WesBanco Announces First Quarter 2022 Financial Results

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April 26, 2022 4:20 PM EDT

WHEELING, W.Va., April 26, 2022 /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, 2022.  Net income available to common shareholders for the first quarter of 2022 was $41.6 million, with diluted earnings per share of $0.68, compared to $70.6 million and $1.05 per diluted share, respectively, for the first quarter of 2021.  The first quarter of 2021 was favorably impacted by a negative provision of $22.1 million (net of tax) under the Current Expected Credit Losses ("CECL") methodology.  Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended March 31, 2022, was $42.9 million, or $0.70 per diluted share, as compared to $71.3 million and $1.06 per diluted share, respectively, in the prior year quarter (non-GAAP measures).

For the Three Months Ended March 31,

2022

2021

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

Net Income

DilutedEarningsPer Share

Net Income

DilutedEarningsPer Share

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

$      42,851

$       0.70

$      71,256

$       1.06

Less: After-tax restructuring and merger-related expenses

(1,258)

(0.02)

(672)

(0.01)

Net income available to common shareholders (GAAP)

$      41,593

$       0.68

$      70,584

$       1.05

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

Financial and operational highlights during the quarter ended March 31, 2022:

  • Sequential quarter total loan growth improved by 0.9%, or 3.6% annualized, when excluding Small Business Administration Payroll Protection Program ("SBA PPP") loans
  • Successful execution on our strategy to seek additional long-term growth opportunities through the opening of loan production offices in Nashville and Indianapolis
  • Deposit growth, excluding certificates of deposit ("CDs"), was 7.3% year-over-year, driven by growth in demand deposits and savings accounts
  • Successful execution of a Tier 2 capital raise, through the public offering of $150 million of ten-year fixed-to-floating rate subordinated debt
  • During the quarter, we continued to return capital to our shareholders as we purchased approximately 1.7 million shares of our common stock on the open market under existing share repurchase authorizations
  • Key credit quality metrics such as non-performing assets, past due loans, criticized and classified 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)
  • WesBanco continues to be acknowledged for its strong financial performance and employee focus as it was recognized by Forbes as both one of America's Best Banks and Best Midsize Employers – the only midsize bank making the top ten of both rankings. In addition, WesBanco was also named one of the World's Best Banks by Forbes, as well as one of America's Most Trustworthy Companies by Newsweek

"We are pleased with WesBanco's performance during the first quarter of 2022," said Todd F. Clossin, President and Chief Executive Officer of WesBanco.  "We exhibited strong expense management as our operating expenses were roughly consistent with the year ago period.  Furthermore, we continued our efforts of returning capital to our shareholders.  We also demonstrated annualized organic loan growth of 3.6% quarter-over-quarter, despite still elevated commercial real estate payoffs, due to the efforts of our seasoned lending teams.  We believe their efforts will be enhanced by our new loan production offices in the Nashville and Indianapolis areas."

Mr. Clossin added, "Most importantly, we are proud of our entire organization as our employees adhered to our community banking roots by focusing on providing top-tier service to our customers.  Their efforts allowed us to be recognized by Forbes as one of the best banks in America, based on financial performance, as well as one of the best banks in the world, based on customer services.  Further, our employees voted us one of America's best mid-sized employers reflecting our efforts to create an environment where they are supported and positioned to succeed.  In fact, we were the only mid-sized bank in the country to receive honors for both employee satisfaction and financial success.  Lastly, the combination of all our efforts and these great accolades, allowed us to be recognized as one of America's Most Trustworthy Companies by Newsweek."

Balance SheetLoan growth for the first quarter of 2022 reflects the continuation of both SBA PPP loan forgiveness and elevated commercial real estate payoffs, partially offset by efforts to keep more 1-to-4 family residential mortgages on the balance sheet, as well as sequential quarter commercial loan growth.  As of March 31, 2022, total portfolio loans of $9.7 billion, when excluding SBA Payroll Protection Program ("SBA PPP") loans, increased 0.9%, or 3.6% annualized, when compared to December 31, 2021.  In particular, commercial and industrial loans, excluding SBA PPP loans, for the first quarter increased $8.9 million, or 2.5% annualized, from December 31, 2021.  Furthermore, the first quarter of 2022 included forgiveness of approximately 867 SBA PPP loans totaling $86 million (net of deferred fees).  As of March 31, 2022, approximately 1,085 SBA PPP loans for $77 million remained in the loan portfolio.

As of March 31, 2022, total deposits were $13.8 billion, which increased both sequentially and year-over-year due primarily to increased personal savings, which more than offset a $344.1 million year-over-year reduction in CDs.  Deposits, excluding CDs, increased 7.3% year-over-year, driven by a 6.5% increase in total demand deposits, which represent approximately 59% of total deposits, as well as a 12.9% increase in savings accounts.

Credit QualityAs of March 31, 2022, total loans past due, non-performing loans, and non-performing assets as percentages of the loan portfolio and total assets have remained relatively low and consistent throughout the last five quarters.  In addition, criticized and classified loans as a percent of the loan portfolio decreased 58 basis points year-over-year to 3.68%.  For the first quarter, net loan charge-offs to average loans were immaterial at zero basis points.  The allowance for credit losses specific to total portfolio loans at March 31, 2022 was $117.9 million, or 1.21% of total loans.  The improvement in macroeconomic forecasts was the primary driver in a negative provision for credit losses of $3.4 million for the first quarter of 2022.

Net Interest Margin and IncomeThe net interest margin of 2.95% for the first quarter of 2022 decreased 2 basis points sequentially and 32 basis points from the first quarter of 2021, primarily due to the lower interest rate environment of the past year before the recent federal fund and market rate increases, and a shift to a higher level of securities as a percentage of total assets.  As a result of increased cash balances from our customers' higher personal savings, investment securities increased by $0.5 billion year-over-year and, as of March 31, 2022, represented approximately 24% of total assets.  Reflecting the continued low interest rate environment, we remain focused on controlling the costs of our various funding sources.  We have reduced deposit funding costs 8 basis points year-over-year to 12 basis points for the first quarter of 2022, or just 8 basis points when including non-interest bearing deposits.  When including our continued reductions in FHLB and other borrowings, the cost of total interest-bearing liabilities decreased 18 basis points year-over-year to 19 basis points.  Accretion from acquisitions benefited the first quarter net interest margin by 8 basis points, as compared to 13 basis points in the prior year period.  Lastly, the forgiveness of SBA PPP loans benefited the first quarter of 2022 net interest margin by a net 7 basis points, as compared to a net 11 basis points in the prior year period.

Net interest income decreased $8.8 million, or 7.5%, during the first quarter of 2022, as compared to the same quarter of 2021, reflecting lower loan yields due to repricing of existing loans and lower new offered rates in the current market environment, lower accretion from purchase accounting and lower SBA PPP-related loan income, partially offset by lower interest paid on deposits and borrowings as described above.

Non-Interest IncomeFor the first quarter of 2022, non-interest income of $30.4 million decreased $2.8 million, or 8.5%, from the first quarter of 2021, driven primarily by lower swap fee income and associated fair value adjustments located within other income, which combined decreased $3.0 million from the prior year period, and lower mortgage banking income, which decreased $2.3 million year-over-year.  Bank-owned life insurance of $3.9 million increased $2.2 million year-over-year due to higher death benefits of $1.9 million and the impact of new policies purchased during the third quarter of 2021.  Reflective of macroeconomic improvements and increased general consumer spending, service charges on deposits increased $1.2 million year-over-year to $6.1 million and electronic banking fees rose $1.0 million year-over-year to $5.3 million.  Mortgage banking income was lower due to our continued efforts to retain more residential mortgages on the balance sheet, which totaled 75% of originations compared to 40% last year, and lower originations during the quarter.  Residential mortgage originations of $271 million were lower both year-over-year and quarter-over-quarter due to general market trends reflective of the rising rate environment.

Non-Interest ExpenseExcluding restructuring and merger-related expenses, non-interest expense for the three months ended March 31, 2022 was well-controlled as they increased $0.5 million, or 0.6%, to $86.0 million compared to the prior year period.  Salaries and wages increased $2.0 million, or 5.5%, compared to the prior year period due to lower deferred loan origination costs and higher salary expense related to normal merit increases and the hourly wage increase that we implemented last year.  As compared to the fourth quarter, salaries and wages were down due primarily to the lower day count during the first quarter of 2022, which reduced these expenses by approximately $0.9 million.  Employee benefits expense decreased mostly due to market fluctuations on the deferred compensation plan, which reduced expense by $0.9 million, as well as lower pension and health insurance expenses.  Equipment and software expense for the first quarter of 2022 increased $1.2 million, or 18.4% year-over-year due primarily to the movement of online banking costs from other operating expenses.  Other operating expenses decreased $1.7 million, or 9.8%, due to the aforementioned move of online banking costs, as well as a reduction in ACH and ATM processing charges related to a change in providers, in conjunction with last summer's core banking software system conversion.  Lastly, as part of our on-going branch optimization strategy, we recognized restructuring charges of $1.6 million during the first quarter associated with the anticipated closure of 11 locations during June.

CapitalWesBanco 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, 2022, Tier I leverage was 9.67%, Tier I risk-based capital ratio was 13.25%, common equity Tier 1 capital ratio ("CET 1") was 12.01%, and total risk-based capital was 16.32%.

During the first quarter of 2022, WesBanco issued, through a public offering, $150 million of ten-year fixed-to-floating rate subordinated debt, which qualifies as Tier 2 capital and is reflected in the March 31, 2022 regulatory capital ratios.  Additionally, WesBanco repurchased 1.7 million shares of its outstanding common stock on the open market at a total cost of $62.3 million, or $36.11 per share.  As of March 31, 2022, approximately 2.9 million shares remained for repurchase under the existing share repurchase authorization that was approved on February 24, 2022, by WesBanco's Board of Directors.

Conference Call and WebcastWesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2022 at 10:00 a.m. ET on Wednesday, April 27, 2022.  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 10162191.  The replay will begin at approximately 12:00 p.m. ET on April 27, and end at 12 a.m. ET on May 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 StatementsForward-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, 2021 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 Consumer Financial Protection Bureau, 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 MeasuresIn 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.  Furthermore, our strong financial performance and employee focus has earned us recognition by Forbes as both one of America's Best Banks and Best Midsize Employers – the only midsize bank making the top ten of both rankings.  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 $5.4 billion of assets under management (as of March 31, 2022).  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 205 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

2022

2021

% Change

Loans, including fees

$       93,121

$          109,358

(14.8)

Interest and dividends on securities:

Taxable 

14,112

11,127

26.8

Tax-exempt

4,344

3,910

11.1

    Total interest and dividends on securities

18,456

15,037

22.7

Other interest income 

597

659

(9.4)

          Total interest and dividend income

112,174

125,054

(10.3)

Interest expense

Interest bearing demand deposits

811

1,043

(22.2)

Money market deposits

321

578

(44.5)

Savings deposits

264

264

-

Certificates of deposit

1,273

2,370

(46.3)

    Total interest expense on deposits

2,669

4,255

(37.3)

Federal Home Loan Bank borrowings

575

2,414

(76.2)

Other short-term borrowings

48

118

(59.3)

Subordinated debt and junior subordinated debt 

1,171

1,789

(34.5)

    Total interest expense

4,463

8,576

(48.0)

Net interest income 

107,711

116,478

(7.5)

Provision for credit losses

(3,438)

(27,958)

87.7

Net interest income after provision for credit losses

111,149

144,436

(23.0)

Non-interest income

Trust fees

7,835

7,631

2.7

Service charges on deposits

6,090

4,894

24.4

Electronic banking fees

5,345

4,365

22.5

Net securities brokerage revenue

2,220

1,524

45.7

Bank-owned life insurance

3,881

1,709

127.1

Mortgage banking income

1,923

4,264

(54.9)

Net securities (losses)/gains

(650)

279

(333.0)

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

(806)

175

(560.6)

Other income

4,544

8,367

(45.7)

    Total non-interest income

30,382

33,208

(8.5)

Non-interest expense

Salaries and wages

38,937

36,890

5.5

Employee benefits

9,158

10,266

(10.8)

Net occupancy

7,234

7,177

0.8

Equipment and software

8,011

6,765

18.4

Marketing

2,421

2,384

1.6

FDIC insurance 

1,522

1,282

18.7

Amortization of intangible assets

2,598

2,896

(10.3)

Restructuring and merger-related expense

1,593

851

87.2

Other operating expenses  

16,074

17,816

(9.8)

    Total non-interest expense

87,548

86,327

1.4

Income before provision for income taxes

53,983

91,317

(40.9)

Provision for income taxes 

9,859

18,202

(45.8)

Net Income

44,124

73,115

(39.7)

Preferred stock dividends

2,531

2,531

-

Net income available to common shareholders

$       41,593

$            70,584

(41.1)

Taxable equivalent net interest income

$    108,866

$       117,517

(7.4)

Per common share data

Net income per common share - basic

$           0.68

$                1.05

(35.2)

Net income per common share - diluted

0.68

1.05

(35.2)

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

0.70

1.06

(34.0)

Dividends declared

0.34

0.33

3.0

Book value (period end)

39.64

39.25

1.0

Tangible book value (period end) (1)

20.87

22.21

(6.0)

Average common shares outstanding - basic

61,445,399

67,263,714

(8.7)

Average common shares outstanding - diluted

61,593,365

67,355,418

(8.6)

Period end common shares outstanding

60,613,414

67,282,134

(9.9)

Period end preferred shares outstanding

150,000

150,000

-

(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,

2022

2021

% Change

Return on average assets

0.99

%

1.72

%

(42.44)

%

Return on average assets, excluding

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

1.02

1.74

(41.38)

Return on average equity

6.35

10.33

(38.53)

Return on average equity, excluding

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

6.54

10.43

(37.30)

Return on average tangible equity (1)

11.67

18.22

(35.95)

Return on average tangible equity, excluding 

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

12.01

18.39

(34.69)

Return on average tangible common equity (1)

12.90

20.00

(35.50)

Return on average tangible common equity, excluding 

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

13.27

20.18

(34.24)

Yield on earning assets (2) 

3.07

3.51

(12.54)

Cost of interest bearing liabilities

0.19

0.37

(48.65)

Net interest spread (2)

2.88

3.14

(8.28)

Net interest margin (2)

2.95

3.27

(9.79)

Efficiency (1) (2)

61.73

56.71

8.85

Average loans to average deposits

71.05

85.27

(16.68)

Annualized net loan charge-offs/average loans

0.00

0.02

(100.00)

Effective income tax rate 

18.26

19.93

(8.38)

For the Three Months Ended

Mar. 31,

Dec. 31,

Sept. 30,

June 30,

Mar. 31,

2022

2021

2021

2021

2021

Return on average assets

0.99

%

1.21

%

0.97

%

1.60

%

1.72

%

Return on average assets, excluding

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

1.02

1.21

1.06

1.62

1.74

Return on average equity

6.35

7.56

5.98

9.74

10.33

Return on average equity, excluding

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

6.54

7.58

6.49

9.88

10.43

Return on average tangible equity (1)

11.67

13.62

10.72

17.04

18.22

Return on average tangible equity, excluding 

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

12.01

13.66

11.57

17.27

18.39

Return on average tangible common equity (1)

12.90

15.00

11.76

18.67

20.00

Return on average tangible common equity, excluding 

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

13.27

15.04

12.70

18.92

20.18

Yield on earning assets (2) 

3.07

3.10

3.24

3.32

3.51

Cost of interest bearing liabilities

0.19

0.20

0.25

0.31

0.37

Net interest spread (2)

2.88

2.90

2.99

3.01

3.14

Net interest margin (2)

2.95

2.97

3.08

3.12

3.27

Efficiency (1) (2) 

61.73

61.99

60.52

53.97

56.71

Average loans to average deposits

71.05

72.61

75.46

79.82

85.27

Annualized net loan charge-offs and recoveries /average loans

0.00

0.04

0.03

(0.03)

0.02

Effective income tax rate 

18.26

18.32

19.34

20.85

19.93

Trust assets, market value at period end

$ 5,412,342

$ 5,644,975

$ 5,464,159

$ 5,480,995

$ 5,244,370

(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 sheet

March 31,

December 31,

December 31, 2021

Assets

2022

2021

% Change

2021

to March 31, 2022

Cash and due from banks

$        200,513

$          209,040

(4.1)

$             157,046

27.7

Due from banks - interest bearing

1,168,985

550,008

112.5

1,094,312

6.8

Securities:

Equity securities, at fair value

12,757

13,123

(2.8)

13,466

(5.3)

Available-for-sale debt securities, at fair value

2,911,373

2,775,212

4.9

3,013,462

(3.4)

Held-to-maturity debt securities (fair values of $1,092,993; $839,872

and $1,028,452, respectively)

1,157,202

813,740

42.2

1,004,823

15.2

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

(285)

(290)

1.7

(268)

(6.3)

Net held-to-maturity debt securities

1,156,917

813,450

42.2

1,004,555

15.2

Total securities

4,081,047

3,601,785

13.3

4,031,483

1.2

Loans held for sale

15,959

153,520

(89.6)

25,277

(36.9)

Portfolio loans:

Commercial real estate

5,580,082

5,712,742

(2.3)

5,538,968

0.7

Commercial and industrial

1,513,078

2,422,735

(37.5)

1,590,320

(4.9)

Residential real estate 

1,767,064

1,644,422

7.5

1,721,378

2.7

Home equity

592,872

634,018

(6.5)

605,682

(2.1)

Consumer 

280,176

289,395

(3.2)

277,130

1.1

Total portfolio loans, net of unearned income

9,733,272

10,703,312

(9.1)

9,733,478

(0.0)

Allowance for credit losses - loans 

(117,865)

(160,040)

26.4

(121,622)

3.1

Net portfolio loans

9,615,407

10,543,272

(8.8)

9,611,856

0.0

Premises and equipment, net

219,907

239,863

(8.3)

229,016

(4.0)

Accrued interest receivable

60,370

68,896

(12.4)

60,844

(0.8)

Goodwill and other intangible assets, net

1,149,035

1,160,195

(1.0)

1,151,634

(0.2)

Bank-owned life insurance

348,179

307,747

13.1

350,359

(0.6)

Other assets

244,613

223,462

9.5

215,298

13.6

Total Assets

$  17,104,015

$     17,057,788

0.3

$        16,927,125

1.0

Liabilities

Deposits:

Non-interest bearing demand

$     4,670,520

$       4,460,049

4.7

$          4,590,895

1.7

Interest bearing demand

3,405,610

3,126,186

8.9

3,380,056

0.8

Money market

1,831,683

1,771,703

3.4

1,739,750

5.3

Savings deposits

2,679,053

2,373,987

12.9

2,562,510

4.5

Certificates of deposit

1,211,008

1,555,074

(22.1)

1,292,652

(6.3)

Total deposits

13,797,874

13,286,999

3.8

13,565,863

1.7

Federal Home Loan Bank borrowings

123,898

433,984

(71.5)

183,920

(32.6)

Other short-term borrowings

158,538

137,218

15.5

141,893

11.7

Subordinated debt and junior subordinated debt 

280,743

192,430

45.9

132,860

111.3

Total borrowings

563,179

763,632

(26.2)

458,673

22.8

Accrued interest payable

1,786

3,224

(44.6)

1,901

(6.0)

Other liabilities

193,860

218,411

(11.2)

207,522

(6.6)

Total Liabilities

14,556,699

14,272,266

2.0

14,233,959

2.3

Shareholders' Equity

Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares

6.75% non-cumulative perpetual preferred stock, Series A, liquidation

preference $150.0 million, issued and outstanding, respectively

144,484

144,484

-

144,484

-

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

68,081,306 shares issued; 60,613,414, 67,282,134 and 62,307,245

shares outstanding, respectively

141,834

141,834

-

141,834

-

Capital surplus

1,636,705

1,636,103

0.0

1,635,642

0.1

Retained earnings

998,315

879,786

13.5

977,765

2.1

Treasury stock (7,467,892, 799,172 and 5,774,061 shares - at cost, respectively)

(261,012)

(24,989)

(944.5)

(199,759)

(30.7)

Accumulated other comprehensive (loss)/income

(111,312)

9,803

 NM 

(5,120)

 NM 

Deferred benefits for directors

(1,698)

(1,499)

(13.3)

(1,680)

(1.1)

Total Shareholders' Equity

2,547,316

2,785,522

(8.6)

2,693,166

(5.4)

Total Liabilities and Shareholders' Equity

$  17,104,015

$     17,057,788

0.3

$        16,927,125

1.0

NM = Not Meaningful

 

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,

2022

2021

Average 

Average

Average 

Average

Assets

Balance

Rate

Balance

Rate

Due from banks - interest bearing

$     1,161,218

0.16

%

$          776,245

0.09

%

Loans, net of unearned income (1)

9,712,085

3.89

10,890,370

4.07

Securities: (2)

    Taxable

3,333,379

1.72

2,306,320

1.96

    Tax-exempt (3)

729,380

3.06

580,199

3.46

        Total securities

4,062,759

1.96

2,886,519

2.26

Other earning assets 

15,446

3.81

33,240

5.89

         Total earning assets (3)

14,951,508

3.07

%

14,586,374

3.51

%

Other assets

2,041,090

2,049,884

Total Assets

$  16,992,598

$     16,636,258

Liabilities and Shareholders' Equity

Interest bearing demand deposits

$     3,403,499

0.10

%

$       2,970,766

0.14

%

Money market accounts 

1,806,719

0.07

1,725,561

0.14

Savings deposits

2,626,962

0.04

2,290,657

0.05

Certificates of deposit

1,254,603

0.41

1,584,152

0.61

    Total interest bearing deposits

9,091,783

0.12

8,571,136

0.20

Federal Home Loan Bank borrowings

180,024

1.30

488,388

2.00

Repurchase agreements

156,167

0.12

191,676

0.25

Subordinated debt and junior subordinated debt 

147,709

3.22

192,341

3.77

      Total interest bearing liabilities (4)

9,575,683

0.19

%

9,443,541

0.37

%

Non-interest bearing demand deposits

4,576,749

4,200,793

Other liabilities

184,359

221,508

Shareholders' equity

2,655,807

2,770,416

Total Liabilities and Shareholders' Equity

$  16,992,598

$     16,636,258

Taxable equivalent net interest spread

2.88

%

3.14

%

Taxable equivalent net interest margin 

2.95

%

3.27

%

(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 $4.1 million and $8.2 million for the three months ended March 31, 2022 and 2021, respectively. PPP loan fees, which are included as part of the total loan fees were $3.2 million and $7.9 million for the three months ended March 31, 2022 and 2021, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $2.5 million and $3.5 million for the three months ended March 31, 2022 and 2021, 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.

(4) Accretion on interest bearing liabilities acquired from prior acquisitions was $0.4 million and $1.1 million for the three months ended March 31, 2022 and 2021, 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

2022

2021

2021

2021

2021

Loans, including fees

$          93,121

$            97,432

$          103,206

$          105,968

$          109,358

Interest and dividends on securities:

Taxable 

14,112

12,934

13,481

12,900

11,127

Tax-exempt

4,344

4,236

4,063

3,952

3,910

    Total interest and dividends on securities

18,456

17,170

17,544

16,852

15,037

Other interest income 

597

605

628

507

659

          Total interest and dividend income

112,174

115,207

121,378

123,327

125,054

Interest expense

Interest bearing demand deposits

811

810

815

1,009

1,043

Money market deposits

321

315

350

551

578

Savings deposits

264

261

244

261

264

Certificates of deposit

1,273

1,501

1,726

2,026

2,370

Total interest expense on deposits

2,669

2,887

3,135

3,847

4,255

Federal Home Loan Bank borrowings

575

780

1,192

1,781

2,414

Other short-term borrowings

48

35

33

40

118

Subordinated debt and junior subordinated debt

1,171

1,178

1,743

1,804

1,789

Total interest expense

4,463

4,880

6,103

7,472

8,576

Net interest income 

107,711

110,327

115,275

115,855

116,478

Provision for credit losses

(3,438)

(13,559)

(1,730)

(21,025)

(27,958)

Net interest income after provision for credit losses

111,149

123,886

117,005

136,880

144,436

Non-interest income

Trust fees

7,835

7,441

7,289

7,148

7,631

Service charges on deposits

6,090

6,592

6,050

4,876

4,894

Electronic banking fees

5,345

4,465

5,427

5,060

4,365

Net securities brokerage revenue

2,220

1,579

1,965

1,829

1,524

Bank-owned life insurance

3,881

2,864

2,656

1,707

1,709

Mortgage banking income

1,923

2,872

4,563

7,830

4,264

Net securities (losses)/gains

(650)

372

(15)

477

279

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

(806)

(158)

785

4,014

175

Other income

4,544

4,682

4,035

3,171

8,367

Total non-interest income

30,382

30,709

32,755

36,112

33,208

Non-interest expense

Salaries and wages

38,937

40,420

39,497

37,435

36,890

Employee benefits

9,158

10,842

10,658

9,268

10,266

Net occupancy

7,234

6,413

6,825

6,427

7,177

Equipment and software

8,011

8,352

7,609

7,281

6,765

Marketing

2,421

2,601

1,848

1,802

2,384

FDIC insurance 

1,522

1,460

1,227

181

1,282

Amortization of intangible assets

2,598

2,834

2,854

2,873

2,896

Restructuring and merger-related expense

1,593

177

4,467

1,222

851

Other operating expenses  

16,074

15,204

19,716

17,323

17,816

Total non-interest expense

87,548

88,303

94,701

83,812

86,327

Income before provision for income taxes

53,983

66,292

55,059

89,180

91,317

Provision for income taxes 

9,859

12,144

10,651

18,592

18,202

Net Income

44,124

54,148

44,408

70,588

73,115

Preferred stock dividends

2,531

2,531

2,531

2,531

2,531

Net income available to common shareholders

$          41,593

$            51,617

$            41,877

$            68,057

$            70,584

Taxable equivalent net interest income

$       108,866

$       111,453

$       116,355

$       116,906

$       117,517

Per common share data

Net income per common share - basic

$               0.68

$                0.82

$                0.64

$                1.02

$                1.05

Net income per common share - diluted

0.68

0.82

0.64

1.01

1.05

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

0.70

0.82

0.70

1.03

1.06

Dividends declared

0.34

0.33

0.33

0.33

0.33

Book value (period end)

39.64

40.91

40.41

39.96

39.25

Tangible book value (period end) (1)

20.87

22.61

22.51

22.61

22.21

Average common shares outstanding - basic

61,445,399

63,045,061

64,931,764

66,894,398

67,263,714

Average common shares outstanding - diluted

61,593,365

63,183,411

65,065,848

67,066,592

67,335,418

Period end common shares outstanding

60,613,414

62,307,245

63,838,549

65,970,149

67,282,134

Period end preferred shares outstanding

150,000

150,000

150,000

150,000

150,000

Full time equivalent employees

2,456

2,462

2,425

2,459

2,490

(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

2022

2021

2021

2021

2021

Non-performing assets:

Troubled debt restructurings - accruing

$         3,731

$           3,746

$           3,707

$           5,799

$           3,563

Non-accrual loans:

Troubled debt restructurings

1,348

1,547

1,615

1,664

1,768

Other non-accrual loans

32,024

34,195

34,644

34,548

32,807

    Total non-accrual loans

33,372

35,742

36,259

36,212

34,575

    Total non-performing loans 

37,103

39,488

39,966

42,011

38,138

Other real estate and repossessed assets

87

-

293

773

393

Total non-performing assets

$       37,190

$         39,488

$         40,259

$         42,784

$         38,531

Past due loans (1):

Loans past due 30-89 days

$       28,322

$         27,152

$         32,682

$         21,233

$         20,602

Loans past due 90 days or more

6,142

7,804

11,252

8,318

12,824

Total past due loans

$       34,464

$         34,956

$         43,934

$         29,551

$         33,426

Criticized and classified loans (2):

Criticized loans

$    234,143

$       248,518

$       290,281

$       319,448

$       340,943

Classified loans

123,837

116,013

127,022

136,927

114,884

Total criticized and classified loans

$    357,980

$       364,531

$       417,303

$       456,375

$       455,827

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

0.29

%

0.28

%

0.33

%

0.21

%

0.19

%

Loans past due 90 days or more / total portfolio loans

0.06

0.08

0.11

0.08

0.12

Non-performing loans / total portfolio loans

0.38

0.41

0.40

0.41

0.36

Non-performing assets / total portfolio loans, other

real estate and repossessed assets

0.38

0.41

0.41

0.41

0.36

Non-performing assets / total assets

0.22

0.23

0.24

0.25

0.23

Criticized and classified loans / total portfolio loans

3.68

3.75

4.21

4.41

4.26

Allowance for credit losses

Allowance for credit losses - loans

$    117,865

$       121,622

$       136,605

$       140,730

$       160,040

Allowance for credit losses - loan commitments

8,050

7,775

7,290

5,766

6,731

Provision for credit losses

(3,438)

(13,559)

(1,730)

(21,025)

(27,958)

Net loan and deposit account overdraft charge-offs and recoveries

27

929

842

(689)

648

Annualized net loan charge-offs and recoveries / average loans

0.00

%

0.04

%

0.03

%

(0.03)

%

0.02

%

Allowance for credit losses - loans / total portfolio loans

1.21

%

1.25

%

1.38

%

1.36

%

1.50

%

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

1.22

%

1.27

%

1.42

%

1.43

%

1.62

%

Allowance for credit losses - loans / non-performing loans

3.18

x

3.08

x

3.42

x

3.35

x

4.20

x

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

loans past due 

1.65

x

1.63

x

1.63

x

1.97

x

2.24

x

Mar. 31,

Dec. 31,

Sept. 30,

June 30,

Mar. 31,

2022

2021

2021

2021

2021

Capital ratios

Tier I leverage capital

9.67

%

10.02

%

10.10

%

10.42

%

10.74

%

Tier I risk-based capital

13.25

14.05

14.18

15.15

14.95

Total risk-based capital

16.32

15.91

16.38

17.68

17.58

Common equity tier 1 capital ratio (CET 1)

12.01

12.77

12.91

13.83

13.65

Average shareholders' equity to average assets

15.63

15.99

16.28

16.44

16.65

Tangible equity to tangible assets (4)

8.83

9.84

10.04

10.34

10.30

Tangible common equity to tangible assets (4)

7.92

8.92

9.12

9.43

9.39

(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 $76.5 million of PPP loans as of March 31, 2022.

(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)

2022

2021

2021

2021

2021

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

Net income available to common shareholders

$         41,593

$        51,617

$        41,877

$        68,057

$        70,584

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

1,258

140

3,529

965

672

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

42,851

51,757

45,406

69,022

71,256

Average total assets

$ 16,992,598

$ 16,947,662

$ 17,057,793

$ 17,042,147

$ 16,636,258

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

1.02%

1.21%

1.06%

1.62%

1.74%

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

Net income available to common shareholders

$         41,593

$        51,617

$        41,877

$        68,057

$        70,584

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

1,258

140

3,529

965

672

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

42,851

51,757

45,406

69,022

71,256

Average total shareholders' equity

$   2,655,807

$   2,709,782

$   2,777,306

$   2,801,455

$   2,770,416

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

6.54%

7.58%

6.49%

9.88%

10.43%

Return on average tangible equity:

Net income available to common shareholders

$         41,593

$        51,617

$        41,877

$        68,057

$        70,584

Plus: amortization of intangibles (1)

2,052

2,239

2,255

2,270

2,288

Net income available to common shareholders before amortization of intangibles 

43,645

53,856

44,132

70,327

72,872

Average total shareholders' equity

2,655,807

2,709,782

2,777,306

2,801,455

2,770,416

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

(1,139,242)

(1,141,307)

(1,143,522)

(1,145,882)

(1,148,171)

Average tangible equity

$   1,516,565

$   1,568,475

$   1,633,784

$   1,655,573

$   1,622,245

Return on average tangible equity (annualized)  (2)

11.67%

13.62%

10.72%

17.04%

18.22%

Average tangible common equity

$   1,372,081

$   1,423,991

$   1,489,300

$   1,511,089

$   1,477,736

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

12.90%

15.00%

11.76%

18.67%

20.00%

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

Net income available to common shareholders

$         41,593

$        51,617

$        41,877

$        68,057

$        70,584

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

1,258

140

3,529

965

672

Plus: amortization of intangibles  (1)

2,052

2,239

2,255

2,270

2,288

Net income available to common shareholders before amortization of intangibles 

     and excluding after-tax restructuring and merger-related expenses

44,903

53,996

47,661

71,292

73,544

Average total shareholders' equity

2,655,807

2,709,782

2,777,306

2,801,455

2,770,416

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

(1,139,242)

(1,141,307)

(1,143,522)

(1,145,882)

(1,148,171)

Average tangible equity

$   1,516,565

$   1,568,475

$   1,633,784

$   1,655,573

$   1,622,245

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

12.01%

13.66%

11.57%

17.27%

18.39%

Average tangible common equity

$   1,372,081

$   1,423,991

$   1,489,300

$   1,511,089

$   1,477,736

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

13.27%

15.04%

12.70%

18.92%

20.18%

Efficiency ratio:

Non-interest expense

$         87,548

$        88,303

$        94,701

$        83,812

$        86,327

Less: restructuring and merger-related expense

(1,593)

(177)

(4,467)

(1,222)

(851)

Non-interest expense excluding restructuring and merger-related expense

85,955

88,126

90,234

82,590

85,476

Net interest income on a fully taxable equivalent basis

108,866

111,453

116,355

116,906

117,517

Non-interest income

30,382

30,709

32,755

36,112

33,208

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

$       139,248

$      142,162

$      149,110

$      153,018

$      150,725

Efficiency ratio

61.73%

61.99%

60.52%

53.97%

56.71%

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

Net income available to common shareholders

$         41,593

$        51,617

$        41,877

$        68,057

$        70,584

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

1,258

140

3,529

965

672

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

$         42,851

$        51,757

$        45,406

$        69,022

$        71,256

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

Net income per common share - diluted

$              0.68

$            0.82

$            0.64

$            1.01

$            1.05

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

0.02

-

0.06

0.02

0.01

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

$              0.70

$            0.82

$            0.70

$            1.03

$            1.06

Period End

Mar. 31,

Dec. 31,

Sept. 30,

June 30,

Mar. 31,

2022

2021

2021

2021

2021

Tangible book value per share:

Total shareholders' equity

$   2,547,316

$   2,693,166

$   2,723,983

$   2,780,836

$   2,785,522

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

(1,138,057)

(1,140,111)

(1,142,350)

(1,144,604)

(1,146,874)

Less: preferred shareholder's equity

(144,484)

(144,484)

(144,484)

(144,484)

(144,484)

Tangible common equity

1,264,775

1,408,571

1,437,149

1,491,748

1,494,164

Common shares outstanding

60,613,414

62,307,245

63,838,549

65,970,149

67,282,134

Tangible book value per share

$           20.87

$          22.61

$          22.51

$          22.61

$          22.21

Tangible common equity to tangible assets:

Total shareholders' equity

$   2,547,316

$   2,693,166

$   2,723,983

$   2,780,836

$   2,785,522

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

(1,138,057)

(1,140,111)

(1,142,350)

(1,144,604)

(1,146,874)

Tangible equity

1,409,259

1,553,055

1,581,633

1,636,232

1,638,648

Less: preferred shareholder's equity

(144,484)

(144,484)

(144,484)

(144,484)

(144,484)

Tangible common equity

1,264,775

1,408,571

1,437,149

1,491,748

1,494,164

Total assets

17,104,015

16,927,125

16,892,111

16,966,867

17,057,788

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

(1,138,057)

(1,140,111)

(1,142,350)

(1,144,604)

(1,146,874)

Tangible assets

$ 15,965,958

$ 15,787,014

$ 15,749,761

$ 15,822,263

$ 15,910,914

Tangible equity to tangible assets

8.83%

9.84%

10.04%

10.34%

10.30%

Tangible common equity to tangible assets

7.92%

8.92%

9.12%

9.43%

9.39%

(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)

2022

2021

2021

2021

2021

Pre-tax, pre-provision income:

Income before provision for income taxes

$         53,983

$        66,292

$        55,059

$        89,180

$           91,317

Add: provision for credit losses

(3,438)

(13,559)

(1,730)

(21,025)

(27,958)

Pre-tax, pre-provision income

$         50,545

$        52,733

$        53,329

$        68,155

$           63,359

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

Income before provision for income taxes

$         53,983

$        66,292

$        55,059

$        89,180

$           91,317

Add: provision for credit losses

(3,438)

(13,559)

(1,730)

(21,025)

(27,958)

Add: restructuring and merger-related expenses

1,593

177

4,467

1,222

851

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

$         52,138

$        52,910

$        57,796

$        69,377

$           64,210

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

Income before provision for income taxes

$         53,983

$        66,292

$        55,059

$        89,180

$           91,317

Add: provision for credit losses

(3,438)

(13,559)

(1,730)

(21,025)

(27,958)

Add: restructuring and merger-related expenses

1,593

177

4,467

1,222

851

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

52,138

52,910

57,796

69,377

64,210

Average total assets

$ 16,992,598

$ 16,947,662

$ 17,057,793

$ 17,042,147

$    16,636,258

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

1.24%

1.24%

1.34%

1.63%

1.57%

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

Income before provision for income taxes

$         53,983

$        66,292

$        55,059

$        89,180

$           91,317

Add: provision for credit losses

(3,438)

(13,559)

(1,730)

(21,025)

(27,958)

Add: restructuring and merger-related expenses

1,593

177

4,467

1,222

851

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

52,138

52,910

57,796

69,377

64,210

Average total shareholders' equity

$   2,655,807

$   2,709,782

$   2,777,306

$   2,801,455

$      2,770,416

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

7.96%

7.75%

8.26%

9.93%

9.40%

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

Income before provision for income taxes

$         53,983

$        66,292

$        55,059

$        89,180

$           91,317

Add: provision for credit losses

(3,438)

(13,559)

(1,730)

(21,025)

(27,958)

Add: amortization of intangibles

2,598

2,834

2,854

2,873

2,896

Add: restructuring and merger-related expenses

1,593

177

4,467

1,222

851

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

54,736

55,744

60,650

72,250

67,106

Average total shareholders' equity

2,655,807

2,709,782

2,777,306

2,801,455

2,770,416

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

(1,139,242)

(1,141,307)

(1,143,522)

(1,145,882)

(1,148,171)

Average tangible equity

$   1,516,565

$   1,568,475

$   1,633,784

$   1,655,573

$      1,622,245

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

14.64%

14.10%

14.73%

17.50%

16.78%

Average tangible common equity

$   1,372,081

$   1,423,991

$   1,489,300

$   1,511,089

$      1,477,736

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

16.18%

15.53%

16.16%

19.18%

18.42%

(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.

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/wesbanco-announces-first-quarter-2022-financial-results-301533630.html

SOURCE WesBanco, Inc.


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