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Section 1: 10-Q (10-Q)

wsbc-10q_20190930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019  

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                            to                            

Commission File Number 000-08467

 

WESBANCO, INC.

(Exact name of Registrant as specified in its charter)

 

WEST VIRGINIA

 

55-0571723

(State of incorporation)

 

(IRS Employer Identification No.)

 

 

 

1 Bank Plaza, Wheeling, WV

 

26003

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code:  304-234-9000

 

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock $2.0833 Par Value

WSBC

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).    Yes No

As of October 23, 2019, there were 54,691,225 shares of WesBanco, Inc. common stock, $2.0833 par value, outstanding.

 

 


 

WESBANCO, INC.

TABLE OF CONTENTS

 

Item

No.

ITEM

Page

No.

 

 

 

 

PART I - FINANCIAL INFORMATION

 

1

Financial Statements

2

 

Consolidated Balance Sheets at September 30, 2019 (unaudited) and December 31, 2018

2

 

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018 (unaudited)

3

 

Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2019 and 2018 (unaudited)

4

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited)

5

 

Notes to Consolidated Financial Statements (unaudited)

6

 

 

 

2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

 

 

 

3

Quantitative and Qualitative Disclosures About Market Risk

47

 

 

 

4

Controls and Procedures

50

 

 

 

 

PART II – OTHER INFORMATION

 

1

Legal Proceedings

51

 

 

 

2

Unregistered Sales of Equity Securities and Use of Proceeds

51

 

 

 

6

Exhibits

52

 

 

 

 

Signatures

53

1


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WESBANCO, INC. CONSOLIDATED BALANCE SHEETS

 

 

 

September 30,

 

 

December 31,

 

(unaudited, in thousands, except shares)

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks, including interest bearing amounts of $34,727 and $44,536, respectively

 

$

244,333

 

 

$

169,186

 

Securities:

 

 

 

 

 

 

 

 

Equity securities, at fair value

 

 

11,644

 

 

 

11,737

 

Available-for-sale debt securities, at fair value

 

 

2,209,199

 

 

 

2,114,129

 

Held-to-maturity debt securities (fair values of $877,809  and $1,020,743, respectively)

 

 

852,824

 

 

 

1,020,934

 

Total securities

 

 

3,073,667

 

 

 

3,146,800

 

Loans held for sale

 

 

20,715

 

 

 

8,994

 

Portfolio loans, net of unearned income

 

 

7,756,752

 

 

 

7,656,281

 

Allowance for loan losses

 

 

(54,317

)

 

 

(48,948

)

Net portfolio loans

 

 

7,702,435

 

 

 

7,607,333

 

Premises and equipment, net

 

 

178,344

 

 

 

166,925

 

Accrued interest receivable

 

 

37,156

 

 

 

38,853

 

Goodwill and other intangible assets, net

 

 

914,705

 

 

 

918,850

 

Bank-owned life insurance

 

 

229,349

 

 

 

225,317

 

Other assets

 

 

193,183

 

 

 

176,374

 

Total Assets

 

$

12,593,887

 

 

$

12,458,632

 

LIABILITIES

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Non-interest bearing demand

 

$

2,476,392

 

 

$

2,441,041

 

Interest bearing demand

 

 

2,128,581

 

 

 

2,146,508

 

Money market

 

 

1,085,732

 

 

 

1,142,925

 

Savings deposits

 

 

1,698,125

 

 

 

1,645,549

 

Certificates of deposit

 

 

1,275,533

 

 

 

1,455,610

 

Total deposits

 

 

8,664,363

 

 

 

8,831,633

 

Federal Home Loan Bank borrowings

 

 

1,161,092

 

 

 

1,054,174

 

Other short-term borrowings

 

 

325,247

 

 

 

290,522

 

Subordinated debt and junior subordinated debt

 

 

156,632

 

 

 

189,842

 

Total borrowings

 

 

1,642,971

 

 

 

1,534,538

 

Accrued interest payable

 

 

5,273

 

 

 

4,627

 

Other liabilities

 

 

180,011

 

 

 

109,007

 

Total Liabilities

 

 

10,492,618

 

 

 

10,479,805

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Preferred stock, no par value; 1,000,000 shares authorized; none outstanding

 

 

 

 

 

 

Common stock, $2.0833 par value; 100,000,000 shares authorized in 2019 and 2018, respectively;

   54,698,250 and 54,604,294 shares issued, respectively; 54,691,225 and 54,598,134 shares

   outstanding, respectively

 

 

113,954

 

 

 

113,758

 

Capital surplus

 

 

1,169,595

 

 

 

1,166,701

 

Retained earnings

 

 

809,332

 

 

 

737,581

 

Treasury stock (7,025 and 6,160 shares  - at cost, respectively)

 

 

(252

)

 

 

(274

)

Accumulated other comprehensive income (loss)

 

 

9,922

 

 

 

(37,871

)

Deferred benefits for directors

 

 

(1,282

)

 

 

(1,068

)

Total Shareholders' Equity

 

 

2,101,269

 

 

 

1,978,827

 

Total Liabilities and Shareholders' Equity

 

$

12,593,887

 

 

$

12,458,632

 

 

See Notes to Consolidated Financial Statements.

2


WESBANCO, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

For the Three Months

Ended September 30,

 

 

For the Nine Months

Ended September 30,

 

(unaudited, in thousands, except shares and per share amounts)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

INTEREST AND DIVIDEND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

95,369

 

 

$

86,605

 

 

$

287,287

 

 

$

234,276

 

Interest and dividends on securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

15,887

 

 

 

14,964

 

 

 

49,061

 

 

 

40,702

 

Tax-exempt

 

 

4,759

 

 

 

5,326

 

 

 

15,443

 

 

 

15,216

 

Total interest and dividends on securities

 

 

20,646

 

 

 

20,290

 

 

 

64,504

 

 

 

55,918

 

Other interest income

 

 

1,333

 

 

 

1,498

 

 

 

4,153

 

 

 

3,402

 

Total interest and dividend income

 

 

117,348

 

 

 

108,393

 

 

 

355,944

 

 

 

293,596

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

 

 

4,489

 

 

 

3,501

 

 

 

12,749

 

 

 

9,174

 

Money market deposits

 

 

1,973

 

 

 

1,360

 

 

 

5,881

 

 

 

3,332

 

Savings deposits

 

 

861

 

 

 

352

 

 

 

2,061

 

 

 

768

 

Certificates of deposit

 

 

3,830

 

 

 

3,276

 

 

 

11,831

 

 

 

8,789

 

Total interest expense on deposits

 

 

11,153

 

 

 

8,489

 

 

 

32,522

 

 

 

22,063

 

Federal Home Loan Bank borrowings

 

 

6,645

 

 

 

6,691

 

 

 

19,269

 

 

 

17,142

 

Other short-term borrowings

 

 

1,353

 

 

 

965

 

 

 

4,392

 

 

 

2,497

 

Subordinated debt and junior subordinated debt

 

 

2,077

 

 

 

2,315

 

 

 

6,820

 

 

 

6,425

 

Total interest expense

 

 

21,228

 

 

 

18,460

 

 

 

63,003

 

 

 

48,127

 

NET INTEREST INCOME

 

 

96,120

 

 

 

89,933

 

 

 

292,941

 

 

 

245,469

 

Provision for credit losses

 

 

4,121

 

 

 

1,035

 

 

 

9,375

 

 

 

4,911

 

Net interest income after provision for credit losses

 

 

91,999

 

 

 

88,898

 

 

 

283,566

 

 

 

240,558

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

6,425

 

 

 

6,265

 

 

 

19,880

 

 

 

18,520

 

Service charges on deposits

 

 

7,056

 

 

 

6,313

 

 

 

19,803

 

 

 

16,282

 

Electronic banking fees

 

 

5,253

 

 

 

6,139

 

 

 

18,299

 

 

 

16,697

 

Net securities brokerage revenue

 

 

1,765

 

 

 

1,836

 

 

 

5,597

 

 

 

5,315

 

Bank-owned life insurance

 

 

1,373

 

 

 

1,232

 

 

 

4,032

 

 

 

5,116

 

Mortgage banking income

 

 

2,588

 

 

 

1,521

 

 

 

5,262

 

 

 

4,297

 

Net securities gains

 

 

235

 

 

 

84

 

 

 

3,800

 

 

 

403

 

Net gain on other real estate owned and other assets

 

 

158

 

 

 

150

 

 

 

670

 

 

 

641

 

Other income

 

 

2,097

 

 

 

2,684

 

 

 

8,535

 

 

 

6,444

 

Total non-interest income

 

 

26,950

 

 

 

26,224

 

 

 

85,878

 

 

 

73,715

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

32,915

 

 

 

30,335

 

 

 

95,501

 

 

 

82,213

 

Employee benefits

 

 

9,726

 

 

 

7,905

 

 

 

29,419

 

 

 

22,782

 

Net occupancy

 

 

5,392

 

 

 

4,957

 

 

 

16,343

 

 

 

13,715

 

Equipment

 

 

5,273

 

 

 

4,488

 

 

 

14,924

 

 

 

12,532

 

Marketing

 

 

1,505

 

 

 

1,446

 

 

 

4,002

 

 

 

3,967

 

FDIC insurance

 

 

(1,221

)

 

 

789

 

 

 

1,287

 

 

 

2,315

 

Amortization of intangible assets

 

 

2,446

 

 

 

1,821

 

 

 

7,424

 

 

 

4,218

 

Restructuring and merger-related expense

 

 

1,688

 

 

 

10,811

 

 

 

4,876

 

 

 

16,468

 

Other operating expenses

 

 

15,544

 

 

 

13,568

 

 

 

45,876

 

 

 

36,024

 

Total non-interest expense

 

 

73,268

 

 

 

76,120

 

 

 

219,652

 

 

 

194,234

 

Income before provision for income taxes

 

 

45,681

 

 

 

39,002

 

 

 

149,792

 

 

 

120,039

 

Provision for income taxes

 

 

8,334

 

 

 

6,516

 

 

 

27,295

 

 

 

20,855

 

NET INCOME

 

$

37,347

 

 

$

32,486

 

 

$

122,497

 

 

$

99,184

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.68

 

 

$

0.65

 

 

$

2.24

 

 

$

2.11

 

Diluted

 

$

0.68

 

 

$

0.64

 

 

$

2.24

 

 

$

2.11

 

AVERAGE COMMON SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

54,695,578

 

 

 

50,277,847

 

 

 

54,641,057

 

 

 

46,965,095

 

Diluted

 

 

54,751,344

 

 

 

50,432,112

 

 

 

54,705,761

 

 

 

47,107,829

 

DIVIDENDS DECLARED PER COMMON SHARE

 

$

0.31

 

 

$

0.29

 

 

$

0.93

 

 

$

0.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

 

$

43,156

 

 

$

25,965

 

 

$

170,290

 

 

$

71,869

 

 

See Notes to Consolidated Financial Statements.

3


WESBANCO, INC. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

 

 

 

 

For the Three Months Ended September 30, 2019 and 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Deferred

 

 

 

 

 

(unaudited, in thousands, except

 

Shares

 

 

 

 

 

 

Capital

 

 

Retained

 

 

Treasury

 

 

Comprehensive

 

 

Benefits for

 

 

 

 

 

   shares and per share amounts)

 

Outstanding

 

 

Amount

 

 

Surplus

 

 

Earnings

 

 

Stock

 

 

Income (Loss)

 

 

Directors

 

 

Total

 

June 30, 2019

 

 

54,697,199

 

 

$

113,952

 

 

$

1,168,212

 

 

$

788,900

 

 

$

(2

)

 

$

4,113

 

 

$

(1,059

)

 

$

2,074,116

 

Net income