Press Release

WesBanco Announces Fourth Quarter 2019 Financial Results

Company Release - 1/27/2020 4:20 PM ET

WHEELING, W.Va., Jan. 27, 2020 /PRNewswire/ -- January 27, 2020 – 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, 2019.  Net income for the three months ended December 31, 2019 was $36.4 million, with diluted earnings per share of $0.60, compared to $43.9 million and $0.80 per diluted share, respectively, for the fourth quarter of 2018.  For the twelve months ended December 31, 2019, net income was $158.9 million, or $2.83 per diluted share, compared to $143.1 million, or $2.92 per diluted share, for the 2018 period.  Net income excluding after-tax merger-related expenses for the three months ended December 31, 2019, increased 1.0% year-over-year to $45.5 million, or $0.75 per diluted share as compared to $0.82 per diluted share in the prior year quarter, a decrease of 8.5% (non-GAAP measures).  On the same basis, net income for the twelve months ended December 31, 2019 increased 9.3% year-over-year to $171.8 million, or $3.06 per diluted share, down 4.7% when compared to $3.21 per diluted share in the prior year period (non-GAAP measures).

(PRNewsfoto/WesBanco, Inc.)




For the Three Months Ended December 31,


For the Twelve Months Ended December 31,




2019


2018


2019


2018

(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)


$      45,478


$       0.75


$      45,025


$       0.82


$    171,827


$       3.06


$    157,221


$       3.21

Less: After tax merger-related expenses


(9,102)


(0.15)


(1,097)


(0.02)


(12,954)


(0.23)


(14,109)


(0.29)

Net income (GAAP)


$      36,376


$       0.60


$      43,928


$       0.80


$    158,873


$       2.83


$    143,112


$       2.92

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

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.  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.  In addition, on November 22, 2019, WesBanco consummated the merger with Old Line Bancshares, Inc. ("OLBK"), a bank holding company headquartered in Bowie, MD with approximately $3.0 billion in assets, excluding goodwill.  Financial results for FTSB, FFKT, and OLBK have been included in WesBanco's results from their respective merger consummation dates.

Financial and operational highlights during the quarter ended December 31, 2019:

  • Successful completion of the merger with OLBK, a top ten financial institution in the state of Maryland
  • WesBanco Bank, Inc. was awarded its seventh consecutive composite "Outstanding" rating by the Federal Deposit Insurance Corporation (FDIC) for its Community Reinvestment Act (CRA) performance
  • Mortgage banking income increased 91.6% and 40.7%, year-over-year, for the quarter and full year periods, respectively
  • Continued expense management demonstrated by a year-to-date efficiency ratio of 56.68% (non-GAAP measure)
  • Key credit quality metrics such as non-performing assets, past due loans, allowance for loan loss ratios, and net loan charge-offs, as percentages of total portfolio loans, continue to remain at low levels and comparable to peer banks, those with total assets between $10 billion and $25 billion
  • The limitation on interchange fees for debit card processing that resulted from the Durbin amendment in the 2010 Dodd-Frank Act took effect during the third quarter of 2019
    • This limitation, which applies to banks with more than $10 billion in total assets, reduced fourth quarter after-tax earnings by $2.3 million, or $0.04 per diluted share, and year-to-date after-tax earnings by $3.8 million, or $0.07 per diluted share

Todd F. Clossin, President and Chief Executive Officer of WesBanco, commented, "2019 was another successful year for WesBanco – one that was also full of milestones.  Solid execution on our strategies allowed us to generate record annual earnings of $159 million, or $172 million, when excluding merger-related costs.  On November 22nd, we welcomed the customers and employees of Old Line Bancshares into the WesBanco family.  In addition to maintaining a strong commitment to client service and community banking, I am excited about our opportunities in the Mid-Atlantic market as we work to enhance customer relationships through new and expanded products and services, and provide enhanced career opportunities for our newest employees."

Mr. Clossin added, "Through our merger with Old Line, we expanded our franchise into the dynamic Mid-Atlantic market with strong deposit market share in the fast growing Baltimore and Washington D.C. MSAs, as well as crossing $15 billion in total assets.  Further, due to the hard work and dedication of our employees, WesBanco Bank earned its seventh consecutive "Outstanding" Community Reinvestment Act rating.  We continue to believe we are well-positioned for long-term success, and remain positive about our opportunities for the upcoming year, as we focus internally on organic growth and ensuring a successful integration of our Mid-Atlantic franchise."

Balance Sheet
Portfolio loans of $10.3 billion as of December 31, 2019 increased 34.1% when compared to the prior year period due to the OLBK acquisition.  Total organic loan growth was 1.1% year-over-year, driven by the C&I and residential real estate loan categories, which were partially offset by elevated levels of commercial real estate loans being refinanced in an aggressive secondary market.  The commercial real estate payoffs during the fourth quarter were almost triple the more normalized quarterly average experienced during the first half of 2019, which negatively impacted organic fourth quarter year-over-year loan growth by approximately two percentage points.  Total deposits increased 24.6% year-over-year to $11.0 billion due to the OLBK acquisition.  Total deposits, excluding the OLBK acquisition, decreased $246.5 million, or 2.8%, year-over-year due to a $260.7 million reduction in certificates of deposit, as higher cost CDs were allowed to runoff.

Credit Quality
Overall, we believe our credit quality ratios remained strong as we balanced disciplined loan origination in the current environment with prudent lending standards.  As of December 31, 2019, both non-performing loans and non-performing assets as percentages of the total loan portfolio and total assets, respectively, have remained relatively low and consistent throughout the last five quarters.  Criticized and classified loan balances decreased to 2.17% of total portfolio loans, as compared to 2.24% during the third quarter of 2019.  The provision for credit losses decreased to $1.8 million for the quarter, and annualized net loan charge-offs to average loans for the full year period were nine basis points.  Fourth quarter annualized net charge-offs of 20 basis points were higher than normal due primarily to the pay-off of three previously-acquired, credit-impaired loans that had been assigned credit marks and previously recognized reserves.

The current expected credit loss ("CECL") model became effective for WesBanco on January 1, 2020.  As part of our implementation process, we previously disclosed a range of up to a 30% increase in the allowance for loan losses for WesBanco, excluding the impact from OLBK.  Including our fourth quarter of 2019 acquisition of OLBK in the analysis and subject to purchase accounting adjustments, we now expect an increase of approximately 40% to 60% in the first quarter of 2020 allowance for credit losses, which represents a 20 to 25 basis point decline in the Tier 1 risk-based capital ratio, if applied on a pro-forma basis, as of December 31, 2019.  The ultimate impact of adoption will depend on the finalization of the purchase accounting for OLBK which could impact the estimated range of potential outcomes noted above.

Net Interest Margin and Income
The net interest margin of 3.55% for the fourth quarter of 2019 decreased 17 basis points year-over-year and 1 basis point from the third quarter.  Year-over-year, the net interest margin decreased primarily due to the lower interest rate environment from the three decreases in the Federal Reserve Board's target federal funds rate during the second half of 2019, as well as a flattening of the yield curve.  Accretion from acquisitions benefited the fourth quarter net interest margin by 22 basis points, as compared to 23 basis points in the prior year period and 13 basis points during the third quarter.  Year-to-date accretion was 19 basis points, as compared to 14 basis points in the prior year.

Net interest income increased $5.2 million, or 5.1%, during the fourth quarter of 2019, as compared to the same quarter of 2018, due to a 9.6% increase in average total earning assets, primarily driven by the OLBK acquisition and related accretion from purchase accounting, partially offset by the lower loan yields, reflecting the three decreases in the Federal Reserve Board's target federal funds rate during the second half of 2019.  For the twelve months ended December 31, 2019, net interest income increased $52.7 million, or 15.2%, due to higher average total earning assets from organic growth and the OLBK acquisition, and an overall higher net interest margin, reflecting a higher interest rate environment during the first half of 2019.

Non-Interest Income
For the fourth quarter of 2019, non-interest income of $30.8 million increased $4.3 million, or 16.1%, from the fourth quarter of 2018, driven by organic growth and the OLBK acquisition, which accounted for approximately a third of the increase.  Other income increased $2.7 million, or 84.1%, due to higher commercial customer loan swap-related income.  Net securities gains increased $1.8 million, or 139.9%, due to a negative $1.1 million market adjustment in the prior year period on the deferred compensation plan, which had an offsetting reduction in employee benefits expense.   Mortgage banking fees increased $1.4 million, or 91.6%, compared to the prior year period, due to growth in residential mortgage origination dollar volume and the associated sale of approximately one-half of those originations into the secondary market.  Electronic banking fees decreased $2.3 million as compared to the prior year period reflecting an approximate $2.8 million impact from the limitation on interchange fees for debit card processing that resulted from the Durbin amendment in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"), partially offset by higher point-of-sale and ATM transactions by both legacy WesBanco and our new OLBK customers.

For the twelve months ended December 31, 2019, non-interest income increased $16.4 million, or 16.4%, year-over-year to $116.7 million.  In addition to the items discussed above, the primary drivers of this increase were the larger customer deposit base and higher transaction volumes associated with the FTSB and FFKT acquisitions, which positively benefited service charges on deposits and electronic banking fees, while the addition of the trust business from FFKT benefited trust fees.  Despite the higher transaction volumes, electronic banking fees decreased $0.7 million, or 2.9%, year-over-year due to the limitation on interchange fees, as mentioned above, which reduced fees during the second half of 2019 by approximately $4.7 million.

Non-Interest Expense
We believe that total operating expenses continued to be well-controlled during both the three- and twelve-month periods ending December 31, 2019, as demonstrated by an efficiency ratio of 58.29% and 56.68%, respectively.  Excluding merger-related expenses, non-interest expense for the three months ended December 31, 2019 increased $11.4 million, or 16.4%, to $81.0 million compared to the prior year period, primarily reflecting the OLBK acquisition, which accounted for approximately 42% of the increase.  As previously disclosed, anticipated cost savings associated with the OLBK acquisition will begin to be realized during the second quarter of 2020.  This year-over-year increase is primarily due to higher salaries and wages, employee benefits, net occupancy, equipment, and other operating costs associated with additional staffing and financial center locations from the OLBK acquisition.  In addition, salaries and wages reflect the annual mid-year merit increases, and higher incentive and stock compensation.  Employee benefits in the prior year period, as mentioned above, were positively impacted by the $1.1 million reduction in the deferred compensation plan obligations due to market declines, while during 2019, healthcare expenses increased $3.7 million, or 21.5%, partially reflective of the two acquisitions during 2018.

For the twelve months ended December 31, 2019, non-interest expense, net of merger-related expenses, increased $48.4 million, or 19.6%, to $295.8 million compared to the prior year period, reflecting the three acquisitions and similar factors noted above for the quarterly period.

Capital
WesBanco continues to maintain what we believe are 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 December 31, 2019, Tier I leverage was 11.30%, Tier I risk-based capital was 12.89%, total risk-based capital was 15.12%, and the common equity Tier 1 capital ratio ("CET 1") was 12.89%.  Tier 1 leverage and Tier 1 risk-based capital ratios were adversely impacted by the movement of $136.5 million of trust preferred securities (TruPS) from Tier 1 to Tier 2 risk-based capital, as required by the Dodd-Frank Act for financial institutions with total assets greater than $15 billion.  Tangible common equity increased to 10.02% at period-end from 9.28% as of December 31, 2018, as an increase in other comprehensive income from the mark-to-market of the available-for-sale portion of the investment portfolio benefitted this ratio, as well as increased retained earnings.

On December 19, 2019, WesBanco's Board of Directors authorized the adoption of a new stock repurchase plan for the purchase of up to an additional 1.7 million shares of WesBanco common stock, representing approximately 2.5% of outstanding shares, from time to time on the open market, which is in addition to the existing plan approved by the Board of Directors on October 22, 2015.  During the fourth quarter of 2019, WesBanco repurchased 254,688 shares of its outstanding common stock on the open market at a total cost of $9.5 million, or $37.30 per share.  As of December 31, 2019, approximately 2.5 million shares remained for repurchase.

Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the fourth quarter of 2019 at 10:00 a.m. ET on Tuesday, January 28, 2020.  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 10136708.  The replay will begin at approximately 12:00 p.m. ET on January 28, and end at 12 a.m. ET on February 11.  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, 2018 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC"), including WesBanco's Form 10-Q's for the quarters ended March 31, June 30, and September 30, 2019, 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 Old Line may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the merger of WesBanco and Old Line may not be fully realized within the expected timeframes; disruption from the merger of WesBanco and Old Line 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; changes in accounting standards, rules and interpretations such as the new CECL standard, and the impact on WesBanco's financial statements; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; 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 diversified and balanced financial services company that delivers large bank capabilities with a community bank feel.  Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share.  Built upon our 'Better Banking Pledge', our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively.  In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, WesBanco provides trust, wealth management, securities brokerage, and private banking services through our century-old Trust and Investment Services department, with approximately $4.7 billion of assets under management (as of December 31, 2019).  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 236 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.  Additionally, 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 Twelve Months Ended

STATEMENT OF INCOME

December 31,


December 31,

Interest and dividend income

2019


2018


% Change


2019


2018


% Change


Loans, including fees

$    105,879


$        97,685


8.4


$    393,166


$      331,961


18.4


Interest and dividends on securities:














Taxable 

16,586


16,196


2.4


65,648


56,898


15.4



Tax-exempt

4,563


5,562


(18.0)


20,006


20,778


(3.7)




Total interest and dividends on securities

21,149


21,758


(2.8)


85,654


77,676


10.3


Other interest income 

1,281


1,944


(34.1)


5,433


5,320


2.1

          Total interest and dividend income

128,309


121,387


5.7


484,253


414,957


16.7

Interest expense













Interest bearing demand deposits

4,054


4,000


1.4


16,805


13,144


27.9


Money market deposits

2,143


1,683


27.3


8,024


5,016


60.0


Savings deposits

935


452


106.9


2,995


1,225


144.5


Certificates of deposit

3,800


3,662


3.8


15,631


12,450


25.6




Total interest expense on deposits

10,932


9,797


11.6


43,455


31,835


36.5


Federal Home Loan Bank borrowings

7,279


6,191


17.6


26,548


23,333


13.8


Other short-term borrowings

1,009


1,221


(17.4)


5,401


3,717


45.3


Subordinated debt and junior subordinated debt 

2,125


2,411


(11.9)


8,945


8,836


1.2




Total interest expense

21,345


19,620


8.8


84,349


67,721


24.6

Net interest income 

106,964


101,767


5.1


399,904


347,236


15.2


Provision for credit losses

1,824


2,854


(36.1)


11,198


7,764


44.2

Net interest income after provision for credit losses

105,140


98,913


6.3


388,706


339,472


14.5

Non-interest income













Trust fees

6,699


6,103


9.8


26,579


24,623


7.9


Service charges on deposits

7,171


7,387


(2.9)


26,974


23,670


14.0


Electronic banking fees

4,336


6,604


(34.3)


22,634


23,300


(2.9)


Net securities brokerage revenue

1,393


1,871


(25.5)


6,990


7,186


(2.7)


Bank-owned life insurance

1,882


1,312


43.4


5,913


6,427


(8.0)


Mortgage banking income

2,957


1,543


91.6


8,219


5,840


40.7


Net securities gains

520


(1,303)


139.9


4,320


(900)


580.0


Net gain on other real estate owned and other assets

61


(117)


152.1


732


524


39.7


Other income

5,819


3,161


84.1


14,355


9,606


49.4




Total non-interest income

30,838


26,561


16.1


116,716


100,276


16.4

Non-interest expense













Salaries and wages

36,984


32,389


14.2


132,485


114,602


15.6


Employee benefits

9,894


7,298


35.6


39,313


30,079


30.7


Net occupancy

6,162


5,455


13.0


22,505


19,165


17.4


Equipment 

5,570


4,667


19.3


20,494


17,207


19.1


Marketing

2,059


1,402


46.9


6,062


5,368


12.9


FDIC insurance 

668


927


(27.9)


1,956


3,242


(39.7)


Amortization of intangible assets

2,916


2,762


5.6


10,340


6,980


48.1


Restructuring and merger-related expense

11,522


1,389


729.5


16,397


17,860


(8.2)


Other operating expenses  

16,781


14,701


14.1


62,656


50,721


23.5




Total non-interest expense

92,556


70,990


30.4


312,208


265,224


17.7

Income before provision for income taxes

43,422


54,484


(20.3)


193,214


174,524


10.7


Provision for income taxes 

7,046


10,556


(33.3)


34,341


31,412


9.3

Net Income

$      36,376


$        43,928


(17.2)


$    158,873


$      143,112


11.0
















Taxable equivalent net interest income

$   108,177


$   103,246


4.8


$   405,222


$   352,759


14.9
















Per common share data












Net income per common share - basic

$           0.60


$            0.80


(25.0)


$           2.83


$            2.93


(3.4)

Net income per common share - diluted

0.60


0.80


(25.0)


2.83


2.92


(3.1)

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

0.75


0.82


(8.5)


3.06


3.21


(4.7)

Dividends declared

0.31


0.29


6.9


1.24


1.16


6.9

Book value (period end)

38.24


36.24


5.5


38.24


36.24


5.5

Tangible book value (period end) (1)

21.55


19.63


9.8


21.55


19.63


9.8

Average common shares outstanding - basic

60,461,325


54,598,142


10.7


56,108,084


48,889,041


14.8

Average common shares outstanding - diluted

60,562,366


54,706,691


10.7


56,214,364


49,022,990


14.7

Period end common shares outstanding

67,824,428


54,598,134


24.2


67,824,428


54,598,134


24.2
















(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.









 

WESBANCO, INC.


















Consolidated Selected Financial Highlights














Page 6

(unaudited, dollars in thousands)



































Selected ratios
























For the Twelve Months Ended









December 31,










2019


2018


% Change


























Return on average assets





1.24

%

1.26

%

(1.59)

%







Return on average assets, excluding
















    after-tax merger-related expenses





1.34


1.39


(3.60)








Return on average equity





7.49


8.68


(13.71)








Return on average equity, excluding
















    after-tax merger-related expenses





8.11


9.54


(14.99)








Return on average tangible equity (1)




14.01


16.24


(13.73)








Return on average tangible equity, excluding 














    after-tax merger-related expenses





15.10


17.78


(15.07)








Yield on earning assets (2) 





4.37


4.19


4.30








Cost of interest bearing liabilities





1.05


0.92


14.13








Net interest spread (2)






3.32


3.27


1.53








Net interest margin (2)






3.62


3.52


2.84








Efficiency (1) (2)






56.68


54.60


3.81








Average loans to average deposits





88.59


87.60


1.13








Annualized net loan charge-offs/average loans

0.09


0.06


50.00








Effective income tax rate 





17.77


18.00


(1.28)






















































































For the Quarter Ended










Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,










2019


2019


2019


2019


2018






















Return on average assets





1.04

%

1.19

%

1.44

%

1.31

%

1.39

%



Return on average assets, excluding
















    after-tax merger-related expenses





1.30


1.23


1.44


1.39


1.42




Return on average equity





6.20


7.06


8.77


8.17


8.94




Return on average equity, excluding
















    after-tax merger-related expenses





7.75


7.32


8.78


8.67


9.16




Return on average tangible equity (1)




11.53


13.06


16.35


15.65


17.67




Return on average tangible equity, excluding 














    after-tax merger-related expenses





14.24


13.50


16.38


16.56


18.09




Yield on earning assets (2) 





4.25


4.34


4.45


4.45


4.42




Cost of interest bearing liabilities





0.99


1.09


1.08


1.06


0.97




Net interest spread (2)






3.26


3.25


3.37


3.39


3.45




Net interest margin (2)






3.55


3.56


3.67


3.68


3.72




Efficiency (1) (2) 






58.29


57.57


54.87


55.89


53.62




Average loans to average deposits





90.78


88.96


87.35


87.01


85.94




Annualized net loan charge-offs /average loans

0.20


0.04


0.05


0.07


0.14




Effective income tax rate 





16.23


18.24


18.40


18.01


19.37




Trust assets, market value at period end




$4,719,966


$   4,443,430


$   4,544,103


$   4,514,013


$   4,269,961






















(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.










 

WESBANCO, INC.









Consolidated Selected Financial Highlights








Page 7

(unaudited, dollars in thousands, except shares)








% Change

Balance sheets


December 31,



September 30,

September 30, 2019

Assets




2019


2018


% Change

2019

to December 31, 2019

Cash and due from banks


$       182,905


$         124,650


46.7

$           209,606

(12.7)

Due from banks - interest bearing


51,891


44,536


16.5

34,727

49.4

Securities:











Equity securities, at fair value


12,343


11,737


5.2

11,644

6.0


Available-for-sale debt securities, at fair value


2,393,558


2,114,129


13.2

2,209,199

8.3


Held-to-maturity debt securities (fair values of $874,523; $1,020,743 










and $877,809, respectively)


851,753


1,020,934


(16.6)

852,824

(0.1)



Total securities


3,257,654


3,146,800


3.5

3,073,667

6.0

Loans held for sale


43,013


8,994


378.2

20,715

107.6

Portfolio loans:










Commercial real estate


5,725,008


3,853,695


48.6

3,854,653

48.5


Commercial and industrial


1,644,699


1,265,460


30.0

1,332,275

23.5


Residential real estate 


1,873,647


1,611,607


16.3

1,638,574

14.3


Home equity


649,678


599,331


8.4

587,745

10.5


Consumer 


374,953


326,188


14.9

343,505

9.2

Total portfolio loans, net of unearned income


10,267,985


7,656,281


34.1

7,756,752

32.4

Allowance for loan losses


(52,429)


(48,948)


(7.1)

(54,317)

3.5



Net portfolio loans


10,215,556


7,607,333


34.3

7,702,435

32.6

Premises and equipment, net


261,014


166,925


56.4

178,344

46.4

Accrued interest receivable


43,648


38,853


12.3

37,156

17.5

Goodwill and other intangible assets, net


1,149,153


918,850


25.1

914,705

25.6

Bank-owned life insurance


299,516


225,317


32.9

229,349

30.6

Other assets


215,762


176,374


22.3

193,183

11.7

Total Assets


$ 15,720,112


$ 12,458,632


26.2

$   12,593,887

24.8













Liabilities










Deposits:











Non-interest bearing demand


$   3,178,270


$      2,441,041


30.2

$        2,476,392

28.3


Interest bearing demand


2,316,855


2,146,508


7.9

2,128,581

8.8


Money market


1,518,314


1,142,925


32.8

1,085,732

39.8


Savings deposits


1,934,647


1,645,549


17.6

1,698,125

13.9


Certificates of deposit


2,055,920


1,455,610


41.2

1,275,533

61.2



Total deposits


11,004,006


8,831,633


24.6

8,664,363

27.0

Federal Home Loan Bank borrowings


1,415,615


1,054,174


34.3

1,161,092

21.9

Other short-term borrowings


282,362


290,522


(2.8)

325,247

(13.2)

Subordinated debt and junior subordinated debt 


199,869


189,842


5.3

156,632

27.6



Total borrowings


1,897,846


1,534,538


23.7

1,642,971

15.5

Accrued interest payable


8,077


4,627


74.6

5,273

53.2

Other liabilities


216,262


109,007


98.4

180,011

20.1

Total Liabilities


13,126,191


10,479,805


25.3

10,492,618

25.1













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










2019 and 2018, respectively; 68,078,116,  54,604,294 and 54,698,250 shares









issued, respectively; 67,824,428, 54,598,134 and 54,691,225 shares


141,827


113,758


24.7

113,954

24.5


outstanding, respectively









Capital surplus


1,636,966


1,166,701


40.3

1,169,595

40.0

Retained earnings


824,694


737,581


11.8

809,332

1.9

Treasury stock ( 253,688, 6,160 and 7,025 shares - at cost, respectively)


(9,463)


(274)


(3,353.6)

(252)

(3,655.2)

Accumulated other comprehensive income (loss)


1,201


(37,871)


103.2

9,922

(87.9)

Deferred benefits for directors


(1,304)


(1,068)


(22.1)

(1,282)

(1.7)

Total Shareholders' Equity


2,593,921


1,978,827


31.1

2,101,269

23.4

Total Liabilities and Shareholders' Equity


$ 15,720,112


$ 12,458,632


26.2

$   12,593,887

24.8













 

WESBANCO, INC.




















Consolidated Selected Financial Highlights

















Page 8

(unaudited, dollars in thousands)



















Average balance sheet and



















net interest margin analysis




Three Months Ended December 31,



Twelve Months Ended December 31,







2019

2018



2019

2018







Average 

Average



Average 

Average



Average 

Average



Average 

Average


Assets





Balance

Rate



Balance

Rate



Balance

Rate



Balance

Rate


Due from banks - interest bearing




$         67,820

2.00

%


$         169,189

2.21

%


$         71,312

2.41

%


$           80,535

2.24

%

Loans, net of unearned income (1)




8,842,437

4.75



7,685,430

5.04



7,991,107

4.92



7,013,877

4.73


Securities: (2)




















    Taxable





2,474,024

2.68



2,317,542

2.80



2,366,631

2.77



2,109,191

 2..70 


    Tax-exempt (3)





655,443

3.52



818,456

3.44



722,388

3.51



768,304

3.42


        Total securities





3,129,467

2.86



3,135,998

2.96



3,089,019

2.95



2,877,495

2.89


Other earning assets 





59,750

6.31



52,691

7.62



53,919

6.89



55,302

6.37


         Total earning assets (3)




12,099,474

4.25

%


11,043,308

4.42

%


11,205,357

4.37

%


10,027,209

4.19

%

Other assets





1,819,956




1,522,572




1,648,563




1,310,170



Total Assets





$ 13,919,430




$ 12,565,880




$ 12,853,920




$ 11,337,379























Liabilities and Shareholders' Equity


















Interest bearing demand deposits




$   2,224,423

0.72

%


$      2,183,732

0.73

%


$   2,155,211

0.78

%


$      1,929,876

0.68

%

Money market accounts 




1,291,999

0.66



1,153,806

0.58



1,165,346

0.69



1,049,059

0.48


Savings deposits





1,799,617

0.21



1,647,144

0.11



1,705,858

0.18



1,454,525

0.08


Certificates of deposit





1,613,060

0.93



1,486,471

0.98



1,442,745

1.08



1,396,446

0.89


    Total interest bearing deposits




6,929,099

0.63



6,471,153

0.60



6,469,160

0.67



5,829,906

0.55


Federal Home Loan Bank borrowings



1,188,220

2.43



1,069,944

2.30



1,074,715

2.47



1,121,108

2.08


Other borrowings





304,554

1.31



301,813

1.60



317,585

1.70



260,388

1.43


Subordinated debt and junior subordinated debt 


174,067

4.84



189,769

5.04



170,983

5.23



176,866

5.00


      Total interest bearing liabilities 



8,595,940

0.99

%


8,032,679

0.97

%


8,032,443

1.05

%


7,388,268

0.92

%

Non-interest bearing demand deposits



2,811,367




2,472,076




2,550,864




2,177,142



Other liabilities





183,002




111,595




150,618




123,544



Shareholders' equity





2,329,121




1,949,530




2,119,995




1,648,425



Total Liabilities and Shareholders' Equity



$ 13,919,430




$ 12,565,880




$ 12,853,920




$ 11,337,379



Taxable equivalent net interest spread




3.26

%



3.45

%



3.32

%



3.27

%

Taxable equivalent net interest margin 




3.55

%



3.72

%



3.62

%



3.52

%









































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 $0.5 million and $0.9 million for the three months ended December 31, 2019 and 2018 and $1.8 million and $3.4 million for




   the year ended December 31, 2019 and 2018, respectively.















Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $4.9 million and $8.1 million for the three months ended December 31, 2019 and 2018    



   and $17.9 million and $11.7 million  for the year ended December 31, 2019 and 2018, respectively.











Accretion on interest bearing liabilities acquired from the prior acquisitions was $1.9 million and $0.5 million for the three months ended December 31, 2019 and 2018, respectively, 

   and $2.8 million and $2.0 million  for the year ended December 31, 2019 and 2018, 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 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 and dividend income

2019


2019


2019


2019


2018


Loans, including fees

$    105,879


$        95,369


$        96,415


$        95,502


$        97,685


Interest and dividends on securities:












Taxable 

16,586


15,887


16,444


16,733


16,196



Tax-exempt

4,563


4,759


5,142


5,541


5,562




Total interest and dividends on securities

21,149


20,646


21,586


22,274


21,758


Other interest income 

1,281


1,333


1,542


1,277


1,944

          Total interest and dividend income

128,309


117,348


119,543


119,053


121,387

Interest expense











Interest bearing demand deposits

4,054


4,489


4,314


3,946


4,000


Money market deposits

2,143


1,973


2,009


1,899


1,683


Savings deposits

935


861


678


522


452


Certificates of deposit

3,800


3,830


4,098


3,903


3,662




Total interest expense on deposits

10,932


11,153


11,099


10,270


9,797


Federal Home Loan Bank borrowings

7,279


6,645


6,287


6,337


6,191


Other short-term borrowings

1,009


1,353


1,483


1,556


1,221


Subordinated debt and junior subordinated debt

2,125


2,077


2,214


2,529


2,411




Total interest expense

21,345


21,228


21,083


20,692


19,620

Net interest income 

106,964


96,120


98,460


98,361


101,767


Provision for credit losses

1,824


4,121


2,747


2,507


2,854

Net interest income after provision for credit losses

105,140


91,999


95,713


95,854


98,913

Non-interest income











Trust fees

6,699


6,425


6,339


7,115


6,103


Service charges on deposits

7,171


7,056


6,197


6,549


7,387


Electronic banking fees

4,336


5,253


7,154


5,892


6,604


Net securities brokerage revenue

1,393


1,765


1,973


1,860


1,871


Bank-owned life insurance

1,882


1,373


1,340


1,319


1,312


Mortgage banking income

2,957


2,588


1,618


1,056


1,543


Net securities gains/(losses)

520


235


2,909


657


(1,303)


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

61


158


376


136


(117)


Other income

5,819


2,097


3,250


3,189


3,161




Total non-interest income

30,838


26,950


31,156


27,773


26,561

Non-interest expense











Salaries and wages

36,984


32,915


31,646


30,940


32,389


Employee benefits

9,894


9,726


9,705


9,989


7,298


Net occupancy

6,162


5,392


5,385


5,566


5,455


Equipment 

5,570


5,273


4,818


4,833


4,667


Marketing

2,059


1,505


1,254


1,243


1,402


FDIC insurance 

668


(1,221)


1,155


1,353


927


Amortization of intangible assets

2,916


2,446


2,465


2,514


2,762


Restructuring and merger-related expense

11,522


1,688


81


3,107


1,389


Other operating expenses  

16,781


15,544


15,443


14,887


14,701




Total non-interest expense

92,556


73,268


71,952


74,432


70,990

Income before provision for income taxes

43,422


45,681


54,917


49,195


54,484


Provision for income taxes 

7,046


8,334


10,103


8,858


10,556

Net Income

$      36,376


$        37,347


$        44,814


$        40,337


$        43,928














Taxable equivalent net interest income

$   108,177


$        97,385


$     99,827


$     99,834


$   103,246














Per common share data










Net income per common share - basic

$           0.60


$            0.68


$            0.82


$            0.74


$            0.80

Net income per common share - diluted

0.60


0.68


0.82


0.74


0.80

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

0.75


0.71


0.82


0.78


0.82

Dividends declared

0.31


0.31


0.31


0.31


0.29

Book value (period end)

38.24


38.42


37.92


37.05


36.24

Tangible book value (period end) (1)

21.55


21.89


21.40


20.49


19.63

Average common shares outstanding - basic

60,461,325


54,695,578


54,628,029


54,598,499


54,598,142

Average common shares outstanding - diluted

60,562,366


54,751,344


54,773,521


54,706,337


54,706,691

Period end common shares outstanding

67,824,428


54,691,225


54,697,199


54,599,127


54,598,134

Full time equivalent employees

2,705


2,330


2,353


2,329


2,388



























(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.







 

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


2019


2019


2019


2019


2018


Non-performing assets:













Troubled debt restructurings - accruing

$        5,431


$          5,840


$          5,487


$          5,481


$          5,744



Non-accrual loans:














Troubled debt restructurings


1,422


1,345


1,924


2,936


2,855




Other non-accrual loans (1)


43,491


33,456


30,974


27,291


27,845




    Total non-accrual loans


44,913


34,801


32,898


30,227


30,700




    Total non-performing loans 


50,344


40,641


38,385


35,708


36,444



Other real estate and repossessed assets

4,178


3,678


4,973


6,001


7,265




Total non-performing assets


$      54,522


$        44,319


$        43,358


$        41,709


$        43,709
















Past due loans (2):













Loans past due 30-89 days


$      36,330


$        17,906


$        15,446


$        21,433


$        19,569



Loans past due 90 days or more


11,613


5,425


2,634


2,740


4,077




Total past due loans (1)


$      47,943


$        23,331


$        18,080


$        24,173


$        23,646
















Criticized and classified loans (3):













Criticized loans (1)


$    118,959


$        78,880


$        73,236


$        69,691


$        51,710



Classified loans (1)


103,519


95,071


41,004


39,412


31,244




Total criticized and classified loans

$    222,478


$      173,951


$      114,240


$      109,103


$        82,954
















Loans past due 30-89 days / total portfolio loans

0.35

%

0.23

%

0.20

%

0.28

%

0.26

%

Loans past due 90 days or more / total portfolio loans

0.11


0.07


0.03


0.04


0.05


Non-performing loans / total portfolio loans

0.49


0.52


0.50


0.47


0.48


Non-performing assets/total portfolio loans, other












real estate and repossessed assets


0.53


0.57


0.56


0.54


0.57


Non-performing assets / total assets


0.35


0.35


0.35


0.33


0.35


Criticized and classified loans / total portfolio loans

2.17


2.24


1.48


1.42


1.08
















Allowance for loan losses












Allowance for loan losses


$      52,429


$        54,317


$        50,859


$        48,866


$        48,948


Provision for credit losses


1,824


4,121


2,747


2,507


2,854


Net loan and deposit account overdraft charge-offs

4,476


791


947


1,370


2,750
















Annualized net loan charge-offs /average loans

0.20

%

0.04

%

0.05

%

0.07

%

0.14

%

Allowance for loan losses / total portfolio loans

0.51

%

0.70

%

0.66

%

0.64

%

0.64

%

Allowance for loan losses / non-performing loans

1.04

x

1.34

x

1.32

x

1.37

x

1.34

x

Allowance for loan losses / non-performing loans and












loans past due 


0.53

x

0.85

x

0.90

x

0.82

x

0.81

x

































Quarter Ended






Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,






2019


2019


2019


2019


2018


Capital ratios












Tier I leverage capital


11.30

%

11.30

%

11.09

%

10.98

%

10.74

%

Tier I risk-based capital


12.89


15.40


15.39


15.31


15.09


Total risk-based capital


15.12


16.36


16.32


16.22


15.99


Common equity tier 1 capital ratio (CET 1)

12.89


13.87


13.83


13.48


13.14


Average shareholders' equity to average assets

16.73


16.80


16.42


16.01


15.51


Tangible equity to tangible assets (4)


10.02


10.24


10.10


9.57


9.28






























(1) Non-accrual loans includes $3.8 million of OLBK loans, total past due loans includes $23.3 million of OLBK loans, criticized loans includes

  $13.0 million of OLBK loans and classifed loans includes $17.7 million of OLBK loans.






(2) Excludes non-performing loans.












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




(4) 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)

2019


2019


2019


2019


2018


2019

2018

Return on average assets, excluding after-tax merger-related expenses:














Net income (annualized)

$       144,317


$          148,169


$          179,748


$          163,589


$          174,280


$       158,873

$          143,112


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

36,113


5,291


257


9,954


4,353


12,954

14,109


Net income excluding after-tax merger-related expenses (annualized)

180,430


153,460


180,005


173,543


178,633


171,827

157,221


















Average total assets


$  13,919,430


$     12,488,153


$     12,489,663


$     12,510,032


$     12,565,880


$  12,853,920

$     11,337,379

















Return on average assets, excluding after-tax merger-related expenses

1.30%


1.23%


1.44%


1.39%


1.42%


1.34%

1.39%

















Return on average equity, excluding after-tax merger-related expenses:














Net income (annualized)

$       144,317


$          148,169


$          179,748


$          163,589


$          174,280


$       158,873

$          143,112


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

36,113


5,291


257


9,954


4,353


12,954

14,109


Net income excluding after-tax merger-related expenses (annualized)

180,430


153,460


180,005


173,543


178,633


171,827

157,221


















Average total shareholders' equity

2,329,121


2,097,534


2,050,190


2,002,710


1,949,530


2,119,995

1,648,425

















Return on average equity, excluding after-tax merger-related expenses 

7.75%


7.32%


8.78%


8.67%


9.16%


8.11%

9.54%

















Return on average tangible equity:














Net income (annualized)

$       144,317


$          148,169


$          179,748


$          163,589


$          174,280


$       158,873

$          143,112


Plus: amortization of intangibles (annualized) (1)

9,139


7,666


7,811


8,055


8,657


8,169

5,514


Net income before amortization of intangibles (annualized)

153,456


155,835


187,559


171,644


182,937


167,042

148,626


















Average total shareholders' equity

2,329,121


2,097,534


2,050,190


2,002,710


1,949,530


2,119,995

1,648,425


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

(997,658)


(904,204)


(903,243)


(906,041)


(914,214)


(927,974)

(732,978)


Average tangible equity

$    1,331,463


$       1,193,330


$       1,146,947


$       1,096,669


$       1,035,316


$    1,192,021

$          915,447

















Return on average tangible equity

11.53%


13.06%


16.35%


15.65%


17.67%


14.01%

16.24%

















Return on average tangible equity, excluding after-tax merger-related expenses:














Net income (annualized)

$       144,317


$          148,169


$          179,748


$          163,589


$          174,280


$       158,873

$          143,112


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

36,113


5,291


257


9,954


4,353


12,954

14,109


Plus: amortization of intangibles (annualized) (1)

9,139


7,666


7,811


8,055


8,657


8,169

5,514


Net income before amortization of intangibles and excluding 














    after-tax merger-related expenses (annualized)

189,569


161,126


187,816


181,598


187,290


179,996

162,735


















Average total shareholders' equity

2,329,121


2,097,534


2,050,190


2,002,710


1,949,530


2,119,995

1,648,425


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

(997,658)


(904,204)


(903,243)


(906,041)


(914,214)


(927,974)

(732,978)


Average tangible equity

$    1,331,463


$       1,193,330


$       1,146,947


$       1,096,669


$       1,035,316


$    1,192,021

$          915,447

















Return on average tangible equity, excluding after-tax merger-related expenses

14.24%


13.50%


16.38%


16.56%


18.09%


15.10%

17.78%

















Efficiency ratio:
















Non-interest expense


$          92,556


$            73,268


$            71,952


$            74,432


$            70,990


$       312,208

$          265,224


Less: restructuring and merger-related expense

(11,522)


(1,688)


(81)


(3,107)


(1,389)


(16,397)

(17,860)


Non-interest expense excluding restructuring and merger-related expense

81,034


71,580


71,871


71,325


69,601


295,811

247,364


















Net interest income on a fully taxable equivalent basis

108,177


97,385


99,827


99,834


103,246


405,222

352,760


Non-interest income


30,838


26,950


31,156


27,773


26,561


116,716

100,276


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

$       139,015


$          124,335


$          130,983


$          127,607


$          129,807


$       521,938

$          453,036


Efficiency Ratio


58.29%


57.57%


54.87%


55.89%


53.62%


56.68%

54.60%

















Net income, excluding after-tax merger-related expenses:














Net income


$          36,376


$            37,347


$            44,814


$            40,337


$            43,928


$       158,873

$          143,112


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

9,102


1,334


64


2,454


1,097


12,954

14,109

Net income, excluding after-tax merger-related expenses

$          45,478


$            38,681


$            44,878


$            42,791


$            45,025


$       171,827

$          157,221

































Net Income, excluding after-tax merger-related expenses per diluted share:














Net income per diluted share

$              0.60


$                0.68


$                0.82


$                0.74


$                0.80


$              2.83

$                2.92


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

0.15


0.03


0.00


0.04


0.02


0.23

0.29

Net income, excluding after-tax merger-related expenses per diluted share

$              0.75


$                0.71


$                0.82


$                0.78


$                0.82


$              3.06

$                3.21





































Period End








Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,








2019


2019


2019


2019


2018




Tangible book value per share:














Total shareholders' equity

$    2,593,921


$       2,101,269


$       2,074,116


$       2,023,139


$       1,978,827





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

(1,132,262)


(904,256)


(903,729)


(904,144)


(906,887)





Tangible equity


1,461,659


1,197,013


1,170,387


1,118,995


1,071,940





















Common shares outstanding

67,824,428


54,691,225


54,697,199


54,599,127


54,598,134




















Tangible book value per share

$            21.55


$              21.89


$              21.40


$              20.49


$              19.63




















Tangible equity to tangible assets:














Total shareholders' equity

$    2,593,921


$       2,101,269


$       2,074,116


$       2,023,139


$       1,978,827





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

(1,132,262)


(904,256)


(903,729)


(904,144)


(906,887)





Tangible equity


1,461,659


1,197,013


1,170,387


1,118,995


1,071,940





















Total assets


15,720,112


12,593,887


12,494,653


12,601,408


12,458,632





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

(1,132,262)


(904,256)


(903,729)


(904,144)


(906,887)





Tangible assets


$  14,587,850


$     11,689,631


$     11,590,924


$     11,697,264


$     11,551,745




















Tangible equity to tangible assets

10.02%


10.24%


10.10%


9.57%


9.28%




































(1) Tax effected at 21% for all periods presented.













 

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SOURCE WesBanco, Inc.