$WSBC

WESBANCO INC

CIK:0000203596|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST AND DIVIDEND INCOME
Loans, including fees	$ 287,916	$ 290,104	$ 568,904	$ 508,512
Interest and dividends on securities:
Taxable	32,083	31,066	63,526	53,314
Tax-exempt	4,833	4,616	9,657	9,145
Total interest and dividends on securities	36,916	35,682	73,183	62,459
Other interest income	8,219	10,596	16,587	18,643
Total interest and dividend income	333,051	336,382	658,674	589,614
INTEREST EXPENSE
Interest bearing demand deposits	30,567	30,405	59,935	59,782
Money market deposits	33,650	36,287	65,804	57,422
Savings deposits	11,029	8,670	21,147	16,029
Certificates of deposit	20,590	21,442	43,181	39,999
Total interest expense on deposits	95,836	96,804	190,067	173,232
Federal Home Loan Bank borrowings	10,390	16,683	21,705	29,718
Other short-term borrowings	565	816	1,163	1,938
Subordinated debt and junior subordinated debt	4,098	5,310	8,177	9,438
Total interest expense	110,889	119,613	221,112	214,326
NET INTEREST INCOME	222,162	216,769	437,562	375,288
Provision for credit losses	9,185	3,218	8,288	72,101
Net interest income after provision for credit losses	212,977	213,551	429,274	303,187
NON-INTEREST INCOME
Trust fees	9,830	9,657	20,272	18,355
Service charges on deposits	11,546	10,484	22,507	19,070
Digital banking income	7,410	7,325	14,008	12,730
Net swap fee and valuation income	3,135	746	4,197	1,706
Net securities brokerage revenue	3,670	3,348	7,142	6,049
Bank-owned life insurance	4,317	3,450	8,127	6,878
Mortgage banking income	1,055	2,364	1,974	3,504
Net securities gains	1,644	1,410	1,631	1,092
Net gains on other real estate owned and other assets	2,036	111	2,583	71
Other income	8,989	5,062	13,021	9,167
Total non-interest income	53,632	43,957	95,462	78,622
NON-INTEREST EXPENSE
Salaries and wages	66,402	60,153	130,366	108,730
Employee benefits	19,148	18,857	36,759	31,827
Net occupancy	7,863	8,119	16,393	15,897
Equipment and software	15,640	17,140	31,317	30,190
Marketing	2,271	1,864	3,798	4,246
FDIC insurance	4,168	5,479	8,951	9,666
Amortization of intangible assets	7,141	9,204	14,301	13,427
Restructuring and merger-related expense	1,003	41,056	4,716	61,066
Other operating expenses	25,450	24,663	49,187	45,451
Total non-interest expense	149,086	186,535	295,788	320,500
Income before provision for income taxes	117,523	70,973	228,948	61,309
Provision for income taxes	24,846	13,558	47,635	12,886
Net income	92,677	57,415	181,313	48,423
Preferred stock dividends	4,240	2,531	8,481	5,063
Net income available to common shareholders	$ 88,437	$ 54,884	$ 172,832	$ 43,360
EARNINGS PER COMMON SHARE
Basic	$ 0.92	$ 0.57	$ 1.8	$ 0.5
Diluted	$ 0.91	$ 0.57	$ 1.79	$ 0.5
AVERAGE COMMON SHARES OUTSTANDING
Basic	96,028,958	95,744,980	96,066,022	86,339,970
Diluted	96,703,880	95,808,310	96,506,410	86,466,701
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.38	$ 0.37	$ 0.76	$ 0.74

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 184,290	$ 78,627
INVESTING ACTIVITIES
Net increase in loans held for investment	(209,025)	(251,350)
Available-for-sale debt securities:
Proceeds from sales	22,337	873,835
Proceeds from maturities, prepayments and calls	399,244	264,069
Purchases of securities	(463,257)	(903,886)
Held-to-maturity debt securities:
Proceeds from maturities, prepayments and calls	23,831	18,538
Purchases of securities	0	(4,279)
Purchases of premises and equipment - net	(3,207)	(11,094)
Net cash received from PFC acquisition	0	200,454
Sale of portfolio loans - net	0	73,893
Proceeds from bank owned life insurance	3,342	2,301
Net cash provided by investing activities	(226,735)	262,481
FINANCING ACTIVITIES
(Decrease) increase in deposits	(76,056)	153,941
Proceeds from Federal Home Loan Bank borrowings	1,250,000	1,175,000
Repayment of Federal Home Loan Bank borrowings	(1,100,000)	(925,000)
Decrease in other short-term borrowings	(22,260)	(88,407)
Principal repayments of finance lease obligations	(2,466)	(2,043)
Dividends paid to common shareholders	(73,069)	(59,697)
Dividends paid to preferred shareholders	(8,481)	(5,063)
Issuance of common stock	1,748	104
Treasury shares purchased - net	(11,306)	(1,050)
Net cash (used in) provided by financing activities	(41,890)	247,785
Net (decrease) increase in cash, cash equivalents and restricted cash	(84,335)	588,893
Cash, cash equivalents and restricted cash at beginning of the period	956,109	568,137
Cash, cash equivalents and restricted cash at end of the period	871,774	1,157,030
SUPPLEMENTAL DISCLOSURES
Interest paid on deposits and other borrowings	222,956	210,316
Income taxes paid	13,082	21,480
Transfers of loans to other real estate owned	600	0
Transfer of loans held for sale to loans held for investment	31,269	0
Non-cash transactions related to the PFC acquisition	$ 0	$ 1,007,845

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks, including interest bearing amounts of $644,813 and $751,249, respectively	$ 871,774	$ 956,109
Securities:
Equity securities, at fair value	19,060	30,809
Available-for-sale debt securities, at fair value	3,312,972	3,288,332
Held-to-maturity debt securities (fair values of $1,005,725 and $1,035,957, respectively)	1,107,751	1,132,114
Allowance for credit losses, held-to-maturity debt securities	(165)	(168)
Net held-to-maturity debt securities	1,107,586	1,131,946
Total securities	4,439,618	4,451,087
Loans held for sale	57,318	87,454
Portfolio loans, net of unearned income	19,478,966	19,226,432
Allowance for credit losses - loans	(217,775)	(218,749)
Net portfolio loans	19,261,191	19,007,683
Premises and equipment, net	248,200	263,240
Accrued interest receivable	102,342	106,651
Goodwill and other intangible assets, net	1,709,084	1,723,385
Bank-owned life insurance	562,297	557,512
Other assets	545,093	543,212
Total Assets	27,796,917	27,696,333
Deposits:
Non-interest bearing demand	5,287,995	5,376,767
Interest bearing demand	5,364,937	5,186,880
Money market	5,012,414	5,072,039
Savings deposits	3,335,823	3,157,782
Certificates of deposit	2,591,047	2,875,372
Total deposits	21,592,216	21,668,840
Federal Home Loan Bank borrowings	1,350,000	1,200,000
Other short-term borrowings	88,419	110,679
Subordinated debt and junior subordinated debt	308,837	308,529
Total borrowings	1,747,256	1,619,208
Accrued interest payable	17,567	19,150
Other liabilities	330,193	357,222
Total Liabilities	23,687,232	23,664,420
SHAREHOLDERS' EQUITY
Common stock, $2.0833 par value; 200,000,000 shares authorized; 96,191,910 and 96,067,559 shares issued; 95,869,209 and 96,067,559 shares outstanding at June 30, 2026 and December 31, 2025, respectively	200,396	200,137
Capital surplus	2,498,629	2,490,440
Retained earnings	1,352,870	1,252,765
Treasury stock (322,701 and 0 shares - at cost, respectively)	(10,924)	0
Accumulated other comprehensive loss	(153,157)	(133,320)
Deferred benefits for directors	(2,316)	(2,296)
Total Shareholders' Equity	4,109,685	4,031,913
Total Liabilities and Shareholders' Equity	27,796,917	27,696,333
Series B Preferred Stock [Member]
SHAREHOLDERS' EQUITY
Preferred stock	$ 224,187	$ 224,187