Financial Performance - Net income available to common shareholders decreased to $39,810 thousand for Q1 2023, down 4.3% from $41,593 thousand in Q1 2022[13]. - Comprehensive income for Q1 2023 was $70,358 thousand, compared to a comprehensive loss of $62,068 thousand in Q1 2022[15]. - Net income for the three months ended March 31, 2023, was $42,341,000, compared to $44,124,000 for the same period in 2022, reflecting a decrease of 4.05%[16]. - Net income available to common shareholders for Q1 2023 was $39.8 million, with diluted earnings per share of $0.67, compared to $41.6 million or $0.68 per diluted share in Q1 2022[133]. - The effective tax rate for Q1 2023 was 19.0%, up from 18.3% in Q1 2022, attributed to lower bank-owned life insurance income[138]. Income and Revenue - Net interest income for the three months ended March 31, 2023, was $124,332 thousand, an increase of 15.4% compared to $107,711 thousand for the same period in 2022[13]. - Total interest and dividend income rose to $160,555 thousand, up 43% from $112,174 thousand year-over-year[13]. - Non-interest income for Q1 2023 was $27,653 thousand, a decline of 8.5% from $30,382 thousand in Q1 2022[13]. - Non-interest income decreased by $2.7 million or 9.0% in Q1 2023, mainly due to lower bank-owned life insurance and mortgage banking income[136]. - Trust fees decreased by $0.3 million or 4.4% compared to Q1 2022, with total trust assets at $5.0 billion as of March 31, 2023[152]. Assets and Liabilities - Total assets increased to $17,274,626 thousand as of March 31, 2023, up from $16,931,905 thousand at December 31, 2022, representing a growth of 2.02%[11]. - Total deposits decreased to $12,873,196 thousand as of March 31, 2023, down 1.96% from $13,131,090 thousand at the end of 2022[11]. - Total shareholders' equity as of March 31, 2023, was $2,475,457,000, down from $2,693,166,000 as of December 31, 2021, representing a decrease of 8.09%[16]. - The total balance of forward TBA contracts increased to $40.0 million as of March 31, 2023, from $14.5 million at December 31, 2022[81]. - The fair value of total assets measured on a recurring basis as of March 31, 2023, was $2,556,350,000, a decrease from $2,624,735,000 as of December 31, 2022[105]. Credit Losses and Provisions - The provision for credit losses was $3,577 thousand for Q1 2023, compared to a reversal of $3,438 thousand in Q1 2022, indicating a shift in credit quality assessment[13]. - The allowance for credit losses on loans increased slightly to $118,698 thousand as of March 31, 2023, from $117,790 thousand at December 31, 2022[11]. - The total allowance for credit losses on loans and loan commitments as of March 31, 2023, is $127.825 million, a decrease from $126.158 million at the end of 2022[52]. - The provision for loan losses for the three months ended March 31, 2023, is $2.827 million, compared to a provision of $3.730 million for the same period in 2022, indicating a year-over-year decrease[52]. - The total provision for credit losses, including loans and loan commitments, was reported as $3.586 million for the first quarter of 2023, down from $3.455 million in the same quarter of the previous year[52]. Loans and Commitments - Total loans as of March 31, 2023, amounted to $10,901,410, a slight increase from $10,710,977 at the end of 2022[50]. - The commercial real estate loan portfolio increased to $6,197,844 as of March 31, 2023, compared to $6,061,344 at December 31, 2022[50]. - Total commitments to extend credit as of March 31, 2023, were $4.9 billion, up from $4.6 billion as of December 31, 2022[124]. - The total amount of unfunded commercial loan commitments was $30.3 million as of March 31, 2023, compared to $25.0 million as of December 31, 2022, indicating an increase of 21.2%[60]. - The total portfolio loans amounted to $10,888,688 thousand as of March 31, 2023, up from $10,702,728 thousand as of December 31, 2022, indicating a growth of 1.74%[53]. Dividends and Shareholder Returns - The company declared a dividend of $0.35 per common share for Q1 2023, up from $0.34 in the same quarter of 2022[13]. - Common dividends declared in Q1 2023 were $20,561,000, with a dividend per share of $0.35, compared to $20,538,000 and $0.34 per share in Q1 2022[16]. - The quarterly dividend rate was increased by $0.01 to $0.35 per share, representing a cumulative increase of 150% since 2010[203]. Market and Economic Conditions - The transition plan for replacing LIBOR with the One Month Term Secured Overnight Financing Rate (1M Term SOFR) has been implemented, with no material impacts expected on the consolidated financial statements[33]. - Credit risk is managed through initial underwriting and ongoing monitoring, with a focus on minimizing the impact of defaults[179]. - The average cost of maturing FHLB advances was 4.72% compared to 4.96% for new borrowings during the first three months of 2023[200]. Operational Metrics - Wesbanco operates 194 branches and 185 ATM machines across multiple states, indicating a significant regional presence in the banking sector[131]. - The net loans to assets ratio was 62.3% at March 31, 2023, with deposit balances funding 74.5% of assets[209]. - The average line utilization percentage for the commercial portfolio was 32.6% for the three months ended March 31, 2023, compared to 34.7% for the previous quarter[184].
WESBANCO REPSTG(WSBCP) - 2023 Q1 - Quarterly Report