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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, 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 July 27, 2022, there were 59,704,495 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, 2022 (unaudited) and December 31, 2021

2

 

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

3

 

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

4

 

Consolidated Condensed Statements of Cash Flows for the six months ended June 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

32

 

 

 

3

Quantitative and Qualitative Disclosures About Market Risk

52

 

 

 

4

Controls and Procedures

54

 

 

 

 

PART II – OTHER INFORMATION

 

1

Legal Proceedings

55

 

 

 

2

Unregistered Sales of Equity Securities and Use of Proceeds

55

 

 

 

6

Exhibits

56

 

 

 

 

Signatures

57

 

1

 

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WESBANCO, INC. CONSOLIDATED BALANCE SHEETS

 

 

 

June 30,

 

 

December 31,

 

(unaudited, in thousands, except shares)

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Cash and due from banks, including interest bearing amounts of $263,475 and $1,094,312, respectively

 

$

450,009

 

 

$

1,251,358

 

Securities:

 

 

 

 

 

 

Equity securities, at fair value

 

 

11,413

 

 

 

13,466

 

Available-for-sale debt securities, at fair value

 

 

2,884,651

 

 

 

3,013,462

 

Held-to-maturity debt securities (fair values of $1,153,594 and $1,028,452, respectively)

 

 

1,281,295

 

 

 

1,004,823

 

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

 

 

(265

)

 

 

(268

)

       Net held-to-maturity debt securities

 

 

1,281,030

 

 

 

1,004,555

 

Total securities

 

 

4,177,094

 

 

 

4,031,483

 

Loans held for sale

 

 

17,560

 

 

 

25,277

 

Portfolio loans, net of unearned income

 

 

10,208,689

 

 

 

9,733,478

 

Allowance for credit losses - loans

 

 

(117,403

)

 

 

(121,622

)

Net portfolio loans

 

 

10,091,286

 

 

 

9,611,856

 

Premises and equipment, net

 

 

216,293

 

 

 

229,016

 

Accrued interest receivable

 

 

61,918

 

 

 

60,844

 

Goodwill and other intangible assets, net

 

 

1,146,456

 

 

 

1,151,634

 

Bank-owned life insurance

 

 

348,807

 

 

 

350,359

 

Other assets

 

 

290,201

 

 

 

215,298

 

Total Assets

 

$

16,799,624

 

 

$

16,927,125

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing demand

 

$

4,738,830

 

 

$

4,590,895

 

Interest bearing demand

 

 

3,258,871

 

 

 

3,380,056

 

Money market

 

 

1,770,859

 

 

 

1,739,750

 

Savings deposits

 

 

2,695,437

 

 

 

2,562,510

 

Certificates of deposit

 

 

1,105,305

 

 

 

1,292,652

 

Total deposits

 

 

13,569,302

 

 

 

13,565,863

 

Federal Home Loan Bank borrowings

 

 

122,650

 

 

 

183,920

 

Other short-term borrowings

 

 

147,964

 

 

 

141,893

 

Subordinated debt and junior subordinated debt

 

 

280,910

 

 

 

132,860

 

Total borrowings

 

 

551,524

 

 

 

458,673

 

Accrued interest payable

 

 

2,815

 

 

 

1,901

 

Other liabilities

 

 

208,032

 

 

 

207,522

 

Total Liabilities

 

 

14,331,673

 

 

 

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 June 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; 59,698,788 and 62,307,245 shares outstanding at June 30, 2022 and December 31, 2021, respectively

 

 

141,834

 

 

 

141,834

 

Capital surplus

 

 

1,632,617

 

 

 

1,635,642

 

Retained earnings

 

 

1,018,209

 

 

 

977,765

 

Treasury stock (8,382,518 and 5,774,061 shares - at cost, respectively)

 

 

(291,337

)

 

 

(199,759

)

Accumulated other comprehensive loss

 

 

(176,061

)

 

 

(5,120

)

Deferred benefits for directors

 

 

(1,795

)

 

 

(1,680

)

Total Shareholders' Equity

 

 

2,467,951

 

 

 

2,693,166

 

Total Liabilities and Shareholders' Equity

 

$

16,799,624

 

 

$

16,927,125

 

 

See Notes to Consolidated Financial Statements.

2

 

WESBANCO, INC. CONSOLIDATED STATEMENTS OF INCOME AND 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)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

96,412

 

 

$

105,968

 

 

$

189,532

 

 

$

215,327

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

15,825

 

 

 

12,900

 

 

 

29,937

 

 

 

24,027

 

Tax-exempt

 

 

4,706

 

 

 

3,952

 

 

 

9,049

 

 

 

7,862

 

Total interest and dividends on securities

 

 

20,531

 

 

 

16,852

 

 

 

38,986

 

 

 

31,889

 

Other interest income

 

 

1,504

 

 

 

507

 

 

 

2,103

 

 

 

1,166

 

Total interest and dividend income

 

 

118,447

 

 

 

123,327

 

 

 

230,621

 

 

 

248,382

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

 

1,153

 

 

 

1,009

 

 

 

1,965

 

 

 

2,052

 

Money market deposits

 

 

383

 

 

 

551

 

 

 

704

 

 

 

1,130

 

Savings deposits

 

 

330

 

 

 

261

 

 

 

595

 

 

 

525

 

Certificates of deposit

 

 

1,116

 

 

 

2,026

 

 

 

2,389

 

 

 

4,396

 

Total interest expense on deposits

 

 

2,982

 

 

 

3,847

 

 

 

5,653

 

 

 

8,103

 

Federal Home Loan Bank borrowings

 

 

411

 

 

 

1,781

 

 

 

986

 

 

 

4,195

 

Other short-term borrowings

 

 

48

 

 

 

40

 

 

 

96

 

 

 

159

 

Subordinated debt and junior subordinated debt

 

 

2,778

 

 

 

1,804

 

 

 

3,948

 

 

 

3,593

 

Total interest expense

 

 

6,219

 

 

 

7,472

 

 

 

10,683

 

 

 

16,050

 

NET INTEREST INCOME

 

 

112,228

 

 

 

115,855

 

 

 

219,938

 

 

 

232,332

 

Provision for credit losses

 

 

(812

)

 

 

(21,025

)

 

 

(4,250

)

 

 

(48,984

)

Net interest income after provision for credit losses

 

 

113,040

 

 

 

136,880

 

 

 

224,188

 

 

 

281,316

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

6,527

 

 

 

7,148

 

 

 

14,362

 

 

 

14,780

 

Service charges on deposits

 

 

6,487

 

 

 

4,876

 

 

 

12,577

 

 

 

9,770

 

Electronic banking fees

 

 

5,154

 

 

 

5,060

 

 

 

10,499

 

 

 

9,426

 

Net securities brokerage revenue

 

 

2,258

 

 

 

1,829

 

 

 

4,478

 

 

 

3,352

 

Bank-owned life insurance

 

 

2,384

 

 

 

1,707

 

 

 

6,264

 

 

 

3,416

 

Mortgage banking income

 

 

1,328

 

 

 

7,830

 

 

 

3,251

 

 

 

12,094

 

Net securities (losses) gains

 

 

(1,183

)

 

 

477

 

 

 

(1,832

)

 

 

756

 

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

 

 

(1,302

)

 

 

4,014

 

 

 

(2,108

)

 

 

4,189

 

Other income

 

 

5,330

 

 

 

3,171

 

 

 

9,874

 

 

 

11,537

 

Total non-interest income

 

 

26,983

 

 

 

36,112

 

 

 

57,365

 

 

 

69,320

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

41,213

 

 

 

37,435

 

 

 

80,150

 

 

 

74,324

 

Employee benefits

 

 

8,722

 

 

 

9,268

 

 

 

17,880

 

 

 

19,534

 

Net occupancy

 

 

6,119

 

 

 

6,427

 

 

 

13,354

 

 

 

13,605

 

Equipment and software

 

 

7,702

 

 

 

7,281

 

 

 

15,713

 

 

 

14,045

 

Marketing

 

 

2,749

 

 

 

1,802

 

 

 

5,170

 

 

 

4,185

 

FDIC insurance

 

 

1,937

 

 

 

181

 

 

 

3,459

 

 

 

1,462

 

Amortization of intangible assets

 

 

2,579

 

 

 

2,873

 

 

 

5,178

 

 

 

5,769

 

Restructuring and merger-related expense

 

 

52

 

 

 

1,222

 

 

 

1,646

 

 

 

2,074

 

Other operating expenses

 

 

15,946

 

 

 

17,323

 

 

 

32,019

 

 

 

35,141

 

Total non-interest expense

 

 

87,019

 

 

 

83,812

 

 

 

174,569

 

 

 

170,139

 

Income before provision for income taxes

 

 

53,004

 

 

 

89,180

 

 

 

106,984

 

 

 

180,497

 

Provision for income taxes

 

 

10,256

 

 

 

18,592

 

 

 

20,114

 

 

 

36,793

 

Net income

 

 

42,748

 

 

 

70,588

 

 

 

86,870

 

 

 

143,704

 

Preferred stock dividends

 

 

2,531

 

 

 

2,531

 

 

 

5,063

 

 

 

5,063

 

Net income available to common shareholders

 

$

40,217

 

 

$

68,057

 

 

$

81,807

 

 

$

138,641

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.67

 

 

$

1.02

 

 

$

1.35

 

 

$

2.07

 

Diluted