+++ Einfach investieren ? mit Kapitalschutz oder Teilschutz ? raiffeisenzertifikate.at ? jetzt in Zeichnung +++ -W-
24.01.2023 22:15:00

WesBanco Announces Fourth Quarter 2022 Financial Results

WHEELING, W.Va., Jan. 24, 2023 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and twelve months ended December 31, 2022.  Net income available to common shareholders for the fourth quarter of 2022 was $49.7 million, with diluted earnings per share of $0.84, compared to $51.6 million and $0.82 per diluted share, respectively, for the fourth quarter of 2021.  For the twelve months ended December 31, 2022, net income was $182.0 million, or $3.02 per diluted share, compared to $232.1 million, or $3.53 per diluted share, for the 2021 period, which included a release of provision for credit losses of $64.3 million, or $51.6 million net of tax.  Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended December 31, 2022, was $49.7 million, or $0.84 per diluted share, as compared to $51.8 million and $0.82 per diluted share, respectively, in the prior year quarter (non-GAAP measures).  On the same basis, net income for the twelve months ended December 31, 2022 was $183.3 million, or $3.04 per diluted share, as compared to $237.4 million, or $3.62 per diluted share, in the prior year period (non-GAAP measures).

WesBanco Logo (PRNewsfoto/WesBanco, Inc.)




For the Three Months Ended December 31,



For the Twelve Months Ended December 31,




2022


2021



2022


2021

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


Net Income


Diluted
Earnings
Per Share


Net Income


Diluted
Earnings
Per Share



Net Income


Diluted
Earnings
Per Share


Net Income


Diluted
Earnings
Per Share

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


$       49,688


$       0.84


$       51,757


$       0.82



$     183,349


$       3.04


$     237,441


$       3.62

Less: After-tax restructuring and merger-
related expenses


(9)


-


(140)


-



(1,361)


(0.02)


(5,306)


(0.09)

Net income available to common
shareholders (GAAP)


$       49,679


$       0.84


$       51,617


$       0.82



$     181,988


$       3.02


$     232,135


$       3.53

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

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

  • Total loan growth was 11.7% year-over-year, and 4.2%, or 16.8% annualized, when compared to September 30, 2022, excluding Small Business Administration Payroll Protection Program ("SBA PPP"), reflecting the strength of our markets and lending teams
  • Key credit quality metrics such as non-performing assets, total 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)
  • Fourth quarter net interest margin increased 16 basis points sequentially to 3.49%
  • Deposits, excluding certificates of deposit ("CDs"), were essentially flat compared to the prior year quarter, as growth in non-interest bearing demand deposits and savings accounts offset a decline in interest-bearing demand deposit balances
  • Non-interest expense increased just 2.6% year-over-year, excluding restructuring and merger-related expenses, which demonstrates our commitment to strong discretionary cost control in an inflationary environment
  • WesBanco remains well-capitalized with solid liquidity and a strong balance sheet
    • Returns on average assets and tangible equity were 1.18% and 16.05%, respectively

"WesBanco had another successful year during 2022 as our operational strategies and core advantages were evident," said Todd F. Clossin, President and Chief Executive Officer of WesBanco.  "We have begun to realize the benefit of our strategic growth initiatives, as we continue to post solid loan growth, as well as organic growth across our wealth management businesses.  We continued to benefit from our core funding advantage, strong credit standards, and focus on discretionary cost control.  Further, we received numerous accolades during the year recognizing us for financial performance, employee satisfaction, customer service, and trust.  I am exceptionally pleased that we were the only midsize bank to be ranked in the top ten as one of America's Best Banks and Best Midsize Employers."

Mr. Clossin added, "We remain focused on ensuring a strong organization with sound credit quality, solid liquidity, and strong balance sheet.  We have the right markets, teams, leadership, and strategies, combined with our core strengths, to provide long-term success for our shareholders, customers, and employees.  I am excited for our future growth opportunities."

Balance Sheet
Loan growth for the fourth quarter of 2022 reflects strong performance by our commercial and consumer lending teams and more 1-to-4 family residential mortgages retained on the balance sheet.  As of December 31, 2022, total portfolio loans were $10.7 billion, which increased 11.7% year-over-year, and 4.2%, or 16.8% annualized, when compared to September 30, 2022, excluding SBA PPP loans, driven by strong growth across our markets.  Commercial real estate payoffs during the fourth quarter moderated, as expected, totaling approximately $63 million, as compared to $173 million in the third quarter and $160 million in the fourth quarter of last year.  The fourth quarter of 2022 included the forgiveness of approximately $5 million of SBA PPP loans, with approximately $8 million remaining in the loan portfolio (net of deferred fees).

Deposits, excluding CDs, were essentially flat to the prior year period but decreased 1.7%, or 6.7% annualized, quarter-over-quarter reflecting the impact of inflationary pressures and rising costs across the economy.  Total deposits, as of December 31, 2022, were $13.1 billion, a decrease of $434.8 million year-over-year due primarily to a $406.8 million reduction in CDs. 

Credit Quality
As of December 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, from a historical perspective, and consistent throughout the last five quarters.  Total loans past due as a percent of the loan portfolio decreased 26 basis points from the third quarter, while criticized and classified loans as a percent of the loan portfolio decreased 9 basis points to 2.34%.  In addition, total loans past due and criticized and classified loans as percentages of the loan portfolio decreased 17 and 141 basis points year-over-year, respectively.  For the fourth quarter, net loan charge-offs to average loans totaled $0.5 million, as compared to $0.9 million in the prior year period.  The allowance for credit losses to total portfolio loans at December 31, 2022 was $117.8 million, or 1.10% of total loans, reflecting increases in current loan growth and projected macroeconomic forecasts, offset by continued improvements in COVID-impacted borrowers.  During the prior year three- and twelve- month periods ending December 31, 2021, we recorded negative provisions for credit losses of $13.6 million and $64.3 million, respectively, due to significantly improved macroeconomic forecasts and other factors, as compared to provisions of $3.1 million and a negative $1.7 million, respectively, in the current year.

Net Interest Margin and Income
The net interest margin of 3.49% for the fourth quarter of 2022 increased 16 basis points sequentially and 52 basis points year-over-year, which reflects the 425 basis point increase in the federal fund rate during 2022, as well as our successful deployment of excess cash into higher-yielding loans.  Variable rate securities, which represent 18% of the total securities portfolio also contributed to the margin.  While our robust legacy deposit base provides a pricing advantage, we are not immune to the impact of rising interest rates on our funding sources.  Deposit funding costs increased 44 basis points year-over-year to 57 basis points for the fourth quarter of 2022, or 29 basis points when including non-interest bearing deposits.  This reflects a total deposit beta of 8%, when compared to the 375 basis point increase in the federal fund rate through November 2022.  Further, total deposit funding costs also increased 20 basis points on a sequential quarter basis.  Accretion from acquisitions benefited the fourth quarter net interest margin by 5 basis points, as compared to 9 basis points in the prior year period.  Lastly, the forgiveness of SBA PPP loans had no material impact on the fourth quarter of 2022 net interest margin, as compared to a net 9 basis point benefit in the prior year period.

Net interest income increased $19.5 million, or 17.7%, during the fourth quarter of 2022, as compared to the same quarter of 2021, reflecting loan growth and the benefit of rising rates on loan and securities yields, which more than offset higher funding costs, lower accretion from purchase accounting, and lower SBA PPP-related loan income.  For the twelve months ended December 31, 2022, net interest income increased $16.4 million, or 3.6%, primarily due to the reasons discussed for the three-month period comparison.

Non-Interest Income
For the fourth quarter of 2022, non-interest income of $27.8 million decreased $2.9 million, or 9.6%, from the fourth quarter of 2021, driven primarily by lower mortgage banking income.  Mortgage banking income decreased $2.3 million year-over-year due to a reduction in residential mortgage originations, primarily driven by the higher interest rate environment, and our retention of more residential mortgages on the balance sheet.  Fourth quarter mortgage originations decreased 53% year-over-year to $179 million, with approximately 80% retained, as compared to 70% last year.  Net securities brokerage revenue increased $1.0 million year-over-year to a record $2.6 million during the quarter due to organic growth.

Non-interest income, for the twelve months ended December 31, 2022, decreased $15.4 million, or 11.6%, to $117.4 million.  In addition to the items discussed above, both service charges on deposits and electronic banking fees increased year-over-year to $26.3 million and $20.0 million, respectively, reflecting increased general consumer spending.  Bank-owned life insurance of $10.7 million increased $1.8 million year-over-year due to higher death benefits and the impact of new policies purchased during the fourth quarter of 2021.  Trust fees decreased $2.0 million year-over-year to $27.6 million, primarily due to the declines in the equity markets on the value of trust assets, which more than offset net organic growth.  The net gain on other real estate owned and other assets of $0.5 million reflects the change in the fair value of an underlying equity investment held by WesBanco Community Development Corporation during the second quarter of 2022, as compared to a net gain of $3.8 million for the same investment in the prior year.

Non-Interest Expense
Excluding restructuring and merger-related expenses, non-interest expense for the three months ended December 31, 2022 totaled $90.4 million, an increase of just 2.6% year-over-year, reflecting discretionary cost control and a credit from adjustments to the mortgage incentive compensation plan.  Salaries and wages increased $2.2 million, or 5.4%, compared to the prior year period due to higher salary expense related to merit increases and higher staffing levels.  Employee benefits of $9.2 million decreased $1.6 million from last year due primarily to a higher health insurance liability recorded in the prior year period, as well as a decrease in this quarter's pension expense.

On a similar basis, non-interest expense for the twelve months ended December 31, 2022 increased $8.8 million, or 2.5%, due primarily to higher salaries and wages, as described above, and higher FDIC insurance, which reflects the benefit to last year's FDIC insurance calculation from the large negative credit loss provision recognized during 2021, partially offset by lower employee benefits from lower deferred compensation expense and discretionary cost control.

Capital
WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable "well-capitalized" standards promulgated by bank regulators and the BASEL III capital standards.  At December 31, 2022, Tier I leverage was 9.90%, Tier I risk-based capital ratio was 12.33%, common equity Tier 1 capital ratio ("CET 1") was 11.20%, and total risk-based capital was 15.11%.

Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the fourth quarter of 2022 at 10:00 a.m. ET on Wednesday, January 25, 2023. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com. Participants can also listen to the conference call by dialing 888-347-6607, 855-669-9657 for Canadian callers, or 412-902-4290 for international callers, and asking to be joined into the WesBanco call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 8654312. The replay will begin at approximately 12:00 p.m. ET on January 25, 2023 and end at 12 a.m. ET on February 8, 2023. 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, 2021 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC"), including WesBanco's Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022, 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 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 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.  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 $4.9 billion of assets under management (as of December 31, 2022).  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 194 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.  Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

 

WESBANCO, INC.












Consolidated Selected Financial Highlights











Page 5

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






























For the Three Months Ended


For the Twelve Months Ended

Statement of Income

December 31,


December 31,

Interest and dividend income

2022


2021


% Change


2022


2021


% Change


Loans, including fees

$       123,307


$         97,432


26.6


$       422,401


$       415,965


1.5


Interest and dividends on securities:














Taxable 

18,655


12,934


44.2


66,123


50,401


31.2



Tax-exempt

4,853


4,236


14.6


18,818


16,161


16.4




Total interest and dividends on securities

23,508


17,170


36.9


84,941


66,562


27.6


Other interest income 

2,103


605


247.6


6,314


2,440


158.8

          Total interest and dividend income

148,918


115,207


29.3


513,656


484,967


5.9

Interest expense













Interest bearing demand deposits

7,264


810


796.8


12,181


3,669


232.0


Money market deposits

1,890


315


500.0


3,562


1,803


97.6


Savings deposits

2,454


261


840.2


4,115


1,031


299.1


Certificates of deposit

742


1,501


(50.6)


4,089


7,623


(46.4)




Total interest expense on deposits

12,350


2,887


327.8


23,947


14,126


69.5


Federal Home Loan Bank borrowings

2,634


780


237.7


3,968


6,167


(35.7)


Other short-term borrowings

324


35


825.7


568


227


150.2


Subordinated debt and junior subordinated debt 

3,736


1,178


217.1


10,860


6,514


66.7




Total interest expense

19,044


4,880


290.2


39,343


27,034


45.5

Net interest income 

129,874


110,327


17.7


474,313


457,933


3.6


Provision for credit losses

3,123


(13,559)


123.0


(1,663)


(64,274)


97.4

Net interest income after provision for credit losses

126,751


123,886


2.3


475,976


522,207


(8.9)

Non-interest income













Trust fees

6,672


7,441


(10.3)


27,551


29,511


(6.6)


Service charges on deposits

6,762


6,592


2.6


26,281


22,412


17.3


Electronic banking fees

4,695


4,465


5.2


20,002


19,318


3.5


Net securities brokerage revenue

2,556


1,579


61.9


9,525


6,896


38.1


Bank-owned life insurance

2,464


2,864


(14.0)


10,728


8,936


20.1


Mortgage banking income

621


2,872


(78.4)


5,129


19,528


(73.7)


Net securities (losses)/gains

(600)


372


(261.3)


(1,777)


1,113


(259.7)


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

550


(158)


448.1


482


4,816


(90.0)


Other income

4,050


4,682


(13.5)


19,470


20,255


(3.9)




Total non-interest income

27,770


30,709


(9.6)


117,391


132,785


(11.6)

Non-interest expense













Salaries and wages

42,606


40,420


5.4


167,028


154,242


8.3


Employee benefits

9,198


10,842


(15.2)


37,771


41,033


(7.9)


Net occupancy

6,262


6,413


(2.4)


26,105


26,843


(2.7)


Equipment and software

8,712


8,352


4.3


32,508


30,006


8.3


Marketing

1,788


2,601


(31.3)


9,335


8,634


8.1


FDIC insurance 

2,051


1,460


40.5


7,901


4,150


90.4


Amortization of intangible assets

2,541


2,834


(10.3)


10,278


11,457


(10.3)


Restructuring and merger-related expense

11


177


(93.8)


1,723


6,717


(74.3)


Other operating expenses  

17,286


15,204


13.7


64,317


70,061


(8.2)




Total non-interest expense

90,455


88,303


2.4


356,966


353,143


1.1

Income before provision for income taxes

64,066


66,292


(3.4)


236,401


301,849


(21.7)


Provision for income taxes 

11,856


12,144


(2.4)


44,288


59,589


(25.7)

Net Income

52,210


54,148


(3.6)


192,113


242,260


(20.7)

Preferred stock dividends

2,531


2,531


-


10,125


10,125


-

Net income available to common shareholders

$         49,679


$         51,617


(3.8)


$       181,988


$       232,135


(21.6)































Taxable equivalent net interest income

$      131,164


$      111,453


17.7


$      479,315


$      462,229


3.7
















Per common share data












Net income per common share - basic

$              0.84


$              0.82


2.4


$              3.03


$              3.54


(14.4)

Net income per common share - diluted

0.84


0.82


2.4


3.02


3.53


(14.4)

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

0.84


0.82


2.4


3.04


3.62


(16.0)

Dividends declared

0.35


0.33


6.1


1.37


1.32


3.8

Book value (period end)

38.55


40.91


(5.8)


38.55


40.91


(5.8)

Tangible book value (period end) (1)

19.43


22.61


(14.1)


19.43


22.61


(14.1)

Average common shares outstanding - basic

59,188,238


63,045,061


(6.1)


60,047,177


65,520,527


(8.4)

Average common shares outstanding - diluted

59,374,204


63,183,411


(6.0)


60,215,374


65,669,970


(8.3)

Period end common shares outstanding

59,198,963


62,307,245


(5.0)


59,198,963


62,307,245


(5.0)

Period end preferred shares outstanding

150,000


150,000


-


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 Twelve Months Ended










December 31,










2022


2021


% Change


























Return on average assets





1.08

%

1.37

%

(21.17)

%







Return on average assets, excluding

















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



1.09


1.40


(22.14)








Return on average equity





7.23


8.40


(13.93)








Return on average equity, excluding

















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



7.29


8.59


(15.13)








Return on average tangible equity (1)




13.78


14.89


(7.45)








Return on average tangible equity, excluding 
















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



13.88


15.22


(8.80)








Return on average tangible common equity (1)




15.39


16.35


(5.87)








Return on average tangible common equity, excluding 















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



15.50


16.71


(7.24)








Yield on earning assets (2) 





3.47


3.29


5.47








Cost of interest bearing liabilities





0.42


0.28


50.00








Net interest spread (2)






3.05


3.01


1.33








Net interest margin (2)






3.20


3.11


2.89








Efficiency (1) (2)






59.53


58.22


2.25








Average loans to average deposits





74.21


78.11


(4.99)








Annualized net loan charge-offs/average loans




0.02


0.02


-








Effective income tax rate 





18.73


19.74


(5.12)






















































































For the Three Months Ended










Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,










2022


2022


2022


2022


2021






















Return on average assets





1.18

%

1.19

%

0.95

%

0.99

%

1.21

%



Return on average assets, excluding

















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



1.18


1.19


0.95


1.02


1.21




Return on average equity





8.18


8.05


6.43


6.35


7.56




Return on average equity, excluding

















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



8.18


8.06


6.43


6.54


7.58




Return on average tangible equity (1)




16.05


15.39


12.35


11.67


13.62




Return on average tangible equity, excluding 
















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



16.05


15.41


12.36


12.01


13.66




Return on average tangible common equity (1)




18.09


17.23


13.80


12.90


15.00




Return on average tangible common equity, excluding 















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



18.10


17.25


13.82


13.27


15.04




Yield on earning assets (2) 





4.00


3.59


3.20


3.07


3.10




Cost of interest bearing liabilities





0.82


0.41


0.26


0.19


0.20




Net interest spread (2)






3.18


3.18


2.94


2.88


2.90




Net interest margin (2)






3.49


3.33


3.03


2.95


2.97




Efficiency (1) (2) 






56.91


58.13


61.91


61.73


61.99




Average loans to average deposits





78.43


75.01


72.36


71.05


72.61




Annualized net loan charge-offs and recoveries /average loans

0.02


0.04


0.00


0.00


0.04




Effective income tax rate 





18.51


18.85


19.35


18.26


18.32




Trust assets, market value at period end




$   4,878,479


$   4,622,878


$   4,803,043


$   5,412,342


$   5,644,975






















(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


December 31,



September 30,

December 31, 2022

Assets




2022


2021


% Change

2022

to Sept. 30, 2022

Cash and due from banks


$       166,182


$       157,046


5.8

$          212,341

(21.7)

Due from banks - interest bearing


242,229


1,094,312


(77.9)

166,215

45.7

Securities:











Equity securities, at fair value


11,506


13,466


(14.6)

11,964

(3.8)


Available-for-sale debt securities, at fair value


2,529,140


3,013,462


(16.1)

2,645,748

(4.4)


Held-to-maturity debt securities (fair values of $1,084,390; $1,028,452










and $1,065,833, respectively)


1,248,629


1,004,823


24.3

1,262,467

(1.1)



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


(220)


(268)


17.9

(225)

2.2


Net held-to-maturity debt securities


1,248,409


1,004,555


24.3

1,262,242

(1.1)



Total securities


3,789,055


4,031,483


(6.0)

3,919,954

(3.3)

Loans held for sale


8,249


25,277


(67.4)

12,887

(36.0)

Portfolio loans:










Commercial real estate


6,061,344


5,538,968


9.4

5,831,384

3.9


Commercial and industrial


1,579,395


1,590,320


(0.7)

1,516,856

4.1


Residential real estate 


2,140,584


1,721,378


24.4

2,010,344

6.5


Home equity


695,065


605,682


14.8

609,765

14.0


Consumer 


226,340


277,130


(18.3)

309,313

(26.8)

Total portfolio loans, net of unearned income


10,702,728


9,733,478


10.0

10,277,662

4.1

Allowance for credit losses - loans 


(117,790)


(121,622)


3.2

(114,584)

(2.8)



Net portfolio loans


10,584,938


9,611,856


10.1

10,163,078

4.2

Premises and equipment, net


220,892


229,016


(3.5)

221,355

(0.2)

Accrued interest receivable


68,522


60,844


12.6

63,375

8.1

Goodwill and other intangible assets, net


1,141,355


1,151,634


(0.9)

1,143,896

(0.2)

Bank-owned life insurance


352,361


350,359


0.6

350,806

0.4

Other assets


358,122


215,298


66.3

350,840

2.1

Total Assets


$  16,931,905


$  16,927,125


0.0

$    16,604,747

2.0













Liabilities










Deposits:











Non-interest bearing demand


$    4,700,438


$    4,590,895


2.4

$      4,736,722

(0.8)


Interest bearing demand


3,119,807


3,380,056


(7.7)

3,201,714

(2.6)


Money market


1,684,023


1,739,750


(3.2)

1,772,481

(5.0)


Savings deposits


2,741,004


2,562,510


7.0

2,741,937

(0.0)


Certificates of deposit


885,818


1,292,652


(31.5)

991,512

(10.7)



Total deposits


13,131,090


13,565,863


(3.2)

13,444,366

(2.3)

Federal Home Loan Bank borrowings


705,000


183,920


283.3

56,998

 NM 

Other short-term borrowings


135,069


141,893


(4.8)

127,983

5.5

Subordinated debt and junior subordinated debt 


281,404


132,860


111.8

281,179

0.1



Total borrowings


1,121,473


458,673


144.5

466,160

140.6

Accrued interest payable


4,593


1,901


141.6

4,358

5.4

Other liabilities


248,087


207,522


19.5

294,211

(15.7)

Total Liabilities


14,505,243


14,233,959


1.9

14,209,095

2.1













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; 59,198,963, 62,307,245 and 59,304,505










shares outstanding, respectively


141,834


141,834


-

141,834

-

Capital surplus


1,635,877


1,635,642


0.0

1,634,280

0.1

Retained earnings


1,077,675


977,765


10.2

1,048,532

2.8

Treasury stock (8,882,343,  5,774,061 and 8,776,801 shares - at cost, respectively)


(308,964)


(199,759)


(54.7)

(305,033)

(1.3)

Accumulated other comprehensive loss


(262,416)


(5,120)


 NM 

(266,640)

1.6

Deferred benefits for directors


(1,828)


(1,680)


(8.8)

(1,805)

(1.3)

Total Shareholders' Equity


2,426,662


2,693,166


(9.9)

2,395,652

1.3

Total Liabilities and Shareholders' Equity


$  16,931,905


$  16,927,125


0.0

$    16,604,747

2.0













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 December 31,



For the Twelve Months Ended December 31,







2022

2021



2022

2021







Average 

Average



Average 

Average



Average 

Average



Average 

Average


Assets





Balance

Rate



Balance

Rate



Balance

Rate



Balance

Rate


Due from banks - interest bearing




$       178,706

4.32

%


$    1,028,014

0.16

%


$       611,482

0.94

%


$       860,249

0.13

%

Loans, net of unearned income (1)




10,456,648

4.68



9,839,726

3.93



10,083,925

4.19



10,380,605

4.01


Securities: (2)




















    Taxable





3,429,372

2.16



3,295,240

1.56



3,461,414

1.91



2,966,745

1.70


    Tax-exempt (3)





811,593

3.00



696,695

3.05



789,564

3.02



632,187

3.24


        Total securities





4,240,965

2.32



3,991,935

1.82



4,250,978

2.12



3,598,932

1.97


Other earning assets 





19,494

3.20



16,539

4.69



15,265

3.66



25,481

5.04


         Total earning assets (3)




14,895,813

4.00

%


14,876,214

3.10

%


14,961,650

3.47

%


14,865,267

3.29

%

Other assets





1,790,117




2,071,448




1,917,891




2,063,110



Total Assets





$  16,685,930




$  16,947,662




$  16,879,541




$  16,928,377























Liabilities and Shareholders' Equity


















Interest bearing demand deposits




$    3,169,673

0.91

%


$    3,351,982

0.10

%


$    3,314,384

0.37

%


$    3,193,425

0.11

%

Money market accounts 




1,739,874

0.43



1,748,900

0.07



1,774,152

0.20



1,760,540

0.10


Savings deposits





2,726,647

0.36



2,521,850

0.04



2,692,568

0.15



2,425,527

0.04


Certificates of deposit





931,853

0.32



1,326,789

0.45



1,098,614

0.37



1,457,730

0.52


    Total interest bearing deposits




8,568,047

0.57



8,949,521

0.13



8,879,718

0.27



8,837,222

0.16


Federal Home Loan Bank borrowings



282,934

3.69



208,663

1.48



175,104

2.27



343,185

1.80


Repurchase agreements





136,099

0.94



138,769

0.10



146,590

0.39



149,001

0.15


Subordinated debt and junior subordinated debt 

281,265

5.27



149,879

3.12



248,192

4.38



180,649

3.61


      Total interest bearing liabilities (4)



9,268,345

0.82

%


9,446,832

0.20

%


9,449,604

0.42

%


9,510,057

0.28

%

Non-interest bearing demand deposits



4,763,773




4,601,270




4,708,758




4,452,590



Other liabilities





243,051




189,778




205,670




201,393



Shareholders' equity





2,410,761




2,709,782




2,515,509




2,764,337



Total Liabilities and Shareholders' Equity


$  16,685,930




$  16,947,662




$  16,879,541




$  16,928,377



Taxable equivalent net interest spread




3.18

%



2.90

%



3.05

%



3.01

%

Taxable equivalent net interest margin 




3.49

%



2.97

%



3.20

%



3.11

%









































(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 $0.8 million and $4.7
million for the three months ended December 31, 2022 and 2021, respectively, and were $8.8 million and $26.3 million for the twelve months ended December 31, 2022 and 2021, respectively. 
As part of loan fees, PPP loan fees were $0.2 million and $4.3 million for the three months ended December 31, 2022 and 2021, respectively, and $5.9 million and $25.3 million for the twelve
months ended December 31, 2022 and 2021, respectively.  Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $1.8 million and $3.0 million
for the three months ended December 31, 2022 and 2021, respectively and $8.0 million and $13.3 million for the twelve months ended December 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 $0.2 million and $0.6 million for the three months ended December 31, 2022 and 2021, respectively, and $1.1
million and $3.1 million for the twelve months ended December 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

Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,

Interest and dividend income

2022


2022


2022


2022


2021


Loans, including fees

$       123,307


$       109,562


$         96,412


$         93,121


$         97,432


Interest and dividends on securities:












Taxable 

18,655


17,531


15,825


14,112


12,934



Tax-exempt

4,853


4,916


4,706


4,344


4,236




Total interest and dividends on securities

23,508


22,447


20,531


18,456


17,170


Other interest income 

2,103


2,108


1,504


597


605

          Total interest and dividend income

148,918


134,117


118,447


112,174


115,207

Interest expense











Interest bearing demand deposits

7,264


2,953


1,153


811


810


Money market deposits

1,890


968


383


321


315


Savings deposits

2,454


1,067


330


264


261


Certificates of deposit

742


958


1,116


1,273


1,501




Total interest expense on deposits

12,350


5,946


2,982


2,669


2,887


Federal Home Loan Bank borrowings

2,634


348


411


575


780


Other short-term borrowings

324


147


48


48


35


Subordinated debt and junior subordinated debt

3,736


3,175


2,778


1,171


1,178




Total interest expense

19,044


9,616


6,219


4,463


4,880

Net interest income 

129,874


124,501


112,228


107,711


110,327


Provision for credit losses

3,123


(535)


(812)


(3,438)


(13,559)

Net interest income after provision for credit losses

126,751


125,036


113,040


111,149


123,886

Non-interest income











Trust fees

6,672


6,517


6,527


7,835


7,441


Service charges on deposits

6,762


6,942


6,487


6,090


6,592


Electronic banking fees

4,695


4,808


5,154


5,345


4,465


Net securities brokerage revenue

2,556


2,491


2,258


2,220


1,579


Bank-owned life insurance

2,464


1,999


2,384


3,881


2,864


Mortgage banking income

621


1,257


1,328


1,923


2,872


Net securities (losses)/gains

(600)


656


(1,183)


(650)


372


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

550


2,040


(1,302)


(806)


(158)


Other income

4,050


5,546


5,330


4,544


4,682




Total non-interest income

27,770


32,256


26,983


30,382


30,709

Non-interest expense











Salaries and wages

42,606


44,271


41,213


38,937


40,420


Employee benefits

9,198


10,693


8,722


9,158


10,842


Net occupancy

6,262


6,489


6,119


7,234


6,413


Equipment and software

8,712


8,083


7,702


8,011


8,352


Marketing

1,788


2,377


2,749


2,421


2,601


FDIC insurance 

2,051


2,391


1,937


1,522


1,460


Amortization of intangible assets

2,541


2,560


2,579


2,598


2,834


Restructuring and merger-related expense

11


66


52


1,593


177


Other operating expenses  

17,286


15,011


15,946


16,074


15,204




Total non-interest expense

90,455


91,941


87,019


87,548


88,303

Income before provision for income taxes

64,066


65,351


53,004


53,983


66,292


Provision for income taxes 

11,856


12,318


10,256


9,859


12,144

Net Income

52,210


53,033


42,748


44,124


54,148

Preferred stock dividends

2,531


2,531


2,531


2,531


2,531

Net income available to common shareholders

$         49,679


$         50,502


$         40,217


$         41,593


$         51,617














Taxable equivalent net interest income

$      131,164


$      125,808


$      113,479


$      108,866


$      111,453














Per common share data










Net income per common share - basic

$              0.84


$              0.85


$              0.67


$              0.68


$              0.82

Net income per common share - diluted

0.84


0.85


0.67


0.68


0.82

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

0.84


0.85


0.67


0.70


0.82

Dividends declared

0.35


0.34


0.34


0.34


0.33

Book value (period end)

38.55


37.96


38.92


39.64


40.91

Tangible book value (period end) (1)

19.43


18.84


19.89


20.87


22.61

Average common shares outstanding - basic

59,188,238


59,549,244


60,036,103


61,445,399


63,045,061

Average common shares outstanding - diluted

59,374,204


59,697,676


60,185,207


61,593,365


63,183,411

Period end common shares outstanding

59,198,963


59,304,505


59,698,788


60,613,414


62,307,245

Period end preferred shares outstanding

150,000


150,000


150,000


150,000


150,000

Full time equivalent employees

2,495


2,480


2,509


2,456


2,462














(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






Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Asset quality data


2022


2022


2022


2022


2021


Non-performing assets:













Troubled debt restructurings - accruing

$        3,230


$        4,583


$        3,579


$        3,731


$        3,746



Non-accrual loans:














Troubled debt restructurings


1,711


1,756


2,120


1,348


1,547




Other non-accrual loans


36,474


26,428


29,594


32,024


34,195




    Total non-accrual loans


38,185


28,184


31,714


33,372


35,742




    Total non-performing loans 


41,415


32,767


35,293


37,103


39,488



Other real estate and repossessed assets

1,486


1,595


31


87


-




Total non-performing assets


$      42,901


$      34,362


$      35,324


$      37,190


$      39,488
















Past due loans (1):













Loans past due 30-89 days


$      15,439


$      21,836


$      31,388


$      28,322


$      27,152



Loans past due 90 days or more


5,443


24,311


9,560


6,142


7,804




Total past due loans


$      20,882


$      46,147


$      40,948


$      34,464


$      34,956
















Criticized and classified loans (2):













Criticized loans


$    147,945


$    163,176


$    193,871


$    234,143


$    248,518



Classified loans


102,555


86,861


126,257


123,837


116,013




Total criticized and classified loans

$    250,500


$    250,037


$    320,128


$    357,980


$    364,531
















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

0.14

%

0.21

%

0.31

%

0.29

%

0.28

%

Loans past due 90 days or more / total portfolio loans

0.05


0.24


0.09


0.06


0.08


Non-performing loans / total portfolio loans

0.39


0.32


0.35


0.38


0.41


Non-performing assets / total portfolio loans, other












real estate and repossessed assets


0.40


0.33


0.35


0.38


0.41


Non-performing assets / total assets


0.25


0.21


0.21


0.22


0.23


Criticized and classified loans / total portfolio loans

2.34


2.43


3.14


3.68


3.75
















Allowance for credit losses












Allowance for credit losses - loans


$    117,790


$    114,584


$    117,403


$    117,865


$    121,622


Allowance for credit losses - loan commitments

8,368


8,938


7,718


8,050


7,775


Provision for credit losses


3,123


(535)


(812)


(3,438)


(13,559)


Net loan and deposit account overdraft charge-offs and recoveries

493


1,102


2


27


929
















Annualized net loan charge-offs and recoveries / average loans

0.02

%

0.04

%

0.00

%

0.00

%

0.04

%

Allowance for credit losses - loans / total portfolio loans

1.10

%

1.11

%

1.15

%

1.21

%

1.25

%

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

1.10

%

1.12

%

1.15

%

1.22

%

1.27

%

Allowance for credit losses - loans / non-performing loans

2.84

x

3.50

x

3.33

x

3.18

x

3.08

x

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












loans past due 


1.89

x

1.45

x

1.54

x

1.65

x

1.63

x















































Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,






2022


2022


2022


2022


2021


Capital ratios












Tier I leverage capital


9.90

%

9.68

%

9.51

%

9.67

%

10.02

%

Tier I risk-based capital


12.33


12.51


12.49


13.25


14.05


Total risk-based capital


15.11


15.37


15.40


16.32


15.91


Common equity tier 1 capital ratio (CET 1)

11.20


11.35


11.31


12.01


12.77


Average shareholders' equity to average assets

14.45


14.75


14.79


15.63


15.99


Tangible equity to tangible assets (4)


8.19


8.16


8.50


8.83


9.84


Tangible common equity to tangible assets (4)

7.28


7.22


7.58


7.92


8.92






























(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 $8.1 million of PPP loans as of December 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


Year to Date 





Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Dec. 31,

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

2022


2022


2022


2022


2021


2022

2021

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














Net income available to common shareholders

$        49,679


$        50,502


$        40,217


$        41,593


$        51,617


$          181,988

$      232,135


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

9


52


41


1,258


140


1,361

5,306


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

49,688


50,554


40,258


42,851


51,757


183,349

237,441


















Average total assets


$ 16,685,930


$ 16,871,655


$ 16,971,452


$ 16,992,598


$16,947,662


$    16,879,541

$ 16,928,377

















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

1.18 %


1.19 %


0.95 %


1.02 %


1.21 %


1.09 %

1.40 %

















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














Net income available to common shareholders

$        49,679


$        50,502


$        40,217


$        41,593


$        51,617


$          181,988

$      232,135


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

9


52


41


1,258


140


1,361

5,306


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

49,688


50,554


40,258


42,851


51,757


183,349

237,441


















Average total shareholders' equity

$   2,410,761


$   2,488,938


$   2,509,439


$   2,655,807


$   2,709,782


$       2,515,509

$   2,764,337

















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

8.18 %


8.06 %


6.43 %


6.54 %


7.58 %


7.29 %

8.59 %

















Return on average tangible equity:














Net income available to common shareholders

$        49,679


$        50,502


$        40,217


$        41,593


$        51,617


$          181,988

$      232,135


Plus: amortization of intangibles (1)

2,007


2,022


2,037


2,052


2,239


8,120

9,051


Net income available to common shareholders before amortization of intangibles 

51,686


52,524


42,254


43,645


53,856


190,108

241,186


















Average total shareholders' equity

2,410,761


2,488,938


2,509,439


2,655,807


2,709,782


2,515,509

2,764,337


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

(1,132,894)


(1,135,007)


(1,137,187)


(1,139,242)


(1,141,307)


(1,136,062)

(1,144,698)


Average tangible equity

$   1,277,867


$   1,353,931


$   1,372,252


$   1,516,565


$   1,568,475


$       1,379,447

$   1,619,639

















Return on average tangible equity (annualized)  (2)

16.05 %


15.39 %


12.35 %


11.67 %


13.62 %


13.78 %

14.89 %


















Average tangible common equity

$   1,133,383


$   1,209,447


$   1,227,768


$   1,372,081


$   1,423,991


$       1,234,963

$   1,475,155

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

18.09 %


17.23 %


13.80 %


12.90 %


15.00 %


15.39 %

16.35 %

















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














Net income available to common shareholders

$        49,679


$        50,502


$        40,217


$        41,593


$        51,617


$          181,988

$      232,135


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

9


52


41


1,258


140


1,361

5,306


Plus: amortization of intangibles  (1)

2,007


2,022


2,037


2,052


2,239


8,120

9,051


Net income available to common shareholders before amortization of intangibles 














     and excluding after-tax restructuring and merger-related expenses

51,695


52,576


42,295


44,903


53,996


191,469

246,492


















Average total shareholders' equity

2,410,761


2,488,938


2,509,439


2,655,807


2,709,782


2,515,509

2,764,337


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

(1,132,894)


(1,135,007)


(1,137,187)


(1,139,242)


(1,141,307)


(1,136,062)

(1,144,698)


Average tangible equity

$   1,277,867


$   1,353,931


$   1,372,252


$   1,516,565


$   1,568,475


$       1,379,447

$   1,619,639

















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

16.05 %


15.41 %


12.36 %


12.01 %


13.66 %


13.88 %

15.22 %


















Average tangible common equity

$   1,133,383


$   1,209,447


$   1,227,768


$   1,372,081


$   1,423,991


$       1,234,963

$   1,475,155

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

18.10 %


17.25 %


13.82 %


13.27 %


15.04 %


15.50 %

16.71 %

















Efficiency ratio:
















Non-interest expense


$        90,455


$        91,941


$        87,019


$        87,548


$        88,303


$          356,966

$      353,143


Less: restructuring and merger-related expense

(11)


(66)


(52)


(1,593)


(177)


(1,723)

(6,717)


Non-interest expense excluding restructuring and merger-related expense

90,444


91,875


86,967


85,955


88,126


355,243

346,426


















Net interest income on a fully taxable equivalent basis

131,164


125,808


113,479


108,866


111,453


479,315

462,229


Non-interest income


27,770


32,256


26,983


30,382


30,709


117,391

132,785


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

$      158,934


$      158,064


$      140,462


$      139,248


$      142,162


$          596,706

$      595,014


Efficiency ratio


56.91 %


58.13 %


61.91 %


61.73 %


61.99 %


59.53 %

58.22 %

































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














Net income available to common shareholders

$        49,679


$        50,502


$        40,217


$        41,593


$        51,617


$          181,988

$      232,135


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

9


52


41


1,258


140


1,361

5,306

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

$        49,688


$        50,554


$        40,258


$        42,851


$        51,757


$          183,349

$      237,441

































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














Net income per common share - diluted

$             0.84


$             0.85


$             0.67


$             0.68


$             0.82


$                 3.02

$             3.53


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

-


-


-


0.02


-


0.02

0.09

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

$             0.84


$             0.85


$             0.67


$             0.70


$             0.82


$                 3.04

$             3.62





































Period End








Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,








2022


2022


2022


2022


2021




Tangible book value per share:














Total shareholders' equity

$   2,426,662


$   2,395,652


$   2,467,951


$   2,547,316


$   2,693,166





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

(1,131,990)


(1,133,998)


(1,136,020)


(1,138,057)


(1,140,111)





Less: preferred shareholder's equity

(144,484)


(144,484)


(144,484)


(144,484)


(144,484)





Tangible common equity

1,150,188


1,117,170


1,187,447


1,264,775


1,408,571





















Common shares outstanding

59,198,963


59,304,505


59,698,788


60,613,414


62,307,245




















Tangible book value per share


$           19.43


$           18.84


$           19.89


$           20.87


$          22.61




















Tangible common equity to tangible assets:














Total shareholders' equity

$   2,426,662


$   2,395,652


$   2,467,951


$   2,547,316


$   2,693,166





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

(1,131,990)


(1,133,998)


(1,136,020)


(1,138,057)


(1,140,111)





Tangible equity


1,294,672


1,261,654


1,331,931


1,409,259


1,553,055





Less: preferred shareholder's equity

(144,484)


(144,484)


(144,484)


(144,484)


(144,484)





Tangible common equity

1,150,188


1,117,170


1,187,447


1,264,775


1,408,571





















Total assets


16,931,905


16,604,747


16,799,624


17,104,015


16,927,125





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

(1,131,990)


(1,133,998)


(1,136,020)


(1,138,057)


(1,140,111)





Tangible assets


$ 15,799,915


$ 15,470,749


$ 15,663,604


$ 15,965,958


$15,787,014




















Tangible equity to tangible assets

8.19 %


8.16 %


8.50 %


8.83 %


9.84 %




















Tangible common equity to tangible assets

7.28 %


7.22 %


7.58 %


7.92 %


8.92 %




































(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


Year to Date 





Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Dec. 31,

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

2022


2022


2022


2022


2021


2022

2021

Pre-tax, pre-provision income:














Income before provision for income taxes

$        64,066


$        65,351


$        53,004


$        53,983


$        66,292


$      236,401

$      301,849


Add: provision for credit losses

3,123


(535)


(812)


(3,438)


(13,559)


(1,663)

(64,274)

Pre-tax, pre-provision income

$        67,189


$        64,816


$        52,192


$        50,545


$        52,733


$      234,738

$      237,575

















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














Income before provision for income taxes

$        64,066


$        65,351


$        53,004


$        53,983


$        66,292


$      236,401

$      301,849


Add: provision for credit losses

3,123


(535)


(812)


(3,438)


(13,559)


(1,663)

(64,274)


Add: restructuring and merger-related expenses

11


66


52


1,593


177


1,723

6,717

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

$        67,200


$        64,882


$        52,244


$        52,138


$        52,910


$      236,461

$      244,292

















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














Income before provision for income taxes

$        64,066


$        65,351


$        53,004


$        53,983


$        66,292


$      236,401

$      301,849


Add: provision for credit losses

3,123


(535)


(812)


(3,438)


(13,559)


(1,663)

(64,274)


Add: restructuring and merger-related expenses

11


66


52


1,593


177


1,723

6,717

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

67,200


64,882


52,244


52,138


52,910


236,461

244,292


















Average total assets


$ 16,685,930


$ 16,871,655


$ 16,971,452


$ 16,992,598


$ 16,947,662


$ 16,879,541

$ 16,928,377

















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

1.60 %


1.53 %


1.23 %


1.24 %


1.24 %


1.40 %

1.44 %

















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














Income before provision for income taxes

$        64,066


$        65,351


$        53,004


$        53,983


$        66,292


$      236,401

$      301,849


Add: provision for credit losses

3,123


(535)


(812)


(3,438)


(13,559)


(1,663)

(64,274)


Add: restructuring and merger-related expenses

11


66


52


1,593


177


1,723

6,717

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

67,200


64,882


52,244


52,138


52,910


236,461

244,292


















Average total shareholders' equity

$   2,410,761


$   2,488,938


$   2,509,439


$   2,655,807


$   2,709,782


$   2,515,509

$   2,764,337

















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

11.06 %


10.34 %


8.35 %


7.96 %


7.75 %


9.40 %

8.84 %

















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














Income before provision for income taxes

$        64,066


$        65,351


$        53,004


$        53,983


$        66,292


$      236,401

$      301,849


Add: provision for credit losses

3,123


(535)


(812)


(3,438)


(13,559)


(1,663)

(64,274)


Add: amortization of intangibles

2,541


2,560


2,579


2,598


2,834


10,278

11,457


Add: restructuring and merger-related expenses

11


66


52


1,593


177


1,723

6,717

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

69,741


67,442


54,823


54,736


55,744


246,739

255,749


















Average total shareholders' equity

2,410,761


2,488,938


2,509,439


2,655,807


2,709,782


2,515,509

2,764,337


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

(1,132,894)


(1,135,007)


(1,137,187)


(1,139,242)


(1,141,307)


(1,136,062)

(1,144,698)


Average tangible equity

$   1,277,867


$   1,353,931


$   1,372,252


$   1,516,565


$   1,568,475


$   1,379,447

$   1,619,639

















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

21.65 %


19.76 %


16.02 %


14.64 %


14.10 %


17.89 %

15.79 %


















Average tangible common equity

$   1,133,383


$   1,209,447


$   1,227,768


$   1,372,081


$   1,423,991


$   1,234,963

$   1,475,155

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

24.41 %


22.12 %


17.91 %


16.18 %


15.53 %


19.98 %

17.34 %

































(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-fourth-quarter-2022-financial-results-301729717.html

SOURCE WesBanco, Inc.

Analysen zu Wesbanco IncShsmehr Analysen

Eintrag hinzufügen
Hinweis: Sie möchten dieses Wertpapier günstig handeln? Sparen Sie sich unnötige Gebühren! Bei finanzen.net Brokerage handeln Sie Ihre Wertpapiere für nur 5 Euro Orderprovision* pro Trade? Hier informieren!
Es ist ein Fehler aufgetreten!

Aktien in diesem Artikel

Wesbanco IncShs 36,45 1,08% Wesbanco IncShs