PR Newswire
Solid loan growth fully funded by deposit growth; net interest margin of 3.61% improved 58 basis points year-over-year
WHEELING, W.Va., Jan. 27, 2026 /PRNewswire/ — WesBanco, Inc. (“WesBanco” or “Company”) (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended December 31, 2025. Net income available to common shareholders for the fourth quarter of 2025 was $78.2 million, with diluted earnings per share of $0.81, compared to $47.1 million and $0.70 per diluted share, respectively, for the fourth quarter of 2024. The fourth quarter of 2025 included dividends and redemption premium totaling $8.0 million, or $0.08 per share, related to the Series A preferred stock, which was redeemed on November 15, 2025. For the twelve months ended December 31, 2025, net income was $202.6 million, or $2.23 per diluted share, which reflected the impact of a day one provision for credit losses and other expenses related to the closing of the Premier Financial Corp. (“PFC”) acquisition on February 28, 2025, compared to $141.4 million, or $2.26 per diluted share, for the 2024 period.
As noted below, WesBanco reported $0.84 of earnings per diluted share, in the fourth quarter, as compared to $0.71 in the prior year period, when excluding after-tax restructuring and merger-related expenses (non-GAAP measures). On a similar basis and excluding the after-tax day one provision for credit losses on acquired loans, WesBanco reported $3.40 per diluted share, for the twelve month period, which was a 45.3% increase compared to $2.34 per diluted share last year (non-GAAP measures).
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Net income available to common shareholders (GAAP) |
$ 78,162 |
$ 0.81 |
$ 47,098 |
$ 0.70 |
$ 202,564 |
$ 2.23 |
$ 141,385 |
$ 2.26 |
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Add: After-tax restructuring and merger-related expenses |
2,752 |
0.03 |
510 |
0.01 |
59,987 |
0.66 |
5,056 |
0.08 |
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Add: After-tax day one provision for credit losses on acquired loans |
– |
– |
– |
– |
46,926 |
0.51 |
– |
– |
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Adjusted net income available to common shareholders (Non-GAAP) (1) |
$ 80,914 |
$ 0.84 |
$ 47,608 |
$ 0.71 |
$ 309,477 |
$ 3.40 |
$ 146,441 |
$ 2.34 |
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Financial and operational highlights during the quarter ended December 31, 2025:
- Deposit growth fully funded loan growth both year-over-year and quarter-over-quarter
- Total deposits increased 7.2% annualized from the third quarter driven by demand and money market deposits
- Total deposits increased 53.3% year-over-year to $21.7 billion, reflecting $6.9 billion of deposits from PFC and organic growth of 4.7%
- Total loans increased 6.2% annualized from the third quarter despite commercial real estate (“CRE”) payoffs of approximately $415 million in the quarter
- Total loans increased 51.9% year-over-year to $19.2 billion, reflecting organic growth of 5.2% and $5.9 billion of loans from PFC
- CRE payoffs totaled approximately $905 million for the year
- Net interest margin of 3.61% increased 58 basis points year-over-year and 8 basis points quarter-over-quarter reflecting higher earning asset yields and lower funding costs
- Reflecting the PFC acquisition, market appreciation, and organic growth, WesBanco Trust and Investment Services (“WTIS”) assets under management increased to a record $7.9 billion
- Efficiency ratio of 51.6% improved more than 8 percentage points year-over-year due to expense synergies generated from the PFC acquisition, as well as a continued focus on expense management and driving positive operating leverage
- Successful execution of WesBanco’s financial center optimization strategy with the closure of 27 locations on January 23rd
“2025 was another year of disciplined growth and strong execution for WesBanco as we continued our transformation into a regional financial services partner through our successful acquisition and integration of Premier Financial and its customers,” said Jeff Jackson, President and Chief Executive Officer. “We delivered strong total and organic loan growth fully funded by deposits, strengthened our balance sheet, and improved our net interest margin. We achieved record levels of fee income and wealth management assets, while our focus on cost control drove our efficiency ratio into the low 50 percent range. Together, these underscore the strength of our organic growth-oriented business model and position us well to continue delivering value for our customers and stakeholders.”
Balance Sheet
WesBanco’s balance sheet, as of December 31, 2025, reflects both the PFC acquisition and organic growth. Total assets increased 48.2% year-over-year to $27.7 billion, including total portfolio loans of $19.2 billion and total securities of $4.5 billion. Total portfolio loans increased 51.9% year-over-year due to acquired PFC loans of $5.9 billion and organic growth of $657 million, driven by the commercial teams. CRE payoffs have continued to increase and totaled approximately $415 million during the fourth quarter of 2025 and $905 million for the year, more than 2.5 times the prior year-to-date period.
Deposits of $21.7 billion increased 53.3% year-over-year due to acquired PFC deposits of $6.9 billion and organic growth of $662 million, which fully funded year-over-year organic loan growth. On a sequential quarter basis, total deposits increased $385 million, also fully funding quarter-over-quarter loan growth, due to the efforts of our consumer and business teams more than offsetting the intentional runoff of $55 million of higher cost certificates of deposit. Reflecting the addition of PFC deposits, which included $1.3 billion of certificates of deposit, total demand deposits represented 49% of total deposits, with the non-interest bearing component representing 25%.
Credit Quality
As of December 31, 2025, 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 five years. As expected, criticized and classified loans as a percent of total portfolio loans decreased 7 basis points from the sequential quarter to 3.15%. Net charge-offs for the fourth quarter were 0.06% of total loans.
The allowance for credit losses to total portfolio loans at December 31, 2025 was 1.14% of total loans, or $218.7 million. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 1.57% of total portfolio loans.
Net Interest Margin and Income
The fourth quarter margin of 3.61% improved 58 basis points year-over-year through a combination of higher loan and securities yields and lower funding costs, and improved 8 basis points sequentially. Deposit funding costs of 245 basis points for the fourth quarter of 2025 decreased 26 basis points from the prior year period. When including non-interest bearing deposits, deposit funding costs for the fourth quarter were 184 basis points.
Net interest income for the fourth quarter of 2025 was $222.3 million, an increase of $95.8 million, or 75.7% year-over-year, reflecting the impact of the benefits from the PFC acquisition, loan growth, higher loan and securities yields, and lower deposit and FHLB borrowing costs. For the twelve months ended December 31, 2025, net interest income of $814.3 million increased $336.1 million, or 70.3%, primarily due to the reasons discussed for the three-month period comparison.
Non-Interest Income
For the fourth quarter of 2025, non-interest income of $43.3 million increased $6.9 million, or 18.9%, from the fourth quarter of 2024 due primarily to the acquisition of PFC. Service charges on deposits increased $3.0 million year-over-year, reflecting the addition of PFC, fee income from new products and services and treasury management, and increased general consumer spending. Digital banking fees increased $1.3 million from higher volumes primarily associated with our larger customer base. Reflecting record asset levels, trust fees and net securities brokerage revenue increased $2.0 million and $0.4 million, respectively, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Bank-owned life insurance increased $1.9 million year-over-year due to the addition of PFC. Other income decreased $2.0 million due to a $2.3 million gain in the prior year from the transfer of certain liabilities for future pension payments to a third-party insurance company. Gross swap fees were $3.4 million in the fourth quarter, compared to $1.3 million in the prior year period, while fair value adjustments were $0.5 million as compared to $1.9 million, respectively.
Primarily reflecting the items discussed above, as well as mortgage banking income, non-interest income, for the twelve months ended December 31, 2025, increased $38.8 million, or 30.3%, year-over-year to $166.8 million. Mortgage Banking income increased due to an approximate 43% year-over-year increase in residential mortgage originations primarily related to our larger customer base.
Non-Interest Expense
Non-interest expense, excluding restructuring and merger-related costs, for the three months ended December 31, 2025 was $144.4 million, a $43.9 million, or 43.7%, increase year-over-year primarily due to the addition of the PFC expense base associated with approximately 900 employees and 70 financial centers, but were down slightly as compared to the third quarter, reflecting expense management. Salaries and wages of $61.7 million and employee benefits expense of $17.1 million increased due to higher staffing levels and higher health insurance costs. Amortization of intangible assets of $7.2 million increased $5.2 million year-over-year due to the core deposit intangible asset that was created from the acquisition of PFC. Restructuring and merger-related expenses of $3.5 million are primarily related to costs associated with the financial center optimization.
Excluding restructuring and merger-related expenses, non-interest expense during the first twelve months of 2025 of $548.6 million increased $153.2 million, or 38.7%, compared to the prior year period, due primarily to the expenses described above. Equipment and software expense of $62.6 million reflects the addition of PFC and the additional cost of operating two core systems until the conversion to one platform in mid-May. FDIC insurance expense of $20.9 million increased due to our larger asset size.
Capital
WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable “well-capitalized” standards promulgated by bank regulators and the BASEL III capital standards. At December 31, 2025, Tier I leverage was 9.42%, Tier I risk-based capital ratio was 11.38%, common equity Tier 1 capital ratio (“CET 1”) was 10.34%, and total risk-based capital was 13.88%. In addition, the tangible common equity to tangible assets ratio was 8.13%.
Fourth quarter 2025 preferred stock dividends totaled $12.9 million, reflecting the $2.5 million dividend and $5.5 million redemption premium on the Series A preferred stock, which was redeemed on November 15th, and a $4.9 million dividend on the new Series B preferred stock.
Conference Call and Webcast
WesBanco will host a conference call to discuss the Company’s financial results for the fourth quarter of 2025 at 9:00 a.m. ET on Wednesday, January 28, 2026. 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, 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 855-669-9658, or 1-412-317-0088 for international callers, and providing the access code of 6442178. The replay will begin at approximately 11:00 a.m. ET on January 28, 2026, and end at 12 a.m. ET on February 11, 2026. 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, 2024 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”) including WesBanco’s Form 10-Q for the quarters ended March 31, June 30 and September 30, 2025, 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 expected cost savings and any revenue synergies from the merger of WesBanco and Premier may not be fully realized within the expected timeframes; disruption from the merger of WesBanco and Premier may make it more difficult to maintain relationships with clients, associates, or suppliers; 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.
While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those expressed in or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
Statements in this presentation with respect to the benefits of the merger between WesBanco and Premier, the parties’ plans, obligations, expectations, and intentions, and the statements with respect to accretion, earn back of tangible book value, tangible book value dilution and internal rate of return, constitute forward-looking statements as defined by federal securities laws. Such statements are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected time frames; disruption from the merger may make it more difficult to maintain relationships with clients, associates, or suppliers; changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; extended disruption of vital infrastructure; and other factors described in WesBanco’s 2024 Annual Report on Form 10-K and documents subsequently filed by WesBanco with the Securities and Exchange Commission.
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 and excluding after-tax day one provision for credit losses on acquired loans; 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 nine-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 $27.7 billion in total assets, with our Trust and Investment Services holding $7.9 billion of assets under management and securities account values (including annuities) of $2.5 billion through our broker/dealer, as of December 31, 2025. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram.
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Loans, including fees |
|
$ 183,251 |
60.0 |
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$ 709,802 |
54.6 |
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Interest and dividends on securities: |
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Taxable |
|
18,575 |
69.8 |
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70,559 |
64.9 |
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Tax-exempt |
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4,449 |
9.4 |
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18,089 |
3.4 |
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Total interest and dividends on securities |
|
23,024 |
58.1 |
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88,648 |
52.3 |
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Other interest income |
|
7,310 |
34.4 |
|
27,191 |
46.0 |
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Total interest and dividend income |
|
213,585 |
58.9 |
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825,641 |
54.1 |
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Interest bearing demand deposits |
|
27,044 |
10.3 |
|
107,700 |
12.3 |
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Money market deposits |
|
18,734 |
93.1 |
|
72,899 |
80.9 |
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Savings deposits |
|
7,271 |
31.6 |
|
31,066 |
13.2 |
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Certificates of deposit |
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16,723 |
44.9 |
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53,236 |
64.9 |
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Total interest expense on deposits |
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69,772 |
43.0 |
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264,901 |
41.8 |
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Federal Home Loan Bank borrowings |
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12,114 |
(6.1) |
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62,489 |
(6.5) |
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Other short-term borrowings |
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1,291 |
(43.5) |
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3,953 |
(13.2) |
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Subordinated debt and junior subordinated debt |
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3,902 |
34.4 |
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16,090 |
24.4 |
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Total interest expense |
|
87,079 |
34.5 |
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347,433 |
31.7 |
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126,506 |
75.7 |
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478,208 |
70.3 |
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Provision for credit losses |
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(147) |
NM |
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19,206 |
302.2 |
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Net interest income after provision for credit losses |
|
126,653 |
73.1 |
|
459,002 |
60.6 |
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Trust fees |
|
7,775 |
25.3 |
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30,676 |
20.9 |
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Service charges on deposits |
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8,138 |
37.1 |
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29,979 |
38.1 |
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Digital banking income |
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5,125 |
25.3 |
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19,953 |
32.7 |
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Net swap fee and valuation income |
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3,230 |
22.6 |
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5,941 |
49.7 |
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Net securities brokerage revenue |
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2,430 |
16.7 |
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10,238 |
15.7 |
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Bank-owned life insurance |
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2,512 |
77.5 |
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9,544 |
58.2 |
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Mortgage banking income |
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1,229 |
(35.6) |
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4,270 |
45.1 |
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Net securities gains |
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61 |
NM |
|
1,408 |
140.0 |
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Net (losses)/gains on other real estate owned and other assets |
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193 |
(526.9) |
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142 |
(398.6) |
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Other income |
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5,695 |
(36.0) |
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15,832 |
6.2 |
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Total non-interest income |
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36,388 |
18.9 |
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127,983 |
30.3 |
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Salaries and wages |
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45,638 |
35.1 |
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177,516 |
30.1 |
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Employee benefits |
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11,856 |
44.6 |
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46,141 |
45.2 |
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Net occupancy |
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5,999 |
42.1 |
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25,157 |
32.1 |
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Equipment and software |
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10,681 |
50.8 |
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41,303 |
51.6 |
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Marketing |
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2,531 |
4.1 |
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9,764 |
1.0 |
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FDIC insurance |
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3,640 |
48.7 |
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14,215 |
47.0 |
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Amortization of intangible assets |
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2,034 |
254.8 |
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8,251 |
252.3 |
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Restructuring and merger-related expense |
|
646 |
439.2 |
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6,400 |
NM |
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Other operating expenses |
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18,079 |
42.1 |
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73,124 |
29.9 |
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Total non-interest expense |
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101,104 |
46.3 |
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401,871 |
55.4 |
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Income before provision for income taxes |
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61,937 |
85.1 |
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185,114 |
50.8 |
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Provision for income taxes |
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12,308 |
91.0 |
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33,604 |
67.0 |
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Net Income |
|
49,629 |
83.6 |
|
151,510 |
47.3 |
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Preferred stock dividends |
|
2,531 |
411.6 |
|
10,125 |
102.9 |
||||||||
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$ 47,098 |
66.0 |
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$ 141,385 |
43.3 |
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75.1 |
|
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69.6 |
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Net income per common share – basic |
|
$ 0.70 |
15.7 |
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$ 2.26 |
(1.3) |
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Net income per common share – diluted |
|
0.70 |
15.7 |
|
2.26 |
(1.3) |
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Adjusted net income per common share – diluted, excluding certain items (1)(2) |
|
0.71 |
18.3 |
|
2.34 |
45.3 |
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Dividends declared |
|
0.37 |
2.7 |
|
1.45 |
2.8 |
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Book value (period end) |
|
39.54 |
0.3 |
|
39.54 |
0.3 |
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Tangible book value (period end) (1) |
|
22.83 |
(3.6) |
|
22.83 |
(3.6) |
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Average common shares outstanding – basic |
|
66,895,834 |
43.6 |
|
62,589,406 |
45.2 |
||||||||
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Average common shares outstanding – diluted |
|
66,992,009 |
43.6 |
|
62,653,557 |
45.3 |
||||||||
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Period end common shares outstanding |
|
66,919,805 |
43.6 |
|
66,919,805 |
43.6 |
||||||||
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Period end preferred shares outstanding |
|
150,000 |
53.3 |
|
150,000 |
53.3 |
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Return on average assets |
|
|
0.78 |
% |
– |
% |
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Return on average assets, excluding certain items (1) |
|
0.81 |
46.91 |
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Return on average equity |
|
5.33 |
1.50 |
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Return on average equity, excluding certain items (1) |
|
5.52 |
49.82 |
||||||||||||||
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Return on average tangible equity (1) |
|
9.66 |
8.18 |
||||||||||||||
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Return on average tangible equity, excluding certain items (1) |
|
9.99 |
54.15 |
||||||||||||||
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Return on average tangible common equity (1) |
|
10.66 |
7.50 |
||||||||||||||
|
Return on average tangible common equity, excluding certain items (1) |
|
11.03 |
53.13 |
||||||||||||||
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Yield on earning assets (2) |
|
5.10 |
7.84 |
||||||||||||||
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Cost of interest bearing liabilities |
|
3.07 |
(11.40) |
||||||||||||||
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Net interest spread (2) |
|
2.03 |
36.95 |
||||||||||||||
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Net interest margin (2) |
|
2.96 |
19.26 |
||||||||||||||
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Efficiency (1) (2) |
|
63.52 |
(16.77) |
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Average loans to average deposits |
|
89.48 |
(0.27) |
||||||||||||||
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Annualized net loan charge-offs/average loans |
|
0.11 |
(9.09) |
||||||||||||||
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Effective income tax rate |
|
18.15 |
10.74 |
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|
|
|
|
|
|||||||||||||
|
Return on average assets |
|
|
1.17 |
% |
0.81 |
% |
(0.22) |
% |
1.01 |
% |
|||||||
|
Return on average assets, excluding certain items (1) |
|
1.30 |
1.28 |
0.96 |
1.02 |
||||||||||||
|
Return on average equity |
|
8.25 |
5.76 |
(1.45) |
6.68 |
||||||||||||
|
Return on average equity, excluding certain items (1) |
|
9.16 |
9.17 |
6.45 |
6.75 |
||||||||||||
|
Return on average tangible equity (1) |
|
15.86 |
11.27 |
(1.74) |
11.49 |
||||||||||||
|
Return on average tangible equity, excluding certain items (1) |
|
17.48 |
17.16 |
11.61 |
11.61 |
||||||||||||
|
Return on average tangible common equity (1) |
|
17.26 |
12.06 |
(1.89) |
12.56 |
||||||||||||
|
Return on average tangible common equity, excluding certain items (1) |
|
19.03 |
18.36 |
12.56 |
12.69 |
||||||||||||
|
Yield on earning assets (2) |
|
5.58 |
5.56 |
5.33 |
5.10 |
||||||||||||
|
Cost of interest bearing liabilities |
|
2.79 |
2.69 |
2.78 |
2.96 |
||||||||||||
|
Net interest spread (2) |
|
2.79 |
2.87 |
2.55 |
2.14 |
||||||||||||
|
Net interest margin (2) |
|
3.53 |
3.59 |
3.35 |
3.03 |
||||||||||||
|
Efficiency (1) (2) |
|
52.13 |
52.30 |
56.36 |
60.01 |
||||||||||||
|
Average loans to average deposits |
|
89.41 |
89.47 |
89.32 |
89.24 |
||||||||||||
|
Annualized net loan charge-offs and recoveries /average loans |
|
0.19 |
0.09 |
0.08 |
0.13 |
||||||||||||
|
Effective income tax rate |
|
19.10 |
19.10 |
(6.96) |
19.87 |
||||||||||||
|
Trust and Investment Services assets under management (3) |
|
$ 7,688 |
$ 7,205 |
$ 6,951 |
$ 5,968 |
||||||||||||
|
Broker-dealer securities account values (including annuities) (3) |
|
$ 2,588 |
$ 2,554 |
$ 2,359 |
$ 1,852 |
||||||||||||
|
|
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|||||||||||
|
|
|
||||||||||
|
|
|
||||||||||
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||||
|
Cash and due from banks |
|
$ 142,271 |
44.0 |
$ 231,814 |
(11.6) |
||||||
|
Due from banks – interest bearing |
|
425,866 |
76.4 |
776,423 |
(3.2) |
||||||
|
Securities: |
|||||||||||
|
Equity securities, at fair value |
|
13,427 |
129.5 |
30,374 |
1.4 |
||||||
|
Available-for-sale debt securities, at fair value |
|
2,246,072 |
46.4 |
3,268,016 |
0.6 |
||||||
|
Held-to-maturity debt securities (fair values of $1,035,957, $1,006,817 |
|||||||||||
|
and $1,042,503, respectively) |
|
1,152,906 |
(1.8) |
1,150,520 |
(1.6) |
||||||
|
Allowance for credit losses, held-to-maturity debt securities |
|
(146) |
(15.1) |
(181) |
7.2 |
||||||
|
Net held-to-maturity debt securities |
|
1,152,760 |
(1.8) |
1,150,339 |
(1.6) |
||||||
|
Total securities |
|
3,412,259 |
30.4 |
4,448,729 |
0.1 |
||||||
|
Loans held for sale |
|
18,695 |
367.8 |
125,971 |
(30.6) |
||||||
|
Portfolio loans: |
|||||||||||
|
Commercial real estate |
|
7,326,681 |
49.3 |
10,755,370 |
1.7 |
||||||
|
Commercial and industrial |
|
1,787,277 |
60.2 |
2,771,906 |
3.3 |
||||||
|
Residential real estate |
|
2,520,086 |
56.3 |
3,928,469 |
0.3 |
||||||
|
Home equity |
|
821,110 |
37.5 |
1,091,636 |
3.5 |
||||||
|
Consumer |
|
201,275 |
76.7 |
384,693 |
(7.5) |
||||||
|
Total portfolio loans, net of unearned income |
|
12,656,429 |
51.9 |
18,932,074 |
1.6 |
||||||
|
Allowance for credit losses – loans |
|
(138,766) |
(57.6) |
(217,666) |
(0.5) |
||||||
|
Net portfolio loans |
|
12,517,663 |
51.8 |
18,714,408 |
1.6 |
||||||
|
Premises and equipment, net |
|
219,076 |
20.2 |
267,521 |
(1.6) |
||||||
|
Accrued interest receivable |
|
78,324 |
36.2 |
108,865 |
(2.0) |
||||||
|
Goodwill and other intangible assets, net |
|
1,124,016 |
53.3 |
1,736,073 |
(0.7) |
||||||
|
Bank-owned life insurance |
|
360,738 |
54.5 |
555,104 |
0.4 |
||||||
|
Other assets |
|
385,390 |
41.0 |
553,134 |
(1.8) |
||||||
|
|
|
$ 18,684,298 |
48.2 |
$ 27,518,042 |
0.6 |
||||||
|
|
|||||||||||
|
Deposits: |
|||||||||||
|
Non-interest bearing demand |
|
$ 3,842,758 |
39.9 |
$ 5,285,740 |
1.7 |
||||||
|
Interest bearing demand |
|
3,771,314 |
37.5 |
5,025,216 |
3.2 |
||||||
|
Money market |
|
2,429,977 |
108.7 |
4,901,863 |
3.5 |
||||||
|
Savings deposits |
|
2,362,736 |
33.6 |
3,141,075 |
0.5 |
||||||
|
Certificates of deposit |
|
1,726,932 |
66.5 |
2,930,368 |
(1.9) |
||||||
|
Total deposits |
|
14,133,717 |
53.3 |
21,284,262 |
1.8 |
||||||
|
Federal Home Loan Bank borrowings |
|
1,000,000 |
20.0 |
1,275,000 |
(5.9) |
||||||
|
Other short-term borrowings |
|
192,073 |
(42.4) |
113,501 |
(2.5) |
||||||
|
Subordinated debt and junior subordinated debt |
|
279,308 |
10.5 |
358,373 |
(13.9) |
||||||
|
Total borrowings |
|
1,471,381 |
10.0 |
1,746,874 |
(7.3) |
||||||
|
Accrued interest payable |
|
14,228 |
34.6 |
25,472 |
(24.8) |
||||||
|
Other liabilities |
|
274,691 |
30.0 |
344,907 |
3.6 |
||||||
|
|
|
15,894,017 |
48.9 |
23,401,515 |
1.1 |
||||||
|
|
|||||||||||
|
Preferred stock, no par value; 1,000,000 shares authorized; 0, 150,000 and 150,000 |
|||||||||||
|
shares of 6.75% non-cumulative perpetual preferred stock, Series A, liquidation |
|||||||||||
|
preference $150.0 million, issued and outstanding, respectively |
|
144,484 |
(100.0) |
144,484 |
(100.0) |
||||||
|
Preferred stock, no par value, 1,000,000 shares authorized; 230,000, 0 and 230,000 |
|||||||||||
|
shares of 7.375% non-cumulative perpetual preferred stock, Series B, liquidation |
|||||||||||
|
preference $230.0 million, issued and outstanding, respectively |
|
– |
100.0 |
224,383 |
(0.1) |
||||||
|
Common stock, $2.0833 par value; 200,000,000, 200,000,000 and 200,000,000 |
|||||||||||
|
shares authorized; 96,067,559, 75,354,034 and 96,044,222 shares issued; |
|||||||||||
|
96,067,559, 66,919,805 and 96,044,222 shares outstanding, respectively |
|
156,985 |
27.5 |
200,088 |
0.0 |
||||||
|
Capital surplus |
|
1,809,679 |
37.6 |
2,487,564 |
0.1 |
||||||
|
Retained earnings |
|
1,192,091 |
5.1 |
1,210,823 |
3.5 |
||||||
|
Treasury stock (0, 8,434,229 and 0 shares – at cost, respectively) |
|
(292,244) |
(100.0) |
– |
– |
||||||
|
Accumulated other comprehensive loss |
|
(218,632) |
39.0 |
(148,669) |
10.3 |
||||||
|
Deferred benefits for directors |
|
(2,082) |
(10.3) |
(2,146) |
(7.0) |
||||||
|
|
|
2,790,281 |
44.5 |
4,116,527 |
(2.1) |
||||||
|
|
|
$ 18,684,298 |
48.2 |
$ 27,518,042 |
0.6 |
||||||
|
|
||||||||||||||||||
|
|
|
|||||||||||||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
|
||||||||||||||||
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Due from banks – interest bearing |
|
|
|
$ 474,933 |
5.05 |
% |
|
|
|
$ 409,900 |
5.48 |
% |
||||||
|
Loans, net of unearned income (1) |
|
|
12,565,244 |
5.80 |
|
|
12,185,386 |
5.83 |
||||||||||
|
Securities: (2) |
||||||||||||||||||
|
Taxable |
|
|
2,924,539 |
2.53 |
|
|
2,894,993 |
2.44 |
||||||||||
|
Tax-exempt (3) |
|
|
734,929 |
3.05 |
|
|
748,304 |
3.06 |
||||||||||
|
Total securities |
|
|
3,659,468 |
2.63 |
|
|
3,643,297 |
2.57 |
||||||||||
|
Other earning assets |
|
|
51,208 |
9.99 |
|
|
57,845 |
8.20 |
||||||||||
|
|
|
|
|
16,750,853 |
5.10 |
% |
|
|
|
16,296,428 |
5.10 |
% |
||||||
|
Other assets |
|
1,842,412 |
|
1,826,197 |
||||||||||||||
|
|
|
$ 18,593,265 |
|
$ 18,122,625 |
||||||||||||||
|
|
||||||||||||||||||
|
Interest bearing demand deposits |
|
|
|
$ 3,763,465 |
2.86 |
% |
|
|
|
$ 3,604,463 |
2.99 |
% |
||||||
|
Money market accounts |
|
|
2,427,005 |
3.07 |
|
|
2,259,882 |
3.23 |
||||||||||
|
Savings deposits |
|
|
2,365,805 |
1.22 |
|
|
2,422,859 |
1.28 |
||||||||||
|
Certificates of deposit |
|
|
1,704,878 |
3.90 |
|
|
1,467,738 |
3.63 |
||||||||||
|
Total interest bearing deposits |
|
|
10,261,153 |
2.71 |
|
|
9,754,942 |
2.72 |
||||||||||
|
Federal Home Loan Bank borrowings |
|
|
972,283 |
4.96 |
|
|
1,164,344 |
5.37 |
||||||||||
|
Repurchase agreements |
|
|
179,052 |
2.87 |
|
|
125,534 |
3.15 |
||||||||||
|
Subordinated debt and junior subordinated debt |
|
|
279,277 |
5.56 |
|
|
279,189 |
5.76 |
||||||||||
|
|
|
|
|
11,691,765 |
2.96 |
% |
|
|
|
11,324,009 |
3.07 |
% |
||||||
|
Non-interest bearing demand deposits |
|
3,819,593 |
|
3,863,366 |
||||||||||||||
|
Other liabilities |
|
275,828 |
|
282,076 |
||||||||||||||
|
Shareholders’ equity |
|
2,806,079 |
|
2,653,174 |
||||||||||||||
|
|
|
$ 18,593,265 |
|
$ 18,122,625 |
||||||||||||||
|
|
|
|
2.14 |
% |
|
|
2.03 |
% |
||||||||||
|
|
|
|
3.03 |
% |
|
|
2.96 |
% |
||||||||||
|
(1) Gross of allowance for credit losses, net of unearned income and includes non-accrual loans and loans held for sale. Loan fees included in interest income on loans were $1.5 million and $1.1 million for the three months ended December 31, 2025 and 2024, respectively, and were $7.0 million and $2.9 million for the twelve months ended December 31, 2025 and 2024, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $16.0 million and $0.8 million for the three months ended December 31, 2025 and 2024, respectively, and $55.3 million and $3.1 million for the twelve months ended December 31, 2025 and 2024, 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 $0.8 million for the three months ended December 31, 2025, and $10.3 million and $0.2 million for the twelve months ended December 31, 2025 and 2024, respectively. There was no accretion on interest bearing liabilities recorded for the three months ended December 31, 2024. |
||||||||||||||||||
|
|
||||||||||||
|
|
|
|||||||||||
|
|
||||||||||||
|
|
||||||||||||
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
Loans, including fees |
|
$ 295,482 |
$ 290,104 |
$ 218,409 |
$ 183,251 |
|||||||
|
Interest and dividends on securities: |
||||||||||||
|
Taxable |
|
31,483 |
31,066 |
22,247 |
18,575 |
|||||||
|
Tax-exempt |
|
4,692 |
4,616 |
4,529 |
4,449 |
|||||||
|
Total interest and dividends on securities |
|
36,175 |
35,682 |
26,776 |
23,024 |
|||||||
|
Other interest income |
|
11,229 |
10,596 |
8,047 |
7,310 |
|||||||
|
Total interest and dividend income |
|
342,886 |
336,382 |
253,232 |
213,585 |
|||||||
|
|
||||||||||||
|
Interest bearing demand deposits |
|
31,351 |
30,405 |
29,377 |
27,044 |
|||||||
|
Money market deposits |
|
38,249 |
36,287 |
21,134 |
18,734 |
|||||||
|
Savings deposits |
|
9,577 |
8,670 |
7,359 |
7,271 |
|||||||
|
Certificates of deposit |
|
23,554 |
21,442 |
18,558 |
16,723 |
|||||||
|
Total interest expense on deposits |
|
102,731 |
96,804 |
76,428 |
69,772 |
|||||||
|
Federal Home Loan Bank borrowings |
|
17,337 |
16,683 |
13,034 |
12,114 |
|||||||
|
Other short-term borrowings |
|
766 |
816 |
1,122 |
1,291 |
|||||||
|
Subordinated debt and junior subordinated debt |
|
5,336 |
5,310 |
4,129 |
3,902 |
|||||||
|
Total interest expense |
|
126,170 |
119,613 |
94,713 |
87,079 |
|||||||
|
|
|
216,716 |
216,769 |
158,519 |
126,506 |
|||||||
|
Provision for credit losses |
|
2,082 |
3,218 |
68,883 |
(147) |
|||||||
|
Net interest income after provision for credit losses |
|
214,634 |
213,551 |
89,636 |
126,653 |
|||||||
|
|
||||||||||||
|
Trust fees |
|
8,987 |
9,657 |
8,697 |
7,775 |
|||||||
|
Service charges on deposits |
|
11,163 |
10,484 |
8,587 |
8,138 |
|||||||
|
Digital banking income |
|
7,324 |
7,325 |
5,404 |
5,125 |
|||||||
|
Net swap fee and valuation income |
|
3,231 |
746 |
961 |
3,230 |
|||||||
|
Net securities brokerage revenue |
|
2,961 |
3,348 |
2,701 |
2,430 |
|||||||
|
Bank-owned life insurance |
|
3,765 |
3,450 |
3,428 |
2,512 |
|||||||
|
Mortgage banking income |
|
1,898 |
2,364 |
1,140 |
1,229 |
|||||||
|
Net securities gains / (losses) |
|
1,210 |
1,410 |
(318) |
61 |
|||||||
|
Net (losses)/gains on other real estate owned and other assets |
|
329 |
111 |
(40) |
193 |
|||||||
|
Other income |
|
3,996 |
5,062 |
4,105 |
5,695 |
|||||||
|
Total non-interest income |
|
44,864 |
43,957 |
34,665 |
36,388 |
|||||||
|
|
||||||||||||
|
Salaries and wages |
|
60,583 |
60,153 |
48,577 |
45,638 |
|||||||
|
Employee benefits |
|
18,040 |
18,857 |
12,970 |
11,856 |
|||||||
|
Net occupancy |
|
8,819 |
8,119 |
7,778 |
5,999 |
|||||||
|
Equipment and software |
|
16,310 |
17,140 |
13,050 |
10,681 |
|||||||
|
Marketing |
|
2,979 |
1,864 |
2,382 |
2,531 |
|||||||
|
FDIC insurance |
|
5,820 |
5,479 |
4,187 |
3,640 |
|||||||
|
Amortization of intangible assets |
|
8,425 |
9,204 |
4,223 |
2,034 |
|||||||
|
Restructuring and merger-related expense |
|
11,383 |
41,056 |
20,010 |
646 |
|||||||
|
Other operating expenses |
|
23,829 |
24,663 |
20,789 |
18,079 |
|||||||
|
Total non-interest expense |
|
156,188 |
186,535 |
133,966 |
101,104 |
|||||||
|
Income / (loss) before provision for income taxes |
|
103,310 |
70,973 |
(9,665) |
61,937 |
|||||||
|
Provision / (benefit) provision for income taxes |
|
19,737 |
13,558 |
(673) |
12,308 |
|||||||
|
Net Income /(loss) |
|
83,573 |
57,415 |
(8,992) |
49,629 |
|||||||
|
Preferred stock dividends |
|
2,531 |
2,531 |
2,531 |
2,531 |
|||||||
|
|
|
$ 81,042 |
$ 54,884 |
$ (11,523) |
$ 47,098 |
|||||||
|
|
|
|
|
|
|
|||||||
|
|
||||||||||||
|
Net income / (loss) per common share – basic |
|
$ 0.84 |
$ 0.57 |
$ (0.15) |
$ 0.70 |
|||||||
|
Net income / (loss) per common share – diluted |
|
0.84 |
0.57 |
(0.15) |
0.70 |
|||||||
|
Adjusted net income per common share – diluted, excluding certain items (1)(2) |
|
0.94 |
0.91 |
0.66 |
0.71 |
|||||||
|
Dividends declared |
|
0.37 |
0.37 |
0.37 |
0.37 |
|||||||
|
Book value (period end) |
|
39.02 |
38.28 |
38.02 |
39.54 |
|||||||
|
Tangible book value (period end) (1) |
|
21.29 |
20.48 |
20.06 |
22.83 |
|||||||
|
Average common shares outstanding – basic |
|
95,995,174 |
95,744,980 |
76,830,460 |
66,895,834 |
|||||||
|
Average common shares outstanding – diluted |
|
96,116,617 |
95,808,310 |
77,020,592 |
66,992,009 |
|||||||
|
Period end common shares outstanding |
|
96,044,222 |
95,986,023 |
95,672,204 |
66,919,805 |
|||||||
|
Period end preferred shares outstanding |
|
380,000 |
150,000 |
150,000 |
150,000 |
|||||||
|
Full time equivalent employees |
|
3,064 |
3,253 |
3,205 |
2,262 |
|||||||
|
|
||||||||||||
|
|
||||||||||||
|
|
|||||||||||||
|
|
|
||||||||||||
|
|
|||||||||||||
|
|
|||||||||||||
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
||||||||
|
Non-performing assets: |
|||||||||||||
|
Total non-performing loans |
|
$ 94,463 |
$ 84,319 |
$ 81,489 |
$ 39,752 |
||||||||
|
Other real estate and repossessed assets |
|
997 |
958 |
1,854 |
852 |
||||||||
|
Total non-performing assets |
|
$ 95,460 |
$ 85,277 |
$ 83,343 |
$ 40,604 |
||||||||
|
Past due loans (1): |
|||||||||||||
|
Loans past due 30-89 days |
|
$ 80,333 |
$ 65,401 |
$ 69,755 |
$ 45,926 |
||||||||
|
Loans past due 90 days or more |
|
19,430 |
20,890 |
10,734 |
13,553 |
||||||||
|
Total past due loans |
|
$ 99,763 |
$ 86,291 |
$ 80,489 |
$ 59,479 |
||||||||
|
Criticized and classified loans (2): |
|||||||||||||
|
Criticized loans |
|
$ 433,320 |
$ 531,415 |
$ 470,619 |
$ 242,000 |
||||||||
|
Classified loans |
|
175,648 |
151,849 |
149,452 |
112,669 |
||||||||
|
Total criticized and classified loans |
|
$ 608,968 |
$ 683,264 |
$ 620,071 |
$ 354,669 |
||||||||
|
Loans past due 30-89 days / total portfolio loans |
|
|
0.42 |
% |
0.35 |
% |
0.37 |
% |
0.36 |
% |
|||
|
Loans past due 90 days or more / total portfolio loans |
|
0.10 |
0.11 |
0.06 |
0.11 |
||||||||
|
Non-performing loans / total portfolio loans |
|
0.50 |
0.45 |
0.44 |
0.31 |
||||||||
|
Non-performing assets / total portfolio loans, other |
|||||||||||||
|
real estate and repossessed assets |
|
0.50 |
0.45 |
0.45 |
0.32 |
||||||||
|
Non-performing assets / total assets |
|
0.35 |
0.31 |
0.30 |
0.22 |
||||||||
|
Criticized and classified loans / total portfolio loans |
|
3.22 |
3.63 |
3.32 |
2.80 |
||||||||
|
|
|||||||||||||
|
Allowance for credit losses – loans |
|
$ 217,666 |
$ 223,866 |
$ 233,617 |
$ 138,766 |
||||||||
|
Allowance for credit losses – loan commitments |
|
7,628 |
6,168 |
6,459 |
6,120 |
||||||||
|
Provision for credit losses |
|
2,082 |
3,218 |
68,883 |
(147) |
||||||||
|
Net loan and deposit account overdraft charge-offs and recoveries |
|
8,867 |
4,329 |
2,771 |
4,066 |
||||||||
|
Annualized net loan charge-offs and recoveries / average loans |
|
|
0.19 |
% |
0.09 |
% |
0.08 |
% |
0.13 |
% |
|||
|
Allowance for credit losses – loans / total portfolio loans |
|
|
1.15 |
% |
1.19 |
% |
1.25 |
% |
1.10 |
% |
|||
|
Allowance for credit losses – loans / non-performing loans |
|
|
2.30 |
x |
2.65 |
x |
2.87 |
x |
3.49 |
x |
|||
|
Allowance for credit losses – loans / non-performing loans and |
|||||||||||||
|
loans past due |
|
|
1.12 |
x |
1.31 |
x |
1.44 |
x |
1.40 |
x |
|||
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|||||||||
|
|
|||||||||||||
|
Tier I leverage capital |
|
|
9.72 |
% |
8.66 |
% |
11.01 |
% |
10.68 |
% |
|||
|
Tier I risk-based capital |
|
11.83 |
10.59 |
10.69 |
13.06 |
||||||||
|
Total risk-based capital |
|
14.58 |
13.40 |
13.59 |
15.88 |
||||||||
|
Common equity tier 1 capital ratio (CET 1) |
|
10.10 |
9.90 |
9.99 |
12.07 |
||||||||
|
Average shareholders’ equity to average assets |
|
14.22 |
13.99 |
14.86 |
15.09 |
||||||||
|
Tangible equity to tangible assets (3) |
|
9.35 |
8.16 |
8.03 |
9.52 |
||||||||
|
Tangible common equity to tangible assets (3) |
|
7.92 |
7.60 |
7.47 |
8.70 |
||||||||
|
|
|||||||||||||
|
|
|||||||||||||
|
|
|||||||||||||
|
|
|||||||||||||||
|
|
|
||||||||||||||
|
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. |
|||||||||||||||
|
|
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|||||||||||||||
|
Net income / (loss) available to common shareholders |
|
$ 81,042 |
$ 54,884 |
$ (11,523) |
$ 47,098 |
|
$ 141,385 |
||||||||
|
Plus: after-tax restructuring and merger-related expenses (1) |
|
8,993 |
32,434 |
15,808 |
510 |
|
5,056 |
||||||||
|
Plus: after-tax day one provision for credit losses on acquired loans (1) |
|
– |
– |
46,926 |
– |
|
– |
||||||||
|
Net income available to common shareholders, excluding certain items |
|
90,035 |
87,318 |
51,211 |
47,608 |
|
146,441 |
||||||||
|
Average total assets |
|
$ 27,419,726 |
$ 27,304,700 |
$ 21,658,352 |
$ 18,593,265 |
|
$ 18,122,625 |
||||||||
|
Return on average assets, excluding certain items (annualized) (2) |
|
1.30 % |
1.28 % |
0.96 % |
1.02 % |
|
0.81 % |
||||||||
|
|
|||||||||||||||
|
Net income / (loss) available to common shareholders |
|
$ 81,042 |
$ 54,884 |
$ (11,523) |
$ 47,098 |
|
$ 141,385 |
||||||||
|
Plus: after-tax restructuring and merger-related expenses (1) |
|
8,993 |
32,434 |
15,808 |
510 |
|
5,056 |
||||||||
|
Plus: after-tax day one provision for credit losses on acquired loans (1) |
|
– |
– |
46,926 |
– |
|
– |
||||||||
|
Net income available to common shareholders excluding certain items |
|
90,035 |
87,318 |
51,211 |
47,608 |
|
146,441 |
||||||||
|
Average total shareholders’ equity |
|
$ 3,898,142 |
$ 3,819,513 |
$ 3,218,639 |
$ 2,806,079 |
|
$ 2,653,174 |
||||||||
|
Return on average equity, excluding certain items (annualized) (2) |
|
9.16 % |
9.17 % |
6.45 % |
6.75 % |
|
5.52 % |
||||||||
|
|
|||||||||||||||
|
Net income / (loss) available to common shareholders |
|
$ 81,042 |
$ 54,884 |
$ (11,523) |
$ 47,098 |
|
$ 141,385 |
||||||||
|
Plus: amortization of intangibles (1) |
|
6,656 |
7,271 |
3,336 |
1,607 |
|
6,518 |
||||||||
|
Net income / (loss) available to common shareholders before amortization of intangibles |
|
87,698 |
62,155 |
(8,187) |
48,705 |
|
147,903 |
||||||||
|
Average total shareholders’ equity |
|
3,898,142 |
3,819,513 |
3,218,639 |
2,806,079 |
|
2,653,174 |
||||||||
|
Less: average goodwill and other intangibles, net of def. tax liability |
|
(1,704,105) |
(1,608,358) |
(1,312,855) |
(1,119,060) |
|
(1,121,472) |
||||||||
|
Average tangible equity |
|
$ 2,194,037 |
$ 2,211,155 |
$ 1,905,784 |
$ 1,687,019 |
|
$ 1,531,702 |
||||||||
|
Return on average tangible equity (annualized) (2) |
|
15.86 % |
11.27 % |
-1.74 % |
11.49 % |
|
9.66 % |
||||||||
|
Average tangible common equity |
|
$ 2,015,329 |
$ 2,066,671 |
$ 1,761,300 |
$ 1,542,535 |
|
$ 1,387,218 |
||||||||
|
Return on average tangible common equity (annualized) (2) |
|
17.26 % |
12.06 % |
-1.89 % |
12.56 % |
|
10.66 % |
||||||||
|
|
|||||||||||||||
|
Net income / (loss) available to common shareholders |
|
$ 81,042 |
$ 54,884 |
$ (11,523) |
$ 47,098 |
|
$ 141,385 |
||||||||
|
Plus: after-tax restructuring and merger-related expenses (1) |
|
8,993 |
32,434 |
15,808 |
510 |
|
5,056 |
||||||||
|
Plus: amortization of intangibles (1) |
|
6,656 |
7,271 |
3,336 |
1,607 |
|
6,518 |
||||||||
|
Plus: after-tax day one provision for credit losses on acquired loans (1) |
|
– |
– |
46,926 |
– |
|
– |
||||||||
|
Net income available to common shareholders before amortization of intangibles and excluding certain items |
|
96,691 |
94,589 |
54,547 |
49,215 |
|
152,959 |
||||||||
|
Average total shareholders’ equity |
|
3,898,142 |
3,819,513 |
3,218,639 |
2,806,079 |
|
2,653,174 |
||||||||
|
Less: average goodwill and other intangibles, net of def. tax liability |
|
(1,704,105) |
(1,608,358) |
(1,312,855) |
(1,119,060) |
|
(1,121,472) |
||||||||
|
Average tangible equity |
|
$ 2,194,037 |
$ 2,211,155 |
$ 1,905,784 |
$ 1,687,019 |
|
$ 1,531,702 |
||||||||
|
Return on average tangible equity, excluding certain items (annualized) (2) |
|
17.48 % |
17.16 % |
11.61 % |
11.61 % |
|
9.99 % |
||||||||
|
Average tangible common equity |
|
$ 2,015,329 |
$ 2,066,671 |
$ 1,761,300 |
$ 1,542,535 |
|
$ 1,387,218 |
||||||||
|
Return on average tangible common equity, excluding certain items (annualized) (2) |
|
19.03 % |
18.36 % |
12.56 % |
12.69 % |
|
11.03 % |
||||||||
|
|
|||||||||||||||
|
Non-interest expense |
|
$ 156,188 |
$ 186,535 |
$ 133,966 |
$ 101,104 |
|
$ 401,871 |
||||||||
|
Less: amortization of intangibles |
|
(8,425) |
(9,204) |
(4,223) |
(2,034) |
|
(8,251) |
||||||||
|
Less: restructuring and merger-related expense |
|
(11,383) |
(41,056) |
(20,010) |
(646) |
|
(6,400) |
||||||||
|
Non-interest expense excluding restructuring and merger-related expense |
|
136,380 |
136,275 |
109,733 |
98,424 |
|
387,220 |
||||||||
|
Net interest income on a fully taxable equivalent basis |
|
217,963 |
217,996 |
159,723 |
127,689 |
|
483,016 |
||||||||
|
Non-interest income, excluding net securities gains (losses) |
|
43,654 |
42,547 |
34,983 |
36,327 |
|
126,575 |
||||||||
|
Net interest income on a fully taxable equivalent basis plus non-interest income |
|
$ 261,617 |
$ 260,543 |
$ 194,706 |
$ 164,016 |
|
$ 609,591 |
||||||||
|
Efficiency ratio |
|
52.13 % |
52.30 % |
56.36 % |
60.01 % |
|
63.52 % |
||||||||
|
|
|||||||||||||||
|
Net income / (loss) available to common shareholders |
|
$ 81,042 |
$ 54,884 |
$ (11,523) |
$ 47,098 |
|
$ 141,385 |
||||||||
|
Add: after-tax restructuring and merger-related expenses (1) |
|
8,993 |
32,434 |
15,808 |
510 |
|
5,056 |
||||||||
|
Add: after-tax day one provision for credit losses on acquired loans (1) |
|
– |
– |
46,926 |
– |
|
– |
||||||||
|
Adjusted net income available to common shareholders, excluding certain items: |
|
$ 90,035 |
$ 87,318 |
$ 51,211 |
$ 47,608 |
|
$ 146,441 |
||||||||
|
|
|||||||||||||||
|
Net income / (loss) per common share – diluted |
|
$ 0.84 |
$ 0.57 |
$ (0.15) |
$ 0.70 |
|
$ 2.26 |
||||||||
|
Add: after-tax restructuring and merger-related expenses per common share – diluted (1) |
|
0.10 |
0.34 |
0.21 |
0.01 |
|
0.08 |
||||||||
|
Add: after-tax day one provision for credit losses on acquired loans (1) |
|
– |
– |
0.60 |
– |
|
– |
||||||||
|
Adjusted net income per common share – diluted, excluding certain items: |
|
$ 0.94 |
$ 0.91 |
$ 0.66 |
$ 0.71 |
|
$ 2.34 |
||||||||
|
|
|||||||||||||||
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|||||||||||
|
|
|||||||||||||||
|
Total shareholders’ equity |
|
$ 4,116,527 |
$ 3,819,220 |
$ 3,781,579 |
$ 2,790,281 |
||||||||||
|
Less: goodwill and other intangible assets, net of def. tax liability |
|
(1,702,916) |
(1,709,001) |
(1,718,048) |
(1,118,293) |
||||||||||
|
Less: preferred shareholder’s equity |
|
(368,867) |
(144,484) |
(144,484) |
(144,484) |
||||||||||
|
Tangible common equity |
|
2,044,744 |
1,965,735 |
1,919,047 |
1,527,504 |
||||||||||
|
Common shares outstanding |
|
96,044,222 |
95,986,023 |
95,672,204 |
66,919,805 |
||||||||||
|
Tangible book value per share |
|
$ 21.29 |
$ 20.48 |
$ 20.06 |
$ 22.83 |
||||||||||
|
|
|||||||||||||||
|
Total shareholders’ equity |
|
$ 4,116,527 |
$ 3,819,220 |
$ 3,781,579 |
$ 2,790,281 |
||||||||||
|
Less: goodwill and other intangible assets, net of def. tax liability |
|
(1,702,916) |
(1,709,001) |
(1,718,048) |
(1,118,293) |
||||||||||
|
Tangible equity |
|
2,413,611 |
2,110,219 |
2,063,531 |
1,671,988 |
||||||||||
|
Less: preferred shareholder’s equity |
|
(368,867) |
(144,484) |
(144,484) |
(144,484) |
||||||||||
|
Tangible common equity |
|
2,044,744 |
1,965,735 |
1,919,047 |
1,527,504 |
||||||||||
|
Total assets |
|
27,518,042 |
27,571,576 |
27,412,383 |
18,684,298 |
||||||||||
|
Less: goodwill and other intangible assets, net of def. tax liability |
|
(1,702,916) |
(1,709,001) |
(1,718,048) |
(1,118,293) |
||||||||||
|
Tangible assets |
|
$ 25,815,126 |
$ 25,862,575 |
$ 25,694,335 |
$ 17,566,005 |
||||||||||
|
Tangible equity to tangible assets |
|
9.35 % |
8.16 % |
8.03 % |
9.52 % |
||||||||||
|
Tangible common equity to tangible assets |
|
7.92 % |
7.60 % |
7.47 % |
8.70 % |
||||||||||
|
|
|||||||||||||||
|
|
|||||||||||||||
|
|
|||||||||||||||
|
|
|
||||||||||||||
|
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 |
|||||||||||||||
|
|
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|||||||||||||||
|
Income / (loss) before provision / (benefit) for income taxes |
|
$ 103,310 |
$ 70,973 |
$ (9,665) |
$ 61,937 |
|
$ 185,114 |
||||||||
|
Add: provision for credit losses |
|
2,082 |
3,218 |
68,883 |
(147) |
|
19,206 |
||||||||
|
Pre-tax, pre-provision income |
|
$ 105,392 |
$ 74,191 |
$ 59,218 |
$ 61,790 |
|
$ 204,320 |
||||||||
|
|
|||||||||||||||
|
Income / (loss) before provision / (benefit) for income taxes |
|
$ 103,310 |
$ 70,973 |
$ (9,665) |
$ 61,937 |
|
$ 185,114 |
||||||||
|
Add: provision for credit losses |
|
2,082 |
3,218 |
68,883 |
(147) |
|
19,206 |
||||||||
|
Add: restructuring and merger-related expenses |
|
11,383 |
41,056 |
20,010 |
646 |
|
6,400 |
||||||||
|
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses |
|
$ 116,775 |
$ 115,247 |
$ 79,228 |
$ 62,436 |
|
$ 210,720 |
||||||||
|
|
|||||||||||||||
|
Income / (loss) before provision / (benefit) for income taxes |
|
$ 103,310 |
$ 70,973 |
$ (9,665) |
$ 61,937 |
|
$ 185,114 |
||||||||
|
Add: provision for credit losses |
|
2,082 |
3,218 |
68,883 |
(147) |
|
19,206 |
||||||||
|
Add: restructuring and merger-related expenses |
|
11,383 |
41,056 |
20,010 |
646 |
|
6,400 |
||||||||
|
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses |
|
116,775 |
115,247 |
79,228 |
62,436 |
|
210,720 |
||||||||
|
Average total assets |
|
$ 27,419,726 |
$ 27,304,700 |
$ 21,658,352 |
$ 18,593,265 |
|
$ 18,122,625 |
||||||||
|
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses (annualized) (2) |
|
1.69 % |
1.69 % |
1.48 % |
1.34 % |
|
1.16 % |
||||||||
|
|
|||||||||||||||
|
Income / (loss) before provision / (benefit) for income taxes |
|
$ 103,310 |
$ 70,973 |
$ (9,665) |
$ 61,937 |
|
$ 185,114 |
||||||||
|
Add: provision for credit losses |
|
2,082 |
3,218 |
68,883 |
(147) |
|
19,206 |
||||||||
|
Add: restructuring and merger-related expenses |
|
11,383 |
41,056 |
20,010 |
646 |
|
6,400 |
||||||||
|
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses |
|
116,775 |
115,247 |
79,228 |
62,436 |
|
210,720 |
||||||||
|
Average total shareholders’ equity |
|
$ 3,898,142 |
$ 3,819,513 |
$ 3,218,639 |
$ 2,806,079 |
|
$ 2,653,174 |
||||||||
|
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses (annualized) (2) |
|
11.88 % |
12.10 % |
9.98 % |
8.85 % |
|
7.94 % |
||||||||
|
|
|||||||||||||||
|
Income / (loss) before provision / (benefit) for income taxes |
|
$ 103,310 |
$ 70,973 |
$ (9,665) |
$ 61,937 |
|
$ 185,114 |
||||||||
|
Add: provision for credit losses |
|
2,082 |
3,218 |
68,883 |
(147) |
|
19,206 |
||||||||
|
Add: amortization of intangibles |
|
8,425 |
9,204 |
4,223 |
2,034 |
|
8,251 |
||||||||
|
Add: restructuring and merger-related expenses |
|
11,383 |
41,056 |
20,010 |
646 |
|
6,400 |
||||||||
|
Pre-tax, pre-provision income before restructuring and merger-related expenses and amortization of intangibles |
|
125,200 |
124,451 |
83,451 |
64,470 |
|
218,971 |
||||||||
|
Average total shareholders’ equity |
|
3,898,142 |
3,819,513 |
3,218,639 |
2,806,079 |
|
2,653,174 |
||||||||
|
Less: average goodwill and other intangibles, net of def. tax liability |
|
(1,704,105) |
(1,608,358) |
(1,312,855) |
(1,119,060) |
|
(1,121,472) |
||||||||
|
Average tangible equity |
|
$ 2,194,037 |
$ 2,211,155 |
$ 1,905,784 |
$ 1,687,019 |
|
$ 1,531,702 |
||||||||
|
Pre-tax, pre-provision return on average tangible equity, excluding certain items (annualized) (1) (2) |
|
22.64 % |
22.58 % |
17.76 % |
15.20 % |
|
14.30 % |
||||||||
|
Average tangible common equity |
|
$ 2,015,329 |
$ 2,066,671 |
$ 1,761,300 |
$ 1,542,535 |
|
$ 1,387,218 |
||||||||
|
Pre-tax, pre-provision return on average tangible common equity, excluding certain items (annualized) (1) (2) |
|
24.65 % |
24.15 % |
19.22 % |
16.63 % |
|
15.78 % |
||||||||
|
|
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|
|
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SOURCE WesBanco, Inc.
