WesBanco, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>WesBanco, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial performance and portfolio segments.</b>

AI Summary

WESBANCO INC (WSBCO) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. WesBanco, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and portfolio segments. Specific segments mentioned include Commercial, Consumer, and Residential portfolios. Fair value measurements and accounting standards updates are detailed. The report covers periods including Q1 2024, Q1 2023, and year-end 2023.

Why It Matters

For investors and stakeholders tracking WESBANCO INC, this filing contains several important signals. This filing provides stakeholders with an updated view of WesBanco's financial health and operational performance for the first quarter of 2024. The detailed segment and fair value information allows investors to assess risk exposure and the valuation of the company's assets.

Risk Assessment

Risk Level: low — WESBANCO INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating routine financial disclosure.

Analyst Insight

Monitor WesBanco's subsequent filings for trends in its loan portfolios and fair value measurements to assess ongoing financial performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• Q1 2024 — Reporting Quarter (10-Q false Q1)
• 2023-12-31 — Previous Year-End (us-gaap:CommercialPortfolioSegmentMember)
• 2023-03-31 — Prior Year Quarter End (wsbc:TrustAndInvestmentServicesMember)

Key Players & Entities

• WESBANCO INC (company) — FILER
• WSBCO (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE
• 0000203596 (company) — CENTRAL INDEX KEY
• WV (location) — STATE OF INCORPORATION
• WHEELING (location) — CITY
• 3042349000 (phone) — BUSINESS PHONE

FAQ

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance between annual reports.)

Fair Value Measurements

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. (Indicates how the company values its assets and liabilities, impacting reported financial position.)

Portfolio Segments

Categorization of the company's assets, such as loans, based on type (e.g., commercial, consumer, residential). (Helps in understanding the diversification and risk profile of the company's lending activities.)

Key Financial Figures

• $2.0833 — ange on which registered Common Stock $2.0833 Par Value WSBC NASDAQ Global Select

Filing Documents

• wsbc-20240331.htm (10-Q) — 5965KB
• wsbc-ex31_1.htm (EX-31.1) — 11KB
• wsbc-ex31_2.htm (EX-31.2) — 12KB
• wsbc-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-052154.txt (&nbsp;) — 27253KB
• wsbc-20240331.xsd (EX-101.SCH) — 1932KB
• wsbc-20240331_htm.xml (XML) — 8404KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1

Financial Statements

Financial Statements 2 Consolidated Balance Sheets at March 31, 2024 (unaudited) and December 31, 2023 2 Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (unaudited) 3 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 7 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 4

Controls and Procedures

Controls and Procedures 53

– OTHER INFORMATION

PART II – OTHER INFORMATION 1

Legal Proceedings

Legal Proceedings 54 2 Unregistered Sales of Equity Securities and Use of Proceeds 54 5 Other Information 54 6 Exhibits 55

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS WESBANCO, INC. CONSO LIDATED BALANCE SHEETS March 31, December 31, (unaudited, in thousands, except shares) 2024 2023 ASSETS Cash and due from banks, including interest bearing amounts of $ 370,729 and $ 436,879 , respectively $ 509,669 $ 595,383 Securities: Equity securities, at fair value 13,074 12,320 Available-for-sale debt securities, at fair value 2,119,272 2,194,329 Held-to-maturity debt securities (fair values of $ 1,052,444 and $ 1,069,159 , respectively) 1,190,010 1,199,527 Allowance for credit losses, held-to-maturity debt securities ( 183 ) ( 192 ) Net held-to-maturity debt securities 1,189,827 1,199,335 Total securities 3,322,173 3,405,984 Loans held for sale 12,472 16,354 Portfolio loans, net of unearned income 11,873,167 11,638,461 Allowance for credit losses - loans ( 129,190 ) ( 130,675 ) Net portfolio loans 11,743,977 11,507,786 Premises and equipment, net 232,630 233,571 Accrued interest receivable 78,564 77,435 Goodwill and other intangible assets, net 1,130,175 1,132,267 Bank-owned life insurance 357,099 355,033 Other assets 385,976 388,561 Total Assets $ 17,772,735 $ 17,712,374 LIABILITIES Deposits: Non-interest bearing demand $ 3,938,610 $ 3,962,592 Interest bearing demand 3,529,691 3,463,443 Money market 2,189,769 2,017,713 Savings deposits 2,499,466 2,493,254 Certificates of deposit 1,339,237 1,231,702 Total deposits 13,496,773 13,168,704 Federal Home Loan Bank borrowings 1,100,000 1,350,000 Other short-term borrowings 72,935 105,893 Subordinated debt and junior subordinated debt 279,136 279,078 Total borrowings 1,452,071 1,734,971 Accrued interest payable 15,929 11,121 Other liabilities 269,600 264,516 Total Liabilities 15,234,373 15,179,312 SHAREHOLDERS' EQUITY Preferred stock, no par value

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation — The accompanying unaudited interim financial statements of Wesbanco, Inc. and its consolidated subsidiaries ("Wesbanco") have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023. Wesbanco's interim financial statements have been prepared following the significant accounting policies disclosed in Note 1 of the Notes to the Consolidated Financial Statements of its 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission, as well as with the policy changes indicated below. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly Wesbanco's financial position and results of operations for each of the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on Wesbanco's net income and shareholders' equity. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year. Recent accounting pronouncements— The Financial Accounting Standards Board ("FASB") issued Accounting Standards Updates ("ASU") as noted below. ASU 2024-02 - Codification Improvements—Amendments to Remove References to the Concepts Statements In March 2024, the FASB issued ASU 2024-02, "Codification Improvements—Amendments to Remove References to the Concepts Statements." The removal of all references to

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