NEWS FOR IMMEDIATE RELEASE

January 26, 2016                                                                                                                             For Further Information Contact:

John Iannone
Vice President, Investor Relations

(304) 905-7021
NASDAQ Symbol: WSBC
Website: www.wesbanco.com


WesBanco Announces 2015 Net Income

(Wheeling, WV)… Todd F. Clossin, President and Chief Executive Officer of WesBanco, Inc. (NASDAQ Global Market: WSBC), a Wheeling, West Virginia based multi-state bank holding company, today announced net income and related earnings per share for the three and twelve months ended December 31, 2015.  Net income for 2015 was $80.8 million or $2.15 per diluted share compared to $70.0 million or $2.39 per diluted share for 2014.  Net income for the three months ended December 31, 2015 was $23.0 million, while diluted earnings per share were $0.60, compared to $16.5 million or $0.56 per diluted share for the fourth quarter of 2014.  For the year ended December 31, 2015, net income excluding after-tax merger-related expenses (non-GAAP measure), increased 24.2% to $88.0 million compared to $70.8 million for 2014, while diluted earnings per share, excluding after-tax merger-related expenses (non-GAAP measure), totaled $2.34, compared to $2.41 per share for 2014.
 
 
For the Three Months Ended December 31,
     For the Twelve Months Ended December 31,  
 
2015
 
2014
 
2015
 
2014
(unaudited, dollars in thousands,
except per share amounts)
Net Income
 
Diluted Earnings Per Share
  Net Income    Diluted Earnings Per Share  
Net Income
 
Diluted Earnings Per Share
  Net Income    Diluted Earnings Per Share
Net income (Non-GAAP)(1)
 $    23,033
 
 $        0.60
 
 $     17,363
 
 $        0.59
 
 $       87,965
 
 $        2.34
 
 $       70,825
 
 $        2.41
Less: After tax merger-related expenses
(31)
 
               -
 
             (851)
 
         (0.03)
 
(7,203)
 
         (0.19)
 
             (851)
 
         (0.03)
Net income (GAAP)
 $    23,002
 
 $        0.60
 
 $     16,512
 
 $        0.56
 
 $       80,762
 
 $        2.15
 
 $       69,974
 
 $        2.39
(1) Non-GAAP net income excludes after-tax merger related expenses.  Non-GAAP measures are defined on page 10 under "Non-GAAP Financial Measures."
 
  WesBanco's results for the three and twelve months ended December 31, 2015 included ESB Financial Corporation's ("ESB") results from February 10, 2015, the date of consummation of the merger.  ESB was a Pennsylvania thrift holding company with approximately $2.0 billion in assets and 23 offices in southwestern Pennsylvania.

"Fiscal 2015 was another successful year for WesBanco.  We grew to $8.5 billion in assets with the completion of our largest acquisition to-date, and subsequently achieved top ten market share in the Pittsburgh metropolitan area.  We delivered positive operating leverage on record earnings of $81 million," said Mr. Clossin.  "During 2015, we realized total loan growth of 24%, including organic loan growth of 7%, while continuing to improve our already strong credit quality ratios.  Our growth during the quarter was supported by diligently managing our cost structure as reflected in further improvement in our efficiency ratio.  In addition, we generated returns on average assets and average tangible equity (non-GAAP measure) of 1.07% and 14.68%, respectively."

Mr. Clossin added, "Our strong regulatory and compliance framework, coupled with our diversification and balanced growth, helped us to once again be named to Forbes Magazine's 2016 list of America's Best Banks.  We are excited about our opportunities for the upcoming year, and look forward to executing on our growth strategies as we provide additional value to our customers and shareholders."

Financial Condition

Total assets at December 31, 2015 increased 34.5% or $2.2 billion compared to December 31, 2014, with approximately $2.0 billion from the acquisition of ESB and $0.2 billion from organic growth exclusive of ESB.  Portfolio loans increased $979.1 million, with $701.0 million from the acquisition and $278.1 million from loan growth exclusive of ESB.  Organic loan growth in 2015 was 6.8%, primarily achieved through $1.8 billion in loan originations compared to $1.4 billion last year. Organic loan growth occurred in all loan categories, with approximately 15.2% of the growth in commercial and industrial loans and 22.0% in home equity loans.  Loan growth was driven by increased business activity, additional commercial and residential lending personnel in our urban markets, focused marketing efforts and continued improvement in loan origination processes. Deposits increased $1.0 billion compared to December 31, 2014, due to the acquisition.  Non-interest bearing deposits, excluding $128.0 million from the acquisition, were up 11.5% over the last year. Excluding certificates of deposit and acquired deposits from ESB, deposits increased $166.8 million or 4.5%
 
Page 2
 
from December 31, 2014, with deposits from Marcellus and Utica shale gas customers contributing $140.9 million to the increase.  Certificates of deposit, excluding $645.1 million from ESB, decreased $392.4 million from December 31, 2014 due to lower rate offerings for single service maturing CDs and customer preferences for other deposit types as we remix our deposits to emphasize multiple relationship customers.

WesBanco continues to maintain strong regulatory capital ratios after the ESB acquisition and implementation of the new BASEL III capital standards.  At December 31, 2015, Tier I leverage was 9.38%, Tier I Risk-Based capital was 13.39%, and Total Risk-Based capital was 14.15%.  Both consolidated and bank-level regulatory capital ratios are well above the applicable, revised "well-capitalized" standards promulgated by bank regulators, as well as the recently finalized BASEL III capital standards.  As required by BASEL III, a new ratio for 2015, Common Equity Tier 1 capital ratio (CET 1), was 11.70% for the fourth quarter of 2015, significantly above the requirement of 4.5%. Total tangible equity to tangible assets (non-GAAP measure) was 7.95% at December 31, 2015, increasing from pre-acquisition 7.88% at December 31, 2014, and improved over each of the first three quarters of 2015. Strong earnings and increased total capital have enabled WesBanco to increase the quarterly dividend rate, currently at $0.23 per share, eight times over the last five years, cumulatively representing a 64% increase.  The most recent increase was $0.01 per share in the first quarter of 2015.

Credit Quality

The provision for credit losses increased 30.4% due to loan growth in 2015.  Net charge-offs for 2015 as a percentage of average portfolio loans of 0.23% were unchanged from 2014.

Non-performing loans, including TDRs, as well as criticized and classified loans, improved as a percentage of total portfolio loans from their pre-acquisition levels in the fourth quarter of 2014. Total non-performing loans were 1.04% of total loans at December 31, 2015, decreasing from 1.25% of total loans at December 31, 2014. Criticized and classified loans were 1.57% of total loans, improving from 1.99% of total loans a year ago.  Past due loans at December 31, 2015 were 0.28% of total loans, improving slightly from 0.29% at December 31, 2014.

The allowance for loan losses represented 0.82% of total portfolio loans at December 31, 2015.  If the acquired ESB loans (which were recorded at fair value at the date of acquisition of $701.0 million) were excluded from the ratio, the allowance would approximate 0.96% of the adjusted loan total as compared to 1.09% at the end of 2014 before the acquisition.

Net Interest Income

Net interest income increased $43.8 million or 22.6% in 2015 compared to 2014 due to a 29.9% increase in average earning assets, primarily through the acquisition, and through a 6.7% increase in average loan balances, exclusive of ESB, partially offset by a 20 basis point decrease in the net interest margin.

The net interest margin decreased to 3.41% in 2015 compared to 3.61% in 2014. The decrease in the net interest margin is primarily due to a change in the mix of investments to total average earning assets from 28.1% in 2014 to 32.3% in 2015, a 41 basis point decline in the average rate earned on securities due to lower yields from a restructuring of the ESB portfolio and a decrease of 14 basis points for total loans due to repricing of existing loans and competitive pricing on new loans.  The lower rates were due to the low interest rate environment and were somewhat mitigated by a reduction in funding costs of 9 basis points.  In addition, the aforementioned loan growth improves asset yields as the average rate on loans is higher than the average rate on securities. Funding costs continued to decrease in 2015 primarily as a result of a 29 basis point decrease in the average rate on CDs as higher-rate CDs matured, somewhat offset by higher FHLB borrowing costs. Overall, excluding CDs and acquired deposits from ESB, average deposits increased 5.5% in 2015 compared to 2014 with a decrease in total rate of 10 basis points on interest bearing deposits.  For the fourth quarter, net interest income increased by $11.6 million or 23.7% compared to the fourth quarter of 2014, as average earning assets increased by 34.6% including a 5.9% increase in average loans, exclusive of ESB, and the net interest margin decreased by 28 basis points.

Non-Interest Income

For 2015, non-interest income increased $6.0 million or 8.7% compared to 2014. Trust fees increased $0.8 million or 3.9% from customer and revenue development initiatives.  Service charges on deposits increased $0.6 million or 3.8% from the addition of ESB and an overall evaluation of the fee schedule.  Electronic banking fees increased $1.7 million or 13.0% from increases in transaction volume.  Net security brokerage revenue increased by $0.8 million or 11.1% through the addition of support and sales staff in several regions. Net gains on sales of mortgage loans increased $0.5 million or 29.1% from increases in originations and a larger percentage of originations being sold in the secondary market. Net losses on other assets improved by $1.4 million due to a $1.4 million charge in the third quarter of 2014 relating to the prepayment of certain repurchase agreements.  For the fourth quarter of 2015, non-interest income increased by $3.5 million or 20.9%, reflecting similar trends as in the year-to-date period, while bank-owned life insurance increased by $0.6 million or 54.1% due to a death benefit, and net securities gains increased by $0.7 million.
 
Page 3

Non-Interest Expense

The following paragraph on non-interest expense excludes annual after-tax merger-related expenses of $7.2 million in 2015 and $0.9 million in 2014.  In 2015, non-interest expense grew 14.0%, compared to 2014, primarily due to the ESB acquisition.  With net revenue growth of 19.0%, the efficiency ratio improved in 2015 to 57.1% from 59.6% in 2014. Overall, non-interest expense increased $22.5 million or 14.0% in 2015, principally from the acquisition which increased assets by $2.0 billion and added 23 offices to our branch network.  Salaries and wages increased $9.9 million or 14.7%, due to a 13.0% increase in average full-time equivalent employees from the merger and routine annual adjustments to compensation, partially offset by increased deferrals of compensation costs on new loan originations. Employee benefits expense increased $5.4 million or 25.0%, primarily from increased pension, health insurance, social security contributions and other benefit plan costs.  Net occupancy increased $1.5 million principally due to increased building-related costs including utilities, lease expense, and depreciation. Equipment costs increased $1.7 million related to continuous improvements in computer system infrastructure, and origination and customer support systems.  Amortization of intangible assets increased $1.2 million from additional ESB intangible assets, related to core deposits and non-compete agreements. In the fourth quarter, non-interest expense increased by $6.2 million or 15.2% compared to the fourth quarter of 2014, reflecting factors similar to the 12 month period.

Financial Results Conference Call

WesBanco will also host a conference call to discuss the Company's financial results for the fourth quarter of 2015 at 10 a.m. ET on Wednesday, January 27, 2016.  Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com.  Participants can also listen to the conference call by dialing 888-347-6607, or 412-902-4290 for international callers, and asking to be joined into the WesBanco call.  Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

WesBanco is a multi-state bank holding company with total assets of approximately $8.5 billion, operating through 141 branch locations and 129 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, 2014 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC"), including WesBanco's Form 10-Q for the quarters ended March 31, June 30 and September 30, 2015, 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, 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, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the 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.
 
                             
WESBANCO, INC.
                     
Consolidated Selected Financial Highlights
                   
Page 4
                       
(unaudited, dollars in thousands, except shares and per share amounts)
                      
                             
       
For the Three Months Ended
For the Year Ended
STATEMENT OF INCOME
December 31,
   December 31,
Interest and dividend income
2015
 
2014
 
% Change
 
2015
 
2014
 
% Change
 
Loans, including fees
 $             52,080
 
 $           43,491
 
               19.7
 
 $       203,993
 
 $         172,182
 
                  18.5
 
Interest and dividends on securities:
                     
   
Taxable
                10,522
 
                7,181
 
               46.5
 
             39,314
 
              29,233
 
                  34.5
   
Tax-exempt
                  4,644
 
                3,356
 
               38.4
 
             16,764
 
              13,589
 
                  23.4
     
Total interest and dividends on securities
                15,166
 
              10,537
 
               43.9
 
             56,078
 
              42,822
 
                  31.0
 
Other interest income
                      414
 
                   157
 
             163.7
 
               1,641
 
                   987
 
                  66.3
          Total interest and dividend income
                67,660
 
              54,185
 
               24.9
 
          261,712
 
            215,991
 
                  21.2
Interest expense
                     
 
Interest bearing demand deposits
                      518
 
                   400
 
               29.5
 
               1,943
 
                1,568
 
                  23.9
 
Money market deposits
                      484
 
                   483
 
                 0.2
 
               1,914
 
                1,877
 
                    2.0
 
Savings deposits
                      165
 
                   134
 
               23.1
 
                  640
 
                   532
 
                  20.3
 
Certificates of deposit
                  2,630
 
                2,980
 
              (11.7)
 
             11,033
 
              13,286
 
                 (17.0)
     
Total interest expense on deposits
                  3,797
 
                3,997
 
                (5.0)
 
             15,530
 
              17,263
 
                 (10.0)
 
Federal Home Loan Bank borrowings
                  2,353
 
                   318
 
             639.9
 
               5,510
 
                   968
 
                469.2
 
Other short-term borrowings
                      116
 
                     78
 
               48.7
 
                  370
 
                1,333
 
                 (72.2)
 
Junior subordinated debt owed to unconsolidated subsidiary trusts
                      774
 
                   806
 
                (4.0)
 
               3,315
 
                3,199
 
                    3.6
     
Total interest expense
                  7,040
 
                5,199
 
               35.4
 
             24,725
 
              22,763
 
                    8.6
Net interest income
                60,620
 
              48,986
 
               23.7
 
          236,987
 
            193,228
 
                  22.6
 
Provision for credit losses
                  2,585
 
                1,880
 
               37.5
 
               8,353
 
                6,405
 
                  30.4
Net interest income after provision for credit losses
                58,035
 
              47,106
 
               23.2
 
          228,634
 
            186,823
 
                  22.4
Non-interest income
                     
 
Trust fees
5,244
 
5,115
 
                 2.5
 
21,900
 
21,069
 
                    3.9
 
Service charges on deposits
4,401
 
4,028
 
                 9.3
 
16,743
 
16,135
 
                    3.8
 
Electronic banking fees
3,691
 
3,159
 
               16.8
 
14,361
 
12,708
 
                  13.0
 
Net securities brokerage revenue
1,795
 
1,389
 
               29.2
 
7,692
 
6,922
 
                  11.1
 
Bank-owned life insurance
1,598
 
1,037
 
               54.1
 
4,863
 
4,614
 
                    5.4
 
Net gains on sales of mortgage loans
612
 
426
 
               43.7
 
2,071
 
1,604
 
                  29.1
 
Net securities gains
                      880
 
147
 
             498.6
 
948
 
903
 
                    5.0
 
Net gain / (loss) on other real estate owned and other assets
189
 
212
 
              (10.8)
 
356
 
(1,006)
 
                135.4
 
Other income
                  1,616
 
1,047
 
               54.3
 
               5,532
 
5,555
 
                   (0.4)
     
Total non-interest income
20,026
 
16,560
 
               20.9
 
74,466
 
68,504
 
                    8.7
Non-interest expense
                     
 
Salaries and wages
19,872
 
16,707
 
               18.9
 
77,340
 
67,408
 
                  14.7
 
Employee benefits
6,745
 
5,229
 
               29.0
 
26,896
 
21,518
 
                  25.0
 
Net occupancy
3,336
 
2,857
 
               16.8
 
13,635
 
12,122
 
                  12.5
 
Equipment
3,506
 
3,008
 
               16.6
 
13,194
 
11,542
 
                  14.3
 
Marketing
1,425
 
1,250
 
               14.0
 
5,646
 
5,242
 
                    7.7
 
FDIC insurance
1,093
 
833
 
               31.2
 
4,107
 
3,376
 
                  21.7
 
Amortization of intangible assets
811
 
466
 
               74.0
 
3,136
 
1,920
 
                  63.3
 
Restructuring and merger-related expense
48
 
                1,309
 
              (96.3)
 
             11,082
 
                1,309
 
                746.6
 
Other operating expenses
                10,058
 
10,313
 
                (2.5)
 
             38,887
 
37,196
 
                    4.5
     
Total non-interest expense
46,894
 
41,972
 
               11.7
 
193,923
 
161,633
 
                  20.0
Income before provision for income taxes
                31,167
 
              21,694
 
               43.7
 
          109,177
 
              93,694
 
                  16.5
 
Provision for income taxes
                  8,165
 
                5,182
 
               57.6
 
             28,415
 
              23,720
 
                  19.8
Net Income
 $             23,002
 
 $           16,512
 
               39.3
 
 $         80,762
 
 $           69,974
 
                  15.4
                             
Taxable equivalent net interest income
 $            63,121
 
 $         50,793
 
               24.3
 
 $      246,014
 
 $      200,545
 
                  22.7
                             
Per common share data
                     
Net income per common share - basic
 $                 0.60
 
 $               0.56
 
                 7.1
 
 $              2.15
 
 $               2.39
 
                 (10.0)
Net income per common share - diluted
                     0.60
 
                  0.56
 
                 7.1
 
                 2.15
 
                  2.39
 
                 (10.0)
Dividends declared
                     0.23
 
                  0.22
 
                 4.5
 
                 0.92
 
                  0.88
 
                    4.5
Book value (period end)
           
               29.18
 
                26.90
 
                    8.5
Tangible book value (period end) (1)
           
               16.51
 
                16.09
 
                    2.6
Average common shares outstanding - basic
38,507,772
 
29,291,440
 
               31.5
 
37,488,331
 
29,249,499
 
                  28.2
Average common shares outstanding - diluted
38,538,771
 
       29,383,506
 
               31.2
 
37,547,127
 
       29,333,876
 
                  28.0
Period end common shares outstanding
        38,459,635
 
       29,298,188
 
               31.3
 
     38,459,635
 
       29,298,188
 
                  31.3
 
                             
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
               
                             
 
 
WESBANCO, INC.
                               
Consolidated Selected Financial Highlights
                         
Page 5
(unaudited, dollars in thousands)
                             
                                   
Selected ratios
                                 
           
For the Year Ended
           
           
December 31,
             
           
2015
 
2014
 
% Change
             
                                   
Return on average assets
       
                 0.99
%
                 1.12
%
             (11.61)
%
           
Return on average equity
       
                 7.62
 
                 8.97
 
             (15.05)
             
Return on average tangible equity (1)
     
13.41
 
15.39
 
             (12.87)
             
Yield on earning assets (2)
       
                 3.75
 
                 4.02
 
               (6.72)
             
Cost of interest bearing liabilities
     
                 0.43
 
                 0.52
 
             (17.31)
             
Net interest spread (2)
       
                 3.32
 
                 3.50
 
               (5.14)
             
Net interest margin (2)
       
                 3.41
 
                 3.61
 
               (5.54)
             
Efficiency (1) (2)
         
               57.05
 
               59.59
 
               (4.26)
             
Average loans to average deposits
     
               78.53
 
               76.89
 
                 2.13
             
Annualized net loan charge-offs/average loans
                 0.23
 
                 0.23
 
                    -
             
Effective income tax rate
       
               26.03
 
               25.32
 
                 2.80
             
                                   
                                   
                                   
                                   
           
For the Quarter Ended
     
           
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
 
Dec. 31,
     
           
2015
 
2015
 
2015
 
2015
 
2014
     
                                   
Return on average assets
       
1.07
%
1.05
%
1.05
%
0.75
%
1.04
%
   
Return on average equity
       
8.11
 
7.96
 
7.89
 
5.89
 
8.17
     
Return on average tangible equity (1)
     
14.68
 
14.58
 
13.67
 
10.62
 
13.77
     
Yield on earning assets (2)
     
3.69
 
3.70
 
3.76
 
3.93
 
3.96
     
Cost of interest bearing liabilities
     
0.47
 
0.42
 
0.41
 
0.43
 
0.47
     
Net interest spread (2)
       
3.22
 
3.28
 
3.35
 
3.50
 
3.49
     
Net interest margin (2)
       
3.32
 
3.36
 
3.44
 
3.59
 
3.60
     
Efficiency (1) (2)
         
56.34
 
57.60
 
56.11
 
58.24
 
60.37
     
Average loans to average deposits
     
80.66
 
78.75
 
76.52
 
77.98
 
79.07
     
Annualized net loan charge-offs/average loans
0.20
 
0.30
 
0.25
 
0.16
 
0.23
     
Effective income tax rate
       
26.20
 
25.88
 
26.90
 
24.59
 
23.89
     
Trust assets, market value at period end
   
 $     3,625,411
 
 $     3,650,043
 
 $     3,843,792
 
 $     3,852,165
 
 $     3,840,540
     
                                   
(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 6
(unaudited, dollars in thousands, except shares)
             
% Change
Balance sheets
 
December 31,
   
Sept. 30,
September 30, 2015
Assets
   
2015
 
2014
 
% Change
2015
to December 31, 2015
Cash and due from banks
 
 $        75,707
 
 $        85,597
 
        (11.6)
 $              90,831
                          (16.7)
Due from banks - interest bearing
 
           10,978
 
             8,405
 
         30.6
                   2,144
                          412.0
Securities:
               
 
Available-for-sale, at fair value
 
      1,409,520
 
         917,424
 
         53.6
            1,559,718
                            (9.6)
 
Held-to-maturity (fair values of $1,038,207; $619,617 and $983,997, respectively)
       1,012,930
 
         593,670
 
         70.6
               957,352
                              5.8
   
Total securities
 
      2,422,450
 
      1,511,094
 
         60.3
            2,517,070
                            (3.8)
Loans held for sale
 
             7,899
 
             5,865
 
         34.7
                 10,765
                          (26.6)
Portfolio loans:
               
 
Commercial real estate
 
      2,256,381
 
      1,945,460
 
         16.0
            2,183,338
                              3.3
 
Commercial and industrial
 
         737,878
 
         638,410
 
         15.6
               725,730
                              1.7
 
Residential real estate
 
      1,247,800
 
         928,770
 
         34.3
            1,243,630
                              0.3
 
Home equity
 
         416,889
 
         330,031
 
         26.3
               403,387
                              3.3
 
Consumer
 
         406,894
 
         244,095
 
         66.7
               394,557
                              3.1
Total portfolio loans, net of unearned income
 
      5,065,842
 
      4,086,766
 
         24.0
            4,950,642
                              2.3
Allowance for loan losses
 
          (41,710)
 
         (44,654)
 
           6.6
               (41,624)
                            (0.2)
   
Net portfolio loans
 
      5,024,132
 
      4,042,112
 
         24.3
            4,909,018
                              2.3
Premises and equipment, net
 
         112,203
 
           93,135
 
         20.5
               111,699
                              0.5
Accrued interest receivable
 
           25,759
 
           18,481
 
         39.4
                 27,000
                            (4.6)
Goodwill and other intangible assets, net
 
         490,888
 
         319,506
 
         53.6
               492,725
                            (0.4)
Bank-owned life insurance
 
         150,980
 
         123,298
 
         22.5
               155,894
                            (3.2)
Other assets
 
         149,302
 
           89,072
 
         67.6
               135,284
                            10.4
Total Assets
 
 $  8,470,298
 
 $  6,296,565
 
         34.5
 $        8,452,430
                              0.2
                       
Liabilities
               
Deposits:
                 
 
Non-interest bearing demand
 
 $   1,311,455
 
 $   1,061,075
 
         23.6
 $         1,280,329
                              2.4
 
Interest bearing demand
 
      1,152,071
 
         885,037
 
         30.2
            1,206,837
                            (4.5)
 
Money market
 
         967,561
 
         954,957
 
           1.3
            1,011,420
                            (4.3)
 
Savings deposits
 
      1,077,374
 
         842,818
 
         27.8
            1,064,426
                              1.2
 
Certificates of deposit
 
      1,557,838
 
      1,305,096
 
         19.4
            1,630,890
                            (4.5)
   
Total deposits
 
      6,066,299
 
      5,048,983
 
         20.1
            6,193,902
                            (2.1)
Federal Home Loan Bank borrowings
 
      1,041,750
 
         223,126
 
       366.9
               893,117
                            16.6
Other short-term borrowings
 
           81,356
 
           80,690
 
           0.8
                 84,587
                            (3.8)
Junior subordinated debt owed to unconsolidated subsidiary trusts
 
         106,196
 
         106,176
 
           0.0
               106,196
                                -
   
Total borrowings
 
      1,229,302
 
         409,992
 
       199.8
            1,083,900
                            13.4
Accrued interest payable
 
             1,715
 
             1,620
 
           5.9
                   2,832
                          (39.4)
Other liabilities
 
           50,850
 
           47,780
 
           6.4
                 56,054
                            (9.3)
Total Liabilities
 
      7,348,166
 
      5,508,375
 
         33.4
            7,336,688
                              0.2
                       
Shareholders' Equity
               
Preferred stock, no par value; 1,000,000 shares authorized;
               
 
none outstanding
 
 -
 
                   -
 
             -
 -
                                -
Common stock, $2.0833 par value; 100,000,000 and 50,000,000 shares authorized in 2015
           
 
and 2014, respectively; 38,546,042; 29,367,511 and 38,546,042 shares
               
 
issued, respectively; 38,459,635; 29,298,188 and 38,517,542 shares
 
           80,304
 
           61,182
 
         31.3
                 80,304
                                -
 
outstanding, respectively
               
Capital surplus
 
         516,294
 
         244,661
 
       111.0
               515,783
                              0.1
Retained earnings
 
         549,921
 
         504,578
 
           9.0
               535,777
                              2.6
Treasury stock (86,407; 69,323 and 28,500 shares - at cost, respectively)
 
            (2,640)
 
           (2,151)
 
        (22.7)
                    (890)
                        (196.6)
Accumulated other comprehensive loss
 
          (20,954)
 
         (18,825)
 
        (11.3)
               (14,446)
                          (45.1)
Deferred benefits for directors
 
               (793)
 
           (1,255)
 
         36.8
                    (786)
                            (0.9)
Total Shareholders' Equity
 
      1,122,132
 
         788,190
 
         42.4
            1,115,742
                              0.6
Total Liabilities and Shareholders' Equity
 
 $  8,470,298
 
 $  6,296,565
 
         34.5
 $        8,452,430
                              0.2
                       
 
 
WESBANCO, INC.
                                   
Consolidated Selected Financial Highlights
                           
Page 7
 
(unaudited, dollars in thousands)
                                 
Average balance sheet and
                                 
net interest margin analysis
   
For the Three Months Ended December 31,
   
For the Year Ended December 31,
         
2015
 
2014
 
2015
 
2014
         
Average
Average
   
Average
Average
   
Average
Average
   
Average
Average
 
Assets
       
Balance
Rate
   
Balance
Rate
   
Balance
Rate
   
Balance
Rate
 
Due from banks - interest bearing
   
 $          11,647
           0.21
%
 
 $            8,042
           0.30
 %
 
 $          15,467
           0.17
 %
 $          25,713
           0.23
%
Loans, net of unearned income (1)
   
        4,999,259
           4.13
   
        4,057,138
           4.25
   
        4,840,637
           4.21
   
        3,953,823
           4.35
 
Securities: (2)
                                     
    Taxable
       
1,861,808
           2.26
   
1,141,069
           2.52
   
1,757,288
           2.24
   
1,158,738
           2.52
 
    Tax-exempt (3)
     
645,737
           4.43
   
400,470
           5.16
   
568,671
           4.54
   
403,088
           5.19
 
        Total securities
     
2,507,545
           2.82
   
1,541,539
           3.20
   
2,325,959
           2.80
   
1,561,826
           3.21
 
Other earning assets (4)
     
             39,902
           4.09
   
               9,135
           6.61
   
             28,721
           5.61
   
             11,726
           7.91
 
         Total earning assets (3)
   
        7,558,353
           3.69
%
 
        5,615,854
           3.96
 %
 
        7,210,784
           3.75
 %
        5,553,088
           4.02
%
Other assets
       
934,223
     
680,428
     
913,197
     
700,165
   
Total Assets
       
 $     8,492,576
     
 $     6,296,282
     
 $     8,123,981
     
 $     6,253,253
   
                                       
Liabilities and Shareholders' Equity
                               
Interest bearing demand deposits
   
 $     1,192,502
           0.17
%
 
 $        912,352
           0.17
 %
 
 $     1,143,965
           0.17
 %
 $        899,887
           0.17
%
Money market accounts
   
997,850
           0.19
   
979,343
           0.20
   
1,003,980
           0.19
   
972,496
           0.19
 
Savings deposits
     
1,068,401
           0.06
   
829,215
           0.06
   
1,044,079
           0.06
   
822,221
           0.06
 
Certificates of deposit
     
1,624,024
           0.64
   
1,335,421
           0.89
   
1,704,871
           0.65
   
1,418,459
           0.94
 
    Total interest bearing deposits
   
4,882,777
           0.31
   
        4,056,331
           0.39
   
4,896,895
           0.32
   
        4,113,063
           0.42
 
Federal Home Loan Bank borrowings
 
881,471
           1.06
   
           124,892
           1.01
   
591,506
           0.93
   
             81,159
           1.19
 
Other borrowings
     
119,821
           0.38
   
90,152
           0.35
   
109,165
           0.34
   
101,291
           1.32
 
Junior subordinated debt
   
106,196
           2.89
   
           106,171
           3.01
   
115,088
           2.88
   
           106,156
           3.01
 
      Total interest bearing liabilities
   
5,990,265
           0.47
%
 
4,377,546
           0.47
 %
 
5,712,654
           0.43
 %
4,401,669
           0.52
%
Non-interest bearing demand deposits
 
1,315,363
     
1,074,797
     
1,267,158
     
1,029,370
   
Other liabilities
     
62,189
     
42,360
     
84,679
     
41,791
   
Shareholders' equity
     
1,124,759
     
801,579
     
1,059,490
     
780,423
   
Total Liabilities and Shareholders' Equity
 
 $     8,492,576
     
 $     6,296,282
     
 $     8,123,981
     
 $     6,253,253
   
Taxable equivalent net interest spread
   
           3.22
%
   
           3.49
 %
   
           3.32
 %
 
           3.50
%
Taxable equivalent net interest margin
   
           3.32
%
   
           3.60
 %
   
           3.41
 %
 
           3.61
%
                                       
(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 $0.8 million and $1.0 million for the three months ended December 31, 2015 and 2014, respectively, and $1.5 million and $3.5 million for the year ended December 31, 2015 and 2014, respectively.  Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $0.9 million and $0.3 million for the three months ended December 31, 2015 and 2014, respectively, and $3.9 million and $1.4 million for the year ended December 31, 2015 and 2014, respectively, while accretion on  interest bearing liabilities acquired from the prior acquisitions was $0.6 million and $0.1 million for the three months ended December 31, 2015 and 2014, respectively, and $3.4 million and $0.7 million for the year ended December 31, 2015 and 2014, 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.
 
(4) Interest income on other earning assets includes $0.6 million of a special dividend from FHLB Pittsburgh for the year ended December 31, 2015 and $0.5 million of interest on a federal income tax refund for the year ended December 31, 2014.
 
 
WESBANCO, INC.
                 
Consolidated Selected Financial Highlights
               
 Page 8
(unaudited, dollars in thousands, except shares and per share amounts)
                 
       
Quarter Ended
Statement of Income
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
 
Dec. 31,
Interest income
2015
 
2015
 
2015
 
2015
 
2014
 
Loans, including fees
 $    52,080
 
 $                 51,876
 
 $               52,316
 
 $                 47,713
 
 $               43,491
 
Interest and dividends on securities:
                 
   
Taxable
                 10,522
 
                      10,251
 
                   10,043
 
                      8,498
 
                      7,181
   
Tax-exempt
                  4,644
 
                      4,535
 
                    4,052
 
                      3,533
 
                    3,356
     
Total interest and dividends on securities
                  15,166
 
                     14,786
 
                   14,095
 
                      12,031
 
                   10,537
 
Other interest income
                      414
 
                          273
 
                         318
 
                          635
 
                         157
          Total interest and dividend income
                67,660
 
                    66,935
 
                  66,729
 
                    60,379
 
                   54,185
Interest expense
                 
 
Interest bearing demand deposits
                      518
 
                           517
 
                        485
 
                          422
 
                        400
 
Money market deposits
                     484
 
                          485
 
                        490
 
                          456
 
                        483
 
Savings deposits
                      165
 
                           165
 
                         163
 
                           148
 
                         134
 
Certificates of deposit
                  2,630
 
                      2,662
 
                    2,869
 
                      2,872
 
                    2,980
     
Total interest expense on deposits
                  3,797
 
                      3,829
 
                    4,007
 
                      3,898
 
                    3,997
 
Federal Home Loan Bank borrowings
                  2,353
 
                       1,650
 
                        949
 
                          557
 
                         318
 
Other short-term borrowings
                       116
 
                            89
 
                          92
 
                            75
 
                          78
 
Junior subordinated debt owed to unconsolidated subsidiary trusts
                     774
 
                          758
 
                        888
 
                          894
 
                        806
     
Total interest expense
                  7,040
 
                      6,326
 
                    5,936
 
                      5,424
 
                     5,199
Net interest income
                60,620
 
                    60,609
 
                  60,793
 
                    54,955
 
                  48,986
 
Provision for credit losses
                  2,585
 
                       1,798
 
                     2,681
 
                       1,289
 
                     1,880
Net interest income after provision for credit losses
                58,035
 
                      58,811
 
                    58,112
 
                    53,666
 
                   47,106
Non-interest income
                 
 
Trust fees
5,244
 
5,127
 
5,476
 
6,053
 
5,115
 
Service charges on deposits
4,401
 
4,425
 
4,249
 
3,652
 
4,028
 
Electronic banking fees
3,691
 
3,849
 
3,496
 
3,325
 
3,159
 
Net securities brokerage revenue
1,795
 
1,996
 
1,842
 
2,059
 
1,389
 
Bank-owned life insurance
1,598
 
1,021
 
989
 
1,251
 
1,037
 
Net gains on sales of mortgage loans
612
 
779
 
407
 
272
 
426
 
Net securities gains
880
 
47
 
                            -
 
22
 
147
 
Net gain / (loss) on other real estate owned and other assets
189
 
(18)
 
152
 
122
 
212
 
Other income
1,616
 
960
 
1,461
 
1,434
 
1,047
     
Total non-interest income
20,026
 
18,186
 
18,072
 
18,190
 
16,560
Non-interest expense
                 
 
Salaries and wages
19,872
 
19,832
 
19,300
 
18,357
 
16,707
 
Employee benefits
6,745
 
6,028
 
6,807
 
7,316
 
5,229
 
Net occupancy
3,336
 
3,533
 
3,243
 
3,490
 
2,857
 
Equipment
3,506
 
3,731
 
3,017
 
2,973
 
3,008
 
Marketing
1,425
 
1,514
 
1,715
 
965
 
1,250
 
FDIC insurance
1,093
 
1,064
 
1,040
 
910
 
833
 
Amortization of intangible assets
811
 
815
 
944
 
566
 
466
 
Restructuring and merger-related expense
48
 
                           185
 
                       1,115
 
                      9,733
 
                     1,309
 
Other operating expenses
10,058
 
10,279
 
9,408
 
9,131
 
10,313
     
Total non-interest expense
46,894
 
46,981
 
46,589
 
53,441
 
41,972
Income before provision for income taxes
                  31,167
 
                     30,016
 
                  29,595
 
                      18,415
 
                   21,694
 
Provision for income taxes
                   8,165
 
                      7,768
 
                    7,962
 
                      4,528
 
                     5,182
Net Income
 $             23,002
 
 $                22,248
 
 $               21,633
 
 $                 13,887
 
 $                16,512
                         
Taxable equivalent net interest income
 $                    63,121
 
 $                 63,051
 
 $                62,975
 
 $                 56,857
 
 $              50,793
                         
Per common share data
                 
Net income per common share - basic
 $                         0.60
 
 $                       0.58
 
 $                      0.56
 
 $                       0.40
 
 $                    0.56
Net income per common share - diluted
 $                         0.60
 
 $                       0.58
 
 $                      0.56
 
 $                       0.40
 
 $                    0.56
Dividends declared
 $                         0.23
 
 $                       0.23
 
 $                      0.23
 
 $                       0.23
 
 $                    0.22
Book value (period end)
 $                      29.18
 
 $                     28.97
 
 $                    28.42
 
 $                     28.38
 
$                  26.90
Tangible book value (period end) (1)
 $                      16.51
 
 $                     16.27
 
 $                    15.72
 
 $                     15.67
 
 $                  16.09
Average common shares outstanding - basic
38,507,772
 
38,523,593
 
38,472,229
 
34,393,137
 
29,291,440
Average common shares outstanding - diluted
38,538,771
 
38,556,995
 
38,531,700
 
34,478,335
 
29,383,506
Period end common shares outstanding
38,459,635
 
            38,517,542
 
           38,519,170
 
            38,449,812
 
          29,298,188
Full time equivalent employees
                   1,633
 
                       1,637
 
                     1,667
 
                        1,713
 
                     1,448
                         
                         
(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
 
       
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
 
Dec. 31,
 
Asset quality data
 
2015
 
2015
 
2015
 
2015
 
2014
 
Non-performing assets:
                     
 
Troubled debt restructurings - accruing
 $         11,548
 
 $         12,030
 
 $         12,958
 
 $         17,330
 
 $         12,066
 
 
Non-accrual loans:
                     
   
Troubled debt restructurings
 
            12,354
 
            12,661
 
            13,140
 
              9,224
 
              5,420
 
   
Other non-accrual loans
 
            28,764
 
            28,633
 
            35,064
 
            32,150
 
            33,398
 
   
    Total non-accrual loans
 
            41,118
 
            41,294
 
            48,204
 
            41,374
 
            38,818
 
   
    Total non-performing loans
 
            52,666
 
            53,324
 
            61,162
 
            58,704
 
            50,884
 
 
Other real estate and repossessed assets
              5,825
 
              6,062
 
              6,168
 
              6,226
 
              5,082
 
   
Total non-performing assets
 
 $         58,491
 
 $         59,386
 
 $         67,330
 
 $         64,930
 
 $         55,966
 
                           
Past due loans (1):
                     
 
Loans past due 30-89 days
 
 $         11,005
 
 $         12,422
 
 $         10,320
 
 $         12,003
 
 $           9,347
 
 
Loans past due 90 days or more
 
              3,126
 
              6,079
 
              2,471
 
              1,031
 
              2,288
 
   
Total past due loans
 
 $         14,131
 
 $         18,501
 
 $         12,791
 
 $         13,034
 
 $         11,635
 
                           
Criticized and classified loans (2):
                     
 
Criticized loans
 
 $         26,298
 
 $         32,253
 
 $         28,280
 
 $         40,659
 
 $         34,288
 
 
Classified loans
 
            53,408
 
            49,204
 
            54,645
 
            52,295
 
            46,851
 
   
Total criticized and classified loans
 $         79,706
 
 $         81,457
 
 $         82,925
 
 $         92,954
 
 $         81,139
 
                           
Loans past due 30-89 days / total portfolio loans
                0.22
%
                0.25
%
                0.21
%
                0.25
%
                0.23
%
Loans past due 90 days or more / total portfolio loans
                0.06
 
                0.12
 
                0.05
 
                0.02
 
                0.06
 
Non-performing loans / total portfolio loans
                1.04
 
                1.08
 
                1.24
 
                1.20
 
                1.25
 
Non-performing assets/total portfolio loans, other
                   
 
real estate and repossessed assets
 
                1.15
 
                1.20
 
                1.36
 
                1.33
 
                1.37
 
Non-performing assets / total assets
 
                0.69
 
                0.70
 
                0.80
 
                0.79
 
                0.89
 
Criticized and classified loans / total portfolio loans
                1.57
 
                1.65
 
                1.68
 
                1.91
 
                1.99
 
                           
Allowance for loan losses
                     
Allowance for loan losses
 
 $         41,710
 
 $         41,624
 
 $         43,419
 
 $         44,173
 
 $         44,654
 
Provision for credit losses
 
              2,585
 
              1,798
 
              2,681
 
              1,289
 
              1,880
 
Net loan and deposit account overdraft charge-offs
              2,516
 
              3,768
 
              3,108
 
              1,747
 
              2,332
 
                           
Annualized net loan charge-offs /average loans
                0.20
 %
                0.30
 %
                0.25
 %
                0.16
 %
                0.23
 %
Allowance for loan losses / total portfolio loans
                0.82
 %
                0.84
 %
                0.88
 %
                0.91
 %
                1.09
 %
Allowance for loan losses / non-performing loans
                0.79
x
                0.78
x
                0.71
x
                0.75
x
                0.88
x
Allowance for loan losses / non-performing loans and
                   
 
loans past due
 
                0.62
x
                0.58
x
                0.59
x
                0.62
x
                0.71
x
                           
                           
       
Quarter Ended
 
       
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
 
Dec. 31,
 
       
2015
 
2015
 
2015
 
2015
 
2014
 
Capital ratios
                     
Tier I leverage capital
 
                9.38
%
                9.39
%
                9.29
%
              10.62
%
                9.88
%
Tier I risk-based capital
 
              13.39
 
              13.69
 
              13.47
 
              14.09
 
              13.76
 
Total risk-based capital
 
              14.15
 
              14.48
 
              14.30
 
              14.92
 
              14.81
 
Common equity tier 1 capital ratio (CET 1)
              11.70
 
              11.93
 
              11.71
 
              11.49
     
Average shareholders' equity to average assets
              13.24
 
              13.20
 
              13.29
 
              12.71
 
              12.73
 
Tangible equity to tangible assets (3)
 
                7.95
 
                7.87
 
                7.68
 
                7.78
 
                7.88
 
                           
                           
(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
       
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
 
Dec. 31,
 
Dec. 31,
(unaudited, dollars in thousands, except shares and per share amounts)
2015
 
2015
 
2015
 
2015
 
2014
 
2015
2014
Return on average tangible equity:
                       
 
Net income (annualized)
 $               91,258
 
 $           88,267
 
 $           86,770
 
 $           56,319
 
 $           65,510
 
 $       80,762
 $        69,974
 
Plus: amortization of intangibles (annualized) (1)
                    2,091
 
                2,102
 
                2,462
 
                1,491
 
                1,202
 
            2,038
             1,248
 
Net income before amortization of intangibles (annualized)
                  93,349
 
              90,369
 
              89,232
 
              57,810
 
              66,712
 
          82,800
           71,222
                               
 
Average total shareholders' equity
             1,124,759
 
         1,108,616
 
         1,100,302
 
            956,836
 
            801,579
 
     1,059,490
         780,423
 
Less: average goodwill and other intangibles, net of def. tax liability
              (488,677)
 
          (488,726)
 
          (447,709)
 
          (412,454)
 
          (317,061)
 
      (442,215)
       (317,523)
 
Average tangible equity
 $             636,082
 
 $         619,890
 
 $         652,593
 
 $         544,382
 
 $         484,518
 
 $     617,275
 $      462,900
                               
Return on average tangible equity
14.68%
 
14.58%
 
13.67%
 
10.62%
 
13.77%
 
13.41%
15.39%
                               
Efficiency ratio:
                       
 
Non-interest expense
 $               46,894
 
 $           46,981
 
 $           46,589
 
 $           53,441
 
 $           41,972
 
 $     193,923
 $      161,633
 
Less: restructuring and merger-related expense
                       (48)
 
                 (185)
 
              (1,115)
 
              (9,733)
 
              (1,309)
 
        (11,082)
           (1,309)
 Non-interest expense excluding restructuring and merger-related expense    46,846  
              46,796
 
              45,474
 
              43,708
 
              40,663
 
        182,841
         160,324
                             
 
Net interest income on a fully taxable equivalent basis
                  63,121
 
              63,051
 
              62,975
 
              56,857
 
              50,793
 
        246,014
         200,545
 
Non-interest income
                  20,026
 
              18,186
 
              18,072
 
              18,190
 
              16,560
 
          74,466
           68,504
 
Net interest income on a fully taxable equivalent basis plus non-interest income
 $               83,147
 
 $           81,237
 
 $           81,047
 
 $           75,047
 
 $           67,353
 
 $     320,480
 $      269,049
 
Efficiency Ratio
56.34%
 
57.60%
 
56.11%
 
58.24%
 
60.37%
 
57.05%
59.59%
                               
Net Income, excluding after-tax merger-related expenses:
                 
 
Net income
 $               23,002
 
 $           22,248
 
 $           21,633
 
 $           13,887
 
 $           16,512
 
 $       80,762
 $        69,974
 
Add: After-tax merger-related expenses (1)
                         31
 
                   120
 
                   725
 
                6,326
 
                   851
 
            7,203
                851
Net income, excluding after-tax merger-related expenses
 $               23,033
 
 $           22,368
 
 $           22,358
 
 $           20,213
 
 $           17,363
 
 $       87,965
 $        70,825
                               
Net Income, excluding after-tax merger-related expenses per diluted share:
         
 
Net income per diluted share
 $                   0.60
 
 $               0.58
 
 $               0.56
 
 $               0.40
 
 $               0.56
 
 $           2.15
 $            2.39
 
Add: After-tax merger-related expenses per diluted share (1)
                         -
 
                      -
 
                  0.02
 
                  0.19
 
                  0.03
 
              0.19
               0.03
Net income, excluding after-tax merger-related expenses per diluted share
 $                   0.60
 
 $               0.58
 
 $               0.58
 
 $               0.59
 
 $               0.59
 
 $           2.34
 $            2.41
                               
                               
       
Period End 
     
       
Dec. 31,
 
Sept. 30,
June 30,
 
Mar. 31,
 
Dec. 31,
     
       
2015
 
2015
 
2015
 
2015
 
2014
     
Tangible book value:
                       
 
Total shareholders' equity
 $          1,122,132
 
 $      1,115,742
 
 $      1,094,653
 
 $      1,091,384
 
 $         788,190
     
 
Less:  goodwill and other intangible assets, net of def. tax liability
              (487,270)
 
          (488,893)
 
          (488,949)
 
          (488,911)
 
          (316,914)
     
 
Tangible equity
                634,862
 
            626,849
 
            605,704
 
            602,473
 
            471,276
     
                               
 
Common shares outstanding
           38,459,635
 
       38,517,542
 
       38,519,170
 
       38,449,812
 
       29,298,188
     
                               
Tangible book value
 $                 16.51
 
 $             16.27
 
 $             15.72
 
 $             15.67
 
 $             16.09
     
                               
Tangible equity to tangible assets:
                       
 
Total shareholders' equity
 $          1,122,132
 
 $      1,115,742
 
 $      1,094,653
 
 $      1,091,384
 
 $         788,190
     
 
Less:  goodwill and other intangible assets, net of def. tax liability
              (487,270)
 
          (488,893)
 
          (488,949)
 
          (488,911)
 
          (316,914)
     
 
Tangible equity
                634,862
 
            626,849
 
            605,704
 
            602,473
 
            471,276
     
                               
 
Total assets
             8,470,298
 
         8,452,430
 
         8,375,419
 
         8,233,279
 
         6,296,565
     
 
Less:  goodwill and other intangible assets, net of def. tax liability
              (487,270)
 
          (488,893)
 
          (488,949)
 
          (488,911)
 
          (316,914)
     
 
Tangible assets
 $          7,983,028
 
 $      7,963,537
 
 $      7,886,470
 
 $      7,744,368
 
 $      5,979,651
     
                               
Tangible equity to tangible assets
7.95%
 
7.87%
 
7.68%
 
7.78%
 
7.88%
     
 
 
 

The following information was filed by Wesbanco Inc (WSBC) on Tuesday, January 26, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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