WesBanco Announces First Quarter 2021 Financial Results

Company Release - 4/27/2021 4:30 PM ET

WHEELING, W.Va., April 27, 2021 /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 months ended March 31, 2021.  Net income available to common shareholders for the period was $70.6 million, with diluted earnings per share of $1.05, compared to $23.4 million and $0.35 per diluted share, respectively, for the first quarter of 2020.  Net income available to common shareholders excluding after-tax restructuring and merger-related expenses for the three months ended March 31, 2021, was $71.3 million, or $1.06 per diluted share, as compared to $27.5 million and $0.41 per diluted share, respectively, in the prior year quarter (non-GAAP measures).




For the Three Months Ended March 31,





2021


2020


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


Net Income


Diluted
Earnings
Per Share


Net Income


Diluted
Earnings
Per Share


Net income available to common
shareholders (Non-GAAP)(1)


$      71,256


$       1.06


$      27,476


$       0.41


Less: After-tax restructuring and merger-
related expenses


(672)


(0.01)


(4,080)


(0.06)


Net income available to common
shareholders (GAAP)


$      70,584


$       1.05


$      23,396


$       0.35


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


WesBanco believes that pre-tax, pre-provision income (non-GAAP measure) provides a more comparable year-over-year measure as it removes the provision for credit losses to improve comparability from quarter-to-quarter due to the CECL accounting standard.  For the three months ended March 31, 2021, pre-tax, pre-provision income, excluding restructuring and merger-related expenses, increased 3.6% year-over-year to $64.2 million compared to $62.0 million for the prior period.  In addition, on the same basis, the return on average assets was 1.57% for the three month period ending March 31, 2021.  WesBanco believes that these non-GAAP financial measures are useful to investors as they enhance investors' understanding of the Company's business and performance.

Financial and operational highlights during the quarter ended March 31, 2021:

  • Strong year-over-year growth in pre-tax, pre-provision income (non-GAAP measure)
  • Continued expense management demonstrated by a year-to-date efficiency ratio of 56.71% (non-GAAP measure)
  • Improving macro-economic factors utilized in the CECL calculation drove both the net benefit in the provision for credit losses and the reduction in allowance for credit losses during the quarter
  • Key credit quality metrics such as non-performing assets, past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages, those with total assets between $10 billion and $25 billion (based upon the prior four quarters)
  • Total loan growth was 3.4% year-over-year, driven by WesBanco's support of businesses impacted by the pandemic through the Small Business Administration's Payroll Protection Program ("SBA PPP")
  • Deposit growth, excluding certificates of deposit, was 28.9% year-over-year, driven by growth in demand deposits
  • Trust assets under management totaled a record $5.2 billion, driven by both market appreciation and organic growth
  • WesBanco is a well-capitalized financial institution with solid liquidity and a strong balance sheet
  • On April 22, 2021, WesBanco's Board of Directors authorized the adoption of a new stock repurchase program, which, when combined with the remainder of the previous authorization, represents approximately 5% of outstanding shares

"We are pleased with WesBanco's performance during the first quarter of 2021 as we are in the early stages of emerging from the pandemic," said Todd F. Clossin, President and Chief Executive Officer of WesBanco.  "I am proud of our entire organization as it has worked tirelessly to serve our customers and communities throughout the past year.  Their outstanding efforts led to WesBanco Bank recently being named, for the third year in a row, one of the world's best banks in an independent ranking based solely on customer satisfaction and feedback.  This exceptional ranking is in addition to being named one of the fifteen best banks in America by Forbes magazine, which represents our eleventh year making the list since its inception in 2010."

Mr. Clossin added, "I would also like to recognize Abdul Muhammad, our Senior Vice President and Regional Manager of Residential Lending.  In addition to his chairing our Diversity, Equity, and Inclusion Council, he was recently appointed as one of the eight members of the Federal Reserve Bank of Cleveland's Equity and Inclusion Advisory Council.  We are excited about our opportunities for the upcoming year as we build upon our well-defined, long-term strategies by leveraging the efforts of Abdul and our Council to further the principles of diversity and inclusion across not just WesBanco but also our communities."

Balance Sheet
Portfolio loans of $10.7 billion as of March 31, 2021 increased 3.4% when compared to the prior year period, due primarily to participation in the SBA PPP, which totaled approximately 7,750 loans for $824 million.  During the first quarter, approximately 2,330 customers applied for and received forgiveness of their Round 1 SBA PPP loans totaling $223 million; while our lenders assisted more than 3,240 businesses with Round 2 SBA PPP loans totaling approximately $344 million.

Total deposits increased 20.3% year-over-year to $13.3 billion due primarily to CARES Act stimulus funds received and increased personal savings, which more than offset a $384.2 million reduction in certificates of deposit.  Deposits, excluding CDs, increased 28.9% year-over-year, driven by a 36.0% increase in total demand deposits, which represent approximately 57% of total deposits.

Credit Quality
As of March 31, 2021, total loans past due, non-performing loans, and non-performing assets as percentages of the portfolio and total assets have remained relatively low and consistent throughout the last five quarters.  Furthermore, on a sequential quarter-basis as compared to the quarter ending December 31, 2020, total loans past due declined $7.0 million, total non-performing assets decreased $2.8 million, and total criticized and classified loans declined $39.0 million.  In addition, annualized net loan charge-offs to average loans remained low for the quarter at two basis points.  Reflecting improved macroeconomic factors in the CECL calculation, the allowance for credit losses specific to total portfolio loans at March 31, 2021 was $160.0 million, or 1.50% of total loans; or, when excluding SBA PPP loans, 1.62% of total portfolio loans.  Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.34% of total loans.  The improved factors resulted in a negative provision for credit losses of $28.0 million for the first quarter of 2021.

Net Interest Margin and Income
The net interest margin of 3.27% for the first quarter of 2021 decreased four and 27 basis points, respectively, from the fourth and first quarters of 2020, primarily due to the lower interest rate environment.  As a result of higher cash balances from additional stimulus funds received by our customers and their higher personal savings creating extra liquidity, investment securities increased by $0.9 billion during the first quarter, mostly during March.  Reflecting the significantly lower interest rate environment, we aggressively reduced our deposit rates throughout the past year, which helped to lower deposit funding costs 35 basis points year-over-year to 20 basis points for the first quarter of 2021, or 14 basis points when including non-interest bearing deposits.  Further, we lowered the cost of FHLB borrowings 25 basis points year-over-year as we reduced first quarter average borrowings by $1.0 billion, or 66.8%, year-over-year to $0.5 billion, which have a remaining average life of less than one year.  Accretion from acquisitions benefited the first quarter net interest margin by 13 basis points, as compared to 22 basis points in the prior year period and 16 basis points during the fourth quarter of 2020.  Lastly, the forgiveness of existing and funding of new SBA PPP loans benefited the first quarter of 2021 net interest margin by a net 11 basis points, and will positively impact the net interest margin as the loans are forgiven during the next couple of quarters.

Net interest income decreased $3.7 million, or 3.1%, during the first quarter of 2021, as compared to the same quarter of 2020, reflecting lower loan yields due to repricing of existing loans and lower new offered rates in the current market environment, lower related accretion from purchase accounting, and lower rates on investment securities partially offset by lower interest on depostis and borrowings as described above.

Non-Interest Income
For the first quarter of 2021, non-interest income of $33.2 million increased $5.2 million, or 18.6%, from the first quarter of 2020, driven primarily by mortgage banking income and higher commercial customer loan swap-related income, which were partially offset by lower service charges on deposits and net securities gains.  Reflecting the low interest rate environment and organic growth, mortgage banking fees increased $3.0 million, or 234.2%, compared to the prior year period, net of fair value adjustments, as residential mortgage origination dollar volume increased approximately 50% year-over-year, with roughly 60% of those originations sold into the secondary market.  Loan swap-related income was $4.7 million, an increase of $4.8 million year-over-year, primarily the result of $2.8 million of fair market value adjustments in the current period as compared to a negative $2.8 million adjustment last year.  Service charges on deposits were lower due to higher consumer deposits associated with the three rounds of stimulus to-date and lower general consumer spending, resulting in fewer eligible account fees.

WesBanco has jointly executed a purchase agreement in which Pueblo Bank and Trust ("PB&T") will acquire WesBanco's non-essential debit card sponsorship portfolio of clients, which was acquired as part of its Old Line Bancshares, Inc. merger.  The all-cash purchase price is for a maximum of $2.8 million, which will be paid monthly over a two-year period based on a 50%-50% split of the monthly gross revenue earned by PB&T.

Non-Interest Expense
Total operating expenses continued to be well-controlled through company-wide efforts to effectively manage discretionary costs and full-time equivalent employee counts, as demonstrated by a year-to-date efficiency ratio of 56.71%.  Excluding restructuring and merger-related expenses, non-interest expense for the three months ended March 31, 2021 decreased $0.7 million, or 0.8%, to $85.5 million compared to the prior year period, primarily due to lower salaries and wages from the recent financial center closures, as well as continuing cost control measures over certain discretionary expenses.  Marketing expense for the first quarter of 2021 increased $1.2 million, or 109.5%, year-over-year due to increased product advertising and brand awareness campaigns that were delayed from 2020 due to the COVID-19 pandemic.

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 March 31, 2021, Tier I leverage was 10.74%, Tier I risk-based capital ratio was 14.95%, common equity Tier 1 capital ratio ("CET 1") was 13.65%, and total risk-based capital was 17.58%.

On April 22, 2021, 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 from time to time on the open market.  This new stock repurchase authorization is in addition to the existing stock repurchase program approved by WesBanco's Board of Directors on December 19, 2019 which has approximately 1.7 million shares remaining for repurchase and will continue to be utilized until such authorization is completed.  The combination of these two authorizations represents approximately 5.0% of outstanding shares.

Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2021 at 10:00 a.m. ET on Wednesday, April 28, 2021.  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.

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 10150967.  The replay will begin at approximately 12:00 p.m. ET on April 28, and end at 12 a.m. ET on May 12.  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, 2020 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC"), 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, the effects of changing regional and national economic conditions including the effects of the COVID-19 pandemic; 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; 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.

Non-GAAP Financial Measures
In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses; efficiency ratio; return on average assets; and return on average tangible equity.  WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.

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 $5.2 billion of assets under management (as of March 31, 2021).  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 212 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


STATEMENT OF INCOME

March 31,


Interest and dividend income

2021


2020


% Change



Loans, including fees

$          109,358


$             119,503


(8.5)



Interest and dividends on securities:









Taxable 

11,127


16,986


(34.5)




Tax-exempt

3,910


4,456


(12.3)





Total interest and dividends on securities

15,037


21,442


(29.9)



Other interest income 

659


1,503


(56.2)


          Total interest and dividend income

125,054


142,448


(12.2)


Interest expense








Interest bearing demand deposits

1,043


3,394


(69.3)



Money market deposits

578


2,352


(75.4)



Savings deposits

264


923


(71.4)



Certificates of deposit

2,370


4,054


(41.5)





Total interest expense on deposits

4,255


10,723


(60.3)



Federal Home Loan Bank borrowings

2,414


8,232


(70.7)



Other short-term borrowings

118


870


(86.4)



Subordinated debt and junior subordinated debt 

1,789


2,461


(27.3)





Total interest expense

8,576


22,286


(61.5)


Net interest income 

116,478


120,162


(3.1)



Provision for credit losses

(27,958)


29,821


(193.8)


Net interest income after provision for credit losses

144,436


90,341


59.9


Non-interest income








Trust fees

7,631


6,952


9.8



Service charges on deposits

4,894


6,617


(26.0)



Electronic banking fees

4,365


4,254


2.6



Net securities brokerage revenue

1,524


1,679


(9.2)



Bank-owned life insurance

1,709


1,769


(3.4)



Mortgage banking income

4,264


1,276


234.2



Net securities gains

279


1,491


(81.3)



Net gain on other real estate owned and other assets

175


169


3.6



Other income

8,367


3,802


120.1





Total non-interest income

33,208


28,009


18.6


Non-interest expense








Salaries and wages

36,890


38,910


(5.2)



Employee benefits

10,266


10,373


(1.0)



Net occupancy

7,177


7,084


1.3



Equipment and software

6,765


6,039


12.0



Marketing

2,384


1,138


109.5



FDIC insurance 

1,282


2,113


(39.3)



Amortization of intangible assets

2,896


3,374


(14.2)



Restructuring and merger-related expense

851


5,164


(83.5)



Other operating expenses  

17,816


17,138


4.0





Total non-interest expense

86,327


91,333


(5.5)


Income before provision for income taxes

91,317


27,017


238.0



Provision for income taxes 

18,202


3,621


402.7


Net Income

73,115


23,396


212.5


Preferred stock dividends

2,531


-


100.0


Net income available to common shareholders

$             70,584


$               23,396


201.7






















Taxable equivalent net interest income

$          117,517


$          121,346


(3.2)












Per common share data







Net income per common share - basic

$                 1.05


$                   0.35


200.0


Net income per common share - diluted

1.05


0.35


200.0


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

1.06


0.41


158.5


Dividends declared

0.33


0.32


3.1


Book value (period end)

39.25


38.56


1.8


Tangible book value (period end) (1)

22.21


21.36


4.0


Average common shares outstanding - basic

67,263,714


67,486,550


(0.3)


Average common shares outstanding - diluted

67,355,418


67,587,446


(0.3)


Period end common shares outstanding

67,282,134


67,058,155


0.3


Period end preferred shares outstanding

150,000


-


100.0












(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 restructuring and merger-related expenses.

 

WESBANCO, INC.


















Consolidated Selected Financial Highlights















Page 6

(unaudited, dollars in thousands)



































Selected ratios
























For the Three Months Ended









March 31,










2021


2020


% Change


























Return on average assets





1.72

%

0.60

%

186.67

%







Return on average assets, excluding
















    after-tax restructuring and merger-related expenses (1)



1.74


0.70


148.57








Return on average equity





10.33


3.63


184.57








Return on average equity, excluding
















    after-tax restructuring and merger-related expenses (1)



10.43


4.26


144.84








Return on average tangible equity (1)




18.22


7.07


157.71








Return on average tangible equity, excluding 
















    after-tax restructuring and merger-related expenses (1)



18.39


8.18


124.82








Return on average tangible common equity (1)




20.00


7.07


182.89








Return on average tangible common equity, excluding 















    after-tax restructuring and merger-related expenses (1)



20.18


8.18


146.70








Yield on earning assets (2) 





3.51


4.19


(16.23)








Cost of interest bearing liabilities





0.37


0.91


(59.34)








Net interest spread (2)






3.14


3.28


(4.27)








Net interest margin (2)






3.27


3.54


(7.63)








Efficiency (1) (2)






56.71


57.69


(1.70)








Average loans to average deposits





85.27


94.61


(9.87)








Annualized net loan charge-offs/average loans




0.02


0.18


(88.89)








Effective income tax rate 





19.93


13.40


48.73






















































































For the Quarter Ended










Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,










2021


2020


2020


2020


2020






















Return on average assets





1.72

%

1.21

%

0.98

%

0.11

%

0.60

%



Return on average assets, excluding
















    after-tax restructuring and merger-related expenses (1)



1.74


1.22


1.05


0.12


0.70




Return on average equity





10.33


7.28


6.17


0.69


3.63




Return on average equity, excluding
















    after-tax restructuring and merger-related expenses (1)



10.43


7.33


6.60


0.75


4.26




Return on average tangible equity (1)




18.22


13.18


11.56


1.98


7.07




Return on average tangible equity, excluding 
















    after-tax restructuring and merger-related expenses (1)



18.39


13.28


12.31


2.08


8.18




Return on average tangible common equity (1)




20.00


14.49


12.21


1.98


7.07




Return on average tangible common equity, excluding 









.






    after-tax restructuring and merger-related expenses (1)



20.18


14.60


13.00


2.08


8.18




Yield on earning assets (2) 





3.51


3.61


3.66


3.75


4.19




Cost of interest bearing liabilities





0.37


0.45


0.53


0.63


0.91




Net interest spread (2)






3.14


3.16


3.13


3.12


3.28




Net interest margin (2)






3.27


3.31


3.31


3.32


3.54




Efficiency (1) (2) 






56.71


57.06


55.23


55.57


57.69




Average loans to average deposits





85.27


89.64


90.88


91.87


94.61




Annualized net loan charge-offs and recoveries /average loans

0.02


0.02


(0.00)


0.07


0.18




Effective income tax rate 





19.93


18.13


15.66


0.93


13.40




Trust assets, market value at period end




$           5,244,370


$              5,025,565


$              4,649,054


$              4,487,042


$              4,082,141






















(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


March 31,



December 31,

December 31, 2020

Assets




2021


2020


% Change

2020

to March 31, 2021

Cash and due from banks


$           209,040


$           183,138


14.1

$           184,361

13.4

Due from banks - interest bearing


550,008


410,734


33.9

721,086

(23.7)

Securities:











Equity securities, at fair value


13,123


11,230


16.9

13,047

0.6


Available-for-sale debt securities, at fair value


2,775,212


2,262,082


22.7

1,978,136

40.3


Held-to-maturity debt securities (fair values of $839,872; $841,120 










and $768,183, respectively)


813,740


814,414


(0.1)

731,212

11.3



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


(290)


(236)


(22.9)

(326)

11.0


Net held-to-maturity debt securities


813,450


814,178


(0.1)

730,886

11.3



Total securities


3,601,785


3,087,490


16.7

2,722,069

32.3

Loans held for sale


153,520


48,021


219.7

168,378

(8.8)

Portfolio loans:










Commercial real estate


5,712,742


5,604,405


1.9

5,705,392

0.1


Commercial and industrial


2,422,735


1,801,751


34.5

2,407,438

0.6


Residential real estate 


1,644,422


1,929,590


(14.8)

1,720,961

(4.4)


Home equity


634,018


650,754


(2.6)

646,387

(1.9)


Consumer 


289,395


363,096


(20.3)

309,055

(6.4)

Total portfolio loans, net of unearned income


10,703,312


10,349,596


3.4

10,789,233

(0.8)

Allowance for credit losses - loans


(160,040)


(114,272)


(40.1)

(185,827)

13.9



Net portfolio loans


10,543,272


10,235,324


3.0

10,603,406

(0.6)

Premises and equipment, net


239,863


258,200


(7.1)

249,421

(3.8)

Accrued interest receivable


68,896


43,960


56.7

66,790

3.2

Goodwill and other intangible assets, net


1,160,195


1,170,070


(0.8)

1,163,091

(0.2)

Bank-owned life insurance


307,747


301,270


2.1

306,038

0.6

Other assets


223,462


257,365


(13.2)

240,970

(7.3)

Total Assets


$   17,057,788


$   15,995,572


6.6

$   16,425,610

3.8













Liabilities










Deposits:











Non-interest bearing demand


$        4,460,049


$        3,191,713


39.7

$        4,070,835

9.6


Interest bearing demand


3,126,186


2,388,406


30.9

2,839,536

10.1


Money market


1,771,703


1,539,835


15.1

1,685,927

5.1


Savings deposits


2,373,987


1,984,057


19.7

2,214,565

7.2


Certificates of deposit


1,555,074


1,939,321


(19.8)

1,618,510

(3.9)



Total deposits


13,286,999


11,043,332


20.3

12,429,373

6.9

Federal Home Loan Bank borrowings


433,984


1,585,608


(72.6)

549,003

(21.0)

Other short-term borrowings


137,218


333,966


(58.9)

241,950

(43.3)

Subordinated debt and junior subordinated debt 


192,430


192,008


0.2

192,291

0.1



Total borrowings


763,632


2,111,582


(63.8)

983,244

(22.3)

Accrued interest payable


3,224


7,667


(57.9)

4,314

(25.3)

Other liabilities


218,411


246,931


(11.5)

251,942

(13.3)

Total Liabilities


14,272,266


13,409,512


6.4

13,668,873

4.4













Shareholders' Equity









Preferred stock, no par value; 1,000,000 shares authorized in 2021 and 2020, respectively; 










150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, 










liquidation preference $150.0 million, issued and outstanding at March 31, 2021 and 










December 31, 2020 and 0 shares issued and outstanding at March 31, 2020, respectively


144,484


-


100.0

144,484

-

Common stock, $2.0833 par value; 100,000,000 shares authorized in










2021 and 2020, respectively; 68,081,306, 68,078,116 and 68,081,306 shares










issued, respectively; 67,282,134, 67,058,155 and 67,254,706 shares


141,834


141,827


0.0

141,834

-


outstanding, respectively









Capital surplus


1,636,103


1,638,122


(0.1)

1,634,815

0.1

Retained earnings


879,786


800,064


10.0

831,688

5.8

Treasury stock (799,172, 1,019,961 and 826,600 shares - at cost, respectively)


(24,989)


(33,714)


25.9

(25,949)

3.7

Accumulated other comprehensive income


9,803


41,141


(76.2)

31,359

(68.7)

Deferred benefits for directors


(1,499)


(1,380)


(8.6)

(1,494)

(0.3)

Total Shareholders' Equity


2,785,522


2,586,060


7.7

2,756,737

1.0

Total Liabilities and Shareholders' Equity


$   17,057,788


$   15,995,572


6.6

$   16,425,610

3.8

 

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 March 31,








2021

2020







Average 

Average



Average 

Average


Assets





Balance

Rate



Balance

Rate


Due from banks - interest bearing




$                 776,245

0.09

%


$                 133,532

1.21

%

Loans, net of unearned income (1)




10,890,370

4.07



10,375,187

4.63


Securities: (2)












    Taxable





2,306,320

1.96



2,576,668

2.65


    Tax-exempt (3)





580,199

3.46



646,587

3.51


        Total securities





2,886,519

2.26



3,223,255

2.82


Other earning assets 





33,240

5.89



69,581

6.37


         Total earning assets (3)




14,586,374

3.51

%


13,801,555

4.19

%

Other assets





2,049,884




1,983,384



Total Assets





$         16,636,258




$         15,784,939















Liabilities and Shareholders' Equity










Interest bearing demand deposits




$              2,970,766

0.14

%


$              2,342,441

0.58

%

Money market accounts 




1,725,561

0.14



1,543,763

0.61


Savings deposits





2,290,657

0.05



1,953,487

0.19


Certificates of deposit





1,584,152

0.61



1,989,450

0.82


    Total interest bearing deposits




8,571,136

0.20



7,829,141

0.55


Federal Home Loan Bank borrowings



488,388

2.00



1,471,175

2.25


Other borrowings





191,676

0.25



336,042

1.04


Subordinated debt and junior subordinated debt 



192,341

3.77



198,494

4.99


      Total interest bearing liabilities (4)



9,443,541

0.37

%


9,834,852

0.91

%

Non-interest bearing demand deposits



4,200,793




3,137,279



Other liabilities





221,508




218,739



Shareholders' equity





2,770,416




2,594,069



Total Liabilities and Shareholders' Equity



$         16,636,258




$         15,784,939



Taxable equivalent net interest spread




3.14

%



3.28

%

Taxable equivalent net interest margin 




3.27

%



3.54

%

























(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 were $8.2 million and $0.7 million for
the three months ended March 31, 2021 and 2020, respectively. PPP loan fees, which are included as part of total loan fees, were $7.9 million for the three months ended March 31, 2021. 
Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $3.5 million and $4.1 million for the three months ended March 31, 2021 and 2020, 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 federal statutory rate of 21% for each period presented.

(4) Accretion on interest bearing liabilities acquired from the prior acquisitions was $1.1 million and $3.4 million for the three months ended March 31, 2021 and 2020, respectively.

 

WESBANCO, INC.










Consolidated Selected Financial Highlights









 Page 9 

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













Quarter Ended

Statement of Income

Mar. 31,


Dec. 31,


Sept.  30,


June 30,


Mar. 31,

Interest and dividend income

2021


2020


2020


2020


2020


Loans, including fees

$                   109,358


$              114,582


$            116,524


$              115,068


$            119,503


Interest and dividends on securities:












Taxable 

11,127


10,892


11,669


14,047


16,986



Tax-exempt

3,910


4,059


4,182


4,302


4,456




Total interest and dividends on securities

15,037


14,951


15,851


18,349


21,442


Other interest income 

659


945


1,282


1,277


1,503

          Total interest and dividend income

125,054


130,478


133,657


134,694


142,448

Interest expense











Interest bearing demand deposits

1,043


1,099


1,225


1,350


3,394


Money market deposits

578


678


707


879


2,352


Savings deposits

264


280


303


297


923


Certificates of deposit

2,370


2,797


3,197


3,514


4,054




Total interest expense on deposits

4,255


4,854


5,432


6,040


10,723


Federal Home Loan Bank borrowings

2,414


3,719


5,457


7,293


8,232


Other short-term borrowings

118


275


304


279


870


Subordinated debt and junior subordinated debt

1,789


1,918


1,871


2,069


2,461




Total interest expense

8,576


10,766


13,064


15,681


22,286

Net interest income 

116,478


119,712


120,593


119,013


120,162


Provision for credit losses

(27,958)


(209)


16,288


61,841


29,821

Net interest income after provision for credit losses

144,436


119,921


104,305


57,172


90,341

Non-interest income











Trust fees

7,631


6,754


6,426


6,202


6,952


Service charges on deposits

4,894


5,671


5,332


4,323


6,617


Electronic banking fees

4,365


4,424


4,780


4,066


4,254


Net securities brokerage revenue

1,524


1,402


1,725


1,384


1,679


Bank-owned life insurance

1,709


1,750


2,088


1,752


1,769


Mortgage banking income

4,264


5,442


8,488


7,531


1,276


Net securities gains

279


691


787


1,299


1,491


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

175


18


(19)


(66)


169


Other income

8,367


6,553


5,005


6,369


3,802




Total non-interest income

33,208


32,705


34,612


32,860


28,009

Non-interest expense











Salaries and wages

36,890


39,140


38,342


36,773


38,910


Employee benefits

10,266


10,608


10,604


10,138


10,373


Net occupancy

7,177


6,771


7,092


6,634


7,084


Equipment and software

6,765


6,810


6,229


5,722


6,039


Marketing

2,384


1,675


1,577


1,567


1,138


FDIC insurance 

1,282


1,278


1,948


2,395


2,113


Amortization of intangible assets

2,896


3,327


3,346


3,365


3,374


Restructuring and merger-related expense

851


484


3,608


468


5,164


Other operating expenses  

17,816


17,976


17,198


18,440


17,138




Total non-interest expense

86,327


88,069


89,943


85,502


91,333

Income before provision for income taxes

91,317


64,557


48,974


4,530


27,017


Provision for income taxes 

18,202


11,703


7,669


42


3,621

Net Income

73,115


52,854


41,305


4,488


23,396

Preferred stock dividends

2,531


2,644


-


-


-

Net income available to common shareholders

$                      70,584


$                50,210


$              41,305


$                  4,488


$              23,396














Taxable equivalent net interest income

$                   117,517


$              120,790


$         121,705


$           120,156


$         121,346














Per common share data










Net income per common share - basic

$                          1.05


$                    0.75


$                  0.61


$                    0.07


$                  0.35

Net income per common share - diluted

1.05


0.75


0.61


0.07


0.35

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

1.06


0.76


0.66


0.07


0.41

Dividends declared

0.33


0.32


0.32


0.32


0.32

Book value (period end)

39.25


38.84


38.51


38.23


38.56

Tangible book value (period end) (1)

22.21


21.75


21.39


21.10


21.36

Average common shares outstanding - basic

67,263,714


67,238,005


67,214,759


67,104,828


67,486,550

Average common shares outstanding - diluted

67,355,418


67,304,442


67,269,303


67,181,756


67,587,446

Period end common shares outstanding

67,282,134


67,254,706


67,216,012


67,211,192


67,058,155

Period end preferred shares outstanding

150,000


150,000


150,000


-


-

Full time equivalent employees

2,490


2,612


2,618


2,676


2,703



























(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 restructuring and merger-related expenses.





 

WESBANCO, INC.












Consolidated Selected Financial Highlights









 Page 10 


(unaudited, dollars in thousands)
















Quarter Ended






Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Asset quality data


2021


2020


2020


2020


2020


Non-performing assets:













Troubled debt restructurings - accruing

$         3,563


$           3,927


$           4,191


$           5,105


$           5,434



Non-accrual loans:














Troubled debt restructurings


1,768


1,828


1,818


1,339


1,571




Other non-accrual loans


32,807


35,052


35,448


34,119


32,796




    Total non-accrual loans


34,575


36,880


37,266


35,458


34,367




    Total non-performing loans 


38,138


40,807


41,457


40,563


39,801



Other real estate and repossessed assets

393


549


738


1,212


1,083




Total non-performing assets


$       38,531


$         41,356


$         42,195


$         41,775


$         40,884
















Past due loans (1):













Loans past due 30-89 days


$       20,602


$         31,596


$         17,338


$         30,595


$         32,805



Loans past due 90 days or more


12,824


8,846


10,170


36,903


14,287




Total past due loans


$       33,426


$         40,442


$         27,508


$         67,498


$         47,092
















Criticized and classified loans (2):













Criticized loans


$    340,943


$       362,295


$       248,264


$       148,580


$       120,801



Classified loans


114,884


132,650


108,594


98,127


95,162




Total criticized and classified loans

$    455,827


$       494,945


$       356,858


$       246,707


$       215,963
















Loans past due 30-89 days / total portfolio loans (3)

0.19

%

0.29

%

0.16

%

0.28

%

0.32

%

Loans past due 90 days or more / total portfolio loans

0.12


0.08


0.09


0.33


0.14


Non-performing loans / total portfolio loans

0.36


0.38


0.38


0.37


0.38


Non-performing assets/total portfolio loans, other












real estate and repossessed assets


0.36


0.38


0.38


0.38


0.39


Non-performing assets / total assets


0.23


0.25


0.26


0.25


0.26


Criticized and classified loans / total portfolio loans

4.26


4.59


3.25


2.23


2.09
















Allowance for credit losses












Allowance for credit losses - loans


$    160,040


$       185,827


$       185,109


$       168,475


$       114,272


Allowance for credit losses - loan commitments

6,731


9,514


10,829


10,685


5,572


Provision for credit losses


(27,958)


(209)


16,288


61,841


29,821


Net loan and deposit account overdraft charge-offs and recoveries

648


524


(133)


1,942


4,716
















Annualized net loan charge-offs and recoveries /average loans

0.02

%

0.02

%

(0.00)

%

0.07

%

0.18

%

Allowance for credit losses - loans / total portfolio loans

1.50

%

1.72

%

1.68

%

1.52

%

1.10

%

Allowance for credit losses - loans / total portfolio loans excluding PPP loans

1.62

%

1.85

%

1.83

%

1.65

%

1.10

%

Allowance for credit losses - loans / non-performing loans

4.20

x

4.55

x

4.47

x

4.15

x

2.87

x

Allowance for credit losses - loans / non-performing loans and












loans past due 


2.24

x

2.29

x

2.68

x

1.56

x

1.32

x

































Quarter Ended






Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,






2021


2020


2020


2020


2020


Capital ratios












Tier I leverage capital


10.74

%

10.51

%

10.18

%

9.09

%

9.64

%

Tier I risk-based capital


14.95


14.72


14.29


12.59


12.51


Total risk-based capital


17.58


17.58


17.18


15.33


14.83


Common equity tier 1 capital ratio (CET 1)

13.65


13.40


12.99


12.59


12.51


Average shareholders' equity to average assets

16.65


16.59


15.92


15.57


16.43


Tangible equity to tangible assets (4)


10.30


10.52


10.27


9.09


9.65


Tangible common equity to tangible assets (4)

9.39


9.58


9.33


9.09


9.65






























(1) Excludes non-performing loans.












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





(3) Total portfolio loans includes $823.8 million of PPP loans as of March 31, 2021.









(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





Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,

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

2021


2020


2020


2020


2020

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











Net income available to common shareholders

$             70,584


$             50,210


$           41,305


$             4,488


$           23,396


Plus: after-tax restructuring and merger-related expenses  (1)

672


383


2,850


370


4,080


Net income available to common shareholders excluding after-tax restructuring and merger-related expenses

71,256


50,593


44,155


4,858


27,476















Average total assets


$     16,636,258


$      16,546,761


$    16,719,717


$    16,715,211


$    15,784,939














Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized)  (2)

1.74%


1.22%


1.05%


0.12%


0.70%














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











Net income available to common shareholders

$             70,584


$             50,210


$           41,305


$             4,488


$           23,396


Plus: after-tax restructuring and merger-related expenses  (1)

672


383


2,850


370


4,080


Net income available to common shareholders excluding after-tax restructuring and merger-related expenses 

71,256


50,593


44,155


4,858


27,476















Average total shareholders' equity

2,770,416


2,744,936


2,662,513


2,602,938


2,594,069














Return on average equity, excluding after-tax  restructuring and merger-related expenses (annualized)  (2)

10.43%


7.33%


6.60%


0.75%


4.26%














Return on average tangible equity:











Net income available to common shareholders

$             70,584


$             50,210


$           41,305


$             4,488


$           23,396


Plus: amortization of intangibles (1)

2,288


2,628


2,643


2,658


2,665


Net income available to common shareholders before amortization of intangibles 

72,872


52,838


43,948


7,146


26,061















Average total shareholders' equity

2,770,416


2,744,936


2,662,513


2,602,938


2,594,069


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

(1,148,171)


(1,150,184)


(1,150,549)


(1,152,856)


(1,112,327)


Average tangible equity

$       1,622,245


$        1,594,752


$      1,511,964


$      1,450,082


$      1,481,742














Return on average tangible equity (annualized)  (2)

18.22%


13.18%


11.56%


1.98%


7.07%















Average tangible common equity

$       1,477,736


$        1,450,243


$      1,431,657


$      1,450,082


$      1,481,742

Return on average tangible common equity (annualized)  (2)

20.00%


14.49%


12.21%


1.98%


7.07%














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











Net income available to common shareholders

$             70,584


$             50,210


$           41,305


$             4,488


$           23,396


Plus: after-tax restructuring and merger-related expenses  (1)

672


383


2,850


370


4,080


Plus: amortization of intangibles  (1)

2,288


2,628


2,643


2,658


2,665


Net income available to common shareholders before amortization of intangibles 











     and excluding after-tax restructuring and merger-related expenses

73,544


53,221


46,798


7,516


30,141















Average total shareholders' equity

2,770,416


2,744,936


2,662,513


2,602,938


2,594,069


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

(1,148,171)


(1,150,184)


(1,150,549)


(1,152,856)


(1,112,327)


Average tangible equity

$       1,622,245


$        1,594,752


$      1,511,964


$      1,450,082


$      1,481,742














Return on average tangible equity, excluding after-tax  restructuring and merger-related expenses (annualized)  (2)

18.39%


13.28%


12.31%


2.08%


8.18%















Average tangible common equity

$       1,477,736


$        1,450,243


$      1,431,657


$      1,450,082


$      1,481,742

Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized)  (2)

20.18%


14.60%


13.00%


2.08%


8.18%














Efficiency ratio:













Non-interest expense


$             86,327


$             88,069


$           89,943


$           85,502


$           91,333


Less: restructuring and merger-related expense

(851)


(484)


(3,608)


(468)


(5,164)


Non-interest expense excluding restructuring and merger-related expense

85,476


87,585


86,335


85,034


86,169















Net interest income on a fully taxable equivalent basis

117,517


120,790


121,705


120,156


121,346


Non-interest income


33,208


32,705


34,612


32,860


28,009


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

$          150,725


$           153,495


$         156,317


$         153,016


$         149,355


Efficiency ratio


56.71%


57.06%


55.23%


55.57%


57.69%



























Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:











Net income available to common shareholders

$             70,584


$             50,210


$           41,305


$             4,488


$           23,396


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

672


383


2,850


370


4,080

Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses

$             71,256


$             50,593


$           44,155


$             4,858


$           27,476



























Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:











Net income per common share - diluted

$                 1.05


$                 0.75


$               0.61


$               0.07


$               0.35


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

0.01


0.01


0.05


(0.00)


0.06

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

$                 1.06


$                 0.76


$               0.66


$               0.07


$               0.41































Period End





Mar. 31,


Dec. 31, 


Sept. 30,


June 30,


Mar. 31,





2021


2020


2020


2020


2020

Tangible book value per share:











Total shareholders' equity

$       2,785,522


$        2,756,737


$      2,732,966


$      2,569,521


$      2,586,060


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

(1,146,874)


(1,149,161)


(1,150,939)


(1,151,523)


(1,154,033)


Less: preferred shareholder's equity

(144,484)


(144,484)


(144,529)


-


-


Tangible common equity

1,494,164


1,463,092


1,437,498


1,417,998


1,432,027















Common shares outstanding

67,282,134


67,254,706


67,216,012


67,211,192


67,058,155














Tangible book value per share

$               22.21


$               21.75


$             21.39


$             21.10


$             21.36














Tangible common equity to tangible assets:











Total shareholders' equity

$       2,785,522


$        2,756,737


$      2,732,966


$      2,569,521


$      2,586,060


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

(1,146,874)


(1,149,161)


(1,150,939)


(1,151,523)


(1,154,033)


Tangible equity


1,638,648


1,607,576


1,582,027


1,417,998


1,432,027


Less: preferred shareholder's equity

(144,484)


(144,484)


(144,529)


-


-


Tangible common equity

1,494,164


1,463,092


1,437,498


1,417,998


1,432,027















Total assets


17,057,788


16,425,610


16,552,140


16,755,395


15,995,572


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

(1,146,874)


(1,149,161)


(1,150,939)


(1,151,523)


(1,154,033)


Tangible assets


$     15,910,914


$      15,276,449


$    15,401,201


$    15,603,872


$    14,841,539














Tangible equity to tangible assets

10.30%


10.52%


10.27%


9.09%


9.65%














Tangible common equity to tangible assets

9.39%


9.58%


9.33%


9.09%


9.65%



























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










(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.










 

WESBANCO, INC.











ADDITIONAL NON-GAAP FINANCIAL MEASURES









Page 12

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





Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,

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

2021


2020


2020


2020


2020

Pre-tax, pre-provision income:











Income before provision for income taxes

$         91,317


$        64,557


$        48,974


$          4,530


$          27,017


Add: provision for credit losses

(27,958)


(209)


16,288


61,841


29,821

Pre-tax, pre-provision income


$         63,359


$        64,348


$        65,262


$        66,371


$          56,838














Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:











Income before provision for income taxes

$         91,317


$        64,557


$        48,974


$          4,530


$          27,017


Add: provision for credit losses

(27,958)


(209)


16,288


61,841


29,821


Add: restructuring and merger-related expenses

851


484


3,608


468


5,164

Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

$         64,210


$        64,832


$        68,870


$        66,839


$          62,002














Return on average assets, excluding certain items (1):











Income before provision for income taxes

$         91,317


$        64,557


$        48,974


$          4,530


$          27,017


Add: provision for credit losses

(27,958)


(209)


16,288


61,841


29,821


Add: restructuring and merger-related expenses

851


484


3,608


468


5,164

Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

64,210


64,832


68,870


66,839


62,002















Average total assets


$ 16,636,258


$ 16,546,761


$ 16,719,717


$ 16,715,211


$   15,784,939














Return on average assets, excluding certain items (annualized)  (1) (2)

1.57%


1.56%


1.64%


1.61%


1.58%














Return on average equity, excluding certain items (1):











Income before provision for income taxes

$         91,317


$        64,557


$        48,974


$          4,530


$          27,017


Add: provision for credit losses

(27,958)


(209)


16,288


61,841


29,821


Add: restructuring and merger-related expenses

851


484


3,608


468


5,164

Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

64,210


64,832


68,870


66,839


62,002















Average total shareholders' equity

2,770,416


2,744,936


2,662,513


2,602,938


2,594,069














Return on average equity, excluding certain items (annualized) (1) (2)

9.40%


9.40%


10.29%


10.33%


9.61%














Return on average tangible equity, excluding certain items (1):











Income before provision for income taxes

$         91,317


$        64,557


$        48,974


$          4,530


$          27,017


Add: provision for credit losses

(27,958)


(209)


16,288


61,841


29,821


Add: amortization of intangibles

2,896


3,327


3,346


3,365


3,374


Add: restructuring and merger-related expenses

851


484


3,608


468


5,164

Income before provision, restructuring and merger-related expenses and amortization of intangibles

67,106


68,159


72,216


70,204


65,376















Average total shareholders' equity

2,770,416


2,744,936


2,662,513


2,602,938


2,594,069


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

(1,148,171)


(1,150,184)


(1,150,549)


(1,152,856)


(1,112,327)


Average tangible equity

$   1,622,245


$   1,594,752


$   1,511,964


$   1,450,082


$     1,481,742














Return on average tangible equity, excluding certain items (annualized) (1) (2)

16.78%


17.00%


19.00%


19.47%


17.75%















Average tangible common equity

$   1,477,736


$   1,450,243


$   1,431,657


$   1,450,082


$     1,481,742

Return on average tangible common equity, excluding certain items (annualized) (1) (2)

18.42%


18.70%


20.07%


19.47%


17.75%








































(1) Certain items excluded from the calculations consist of credit provisions, tax provisions and restructuring and merger-related expenses.



(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.









 

 

 

 

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SOURCE WesBanco, Inc.