WesBanco: Executive Vice President And Chief Financial Officer


The following excerpt is from the company's SEC filing.

Wheeling, WV… Todd F. Clossin, President and Chief Executive Officer of WesBanco, Inc. (NASDAQ Global Market: WSBC), a Wheeling, West Virginia based multi-state bank holding company, today announced an increase in net income and related earnings per share for the three and six months ended June 30, 2014.

Net income for the three months ended June 30, 2014 was a record at $18.9 million, compared to $16.4 million for the first quarter of 2014, representing an increase of 14.9%, while diluted earnings per share were $0.64, compared to $0.56 per share for the first quarter of 2014, representing an increase of 14 .3%.  As compared to the second quarter of 2013, net income increased 10.9% and diluted earnings per share increased by 10.3%.  For the six month period ended June 30, 2014, net income totaled $35.3 million compared to $33.0 million for the first half of last year, representing an increase of 6.8%, while diluted earnings per share totaled $1.20 as compared to $1.13 for 2013, representing an increase of 6.2%.  The increase in net income improved the return on average assets to 1.15% from 1.10% in the first six months of last year.  Return on assets and return on tangible equity for WesBanco remain well above first quarter 2014 peer group averages, the most recent available.

Mr. Clossin commented, "The second quarter was impressive and we are very pleased with the results.  Loan growth improved in the second quarter after a challenging first quarter for much of the economy.  Earning assets increased and, when combined with a steady reduction in the cost of funds, resulted in further increases in net interest income. Trust fees and securities brokerage revenue also grew at a strong rate again this quarter.  Improvement in credit quality continues, reducing charge offs and the credit provision.  Expenses continue to be well managed as we stay disciplined and continue our focus on gaining efficiencies from our infrastructure investments. The management at WesBanco is a team that, while recognizing the successes of this quarter, is prepared to further improve the organization going forward.”

Total assets at June 30, 2014 increased 3.2% or $193.0 million from June 30, 2013, primarily due to loan growth.  Portfolio loans increased $144.7 million or 3.8% over the last year and 1.5% in the second quarter of 2014 compared to the first quarter of this year.  Loan growth was achieved through $1.4 billion in loan originations over the last twelve months. Although somewhat depressed in the first quarter due to the challenging weather and economy, loan originations increased 28.4% in the second quarter compared to the first quarter.  Loan growth was driven by increased business activity in markets impacted by Marcellus and Utica shale gas drilling, additional lending personnel, focused marketing efforts, an expanded presence in our larger urban markets, and continued improvement in loan origination processes.  Loan growth was funded primarily by growth in deposits.  Deposits increased $178.6 million or 3.6% from June 30, 2013, with approximately $260 million of deposits for Marcellus and Utica shale gas payments made over the last twelve months significantly contributing to the increase.  All deposit types increased except certificates of deposit, which decreased $150.6 million due to lower rate offerings for maturing CDs.  However, deposits decreased 1.9% in the second quarter compared to March 31, 2014 due to reduced demand deposits and CDs.  Available deposit funding was also used to reduce higher cost borrowings by 10.6% over the last twelve months, further reducing the cost of funds.  Total assets at June 30, 2014 increased 2.2% compared to 2013 year-end, due to growth in both loans and securities balances.

WesBanco continues to maintain strong regulatory capital ratios.  At June 30, 2014, tier I leverage was 9.64%, tier I risk-based capital was 13.46%, and total risk-based capital was 14.56%, which all improved from June 30, 2013.  Both consolidated and bank-level regulatory capital ratios are well above the applicable “well-capitalized” standards promulgated by bank regulators, as well as the recently finalized fully-implemented BASEL III capital standards.  Total

tangible equity to tangible assets (non-GAAP measure) was 7.74% at June 30, 2014, up from 7.07% at June 30, 2013.  Strong earnings and improved total capital have enabled WesBanco to increase the quarterly dividend rate, currently at $0.22 per share, seven times over the last four years, cumulatively representing a 57% increase.  The most recent increase was $0.02 per share in the first quarter of 2014.

Total non-performing loans, including TDRs, at June 30, 2014 were $49.6 million or 1.26% of total loans, which represents a 2.5% decrease from March 31, 2014 and a 20.4% decrease from $62.3 million or 1.64% of total loans at June 30, 2013.  Criticized and classified loans decreased 6.0% in the second quarter of 2014 compared to March 31, 2014 to $121.5 million, or 3.08% of total loans at June 30, 2014.  This represents a decrease of 23.6% over the last twelve months from $159.1 million or 4.18% of total loans last year.

Net charge-offs for the second quarter of 2014 were $0.6 million or 0.06% of average portfolio loans, compared to $4.1 million or 0.43% for the first quarter of 2014 and $2.4 million or 0.26% for the second quarter of 2013.  Year-to-date, net charge-offs were $4.7 million or 0.25% of average portfolio loans compared to $5.5 million or 0.30% in the same period of 2013. Second quarter 2014 net charge-offs benefitted from higher than normal commercial recoveries on loans charged off in prior periods.  Gross charge-offs for the second quarter of 2014 were $1.9 million or 0.20% of average portfolio loans compared to $4.7 million or 0.50% for the prior quarter and $3.3 million or 0.36% for the same quarter last year.

Lower charge-offs and continued improvement in delinquent, non-performing and classified and criticized loans resulted in the provision for credit losses decreasing to $0.8 million for the second quarter of 2014 compared to $2.2 million for the first quarter of 2014, and $1.0 million in the second quarter of 2013.  For the first half of 2014 the provision was $3.0 million compared to $3.1 million in the same period of 2013. The allowance for loan losses represented 1.16% of total portfolio loans at June 30, 2014, compared to 1.17% at March 31, 2014 and 1.33% at the end of the 2013 second quarter.

Net interest income increased $2.3 million or 5.0% in the second quarter of 2014 compared to the second quarter of 2013, due to a 2.8% increase in average earning assets through increased average loan balances and $0.5 million of other interest income related to a refund of federal income taxes.  Year-to-date net interest income increased $3.5 million or 3.8% from last year.  The net interest margin improved by 8 basis points to 3.64% in the second quarter of 2014 compared to 3.56% in the same quarter of 2013, while for the first six months the margin was 3.63% compared to 3.60% in 2013. The interest on the tax refund contributed 3 basis points to the margin in the second quarter and 1 basis point in the year-to-date margin in 2014. Accretion of various purchase accounting adjustments from a 2012 acquisition benefited the net interest margin throughout 2013 and the first half of 2014, but at a decreasing rate. Excluding this benefit from both years, the net interest margin increased by 13 basis points from the second quarter of 2013, from 3.48% to 3.61% and 10 basis points from the first six months of 2013, from 3.49% to 3.59%.  The improved net interest margin in the current low interest rate environment resulted partially from the aforementioned loan growth, as the average rate on loans is higher than the average rate on securities.   In addition, funding costs continued to decrease in the first six months of 2014 as a result of a 33.2% reduction in higher-rate average FHLB and other borrowings, primarily through maturities, and a 9.8% increase in lower-cost demand, money market and savings account deposits, while higher-cost CDs decreased by 9.2%.  Overall average deposits increased by 3.6% year-to-date in 2014 compared to the same period in 2013.

For the second quarter of 2014, non-interest income increased $0.5 million or 2.9% compared to the second quarter of 2013.  The increase was due, in part, to a $1.0 million bank-owned life insurance death benefit in the current quarter.  In addition, trust fees increased 8.0% as assets under management continued to increase from customer development initiatives and overall market improvements.  Total trust assets were $3.8 billion at June 30, 2014, representing an increase of 11.7% from $3.4 billion at June 30, 2013.  Net securities brokerage revenues increased 22.1%, due to significant production increases from existing markets, the 2013 deployment of an advisor team in the Pittsburgh market, the addition of support and producing staff in several regions, as well as an increase in referrals and production from a licensed retail banker program.  Service charges on deposits decreased 8.6% compared to the second quarter of 2013, due to lower overdraft fees that are affected by lower seasonal usage patterns, consistent increases in deposit levels and higher average deposits per account.  Mortgage loan sale gains decreased 32.2% as increasing interest rates reduced refinancings resulting in lower mortgage activity, which was also impacted by the recently-adopted Qualified Mortgage and Ability-to-Repay rules, which have somewhat limited the Bank’s product offerings.  Net security gains decreased by $0.5 million.  For the

first half of 2014, non-interest income increased 0.2% from trends similar to the second quarter; however there was also a $1.1 million bank-owned life insurance death benefit in the first quarter of last year.

Non-interest expense increased $0.8 million or 2.0% for the second quarter compared to the second quarter of 2013.  Salaries and wages increased 7.2%, due to routine annual adjustments to compensation, increased commissions on higher brokerage revenue and incentive and stock-related compensation granted during the quarter.  Employee benefits expense decreased 4.9%, primarily from decreased pension expense.  Other expense decreased 1.1% primarily due to reduced communications expense.  For the first half of 2014, non-interest expense increased $0.2 million or 0.2% compared to the same period in 2013.  Excluding 2013 merger-related expenses of $1.2 million incurred primarily in the first quarter of 2013, total non-interest expense would have increased $1.4 million or 1.7% for the first six months.  Salaries and wages increased 5.6% and employee benefits decreased 7.6% in the year-to-date period.  In addition, net occupancy and equipment expense increased due to higher weather-related expenses, the opening of two branches near the end of 2013, and investment in internal infrastructure in the second half of last year. Other expense decreased 1.2% primarily due to lower communication and other real estate owned expenses.  However, despite the overall increase in non-interest expense, the efficiency ratio improved to 59.7% for the year-to-date period from 60.4% in 2013.

WesBanco, Inc. will host a conference call to discuss the Company's financial results for the second quarter of 2014 on Thursday, July 24, 2014 at 11:00 a.m. E.D.T.  Callers wishing to participate should access the call by dialing 1-877-870-4263 or 1-412-317-0790 for international callers.  The call may also be listened to live via Webcast through the "Investor Relations" section of the Company's Web site or by registering at http://www.videonewswire.com/event.asp?id=99933. Access to the Webcast will begin approximately 15 minutes prior to the start of the call.

WesBanco is a multi-state bank holding company with total assets of approximately $6.3 billion, operating through 119 branch locations and 106 ATMs in West Virginia, Ohio, and Pennsylvania.  WesBanco’s banking subsidiary is WesBanco Bank, Inc., headquartered in Wheeling, West Virginia.  WesBanco also operates an insurance brokerage company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

WESBANCO, INC.                       Consolidated Selected Financial Highlights                     Page 4 (unaudited, dollars in thousands, except shares and per share amounts)                                                         For the Three Months Ended   For the Six Months Ended STATEMENT OF INCOME June 30,   June 30, Interest and dividend income 2014   2013   % Change   2014   2013   % Change   Loans, including fees  $             42,546    $           43,753   (2.76%)    $         85,291    $           88,029   (3.11%)   Interest and dividends on securities:                           Taxable                   7,452                   7,357   1.29%                14,676                 14,790   (0.77%)     Tax-exempt                   3,435                   3,264   5.24%                  6,821                   6,392   6.71%       Total interest and dividends on securities                 10,887                 10,621   2.50%                21,497                 21,182   1.49%   Other interest income                       611                        50   1122.00%                     713                      106   572.64%           Total interest and dividend income                 54,044                 54,424   (0.70%)             107,501               109,317   (1.66%) Interest expense                         Interest bearing demand deposits                       395                      365   8.22%                     768                      666   15.32%   Money market deposits                       466                      338   37.87%                     907                      677   33.97%   Savings deposits                       133                      127   4.72%                     263                      268   (1.87%)   Certificates of deposit                   3,422                   5,881   (41.81%)                  7,052                 12,029   (41.38%)       Total interest expense on deposits                   4,416                   6,711   (34.20%)                  8,990                 13,640   (34.09%)   Federal Home Loan Bank borrowings                       175                      289   (39.45%)                     386                      609   (36.62%)   Other short-term borrowings                       350                      627   (44.18%)                     907                   1,249   (27.38%)   Junior subordinated debt owed to unconsolidated subsidiary trusts                       796                      808   (1.49%)                  1,587                   1,701   (6.70%)       Total interest expense                   5,737                   8,435   (31.99%)                11,870                 17,199   (30.98%) Net interest income                 48,307                 45,989   5.04%                95,631                 92,118   3.81%   Provision for credit losses                       849                   1,021   (16.85%)                  3,048                   3,123   (2.40%) Net interest income after provision for credit losses                 47,458                 44,968   5.54%                92,583                 88,995   4.03% Non-interest income                         Trust fees 5,210   4,823   8.02%   10,858   9,840   10.35%   Service charges on deposits 4,078   4,462   (8.61%)   7,937   8,659   (8.34%)   Electronic banking fees 3,267   3,195   2.25%   6,281   6,062   3.61%   Net securities brokerage revenue 2,003   1,641   22.06%   3,832   3,138   22.12%   Bank-owned life insurance 1,821   880   106.93%   2,695   2,829   (4.74%)   Net gains on sales of mortgage loans 475   701   (32.24%)   628   1,413   (55.56%)   Net securities gains 165   686   (75.95%)   175   702   (75.07%)   Net (loss) / gain on other real estate owned and other assets (165)   101   (263.37%)   (52)   55   (194.55%)   Other income                   1,387   1,235   12.31%                  2,936   2,522   16.42%       Total non-interest income 18,241   17,724   2.92%   35,290   35,220   0.20% Non-interest expense                         Salaries and wages 16,904   15,772   7.18%   33,370   31,599   5.60%   Employee benefits 5,529   5,813   (4.89%)   11,238   12,158   (7.57%)   Net occupancy 2,857   2,830   0.95%   6,348   6,022   5.41%   Equipment 2,914   2,802   4.00%   5,698   5,209   9.39%   Marketing 1,713   1,624   5.48%   2,716   2,429   11.82%   FDIC insurance 880   919   (4.24%)   1,757   1,890   (7.04%)   Amortization of intangible assets 482   561   (14.08%)   977   1,186   (17.62%)   Restructuring and merger-related expense                   -                        51   (100.00%)                         -                   1,229   (100.00%)   Other operating expenses                   9,025   9,127   (1.12%)                18,294   18,524   (1.24%)       Total non-interest expense 40,304   39,499   2.04%   80,398   80,246   0.19% Income before provision for income taxes                 25,395                 23,193   9.49%                47,475                 43,969   7.97%   Provision for income taxes                   6,520                   6,176   5.57%                12,179                 10,932   11.41% Net Income  $             18,875    $           17,017   10.92%    $         35,296    $           33,037   6.84%                               Taxable equivalent net interest income  $            50,157    $         47,747   5.05%    $         99,304    $         95,560   3.92%                               Per common share data                       Net income per common share - basic  $                 0.65    $               0.58   12.07%    $              1.21    $               1.13   7.08% Net income per common share - diluted  $                 0.64    $               0.58   10.34%    $              1.20    $               1.13   6.19% Dividends declared  $                 0.22    $               0.19   15.79%    $              0.44    $               0.38   15.79% Book value (period end)              $            26.59    $             24.80   7.22% Tangible book value (period end) (1)              $            15.75    $             13.91   13.23% Average common shares outstanding - basic 29,242,180   29,245,201   (0.01%)   29,212,347   29,228,355   (0.05%) Average common shares outstanding - diluted 29,321,927          29,308,806   0.04%   29,293,424          29,288,018   0.02% Period end common shares outstanding         29,278,925          29,282,412   (0.01%)        29,278,925          29,282,412   (0.01%)                               (1) See non-GAAP financial measures for additional information relating to the calculation of this item.           WESBANCO, INC.                           Consolidated Selected Financial Highlights                       Page 5 (unaudited, dollars in thousands)                                                       Selected ratios                                       For the Six Months Ended                     June 30,                     2014   2013   % Change                                           Return on average assets                      1.15 %                  1.10 %                  4.55 %           Return on average equity                      9.29                    9.16                    1.42             Return on average tangible equity (1)   16.17   16.72                  (3.29)             Yield on earning assets (2)                      4.07                    4.25                  (4.24)             Cost of interest bearing liabilities                    0.54                    0.79                (31.65)             Net interest spread (2)                      3.53                    3.46                    2.02             Net interest margin (2)                      3.63                    3.60                    0.83             Efficiency (1) (2)                      59.73                  60.42                  (1.14)             Average loans to average deposits                  75.46                  74.57                    1.19             Annualized net loan charge-offs/average loans                    0.25                    0.30                (16.67)             Effective income tax rate                    25.65                  24.86                    3.18                                                                                                                                             For the Quarter Ended             June 30,   Mar. 31,   Dec. 31,   Sept. 30,   June 30,             2014   2014   2013   2013   2013                                   Return on average assets     1.22 % 1.08 % 0.99 % 1.01 % 1.12 %   Return on average equity     9.79   8.78   8.17   8.40   9.33     Return on average tangible equity (1)   16.90   15.40   14.60   15.20   16.88     Yield on earning assets (2)     4.06   4.08   4.09   4.13   4.20     Cost of interest bearing liabilities   0.52   0.56   0.63   0.73   0.77     Net interest spread (2)     3.54   3.52   3.46   3.40   3.43     Net interest margin (2)     3.64   3.63   3.58   3.52   3.56     Efficiency (1) (2)       58.93   60.57   61.66   61.45   60.25     Average loans to average deposits   75.40   75.52   75.79   76.16   75.27     Annualized net loan charge-offs/average loans   0.06   0.43   0.30   0.60   0.26     Effective income tax rate     25.67   25.63   24.37   23.92   26.63     Trust assets, market value at period end    $     3,844,116    $     3,752,142    $     3,688,734    $     3,501,873    $     3,440,666                                   (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 6   (unaudited, dollars in thousands, except shares)               % Change   Balance sheets June 30,       December 31, December 31, 2013   Assets   2014   2013   % Change   2013 to June 30, 2014   Cash and due from banks  $        81,790    $        69,645                    17.44 %  $              80,001                            2.24 % Due from banks - interest bearing            12,698                8,425                    50.72                    15,550                        (18.34)   Securities:                     Available-for-sale, at fair value       1,006,079            971,178                      3.59                  934,386                            7.67     Held-to-maturity (fair values of $628,540; $615,204 and $596,308, respectively)          607,695            608,761                    (0.18)                  598,520                            1.53       Total securities       1,613,774         1,579,939                      2.14               1,532,906                            5.28   Loans held for sale            10,641              14,517                  (26.70)                      5,855                          81.74   Portfolio loans:                     Commercial real estate       1,940,872         1,881,083                      3.18               1,912,919                            1.46     Commercial and industrial          578,665            542,071                      6.75                  556,249                            4.03     Residential real estate          898,357            831,362                      8.06                  890,804                            0.85     Home equity          295,127            280,368                      5.26                  284,687                            3.67     Consumer          233,097            266,498                  (12.53)                  250,258                          (6.86)   Total portfolio loans, net of unearned income       3,946,118         3,801,382                      3.81               3,894,917                            1.31   Allowance for loan losses           (45,741)            (50,381)                      9.21                  (47,368)                            3.43       Net portfolio loans       3,900,377         3,751,001                      3.98               3,847,549                            1.37   Premises and equipment, net            92,106              91,894                      0.23                    93,157                          (1.13)   Accrued interest receivable            19,087              19,248                    (0.84)                    18,960                            0.67   Goodwill and other intangible assets, net          320,449            322,478                    (0.63)                  321,426                          (0.30)   Bank-owned life insurance          121,878            119,546                      1.95                  121,390                            0.40   Other assets          104,220            107,318                    (2.89)                  107,979                          (3.48)   Total Assets  $   6,277,020    $   6,084,011                      3.17 %  $         6,144,773                            2.15 %                           Liabilities                   Deposits:                     Non-interest bearing demand  $   1,021,414    $      901,559                    13.29 %  $            960,814                            6.31 %   Interest bearing demand          871,487            840,263                      3.72                  857,761                            1.60     Money market          969,518            845,294                    14.70                  942,768                            2.84     Savings deposits          829,155            775,248                      6.95                  789,709                            5.00     Certificates of deposit       1,425,829         1,576,391                    (9.55)               1,511,478                          (5.67)       Total deposits       5,117,403         4,938,755                      3.62               5,062,530                            1.08   Federal Home Loan Bank borrowings          138,596              60,344                  129.68                    39,508                        250.80   Other short-term borrowings            94,745            200,538                  (52.75)                  150,536                        (37.06)   Junior subordinated debt owed to unconsolidated subsidiary trusts          106,156            106,118                      0.04                  106,137                            0.02       Total borrowings          339,497            367,000                    (7.49)                  296,181                          14.62   Accrued interest payable              2,306                3,516                  (34.41)                      2,354                          (2.04)   Other liabilities            39,189              48,508                  (19.21)                    37,113                            5.59   Total Liabilities       5,498,395         5,357,779                      2.62               5,398,178                            1.86                             Shareholders' Equity                   Preferred stock, no par value; 1,000,000 shares authorized;                     none outstanding  -                      -                         -    -                               -   Common stock, $2.0833 par value; 50,000,000 shares authorized;                     29,367,511 shares; 29,282,412 shares and 29,367,511 shares issued, respectively;                   29,278,925 shares; 29,282,412 shares and 29,175,236 shares outstanding, respectively            61,182              61,005                      0.29                    61,182                               -   Capital surplus          244,029            242,640                      0.57                  244,974                          (0.39)   Retained earnings          482,786            441,168                      9.43                  460,351                            4.87   Treasury stock (88,586; 0 and 192,275 shares - at cost,                     respectively)             (2,748)                      -                (100.00)                    (5,969)                          53.96   Accumulated other comprehensive loss             (5,393)            (17,329)                    68.88                  (12,734)                          57.65   Deferred benefits for directors             (1,231)              (1,252)                      1.68                    (1,209)                          (1.82)   Total Shareholders' Equity          778,625            726,232                      7.21                  746,595                            4.29   Total Liabilities and Shareholders' Equity  $   6,277,020    $   6,084,011                      3.17 %  $         6,144,773                            2.15 %

WESBANCO, INC.         Consolidated Selected Financial Highlights       Page 7 (unaudited, dollars in thousands, except shares)         Balance sheets June 30,   March 31,   Assets     2014   2014 % Change Cash and due from banks  $          81,790    $        143,315 (42.93%) Due from banks - interest bearing              12,698                31,881 (60.17%) Securities:           Available-for-sale, at fair value          1,006,079              959,775 4.82%   Held-to-maturity (fair values of $628,540 and 607,886, respectively)            607,695              597,624 1.69%     Total securities          1,613,774            1,557,399 3.62% Loans held for sale              10,641                  6,300 68.90% Portfolio Loans:           Commercial real estate          1,940,872            1,915,578 1.32%   Commercial and industrial            578,665              560,511 3.24%   Residential real estate            898,357              888,666 1.09%   Home equity            295,127              284,879 3.60%   Consumer            233,097              237,468 (1.84%) Total portfolio loans, net of unearned income          3,946,118            3,887,102 1.52% Allowance for loan losses             (45,741)              (45,483) 0.57%     Net portfolio loans          3,900,377            3,841,619 1.53% Premises and equipment, net              92,106                92,814 (0.76%) Accrued interest receivable              19,087                20,149 (5.27%) Goodwill and other intangible assets, net            320,449              320,931 (0.15%) Bank-owned life insurance            121,878              122,265 (0.32%) Other assets            104,220              100,904 3.29% Total Assets  $    6,277,020    $   6,237,577 0.63%                 Liabilities         Deposits:           Non-interest bearing demand  $      1,021,414    $      1,022,119 (0.07%)   Interest bearing demand            871,487              918,629 (5.13%)   Money market            969,518              980,890 (1.16%)   Savings deposits            829,155              824,276 0.59%   Certificates of deposit          1,425,829            1,469,804 (2.99%)     Total deposits          5,117,403            5,215,718 (1.88%) Federal Home Loan Bank borrowings            138,596                23,282 495.29% Other short-term borrowings              94,745                92,737 2.17% Junior subordinated debt owed to unconsolidated subsidiary trusts            106,156              106,146 0.01%     Total borrowings            339,497              222,165 52.81% Accrued interest payable                2,306                  2,250 2.49% Other liabilities              39,189                36,327 7.88% Total liabilities          5,498,395            5,476,460 0.40%                 Shareholders' Equity         Preferred stock, no par value; 1,000,000 shares authorized;         none outstanding   -     -   - Common stock, $2.0833 par value; 50,000,000 shares authorized;         29,367,511 shares and 29,367,511 shares issued, respectively;         29,278,925 and 29,212,110 shares outstanding, respectively              61,182                61,182 0.00% Capital surplus            244,029              245,085 (0.43%) Retained earnings            482,786              470,352 2.64% Treasury stock ( 88,586 and 155,401 shares - at cost)              (2,748)                (4,822) 43.01% Accumulated other comprehensive income (loss)              (5,393)                (9,461) 43.00% Deferred benefits for directors              (1,231)                (1,219) (0.98%) Total Shareholders' Equity            778,625              761,117 2.30% Total Liabilities and Shareholders' Equity  $    6,277,020    $   6,237,577 0.63%

WESBANCO, INC.                             Consolidated Selected Financial Highlights                       Page 8 (unaudited, dollars in thousands)                           Average balance sheet and                         net interest margin analysis Three Months Ended June 30,   For the Six Months Ended June 30,           2014   2013   2014   2013           Average Average   Average Average   Average Average   Average Average Assets         Balance Rate   Balance Rate   Balance Rate   Balance Rate Due from banks - interest bearing      $          24,134 0.33%    $          22,520 0.41%    $          37,567 0.22%    $          44,450 0.22% Loans, net of unearned income (1)             3,898,740 4.38%           3,747,533 4.68%           3,886,334 4.43%           3,706,310 4.79% Securities: (2)                                   Taxable         1,176,963 2.53%   1,201,552 2.45%   1,159,072 2.53%   1,200,634 2.46%     Tax-exempt (3)       406,718 5.20%   381,416 5.27%   403,275 5.20%   370,033 5.32%         Total securities       1,583,681 3.22%   1,582,968 3.13%   1,562,347 3.22%   1,570,667 3.14% Other earning assets (4)                    10,853 21.82%                15,197 0.71%                11,209 11.97%                17,855 0.66%          Total earning assets (3)             5,517,408 4.06%           5,368,218 4.20%           5,497,457 4.07%           5,339,282 4.25% Other assets         702,230     704,179     705,703     729,240   Total Assets          $     6,219,638      $     6,072,397      $     6,203,160      $     6,068,522                                   Liabilities and Shareholders' Equity                           Interest bearing demand deposits      $        905,080 0.18%    $        861,676 0.17%    $        896,347 0.17%    $        854,127 0.16% Money market accounts       974,731 0.19%   848,635 0.16%   960,153 0.19%   847,201 0.16% Savings deposits         824,641 0.06%   775,605 0.07%   816,720 0.06%   763,087 0.07% Certificates of deposit       1,444,224 0.95%   1,602,726 1.47%   1,474,247 0.96%   1,623,775 1.49%     Total interest bearing deposits     4,148,676 0.43%           4,088,642 0.66%   4,147,467 0.44%           4,088,190 0.67% Federal Home Loan Bank borrowings     24,926 2.82%                60,559 1.91%   29,949 2.60%                67,958 1.81% Other borrowings         104,109 1.35%   142,724 1.76%   109,687 1.67%   141,195 1.78% Junior subordinated debt       106,151 3.01%              106,114 3.05%   106,146 3.02%              109,228 3.14%       Total interest bearing liabilities     4,383,862 0.52%   4,398,039 0.77%   4,393,249 0.54%   4,406,571 0.79% Non-interest bearing demand deposits   1,022,331     890,295     1,002,822     882,231   Other liabilities         40,393     52,128     41,104     52,620   Shareholders' equity       773,052     731,935     765,985     727,100   Total Liabilities and Shareholders' Equity    $     6,219,638      $     6,072,397      $     6,203,160      $     6,068,522   Taxable equivalent net interest spread     3.54%     3.43%     3.53%     3.46% Taxable equivalent net interest margin     3.64%     3.56%     3.63%     3.60%                                 (1) Gross of allowance for loan losses and net of unearned income.  Includes non-accrual and loans held for sale.            Loan fees included in interest income on loans are $0.8 million and $1.0 million for the three months ended June 30, 2014 and 2013, respectively, and $1.7 million      and $2.0 million for the six months ended June 30, 2014 and 2013, respectively.    Additionally, loan accretion included in interest income on loans acquired      from a 2012 acquisition was $0.3 and $0.6 million for the three months ended June 30, 2014 and 2013, respectively, and $0.7 million and $1.9 million for the six      months ended June 30, 2014 and 2013, respectively, while accretion on interest bearing liabilities acquired from a 2012 acquisition was $0.2 and $0.5 million      for the three months ended June 30, 2014 and 2013, respectively, and $0.4 million and $1.0 million for the six months ended June 30, 2014 and 2013. (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 35% for each period presented.         (4) Interest income on other earning assets includes $0.5 million of interest on a federal income tax refund for the three and six months ended June 30, 2014.

WESBANCO, INC.                   Consolidated Selected Financial Highlights                  Page 9 (unaudited, dollars in thousands, except shares and per share amounts)                         Quarter Ended Statement of Income June 30,   Mar. 31,   Dec. 31,   Sep. 30,   June 30, Interest income 2014   2014   2013   2013   2013   Loans, including fees  $    42,546    $                42,746    $               43,617    $                43,678    $              43,753   Interest and dividends on securities:                       Taxable                   7,452                         7,225                        7,178                         7,226                       7,357     Tax-exempt                   3,435                         3,385                       3,380                         3,355                       3,264       Total interest and dividends on securities                  10,887                         10,610                      10,558                         10,581                       10,621   Other interest income                        611                               101                             82                               58                             50           Total interest and dividend income                 54,044                       53,457                     54,257                        54,317                     54,424 Interest expense                     Interest bearing demand deposits                      395                             374                           380                             369                           365   Money market deposits                      466                             440                           440                             345                           338   Savings deposits                       133                              130                            130                              128                            127   Certificates of deposit                   3,422                         3,630                       4,383                         5,597                        5,881       Total interest expense on deposits                    4,416                         4,574                       5,333                         6,439                         6,711   Federal Home Loan Bank borrowings                       175                               211                            251                              291                           289   Other short-term borrowings                      350                             557                           625                              651                           627   Junior subordinated debt owed to unconsolidated subsidiary trusts                      796                             790                            810                             805                           808       Total interest expense                   5,737                          6,132                        7,019                          8,186                       8,435 Net interest income                 48,307                       47,325                     47,238                         46,131                     45,989   Provision for credit losses                      849                          2,199                        3,144                          2,819                         1,021 Net interest income after provision for credit losses                 47,458                        45,126                     44,094                        43,312                     44,968 Non-interest income                     Trust fees 5,210   5,648   4,883   4,854   4,823   Service charges on deposits 4,078   3,860   4,616   4,650   4,462   Electronic banking fees 3,267   3,013   3,012   3,124   3,195   Net securities brokerage revenue 2,003   1,829   1,604   1,506   1,641   Bank-owned life insurance 1,821   875   925   911   880   Net gains on sales of mortgage loans 475   154   456   745   701   Net securities gains / (losses) 165   10   (3)   (15)   686   Net (loss) / gain on other real estate owned and other assets (165)   113   (144)   8   101   Other income 1,387   1,547   1,601   1,333   1,235       Total non-interest income 18,241   17,049   16,950   17,116   17,724 Non-interest expense                     Salaries and wages 16,904   16,467   17,352   16,480   15,772   Employee benefits 5,529   5,708   5,774   5,323   5,813   Net occupancy 2,857   3,491   2,866   2,921   2,830   Equipment 2,914   2,783   2,768   2,692   2,802   Marketing 1,713   1,003   1,159   1,585   1,624   FDIC insurance 880   877   919   916   919   Amortization of intangible assets 482   495   546   556   561   Restructuring and merger-related expense                                        -                                 -                             45                               36                              51   Other operating expenses 9,025   9,271   9,314   9,500   9,127       Total non-interest expense 40,304   40,095   40,743   40,009   39,499 Income before provision for income taxes                 25,395                       22,080                      20,301                        20,419                      23,193   Provision for income taxes                   6,520                         5,659                       4,948                         4,884                        6,176 Net Income  $              18,875    $                  16,421    $               15,353    $                 15,535    $                17,017                           Taxable equivalent net interest income  $            50,157    $              49,148    $           49,058    $             47,938    $           47,747                           Per common share data                   Net income per common share - basic  $                 0.65    $                    0.56    $                  0.52    $                      0.53    $                  0.58 Net income per common share - diluted  $                 0.64    $                    0.56    $                  0.52    $                      0.53    $                  0.58 Dividends declared  $                 0.22    $                    0.22    $                  0.20    $                      0.20    $                  0.19 Book value (period end)  $               26.59    $                  26.05    $                25.59    $                    25.10    $                24.80 Tangible book value (period end) (1)  $               15.75    $                  15.17    $                14.68    $                    14.25    $                13.91 Average common shares outstanding - basic 29,242,180   29,182,183   29,300,463   29,325,128   29,245,201 Average common shares outstanding - diluted 29,321,927   29,262,680   29,387,485   29,412,458   29,308,806 Period end common shares outstanding 29,278,925                 29,212,110             29,175,236               29,350,061             29,282,412 Full time equivalent employees                    1,456                          1,442                        1,469                          1,462                        1,478                                                     (1) See non-GAAP financial measures for additional information relating to the calculation of this item.                

WESBANCO, INC.                       Consolidated Selected Financial Highlights                  Page 10   (unaudited, dollars in thousands)                               Quarter Ended           June 30,   Mar. 31,   Dec. 31,   Sept. 30,   June 30,   Asset quality data   2014   2014   2013   2013   2013   Non-performing assets:                         Troubled debt restructurings - accruing    $         13,513    $         14,535    $         14,861    $         15,480    $         19,269     Non-accrual loans:                           Troubled debt restructurings                 6,281                 7,406                 9,324               12,920               15,655       Other non-accrual loans               29,837               28,967               27,309               25,240               27,414           Total non-accrual loans               36,118               36,373               36,633               38,160               43,069           Total non-performing loans               49,631               50,908               51,494               53,640               62,338     Other real estate and repossessed assets               5,106                 5,382                 4,860                 5,184                 5,007       Total non-performing assets    $         54,737    $         56,290    $         56,354    $         58,824    $         67,345                               Past due loans (1):                         Loans past due 30-89 days    $         10,138    $         14,650    $         14,831    $         15,611    $         15,792     Loans past due 90 days or more                 2,947                 1,833                 2,591                 3,043                 3,594       Total past due loans    $         13,085    $         16,483    $         17,422    $         18,654    $         19,386                               Criticized and classified loans (2):                         Criticized loans    $         68,707    $         73,925    $         75,249    $         76,442    $         78,457     Classified loans               52,760               55,341               60,335               64,857               80,621       Total criticized and classified loans    $       121,467    $       129,266    $       135,584    $       141,299    $       159,078                               Loans past due 30-89 days / total portfolio loans                 0.26 %                 0.38 %                 0.38 %                 0.41 %                 0.42 % Loans past due 90 days or more / total portfolio loans                 0.07                   0.05                   0.07                   0.08                   0.09   Non-performing loans / total portfolio loans                 1.26                   1.31                   1.32                   1.40                   1.64   Non-performing assets/total portfolio loans, other                       real estate and repossessed assets                   1.39                   1.45                   1.45                   1.53                   1.77   Non-performing assets / total assets                   0.87                   0.90                   0.92                   0.96                   1.11   Criticized and classified loans / total portfolio loans                 3.08                   3.33                   3.48                   3.68                   4.18                               Allowance for loan losses                       Allowance for loan losses    $         45,741    $         45,483    $         47,368    $         47,342    $         50,381   Provision for credit losses                    849                 2,199                 3,144                 2,819                 1,021   Net loan and deposit account overdraft charge-offs                  600                 4,141                 2,887                 5,804                 2,433                               Annualized net loan charge-offs /average loans                 0.06 %                 0.43 %                 0.30  %                 0.60  %                 0.26 % Allowance for loan losses / total portfolio loans                 1.16 %                 1.17 %                 1.22 %                 1.23  %                 1.33 % Allowance for loan losses / non-performing loans                 0.92 x                 0.89 x                 0.92 x                 0.88 x                 0.81 x Allowance for loan losses / non-performing loans and                       loans past due                   0.73 x                 0.67 x                 0.69 x                 0.65 x                 0.62 x                                                                 Quarter Ended           June 30,   Mar. 31,   Dec. 31,   Sept. 30,   June 30,           2014   2014   2013   2013   2013   Capital ratios                       Tier I leverage capital                   9.64 %                 9.45 %                 9.27 %                 9.27 %                 9.13 % Tier I risk-based capital                 13.46                 13.29                 13.06                 13.08                 12.85   Total risk-based capital                 14.56                 14.40                 14.19                 14.23                 14.08   Average shareholders' equity to average assets               12.43                 12.27                 12.06                 11.99                 12.05   Tangible equity to tangible assets (3)                   7.74                   7.49                   7.35                   7.19                   7.07                                                           (1) Excludes non-performing loans.                       (2) Criticized and classified loans may include loans that are also reported as non-performing or past due.           (3) See non-GAAP financial measures for additional information relating to the calculation of this ratio.          

NON-GAAP FINANCIAL MEASURES                       Page 11 The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.                               Three Months Ended   Year to Date  (unaudited, dollars in thousands, June 30,   Mar. 31,   Dec. 31,   Sept. 30,   June 30,   June 30,  except shares and per share amounts) 2014   2014   2013   2013   2013   2014 2013 Return on average tangible equity:                           Net income (annualized)  $              75,708    $        66,596    $       60,911    $       61,634    $       68,256    $       71,177  $        66,622   Plus: amortization of intangibles (annualized) (1)                    1,256                1,305               1,408               1,434               1,464               1,281              1,555   Net income before amortization of intangibles (annualized)                  76,964              67,901             62,319             63,068             69,720             72,458            68,177                                 Average total shareholders' equity                773,052            758,841           745,136           733,462           731,935           765,985          727,100   Less: average goodwill and other intangibles, net of def. tax liability              (317,679)          (317,996)         (318,333)         (318,661)         (318,971)         (317,836)        (319,337)   Average tangible equity                455,373            440,845           426,803           414,801           412,964           448,149          407,763                               Return on average tangible equity 16.90%   15.40%   14.60%   15.20%   16.88%   16.17% 16.72%                               Efficiency ratio:                           Non-interest expense  $              40,304    $        40,095    $       40,743    $       40,009    $       39,499    $       80,398  $        80,246   Less: restructuring and merger-related expense                          -                     -                  (45)                  (36)                  (51)                     -            (1,229)   Non-interest expense excluding restructuring and merger-related expense                  40,304              40,095             40,698             39,973             39,448             80,398            79,017                                 Net interest income on a fully taxable equivalent basis                  50,157              49,148             49,058             47,938             47,747             99,304            95,560   Non-interest income                  18,241              17,049             16,950             17,116             17,724             35,290            35,220   Net interest income on a fully taxable equivalent basis plus non-interest income                  68,398              66,197             66,008             65,054             65,471           134,594          130,780   Efficiency Ratio 58.93%   60.57%   61.66%   61.45%   60.25%   59.73% 60.42%                                                                   Period End             June 30,    Mar. 31,    Dec. 31,    Sept. 30,    June 30,             2014   2014   2013   2013   2013       Tangible book value:                           Total shareholders' equity  $            778,625    $      761,117    $     746,595    $     736,688    $     726,232         Less:  goodwill and other intangible assets, net of def. tax liability              (317,527)          (317,840)         (318,161)         (318,516)         (318,828)         Tangible equity                461,098            443,277           428,434           418,172           407,404                                       Common shares outstanding           29,278,925       29,212,110      29,175,236      29,350,061      29,282,412                                     Tangible book value  $                15.75    $          15.17    $         14.68    $         14.25    $         13.91                                     Tangible equity to tangible assets:                           Total shareholders' equity  $            778,625    $      761,117    $     746,595    $     736,688    $     726,232         Less:  goodwill and other intangible assets, net of def. tax liability              (317,527)          (317,840)         (318,161)         (318,516)         (318,828)         Tangible equity                461,098            443,277           428,434           418,172           407,404                                       Total assets             6,277,020         6,237,577        6,144,773        6,138,360        6,084,011         Less:  goodwill and other intangible assets, net of def. tax liability              (317,527)          (317,840)         (318,161)         (318,516)         (318,828)         Tangible assets             5,959,493         5,919,737        5,826,612        5,819,844        5,765,183                                     Tangible equity to tangible assets 7.74%   7.49%   7.35%   7.19%   7.07%                                                                   (1) Tax effected at 35%.                        

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. WesBanco next reports earnings on July 23, 2014.

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Other recent filings from the company include the following:

Registration of securities, business combinations - Nov. 20, 2014
WesBanco's EVP - Chief Lending Officer just cashed-in 2,000 options - Nov. 17, 2014
WesBanco's EVP - Chief Financial Officer just cashed-in 3,000 options - Nov. 14, 2014
WesBanco: Regulation Fd Disclosure - Oct. 31, 2014
WesBanco Just Filed Its Quarterly Report: NOTE 2. EARNINGS ... - Oct. 30, 2014

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