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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, 2023

 

☐

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 25, 2023, there were 59,368,269 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, 2023 (unaudited) and December 31, 2022

2

Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)

3

 

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022 (unaudited)

4

Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2023 and 2022 (unaudited)

5

Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (unaudited)

7

Notes to Consolidated Financial Statements (unaudited)

8

 

2

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

34

 

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

 

 

 

5

Other Information

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)

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

Cash and due from banks, including interest bearing amounts of $342,070 and $242,229, respectively

 

$

495,082

 

 

$

408,411

 

Securities:

 

 

 

 

 

 

Equity securities, at fair value

 

 

11,453

 

 

 

11,506

 

Available-for-sale debt securities, at fair value

 

 

2,196,141

 

 

 

2,529,140

 

Held-to-maturity debt securities (fair values of $998,987 and $1,084,390, respectively)

 

 

1,210,992

 

 

 

1,248,629

 

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

 

 

(180

)

 

 

(220

)

       Net held-to-maturity debt securities

 

 

1,210,812

 

 

 

1,248,409

 

Total securities

 

 

3,418,406

 

 

 

3,789,055

 

Loans held for sale

 

 

17,677

 

 

 

8,249

 

Portfolio loans, net of unearned income

 

 

11,315,873

 

 

 

10,702,728

 

Allowance for credit losses - loans

 

 

(126,615

)

 

 

(117,790

)

Net portfolio loans

 

 

11,189,258

 

 

 

10,584,938

 

Premises and equipment, net

 

 

226,377

 

 

 

220,892

 

Accrued interest receivable

 

 

73,014

 

 

 

68,522

 

Goodwill and other intangible assets, net

 

 

1,134,510

 

 

 

1,141,355

 

Bank-owned life insurance

 

 

356,962

 

 

 

352,361

 

Other assets

 

 

433,091

 

 

 

358,122

 

Total Assets

 

$

17,344,377

 

 

$

16,931,905

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing demand

 

$

4,169,956

 

 

$

4,700,438

 

Interest bearing demand

 

 

3,278,956

 

 

 

3,119,807

 

Money market

 

 

1,905,001

 

 

 

1,684,023

 

Savings deposits

 

 

2,559,894

 

 

 

2,741,004

 

Certificates of deposit

 

 

1,176,421

 

 

 

885,818

 

Total deposits

 

 

13,090,228

 

 

 

13,131,090

 

Federal Home Loan Bank borrowings

 

 

1,125,000

 

 

 

705,000

 

Other short-term borrowings

 

 

106,693

 

 

 

135,069

 

Subordinated debt and junior subordinated debt

 

 

282,079

 

 

 

281,404

 

Total borrowings

 

 

1,513,772

 

 

 

1,121,473

 

Accrued interest payable

 

 

11,416

 

 

 

4,593

 

Other liabilities

 

 

281,020

 

 

 

248,087

 

Total Liabilities

 

 

14,896,436

 

 

 

14,505,243

 

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, 2023 and December 31, 2022, respectively

 

 

144,484

 

 

 

144,484

 

Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 59,364,696 and 59,198,963 shares outstanding at September 30, 2023 and December 31, 2022, respectively

 

 

141,834

 

 

 

141,834

 

Capital surplus

 

 

1,633,395

 

 

 

1,635,877

 

Retained earnings

 

 

1,131,597

 

 

 

1,077,675

 

Treasury stock (8,716,610 and 8,882,343 shares - at cost, respectively)

 

 

(303,424

)

 

 

(308,964

)

Accumulated other comprehensive loss

 

 

(297,906

)

 

 

(262,416

)

Deferred benefits for directors

 

 

(2,039

)

 

 

(1,828

)

Total Shareholders' Equity

 

 

2,447,941

 

 

 

2,426,662

 

Total Liabilities and Shareholders' Equity

 

$

17,344,377

 

 

$

16,931,905

 

 

See Notes to Consolidated Financial Statements.

2

 

WESBANCO, INC. CONSOLIDATED STATEMENTS OF INCOME

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

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

 

2023

 

 

2022

 

 

2023

 

 

2022

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

155,206

 

 

$

109,562

 

 

$

434,352

 

 

$

299,094

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

18,082

 

 

 

17,531

 

 

 

55,651

 

 

 

47,468

 

Tax-exempt

 

 

4,679

 

 

 

4,916

 

 

 

14,191

 

 

 

13,965

 

Total interest and dividends on securities

 

 

22,761

 

 

 

22,447

 

 

 

69,842

 

 

 

61,433

 

Other interest income

 

 

5,622

 

 

 

2,108

 

 

 

16,004

 

 

 

4,211

 

Total interest and dividend income

 

 

183,589

 

 

 

134,117

 

 

 

520,198

 

 

 

364,738

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

 

20,873

 

 

 

2,953

 

 

 

49,181

 

 

 

4,917

 

Money market deposits

 

 

10,841

 

 

 

968

 

 

 

22,313

 

 

 

1,672

 

Savings deposits

 

 

6,699

 

 

 

1,067

 

 

 

16,559

 

 

 

1,662

 

Certificates of deposit

 

 

5,983

 

 

 

958

 

 

 

10,092

 

 

 

3,347

 

Total interest expense on deposits

 

 

44,396

 

 

 

5,946

 

 

 

98,145

 

 

 

11,598

 

Federal Home Loan Bank borrowings

 

 

16,463

 

 

 

348

 

 

 

44,477

 

 

 

1,334

 

Other short-term borrowings

 

 

745

 

 

 

147

 

 

 

1,654

 

 

 

244

 

Subordinated debt and junior subordinated debt

 

 

4,303

 

 

 

3,175

 

 

 

12,342

 

 

 

7,123

 

Total interest expense

 

 

65,907

 

 

 

9,616

 

 

 

156,618

 

 

 

20,299

 

NET INTEREST INCOME

 

 

117,682

 

 

 

124,501

 

 

 

363,580

 

 

 

344,439

 

Provision for credit losses

 

 

6,327

 

 

 

(535

)

 

 

12,932

 

 

 

(4,785

)

Net interest income after provision for credit losses

 

 

111,355

 

 

 

125,036

 

 

 

350,648

 

 

 

349,224

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

Trust fees

 

 

6,705

 

 

 

6,517

 

 

21,116

 

 

 

20,879

 

Service charges on deposits

 

 

6,726

 

 

 

6,942

 

 

19,128

 

 

 

19,520

 

Electronic banking fees

 

 

4,949

 

 

 

4,808

 

 

14,564

 

 

 

15,307

 

Net swap fee and valuation income

 

 

3,845

 

 

 

2,430

 

 

 

7,257

 

 

 

6,053

 

Net securities brokerage revenue

 

 

2,394

 

 

 

2,491

 

 

7,492

 

 

 

6,969

 

Bank-owned life insurance

 

 

2,398

 

 

 

1,999

 

 

7,547

 

 

 

8,263

 

Mortgage banking income

 

 

975

 

 

 

1,257

 

 

2,002

 

 

 

4,508

 

Net securities (losses) gains

 

 

(337

)

 

 

656

 

 

13

 

 

 

(1,176

)

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

 

 

(28

)

 

 

2,040

 

 

1,075

 

 

 

(68

)

Other income

 

 

3,252

 

 

 

3,116

 

 

10,178

 

 

 

9,367

 

Total non-interest income

 

 

30,879

 

 

 

32,256

 

 

90,372

 

 

 

89,622

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

45,351

 

 

 

44,271

 

 

 

131,774

 

 

 

124,421

 

Employee benefits

 

 

11,922

 

 

 

10,693

 

 

 

35,492

 

 

 

28,574

 

Net occupancy

 

 

6,146

 

 

 

6,489

 

 

 

18,921

 

 

 

19,843

 

Equipment and software

 

 

9,132

 

 

 

8,083

 

 

 

27,018

 

 

 

23,795

 

Marketing

 

 

3,115

 

 

 

2,377

 

 

 

8,203

 

 

 

7,546

 

FDIC insurance

 

 

3,125

 

 

 

2,391

 

 

 

8,880

 

 

 

5,850

 

Amortization of intangible assets

 

 

2,262

 

 

 

2,560

 

 

 

6,845

 

 

 

7,738

 

Restructuring and merger-related expense

 

 

641

 

 

 

66

 

 

 

3,830

 

 

 

1,712

 

Other operating expenses

 

 

16,245

 

 

 

15,011

 

 

 

49,535

 

 

 

47,032

 

Total non-interest expense

 

 

97,939

 

 

 

91,941

 

 

 

290,498

 

 

 

266,511

 

Income before provision for income taxes

 

 

44,295

 

 

 

65,351

 

 

 

150,522

 

 

 

172,335

 

Provision for income taxes

 

 

7,453

 

 

 

12,318

 

 

 

26,458

 

 

 

32,432

 

Net income

 

 

36,842

 

 

 

53,033

 

 

 

124,064

 

 

 

139,903

 

Preferred stock dividends

 

 

2,531

 

 

 

2,531

 

 

 

7,594

 

 

 

7,594

 

Net income available to common shareholders

 

$

34,311

 

 

$

50,502

 

 

$

116,470

 

 

$

132,309

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.58

 

 

$

0.85

 

 

$

1.96

 

 

$

2.19

 

Diluted

 

$

0.58

 

 

$

0.85

 

 

$

1.96

 

 

$

2.19

 

AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

59,358,653

 

 

 

59,549,244

 

 

 

59,280,644

 

 

 

60,336,637

 

Diluted

 

 

59,443,366

 

 

 

59,697,676

 

 

 

59,386,429

 

 

 

60,489,248

 

DIVIDENDS DECLARED PER COMMON SHARE

 

$

0.35

 

 

$

0.34

 

 

$

1.05

 

 

$

1.02

 

 

See Notes to Consolidated Financial Statements.

 

3

 

WESBANCO, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,