Financial Results Release - Wesbanco, Inc. will release its financial results for Q2 2025 after market close on July 29, 2025[6] Conference Call - A conference call to discuss the Q2 2025 financial results is scheduled for July 30, 2025, at 9:00 a.m. ET[6]

Financial Performance - Total assets increased to $27,412,383 thousand as of March 31, 2025, up from $18,684,298 thousand at December 31, 2024, representing a growth of 46.7%[8] - Total shareholders' equity grew to $3,781,579 thousand, up from $2,790,281 thousand, which is an increase of 35.5%[8] - The company reported a net loss of $8,992,000 for Q1 2025, compared to a net income of $35,693,000 in Q1 2024[12] - Comprehensive income for Q1 2025 was $18,930,000, down from $27,464,000 in Q1 2024, indicating a decrease of 31.5%[12] - Total revenues for the three months ended March 31, 2025, were $124,301 thousand, reflecting the combined performance of its segments[152] - Wesbanco reported a net loss available to common shareholders of $11.5 million, or $(0.15) per share, for Q1 2025, compared to net income of $33.2 million, or $0.56 per share, in Q1 2024[165] Loan and Deposit Growth - Portfolio loans net of unearned income rose to $18,673,748 thousand, a significant increase of 47.7% from $12,656,429 thousand in the previous period[8] - Total deposits reached $21,292,395 thousand, reflecting a 50.5% increase compared to $14,133,717 thousand at the end of 2024[8] - The company experienced a net increase in deposits of $287,157,000 in the first quarter of 2025, compared to $328,173,000 in the same period of 2024, indicating a slight decline in deposit growth[15] - Average deposits increased by 24.3% year-over-year, attributed to the PFC acquisition and effective deposit gathering efforts[167] Credit Losses and Provisions - The allowance for credit losses on loans increased to $233,617 thousand, compared to $138,766 thousand, indicating a rise of 68.4%[8] - The provision for credit losses was $68,883,000 in Q1 2025, compared to $4,014,000 in Q1 2024, indicating a significant increase in provisions[10] - The total provision for credit losses was $68.9 million in Q1 2025, compared to $4.0 million in Q1 2024, reflecting loan growth and macroeconomic adjustments[168] - The total ending allowance for credit losses on loans and loan commitments reached $240.1 million as of March 31, 2025[68] Acquisition Impact - Wesbanco completed the acquisition of Premier Financial Corp. (PFC) on February 28, 2025, valued at $1.0 billion, with PFC holding approximately $7.9 billion in assets[31] - The acquisition resulted in Wesbanco acquiring 73 branches and increasing its market share in Ohio, expanding into northwestern Ohio and Michigan[31] - The acquisition of PFC was completed on February 28, 2025, requiring 28,738,104 shares as merger consideration[52] - Wesbanco's goodwill increased to $1.6 billion as of March 31, 2025, up from $1.1 billion at December 31, 2024, primarily due to the PFC acquisition which contributed $483.4 million in goodwill[95] Interest Income and Expenses - Total interest and dividend income for Q1 2025 was $253,232,000, up from $195,300,000 in Q1 2024, representing a 29.6% increase[10] - Total interest expense on deposits rose to $76,428,000 in Q1 2025 from $59,618,000 in Q1 2024, marking a 28.1% increase[10] - Net interest income after provision for credit losses decreased to $89,636,000 in Q1 2025 from $109,952,000 in Q1 2024, a decline of 18.4%[10] Non-Interest Income - Non-interest income totaled $34,665,000 in Q1 2025, compared to $30,629,000 in Q1 2024, reflecting a 13.3% increase[10] - Digital banking income for the three months ended March 31, 2025, was $5,404 thousand, up from $4,704 thousand in 2024, representing a year-over-year increase of about 14.9%[143] - Trust fees rose by $0.6 million or 7.6% to $8.7 million, with total trust assets reaching $7.0 billion as of March 31, 2025, up from $5.6 billion a year earlier[185] Asset Quality and Non-Performing Loans - Non-performing loans increased to 0.44% of total portfolio loans as of March 31, 2025, up from 0.28% at the end of Q1 2024[182] - Criticized loans classified as compromised were $470.6 million as of March 31, 2025, compared to $242.0 million as of December 31, 2024, showing an increase of 94.5%[78] - The total amount of unfunded commercial loan commitments was $39.1 million as of March 31, 2025, compared to $36.1 million as of December 31, 2024, indicating an increase of 8.3%[78] Market and Economic Conditions - The forecasted national unemployment rate was projected to be 4.4% at quarter-end, increasing to an average of 5.0% over the remainder of the forecast period[66] - The effective tax rate for Q1 2025 was 7.0%, down from 17.7% in Q1 2024, with a tax benefit of $0.7 million in Q1 2025[171] Other Financial Metrics - The net interest margin for Q1 2025 was 3.32%, compared to 2.89% in Q1 2024, reflecting improved asset yields[173] - The total available-for-sale debt securities increased to $3,149,043,000 as of March 31, 2025, compared to $2,246,072,000 as of December 31, 2024, reflecting a growth of approximately 40%[127][128] - The total commitments to extend credit increased to $4,739,420 thousand as of March 31, 2025, compared to $3,960,185 thousand at December 31, 2024, representing a growth of approximately 19.6%[148]

Financial Results - Wesbanco, Inc. will release its financial results for Q1 2025 after market close on April 29, 2025[6] - A conference call to discuss the Q1 2025 financial results is scheduled for April 30, 2025, at 9:00 a.m. ET[6] - The press release regarding the financial results is attached as Exhibit 99.1[6] - The financial statements and exhibits related to the earnings release will be filed as part of the report[7] Company Information - The company is not classified as an emerging growth company under the Securities Act of 1933[5] - The common stock of Wesbanco, Inc. is traded on the Nasdaq Global Select Market under the symbol WSBC[4] - The company has a par value of $2.0833 for its common stock[4] - The preferred stock, Series A, has a fixed-rate reset of 6.75%[4] - The report was signed by Daniel K. Weiss, Jr., Senior Executive Vice President and CFO[9] - The company is headquartered at 1 Bank Plaza, Wheeling, West Virginia[2]

Financial Performance - For the twelve months ended December 31, 2024, net income available to common shareholders was $141.4 million, or $2.26 per diluted share, compared to $148.9 million, or $2.51 per diluted share for the same period in 2023, reflecting a decrease due to higher funding costs and inflationary pressures[208]. - Interest income increased by $114.1 million or 16.0% to $825.6 million in 2024 compared to 2023, while net interest income decreased by $3.1 million or 0.7% primarily due to higher funding costs[208]. - Total assets as of December 31, 2024, were $18.7 billion, an increase of 5.5% compared to December 31, 2023[209]. - Total portfolio loans increased to $12.7 billion, reflecting an 8.7% year-over-year growth from $11.6 billion at December 31, 2023[209]. - Total deposits increased by $965.0 million or 7.3% at December 31, 2024, compared to December 31, 2023, supporting loan growth[209]. - Criticized and classified loan balances increased to 2.80% of total portfolio loans, up from 2.22% at December 31, 2023[209]. Capital and Regulatory Compliance - As of December 31, 2024, Wesbanco Bank was classified as "well capitalized" under FDIC regulations, allowing it to pay dividends without restrictions[43]. - Wesbanco's CET1, Tier 1, and total capital to risk-adjusted assets ratios were 12.07%, 13.06%, and 15.88%, respectively, all exceeding minimum requirements[57]. - Wesbanco Bank's leverage ratio was 10.35% as of December 31, 2024, indicating strong capital adequacy[57]. - The Federal Reserve requires a common equity Tier 1 capital conservation buffer of 2.5% over minimum risk-based capital requirements to avoid restrictions on dividend payments[53]. - Wesbanco's capital levels met the "well-capitalized" standards under the Federal Deposit Insurance Corporation Improvement Act of 1991 as of December 31, 2024[61]. Mergers and Acquisitions - Wesbanco completed the acquisition of Premier Financial Corp. on February 28, 2025, expanding its presence in Ohio, Michigan, Indiana, and Pennsylvania[25]. - The anticipated cost savings and synergies from the Premier Financial merger are uncertain and depend on successful integration[125]. - Wesbanco has incurred significant transaction-related costs associated with the merger, which may impact financial results[126]. Community Engagement and Philanthropy - Wesbanco provided philanthropic donations and sponsorships totaling over $1.0 million in 2024, alongside nearly 12,000 volunteer hours contributed by employees[32]. - Wesbanco has been assigned an "Outstanding" rating for community development performance by the FDIC for the period of July 2019 through November 2022, marking its eighth consecutive "Outstanding" CRA rating[84]. - Wesbanco received the "America Saves Designation of Savings Excellence for Banks" for the ninth consecutive year, recognizing its efforts to encourage savings during America Saves Week 2024[85]. - Wesbanco CDC has made over 240 loans totaling in excess of $184 million, creating over 7,100 jobs in low-income communities[86]. - In the past five years, Wesbanco originated nearly $2.4 billion in community development loans, including over $520 million in 2024[87]. - Wesbanco employees provided nearly 12,000 hours of technical assistance and financial education to over 640 organizations and schools in 2024[88]. Operational Risks and Challenges - The company faces intense competition from various financial institutions, which may impact its market share and profit potential[33][34]. - Wesbanco may face challenges in attracting and retaining banking customers due to increased competition from local, regional, and national banks, as well as financial technology companies[130]. - The company is exposed to operational risks, including reputational risk, legal and compliance risk, and the risk of fraud or theft, which could adversely impact its operations[142]. - Future acquisitions may not be successful, and integration efforts could have a material adverse effect on Wesbanco's business and financial condition[139]. - The company may not be able to expand its trust and investment services segment effectively due to competition and changing economic conditions[134]. Economic and Regulatory Environment - Economic conditions in Wesbanco's market areas could negatively impact earnings, particularly in regions affected by oil and gas price volatility[99]. - Changes in federal policies could adversely impact Wesbanco's business and its customers[100]. - Wesbanco is subject to extensive government regulation, which could increase operating costs and limit business opportunities[103]. - The financial services industry is rapidly changing, and Wesbanco's future success depends on its ability to adopt new technologies and meet customer demands[156]. Technology and Cybersecurity - The company relies on third-party vendors for processing various transactions, which poses risks to its operations and customer data security[155]. - Wesbanco's cybersecurity strategy includes a multi-layered approach to identify and mitigate threats, ensuring the confidentiality of customer information[163]. - The company has experienced cybersecurity incidents in the past but is not currently aware of any that materially affect its operations[170]. Shareholder Returns and Dividends - For the year ended December 31, 2024, Wesbanco declared cash dividends of approximately $10.1 million to preferred shareholders and $90.8 million to common shareholders[42]. - The quarterly dividend was increased to $0.37 per share in Q4 2024, marking the eighteenth increase over the last fourteen years, representing a cumulative increase of 164%[211]. - Wesbanco's total shareholder return as of December 31, 2024, was 107.94, compared to 100.00 at the end of 2019, indicating a growth of 7.94% over the five-year period[184]. - Wesbanco's total shareholder return was lower than the Russell 2000 Index, which increased to 142.93 over the same period, indicating a relative underperformance[184].

Financial Performance - Net income for Q4 2024 was $47.1 million, or $0.70 per share, compared to $32.4 million, or $0.55 per share in Q4 2023, representing a 45.5% increase in net income year-over-year[1] - WesBanco reported a net income of $49.629 million for the three months ended December 31, 2024, representing a 41.9% increase compared to $34.968 million in the same period of 2023[27] - Net income available to common shareholders rose to $47,098,000, compared to $34,741,000 in the previous quarter, reflecting a 35.4% increase[35] - Net income available to common shareholders for Q4 2024 was $47,098 thousand, an increase from $34,741 thousand in Q3 2024, representing a growth of 35.5%[40] - Basic net income per common share increased to $0.70, up from $0.54 in the previous quarter, a growth of 29.6%[35] Loan and Deposit Growth - Total loans increased by $1.0 billion, or 8.7%, year-over-year, with commercial loans growing by 10.7% to $9.1 billion[4] - Deposits reached $14.1 billion, up 7.3% year-over-year, fully matching the loan growth of $1.0 billion[6] - Portfolio loans net of unearned income grew by 8.7% to $12,656,429 thousand compared to $11,638,461 thousand in 2023[31] - Commercial real estate loans increased by 11.6% to $7,326,681 thousand from $6,565,448 thousand in 2023[31] - Average loans to average deposits increased to 89.48% in 2024, up 4.40% from 85.71% in 2023[29] Income and Revenue - Non-interest income for Q4 2024 was $36.4 million, a 21% increase from Q4 2023, driven by higher net swap fees and service charges[11] - Total interest and dividend income increased by 11.6% to $213.585 million for the three months ended December 31, 2024, up from $191.318 million in the same period of 2023[27] - The company’s net interest income after provision for credit losses was $126.653 million, a 12.1% increase from $112.955 million in the previous year[27] - Non-interest income rose by 21.0% to $36.388 million for the three months ended December 31, 2024, compared to $30.074 million in the same period of 2023[27] - Total interest and dividend income for the quarter ended December 31, 2024, was $213,585,000, a slight decrease from $213,729,000 in the previous quarter[35] Expenses and Efficiency - Non-interest expense for 2024, excluding restructuring costs, increased by 2.4% year-over-year to $395.5 million, primarily due to higher equipment and software expenses[14] - The company’s efficiency ratio improved to 58.5% for the twelve months ended December 31, 2024, compared to 59.2% in 2023[27] - Non-interest expense for the three months ended December 31, 2024, was $101,104, a slight decrease from $101,183 in the previous quarter[41] - The efficiency ratio improved to 61.23% for the three months ended December 31, 2024, compared to 65.29% in the prior quarter, indicating enhanced operational efficiency[41] Capital and Assets - Total assets for WesBanco stood at $18.7 billion as of December 31, 2024, with Trust and Investment Services holding $6.0 billion in assets under management[24] - WesBanco maintained strong regulatory capital ratios, with a Tier I risk-based capital ratio of 13.06% and a common equity Tier 1 capital ratio of 12.07%[15] - Shareholders' equity grew by 10.2% to $2,790,281 thousand from $2,533,062 thousand in 2023[31] - Average total assets increased to $18,593,265 thousand in Q4 2024 from $18,295,583 thousand in Q3 2024, reflecting a growth of 1.6%[40] - Average total shareholders' equity rose to $2,806,079 thousand in Q4 2024 from $2,715,461 thousand in Q3 2024, marking a growth of 3.3%[40] Credit Quality - The allowance for credit losses was $138.8 million, providing a coverage ratio of 1.10% as of December 31, 2024[8] - Annualized net loan charge-offs increased to 0.11% in 2024, a substantial rise of 175.00% compared to 0.04% in 2023[29] - Total non-performing assets increased to $40,604 thousand as of December 31, 2024, up from $31,327 thousand in the previous quarter, representing a 29% increase[37] - Non-performing loans as a percentage of total portfolio loans increased to 0.31% from 0.24%, indicating a 29% increase[37] - The provision for credit losses was a reversal of $147,000, compared to a provision of $4,798,000 in the previous quarter, indicating improved credit quality[35] Mergers and Acquisitions - The acquisition of Premier Financial Corp. is on track, pending regulatory approvals, which is expected to enhance the company's market position[4] - The proposed merger with Premier Financial is expected to yield cost savings and revenue synergies, although actual results may differ due to various risks and uncertainties[20]

Financial Performance - Net income for the three months ended September 30, 2024, was $37,272 thousand, compared to $36,842 thousand for the same period in 2023, reflecting a year-over-year increase of 1.17%[11]. - Comprehensive income for the three months ended September 30, 2024, was $90,676 thousand, significantly higher than $3,563 thousand in 2023, reflecting a substantial increase[12]. - For the three months ended September 30, 2024, net income was $37,272 thousand, compared to $36,842 thousand for the same period in 2023, representing a growth of 1.2%[13]. - For the nine months ended September 30, 2024, net income totaled $101,881 thousand, compared to $124,064 thousand for the same period in 2023, showing a decline of 17.9%[14]. - Basic earnings per common share for the three months ended September 30, 2024, was $0.54, compared to $0.58 in the same period of 2023, a decline of 6.90%[11]. Asset Growth - Total assets increased to $18,514,169 thousand as of September 30, 2024, up from $17,712,374 thousand at December 31, 2023, representing a growth of 4.53%[9]. - Total deposits reached $13,837,343 thousand as of September 30, 2024, up from $13,168,704 thousand at December 31, 2023, indicating an increase of 5.06%[9]. - Total shareholders' equity as of September 30, 2024, was $2,801,585 thousand, up from $2,447,941 thousand as of September 30, 2023, indicating a year-over-year increase of 14.4%[14]. - The number of common shares outstanding increased to 66,871,479 as of September 30, 2024, from 59,364,696 as of September 30, 2023, marking an increase of 12.7%[14]. Loan Portfolio - Net portfolio loans increased to $12,310,558 thousand as of September 30, 2024, compared to $11,507,786 thousand at the end of 2023, a growth of 6.98%[9]. - The total portfolio loans increased to $12,451,430,000 at September 30, 2024, up from $11,638,461,000 at December 31, 2023, indicating growth in the loan portfolio[49]. - The total amount of loans classified as "Pass" was $8.63 billion as of September 30, 2024, up from $7.98 billion as of December 31, 2023, representing a growth of approximately 8.2%[62]. - The total amount of loans classified as "Classified - substandard" was $93.2 million as of September 30, 2024, compared to $75.5 million as of December 31, 2023, representing an increase of approximately 23.5%[62]. Credit Losses and Provisions - The provision for credit losses for the three months ended September 30, 2024, was $4,798 thousand, down from $6,327 thousand in 2023, a decrease of 24.16%[11]. - The total allowance for credit losses on loans and loan commitments increased to $149,097 thousand as of September 30, 2024, up from $139,279 thousand at the beginning of the year, representing a growth of approximately 7.0%[52]. - The provision for loan losses for the nine months ended September 30, 2024, was $19,774 thousand, compared to $12,973 thousand for the same period in 2023, indicating a significant increase of approximately 52.5%[52]. - The net charge-offs recorded during the first nine months of 2024 amounted to $9,600,000, contributing to changes in the allowance for credit losses[50]. Non-Interest Income and Expenses - Non-interest income for the three months ended September 30, 2024, was $29,612 thousand, slightly down from $30,879 thousand in 2023, a decrease of 4.10%[11]. - Total non-interest expense for the nine months ended September 30, 2024, was $300,768 thousand, compared to $290,498 thousand in 2023, an increase of 3.55%[11]. - Non-interest income for Q3 2024 decreased by $1.3 million, or 4.1%, primarily due to declines in net swap fee and valuation income[140]. - Total non-interest expense for Q3 2024 increased by $3.2 million or 3.3%, mainly due to higher restructuring and merger-related expenses[161]. Mergers and Acquisitions - Wesbanco recorded merger-related expenses of $2,000,000 for the Premier acquisition during the nine months ended September 30, 2024[33]. - The merger with Premier is expected to be completed in the first quarter of 2025, pending regulatory and shareholder approvals[33]. - Wesbanco is in the process of merging with Premier Financial Corp., which may impact future operations and financial performance[133]. Deposits and Borrowings - Total deposits increased by $668,796,000 in 2024, contrasting with a decrease of $(40,022,000) in 2023, showcasing strong deposit growth[16]. - Interest paid on deposits and other borrowings increased to $255,053,000 in 2024 from $149,960,000 in 2023, indicating rising borrowing costs[16]. - Federal Home Loan Bank borrowings decreased by $175.0 million or 13.0% from December 31, 2023, to September 30, 2024, while total borrowings decreased by 8.1%[197]. Investment and Securities - The fair value of available-for-sale debt securities was $2,228,527 thousand, which includes $1,595,045 thousand in residential mortgage-backed securities[107]. - The total fair value of available-for-sale debt securities was $2,194,329,000, with a significant portion classified under level 2 inputs[110]. - The total unrealized losses on debt securities in the available-for-sale portfolio are accounted for as an adjustment to other comprehensive income in shareholders' equity[46]. Tax and Regulatory - The effective tax rate for the first nine months of 2024 was 17.3%, a decrease from 17.6% in the same period of 2023[142]. - Regulatory capital levels for Wesbanco were substantially greater than the minimum amounts needed to be considered "well capitalized" as of September 30, 2024[201]. Miscellaneous - The company issued 7,272,728 shares of common stock to complete a $200 million common equity capital raise on August 1, 2024, primarily to support the pro-forma bank's balance sheet and regulatory capital ratios[36]. - The projected tax benefits from these partnerships for 2024 are expected to total $4.5 million, an increase from $3.8 million in 2023, indicating a growth of 18.4%[80].

Financial Performance - Net income for Q3 2024 was $34.7 million, or $0.54 per share, compared to $34.3 million and $0.58 per share in Q3 2023[1]. - Non-interest income for Q3 2024 was $29.6 million, a decrease of 4.1% year-over-year, primarily due to lower net swap fee income[11]. - Net income available to common shareholders was $34,741,000, a 1.3% increase from $34,311,000 in the prior year[32]. - Net income per common share - diluted decreased by 6.9% to $0.54 compared to $0.58 in the same quarter of 2023[32]. - Net income available to common shareholders for Q3 2024 was $34,741,000, an increase from $26,385,000 in Q2 2024, representing a growth of 31.5%[40]. - The company reported a total net income available to common shareholders of $94,287,000 for the year to date, down from $116,470,000 in the previous year[45]. Loan and Deposit Growth - Total loans increased by $1.1 billion year-over-year, with a 10.0% growth rate, and deposits reached $13.8 billion, up 5.7% year-over-year[3][5]. - Total commercial loans reached $8.9 billion, reflecting an 11.9% year-over-year increase and a 7.5% quarter-over-quarter annualized growth[4]. - Deposits grew 12.1% annualized from the previous quarter, with total demand deposits representing 54% of total deposits[6]. - Total deposits increased by 5.7% to $13,837,343,000 from $13,090,228,000 in 2023[36]. - Portfolio loans, net of unearned income, rose by 10.0% to $12,451,430,000 from $11,315,873,000 in 2023[36]. Interest Income and Expenses - Total interest and dividend income increased by 16.4% year-over-year to $213,729,000 for the three months ended September 30, 2024, compared to $183,589,000 in 2023[32]. - Net interest income after provision for credit losses was $116,344,000, reflecting a 4.5% increase from $111,355,000 in the same period last year[32]. - Total interest expense rose by 40.5% to $92,587,000 for the three months ended September 30, 2024, compared to $65,907,000 in 2023[32]. - The net interest margin for Q3 2024 was 2.95%, stable compared to the previous quarter, but down 8 basis points year-over-year due to higher funding costs[9][10]. Credit Quality and Allowance for Losses - The allowance for credit losses increased to 1.13% of total loans, amounting to $140.9 million, due to higher unemployment assumptions[8]. - The provision for credit losses decreased by 24.2% to $4,798,000 from $6,327,000 in the same period last year[32]. - The annualized net loan charge-offs/average loans increased significantly to 0.11% from 0.03%, a rise of 266.67%[34]. - Total past due loans increased to $54,189,000 in Q3 2024, up from $29,408,000 in Q2 2024, marking an increase of 84.0%[42]. - The allowance for credit losses on loans increased to $140,872,000 in Q3 2024 from $136,509,000 in Q2 2024, a rise of 2.0%[42]. Capital and Regulatory Ratios - Regulatory capital ratios remain strong, with a Tier I risk-based capital ratio of 12.89% and a common equity Tier 1 capital ratio of 11.89% as of September 30, 2024[17]. - Total shareholders' equity increased by 14.4% to $2,801,585,000 from $2,447,941,000 in 2023[36]. - Common equity tier 1 capital ratio (CET 1) rose to 11.89% in Q3 2024 from 10.58% in Q2 2024[42]. - Tier I leverage capital ratio improved to 10.69% in Q3 2024 from 9.72% in Q2 2024[42]. Merger and Acquisition - The company raised $200 million in common equity during the quarter to support future growth and the pending acquisition of Premier Financial Corp.[3][16]. - The proposed merger with Premier Financial Corp. is subject to various risks, including integration challenges and shareholder approvals[23]. - The merger is expected to yield cost savings and revenue synergies, although these may not be fully realized within the anticipated timeframes[23]. - Shareholders are encouraged to read the joint proxy statement/prospectus regarding the merger for important information[29]. - The merger's success is contingent on obtaining necessary governmental approvals and shareholder votes[23]. Operational Efficiency - Non-interest expense for Q3 2024 was $99.2 million, a 2.0% increase year-over-year, driven by higher operating expenses[13]. - The efficiency ratio improved to 65.29% for the three months ended September 30, 2024, compared to 66.11% in the previous quarter, indicating enhanced operational efficiency[46]. - Full-time equivalent employees decreased to 2,277 in Q3 2024 from 2,370 in Q2 2024, a reduction of 3.9%[40].

Financial Performance - Net income for the three months ended June 30, 2024, was $28,916 thousand, a decrease of 35.6% from $44,880 thousand in the same period of 2023[10]. - Earnings per common share (diluted) for the three months ended June 30, 2024, was $0.44, down from $0.71 in the same period of 2023[10]. - Comprehensive income for the three months ended June 30, 2024, was $28,630 thousand, compared to $14,652 thousand in 2023, indicating a significant increase[11]. - Net income available to common shareholders for Q2 2024 was $26.385 million, a decrease of 37.8% from $42.349 million in Q2 2023[33]. - For the six months ended June 30, 2024, net income available to common shareholders was $59.546 million, a decrease of 27.5% from $82.158 million in the same period of 2023[33]. Asset and Loan Growth - Total assets increased to $18,128,375 thousand as of June 30, 2024, compared to $17,712,374 thousand at December 31, 2023, reflecting a growth of approximately 2.34%[8]. - Net portfolio loans reached $12,121,002 thousand as of June 30, 2024, an increase from $11,507,786 thousand at December 31, 2023, representing a growth of about 5.3%[8]. - Total loans amounted to $12,282,944 thousand, an increase from $11,654,815 thousand at December 31, 2023, representing a growth of approximately 5.4%[48]. - The total portfolio loans increased to $12,257,511 thousand at June 30, 2024, compared to $11,638,461 thousand at December 31, 2023, indicating a growth of about 5.3%[48]. - Total deposits increased to $13,432,373 thousand as of June 30, 2024, compared to $13,168,704 thousand at December 31, 2023, marking a growth of approximately 2%[8]. Credit Losses and Provisions - Provision for credit losses increased to $10,541 thousand for the three months ended June 30, 2024, compared to $3,028 thousand in the same period of 2023, indicating a significant rise in credit risk[10]. - The total allowance for credit losses on loans and loan commitments increased to $145.703 million as of June 30, 2024, up from $139.279 million at the end of 2023, representing a growth of approximately 4.1%[51]. - The provision for loan losses for the six months ended June 30, 2024, was $13.991 million, compared to a provision of $4.876 million for the same period in 2023, indicating a significant increase[51]. - The net charge-offs for the first half of 2024 amounted to $8.157 million, compared to $2.500 million for the same period in 2023, reflecting a rise of approximately 226.3%[51]. - The allowance for credit losses on loans increased to $136.509 million as of June 30, 2024, from $130.290 million at the end of June 2023, marking an increase of about 4.5%[51]. Non-Interest Income and Expenses - Non-interest income totaled $31,355 thousand for the three months ended June 30, 2024, slightly down from $31,841 thousand in 2023[10]. - Total non-interest income of $61.984 million for the six months ended June 30, 2024, compared to $59.493 million for the same period in 2023, indicating an increase of 4.2%[130]. - Total non-interest expense increased to $102,392 thousand for the three months ended June 30, 2024, compared to $96,437 thousand in 2023, reflecting a rise of approximately 6.5%[10]. - Non-interest expense for the six months ended June 30, 2024, was $199.585 million, up from $192.560 million for the same period in 2023, representing an increase of 3.1%[130]. - The total service charges on deposits for the three months ended June 30, 2024, were $7.111 million, up from $6.232 million in 2023[121]. Securities and Investments - As of June 30, 2024, total available-for-sale debt securities amounted to $2.42 billion, with a fair value of $2.10 billion, reflecting unrealized losses of $318.76 million[37]. - The total debt securities held by the company reached $3.60 billion, with a fair value of $3.13 billion, resulting in total unrealized losses of $470.12 million[41]. - The fair value of available-for-sale debt securities with unrealized losses totaled $2,029,469 thousand as of June 30, 2024, with unrealized losses amounting to $318,759 thousand[45]. - The company holds no crypto assets, thus the amendments regarding crypto asset accounting are not expected to impact its financial statements[23]. - The company reported net securities gains of $672,000 for the six months ended June 30, 2024, compared to $350,000 for the same period in 2023[43]. Mergers and Acquisitions - The company entered into a definitive Agreement and Plan of Merger with Premier Financial Corp. on July 25, 2024, which will result in Premier Financial merging into Wesbanco, Inc.[132]. - The merger agreement stipulates that Premier Financial shareholders will receive 0.80 shares of Wesbanco's common stock for each share of Premier Financial's common stock[133]. - The company expects to receive approximately $200 million in gross proceeds from a private placement of 7,272,728 shares at $27.50 per share, closing on August 1, 2024[139]. Economic and Market Conditions - The primary macroeconomic drivers for the allowance model included a projected national unemployment rate of 4.4% at quarter-end, expected to rise to an average of 4.8% over the forecast period[49]. - The effective tax rate for the first half of 2024 was 17.6%, a slight decrease from 17.9% in the first half of 2023[153]. - The company operates through 192 branches and 182 ATM machines across multiple states, significantly impacted by economic factors such as market interest rates and regional economic conditions[143].

Financial Performance - Net income available to common shareholders was $33,162 thousand for Q1 2024, a decrease of 16.8% from $39,810 thousand in Q1 2023[11]. - Comprehensive income for Q1 2024 was $27,464 thousand, significantly lower than $70,358 thousand in Q1 2023, a decrease of 61.0%[13]. - Net income for the three months ended March 31, 2024, was $35.693 million, a decrease from $42.341 million in the same period of 2023, representing a decline of 15.5%[14]. - Net income available to common shareholders for the three months ended March 31, 2024, was $33.162 million, a decrease from $39.810 million in the same period of 2023[34]. - Basic earnings per common share decreased to $0.56 for Q1 2024 from $0.67 in Q1 2023[34]. Income and Expenses - Net interest income after provision for credit losses decreased to $109,952 thousand for the three months ended March 31, 2024, down from $120,755 thousand in the same period of 2023, a decline of 8.97%[11]. - Non-interest income increased to $30,629 thousand for Q1 2024, up 10.7% from $27,653 thousand in Q1 2023[11]. - Non-interest expense increased by $4.2 million or 4.5% year-over-year, reaching $97.2 million, due to higher salaries, equipment expenses, and other operating costs[139]. - The provision for credit losses was $4,014 thousand for Q1 2024, compared to $3,577 thousand in Q1 2023, indicating a rise of 12.2%[11]. Assets and Liabilities - Total assets increased to $17,772,735 thousand as of March 31, 2024, compared to $17,712,374 thousand at December 31, 2023, reflecting a growth of 0.34%[9]. - Total liabilities increased to $15,234,373 thousand as of March 31, 2024, compared to $15,179,312 thousand at December 31, 2023, a growth of 0.36%[9]. - The total shareholders' equity increased to $2.538 billion as of March 31, 2024, from $2.475 billion as of March 31, 2023, reflecting an increase of 2.5%[14]. Deposits and Loans - Total deposits rose to $13,496,773 thousand as of March 31, 2024, an increase of 2.48% from $13,168,704 thousand at the end of 2023[9]. - The recorded investment in total loans increased to $11.89 billion as of March 31, 2024, up from $11.65 billion at the end of 2023, showing growth in the loan portfolio[49]. - The total portfolio loans as of March 31, 2024, amounted to $11.873 billion, compared to $11.638 billion as of December 31, 2023, indicating an increase of approximately 2.02%[53]. - The total amount of loans classified as "Pass" increased to $8.164 billion as of March 31, 2024, from $7.977 billion as of December 31, 2023, reflecting a growth of about 2.34%[61]. Credit Quality - The provision for loan losses for the three months ended March 31, 2024, was $4,450 thousand, a significant decrease from a provision of $(3,621) thousand in the same period of 2023[52]. - Non-performing loans decreased to 0.28% of total portfolio loans as of March 31, 2024, down from 0.36% a year earlier[150]. - The allowance for credit losses on loans was $129,190 thousand at the end of Q1 2024, up from $130,675 thousand at the end of 2023, showing a slight decrease of about 1.1%[52]. - Criticized loans classified as "compromised" totaled $171.536 million as of March 31, 2024, compared to $183.174 million as of December 31, 2023, showing a decrease of approximately 6.36%[61]. Dividends - The company declared a dividend of $0.36 per common share for Q1 2024, up from $0.35 in Q1 2023, reflecting a 2.86% increase[11]. - Common dividends declared were $21.179 million for Q1 2024, with a per-share dividend of $0.36, compared to $20.561 million and $0.35 per share in Q1 2023[16]. Market and Economic Conditions - The allowance for credit losses methodology incorporates macroeconomic factors, with a projected national unemployment rate of 4.3% at quarter-end, expected to rise to 4.7%[50]. - Wesbanco recorded $5.9 million in net charge-offs during Q1 2024, reflecting the impact of economic conditions on credit quality[50]. - The primary macroeconomic drivers for the allowance for credit losses include forecasts of national unemployment projected at 4.3%[188]. Trust and Investment Services - Total trust fees for the three months ended March 31, 2024, were $8.08 million, an increase from $7.49 million in the same period of 2023, representing an increase of 7.9%[119]. - Digital banking income for the three months ended March 31, 2024, was $4.70 million, compared to $4.61 million in the same period of 2023, showing a growth of 1.9%[119]. - The market value of assets managed or held in custody by the trust and investment services segment was approximately $5.6 billion at March 31, 2024, compared to $5.0 billion at the same date in 2023, reflecting a growth of 12%[127].

Financial Performance - For the twelve months ended December 31, 2023, net income available to common shareholders was $148.9 million, or $2.51 per diluted share, down from $182.0 million, or $3.02 per diluted share in 2022[194]. - Net income available to common shareholders was $148.91 million in 2023, down from $181.99 million in 2022, a decline of 18.2%[204]. - Earnings per common share—basic decreased to $2.51 in 2023 from $3.03 in 2022, representing a decline of 17.2%[198]. - Return on average assets fell to 0.86% in 2023, down from 1.08% in 2022, a decrease of 20.4%[198]. - Interest income increased by $197.9 million, or 38.5%, to $711.5 million in 2023 compared to 2022[194]. - Non-interest income increased by $3.1 million, or 2.6%, driven by net securities gains and gains on other real estate owned[194]. - The provision for credit losses was recorded in 2023, contrasting with a benefit from a release of provision in the prior year[194]. - Interest expense increased by $190.8 million in 2023 compared to 2022 due to higher costs across all interest-bearing liability categories[214]. - The cost of interest-bearing liabilities rose by 183 basis points to 2.25% in 2023[214]. - The cost of interest-bearing deposits increased by 148 basis points from 2022 to 2023, reflecting the impact of rising federal funds rates[212]. Assets and Capital - As of December 31, 2023, Wesbanco's total assets approximated $17.7 billion, with a market value of assets under management in the trust and investment services segment at approximately $5.4 billion[16]. - Total assets as of December 31, 2023, were $17.7 billion, an increase of 4.6% compared to December 31, 2022[195]. - Wesbanco's Common Equity Tier 1 (CET1) ratio was 10.99%, Tier 1 capital ratio was 12.05%, and total capital ratio was 14.91%, all exceeding minimum requirements[58]. - Wesbanco Bank's CET1, Tier 1, and total capital to risk-adjusted assets ratios were 12.13%, 12.13%, and 12.97%, respectively, as of December 31, 2023[58]. - Wesbanco's leverage ratio was 9.87% and the Bank's leverage ratio was 9.93% as of December 31, 2023[60]. - Wesbanco's capital levels met the "well-capitalized" standards under the Federal Deposit Insurance Corporation Improvement Act as of December 31, 2023[64]. - Common equity tier 1 capital ratio (CET 1) decreased to 10.99% in 2023 from 11.20% in 2022, a decline of 1.9%[198]. Loans and Securities - Total portfolio loans rose to $11.6 billion, reflecting an 8.7% increase year-over-year[195]. - As of December 31, 2023, approximately 21% of Wesbanco's loan portfolio was comprised of residential real estate loans, and 56% was comprised of commercial real estate loans[114]. - Approximately 36% of Wesbanco's total securities portfolio was invested in municipal bonds as of December 31, 2023[117]. - Criticized and classified loan balances decreased to 2.22% of total portfolio loans, down from 2.34% at December 31, 2022[195]. Dividends and Shareholder Returns - For the year ended December 31, 2023, Wesbanco declared cash dividends of approximately $10.1 million to preferred shareholders and $82.9 million to common shareholders[43]. - The quarterly dividend was increased to $0.36 per share in Q4 2023, marking the seventeenth increase over the last thirteen years[197]. - Dividends declared per common share increased to $1.41 in 2023 from $1.37 in 2022, a growth of 2.9%[198]. - The cumulative total shareholder return for Wesbanco was 105.70 as of December 31, 2023, compared to 118.62 in 2022[172]. Employee and Corporate Culture - Wesbanco employed 2,321 full-time equivalent employees as of December 31, 2023, with an average tenure of approximately 10 years for all employees and over 16 years for executive officers[27]. - The turnover rate for Wesbanco in 2023 was 19%, while the turnover rate for officers was 15%[28]. - Wesbanco's corporate culture emphasizes customer and employee satisfaction, with initiatives focused on diversity and inclusion[29][31]. - The company has engaged in leadership training and talent development programs, contributing to its recognition as one of the best workplaces in several markets[32]. Community Engagement and Philanthropy - In 2023, Wesbanco provided philanthropic donations totaling $0.9 million and employees contributed 11,500 volunteer hours[33]. - The Wesbanco CDC has made over 231 loans totaling over $178 million, benefiting businesses in low-income communities and creating over 6,800 jobs[88]. - Wesbanco has been recognized with the "America Saves Designation of Savings Excellence for Banks" for eight consecutive years, highlighting its efforts to encourage savings during America Saves Week 2023[88]. - Wesbanco originated over $2 billion in community development loans in the past five years, supporting local communities[89]. Regulatory and Compliance - The company is subject to enhanced supervision due to exceeding the $10 billion asset threshold, impacting its regulatory compliance requirements[35]. - The USA PATRIOT Act imposes significant compliance obligations on Wesbanco, which could have legal and reputational consequences if not adhered to[95]. - The new Community Reinvestment Act amendments will be effective January 1, 2026, with Wesbanco categorized as a "large bank" under these rules[90]. Risks and Challenges - The company has faced intense competition from various financial institutions, which may impact its market share and profit potential[34]. - Increased competition from various financial institutions and fintech companies may hinder Wesbanco's ability to attract and retain customers[126]. - Changes in economic or political policies could adversely impact Wesbanco's business and its customers[101]. - The implementation of Basel III capital standards may negatively impact Wesbanco's capital requirements and overall financial condition[106]. - Wesbanco's ability to cope with inflation and manage non-interest income and expenses could significantly impact profitability[113]. - Significant declines in U.S. and global markets could negatively impact Wesbanco's earnings and credit quality of investment securities[111]. - The current expected credit losses accounting standard (CECL) could result in significant volatility in the estimation of credit losses, affecting financial results[120]. - The financial services industry is undergoing rapid technological change, and failure to keep pace could negatively affect Wesbanco's growth and profitability[146]. Operational Aspects - Wesbanco operates 192 branches and 183 ATMs across several states, including West Virginia, Ohio, and Kentucky[16]. - The company relies on third-party vendors for processing transactions, which could lead to disruptions if those vendors fail to maintain adequate controls[145]. - Wesbanco's growth may be hindered by the loss of key employees, which could adversely impact its business and financial condition[134]. - The company faces operational risks, including reputational risk and the risk of fraud or theft, which could materially affect its operations[133]. - Wesbanco's liquidity could be negatively impacted if it faces limitations on borrowings from the Federal Home Loan Bank system[135]. Cybersecurity - Cybersecurity risks continue to evolve, with no material impact from incidents involving third-party service providers in the last year[156]. - Wesbanco maintains a comprehensive cybersecurity program integrated into its enterprise risk management framework[153]. - The Enterprise Risk Management Committee includes directors with extensive experience in banking and cybersecurity, overseeing the bank's information security strategy[158].