WesBanco, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>WesBanco, Inc. has submitted its comprehensive 2023 annual report (10-K) detailing financial performance and operational disclosures.</b>

AI Summary

WESBANCO INC (WSBCO) filed a Annual Report (10-K) with the SEC on February 26, 2024. WesBanco, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data and disclosures for the period. Key dates and events related to financial reporting are detailed. The company operates within the National Commercial Banks sector (SIC 6021). The report references various accounting standards and financial instruments.

Why It Matters

For investors and stakeholders tracking WESBANCO INC, this filing contains several important signals. This 10-K filing provides stakeholders with a detailed overview of WesBanco's financial health, strategic initiatives, and risk exposures for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance against industry benchmarks and make informed investment decisions.

Risk Assessment

Risk Level: medium — WESBANCO INC shows moderate risk based on this filing. The company operates in the highly regulated banking sector, facing risks related to economic conditions, interest rate fluctuations, and credit quality, as evidenced by the detailed risk factors section typical of a 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factor disclosures in the 10-K to understand WesBanco's performance and potential challenges in the current economic environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-26 — Filing Date (Date of submission)
• 164 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• WESBANCO INC (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240226 (date) — Filing date
• 6021 (industry_code) — Standard Industrial Classification for National Commercial Banks
• WV (location) — State of incorporation and business address
• 3042349000 (phone_number) — Business phone number

FAQ

Risk Factors

• Credit Risk [high — financial]: The company is exposed to credit risk from its lending activities, which could adversely affect its financial condition and results of operations.
• Interest Rate Risk [high — market]: Changes in interest rates can impact the company's net interest income, the value of its investment portfolio, and overall profitability.
• Regulatory Compliance [medium — regulatory]: The banking industry is subject to extensive regulation, and failure to comply with laws and regulations could result in penalties and reputational damage.
• Cybersecurity Risk [medium — operational]: The company faces risks associated with data breaches and cyberattacks, which could disrupt operations and compromise sensitive information.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Official submission date of the 10-K to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by WesBanco, Inc. for the fiscal year 2023.)

SIC Code 6021

Standard Industrial Classification code for National Commercial Banks. (Identifies WesBanco, Inc. as a commercial bank, placing it within a specific industry classification for analysis.)

Key Financial Figures

• $2.0833 — ange on which registered Common Stock $2.0833 Par Value WSBC Nasdaq Global Select
• $25 — per share closing price on that date of $25.77, was $ 1,452,264,276 . As of Febru
• $17.7 billion — co as of December 31, 2023 approximated $17.7 billion. Wesbanco Bank also offers trust and in
• $5.4 billion — tment services segment is approximately $5.4 billion as of December 31, 2023. These assets a
• $0.9 million — ovided philanthropic donations totaling $0.9 million in support of worthwhile organizations
• $10 billion — ing regulators due to its exceeding the $10 billion asset threshold and seeks to ensure tha
• $10.1 million — nd common shareholders of approximately $10.1 million and $82.9 million, respectively. As o
• $82.9 m — ders of approximately $10.1 million and $82.9 million, respectively. As of December 3
• $135.5 million — egulatory approval, a dividend of up to $135.5 million from Wesbanco Bank. Additional informat

Filing Documents

• wsbc-20231231.htm (10-K) — 10426KB
• wsbc-ex21.htm (EX-21) — 30KB
• wsbc-ex23.htm (EX-23) — 11KB
• wsbc-ex24.htm (EX-24) — 69KB
• wsbc-ex31_1.htm (EX-31.1) — 12KB
• wsbc-ex31_2.htm (EX-31.2) — 12KB
• wsbc-ex32_1.htm (EX-32.1) — 19KB
• wsbc-ex97.htm (EX-97) — 53KB
• img151905646_0.jpg (GRAPHIC) — 43KB
• 0000950170-24-020323.txt (&nbsp;) — 44493KB
• wsbc-20231231.xsd (EX-101.SCH) — 3767KB
• wsbc-20231231_htm.xml (XML) — 12431KB

Business

Business 3 - 12 1A

Risk Factors

Risk Factors 13 - 22 1B Unresolved Staff Comments 22 1C Cybersecurity 22 2

Legal Proceedings

Legal Proceedings 24 4 Mine Safety Disclosures 24 Part II 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 - 26 6 Reserved 26 7

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 - 63 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 64 - 65 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 - 134 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 135 9A

Controls and Procedures

Controls and Procedures 135 9B Other Information 135 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 135 Part III 10 Directors, Executive Officers and Corporate Governance 136 11

Executive Compensation

Executive Compensation 136 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 136 13 Certain Relationships and Related Transactions, and Director Independence 136 14 Principal Accountant Fees and Services 136 Part IV 15 Exhibits and Financial Statement Schedules 137 16 Form 10-K Summary 137

Signatures

Signatures 142 2 PART I

BUSINESS

ITEM 1. BUSINESS GENERAL Wesbanco, Inc. ("Wesbanco" or the "Company"), a bank holding company incorporated in 1968 and headquartered in Wheeling, West Virginia, offers a full range of financial services including retail banking, corporate banking, personal and corporate trust services, brokerage services, mortgage banking and insurance. Wesbanco offers these services through two reportable segments, community banking and trust and investment services. For additional information regarding Wesbanco's business segments, please refer to Note 23, "Business Segments" in the Consolidated Financial Statements. As of December 31, 2023, Wesbanco operated one commercial bank: Wesbanco Bank, Inc. ("Wesbanco Bank" or the "Bank"). The Bank has 192 branches and 183 ATM machines located in West Virginia, Ohio, western Pennsylvania, Kentucky, southern Indiana and Maryland. Total assets of Wesbanco as of December 31, 2023 approximated $17.7 billion. Wesbanco Bank also offers trust and investment services and various alternative investment products including mutual funds and annuities. The market value of assets under management of the trust and investment services segment is approximately $5.4 billion as of December 31, 2023. These assets are held by Wesbanco Bank in fiduciary or agency capacities for its customers and therefore are not included as assets on Wesbanco's Consolidated Balance Sheets. Wesbanco also offers additional services through its non-banking subsidiaries: Wesbanco Insurance Services, Inc. ("Wesbanco Insurance"), a wholly-owned subsidiary of Wesbanco Bank, is a multi-line insurance agency specializing in property, casualty, life and title insurance, with benefit plan sales and administration for personal and commercial clients. Wesbanco Securities, Inc. ("Wesbanco Securities") is a full service broker-dealer, which also offers discount brokerage services. Wesbanco Asset Management, Inc., a wholly-owned subsidiary of Wesbanco Bank, holds certain invest

View Full Filing

View this 10-K filing on SEC EDGAR