Skip to main content

Investor Relation - Press Release

Investor Relation

Press Release

WesBanco Announces Fourth Quarter 2017 Net Income

Company Release - 1/23/2018 4:10 PM ET

WHEELING, W.Va., Jan. 23, 2018 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and twelve months ended December 31, 2017.  Net income for the three months ended December 31, 2017 was $15.9 million, with diluted earnings per share of $0.36, compared to $24.2 million and $0.55 per diluted share, respectively, for the fourth quarter of 2016.  For the twelve months ending December 31, 2017, net income was $94.5 million, or $2.14 per diluted share, compared to $86.6 million, or $2.16 per diluted share, for 2016.  Excluding net deferred tax asset revaluation, as a result of the recently enacted Federal tax reform legislation, and after-tax merger-related expenses (non-GAAP measure), net income for the twelve months ended December 31, 2017, increased 13.3% to $107.9 million, or $2.45 per diluted share, compared to $95.3 million, or $2.37 per diluted share, for 2016.  Financial results for Your Community Bankshares, Inc. ("YCB") were included in WesBanco's results after the merger date of September 9, 2016.



For the Three Months Ended December 31, 


For the Twelve Months Ended December 31, 



2017


2016


2017


2016

(unaudited, dollars in thousands,
except per share amounts)


Net
Income


Diluted
Earnings
Per Share


Net
Income


Diluted
Earnings
Per Share


Net
Income


Diluted
Earnings
Per Share


Net
Income


Diluted
Earnings
Per Share

Net income (Non-GAAP)(1)


$      28,972


$       0.66


$      25,963


$       0.59


$    107,876


$       2.45


$      95,254


$       2.37

Less: Net deferred tax asset revaluation


(12,780)


(0.29)


-


-


(12,780)


(0.29)


-


-

Less: After tax merger-related expenses


(295)


(0.01)


(1,745)


(0.04)


(614)


(0.02)


(8,619)


(0.21)

Net income (GAAP)


$      15,897


$       0.36


$      24,218


$       0.55


$      94,482


$       2.14


$      86,635


$       2.16

(1)See non-GAAP financial measures for additional information relating to the calculation of this item.

WesBanco Logo (PRNewsfoto/WesBanco, Inc.)

On November 13, 2017, WesBanco and First Sentry Bancshares, Inc. ("FTSB"), a bank holding company headquartered in Huntington, WV with approximately $670 million in assets, jointly announced that a definitive Agreement and Plan of Merger was executed providing for the merger of FTSB with and into WesBanco.  The transaction, valued at approximately $101.4 million, is expected to close during the first half of 2018.

Financial and operational highlights:

  • Loan growth over the last twelve months was driven by our strategic focus categories
    • 4.0% growth in total commercial loans
    • 4.1% growth in home equity loans
  • Continued benefit from shale energy-related core funding as demonstrated by strong year-over-year growth in total demand deposits
  • Continued strength across credit quality metrics
  • Solid expense management demonstrated by non-interest expenses, excluding merger-related, decreasing both sequentially and year-over-year
    • Fourth quarter efficiency ratio improved to 55.08% (non-GAAP measure)
  • Strong fourth quarter profitability ratios with return on average assets of 1.16% and return on average tangible equity of 14.36%, excluding net deferred tax asset revaluation and merger-related expenses
  • Merger with First Sentry Bancshares continues to progress well and remains on schedule

"WesBanco had another successful year during 2017 as we reported record earnings – surpassing $107 million for the year, adjusting for the net deferred tax asset revaluation," said Todd F. Clossin, President and Chief Executive Officer of WesBanco.  "We are executing upon the well-defined, long-term operational and growth plans we have implemented over the last few years.  We have balanced loan and deposit distribution across our diverse regional footprint, as well as strong market positions.  We remain focused on the long-term success of our diversified business model, and we diligently manage discretionary expenses to deliver positive operating leverage.  We are strengthening our loan portfolio, and see opportunities for expanded wealth management revenues.  This strategic focus, coupled with our strong risk and compliance framework, helped us to be named one of America's Top 20 Best Banks for 2018 by a leading financial magazine."

Mr. Clossin added, "our proposed merger with First Sentry Bancshares is progressing well, and we anticipate the closing to occur sometime during the first half of 2018.  We are well-prepared and strategically positioned for crossing the $10 billion asset threshold and the associated regulatory requirements.  We are excited about our opportunities for the upcoming year, and look forward to providing additional value to our customers and shareholders."

Balance Sheet
Portfolio loans of $6.3 billion increased 1.5% over the last twelve months, reflecting growth in our strategic focus categories.   Total commercial loans grew 4.0% and home equity loans grew 4.1% over the past twelve months, which more than offset targeted reductions in the consumer portfolio to reduce its risk profile.  In addition, secondary market loan sales in the residential real estate portfolio continued to increase, which reduced the amount of loans held on the balance sheet.  Total deposits, excluding CDs, increased 4.0%, driven by 4.1% growth in interest bearing and non-interest bearing demand deposits, which now represent 49.3% of total deposits as of December 31, 2017.

Credit Quality
The continued strength of our credit quality ratios is reflective of our strong legacy of credit and risk management.  As of December 31, 2017, both non-performing assets as a percentage of total assets of 0.50% and non-performing loans as a percentage of total portfolio loans of 0.68% remained consistent with the recent trends.  Criticized and classified loans were 1.17% of total loans, improving both sequentially and year-over-year.  Net charge-offs as a percentage of average portfolio loans were 0.16% in the fourth quarter of 2017, as compared to 0.08% in the fourth quarter of 2016, and on an annualized basis net charge-offs were 0.13% for 2017, compared to 0.12% in 2016.

The provision for credit losses increased slightly from $2.1 million in the fourth quarter of 2016 to $2.4 million in the fourth quarter of 2017 due primarily to loan growth.  The allowance for loan losses of $45.3 million represented 0.71% of total portfolio loans at December 31, 2017, compared to 0.70% in the year ago period.

Net Interest Margin and Income
The net interest margin during the fourth quarter of 2017 was 3.43%, up 1 basis point from the prior year period.  The net interest margin continues to benefit from increases in the Federal Reserve Board's target federal funds rate over the past year and a higher margin on the acquired YCB net assets, partially offset by higher funding costs as well as a flattening of the yield curve.  The increase in the cost of interest bearing liabilities is primarily due to higher rates for interest bearing demand deposits, which include public funds, and certain Federal Home Loan Bank and other borrowings.  Accretion from prior acquisitions benefited the fourth quarter net interest margin by approximately 6 basis points, as compared to 10 basis points in the prior year period; however, was down 5 basis points from the third quarter, which had included an approximate $1.1 million benefit from the pay-off of an acquired YCB loan with a specific loan mark assigned.

Net interest income increased $1.5 million, or 2.1%, during the fourth quarter of 2017 as compared to the same quarter of 2016 due to a similar percentage increase in average loan balances.  For the twelve months ending December 31, 2017, net interest income increased $37.0 million, or 14.6%, as average loan balances increased 15.3%, primarily due to the YCB acquisition, and the net interest margin increased 12 basis points to 3.44%.

Non-Interest Income
For the fourth quarter of 2017, non-interest income of $22.9 million increased $1.5 million, or 7.1%, from the fourth quarter of 2016 driven by higher mortgage banking income and higher electronic banking fees.  We continued to sell a higher percentage of residential mortgage originations in the secondary market and increased the margin on sold loans, which increased mortgage banking income by $1.1 million year-over-year to $1.5 million.  Reflecting a larger average customer deposit base year-over-year from the addition of YCB, electronic banking fees increased $0.5 million, or 12.2%.  Other income decreased $0.5 million due to decreases in other fee income more than offsetting a $0.3 million increase in commercial customer loan swap income.

For the twelve months ended December 31, 2017, non-interest income increased $7.3 million, or 9.0%.  Reflecting our strategic focus during the last twelve months, mortgage banking income grew from increased secondary market sales of residential mortgage originations; electronic banking fees and service charges on deposits increased as a result of a larger customer deposit base; and trust fees and assets increased reflecting organic growth and improvements in equity markets.

Non-Interest Expense
Total operating expenses continue to be well-controlled during the fourth quarter of 2017, as most categories decreased both year-over-year and sequentially as post-YCB cost savings were achieved and through strong discretionary expense control.  Excluding merger-related expenses in both years, non-interest expense during the fourth quarter of 2017 decreased $1.4 million, or 2.5%, versus the third quarter, and $1.2 million, or 2.2%, compared to the prior year period.  The decrease from the prior year quarter is primarily due to lower other operating expenses resulting from cost control across supplies, travel and entertainment, and telecommunications, as well as low-income housing amortization expense being moved to tax expense during 2017.  Salaries and wages increased $1.6 million, or 6.8%, year-over-year due to higher average staff levels from the YCB acquisition and the impact of the annual merit adjustments to compensation, as well as higher incentive accruals, partially offset by a $1.0 million reduction in employee benefits from lower medical benefit costs and lower pension expense.

Excluding merger-related expenses in both years, non-interest expense during 2017 increased $24.5 million, or 12.5%, compared to 2016 reflecting a full year impact of the YCB acquisition and continued preparations for the $10 billion asset threshold, partially offset by cost savings initiatives.

Provision for Income Taxes
The provision for income taxes for the fourth quarter of 2017 increased $14.5 million to $23.0 million compared to the prior year due to a $12.8 million impact from the revaluation of net deferred tax assets during the quarter resulting from the recently enacted Federal tax reform legislation, as announced by WesBanco on December 29, 2017.

For the twelve months of 2017, the provision for income taxes increased $22.8 million, or 73.4%, compared to the same period in 2016.  This increase is due to a $12.8 million impact from the revaluation of net deferred tax assets mentioned above; a 26.0% increase in pre-tax income; and the adoption earlier this year of a new accounting standard related to low income housing tax credit investment amortization, which moved $1.2 million from other operating expense to the provision for income taxes.

Capital
WesBanco continues to maintain strong regulatory capital ratios after the implementation of the BASEL III capital standards.  At December 31, 2017, Tier I leverage was 10.33%, Tier I Risk-Based capital was 14.03%, Total Risk-Based capital was 15.07%, and the Common Equity Tier 1 capital ratio ("CET 1") was 12.05%.  Both consolidated and bank-level regulatory capital ratios are well above the applicable "well-capitalized" standards promulgated by bank regulators and the BASEL III capital standards. Total tangible equity to tangible assets (non-GAAP measure) was 8.79% at December 31, 2017, increasing from 8.20% at December 31, 2016, which primarily reflects growth in retained earnings, net of dividends paid.  Strong earnings and increased total capital have enabled WesBanco to increase the quarterly dividend rate, currently at $0.26 per share, ten times over the last seven years, a cumulative increase of 86%.  The most recent increase was $0.02 per share per quarter during the first quarter of 2017, which represents an annualized increase of 8.3%.

Conference Call and Webcast
WesBanco will also host a conference call to discuss the Company's financial results for the fourth quarter of 2017 at 10:00 a.m. ET on Wednesday, January 24, 2018.  Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com.  Participants can also listen to the conference call by dialing 888-347-6607, 855-669-9657 for Canadian callers, or 412-902-4290 for international callers, and asking to be joined into the WesBanco call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 10115491. The replay will begin at approximately 12:00 p.m. ET on January 24, and end at 12 a.m. ET on February 7. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.wesbanco.com).

Forward-Looking Statements
Forward-looking statements in this report relating to WesBanco's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The information contained in this report should be read in conjunction with WesBanco's Form 10-K for the year ended December 31, 2016 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC"), including WesBanco's Form 10-Q for the quarters ended March 31, June 30, and September 30, 2017, which are available at the SEC's website, www.sec.gov or at WesBanco's website, www.wesbanco.com.  Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco's most recent Annual Report on Form 10-K filed with the SEC under "Risk Factors" in Part I, Item 1A.  Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, that the businesses of WesBanco and FTSB may not be integrated successfully or such integration may take longer to accomplish than excepted; the expected cost savings and any revenue synergies from the merger of WesBanco and FTSB may not be fully realized within the expected timeframes; disruption from the merger of WesBanco and FTSB may make it more difficult to maintain relationships with clients, associates, or suppliers; the effects of changing regional and national economic conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; internet hacking; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco's operational and financial performance.  WesBanco does not assume any duty to update forward-looking statements.

Additional Information About the Merger and Where to Find It
In connection with the proposed merger with First Sentry Bancshares, Inc. ("First Sentry"), WesBanco filed with the SEC a Registration Statement on Form S-4, which was declared effective on January 5, 2018, that includes a Proxy Statement of FTSB and a Prospectus of WesBanco, as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS OF FTSB AND OTHER INTERESTED PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The Proxy Statement/Prospectus dated January 5, 2018 was mailed to shareholders of First Sentry on or about January 8, 2018.  The First Sentry shareholder meeting is scheduled for February 9, 2018. In addition, the Registration Statement on Form S-4, which includes the Proxy Statements/Prospectus, and other related documents filed by WesBanco with the SEC may be obtained for free at the SEC's website at http://www.sec.gov, on the NASDAQ website at http://www.nasdaq.com and from WesBanco's website at http://www.wesbanco.com.

Participants in the Solicitation
WesBanco and First Sentry and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the shareholders of First Sentry in connection with the proposed merger. Information about the directors and executive officers of WesBanco is set forth in the proxy statement for WesBanco's 2017 annual meeting of shareholders, as filed with the SEC on March 14, 2017.  Information about any other persons who may, under the rules of the SEC, be considered participants in the solicitation of First Sentry shareholders in connection with the proposed merger are included in the Proxy Statement/Prospectus. You can obtain free copies of these documents from the SEC or WesBanco using the website information above. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

FIRST SENTRY SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS CAREFULLY BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS WITH RESPECT TO THE PROPOSED MERGER.

About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a multi-state, bank holding company with total assets of approximately $9.8 billion (as of December 31, 2017).  WesBanco is a diversified and well-balanced financial services institution, with a community bank at its core, built upon a strong legacy of credit and risk management.  WesBanco has meaningful market share across its key geographies maintained by its commitment to dedicated customer service and solid fee-based businesses. It also provides wealth management services through a century-old trust and wealth management business, with approximately $3.9 billion of assets under management (as of December 31, 2017), and serves as registered investment advisor to a proprietary mutual fund family, the WesMark Funds.  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 172 financial centers in the states of Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia.  In addition, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

 

WESBANCO, INC.












Consolidated Selected Financial Highlights











Page 5

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































For the Three Months Ended


For the Year Ended

STATEMENT OF INCOME

December 31, 


December 31, 

Interest and dividend income

2017


2016


% Change


2017


2016


% Change


Loans, including fees

$             69,408


$               66,135


4.9


$          272,007


$             226,993


19.8


Interest and dividends on securities:














Taxable 

9,948


9,359


6.3


38,631


38,490


0.4



Tax-exempt

4,872


4,770


2.1


19,489


18,390


6.0




Total interest and dividends on securities

14,820


14,129


4.9


58,120


56,880


2.2


Other interest income 

623


555


12.3


2,297


2,224


3.3

          Total interest and dividend income

84,851


80,819


5.0


332,424


286,097


16.2

Interest expense













Interest bearing demand deposits

2,039


975


109.1


6,452


2,817


129.0


Money market deposits

805


510


57.8


2,775


1,860


49.2


Savings deposits

189


194


(2.6)


745


696


7.0


Certificates of deposit

2,597


2,585


0.5


10,108


10,419


(3.0)




Total interest expense on deposits

5,630


4,264


32.0


20,080


15,792


27.2


Federal Home Loan Bank borrowings

3,682


2,881


27.8


13,290


11,985


10.9


Other short-term borrowings

489


179


173.2


1,442


478


201.7


Subordinated debt and junior subordinated debt 

1,868


1,807


3.4


7,317


4,512


62.2




Total interest expense

11,669


9,131


27.8


42,129


32,767


28.6

Net interest income 

73,182


71,688


2.1


290,295


253,330


14.6


Provision for credit losses

2,376


2,128


11.7


9,986


8,478


17.8

Net interest income after provision for credit losses

70,806


69,560


1.8


280,309


244,852


14.5

Non-interest income













Trust fees

5,667


5,470


3.6


22,740


21,630


5.1


Service charges on deposits

5,278


5,474


(3.6)


20,532


18,333


12.0


Electronic banking fees

4,788


4,268


12.2


19,183


15,596


23.0


Net securities brokerage revenue

1,508


1,330


13.4


6,672


6,449


3.5


Bank-owned life insurance

1,123


1,154


(2.7)


4,794


4,064


18.0


Mortgage banking income

1,542


484


218.6


5,053


2,529


99.8


Net securities gains

56


63


(11.1)


567


2,357


(75.9)


Net gain on other real estate owned and other assets

649


383


69.5


658


790


(16.7)


Other income

2,323


2,794


(16.9)


8,641


9,751


(11.4)




Total non-interest income

22,934


21,420


7.1


88,840


81,499


9.0

Non-interest expense













Salaries and wages

25,786


24,145


6.8


97,361


84,281


15.5


Employee benefits

6,263


7,267


(13.8)


29,933


27,952


7.1


Net occupancy

4,132


4,272


(3.3)


17,101


14,664


16.6


Equipment 

3,983


4,234


(5.9)


16,026


14,543


10.2


Marketing

1,238


1,515


(18.3)


5,720


5,391


6.1


FDIC insurance 

827


764


8.2


3,504


3,990


(12.2)


Amortization of intangible assets

1,204


1,334


(9.7)


4,940


3,598


37.3


Restructuring and merger-related expense

454


2,684


(83.1)


945


13,261


(92.9)


Other operating expenses  

10,950


12,083


(9.4)


45,330


41,000


10.6




Total non-interest expense

54,837


58,298


(5.9)


220,860


208,680


5.8

Income before provision for income taxes

38,903


32,682


19.0


148,289


117,671


26.0


Provision for income taxes (1)

23,006


8,464


171.8


53,807


31,036


73.4

Net Income

$             15,897


$               24,218


(34.4)


$             94,482


$               86,635


9.1
















Taxable equivalent net interest income

$            75,805


$              74,256


2.1


$          300,789


$            263,232


14.3
















Per common share data












Net income per common share - basic

$                 0.36


$                   0.55


(34.5)


$                 2.15


$                   2.16


(0.5)

Net income per common share - diluted

0.36


0.55


(34.5)


2.14


2.16


(0.9)

Dividends declared

0.26


0.24


8.3


1.04


0.96


8.3

Book value (period end)







31.68


30.53


3.8

Tangible book value (period end) (2)







18.42


17.19


7.2

Average common shares outstanding - basic

44,036,416


43,887,781


0.3


44,003,208


40,100,320


9.7

Average common shares outstanding - diluted

44,109,767


43,935,815


0.4


44,075,293


40,127,076


9.8

Period end common shares outstanding

44,043,244


43,931,715


0.3


44,043,244


43,931,715


0.3
















(1) The three months ended December 31, 2017 and the year ended December 31, 2017 include a $12.8 million tax expense as a result of the net deferred tax asset revaluation.

(2) See non-GAAP financial measures for additional information relating to the calculation of this item.









 

 

 

WESBANCO, INC.
















Consolidated Selected Financial Highlights












Page 6

(unaudited, dollars in thousands)
































Selected ratios
























For the Year Ended









December 31, 










2017


2016


% Change


























Return on average assets





0.96

%

0.97

%

(1.03)

%







Return on average assets, excluding
















    after-tax merger-related expenses and
















    net deferred tax asset revaluation (1)




1.09


1.07


1.87








Return on average equity





6.83


7.13


(4.21)








Return on average equity, excluding
















    after-tax merger-related expenses and
















    net deferred tax asset revaluation (1)




7.79


7.83


(0.51)








Return on average tangible equity (1)




12.23


12.73


(3.93)








Return on average tangible equity, excluding 
















    after-tax merger-related expenses and
















    net deferred tax asset revaluation (1)




13.90


13.96


(0.43)








Yield on earning assets (2) 





3.93


3.73


5.36








Cost of interest bearing liabilities




0.64


0.53


20.75








Net interest spread (2)





3.29


3.20


2.81








Net interest margin (2)





3.44


3.32


3.61








Efficiency (1) (2)






56.44


56.69


(0.44)








Average loans to average deposits




89.86


85.79


4.74








Annualized net loan charge-offs/average loans




0.13


0.12


8.33








Effective income tax rate (3)





36.29


26.38


37.57






















































































For the Quarter Ended










Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,










2017


2017


2017


2017


2016






















Return on average assets





0.64

%

1.06

%

1.07

%

1.07

%

0.98

%



Return on average assets, excluding
















    after-tax merger-related expenses and
















    net deferred tax asset revaluation (1)




1.16


1.06


1.07


1.09


1.06




Return on average equity





4.48


7.50


7.67


7.73


7.12




Return on average equity, excluding
















    after-tax merger-related expenses and
















    net deferred tax asset revaluation (1)




8.17


7.50


7.67


7.83


7.63




Return on average tangible equity (1)




8.05


13.31


13.74


14.03


13.01




Return on average tangible equity, excluding 
















    after-tax merger-related expenses and
















    net deferred tax asset revaluation (1)




14.36


13.31


13.74


14.20


13.91




Yield on earning assets (2) 





3.95


3.99


3.91


3.85


3.84




Cost of interest bearing liabilities




0.71


0.67


0.61


0.57


0.55




Net interest spread (2)





3.24


3.32


3.30


3.28


3.29




Net interest margin (2)





3.43


3.48


3.45


3.42


3.42




Efficiency (1) (2) 






55.08


57.03


57.68


56.00


58.13




Average loans to average deposits




90.26


90.43


89.51


89.21


87.63




Annualized net loan charge-offs/average loans




0.16


0.12


0.09


0.15


0.08




Effective income tax rate (3)





59.14


28.54


26.82


29.09


25.90




Trust assets, market value at period end




$     3,943,519


$        3,908,705


$        3,810,038


$        3,836,107


$        3,723,142






















(1) See non-GAAP financial measures for additional information relating to the calculation of this item.










(2) The yield on earning assets, net interest margin, net interest spread and efficiency ratios are presented on a fully 








    taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt 








   loans and investments. WesBanco believes this measure to be the preferred industry measurement of net interest income and








   provides a relevant comparison between taxable and non-taxable amounts.












(3) The three months ended December 31, 2017 and the year ended December 31, 2017 include a $12.8 million tax expense as a result of the net deferred tax asset revaluation.



















 

 

 

WESBANCO, INC.









Consolidated Selected Financial Highlights








Page 7

(unaudited, dollars in thousands, except shares)








% Change

Balance sheets


December 31, 



September 30,

September 30, 2017

Assets



2017


2016


% Change

2017

to Dec. 31, 2017

Cash and due from banks


$            97,746


$        106,257


(8.0)

$                96,167

1.6

Due from banks - interest bearing


19,826


21,913


(9.5)

14,704

34.8

Securities:










     Trading securities, at fair value


7,844


7,071


10.9

7,929

(1.1)

     Available-for-sale, at fair value


1,267,478


1,241,176


2.1

1,305,532

(2.9)

     Held-to-maturity (fair values of $1,023,784; $1,076,790 and $1,044,748, respectively)


1,009,500


1,067,967


(5.5)

1,025,688

(1.6)

          Total securities


2,284,822


2,316,214


(1.4)

2,339,149

(2.3)

Loans held for sale


20,320


17,315


17.4

26,888

(24.4)

Portfolio loans:









     Commercial real estate


2,994,448


2,873,511


4.2

3,014,412

(0.7)

     Commercial and industrial


1,125,327


1,088,118


3.4

1,125,693

(0.0)

     Residential real estate 


1,353,301


1,383,390


(2.2)

1,356,580

(0.2)

     Home equity


529,196


508,359


4.1

527,216

0.4

     Consumer 


339,169


396,058


(14.4)

349,148

(2.9)

Total portfolio loans, net of unearned income


6,341,441


6,249,436


1.5

6,373,049

(0.5)

Allowance for loan losses


(45,284)


(43,674)


(3.7)

(45,487)

0.4

          Net portfolio loans


6,296,157


6,205,762


1.5

6,327,562

(0.5)

Premises and equipment, net


130,722


133,297


(1.9)

133,497

(2.1)

Accrued interest receivable


29,728


28,299


5.0

30,152

(1.4)

Goodwill and other intangible assets, net


589,264


593,187


(0.7)

590,249

(0.2)

Bank-owned life insurance


192,589


188,145


2.4

191,466

0.6

Other assets


155,004


180,488


(14.1)

168,443

(8.0)

Total Assets


$      9,816,178


$   9,790,877


0.3

$         9,918,277

(1.0)













Liabilities









Deposits:










     Non-interest bearing demand


$        1,846,748


$      1,789,522


3.2

$           1,851,167

(0.2)

     Interest bearing demand


1,625,015


1,546,890


5.1

1,666,117

(2.5)

     Money market


1,024,856


995,477


3.0

990,788

3.4

     Savings deposits


1,269,912


1,213,168


4.7

1,258,887

0.9

     Certificates of deposit


1,277,057


1,495,822


(14.6)

1,334,066

(4.3)

           Total deposits


7,043,588


7,040,879


0.0

7,101,025

(0.8)

Federal Home Loan Bank borrowings


948,203


968,946


(2.1)

1,015,011

(6.6)

Other short-term borrowings


184,805


199,376


(7.3)

165,576

11.6

Subordinated debt and junior subordinated debt 


164,327


163,598


0.4

164,278

0.0

          Total borrowings


1,297,335


1,331,920


(2.6)

1,344,865

(3.5)

Accrued interest payable


3,178


2,204


44.2

3,924

(19.0)

Other liabilities


76,756


74,466


3.1

73,905

3.9

Total Liabilities


8,420,857


8,449,469


(0.3)

8,523,719

(1.2)













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









     2017 and 2016, respectively; 44,043,244;  43,931,715 and 44,041,572 shares









     issued, respectively; 44,043,244; 43,931,715 and 44,033,585 shares


91,756


91,524


0.3

91,753

0.0

     outstanding, respectively









Capital surplus


684,730


680,507


0.6

683,348

0.2

Retained earnings


645,776


597,071


8.2

641,329

0.7

Treasury stock (0; 0 and 7,987 shares - at cost, respectively)


-


-


-

(300)

(100.0)

Accumulated other comprehensive loss


(25,914)


(27,126)


4.5

(20,837)

(24.4)

Deferred benefits for directors


(1,027)


(568)


(80.8)

(735)

(39.7)

Total Shareholders' Equity


1,395,321


1,341,408


4.0

1,394,558

0.1

Total Liabilities and Shareholders' Equity


$      9,816,178


$   9,790,877


0.3

$         9,918,277

(1.0)













 

 

 

WESBANCO, INC.



















Consolidated Selected Financial Highlights















Page 8


(unaudited, dollars in thousands)


















Average balance sheet and



















net interest margin analysis




For the Three Months Ended December 31,



For the Twelve Months Ended December 31,







2017

2016



2017

2016







Average 

Average



Average 

Average



Average 

Average



Average 

Average


Assets





Balance

Rate



Balance

Rate



Balance

Rate



Balance

Rate


Due from banks - interest bearing



$            18,593

0.97

%


$            16,365

0.66

%


$                 13,811

0.85

%


$           27,193

0.53

%

Loans, net of unearned income (1)



6,392,138

4.31



6,258,754

4.20



6,358,845

4.28



5,513,277

4.12


Securities: (2)




















    Taxable





1,615,700

2.46



1,612,145

2.32



1,591,149

2.43



1,677,128

2.29


    Tax-exempt (3)





723,569

4.14



713,545

4.11



723,019

4.15



667,066

4.24


        Total securities





2,339,269

2.98



2,325,690

2.87



2,314,168

2.96



2,344,194

2.85


Other earning assets 





47,659

4.85



45,886

4.60



47,548

4.58



45,704

4.55


         Total earning assets (3)



8,797,659

3.95

%


8,646,695

3.84

%


8,734,372

3.93

%


7,930,368

3.73

%

Other assets





1,110,285




1,141,248




1,119,940




1,009,518



Total Assets





$     9,907,944




$     9,787,943




$          9,854,312




$    8,939,886























Liabilities and Shareholders' Equity


















Interest bearing demand deposits



$        1,645,812

0.49

%


$        1,579,115

0.25

%


$            1,613,451

0.40

%


$      1,340,001

0.21

%

Money market accounts 




1,003,186

0.32



1,018,287

0.20



1,012,660

0.27



961,847

0.19


Savings deposits





1,257,094

0.06



1,224,744

0.06



1,248,985

0.06



1,134,755

0.06


Certificates of deposit




1,311,331

0.79



1,538,837

0.67



1,383,807

0.73



1,514,767

0.69


    Total interest bearing deposits



5,217,423

0.43



5,360,983

0.32



5,258,903

0.38



4,951,370

0.32


Federal Home Loan Bank borrowings



961,164

1.52



929,939

1.23



965,795

1.38



995,644

1.20


Other borrowings





213,069

0.91



136,403

0.52



187,298

0.77



105,735

0.45


Subordinated debt and junior subordinated debt 


164,285

4.51



163,478

4.40



164,156

4.46



124,318

3.63


      Total interest bearing liabilities 



6,555,941

0.71

%


6,590,803

0.55

%


6,576,152

0.64

%


6,177,067

0.53

%

Non-interest bearing demand deposits



1,864,776




1,780,870




1,817,782




1,474,883



Other liabilities





80,964




63,457




76,443




72,048



Shareholders' equity





1,406,263




1,352,813




1,383,935




1,215,888



Total Liabilities and Shareholders' Equity



$     9,907,944




$     9,787,943




$          9,854,312




$    8,939,886



Taxable equivalent net interest spread




3.24

%



3.29

%



3.29

%



3.20

%

Taxable equivalent net interest margin 




3.43

%



3.42

%



3.44

%



3.32

%









































(1) Gross of allowance for loan losses and net of unearned income.  Includes non-accrual and loans held for sale.










Loan fees included in interest income on loans are $1.2 million and $0.2 million for the three months ended December 31, 2017 and 2016, respectively. Loan fees included in interest income on loans are

$3.6 million and $2.8 million for the twelve months ended December 31, 2017 and 2016, respectively.






Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $1.0 million and $2.0 million for the three months ended December 31, 2017 and 2016, respectively, 

and loan accretion included in interest income was $5.9 million and $4.4 million for the twelve months ended December 31, 2017 and 2016, respectively.

Accretion on interest bearing liabilities acquired from the prior acquisitions was $0.6 million and $0.3 million for the three months ended December 31, 2017 and 2016, respectively, and $1.4 million 

and $1.8 million for the twelve months ended December 31, 2017 and 2016, respectively.






(2) Average yields on available-for-sale securities are calculated based on amortized cost.







(3) Taxable equivalent basis is calculated on tax-exempt securities using a rate of 35% for each period presented.






 

 

 

WESBANCO, INC.










Consolidated Selected Financial Highlights









 Page 9 

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













Quarter Ended

Statement of Income

Dec. 31,


Sept.  30,


June 30,


Mar. 31,


Dec. 31,

Interest income

2017


2017


2017


2017


2016


Loans, including fees

$                        69,408


$                70,342


$              67,360


$                64,898


$              66,135


Interest and dividends on securities:












Taxable 

9,948


9,711


9,375


9,596


9,359



Tax-exempt

4,872


4,862


4,864


4,891


4,770




Total interest and dividends on securities

14,820


14,573


14,239


14,487


14,129


Other interest income 

623


574


561


539


555

          Total interest and dividend income

84,851


85,489


82,160


79,924


80,819

Interest expense











Interest bearing demand deposits

2,039


1,814


1,506


1,093


975


Money market deposits

805


751


644


574


510


Savings deposits

189


189


185


181


194


Certificates of deposit

2,597


2,610


2,491


2,411


2,585




Total interest expense on deposits

5,630


5,364


4,826


4,259


4,264


Federal Home Loan Bank borrowings

3,682


3,628


3,145


2,836


2,881


Other short-term borrowings

489


394


262


297


179


Subordinated debt and junior subordinated debt

1,868


1,849


1,788


1,813


1,807




Total interest expense

11,669


11,235


10,021


9,205


9,131

Net interest income 

73,182


74,254


72,139


70,719


71,688


Provision for credit losses

2,376


2,516


2,383


2,711


2,128

Net interest income after provision for credit losses

70,806


71,738


69,756


68,008


69,560

Non-interest income











Trust fees

5,667


5,358


5,572


6,143


5,470


Service charges on deposits

5,278


5,320


5,081


4,853


5,474


Electronic banking fees

4,788


4,883


4,984


4,528


4,268


Net securities brokerage revenue

1,508


1,721


1,680


1,762


1,330


Bank-owned life insurance

1,123


1,164


1,367


1,140


1,154


Mortgage banking income

1,542


1,103


968


1,440


484


Net securities gains

56


6


494


12


63


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

649


(298)


342


(76)


383


Other income

2,323


1,642


1,634


3,082


2,794




Total non-interest income

22,934


20,899


22,122


22,884


21,420

Non-interest expense











Salaries and wages

25,786


24,957


23,616


23,002


24,145


Employee benefits

6,263


7,728


7,731


8,210


7,267


Net occupancy

4,132


4,132


4,510


4,327


4,272


Equipment 

3,983


3,905


4,097


4,042


4,234


Marketing

1,238


1,599


2,060


824


1,515


FDIC insurance 

827


945


906


827


764


Amortization of intangible assets

1,204


1,223


1,240


1,273


1,334


Restructuring and merger-related expense

454


-


-


491


2,684


Other operating expenses  

10,950


11,265


11,724


11,388


12,083




Total non-interest expense

54,837


55,754


55,884


54,384


58,298

Income before provision for income taxes

38,903


36,883


35,994


36,508


32,682


Provision for income taxes (1)

23,006


10,527


9,653


10,622


8,464

Net Income

$                        15,897


$                26,356


$              26,341


$                25,886


$              24,218














Taxable equivalent net interest income

$                       75,805


$               76,872


$             74,758


$               73,353


$             74,256














Per common share data










Net income per common share - basic

$                            0.36


$                    0.60


$                  0.60


$                    0.59


$                  0.55

Net income per common share - diluted

$                            0.36


$                    0.60


$                  0.60


$                    0.59


$                  0.55

Dividends declared

$                            0.26


$                    0.26


$                  0.26


$                    0.26


$                  0.24

Book value (period end)

$                          31.68


$                  31.67


$                31.29


$                  30.92


$                30.53

Tangible book value (period end) (2)

$                          18.42


$                  18.40


$                17.99


$                  17.61


$                17.19

Average common shares outstanding - basic

44,036,416


44,031,813


43,995,749


43,947,563


43,887,781

Average common shares outstanding - diluted

44,109,767


44,086,881


44,061,421


44,020,765


43,935,815

Period end common shares outstanding

44,043,244


44,033,585


44,031,335


43,953,051


43,931,715

Full time equivalent employees

1,940


1,944


1,959


1,934


1,928



























(1) The three months ended December 31, 2017 include a $12.8 million tax expense as a result of the net deferred tax asset revaluation.





(2) See non-GAAP financial measures for additional information relating to the calculation of this item.







 

 

 















WESBANCO, INC.












Consolidated Selected Financial Highlights









 Page 10 


(unaudited, dollars in thousands)
















Quarter Ended






Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Asset quality data


2017


2017


2017


2017


2016


Non-performing assets:













Troubled debt restructurings - accruing


$           6,571


$           6,638


$           6,841


$           7,194


$           7,646



Non-accrual loans:














Troubled debt restructurings


2,865


2,982


3,158


3,273


3,546




Other non-accrual loans


33,960


32,476


33,077


36,054


28,238




    Total non-accrual loans


36,825


35,458


36,235


39,327


31,784




    Total non-performing loans 


43,396


42,096


43,076


46,521


39,430



Other real estate and repossessed assets


5,297


5,782


6,723


8,033


8,346




Total non-performing assets


$         48,693


$         47,878


$         49,799


$         54,554


$         47,776
















Past due loans (1):













Loans past due 30-89 days


$         11,172


$         17,292


$         16,605


$         11,426


$         16,029



Loans past due 90 days or more


2,726


4,856


4,210


2,766


3,739




Total past due loans


$         13,898


$         22,148


$         20,815


$         14,192


$         19,768
















Criticized and classified loans (2):













Criticized loans


$         36,092


$         34,784


$         39,234


$         36,900


$         24,778



Classified loans


37,858


44,303


40,468


48,112


49,965




Total criticized and classified loans


$         73,950


$         79,087


$         79,702


$         85,012


$         74,743
















Loans past due 30-89 days / total portfolio loans

0.18

%

0.27

%

0.26

%

0.18

%

0.26

%

Loans past due 90 days or more / total portfolio loans

0.04


0.08


0.07


0.04


0.06


Non-performing loans / total portfolio loans


0.68


0.66


0.67


0.74


0.63


Non-performing assets/total portfolio loans, other












real estate and repossessed assets


0.77


0.75


0.78


0.86


0.76


Non-performing assets / total assets


0.50


0.48


0.50


0.56


0.49


Criticized and classified loans / total portfolio loans

1.17


1.24


1.25


1.35


1.20
















Allowance for loan losses












Allowance for loan losses


$         45,284


$         45,487


$         44,909


$         44,061


$         43,674


Provision for credit losses


2,376


2,516


2,383


2,711


2,128


Net loan and deposit account overdraft charge-offs

2,652


1,888


1,486


2,347


1,213
















Annualized net loan charge-offs /average loans

0.16

%

0.12

%

0.09

%

0.15

%

0.08

%

Allowance for loan losses / total portfolio loans

0.71

%

0.71

%

0.70

%

0.70

%

0.70

%

Allowance for loan losses / non-performing loans

1.04

x

1.08

x

1.04

x

0.95

x

1.11

x

Allowance for loan losses / non-performing loans and












loans past due 


0.79

x

0.71

x

0.70

x

0.73

x

0.74

x

































Quarter Ended






Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,






2017


2017


2017


2017


2016


Capital ratios












Tier I leverage capital


10.33

%

10.21

%

10.10

%

9.97

%

9.81

%

Tier I risk-based capital


14.03


13.62


13.37


13.21


13.16


Total risk-based capital


15.07


14.65


14.39


14.22


14.18


Common equity tier 1 capital ratio (CET 1)


12.05


11.70


11.45


11.28


11.28


Average shareholders' equity to average assets

14.19


14.08


14.01


13.88


13.82


Tangible equity to tangible assets (3)


8.79


8.68


8.53


8.40


8.20






























(1) Excludes non-performing loans.












(2) Criticized and classified loans may include loans that are also reported as non-performing or past due.






(3) See non-GAAP financial measures for additional information relating to the calculation of this ratio.






 

 

 

WESBANCO, INC.












NON-GAAP FINANCIAL MEASURES












Page 11

The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco's operating performance and trends, and facilitate comparisons with the performance of WesBanco's peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco's financial statements.



Three Months Ended


Year to Date 



Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Dec. 31,

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

2017


2017


2017


2017


2016


2017

2016

Return on average assets, excluding after-tax merger-related expenses and net deferred tax asset revaluation:













          Net income (annualized)

$               63,068


$         104,566


$         105,653


$         104,982


$           96,346


$       94,482

$        86,635

          Plus: after-tax merger-related expenses (annualized)  (1)

1,170


-


-


1,294


6,940


614

8,619

          Plus: net deferred tax asset revaluation (annualized) 

50,703


-


-


-


-


12,780

-

          Net income excluding after-tax merger-related expenses and net deferred tax asset revaluation (annualized)

114,941


104,566


105,653


106,276


103,286


107,876

95,254















          Average total assets

$          9,907,944


$      9,897,487


$      9,828,475


$      9,781,477


$      9,787,943


$  9,854,312

$   8,939,886















Return on average assets, excluding after-tax merger-related expenses and net deferred tax asset revaluation

1.16%


1.06%


1.07%


1.09%


1.06%


1.09%

1.07%















Return on average equity, excluding after-tax merger-related expenses and net deferred tax asset revaluation:













          Net income (annualized)

$               63,068


$         104,566


$         105,653


$         104,982


$           96,346


$       94,482

$        86,635

          Plus: after-tax merger-related expenses (annualized)  (1)

1,170


-


-


1,294


6,940


614

8,619

          Plus: net deferred tax asset revaluation (annualized) 

50,703


-


-


-


-


12,780

-

          Net income excluding after-tax merger-related expenses and net deferred tax asset revaluation (annualized)

114,941


104,566


105,653


106,276


103,286


107,876

95,254















          Average total shareholders' equity

1,406,263


1,393,965


1,377,266


1,357,602


1,352,813


1,383,935

1,215,888















Return on average equity, excluding after-tax merger-related expenses and net deferred tax asset revaluation

8.17%


7.50%


7.67%


7.83%


7.63%


7.79%

7.83%















Return on average tangible equity:













          Net income (annualized)

$               63,068


$         104,566


$         105,653


$         104,982


$           96,346


$       94,482

$        86,635

          Plus: amortization of intangibles (annualized) (1)

3,104


3,154


3,233


3,356


3,451


3,211

2,339

          Net income before amortization of intangibles (annualized)

66,172


107,720


108,886


108,338


99,795


97,693

88,974















          Average total shareholders' equity

1,406,263


1,393,965


1,377,266


1,357,602


1,352,813


1,383,935

1,215,888

          Less: average goodwill and other intangibles, net of def. tax liability

(584,227)


(584,903)


(585,057)


(585,365)


(585,529)


(584,885)

(516,840)

          Average tangible equity

$             822,036


$         809,062


$         792,209


$         772,237


$         767,284


$     799,050

$      699,048














Return on average tangible equity

8.05%


13.31%


13.74%


14.03%


13.01%


12.23%

12.73%














Return on average tangible equity, excluding after-tax merger-related expenses and net deferred tax asset revaluation:












          Net income (annualized)

$               63,068


$         104,566


$         105,653


$         104,982


$           96,346


$       94,482

$        86,635

          Plus: after-tax merger-related expenses (annualized)  (1)

1,170


-


-


1,294


6,940


614

8,619

          Plus: net deferred tax asset revaluation (annualized) 

50,703


-


-


-


-


12,780

-

          Plus: amortization of intangibles (annualized) (1)

3,104


3,154


3,233


3,356


3,451


3,211

2,339

          Net income before amortization of intangibles and excluding 













              after-tax merger-related expenses and net deferred tax asset revaluation (annualized)

118,045


107,720


108,886


109,632


106,737


111,087

97,593














          Average total shareholders' equity

1,406,263


1,393,965


1,377,266


1,357,602


1,352,813


1,383,935

1,215,888

          Less: average goodwill and other intangibles, net of def. tax liability

(584,227)


(584,903)


(585,057)


(585,365)


(585,529)


(584,885)

(516,840)

          Average tangible equity

$             822,036


$         809,062


$         792,209


$         772,237


$         767,284


$     799,050

$      699,048














Return on average tangible equity, excluding after-tax merger-related expenses and net deferred tax asset revaluation

14.36%


13.31%


13.74%


14.20%


13.91%


13.90%

13.96%














Efficiency ratio:













          Non-interest expense

$               54,837


$           55,754


$           55,884


$           54,384


$           58,298


$     220,860

$      208,680

          Less: restructuring and merger-related expense

(454)


-


-


(491)


(2,684)


(945)

(13,261)

          Non-interest expense excluding restructuring and merger-related expense

54,383


55,754


55,884


53,893


55,614


219,915

195,419















          Net interest income on a fully taxable equivalent basis

75,805


76,872


74,758


73,353


74,256


300,789

263,232

          Non-interest income

22,934


20,899


22,122


22,884


21,420


88,840

81,499

          Net interest income on a fully taxable equivalent basis plus non-interest income

$               98,739


$           97,771


$           96,880


$           96,237


$           95,676


$     389,629

$      344,731

          Efficiency Ratio

55.08%


57.03%


57.68%


56.00%


58.13%


56.44%

56.69%














Net income, excluding net deferred tax asset revaluation and  after-tax merger-related expenses:













          Net income

$               15,897


$           26,356


$           26,341


$           25,886


$           24,218


$       94,482

$        86,635

          Add: Net deferred tax asset revaluation

12,780


-


-


-


-


12,780

-

          Add: After-tax merger-related expenses (1)

295


-


-


319


1,745


614

8,619

Net income, excluding net deferred tax asset revaluation and  after-tax merger-related expenses

$               28,972


$           26,356


$           26,341


$           26,205


$           25,963


$     107,876

$        95,254



























Net Income, excluding net deferred tax asset revaluation and after-tax merger-related expenses per diluted share:












          Net income per diluted share

$                   0.36


$               0.60


$               0.60


$               0.59


$               0.55


$           2.14

$            2.16

          Add: Net deferred tax asset revaluation per diluted share

0.29


-


-


-


-


0.29

-

          Add: After-tax merger-related expenses per diluted share (1)

0.01


-


-


0.01


0.04


0.02

0.21

Net income, excluding net deferred tax asset revaluation and  after-tax merger-related expenses per diluted share

$                   0.66


$               0.60


$               0.60


$               0.60


$               0.59


$           2.45

$            2.37































Period End






Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,






2017


2017


2017


2017


2016




Tangible book value per share:













          Total shareholders' equity

$          1,395,321


$      1,394,558


$      1,377,537


$      1,359,153


$      1,341,408




          Less:  goodwill and other intangible assets, net of def. tax liability

(583,903)


(584,543)


(585,195)


(585,123)


(586,403)




          Tangible equity

811,418


810,015


792,342


774,030


755,005


















          Common shares outstanding

44,043,244


44,033,585


44,031,335


43,953,051


43,931,715


















Tangible book value per share

$                 18.42


$             18.40


$             17.99


$             17.61


$             17.19


















Tangible equity to tangible assets:













          Total shareholders' equity

$          1,395,321


$      1,394,558


$      1,377,537


$      1,359,153


$      1,341,408




          Less:  goodwill and other intangible assets, net of def. tax liability

(583,903)


(584,543)


(585,195)


(585,123)


(586,403)




          Tangible equity

811,418


810,015


792,342


774,030


755,005


















          Total assets

9,816,178


9,918,277


9,874,010


9,800,881


9,790,877




          Less:  goodwill and other intangible assets, net of def. tax liability

(583,903)


(584,543)


(585,195)


(585,123)


(586,403)




          Tangible assets

$          9,232,275


$      9,333,734


$      9,288,815


$      9,215,758


$      9,204,474


















Tangible equity to tangible assets

8.79%


8.68%


8.53%


8.40%


8.20%
































(1) Tax effected at 35%.













 

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/wesbanco-announces-fourth-quarter-2017-net-income-300587001.html

SOURCE WesBanco, Inc.

For all customer service needs, including a lost or stolen debit card, please click the CUSTOMER SERVICE tab above or contact us at
1 (800) 905-9043.

Equal Housing Lender logo
WesBanco Bank, Inc. is a Member FDIC