WESBANCO INC
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
WSBC$39.09-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
TED STATEMENTS OF INCOME
| For the Years Ended December 31, | |||
|---|---|---|---|
| (in thousands, except shares and per share amounts) | 2023 | 2022 | 2021 |
| INTEREST AND DIVIDEND INCOME | |||
| Loans, including fees | $596,852 | $422,401 | $415,965 |
| Interest and dividends on securities: | |||
| Taxable | 73,449 | 66,123 | 50,401 |
| Tax-exempt | 18,830 | 18,818 | 16,161 |
| Total interest and dividends on securities | 92,279 | 84,941 | 66,562 |
| Other interest income | 22,385 | 6,314 | 2,440 |
| Total interest and dividend income | 711,516 | 513,656 | 484,967 |
| INTEREST EXPENSE | |||
| Interest bearing demand deposits | 72,866 | 12,181 | 3,669 |
| Money market deposits | 36,616 | 3,562 | 1,803 |
| Savings deposits | 23,869 | 4,115 | 1,031 |
| Certificates of deposit | 18,472 | 4,089 | 7,623 |
| Total interest expense on deposits | 151,823 | 23,947 | 14,126 |
| Federal Home Loan Bank borrowings | 59,318 | 3,968 | 6,167 |
| Other short-term borrowings | 2,545 | 568 | 227 |
| Subordinated debt and junior subordinated debt | 16,492 | 10,860 | 6,514 |
| Total interest expense | 230,178 | 39,343 | 27,034 |
| NET INTEREST INCOME | 481,338 | 474,313 | 457,933 |
| Provision for credit losses | 17,734 | (1,663) | (64,274) |
| Net interest income after provision for credit losses | 463,604 | 475,976 | 522,207 |
| NON-INTEREST INCOME | |||
| Trust fees | 28,135 | 27,551 | 29,511 |
| Service charges on deposits | 26,116 | 26,281 | 22,412 |
| Electronic banking fees | 19,454 | 20,002 | 19,318 |
| Net swap fee and valuation income | 6,912 | 7,067 | 6,481 |
| Net securities brokerage revenue | 10,055 | 9,525 | 6,896 |
| Bank-owned life insurance | 11,002 | 10,728 | 8,936 |
| Mortgage banking income | 2,652 | 5,129 | 19,528 |
| Net securities gains (losses) | 900 | (1,777) | 1,113 |
| Net gains on other real estate owned and other assets | 1,520 | 482 | 4,816 |
| Other income | 13,701 | 12,403 | 13,774 |
| Total non-interest income | 120,447 | 117,391 | 132,785 |
| NON-INTEREST EXPENSE | |||
| Salaries and wages | 176,938 | 167,028 | 154,242 |
| Employee benefits | 46,901 | 37,771 | 41,033 |
| Net occupancy | 25,338 | 26,105 | 26,843 |
| Equipment and software | 36,666 | 32,508 | 30,006 |
| Marketing | 11,178 | 9,335 | 8,634 |
| FDIC insurance | 12,249 | 7,901 | 4,150 |
| Amortization of intangible assets | 9,088 | 10,278 | 11,457 |
| Restructuring and merger-related expense | 3,830 | 1,723 | 6,717 |
| Other operating expenses | 67,814 | 64,317 | 70,061 |
| Total non-interest expense | 390,002 | 356,966 | 353,143 |
| Income before provision for income taxes | 194,049 | 236,401 | 301,849 |
| Provision for income taxes | 35,017 | 44,288 | 59,589 |
| NET INCOME | $159,032 | $192,113 | $242,260 |
| Preferred stock dividends | 10,125 | 10,125 | 10,125 |
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $148,907 | $181,988 | $232,135 |
| EARNINGS PER COMMON SHARE | |||
| Basic | $2.51 | $3.03 | $3.54 |
| Diluted | 2.51 | 3.02 | 3.53 |
| AVERAGE COMMON SHARES OUTSTANDING | |||
| Basic | 59,303,210 | 60,047,177 | 65,520,527 |
| Diluted | 59,427,989 | 60,215,374 | 65,669,970 |
| DIVIDENDS DECLARED PER COMMON SHARE | $1.41 | $1.37 | $1.32 |
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