Company Quick10K Filing
⚲
WesBanco
Financials
Price38.06 EPS3
Shares55 P/E13
MCap2,084 P/FCF14
Net Debt-244 EBIT287
TEV1,840 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-07-30
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-25
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-10-25
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-03-07
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-26
10-Q 2012-03-31 Filed 2012-04-27
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-04-27 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-10-27 Filed 2010-10-27
10-Q 2010-07-30 Filed 2010-07-30
10-Q 2010-04-30 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-03-09
Reports
8-K 2020-05-06
8-K 2020-04-27
8-K 2020-04-22
8-K 2020-04-06
8-K 2020-03-24
8-K 2020-02-28
8-K 2020-02-27
8-K 2020-02-12
8-K 2020-02-05
8-K 2020-01-27
8-K 2020-01-03
8-K 2019-12-19
8-K 2019-11-22
8-K 2019-11-14
8-K 2019-11-04
8-K 2019-10-29
8-K 2019-10-23
8-K 2019-10-03
8-K 2019-08-30
8-K 2019-08-21
8-K 2019-07-23
8-K 2019-06-28
8-K 2019-05-31
8-K 2019-05-10
8-K 2019-05-06
8-K 2019-04-17
8-K 2019-04-17
8-K 2019-04-16
8-K 2019-04-03
8-K 2019-03-12
8-K 2019-02-28
8-K 2019-02-13
8-K 2019-02-08
8-K 2019-01-28
8-K 2019-01-03
8-K 2018-11-09
8-K 2018-10-24
8-K 2018-10-03
8-K 2018-08-20
8-K 2018-08-14
8-K 2018-08-10
8-K 2018-08-02
8-K 2018-08-01
8-K 2018-07-23
8-K 2018-07-18
8-K 2018-07-10
8-K 2018-07-10
8-K 2018-07-05
8-K 2018-06-15
8-K 2018-05-02
8-K 2018-04-19
8-K 2018-04-19
8-K 2018-04-17
8-K 2018-04-06
8-K 2018-02-22
8-K 2018-02-16
8-K 2018-02-12
8-K 2018-02-06
8-K 2018-01-23
8-K 2018-01-05

WSBC 10Q Quarterly Report

Content
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. Derivatives and Hedging Activities
Note 7. Benefit Plans
Note 8. Fair Value Measurement
Note 9. Revenue Recognition
Note 10. Comprehensive Income/(Loss)
Note 11. Commitments and Contingent Liabilities
Note 12. Business Segments
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 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Exhibits
EX-31.1 wsbc-ex311_7.htm
EX-31.2 wsbc-ex312_8.htm
EX-32.1 wsbc-ex321_6.htm

WesBanco Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
wsbc-10q_20200331.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 March 31, 2020  

 

☐

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 May 1, 2020, there were 67,058,155 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 March 31, 2020 (unaudited) and December 31, 2019

2

 

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019 (unaudited)

3

 

Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2020 and 2019 (unaudited)

4

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (unaudited)

5

 

Notes to Consolidated Financial Statements (unaudited)

6

 

 

 

2

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

35

 

 

 

3

Quantitative and Qualitative Disclosures About Market Risk

57

 

 

 

4

Controls and Procedures

59

 

 

 

 

PART II – OTHER INFORMATION

 

1

Legal Proceedings

60

 

 

 

1A

Risk Factors

60

 

 

 

2

Unregistered Sales of Equity Securities and Use of Proceeds

61

 

 

 

6

Exhibits

62

 

 

 

 

Signatures

63

1

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WESBANCO, INC. CONSOLIDATED BALANCE SHEETS

 

 

 

March 31,

 

 

December 31,

 

(unaudited, in thousands, except shares)

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks, including interest bearing amounts of $410,734 and $51,891, respectively

 

$

593,872

 

 

$

234,796

 

Securities:

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

11,230

 

 

 

12,343

 

Available-for-sale debt securities, at fair value

 

 

2,262,082

 

 

 

2,393,558

 

Held-to-maturity debt securities (fair values of $841,120  and $874,523, respectively)

 

 

814,414

 

 

 

851,753

 

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

 

 

(236

)

 

 

—

 

       Net held-to-maturity debt securities

 

 

814,178

 

 

 

851,753

 

Total securities

 

 

3,087,490

 

 

 

3,257,654

 

Loans held for sale

 

 

48,021

 

 

 

43,013

 

Portfolio loans, net of unearned income

 

 

10,349,596

 

 

 

10,267,985

 

Allowance for credit losses - loans

 

 

(114,272

)

 

 

(52,429

)

Net portfolio loans

 

 

10,235,324

 

 

 

10,215,556

 

Premises and equipment, net

 

 

258,200

 

 

 

261,014

 

Accrued interest receivable

 

 

43,960

 

 

 

43,648

 

Goodwill and other intangible assets, net

 

 

1,170,070

 

 

 

1,149,153

 

Bank-owned life insurance

 

 

301,270

 

 

 

299,516

 

Other assets

 

 

257,365

 

 

 

215,762

 

Total Assets

 

$

15,995,572

 

 

$

15,720,112

 

LIABILITIES

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Non-interest bearing demand

 

$

3,191,713

 

 

$

3,178,270

 

Interest bearing demand

 

 

2,388,406

 

 

 

2,316,855

 

Money market

 

 

1,539,835

 

 

 

1,518,314

 

Savings deposits

 

 

1,984,057

 

 

 

1,934,647

 

Certificates of deposit

 

 

1,939,321

 

 

 

2,055,920

 

Total deposits

 

 

11,043,332

 

 

 

11,004,006

 

Federal Home Loan Bank borrowings

 

 

1,585,608

 

 

 

1,415,615

 

Other short-term borrowings

 

 

333,966

 

 

 

282,362

 

Subordinated debt and junior subordinated debt

 

 

192,008

 

 

 

199,869

 

Total borrowings

 

 

2,111,582

 

 

 

1,897,846

 

Accrued interest payable

 

 

7,667

 

 

 

8,077

 

Other liabilities

 

 

246,931

 

 

 

216,262

 

Total Liabilities

 

 

13,409,512

 

 

 

13,126,191

 

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 2020 and 2019, respectively;

   68,078,116 and 68,078,116 shares issued, respectively; 67,058,155 and 67,824,428 shares

   outstanding, respectively

 

 

141,827

 

 

 

141,827

 

Capital surplus

 

 

1,638,122

 

 

 

1,636,966

 

Retained earnings

 

 

800,064

 

 

 

824,694

 

Treasury stock (1,019,961 and 253,688 shares  - at cost, respectively)

 

 

(33,714

)

 

 

(9,463

)

Accumulated other comprehensive income

 

 

41,141

 

 

 

1,201

 

Deferred benefits for directors

 

 

(1,380

)

 

 

(1,304

)

Total Shareholders' Equity

 

 

2,586,060

 

 

 

2,593,921

 

Total Liabilities and Shareholders' Equity

 

$

15,995,572

 

 

$

15,720,112

 

 

See Notes to Consolidated Financial Statements.

2

WESBANCO, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

For the Three Months

Ended March 31,

 

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

 

2020

 

 

2019

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

Loans, including fees

 

$

119,503

 

 

$

95,502

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

Taxable

 

 

16,986

 

 

 

16,733

 

Tax-exempt

 

 

4,456

 

 

 

5,541

 

Total interest and dividends on securities

 

 

21,442

 

 

 

22,274

 

Other interest income

 

 

1,503

 

 

 

1,277

 

Total interest and dividend income

 

 

142,448

 

 

 

119,053

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

 

3,394

 

 

 

3,946

 

Money market deposits

 

 

2,352

 

 

 

1,899

 

Savings deposits

 

 

923

 

 

 

522

 

Certificates of deposit

 

 

4,054

 

 

 

3,903

 

Total interest expense on deposits

 

 

10,723

 

 

 

10,270

 

Federal Home Loan Bank borrowings

 

 

8,232

 

 

 

6,337

 

Other short-term borrowings

 

 

870

 

 

 

1,556

 

Subordinated debt and junior subordinated debt

 

 

2,461

 

 

 

2,529

 

Total interest expense

 

 

22,286

 

 

 

20,692

 

NET INTEREST INCOME

 

 

120,162

 

 

 

98,361

 

Provision for credit losses

 

 

29,821

 

 

 

2,507

 

Net interest income after provision for credit losses

 

 

90,341

 

 

 

95,854

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

Trust fees

 

 

6,952

 

 

 

7,115

 

Service charges on deposits

 

 

6,617

 

 

 

6,549

 

Electronic banking fees

 

 

4,254

 

 

 

5,892

 

Net securities brokerage revenue

 

 

1,679

 

 

 

1,860

 

Bank-owned life insurance

 

 

1,769

 

 

 

1,319

 

Mortgage banking income

 

 

1,276

 

 

 

1,056

 

Net securities gains

 

 

1,491

 

 

 

657

 

Net gain on other real estate owned and other assets

 

 

169

 

 

 

136

 

Other income

 

 

3,802

 

 

 

3,189

 

Total non-interest income

 

 

28,009

 

 

 

27,773

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

Salaries and wages

 

 

38,910

 

 

 

30,940

 

Employee benefits

 

 

10,373

 

 

 

9,989

 

Net occupancy

 

 

7,084

 

 

 

5,566

 

Equipment

 

 

6,039

 

 

 

4,833

 

Marketing

 

 

1,138

 

 

 

1,243

 

FDIC insurance

 

 

2,113

 

 

 

1,353

 

Amortization of intangible assets

 

 

3,374

 

 

 

2,514

 

Restructuring and merger-related expense

 

 

5,164

 

 

 

3,107

 

Other operating expenses

 

 

17,138

 

 

 

14,887

 

Total non-interest expense

 

 

91,333

 

 

 

74,432

 

Income before provision for income taxes

 

 

27,017

 

 

 

49,195

 

Provision for income taxes

 

 

3,621

 

 

 

8,858

 

NET INCOME

 

$

23,396

 

 

$

40,337

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

0.74

 

Diluted

 

$

0.35

 

 

$

0.74

 

AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

 

 

 

 

Basic

 

 

67,486,550

 

 

 

54,598,499

 

Diluted

 

 

67,587,446

 

 

 

54,706,337

 

DIVIDENDS DECLARED PER COMMON SHARE

 

$

0.32

 

 

$

0.31

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

 

$

63,336

 

 

$

60,110

 

 

See Notes to Consolidated Financial Statements.

3

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

 

 

 

 

For the Three Months Ended March 31, 2020 and 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Deferred

 

 

 

 

 

(unaudited, in thousands, except

 

Shares

 

 

 

 

 

 

Capital

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Benefits for

 

 

 

 

 

   shares and per share amounts)

 

Outstanding

 

 

Amount

 

 

Surplus

 

 

Earnings

 

 

Stock

 

 

Income (Loss)

 

 

Directors

 

 

Total

 

December 31, 2019

 

 

67,824,428

 

 

$

141,827

 

 

$

1,636,966

 

 

$

824,694