US Market News
2月前
WesBanco Announces First Quarter 2026 Financial ResultsApril 21, 2026 4:25 PM
PR Newswire (US)
Improved net interest margin 22 basis points year-over-year; advanced organic growth with expansion into South FloridaWHEELING, W.Va., April 21, 2026 /PRNewswire/ -- WesBanco, Inc. ("WesBanco" or "Company") (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, 2026. Net income available to common shareholders for the first quarter of 2026 was $84.4 million, with diluted earnings per share of $0.88, compared to a loss of $11.5 million and $(0.15) per diluted share, respectively, for the first quarter of 2025. The first quarter of 2025 includes the impact of a day one provision for credit losses and other expenses related to the closing of the Premier Financial Corp. ("PFC") acquisition on February 28, 2025.
As noted below, WesBanco reported $0.91 of earnings per diluted share, in the first quarter, as compared to $0.66 in the prior year period, when excluding after-tax restructuring and merger-related expenses and after-tax day one provision for credit losses on acquired loans (non-GAAP measures).
For the Three Months Ended March 31,
2026
2025(unaudited, dollars in thousands,
except per share amounts)
Net Income
Diluted
Earnings
Per Share
Net Income
Diluted
Earnings
Per ShareNet income (loss) available to common shareholders (GAAP)
$ 84,395
$ 0.88
$ (11,523)
$ (0.15)Add: After-tax restructuring and merger-related expenses
2,933
0.03
15,808
0.21Add: After-tax day one provision for credit losses on acquired loans
-
-
46,926
0.60Adjusted net income available to common shareholders (Non-GAAP) (1)
$ 87,328
$ 0.91
$ 51,211
$ 0.66(1) See non-GAAP financial measures for additional information relating to the calculation of these items.
Financial and operational highlights for the quarter ended March 31, 2026:Achieved or exceeded year one financial targets outlined in the PFC acquisition model, including a 1.3% return on average assets, 10.7% CET1 ratio, and tangible book value per share of $22.45 (non-GAAP measures)Advanced organic growth model with commercial banking expansion into high-growth South Florida markets Increased net interest margin 22 basis points year-over-year to 3.57%, driven by lower funding costs and higher earning asset yieldsImproved efficiency ratio nearly 4 percentage points year-over-year to 52.5%, primarily due to expense synergies from the PFC acquisition and the focus on positive operating leverageExecuted next phase of financial center optimization with planned closure of 10 financial centers in May 2026Built record commercial loan pipeline totaling $1.6 billion as of March 31, 2026Increased total deposits 1.8% year-over-year on an organic basis to $21.7 billion; flat compared to the fourth quarterIncreased total loans 2.2% year-over-year as organic growth more than offset higher commercial real estate ("CRE") payoffs of $340 millionCRE payoffs impacted year-over-year loan growth by 1.4%"Our first quarter results demonstrate sound fundamentals and the benefits of our disciplined approach to growth and expense management," said Jeff Jackson, President and Chief Executive Officer, WesBanco. "We continued to drive organic loan and deposit growth, improved our net interest margin and efficiency ratio year-over-year, and exceeded our year one financial targets for the Premier acquisition – underscoring the strength of our operating model and our ability to deliver on strategic commitments. During the quarter, we took additional steps to position the Company for long-term success – expanding our commercial banking presence to high-growth South Florida markets and further optimizing our financial center network to align with customer behavior and drive operating efficiency. We remain focused on disciplined investment and execution to deliver consistent, sustainable value for our shareholders."Balance Sheet
WesBanco's balance sheet, as of March 31, 2026, reflects organic growth and the impact of elevated CRE payoffs. Total assets increased 0.3% year-over-year to $27.5 billion, including total portfolio loans of $19.1 billion and total securities of $4.4 billion. Total portfolio loans increased 2.2% year-over-year due to organic growth of $667 million offset by higher CRE payoffs of $258 million. As anticipated, CRE payoffs continued to remain elevated and totaled approximately $340 million during the first quarter of 2026, consistent with the elevated quarterly levels incurred during the second half of 2025. The commercial loan pipeline has grown 35% since year-end to a record $1.6 billion, as of March 31, 2026, and does not yet include the benefit of the South Florida expansion.Deposits of $21.7 billion increased 1.8% year-over-year due to organic growth that more than offset the decline in higher cost certificates of deposit. On a sequential quarter basis, total deposits were essentially flat. Total demand deposits represented 50% of total deposits, with the non-interest bearing component representing 24%.Credit Quality
As of March 31, 2026, credit quality measures have remained low, from a historical perspective, and favorable to all banks with assets between $20 and $50 billion for at least the last 5 quarters. Criticized and classified loans as a percent of total portfolio loans decreased $49 million, or 24 basis points, from the sequential quarter to 2.91%. Non-performing loans increased $53 million sequentially primarily due to three CRE loans across different markets and property types, none of which were office. Net charge-offs for the first quarter were 0.16% of total loans.The allowance for credit losses to total portfolio loans at March 31, 2026 was 1.10% of total loans, or $210.0 million. The first quarter provision for credit losses was negative primarily due to lower loan balances and higher prepayment speeds. Excluded from the allowance for credit losses and the related coverage ratio is a remaining unaccreted discount on purchased loans from acquisitions representing 1.51% of total portfolio loans.Net Interest Margin and Income
The first quarter margin of 3.57% improved 22 basis points year-over-year through a combination of lower funding costs and higher securities yields but declined 4 basis points sequentially. This decrease resulted from lower net loan growth, as well as modestly higher seasonal deposit contraction in the first two months of the quarter which fully recovered by March 31, 2026. Deposit funding costs of 235 basis points for the first quarter of 2026 decreased 20 basis points from the prior year period. When including non-interest bearing deposits, deposit funding costs for the first quarter were 177 basis points.Net interest income for the first quarter of 2026 was $215.4 million, an increase of $56.9 million, or 35.9% year-over-year, reflecting the impact of the benefits from the PFC acquisition, loan growth, higher securities yields, and lower deposit and FHLB borrowing costs.Non-Interest Income
For the first quarter of 2026, non-interest income of $41.8 million increased $7.2 million, or 20.7%, from the first quarter of 2025 due primarily to the acquisition of PFC on February 28 of last year. Service charges on deposits increased $2.4 million and digital banking fees increased $1.2 million year-over-year due to increased general spending and higher transaction volumes from our larger customer base, as well as organic growth from our treasury management products and services. Reflecting record asset levels, trust fees and net securities brokerage revenue increased $1.7 million and $0.8 million, respectively, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Gross swap fees were $1.2 million in the first quarter, compared to $2.0 million in the prior year period, while fair value adjustments were losses of $0.1 million and $1.0 million, respectively.Non-Interest Expense
Non-interest expense, excluding restructuring and merger-related costs, for the three months ended March 31, 2026 was $143.0 million, a $29.0 million, or 25.5%, increase year-over-year primarily due to the addition of the PFC expense base, which was only in the WesBanco expense base for one month in the prior year period, but were down as compared to the fourth quarter, reflecting expense management. Salaries and wages of $64.0 million and employee benefits expense of $17.6 million increased due to a full quarter of salaries as compared to the prior year. Amortization of intangible assets of $7.2 million increased $2.9 million year-over-year due to the core deposit intangible asset that was created from the acquisition of PFC. Equipment and software of $15.7 million, consistent with the last several quarters, increased $2.6 million due to the acquisition of PFC. Restructuring and merger-related expenses of $3.7 million are primarily related to costs associated with the 10 financial centers that are planned to close during May.Capital
WesBanco continues to maintain what we believe are 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, 2026, Tier I leverage was 9.63%, Tier I risk-based capital ratio was 11.72%, common equity Tier 1 capital ratio ("CET 1") was 10.67%, and total risk-based capital was 14.19%. In addition, the tangible common equity to tangible assets ratio was 8.37%.Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2026 at 9:00 a.m. ET on Wednesday, April 22, 2026. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com. Participants can also listen to the conference call by dialing 888-347-6607, or 1-412-902-4290 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 855-669-9658, or 1-412-317-0088 for international callers, and providing the access code of 4494073. The replay will begin at approximately 11:00 a.m. ET on April 22, 2026, and end at 12 a.m. ET on May 6, 2026. 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, 2025 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, 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 Consumer Financial Protection Bureau, 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.While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those expressed in or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.Statements in this presentation with respect to the benefits of the merger between WesBanco and Premier, the parties' plans, obligations, expectations, and intentions, and the statements with respect to accretion, earn back of tangible book value, tangible book value dilution and internal rate of return, constitute forward-looking statements as defined by federal securities laws. Such statements are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; extended disruption of vital infrastructure; and other factors described in WesBanco's 2025 Annual Report on Form 10-K and documents subsequently filed by WesBanco with the SEC.Non-GAAP Financial Measures
In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses and excluding after-tax day one provision for credit losses on acquired loans; efficiency ratio; return on average assets; and return on average tangible equity. WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.About WesBanco, Inc.
With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our ten-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia, WesBanco has $27.5 billion in total assets, with our Trust and Investment Services holding $7.8 billion of assets under management and securities account values (including annuities) of $2.6 billion through our broker/dealer, as of March 31, 2026. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram.WESBANCO, INC.
Consolidated Selected Financial Highlights
Page 5(unaudited, dollars in thousands, except shares and per share amounts)
For the Three Months EndedStatement of IncomeMarch 31,Interest and dividend income2026
2025
% Change
Loans, including fees$ 280,989
$ 218,409
28.7
Interest and dividends on securities:
Taxable 31,443
22,247
41.3
Tax-exempt4,824
4,529
6.5
Total interest and dividends on securities36,267
26,776
35.4
Other interest income 8,368
8,047
4.0 Total interest and dividend income325,624
253,232
28.6Interest expense
Interest bearing demand deposits29,368
29,377
(0.0)
Money market deposits32,151
21,134
52.1
Savings deposits10,119
7,359
37.5
Certificates of deposit22,591
18,558
21.7
Total interest expense on deposits94,229
76,428
23.3
Federal Home Loan Bank borrowings11,316
13,034
(13.2)
Other short-term borrowings598
1,122
(46.7)
Subordinated debt and junior subordinated debt 4,080
4,129
(1.2)
Total interest expense110,223
94,713
16.4Net interest income 215,401
158,519
35.9
Provision for credit losses(897)
68,883
(101.3)Net interest income after provision for credit losses216,298
89,636
141.3Non-interest income
Trust fees
10,442
8,697
20.1
Service charges on deposits10,961
8,587
27.6
Digital banking income6,599
5,404
22.1
Net swap fee and valuation income1,062
961
10.5
Net securities brokerage revenue3,472
2,701
28.5
Bank-owned life insurance3,811
3,428
11.2
Mortgage banking income919
1,140
(19.4)
Net securities losses(13)
(318)
95.9
Net gains/(losses) on other real estate owned and other assets546
(40)
NM
Other income4,032
4,105
(1.8)
Total non-interest income41,831
34,665
20.7Non-interest expense
Salaries and wages63,964
48,577
31.7
Employee benefits17,611
12,970
35.8
Net occupancy8,529
7,778
9.7
Equipment and software15,678
13,050
20.1
Marketing
1,526
2,382
(35.9)
FDIC insurance 4,784
4,187
14.3
Amortization of intangible assets7,160
4,223
69.5
Restructuring and merger-related expense3,713
20,010
(81.4)
Other operating expenses 23,740
20,789
14.2
Total non-interest expense146,705
133,966
9.5Income / (loss) before provision for income taxes111,424
(9,665)
NM
Provision / (benefit) for income taxes 22,789
(673)
NM Net Income / (loss)88,635
(8,992)
NM Preferred stock dividends4,240
2,531
67.5Net income /(loss) available to common shareholders$ 84,395
$ (11,523)
832.4
Taxable equivalent net interest income$ 216,683
$ 159,723
35.7
Per common share data
Net income /(loss) per common share - basic$ 0.88
$ (0.15)
686.7Net income /(loss) per common share - diluted0.88
(0.15)
686.7Adjusted net income per common share - diluted, excluding certain items (1)(2)0.91
0.66
37.9Dividends declared0.38
0.37
2.7Book value (period end)40.01
38.02
5.2Tangible book value (period end) (1)22.45
20.06
11.9Average common shares outstanding - basic96,103,497
76,830,460
25.1Average common shares outstanding - diluted96,309,352
77,020,592
25.0Period end common shares outstanding96,134,158
95,672,204
0.5Period end preferred shares outstanding230,000
150,000
53.3
(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 restructuring and merger-related expenses and the after-tax day one provision for credit losses on acquired loans.NM = Not Meaningful WESBANCO, INC.
Consolidated Selected Financial Highlights
Page 6(unaudited, dollars in thousands, unless otherwise noted)
Selected ratios
For the Three Months Ended
March 31,
2026
2025
% Change
Return on average assets
1.24%(0.22)%663.64%
Return on average assets, excluding certain items (1)
1.29
0.96
34.38
Return on average equity
8.38
(1.45)
677.93
Return on average equity, excluding certain items (1)
8.67
6.45
34.42
Return on average tangible equity (1)
15.25
(1.74)
976.44
Return on average tangible equity, excluding certain items (1)
15.74
11.61
35.57
Return on average tangible common equity (1)
16.82
(1.89)
989.95
Return on average tangible common equity, excluding certain items (1)
17.37
12.56
38.30
Yield on earning assets (2)
5.38
5.33
0.94
Cost of interest bearing liabilities
2.50
2.78
(10.07)
Net interest spread (2)
2.88
2.55
12.94
Net interest margin (2)
3.57
3.35
6.57
Efficiency (1) (2)
52.54
56.36
(6.78)
Average loans to average deposits
89.05
89.32
(0.30)
Annualized net loan charge-offs/average loans
0.16
0.08
100.00
Effective income tax rate
20.45
(6.96)
393.82
For the Three Months Ended
Mar. 31,
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
2026
2025
2025
2025
2025
Return on average assets
1.24%1.13%1.17%0.81%(0.22)%
Return on average assets, excluding certain items (1)
1.29
1.17
1.30
1.28
0.96
Return on average equity
8.38
7.58
8.25
5.76
(1.45)
Return on average equity, excluding certain items (1)
8.67
7.85
9.16
9.17
6.45
Return on average tangible equity (1)
15.25
13.93
15.86
11.27
(1.74)
Return on average tangible equity, excluding certain items (1)
15.74
14.39
17.48
17.16
11.61
Return on average tangible common equity (1)
16.82
15.87
17.26
12.06
(1.89)
Return on average tangible common equity, excluding certain items (1)
17.37
16.39
19.03
18.36
12.56
Yield on earning assets (2)
5.38
5.51
5.58
5.56
5.33
Cost of interest bearing liabilities
2.50
2.62
2.79
2.69
2.78
Net interest spread (2)
2.88
2.88
2.79
2.87
2.55
Net interest margin (2)
3.57
3.61
3.53
3.59
3.35
Efficiency (1) (2)
52.54
51.62
52.13
52.30
56.36
Average loans to average deposits
89.05
88.78
89.41
89.47
89.32
Annualized net loan charge-offs and recoveries /average loans
0.16
0.06
0.19
0.09
0.08
Effective income tax rate
20.45
20.51
19.10
19.10
(6.96)
Trust and Investment Services assets under management (3)
$ 7,810
$ 7,886
$ 7,688
$ 7,205
$ 6,951
Broker-dealer securities account values (including annuities) (3)
$ 2,574
$ 2,481
$ 2,588
$ 2,554
$ 2,359
(1) Certain items excluded from the calculation can consist of after-tax restructuring and merger-related expenses and the after-tax day one provision for credit losses on acquired
loans. 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.
(3) Represents market value at period end, in millions. WESBANCO, INC.Consolidated Selected Financial Highlights
Page 7(unaudited, dollars in thousands, except shares)
% ChangeBalance sheet
March 31,
December 31,March 31, 2026Assets
2026
2025
% Change2025to Dec. 31, 2025Cash and due from banks
$ 214,453
$ 245,897
(12.8)$ 204,8604.7Due from banks - interest bearing
745,957
845,818
(11.8)751,249(0.7)Securities:
Equity securities, at fair value
30,256
28,217
7.230,809(1.8)
Available-for-sale debt securities, at fair value
3,298,237
3,149,043
4.73,288,3320.3
Held-to-maturity debt securities (fair values of $1,011,303, $1,002,796
and $1,035,957, respectively)
1,120,597
1,143,376
(2.0)1,132,114(1.0)
Allowance for credit losses, held-to-maturity debt securities
(151)
(137)
(10.2)(168)10.1
Net held-to-maturity debt securities
1,120,446
1,143,239
(2.0)1,131,946(1.0)
Total securities
4,448,939
4,320,499
3.04,451,087(0.0)Loans held for sale
59,281
243,281
(75.6)87,454(32.2)Portfolio loans:
Commercial real estate
10,902,275
10,501,846
3.810,938,834(0.3)
Commercial and industrial
2,785,440
2,781,728
0.12,863,893(2.7)
Residential real estate
3,920,209
3,930,667
(0.3)3,938,585(0.5)
Home equity
1,149,878
1,020,929
12.61,129,3941.8
Consumer
324,879
438,578
(25.9)355,726(8.7)Total portfolio loans, net of unearned income
19,082,681
18,673,748
2.219,226,432(0.7)Allowance for credit losses - loans
(210,023)
(233,617)
10.1(218,749)4.0
Net portfolio loans
18,872,658
18,440,131
2.319,007,683(0.7)Premises and equipment, net
251,325
281,493
(10.7)263,240(4.5)Accrued interest receivable
105,288
108,778
(3.2)106,651(1.3)Goodwill and other intangible assets, net
1,716,225
1,754,703
(2.2)1,723,385(0.4)Bank-owned life insurance
560,773
548,601
2.2557,5120.6Other assets
507,556
623,182
(18.6)543,212(6.6)Total Assets
$ 27,482,455
$ 27,412,383
0.3$ 27,696,333(0.8)
Liabilities
Deposits:
Non-interest bearing demand
$ 5,223,034
$ 5,318,619
(1.8)$ 5,376,767(2.9)
Interest bearing demand
5,505,382
5,000,881
10.15,186,8806.1
Money market
4,904,510
4,875,384
0.65,072,039(3.3)
Savings deposits
3,306,044
3,068,618
7.73,157,7824.7
Certificates of deposit
2,729,304
3,028,893
(9.9)2,875,372(5.1)
Total deposits
21,668,274
21,292,395
1.821,668,840(0.0)Federal Home Loan Bank borrowings
975,000
1,476,511
(34.0)1,200,000(18.8)Other short-term borrowings
114,068
147,804
(22.8)110,6793.1Subordinated debt and junior subordinated debt
308,683
360,156
(14.3)308,5290.0
Total borrowings
1,397,751
1,984,471
(29.6)1,619,208(13.7)Accrued interest payable
19,917
26,570
(25.0)19,1504.0Other liabilities
325,905
327,368
(0.4)357,222(8.8)Total Liabilities
23,411,847
23,630,804
(0.9)23,664,420(1.1)
Shareholders' Equity
Preferred stock, no par value; 1,000,000 shares authorized; 0, 150,000 and 0
shares of 6.75% non-cumulative perpetual preferred stock, Series A, liquidation
preference $150.0 million, issued and outstanding, respectively
-
144,484
(100.0)-(100.0)Preferred stock, no par value, 1,000,000 shares authorized; 230,000, 0 and 230,000
shares of 7.375% non-cumulative perpetual preferred stock, Series B, liquidation
preference $230.0 million, issued and outstanding, respectively
224,187
-
100.0224,187-Common stock, $2.0833 par value; 200,000,000, 200,000,000 and 200,000,000
shares authorized; 96,134,158, 95,672,204 and 96,067,559 shares issued;
96,134,158, 95,672,204 and 96,067,559 shares outstanding, respectively
200,276
199,313
0.5200,1370.1Capital surplus
2,495,091
2,485,223
0.42,490,4400.2Retained earnings
1,300,628
1,145,396
13.61,252,7653.8Accumulated other comprehensive loss
(147,195)
(190,710)
22.8(133,320)(10.4)Deferred benefits for directors
(2,379)
(2,127)
(11.8)(2,296)(3.6)Total Shareholders' Equity
4,070,608
3,781,579
7.64,031,9131.0Total Liabilities and Shareholders' Equity
$ 27,482,455
$ 27,412,383
0.3$ 27,696,333(0.8)
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 March 31,
2026
2025
Average Average
Average Average
Assets
BalanceRate
BalanceRate
Due from banks - interest bearing
$ 745,7113.91%
$ 602,7084.73%Loans, net of unearned income (1)
19,188,9065.94
14,720,7496.02
Securities: (2)
Taxable
3,904,1673.27
3,237,3722.79
Tax-exempt (3)
739,4693.35
733,1053.17
Total securities
4,643,6363.28
3,970,4772.86
Other earning assets
62,2747.69
61,3936.69
Total earning assets (3)
24,640,5275.38%
19,355,3275.33%Other assets
2,890,093
2,303,025
Total Assets
$ 27,530,620
$ 21,658,352
Liabilities and Shareholders' Equity
Interest bearing demand deposits
$ 5,327,1782.24%
$ 4,166,0052.86%Money market accounts
4,901,0582.66
3,219,3352.66
Savings deposits
3,237,4531.27
2,605,1451.15
Certificates of deposit
2,827,6553.24
2,185,6623.44
Total interest bearing deposits
16,293,3442.35
12,176,1472.55
Federal Home Loan Bank borrowings
1,155,2783.97
1,168,9814.52
Repurchase agreements
107,3832.26
162,9122.79
Subordinated debt and junior subordinated debt
308,5855.36
305,3095.48
Total interest bearing liabilities (4)
17,864,5902.50%
13,813,3492.78%Non-interest bearing demand deposits
5,255,480
4,303,915
Other liabilities
323,933
322,449
Shareholders' equity
4,086,617
3,218,639
Total Liabilities and Shareholders' Equity
$ 27,530,620
$ 21,658,352
Taxable equivalent net interest spread
2.88%
2.55%Taxable equivalent net interest margin
3.57%
3.35%
(1) Gross of allowance for credit losses, net of unearned income and includes non-accrual and loans held for sale. Loan fees included in interest income on loans were $1.8
million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively. Additionally, loan accretion included in interest income on loans acquired from
prior acquisitions was $13.3 million and $6.9 million for the three months ended March 31, 2026 and 2025, 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.
(4) Accretion on interest bearing liabilities acquired from prior acquisitions was $0.3 million and $2.3 million for the three months ended March 31, 2026 and 2025, respectively. WESBANCO, INC.
Consolidated Selected Financial Highlights
Page 9 (unaudited, dollars in thousands, except shares and per share amounts)
Quarter EndedStatement of IncomeMar. 31,
Dec. 31,
Sept. 30,
June 30,
Mar. 31,Interest and dividend income2026
2025
2025
2025
2025
Loans, including fees$ 280,989
$ 293,208
$ 295,482
$ 290,104
$ 218,409
Interest and dividends on securities:
Taxable 31,443
31,546
31,483
31,066
22,247
Tax-exempt4,824
4,865
4,692
4,616
4,529
Total interest and dividends on securities36,267
36,411
36,175
35,682
26,776
Other interest income 8,368
9,821
11,229
10,596
8,047 Total interest and dividend income325,624
339,440
342,886
336,382
253,232Interest expense
Interest bearing demand deposits29,368
29,821
31,351
30,405
29,377
Money market deposits32,151
36,166
38,249
36,287
21,134
Savings deposits10,119
9,570
9,577
8,670
7,359
Certificates of deposit22,591
24,235
23,554
21,442
18,558
Total interest expense on deposits94,229
99,792
102,731
96,804
76,428
Federal Home Loan Bank borrowings11,316
11,378
17,337
16,683
13,034
Other short-term borrowings598
730
766
816
1,122
Subordinated debt and junior subordinated debt4,080
5,243
5,336
5,310
4,129
Total interest expense110,223
117,143
126,170
119,613
94,713Net interest income 215,401
222,297
216,716
216,769
158,519
Provision for credit losses(897)
3,059
2,082
3,218
68,883Net interest income after provision for credit losses216,298
219,238
214,634
213,551
89,636Non-interest income
Trust fees10,442
9,745
8,987
9,657
8,697
Service charges on deposits10,961
11,159
11,163
10,484
8,587
Digital banking income6,599
6,422
7,324
7,325
5,404
Net swap fee and valuation income1,062
3,959
3,231
746
961
Net securities brokerage revenue3,472
2,836
2,961
3,348
2,701
Bank-owned life insurance3,811
4,458
3,765
3,450
3,428
Mortgage banking income919
791
1,898
2,364
1,140
Net securities (losses) / gains (13)
1,077
1,210
1,410
(318)
Net gains / (losses) on other real estate owned and other assets546
(824)
329
111
(40)
Other income4,032
3,647
3,996
5,062
4,105
Total non-interest income41,831
43,270
44,864
43,957
34,665Non-interest expense
Salaries and wages63,964
61,664
60,583
60,153
48,577
Employee benefits17,611
17,148
18,040
18,857
12,970
Net occupancy8,529
8,522
8,819
8,119
7,778
Equipment and software15,678
16,110
16,310
17,140
13,050
Marketing1,526
2,636
2,979
1,864
2,382
FDIC insurance 4,784
5,411
5,820
5,479
4,187
Amortization of intangible assets7,160
7,217
8,425
9,204
4,223
Restructuring and merger-related expense3,713
3,483
11,383
41,056
20,010
Other operating expenses 23,740
25,697
23,829
24,663
20,789
Total non-interest expense146,705
147,888
156,188
186,535
133,966Income / (loss) before provision for income taxes111,424
114,620
103,310
70,973
(9,665)
Provision / (benefit) provision for income taxes 22,789
23,510
19,737
13,558
(673)Net Income /(loss)88,635
91,110
83,573
57,415
(8,992)Preferred stock dividends4,240
12,948
2,531
2,531
2,531Net income / (loss) available to common shareholders$ 84,395
$ 78,162
$ 81,042
$ 54,884
$ (11,523)
Taxable equivalent net interest income$ 216,683
$ 223,590
$ 217,963
$ 217,996
$ 159,723
Per common share data
Net income / (loss) per common share - basic$ 0.88
$ 0.81
$ 0.84
$ 0.57
$ (0.15)Net income / (loss) per common share - diluted0.88
0.81
0.84
0.57
(0.15)Adjusted net income per common share - diluted, excluding certain items (1)(2)0.91
0.84
0.94
0.91
0.66Dividends declared0.38
0.38
0.37
0.37
0.37Book value (period end)40.01
39.64
39.02
38.28
38.02Tangible book value (period end) (1)22.45
22.01
21.29
20.48
20.06Average common shares outstanding - basic96,103,497
96,053,336
95,995,174
95,744,980
76,830,460Average common shares outstanding - diluted96,309,352
96,226,845
96,116,617
95,808,310
77,020,592Period end common shares outstanding96,134,158
96,067,559
96,044,222
95,986,023
95,672,204Period end preferred shares outstanding230,000
230,000
380,000
150,000
150,000Full time equivalent employees2,973
3,030
3,064
3,253
3,205
(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 restructuring and merger-related expenses and the after-tax day one provision for credit losses on
acquired loans. WESBANCO, INC.
Consolidated Selected Financial Highlights
Page 10 (unaudited, dollars in thousands)
Quarter Ended
Mar. 31,
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
Asset quality data
2026
2025
2025
2025
2025
Non-performing assets:
Total non-performing loans
$ 145,008
$ 91,584
$ 94,463
$ 84,319
$ 81,489
Other real estate and repossessed assets1,323
907
997
958
1,854
Total non-performing assets
$ 146,331
$ 92,491
$ 95,460
$ 85,277
$ 83,343
Past due loans (1):
Loans past due 30-89 days
$ 89,877
$ 91,199
$ 80,333
$ 65,401
$ 69,755
Loans past due 90 days or more
16,210
37,783
19,430
20,890
10,734
Total past due loans
$ 106,087
$ 128,982
$ 99,763
$ 86,291
$ 80,489
Criticized and classified loans (2):
Criticized loans
$ 326,853
$ 413,068
$ 433,320
$ 531,415
$ 470,619
Classified loans
228,606
191,860
175,648
151,849
149,452
Total criticized and classified loans
$ 555,459
$ 604,928
$ 608,968
$ 683,264
$ 620,071
Loans past due 30-89 days / total portfolio loans 0.47%0.47%0.42%0.35%0.37%Loans past due 90 days or more / total portfolio loans0.08
0.20
0.10
0.11
0.06
Non-performing loans / total portfolio loans0.76
0.48
0.50
0.45
0.44
Non-performing assets / total portfolio loans, other
real estate and repossessed assets
0.77
0.48
0.50
0.45
0.45
Non-performing assets / total assets
0.53
0.33
0.35
0.31
0.30
Criticized and classified loans / total portfolio loans2.91
3.15
3.22
3.63
3.32
Allowance for credit losses
Allowance for credit losses - loans
$ 210,023
$ 218,749
$ 217,666
$ 223,866
$ 233,617
Allowance for credit losses - loan commitments7,212
6,950
7,628
6,168
6,459
Provision for credit losses
(897)
3,059
2,082
3,218
68,883
Net loan and deposit account overdraft charge-offs and recoveries7,584
2,666
8,867
4,329
2,771
Annualized net loan charge-offs and recoveries / average loans0.16%0.06%0.19%0.09%0.08%Allowance for credit losses - loans / total portfolio loans1.10%1.14%1.15%1.19%1.25%Allowance for credit losses - loans / non-performing loans1.45x2.39x2.30x2.65x2.87xAllowance for credit losses - loans / non-performing loans and
loans past due
0.84x0.99x1.12x1.31x1.44x
Mar. 31,
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
2026
2025
2025
2025
2025
Capital ratios
Tier I leverage capital
9.63%9.42%9.72%8.66%11.01%Tier I risk-based capital
11.72
11.42
11.83
10.59
10.69
Total risk-based capital
14.19
13.92
14.58
13.40
13.59
Common equity tier 1 capital ratio (CET 1)10.67
10.37
10.10
9.90
9.99
Average shareholders' equity to average assets14.84
14.88
14.22
13.99
14.86
Tangible equity to tangible assets (3)
9.24
8.99
9.35
8.16
8.03
Tangible common equity to tangible assets (3)8.37
8.13
7.92
7.60
7.47
(1) Excludes non-performing loans.
(2) Criticized and classified commercial loans 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.
WESBANCO, INC.
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
Mar. 31,
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts)2026
2025
2025
2025
2025
Return on average assets, excluding certain items:
Net income / (loss) available to common shareholders$ 84,395
$ 78,162
$ 81,042
$ 54,884
$ (11,523)
Plus: after-tax restructuring and merger-related expenses (1)2,933
2,752
8,993
32,434
15,808
Plus: after-tax day one provision for credit losses on acquired loans (1)-
-
-
-
46,926
Net income available to common shareholders, excluding certain items87,328
80,914
90,035
87,318
51,211
Average total assets
$ 27,530,620
$ 27,481,963
$ 27,419,726
$ 27,304,700
$ 21,658,352
Return on average assets, excluding certain items (annualized) (2)1.29 %
1.17 %
1.30 %
1.28 %
0.96 %
Return on average equity, excluding certain items:
Net income / (loss) available to common shareholders$ 84,395
$ 78,162
$ 81,042
$ 54,884
$ (11,523)
Plus: after-tax restructuring and merger-related expenses (1)2,933
2,752
8,993
32,434
15,808
Plus: after-tax day one provision for credit losses on acquired loans (1)-
-
-
-
46,926
Net income available to common shareholders excluding certain items 87,328
80,914
90,035
87,318
51,211
Average total shareholders' equity$ 4,086,617
$ 4,088,456
$ 3,898,142
$ 3,819,513
$ 3,218,639
Return on average equity, excluding certain items (annualized) (2)8.67 %
7.85 %
9.16 %
9.17 %
6.45 %
Return on average tangible equity:
Net income / (loss) available to common shareholders$ 84,395
$ 78,162
$ 81,042
$ 54,884
$ (11,523)
Plus: amortization of intangibles (1)5,656
5,701
6,656
7,271
3,336
Net income / (loss) available to common shareholders before amortization of intangibles 90,051
83,863
87,698
62,155
(8,187)
Average total shareholders' equity4,086,617
4,088,456
3,898,142
3,819,513
3,218,639
Less: average goodwill and other intangibles, net of def. tax liability(1,691,156)
(1,700,188)
(1,704,105)
(1,608,358)
(1,312,855)
Average tangible equity
$ 2,395,461
$ 2,388,268
$ 2,194,037
$ 2,211,155
$ 1,905,784
Return on average tangible equity (annualized) (2)15.25 %
13.93 %
15.86 %
11.27 %
-1.74 %
Average tangible common equity$ 2,171,274
$ 2,096,528
$ 2,015,329
$ 2,066,671
$ 1,761,300
Return on average tangible common equity (annualized) (2)16.82 %
15.87 %
17.26 %
12.06 %
-1.89 %
Return on average tangible equity, excluding certain items:
Net income / (loss) available to common shareholders$ 84,395
$ 78,162
$ 81,042
$ 54,884
$ (11,523)
Plus: after-tax restructuring and merger-related expenses (1)2,933
2,752
8,993
32,434
15,808
Plus: amortization of intangibles (1)5,656
5,701
6,656
7,271
3,336
Plus: after-tax day one provision for credit losses on acquired loans (1)-
-
-
-
46,926
Net income available to common shareholders before amortization of intangibles
and excluding certain items92,984
86,615
96,691
94,589
54,547
Average total shareholders' equity4,086,617
4,088,456
3,898,142
3,819,513
3,218,639
Less: average goodwill and other intangibles, net of def. tax liability(1,691,156)
(1,700,188)
(1,704,105)
(1,608,358)
(1,312,855)
Average tangible equity
$ 2,395,461
$ 2,388,268
$ 2,194,037
$ 2,211,155
$ 1,905,784
Return on average tangible equity, excluding certain items (annualized) (2)15.74 %
14.39 %
17.48 %
17.16 %
11.61 %
Average tangible common equity$ 2,171,274
$ 2,096,528
$ 2,015,329
$ 2,066,671
$ 1,761,300
Return on average tangible common equity, excluding certain items (annualized) (2)17.37 %
16.39 %
19.03 %
18.36 %
12.56 %
Efficiency ratio:
Non-interest expense
$ 146,705
$ 147,888
$ 156,188
$ 186,535
$ 133,966
Less: amortization of intangibles(7,160)
(7,217)
(8,245)
(9,204)
(4,223)
Less: restructuring and merger-related expense(3,713)
(3,483)
(11,383)
(41,056)
(20,010)
Non-interest expense excluding restructuring and merger-related expense135,832
137,188
136,380
136,275
109,733
Net interest income on a fully taxable equivalent basis216,683
223,590
217,963
217,996
159,723
Non-interest income, excluding net securities gains (losses)41,844
42,193
43,654
42,547
34,983
Net interest income on a fully taxable equivalent basis plus non-interest income$ 258,527
$ 265,783
$ 261,617
$ 260,543
$ 194,706
Efficiency ratio
52.54 %
51.62 %
52.13 %
52.30 %
56.36 %
Adjusted net income available to common shareholders, excluding certain items:
Net income / (loss) available to common shareholders$ 84,395
$ 78,162
$ 81,042
$ 54,884
$ (11,523)
Add: after-tax restructuring and merger-related expenses (1)2,933
2,752
8,993
32,434
15,808
Add: after-tax day one provision for credit losses on acquired loans (1)-
-
-
-
46,926
Adjusted net income available to common shareholders, excluding certain items:$ 87,328
$ 80,914
$ 90,035
$ 87,318
$ 51,211
Adjusted net income per common share - diluted, excluding certain items:
Net income / (loss) per common share - diluted$ 0.88
$ 0.81
$ 0.84
$ 0.57
$ (0.15)
Add: after-tax restructuring and merger-related expenses per common share - diluted (1)0.03
0.03
0.10
0.34
0.21
Add: after-tax day one provision for credit losses on acquired loans (1)-
-
-
-
0.60
Adjusted net income per common share - diluted, excluding certain items:$ 0.91
$ 0.84
$ 0.94
$ 0.91
$ 0.66
Period End
Mar. 31,
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
2026
2025
2025
2025
2025
Tangible book value per share:
Total shareholders' equity$ 4,070,608
$ 4,031,913
$ 4,116,527
$ 3,819,220
$ 3,781,579
Less: goodwill and other intangible assets, net of def. tax liability(1,688,098)
(1,693,755)
(1,702,916)
(1,709,001)
(1,718,048)
Less: preferred shareholder's equity(224,187)
(224,187)
(368,867)
(144,484)
(144,484)
Tangible common equity
2,158,323
2,113,971
2,044,744
1,965,735
1,919,047
Common shares outstanding96,134,158
96,067,559
96,044,222
95,986,023
95,672,204
Tangible book value per share
$ 22.45
$ 22.01
$ 21.29
$ 20.48
$ 20.06
Tangible common equity to tangible assets:
Total shareholders' equity$ 4,070,608
$ 4,031,913
$ 4,116,527
$ 3,819,220
$ 3,781,579
Less: goodwill and other intangible assets, net of def. tax liability(1,688,098)
(1,693,755)
(1,702,916)
(1,709,001)
(1,718,048)
Tangible equity
2,382,510
2,338,158
2,413,611
2,110,219
2,063,531
Less: preferred shareholder's equity(224,187)
(224,187)
(368,867)
(144,484)
(144,484)
Tangible common equity
2,158,323
2,113,971
2,044,744
1,965,735
1,919,047
Total assets
27,482,455
27,696,333
27,518,042
27,571,576
27,412,383
Less: goodwill and other intangible assets, net of def. tax liability(1,688,098)
(1,693,755)
(1,702,916)
(1,709,001)
(1,718,048)
Tangible assets
$ 25,794,357
$ 26,002,578
$ 25,815,126
$ 25,862,575
$ 25,694,335
Tangible equity to tangible assets9.24 %
8.99 %
9.35 %
8.16 %
8.03 %
Tangible common equity to tangible assets8.37 %
8.13 %
7.92 %
7.60 %
7.47 %
(1) Tax effected at 21% for all periods presented.
(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.
WESBANCO, INC.
Additional Non-GAAP Financial Measures
Page 12The 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)2026
2025
2025
2025
2025Pre-tax, pre-provision income:
Income / (loss) before provision / (benefit) for income taxes$ 111,424
$ 114,620
$ 103,310
$ 70,973
$ (9,665)
Add: provision for credit losses(897)
3,059
2,082
3,218
68,883Pre-tax, pre-provision income
$ 110,527
$ 117,679
$ 105,392
$ 74,191
$ 59,218
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
Income / (loss) before provision / (benefit) for income taxes$ 111,424
$ 114,620
$ 103,310
$ 70,973
$ (9,665)
Add: provision for credit losses(897)
3,059
2,082
3,218
68,883
Add: restructuring and merger-related expenses3,713
3,483
11,383
41,056
20,010Pre-tax, pre-provision income, excluding restructuring and merger-related expenses$ 114,240
$ 121,162
$ 116,775
$ 115,247
$ 79,228
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses:
Income / (loss) before provision / (benefit) for income taxes$ 111,424
$ 114,620
$ 103,310
$ 70,973
$ (9,665)
Add: provision for credit losses(897)
3,059
2,082
3,218
68,883
Add: restructuring and merger-related expenses3,713
3,483
11,383
41,056
20,010Pre-tax, pre-provision income, excluding restructuring and merger-related expenses114,240
121,162
116,775
115,247
79,228
Average total assets
$ 27,530,620
$ 27,481,963
$ 27,419,726
$ 27,304,700
$ 21,658,352
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses (annualized) (2)1.68 %
1.75 %
1.69 %
1.69 %
1.48 %
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses:
Income / (loss) before provision / (benefit) for income taxes$ 111,424
$ 114,620
$ 103,310
$ 70,973
$ (9,665)
Add: provision for credit losses(897)
3,059
2,082
3,218
68,883
Add: restructuring and merger-related expenses3,713
3,483
11,383
41,056
20,010Pre-tax, pre-provision income, excluding restructuring and merger-related expenses114,240
121,162
116,775
115,247
79,228
Average total shareholders' equity$ 4,086,617
$ 4,088,456
$ 3,898,142
$ 3,819,513
$ 3,218,639
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses (annualized) (2)11.34 %
11.76 %
11.88 %
12.10 %
9.98 %
Pre-tax, pre-provision return on average tangible equity, excluding certain items (1):
Income / (loss) before provision / (benefit) for income taxes$ 111,424
$ 114,620
$ 103,310
$ 70,973
$ (9,665)
Add: provision for credit losses(897)
3,059
2,082
3,218
68,883
Add: amortization of intangibles7,160
7,217
8,425
9,204
4,223
Add: restructuring and merger-related expenses3,713
3,483
11,383
41,056
20,010Pre-tax, pre-provision income before restructuring and merger-related expenses and amortization of intangibles121,400
128,379
125,200
124,451
83,451
Average total shareholders' equity4,086,617
4,088,456
3,898,142
3,819,513
3,218,639
Less: average goodwill and other intangibles, net of def. tax liability(1,691,156)
(1,700,188)
(1,704,105)
(1,608,358)
(1,312,855)
Average tangible equity
$ 2,395,461
$ 2,388,268
$ 2,194,037
$ 2,211,155
$ 1,905,784
Pre-tax, pre-provision return on average tangible equity, excluding certain items (annualized) (1) (2)20.55 %
21.33 %
22.64 %
22.58 %
17.76 %
Average tangible common equity$ 2,171,274
$ 2,096,528
$ 2,015,329
$ 2,066,671
$ 1,761,300Pre-tax, pre-provision return on average tangible common equity, excluding certain items (annualized) (1) (2)22.68 %
24.29 %
24.65 %
24.15 %
19.22 %
(1) Certain items excluded from the calculations consist of credit provisions, tax provisions and restructuring and merger-related expenses.
(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.
View original content to download multimedia:https://www.prnewswire.com/news-releases/wesbanco-announces-first-quarter-2026-financial-results-302749324.htmlSOURCE WesBanco, Inc.
Original: WesBanco Announces First Quarter 2026 Financial Results
US Market News
5月前
WesBanco Announces Fourth Quarter 2025 Financial ResultsJanuary 27, 2026 9:15 PM
PR Newswire (US)
Solid loan growth fully funded by deposit growth; net interest margin of 3.61% improved 58 basis points year-over-yearWHEELING, W.Va., Jan. 27, 2026 /PRNewswire/ -- WesBanco, Inc. ("WesBanco" or "Company") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended December 31, 2025. Net income available to common shareholders for the fourth quarter of 2025 was $78.2 million, with diluted earnings per share of $0.81, compared to $47.1 million and $0.70 per diluted share, respectively, for the fourth quarter of 2024. The fourth quarter of 2025 included dividends and redemption premium totaling $8.0 million, or $0.08 per share, related to the Series A preferred stock, which was redeemed on November 15, 2025. For the twelve months ended December 31, 2025, net income was $202.6 million, or $2.23 per diluted share, which reflected the impact of a day one provision for credit losses and other expenses related to the closing of the Premier Financial Corp. ("PFC") acquisition on February 28, 2025, compared to $141.4 million, or $2.26 per diluted share, for the 2024 period.
As noted below, WesBanco reported $0.84 of earnings per diluted share, in the fourth quarter, as compared to $0.71 in the prior year period, when excluding after-tax restructuring and merger-related expenses (non-GAAP measures). On a similar basis and excluding the after-tax day one provision for credit losses on acquired loans, WesBanco reported $3.40 per diluted share, for the twelve month period, which was a 45.3% increase compared to $2.34 per diluted share last year (non-GAAP measures).
For the Three Months Ended December 31,
For the Twelve Months Ended December 31,
2025
2024
2025
2024(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 ShareNet income available to common shareholders (GAAP)
$ 78,162
$ 0.81
$ 47,098
$ 0.70
$ 202,564
$ 2.23
$ 141,385
$ 2.26Add: After-tax restructuring and merger-related expenses
2,752
0.03
510
0.01
59,987
0.66
5,056
0.08Add: After-tax day one provision for credit losses on acquired loans
-
-
-
-
46,926
0.51
-
-Adjusted net income available to common shareholders (Non-GAAP) (1)
$ 80,914
$ 0.84
$ 47,608
$ 0.71
$ 309,477
$ 3.40
$ 146,441
$ 2.34(1) See non-GAAP financial measures for additional information relating to the calculation of these items.Financial and operational highlights during the quarter ended December 31, 2025:Deposit growth fully funded loan growth both year-over-year and quarter-over-quarterTotal deposits increased 7.2% annualized from the third quarter driven by demand and money market depositsTotal deposits increased 53.3% year-over-year to $21.7 billion, reflecting $6.9 billion of deposits from PFC and organic growth of 4.7%Total loans increased 6.2% annualized from the third quarter despite commercial real estate ("CRE") payoffs of approximately $415 million in the quarterTotal loans increased 51.9% year-over-year to $19.2 billion, reflecting organic growth of 5.2% and $5.9 billion of loans from PFCCRE payoffs totaled approximately $905 million for the yearNet interest margin of 3.61% increased 58 basis points year-over-year and 8 basis points quarter-over-quarter reflecting higher earning asset yields and lower funding costsReflecting the PFC acquisition, market appreciation, and organic growth, WesBanco Trust and Investment Services ("WTIS") assets under management increased to a record $7.9 billionEfficiency ratio of 51.6% improved more than 8 percentage points year-over-year due to expense synergies generated from the PFC acquisition, as well as a continued focus on expense management and driving positive operating leverageSuccessful execution of WesBanco's financial center optimization strategy with the closure of 27 locations on January 23rd"2025 was another year of disciplined growth and strong execution for WesBanco as we continued our transformation into a regional financial services partner through our successful acquisition and integration of Premier Financial and its customers," said Jeff Jackson, President and Chief Executive Officer. "We delivered strong total and organic loan growth fully funded by deposits, strengthened our balance sheet, and improved our net interest margin. We achieved record levels of fee income and wealth management assets, while our focus on cost control drove our efficiency ratio into the low 50 percent range. Together, these underscore the strength of our organic growth-oriented business model and position us well to continue delivering value for our customers and stakeholders."Balance Sheet
WesBanco's balance sheet, as of December 31, 2025, reflects both the PFC acquisition and organic growth. Total assets increased 48.2% year-over-year to $27.7 billion, including total portfolio loans of $19.2 billion and total securities of $4.5 billion. Total portfolio loans increased 51.9% year-over-year due to acquired PFC loans of $5.9 billion and organic growth of $657 million, driven by the commercial teams. CRE payoffs have continued to increase and totaled approximately $415 million during the fourth quarter of 2025 and $905 million for the year, more than 2.5 times the prior year-to-date period.Deposits of $21.7 billion increased 53.3% year-over-year due to acquired PFC deposits of $6.9 billion and organic growth of $662 million, which fully funded year-over-year organic loan growth. On a sequential quarter basis, total deposits increased $385 million, also fully funding quarter-over-quarter loan growth, due to the efforts of our consumer and business teams more than offsetting the intentional runoff of $55 million of higher cost certificates of deposit. Reflecting the addition of PFC deposits, which included $1.3 billion of certificates of deposit, total demand deposits represented 49% of total deposits, with the non-interest bearing component representing 25%.Credit Quality
As of December 31, 2025, criticized and classified loans, non-performing loans, and non-performing assets as percentages of the loan portfolio and total assets have remained low, from a historical perspective, and within a consistent range through the last five years. As expected, criticized and classified loans as a percent of total portfolio loans decreased 7 basis points from the sequential quarter to 3.15%. Net charge-offs for the fourth quarter were 0.06% of total loans.The allowance for credit losses to total portfolio loans at December 31, 2025 was 1.14% of total loans, or $218.7 million. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 1.57% of total portfolio loans.Net Interest Margin and Income
The fourth quarter margin of 3.61% improved 58 basis points year-over-year through a combination of higher loan and securities yields and lower funding costs, and improved 8 basis points sequentially. Deposit funding costs of 245 basis points for the fourth quarter of 2025 decreased 26 basis points from the prior year period. When including non-interest bearing deposits, deposit funding costs for the fourth quarter were 184 basis points.Net interest income for the fourth quarter of 2025 was $222.3 million, an increase of $95.8 million, or 75.7% year-over-year, reflecting the impact of the benefits from the PFC acquisition, loan growth, higher loan and securities yields, and lower deposit and FHLB borrowing costs. For the twelve months ended December 31, 2025, net interest income of $814.3 million increased $336.1 million, or 70.3%, primarily due to the reasons discussed for the three-month period comparison.Non-Interest Income
For the fourth quarter of 2025, non-interest income of $43.3 million increased $6.9 million, or 18.9%, from the fourth quarter of 2024 due primarily to the acquisition of PFC. Service charges on deposits increased $3.0 million year-over-year, reflecting the addition of PFC, fee income from new products and services and treasury management, and increased general consumer spending. Digital banking fees increased $1.3 million from higher volumes primarily associated with our larger customer base. Reflecting record asset levels, trust fees and net securities brokerage revenue increased $2.0 million and $0.4 million, respectively, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Bank-owned life insurance increased $1.9 million year-over-year due to the addition of PFC. Other income decreased $2.0 million due to a $2.3 million gain in the prior year from the transfer of certain liabilities for future pension payments to a third-party insurance company. Gross swap fees were $3.4 million in the fourth quarter, compared to $1.3 million in the prior year period, while fair value adjustments were $0.5 million as compared to $1.9 million, respectively.Primarily reflecting the items discussed above, as well as mortgage banking income, non-interest income, for the twelve months ended December 31, 2025, increased $38.8 million, or 30.3%, year-over-year to $166.8 million. Mortgage Banking income increased due to an approximate 43% year-over-year increase in residential mortgage originations primarily related to our larger customer base.Non-Interest Expense
Non-interest expense, excluding restructuring and merger-related costs, for the three months ended December 31, 2025 was $144.4 million, a $43.9 million, or 43.7%, increase year-over-year primarily due to the addition of the PFC expense base associated with approximately 900 employees and 70 financial centers, but were down slightly as compared to the third quarter, reflecting expense management. Salaries and wages of $61.7 million and employee benefits expense of $17.1 million increased due to higher staffing levels and higher health insurance costs. Amortization of intangible assets of $7.2 million increased $5.2 million year-over-year due to the core deposit intangible asset that was created from the acquisition of PFC. Restructuring and merger-related expenses of $3.5 million are primarily related to costs associated with the financial center optimization.Excluding restructuring and merger-related expenses, non-interest expense during the first twelve months of 2025 of $548.6 million increased $153.2 million, or 38.7%, compared to the prior year period, due primarily to the expenses described above. Equipment and software expense of $62.6 million reflects the addition of PFC and the additional cost of operating two core systems until the conversion to one platform in mid-May. FDIC insurance expense of $20.9 million increased due to our larger asset size.Capital
WesBanco continues to maintain what we believe are 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 December 31, 2025, Tier I leverage was 9.42%, Tier I risk-based capital ratio was 11.38%, common equity Tier 1 capital ratio ("CET 1") was 10.34%, and total risk-based capital was 13.88%. In addition, the tangible common equity to tangible assets ratio was 8.13%.Fourth quarter 2025 preferred stock dividends totaled $12.9 million, reflecting the $2.5 million dividend and $5.5 million redemption premium on the Series A preferred stock, which was redeemed on November 15th, and a $4.9 million dividend on the new Series B preferred stock. Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the fourth quarter of 2025 at 9:00 a.m. ET on Wednesday, January 28, 2026. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com. Participants can also listen to the conference call by dialing 888-347-6607, or 1-412-902-4290 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 855-669-9658, or 1-412-317-0088 for international callers, and providing the access code of 6442178. The replay will begin at approximately 11:00 a.m. ET on January 28, 2026, and end at 12 a.m. ET on February 11, 2026. 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, 2024 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, 2025, 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 expected cost savings and any revenue synergies from the merger of WesBanco and Premier may not be fully realized within the expected timeframes; disruption from the merger of WesBanco and Premier may make it more difficult to maintain relationships with clients, associates, or suppliers; the effects of changing regional and national economic conditions, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, 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.While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those expressed in or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.Statements in this presentation with respect to the benefits of the merger between WesBanco and Premier, the parties' plans, obligations, expectations, and intentions, and the statements with respect to accretion, earn back of tangible book value, tangible book value dilution and internal rate of return, constitute forward-looking statements as defined by federal securities laws. Such statements are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected time frames; disruption from the merger may make it more difficult to maintain relationships with clients, associates, or suppliers; changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; extended disruption of vital infrastructure; and other factors described in WesBanco's 2024 Annual Report on Form 10-K and documents subsequently filed by WesBanco with the Securities and Exchange Commission.Non-GAAP Financial Measures
In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses and excluding after-tax day one provision for credit losses on acquired loans; efficiency ratio; return on average assets; and return on average tangible equity. WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.About WesBanco, Inc.
With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our nine-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia, WesBanco has $27.7 billion in total assets, with our Trust and Investment Services holding $7.9 billion of assets under management and securities account values (including annuities) of $2.5 billion through our broker/dealer, as of December 31, 2025. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram. WESBANCO, INC.
Consolidated Selected Financial Highlights
Page 5(unaudited, dollars in thousands, except shares and per share amounts)
For the Three Months Ended
For the Twelve Months EndedStatement of IncomeDecember 31,
December 31,Interest and dividend income2025
2024
% Change
2025
2024
% Change
Loans, including fees$ 293,208
$ 183,251
60.0
$ 1,097,203
$ 709,802
54.6
Interest and dividends on securities:
Taxable 31,546
18,575
69.8
116,342
70,559
64.9
Tax-exempt4,865
4,449
9.4
18,702
18,089
3.4
Total interest and dividends on securities36,411
23,024
58.1
135,044
88,648
52.3
Other interest income 9,821
7,310
34.4
39,693
27,191
46.0 Total interest and dividend income339,440
213,585
58.9
1,271,940
825,641
54.1Interest expense
Interest bearing demand deposits29,821
27,044
10.3
120,953
107,700
12.3
Money market deposits36,166
18,734
93.1
131,839
72,899
80.9
Savings deposits9,570
7,271
31.6
35,176
31,066
13.2
Certificates of deposit24,235
16,723
44.9
87,788
53,236
64.9
Total interest expense on deposits99,792
69,772
43.0
375,756
264,901
41.8
Federal Home Loan Bank borrowings11,378
12,114
(6.1)
58,434
62,489
(6.5)
Other short-term borrowings730
1,291
(43.5)
3,433
3,953
(13.2)
Subordinated debt and junior subordinated debt 5,243
3,902
34.4
20,017
16,090
24.4
Total interest expense117,143
87,079
34.5
457,640
347,433
31.7Net interest income 222,297
126,506
75.7
814,300
478,208
70.3
Provision for credit losses3,059
(147)
NM
77,242
19,206
302.2Net interest income after provision for credit losses219,238
126,653
73.1
737,058
459,002
60.6Non-interest income
Trust fees9,745
7,775
25.3
37,087
30,676
20.9
Service charges on deposits11,159
8,138
37.1
41,392
29,979
38.1
Digital banking income6,422
5,125
25.3
26,475
19,953
32.7
Net swap fee and valuation income3,959
3,230
22.6
8,896
5,941
49.7
Net securities brokerage revenue2,836
2,430
16.7
11,846
10,238
15.7
Bank-owned life insurance4,458
2,512
77.5
15,101
9,544
58.2
Mortgage banking income791
1,229
(35.6)
6,194
4,270
45.1
Net securities gains1,077
61
NM
3,379
1,408
140.0
Net (losses)/gains on other real estate owned and other assets(824)
193
(526.9)
(424)
142
(398.6)
Other income3,647
5,695
(36.0)
16,809
15,832
6.2
Total non-interest income43,270
36,388
18.9
166,755
127,983
30.3Non-interest expense
Salaries and wages61,664
45,638
35.1
230,977
177,516
30.1
Employee benefits17,148
11,856
44.6
67,015
46,141
45.2
Net occupancy8,522
5,999
42.1
33,237
25,157
32.1
Equipment and software16,110
10,681
50.8
62,612
41,303
51.6
Marketing2,636
2,531
4.1
9,861
9,764
1.0
FDIC insurance 5,411
3,640
48.7
20,897
14,215
47.0
Amortization of intangible assets7,217
2,034
254.8
29,070
8,251
252.3
Restructuring and merger-related expense3,483
646
439.2
75,933
6,400
NM
Other operating expenses 25,697
18,079
42.1
94,973
73,124
29.9
Total non-interest expense147,888
101,104
46.3
624,575
401,871
55.4Income before provision for income taxes114,620
61,937
85.1
279,238
185,114
50.8
Provision for income taxes 23,510
12,308
91.0
56,133
33,604
67.0Net Income91,110
49,629
83.6
223,105
151,510
47.3Preferred stock dividends12,948
2,531
411.6
20,541
10,125
102.9Net income available to common shareholders$ 78,162
$ 47,098
66.0
$ 202,564
$ 141,385
43.3
Taxable equivalent net interest income$ 223,590
$ 127,689
75.1
$ 819,271
$ 483,016
69.6
Per common share data
Net income per common share - basic$ 0.81
$ 0.70
15.7
$ 2.23
$ 2.26
(1.3)Net income per common share - diluted0.81
0.70
15.7
2.23
2.26
(1.3)Adjusted net income per common share - diluted, excluding certain items (1)(2)0.84
0.71
18.3
3.40
2.34
45.3Dividends declared0.38
0.37
2.7
1.49
1.45
2.8Book value (period end)39.64
39.54
0.3
39.64
39.54
0.3Tangible book value (period end) (1)22.01
22.83
(3.6)
22.01
22.83
(3.6)Average common shares outstanding - basic96,053,336
66,895,834
43.6
90,896,991
62,589,406
45.2Average common shares outstanding - diluted96,226,845
66,992,009
43.6
91,034,094
62,653,557
45.3Period end common shares outstanding96,067,559
66,919,805
43.6
96,067,559
66,919,805
43.6Period end preferred shares outstanding230,000
150,000
53.3
230,000
150,000
53.3
(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 restructuring and merger-related expenses and the after-tax day one provision for credit losses on acquired loans.NM = Not Meaningful
WESBANCO, INC.
Consolidated Selected Financial Highlights
Page 6(unaudited, dollars in thousands, unless otherwise noted)
Selected ratios
For the Twelve Months Ended
December 31,
2025
2024
% Change
Return on average assets
0.78%0.78%-%
Return on average assets, excluding certain items (1)
1.19
0.81
46.91
Return on average equity
5.41
5.33
1.50
Return on average equity, excluding certain items (1)
8.27
5.52
49.82
Return on average tangible equity (1)
10.45
9.66
8.18
Return on average tangible equity, excluding certain items (1)
15.40
9.99
54.15
Return on average tangible common equity (1)
11.46
10.66
7.50
Return on average tangible common equity, excluding certain items (1)
16.89
11.03
53.13
Yield on earning assets (2)
5.50
5.10
7.84
Cost of interest bearing liabilities
2.72
3.07
(11.40)
Net interest spread (2)
2.78
2.03
36.95
Net interest margin (2)
3.53
2.96
19.26
Efficiency (1) (2)
52.87
63.52
(16.77)
Average loans to average deposits
89.24
89.48
(0.27)
Annualized net loan charge-offs/average loans
0.10
0.11
(9.09)
Effective income tax rate
20.10
18.15
10.74
For the Three Months Ended
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
Dec. 31,
2025
2025
2025
2025
2024
Return on average assets
1.13%1.17%0.81%(0.22)%1.01%
Return on average assets, excluding certain items (1)
1.17
1.30
1.28
0.96
1.02
Return on average equity
7.58
8.25
5.76
(1.45)
6.68
Return on average equity, excluding certain items (1)
7.85
9.16
9.17
6.45
6.75
Return on average tangible equity (1)
13.93
15.86
11.27
(1.74)
11.49
Return on average tangible equity, excluding certain items (1)
14.39
17.48
17.16
11.61
11.61
Return on average tangible common equity (1)
15.87
17.26
12.06
(1.89)
12.56
Return on average tangible common equity, excluding certain items (1)
16.39
19.03
18.36
12.56
12.69
Yield on earning assets (2)
5.51
5.58
5.56
5.33
5.10
Cost of interest bearing liabilities
2.62
2.79
2.69
2.78
2.96
Net interest spread (2)
2.88
2.79
2.87
2.55
2.14
Net interest margin (2)
3.61
3.53
3.59
3.35
3.03
Efficiency (1) (2)
51.62
52.13
52.30
56.36
60.01
Average loans to average deposits
88.78
89.41
89.47
89.32
89.24
Annualized net loan charge-offs and recoveries /average loans
0.06
0.19
0.09
0.08
0.13
Effective income tax rate
20.51
19.10
19.10
(6.96)
19.87
Trust and Investment Services assets under management (3)
$ 7,886
$ 7,688
$ 7,205
$ 6,951
$ 5,968
Broker-dealer securities account values (including annuities) (3)
$ 2,481
$ 2,588
$ 2,554
$ 2,359
$ 1,852
(1) Certain items excluded from the calculation can consist of after-tax restructuring and merger-related expenses and the after-tax day one provision for credit losses on acquired loans. 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.
(3) Represents market value at period end, in millions. WESBANCO, INC.
Consolidated Selected Financial Highlights
Page 7(unaudited, dollars in thousands, except shares)
% ChangeBalance sheet
December 31,
September 30,September 30, 2025Assets
2025
2024
% Change2025to Dec. 31, 2025Cash and due from banks
$ 204,860
$ 142,271
44.0$ 231,814(11.6)Due from banks - interest bearing
751,249
425,866
76.4776,423(3.2)Securities:
Equity securities, at fair value
30,809
13,427
129.530,3741.4
Available-for-sale debt securities, at fair value
3,288,332
2,246,072
46.43,268,0160.6
Held-to-maturity debt securities (fair values of $1,035,957, $1,006,817
and $1,042,503, respectively)
1,132,114
1,152,906
(1.8)1,150,520(1.6)
Allowance for credit losses, held-to-maturity debt securities
(168)
(146)
(15.1)(181)7.2
Net held-to-maturity debt securities
1,131,946
1,152,760
(1.8)1,150,339(1.6)
Total securities
4,451,087
3,412,259
30.44,448,7290.1Loans held for sale
87,454
18,695
367.8125,971(30.6)Portfolio loans:
Commercial real estate
10,938,834
7,326,681
49.310,755,3701.7
Commercial and industrial
2,863,893
1,787,277
60.22,771,9063.3
Residential real estate
3,938,585
2,520,086
56.33,928,4690.3
Home equity
1,129,394
821,110
37.51,091,6363.5
Consumer
355,726
201,275
76.7384,693(7.5)Total portfolio loans, net of unearned income
19,226,432
12,656,429
51.918,932,0741.6Allowance for credit losses - loans
(218,749)
(138,766)
(57.6)(217,666)(0.5)
Net portfolio loans
19,007,683
12,517,663
51.818,714,4081.6Premises and equipment, net
263,240
219,076
20.2267,521(1.6)Accrued interest receivable
106,651
78,324
36.2108,865(2.0)Goodwill and other intangible assets, net
1,723,385
1,124,016
53.31,736,073(0.7)Bank-owned life insurance
557,512
360,738
54.5555,1040.4Other assets
543,212
385,390
41.0553,134(1.8)Total Assets
$ 27,696,333
$ 18,684,298
48.2$ 27,518,0420.6
Liabilities
Deposits:
Non-interest bearing demand
$ 5,376,767
$ 3,842,758
39.9$ 5,285,7401.7
Interest bearing demand
5,186,880
3,771,314
37.55,025,2163.2
Money market
5,072,039
2,429,977
108.74,901,8633.5
Savings deposits
3,157,782
2,362,736
33.63,141,0750.5
Certificates of deposit
2,875,372
1,726,932
66.52,930,368(1.9)
Total deposits
21,668,840
14,133,717
53.321,284,2621.8Federal Home Loan Bank borrowings
1,200,000
1,000,000
20.01,275,000(5.9)Other short-term borrowings
110,679
192,073
(42.4)113,501(2.5)Subordinated debt and junior subordinated debt
308,529
279,308
10.5358,373(13.9)
Total borrowings
1,619,208
1,471,381
10.01,746,874(7.3)Accrued interest payable
19,150
14,228
34.625,472(24.8)Other liabilities
357,222
274,691
30.0344,9073.6Total Liabilities
23,664,420
15,894,017
48.923,401,5151.1
Shareholders' Equity
Preferred stock, no par value; 1,000,000 shares authorized; 0, 150,000 and 150,000
shares of 6.75% non-cumulative perpetual preferred stock, Series A, liquidation
preference $150.0 million, issued and outstanding, respectively
-
144,484
(100.0)144,484(100.0)Preferred stock, no par value, 1,000,000 shares authorized; 230,000, 0 and 230,000
shares of 7.375% non-cumulative perpetual preferred stock, Series B, liquidation
preference $230.0 million, issued and outstanding, respectively
224,187
-
100.0224,383(0.1)Common stock, $2.0833 par value; 200,000,000, 200,000,000 and 200,000,000
shares authorized; 96,067,559, 75,354,034 and 96,044,222 shares issued;
96,067,559, 66,919,805 and 96,044,222 shares outstanding, respectively
200,137
156,985
27.5200,0880.0Capital surplus
2,490,440
1,809,679
37.62,487,5640.1Retained earnings
1,252,765
1,192,091
5.11,210,8233.5Treasury stock (0, 8,434,229 and 0 shares - at cost, respectively)
-
(292,244)
(100.0)--Accumulated other comprehensive loss
(133,320)
(218,632)
39.0(148,669)10.3Deferred benefits for directors
(2,296)
(2,082)
(10.3)(2,146)(7.0)Total Shareholders' Equity
4,031,913
2,790,281
44.54,116,527(2.1)Total Liabilities and Shareholders' Equity
$ 27,696,333
$ 18,684,298
48.2$ 27,518,0420.6
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 Twelve Months Ended December 31,
2025
2024
2025
2024
Average Average
Average Average
Average Average
Average Average
Assets
BalanceRate
BalanceRate
BalanceRate
BalanceRate
Due from banks - interest bearing
$ 762,2454.26%
$ 474,9335.05%$ 719,2474.66%
$ 409,9005.48%Loans, net of unearned income (1)
19,100,4426.09
12,565,2445.80
17,943,6986.11
12,185,3865.83
Securities: (2)
Taxable
3,875,9153.23
2,924,5392.53
3,729,2443.12
2,894,9932.44
Tax-exempt (3)
749,3883.26
734,9293.05
736,9983.21
748,3043.06
Total securities
4,625,3033.23
3,659,4682.63
4,466,2423.13
3,643,2972.57
Other earning assets
57,69511.28
51,2089.99
70,8918.70
57,8458.20
Total earning assets (3)
24,545,6855.51%
16,750,8535.10%23,200,0785.50%
16,296,4285.10%Other assets
2,936,278
1,842,412
2,767,592
1,826,197
Total Assets
$ 27,481,963
$ 18,593,265
$ 25,967,670
$ 18,122,625
Liabilities and Shareholders' Equity
Interest bearing demand deposits
$ 5,082,8422.33%
$ 3,763,4652.86%$ 4,779,2612.53%
$ 3,604,4632.99%Money market accounts
5,052,3122.84
2,427,0053.07
4,506,3032.93
2,259,8823.23
Savings deposits
3,144,4701.21
2,365,8051.22
3,008,2181.17
2,422,8591.28
Certificates of deposit
2,907,0193.31
1,704,8783.90
2,748,1313.19
1,467,7383.63
Total interest bearing deposits
16,186,6432.45
10,261,1532.71
15,041,9132.50
9,754,9422.72
Federal Home Loan Bank borrowings
1,047,8264.31
972,2834.96
1,325,8714.41
1,164,3445.37
Repurchase agreements
115,2552.51
179,0522.87
126,7262.71
125,5343.15
Subordinated debt and junior subordinated debt
357,3535.82
279,2775.56
344,6915.81
279,1895.76
Total interest bearing liabilities (4)
17,707,0772.62%
11,691,7652.96%16,839,2012.72%
11,324,0093.07%Non-interest bearing demand deposits
5,328,423
3,819,593
5,064,560
3,863,366
Other liabilities
358,007
275,828
321,844
282,076
Shareholders' equity
4,088,456
2,806,079
3,742,065
2,653,174
Total Liabilities and Shareholders' Equity
$ 27,481,963
$ 18,593,265
$ 25,967,670
$ 18,122,625
Taxable equivalent net interest spread
2.88%
2.14%
2.78%
2.03%Taxable equivalent net interest margin
3.61%
3.03%
3.53%
2.96%
(1) Gross of allowance for credit losses, net of unearned income and includes non-accrual loans and loans held for sale. Loan fees included in interest income on loans were $1.5 million and $1.1 million for the three months ended December 31, 2025 and 2024, respectively, and were $7.0 million and $2.9 million for the twelve months ended December 31, 2025 and 2024, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $16.0 million and $0.8 million for the three months ended December 31, 2025 and 2024, respectively, and $55.3 million and $3.1 million for the twelve months ended December 31, 2025 and 2024, 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.
(4) Accretion on interest bearing liabilities acquired from prior acquisitions was $0.8 million for the three months ended December 31, 2025, and $10.3 million and $0.2 million for the twelve months ended December 31, 2025 and 2024, respectively. There was no accretion on interest bearing liabilities recorded for the three months ended December 31, 2024.
WESBANCO, INC.
Consolidated Selected Financial Highlights
Page 9 (unaudited, dollars in thousands, except shares and per share amounts)
Quarter EndedStatement of IncomeDec. 31,
Sept. 30,
June 30,
March 31,
Dec. 31,Interest and dividend income2025
2025
2025
2025
2024
Loans, including fees$ 293,208
$ 295,482
$ 290,104
$ 218,409
$ 183,251
Interest and dividends on securities:
Taxable 31,546
31,483
31,066
22,247
18,575
Tax-exempt4,865
4,692
4,616
4,529
4,449
Total interest and dividends on securities36,411
36,175
35,682
26,776
23,024
Other interest income 9,821
11,229
10,596
8,047
7,310 Total interest and dividend income339,440
342,886
336,382
253,232
213,585Interest expense
Interest bearing demand deposits29,821
31,351
30,405
29,377
27,044
Money market deposits36,166
38,249
36,287
21,134
18,734
Savings deposits9,570
9,577
8,670
7,359
7,271
Certificates of deposit24,235
23,554
21,442
18,558
16,723
Total interest expense on deposits99,792
102,731
96,804
76,428
69,772
Federal Home Loan Bank borrowings11,378
17,337
16,683
13,034
12,114
Other short-term borrowings730
766
816
1,122
1,291
Subordinated debt and junior subordinated debt5,243
5,336
5,310
4,129
3,902
Total interest expense117,143
126,170
119,613
94,713
87,079Net interest income 222,297
216,716
216,769
158,519
126,506
Provision for credit losses3,059
2,082
3,218
68,883
(147)Net interest income after provision for credit losses219,238
214,634
213,551
89,636
126,653Non-interest income
Trust fees9,745
8,987
9,657
8,697
7,775
Service charges on deposits11,159
11,163
10,484
8,587
8,138
Digital banking income6,422
7,324
7,325
5,404
5,125
Net swap fee and valuation income3,959
3,231
746
961
3,230
Net securities brokerage revenue2,836
2,961
3,348
2,701
2,430
Bank-owned life insurance4,458
3,765
3,450
3,428
2,512
Mortgage banking income791
1,898
2,364
1,140
1,229
Net securities gains / (losses) 1,077
1,210
1,410
(318)
61
Net (losses)/gains on other real estate owned and other assets(824)
329
111
(40)
193
Other income3,647
3,996
5,062
4,105
5,695
Total non-interest income43,270
44,864
43,957
34,665
36,388Non-interest expense
Salaries and wages61,664
60,583
60,153
48,577
45,638
Employee benefits17,148
18,040
18,857
12,970
11,856
Net occupancy8,522
8,819
8,119
7,778
5,999
Equipment and software16,110
16,310
17,140
13,050
10,681
Marketing2,636
2,979
1,864
2,382
2,531
FDIC insurance 5,411
5,820
5,479
4,187
3,640
Amortization of intangible assets7,217
8,425
9,204
4,223
2,034
Restructuring and merger-related expense3,483
11,383
41,056
20,010
646
Other operating expenses 25,697
23,829
24,663
20,789
18,079
Total non-interest expense147,888
156,188
186,535
133,966
101,104Income / (loss) before provision for income taxes114,620
103,310
70,973
(9,665)
61,937
Provision / (benefit) provision for income taxes 23,510
19,737
13,558
(673)
12,308Net Income /(loss)91,110
83,573
57,415
(8,992)
49,629Preferred stock dividends12,948
2,531
2,531
2,531
2,531Net income / (loss) available to common shareholders$ 78,162
$ 81,042
$ 54,884
$ (11,523)
$ 47,098
Taxable equivalent net interest income$ 223,590
$ 217,963
$ 217,996
$ 159,723
$ 127,689
Per common share data
Net income / (loss) per common share - basic$ 0.81
$ 0.84
$ 0.57
$ (0.15)
$ 0.70Net income / (loss) per common share - diluted0.81
0.84
0.57
(0.15)
0.70Adjusted net income per common share - diluted, excluding certain items (1)(2)0.84
0.94
0.91
0.66
0.71Dividends declared0.38
0.37
0.37
0.37
0.37Book value (period end)39.64
39.02
38.28
38.02
39.54Tangible book value (period end) (1)22.01
21.29
20.48
20.06
22.83Average common shares outstanding - basic96,053,336
95,995,174
95,744,980
76,830,460
66,895,834Average common shares outstanding - diluted96,226,845
96,116,617
95,808,310
77,020,592
66,992,009Period end common shares outstanding96,067,559
96,044,222
95,986,023
95,672,204
66,919,805Period end preferred shares outstanding230,000
380,000
150,000
150,000
150,000Full time equivalent employees3,030
3,064
3,253
3,205
2,262
(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 restructuring and merger-related expenses and the after-tax day one provision for credit losses on acquired loans. 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
2025
2025
2025
2025
2024
Non-performing assets:
Total non-performing loans
$ 91,584
$ 94,463
$ 84,319
$ 81,489
$ 39,752
Other real estate and repossessed assets907
997
958
1,854
852
Total non-performing assets
$ 92,491
$ 95,460
$ 85,277
$ 83,343
$ 40,604
Past due loans (1):
Loans past due 30-89 days
$ 91,199
$ 80,333
$ 65,401
$ 69,755
$ 45,926
Loans past due 90 days or more
37,783
19,430
20,890
10,734
13,553
Total past due loans
$ 128,982
$ 99,763
$ 86,291
$ 80,489
$ 59,479
Criticized and classified loans (2):
Criticized loans
$ 413,068
$ 433,320
$ 531,415
$ 470,619
$ 242,000
Classified loans
191,860
175,648
151,849
149,452
112,669
Total criticized and classified loans$ 604,928
$ 608,968
$ 683,264
$ 620,071
$ 354,669
Loans past due 30-89 days / total portfolio loans 0.47%0.42%0.35%0.37%0.36%Loans past due 90 days or more / total portfolio loans0.20
0.10
0.11
0.06
0.11
Non-performing loans / total portfolio loans0.48
0.50
0.45
0.44
0.31
Non-performing assets / total portfolio loans, other
real estate and repossessed assets
0.48
0.50
0.45
0.45
0.32
Non-performing assets / total assets
0.33
0.35
0.31
0.30
0.22
Criticized and classified loans / total portfolio loans3.15
3.22
3.63
3.32
2.80
Allowance for credit losses
Allowance for credit losses - loans
$ 218,749
$ 217,666
$ 223,866
$ 233,617
$ 138,766
Allowance for credit losses - loan commitments6,950
7,628
6,168
6,459
6,120
Provision for credit losses
3,059
2,082
3,218
68,883
(147)
Net loan and deposit account overdraft charge-offs and recoveries2,666
8,867
4,329
2,771
4,066
Annualized net loan charge-offs and recoveries / average loans0.06%0.19%0.09%0.08%0.13%Allowance for credit losses - loans / total portfolio loans1.14%1.15%1.19%1.25%1.10%Allowance for credit losses - loans / non-performing loans2.39x2.30x2.65x2.87x3.49xAllowance for credit losses - loans / non-performing loans and
loans past due
0.99x1.12x1.31x1.44x1.40x
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
Dec. 31,
2025
2025
2025
2025
2024
Capital ratios
Tier I leverage capital
9.42%9.72%8.66%11.01%10.68%Tier I risk-based capital
11.38
11.83
10.59
10.69
13.06
Total risk-based capital
13.88
14.58
13.40
13.59
15.88
Common equity tier 1 capital ratio (CET 1)10.34
10.10
9.90
9.99
12.07
Average shareholders' equity to average assets14.88
14.22
13.99
14.86
15.09
Tangible equity to tangible assets (3)
8.99
9.35
8.16
8.03
9.52
Tangible common equity to tangible assets (3)8.13
7.92
7.60
7.47
8.70
(1) Excludes non-performing loans.
(2) Criticized and classified commercial 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.
WESBANCO, INC.
Non-GAAP Financial Measures
Page 11The 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)2025
2025
2025
2025
2024
20252024Return on average assets, excluding certain items:
Net income / (loss) available to common shareholders$ 78,162
$ 81,042
$ 54,884
$ (11,523)
$ 47,098
$ 202,564$ 141,385
Plus: after-tax restructuring and merger-related expenses (1)2,752
8,993
32,434
15,808
510
59,9875,056
Plus: after-tax day one provision for credit losses on acquired loans (1)-
-
-
46,926
-
46,926-
Net income available to common shareholders, excluding certain items80,914
90,035
87,318
51,211
47,608
309,477146,441
Average total assets
$ 27,481,963
$ 27,419,726
$ 27,304,700
$ 21,658,352
$ 18,593,265
$ 25,967,670$ 18,122,625
Return on average assets, excluding certain items (annualized) (2)1.17 %
1.30 %
1.28 %
0.96 %
1.02 %
1.19 %0.81 %
Return on average equity, excluding certain items:
Net income / (loss) available to common shareholders$ 78,162
$ 81,042
$ 54,884
$ (11,523)
$ 47,098
$ 202,564$ 141,385
Plus: after-tax restructuring and merger-related expenses (1)2,752
8,993
32,434
15,808
510
59,9875,056
Plus: after-tax day one provision for credit losses on acquired loans (1)-
-
-
46,926
-
46,926-
Net income available to common shareholders excluding certain items 80,914
90,035
87,318
51,211
47,608
309,477146,441
Average total shareholders' equity$ 4,088,456
$ 3,898,142
$ 3,819,513
$ 3,218,639
$ 2,806,079
$ 3,742,065$ 2,653,174
Return on average equity, excluding certain items (annualized) (2)7.85 %
9.16 %
9.17 %
6.45 %
6.75 %
8.27 %5.52 %
Return on average tangible equity:
Net income / (loss) available to common shareholders$ 78,162
$ 81,042
$ 54,884
$ (11,523)
$ 47,098
$ 202,564$ 141,385
Plus: amortization of intangibles (1)5,701
6,656
7,271
3,336
1,607
22,9656,518
Net income / (loss) available to common shareholders before amortization of intangibles 83,863
87,698
62,155
(8,187)
48,705
225,529147,903
Average total shareholders' equity4,088,456
3,898,142
3,819,513
3,218,639
2,806,079
3,742,0652,653,174
Less: average goodwill and other intangibles, net of def. tax liability(1,700,188)
(1,704,105)
(1,608,358)
(1,312,855)
(1,119,060)
(1,583,033)(1,121,472)
Average tangible equity$ 2,388,268
$ 2,194,037
$ 2,211,155
$ 1,905,784
$ 1,687,019
$ 2,159,032$ 1,531,702
Return on average tangible equity (annualized) (2)13.93 %
15.86 %
11.27 %
-1.74 %
11.49 %
10.45 %9.66 %
Average tangible common equity$ 2,096,528
$ 2,015,329
$ 2,066,671
$ 1,761,300
$ 1,542,535
$ 1,968,805$ 1,387,218Return on average tangible common equity (annualized) (2)15.87 %
17.26 %
12.06 %
-1.89 %
12.56 %
11.46 %10.66 %
Return on average tangible equity, excluding certain items:
Net income / (loss) available to common shareholders$ 78,162
$ 81,042
$ 54,884
$ (11,523)
$ 47,098
$ 202,564$ 141,385
Plus: after-tax restructuring and merger-related expenses (1)2,752
8,993
32,434
15,808
510
59,9875,056
Plus: amortization of intangibles (1)5,701
6,656
7,271
3,336
1,607
22,9656,518
Plus: after-tax day one provision for credit losses on acquired loans (1)-
-
-
46,926
-
46,926-
Net income available to common shareholders before amortization of intangibles and excluding certain items86,615
96,691
94,589
54,547
49,215
332,442152,959
Average total shareholders' equity4,088,456
3,898,142
3,819,513
3,218,639
2,806,079
3,742,0652,653,174
Less: average goodwill and other intangibles, net of def. tax liability(1,700,188)
(1,704,105)
(1,608,358)
(1,312,855)
(1,119,060)
(1,583,033)(1,121,472)
Average tangible equity$ 2,388,268
$ 2,194,037
$ 2,211,155
$ 1,905,784
$ 1,687,019
$ 2,159,032$ 1,531,702
Return on average tangible equity, excluding certain items (annualized) (2)14.39 %
17.48 %
17.16 %
11.61 %
11.61 %
15.40 %9.99 %
Average tangible common equity$ 2,096,528
$ 2,015,329
$ 2,066,671
$ 1,761,300
$ 1,542,535
$ 1,968,805$ 1,387,218Return on average tangible common equity, excluding certain items (annualized) (2)16.39 %
19.03 %
18.36 %
12.56 %
12.69 %
16.89 %11.03 %
Efficiency ratio:
Non-interest expense
$ 147,888
$ 156,188
$ 186,535
$ 133,966
$ 101,104
$ 624,575$ 401,871
Less: amortization of intangibles(7,217)
(8,425)
(9,204)
(4,223)
(2,034)
(29,070)(8,251)
Less: restructuring and merger-related expense(3,483)
(11,383)
(41,056)
(20,010)
(646)
(75,933)(6,400)
Non-interest expense excluding restructuring and merger-related expense137,188
136,380
136,275
109,733
98,424
519,572387,220
Net interest income on a fully taxable equivalent basis223,590
217,963
217,996
159,723
127,689
819,271483,016
Non-interest income, excluding net securities gains (losses)42,193
43,654
42,547
34,983
36,327
163,376126,575
Net interest income on a fully taxable equivalent basis plus non-interest income$ 265,783
$ 261,617
$ 260,543
$ 194,706
$ 164,016
$ 982,647$ 609,591
Efficiency ratio
51.62 %
52.13 %
52.30 %
56.36 %
60.01 %
52.87 %63.52 %
Adjusted net income available to common shareholders, excluding certain items:
Net income / (loss) available to common shareholders$ 78,162
$ 81,042
$ 54,884
$ (11,523)
$ 47,098
$ 202,564$ 141,385
Add: after-tax restructuring and merger-related expenses (1)2,752
8,993
32,434
15,808
510
59,9875,056
Add: after-tax day one provision for credit losses on acquired loans (1)-
-
-
46,926
-
46,926-Adjusted net income available to common shareholders, excluding certain items:$ 80,914
$ 90,035
$ 87,318
$ 51,211
$ 47,608
$ 309,477$ 146,441
Adjusted net income per common share - diluted, excluding certain items:
Net income / (loss) per common share - diluted$ 0.81
$ 0.84
$ 0.57
$ (0.15)
$ 0.70
$ 2.23$ 2.26
Add: after-tax restructuring and merger-related expenses per common share - diluted (1)0.03
0.10
0.34
0.21
0.01
0.660.08
Add: after-tax day one provision for credit losses on acquired loans (1)-
-
-
0.60
-
0.51-Adjusted net income per common share - diluted, excluding certain items:$ 0.84
$ 0.94
$ 0.91
$ 0.66
$ 0.71
$ 3.40$ 2.34
Period End
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
Dec. 31,
2025
2025
2025
2025
2024
Tangible book value per share:
Total shareholders' equity$ 4,031,913
$ 4,116,527
$ 3,819,220
$ 3,781,579
$ 2,790,281
Less: goodwill and other intangible assets, net of def. tax liability(1,693,755)
(1,702,916)
(1,709,001)
(1,718,048)
(1,118,293)
Less: preferred shareholder's equity(224,187)
(368,867)
(144,484)
(144,484)
(144,484)
Tangible common equity2,113,971
2,044,744
1,965,735
1,919,047
1,527,504
Common shares outstanding96,067,559
96,044,222
95,986,023
95,672,204
66,919,805
Tangible book value per share$ 22.01
$ 21.29
$ 20.48
$ 20.06
$ 22.83
Tangible common equity to tangible assets:
Total shareholders' equity$ 4,031,913
$ 4,116,527
$ 3,819,220
$ 3,781,579
$ 2,790,281
Less: goodwill and other intangible assets, net of def. tax liability(1,693,755)
(1,702,916)
(1,709,001)
(1,718,048)
(1,118,293)
Tangible equity
2,338,158
2,413,611
2,110,219
2,063,531
1,671,988
Less: preferred shareholder's equity(224,187)
(368,867)
(144,484)
(144,484)
(144,484)
Tangible common equity2,113,971
2,044,744
1,965,735
1,919,047
1,527,504
Total assets
27,696,333
27,518,042
27,571,576
27,412,383
18,684,298
Less: goodwill and other intangible assets, net of def. tax liability(1,693,755)
(1,702,916)
(1,709,001)
(1,718,048)
(1,118,293)
Tangible assets
$ 26,002,578
$ 25,815,126
$ 25,862,575
$ 25,694,335
$ 17,566,005
Tangible equity to tangible assets8.99 %
9.35 %
8.16 %
8.03 %
9.52 %
Tangible common equity to tangible assets8.13 %
7.92 %
7.60 %
7.47 %
8.70 %
(1) Tax effected at 21% for all periods presented.
(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.
WESBANCO, INC.
Additional Non-GAAP Financial Measures
Page 12The 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)2025
2025
2025
2025
2024
20252024Pre-tax, pre-provision income:
Income / (loss) before provision / (benefit) for income taxes$ 114,620
$ 103,310
$ 70,973
$ (9,665)
$ 61,937
$ 279,238$ 185,114
Add: provision for credit losses3,059
2,082
3,218
68,883
(147)
77,24219,206Pre-tax, pre-provision income
$ 117,679
$ 105,392
$ 74,191
$ 59,218
$ 61,790
$ 356,480$ 204,320
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
Income / (loss) before provision / (benefit) for income taxes$ 114,620
$ 103,310
$ 70,973
$ (9,665)
$ 61,937
$ 279,238$ 185,114
Add: provision for credit losses3,059
2,082
3,218
68,883
(147)
77,24219,206
Add: restructuring and merger-related expenses3,483
11,383
41,056
20,010
646
75,9336,400Pre-tax, pre-provision income, excluding restructuring and merger-related expenses$ 121,162
$ 116,775
$ 115,247
$ 79,228
$ 62,436
$ 432,413$ 210,720
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses:
Income / (loss) before provision / (benefit) for income taxes$ 114,620
$ 103,310
$ 70,973
$ (9,665)
$ 61,937
$ 279,238$ 185,114
Add: provision for credit losses3,059
2,082
3,218
68,883
(147)
77,24219,206
Add: restructuring and merger-related expenses3,483
11,383
41,056
20,010
646
75,9336,400Pre-tax, pre-provision income, excluding restructuring and merger-related expenses121,162
116,775
115,247
79,228
62,436
432,413210,720
Average total assets
$ 27,481,963
$ 27,419,726
$ 27,304,700
$ 21,658,352
$ 18,593,265
$ 25,967,670$ 18,122,625
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses (annualized) (2)1.75 %
1.69 %
1.69 %
1.48 %
1.34 %
1.67 %1.16 %
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses:
Income / (loss) before provision / (benefit) for income taxes$ 114,620
$ 103,310
$ 70,973
$ (9,665)
$ 61,937
$ 279,238$ 185,114
Add: provision for credit losses3,059
2,082
3,218
68,883
(147)
77,24219,206
Add: restructuring and merger-related expenses3,483
11,383
41,056
20,010
646
75,9336,400Pre-tax, pre-provision income, excluding restructuring and merger-related expenses121,162
116,775
115,247
79,228
62,436
432,413210,720
Average total shareholders' equity$ 4,088,456
$ 3,898,142
$ 3,819,513
$ 3,218,639
$ 2,806,079
$ 3,742,065$ 2,653,174
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses (annualized) (2)11.76 %
11.88 %
12.10 %
9.98 %
8.85 %
11.56 %7.94 %
Pre-tax, pre-provision return on average tangible equity, excluding certain items (1):
Income / (loss) before provision / (benefit) for income taxes$ 114,620
$ 103,310
$ 70,973
$ (9,665)
$ 61,937
$ 279,238$ 185,114
Add: provision for credit losses3,059
2,082
3,218
68,883
(147)
77,24219,206
Add: amortization of intangibles7,217
8,425
9,204
4,223
2,034
29,0708,251
Add: restructuring and merger-related expenses3,483
11,383
41,056
20,010
646
75,9336,400Pre-tax, pre-provision income before restructuring and merger-related expenses and amortization of intangibles128,379
125,200
124,451
83,451
64,470
461,483218,971
Average total shareholders' equity4,088,456
3,898,142
3,819,513
3,218,639
2,806,079
3,742,0652,653,174
Less: average goodwill and other intangibles, net of def. tax liability(1,700,188)
(1,704,105)
(1,608,358)
(1,312,855)
(1,119,060)
(1,583,033)(1,121,472)
Average tangible equity$ 2,388,268
$ 2,194,037
$ 2,211,155
$ 1,905,784
$ 1,687,019
$ 2,159,032$ 1,531,702
Pre-tax, pre-provision return on average tangible equity, excluding certain items (annualized) (1) (2)21.33 %
22.64 %
22.58 %
17.76 %
15.20 %
21.37 %14.30 %
Average tangible common equity$ 2,096,528
$ 2,015,329
$ 2,066,671
$ 1,761,300
$ 1,542,535
$ 1,968,805$ 1,387,218Pre-tax, pre-provision return on average tangible common equity, excluding certain items (annualized) (1) (2)24.29 %
24.65 %
24.15 %
19.22 %
16.63 %
23.44 %15.78 %
(1) Certain items excluded from the calculations consist of credit provisions, tax provisions and restructuring and merger-related expenses.
(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.
View original content to download multimedia:https://www.prnewswire.com/news-releases/wesbanco-announces-fourth-quarter-2025-financial-results-302671733.htmlSOURCE WesBanco, Inc.
Original: WesBanco Announces Fourth Quarter 2025 Financial Results
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