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WesBanco Announces Second Quarter 2024 Financial Results

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WesBanco (Nasdaq: WSBC) reported Q2 2024 financial results, with net income of $26.4 million and diluted EPS of $0.44, down from $42.3 million and $0.71 in Q2 2023. Key highlights include:

- Total loan growth of 10.1% year-over-year and 3.2% quarter-over-quarter
- Deposits increased 4.4% year-over-year to $13.4 billion
- Net interest margin of 2.95%, up 3 basis points sequentially
- Non-interest income of $31.4 million, down 1.5% year-over-year
- Strong regulatory capital ratios with CET 1 at 10.58%

The company maintained positive momentum with solid loan and deposit growth, while focusing on cost control and strategic investments.

WesBanco (Nasdaq: WSBC) ha riportato i risultati finanziari per il secondo trimestre del 2024, con un utile netto di 26,4 milioni di dollari e un EPS diluito di 0,44 dollari, in calo rispetto ai 42,3 milioni di dollari e 0,71 dollari del secondo trimestre del 2023. I principali punti salienti includono:

- Crescita totale dei prestiti del 10,1% su base annua e 3,2% rispetto al trimestre precedente
- Aumenti dei depositi del 4,4% su base annua raggiungendo 13,4 miliardi di dollari
- Margine di interesse netto del 2,95%, in aumento di 3 punti base rispetto al trimestre precedente
- Risultato netto da commissioni non interessate di 31,4 milioni di dollari, in calo dell'1,5% su base annua
- Forti rapporti di capitale regolamentare con CET 1 al 10,58%

L'azienda ha mantenuto un'ottima dinamica con una solida crescita di prestiti e depositi, mentre si concentra sul controllo dei costi e sugli investimenti strategici.

WesBanco (Nasdaq: WSBC) informó sobre los resultados financieros del segundo trimestre de 2024, con ingresos netos de 26,4 millones de dólares y EPS diluido de 0,44 dólares, disminuyendo desde los 42,3 millones de dólares y 0,71 dólares del segundo trimestre de 2023. Los puntos destacados incluyen:

- Crecimiento total de préstamos del 10,1% interanual y 3,2% intertrimestral
- Los depósitos aumentaron un 4,4% interanual hasta 13,4 mil millones de dólares
- Margen de interés neto del 2,95%, un incremento de 3 puntos básicos secuenciales
- Ingresos no devengados de 31,4 millones de dólares, en disminución del 1,5% interanual
- Fuertes ratios de capital regulatorio con CET 1 en 10,58%

La compañía mantuvo un impulso positivo con un sólido crecimiento de préstamos y depósitos, mientras se enfoca en el control de costos y las inversiones estratégicas.

WesBanco (Nasdaq: WSBC)는 2024년 2분기 재무 결과를 보고했으며, 순이익이 2,640만 달러와 희석 주당 순이익(EPS)이 0.44달러로, 2023년 2분기의 4,230만 달러 및 0.71달러에 비해 감소했습니다. 주요 내용은 다음과 같습니다:

- 연간 기준으로 총 대출 성장률 10.1% 및 분기 대비 3.2% 증가
- 연간 기준으로 예금 4.4% 증가하여 134억 달러에 달함
- 순이자 마진 2.95%, 직전 분기 대비 3bp 상승
- 비이자 수익 3,140만 달러, 연간 기준으로 1.5% 감소
- 강력한 규제 자본 비율, CET 1이 10.58%

회사는 안정적인 대출 및 예금 성장으로 긍정적인 모멘텀을 유지하며, 비용 통제 및 전략적 투자에 집중하고 있습니다.

WesBanco (Nasdaq: WSBC) a publié les résultats financiers du deuxième trimestre 2024, avec un revenu net de 26,4 millions de dollars et un EPS dilué de 0,44 dollar, en baisse par rapport à 42,3 millions de dollars et 0,71 dollar au deuxième trimestre 2023. Les principaux faits saillants comprennent :

- Croissance totale des prêts de 10,1 % d'une année sur l'autre et 3,2 % d'un trimestre à l'autre
- Les dépôts ont augmenté de 4,4 % d'une année sur l'autre pour atteindre 13,4 milliards de dollars
- Marge d'intérêt nette de 2,95 %, en hausse de 3 points de base par rapport au trimestre précédent
- Revenu non d'intérêt de 31,4 millions de dollars, en baisse de 1,5 % d'une année sur l'autre
- Fortes ratios de capital réglementaire avec CET 1 à 10,58 %

L'entreprise a maintenu un élan positif avec une solide croissance des prêts et des dépôts, tout en se concentrant sur le contrôle des coûts et les investissements stratégiques.

WesBanco (Nasdaq: WSBC) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht, mit einem netto Einkommen von 26,4 Millionen Dollar und einem verwässerten EPS von 0,44 Dollar, ein Rückgang gegenüber 42,3 Millionen Dollar und 0,71 Dollar im zweiten Quartal 2023. Wichtige Highlights sind:

- Gesamter Kreditwachstum von 10,1% im Jahresvergleich und 3,2% im Quartalsvergleich
- Einlagen stiegen um 4,4% im Jahresvergleich auf 13,4 Milliarden Dollar
- Nettozinsmarge von 2,95%, um 3 Basispunkte im Quartalsvergleich gestiegen
- Nichtzinsnettoeinkommen von 31,4 Millionen Dollar, ein Rückgang um 1,5% im Jahresvergleich
- Starke regulatorische Kapitalquoten, mit CET 1 bei 10,58%

Das Unternehmen hat einen positiven Schwung mit soliden Kredit- und Einlagenwachstum beibehalten und konzentriert sich auf Kostenkontrolle und strategische Investitionen.

Positive
  • Total loan growth of 10.1% year-over-year and 3.2% quarter-over-quarter
  • Deposits increased 4.4% year-over-year to $13.4 billion
  • Net interest margin improved 3 basis points sequentially to 2.95%
  • Strong regulatory capital ratios with CET 1 at 10.58%
  • Trust and investment services assets under management increased to $5.6 billion
Negative
  • Net income decreased to $26.4 million from $42.3 million in Q2 2023
  • Diluted EPS declined to $0.44 from $0.71 in Q2 2023
  • Non-interest income decreased 1.5% year-over-year to $31.4 million
  • Provision for credit losses increased, negatively impacting EPS by $0.09
  • Net interest income decreased 4.1% year-over-year to $116.6 million

Insights

WesBanco's Q2 2024 results present a mixed picture. While the bank shows strong loan growth, its profitability has declined year-over-year. Here are the key takeaways:

  • Loan growth remains robust at 10.1% year-over-year, marking the eighth consecutive quarter of strong growth. This is a positive sign for the bank's core business.
  • However, net income available to common shareholders decreased significantly from $42.3 million in Q2 2023 to $26.4 million in Q2 2024, a 37.6% drop.
  • Diluted earnings per share fell from $0.71 to $0.44, a 38% decrease.
  • The net interest margin compressed by 23 basis points year-over-year to 2.95%, primarily due to higher funding costs.
  • Credit quality remains strong, with non-performing assets at 0.20% of total assets, consistent with previous periods.

The decline in profitability despite loan growth suggests margin pressure from rising interest rates. The bank's ability to manage this pressure while maintaining loan growth will be important for future performance. The increase in provision for credit losses, which impacted EPS by approximately $0.09, is worth monitoring, although it's partly attributed to strong loan growth.

WesBanco's performance should be viewed in the context of the broader banking sector and economic environment:

  • The 10.1% year-over-year loan growth is impressive, especially given the current high-interest rate environment which typically slows borrowing.
  • Deposit growth of 4.4% year-over-year is positive, indicating customer confidence despite industry challenges earlier in the year.
  • The bank's 55% demand deposit ratio, with 28% non-interest bearing, is favorable compared to many peers and provides a stable funding base.
  • The increase in provision for credit losses, while impacting earnings, demonstrates prudent risk management in an uncertain economic environment.
  • WesBanco's inclusion in Newsweek's America's Greatest Workplaces 2024 list could positively impact talent retention and acquisition, important for maintaining growth momentum.

While the profitability decline is concerning, WesBanco's strong loan and deposit growth, coupled with solid credit quality, position it well relative to many regional bank peers. The key challenge will be navigating the high-rate environment while maintaining this growth trajectory.

Marks eight consecutive quarters of strong year-over-year loan growth averaging 9%

WHEELING, W.Va., July 26, 2024 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and six months ended June 30, 2024. Net income available to common shareholders for the second quarter of 2024 was $26.4 million, with diluted earnings per share of $0.44, compared to $42.3 million and $0.71 per diluted share, respectively, for the second quarter of 2023. For the six months ended June 30, 2024, net income was $59.5 million, or $1.00 per diluted share, compared to $82.2 million, or $1.38 per diluted share, for the 2023 period. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the six months ended June 30, 2024 was $62.5 million, or $1.05 per diluted share, as compared to $84.7 million, or $1.43 per diluted share (non-GAAP measures).




For the Three Months Ended June 30,


For the Six Months Ended June 30,




2024


2023


2024


2023

(unaudited, dollars in thousands,
except per share amounts)


Net Income


Diluted Earnings
Per Share


Net Income


Diluted Earnings
Per Share


Net Income


Diluted Earnings
Per Share


Net Income


Diluted Earnings
Per Share

Net income available to common shareholders (Non-GAAP)(1)


$        29,369


$             0.49


$        42,377


$             0.71


$        62,530


$             1.05


$        84,677


$             1.43

Less: After-tax restructuring and merger-related expenses


(2,984)


(0.05)


(28)


-


(2,984)


(0.05)


(2,519)


(0.05)

Net income available to common shareholders (GAAP)


$        26,385


$             0.44


$        42,349


$             0.71


$        59,546


$             1.00


$        82,158


$             1.38

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


 

Financial and operational highlights during the quarter ended June 30, 2024:

  • Total loan growth was 10.1% year-over-year and 3.2% quarter-over-quarter, or 12.9% annualized
    • Total loans are up $1.1 billion as compared to the prior year period, driven by both commercial and residential lending
  • Deposits of $13.4 billion increased 4.4% year-over-year
    • Average loans to average deposits were 89.4%, providing continued capacity to fund loan growth
  • The quarter-over-quarter increase in provision for credit losses, which negatively impacted diluted earnings per share by approximately $0.09, was primarily due to strong loan growth, changes in macroeconomic factors, and a specific reserve on one commercial and industrial (C&I) loan
  • Non-interest income increased 2.4% quarter-over-quarter, with growth across key categories more than offsetting the seasonal decline in trust fees
    • Trust and investment services assets under management of $5.6 billion and broker-dealer securities account value of $1.8 billion increased due to market value adjustments and organic growth
  • Continued efforts to optimize our financial center network to improve efficiencies
  • Key credit quality metrics such as non-performing assets, total past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages (based upon the prior four quarters for banks with total assets between $10 billion and $25 billion)
  • WesBanco continues to earn national accolades, most recently Newsweeks' America's Greatest Workplaces 2024

"WesBanco sustained its positive momentum in 2024 with solid second-quarter results characterized by continued loan and deposit growth. We maintained a diligent focus on cost control, while making strategic investments in our company to secure our long-term success," said Jeff Jackson, President and Chief Executive Officer, WesBanco. "The strength of our balance sheet and long-term growth strategies, supported by the high engagement of our diverse and talented teams, as evidenced by our inclusion in Newsweek's America's Greatest Workplaces list, position us well for continued growth in the second half of 2024."

Balance Sheet
As of June 30, 2024, portfolio loans were $12.3 billion, which increased $1.1 billion, or 10.1%, year-over-year driven by strong performance from our commercial and residential lending teams. Total commercial loans of $8.8 billion increased 11.5% year-over-year and 15.2% quarter-over-quarter annualized. Commercial loan growth continues to reflect the benefit of our commercial banker hiring and loan production office strategy, as well as lower commercial real estate payoffs. Total residential lending reflects increased mortgage origination production with lower staffing levels, as well as increased home equity line of credit usage.

Deposits, as of June 30, 2024, were $13.4 billion, up 4.4% from June 30, 2023 and up 2.0% from December 31, 2023, reflecting the benefit of deposit gathering and retention efforts by our retail and commercial teams. The composition of total deposits continues to have some mix shift, reflecting the impact of the significant increase in the federal funds rate; however, total demand deposits continue to represent 55% of total deposits, with the non-interest bearing component representing 28%, which remains consistent with the percentage range prior to the pandemic.

Credit Quality
As of June 30, 2024, total loans past due, criticized and classified loans, non-performing loans, and non-performing assets as percentages of the loan portfolio and total assets have remained low, from a historical perspective, and within a consistent range through the last two years. Criticized and classified loans as a percent of the loan portfolio decreased 15 basis points quarter-over-quarter to 2.15%, while non-performing assets as a percentage of total assets remained consistent with the prior quarter and year periods at 0.20%. The allowance for credit losses to total portfolio loans at June 30, 2024 increased to 1.11% of total loans, or $136.5 million. The increase in the allowance for credit losses and resulting $10.5 million provision for credit losses in the second quarter was due primarily to strong loan growth, higher unemployment assumptions, and a specific reserve for an individual C&I loan. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.10% of total loans.

Net Interest Margin and Income
The net interest margin of 2.95% for the second quarter of 2024 increased 3 basis points sequentially as higher loan yields began to outpace higher funding costs. On a year-over-year basis, the net interest margin decreased 23 basis points primarily due to higher funding costs from the remix of non-interest bearing deposits into higher tier money market and certificate of deposit accounts. Deposit funding costs were 274 basis points for the second quarter of 2024, and, when including non-interest deposits, deposit funding costs were 195 basis points. Accretion from acquisitions benefited the second quarter net interest margin by 2 basis points, as compared to 3 basis points in the prior year period.

Net interest income for the second quarter of 2024 was $116.6 million, a decrease of $5.0 million, or 4.1% year-over-year, reflecting the impact of rising rates on funding costs more than offsetting loan growth and higher loan and securities yields. For the six months ended June 30, 2024, net interest income of $230.6 million decreased $15.3 million, or 6.2%, primarily due to the reasons discussed for the three-month period comparison.

Non-Interest Income
For the second quarter of 2024, non-interest income of $31.4 million decreased $0.5 million, or 1.5%, from the second quarter of 2023. This decrease was primarily due to lower net swap fee and valuation income, as well as higher net gains on other real estate owned and other assets in the prior year period. Gross swap fees were $1.8 million in the second quarter, as compared to $2.4 million in the prior year period. Service charges on deposits increased $0.9 million year-over-year, reflecting fee income from new products and services and increased general consumer spending. Mortgage banking income increased $0.5 million year-over-year due to an 85 basis point improvement in the net gain on sale margin for residential mortgages sold in the secondary market.

Primarily reflecting the items discussed above, as well as higher trust fees, non-interest income, for the six months ended June 30, 2024, increased $2.5 million, or 4.2%, year-over-year to $62.0 million. Trust fees increased $1.0 million year-over-year due to a 10% increase in trust assets, driven by both market value adjustments and organic growth.

Non-Interest Expense
Non-interest expense, excluding restructuring and merger-related costs, for the three months ended June 30, 2024 were $98.6 million, a $2.2 million, or 2.3%, increase year-over-year primarily due to increases in other operating expenses and equipment and software expenses. Other operating expenses increased $1.8 million primarily due to higher costs and fees in support of loan growth and higher other miscellaneous expenses. Equipment and software expense increased $1.6 million reflecting the impact of the prior year ATM upgrades, which were phased in throughout the prior year.  Salaries and wages decreased $0.5 million compared to the prior year period due to lower staffing levels associated with efficiency improvements in the mortgage and branch staffing models, partially offset by normal compensation merit adjustments. Employee benefits decreased $0.9 million due to a lower health insurance costs driven by lower staffing levels, as compared to the prior year period.

Excluding restructuring and merger-related expenses, non-interest expense during the first half of 2024 of $195.8 million increased $6.4 million, or 3.4%, compared to the prior year period, due primarily to other operating expenses and equipment and software expense, as described above, and higher FDIC insurance expense. FDIC insurance increased $1.2 million year-over-year due to due to an increase in the minimum rate for all banks.

Capital
WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable "well-capitalized" standards promulgated by bank regulators and the BASEL III capital standards. At June 30, 2024, Tier I leverage was 9.72%, Tier I risk-based capital ratio was 11.58%, common equity Tier 1 capital ratio ("CET 1") was 10.58%, and total risk-based capital was 14.45%. In addition, the tangible common equity to tangible assets ratio was 7.52%.

Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the second quarter of 2024 at 10:00 a.m. ET on Friday, July 26, 2024. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com. Participants can also listen to the conference call by dialing 888-347-6607, 855-669-9657 for Canadian callers, or 1-412-902-4290 for international callers, and asking to be joined into the WesBanco call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 1-412-317-0088 for international callers, and providing the access code of 1675057. The replay will begin at approximately 12:00 p.m. ET on July 26, 2024 and end at 12 a.m. ET on August 9, 2024. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.wesbanco.com).

Forward-Looking Statements
Forward-looking statements in this report relating to WesBanco's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained in this report should be read in conjunction with WesBanco's Form 10-K for the year ended December 31, 2023 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC") including WesBanco's Form 10-Q for the quarter ended March 31, 2024,  which are available at the SEC's website, www.sec.gov or at WesBanco's website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco's most recent Annual Report on Form 10-K filed with the SEC under "Risk Factors" in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco's operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.

Non-GAAP Financial Measures
In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses; efficiency ratio; return on average assets; and return on average tangible equity. WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.

About WesBanco, Inc.
With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our eight-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia, WesBanco has $18.1 billion in total assets, with our Trust and Investment Services holding $5.6 billion of assets under management and securities account values (including annuities) of $1.8 billion through our broker/dealer, as of June 30, 2024. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram.

















WESBANCO, INC.













Consolidated Selected Financial Highlights











Page 5


(unaudited, dollars in thousands, except shares and per share amounts)
































For the Three Months Ended


For the Six Months Ended


Statement of Income

June 30,


June 30,


Interest and dividend income

2024


2023


% Change


2024


2023


% Change



Loans, including fees

$         175,361


$         145,741


20.3


$         342,335


$         279,147


22.6



Interest and dividends on securities:















Taxable 

16,929


18,483


(8.4)


34,334


37,569


(8.6)




Tax-exempt

4,556


4,723


(3.5)


9,142


9,513


(3.9)





Total interest and dividends on securities

21,485


23,206


(7.4)


43,476


47,082


(7.7)



Other interest income 

6,147


7,108


(13.5)


12,516


10,380


20.6


          Total interest and dividend income

202,993


176,055


15.3


398,327


336,609


18.3


Interest expense














Interest bearing demand deposits

26,925


17,203


56.5


52,516


28,309


85.5



Money market deposits

18,443


7,220


155.4


34,557


11,472


201.2



Savings deposits

7,883


5,860


34.5


15,549


9,860


57.7



Certificates of deposit

11,982


2,906


312.3


22,229


4,109


441.0





Total interest expense on deposits

65,233


33,189


96.6


124,851


53,750


132.3



Federal Home Loan Bank borrowings

16,227


16,713


(2.9)


33,227


28,013


18.6



Other short-term borrowings

896


492


82.1


1,570


909


72.7



Subordinated debt and junior subordinated debt 

4,044


4,094


(1.2)


8,119


8,039


1.0





Total interest expense

86,400


54,488


58.6


167,767


90,711


84.9


Net interest income 

116,593


121,567


(4.1)


230,560


245,898


(6.2)



Provision for credit losses

10,541


3,028


248.1


14,555


6,605


120.4


Net interest income after provision for credit losses

106,052


118,539


(10.5)


216,005


239,293


(9.7)


Non-interest income














Trust fees

7,303


6,918


5.6


15,385


14,412


6.8



Service charges on deposits

7,111


6,232


14.1


13,895


12,401


12.0



Digital banking income

5,040


5,010


0.6


9,745


9,615


1.4



Net swap fee and valuation income 

1,776


2,612


(32.0)


3,339


3,411


(2.1)



Net securities brokerage revenue

2,601


2,523


3.1


5,149


5,098


1.0



Bank-owned life insurance

2,791


3,189


(12.5)


4,859


5,149


(5.6)



Mortgage banking income

1,069


601


77.9


1,762


1,027


71.6



Net securities gains

135


205


(34.1)


672


350


92.0



Net gains on other real estate owned and other assets

34


871


(96.1)


188


1,104


(83.0)



Other income

3,495


3,680


(5.0)


6,990


6,926


0.9





Total non-interest income

31,355


31,841


(1.5)


61,984


59,493


4.2


Non-interest expense














Salaries and wages

43,991


44,471


(1.1)


86,988


86,422


0.7



Employee benefits

10,579


11,511


(8.1)


22,763


23,570


(3.4)



Net occupancy

6,309


6,132


2.9


12,932


12,775


1.2



Equipment and software

10,457


8,823


18.5


20,465


17,885


14.4



Marketing

2,371


2,763


(14.2)


4,256


5,088


(16.4)



FDIC insurance 

3,523


2,871


22.7


6,971


5,755


21.1



Amortization of intangible assets

2,072


2,282


(9.2)


4,164


4,583


(9.1)



Restructuring and merger-related expense

3,777


35


 NM 


3,777


3,188


18.5



Other operating expenses  

19,313


17,549


10.1


37,269


33,294


11.9





Total non-interest expense

102,392


96,437


6.2


199,585


192,560


3.6


Income before provision for income taxes

35,015


53,943


(35.1)


78,404


106,226


(26.2)



Provision for income taxes 

6,099


9,063


(32.7)


13,795


19,005


(27.4)


Net Income


28,916


44,880


(35.6)


64,609


87,221


(25.9)


Preferred stock dividends

2,531


2,531


-


5,063


5,063


-


Net income available to common shareholders

$           26,385


$           42,349


(37.7)


$           59,546


$           82,158


(27.5)


































Taxable equivalent net interest income

$        117,804


$        122,822


(4.1)


$        232,990


$        248,427


(6.2)


















Per common share data













Net income per common share - basic

$               0.44


$               0.71


(38.0)


$               1.00


$               1.39


(28.1)


Net income per common share - diluted

0.44


0.71


(38.0)


1.00


1.38


(27.5)


Net income per common share - diluted, excluding certain items (1)(2)

0.49


0.71


(31.0)


1.05


1.43


(26.6)


Dividends declared

0.36


0.35


2.9


0.72


0.70


2.9


Book value (period end)

40.28


39.10


3.0


40.28


39.10


3.0


Tangible book value (period end) (1)

21.45


20.08


6.8


21.45


20.08


6.8


Average common shares outstanding - basic

59,521,872


59,263,949


0.4


59,452,315


59,240,958


0.4


Average common shares outstanding - diluted

59,656,429


59,385,847


0.5


59,592,960


59,389,314


0.3


Period end common shares outstanding

59,579,310


59,355,062


0.4


59,579,310


59,355,062


0.4


Period end preferred shares outstanding

150,000


150,000


-


150,000


150,000


-


















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










(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.








NM = Not Meaningful













































 

WESBANCO, INC.



















Consolidated Selected Financial Highlights















Page 6


(unaudited, dollars in thousands, unless otherwise noted)



































Selected ratios

























For the Six Months Ended











June 30,











2024


2023


% Change




























Return on average assets






0.67

%

0.97

%

(30.93)

%








Return on average assets, excluding


















    after-tax restructuring and merger-related expenses (1)



0.71


1.00


(29.00)









Return on average equity






4.71


6.69


(29.60)









Return on average equity, excluding


















    after-tax restructuring and merger-related expenses (1)



4.94


6.90


(28.41)









Return on average tangible equity (1)





8.89


12.86


(30.87)









Return on average tangible equity, excluding 

















    after-tax restructuring and merger-related expenses (1)



9.31


13.23


(29.63)









Return on average tangible common equity (1)




9.90


14.40


(31.25)









Return on average tangible common equity, excluding 

















    after-tax restructuring and merger-related expenses (1)



10.37


14.82


(30.03)









Yield on earning assets (2) 





5.04


4.46


13.00









Cost of interest bearing liabilities





3.05


1.84


65.76









Net interest spread (2)






1.99


2.62


(24.05)









Net interest margin (2)






2.93


3.27


(10.40)









Efficiency (1) (2)






66.38


61.50


7.93









Average loans to average deposits





89.04


84.46


5.42









Annualized net loan charge-offs/average loans




0.14


0.05


180.00









Effective income tax rate 





17.59


17.89


(1.68)



























































































For the Three Months Ended











June 30,


Mar. 31,


Dec. 31,


Sept. 30,


June 30,











2024


2024


2023


2023


2023
























Return on average assets






0.59

%

0.75

%

0.74

%

0.78

%

0.98

%




Return on average assets, excluding


















    after-tax restructuring and merger-related expenses (1)



0.66


0.75


0.74


0.80


0.98





Return on average equity






4.17


5.24


5.21


5.49


6.81





Return on average equity, excluding


















    after-tax restructuring and merger-related expenses (1)



4.65


5.24


5.21


5.57


6.82





Return on average tangible equity (1)





7.93


9.85


10.11


10.60


12.98





Return on average tangible equity, excluding 

















    after-tax restructuring and merger-related expenses (1)



8.78


9.85


10.11


10.75


12.99





Return on average tangible common equity (1)




8.83


10.96


11.32


11.87


14.52





Return on average tangible common equity, excluding 

















    after-tax restructuring and merger-related expenses (1)



9.77


10.96


11.32


12.03


14.53





Yield on earning assets (2) 





5.11


4.98


4.88


4.72


4.59





Cost of interest bearing liabilities





3.12


2.98


2.76


2.52


2.15





Net interest spread (2)






1.99


2.00


2.12


2.20


2.44





Net interest margin (2)






2.95


2.92


3.02


3.03


3.18





Efficiency (1) (2) 






66.11


66.65


66.75


64.95


62.33





Average loans to average deposits





89.40


88.67


87.07


86.79


85.44





Annualized net loan charge-offs and recoveries /average loans


0.07


0.20


0.06


0.01


0.02





Effective income tax rate 





17.42


17.74


19.66


16.83


16.80





Trust and Investment Services assets under management (3)



$            5,633


$            5,601


$            5,360


$            4,982


$            5,127





Broker-dealer securities account values (including annuities) (3)


$            1,780


$            1,751


$            1,686


$            1,600


$            1,596
























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











(2) The yield on earning assets, net interest margin, net interest spread and efficiency ratios are presented on a fully 


    taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt 









   loans and investments.   WesBanco believes this measure to be the preferred industry measurement of net interest income and








   provides a relevant comparison between taxable and non-taxable amounts.













(3) Represents market value at period end, in millions.






















 














WESBANCO, INC.










Consolidated Selected Financial Highlights








Page 7


(unaudited, dollars in thousands, except shares)








% Change


Balance sheet


June 30,



December 31,

December 31, 2023


Assets




2024


2023


% Change

2023

to June 30, 2024


Cash and due from banks


$         173,816


$         178,057


(2.4)

$           158,504

9.7


Due from banks - interest bearing


312,973


384,261


(18.6)

436,879

(28.4)


Securities:












Equity securities, at fair value


13,091


11,948


9.6

12,320

6.3



Available-for-sale debt securities, at fair value


2,102,123


2,329,222


(9.7)

2,194,329

(4.2)



Held-to-maturity debt securities (fair values of $1,028,432; $1,072,229











and $1,069,159, respectively)


1,179,684


1,224,470


(3.7)

1,199,527

(1.7)




Allowance for credit losses, held-to-maturity debt securities


(163)


(193)


15.5

(192)

15.1



Net held-to-maturity debt securities


1,179,521


1,224,277


(3.7)

1,199,335

(1.7)




Total securities


3,294,735


3,565,447


(7.6)

3,405,984

(3.3)


Loans held for sale


25,433


28,970


(12.2)

16,354

55.5


Portfolio loans:











Commercial real estate


6,998,888


6,295,467


11.2

6,565,448

6.6



Commercial and industrial


1,760,479


1,558,491


13.0

1,670,659

5.4



Residential real estate 


2,506,957


2,341,928


7.0

2,438,574

2.8



Home equity


770,599


701,824


9.8

734,219

5.0



Consumer 


220,588


232,254


(5.0)

229,561

(3.9)


Total portfolio loans, net of unearned income


12,257,511


11,129,964


10.1

11,638,461

5.3


Allowance for credit losses - loans 


(136,509)


(120,166)


(13.6)

(130,675)

(4.5)




Net portfolio loans


12,121,002


11,009,798


10.1

11,507,786

5.3


Premises and equipment, net


222,266


219,934


1.1

233,571

(4.8)


Accrued interest receivable


79,759


69,773


14.3

77,435

3.0


Goodwill and other intangible assets, net


1,128,103


1,136,773


(0.8)

1,132,267

(0.4)


Bank-owned life insurance


358,682


355,204


1.0

355,033

1.0


Other assets



411,606


408,737


0.7

388,561

5.9


Total Assets


$    18,128,375


$    17,356,954


4.4

$      17,712,374

2.3















Liabilities











Deposits:












Non-interest bearing demand


$      3,826,249


$      4,286,235


(10.7)

$        3,962,592

(3.4)



Interest bearing demand


3,505,651


3,273,745


7.1

3,463,443

1.2



Money market


2,283,294


1,685,667


35.5

2,017,713

13.2



Savings deposits


2,429,241


2,655,680


(8.5)

2,493,254

(2.6)



Certificates of deposit


1,387,938


960,107


44.6

1,231,702

12.7




Total deposits


13,432,373


12,861,434


4.4

13,168,704

2.0


Federal Home Loan Bank borrowings


1,475,000


1,380,000


6.9

1,350,000

9.3


Other short-term borrowings


105,757


101,286


4.4

105,893

(0.1)


Subordinated debt and junior subordinated debt 


279,193


281,854


(0.9)

279,078

0.0




Total borrowings


1,859,950


1,763,140


5.5

1,734,971

7.2


Accrued interest payable


15,393


8,869


73.6

11,121

38.4


Other liabilities


276,380


258,513


6.9

264,516

4.5


Total Liabilities


15,584,096


14,891,956


4.6

15,179,312

2.7















Shareholders' Equity










Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares











6.75% non-cumulative perpetual preferred stock, Series A, liquidation











preference $150.0 million, issued and outstanding, respectively


144,484


144,484


-

144,484

-


Common stock, $2.0833 par value; 100,000,000 shares authorized;











68,081,306 shares issued; 59,579,310, 59,355,062 and 59,376,435











shares outstanding, respectively


141,834


141,834


-

141,834

-


Capital surplus


1,630,830


1,630,963


(0.0)

1,635,859

(0.3)


Retained earnings


1,159,217


1,118,135


3.7

1,142,586

1.5


Treasury stock(8,501,996,  8,726,244 and 8,704,871 shares - at cost, respectively)


(294,818)


(303,770)


2.9

(302,995)

2.7


Accumulated other comprehensive loss


(235,208)


(264,627)


11.1

(226,693)

(3.8)


Deferred benefits for directors


(2,060)


(2,021)


(1.9)

(2,013)

(2.3)


Total Shareholders' Equity


2,544,279


2,464,998


3.2

2,533,062

0.4


Total Liabilities and Shareholders' Equity


$    18,128,375


$    17,356,954


4.4

$      17,712,374

2.3









































 












WESBANCO, INC.








Consolidated Selected Financial Highlights






Page 8


(unaudited, dollars in thousands, except shares)








Balance sheet


June 30,


March 31,




Assets




2024


2024


% Change


Cash and due from banks


$        173,816


$        138,940


25.1


Due from banks - interest bearing


312,973


370,729


(15.6)


Securities:










Equity securities, at fair value


13,091


13,074


0.1



Available-for-sale debt securities, at fair value


2,102,123


2,119,272


(0.8)



Held-to-maturity debt securities (fair values of $1,028,432; 









and $1,107,685, respectively)


1,179,684


1,190,010


(0.9)




Allowance for credit losses, held-to-maturity debt securities


(163)


(183)


10.9



Net held-to-maturity debt securities


1,179,521


1,189,827


(0.9)




Total securities


3,294,735


3,322,173


(0.8)


Loans held for sale


25,433


12,472


103.9


Portfolio loans:









Commercial real estate


6,998,888


6,754,933


3.6



Commercial and industrial


1,760,479


1,683,172


4.6



Residential real estate 


2,506,957


2,469,357


1.5



Home equity


770,599


740,973


4.0



Consumer 


220,588


224,732


(1.8)


Total portfolio loans, net of unearned income


12,257,511


11,873,167


3.2


Allowance for credit losses - loans 


(136,509)


(129,190)


(5.7)




Net portfolio loans


12,121,002


11,743,977


3.2


Premises and equipment, net


222,266


232,630


(4.5)


Accrued interest receivable


79,759


78,564


1.5


Goodwill and other intangible assets, net


1,128,103


1,130,175


(0.2)


Bank-owned life insurance


358,682


357,099


0.4


Other assets



411,606


385,976


6.6


Total Assets


$   18,128,375


$   17,772,735


2.0













Liabilities









Deposits:










Non-interest bearing demand


$     3,826,249


$     3,938,610


(2.9)



Interest bearing demand


3,505,651


3,529,691


(0.7)



Money market


2,283,294


2,189,769


4.3



Savings deposits


2,429,241


2,499,466


(2.8)



Certificates of deposit


1,387,938


1,339,237


3.6




Total deposits


13,432,373


13,496,773


(0.5)


Federal Home Loan Bank borrowings


1,475,000


1,100,000


34.1


Other short-term borrowings


105,757


72,935


45.0


Subordinated debt and junior subordinated debt 


279,193


279,136


0.0




Total borrowings


1,859,950


1,452,071


28.1


Accrued interest payable


15,393


15,929


(3.4)


Other liabilities


276,380


269,600


2.5


Total Liabilities


15,584,096


15,234,373


2.3













Shareholders' Equity








Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares









6.75% non-cumulative perpetual preferred stock, Series A, liquidation









preference $150.0 million, issued and outstanding, respectively


144,484


144,484


-


Common stock, $2.0833 par value; 100,000,000 shares authorized;









68,081,306 shares issued; 59,355,062 and 59,246,569









shares outstanding, respectively


141,834


141,834


-


Capital surplus


1,630,830


1,636,964


(0.4)


Retained earnings


1,159,217


1,154,307


0.4


Treasury stock (8,726,244 and 8,834,737 shares - at cost, respectively)


(294,818)


(302,264)


2.5


Accumulated other comprehensive loss


(235,208)


(234,922)


(0.1)


Deferred benefits for directors


(2,060)


(2,041)


(0.9)


Total Shareholders' Equity


2,544,279


2,538,362


0.2


Total Liabilities and Shareholders' Equity


$   18,128,375


$   17,772,735


2.0













 

WESBANCO, INC.






















Consolidated Selected Financial Highlights


















Page 9


(unaudited, dollars in thousands)





















Average balance sheet and





















net interest margin analysis






For the Three Months Ended June 30,


For the Six Months Ended June 30, 











2024


2023


2024



2023










Average 

Average



Average 

Average


Average 

Average



Average 

Average



Assets







Balance

Rate



Balance

Rate


Balance

Rate



Balance

Rate



Due from banks - interest bearing






$           352,986

5.62

%


$        438,604

5.71

%

$        364,127

5.66

%


$        359,466

5.16

%


Loans, net of unearned income (1)






12,057,831

5.85



11,009,093

5.31


11,907,353

5.78



10,880,328

5.17



Securities: (2)






















    Taxable







2,863,213

2.38



3,198,838

2.32


2,896,040

2.38



3,250,174

2.33



    Tax-exempt (3)







753,151

3.08



786,128

3.05


756,474

3.08



793,425

3.06



        Total securities







3,616,364

2.52



3,984,966

2.46


3,652,514

2.53



4,043,599

2.47



Other earning assets 







56,077

8.71



61,613

5.64


58,499

7.78



53,789

4.44



         Total earning assets (3)






16,083,258

5.11

%


15,494,276

4.59

%

15,982,493

5.04

%


15,337,182

4.46

%


Other assets







1,807,056




1,800,070



1,814,796




1,796,162




Total Assets







$      17,890,314




$   17,294,346



$   17,797,289




$   17,133,344


























Liabilities and Shareholders' Equity




















Interest bearing demand deposits






$        3,527,316

3.07

%


$     3,228,799

2.14

%

$     3,514,182

3.01

%


$     3,129,921

1.82

%


Money market accounts 







2,228,070

3.33



1,635,939

1.77


2,157,553

3.22



1,634,347

1.42



Savings deposits







2,441,949

1.30



2,729,210

0.86


2,461,330

1.27



2,751,850

0.72



Certificates of deposit







1,371,179

3.51



912,144

1.28


1,331,145

3.36



887,560

0.93



    Total interest bearing deposits






9,568,514

2.74



8,506,092

1.57


9,464,210

2.65



8,403,678

1.29



Federal Home Loan Bank borrowings






1,186,538

5.50



1,288,242

5.20


1,214,973

5.50



1,130,000

5.00



Repurchase agreements







107,811

3.34



105,266

1.87


100,188

3.15



118,155

1.55



Subordinated debt and junior subordinated debt 




279,159

5.83



281,715

5.83


279,131

5.85



281,600

5.76



      Total interest bearing liabilities (4)





11,142,022

3.12

%


10,181,315

2.15

%

11,058,502

3.05

%


9,933,433

1.84

%


Non-interest bearing demand deposits





3,918,685




4,379,345



3,908,837




4,479,200




Other liabilities







286,659




240,590



285,556




245,033




Shareholders' equity







2,542,948




2,493,096



2,544,394




2,475,678




Total Liabilities and Shareholders' Equity





$      17,890,314




$   17,294,346



$   17,797,289




$   17,133,344




Taxable equivalent net interest spread






1.99

%



2.44

%


1.99

%



2.62

%


Taxable equivalent net interest margin 






2.95

%



3.18

%


2.93

%



3.27

%














































(1) Gross of allowance for credit losses and net of unearned income,  Includes non-accrual and loans held for sale.  Loan fees included in interest income on loans were $0.9 million and $0.7 million for the three months ended June 30, 2024 and 2023, respectively, and were $1.2 million and $1.1 million for the six months ended June 30, 2024 and 2023, respectively.  Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $0.8 million and $1.2 million for the three months ended June 30, 2024 and 2023, respectively, and $1.5 million and $2.5 million for the six months ended June 30, 2024 and 2023, respectively. 



(2) Average yields on available-for-sale securities are calculated based on amortized cost.


(3) Taxable equivalent basis is calculated on tax-exempt securities using a rate of 21% for each period presented.


(4) Accretion on interest bearing liabilities acquired from prior acquisitions was $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.2 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively.















































 

WESBANCO, INC.











Consolidated Selected Financial Highlights









 Page 10 


(unaudited, dollars in thousands, except shares and per share amounts)














Quarter Ended


Statement of Income

June 30,


March 31,


Dec. 31,


Sept. 30,


June 30,


Interest and dividend income

2024


2024


2023


2023


2023



Loans, including fees

$         175,361


$         166,974


$         162,498


$         155,206


$         145,741



Interest and dividends on securities:













Taxable 

16,929


17,404


17,798


18,082


18,483




Tax-exempt

4,556


4,586


4,639


4,679


4,723





Total interest and dividends on securities

21,485


21,990


22,437


22,761


23,206



Other interest income 

6,147


6,369


6,383


5,622


7,108


          Total interest and dividend income

202,993


195,333


191,318


183,589


176,055


Interest expense












Interest bearing demand deposits

26,925


25,590


23,686


20,873


17,203



Money market deposits

18,443


16,114


14,302


10,841


7,220



Savings deposits

7,883


7,667


7,310


6,699


5,860



Certificates of deposit

11,982


10,247


8,380


5,983


2,906





Total interest expense on deposits

65,233


59,618


53,678


44,396


33,189



Federal Home Loan Bank borrowings

16,227


17,000


14,841


16,463


16,713



Other short-term borrowings

896


674


891


745


492



Subordinated debt and junior subordinated debt

4,044


4,075


4,150


4,303


4,094





Total interest expense

86,400


81,367


73,560


65,907


54,488


Net interest income 

116,593


113,966


117,758


117,682


121,567



Provision for credit losses

10,541


4,014


4,803


6,327


3,028


Net interest income after provision for credit losses

106,052


109,952


112,955


111,355


118,539


Non-interest income












Trust fees

7,303


8,082


7,019


6,705


6,918



Service charges on deposits

7,111


6,784


6,989


6,726


6,232



Digital banking income

5,040


4,704


4,890


4,949


5,010



Net swap fee and valuation income/(loss)

1,776


1,563


(345)


3,845


2,612



Net securities brokerage revenue

2,601


2,548


2,563


2,394


2,523



Bank-owned life insurance

2,791


2,067


3,455


2,398


3,189



Mortgage banking income

1,069


693


650


975


601



Net securities gains/(losses)

135


537


887


(337)


205



Net gains/(losses) on other real estate owned and other assets

34


154


445


(28)


871



Other income

3,495


3,497


3,521


3,252


3,680





Total non-interest income

31,355


30,629


30,074


30,879


31,841


Non-interest expense












Salaries and wages

43,991


42,997


45,164


45,351


44,471



Employee benefits

10,579


12,184


11,409


11,922


11,511



Net occupancy

6,309


6,623


6,417


6,146


6,132



Equipment and software

10,457


10,008


9,648


9,132


8,823



Marketing

2,371


1,885


2,975


3,115


2,763



FDIC insurance 

3,523


3,448


3,369


3,125


2,871



Amortization of intangible assets

2,072


2,092


2,243


2,262


2,282



Restructuring and merger-related expense

3,777


-


-


641


35



Other operating expenses  

19,313


17,954


18,278


16,245


17,549





Total non-interest expense

102,392


97,191


99,503


97,939


96,437


Income before provision for income taxes

35,015


43,390


43,526


44,295


53,943



Provision for income taxes 

6,099


7,697


8,558


7,453


9,063


Net Income


28,916


35,693


34,968


36,842


44,880


Preferred stock dividends

2,531


2,531


2,531


2,531


2,531


Net income available to common shareholders

$           26,385


$           33,162


$           32,437


$           34,311


$           42,349
















Taxable equivalent net interest income

$        117,804


$        115,185


$        118,991


$        118,926


$        122,822
















Per common share data











Net income per common share - basic

$               0.44


$               0.56


$               0.55


$               0.58


$               0.71


Net income per common share - diluted

0.44


0.56


0.55


0.58


0.71


Net income per common share - diluted, excluding certain items (1)(2)

0.49


0.56


0.55


0.59


0.71


Dividends declared

0.36


0.36


0.36


0.35


0.35


Book value (period end)

40.28


40.30


40.23


38.80


39.10


Tangible book value (period end) (1)

21.45


21.39


21.28


19.82


20.08


Average common shares outstanding - basic

59,521,872


59,382,758


59,370,171


59,358,653


59,263,949


Average common shares outstanding - diluted

59,656,429


59,523,679


59,479,031


59,443,366


59,385,847


Period end common shares outstanding

59,579,310


59,395,777


59,376,435


59,364,696


59,355,062


Period end preferred shares outstanding

150,000


150,000


150,000


150,000


150,000


Full time equivalent employees

2,370


2,331


2,368


2,427


2,542
















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








(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.




















 
















WESBANCO, INC.













Consolidated Selected Financial Highlights










 Page 11 


(unaudited, dollars in thousands)

















Quarter Ended







June 30,


March 31,


Dec. 31,


Sept. 30,


June 30,



Asset quality data


2024


2024


2023


2023


2023



Non-performing assets:














Total non-performing loans 


$       35,468


$       32,919


$       26,808


$       29,878


$       31,555




Other real estate and repossessed assets

1,328


1,474


1,497


1,333


1,432





Total non-performing assets


$       36,796


$       34,393


$       28,305


$       31,211


$       32,987


















Past due loans (1):














Loans past due 30-89 days


$       20,237


$       18,515


$       22,875


$       16,030


$       18,348




Loans past due 90 days or more


9,171


5,408


9,638


8,606


5,147





Total past due loans


$       29,408


$       23,923


$       32,513


$       24,636


$       23,495


















Criticized and classified loans (2):














Criticized loans


$     179,621


$     171,536


$     183,174


$     180,136


$     119,771




Classified loans


83,744


101,898


75,497


70,997


67,036





Total criticized and classified loans


$     263,365


$     273,434


$     258,671


$     251,133


$     186,807


















Loans past due 30-89 days / total portfolio loans 

0.17

%

0.16

%

0.20

%

0.14

%

0.16

%


Loans past due 90 days or more / total portfolio loans

0.07


0.05


0.08


0.08


0.05



Non-performing loans / total portfolio loans

0.29


0.28


0.23


0.26


0.28



Non-performing assets / total portfolio loans, other













real estate and repossessed assets


0.30


0.29


0.24


0.28


0.30



Non-performing assets / total assets


0.20


0.19


0.16


0.18


0.19



Criticized and classified loans / total portfolio loans

2.15


2.30


2.22


2.22


1.68


















Allowance for credit losses













Allowance for credit losses - loans


$     136,509


$     129,190


$     130,675


$     126,615


$     120,166



Allowance for credit losses - loan commitments

9,194


8,175


8,604


9,729


10,124



Provision for credit losses


10,541


4,014


4,803


6,327


3,028



Net loan and deposit account overdraft charge-offs and recoveries

2,221


5,935


1,857


286


581


















Annualized net loan charge-offs and recoveries / average loans

0.07

%

0.20

%

0.06

%

0.01

%

0.02

%


Allowance for credit losses - loans / total portfolio loans

1.11

%

1.09

%

1.12

%

1.12

%

1.08

%


Allowance for credit losses - loans / non-performing loans

3.85

x

3.92

x

4.87

x

4.24

x

3.81

x


Allowance for credit losses - loans / non-performing loans and













loans past due 


2.10

x

2.27

x

2.20

x

2.32

x

2.18

x



















































June 30,


Mar. 31,


Dec. 31,


Sept. 30,


June 30,







2024


2024


2023


2023


2023



Capital ratios













Tier I leverage capital


9.72

%

9.79

%

9.87

%

9.84

%

9.78

%


Tier I risk-based capital


11.58


11.87


12.05


12.07


12.12



Total risk-based capital


14.45


14.76


14.91


14.97


14.83



Common equity tier 1 capital ratio (CET 1)

10.58


10.84


10.99


11.00


11.04



Average shareholders' equity to average assets

14.21


14.38


14.17


14.29


14.42



Tangible equity to tangible assets (3)


8.37


8.50


8.49


8.15


8.24



Tangible common equity to tangible assets (3)

7.52


7.63


7.62


7.26


7.35

































(1) Excludes non-performing loans.













(2) Criticized and classified commercial loans may include loans that are also reported as non-performing or past due.







(3) See non-GAAP financial measures for additional information relating to the calculation of this ratio.
























 

WESBANCO, INC.















Non-GAAP Financial Measures












Page 12


The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco's operating performance and trends, and facilitate comparisons with the performance of WesBanco's peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco's financial statements.







Three Months Ended


Year to Date 






June 30,


Mar. 31,


Dec. 31,


Sept. 30,


June 30,


June 30,


(unaudited, dollars in thousands, except shares and per share amounts)

2024


2024


2023


2023


2023


2024

2023


Return on average assets, excluding after-tax restructuring and merger-related expenses:















Net income available to common shareholders

$          26,385


$          33,162


$          32,437


$          34,311


$         42,349


$             59,546

$          82,158



Plus: after-tax restructuring and merger-related expenses  (1)

2,984


-


-


506


28


2,984

2,519



Net income available to common shareholders excluding after-tax restructuring and merger-related expenses

29,369


33,162


32,437


34,817


42,377


62,530

84,677




















Average total assets


$   17,890,314


$   17,704,265


$   17,426,111


$   17,341,959


$  17,294,346


$      17,797,289

$   17,133,344



















Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized)  (2)

0.66 %


0.75 %


0.74 %


0.80 %


0.98 %


0.71 %

1.00 %



















Return on average equity, excluding after-tax restructuring and merger-related expenses:















Net income available to common shareholders

$          26,385


$          33,162


$          32,437


$          34,311


$         42,349


$             59,546

$          82,158



Plus: after-tax restructuring and merger-related expenses  (1)

2,984


-


-


506


28


2,984

2,519



Net income available to common shareholders excluding after-tax restructuring and merger-related expenses 

29,369


33,162


32,437


34,817


42,377


62,530

84,677




















Average total shareholders' equity

$     2,542,948


$     2,545,841


$     2,468,525


$     2,478,662


$    2,493,096


$        2,544,394

$     2,475,678



















Return on average equity, excluding after-tax  restructuring and merger-related expenses (annualized)  (2)

4.65 %


5.24 %


5.21 %


5.57 %


6.82 %


4.94 %

6.90 %



















Return on average tangible equity:















Net income available to common shareholders

$          26,385


$          33,162


$          32,437


$          34,311


$         42,349


$             59,546

$          82,158



Plus: amortization of intangibles (1)

1,637


1,653


1,772


1,787


1,803


3,290

3,621



Net income available to common shareholders before amortization of intangibles 

28,022


34,815


34,209


36,098


44,152


62,836

85,779




















Average total shareholders' equity

2,542,948


2,545,841


2,468,525


2,478,662


2,493,096


2,544,394

2,475,678



Less: average goodwill and other intangibles, net of def. tax liability

(1,122,264)


(1,123,938)


(1,125,593)


(1,127,404)


(1,129,155)


(1,123,101)

(1,130,086)



Average tangible equity


$     1,420,684


$     1,421,903


$     1,342,932


$     1,351,258


$    1,363,941


$        1,421,293

$     1,345,592



















Return on average tangible equity (annualized)  (2)

7.93 %


9.85 %


10.11 %


10.60 %


12.98 %


8.89 %

12.86 %




















Average tangible common equity

$     1,276,200


$     1,277,419


$     1,198,448


$     1,206,774


$    1,219,457


$        1,276,809

$     1,201,108


Return on average tangible common equity (annualized)  (2)

8.83 %


10.96 %


11.32 %


11.87 %


14.52 %


9.90 %

14.40 %



















Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:















Net income available to common shareholders

$          26,385


$          33,162


$          32,437


$          34,311


$         42,349


$             59,546

$          82,158



Plus: after-tax restructuring and merger-related expenses  (1)

2,984


-


-


506


28


2,984

2,519



Plus: amortization of intangibles  (1)

1,637


1,653


1,772


1,787


1,803


3,290

3,621



Net income available to common shareholders before amortization of intangibles 















     and excluding after-tax restructuring and merger-related expenses

31,006


34,815


34,209


36,604


44,180


65,820

88,298




















Average total shareholders' equity

2,542,948


2,545,841


2,468,525


2,478,662


2,493,096


2,544,394

2,475,678



Less: average goodwill and other intangibles, net of def. tax liability

(1,122,264)


(1,123,938)


(1,125,593)


(1,127,404)


(1,129,155)


(1,123,101)

(1,130,086)



Average tangible equity


$     1,420,684


$     1,421,903


$     1,342,932


$     1,351,258


$    1,363,941


$        1,421,293

$     1,345,592



















Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized)  (2)

8.78 %


9.85 %


10.11 %


10.75 %


12.99 %


9.31 %

13.23 %




















Average tangible common equity

$     1,276,200


$     1,277,419


$     1,198,448


$     1,206,774


$    1,219,457


$        1,276,809

$     1,201,108


Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized)  (2)

9.77 %


10.96 %


11.32 %


12.03 %


14.53 %


10.37 %

14.82 %



















Efficiency ratio:

















Non-interest expense


$        102,392


$          97,191


$          99,503


$          97,939


$         96,437


$           199,585

$        192,560



Less: restructuring and merger-related expense

(3,777)


-


-


(641)


(35)


(3,777)

(3,188)



Non-interest expense excluding restructuring and merger-related expense

98,615


97,191


99,503


97,298


96,402


195,808

189,372




















Net interest income on a fully taxable equivalent basis

117,804


115,185


118,991


118,926


122,822


232,990

248,427



Non-interest income


31,355


30,629


30,074


30,879


31,841


61,984

59,493



Net interest income on a fully taxable equivalent basis plus non-interest income

$        149,159


$        145,814


$        149,065


$        149,805


$       154,663


$           294,974

$        307,920



Efficiency ratio


66.11 %


66.65 %

66.75 %


64.95 %


62.33 %


66.38 %

61.50 %




































Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:















Net income available to common shareholders

$          26,385


$          33,162


$          32,437


$          34,311


$         42,349


$             59,546

$          82,158



Add: After-tax restructuring and merger-related expenses (1)

2,984


-


-


506


28


2,984

2,519


Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses

$          29,369


$          33,162


$          32,437


$          34,817


$         42,377


$             62,530

$          84,677




































Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:















Net income per common share - diluted

$              0.44


$              0.56


$              0.55


$              0.58


$             0.71


$                 1.00

$              1.38



Add: After-tax restructuring and merger-related expenses per common share - diluted (1)

0.05


-


-


0.01


-


0.05

0.05


Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses

$              0.49


$              0.56


$              0.55


$              0.59


$             0.71


$                 1.05

$              1.43








































Period End









June 30,


March 31,


Dec. 31,


Sept. 30,


June 30,









2024


2024


2023


2023


2023





Tangible book value per share:















Total shareholders' equity

$     2,544,279


$     2,538,362


$     2,533,062


$     2,447,941


$    2,464,998






Less:  goodwill and other intangible assets, net of def. tax liability

(1,121,521)


(1,123,158)


(1,124,811)


(1,126,583)


(1,128,371)






Less: preferred shareholder's equity

(144,484)


(144,484)


(144,484)


(144,484)


(144,484)






Tangible common equity


1,278,274


1,270,720


1,263,767


1,176,874


1,192,143























Common shares outstanding

59,579,310


59,395,777


59,376,435


59,364,696


59,355,062






















Tangible book value per share


$            21.45


$            21.39


$            21.28


$            19.82


$           20.08






















Tangible common equity to tangible assets:















Total shareholders' equity

$     2,544,279


$     2,538,362


$     2,533,062


$     2,447,941


$    2,464,998






Less:  goodwill and other intangible assets, net of def. tax liability

(1,121,521)


(1,123,158)


(1,124,811)


(1,126,583)


(1,128,371)






Tangible equity


1,422,758


1,415,204


1,408,251


1,321,358


1,336,627






Less: preferred shareholder's equity

(144,484)


(144,484)


(144,484)


(144,484)


(144,484)






Tangible common equity


1,278,274


1,270,720


1,263,767


1,176,874


1,192,143























Total assets



18,128,375


17,772,735


17,712,374


17,344,377


17,356,954






Less:  goodwill and other intangible assets, net of def. tax liability

(1,121,521)


(1,123,158)


(1,124,811)


(1,126,583)


(1,128,371)






Tangible assets


$   17,006,854


$   16,649,577


$   16,587,563


$   16,217,794


$  16,228,583






















Tangible equity to tangible assets

8.37 %


8.50 %


8.49 %


8.15 %


8.24 %






















Tangible common equity to tangible assets

7.52 %


7.63 %


7.62 %


7.26 %


7.35 %







































(1) Tax effected at 21% for all periods presented.














(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.































 

WESBANCO, INC.












Additional Non-GAAP Financial Measures












Page 13


The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco's operating performance and trends, and facilitate comparisons with the performance of WesBanco's peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco's financial statements.























Three Months Ended


Year to Date 






June 30,


Mar. 31,


Dec. 31,


Sept. 30,


June 30,


June 30,


(unaudited, dollars in thousands, except shares and per share amounts)

2024


2024


2023


2023


2023


2024

2023


Pre-tax, pre-provision income:















Income before provision for income taxes

$          35,015


$          43,390


$          43,526


$          44,295


$          53,943


$          78,404

$        106,226



Add: provision for credit losses

10,541


4,014


4,803


6,327


3,028


14,555

6,605


Pre-tax, pre-provision income


$          45,556


$          47,404


$          48,329


$          50,622


$          56,971


$          92,959

$        112,831



















Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:















Income before provision for income taxes

$          35,015


$          43,390


$          43,526


$          44,295


$          53,943


$          78,404

$        106,226



Add: provision for credit losses

10,541


4,014


4,803


6,327


3,028


14,555

6,605



Add: restructuring and merger-related expenses

3,777


-


-


641


35


3,777

3,188


Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

$          49,333


$          47,404


$          48,329


$          51,263


$          57,006


$          96,736

$        116,019



















Return on average assets, excluding certain items (1):















Income before provision for income taxes

$          35,015


$          43,390


$          43,526


$          44,295


$          53,943


$          78,404

$        106,226



Add: provision for credit losses

10,541


4,014


4,803


6,327


3,028


14,555

6,605



Add: restructuring and merger-related expenses

3,777


-


-


641


35


3,777

3,188


Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

49,333


47,404


48,329


51,263


57,006


96,736

116,019




















Average total assets


$   17,890,314


$   17,704,265


$   17,426,111


$   17,341,959


$   17,294,346


$   17,797,289

$   17,133,344



















Return on average assets, excluding certain items (annualized)  (1) (2)

1.11 %


1.08 %


1.10 %


1.17 %


1.32 %


1.09 %

1.37 %



















Return on average equity, excluding certain items (1):















Income before provision for income taxes

$          35,015


$          43,390


$          43,526


$          44,295


$          53,943


$          78,404

$        106,226



Add: provision for credit losses

10,541


4,014


4,803


6,327


3,028


14,555

6,605



Add: restructuring and merger-related expenses

3,777


-


-


641


35


3,777

3,188


Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

49,333


47,404


48,329


51,263


57,006


96,736

116,019




















Average total shareholders' equity

$     2,542,948


$     2,545,841


$     2,468,525


$     2,478,662


$     2,493,096


$     2,544,394

$     2,475,678



















Return on average equity, excluding certain items (annualized) (1) (2)

7.80 %


7.49 %


7.77 %


8.21 %


9.17 %


7.65 %

9.45 %



















Return on average tangible equity, excluding certain items (1):















Income before provision for income taxes

$          35,015


$          43,390


$          43,526


$          44,295


$          53,943


$          78,404

$        106,226



Add: provision for credit losses

10,541


4,014


4,803


6,327


3,028


14,555

6,605



Add: amortization of intangibles

2,072


2,092


2,243


2,262


2,282


4,164

4,583



Add: restructuring and merger-related expenses

3,777


-


-


641


35


3,777

3,188


Income before provision, restructuring and merger-related expenses and amortization of intangibles

51,405


49,496


50,572


53,525


59,288


100,900

120,602




















Average total shareholders' equity

2,542,948


2,545,841


2,468,525


2,478,662


2,493,096


2,544,394

2,475,678



Less: average goodwill and other intangibles, net of def. tax liability

(1,122,264)


(1,123,938)


(1,125,593)


(1,127,404)


(1,129,155)


(1,123,101)

(1,130,086)



Average tangible equity


$     1,420,684


$     1,421,903


$     1,342,932


$     1,351,258


$     1,363,941


$     1,421,293

$     1,345,592



















Return on average tangible equity, excluding certain items (annualized) (1) (2)

14.55 %


14.00 %


14.94 %


15.72 %


17.44 %


14.28 %

18.07 %




















Average tangible common equity

$     1,276,200


$     1,277,419


$     1,198,448


$     1,206,774


$     1,219,457


$     1,276,809

$     1,201,108


Return on average tangible common equity, excluding certain items (annualized) (1) (2)

16.20 %


15.58 %


16.74 %


17.60 %


19.50 %


15.89 %

20.25 %




































(1) Certain items excluded from the calculations consist of credit provisions, tax provisions and restructuring and merger-related expenses.









(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.































 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/wesbanco-announces-second-quarter-2024-financial-results-302207247.html

SOURCE WesBanco, Inc.

FAQ

What was WesBanco's (WSBC) net income for Q2 2024?

WesBanco's net income for Q2 2024 was $26.4 million, down from $42.3 million in Q2 2023.

How much did WesBanco's (WSBC) total loans grow year-over-year in Q2 2024?

WesBanco's total loans grew 10.1% year-over-year in Q2 2024.

What was WesBanco's (WSBC) deposit growth in Q2 2024 compared to the previous year?

WesBanco's deposits increased 4.4% year-over-year to $13.4 billion in Q2 2024.

How did WesBanco's (WSBC) net interest margin change in Q2 2024?

WesBanco's net interest margin increased 3 basis points sequentially to 2.95% in Q2 2024.

What was WesBanco's (WSBC) diluted earnings per share (EPS) for Q2 2024?

WesBanco's diluted earnings per share (EPS) for Q2 2024 was $0.44, down from $0.71 in Q2 2023.

Stock WSBC logo
WesBanco Inc

NASDAQ:WSBC

WSBC Rankings

#1855 Ranked by Market Cap
#740 Ranked by Dividends

WSBC Latest News

Nov 14, 2024
WesBanco Bank Names Chuck Chiatto as Western Pennsylvania Market President
Oct 23, 2024
WesBanco Announces Third Quarter 2024 Financial Results
Oct 22, 2024
Premier Financial Corp. Announces Third Quarter 2024 Results
Oct 2, 2024
WesBanco, Inc. to Host 2024 Third Quarter Earnings Conference Call and Webcast on Thursday, October 24th
Sep 26, 2024
WesBanco Declares Quarterly Cash Dividend upon Its Perpetual Preferred Stock

WSBC Stock Data

2.38B
66.87M
2.89%
62.16%
2.4%
Banks - Regional
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United States of America
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