NEWS FOR IMMEDIATE RELEASE                                                                                                                

January 24, 2017                                                                                                                For Further Information Contact:

John Iannone
Vice President, Investor Relations
(304) 905-7021
NASDAQ Symbol: WSBC
Website: www.wesbanco.com


WesBanco Announces Fourth Quarter and Full Year 2016 Net Income

(Wheeling, WV)… Todd F. Clossin, President and Chief Executive Officer of WesBanco, Inc. (NASDAQ: WSBC), a multi-state bank holding company based in Wheeling, WV, today announced net income and related earnings per share for the three and twelve months ended December 31, 2016.  Net income for 2016 was $86.6 million or $2.16 per diluted share compared to $80.8 million or $2.15 per diluted share for 2015.  Net income for the three months ended December 31, 2016 was $24.2 million, while diluted earnings per share were $0.55, compared to $23.0 million or $0.60 per diluted share for the fourth quarter of 2015.  Excluding after-tax merger-related expenses (non-GAAP measure) for 2016, net income increased 8.3% to $95.3 million compared to $88.0 million for 2015, while diluted earnings per share totaled $2.37, compared to $2.34 per share for 2015.  Excluding after-tax merger-related expenses (non-GAAP measure), net income for the three months ended December 31, 2016 was $26.0 million, while diluted earnings per share were $0.59, compared to $23.0 million or $0.60 per diluted share for the fourth quarter of 2015.
 
 
For the Three Months Ended December 31,
  For the Three Months Ended December 31,  
   
2016
 
2015
 
2016
 
2015
(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)
 $   25,963
 
 $     0.59
 
 $   23,033
 
 $     0.60
 
 $   95,254
 
 $     2.37
 
 $   87,965
 
 $     2.34
Less: After tax merger-related expenses
(1,745)
 
      (0.04)
 
            (31)
 
           -
 
(8,619)
 
      (0.21)
 
       (7,203)
 
      (0.19)
Net income (GAAP)
 $   24,218
 
 $     0.55
 
 $   23,002
 
 $     0.60
 
 $   86,635
 
 $     2.16
 
 $   80,762
 
 $     2.15
(1) Non-GAAP net income excludes after-tax merger related expenses.  Non-GAAP measures are defined on page 11 under "Non-GAAP Financial Measures."

Financial results for Your Community Bankshares, Inc. ("YCB") were included in WesBanco's results after September 9, 2016, the date of the consummation of the merger.  The merger, which was announced on May 3, 2016, was approved by all appropriate regulatory agencies and the shareholders of YCB before the end of August, permitting the transaction to be closed in slightly over four months. YCB, with approximately $1.5 billion of assets, was headquartered in New Albany, IN and operated through 34 financial centers in Indiana and Kentucky.  The YCB merger meshes well with WesBanco's strategic growth plans and contiguous market expansion, and expands the WesBanco franchise into new attractive growth markets.  WesBanco now has $9.8 billion in total assets and provides banking services through 174 branch locations in five states.  WesBanco's results also include ESB Financial Corporation's ("ESB") results from February 10, 2015, the date of consummation of that merger.

"I am pleased to report that we successfully converted Your Community Bank with the integration and branding of our products, services, systems, and processes," said Mr. Clossin.  "We remain excited about the opportunities our newest markets in Indiana and Kentucky provide, and are encouraged by the enthusiasm of our newest employees."

Mr. Clossin added, "2016 was another successful year for WesBanco.  We have strong market share in our legacy markets, including several major metropolitan areas across five states.  We continue to manage operating expenses diligently as evidenced by our year-to-date efficiency ratio of 56.7%.  Lastly, our strong risk and compliance framework, coupled with our diversification and balanced growth, helped us to once again be named one of America's Best Banks during 2017 by a leading financial magazine. We are excited about our opportunities for the upcoming year, and look forward to a continuation of our stated strategies as we provide additional value to our customers and shareholders."
 
Financial Condition

Total assets at December 31, 2016 increased $1.3 billion or 15.6% compared to December 31, 2015 due to the acquisition of YCB.   Management remains focused on controlling overall growth, primarily through control of the securities portfolio, in order to manage the financial impact of crossing $10 billion in assets. Portfolio loans increased $1.2 billion or 23.4% over the last twelve months with $1.0 billion from the YCB acquisition and $171.9 million, or 3.4% from organic loan growth. Expanded market areas and additional     
  
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commercial personnel in our core markets provided the organic loan growth, which occurred primarily in commercial real estate, commercial and industrial and home equity lending categories, and was achieved through $2.0 billion in loan originations in 2016, partially offset by certain large commercial real estate payoffs.  Total business loan originations were up approximately 26.7% compared to 2015.  The re-mix in average earning assets continued as securities as a percentage of total assets were reduced from 28.6% at December 31, 2015 to 23.7% at December 31, 2016, while loans have increased as a percentage of total assets to 63.8%.Total deposits increased $974.6 million or 16.1% during the last twelve months, reflecting $1.2 billion from the YCB acquisition and our stated balance sheet strategy.  Total organic deposits, excluding CDs, increased 2.3%, driven by 10.8% organic growth in interest bearing and non-interest bearing demand deposits.  Reflecting customer preferences, total demand deposits, as of December 31, 2016, now represent 47.4% of total deposits, an increase from 40.6% a year ago.

WesBanco continues to maintain strong regulatory capital ratios after the YCB acquisition and implementation of the BASEL III capital standards.  At December 31, 2016, Tier I leverage was 9.81%, Tier I Risk-Based capital was 13.16%, Total Risk-Based capital was 14.18% and the Common Equity Tier 1 capital ratio ("CET 1"), was 11.28%.  Both consolidated and bank-level regulatory capital ratios are well above the applicable "well-capitalized" standards promulgated by bank regulators and the BASEL III capital standards. Total tangible equity to tangible assets (non-GAAP measure) was 8.20% at December 31, 2016, increasing from 7.95% at December 31, 2015, which reflects the acquisition of YCB and lower accumulated other comprehensive income.  Strong earnings and increased total capital have enabled WesBanco to increase the quarterly dividend rate, currently at $0.24 per share, nine times over the last six years, cumulatively representing a 71% increase.  The most recent increase was $0.01 per share per quarter in the first quarter of 2016.

Credit Quality

While the provision for credit losses increased by 1.5% in 2016, primarily due to loan growth, credit metrics continued to improve.  The provision for credit losses increased to $8.5 million in 2016, compared to $8.4 million in 2015. Net charge-offs as a percentage of average portfolio loans of 0.12% in 2016 decreased from 0.23% in 2015.

Non-performing loans (including TDRs), criticized and classified loans all improved as a percentage of total portfolio loans from December 31 2015. Total non-performing loans were 0.63% of total loans at December 31, 2016, decreasing from 0.89% of total loans at the end of 2015. Criticized and classified loans were 1.20% of total loans, improving from 1.57% at December 31, 2015. Past due loans at December 31, 2016 were 0.32% of total loans, minimally higher than the 0.28% at December 31, 2015, primarily due to higher delinquencies on the YCB acquired portfolio due to the administrative transition.

The allowance for loan losses represented 0.70% of total portfolio loans at December 31, 2016 compared to 0.82% as of December 31, 2015.  If the acquired YCB and ESB loans (recorded at fair value at the date of acquisition of $1,713.1 million) were excluded from the ratio, the allowance would approximate 0.96% of the adjusted loan total at December 31, 2016 compared to 1.09% prior to the ESB acquisition.

Net Interest Income

The net interest margin increased by 10 basis points to 3.42% in the fourth quarter of 2016 compared to the third quarter of 2016 as a result of higher yielding assets acquired through the acquisition. The increased yield on assets in the fourth quarter of 2016 of 15 basis points more than offset an 8 basis point increase in the cost of interest bearing liabilities as compared to fourth quarter of 2015. Net interest income increased $11.1 million or 18.3% in fourth quarter of 2016 compared to fourth quarter of 2015 due to a 25.2% increase in average loan balances resulting in a 14.4% increase in average earning assets, partially due to a 10 basis point increase in the net interest margin.  The increase in average loan balances in 2016 was due to a combination of the acquisition and the 3.4% organic loan growth highlighted by 6.2% of commercial loan growth.

The year-over-year net interest margin decreased to 3.32% in 2016 compared to 3.41% in 2015. This decrease in the net interest margin is primarily due to 10 basis points of increased funding costs and an asset yield decline of 2 basis points.  Total average loan rates decreased by 9 basis points year-over-year due to repricing of existing loans at lower spreads, competitive pricing on new loans and the extended low interest rate environment.  The funding cost increase of 10 basis points in 2016, compared to 2015, is primarily due to an increase in the percentage of borrowings, primarily FHLB, to 19.8% of interest bearing liabilities from 14.3% in 2015, as well as a 27 basis point increase in the average total cost of these borrowings year-over-year. Average interest bearing deposits in 2016 increased 1.1%, as increases in interest bearing demand and savings accounts more than offset declines in CDs and money market accounts.  During the last few quarters, the net interest margin has been relatively stable, ranging from 3.29% to 3.42% with improvements in the most recent quarter.

Non-Interest Income

For 2016, non-interest income increased $7.0 million or 9.4% compared to 2015.  Service charges on deposits increased $1.6 million or 9.5% and electronic banking fees increased $1.2 million or 8.6% through a larger customer deposit base from the addition of YCB.  Net securities gains increased $1.4 million in 2016 compared to 2015, primarily due to increased calls of agency notes.  Net securities

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brokerage revenue decreased $1.2 million or 16.2% primarily as a result of our strategy to retain deposits. Other income increased $4.2 million due to a $2.7 million increase of commercial customer loan swap fee and market value related income and improvement in various other income categories.brokerage revenue decreased $1.2 million or 16.2% primarily as a result of
 
Non-Interest Expense

The following comments on non-interest expense exclude merger-related expenses in both years.  Non-interest expense in 2016 grew $12.6 million or 6.9%, compared to 2015.  With net revenue growth of 7.5% in 2016, this positive operating leverage helped to improve the efficiency ratio in 2016 to 56.7% from 57.1% in 2015.  For 2016, salaries and wages increased $6.9 million or 9.0% due to increased compensation expense related to an 18.1% increase in full-time equivalent employees, primarily late in the third quarter of 2016 from the YCB acquisition, and routine annual adjustments to compensation. Employee benefits expense increased $1.1 million, or 3.9%, primarily from increased deferred compensation type expenses. Increases in net occupancy and equipment were also primarily from costs related to the additional branches from the YCB acquisition. At the end of the fourth quarter, a portion of the intended post conversion cost savings were beginning to be experienced through branch and system conversions.

Financial Results Conference Call

WesBanco will also host a conference call to discuss the Company's financial results for the fourth quarter of 2016 at 10:00 a.m. ET on Wednesday, January 25, 2017.  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, 855-669-9657 for Canadian callers, 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.

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 10098820. The replay will begin at approximately 12:00 p.m. ET on January 25, and end at 12 a.m. ET on February 8. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.wesbanco.com).

Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a multi-state, bank holding company with total assets of approximately $9.8 billion (as of December 31, 2016). WesBanco is a diversified and well-balanced financial services institution, with a community bank at its core, built upon a strong legacy of credit and risk management. WesBanco has meaningful market share across its key geographies maintained by its commitment to dedicated customer service and solid fee-based businesses. It also provides wealth management services through a century-old trust and wealth management business, with more than $3 billion of assets under management, and serves as registered investment advisor to a proprietary mutual fund family, the WesMark Funds.  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 174 financial centers in the states of Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia. In addition, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.
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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, 2015 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, 2016, 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 5
(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
2016
 
2015
 
% Change
 
2016
 
2015
 
% Change
 
Loans, including fees
 $             66,135
 
 $           52,080
 
               27.0
 
 $       226,993
 
 $         203,993
 
                  11.3
 
Interest and dividends on securities:
                     
   
Taxable
                  9,359
 
              10,522
 
              (11.1)
 
             38,490
 
              39,314
 
                   (2.1)
   
Tax-exempt
                  4,770
 
                4,644
 
                 2.7
 
             18,390
 
              16,764
 
                    9.7
     
Total interest and dividends on securities
                14,129
 
              15,166
 
                (6.8)
 
             56,880
 
              56,078
 
                    1.4
 
Other interest income
                      555
 
                   414
 
               34.1
 
               2,224
 
                1,641
 
                  35.5
          Total interest and dividend income
                80,819
 
              67,660
 
               19.4
 
          286,097
 
            261,712
 
                    9.3
Interest expense
                     
 
Interest bearing demand deposits
                      975
 
                   518
 
               88.2
 
               2,817
 
                1,943
 
                  45.0
 
Money market deposits
                      510
 
                   484
 
                 5.4
 
               1,860
 
                1,914
 
                   (2.8)
 
Savings deposits
                      194
 
                   165
 
               17.6
 
                  696
 
                   640
 
                    8.8
 
Certificates of deposit
                  2,585
 
                2,630
 
                (1.7)
 
             10,419
 
              11,033
 
                   (5.6)
     
Total interest expense on deposits
                  4,264
 
                3,797
 
               12.3
 
             15,792
 
              15,530
 
                    1.7
 
Federal Home Loan Bank borrowings
                  2,881
 
                2,353
 
               22.4
 
             11,985
 
                5,510
 
                117.5
 
Other short-term borrowings
                      179
 
                   116
 
               54.3
 
                  478
 
                   370
 
                  29.2
 
Subordinated debt and junior subordinated debt
                  1,807
 
                   774
 
             133.5
 
               4,512
 
                3,315
 
                  36.1
     
Total interest expense
                  9,131
 
                7,040
 
               29.7
 
             32,767
 
              24,725
 
                  32.5
Net interest income
                71,688
 
              60,620
 
               18.3
 
          253,330
 
            236,987
 
                    6.9
 
Provision for credit losses
                  2,128
 
                2,585
 
              (17.7)
 
               8,478
 
                8,353
 
                    1.5
Net interest income after provision for credit losses
                69,560
 
              58,035
 
               19.9
 
          244,852
 
            228,634
 
                    7.1
Non-interest income
                     
 
Trust fees
5,470
 
5,244
 
                 4.3
 
21,630
 
21,900
 
                   (1.2)
 
Service charges on deposits
5,474
 
4,401
 
               24.4
 
18,333
 
16,743
 
                    9.5
 
Electronic banking fees
4,268
 
3,691
 
               15.6
 
15,596
 
14,361
 
                    8.6
 
Net securities brokerage revenue
1,330
 
1,795
 
              (25.9)
 
6,449
 
7,692
 
                 (16.2)
 
Bank-owned life insurance
1,154
 
1,598
 
              (27.8)
 
4,064
 
4,863
 
                 (16.4)
 
Net gains on sales of mortgage loans
484
 
612
 
              (20.9)
 
2,529
 
2,071
 
                  22.1
 
Net securities gains
                        63
 
                   880
 
              (92.8)
 
2,357
 
948
 
                148.6
 
Net gain on other real estate owned and other assets
383
 
189
 
             102.6
 
790
 
356
 
                121.9
 
Other income
                  2,794
 
1,616
 
               72.9
 
               9,751
 
5,532
 
                  76.3
     
Total non-interest income
21,420
 
20,026
 
                 7.0
 
81,499
 
74,466
 
                    9.4
Non-interest expense
                     
 
Salaries and wages
24,145
 
19,872
 
               21.5
 
84,281
 
77,340
 
                    9.0
 
Employee benefits
7,267
 
6,745
 
                 7.7
 
27,952
 
26,896
 
                    3.9
 
Net occupancy
4,272
 
3,336
 
               28.1
 
14,664
 
13,635
 
                    7.5
 
Equipment
4,234
 
3,506
 
               20.8
 
14,543
 
13,194
 
                  10.2
 
Marketing
1,515
 
1,425
 
                 6.3
 
5,391
 
5,646
 
                   (4.5)
 
FDIC insurance
764
 
1,093
 
              (30.1)
 
3,990
 
4,107
 
                   (2.8)
 
Amortization of intangible assets
1,334
 
811
 
               64.5
 
3,598
 
3,136
 
                  14.7
 
Restructuring and merger-related expense
                  2,684
 
                     48
 
          5,491.7
 
             13,261
 
              11,082
 
                  19.7
 
Other operating expenses
                12,083
 
10,058
 
               20.1
 
             41,000
 
38,887
 
                    5.4
     
Total non-interest expense
58,298
 
46,894
 
               24.3
 
208,680
 
193,923
 
                    7.6
Income before provision for income taxes
                32,682
 
              31,167
 
                 4.9
 
          117,671
 
            109,177
 
                    7.8
 
Provision for income taxes
                  8,464
 
                8,165
 
                 3.7
 
             31,036
 
              28,415
 
                    9.2
Net Income
 $             24,218
 
 $           23,002
 
                 5.3
 
 $         86,635
 
 $           80,762
 
                    7.3
                             
Taxable equivalent net interest income
 $            74,256
 
 $         63,121
 
               17.6
 
 $      263,232
 
 $      246,014
 
                    7.0
                             
Per common share data
                     
Net income per common share - basic
 $                 0.55
 
 $               0.60
 
                (8.3)
 
 $              2.16
 
 $               2.15
 
                    0.5
Net income per common share - diluted
                     0.55
 
                  0.60
 
                (8.3)
 
                 2.16
 
                  2.15
 
                    0.5
Dividends declared
                     0.24
 
                  0.23
 
                 4.3
 
                 0.96
 
                  0.92
 
                    4.3
Book value (period end)
           
               30.53
 
                29.18
 
                    4.6
Tangible book value (period end) (1)
           
               17.19
 
                16.51
 
                    4.1
Average common shares outstanding - basic
43,887,781
 
38,507,772
 
               14.0
 
40,100,320
 
37,488,331
 
                    7.0
Average common shares outstanding - diluted
43,935,815
 
       38,538,771
 
               14.0
 
40,127,076
 
       37,547,127
 
                    6.9
Period end common shares outstanding
        43,931,715
 
       38,459,635
 
               14.2
 
     43,931,715
 
       38,459,635
 
                  14.2
                             
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
       
 
WESBANCO, INC.
               
 
             
Consolidated Selected Financial Highlights
                         
Page 6
(unaudited, dollars in thousands)
                             
                                   
Selected ratios
                                 
           
For the Year Ended
             
           
December 31,
             
           
2016
 
2015
 
% Change
             
                                   
Return on average assets
                 0.97
%
                 0.99
%
               (2.02)
%
           
Return on average equity
                 7.13
 
                 7.62
 
               (6.43)
             
Return on average tangible equity (1)
12.73
 
13.41
 
               (5.07)
             
Yield on earning assets (2)
                 3.73
 
                 3.75
 
               (0.53)
             
Cost of interest bearing liabilities
   
                 0.53
 
                 0.43
 
               23.26
             
Net interest spread (2)
       
                 3.20
 
                 3.32
 
               (3.61)
             
Net interest margin (2)
       
                 3.32
 
                 3.41
 
               (2.64)
             
Efficiency (1) (2)
         
               56.69
 
               57.05
 
               (0.63)
             
Average loans to average deposits
   
               85.79
 
               78.53
 
                 9.24
             
Annualized net loan charge-offs/average loans
                 0.12
 
                 0.23
 
             (47.83)
             
Effective income tax rate
     
               26.38
 
               26.03
 
                 1.34
             
                                   
                                                
                                 
           
For the Quarter Ended 
     
           
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
 
Dec. 31,
     
           
2016
 
2016
 
2016
 
2016
 
2015
     
                                   
Return on average assets
       
0.98
%
0.79
%
1.05
%
1.08
%
1.07
%
   
Return on average equity
       
7.12
 
5.71
 
7.69
 
8.07
 
8.11
     
Return on average tangible equity (1)
     
13.01
 
10.02
 
13.55
 
14.40
 
14.68
     
Yield on earning assets (2)
     
3.84
 
3.73
 
3.71
 
3.70
 
3.69
     
Cost of interest bearing liabilities
     
0.55
 
0.53
 
0.53
 
0.52
 
0.47
     
Net interest spread (2)
       
3.29
 
3.20
 
3.18
 
3.18
 
3.22
     
Net interest margin (2)
       
3.42
 
3.32
 
3.30
 
3.29
 
3.32
     
Efficiency (1) (2)
         
58.13
 
55.81
 
57.04
 
55.52
 
56.34
     
Average loans to average deposits
     
87.63
 
87.26
 
84.99
 
83.22
 
80.66
     
Annualized net loan charge-offs/average loans
0.08
 
0.20
 
0.08
 
0.12
 
0.20
     
Effective income tax rate
       
25.90
 
24.94
 
26.78
 
27.54
 
26.20
     
Trust assets, market value at period end
   
 $     3,723,142
 
 $     3,694,405
 
 $     3,660,736
 
 $     3,623,532
 
 $     3,625,411
     
                                   
(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 7
(unaudited, dollars in thousands, except shares)
           
                % Change
Balance sheets
December 31,
   
September  30,
September 30, 2016
Assets
 
2016
 
2015
 
% Change
2016
to December 31, 2016
Cash and due from banks
 $        106,257
 
 $        75,707
 
         40.4
 $            106,430
                            (0.2)
Due from banks - interest bearing
             21,913
 
           10,978
 
         99.6
                   9,702
                          125.9
Securities:
             
 
Trading securities, at fair value
               7,071
 
             6,451
 
           9.6
                   7,070
                              0.0
 
Available-for-sale, at fair value
        1,241,176
 
      1,403,069
 
        (11.5)
            1,302,029
                            (4.7)
 
Held-to-maturity (fair values of $1,076,790; $1,038,207 and $1,089,227, respectively)
        1,067,967
 
      1,012,930
 
           5.4
            1,049,093
                              1.8
   
Total securities
        2,316,214
 
      2,422,450
 
          (4.4)
            2,358,192
                            (1.8)
Loans held for sale
             17,315
 
             7,899
 
       119.2
                 20,231
                          (14.4)
Portfolio loans:
             
 
Commercial real estate
        2,873,511
 
      2,256,381
 
         27.4
            2,826,634
                              1.7
 
Commercial and industrial
        1,088,118
 
         737,878
 
         47.5
            1,097,788
                            (0.9)
 
Residential real estate
        1,383,390
 
      1,247,800
 
         10.9
            1,395,886
                            (0.9)
 
Home equity
           508,359
 
         416,889
 
         21.9
               505,369
                              0.6
 
Consumer
           396,058
 
         406,894
 
          (2.7)
               411,175
                            (3.7)
Total portfolio loans, net of unearned income
        6,249,436
 
      5,065,842
 
         23.4
            6,236,852
                              0.2
Allowance for loan losses
            (43,674)
 
         (41,710)
 
          (4.7)
               (42,755)
                            (2.1)
   
Net portfolio loans
        6,205,762
 
      5,024,132
 
         23.5
            6,194,097
                              0.2
Premises and equipment, net
           133,297
 
         112,203
 
         18.8
               138,731
                            (3.9)
Accrued interest receivable
             28,299
 
           25,759
 
           9.9
                 29,964
                            (5.6)
Goodwill and other intangible assets, net
           593,187
 
         490,888
 
         20.8
               591,866
                              0.2
Bank-owned life insurance
           188,145
 
         150,980
 
         24.6
               186,993
                              0.6
Other assets
           180,488
 
         149,302
 
         20.9
               176,178
                              2.4
Total Assets
 $    9,790,877
 
 $ 8,470,298
 
         15.6
 $       9,812,384
                            (0.2)
                     
Liabilities
             
Deposits:
               
 
Non-interest bearing demand
 $     1,789,522
 
 $   1,311,455
 
         36.5
 $         1,697,476
                              5.4
 
Interest bearing demand
        1,546,890
 
      1,152,071
 
         34.3
            1,618,514
                            (4.4)
 
Money market
           995,477
 
         967,561
 
           2.9
            1,016,300
                            (2.0)
 
Savings deposits
        1,213,168
 
      1,077,374
 
         12.6
            1,228,509
                            (1.2)
 
Certificates of deposit
        1,495,822
 
      1,557,838
 
          (4.0)
            1,573,712
                            (4.9)
   
Total deposits
        7,040,879
 
      6,066,299
 
         16.1
            7,134,511
                            (1.3)
Federal Home Loan Bank borrowings
           968,946
 
      1,041,750
 
          (7.0)
               950,847
                              1.9
Other short-term borrowings
           199,376
 
           81,356
 
       145.1
               132,497
                            50.5
Subordinated debt and junior subordinated debt
           163,598
 
         106,196
 
         54.1
               163,364
                              0.1
   
Total borrowings
        1,331,920
 
      1,229,302
 
           8.3
            1,246,708
                              6.8
Accrued interest payable
               2,204
 
             1,715
 
         28.5
                   2,898
                          (23.9)
Other liabilities
             74,466
 
           50,850
 
         46.4
                 81,116
                            (8.2)
Total Liabilities
        8,449,469
 
      7,348,166
 
         15.0
            8,465,233
                            (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 shares authorized in
             
 
2016 and 2015, respectively; 43,931,715;  38,546,042 and 43,860,883 shares
             
 
issued, respectively; 43,931,715; 38,459,635 and 43,860,883 shares outstanding, respectively
             91,524
 
           80,304
 
         14.0
                 91,377
                              0.2
               
Capital surplus
           680,507
 
         516,294
 
         31.8
               678,007
                              0.4
Retained earnings
           597,071
 
         549,921
 
           8.6
               583,392
                              2.3
Treasury stock ( 0; 86,407 and 0 shares - at cost, respectively)
                     -
 
           (2,640)
 
       100.0
                        -
                          100.0
Accumulated other comprehensive loss
            (27,126)
 
         (20,954)
 
        (29.5)
                 (5,062)
                        (435.9)
Deferred benefits for directors
                 (568)
 
              (793)
 
         28.4
                    (563)
                            (0.9)
Total Shareholders' Equity
        1,341,408
 
      1,122,132
 
         19.5
            1,347,151
                            (0.4)
Total Liabilities and Shareholders' Equity
 $    9,790,877
 
 $ 8,470,298
 
         15.6
 $       9,812,384
                            (0.2)
 
 
WESBANCO, INC.
                               
Consolidated Selected Financial Highlights
                           
Page 8
(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,
         
2016
   
2015
   
2016
   
2015
 
         
Average
Average
   
Average
Average
   
Average
Average
 
Average
Average
 
Assets
       
Balance
Rate
   
Balance
Rate
   
Balance
Rate
   
Balance
Rate
 
Due from banks - interest bearing
 
 $          16,365
           0.66
%
 
 $          11,647
           0.21
 %
 
 $               27,193
       0.53
 %
 $         15,467
           0.17
%
Loans, net of unearned income (1)
 
        6,258,754
           4.20
   
        4,999,259
           4.13
   
             5,513,277
       4.12
   
       4,840,637
           4.21
 
Securities: (2)
                                 
    Taxable
       
1,612,145
           2.32
   
1,861,808
           2.26
   
1,677,128
       2.29
   
1,757,288
           2.24
 
    Tax-exempt (3)
 
713,545
           4.11
   
645,737
           4.43
   
667,066
       4.24
   
568,671
           4.54
 
        Total securities
 
2,325,690
           2.87
   
2,507,545
           2.82
   
2,344,194
       2.85
   
2,325,959
           2.80
 
Other earning assets
 
             45,886
           4.60
   
             39,902
           4.09
   
                  45,704
       4.55
   
            28,721
           5.61
 
         Total earning assets (3)
 
        8,646,695
           3.84
%
 
        7,558,353
           3.69
 %
 
             7,930,368
       3.73
 %
       7,210,784
           3.75
%
Other assets
     
1,141,248
     
934,223
     
1,009,518
     
913,197
   
Total Assets
     
 $    9,787,943
     
 $    8,492,576
     
 $         8,939,886
     
 $   8,123,981
   
                                       
Liabilities and Shareholders' Equity
                               
Interest bearing demand deposits
 
 $     1,579,115
           0.25
%
 
 $     1,192,502
           0.17
 %
 
 $          1,340,001
       0.21
 %
 $    1,143,965
           0.17
%
Money market accounts
 
1,018,287
           0.20
   
997,850
           0.19
   
961,847
       0.19
   
1,003,980
           0.19
 
Savings deposits
 
1,224,744
           0.06
   
1,068,401
           0.06
   
1,134,755
       0.06
   
1,044,079
           0.06
 
Certificates of deposit
 
1,538,837
           0.67
   
1,624,024
           0.64
   
1,514,767
       0.69
   
1,704,871
           0.65
 
    Total interest bearing deposits
 
5,360,983
           0.32
   
        4,882,777
           0.31
   
4,951,370
       0.32
   
       4,896,895
           0.32
 
Federal Home Loan Bank borrowings
 
929,939
           1.23
   
           881,471
           1.06
   
995,644
       1.20
   
          591,506
           0.93
 
Other borrowings
 
136,403
           0.52
   
119,821
           0.38
   
105,735
       0.45
   
109,165
           0.34
 
Subordinated debt and junior subordinated debt
 
163,478
           4.40
   
           106,196
           2.89
   
124,318
       3.63
   
          115,088
           2.88
 
      Total interest bearing liabilities
 
6,590,803
           0.55
%
 
5,990,265
           0.47
 %
 
6,177,067
       0.53
 %
5,712,654
           0.43
%
Non-interest bearing demand deposits
 
1,780,870
     
1,315,363
     
1,474,883
     
1,267,158
   
Other liabilities
 
63,457
     
62,189
     
72,048
     
84,679
   
Shareholders' equity
 
1,352,813
     
1,124,759
     
1,215,888
     
1,059,490
   
Total Liabilities and Shareholders' Equity
 
 $    9,787,943
     
 $    8,492,576
     
 $         8,939,886
     
 $   8,123,981
   
Taxable equivalent net interest spread
   
           3.29
%
   
           3.22
 %
   
       3.20
 %
 
           3.32
%
Taxable equivalent net interest margin
   
           3.42
%
   
           3.32
 %
   
       3.32
 %
 
           3.41
%
                                       
(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 $0.2 million and $0.8 million for the three months ended December 31, 2016 and 2015, respectively, and  $2.8
       million and $1.5 million for the twelve months ended December 31, 2016 and 2015, respectively. Additionally, loan accretion included in interest income on loans
       acquired from prior acquisitions was $2.0 million and $0.9 million for the three months ended December 31, 2016 and 2015, respectively, and $4.4 million and $3.9
       million for the twelve months ended December 31, 2016 and 2015, respectively, while accretion on  interest bearing liabilities acquired from the prior acquisitions was
      $0.6 million for both the three months ended December 31,2016 and 2015, and $1.8 million and $3.4 million for the twelve months ended December 31,2016 and 2015,
      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 9
(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
2016
 
2016
 
2016
 
2016
 
2015
 
Loans, including fees
 $    66,135
 
 $                55,822
 
 $              52,697
 
 $                52,338
 
 $              52,080
 
Interest and dividends on securities:
                 
   
Taxable
                  9,359
 
                       9,137
 
                    9,775
 
                      10,217
 
                   10,522
   
Tax-exempt
                  4,770
 
                      4,559
 
                    4,540
 
                       4,521
 
                    4,644
     
Total interest and dividends on securities
                  14,129
 
                     13,696
 
                    14,315
 
                     14,738
 
                    15,166
 
Other interest income
                     555
 
                          574
 
                        573
 
                          525
 
                         414
          Total interest and dividend income
                 80,819
 
                    70,092
 
                  67,585
 
                     67,601
 
                  67,660
Interest expense
                 
 
Interest bearing demand deposits
                     975
 
                           691
 
                        643
 
                          507
 
                         518
 
Money market deposits
                      510
 
                          444
 
                        450
 
                          456
 
                        484
 
Savings deposits
                      194
 
                           173
 
                         165
 
                           165
 
                         165
 
Certificates of deposit
                  2,585
 
                      2,592
 
                    2,583
 
                      2,659
 
                    2,630
     
Total interest expense on deposits
                  4,264
 
                      3,900
 
                     3,841
 
                      3,787
 
                    3,797
 
Federal Home Loan Bank borrowings
                   2,881
 
                      3,005
 
                     3,031
 
                      3,068
 
                    2,353
 
Other short-term borrowings
                     179
 
                            118
 
                          99
 
                            82
 
                          116
 
Subordinated debt and junior subordinated debt
                   1,807
 
                       1,043
 
                        840
 
                          822
 
                        774
     
Total interest expense
                    9,131
 
                      8,066
 
                      7,811
 
                      7,759
 
                    7,040
Net interest income
                 71,688
 
                    62,026
 
                  59,774
 
                    59,842
 
                  60,620
 
Provision for credit losses
                   2,128
 
                       2,214
 
                       1,811
 
                      2,324
 
                    2,585
Net interest income after provision for credit losses
                69,560
 
                     59,812
 
                  57,963
 
                     57,518
 
                  58,035
Non-interest income
                 
 
Trust fees
5,470
 
5,413
 
5,036
 
5,711
 
5,244
 
Service charges on deposits
5,474
 
4,733
 
4,176
 
3,952
 
4,401
 
Electronic banking fees
4,268
 
3,945
 
3,742
 
3,604
 
3,691
 
Net securities brokerage revenue
1,330
 
1,473
 
1,750
 
1,896
 
1,795
 
Bank-owned life insurance
1,154
 
995
 
942
 
973
 
1,598
 
Net gains on sales of mortgage loans
484
 
814
 
683
 
548
 
612
 
Net securities gains
63
 
598
 
585
 
1,111
 
880
 
Net gain / (loss) on other real estate owned and other assets
383
 
184
 
214
 
(18)
 
189
 
Other income
2,794
 
2,862
 
2,463
 
1,616
 
1,616
     
Total non-interest income
21,420
 
21,017
 
19,591
 
19,393
 
20,026
Non-interest expense
                 
 
Salaries and wages
24,145
 
21,225
 
19,731
 
19,180
 
19,872
 
Employee benefits
7,267
 
6,275
 
7,332
 
7,077
 
6,745
 
Net occupancy
4,272
 
3,647
 
3,220
 
3,591
 
3,336
 
Equipment
4,234
 
3,557
 
3,402
 
3,428
 
3,506
 
Marketing
1,515
 
1,295
 
1,608
 
973
 
1,425
 
FDIC insurance
764
 
961
 
1,099
 
1,166
 
1,093
 
Amortization of intangible assets
1,334
 
837
 
697
 
730
 
811
 
Restructuring and merger-related expense
2,684
 
                      9,883
 
                        694
 
                              -
 
                          48
 
Other operating expenses
12,083
 
9,921
 
9,577
 
9,198
 
10,058
     
Total non-interest expense
58,298
 
57,601
 
47,360
 
45,343
 
46,894
Income before provision for income taxes
                32,682
 
                    23,228
 
                   30,194
 
                     31,568
 
                    31,167
 
Provision for income taxes
                  8,464
 
                      5,793
 
                    8,085
 
                      8,694
 
                     8,165
Net Income
 $              24,218
 
 $                 17,435
 
 $               22,109
 
 $                22,874
 
 $              23,002
                         
Taxable equivalent net interest income
 $             74,256
 
 $              64,481
 
 $            62,219
 
 $             62,276
 
 $             63,121
                         
Per common share data
                 
Net income per common share - basic
 $                 0.55
 
 $                     0.44
 
 $                   0.58
 
 $                     0.60
 
 $                   0.60
Net income per common share - diluted
 $                 0.55
 
 $                     0.44
 
 $                   0.58
 
 $                     0.60
 
 $                   0.60
Dividends declared
 $                 0.24
 
 $                     0.24
 
 $                   0.24
 
$                     0.24
 
 $                   0.23
Book value (period end)
 $               30.53
 
 $                   30.71
 
 $                 30.31
 
 $                   29.87
 
 $                 29.18
Tangible book value (period end) (1)
 $               17.19
 
 $                   17.38
 
 $                 17.64
 
 $                   17.17
 
 $                 16.51
Average common shares outstanding - basic
         43,887,781
 
             39,715,516
  
           38,373,610
 
            38,386,983
 
           38,507,772
Average common shares outstanding - diluted
         43,935,815
 
             39,743,291
 
           38,410,393
 
            38,402,316
 
           38,538,771
Period end common shares outstanding
         43,931,715
 
             43,860,883
 
           38,411,343
 
            38,362,534
 
           38,459,635
Full time equivalent employees
                   1,928
 
                     1,936
 
                   1,650
 
                     1,624
 
                    1,633
                         
                         
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
     
 
WESBANCO, INC.
                     
Consolidated Selected Financial Highlights
               
 Page 10
 
(unaudited, dollars in thousands)
                     
       
Quarter Ended
 
       
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
 
Dec. 31,
 
Asset quality data
 
2016
 
2016
 
2016
 
2016
 
2015
 
Non-performing assets:
                     
 
Troubled debt restructurings - accruing
 $           7,646
 
 $           8,605
 
 $           8,979
 
 $           9,550
 
 $         11,548
 
 
Non-accrual loans:
                     
   
Troubled debt restructurings
 
              3,546
 
              3,759
 
              4,121
 
              4,517
 
              4,617
 
   
Other non-accrual loans
 
            28,238
 
            26,897
 
            28,334
 
            29,343
 
            28,764
 
   
    Total non-accrual loans
 
            31,784
 
            30,656
 
            32,455
 
            33,860
 
            33,381
 
   
    Total non-performing loans
 
            39,430
 
            39,261
 
            41,434
 
            43,410
 
            44,929
 
 
Other real estate and repossessed assets
              8,346
 
              9,794
 
              4,481
 
              5,329
 
              5,825
 
   
Total non-performing assets
 
 $         47,776
 
 $         49,055
 
 $         45,915
 
 $         48,739
 
 $         50,754
 
                           
Past due loans (1):
                     
 
Loans past due 30-89 days
 
 $         16,029
 
 $         17,569
 
 $         10,392
 
 $         11,888
 
 $         11,005
 
 
Loans past due 90 days or more
 
              3,739
 
              2,392
 
              2,263
 
              4,186
 
              3,126
 
   
Total past due loans
 
 $         19,768
 
 $         19,961
 
 $         12,655
 
 $         16,074
 
 $         14,131
 
                           
Criticized and classified loans (2):
                     
 
Criticized loans
 
 $         24,778
 
 $         35,468
 
 $         26,543
 
 $         31,410
 
 $         26,298
 
 
Classified loans
 
            49,965
 
            52,909
 
            52,789
 
            53,182
 
            53,408
 
   
Total criticized and classified loans
 $         74,743
 
 $         88,377
 
 $         79,332
 
 $         84,592
 
 $         79,706
 
                           
Loans past due 30-89 days / total portfolio loans
                0.26
%
                0.28
%
                0.20
%
                0.23
%
                0.22
%
Loans past due 90 days or more / total portfolio loans
                0.06
 
                0.04
 
                0.04
 
                0.08
 
                0.06
 
Non-performing loans / total portfolio loans
                0.63
 
                0.63
 
                0.80
 
                0.85
 
                0.89
 
Non-performing assets/total portfolio loans, other
                   
 
real estate and repossessed assets
 
                0.76
 
                0.79
 
                0.89
 
                0.95
 
                1.00
 
Non-performing assets / total assets
 
                0.49
 
                0.50
 
                0.55
 
                0.57
 
                0.60
 
Criticized and classified loans / total portfolio loans
                1.20
 
                1.42
 
                1.53
 
                1.65
 
                1.57
 
                           
Allowance for loan losses
                     
Allowance for loan losses
 
 $         43,674
 
 $         42,755
 
 $         43,328
 
 $         42,525
 
 $         41,710
 
Provision for credit losses
 
              2,128
 
              2,214
 
              1,811
 
              2,324
 
              2,585
 
Net loan and deposit account overdraft charge-offs
              1,213
 
              2,798
 
              1,013
 
              1,532
 
              2,516
 
                           
Annualized net loan charge-offs /average loans
                0.08
 %
                0.20
 %
                0.08
 %
                0.12
 %
                0.20
 %
Allowance for loan losses / total portfolio loans
                0.70
 %
                0.69
 %
                0.84
 %
                0.83
 %
                0.82
 %
Allowance for loan losses / non-performing loans
                1.11
x
                1.09
x
                1.05
x
                0.98
x
                0.93
x
Allowance for loan losses / non-performing loans and
                   
 
loans past due
 
                0.74
x
                0.72
x
                0.80
x
                0.71
x
                0.71
x
                           
                           
       
Quarter Ended
 
       
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
 
Dec. 31,
 
       
2016
 
2016
 
2016
 
2016
 
2015
 
Capital ratios
                     
Tier I leverage capital
 
                9.81
%
              10.90
%
                9.71
%
                9.46
%
                9.38
%
Tier I risk-based capital
 
              13.16
 
              12.95
 
              13.62
 
              13.30
 
              13.35
 
Total risk-based capital
 
              14.18
 
              13.95
 
              14.40
 
              14.06
 
              14.11
 
Common equity tier 1 capital ratio (CET 1)
              11.28
 
              11.07
 
              11.88
 
              11.58
 
              11.66
 
Average shareholders' equity to average assets
              13.82
 
              13.91
 
              13.60
 
              13.32
 
              13.24
 
Tangible equity to tangible assets (3)
 
                8.20
 
                8.26
 
                8.56
 
                8.15
 
                7.95
 
                           
                           
(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 11
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)
2016
 
2016
 
2016
 
2016
 
2015
 
2016
2015
Return on average tangible equity:
                       
 
Net income (annualized)
 $               96,344
 
 $           69,361
 
 $           88,922
 
 $           91,999
 
 $           91,258
 
 $       86,635
 $        80,762
 
Plus: amortization of intangibles (annualized) (1)
                    3,451
 
                2,164
 
                1,822
 
                1,908
 
                2,091
 
            2,339
             2,038
 
Net income before amortization of intangibles (annualized)
                  99,795
 
              71,525
 
              90,744
 
              93,907
 
              93,349
 
          88,974
           82,800
                             
 
Average total shareholders' equity
             1,352,813
 
         1,214,813
 
         1,156,923
 
         1,139,514
 
         1,124,759
 
     1,215,888
      1,059,490
 
Less: average goodwill and other intangibles, net of def. tax liability
              (585,529)
 
          (500,752)
 
          (487,085)
 
          (487,210)
 
          (488,677)
 
      (516,840)
       (442,215)
 
Average tangible equity
 $             767,284
 
 $         714,061
 
 $         669,838
 
 $         652,304
 
 $         636,082
 
 $     699,048
 $      617,275
                             
Return on average tangible equity
13.01%
 
10.02%
 
13.55%
 
14.40%
 
14.68%
 
12.73%
13.41%
                             
Efficiency ratio:
                       
 
Non-interest expense
 $               58,298
 
 $           57,601
 
 $           47,360
 
 $           45,343
 
 $           46,894
 
 $     208,680
 $      193,923
 
Less: restructuring and merger-related expense
                  (2,684)
 
              (9,883)
 
                 (694)
 
                      -
 
                   (48)
 
        (13,261)
         (11,082)
 
Non-interest expense excluding restructuring and merger-related expense
                  55,614
 
              47,718
 
              46,666
 
              45,343
 
              46,846
 
        195,419
         182,841
                             
 
Net interest income on a fully taxable equivalent basis
                  74,256
 
              64,481
 
              62,219
 
              62,276
 
              63,121
 
        263,232
         246,014
 
Non-interest income
                  21,420
 
              21,017
 
              19,591
 
              19,393
 
              20,026
 
          81,499
           74,466
 
Net interest income on a fully taxable equivalent basis plus non-interest income
 $               95,676
 
 $           85,498
 
 $           81,810
 
 $           81,669
 
 $           83,147
 
 $     344,731
 $      320,480
 
Efficiency Ratio
58.13%
 
55.81%
 
57.04%
 
55.52%
 
56.34%
 
56.69%
57.05%
                             
Net Income, excluding after-tax merger-related expenses:
                 
 
Net income
 $               24,218
 
 $           17,435
 
 $           22,109
 
 $           22,874
 
 $           23,002
 
 $       86,635
 $        80,762
 
Add: After-tax merger-related expenses (1)
                    1,745
 
                6,424
 
                   451
 
                      -
 
                     31
 
            8,619
             7,203
Net income, excluding after-tax merger-related expenses
 $               25,963
 
 $           23,859
 
 $           22,560
 
 $           22,874
 
 $           23,033
 
 $       95,254
 $        87,965
                             
Net Income, excluding after-tax merger-related expenses per diluted share:
         
 
Net income per diluted share
 $                   0.55
 
 $               0.44
 
 $               0.58
 
 $               0.60
 
 $               0.60
 
 $           2.16
 $            2.15
 
Add: After-tax merger-related expenses per diluted share (1)
                      0.04
 
                  0.16
 
                  0.01
 
                      -
 
                      -
 
              0.21
               0.19
Net income, excluding after-tax merger-related expenses per diluted share
 $                   0.59
 
 $               0.60
 
 $               0.59
 
 $               0.60
 
 $               0.60
 
 $           2.37
 $            2.34
                             
                             
       Period End      
     
Dec. 31,
 
Sept. 30,
June 30,
 
Mar. 31,
 
Dec. 31,
     
     
2016
 
2016
2016
 
2016
 
2015
     
Tangible book value:
                       
 
Total shareholders' equity
 $          1,341,408
 
 $      1,347,151
 
 $      1,164,420
 
 $      1,145,910
 
 $      1,122,132
     
 
Less:  goodwill and other intangible assets, net of def. tax liability
              (586,403)
 
          (584,690)
 
          (486,913)
 
          (487,267)
 
          (487,270)
     
 
Tangible equity
                755,005
 
            762,461
 
            677,507
 
            658,643
 
            634,862
     
                             
 
Common shares outstanding
           43,931,715
 
       43,860,883
 
       38,411,343
 
       38,362,534
 
       38,459,635
     
                             
Tangible book value
 $                 17.19
 
 $             17.38
 
 $             17.64
 
 $             17.17
 
 $             16.51
     
                             
Tangible equity to tangible assets:
                       
 
Total shareholders' equity
 $          1,341,408
 
 $      1,347,151
 
 $      1,674,420
 
 $      1,145,910
 
 $      1,122,132
     
 
Less:  goodwill and other intangible assets, net of def. tax liability
              (586,403)
 
          (584,690)
 
          (486,913)
 
          (497,267)
 
          (487,270)
     
 
Tangible equity
                755,005
 
            762,461
 
            677,507
 
            658,643
 
            634,862
     
                             
 
Total assets
             9,790,877
 
         9,812,384
 
         8,397,424
 
         8,569,381
 
         8,470,298
     
 
Less:  goodwill and other intangible assets, net of def. tax liability
              (586,403)
 
          (584,690)
 
          (486,913)
 
          (487,267)
 
          (487,270)
     
 
Tangible assets
 $          9,204,474
 
 $      9,227,694
 
 $      7,910,511
 
 $      8,082,114
 
 $      7,983,028
     
                             
Tangible equity to tangible assets
8.20%
 
8.26%
 
8.56%
 
8.15%
 
7.95%
     

The following information was filed by Wesbanco Inc (WSBC) on Tuesday, January 24, 2017 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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