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].
WESBANCO REPSTG(WSBCP) - 2024 Q1 - Quarterly Report