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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
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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)
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West Virginia |
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55-0571723 |
(State of incorporation) |
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(IRS Employer Identification No.) |
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1 Bank Plaza, Wheeling, WV |
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26003 |
(Address of principal executive offices) |
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(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:
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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.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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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 October 26, 2022, there were 59,155,772 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
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September 30, |
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December 31, |
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(unaudited, in thousands, except shares) |
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2022 |
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2021 |
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ASSETS |
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Cash and due from banks, including interest bearing amounts of $166,215 and $1,094,312, respectively |
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$ |
378,556 |
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$ |
1,251,358 |
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Securities: |
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Equity securities, at fair value |
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11,964 |
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13,466 |
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Available-for-sale debt securities, at fair value |
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2,645,748 |
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3,013,462 |
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Held-to-maturity debt securities (fair values of $1,065,833 and $1,028,452 respectively) |
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1,262,467 |
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1,004,823 |
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Allowance for credit losses, held-to-maturity debt securities |
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(225 |
) |
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(268 |
) |
Net held-to-maturity debt securities |
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1,262,242 |
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1,004,555 |
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Total securities |
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3,919,954 |
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4,031,483 |
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Loans held for sale |
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12,887 |
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25,277 |
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Portfolio loans, net of unearned income |
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|
10,277,662 |
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9,733,478 |
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Allowance for credit losses - loans |
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(114,584 |
) |
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(121,622 |
) |
Net portfolio loans |
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10,163,078 |
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9,611,856 |
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Premises and equipment, net |
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221,355 |
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229,016 |
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Accrued interest receivable |
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63,375 |
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60,844 |
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Goodwill and other intangible assets, net |
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1,143,896 |
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1,151,634 |
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Bank-owned life insurance |
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|
350,806 |
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350,359 |
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Other assets |
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350,840 |
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215,298 |
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Total Assets |
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$ |
16,604,747 |
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$ |
16,927,125 |
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LIABILITIES |
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Deposits: |
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Non-interest bearing demand |
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$ |
4,736,722 |
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$ |
4,590,895 |
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Interest bearing demand |
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3,201,714 |
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3,380,056 |
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Money market |
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1,772,481 |
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1,739,750 |
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Savings deposits |
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2,741,937 |
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2,562,510 |
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Certificates of deposit |
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991,512 |
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1,292,652 |
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Total deposits |
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13,444,366 |
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13,565,863 |
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Federal Home Loan Bank borrowings |
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56,998 |
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183,920 |
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Other short-term borrowings |
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127,983 |
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141,893 |
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Subordinated debt and junior subordinated debt |
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281,179 |
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132,860 |
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Total borrowings |
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466,160 |
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458,673 |
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Accrued interest payable |
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4,358 |
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1,901 |
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Other liabilities |
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294,211 |
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207,522 |
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Total Liabilities |
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14,209,095 |
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14,233,959 |
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SHAREHOLDERS' EQUITY |
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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 September 30, 2022 and December 31, 2021, respectively |
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144,484 |
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144,484 |
|
Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 59,304,505 and 62,307,245 shares outstanding at September 30, 2022 and December 31, 2021, respectively |
|
|
141,834 |
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141,834 |
|
Capital surplus |
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1,634,280 |
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1,635,642 |
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Retained earnings |
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1,048,532 |
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977,765 |
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Treasury stock (8,776,801 and 5,774,061 shares - at cost, respectively) |
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(305,033 |
) |
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(199,759 |
) |
Accumulated other comprehensive loss |
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(266,640 |
) |
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(5,120 |
) |
Deferred benefits for directors |
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(1,805 |
) |
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(1,680 |
) |
Total Shareholders' Equity |
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2,395,652 |
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2,693,166 |
|
Total Liabilities and Shareholders' Equity |
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$ |
16,604,747 |
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|
$ |
16,927,125 |
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See Notes to Consolidated Financial Statements.
2
WESBANCO, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
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(unaudited, in thousands, except shares and per share amounts) |
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2022 |
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2021 |
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2022 |
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|
2021 |
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INTEREST AND DIVIDEND INCOME |
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Loans, including fees |
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$ |
109,562 |
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$ |
103,206 |
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$ |
299,094 |
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$ |
318,532 |
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Interest and dividends on securities: |
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Taxable |
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17,531 |
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13,481 |
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47,468 |
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37,467 |
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Tax-exempt |
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4,916 |
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4,063 |
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13,965 |
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11,925 |
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Total interest and dividends on securities |
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22,447 |
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17,544 |
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61,433 |
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49,392 |
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Other interest income |
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2,108 |
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|
628 |
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4,211 |
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|
1,836 |
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Total interest and dividend income |
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134,117 |
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121,378 |
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364,738 |
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369,760 |
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INTEREST EXPENSE |
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Interest bearing demand deposits |
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2,953 |
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|
815 |
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4,917 |
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2,859 |
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Money market deposits |
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968 |
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350 |
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1,672 |
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1,488 |
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Savings deposits |
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1,067 |
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244 |
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1,662 |
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|
769 |
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Certificates of deposit |
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958 |
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1,726 |
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3,347 |
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6,122 |
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Total interest expense on deposits |
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5,946 |
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3,135 |
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11,598 |
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11,238 |
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Federal Home Loan Bank borrowings |
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348 |
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1,192 |
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1,334 |
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5,387 |
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Other short-term borrowings |
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147 |
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33 |
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244 |
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|
192 |
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Subordinated debt and junior subordinated debt |
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3,175 |
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1,743 |
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|
7,123 |
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5,336 |
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Total interest expense |
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9,616 |
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6,103 |
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20,299 |
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22,153 |
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NET INTEREST INCOME |
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124,501 |
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115,275 |
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344,439 |
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347,607 |
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Provision for credit losses |
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(535 |
) |
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(1,730 |
) |
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(4,785 |
) |
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(50,714 |
) |
Net interest income after provision for credit losses |
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125,036 |
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117,005 |
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349,224 |
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398,321 |
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NON-INTEREST INCOME |
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Trust fees |
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6,517 |
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7,289 |
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20,879 |
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22,069 |
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Service charges on deposits |
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6,942 |
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6,050 |
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19,520 |
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15,820 |
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Electronic banking fees |
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4,808 |
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5,427 |
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15,307 |
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14,853 |
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Net securities brokerage revenue |
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2,491 |
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1,965 |
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6,969 |
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5,318 |
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Bank-owned life insurance |
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1,999 |
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2,656 |
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8,263 |
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|
6,072 |
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Mortgage banking income |
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1,257 |
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4,563 |
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4,508 |
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16,656 |
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Net securities gains (losses) |
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|
656 |
|
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(15 |
) |
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(1,176 |
) |
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|
740 |
|
Net gain (loss) on other real estate owned and other assets |
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2,040 |
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|
785 |
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(68 |
) |
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4,974 |
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Other income |
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5,546 |
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4,035 |
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15,420 |
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|
15,574 |
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Total non-interest income |
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32,256 |
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|
32,755 |
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|
89,622 |
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|
102,076 |
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NON-INTEREST EXPENSE |
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Salaries and wages |
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44,271 |
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|
39,497 |
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|
|
124,421 |
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|
|
113,822 |
|
Employee benefits |
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10,693 |
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|
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10,658 |
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|
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28,574 |
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|
|
30,191 |
|
Net occupancy |
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6,489 |
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|
6,825 |
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|
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19,843 |
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|
|
20,430 |
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Equipment and software |
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|
8,083 |
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|
7,609 |
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|
|
23,795 |
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|
|
21,654 |
|
Marketing |
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|
2,377 |
|
|
|
1,848 |
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|
7,546 |
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|
6,033 |
|
FDIC insurance |
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|
2,391 |
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|
|
1,227 |
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|
|
5,850 |
|
|
|
2,690 |
|
Amortization of intangible assets |
|
|
2,560 |
|
|
|
2,854 |
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|
|
7,738 |
|
|
|
8,622 |
|
Restructuring and merger-related expense |
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|
66 |
|
|
|
4,467 |
|
|
|
1,712 |
|
|
|
6,540 |
|
Other operating expenses |
|
|
15,011 |
|
|
|
19,716 |
|
|
|
47,032 |
|
|
|
54,858 |
|
Total non-interest expense |
|
|
91,941 |
|
|
|
94,701 |
|
|
|
266,511 |
|
|
|
264,840 |
|
Income before provision for income taxes |
|
|
65,351 |
|
|
|
55,059 |
|
|
|
172,335 |
|
|
|
235,557 |
|
Provision for income taxes |
|
|
12,318 |
|
|
|
10,651 |
|
|
|
32,432 |
|
|
|
47,445 |
|
Net income |
|
|
53,033 |
|
|
|
44,408 |
|
|
|
139,903 |
|
|
|
188,112 |
|
Preferred stock dividends |
|
|