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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 September 30, 2022

 

☐

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 October 26, 2022, there were 59,155,772 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 September 30, 2022 (unaudited) and December 31, 2021

2

 

Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)

3

 

Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2022 and 2021 (unaudited)

4

 

Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (unaudited)

6

 

Notes to Consolidated Financial Statements (unaudited)

7

 

 

 

2

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

33

 

 

 

3

Quantitative and Qualitative Disclosures About Market Risk

53

 

 

 

4

Controls and Procedures

55

 

 

 

 

PART II – OTHER INFORMATION

 

1

Legal Proceedings

56

 

 

 

2

Unregistered Sales of Equity Securities and Use of Proceeds

56

 

 

 

6

Exhibits

57

 

 

 

 

Signatures

58

 

1

 

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WESBANCO, INC. CONSOLIDATED BALANCE SHEETS

 

 

 

September 30,

 

 

December 31,

 

(unaudited, in thousands, except shares)

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Cash and due from banks, including interest bearing amounts of $166,215 and $1,094,312, respectively

 

$

378,556

 

 

$

1,251,358

 

Securities:

 

 

 

 

 

 

Equity securities, at fair value

 

 

11,964

 

 

 

13,466

 

Available-for-sale debt securities, at fair value

 

 

2,645,748

 

 

 

3,013,462

 

Held-to-maturity debt securities (fair values of $1,065,833 and $1,028,452 respectively)

 

 

1,262,467

 

 

 

1,004,823

 

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

 

 

(225

)

 

 

(268

)

       Net held-to-maturity debt securities

 

 

1,262,242

 

 

 

1,004,555

 

Total securities

 

 

3,919,954

 

 

 

4,031,483

 

Loans held for sale

 

 

12,887

 

 

 

25,277

 

Portfolio loans, net of unearned income

 

 

10,277,662

 

 

 

9,733,478

 

Allowance for credit losses - loans

 

 

(114,584

)

 

 

(121,622

)

Net portfolio loans

 

 

10,163,078

 

 

 

9,611,856

 

Premises and equipment, net

 

 

221,355

 

 

 

229,016

 

Accrued interest receivable

 

 

63,375

 

 

 

60,844

 

Goodwill and other intangible assets, net

 

 

1,143,896

 

 

 

1,151,634

 

Bank-owned life insurance

 

 

350,806

 

 

 

350,359

 

Other assets

 

 

350,840

 

 

 

215,298

 

Total Assets

 

$

16,604,747

 

 

$

16,927,125

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing demand

 

$

4,736,722

 

 

$

4,590,895

 

Interest bearing demand

 

 

3,201,714

 

 

 

3,380,056

 

Money market

 

 

1,772,481

 

 

 

1,739,750

 

Savings deposits

 

 

2,741,937

 

 

 

2,562,510

 

Certificates of deposit

 

 

991,512

 

 

 

1,292,652

 

Total deposits

 

 

13,444,366

 

 

 

13,565,863

 

Federal Home Loan Bank borrowings

 

 

56,998

 

 

 

183,920

 

Other short-term borrowings

 

 

127,983

 

 

 

141,893

 

Subordinated debt and junior subordinated debt

 

 

281,179

 

 

 

132,860

 

Total borrowings

 

 

466,160

 

 

 

458,673

 

Accrued interest payable

 

 

4,358

 

 

 

1,901

 

Other liabilities

 

 

294,211

 

 

 

207,522

 

Total Liabilities

 

 

14,209,095

 

 

 

14,233,959

 

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 September 30, 2022 and December 31, 2021, respectively

 

 

144,484

 

 

 

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

 

 

 

141,834

 

Capital surplus

 

 

1,634,280

 

 

 

1,635,642

 

Retained earnings

 

 

1,048,532

 

 

 

977,765

 

Treasury stock (8,776,801 and 5,774,061 shares - at cost, respectively)

 

 

(305,033

)

 

 

(199,759

)

Accumulated other comprehensive loss

 

 

(266,640

)

 

 

(5,120

)

Deferred benefits for directors

 

 

(1,805

)

 

 

(1,680

)

Total Shareholders' Equity

 

 

2,395,652

 

 

 

2,693,166

 

Total Liabilities and Shareholders' Equity

 

$

16,604,747

 

 

$

16,927,125

 

 

See Notes to Consolidated Financial Statements.

2

 

WESBANCO, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

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

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

109,562

 

 

$

103,206

 

 

$

299,094

 

 

$

318,532

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

17,531

 

 

 

13,481

 

 

 

47,468

 

 

 

37,467

 

Tax-exempt

 

 

4,916

 

 

 

4,063

 

 

 

13,965

 

 

 

11,925

 

Total interest and dividends on securities

 

 

22,447

 

 

 

17,544

 

 

 

61,433

 

 

 

49,392

 

Other interest income

 

 

2,108

 

 

 

628

 

 

 

4,211

 

 

 

1,836

 

Total interest and dividend income

 

 

134,117

 

 

 

121,378

 

 

 

364,738

 

 

 

369,760

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

 

2,953

 

 

 

815

 

 

 

4,917

 

 

 

2,859

 

Money market deposits

 

 

968

 

 

 

350

 

 

 

1,672

 

 

 

1,488

 

Savings deposits

 

 

1,067

 

 

 

244

 

 

 

1,662

 

 

 

769

 

Certificates of deposit

 

 

958

 

 

 

1,726

 

 

 

3,347

 

 

 

6,122

 

Total interest expense on deposits

 

 

5,946

 

 

 

3,135

 

 

 

11,598

 

 

 

11,238

 

Federal Home Loan Bank borrowings

 

 

348

 

 

 

1,192

 

 

 

1,334

 

 

 

5,387

 

Other short-term borrowings

 

 

147

 

 

 

33

 

 

 

244

 

 

 

192

 

Subordinated debt and junior subordinated debt

 

 

3,175

 

 

 

1,743

 

 

 

7,123

 

 

 

5,336

 

Total interest expense

 

 

9,616

 

 

 

6,103

 

 

 

20,299

 

 

 

22,153

 

NET INTEREST INCOME

 

 

124,501

 

 

 

115,275

 

 

 

344,439

 

 

 

347,607

 

Provision for credit losses

 

 

(535

)

 

 

(1,730

)

 

 

(4,785

)

 

 

(50,714

)

Net interest income after provision for credit losses

 

 

125,036

 

 

 

117,005

 

 

 

349,224

 

 

 

398,321

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

6,517

 

 

 

7,289

 

 

 

20,879

 

 

 

22,069

 

Service charges on deposits

 

 

6,942

 

 

 

6,050

 

 

 

19,520

 

 

 

15,820

 

Electronic banking fees

 

 

4,808

 

 

 

5,427

 

 

 

15,307

 

 

 

14,853

 

Net securities brokerage revenue

 

 

2,491

 

 

 

1,965

 

 

 

6,969

 

 

 

5,318

 

Bank-owned life insurance

 

 

1,999

 

 

 

2,656

 

 

 

8,263

 

 

 

6,072

 

Mortgage banking income

 

 

1,257

 

 

 

4,563

 

 

 

4,508

 

 

 

16,656

 

Net securities gains (losses)

 

 

656

 

 

 

(15

)

 

 

(1,176

)

 

 

740

 

Net gain (loss) on other real estate owned and other assets

 

 

2,040

 

 

 

785

 

 

 

(68

)

 

 

4,974

 

Other income

 

 

5,546

 

 

 

4,035

 

 

 

15,420

 

 

 

15,574

 

Total non-interest income

 

 

32,256

 

 

 

32,755

 

 

 

89,622

 

 

 

102,076

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

44,271

 

 

 

39,497

 

 

 

124,421

 

 

 

113,822

 

Employee benefits

 

 

10,693

 

 

 

10,658

 

 

 

28,574

 

 

 

30,191

 

Net occupancy

 

 

6,489

 

 

 

6,825

 

 

 

19,843

 

 

 

20,430

 

Equipment and software

 

 

8,083

 

 

 

7,609

 

 

 

23,795

 

 

 

21,654

 

Marketing

 

 

2,377

 

 

 

1,848

 

 

 

7,546

 

 

 

6,033

 

FDIC insurance

 

 

2,391

 

 

 

1,227

 

 

 

5,850

 

 

 

2,690

 

Amortization of intangible assets

 

 

2,560

 

 

 

2,854

 

 

 

7,738

 

 

 

8,622

 

Restructuring and merger-related expense

 

 

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