177		4,467		1,222		851
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		$         52,138		$        52,910		$        57,796		$        69,377		$           64,210
Return on average assets, excluding certain items (1):
	Income before provision for income taxes	$         53,983		$        66,292		$        55,059		$        89,180		$           91,317
	Add: provision for credit losses	(3,438)		(13,559)		(1,730)		(21,025)		(27,958)
	Add: restructuring and merger-related expenses	1,593		177		4,467		1,222		851
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		52,138		52,910		57,796		69,377		64,210
	Average total assets	$ 16,992,598		$ 16,947,662		$ 17,057,793		$ 17,042,147		$    16,636,258
Return on average assets, excluding certain items (annualized)  (1) (2)		1.24%		1.24%		1.34%		1.63%		1.57%
Return on average equity, excluding certain items (1):
	Income before provision for income taxes	$         53,983		$        66,292		$        55,059		$        89,180		$           91,317
	Add: provision for credit losses	(3,438)		(13,559)		(1,730)		(21,025)		(27,958)
	Add: restructuring and merger-related expenses	1,593		177		4,467		1,222		851
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		52,138		52,910		57,796		69,377		64,210
	Average total shareholders' equity	$   2,655,807		$   2,709,782		$   2,777,306		$   2,801,455		$      2,770,416
Return on average equity, excluding certain items (annualized) (1) (2)		7.96%		7.75%		8.26%		9.93%		9.40%
Return on average tangible equity, excluding certain items (1):
	Income before provision for income taxes	$         53,983		$        66,292		$        55,059		$        89,180		$           91,317
	Add: provision for credit losses	(3,438)		(13,559)		(1,730)		(21,025)		(27,958)
	Add: amortization of intangibles	2,598		2,834		2,854		2,873		2,896
	Add: restructuring and merger-related expenses	1,593		177		4,467		1,222		851
Income before provision, restructuring and merger-related expenses and amortization of intangibles		54,736		55,744		60,650		72,250		67,106
	Average total shareholders' equity	2,655,807		2,709,782		2,777,306		2,801,455		2,770,416
	Less: average goodwill and other intangibles, net of def. tax liability	(1,139,242)		(1,141,307)		(1,143,522)		(1,145,882)		(1,148,171)
	Average tangible equity	$   1,516,565		$   1,568,475		$   1,633,784		$   1,655,573		$      1,622,245
Return on average tangible equity, excluding certain items (annualized) (1) (2)		14.64%		14.10%		14.73%		17.50%		16.78%
	Average tangible common equity	$   1,372,081		$   1,423,991		$   1,489,300		$   1,511,089		$      1,477,736
Return on average tangible common equity, excluding certain items (annualized) (1) (2)		16.18%		15.53%		16.16%		19.18%		18.42%
(1) Certain items excluded from the calculations consist of credit provisions, tax provisions and restructuring and merger-related expenses.
(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.

 

 

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SOURCE WesBanco, Inc.

FAQ

What were WesBanco's Q1 2022 earnings results?

WesBanco reported net income of $41.6 million and diluted EPS of $0.68 in Q1 2022.

How does WesBanco's Q1 2022 performance compare to Q1 2021?

Net income in Q1 2022 decreased from $70.6 million and $1.05 EPS in Q1 2021.

What is the current deposit growth rate for WesBanco?

WesBanco experienced a deposit growth rate of 7.3% year-over-year.

What actions did WesBanco take regarding shareholder capital?

WesBanco executed a $150 million capital raise and repurchased 1.7 million shares.

What was WesBanco's net interest margin in Q1 2022?

The net interest margin for Q1 2022 was 2.95%, down from the previous year.