WESBANCO INC
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
WSBC$39.09-0.9%Stored close · as of Nov 10, 2026
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Consolidated Statements of Income
WESBANCO, INC. CONSOLIDATED STATEMENTS OF INCOME
| For the Years Ended December 31, | |||
|---|---|---|---|
| (in thousands, except shares and per share amounts) | 2024 | 2023 | 2022 |
| INTEREST AND DIVIDEND INCOME | |||
| Loans, including fees | $709,802 | $596,852 | $422,401 |
| Interest and dividends on securities: | |||
| Taxable | 70,559 | 73,449 | 66,123 |
| Tax-exempt | 18,089 | 18,830 | 18,818 |
| Total interest and dividends on securities | 88,648 | 92,279 | 84,941 |
| Other interest income | 27,191 | 22,385 | 6,314 |
| Total interest and dividend income | 825,641 | 711,516 | 513,656 |
| INTEREST EXPENSE | |||
| Interest bearing demand deposits | 107,700 | 72,866 | 12,181 |
| Money market deposits | 72,899 | 36,616 | 3,562 |
| Savings deposits | 31,066 | 23,869 | 4,115 |
| Certificates of deposit | 53,236 | 18,472 | 4,089 |
| Total interest expense on deposits | 264,901 | 151,823 | 23,947 |
| Federal Home Loan Bank borrowings | 62,489 | 59,318 | 3,968 |
| Other short-term borrowings | 3,953 | 2,545 | 568 |
| Subordinated debt and junior subordinated debt | 16,090 | 16,492 | 10,860 |
| Total interest expense | 347,433 | 230,178 | 39,343 |
| NET INTEREST INCOME | 478,208 | 481,338 | 474,313 |
| Provision for credit losses | 19,206 | 17,734 | (1,663) |
| Net interest income after provision for credit losses | 459,002 | 463,604 | 475,976 |
| NON-INTEREST INCOME | |||
| Trust fees | 30,676 | 28,135 | 27,551 |
| Service charges on deposits | 29,979 | 26,116 | 26,281 |
| Digital banking income | 19,953 | 19,454 | 20,002 |
| Net swap fee and valuation income | 5,941 | 6,912 | 7,067 |
| Net securities brokerage revenue | 10,238 | 10,055 | 9,525 |
| Bank-owned life insurance | 9,544 | 11,002 | 10,728 |
| Mortgage banking income | 4,270 | 2,652 | 5,129 |
| Net securities gains (losses) | 1,408 | 900 | (1,777) |
| Net gains on other real estate owned and other assets | 142 | 1,520 | 482 |
| Other income | 15,832 | 13,701 | 12,403 |
| Total non-interest income | 127,983 | 120,447 | 117,391 |
| NON-INTEREST EXPENSE | |||
| Salaries and wages | 177,516 | 176,938 | 167,028 |
| Employee benefits | 46,141 | 46,901 | 37,771 |
| Net occupancy | 25,157 | 25,338 | 26,105 |
| Equipment and software | 41,303 | 36,666 | 32,508 |
| Marketing | 9,764 | 11,178 | 9,335 |
| FDIC insurance | 14,215 | 12,249 | 7,901 |
| Amortization of intangible assets | 8,251 | 9,088 | 10,278 |
| Restructuring and merger-related expense | 6,400 | 3,830 | 1,723 |
| Other operating expenses | 73,124 | 67,814 | 64,317 |
| Total non-interest expense | 401,871 | 390,002 | 356,966 |
| Income before provision for income taxes | 185,114 | 194,049 | 236,401 |
| Provision for income taxes | 33,604 | 35,017 | 44,288 |
| NET INCOME | $151,510 | $159,032 | $192,113 |
| Preferred stock dividends | 10,125 | 10,125 | 10,125 |
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $141,385 | $148,907 | $181,988 |
| EARNINGS PER COMMON SHARE | |||
| Basic | $2.26 | $2.51 | $3.03 |
| Diluted | 2.26 | 2.51 | 3.02 |
| AVERAGE COMMON SHARES OUTSTANDING | |||
| Basic | 62,589,406 | 59,303,210 | 60,047,177 |
| Diluted | 62,653,557 | 59,427,989 | 60,215,374 |
| DIVIDENDS DECLARED PER COMMON SHARE | $1.45 | $1.41 | $1.37 |
WESBANCO, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| For the Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Net income | $151,510 | $159,032 | $192,113 |
| Debt securities available-for-sale: | |||
| Net change in unrealized gains (losses) on debt securities available-for-sale | 12,511 | 38,535 | (339,422) |
| Related income tax effect | (2,835) | (10,045) | 82,253 |
| Net securities losses reclassified into earnings | 12 | 241 | 13 |
| Related income tax effect | (236) | (58) | (3) |
| Net effect on other comprehensive income (loss) for the period | 9,452 | 28,673 | (257,159) |
| Defined benefit plans: | |||
| Amortization of net (gain) loss and prior service costs | (406) | 399 | 291 |
| Related income tax effect | 122 | (97) | (70) |
| Recognition of unrealized gain (loss) | 845 | 8,909 | (473) |
| Related income tax effect | (203) | (2,161) | 115 |
| Gain on settlement of retired employee accounts | (2,301) | — | — |
| Related income tax effect | 552 | — | — |
| Net effect on other comprehensive (loss) income for the period | (1,391) | 7,050 | (137) |
| Total other comprehensive income (loss) | 8,061 | 35,723 | (257,296) |
| Comprehensive income (loss) | $159,571 | $194,755 | $(65,183) |
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