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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

 

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission File Number 001-39442

 

WESBANCO, INC.

(Exact name of Registrant as specified in its charter)

 

West Virginia

 

55-0571723

(State of incorporation)

 

(IRS Employer Identification No.)

 

 

 

1 Bank Plaza, Wheeling, WV

 

26003

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code: 304-234-9000

 

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock $2.0833 Par Value

WSBC

NASDAQ Global Select Market

Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A)

WSBCP

 

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

☑

 

Accelerated filer

☐

Non-accelerated filer

☐

 

Smaller reporting company

☐

 

 

 

Emerging growth company

☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of July 25, 2024, there were 59,587,710 shares of Wesbanco, Inc. common stock, $2.0833 par value, outstanding.

 

 

 

WESBANCO, INC.

TABLE OF CONTENTS

 

Item

No.

ITEM

Page

No.

 

PART I - FINANCIAL INFORMATION

 

1

Financial Statements

2

Consolidated Balance Sheets at June 30, 2024 (unaudited) and December 31, 2023

2

Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (unaudited)

3

 

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited)

4

Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited)

5

Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited)

7

Notes to Consolidated Financial Statements (unaudited)

8

 

2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

 

3

Quantitative and Qualitative Disclosures About Market Risk

54

 

 

4

Controls and Procedures

56

 

PART II – OTHER INFORMATION

 

1

Legal Proceedings

57

 

1A

Risk Factors

57

 

 

 

2

Unregistered Sales of Equity Securities and Use of Proceeds

59

 

 

 

5

Other Information

59

 

 

 

6

Exhibits

60

 

Signatures

61

 

1

 

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WESBANCO, INC. CONSOLIDATED BALANCE SHEETS

 

 

 

June 30,

 

 

December 31,

 

(unaudited, in thousands, except shares)

 

2024

 

 

2023

 

ASSETS

 

 

 

 

 

 

Cash and due from banks, including interest bearing amounts of $312,973 and $436,879, respectively

 

$

486,789

 

 

$

595,383

 

Securities:

 

 

 

 

 

 

Equity securities, at fair value

 

 

13,091

 

 

 

12,320

 

Available-for-sale debt securities, at fair value

 

 

2,102,123

 

 

 

2,194,329

 

Held-to-maturity debt securities (fair values of $1,028,432 and $1,069,159, respectively)

 

 

1,179,684

 

 

 

1,199,527

 

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

 

 

(163

)

 

 

(192

)

       Net held-to-maturity debt securities

 

 

1,179,521

 

 

 

1,199,335

 

Total securities

 

 

3,294,735

 

 

 

3,405,984

 

Loans held for sale

 

 

25,433

 

 

 

16,354

 

Portfolio loans, net of unearned income

 

 

12,257,511

 

 

 

11,638,461

 

Allowance for credit losses - loans

 

 

(136,509

)

 

 

(130,675

)

Net portfolio loans

 

 

12,121,002

 

 

 

11,507,786

 

Premises and equipment, net

 

 

222,266

 

 

 

233,571

 

Accrued interest receivable

 

 

79,759

 

 

 

77,435

 

Goodwill and other intangible assets, net

 

 

1,128,103

 

 

 

1,132,267

 

Bank-owned life insurance

 

 

358,682

 

 

 

355,033

 

Other assets

 

 

411,606

 

 

 

388,561

 

Total Assets

 

$

18,128,375

 

 

$

17,712,374

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing demand

 

$

3,826,249

 

 

$

3,962,592

 

Interest bearing demand

 

 

3,505,651

 

 

 

3,463,443

 

Money market

 

 

2,283,294

 

 

 

2,017,713

 

Savings deposits

 

 

2,429,241

 

 

 

2,493,254

 

Certificates of deposit

 

 

1,387,938

 

 

 

1,231,702

 

Total deposits

 

 

13,432,373

 

 

 

13,168,704

 

Federal Home Loan Bank borrowings

 

 

1,475,000

 

 

 

1,350,000

 

Other short-term borrowings

 

 

105,757

 

 

 

105,893

 

Subordinated debt and junior subordinated debt

 

 

279,193

 

 

 

279,078

 

Total borrowings

 

 

1,859,950

 

 

 

1,734,971

 

Accrued interest payable

 

 

15,393

 

 

 

11,121

 

Other liabilities

 

 

276,380

 

 

 

264,516

 

Total Liabilities

 

 

15,584,096

 

 

 

15,179,312

 

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 $150,000,000, issued and outstanding at June 30, 2024 and December 31, 2023, respectively

 

 

144,484

 

 

 

144,484

 

Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 59,579,310 and 59,376,435 shares outstanding at June 30, 2024 and December 31, 2023, respectively

 

 

141,834

 

 

 

141,834

 

Capital surplus

 

 

1,630,830

 

 

 

1,635,859

 

Retained earnings

 

 

1,159,217

 

 

 

1,142,586

 

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

 

 

(294,818

)

 

 

(302,995

)

Accumulated other comprehensive loss

 

 

(235,208

)

 

 

(226,693

)

Deferred benefits for directors

 

 

(2,060

)

 

 

(2,013

)

Total Shareholders' Equity

 

 

2,544,279

 

 

 

2,533,062

 

Total Liabilities and Shareholders' Equity

 

$

18,128,375

 

 

$

17,712,374

 

 

See Notes to Consolidated Financial Statements.

2

 

WESBANCO, INC. CONSOLIDATED STATEMENTS OF INCOME

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

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

 

2024

 

 

2023

 

 

2024

 

 

2023

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

175,361

 

 

$

145,741

 

 

$

342,335

 

 

$

279,147

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

16,929

 

 

 

18,483

 

 

 

34,334

 

 

 

37,569

 

Tax-exempt

 

 

4,556

 

 

 

4,723

 

 

 

9,142

 

 

 

9,513

 

Total interest and dividends on securities

 

 

21,485

 

 

 

23,206

 

 

 

43,476

 

 

 

47,082

 

Other interest income

 

 

6,147

 

 

 

7,108

 

 

 

12,516

 

 

 

10,380

 

Total interest and dividend income

 

 

202,993

 

 

 

176,055

 

 

 

398,327

 

 

 

336,609

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

 

26,925

 

 

 

17,203

 

 

 

52,516

 

 

 

28,309

 

Money market deposits

 

 

18,443

 

 

 

7,220

 

 

 

34,557

 

 

 

11,472

 

Savings deposits

 

 

7,883

 

 

 

5,860

 

 

 

15,549

 

 

 

9,860

 

Certificates of deposit

 

 

11,982

 

 

 

2,906

 

 

 

22,229

 

 

 

4,109

 

Total interest expense on deposits

 

 

65,233

 

 

 

33,189

 

 

 

124,851

 

 

 

53,750

 

Federal Home Loan Bank borrowings

 

 

16,227

 

 

 

16,713

 

 

 

33,227

 

 

 

28,013

 

Other short-term borrowings

 

 

896

 

 

 

492

 

 

 

1,570

 

 

 

909

 

Subordinated debt and junior subordinated debt

 

 

4,044

 

 

 

4,094

 

 

 

8,119

 

 

 

8,039

 

Total interest expense

 

 

86,400

 

 

 

54,488

 

 

 

167,767

 

 

 

90,711

 

NET INTEREST INCOME

 

 

116,593

 

 

 

121,567

 

 

 

230,560

 

 

 

245,898

 

Provision for credit losses

 

 

10,541

 

 

 

3,028

 

 

 

14,555

 

 

 

6,605

 

Net interest income after provision for credit losses

 

 

106,052

 

 

 

118,539

 

 

 

216,005

 

 

 

239,293

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

Trust fees

 

 

7,303

 

 

 

6,918

 

 

15,385

 

 

 

14,412

 

Service charges on deposits

 

 

7,111

 

 

 

6,232

 

 

13,895

 

 

 

12,401

 

Digital banking income

 

 

5,040

 

 

 

5,010

 

 

9,745

 

 

 

9,615

 

Net swap fee and valuation income

 

 

1,776

 

 

 

2,612

 

 

 

3,339

 

 

 

3,411

 

Net securities brokerage revenue

 

 

2,601

 

 

 

2,523

 

 

5,149

 

 

 

5,098

 

Bank-owned life insurance

 

 

2,791

 

 

 

3,189

 

 

4,859

 

 

 

5,149

 

Mortgage banking income

 

 

1,069

 

 

 

601

 

 

1,762

 

 

 

1,027

 

Net securities gains

 

 

135

 

 

 

205

 

 

672

 

 

 

350

 

Net gain on other real estate owned and other assets

 

 

34

 

 

 

871

 

 

188

 

 

 

1,104

 

Other income

 

 

3,495

 

 

 

3,680

 

 

6,990

 

 

 

6,926

 

Total non-interest income

 

 

31,355

 

 

 

31,841

 

 

61,984

 

 

 

59,493

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

43,991

 

 

 

44,471

 

 

 

86,988

 

 

 

86,422

 

Employee benefits

 

 

10,579

 

 

 

11,511

 

 

 

22,763

 

 

 

23,570

 

Net occupancy

 

 

6,309

 

 

 

6,132

 

 

 

12,932

 

 

 

12,775

 

Equipment and software

 

 

10,457

 

 

 

8,823

 

 

 

20,465

 

 

 

17,885

 

Marketing

 

 

2,371

 

 

 

2,763

 

 

 

4,256

 

 

 

5,088

 

FDIC insurance

 

 

3,523

 

 

 

2,871

 

 

 

6,971

 

 

 

5,755

 

Amortization of intangible assets

 

 

2,072

 

 

 

2,282

 

 

 

4,164

 

 

 

4,583

 

Restructuring and merger-related expense

 

 

3,777

 

 

 

35

 

 

 

3,777

 

 

 

3,188

 

Other operating expenses

 

 

19,313

 

 

 

17,549

 

 

 

37,269

 

 

 

33,294

 

Total non-interest expense

 

 

102,392

 

 

 

96,437

 

 

 

199,585

 

 

 

192,560

 

Income before provision for income taxes

 

 

35,015

 

 

 

53,943

 

 

 

78,404

 

 

 

106,226

 

Provision for income taxes

 

 

6,099

 

 

 

9,063

 

 

 

13,795

 

 

 

19,005

 

Net income

 

 

28,916

 

 

 

44,880

 

 

 

64,609

 

 

 

87,221

 

Preferred stock dividends

 

 

2,531

 

 

 

2,531

 

 

 

5,063

 

 

 

5,063

 

Net income available to common shareholders

 

$

26,385

 

 

$

42,349

 

 

$

59,546

 

 

$

82,158

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.44

 

 

$

0.71

 

 

$

1.00

 

 

$

1.39

 

Diluted

 

$

0.44

 

 

$

0.71

 

 

$

1.00

 

 

$

1.38

 

AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

59,521,872

 

 

 

59,263,949

 

 

 

59,452,315

 

 

 

59,240,958

 

Diluted

 

 

59,656,429

 

 

 

59,385,847

 

 

 

59,592,960

 

 

 

59,389,314

 

DIVIDENDS DECLARED PER COMMON SHARE

 

$

0.36

 

 

$

0.35

 

 

$

0.72

 

 

$

0.70

 

 

See Notes to Consolidated Financial Statements.

 

3

 

WESBANCO, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

(unaudited, in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

28,916

 

 

$

44,880

 

 

$

64,609

 

 

$

87,221

 

Debt securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized losses on debt securities available-for-sale

 

 

(210

)

 

 

(40,018

)

 

 

(11,113

)

 

 

(3,408

)

Related income tax effect

 

 

50

 

 

 

9,709

 

 

 

2,835

 

 

 

927

 

Net securities losses reclassified into earnings

 

 

12

 

 

 

8

 

 

 

12

 

 

 

159

 

Related income tax effect

 

 

(61

)

 

 

(2

)

 

 

(119

)

 

 

(39

)

Net effect on other comprehensive loss for the period

 

 

(209

)

 

 

(30,303

)

 

 

(8,385

)

 

 

(2,361

)

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net (gain) loss and prior service costs

 

 

(101

)

 

 

99

 

 

 

(202

)

 

 

198

 

Related income tax effect

 

 

24

 

 

 

(24

)

 

 

72

 

 

 

(48

)

Net effect on other comprehensive (loss) income for the period

 

 

(77

)

 

 

75

 

 

 

(130

)

 

 

150

 

Total other comprehensive loss

 

 

(286

)

 

 

(30,228

)

 

 

(8,515

)

 

 

(2,211

)

Comprehensive income

 

$

28,630

 

 

$

14,652

 

 

$

56,094

 

 

$

85,010

 

 

4

 

WESBANCO, INC. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

 

 

 

For the Three Months Ended June 30, 2024 and 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Preferred

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Deferred

 

 

 

 

(unaudited, in thousands, except

 

Stock

 

 

Shares

 

 

 

 

 

Capital

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Benefits for

 

 

 

 

   shares and per share amounts)

 

Amount

 

 

Outstanding

 

 

Amount

 

 

Surplus

 

 

Earnings

 

 

Stock

 

 

Income (Loss)

 

 

Directors

 

 

Total

 

March 31, 2024

 

$

144,484

 

 

 

59,395,777

 

 

$

141,834

 

 

$

1,636,964

 

 

$

1,154,307

 

 

$

(302,264

)

 

$

(234,922

)

 

$

(2,041

)

 

$

2,538,362

 

Net income

 

 

—