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Investor Relation - Press Release

Investor Relation

Press Release

WesBanco Announces Third Quarter 2018 Net Income

Company Release - 10/24/2018 4:15 PM ET

WHEELING, W.Va., Oct. 24, 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 nine months ended September 30, 2018.  Net income for the three months ended September 30, 2018 was $32.5 million, with diluted earnings per share of $0.64, compared to $26.4 million and $0.60 per diluted share, respectively, for the third quarter of 2017.  For the nine months ended September 30, 2018, net income was $99.2 million, or $2.11 per diluted share, compared to $78.6 million, or $1.78 per diluted share, for the 2017 period.  Net income excluding after-tax merger-related expenses for the three months ended September 30, 2018, increased 55.6% year-over-year to $41.0 million, or $0.81 per diluted share as compared to $0.60 per diluted share in the prior year quarter (non-GAAP measure).  On the same basis, net income for the nine months ended September 30, 2018 increased 42.2% year-over-year to $112.2 million, or $2.38 per diluted share versus $1.79 per diluted share in the prior year period (non-GAAP measure).




For the Three Months Ended September 30, 


For the Nine Months Ended September 30, 




2018


2017


2018


2017

(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)


$      41,027


$       0.81


$      26,356


$       0.60


$    112,194


$       2.38


$      78,903


$       1.79

Less: After tax merger-related expenses


(8,541)


(0.17)


-


-


(13,010)


(0.27)


(319)


(0.01)

Net income (GAAP)


$      32,486


$       0.64


$      26,356


$       0.60


$      99,184


$       2.11


$      78,584


$       1.78

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

WesBanco Logo (PRNewsfoto/WesBanco, Inc.)

On April 5, 2018, WesBanco consummated the merger with First Sentry Bancshares, Inc. ("FTSB"), a bank holding company headquartered in Huntington, WV with $0.7 billion in assets, excluding goodwill.  In addition, on August 20, 2018, WesBanco consummated the merger with Farmers Capital Bank Corporation ("FFKT"), a bank holding company headquartered in Frankfort, KY with approximately $1.6 billion in assets, excluding goodwill.  Financial results for both FTSB and FFKT have been included in WesBanco's results from their respective merger consummation dates.

Financial and operational highlights:

  • Execution of well-defined long-term growth strategies driving strong profitability
    • Year-to-date income before provisions for credit losses and income taxes increased 6.8% year-over-year, or 20.4% when excluding merger-related costs
  • Sequential improvement in net interest margin reflects partial quarter of recently consummated FFKT acquisition
  • Solid expense management as demonstrated by a year-to-date efficiency ratio of 55.0% (non-GAAP measure), despite the inclusion of FFKT's operating expenses since August 20, 2018
  • Continued strength across key credit quality metrics
  • Successful completion of the merger with FFKT to become a top ten financial institution in the state of Kentucky

"We are pleased with our financial performance during the third quarter of 2018 as we remain focused on enhancing long-term shareholder value," said Todd F. Clossin, President and Chief Executive Officer of WesBanco. "We continued to drive strong profitability and positive operating leverage while successfully executing upon our long-term growth and diversification strategies and maintaining our legacy of sound credit quality in the third quarter."

Mr. Clossin added, "On August 20th, we welcomed the customers and employees of Farmers Capital Bank and its banking affiliate, United Bank & Capital Trust Company, into WesBanco.  I am excited about our opportunities in Kentucky, as we have grown from not having a presence two years ago to now being a top ten financial institution in the state.  We look forward to maintaining a strong commitment to client service and community banking, as we provide our newest customers with a broader array of banking services."

Balance Sheet

Portfolio loans of $7.7 billion, as of September 30, 2018, increased 21.2% when compared to the prior year period due to the acquisitions of FTSB and FFKT.  Total organic loans were relatively flat at just 0.5% down year-over-year, when excluding the consumer loan portfolio de-emphasis strategy, or down 1.2% in total.  The year-over-year decline in total organic loan growth resulted from continued targeted reductions in the consumer portfolio to reduce its risk profile, lower home equity loan balances due to lower demand as a result of higher interest rates, elevated levels of commercial real estate loans moving to an aggressive secondary financing market, and continued deleveraging by commercial customers reflective of the current operating environment and higher cash levels from tax reform.  Total deposits increased 25.9% year-over-year to $8.9 billion due to the FTSB and FFKT acquisitions.  Continuing to reflect the strength of our legacy footprint, total deposits, excluding CDs, increased 3.4% organically, driven by 4.8% organic growth in interest bearing and non-interest bearing demand deposits.

Credit Quality

Our strong legacy of credit and risk management is reflected in the strength of our credit quality ratios as we continue to focus on prudent lending standards while remaining disciplined and balanced on loan growth.  As of September 30, 2018, despite the addition of approximately $1.4 billion of loans from the acquisitions of FTSB and FFKT, non-performing assets, past due loans, and criticized and classified loans decreased year-over-year on both an absolute dollar basis and as a percentage of the portfolio, excluding certain underperforming commercial loans held for sale related to recent mergers.  Non-performing assets as a percentage of total assets of 0.35%, non-performing loans as a percentage of total portfolio loans of 0.49%, and annualized net charge-offs as a percentage of average portfolio loans of 0.02%, on a year-to-date basis, have continued to show improvement and have declined to the lowest levels in many years.  The modest absolute dollar increase in those categories from the sequential quarter was due to the FFKT merger.  Further reflecting the consistently high quality of the loan portfolio, the provision for credit losses decreased from $2.5 million in the third quarter of 2017 to $1.0 million in the current quarter, a result of net recoveries in the quarter of 0.02% and overall improved credit ratios.  Year-to-date, the provision decreased 35.5% due to net charge-offs of 0.02% and the improved credit ratios.

Net Interest Margin and Income

The net interest margin for the third quarter of 2018 increased 2 basis points year-over-year to 3.50%.  The net interest margin benefited from increases in the Federal Reserve Board's target federal funds rate through the past year and partial quarter benefit from the higher margins on the acquired FFKT net assets, partially offset by higher funding costs as well as a flattening of the yield curve.  Also impacting the year-over-year change in the net interest margin was a six basis point reduction related to the lower tax-equivalency of the state and local municipal tax-exempt securities resulting from the "Tax Cuts and Jobs Act".  The increase in the cost of interest bearing liabilities was primarily due to higher rates for interest bearing public funds, higher tier money market accounts, and Federal Home Loan Bank and other borrowings.  Further, reflecting the benefit of our legacy deposit footprint, the year-to-date deposit beta on the four federal funds rate increases since the year ago quarter was 15%, or only 11% when including the strong growth in non-interest bearing deposits.  Lastly, accretion from acquisitions benefited the third quarter net interest margin by approximately 11 basis points, as compared to 12 basis points in the prior year period, and it was 10 basis points for the year-to-date period versus 9 basis points for the same 2017 period.

Net interest income increased $15.7 million, or 21.1%, during the third quarter of 2018 as compared to the same quarter of 2017 due to an 18.1% increase in average total earning assets, primarily driven by the FTSB and FFKT acquisitions and related accretion from purchase accounting.  For the nine months ended September 30, 2018, net interest income increased $28.4 million, or 13.1%, due to higher average total earning assets from a larger investment portfolio and the $2.2 billion in earning assets acquired from FTSB and FFKT.

Non-Interest Income

For the third quarter of 2018, non-interest income of $26.2 million increased $5.3 million, or 25.5%, from the third quarter of 2017, driven by the FTSB and FFKT acquisitions.  The associated larger customer deposit base and higher transaction volumes drove the year-over-year increases in electronic banking fees and service charges on deposits.  Higher trust fees were due to a 21% increase in trust assets from a combination of the acquisition of FFKT's trust business and organic growth, as well as improvement in the equity markets.  Other income increased $1.0 million primarily due to a $0.6 million increase in commercial customer loan swap-related income.  In addition, mortgage banking income increased $0.4 million, or 37.9%, due to the strength of the residential mortgage lending program.

For the nine months ended September 30, 2018, non-interest income increased $7.8 million, or 11.8%.  The primary drivers of this year-to-date increase were increased customer levels, transaction volumes, mortgage banking income, and trust assets, as discussed above.

Non-Interest Expense

Total operating expenses continued to be well-controlled during the third quarter of 2018, despite the inclusion of FFKT's operating expenses since August 20th.  The FFKT cost savings of 35% announced in April remain on track for 75% of the anticipated savings to be achieved during 2019 and 100% thereafter.  Excluding merger-related expenses, non-interest expense increased $9.6 million, or 17.1%, compared to the prior year period, reflecting the two acquisitions.  This year-over-year increase is primarily due to higher salaries and wages, employee benefits, net occupancy, and equipment costs associated with additional staffing and financial center locations from the two acquisitions.  These increases were balanced by strong discretionary expense management as demonstrated by the 148 basis point year-over-year decrease in the efficiency ratio to 55.6%.

Excluding merger-related expenses in both years, non-interest expense during the first nine months of 2018 increased $12.2 million, or 7.4%, compared to the prior year period, reflecting the acquisition of both FTSB and FFKT, partially offset by strong legacy expense management.

Provision for Income Taxes

The effective income tax rate and associated provision for income taxes for the third quarter of 2018 are reflective of the recently enacted "Tax Cuts and Jobs Act", which lowered the statutory Federal income tax rate for corporations to 21%.  During the third quarter, the effective tax rate was 16.71% as compared to 28.54% last year, while the provision for income taxes decreased $4.0 million to $6.5 million, despite higher year-over-year pre-tax income.

Capital

WesBanco continues to maintain strong regulatory capital ratios as 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.  At September 30, 2018, Tier I leverage was 11.22%, Tier I Risk-Based capital was 14.32%, Total Risk-Based capital was 15.20%, and the Common Equity Tier 1 capital ratio ("CET 1") was 12.41%.  Tangible common equity also remained strong at 8.66% at period-end.  Record earnings achieved during 2017, strong regulatory capital and liquidity positions, and solid execution on well-defined long-term operational and growth strategies enabled WesBanco to increase the quarterly cash dividend by 11.5% to $0.29 per share during February of this year.  This was the eleventh increase during the last eight years, representing a cumulative increase of 107%.

Conference Call and Webcast

WesBanco will host a conference call to discuss the Company's financial results for the third quarter of 2018 at 3:00 p.m. ET on Thursday, October 25, 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 10115497.  The replay will begin at approximately 5:00 p.m. ET on October 25, and end at 12 a.m. ET on November 6.  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, 2017 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 and June 30, 2018, 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 FFKT 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 FFKT may not be fully realized within the expected timeframes; disruption from the merger of WesBanco and FFKT 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.

About WesBanco, Inc.

Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a multi-state, bank holding company with total assets of approximately $12.6 billion (as of September 30, 2018).  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 $4.7 billion of assets under management (as of September 30, 2018), and serves as registered investment advisor to a proprietary mutual fund family, the WesMark Funds.  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 209 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 4

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































For the Three Months Ended


For the Nine Months Ended

STATEMENT OF INCOME

September 30,


September 30,

Interest and dividend income

2018


2017


% Change


2018


2017


% Change


Loans, including fees

$             86,605


$               70,342


23.1


$          234,276


$             202,600


15.6


Interest and dividends on securities:














Taxable 

14,964


9,711


54.1


40,702


28,682


41.9



Tax-exempt

5,326


4,862


9.5


15,216


14,617


4.1




Total interest and dividends on securities

20,290


14,573


39.2


55,918


43,299


29.1


Other interest income 

1,498


574


161.0


3,402


1,674


103.2

          Total interest and dividend income

108,393


85,489


26.8


293,596


247,573


18.6

Interest expense













Interest bearing demand deposits

3,501


1,814


93.0


9,174


4,413


107.9


Money market deposits

1,360


751


81.1


3,332


1,970


69.1


Savings deposits

352


189


86.2


768


555


38.4


Certificates of deposit

3,276


2,610


25.5


8,789


7,512


17.0




Total interest expense on deposits

8,489


5,364


58.3


22,063


14,450


52.7


Federal Home Loan Bank borrowings

6,691


3,628


84.4


17,142


9,608


78.4


Other short-term borrowings

965


394


144.9


2,497


954


161.7


Subordinated debt and junior subordinated debt 

2,315


1,849


25.2


6,425


5,449


17.9




Total interest expense

18,460


11,235


64.3


48,127


30,461


58.0

Net interest income 

89,933


74,254


21.1


245,469


217,112


13.1


Provision for credit losses

1,035


2,516


(58.9)


4,911


7,610


(35.5)

Net interest income after provision for credit losses

88,898


71,738


23.9


240,558


209,502


14.8

Non-interest income













Trust fees

6,265


5,358


16.9


18,520


17,073


8.5


Service charges on deposits

6,313


5,320


18.7


16,282


15,254


6.7


Electronic banking fees

6,139


4,883


25.7


16,697


14,395


16.0


Net securities brokerage revenue

1,836


1,721


6.7


5,315


5,164


2.9


Bank-owned life insurance

1,232


1,164


5.8


5,116


3,671


39.4


Mortgage banking income

1,521


1,103


37.9


4,297


3,511


22.4


Net securities gains

84


6


1,300.0


403


511


(21.1)


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

150


(298)


150.3


641


9


7,022.2


Other income

2,684


1,642


63.5


6,444


6,318


2.0




Total non-interest income

26,224


20,899


25.5


73,715


65,906


11.8

Non-interest expense













Salaries and wages

30,335


24,957


21.5


82,213


71,575


14.9


Employee benefits

7,905


7,728


2.3


22,782


23,670


(3.8)


Net occupancy

4,957


4,132


20.0


13,715


12,969


5.8


Equipment 

4,488


3,905


14.9


12,532


12,043


4.1


Marketing

1,446


1,599


(9.6)


3,967


4,482


(11.5)


FDIC insurance 

789


945


(16.5)


2,315


2,677


(13.5)


Amortization of intangible assets

1,821


1,223


48.9


4,218


3,736


12.9


Restructuring and merger-related expense

10,811


-


100.0


16,468


491


3,254.0


Other operating expenses  

13,568


11,265


20.4


36,024


34,380


4.8




Total non-interest expense

76,120


55,754


36.5


194,234


166,023


17.0

Income before provision for income taxes

39,002


36,883


5.7


120,039


109,385


9.7


Provision for income taxes 

6,516


10,527


(38.1)


20,855


30,801


(32.3)

Net Income

$             32,486


$               26,356


23.3


$             99,184


$               78,584


26.2
















Taxable equivalent net interest income

$            91,348


$              76,872


18.8


$          249,514


$            224,983


10.9
















Per common share data












Net income per common share - basic

$                 0.65


$                   0.60


8.3


$                 2.11


$                   1.79


17.9

Net income per common share - diluted

0.64


0.60


6.7


2.11


1.78


18.5

Net income per common share - diluted, excluding certain items (1)(2)

0.81


0.60


35.0


2.38


1.79


33.0

Dividends declared

0.29


0.26


11.5


0.87


0.78


11.5

Book value (period end)

35.30


31.67


11.5


35.30


31.67


11.5

Tangible book value (period end) (1)

18.54


18.40


0.8


18.54


18.40


0.8

Average common shares outstanding - basic

50,277,847


44,031,813


14.2


46,965,095


43,992,017


6.8

Average common shares outstanding - diluted

50,432,112


44,086,881


14.4


47,107,829


44,059,469


6.9

Period end common shares outstanding

54,603,967


44,033,585


24.0


54,603,967


44,033,585


24.0
















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

(2) Certain items excluded from the calculation consist of after-tax merger-related expenses and the net deferred tax asset revaluation.

 

 

WESBANCO, INC.













Consolidated Selected Financial Highlights












Page 5

(unaudited, dollars in thousands)


























Selected ratios














For the Nine Months Ended




September 30,





2018


2017


% Change





















Return on average assets

1.21

%

1.07

%

13.08

%







Return on average assets, excluding













    after-tax merger-related expenses and













    net deferred tax asset revaluation (1)

1.37


1.07


28.04








Return on average equity

8.59


7.63


12.58








Return on average equity, excluding













    after-tax merger-related expenses and













    net deferred tax asset revaluation (1)

9.71


7.66


26.76








Return on average tangible equity (1)

15.71


13.69


14.76








Return on average tangible equity, excluding 













    after-tax merger-related expenses and













    net deferred tax asset revaluation (1)

17.70


13.74


28.82








Yield on earning assets (2) 

4.11


3.92


4.85








Cost of interest bearing liabilities

0.89


0.62


43.55








Net interest spread (2)

3.22


3.30


(2.42)








Net interest margin (2)

3.44


3.45


(0.29)








Efficiency (1) (2)

55.00


56.91


(3.36)








Average loans to average deposits

88.25


89.72


(1.64)








Annualized net loan (recoveries) charge-offs/average loans

0.02


0.12


(83.33)








Effective income tax rate (3)

17.37


28.16


(38.32)





























































For the Quarter Ended





Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Sept. 30,





2018


2018


2018


2017


2017

















Return on average assets

1.10

%

1.22

%

1.36

%

0.64

%

1.06

%



Return on average assets, excluding













    after-tax merger-related expenses and













    net deferred tax asset revaluation (1)

1.39


1.38


1.37


1.16


1.06




Return on average equity

7.50


8.77


9.70


4.48


7.50




Return on average equity, excluding













    after-tax merger-related expenses and













    net deferred tax asset revaluation (1)

9.47


9.90


9.76


8.17


7.50




Return on average tangible equity (1)

14.25


15.87


17.10


8.05


13.31




Return on average tangible equity, excluding 













    after-tax merger-related expenses and













    net deferred tax asset revaluation (1)

17.85


17.85


17.20


14.36


13.31




Yield on earning assets (2) 

4.21


4.11


3.98


3.95


3.99




Cost of interest bearing liabilities

0.95


0.91


0.80


0.71


0.67




Net interest spread (2)

3.26


3.20


3.18


3.24


3.32




Net interest margin (2)

3.50


3.43


3.38


3.43


3.48




Efficiency (1) (2) 

55.55


54.28


55.12


55.08


57.03




Average loans to average deposits

87.56


88.15


89.26


90.26


90.43




Annualized net loan (recoveries) charge-offs/average loans

(0.02)


0.03


0.07


0.16


0.12




Effective income tax rate (3)

16.71


18.11


17.28


59.14


28.54




Trust assets, market value at period end

$     4,743,894


$        4,044,207


$        4,027,358


$        3,943,519


$        3,908,705

















(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 include a $12.8 million tax expense as a result of the net deferred tax asset revaluation.




 

 

WESBANCO, INC.








Consolidated Selected Financial Highlights







Page 6

(unaudited, dollars in thousands, except shares)







% Change

Balance sheets

September 30,



December 31,

December 31, 2017

Assets

2018


2017


% Change

2017

to Sept. 30, 2018

Cash and due from banks

$           184,826


$          96,167


92.2

$                97,746

89.1

Due from banks - interest bearing

88,854


14,704


504.3

19,826

348.2

Securities:









Equity securities, at fair value

12,784


7,929


61.2

13,457

(5.0)


Available-for-sale debt securities, at fair value

2,008,232


1,305,532


53.8

1,261,865

59.1


Held-to-maturity debt securities (fair values of $1,014,361; $1,044,748 









and $1,023,784, respectively)

1,025,538


1,025,688


(0.0)

1,009,500

1.6



Total securities

3,046,554


2,339,149


30.2

2,284,822

33.3

Loans held for sale

55,913


26,888


107.9

20,320

175.2

Portfolio loans:









Commercial real estate

3,906,221


3,014,412


29.6

2,994,448

30.4


Commercial and industrial

1,292,073


1,125,693


14.8

1,125,327

14.8


Residential real estate 

1,598,477


1,356,580


17.8

1,353,301

18.1


Home equity

604,106


527,216


14.6

529,196

14.2


Consumer 

325,546


349,148


(6.8)

339,169

(4.0)

Total portfolio loans, net of unearned income

7,726,423


6,373,049


21.2

6,341,441

21.8

Allowance for loan losses

(48,902)


(45,487)


(7.5)

(45,284)

(8.0)



Net portfolio loans

7,677,521


6,327,562


21.3

6,296,157

21.9

Premises and equipment, net

159,284


133,497


19.3

130,722

21.8

Accrued interest receivable

39,465


30,152


30.9

29,728

32.8

Goodwill and other intangible assets, net

928,083


590,249


57.2

589,264

57.5

Bank-owned life insurance

223,995


191,466


17.0

192,589

16.3

Other assets

194,984


168,443


15.8

155,004

25.8

Total Assets

$      12,599,479


$      9,918,277


27.0

$           9,816,178

28.4











Liabilities








Deposits:









Non-interest bearing demand

$        2,411,862


$      1,851,167


30.3

$           1,846,748

30.6


Interest bearing demand

2,187,662


1,666,117


31.3

1,625,015

34.6


Money market

1,178,950


990,788


19.0

1,024,856

15.0


Savings deposits

1,649,684


1,258,887


31.0

1,269,912

29.9


Certificates of deposit

1,513,600


1,334,066


13.5

1,277,057

18.5



Total deposits

8,941,758


7,101,025


25.9

7,043,588

26.9

Federal Home Loan Bank borrowings

1,131,253


1,015,011


11.5

948,203

19.3

Other short-term borrowings

294,281


165,576


77.7

184,805

59.2

Subordinated debt and junior subordinated debt 

189,745


164,278


15.5

164,327

15.5



Total borrowings

1,615,279


1,344,865


20.1

1,297,335

24.5

Accrued interest payable

6,623


3,924


68.8

3,178

108.4

Other liabilities

108,550


73,905


46.9

76,756

41.4

Total Liabilities

10,672,210


8,523,719


25.2

8,420,857

26.7











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










2018 and 2017, respectively; 54,604,294,  44,041,572 and 44,043,244 shares









issued, respectively; 54,603,967, 44,033,585 and 44,043,244 shares

113,758


91,753


24.0

91,756

24.0


outstanding, respectively








Capital surplus

1,165,006


683,348


70.5

684,730

70.1

Retained earnings

709,477


641,329


10.6

651,357

8.9

Treasury stock (327,  7,987 and 0 shares - at cost, respectively)

(15)


(300)


95.0

-

-

Accumulated other comprehensive loss

(59,873)


(20,837)


(187.3)

(31,495)

(90.1)

Deferred benefits for directors

(1,084)


(735)


(47.5)

(1,027)

(5.6)

Total Shareholders' Equity

1,927,269


1,394,558


38.2

1,395,321

38.1

Total Liabilities and Shareholders' Equity

$    12,599,479


$   9,918,277


27.0

$         9,816,178

28.4

 

WESBANCO, INC.





Consolidated Selected Financial Highlights




Page 7

(unaudited, dollars in thousands, except shares)





Balance sheets

September 30,


June 30,


Assets


2018


2018

% Change

Cash and due from banks

$         184,826


$        101,905

81.4

Due from banks - interest bearing

88,854


53,654

65.6

Securities:






Trading securities, at fair value

12,784


13,494

(5.3)


Available-for-sale, at fair value

2,008,232


1,796,571

11.8


Held-to-maturity (fair values of $1,014,361 and 1,016,111, respectively)

1,025,538


1,019,746

0.6



Total securities

3,046,554


2,829,811

7.7

Loans held for sale

55,913


12,053

363.9

Portfolio Loans:






Commercial real estate

3,906,221


3,189,335

22.5


Commercial and industrial

1,292,073


1,294,488

(0.2)


Residential real estate 

1,598,477


1,450,829

10.2


Home equity

604,106


535,653

12.8


Consumer 

325,546


322,594

0.9

Total portfolio loans, net of unearned income

7,726,423


6,792,899

13.7

Allowance for loan losses

(48,902)


(47,638)

(2.7)



Net portfolio loans

7,677,521


6,745,261

13.8

Premises and equipment, net

159,284


131,502

21.1

Accrued interest receivable

39,465


33,868

16.5

Goodwill and other intangible assets, net

928,083


661,616

40.3

Bank-owned life insurance

223,995


191,701

16.8

Other assets

194,984


185,213

5.3

Total Assets

$    12,599,479


$    10,946,584

15.1








Liabilities





Deposits:






Non-interest bearing demand

$      2,411,862


$      2,046,537

17.9


Interest bearing demand

2,187,662


1,809,140

20.9


Money market

1,178,950


1,051,043

12.2


Savings deposits

1,649,684


1,385,356

19.1


Certificates of deposit

1,513,600


1,376,528

10.0



Total deposits

8,941,758


7,668,604

16.6

Federal Home Loan Bank borrowings

1,131,253


1,248,406

(9.4)

Other short-term borrowings

294,281


258,067

14.0

Subordinated debt and junior subordinated debt 

189,745


165,420

14.7



Total borrowings

1,615,279


1,671,893

(3.4)

Accrued interest payable

6,623


4,417

49.9

Other liabilities

108,550


77,564

39.9

Total liabilities

10,672,210


9,422,478

13.3








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;






54,604,294 and 46,655,012 shares issued, respectively;






54,603,967 and 46,643,250 shares outstanding, respectively

113,758


97,197

17.0

Capital surplus

1,165,006


789,038

47.6

Retained earnings

709,477


692,820

2.4

Treasury stock (327and 11,762 shares - at cost)

(15)


(555)

(97.3)

Accumulated other comprehensive loss

(59,873)


(53,352)

(12.2)

Deferred benefits for directors

(1,084)


(1,042)

4.1

Total Shareholders' Equity

1,927,269


1,524,106

26.5

Total Liabilities and Shareholders' Equity

$  12,599,479


$ 10,946,584

15.1

 

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 September 30,



For the Nine Months Ended September 30,



2018

2017



2018

2017



Average 

Average



Average 

Average



Average 

Average



Average 

Average


Assets

Balance

Rate



Balance

Rate



Balance

Rate



Balance

Rate


Due from banks - interest bearing

$            94,337

2.29

%


$              9,841

1.26

%


$                 50,686

2.28

%


$           12,199

0.80

%

Loans, net of unearned income (1)

7,227,835

4.75



6,396,897

4.36



6,787,565

4.61



6,347,626

4.27


Securities: (2)
















    Taxable

2,194,708

2.73



1,595,263

2.43



2,038,978

2.66



1,582,875

2.42


    Tax-exempt (3)

785,699

3.43



721,343

4.15



751,403

3.42



722,834

4.15


        Total securities

2,980,407

2.91



2,316,606

2.97



2,790,381

2.87



2,305,709

2.96


Other earning assets 

60,783

6.26



48,961

4.44



56,182

6.02



47,511

4.49


         Total earning assets (3)

10,363,362

4.21

%


8,772,305

3.99

%


9,684,814

4.11

%


8,713,045

3.92

%

Other assets

1,375,434




1,125,182




1,238,728




1,123,193



Total Assets

$      11,738,796




$        9,897,487




$          10,923,542




$      9,836,238



















Liabilities and Shareholders' Equity
















Interest bearing demand deposits

$        1,983,340

0.70

%


$        1,635,956

0.44

%


$            1,844,423

0.67

%


$      1,602,546

0.37

%

Money market accounts 

1,111,341

0.49



994,772

0.30



1,051,104

0.42



1,015,852

0.26


Savings deposits

1,511,075

0.09



1,257,785

0.06



1,389,613

0.07



1,246,252

0.06


Certificates of deposit

1,439,658

0.90



1,367,581

0.76



1,366,109

0.86



1,408,231

0.71


    Total interest bearing deposits

6,045,414

0.56



5,256,094

0.40



5,651,249

0.52



5,272,881

0.37


Federal Home Loan Bank borrowings

1,194,940

2.22



1,005,106

1.43



1,138,350

2.01



967,356

1.33


Other borrowings

269,342

1.42



185,051

0.85



249,030

1.34



178,613

0.71


Subordinated debt and junior subordinated debt 

180,074

5.10



164,236

4.47



172,518

4.98



164,112

4.44


      Total interest bearing liabilities 

7,689,770

0.95

%


6,610,487

0.67

%


7,211,147

0.89

%


6,582,962

0.62

%

Non-interest bearing demand deposits

2,209,235




1,817,781




2,040,292




1,801,945



Other liabilities

120,302




75,254




127,699




74,920



Shareholders' equity

1,719,489




1,393,965




1,544,404




1,376,411



Total Liabilities and Shareholders' Equity

$   11,738,796




$     9,897,487




$        10,923,542




$    9,836,238



Taxable equivalent net interest spread


3.26

%



3.32

%



3.22

%



3.30

%

Taxable equivalent net interest margin 


3.50

%



3.48

%



3.44

%



3.45

%

































(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 $0.9 million and $0.8 million for the three months ended September 30, 2018 and 2017, respectively, and $2.3 million and $2.4 million for

the nine months ended September 30, 2018 and 2017, respectively.

Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $2.4 million for both the three months ended September 30, 2018 and 2017

and $5.9 million and $4.9 million  for the nine months ended September 30, 2018 and 2017, respectively.

Accretion on interest bearing liabilities acquired from the prior acquisitions was $0.6 million and $0.3 million for the three months ended September 30, 2018 and 2017, respectively, 

and $1.5 million and $1.1 million  for the nine months ended September 30, 2018 and 2017, 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 21% for 2018 and 35% for each prior 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

Sept.  30,


June 30,


Mar. 31,


Dec. 31,


Sept.  30,

Interest income

2018


2018


2018


2017


2017


Loans, including fees

$                        86,605


$                78,538


$              69,237


$                69,408


$              70,342


Interest and dividends on securities:












Taxable 

14,964


14,194


11,543


9,948


9,711



Tax-exempt

5,326


5,055


4,834


4,872


4,862




Total interest and dividends on securities

20,290


19,249


16,377


14,820


14,573


Other interest income 

1,498


1,101


803


623


574

          Total interest and dividend income

108,393


98,888


86,417


84,851


85,489

Interest expense











Interest bearing demand deposits

3,501


3,150


2,524


2,039


1,814


Money market deposits

1,360


1,093


878


805


751


Savings deposits

352


227


189


189


189


Certificates of deposit

3,276


2,977


2,536


2,597


2,610




Total interest expense on deposits

8,489


7,447


6,127


5,630


5,364


Federal Home Loan Bank borrowings

6,691


5,953


4,498


3,682


3,628


Other short-term borrowings

965


973


558


489


394


Subordinated debt and junior subordinated debt

2,315


2,168


1,942


1,868


1,849




Total interest expense

18,460


16,541


13,125


11,669


11,235

Net interest income 

89,933


82,347


73,292


73,182


74,254


Provision for credit losses

1,035


1,708


2,168


2,376


2,516

Net interest income after provision for credit losses

88,898


80,639


71,124


70,806


71,738

Non-interest income











Trust fees

6,265


5,752


6,503


5,667


5,358


Service charges on deposits

6,313


5,146


4,822


5,278


5,320


Electronic banking fees

6,139


5,728


4,829


4,788


4,883


Net securities brokerage revenue

1,836


1,809


1,670


1,508


1,721


Bank-owned life insurance

1,232


1,128


2,756


1,123


1,164


Mortgage banking income

1,521


1,670


1,004


1,542


1,103


Net securities gains/(losses)

84


358


(39)


56


6


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

150


229


262


649


(298)


Other income

2,684


1,588


2,173


2,323


1,642




Total non-interest income

26,224


23,408


23,980


22,934


20,899

Non-interest expense











Salaries and wages

30,335


26,872


25,006


25,786


24,957


Employee benefits

7,905


7,965


6,912


6,263


7,728


Net occupancy

4,957


4,103


4,656


4,132


4,132


Equipment 

4,488


4,095


3,949


3,983


3,905


Marketing

1,446


1,405


1,116


1,238


1,599


FDIC insurance 

789


868


658


827


945


Amortization of intangible assets

1,821


1,312


1,086


1,204


1,223


Restructuring and merger-related expense

10,811


5,412


245


454


-


Other operating expenses  

13,568


11,511


10,943


10,950


11,265




Total non-interest expense

76,120


63,543


54,571


54,837


55,754

Income before provision for income taxes

39,002


40,504


40,533


38,903


36,883


Provision for income taxes 

6,516


7,335


7,004


23,006


10,527

Net Income

$                        32,486


$                33,169


$              33,529


$                15,897


$              26,356














Taxable equivalent net interest income

$                       91,348


$               83,691


$             74,577


$               75,805


$             76,872














Per common share data










Net income per common share - basic

$                            0.65


$                    0.71


$                  0.76


$                    0.36


$                  0.60

Net income per common share - diluted

$                            0.64


$                    0.71


$                  0.76


$                    0.36


$                  0.60

Net income per common share - diluted, excluding certain items (1)(2)

$                            0.81


$                    0.80


$                  0.76


$                    0.66


$                  0.60

Dividends declared

$                            0.29


$                    0.29


$                  0.29


$                    0.26


$                  0.26

Book value (period end)

$                          35.30


$                  32.68


$                31.84


$                  31.68


$                31.67

Tangible book value (period end) (1)

$                          18.54


$                  18.59


$                18.56


$                  18.42


$                18.40

Average common shares outstanding - basic

50,277,847


46,498,305


44,050,701


44,036,416


44,031,813

Average common shares outstanding - diluted

50,432,112


46,639,780


44,168,242


44,109,767


44,086,881

Period end common shares outstanding

54,603,967


46,643,250


44,060,957


44,043,244


44,033,585

Full time equivalent employees

2,404


2,040


1,939


1,940


1,944



























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

(2) Certain items excluded from the calculation consist of after-tax merger-related expenses and the net deferred tax asset revaluation.

 

 

WESBANCO, INC.











Consolidated Selected Financial Highlights









 Page 10 


(unaudited, dollars in thousands)














Quarter Ended





Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Sept. 30,


Asset quality data

2018


2018


2018


2017


2017


Non-performing assets:












Troubled debt restructurings - accruing

$           6,338


$           6,460


$           6,858


$           6,571


$           6,638



Non-accrual loans:













Troubled debt restructurings

2,036


2,514


2,397


2,865


2,982




Other non-accrual loans

29,238


29,467


29,989


33,960


32,476




    Total non-accrual loans

31,274


31,981


32,386


36,825


35,458




    Total non-performing loans 

37,612


38,441


39,244


43,396


42,096



Other real estate and repossessed assets

6,877


4,384


4,067


5,297


5,782




Total non-performing assets

$         44,489


$         42,825


$         43,311


$         48,693


$         47,878















Past due loans (1):












Loans past due 30-89 days

$         18,016


$         13,357


$         14,536


$         11,172


$         17,292



Loans past due 90 days or more

2,451


1,881


1,579


2,726


4,856




Total past due loans

$         20,467


$         15,238


$         16,115


$         13,898


$         22,148















Criticized and classified loans (2):












Criticized loans

$         46,370


$         34,045


$         33,785


$         36,092


$         34,784



Classified loans

31,437


38,982


34,566


37,858


44,303




Total criticized and classified loans

$         77,807


$         73,027


$         68,351


$         73,950


$         79,087















Loans past due 30-89 days / total portfolio loans

0.23

%

0.20

%

0.23

%

0.18

%

0.27

%

Loans past due 90 days or more / total portfolio loans

0.03


0.03


0.02


0.04


0.08


Non-performing loans / total portfolio loans

0.49


0.57


0.62


0.68


0.66


Non-performing assets/total portfolio loans, other












real estate and repossessed assets

0.58


0.63


0.68


0.77


0.75


Non-performing assets / total assets

0.35


0.39


0.42


0.50


0.48


Criticized and classified loans / total portfolio loans

1.01


1.08


1.08


1.17


1.24















Allowance for loan losses











Allowance for loan losses

$         48,902


$         47,638


$         46,334


$         45,284


$         45,487


Provision for credit losses

1,035


1,708


2,168


2,376


2,516


Net loan and deposit account overdraft (recoveries) charge-offs

(306)


425


1,063


2,652


1,888















Annualized net loan (recoveries) charge-offs /average loans

(0.02)

%

0.02

%

0.07

%

0.16

%

0.12

%

Allowance for loan losses / total portfolio loans

0.63

%

0.70

%

0.73

%

0.71

%

0.71

%

Allowance for loan losses / non-performing loans

1.30

x

1.24

x

1.18

x

1.04

x

1.08

x

Allowance for loan losses / non-performing loans and












loans past due 

0.84

x

0.89

x

0.84

x

0.79

x

0.71

x






























Quarter Ended





Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Sept. 30,





2018


2018


2018


2017


2017


Capital ratios











Tier I leverage capital

11.22

%

10.21

%

10.56

%

10.39

%

10.21

%

Tier I risk-based capital

14.32


14.26


14.31


14.12


13.62


Total risk-based capital

15.20


15.26


15.35


15.16


14.65


Common equity tier 1 capital ratio (CET 1)

12.41


12.38


12.33


12.14


11.70


Average shareholders' equity to average assets

14.65


13.89


14.02


14.19


14.08


Tangible equity to tangible assets (3)

8.66


8.43


8.46


8.79


8.68




























(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.


 

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 



Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Sept. 30,


Sept. 30,

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

2018


2018


2018


2017


2017


2018

2017

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
















Net income (annualized)

$             128,886


$         133,039


$         135,979


$           63,068


$         104,566


$         132,609

$      105,067


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

33,885


17,150


784


1,170


-


17,394

427


Plus: net deferred tax asset revaluation (annualized) 

-


-


-


50,703


-


-

-


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

162,771


150,189


136,763


114,941


104,566


150,003

105,494
















Average total assets

$        11,738,796


$    10,918,731


$      9,993,364


$      9,907,944


$      9,897,487


$    10,923,542

$   9,836,238















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

1.39%


1.38%


1.37%


1.16%


1.06%


1.37%

1.07%















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
















Net income (annualized)

$             128,886


$         133,039


$         135,979


$           63,068


$         104,566


$         132,609

$      105,067


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

33,885


17,150


784


1,170


-


17,394

427


Plus: net deferred tax asset revaluation (annualized) 

-


-


-


50,703


-


-

-


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

162,771


150,189


136,763


114,941


104,566


150,003

105,494
















Average total shareholders' equity

1,719,489


1,517,036


1,401,271


1,406,263


1,393,965


1,544,404

1,376,411















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

9.47%


9.90%


9.76%


8.17%


7.50%


9.71%

7.66%















Return on average tangible equity:














Net income (annualized)

$             128,886


$         133,039


$         135,979


$           63,068


$         104,566


$         132,609

$      105,067


Plus: amortization of intangibles (annualized) (1)

5,707


4,156


3,479


3,104


3,154


4,455

3,247


Net income before amortization of intangibles (annualized)

134,593


137,195


139,458


66,172


107,720


137,064

108,314
















Average total shareholders' equity

1,719,489


1,517,036


1,401,271


1,406,263


1,393,965


1,544,404

1,376,411


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

(775,267)


(652,318)


(585,711)


(584,227)


(584,903)


(671,786)

(585,107)


Average tangible equity

$             944,222


$         864,718


$         815,560


$         822,036


$         809,062


$         872,618

$      791,304















Return on average tangible equity

14.25%


15.87%


17.10%


8.05%


13.31%


15.71%

13.69%















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
















Net income (annualized)

$             128,886


$         133,039


$         135,979


$           63,068


$         104,566


$         132,609

$      105,067


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

33,885


17,150


784


1,170


-


17,394

427


Plus: net deferred tax asset revaluation (annualized) 

-


-


-


50,703


-


-

-


Plus: amortization of intangibles (annualized) (1)

5,707


4,156


3,479


3,104


3,154


4,455

3,247


Net income before amortization of intangibles and excluding 














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

168,478


154,345


140,242


118,045


107,720


154,458

108,741
















Average total shareholders' equity

1,719,489


1,517,036


1,401,271


1,406,263


1,393,965


1,544,404

1,376,411


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

(775,267)


(652,318)


(585,711)


(584,227)


(584,903)


(671,786)

(585,107)


Average tangible equity

$             944,222


$         864,718


$         815,560


$         822,036


$         809,062


$         872,618

$      791,304















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

17.85%


17.85%


17.20%


14.36%


13.31%


17.70%

13.74%















Efficiency ratio:














Non-interest expense

$               76,120


$           63,543


$           54,571


$           54,837


$           55,754


$         194,234

$      166,023


Less: restructuring and merger-related expense

(10,811)


(5,412)


(245)


(454)


-


(16,468)

(491)


Non-interest expense excluding restructuring and merger-related expense

65,309


58,131


54,326


54,383


55,754


177,766

165,532
















Net interest income on a fully taxable equivalent basis

91,348


83,691


74,577


75,805


76,872


249,514

224,983


Non-interest income

26,224


23,408


23,980


22,934


20,899


73,715

65,906


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

$             117,572


$         107,099


$           98,557


$           98,739


$           97,771


$         323,229

$      290,889


Efficiency Ratio

55.55%


54.28%


55.12%


55.08%


57.03%


55.00%

56.91%















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














Net income

$               32,486


$           33,169


$           33,529


$           15,897


$           26,356


$           99,184

$        78,584


Add: Net deferred tax asset revaluation 

-


-


-


12,780


-


-

-


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

8,541


4,276


193


295


-


13,010

319

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

$               41,027


$           37,445


$           33,722


$           28,972


$           26,356


$         112,194

$        78,903





























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
















Net income per diluted share

$                   0.64


$               0.71


$               0.76


$               0.36


$               0.60


$               2.11

$            1.78


Add: Net deferred tax asset revaluation per diluted share

-


-


-


0.29


-


-

-


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

0.17


0.09


-


0.01


-


0.27

0.01

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

$                   0.81


$               0.80


$               0.76


$               0.66


$               0.60


$               2.38

$            1.79































Period End






Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Sept. 30,






2018


2018


2018


2017


2017




Tangible book value per share:














Total shareholders' equity

$          1,927,269


$      1,524,106


$      1,403,026


$      1,395,321


$      1,394,558





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

(915,022)


(657,111)


(585,316)


(583,903)


(584,543)





Tangible equity

1,012,247


866,995


817,711


811,418


810,015



















Common shares outstanding

54,603,967


46,643,250


44,060,957


44,043,244


44,033,585


















Tangible book value per share

$                 18.54


$             18.59


$             18.56


$             18.42


$             18.40


















Tangible equity to tangible assets:














Total shareholders' equity

$          1,927,269


$      1,524,106


$      1,403,026


$      1,395,321


$      1,394,558





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

(915,022)


(657,111)


(585,316)


(583,903)


(584,543)