Company Contact
         
John Iannone
         
Vice President, Investor Relations
         
WesBanco, Inc.
         
304-905-7021
 
WesBanco Announces First Quarter 2019 Net Income

Wheeling, WV, April 16, 2019 – WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended March 31, 2019.  Net income for the three months ended March 31, 2019 was $40.3 million, with diluted earnings per share of $0.74, compared to $33.5 million and $0.76 per diluted share, respectively, for the first quarter of 2018.  Net income excluding after-tax merger-related expenses for the three months ended March 31, 2019, increased 26.9% year-over-year to $42.8 million, or $0.78 per diluted share as compared to $0.76 per diluted share in the prior year quarter, an increase of 2.6% (non-GAAP measure).

 
For the Three Months Ended March 31,
 
2019
 
2018
 
(unaudited, dollars in thousands,
except per share amounts)
Net Income
 
Diluted Earnings
Per Share
   Net Income  
 Diluted Earnings
Per Share
 
Net income (Non-GAAP)(1)
 $   42,791
 
 $     0.78
 
 $   33,722
 
 $     0.76
 
Less: After tax merger-related expenses
       (2,454)
 
      (0.04)
 
          (193)
 
           -
 
Net income (GAAP)
 $   40,337
 
 $     0.74
 
 $   33,529
 
 $     0.76
 
(1) See non-GAAP financial measures for additional information relating to the calculation of these items.
 
On April 5, 2018, WesBanco consummated the merger with First Sentry Bancshares, Inc. ("FTSB"), a bank holding company headquartered in Huntington, WV with $0.7 billion in assets, excluding goodwill.  In addition, on August 20, 2018, WesBanco consummated the merger with Farmers Capital Bank Corporation ("FFKT"), a bank holding company headquartered in Frankfort, KY with approximately $1.6 billion in assets, excluding goodwill.  Financial results for both FTSB and FFKT have been included in WesBanco's results from their respective merger consummation dates.

Financial and operational highlights:
·
Completed the data systems and signage conversion of FFKT, and consolidated six financial centers during the first quarter
·
Strong core returns on average assets and tangible equity of 1.39% and 16.56%, respectively (non-GAAP measures)
·
Sequential and year-over-year improvement in the net interest margin reflects the benefits of the FFKT acquisition and our core deposit funding advantage
·
Continued solid expense management demonstrated by a relatively stable efficiency ratio of 55.89% (non-GAAP measure)
·
Continued strength across key credit quality metrics, including non-performing assets, past due loans, provision for credit losses, and net loan charge-offs
·
Quarterly cash dividend increased 6.9%, or two cents, to $0.31 per share
·
Named to Forbes magazine's inaugural ranking of the World's Best Banks, which was based on customer satisfaction and consumer feedback, earning the #7 ranking in the United States

"We are pleased with WesBanco's performance during the first quarter of 2019 as we successfully completed the integration of Farmers Capital," said Todd F. Clossin, President and Chief Executive Officer of WesBanco.  "We continue to diligently adhere to our core strategies, which have served us well, to ensure a strong organization for our shareholders, customers, and employees.  We remain well-positioned for continued success, and are excited about our growth opportunities for the upcoming year."

Mr. Clossin added, "I am extremely proud that WesBanco has been named one of the ten best banks in America by our customers, as we earned solid scores across the survey, including very high scores for 'general satisfaction', 'trust', and 'customer services'.  WesBanco prides itself on delivering large bank capabilities with a community bank feel, as our customer-centric service culture is focused on building long-term customer relationships."

Balance Sheet
Portfolio loans of $7.7 billion, as of March 31, 2019, increased 21.3% when compared to the prior year period due to the acquisitions of FTSB and FFKT.  Reflecting continued stabilization across loan categories, total portfolio loans were flat when compared to the fourth quarter of 2018.

Total deposits increased 23.4% year-over-year to $8.9 billion due to the FTSB and FFKT acquisitions and organic growth from the strength of our legacy footprint.  Reflecting this core strength, total organic growth in non-interest bearing demand deposits was 4.8%.

Credit Quality
Our underlying credit fundamentals continue to be reflective of our strong legacy of credit and risk management.  During the first quarter of 2019, our credit quality ratios remained strong as we balanced disciplined loan origination in the current environment with our prudent lending standards.  Most credit quality measures have been at or near historic lows over the last several periods and, as such, variability from quarter to quarter may occur.

As of March 31, 2019, non-performing loans and non-performing assets decreased year-over-year on both an absolute dollar basis and as a percentage of the portfolio.  Criticized and classified loan balances increased during the first quarter of 2019 to $109.3 million, or 1.42% of total portfolio loans, as part of our normal loan grade review process post-acquisition and in conjunction with two downgraded relationships in our legacy portfolio.  The downgraded loans were from different industries, and no trends were evident.

Reflecting the overall high quality of the loan portfolio, the provision for credit losses held steady on an absolute dollar basis and as a percentage of the total loan portfolio.  Annualized net loan charge-offs to average loans were flat at seven basis points year-over-year.

Net Interest Margin and Income
The net interest margin for the first quarter of 2019 increased 30 basis points year-over-year to 3.68%.  The net interest margin benefited from increases in the Federal Reserve Board's target federal funds rate during 2018 and the higher margin on the acquired FFKT net assets, partially offset by higher funding costs as well as a flattening of the yield curve.  The increase in the cost of interest bearing liabilities was primarily due to higher rates for interest bearing public funds, higher tier money market accounts, and Federal Home Loan Bank and other borrowings.  Further, reflecting the benefit of our legacy deposit footprint, the year-to-date deposit beta on the three federal funds rate increases since the year ago quarter was 24%, or only 16% when including the strong growth in non-interest bearing deposits.  Lastly, accretion from acquisitions benefited the first quarter net interest margin by approximately 19 basis points, as compared to 6 basis points in the prior year period, and 23 basis points in the fourth quarter of last year.  Approximately three basis points of accretion in the first quarter was the result of a payoff of a prior acquisition's impaired loan.

Net interest income increased $25.1 million, or 34.2%, during the first quarter of 2019, as compared to the same quarter of 2018, due to a 23.0% increase in average total earning assets, primarily driven by the FTSB and FFKT acquisitions and related accretion from purchase accounting, as well as an overall higher net interest margin.

Non-Interest Income
For the first quarter of 2019, non-interest income of $27.8 million increased $3.8 million, or 15.8%, from the first quarter of 2018, driven mostly by the FTSB and FFKT acquisitions.  The associated larger customer deposit base and higher transaction volumes resulted in the year-over-year increases in electronic banking fees and service charges on deposits.  Trust fees increased year-over-year primarily due to the higher trust assets from the addition of FFKT's trust business and organic growth.  Other income increased $1.0 million primarily due to an increase in payment processing fee income.  BOLI income decreased year-over-year due to mortality-related proceeds in the prior year period.

Non-Interest Expense
Total operating expenses continued to be well controlled during the first quarter of 2019, despite the inclusion of FFKT's operating expenses.  The FFKT cost savings of 35% announced in April 2018 remain on track for 75% of the anticipated savings to be achieved during 2019, and 100% thereafter.  Focused expense savings began shortly after the February branch and data processing conversions.  Excluding merger-related expenses, non-interest expense increased $17.0 million, or 31.3%, compared to the prior year period, reflecting the two acquisitions.  This year-over-year increase is primarily due to higher salaries and wages, employee benefits, net occupancy, and equipment costs associated with additional staffing and financial center locations from the two acquisitions, as well as intangibles amortization.  The employee benefits increase was impacted by a $0.6 million market adjustment in the deferred compensation plan obligation, which is mostly offset in net securities gains, and $0.7 million in higher seasonal payroll taxes, as well as higher health care and pension costs.  FDIC insurance expense increased $0.7 million, or 105.6%, year-over-year due to now being assessed as a large bank with more than $10 billion in total assets.

Provision for Income Taxes
During the first quarter, the effective tax rate was 18.01%, compared to 17.28% last year, while the provision for income taxes increased $1.9 million to $8.9 million due to higher year-over-year pre-tax income.

Capital
WesBanco continues to maintain strong regulatory capital ratios as 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.  At March 31, 2019, Tier I leverage was 10.98%, Tier I Risk-Based capital was 15.31%, Total Risk-Based capital was 16.22%, and the Common Equity Tier 1 capital ratio ("CET 1") was 13.47%.  Tangible common equity also remained strong, increasing to 9.57% at period-end from 8.46% as of March 31, 2018.  Record earnings achieved during 2018, strong regulatory capital and liquidity positions, and solid execution on well-defined long-term operational and growth strategies enabled WesBanco to increase the quarterly cash dividend by 6.9%, or two cents, to $0.31 per share during February 2019.  This was the twelfth increase during the last nine years, representing a cumulative increase of 121%.

Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2019 at 3:00 p.m. ET on Wednesday, April 17, 2019.  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 10126867.  The replay will begin at approximately 5:00 p.m. ET on April 17, and end at 12 a.m. ET on May 1.  An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.wesbanco.com).

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, 2018 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC"), 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; cyber-security breaches; 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.

About WesBanco, Inc.
Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a multi-state, bank holding company with total assets of approximately $12.6 billion (as of March 31, 2019).  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 approximately $4.5 billion of assets under management (as of March 31, 2019), and serves as registered investment advisor to a proprietary mutual fund family, the WesMark Funds.  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 203 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.
 
WESBANCO, INC.
         
Consolidated Selected Financial Highlights
       
Page 4
(unaudited, dollars in thousands, except shares and per share amounts)
                 
       
For the Three Months Ended 
STATEMENT OF INCOME
March 31,  
Interest and dividend income
2019
 
2018
 
% Change
 
Loans, including fees
 $             95,502
 
 $               69,237
 
                      37.9
 
Interest and dividends on securities:
         
   
Taxable
                16,733
 
                  11,543
 
                      45.0
   
Tax-exempt
                  5,541
 
                    4,834
 
                      14.6
     
Total interest and dividends on securities
                22,274
 
                  16,377
 
                      36.0
 
Other interest income
                  1,277
 
                       803
 
                      59.0
          Total interest and dividend income
              119,053
 
                  86,417
 
                      37.8
Interest expense
         
 
Interest bearing demand deposits
                  3,946
 
                    2,524
 
                      56.3
 
Money market deposits
                  1,899
 
                       878
 
                    116.3
 
Savings deposits
                      522
 
                       189
 
                    176.2
 
Certificates of deposit
                  3,903
 
                    2,536
 
                      53.9
     
Total interest expense on deposits
                10,270
 
                    6,127
 
                      67.6
 
Federal Home Loan Bank borrowings
                  6,337
 
                    4,498
 
                      40.9
 
Other short-term borrowings
                  1,556
 
                       558
 
                    178.9
 
Subordinated debt and junior subordinated debt
                  2,529
 
                    1,942
 
                      30.2
     
Total interest expense
                20,692
 
                  13,125
 
                      57.7
Net interest income
                98,361
 
                  73,292
 
                      34.2
 
Provision for credit losses
                  2,507
 
                    2,168
 
                      15.6
Net interest income after provision for credit losses
                95,854
 
                  71,124
 
                      34.8
Non-interest income
         
 
Trust fees
7,115
 
6,503
 
                        9.4
 
Service charges on deposits
6,549
 
4,822
 
                      35.8
 
Electronic banking fees
5,892
 
4,829
 
                      22.0
 
Net securities brokerage revenue
1,860
 
1,670
 
                      11.4
 
Bank-owned life insurance
1,319
 
2,756
 
                    (52.1)
 
Mortgage banking income
1,056
 
1,004
 
                        5.2
 
Net securities gains/(losses)
657
 
(39)
 
                 1,784.6
 
Net gain on other real estate owned and other assets
136
 
262
 
                    (48.1)
 
Other income
                  3,189
 
2,173
 
                      46.8
     
Total non-interest income
27,773
 
23,980
 
                      15.8
Non-interest expense
         
 
Salaries and wages
30,940
 
25,006
 
                      23.7
 
Employee benefits
9,989
 
6,912
 
                      44.5
 
Net occupancy
5,566
 
4,656
 
                      19.5
 
Equipment
4,833
 
3,949
 
                      22.4
 
Marketing
1,243
 
1,116
 
                      11.4
 
FDIC insurance
1,353
 
658
 
                    105.6
 
Amortization of intangible assets
2,514
 
1,086
 
                    131.5
 
Restructuring and merger-related expense
                  3,107
 
                       245
 
                 1,168.2
 
Other operating expenses
                14,887
 
10,943
 
                      36.0
     
Total non-interest expense
74,432
 
54,571
 
                      36.4
Income before provision for income taxes
                49,195
 
                  40,533
 
                      21.4
 
Provision for income taxes
                  8,858
 
                    7,004
 
                      26.5
Net Income
 $             40,337
 
 $               33,529
 
                      20.3
                 
Taxable equivalent net interest income
 $            99,834
 
 $            74,577
 
                      33.9
                 
Per common share data
         
Net income per common share - basic
 $                 0.74
 
 $                   0.76
 
                      (2.6)
Net income per common share - diluted
                     0.74
 
                      0.76
 
                      (2.6)
Net income per common share - diluted, excluding certain items (1)(2)
                     0.78
 
                      0.76
 
                        2.6
Dividends declared
                     0.31
 
                      0.29
 
                        6.9
Book value (period end)
                  37.05
 
                    31.68
 
                      17.0
Tangible book value (period end) (1)
                  20.49
 
                    18.56
 
                      10.4
Average common shares outstanding - basic
54,598,499
 
44,050,701
 
                      23.9
Average common shares outstanding - diluted
54,706,337
 
           44,168,242
 
                      23.9
Period end common shares outstanding
54,599,127
 
           44,060,957
 
                      23.9
                 
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
(2) Certain items excluded from the calculation consist of after-tax merger-related expenses.
 
WESBANCO, INC.
                               
Consolidated Selected Financial Highlights
                   
Page 5
(unaudited, dollars in thousands)
                           
Selected ratios
                     
 
For the Three Months Ended
         
 
March 31,
           
 
2019
 
2018
 
% Change
           
                       
Return on average assets
                 1.31
%
                  1.36
%
                (3.68)
%
         
Return on average assets, excluding
                     
    after-tax merger-related expenses
                 1.39
 
                  1.37
 
                  1.46
           
Return on average equity
                 8.17
 
                  9.70
 
               (15.77)
           
Return on average equity, excluding
                     
    after-tax merger-related expenses
                 8.67
 
                  9.76
 
               (11.17)
           
Return on average tangible equity (1)
15.65
 
17.10
 
                (8.48)
           
Return on average tangible equity, excluding
                   
    after-tax merger-related expenses
               16.56
 
                17.20
 
                (3.72)
           
Yield on earning assets (2)
                 4.45
 
                  3.98
 
                11.81
           
Cost of interest bearing liabilities
                 1.06
 
                  0.80
 
                32.50
           
Net interest spread (2)
                 3.39
 
                  3.18
 
                  6.60
           
Net interest margin (2)
                 3.68
 
                  3.38
 
                  8.88
           
Efficiency (1) (2)
               55.89
 
                55.12
 
                  1.40
           
Average loans to average deposits
               87.01
 
                89.26
 
                (2.52)
           
Annualized net loan charge-offs/average loans
                 0.07
 
                  0.07
 
                     -
           
Effective income tax rate
               18.01
 
                17.28
 
                  4.22
           
                       
                       
                       
                       
 
For the Quarter Ended 
   
 
Mar. 31,
 
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
   
 
2019
 
2018
 
2018
 
2018
 
2018
   
                       
Return on average assets
1.31
%
1.39
%
1.10
%
1.22
%
1.36
%
Return on average assets, excluding
                     
    after-tax merger-related expenses
1.39
 
1.42
 
1.39
 
1.38
 
1.37
   
Return on average equity
8.17
 
8.94
 
7.50
 
8.77
 
9.70
   
Return on average equity, excluding
                     
    after-tax merger-related expenses
8.67
 
9.16
 
9.47
 
9.90
 
9.76
   
Return on average tangible equity (1)
15.65
 
17.67
 
14.25
 
15.87
 
17.10
   
Return on average tangible equity, excluding
                   
    after-tax merger-related expenses
16.56
 
18.09
 
17.85
 
17.85
 
17.20
   
Yield on earning assets (2)
4.45
 
4.42
 
4.21
 
4.11
 
3.98
   
Cost of interest bearing liabilities
1.06
 
0.97
 
0.95
 
0.91
 
0.80
   
Net interest spread (2)
3.39
 
3.45
 
3.26
 
3.20
 
3.18
   
Net interest margin (2)
3.68
 
3.72
 
3.50
 
3.43
 
3.38
   
Efficiency (1) (2)
55.89
 
53.62
 
55.55
 
54.28
 
55.12
   
Average loans to average deposits
87.01
 
85.94
 
87.56
 
88.15
 
89.26
   
Annualized net loan charge-offs (recoveries)/average loans
0.07
 
0.14
 
(0.02)
 
0.03
 
0.07
   
Effective income tax rate
18.01
 
19.37
 
16.71
 
18.11
 
17.28
   
Trust assets, market value at period end
 $     4,514,013
 
 $        4,269,961
 
 $        4,743,894
 
 $        4,044,207
 
 $        4,027,358
   
                       
(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
March 31,
   
December 31,
December 31, 2018
Assets
2019
 
2018
 
% Change
2018
to March 31, 2019
Cash and due from banks
 $           159,097
 
 $          91,361
 
          74.1
 $              124,650
                             27.6
Due from banks - interest bearing
             177,797
 
               9,484
 
      1,774.7
                  44,536
                           299.2
Securities:
             
 
Equity securities, at fair value
               11,978
 
             13,986
 
         (14.4)
                  11,737
                               2.1
 
Available-for-sale debt securities, at fair value
           2,145,089
 
         1,728,377
 
          24.1
              2,114,129
                               1.5
 
Held-to-maturity debt securities (fair values of $948,641; $1,005,502
           
 
and $1,020,743, respectively)
             936,484
 
         1,006,042
 
           (6.9)
              1,020,934
                             (8.3)
   
Total securities
           3,093,551
 
         2,748,405
 
          12.6
              3,146,800
                             (1.7)
Loans held for sale
                 8,358
 
             12,962
 
         (35.5)
                    8,994
                             (7.1)
Portfolio loans:
             
 
Commercial real estate
           3,842,408
 
         3,015,226
 
          27.4
              3,853,695
                             (0.3)
 
Commercial and industrial
           1,274,992
 
         1,118,333
 
          14.0
              1,265,460
                               0.8
 
Residential real estate
           1,628,067
 
         1,345,993
 
          21.0
              1,611,607
                               1.0
 
Home equity
             590,462
 
           523,425
 
          12.8
                 599,331
                             (1.5)
 
Consumer
             330,152
 
           319,561
 
            3.3
                 326,188
                               1.2
Total portfolio loans, net of unearned income
           7,666,081
 
         6,322,538
 
          21.3
              7,656,281
                               0.1
Allowance for loan losses
              (48,866)
 
           (46,334)
 
           (5.5)
                 (48,948)
                               0.2
   
Net portfolio loans
           7,617,215
 
         6,276,204
 
          21.4
              7,607,333
                               0.1
Premises and equipment, net
             180,651
 
           128,583
 
          40.5
                 166,925
                               8.2
Accrued interest receivable
               39,662
 
             31,963
 
          24.1
                  38,853
                               2.1
Goodwill and other intangible assets, net
             915,597
 
           588,339
 
          55.6
                 918,850
                             (0.4)
Bank-owned life insurance
             226,636
 
           191,839
 
          18.1
                 225,317
                               0.6
Other assets
             182,844
 
           166,279
 
          10.0
                 176,374
                               3.7
Total Assets
 $    12,601,408
 
 $ 10,245,419
 
          23.0
 $       12,458,632
                              1.1
                   
Liabilities
             
Deposits:
             
 
Non-interest bearing demand
 $        2,511,140
 
 $      1,950,619
 
          28.7
 $           2,441,041
                               2.9
 
Interest bearing demand
           2,159,654
 
         1,768,977
 
          22.1
              2,146,508
                               0.6
 
Money market
           1,148,295
 
           984,429
 
          16.6
              1,142,925
                               0.5
 
Savings deposits
           1,672,967
 
         1,314,632
 
          27.3
              1,645,549
                               1.7
 
Certificates of deposit
           1,424,275
 
         1,207,669
 
          17.9
              1,455,610
                             (2.2)
   
Total deposits
           8,916,331
 
         7,226,326
 
          23.4
              8,831,633
                               1.0
Federal Home Loan Bank borrowings
           1,031,796
 
         1,166,939
 
         (11.6)
              1,054,174
                             (2.1)
Other short-term borrowings
             301,547
 
           207,653
 
          45.2
                 290,522
                               3.8
Subordinated debt and junior subordinated debt
             179,632
 
           164,379
 
            9.3
                 189,842
                             (5.4)
   
Total borrowings
           1,512,975
 
         1,538,971
 
           (1.7)
              1,534,538
                             (1.4)
Accrued interest payable
                 6,030
 
               4,033
 
          49.5
                    4,627
                             30.3
Other liabilities
             142,933
 
             73,063
 
          95.6
                 109,007
                             31.1
Total Liabilities
         10,578,269
 
         8,842,393
 
          19.6
            10,479,805
                               0.9
                   
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
           
   
2019 and 2018, respectively; 54,604,294,  44,060,957 and 54,604,294 shares
       
 
issued, respectively; 54,599,127, 44,060,957 and 54,598,134 shares
             113,758
 
             91,793
 
          23.9
                 113,758
                                -
 
outstanding, respectively
             
Capital surplus
           1,167,761
 
           686,169
 
          70.2
              1,166,701
                               0.1
Retained earnings
             761,002
 
           673,174
 
          13.0
                 737,581
                               3.2
Treasury stock (5,167,  0 and 6,160 shares - at cost, respectively)
                  (229)
 
                   -
 
       (100.0)
                     (274)
                             16.4
Accumulated other comprehensive loss
              (18,098)
 
           (47,076)
 
          61.6
                 (37,871)
                             52.2
Deferred benefits for directors
               (1,055)
 
             (1,034)
 
           (2.0)
                   (1,068)
                               1.2
Total Shareholders' Equity
           2,023,139
 
         1,403,026
 
          44.2
              1,978,827
                               2.2
Total Liabilities and Shareholders' Equity
 $    12,601,408
 
 $ 10,245,419
 
          23.0
 $       12,458,632
                              1.1
 
WESBANCO, INC.
                   
Consolidated Selected Financial Highlights
           
Page 7
(unaudited, dollars in thousands)
                 
Average balance sheet and
           
net interest margin analysis
Three Months Ended March 31,
 
2019
 
2018
 
 
Average
Average
 
Average
Average
 
Assets
Balance
Rate
 
Balance
Rate
 
Due from banks - interest bearing
 $         76,731
        1.70
 %
 $            8,727
            2.06
%
Loans, net of unearned income (1)
               7,659,542
        5.06
 
         6,339,550
            4.43
 
Securities: (2)
           
    Taxable
2,353,856
        2.84
 
1,789,336
            2.58
 
    Tax-exempt (3)
810,702
        3.46
 
717,624
            3.41
 
        Total securities
3,164,558
        3.00
 
2,506,960
            2.82
 
Other earning assets
                   52,114
        7.30
 
             50,388
            6.02
 
         Total earning assets (3)
           10,952,945
        4.45
 %
       8,905,625
            3.98
%
Other assets
1,557,087
   
1,087,739
   
Total Assets
 $    12,510,032
   
 $    9,993,364
   
             
Liabilities and Shareholders' Equity
           
Interest bearing demand deposits
 $        2,129,601
        0.75
 %
 $      1,697,755
            0.60
%
Money market accounts
1,154,563
        0.67
 
1,005,236
            0.35
 
Savings deposits
1,659,751
        0.13
 
1,288,120
            0.06
 
Certificates of deposit
1,438,468
        1.10
 
1,241,228
            0.83
 
    Total interest bearing deposits
6,382,383
        0.65
 
         5,232,339
            0.47
 
Federal Home Loan Bank borrowings
1,053,014
        2.44
 
         1,037,441
            1.76
 
Other borrowings
327,839
        1.92
 
204,833
            1.10
 
Subordinated debt and junior subordinated debt
189,524
        5.41
 
            164,334
            4.79
 
      Total interest bearing liabilities
7,952,760
        1.06
 %
6,638,947
            0.80
%
Non-interest bearing demand deposits
2,420,462
   
1,869,624
   
Other liabilities
134,100
   
83,522
   
Shareholders' equity
2,002,710
   
1,401,271
   
Total Liabilities and Shareholders' Equity
 $    12,510,032
   
 $    9,993,364
   
Taxable equivalent net interest spread
 
        3.39
 %
 
            3.18
%
Taxable equivalent net interest margin
 
        3.68
 %
 
            3.38
%
             
             
(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 $0.6 million for both the three months ended March 31, 2019 and 2018. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $4.9 and $1.2 million for the three months ended March 31, 2019 and 2018, respectively. Accretion on interest bearing liabilities acquired from the prior acquisitions was $0.4 million and $0.2 million for the three months ended March 31, 2019 and 2018, 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 21% for each period presented.
 
WESBANCO, INC.
                 
Consolidated Selected Financial Highlights
               
 Page 8
(unaudited, dollars in thousands, except shares and per share amounts)
               
       
Quarter Ended
Statement of Income
Mar. 31,
 
Dec. 31,
 
Sept.  30,
 
June 30,
 
Mar. 31,
Interest and dividend income
2019
 
2018
 
2018
 
2018
 
2018
 
Loans, including fees
 $                        95,502
 
 $                97,685
 
 $              86,605
 
 $                78,538
 
 $              69,237
 
Interest and dividends on securities:
                 
   
Taxable
                           16,733
 
                   16,196
 
                 14,964
 
                   14,194
 
                 11,543
   
Tax-exempt
                             5,541
 
                     5,562
 
                   5,326
 
                     5,055
 
                   4,834
     
Total interest and dividends on securities
                           22,274
 
                   21,758
 
                 20,290
 
                   19,249
 
                 16,377
 
Other interest income
                             1,277
 
                     1,944
 
                   1,498
 
                     1,101
 
                      803
          Total interest and dividend income
                         119,053
 
                 121,387
 
               108,393
 
                   98,888
 
                 86,417
Interest expense
                 
 
Interest bearing demand deposits
                             3,946
 
                     4,000
 
                   3,501
 
                     3,150
 
                   2,524
 
Money market deposits
                             1,899
 
                     1,683
 
                   1,360
 
                     1,093
 
                      878
 
Savings deposits
                                522
 
                        452
 
                      352
 
                        227
 
                      189
 
Certificates of deposit
                             3,903
 
                     3,662
 
                   3,276
 
                     2,977
 
                   2,536
     
Total interest expense on deposits
                           10,270
 
                     9,797
 
                   8,489
 
                     7,447
 
                   6,127
 
Federal Home Loan Bank borrowings
                             6,337
 
                     6,191
 
                   6,691
 
                     5,953
 
                   4,498
 
Other short-term borrowings
                             1,556
 
                     1,221
 
                      965
 
                        973
 
                      558
 
Subordinated debt and junior subordinated debt
                             2,529
 
                     2,411
 
                   2,315
 
                     2,168
 
                   1,942
     
Total interest expense
                           20,692
 
                   19,620
 
                 18,460
 
                   16,541
 
                 13,125
Net interest income
                           98,361
 
                 101,767
 
                 89,933
 
                   82,347
 
                 73,292
 
Provision for credit losses
                             2,507
 
                     2,854
 
                   1,035
 
                     1,708
 
                   2,168
Net interest income after provision for credit losses
                           95,854
 
                   98,913
 
                 88,898
 
                   80,639
 
                 71,124
Non-interest income
                 
 
Trust fees
7,115
 
6,103
 
6,265
 
5,752
 
6,503
 
Service charges on deposits
6,549
 
7,387
 
6,313
 
5,146
 
4,822
 
Electronic banking fees
5,892
 
6,604
 
6,139
 
5,728
 
4,829
 
Net securities brokerage revenue
1,860
 
1,871
 
1,836
 
1,809
 
1,670
 
Bank-owned life insurance
1,319
 
1,312
 
1,232
 
1,128
 
2,756
 
Mortgage banking income
1,056
 
1,543
 
1,521
 
1,670
 
1,004
 
Net securities gains/(losses)
657
 
(1,303)
 
84
 
358
 
(39)
 
Net gain / (loss) on other real estate owned and other assets
136
 
(117)
 
150
 
229
 
262
 
Other income
3,189
 
3,161
 
2,684
 
1,588
 
2,173
     
Total non-interest income
27,773
 
26,561
 
26,224
 
23,408
 
23,980
Non-interest expense
                 
 
Salaries and wages
30,940
 
32,389
 
30,335
 
26,872
 
25,006
 
Employee benefits
9,989
 
7,298
 
7,905
 
7,965
 
6,912
 
Net occupancy
5,566
 
5,455
 
4,957
 
4,103
 
4,656
 
Equipment
4,833
 
4,667
 
4,488
 
4,095
 
3,949
 
Marketing
1,243
 
1,402
 
1,446
 
1,405
 
1,116
 
FDIC insurance
1,353
 
927
 
789
 
868
 
658
 
Amortization of intangible assets
2,514
 
2,762
 
1,821
 
1,312
 
1,086
 
Restructuring and merger-related expense
3,107
 
1,389
 
10,811
 
                     5,412
 
                      245
 
Other operating expenses
14,887
 
14,701
 
13,568
 
11,511
 
10,943
     
Total non-interest expense
74,432
 
70,990
 
76,120
 
63,543
 
54,571
Income before provision for income taxes
                           49,195
 
                   54,484
 
                 39,002
 
                   40,504
 
                 40,533
 
Provision for income taxes
                             8,858
 
                   10,556
 
                   6,516
 
                     7,335
 
                   7,004
Net Income
 $                        40,337
 
 $                43,928
 
 $              32,486
 
 $                33,169
 
 $              33,529
                         
Taxable equivalent net interest income
 $                       99,834
 
 $              103,246
 
 $             91,348
 
 $               83,691
 
 $             74,577
                         
Per common share data
                 
Net income per common share - basic
 $                            0.74
 
 $                    0.80
 
 $                  0.65
 
 $                    0.71
 
 $                  0.76
Net income per common share - diluted
                               0.74
 
                       0.80
 
                     0.64
 
                       0.71
 
                     0.76
Net income per common share - diluted, excluding certain items (1)(2)
                               0.78
 
                       0.82
 
                     0.81
 
                       0.80
 
                     0.76
Dividends declared
                               0.31
 
                       0.29
 
                     0.29
 
                       0.29
 
                     0.29
Book value (period end)
                             37.05
 
                     36.24
 
                   35.30
 
                     32.68
 
                   31.84
Tangible book value (period end) (1)
                             20.49
 
                     19.63
 
                   18.54
 
                     18.59
 
                   18.56
Average common shares outstanding - basic
54,598,499
 
54,598,142
 
50,277,847
 
46,498,305
 
44,050,701
Average common shares outstanding - diluted
54,706,337
 
54,706,691
 
50,432,112
 
46,639,780
 
44,168,242
Period end common shares outstanding
54,599,127
 
54,598,134
 
54,603,967
 
46,643,250
 
44,060,957
Full time equivalent employees
                             2,329
 
                     2,388
 
                   2,404
 
                     2,040
 
                   1,939
                         
                         
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
(2) Certain items excluded from the calculation consist of after-tax merger-related expenses and the net deferred tax asset revaluation.
 
WESBANCO, INC.
                   
Consolidated Selected Financial Highlights
               
 Page 9
(unaudited, dollars in thousands)
                   
     
Quarter Ended
 
     
Mar. 31,
 
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
 
Asset quality data
2019
 
2018
 
2018
 
2018
 
2018
 
Non-performing assets:
                   
 
Troubled debt restructurings - accruing
 $           5,481
 
 $           5,744
 
 $           6,338
 
 $           6,460
 
 $           6,858
 
 
Non-accrual loans:
                   
   
Troubled debt restructurings
              2,936
 
              2,855
 
              2,036
 
              2,514
 
              2,397
 
   
Other non-accrual loans
            27,291
 
            27,845
 
            29,238
 
            29,467
 
            29,989
 
   
    Total non-accrual loans
            30,227
 
            30,700
 
            31,274
 
            31,981
 
            32,386
 
   
    Total non-performing loans
            35,708
 
            36,444
 
            37,612
 
            38,441
 
            39,244
 
 
Other real estate and repossessed assets
              6,001
 
              7,265
 
              6,877
 
              4,384
 
              4,067
 
   
Total non-performing assets
 $         41,709
 
 $         43,709
 
 $         44,489
 
 $         42,825
 
 $         43,311
 
                         
Past due loans (1):
                   
 
Loans past due 30-89 days
 $         21,433
 
 $         19,569
 
 $         18,016
 
 $         13,357
 
 $         14,536
 
 
Loans past due 90 days or more
              2,740
 
              4,077
 
              2,451
 
              1,881
 
              1,579
 
   
Total past due loans
 $         24,173
 
 $         23,646
 
 $         20,467
 
 $         15,238
 
 $         16,115
 
                         
Criticized and classified loans (2):
                   
 
Criticized loans
 $         69,691
 
 $         51,710
 
 $         46,370
 
 $         34,045
 
 $         33,785
 
 
Classified loans
            39,412
 
            31,244
 
            31,437
 
            38,982
 
            34,566
 
   
Total criticized and classified loans
 $       109,103
 
 $         82,954
 
 $         77,807
 
 $         73,027
 
 $         68,351
 
                         
Loans past due 30-89 days / total portfolio loans
                0.28
%
                0.26
%
                0.23
%
                0.20
%
                0.23
%
Loans past due 90 days or more / total portfolio loans
                0.04
 
                0.05
 
                0.03
 
                0.03
 
                0.02
 
Non-performing loans / total portfolio loans
                0.47
 
                0.48
 
                0.49
 
                0.57
 
                0.62
 
Non-performing assets/total portfolio loans, other
                   
 
real estate and repossessed assets
                0.54
 
                0.57
 
                0.58
 
                0.63
 
                0.68
 
Non-performing assets / total assets
                0.33
 
                0.35
 
                0.35
 
                0.39
 
                0.42
 
Criticized and classified loans / total portfolio loans
                1.42
 
                1.08
 
                1.01
 
                1.08
 
                1.08
 
                         
Allowance for loan losses
                   
Allowance for loan losses
 $         48,866
 
 $         48,948
 
 $         48,902
 
 $         47,638
 
 $         46,334
 
Provision for credit losses
              2,507
 
              2,854
 
              1,035
 
              1,708
 
              2,168
 
Net loan and deposit account overdraft charge-offs
              1,370
 
              2,750
 
               (306)
 
                 425
 
              1,063
 
                         
Annualized net loan charge-offs /average loans
                0.07
%
                0.14
%
              (0.02)
%
                0.02
%
                0.07
%
Allowance for loan losses / total portfolio loans
                0.64
%
                0.64
%
                0.63
%
                0.70
%
                0.73
%
Allowance for loan losses / non-performing loans
                1.37
x
                1.34
x
                1.30
x
                1.24
x
                1.18
x
Allowance for loan losses / non-performing loans and
                   
 
loans past due
 0.82 x  0.81 x 0.84  x  0.89 x  0.84 x
                         
     
Quarter Ended
 
     
Mar. 31,
 
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
 
     
2019
 
2018
 
2018
 
2018
 
2018
 
Capital ratios
                   
Tier I leverage capital
              10.98
%
              10.74
%
              11.22
%
              10.21
%
              10.56
%
Tier I risk-based capital
              15.31
 
              15.09
 
              14.32
 
              14.26
 
              14.31
 
Total risk-based capital
              16.22
 
              15.99
 
              15.20
 
              15.26
 
              15.35
 
Common equity tier 1 capital ratio (CET 1)
              13.47
 
              13.14
 
              12.41
 
              12.38
 
              12.33
 
Average shareholders' equity to average assets
              16.01
 
              15.51
 
              14.65
 
              13.89
 
              14.02
 
Tangible equity to tangible assets (3)
                9.57
 
                9.28
 
                8.66
 
                8.43
 
                8.46
 
                         
                         
(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
                 
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 
   
Mar. 31,
 
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts)
2019
 
2018
 
2018
 
2018
 
2018
Return on average assets, excluding after-tax merger-related expenses:
                 
 
Net income (annualized)
 $             163,589
 
 $         174,280
 
 $         128,886
 
 $         133,039
 
 $         135,979
 
Plus: after-tax merger-related expenses (annualized)  (1)
                    9,954
 
                4,353
 
              33,885
 
              17,150
 
                   784
 
Net income excluding after-tax merger-related expenses (annualized)
                173,543
 
            178,633
 
            162,771
 
            150,189
 
            136,763
                     
 
Average total assets
 $        12,510,032
 
 $    12,565,880
 
 $    11,738,796
 
 $    10,918,731
 
 $      9,993,364
                     
Return on average assets, excluding after-tax merger-related expenses
1.39%
 
1.42%
 
1.39%
 
1.38%
 
1.37%
                     
Return on average equity, excluding after-tax merger-related expenses:
                 
 
Net income (annualized)
 $             163,589
 
 $         174,280
 
 $         128,886
 
 $         133,039
 
 $         135,979
 
Plus: after-tax merger-related expenses (annualized)  (1)
                    9,954
 
                4,353
 
              33,885
 
              17,150
 
                   784
 
Net income excluding after-tax merger-related expenses (annualized)
                173,543
 
            178,633
 
            162,771
 
            150,189
 
            136,763
                     
 
Average total shareholders' equity
             2,002,710
 
         1,949,530
 
         1,719,489
 
         1,517,036
 
         1,401,271
                     
Return on average equity, excluding after-tax merger-related expenses
8.67%
 
9.16%
 
9.47%
 
9.90%
 
9.76%
                     
Return on average tangible equity:
                 
 
Net income (annualized)
 $             163,589
 
 $         174,280
 
 $         128,886
 
 $         133,039
 
 $         135,979
 
Plus: amortization of intangibles (annualized) (1)
                    8,055
 
                8,657
 
                5,707
 
                4,156
 
                3,479
 
Net income before amortization of intangibles (annualized)
                171,644
 
            182,937
 
            134,593
 
            137,195
 
            139,458
                     
 
Average total shareholders' equity
             2,002,710
 
         1,949,530
 
         1,719,489
 
         1,517,036
 
         1,401,271
 
Less: average goodwill and other intangibles, net of def. tax liability
              (906,041)
 
          (914,214)
 
          (775,267)
 
          (652,318)
 
          (585,711)
 
Average tangible equity
 $          1,096,669
 
 $      1,035,316
 
 $         944,222
 
 $         864,718
 
 $         815,560
                     
Return on average tangible equity
15.65%
 
17.67%
 
14.25%
 
15.87%
 
17.10%
                     
Return on average tangible equity, excluding after-tax merger-related expenses:
               
 
Net income (annualized)
 $             163,589
 
 $         174,280
 
 $         128,886
 
 $         133,039
 
 $         135,979
 
Plus: after-tax merger-related expenses (annualized)  (1)
                    9,954
 
                4,353
 
              33,885
 
              17,150
 
                   784
 
Plus: amortization of intangibles (annualized) (1)
                    8,055
 
                8,657
 
                5,707
 
                4,156
 
                3,479
 
Net income before amortization of intangibles and excluding
                 
 
    after-tax merger-related expenses (annualized)
                181,598
 
            187,290
 
            168,478
 
            154,345
 
            140,242
                     
 
Average total shareholders' equity
             2,002,710
 
         1,949,530
 
         1,719,489
 
         1,517,036
 
         1,401,271
 
Less: average goodwill and other intangibles, net of def. tax liability
              (906,041)
 
          (914,214)
 
          (775,267)
 
          (652,318)
 
          (585,711)
 
Average tangible equity
 $          1,096,669
 
 $      1,035,316
 
 $         944,222
 
 $         864,718
 
 $         815,560
                     
Return on average tangible equity, excluding after-tax merger-related expenses
16.56%
 
18.09%
 
17.85%
 
17.85%
 
17.20%
                     
Efficiency ratio:
                 
 
Non-interest expense
 $               74,432
 
 $           70,990
 
 $           76,120
 
 $           63,543
 
 $           54,571
 
Less: restructuring and merger-related expense
                  (3,107)
 
              (1,389)
 
            (10,811)
 
              (5,412)
 
                 (245)
 
Non-interest expense excluding restructuring and merger-related expense
                  71,325
 
              69,601
 
              65,309
 
              58,131
 
              54,326
                     
 
Net interest income on a fully taxable equivalent basis
                  99,834
 
            103,246
 
              91,348
 
              83,691
 
              74,577
 
Non-interest income
                  27,773
 
              26,561
 
              26,224
 
              23,408
 
              23,980
 
Net interest income on a fully taxable equivalent basis plus non-interest income
 $             127,607
 
 $         129,807
 
 $         117,572
 
 $         107,099
 
 $           98,557
 
Efficiency Ratio
55.89%
 
53.62%
 
55.55%
 
54.28%
 
55.12%
                     
Net income, excluding after-tax merger-related expenses:
                 
 
Net income
 $               40,337
 
 $           43,928
 
 $           32,486
 
 $           33,169
 
 $           33,529
 
Add: After-tax merger-related expenses (1)
                    2,454
 
                1,097
 
                8,541
 
                4,276
 
                   193
Net income, excluding after-tax merger-related expenses
 $               42,791
 
 $           45,025
 
 $           41,027
 
 $           37,445
 
 $           33,722
                     
                     
Net Income, excluding after-tax merger-related expenses per diluted share:
               
 
Net income per diluted share
 $                   0.74
 
 $               0.80
 
 $               0.64
 
 $               0.71
 
 $               0.76
 
Add: After-tax merger-related expenses per diluted share (1)
                      0.04
 
                  0.02
 
                  0.17
 
                  0.09
 
                      -
Net income, excluding after-tax merger-related expenses per diluted share
 $                   0.78
 
 $               0.82
 
 $               0.81
 
 $               0.80
 
 $               0.76
                     
                     
   
Period End
   
Mar. 31,
 
Dec. 31,
 
Sept. 30,
 
June 30,
 
Mar. 31,
   
2019
 
2018
 
2018
 
2018
 
2018
Tangible book value per share:
                 
 
Total shareholders' equity
 $          2,023,139
 
 $      1,978,827
 
 $      1,927,269
 
 $      1,524,106
 
 $      1,403,026
 
Less:  goodwill and other intangible assets, net of def. tax liability
              (904,144)
 
          (906,887)
 
          (915,022)
 
          (657,111)
 
          (585,316)
 
Tangible equity
             1,118,995
 
         1,071,940
 
         1,012,247
 
            866,995
 
            817,711
                     
 
Common shares outstanding
           54,599,127
 
       54,598,134
 
       54,603,967
 
       46,643,250
 
       44,060,957
                     
Tangible book value per share
 $                 20.49
 
 $             19.63
 
 $             18.54
 
 $             18.59
 
 $             18.56
                     
Tangible equity to tangible assets:
                 
 
Total shareholders' equity
 $          2,023,139
 
 $      1,978,827
 
 $      1,927,269
 
 $      1,524,106
 
 $      1,403,026
 
Less:  goodwill and other intangible assets, net of def. tax liability
              (904,144)
 
          (906,887)
 
          (915,022)
 
          (657,111)
 
          (585,316)
 
Tangible equity
             1,118,995
 
         1,071,940
 
         1,012,247
 
            866,995
 
            817,711
                     
 
Total assets
           12,601,408
 
       12,458,632
 
       12,599,479
 
       10,946,584
 
       10,245,419
 
Less:  goodwill and other intangible assets, net of def. tax liability
              (904,144)
 
          (906,887)
 
          (915,022)
 
          (657,111)
 
          (585,316)
 
Tangible assets
 $        11,697,264
 
 $    11,551,745
 
 $    11,684,457
 
 $    10,289,473
 
 $      9,660,103
                     
Tangible equity to tangible assets
9.57%
 
9.28%
 
8.66%
 
8.43%
 
8.46%
                     
                     
(1) Tax effected at 21% for all periods presented.     

The following information was filed by Wesbanco Inc (WSBC) on Tuesday, April 16, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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