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].
WESBANCO REPSTG(WSBCP) - 2024 Q3 - Quarterly Report