WesBanco Inc. Files Q3 2024 10-Q Report

TL;DR

**WesBanco Q3 2024 10-Q filed. Bank's financials are now public.**

AI Summary

WesBanco Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing provides details on its financial performance and operational status. Key financial data and business segments are outlined within the report.

Why It Matters

This 10-Q filing provides investors and analysts with WesBanco Inc.'s official financial performance for the third quarter of 2024, crucial for understanding the bank's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks beyond those typically associated with public companies in the banking sector.

Key Numbers

• Q3 — Quarter (Reporting period for this 10-Q filing)
• 2024 — Year (Reporting year for this 10-Q filing)

Key Players & Entities

• WESBANCO INC (company) — Filer
• 20240930 (date) — Conformed Period of Report
• 20241031 (date) — Filed as of Date
• WV (location) — State of Incorporation
• 6021 (number) — Standard Industrial Classification (National Commercial Banks)

FAQ

Key Financial Figures

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

Filing Documents

• wsbc-20240930.htm (10-Q) — 7583KB
• wsbc-ex31_1.htm (EX-31.1) — 11KB
• wsbc-ex31_2.htm (EX-31.2) — 12KB
• wsbc-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-119518.txt ( ) — 32047KB
• wsbc-20240930.xsd (EX-101.SCH) — 2057KB
• wsbc-20240930_htm.xml (XML) — 9915KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1

Financial Statements

Financial Statements 2 Consolidated Balance Sheets at September 30, 2024 (unaudited) and December 31, 2023 2 Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Condensed Statements of Cash Flows for the nine months ended September 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 36 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 4

Controls and Procedures

Controls and Procedures 55

– OTHER INFORMATION

PART II – OTHER INFORMATION 1

Legal Proceedings

Legal Proceedings 56 1A

Risk Factors

Risk Factors 56 2 Unregistered Sales of Equity Securities and Use of Proceeds 58 5 Other Information 58 6 Exhibits 59

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS WESBANCO, INC. CONSO LIDATED BALANCE SHEETS September 30, December 31, (unaudited, in thousands, except shares) 2024 2023 ASSETS Cash and due from banks, including interest bearing amounts of $ 448,676 and $ 436,879 , respectively $ 620,897 $ 595,383 Securities: Equity securities, at fair value 13,355 12,320 Available-for-sale debt securities, at fair value 2,228,527 2,194,329 Held-to-maturity debt securities (fair values of $ 1,052,781 and $ 1,069,159 , respectively) 1,162,359 1,199,527 Allowance for credit losses, held-to-maturity debt securities ( 148 ) ( 192 ) Net held-to-maturity debt securities 1,162,211 1,199,335 Total securities 3,404,093 3,405,984 Loans held for sale 22,127 16,354 Portfolio loans, net of unearned income 12,451,430 11,638,461 Allowance for credit losses - loans ( 140,872 ) ( 130,675 ) Net portfolio loans 12,310,558 11,507,786 Premises and equipment, net 222,005 233,571 Accrued interest receivable 79,465 77,435 Goodwill and other intangible assets, net 1,126,050 1,132,267 Bank-owned life insurance 358,701 355,033 Other assets 370,273 388,561 Total Assets $ 18,514,169 $ 17,712,374 LIABILITIES Deposits: Non-interest bearing demand $ 3,777,781 $ 3,962,592 Interest bearing demand 3,667,082 3,463,443 Money market 2,347,444 2,017,713 Savings deposits 2,381,542 2,493,254 Certificates of deposit 1,663,494 1,231,702 Total deposits 13,837,343 13,168,704 Federal Home Loan Bank borrowings 1,175,000 1,350,000 Other short-term borrowings 140,641 105,893 Subordinated debt and junior subordinated debt 279,251 279,078 Total borrowings 1,594,892 1,734,971 Accrued interest payable 16,406 11,121 Other liabilities 263,943 264,516 Total Liabilities 15,712,584 15,179,312 SHAREHOLDERS' EQUITY Preferred stock, no par

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 ("SEC"), 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 refer

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View this 10-Q filing on SEC EDGAR