Company Quick10K Filing
Quick10K
Wesbanco
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$39.73 55 $2,170
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-23 Enter Agreement, Earnings, Regulation FD, Other Events, Exhibits
8-K 2019-06-28 Earnings, Exhibits
8-K 2019-05-31 Other Events, Exhibits
8-K 2019-05-10 Other Events, Exhibits
8-K 2019-05-06 Regulation FD, Exhibits
8-K 2019-04-17 Officers, Shareholder Vote
8-K 2019-04-17 Officers
8-K 2019-04-16 Earnings, Exhibits
8-K 2019-04-03 Earnings, Exhibits
8-K 2019-03-12 Other Events, Exhibits
8-K 2019-02-13 Regulation FD, Exhibits
8-K 2019-02-08 Other Events, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2019-01-03 Earnings, Exhibits
8-K 2018-11-09 Regulation FD, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-10-03 Earnings, Exhibits
8-K 2018-08-20 Officers, Regulation FD, Exhibits
8-K 2018-08-14 Other Events, Exhibits
8-K 2018-08-10 Regulation FD, Exhibits
8-K 2018-08-02 Other Events, Exhibits
8-K 2018-08-01 Officers
8-K 2018-07-23 Earnings, Other Events, Exhibits
8-K 2018-07-18 Other Events
8-K 2018-07-10 Other Events, Exhibits
8-K 2018-07-10 Other Events
8-K 2018-07-05 Earnings, Exhibits
8-K 2018-06-15 Other Events, Exhibits
8-K 2018-05-02 Regulation FD, Exhibits
8-K 2018-04-19 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2018-04-17 Earnings, Exhibits
8-K 2018-04-06 Earnings, Exhibits
8-K 2018-02-22 Other Events, Exhibits
8-K 2018-02-16 Other Events, Exhibits
8-K 2018-02-12 Other Events, Exhibits
8-K 2018-02-06 Regulation FD, Exhibits
8-K 2018-01-23 Earnings, Exhibits
8-K 2018-01-05 Earnings, Exhibits
MET Metlife 45,120
HTHT Huazhu Group 11,050
HE Hawaiian Electric Industries 4,500
AAN Aaron's 3,840
MTX Minerals Technologies 2,120
AVNS Avanos Medical 2,090
GHL Greenhill 395
GEMP Gemphire Therapeutics 17
IHRT iHeartMedia 0
CTBO Cantabio Pharmaceuticals 0
WSBC 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. Mergers and Acquisitions
Note 3. Earnings per Common Share
Note 4. Securities
Note 5. Loans and The Allowance for Credit Losses
Note 6. Leases
Note 7. Derivatives and Hedging Activities
Note 8. Pension & Postretirement Medical Benefit Plans
Note 9. Fair Value Measurement
Note 10. Revenue Recognition
Note 11. Comprehensive Income/(Loss)
Note 12. Commitments and Contingent Liabilities
Note 13. Business Segments
Note 14 Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 wsbc-ex311_8.htm
EX-31.2 wsbc-ex312_7.htm
EX-32.1 wsbc-ex321_6.htm

Wesbanco Earnings 2019-06-30

WSBC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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.

 

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

 

Item

No.

ITEM

Page

No.

 

 

 

 

PART I - FINANCIAL INFORMATION

 

1

Financial Statements

2

 

Consolidated Balance Sheets at June 30, 2019 (unaudited) and December 31, 2018

2

 

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018 (unaudited)

3

 

Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2019 and 2018 (unaudited)

4

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018 (unaudited)

5

 

Notes to Consolidated Financial Statements (unaudited)

6

 

 

 

2

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

30

 

 

 

3

Quantitative and Qualitative Disclosures About Market Risk

45

 

 

 

4

Controls and Procedures

47

 

 

 

 

PART II – OTHER INFORMATION

 

1

Legal Proceedings

48

 

 

 

2

Unregistered Sales of Equity Securities and Use of Proceeds

48

 

 

 

6

Exhibits

49

 

 

 

 

Signatures

50

1


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WESBANCO, INC. CONSOLIDATED BALANCE SHEETS

 

 

 

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 par value; 1,000,000 shares authorized; none outstanding

 

 

 

 

 

 

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

  2019 and 2018, respectively; 54,697,251 and 54,604,294 shares

   issued, respectively; 54,697,199 and 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 and 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

 

 

 

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

 

 

 

 

For the Three Months Ended June 30, 2019 and 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Common Stock