Wesbanco Earnings 2019-06-30
WSBC 10Q Quarterly Report
wsbc-10q_20190630.htm
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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, 2019
☐
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 000-08467
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
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.
Copy Copy+ History
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 24, 2019, there were 54,697,199 shares of WesBanco, Inc. common stock, $2.0833 par value, outstanding.
WESBANCO, INC.
TABLE OF CONTENTS
1
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
WESBANCO, INC. CONSOLIDATED BALANCE SHEETS
Copy Copy+ History
June 30,
December 31,
(unaudited, in thousands, except shares)
2019
2018
ASSETS
Cash and due from banks, including interest bearing amounts of $36,390 and
$44,536 , respectively
$
194,355
$
169,186
Securities:
Equity securities, at fair value
11,817
11,737
Available-for-sale debt securities, at fair value
2,129,284
2,114,129
Held-to-maturity debt securities (fair values of $921,534 and $1,020,743 ,
respectively)
900,605
1,020,934
Total securities
3,041,706
3,146,800
Loans held for sale
18,649
8,994
Portfolio loans, net of unearned income
7,737,854
7,656,281
Allowance for loan losses
(50,859
)
(48,948
)
Net portfolio loans
7,686,995
7,607,333
Premises and equipment, net
179,866
166,925
Accrued interest receivable
38,450
38,853
Goodwill and other intangible assets, net
914,678
918,850
Bank-owned life insurance
227,976
225,317
Other assets
191,978
176,374
Total Assets
$
12,494,653
$
12,458,632
LIABILITIES
Deposits:
Non-interest bearing demand
$
2,481,065
$
2,441,041
Interest bearing demand
2,079,795
2,146,508
Money market
1,098,917
1,142,925
Savings deposits
1,670,035
1,645,549
Certificates of deposit
1,365,116
1,455,610
Total deposits
8,694,928
8,831,633
Federal Home Loan Bank borrowings
1,121,283
1,054,174
Other short-term borrowings
296,148
290,522
Subordinated debt and junior subordinated debt
156,534
189,842
Total borrowings
1,573,965
1,534,538
Accrued interest payable
6,559
4,627
Other liabilities
145,085
109,007
Total Liabilities
10,420,537
10,479,805
SHAREHOLDERS' EQUITY
Preferred stock, no 1,000,000 none
—
—
Common stock, $2.0833 100,000,000
2019 and 2018, respectively; 54,697,251 and 54,604,294 shares
issued, respectively; 54,697,199 54,598,134 shares outstanding, respectively
113,952
113,758
Capital surplus
1,168,212
1,166,701
Retained earnings
788,900
737,581
Treasury stock (52 6,160 shares - at cost, respectively)
(2
)
(274
)
Accumulated other comprehensive income (loss)
4,113
(37,871
)
Deferred benefits for directors
(1,059
)
(1,068
)
Total Shareholders' Equity
2,074,116
1,978,827
Total Liabilities and Shareholders' Equity
$
12,494,653
$
12,458,632
See Notes to Consolidated Financial Statements.
2
WESBANCO, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Copy Copy+ History
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(unaudited, in thousands, except shares and per share amounts)
2019
2018
2019
2018
INTEREST AND DIVIDEND INCOME
Loans, including fees
$
96,415
$
78,538
$
191,917
$
147,671
Interest and dividends on securities:
Taxable
16,444
14,194
33,175
25,738
Tax-exempt
5,142
5,055
10,684
9,890
Total interest and dividends on securities
21,586
19,249
43,859
35,628
Other interest income
1,542
1,101
2,820
1,904
Total interest and dividend income
119,543
98,888
238,596
185,203
INTEREST EXPENSE
Interest bearing demand deposits
4,314
3,150
8,259
5,673
Money market deposits
2,009
1,093
3,908
1,972
Savings deposits
678
227
1,200
416
Certificates of deposit
4,098
2,977
8,001
5,513
Total interest expense on deposits
11,099
7,447
21,368
13,574
Federal Home Loan Bank borrowings
6,287
5,953
12,624
10,451
Other short-term borrowings
1,483
973
3,039
1,532
Subordinated debt and junior subordinated debt
2,214
2,168
4,743
4,110
Total interest expense
21,083
16,541
41,774
29,667
NET INTEREST INCOME
98,460
82,347
196,822
155,536
Provision for credit losses
2,747
1,708
5,254
3,876
Net interest income after provision for credit losses
95,713
80,639
191,568
151,660
NON-INTEREST INCOME
Trust fees
6,339
5,752
13,454
12,255
Service charges on deposits
6,197
5,146
12,747
9,969
Electronic banking fees
7,154
5,728
13,046
10,558
Net securities brokerage revenue
1,973
1,809
3,833
3,479
Bank-owned life insurance
1,340
1,128
2,659
3,884
Mortgage banking income
1,618
1,670
2,674
2,776
Net securities gains
2,909
358
3,566
319
Net gain on other real estate owned and other assets
376
229
512
491
Other income
3,250
1,588
6,438
3,760
Total non-interest income
31,156
23,408
58,929
47,491
NON-INTEREST EXPENSE
Salaries and wages
31,646
26,872
62,585
51,878
Employee benefits
9,705
7,965
19,694
14,877
Net occupancy
5,385
4,103
10,951
8,759
Equipment
4,818
4,095
9,651
8,044
Marketing
1,254
1,405
2,497
2,521
FDIC insurance
1,155
868
2,508
1,526
Amortization of intangible assets
2,465
1,312
4,978
2,397
Restructuring and merger-related expense
81
5,412
3,188
5,657
Other operating expenses
15,443
11,511
30,333
22,455
Total non-interest expense
71,952
63,543
146,385
118,114
Income before provision for income taxes
54,917
40,504
104,112
81,037
Provision for income taxes
10,103
7,335
18,961
14,339
NET INCOME
$
44,814
$
33,169
$
85,151
$
66,698
EARNINGS PER COMMON SHARE
Basic
$
0.82
$
0.71
$
1.56
$
1.47
Diluted
$
0.82
$
0.71
$
1.56
$
1.47
AVERAGE COMMON SHARES OUTSTANDING
Basic
54,628,029
46,498,305
54,613,346
45,281,264
Diluted
54,733,521
46,639,780
54,724,209
45,417,010
DIVIDENDS DECLARED PER COMMON SHARE
$
0.31
$
0.29
$
0.62
$
0.58
COMPREHENSIVE INCOME
$
67,025
$
26,893
$
127,135
$
45,904
See Notes to Consolidated Financial Statements.
3
WESBANCO, INC. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Copy Copy+ History
For the Three Months Ended June 30, 2019 and 2018
Accumulated
Common Stock