WesBanco Inc. Files 10-Q for Q2 2024

TL;DR

WesBanco's Q2 2024 10-Q is in. Check financials.

AI Summary

WesBanco Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data and operational updates are provided for the second quarter.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for WesBanco Inc., crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — As a financial institution, WesBanco is subject to various market, credit, and regulatory risks inherent in the banking industry.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20240801 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• WesBanco Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date
• WV (location) — State of incorporation and business address
• 3042349000 (phone_number) — Business phone number

FAQ

Key Financial Figures

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

Filing Documents

• wsbc-20240630.htm (10-Q) — 7557KB
• wsbc-ex31_1.htm (EX-31.1) — 11KB
• wsbc-ex31_2.htm (EX-31.2) — 12KB
• wsbc-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-089351.txt ( ) — 31953KB
• wsbc-20240630.xsd (EX-101.SCH) — 2015KB
• wsbc-20240630_htm.xml (XML) — 9938KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1

Financial Statements

Financial Statements 2 Consolidated Balance Sheets at June 30, 2024 (unaudited) and December 31, 2023 2 Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8 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 37 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 4

Controls and Procedures

Controls and Procedures 56

– OTHER INFORMATION

PART II – OTHER INFORMATION 1

Legal Proceedings

Legal Proceedings 57 1A

Risk Factors

Risk Factors 57 2 Unregistered Sales of Equity Securities and Use of Proceeds 59 5 Other Information 59 6 Exhibits 60

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS WESBANCO, INC. CONSO LIDATED BALANCE SHEETS June 30, December 31, (unaudited, in thousands, except shares) 2024 2023 ASSETS Cash and due from banks, including interest bearing amounts of $ 312,973 and $ 436,879 , respectively $ 486,789 $ 595,383 Securities: Equity securities, at fair value 13,091 12,320 Available-for-sale debt securities, at fair value 2,102,123 2,194,329 Held-to-maturity debt securities (fair values of $ 1,028,432 and $ 1,069,159 , respectively) 1,179,684 1,199,527 Allowance for credit losses, held-to-maturity debt securities ( 163 ) ( 192 ) Net held-to-maturity debt securities 1,179,521 1,199,335 Total securities 3,294,735 3,405,984 Loans held for sale 25,433 16,354 Portfolio loans, net of unearned income 12,257,511 11,638,461 Allowance for credit losses - loans ( 136,509 ) ( 130,675 ) Net portfolio loans 12,121,002 11,507,786 Premises and equipment, net 222,266 233,571 Accrued interest receivable 79,759 77,435 Goodwill and other intangible assets, net 1,128,103 1,132,267 Bank-owned life insurance 358,682 355,033 Other assets 411,606 388,561 Total Assets $ 18,128,375 $ 17,712,374 LIABILITIES Deposits: Non-interest bearing demand $ 3,826,249 $ 3,962,592 Interest bearing demand 3,505,651 3,463,443 Money market 2,283,294 2,017,713 Savings deposits 2,429,241 2,493,254 Certificates of deposit 1,387,938 1,231,702 Total deposits 13,432,373 13,168,704 Federal Home Loan Bank borrowings 1,475,000 1,350,000 Other short-term borrowings 105,757 105,893 Subordinated debt and junior subordinated debt 279,193 279,078 Total borrowings 1,859,950 1,734,971 Accrued interest payable 15,393 11,121 Other liabilities 276,380 264,516 Total Liabilities 15,584,096 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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