Attached files
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| 8-K - FORM 8-K ON 2ND QTR 2012 EARNINGS RELEASE - WESBANCO INC | fin8k072412.htm |
NEWS FOR IMMEDIATE RELEASE
July 24, 2012 For Further Information Contact:
Paul M. Limbert
President and Chief Executive Officer
or
Robert H. Young
Executive Vice President and Chief Financial Officer
(304) 234-9000
NASDAQ Symbol: WSBC
Website: www.wesbanco.com
WesBanco Announces Increased Earnings
Wheeling, WV… Paul M. Limbert, President and Chief Executive Officer of WesBanco, Inc. (NASDAQ Global Market: WSBC), a Wheeling, West Virginia based multi-state bank holding company, today announced increased earnings for the three and six months ended June 30, 2012.
Net income for the six month period ended June 30, 2012, was $24.0 million compared to $22.2 million for the same period in 2011, representing an increase of 8.3%, while diluted earnings per share were $0.90, compared to $0.83 per share for the six months ended June 30, 2011. For the quarter ended June 30, 2012, net income was $12.0 million compared to $11.9 million for the second quarter of 2011, while diluted earnings per share were $0.45 for the second quarter of 2012 and 2011.
Mr. Limbert commented, “WesBanco continued to produce strong earnings in the first half of 2012 by increasing non-interest income, reducing the cost of funds and controlling non-interest expense.
Additionally, our focus on enhancing the loan origination network and processes have resulted in significant increases in new loan production and loan growth in 2012 while at the same time consistently improving credit quality. We are pleased with our results in this area, with our many successes in the first six months of 2012 and with the recent announcement of the pending merger of WesBanco and Fidelity Bancorp, Inc. (“Fidelity”). We look forward to servicing the customers and providing opportunities for the employees of Fidelity in the future, and expanding our presence in the Pittsburgh market.”
Net Interest Income
Net interest income decreased $1.2 million or 1.4% in the first half of 2012 and $1.5 million in the second quarter compared to the same periods in 2011 due to the low interest rate environment. However, average earning assets increased $130.9 million or 2.7% in the year-to-date period and 2.3% in the second quarter, including growth in portfolio loans while the cost of funds continued to improve as a result of lower rates on certificates of deposit, growth in non-interest bearing and lower-cost demand deposits, and a reduction in higher cost FHLB borrowings. The net interest margin was 3.53% in the second quarter of 2012 and was relatively stable in the first two quarters of 2012 compared to the fourth quarter of 2011, but declined by 15 basis points compared to the first half of 2011, as the low interest rate environment resulted in reduced rates earned on the securities and loan portfolios.
Provision and Allowance for Credit Losses
The provision for credit losses decreased $0.9 million for the second quarter to $5.9 million and $2.7 million for the first six months of 2012 to $12.1 million compared to the same periods of 2011, and $0.3 million compared to the first quarter of 2012. Improvement in credit quality over the last four quarters resulted in the strengthening of coverage ratios while also supporting the lower provision for credit losses in the first two quarters of 2012. The allowance for loan losses to non-performing loans, and the allowance for loan losses to the total of non-performing loans and loans past due, were both at their highest levels in the last six quarters.
Classified and criticized loans at June 30, 2012 decreased $82.5 million or 27.0% from June 30, 2011, and $13.8 million or 5.8% from March 31, 2012 to $223.3 million. Total non-performing loans at June 30, 2012 decreased $30.4 million or 30.8% from June 30, 2011, and $12.9 million or 15.9% from March 31, 2012 to $68.1 million. Net charge-offs in the 2012 second quarter of $6.8 million included $2.2 million relating to the sale of $5.1 million of non-performing loans; however, net charge-offs increased only $0.2 million from the first quarter of 2012 and were relatively the same as the second quarter of 2011. Loans past due 30 days or more and accruing interest at June 30, 2012 decreased $7.0 million or 27.2% compared to June 30, 2011 and represent 0.57% of total portfolio loans.
Page 2
Non-Interest Income and Non-Interest Expense
Non-interest income increased $1.7 million or 5.7% in the first half of 2012 and $0.9 million or 5.9% in the second quarter compared to the same periods in 2011 principally due to net security gains of $1.4 million year-to-date and $1.3 million in the second quarter. Electronic banking fees increased 18.2% in the first half and 15.7% in the second quarter of 2012 due to increased transaction volumes, and increased transaction account balances and net gain (loss) on other real estate owned improved $0.6 million in the year-to-date period. These improvements were partially offset by decreases in service charges on deposits of $0.9 million in the first six months and $0.7 million in the second quarter of 2012, primarily from decreases in customer overdraft fees. Non-interest expense increased by a moderate 0.8% in the first six months of 2012 compared to the same period in 2011 as reduced FDIC insurance of $0.7 million, due to a new calculation by the FDIC effective in April of 2011, and reductions in many other expense categories were offset by increased salaries and wages due to routine annual adjustments to compensation and increased pension and health plan expense.
Financial Condition
Total assets at June 30, 2012 increased 1.8% or $99.5 million in the last twelve months and were nearly unchanged from the prior year-end. Increases over the last year were primarily from increased investments in securities, funded by increases in deposits. Portfolio loans increased $52.1 million in the second quarter compared to the first quarter of 2012 and $36.5 million compared to the prior year-end as a result of growth in commercial and commercial real estate lending in the current quarter and residential mortgage loans in both quarters of 2012. Loan production increased 30.6% in the first half of 2012 compared to the first half of 2011.
WesBanco continued to strengthen its regulatory capital ratios with tier I leverage at 8.94%, tier I risk-based capital at 13.11%, and total risk-based capital at 14.36%, all of which consistently improved over the last two and a half years. Both consolidated and bank-level regulatory capital ratios are well above the applicable “well-capitalized” standards promulgated by bank regulators. Total tangible equity to tangible assets (non-GAAP measure) was 7.00% at June 30, 2012, a 41 basis point increase from a year ago. WesBanco increased its quarterly dividend to $0.15 per share in February 2011, to $0.16 per share in August 2011 and to $0.17 per share in February of 2012.
On July 19, 2012 WesBanco and Fidelity, a Pittsburgh-based bank with $0.7 billion in assets and 13 branches, jointly announced that a definitive Agreement and Plan of Merger was executed providing for the merger of Fidelity with and into WesBanco. Under the terms of the Agreement and Plan of Merger, WesBanco will exchange 0.8275 shares of its common stock and $4.50 in cash for each share of Fidelity common stock. The receipt by Fidelity shareholders of shares of WesBanco common stock in exchange for their shares of Fidelity common stock is anticipated to qualify as a tax-free exchange. WesBanco expects the combination to be accretive to 2013 earnings per share, excluding merger-related expenses. The transaction, approved by the directors of both companies, currently is valued at $70.8 million, based on WesBanco’s current common stock price and Fidelity’s diluted shares outstanding. The acquisition is subject to the approvals of the appropriate banking regulatory authorities and the shareholders of Fidelity. It is expected that the transaction will be completed late in the fourth quarter of 2012 or early 2013.
WesBanco is a multi-state bank holding company with total assets of approximately $5.5 billion, operating through 112 branch locations and 104 ATMs in West Virginia, Ohio, and Pennsylvania. WesBanco’s banking subsidiary is WesBanco Bank, Inc., headquartered in Wheeling, West Virginia. WesBanco also operates an insurance brokerage company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.
Forward-looking Statements:
Forward-looking statements in this report relating to WesBanco’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained in this report should be read in conjunction with WesBanco’s Form 10-K for the year ended December 31, 2011 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), including WesBanco’s Form 10-Q for the quarter ended March 31, 2012, which are available at the SEC’s website, www.sec.gov or at WesBanco’s website, www.wesbanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco’s most recent Annual Report on Form 10-K filed with the SEC under “Risk Factors” in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including without limitation, that the businesses of WesBanco and Fidelity may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected timeframes; disruption from the merger may make it more difficult to maintain relationships with clients, associates, or suppliers; the effects of changing regional and national economic conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the SEC, Financial Institution Regulatory Authority, Municipal Securities Rulemaking Board, Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; internet hacking; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco’s operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.
Additional Information About the Merger and Where to Find It
In connection with the proposed Merger, WesBanco will file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement of Fidelity and a Prospectus of WesBanco, as well as other relevant documents concerning the proposed transaction. INVESTORS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The Proxy Statement/Prospectus will be mailed to shareholders of Fidelity prior to the Fidelity shareholder meeting, which has not yet been scheduled. In addition, when the Registration Statement on Form S-4, which will include the Proxy Statements/Prospectus, and other related documents is filed by WesBanco with the SEC, it may be obtained for free at the SEC’s website at http://www.sec.gov, on the NASDAQ website at http://www.nasdaq.com and from either WesBanco’s or Fidelity’s website at http://www.wesbanco.com or http://www.fidelitybancorp-pa.com, respectively.
WesBanco and Fidelity and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the shareholders of Fidelity in connection with the proposed Merger. Information about the directors and executive officers of Fidelity will be included in the Proxy Statement/Prospectus and may be found in the proxy statement for Fidelity’s annual meeting of shareholders filed with the SEC on January 11, 2012. Information about any other persons who may, under the rules of the SEC, be considered participants in the solicitation of Fidelity shareholders in connection with the proposed Merger will be included in the Proxy Statement/Prospectus. You can find information about WesBanco’s directors and executive officers in the proxy statement for WesBanco’s annual meeting of shareholders filed with the SEC on March 14, 2012. You can obtain free copies of these documents from the SEC, WesBanco or Fidelity using the website information above.
INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS CAREFULLY WHEN IT BECOMES AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS WITH RESPECT TO THE PROPOSED MERGER.
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.
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WESBANCO, INC.
|
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Consolidated Selected Financial Highlights
|
Page 3
|
|||||||||||||
|
(unaudited, dollars in thousands, except shares and per share amounts)
|
||||||||||||||
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||
|
STATEMENT OF INCOME
|
June 30,
|
June 30,
|
||||||||||||
|
Interest and dividend income
|
2012
|
2011
|
% Change
|
2012
|
2011
|
% Change
|
||||||||
|
Loans, including fees
|
$ 40,957
|
$ 44,511
|
(7.98%)
|
$ 82,922
|
$ 88,859
|
(6.68%)
|
||||||||
|
Interest and dividends on securities:
|
||||||||||||||
|
Taxable
|
8,471
|
9,431
|
(10.18%)
|
17,061
|
18,139
|
(5.94%)
|
||||||||
|
Tax-exempt
|
3,079
|
3,046
|
1.08%
|
6,158
|
6,032
|
2.09%
|
||||||||
|
Total interest and dividends on securities
|
11,550
|
12,477
|
(7.43%)
|
23,219
|
24,171
|
(3.94%)
|
||||||||
|
Other interest income
|
38
|
54
|
(29.63%)
|
85
|
109
|
(22.02%)
|
||||||||
|
Total interest and dividend income
|
52,545
|
57,042
|
(7.88%)
|
106,226
|
113,139
|
(6.11%)
|
||||||||
|
Interest Expense
|
||||||||||||||
|
Interest bearing demand deposits
|
393
|
579
|
(32.12%)
|
734
|
1,211
|
(39.39%)
|
||||||||
|
Money market deposits
|
493
|
1,130
|
(56.37%)
|
1,299
|
2,572
|
(49.49%)
|
||||||||
|
Savings deposits
|
200
|
349
|
(42.69%)
|
495
|
837
|
(40.86%)
|
||||||||
|
Certificates of deposit
|
6,621
|
7,929
|
(16.50%)
|
13,600
|
15,980
|
(14.89%)
|
||||||||
|
Total interest expense on deposits
|
7,707
|
9,987
|
(22.83%)
|
16,128
|
20,600
|
(21.71%)
|
||||||||
|
Federal Home Loan Bank borrowings
|
1,288
|
2,003
|
(35.70%)
|
2,665
|
4,028
|
(33.84%)
|
||||||||
|
Other short-term borrowings
|
1,156
|
1,188
|
(2.69%)
|
2,334
|
2,370
|
(1.52%)
|
||||||||
|
Junior subordinated debt owed to unconsolidated subsidiary trusts
|
854
|
811
|
5.30%
|
1,728
|
1,612
|
7.20%
|
||||||||
|
Total interest expense
|
11,005
|
13,989
|
(21.33%)
|
22,855
|
28,610
|
(20.12%)
|
||||||||
|
Net interest income
|
41,540
|
43,053
|
(3.51%)
|
83,371
|
84,529
|
(1.37%)
|
||||||||
|
Provision for credit losses
|
5,903
|
6,802
|
(13.22%)
|
12,105
|
14,843
|
(18.45%)
|
||||||||
|
Net interest income after provision for credit losses
|
35,637
|
36,251
|
(1.69%)
|
71,266
|
69,686
|
2.27%
|
||||||||
|
Non-interest income
|
||||||||||||||
|
Trust fees
|
4,258
|
4,272
|
(0.33%)
|
9,011
|
9,034
|
(0.25%)
|
||||||||
|
Service charges on deposits
|
4,218
|
4,889
|
(13.72%)
|
8,211
|
9,111
|
(9.88%)
|
||||||||
|
Electronic banking fees
|
2,920
|
2,523
|
15.74%
|
5,683
|
4,807
|
18.22%
|
||||||||
|
Net securities brokerage revenue
|
1,114
|
1,088
|
2.39%
|
2,189
|
2,184
|
0.23%
|
||||||||
|
Bank-owned life insurance
|
874
|
900
|
(2.89%)
|
1,754
|
1,794
|
(2.23%)
|
||||||||
|
Net gains on sales of mortgage loans
|
599
|
389
|
53.98%
|
867
|
971
|
(10.71%)
|
||||||||
|
Net securities gains
|
1,294
|
14
|
NM
|
1,394
|
30
|
NM
|
||||||||
|
Net loss on other real estate owned and other assets
|
(282)
|
(271)
|
(4.06%)
|
(250)
|
(816)
|
69.36%
|
||||||||
|
Other income
|
899
|
1,212
|
(25.83%)
|
2,356
|
2,406
|
(2.08%)
|
||||||||
|
Total non-interest income
|
15,894
|
15,016
|
5.85%
|
31,215
|
29,521
|
5.74%
|
||||||||
|
Non-interest expense
|
||||||||||||||
|
Salaries and wages
|
13,955
|
13,959
|
(0.03%)
|
28,270
|
27,612
|
2.38%
|
||||||||
|
Employee benefits
|
4,920
|
4,249
|
15.79%
|
10,538
|
9,405
|
12.05%
|
||||||||
|
Net occupancy
|
2,703
|
2,461
|
9.83%
|
5,479
|
5,382
|
1.80%
|
||||||||
|
Equipment
|
2,144
|
2,145
|
(0.05%)
|
4,318
|
4,444
|
(2.84%)
|
||||||||
|
Marketing
|
1,716
|
1,642
|
4.51%
|
2,487
|
2,647
|
(6.04%)
|
||||||||
|
FDIC insurance
|
965
|
1,015
|
(4.93%)
|
2,011
|
2,669
|
(24.65%)
|
||||||||
|
Amortization of intangible assets
|
524
|
605
|
(13.39%)
|
1,061
|
1,223
|
(13.25%)
|
||||||||
|
Other operating expenses
|
9,157
|
9,627
|
(4.88%)
|
17,585
|
17,812
|
(1.27%)
|
||||||||
|
Total non-interest expense
|
36,084
|
35,703
|
1.07%
|
71,749
|
71,194
|
0.78%
|
||||||||
|
Income before provision for income taxes
|
15,447
|
15,564
|
(0.75%)
|
30,732
|
28,013
|
9.71%
|
||||||||
|
Provision for income taxes
|
3,449
|
3,646
|
(5.40%)
|
6,744
|
5,854
|
15.20%
|
||||||||
|
Net income
|
$ 11,998
|
$ 11,918
|
0.67%
|
$ 23,988
|
$ 22,159
|
8.25%
|
||||||||
|
Taxable equivalent net interest income
|
$ 43,197
|
$ 44,693
|
(3.35%)
|
$ 86,687
|
$ 87,777
|
(1.24%)
|
||||||||
|
Per common share data
|
||||||||||||||
|
Net income per common share - basic
|
$ 0.45
|
$ 0.45
|
0.00%
|
$ 0.90
|
$ 0.83
|
8.43%
|
||||||||
|
Net income per common share - diluted
|
$ 0.45
|
$ 0.45
|
0.00%
|
$ 0.90
|
$ 0.83
|
8.43%
|
||||||||
|
Dividends declared
|
$ 0.17
|
$ 0.15
|
13.33%
|
$ 0.34
|
$ 0.30
|
13.33%
|
||||||||
|
Book value (period end)
|
$ 24.34
|
$ 23.40
|
4.02%
|
|||||||||||
|
Tangible book value (period end) (1)
|
$ 13.76
|
$ 12.72
|
8.18%
|
|||||||||||
|
Average common shares outstanding - basic
|
26,647,050
|
26,610,450
|
0.14%
|
26,637,537
|
26,599,791
|
0.14%
|
||||||||
|
Average common shares outstanding - diluted
|
26,650,325
|
26,611,409
|
0.15%
|
26,640,879
|
26,601,088
|
0.15%
|
||||||||
|
Period end common shares outstanding
|
26,664,644
|
26,629,360
|
0.13%
|
26,664,644
|
26,629,360
|
0.13%
|
||||||||
|
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
|
||||||||||||||
|
NM - Not Meaningful.
|
||||||||||||||
|
WESBANCO, INC.
|
|||||||||||||||||
|
Consolidated Selected Financial Highlights
|
Page 4
|
||||||||||||||||
|
(unaudited, dollars in thousands)
|
|||||||||||||||||
|
Selected ratios
|
|||||||||||||||||
|
For the Six Months Ended
|
|||||||||||||||||
|
June 30,
|
|||||||||||||||||
|
2012
|
2011
|
% Change
|
|||||||||||||||
|
Return on average assets
|
0.87
|
%
|
0.83
|
%
|
4.82
|
%
|
|||||||||||
|
Return on average equity
|
7.50
|
7.27
|
3.16
|
||||||||||||||
|
Return on average tangible equity (1)
|
13.75
|
14.02
|
(1.93)
|
||||||||||||||
|
Yield on earning assets (2)
|
4.48
|
4.91
|
(8.76)
|
||||||||||||||
|
Cost of interest bearing liabilities
|
1.11
|
1.40
|
(20.71)
|
||||||||||||||
|
Net interest spread (2)
|
3.37
|
3.51
|
(3.99)
|
||||||||||||||
|
Net interest margin (2)
|
3.55
|
3.70
|
(4.05)
|
||||||||||||||
|
Efficiency (2)
|
60.85
|
60.69
|
0.26
|
||||||||||||||
|
Average loans to average deposits
|
73.62
|
77.26
|
(4.71)
|
||||||||||||||
|
Annualized net loan charge-offs/average loans
|
0.83
|
0.94
|
(11.70)
|
||||||||||||||
|
Effective income tax rate
|
21.95
|
20.90
|
5.02
|
||||||||||||||
|
For the Quarter Ended
|
|||||||||||||||||
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|||||||||||||
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||||
|
Return on average assets
|
0.87
|
%
|
0.87
|
%
|
0.77
|
%
|
0.80
|
%
|
0.88
|
%
|
|||||||
|
Return on average equity
|
7.45
|
7.54
|
6.61
|
6.92
|
7.71
|
||||||||||||
|
Return on average tangible equity (1)
|
13.57
|
13.93
|
12.31
|
13.03
|
14.73
|
||||||||||||
|
Yield on earning assets (2)
|
4.43
|
4.54
|
4.61
|
4.78
|
4.90
|
||||||||||||
|
Cost of interest bearing liabilities
|
1.07
|
1.14
|
1.22
|
1.28
|
1.35
|
||||||||||||
|
Net interest spread (2)
|
3.36
|
3.40
|
3.39
|
3.50
|
3.55
|
||||||||||||
|
Net interest margin (2)
|
3.53
|
3.57
|
3.56
|
3.67
|
3.73
|
||||||||||||
|
Efficiency (2)
|
61.06
|
60.64
|
59.81
|
56.84
|
59.79
|
||||||||||||
|
Average loans to average deposits
|
73.35
|
73.88
|
74.31
|
76.55
|
76.47
|
||||||||||||
|
Annualized net loan charge-offs/average loans
|
0.84
|
0.82
|
1.22
|
2.11
|
0.85
|
||||||||||||
|
Effective income tax rate
|
22.33
|
21.56
|
15.42
|
15.65
|
23.43
|
||||||||||||
|
Trust Assets, market value at period end
|
$ 3,133,741
|
$ 3,164,235
|
$ 2,973,352
|
$ 2,789,218
|
$ 3,029,320
|
||||||||||||
|
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
|
|||||||||||||||||
|
(2) The yield on earning assets, net interest margin, net interest spread and efficiency ratios are presented on a fully
|
|||||||||||||||||
|
taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt
|
|||||||||||||||||
|
loans and investments. WesBanco believes this measure to be the preferred industry measurement of net interest income and
|
|||||||||||||||||
|
provides a relevant comparison between taxable and non-taxable amounts.
|
|||||||||||||||||
|
WESBANCO, INC.
|
||||||||||||
|
Consolidated Selected Financial Highlights
|
Page 5
|
|||||||||||
|
(unaudited, dollars in thousands, except shares)
|
% Change
|
|||||||||||
|
Balance sheets
|
June 30,
|
December 31,
|
December 31, 2011
|
|||||||||
|
Assets
|
2012
|
2011
|
% Change
|
2011
|
to June 30, 2012
|
|||||||
|
Cash and due from banks
|
$ 99,930
|
$ 73,563
|
35.84
|
%
|
$ 129,396
|
(22.77)
|
%
|
|||||
|
Due from banks - interest bearing
|
2,885
|
9,782
|
(70.51)
|
10,929
|
(73.60)
|
|||||||
|
Securities:
|
||||||||||||
|
Available-for-sale, at fair value
|
1,023,124
|
938,342
|
9.04
|
1,016,340
|
0.67
|
|||||||
|
Held-to-maturity (fair values of $607,032; $596,341 and $621,472, respectively)
|
572,671
|
586,353
|
(2.33)
|
592,925
|
(3.42)
|
|||||||
|
Total securities
|
1,595,795
|
1,524,695
|
4.66
|
1,609,265
|
(0.84)
|
|||||||
|
Loans held for sale
|
7,305
|
4,205
|
73.72
|
6,084
|
20.07
|
|||||||
|
Portfolio Loans:
|
||||||||||||
|
Commercial real estate
|
1,695,045
|
1,733,753
|
(2.23)
|
1,685,565
|
0.56
|
|||||||
|
Commercial and industrial
|
420,689
|
429,162
|
(1.97)
|
426,315
|
(1.32)
|
|||||||
|
Residential real estate
|
662,556
|
598,720
|
10.66
|
621,383
|
6.63
|
|||||||
|
Home equity
|
250,988
|
250,678
|
0.12
|
251,785
|
(0.32)
|
|||||||
|
Consumer
|
246,552
|
250,733
|
(1.67)
|
254,320
|
(3.05)
|
|||||||
|
Total portfolio loans, net of unearned income
|
3,275,830
|
3,263,046
|
0.39
|
3,239,368
|
1.13
|
|||||||
|
Allowance for loan losses
|
(53,610)
|
(61,418)
|
12.71
|
(54,810)
|
2.19
|
|||||||
|
Net portfolio loans
|
3,222,220
|
3,201,628
|
0.64
|
3,184,558
|
1.18
|
|||||||
|
Premises and equipment, net
|
80,668
|
84,325
|
(4.34)
|
82,204
|
(1.87)
|
|||||||
|
Accrued interest receivable
|
18,233
|
20,683
|
(11.85)
|
19,268
|
(5.37)
|
|||||||
|
Goodwill and other intangible assets, net
|
282,088
|
284,336
|
(0.79)
|
283,150
|
(0.38)
|
|||||||
|
Bank-owned life insurance
|
111,829
|
108,296
|
3.26
|
110,074
|
1.59
|
|||||||
|
Other assets
|
104,452
|
114,394
|
(8.69)
|
101,102
|
3.31
|
|||||||
|
Total Assets
|
$ 5,525,405
|
$ 5,425,907
|
1.83
|
%
|
$ 5,536,030
|
(0.19)
|
%
|
|||||
|
Liabilities
|
||||||||||||
|
Deposits:
|
||||||||||||
|
Non-interest bearing demand
|
$ 759,779
|
$ 629,429
|
20.71
|
%
|
$ 705,415
|
7.71
|
%
|
|||||
|
Interest bearing demand
|
728,521
|
595,447
|
22.35
|
698,114
|
4.36
|
|||||||
|
Money market
|
753,964
|
798,289
|
(5.55)
|
789,036
|
(4.44)
|
|||||||
|
Savings deposits
|
646,385
|
570,274
|
13.35
|
596,549
|
8.35
|
|||||||
|
Certificates of deposit
|
1,505,133
|
1,627,900
|
(7.54)
|
1,604,752
|
(6.21)
|
|||||||
|
Total deposits
|
4,393,782
|
4,221,339
|
4.09
|
4,393,866
|
(0.00)
|
|||||||
|
Federal Home Loan Bank borrowings
|
141,877
|
226,897
|
(37.47)
|
168,186
|
(15.64)
|
|||||||
|
Other short-term borrowings
|
191,275
|
208,704
|
(8.35)
|
196,887
|
(2.85)
|
|||||||
|
Junior subordinated debt owed to unconsolidated subsidiary trusts
|
106,083
|
106,050
|
0.03
|
106,066
|
0.02
|
|||||||
|
Total borrowings
|
439,235
|
541,651
|
(18.91)
|
471,139
|
(6.77)
|
|||||||
|
Accrued interest payable
|
4,741
|
5,906
|
(19.73)
|
4,975
|
(4.70)
|
|||||||
|
Other liabilities
|
38,535
|
33,974
|
13.42
|
32,260
|
19.45
|
|||||||
|
Total liabilities
|
4,876,293
|
4,802,870
|
1.53
|
4,902,240
|
(0.53)
|
|||||||
|
Shareholders' Equity
|
||||||||||||
|
Preferred stock, no par value; 1,000,000 shares authorized;
|
||||||||||||
|
none outstanding
|
-
|
-
|
-
|
-
|
-
|
|||||||
|
Common stock, $2.0833 par value; 50,000,000 shares authorized;
|
||||||||||||
|
26,667,739 shares; 26,633,848 shares and 26,633,848 shares issued, respectively;
|
||||||||||||
|
26,664,644 shares; 26,629,360 shares and 26,629,360 shares outstanding, respectively
|
55,558
|
55,487
|
0.13
|
55,487
|
0.13
|
|||||||
|
Capital surplus
|
191,926
|
191,263
|
0.35
|
191,679
|
0.13
|
|||||||
|
Retained earnings
|
403,746
|
375,689
|
7.47
|
388,818
|
3.84
|
|||||||
| Treasury stock (3,095; 4,488 and 4,488 shares - at cost, respectively) |
(61)
|
(96)
|
36.46
|
(96)
|
36.46
|
|||||||
|
Accumulated other comprehensive income
|
(843)
|
1,875
|
(144.96)
|
(902)
|
6.54
|
|||||||
|
Deferred benefits for directors
|
(1,214)
|
(1,181)
|
(2.79)
|
(1,196)
|
(1.51)
|
|||||||
|
Total Shareholders' Equity
|
649,112
|
623,037
|
4.19
|
633,790
|
2.42
|
|||||||
|
Total Liabilities and Shareholders' Equity
|
$ 5,525,405
|
$ 5,425,907
|
1.83
|
%
|
$ 5,536,030
|
(0.19)
|
%
|
|||||
|
WESBANCO, INC.
|
|||||||||
|
Consolidated Selected Financial Highlights
|
Page 6
|
||||||||
|
(unaudited, dollars in thousands, except shares)
|
|||||||||
|
Balance sheets
|
June 30, |
March 31,
|
|||||||
|
Assets
|
2012
|
2012
|
% Change
|
||||||
|
Cash and due from banks
|
$ 99,930
|
$ 152,817
|
(34.61)
|
%
|
|||||
|
Due from banks - interest bearing
|
2,885
|
4,426
|
(34.82)
|
||||||
|
Securities:
|
|||||||||
|
Available-for-sale, at fair value
|
1,023,124
|
1,087,836
|
(5.95)
|
||||||
|
Held-to-maturity (fair values of $607,032 and $608,186, respectively)
|
572,671
|
577,923
|
(0.91)
|
||||||
|
Total securities
|
1,595,795
|
1,665,759
|
(4.20)
|
||||||
|
Loans held for sale
|
7,305
|
8,611
|
(15.17)
|
||||||
|
Portfolio Loans:
|
|||||||||
|
Commercial real estate
|
1,695,045
|
1,675,341
|
1.18
|
||||||
|
Commercial and industrial
|
420,689
|
410,369
|
2.51
|
||||||
|
Residential real estate
|
662,556
|
637,879
|
3.87
|
||||||
|
Home equity
|
250,988
|
250,757
|
0.09
|
||||||
|
Consumer
|
246,552
|
249,351
|
(1.12)
|
||||||
|
Total portfolio loans, net of unearned income
|
3,275,830
|
3,223,697
|
1.62
|
||||||
|
Allowance for loan losses
|
(53,610)
|
(54,395)
|
1.44
|
||||||
|
Net portfolio loans
|
3,222,220
|
3,169,302
|
1.67
|
||||||
|
Premises and equipment, net
|
80,668
|
81,592
|
(1.13)
|
||||||
|
Accrued interest receivable
|
18,233
|
19,501
|
(6.50)
|
||||||
|
Goodwill and other intangible assets, net
|
282,088
|
282,612
|
(0.19)
|
||||||
|
Bank-owned life insurance
|
111,829
|
110,954
|
0.79
|
||||||
|
Other assets
|
104,452
|
105,069
|
(0.59)
|
||||||
|
Total Assets
|
$ 5,525,405
|
$ 5,600,643
|
(1.34)
|
%
|
|||||
|
Liabilities
|
|||||||||
|
Deposits:
|
|||||||||
|
Non-interest bearing demand
|
$ 759,779
|
$ 749,733
|
1.34
|
%
|
|||||
|
Interest bearing demand
|
728,521
|
706,117
|
3.17
|
||||||
|
Money market
|
753,964
|
825,577
|
(8.67)
|
||||||
|
Savings deposits
|
646,385
|
633,504
|
2.03
|
||||||
|
Certificates of deposit
|
1,505,133
|
1,558,926
|
(3.45)
|
||||||
|
Total deposits
|
4,393,782
|
4,473,857
|
(1.79)
|
||||||
|
Federal Home Loan Bank borrowings
|
141,877
|
147,913
|
(4.08)
|
||||||
|
Other short-term borrowings
|
191,275
|
187,632
|
1.94
|
||||||
|
Junior subordinated debt owed to unconsolidated subsidiary trusts
|
106,083
|
106,074
|
0.01
|
||||||
|
Total borrowings
|
439,235
|
441,619
|
(0.54)
|
||||||
|
Accrued interest payable
|
4,741
|
5,007
|
(5.31)
|
||||||
|
Other liabilities
|
38,535
|
38,159
|
0.99
|
||||||
|
Total liabilities
|
4,876,293
|
4,958,642
|
(1.66)
|
||||||
|
Shareholders' Equity
|
|||||||||
|
Preferred stock, no par value; 1,000,000 shares authorized;
|
|||||||||
|
none outstanding
|
-
|
-
|
-
|
||||||
|
Common stock, $2.0833 par value; 50,000,000 shares authorized;
|
|||||||||
|
26,667,739 shares and 26,633,848 shares issued, respectively;
|
|||||||||
|
26,664,644 and 26,627,689 shares outstanding, respectively
|
55,558
|
55,487
|
0.13
|
||||||
|
Capital surplus
|
191,926
|
191,891
|
0.02
|
||||||
|
Retained earnings
|
403,746
|
396,281
|
1.88
|
||||||
|
Treasury stock (3,095 and 6,159 shares - at cost)
|
(61)
|
(127)
|
51.97
|
||||||
|
Accumulated other comprehensive income
|
(843)
|
(326)
|
(158.59)
|
||||||
|
Deferred benefits for directors
|
(1,214)
|
(1,205)
|
(0.75)
|
||||||
|
Total Shareholders' Equity
|
649,112
|
642,001
|
1.11
|
||||||
|
Total Liabilities and Shareholders' Equity
|
$ 5,525,405
|
$ 5,600,643
|
(1.34)
|
%
|
|||||
|
WESBANCO, INC.
|
|||||||||||||
|
Consolidated Selected Financial Highlights
|
Page 7
|
||||||||||||
|
(unaudited, dollars in thousands)
|
|||||||||||||
|
Average balance sheet and
|
|||||||||||||
|
net interest margin analysis
|
Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
|||||||||||
|
2012
|
2011
|
2012
|
2011
|
||||||||||
|
Average
|
Average
|
Average
|
Average
|
Average
|
Average
|
Average
|
Average
|
||||||
|
Assets
|
Balance
|
Rate
|
Balance
|
Rate
|
Balance
|
Rate
|
Balance
|
Rate
|
|||||
|
Due from banks - interest bearing
|
$ 17,382
|
0.39%
|
$ 36,602
|
0.27%
|
$ 30,885
|
0.25%
|
$ 44,952
|
0.20%
|
|||||
|
Loans, net of unearned income (1)
|
3,248,090
|
5.07%
|
3,249,625
|
5.49%
|
3,249,863
|
5.13%
|
3,256,821
|
5.50%
|
|||||
|
Securities: (2)
|
|||||||||||||
|
Taxable
|
1,311,223
|
2.58%
|
1,189,965
|
3.17%
|
1,290,239
|
2.64%
|
1,149,507
|
3.16%
|
|||||
|
Tax-exempt (3)
|
317,197
|
5.97%
|
302,831
|
6.19%
|
313,907
|
6.04%
|
297,320
|
6.24%
|
|||||
|
Total securities
|
1,628,420
|
3.24%
|
1,492,796
|
3.78%
|
1,604,146
|
3.31%
|
1,446,827
|
3.79%
|
|||||
|
Other earning assets
|
20,538
|
0.41%
|
25,546
|
0.45%
|
21,229
|
0.44%
|
26,592
|
0.49%
|
|||||
|
Total earning assets (3)
|
4,914,430
|
4.43%
|
4,804,569
|
4.90%
|
4,906,123
|
4.48%
|
4,775,192
|
4.91%
|
|||||
|
Other assets
|
643,895
|
624,178
|
647,620
|
621,044
|
|||||||||
|
Total Assets
|
$ 5,558,325
|
$ 5,428,747
|
$ 5,553,743
|
$ 5,396,236
|
|||||||||
|
Liabilities and Shareholders' Equity
|
|||||||||||||
|
Interest bearing demand deposits
|
$ 746,891
|
0.21%
|
$ 794,808
|
0.29%
|
$ 727,136
|
0.20%
|
$ 606,355
|
0.40%
|
|||||
|
Money market accounts
|
771,905
|
0.26%
|
621,253
|
0.73%
|
778,561
|
0.34%
|
782,442
|
0.66%
|
|||||
|
Savings deposits
|
639,539
|
0.13%
|
568,462
|
0.25%
|
626,043
|
0.16%
|
555,599
|
0.30%
|
|||||
|
Certificates of deposit
|
1,532,781
|
1.74%
|
1,638,775
|
1.94%
|
1,560,067
|
1.75%
|
1,657,027
|
1.94%
|
|||||
|
Total interest bearing deposits
|
3,691,116
|
0.84%
|
3,623,298
|
1.11%
|
3,691,807
|
0.88%
|
3,601,423
|
1.15%
|
|||||
|
Federal Home Loan Bank borrowings
|
144,924
|
3.57%
|
231,153
|
3.47%
|
154,497
|
3.47%
|
235,624
|
3.45%
|
|||||
|
Other borrowings
|
192,097
|
2.42%
|
186,735
|
2.55%
|
196,164
|
2.39%
|
187,245
|
2.55%
|
|||||
|
Junior subordinated debt
|
106,079
|
3.24%
|
106,046
|
3.07%
|
106,074
|
3.28%
|
106,042
|
3.07%
|
|||||
|
Total interest bearing liabilities
|
4,134,216
|
1.07%
|
4,147,232
|
1.35%
|
4,148,542
|
1.11%
|
4,130,334
|
1.40%
|
|||||
|
Non-interest bearing demand deposits
|
737,143
|
626,502
|
722,857
|
613,955
|
|||||||||
|
Other liabilities
|
38,952
|
35,059
|
38,747
|
36,904
|
|||||||||
|
Shareholders' equity
|
648,014
|
619,954
|
643,597
|
615,043
|
|||||||||
|
Total Liabilities and Shareholders' Equity
|
$ 5,558,325
|
$ 5,428,747
|
$ 5,553,743
|
$ 5,396,236
|
|||||||||
|
Taxable equivalent net interest spread
|
3.36%
|
3.55%
|
3.37%
|
3.51%
|
|||||||||
|
Taxable equivalent net interest margin
|
3.53%
|
3.73%
|
3.55%
|
3.70%
|
|||||||||
|
(1) Gross of allowance for loan losses and net of unearned income. Includes non-accrual and loans held for sale.
|
|||||||||||||
|
Loan fees included in interest income on loans are $1.0 million and $1.4 million for the three months ended June 30, 2012 and 2011,
|
|||||||||||||
|
and $2.0 million and $2.3 million for the six months ended June 30, 2012 and 2011, respectively.
|
|||||||||||||
|
(2) Average yields on available-for sale securities are calculated based on amortized cost.
|
|||||||||||||
|
(3) Taxable equivalent basis is calculated on tax-exempt securities using a rate of 35% for each period presented.
|
|||||||||||||
|
WESBANCO, INC.
|
||||||||||||
|
Consolidated Selected Financial Highlights
|
Page 8
|
|||||||||||
|
(unaudited, dollars in thousands, except shares and per share amounts)
|
||||||||||||
|
Quarter Ended
|
||||||||||||
|
Statement of Income
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|||||||
|
Interest income
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||
|
Loans, including fees
|
$ 40,957
|
$ 41,964
|
$ 42,767
|
$ 44,191
|
$ 44,511
|
|||||||
|
Interest and dividends on securities:
|
||||||||||||
|
Taxable
|
8,471
|
8,590
|
8,862
|
9,032
|
9,431
|
|||||||
|
Tax-exempt
|
3,079
|
3,079
|
3,059
|
3,019
|
3,046
|
|||||||
|
Total interest and dividends on securities
|
11,550
|
11,669
|
11,921
|
12,051
|
12,477
|
|||||||
|
Other interest income
|
38
|
47
|
52
|
45
|
54
|
|||||||
|
Total interest and dividend income
|
52,545
|
53,680
|
54,740
|
56,287
|
57,042
|
|||||||
|
Interest Expense
|
||||||||||||
|
Interest bearing demand deposits
|
393
|
405
|
487
|
462
|
579
|
|||||||
|
Money market deposits
|
493
|
742
|
1,108
|
1,121
|
1,130
|
|||||||
|
Savings deposits
|
200
|
295
|
337
|
332
|
349
|
|||||||
|
Certificates of deposit
|
6,621
|
6,979
|
7,347
|
7,728
|
7,929
|
|||||||
|
Total interest expense on deposits
|
7,707
|
8,421
|
9,279
|
9,643
|
9,987
|
|||||||
|
Federal Home Loan Bank borrowings
|
1,288
|
1,377
|
1,456
|
1,714
|
2,003
|
|||||||
|
Other short-term borrowings
|
1,156
|
1,178
|
1,232
|
1,220
|
1,188
|
|||||||
|
Junior subordinated debt owed to unconsolidated subsidiary trusts
|
854
|
874
|
839
|
809
|
811
|
|||||||
|
Total interest expense
|
11,005
|
11,850
|
12,806
|
13,386
|
13,989
|
|||||||
|
Net interest income
|
41,540
|
41,830
|
41,934
|
42,901
|
43,053
|
|||||||
|
Provision for credit losses
|
5,903
|
6,202
|
9,631
|
10,836
|
6,802
|
|||||||
|
Net interest income after provision for credit losses
|
35,637
|
35,628
|
32,303
|
32,065
|
36,251
|
|||||||
|
Non-interest income
|
||||||||||||
|
Trust fees
|
4,258
|
4,753
|
4,198
|
3,941
|
4,272
|
|||||||
|
Service charges on deposits
|
4,218
|
3,993
|
4,638
|
4,881
|
4,889
|
|||||||
|
Electronic banking fees
|
2,920
|
2,763
|
2,603
|
2,679
|
2,523
|
|||||||
|
Net securities brokerage revenue
|
1,114
|
1,075
|
1,048
|
1,182
|
1,088
|
|||||||
|
Bank-owned life insurance
|
874
|
880
|
864
|
908
|
900
|
|||||||
|
Net gains on sales of mortgage loans
|
599
|
268
|
679
|
327
|
389
|
|||||||
|
Net securities gains
|
1,294
|
100
|
865
|
67
|
14
|
|||||||
|
Net (loss)/gain on other real estate owned and other assets
|
(282)
|
32
|
(312)
|
(162)
|
(271)
|
|||||||
|
Other income
|
899
|
1,458
|
1,185
|
776
|
1,212
|
|||||||
|
Total non-interest income
|
15,894
|
15,322
|
15,768
|
14,599
|
15,016
|
|||||||
|
Non-interest expense
|
||||||||||||
|
Salaries and wages
|
13,955
|
14,315
|
14,633
|
14,427
|
13,959
|
|||||||
|
Employee benefits
|
4,920
|
5,618
|
4,456
|
3,462
|
4,249
|
|||||||
|
Net occupancy
|
2,703
|
2,776
|
2,805
|
3,068
|
2,461
|
|||||||
|
Equipment
|
2,144
|
2,174
|
2,193
|
2,107
|
2,145
|
|||||||
|
Marketing
|
1,716
|
771
|
1,281
|
1,214
|
1,642
|
|||||||
|
FDIC insurance
|
965
|
1,045
|
1,008
|
1,091
|
1,015
|
|||||||
|
Amortization of intangible assets
|
524
|
537
|
588
|
599
|
605
|
|||||||
|
Other operating expenses
|
9,157
|
8,429
|
8,530
|
7,639
|
9,627
|
|||||||
|
Total non-interest expense
|
36,084
|
35,665
|
35,494
|
33,607
|
35,703
|
|||||||
|
Income before provision for income taxes
|
15,447
|
15,285
|
12,577
|
13,057
|
15,564
|
|||||||
|
Provision for income taxes
|
3,449
|
3,295
|
1,940
|
2,044
|
3,646
|
|||||||
|
Net income
|
$ 11,998
|
$ 11,990
|
$ 10,637
|
$ 11,013
|
$ 11,918
|
|||||||
|
Taxable equivalent net interest income
|
$ 43,197
|
$ 43,488
|
$ 43,581
|
$ 44,526
|
$ 44,693
|
|||||||
|
Per common share data
|
||||||||||||
|
Net income per common share - basic
|
$ 0.45
|
$ 0.45
|
$ 0.40
|
$ 0.41
|
$ 0.45
|
|||||||
|
Net income per common share - diluted
|
$ 0.45
|
$ 0.45
|
$ 0.40
|
$ 0.41
|
$ 0.45
|
|||||||
|
Dividends declared
|
$ 0.17
|
$ 0.17
|
$ 0.16
|
$ 0.16
|
$ 0.15
|
|||||||
|
Book value (period end)
|
$ 24.34
|
$ 24.11
|
$ 23.80
|
$ 23.82
|
$ 23.40
|
|||||||
|
Tangible book value (period end) (1)
|
$ 13.76
|
$ 13.50
|
$ 13.17
|
$ 13.17
|
$ 12.72
|
|||||||
|
Average common shares outstanding - basic
|
26,647,050
|
26,628,025
|
26,629,360
|
26,629,360
|
26,610,450
|
|||||||
|
Average common shares outstanding - diluted
|
26,650,325
|
26,631,187
|
26,629,688
|
26,629,543
|
26,611,409
|
|||||||
|
Period end common shares outstanding
|
26,664,644
|
26,627,689
|
26,629,360
|
26,629,360
|
26,629,360
|
|||||||
|
Full time equivalent employees
|
1,404
|
1,371
|
1,368
|
1,377
|
1,406
|
|||||||
|
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
|
||||||||||||
|
WESBANCO, INC.
|
|||||||||||||
|
Consolidated Selected Financial Highlights
|
Page 9
|
||||||||||||
|
(unaudited, dollars in thousands)
|
|||||||||||||
|
Quarter Ended
|
|||||||||||||
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|||||||||
|
Asset quality data
|
2012
|
2012
|
2011
|
2011
|
2011
|
||||||||
|
Non-performing assets:
|
|||||||||||||
|
Troubled debt restructurings - accruing
|
$ 28,165
|
$ 27,900
|
$ 29,411
|
$ 27,416
|
$ 36,437
|
||||||||
|
Non-accrual loans:
|
|||||||||||||
|
Troubled debt restructurings
|
11,159
|
16,935
|
17,287
|
16,312
|
17,632
|
||||||||
|
Other non-accrual loans
|
28,793
|
36,139
|
40,205
|
40,505
|
44,409
|
||||||||
|
Total non-accrual loans
|
39,952
|
53,074
|
57,492
|
56,817
|
62,041
|
||||||||
|
Total non-performing loans
|
68,117
|
80,974
|
86,903
|
84,233
|
98,478
|
||||||||
|
Other real estate and repossessed assets
|
3,918
|
3,178
|
3,029
|
4,687
|
5,012
|
||||||||
|
Total non-performing assets
|
$ 72,035
|
$ 84,152
|
$ 89,932
|
$ 88,920
|
$ 103,490
|
||||||||
|
Past due loans (1):
|
|||||||||||||
|
Loans past due 30-89 days
|
$ 15,117
|
$ 15,034
|
$ 19,888
|
$ 23,658
|
$ 19,047
|
||||||||
|
Loans past due 90 days or more
|
3,639
|
3,146
|
5,135
|
6,401
|
6,732
|
||||||||
|
Total past due loans
|
$ 18,756
|
$ 18,180
|
$ 25,023
|
$ 30,059
|
$ 25,779
|
||||||||
|
Criticized and classified loans (2):
|
|||||||||||||
|
Criticized loans
|
$ 122,854
|
$ 129,312
|
$ 141,195
|
$ 147,572
|
$ 169,162
|
||||||||
|
Classified loans
|
100,436
|
107,757
|
116,973
|
123,102
|
136,583
|
||||||||
|
Total criticized and classified loans
|
$ 223,290
|
$ 237,069
|
$ 258,168
|
$ 270,674
|
$ 305,745
|
||||||||
|
Loans past due 30-89 days / total loans
|
0.46
|
%
|
0.47
|
%
|
0.61
|
%
|
0.73
|
%
|
0.58
|
%
|
|||
|
Loans past due 90 days or more / total loans
|
0.11
|
0.10
|
0.16
|
0.20
|
0.21
|
||||||||
|
Non-performing loans / total loans
|
2.08
|
2.51
|
2.68
|
2.60
|
3.02
|
||||||||
|
Non-performing assets/total loans, other
|
|||||||||||||
|
real estate and repossessed assets
|
2.20
|
2.61
|
2.77
|
2.74
|
3.17
|
||||||||
|
Criticized and classified loans / total loans
|
6.82
|
7.35
|
7.97
|
8.35
|
9.37
|
||||||||
|
Allowance for loan losses
|
|||||||||||||
|
Allowance for loan losses
|
$ 53,610
|
$ 54,395
|
$ 54,810
|
$ 55,098
|
$ 61,418
|
||||||||
|
Provision for credit losses
|
5,903
|
6,202
|
9,631
|
10,836
|
6,802
|
||||||||
|
Net loan and deposit account overdraft charge-offs
|
6,805
|
6,617
|
9,921
|
17,392
|
6,877
|
||||||||
|
Annualized net loan charge-offs /average loans
|
0.84
|
%
|
0.82
|
%
|
1.22
|
%
|
2.11
|
%
|
0.85
|
%
|
|||
|
Allowance for loan losses/total loans
|
1.64
|
%
|
1.69
|
%
|
1.69
|
%
|
1.70
|
%
|
1.88
|
%
|
|||
|
Allowance for loan losses/non-performing loans
|
0.79
|
x
|
0.67
|
x
|
0.63
|
x
|
0.65
|
x
|
0.62
|
x
|
|||
|
Allowance for loan losses/non-performing loans and
|
|||||||||||||
|
loans past due
|
0.62
|
x
|
0.55
|
x
|
0.49
|
x
|
0.48
|
x
|
0.49
|
x
|
|||
|
Quarter Ended
|
|||||||||||||
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|||||||||
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||
|
Capital ratios
|
|||||||||||||
|
Tier I leverage capital
|
8.94
|
%
|
8.81
|
%
|
8.71
|
%
|
8.69
|
%
|
8.59
|
%
|
|||
|
Tier I risk-based capital
|
13.11
|
12.89
|
12.68
|
12.49
|
12.35
|
||||||||
|
Total risk-based capital
|
14.36
|
14.14
|
13.93
|
13.74
|
13.61
|
||||||||
|
Average shareholders' equity to average assets
|
11.66
|
11.52
|
11.58
|
11.57
|
11.42
|
||||||||
|
Tangible equity to tangible assets (3)
|
7.00
|
6.76
|
6.68
|
6.72
|
6.59
|
||||||||
|
(1) Excludes non-performing loans.
|
|||||||||||||
|
(2) Criticized and classified loans may include loans that are also reported as non-performing or past due.
|
|||||||||||||
|
(3) See non-GAAP financial measures for additional information relating to the calculation of this ratio.
|
|||||||||||||
|
NON-GAAP FINANCIAL MEASURES
|
Page 10 | ||||||||||||||
|
The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.
|
|||||||||||||||
|
Three Months Ended
|
Year to Date
|
||||||||||||||
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
June 30,
|
||||||||||
|
(unaudited, dollars in thousands)
|
2012
|
2012
|
2011
|
2011
|
2011
|
2012
|
2011
|
||||||||
|
Return on average tangible equity:
|
|||||||||||||||
|
Net income (annualized)
|
$ 48,255
|
$ 48,223
|
$ 42,201
|
$ 43,694
|
$ 47,805
|
$ 48,239
|
$ 44,685
|
||||||||
|
Plus: amortization of intangibles (annualized) (1)
|
1,370
|
1,405
|
1,516
|
1,545
|
1,577
|
1,387
|
1,603
|
||||||||
|
Net income before amortization of intangibles (annualized)
|
49,625
|
49,628
|
43,717
|
45,239
|
49,382
|
49,625
|
46,288
|
||||||||
|
Average total shareholders' equity
|
648,014
|
639,180
|
638,656
|
631,174
|
619,954
|
643,597
|
615,043
|
||||||||
|
Less: average goodwill and other intangibles
|
(282,339)
|
(282,849)
|
(283,406)
|
(284,003)
|
(284,611)
|
(282,594)
|
(284,913)
|
||||||||
|
Average tangible equity
|
365,675
|
356,331
|
355,250
|
347,171
|
335,343
|
361,003
|
330,130
|
||||||||
|
Return on average tangible equity
|
13.57%
|
13.93%
|
12.31%
|
13.03%
|
14.73%
|
13.75%
|
14.02%
|
||||||||
|
Period End
|
|||||||||||||||
|
June 30,
|
Mar. 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|||||||||||
|
2012
|
2012
|
2011
|
2011
|
2011
|
|||||||||||
|
Tangible book value:
|
|||||||||||||||
|
Total shareholders' equity
|
$ 649,112
|
$ 642,001
|
$ 633,790
|
$ 634,402
|
$ 623,037
|
||||||||||
|
Less: goodwill and other intangible assets
|
(282,088)
|
(282,612)
|
(283,150)
|
(283,737)
|
(284,336)
|
||||||||||
|
Tangible equity
|
367,024
|
359,389
|
350,640
|
350,665
|
338,701
|
||||||||||
|
Common shares outstanding
|
26,664,644
|
26,627,689
|
26,629,360
|
26,629,360
|
26,629,360
|
||||||||||
|
Tangible book value
|
$ 13.76
|
$ 13.50
|
$ 13.17
|
$ 13.17
|
$ 12.72
|
||||||||||
|
Tangible equity to tangible assets:
|
|||||||||||||||
|
Total shareholders' equity
|
$ 649,112
|
$ 642,001
|
$ 633,790
|
$ 634,402
|
$ 623,037
|
||||||||||
|
Less: goodwill and other intangible assets
|
(282,088)
|
(282,612)
|
(283,150)
|
(283,737)
|
(284,336)
|
||||||||||
|
Tangible equity
|
367,024
|
359,389
|
350,640
|
350,665
|
338,701
|
||||||||||
|
Total assets
|
5,525,405
|
5,600,643
|
5,536,030
|
5,502,158
|
5,425,907
|
||||||||||
|
Less: goodwill and other intangible assets
|
(282,088)
|
(282,612)
|
(283,150)
|
(283,737)
|
(284,336)
|
||||||||||
|
Tangible assets
|
5,243,317
|
5,318,031
|
5,252,880
|
5,218,421
|
5,141,571
|
||||||||||
|
Tangible equity to tangible assets
|
7.00%
|
6.76%
|
6.68%
|
6.72%
|
6.59%
|
||||||||||
|
(1) Tax effected at 35%.
|
|||||||||||||||