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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, 2024

 

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 April 25, 2024, there were 59,423,197 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, 2024 (unaudited) and December 31, 2023

2

Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (unaudited)

3

 

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (unaudited)

4

Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited)

5

Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited)

6

Notes to Consolidated Financial Statements (unaudited)

7

 

2

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

34

 

3

Quantitative and Qualitative Disclosures About Market Risk

51

 

 

4

Controls and Procedures

53

 

PART II – OTHER INFORMATION

 

1

Legal Proceedings

54

 

2

Unregistered Sales of Equity Securities and Use of Proceeds

54

 

 

 

5

Other Information

54

 

 

 

6

Exhibits

55

 

Signatures

56

 

1


 

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WESBANCO, INC. CONSOLIDATED BALANCE SHEETS

 

 

 

March 31,

 

 

December 31,

 

(unaudited, in thousands, except shares)

 

2024

 

 

2023

 

ASSETS

 

 

 

 

 

 

Cash and due from banks, including interest bearing amounts of $370,729 and $436,879, respectively

 

$

509,669

 

 

$

595,383

 

Securities:

 

 

 

 

 

 

Equity securities, at fair value

 

 

13,074

 

 

 

12,320

 

Available-for-sale debt securities, at fair value

 

 

2,119,272

 

 

 

2,194,329

 

Held-to-maturity debt securities (fair values of $1,052,444 and $1,069,159, respectively)

 

 

1,190,010

 

 

 

1,199,527

 

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

 

 

(183

)

 

 

(192

)

       Net held-to-maturity debt securities

 

 

1,189,827

 

 

 

1,199,335

 

Total securities

 

 

3,322,173

 

 

 

3,405,984

 

Loans held for sale

 

 

12,472

 

 

 

16,354

 

Portfolio loans, net of unearned income

 

 

11,873,167

 

 

 

11,638,461

 

Allowance for credit losses - loans

 

 

(129,190

)

 

 

(130,675

)

Net portfolio loans

 

 

11,743,977

 

 

 

11,507,786

 

Premises and equipment, net

 

 

232,630

 

 

 

233,571

 

Accrued interest receivable

 

 

78,564

 

 

 

77,435

 

Goodwill and other intangible assets, net

 

 

1,130,175

 

 

 

1,132,267

 

Bank-owned life insurance

 

 

357,099

 

 

 

355,033

 

Other assets

 

 

385,976

 

 

 

388,561

 

Total Assets

 

$

17,772,735

 

 

$

17,712,374

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing demand

 

$

3,938,610

 

 

$

3,962,592

 

Interest bearing demand

 

 

3,529,691

 

 

 

3,463,443

 

Money market

 

 

2,189,769

 

 

 

2,017,713

 

Savings deposits

 

 

2,499,466

 

 

 

2,493,254

 

Certificates of deposit

 

 

1,339,237

 

 

 

1,231,702

 

Total deposits

 

 

13,496,773

 

 

 

13,168,704

 

Federal Home Loan Bank borrowings

 

 

1,100,000

 

 

 

1,350,000

 

Other short-term borrowings

 

 

72,935

 

 

 

105,893

 

Subordinated debt and junior subordinated debt

 

 

279,136

 

 

 

279,078

 

Total borrowings

 

 

1,452,071

 

 

 

1,734,971

 

Accrued interest payable

 

 

15,929

 

 

 

11,121

 

Other liabilities

 

 

269,600

 

 

 

264,516

 

Total Liabilities

 

 

15,234,373

 

 

 

15,179,312

 

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 March 31, 2024 and December 31, 2023, respectively

 

 

144,484

 

 

 

144,484

 

Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 59,395,777 and 59,376,435 shares outstanding at March 31, 2024 and December 31, 2023, respectively

 

 

141,834

 

 

 

141,834

 

Capital surplus

 

 

1,636,964

 

 

 

1,635,859

 

Retained earnings

 

 

1,154,307

 

 

 

1,142,586

 

Treasury stock (8,685,529 and 8,704,871 shares - at cost, respectively)

 

 

(302,264

)

 

 

(302,995

)

Accumulated other comprehensive loss

 

 

(234,922

)

 

 

(226,693

)

Deferred benefits for directors

 

 

(2,041

)

 

 

(2,013

)

Total Shareholders' Equity

 

 

2,538,362

 

 

 

2,533,062

 

Total Liabilities and Shareholders' Equity

 

$

17,772,735

 

 

$

17,712,374

 

 

See Notes to Consolidated Financial Statements.

2


 

WESBANCO, INC. CONSOLIDATED STATEMENTS OF INCOME

 

 

 

For the Three Months
Ended March 31,

 

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

 

2024

 

 

2023

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

Loans, including fees

 

$

166,974

 

 

$

133,406

 

Interest and dividends on securities:

 

 

 

 

 

 

Taxable

 

 

17,404

 

 

 

19,086

 

Tax-exempt

 

 

4,586

 

 

 

4,790

 

Total interest and dividends on securities

 

 

21,990

 

 

 

23,876

 

Other interest income

 

 

6,369

 

 

 

3,273

 

Total interest and dividend income

 

 

195,333

 

 

 

160,555

 

INTEREST EXPENSE

 

 

 

 

 

 

Interest bearing demand deposits

 

 

25,590

 

 

 

11,106

 

Money market deposits

 

 

16,114

 

 

 

4,252

 

Savings deposits

 

 

7,667

 

 

 

4,000

 

Certificates of deposit

 

 

10,247

 

 

 

1,203

 

Total interest expense on deposits

 

 

59,618

 

 

 

20,561

 

Federal Home Loan Bank borrowings

 

 

17,000

 

 

 

11,300

 

Other short-term borrowings

 

 

674

 

 

 

418

 

Subordinated debt and junior subordinated debt

 

 

4,075

 

 

 

3,944

 

Total interest expense

 

 

81,367

 

 

 

36,223

 

NET INTEREST INCOME

 

 

113,966

 

 

 

124,332

 

Provision for credit losses

 

 

4,014

 

 

 

3,577

 

Net interest income after provision for credit losses

 

 

109,952

 

 

 

120,755

 

NON-INTEREST INCOME

 

 

 

 

Trust fees

 

 

8,082

 

 

 

7,494

 

Service charges on deposits

 

 

6,784

 

 

 

6,170

 

Digital banking income

 

 

4,704

 

 

 

4,605

 

Net swap fee and valuation income

 

 

1,563

 

 

 

799

 

Net securities brokerage revenue

 

 

2,548

 

 

 

2,576

 

Bank-owned life insurance

 

 

2,067

 

 

 

1,959

 

Mortgage banking income

 

 

693

 

 

 

426

 

Net securities gains

 

 

537

 

 

 

145

 

Net gain on other real estate owned and other assets

 

 

154

 

 

 

232

 

Other income

 

 

3,497

 

 

 

3,247

 

Total non-interest income

 

 

30,629

 

 

 

27,653

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

Salaries and wages

 

 

42,997

 

 

 

41,952

 

Employee benefits

 

 

12,184

 

 

 

12,060

 

Net occupancy

 

 

6,623

 

 

 

6,643

 

Equipment and software

 

 

10,008

 

 

 

9,063

 

Marketing

 

 

1,885

 

 

 

2,325

 

FDIC insurance

 

 

3,448

 

 

 

2,884

 

Amortization of intangible assets

 

 

2,092

 

 

 

2,301

 

Restructuring and merger-related expense

 

 

 

 

 

3,153

 

Other operating expenses

 

 

17,954

 

 

 

15,744

 

Total non-interest expense

 

 

97,191

 

 

 

96,125

 

Income before provision for income taxes

 

 

43,390

 

 

 

52,283

 

Provision for income taxes

 

 

7,697

 

 

 

9,942

 

Net income

 

 

35,693

 

 

 

42,341

 

Preferred stock dividends

 

 

2,531

 

 

 

2,531

 

Net income available to common shareholders

 

$

33,162

 

 

$

39,810

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

Basic

 

$

0.56

 

 

$

0.67

 

Diluted

 

$

0.56

 

 

$

0.67

 

AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

 

 

Basic

 

 

59,382,758

 

 

 

59,217,711

 

Diluted

 

 

59,523,679

 

 

 

59,375,053

 

DIVIDENDS DECLARED PER COMMON SHARE

 

$

0.36

 

 

$

0.35

 

 

See Notes to Consolidated Financial Statements.

 

3


 

WESBANCO, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

For the Three Months
Ended March 31,

 

(unaudited, in thousands)

 

2024

 

 

2023

 

Net income

 

$

35,693

 

 

$

42,341

 

Debt securities available-for-sale:

 

 

 

 

 

 

Net change in unrealized (losses) gains on debt securities available-for-sale

 

 

(10,903

)

 

 

36,610

 

Related income tax effect

 

 

2,785

 

 

 

(8,782

)

Net securities losses reclassified into earnings

 

 

 

 

 

151

 

Related income tax effect

 

 

(59

)

 

 

(37

)

Net effect on other comprehensive (loss) income for the period

 

 

(8,177

)

 

 

27,942

 

Defined benefit plans:

 

 

 

 

 

 

Amortization of net (gain) loss and prior service costs

 

 

(101

)

 

 

98

 

Related income tax effect

 

 

49

 

 

 

(23

)

Net effect on other comprehensive (loss) income for the period

 

 

(52

)

 

 

75

 

Total other comprehensive (loss) income

 

 

(8,229

)

 

 

28,017

 

Comprehensive income

 

$

27,464

 

 

$

70,358

 

 

4


 

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

 

 

 

For the Three Months Ended March 31, 2024 and 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Preferred

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Deferred

 

 

 

 

(unaudited, in thousands, except

 

Stock

 

 

Shares

 

 

 

 

 

Capital

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Benefits for

 

 

 

 

   shares and per share amounts)

 

Amount

 

 

Outstanding

 

 

Amount

 

 

Surplus

 

 

Earnings

 

 

Stock

 

 

Income (Loss)

 

 

Directors

 

 

Total

 

December 31, 2023

 

$

144,484

 

 

 

59,376,435

 

 

$

141,834

 

 

$

1,635,859

 

 

$

1,142,586

 

 

$

(302,995

)

 

$

(226,693

)

 

$

(2,013

)

 

$

2,533,062

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,693

 

 

 

 

 

 

 

 

 

 

 

 

35,693

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,229

)

 

 

 

 

 

(8,229

)

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,464

 

Common dividends declared ($0.36 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,179

)

 

 

 

 

 

 

 

 

 

 

 

(21,179

)

Preferred dividends declared ($16.875 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,531

)

 

 

 

 

 

 

 

 

 

 

 

(2,531

)

Stock issued for dividend reinvestment

 

 

 

 

 

7,180

 

 

 

 

 

 

 

 

 

(262

)

 

 

262

 

 

 

 

 

 

 

 

 

 

Treasury shares acquired

 

 

 

 

 

(3,033

)

 

 

 

 

 

 

 

 

 

 

 

(86

)

 

 

 

 

 

 

 

 

(86

)

Stock options exercised

 

 

 

 

 

4,764

 

 

 

 

 

 

(74

)

 

 

 

 

 

174

 

 

 

 

 

 

 

 

 

100

 

Restricted stock granted

 

 

 

 

 

10,431

 

 

 

 

 

 

(381

)

 

 

 

 

 

381

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,547

 

Deferred benefits for directors - net

 

 

 

 

 

 

 

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

(28

)

 

 

(15

)

March 31, 2024

 

$

144,484

 

 

 

59,395,777

 

 

$

141,834

 

 

$

1,636,964

 

 

$

1,154,307

 

 

$

(302,264

)

 

$

(234,922

)

 

$

(2,041

)

 

$

2,538,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

$

144,484

 

 

 

59,198,963

 

 

$

141,834

 

 

$

1,635,877

 

 

$

1,077,675

 

 

$

(308,964

)

 

$

(262,416

)

 

$

(1,828

)

 

$

2,426,662

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,341

 

 

 

 

 

 

 

 

 

 

 

 

42,341

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,017

 

 

 

 

 

 

28,017

 

Comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70,358

 

Common dividends declared ($0.35 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,561

)

 

 

 

 

 

 

 

 

 

 

 

(20,561

)

Preferred dividends declared ($16.875 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,531

)

 

 

 

 

 

 

 

 

 

 

 

(2,531

)

Stock issued for dividend reinvestment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury shares acquired

 

 

 

 

 

(1,394

)

 

 

 

 

 

 

 

 

 

 

 

(52

)

 

 

 

 

 

 

 

 

(52

)

Stock options exercised

 

 

 

 

 

4,441

 

 

 

 

 

 

(34

)

 

 

 

 

 

137

 

 

 

 

 

 

 

 

 

103

 

Restricted stock granted

 

 

 

 

 

44,559

 

 

 

 

 

 

(1,372

)

 

 

 

 

 

1,372

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,585

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,585

 

Deferred benefits for directors - net

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

(112

)

 

 

(107

)

March 31, 2023

 

$

144,484

 

 

 

59,246,569

 

 

$

141,834

 

 

$

1,636,061

 

 

$

1,096,924

 

 

$

(307,507

)

 

$

(234,399

)

 

$

(1,940

)

 

$

2,475,457

 

 

See Notes to Consolidated Financial Statements.

5


 

WESBANCO, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

 

 

For the Three Months
Ended March 31,

 

(unaudited, in thousands)

 

2024

 

 

2023

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

$

64,636

 

 

$

10,891

 

INVESTING ACTIVITIES

 

 

 

 

 

 

Net increase in loans held for investment

 

 

(239,643

)