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]
WESBANCO REPSTG(WSBCP) - 2025 Q1 - Quarterly Report