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WesBanco Announces Increased Earnings


News provided by

WesBanco, Inc.

Apr 26, 2011, 04:05 ET

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WHEELING, W.Va., April 26, 2011 /PRNewswire/ -- Paul M. Limbert, President and Chief Executive Officer of WesBanco, Inc. (NASDAQ Global Market: WSBC), a Wheeling, West Virginia based multi-state bank holding company, today announced increased earnings for the first quarter ended March 31, 2011.

Net income for the three months ended March 31, 2011 was $10.2 million as compared to $7.9 million for the first quarter of 2010, representing an increase of 29.5%, while diluted earnings per share were $0.39, as compared to $0.30 per share for the first quarter of 2010.

Mr. Limbert commented, "The first quarter of 2011 continues WesBanco's progress in expanding profitability through focusing on our core businesses, improving credit quality and reducing funding costs.  We are also benefiting from a recovering economy in several of our key markets. The growth in net income in the first quarter was achieved through a reduction in the provision for credit losses, improvement in net interest income as cost of funds decreased, higher gross revenues from the Trust, Insurance and Mortgage business units and continued cost control throughout the organization.  These improvements resulted in a 30.5% increase in the key metric of return on average assets to 0.77% from 0.59% last year."

Net Interest Income

Net interest income increased $0.8 million or 2.1% in the first quarter as compared to the first quarter of 2010, due to the management of rates on loans and other earning assets, while significantly improving the funding mix to reduce overall cost of funds for both deposits and other borrowings.  The net interest margin improved to 3.67% in the first three months of 2011, an increase of 10 basis points as compared to the first quarter of 2010, and it was also slightly higher than the 2010 fourth quarter rate of 3.66%.  The average rate on interest bearing liabilities decreased by 47 basis points, while the rate on earning assets declined at a slower pace of 34 basis points. Lower offered rates on maturing, higher-rate certificates of deposit, and an increase in lower-cost transaction account products such as non-interest bearing checking and money market accounts all contributed to the improvement in the cost of funds.  In addition, the average balance for borrowings, which generally have higher interest costs, decreased by $230.3 million or 35.0% in the first quarter of 2011 from the first quarter of 2010.  Total borrowings, excluding junior subordinated debt, dropped to 7.5% of total assets from 11.0% at March 31, 2010.  Improvements in the mix of deposit accounts also contributed to the improved cost of funds, with average CD's decreasing to 40.1% of total average deposits, from 44.2% in the first quarter of 2010, and all other account types increased to 59.9%.  Average non-interest bearing deposit balances increased 11.7% as a result of retail marketing campaigns and customer incentives, as well as increased balances of the Bank's business customers.  Part of the growth in deposits is attributed to deposits received from customers participating in Marcellus shale gas lease and royalty payments in our northern West Virginia markets.

Provision and Allowance for Credit Losses

The provision for credit losses decreased $3.5 million in the first quarter as compared to the same quarter of 2010 and decreased $1.6 million as compared to the fourth quarter of 2010. The allowance for loan losses was relatively unchanged at March 31, 2011 as compared to December 31, 2010 and was 1.89% of total loans as compared to 1.86% at December 31, 2010 and 1.91% at March 31, 2010.

Net charge-offs increased $1.3 million in the first quarter as compared to the first quarter of 2010, and $1.7 million as compared to the fourth quarter of 2010, but remain significantly below average quarterly net charge-offs over the last two years. Net charge-offs for the first quarter include $4.4 million attributable to two land development loans.  Both of these loans were classified and reserved, and one of these loans was also reported as renegotiated in previous quarters.  The remaining balance of both of these loans was reclassified to non-accrual at March 31, 2011.

Non-accrual loans at March 31, 2011 decreased $8.9 million compared to March 31, 2010, but increased $10.8 million from the fourth quarter of 2010.  The decrease from the first quarter of 2010 was the result of the sale of certain impaired loans in the third quarter of last year and other continuing workout efforts to reduce this category of loans.  Approximately $4.9 million of the increase from the previous quarter represents the balance of the two land development loans after the charges discussed above with the remainder of the increase primarily attributable to three commercial borrowers and residential mortgage loans.

Renegotiated loans increased $7.4 million compared to March 31, 2010, but decreased $10.8 million from the fourth quarter of 2010.  The increase from the first quarter of 2010 is largely due to the bank's philosophy of restructuring loans when appropriate to provide customers an opportunity to recover from the recession. The decrease from the previous quarter was due to one loan being reinstated to its original repayment terms and the reclassification to non-accrual of a charged down land development loan.  

The increase in non-accrual loans did not have a material effect on the allowance for credit losses at March 31, 2011 or the provision for credit losses for the first quarter of 2011 because loans that migrated to non-accrual during the quarter were previously classified and in certain instances also reported as renegotiated, and adequately reserved in prior periods.  Total classified and criticized loans at March 31, 2011 decreased $32.2 million compared to March 31, 2010 and $10.6 million compared to the fourth quarter of 2010.

Non-Interest Income and Non-Interest Expense

Non-interest income decreased $0.5 million or 3.6% as compared to the first quarter of 2010 principally due to a $1.4 million decline in net security gains and a $1.1 million decline in service charges on deposits resulting from regulatory changes which led to fewer customer overdraft transactions.  However, these decreases were mostly offset by a $0.7 million or 17.3% increase in trust fees from new business and market improvements, and a $1.0 million improvement in net losses on other real estate owned and a $0.4 million increase in electronic banking fees.

In the first quarter, non-interest expense was relatively unchanged as compared to the first quarter of 2010.  Salaries, wages and employee benefits increased $0.6 million due to regular compensation increases late in the first quarter of 2010 and increased health and other employee insurance costs, while marketing expense increased $0.4 million from promotions focused on growing demand deposits and home equity loans.  These increases were offset by decreases in occupancy and equipment expense of $0.4 million due to reductions in required seasonal maintenance and in depreciation expense, while restructuring costs decreased $0.2 million. Non-interest expense decreased in many other categories as WesBanco continues to improve the expense structure and efficiency of its operations.

Financial Condition

Total assets were comparable to both year-end and March 31, 2010.  Portfolio loans decreased 5.6% in the last twelve months primarily due to reduced loan demand, continued strategic reductions in residential real estate loans, the sale of certain impaired loans, and a focus on maintaining credit quality.

Total deposits increased 4.2% as compared to the first quarter of 2010, primarily due to an increase in all deposit categories other than CDs, which decreased 6.1%.  The total increase in lower cost deposit categories other than CDs was 12.1%.  The decrease in CD balances was due to planned reductions of non-relationship customers acquired with a large branch acquisition in 2009 and lower offered rates for new and rollover CDs.  Total borrowings, excluding junior subordinated debt, decreased by $192.7 million or 32.5% as compared to March 31, 2010 and 9.2% since the end of 2010, funded by the increased deposits and the decreases in loans.  WesBanco's loan to deposit ratio was 78% at quarter-end, and the Company's liquidity permits loan growth to be easily funded when it occurs.

WesBanco continued to improve already strong regulatory capital ratios of 8.53% tier I leverage, 12.23% tier I risk-based capital, and 13.48% total risk-based capital, all of which improved in each of the last six consecutive quarters.  Both consolidated and bank-level regulatory capital ratios are well above the applicable "well-capitalized" standards promulgated by bank regulators.  Total tangible equity to tangible assets (non-GAAP measure) was 6.43% at March 31, 2011, a 10 basis point improvement from December 31, 2010 and a 37 basis point increase from 6.06% at March 31, 2010, primarily due to balance sheet management strategies and increases in shareholders' equity.  The increase in shareholders' equity was the result of improved operating results net of dividends declared, partially offset by decreases in other comprehensive income from unrealized securities gains as interest rates rose during the last two quarters.  WesBanco increased its quarterly dividend to $0.15 per share in February, a 7.1% increase over the prior quarterly rate.

WesBanco is a multi-state bank holding company with total assets of approximately $5.4 billion, operating through 112 branch locations and 126 ATMs in West Virginia, Ohio, and Pennsylvania.  WesBanco's banking subsidiary is WesBanco Bank, Inc., headquartered in Wheeling, West Virginia.  WesBanco also operates an insurance brokerage company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

Forward-looking Statements:

Forward-looking statements in this report relating to WesBanco's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The information contained in this report should be read in conjunction with WesBanco's Form 10-K for the year ended December 31, 2010 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC"), which are available at the SEC's website www.sec.gov or at WesBanco's website, www.wesbanco.com.  Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco's most recent Annual Report on Form 10-K filed with the SEC under "Risk Factors" in Part I, Item 1A.  Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including without limitation, the effects of changing regional and national economic conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the SEC, Financial Institution Regulatory Authority, Municipal Securities Rulemaking Board, Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; internet hacking; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco's operational and financial performance.  WesBanco does not assume any duty to update forward-looking statements.

WESBANCO, INC.

Consolidated Selected Financial Highlights

Page 4

(unaudited, dollars in thousands, except per share amounts)











For the Three Months Ended

STATEMENT OF INCOME

March 31,

Interest and dividend income

2011


2010


% Change


Loans, including fees

$      44,348


$      48,375


(8.32%)


Interest and dividends on securities:








Taxable

8,708


9,111


(4.42%)



Tax-exempt

2,986


2,994


(0.27%)




Total interest and dividends on securities

11,694


12,105


(3.40%)


Other interest income

56


85


(34.12%)

         Total interest and dividend income

56,098


60,565


(7.38%)

Interest Expense







Interest bearing demand deposits

503


670


(24.93%)


Money market deposits

1,572


1,943


(19.09%)


Savings deposits

488


602


(18.94%)


Certificates of deposit

8,050


10,160


(20.77%)




Total interest expense on deposits

10,613


13,375


(20.65%)


Federal Home Loan Bank borrowings

2,026


4,334


(53.25%)


Other short-term borrowings

1,182


1,178


0.34%


Junior subordinated debt owed to unconsolidated subsidiary trusts

801


1,045


(23.35%)




Total interest expense

14,622


19,932


(26.64%)

Net interest income

41,476


40,633


2.07%


Provision for credit losses

8,041


11,500


(30.08%)

Net interest income after provision for credit losses

33,435


29,133


14.77%

Non-interest income







Trust fees

4,762


4,058


17.35%


Service charges on deposits

4,222


5,317


(20.59%)


Electronic banking fees

2,284


1,915


19.27%


Net securities brokerage and insurance services revenue

1,721


1,852


(7.07%)


Bank-owned life insurance

895


944


(5.19%)


Net securities gains

17


1,405


(98.79%)


Net loss on other real estate owned and other assets

(545)


(1,530)


64.38%


Other income

1,148


1,080


6.30%




Total non-interest income

14,504


15,041


(3.57%)

Non-interest expense







Salaries and wages

13,585


13,214


2.81%


Employee benefits

5,224


4,997


4.54%


Net occupancy

2,921


3,060


(4.54%)


Equipment

2,300


2,604


(11.67%)


Marketing

1,005


630


59.52%


FDIC Insurance

1,654


1,605


3.05%


Amortization of intangible assets

618


699


(11.59%)


Restructuring and merger-related expenses

-


200


(100.00%)


Other operating expenses  

8,184


8,385


(2.40%)




Total non-interest expense

35,491


35,394


0.27%

Income before provision for income taxes

12,448


8,780


41.78%


Provision for income taxes

2,208


870


153.79%

Net income

$      10,240


$        7,910


29.46%










Taxable equivalent net interest income

$     43,084


$     42,245


1.99%










Per common share data






Net income per common share - basic

$          0.39


$          0.30


30.00%

Net income per common share - diluted

$          0.39


$          0.30


30.00%

Dividends declared

$          0.15


$          0.14


7.14%

Book value (period end)

$        23.01


$        22.45


2.49%

Tangible book value (period end) (1)

$        12.30


$        11.63


5.76%

Average common shares outstanding - basic

26,589,013


26,567,653


0.08%

Average common shares outstanding - diluted

26,590,410


26,568,172


0.08%

Period end common shares outstanding

26,593,510


26,567,653


0.10%










(1) See non-GAAP financial measures for additional information relating to the calculation of this item.

WESBANCO, INC.

Consolidated Selected Financial Highlights

Page 5

(unaudited, dollars in thousands)















Selected ratios
















For the Three Months Ended





March 31,






2011


2010


% Change






















Return on average assets


0.77%


0.59%


30.51%








Return on average equity


6.81


5.36


27.05








Return on average tangible equity (1)


13.29


10.94


21.48








Yield on earning assets (2)


4.92


5.26


(6.46)








Cost of interest bearing liabilities


1.44


1.91


(24.61)








Net interest spread (2)


3.47


3.35


3.58








Net interest margin (2)


3.67


3.57


2.80








Efficiency (2)


61.63


61.78


(0.24)








Average loans to average deposits


78.08


86.16


(9.38)








Annualized net loan charge-offs/average loans


1.03


0.83


24.10








Effective income tax rate


17.74


9.91


79.01








Trust Assets, market value at period end


$ 3,061,907


$ 2,778,687


10.19






















For the Quarter Ending




Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,




2011


2010


2010


2010


2010














Return on average assets


0.77%


0.76%


0.67%


0.61%


0.59%


Return on average equity


6.81


6.69


5.96


5.47


5.36


Return on average tangible equity (1)


13.29


13.09


11.80


10.98


10.94


Yield on earning assets (2)


4.92


4.94


4.98


5.10


5.26


Cost of interest bearing liabilities


1.44


1.48


1.56


1.74


1.91


Net interest spread (2)


3.47


3.46


3.42


3.36


3.35


Net interest margin (2)


3.67


3.66


3.61


3.56


3.57


Efficiency (2)


61.63


60.36


61.05


60.36


61.78


Average loans to average deposits


78.08


78.69


80.60


83.37


86.16


Annualized net loan charge-offs/average loans


1.03


0.80


2.09


1.42


0.83


Effective income tax rate


17.74


15.40


3.69


13.20


9.91


Trust Assets, market value at period end


$ 3,061,907


$ 2,943,786


$ 2,797,935


$ 2,614,284


$ 2,778,687














(1) See non-GAAP financial measures for additional information relating to the calculation of this item.

(2) The yield on earning assets, net interest margin, net interest spread and efficiency ratios are presented on a fully

   taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt

  loans and investments.   WesBanco believes this measure to be the preferred industry measurement of net interest income and

  provides a relevant comparison between taxable and non-taxable amounts.

WESBANCO, INC.

Consolidated Selected Financial Highlights

Page 6


(unaudited, dollars in thousands)







% Change


Balance sheets

March 31,




December 31,

December 31, 2010


Assets

2011

2010


% Change


2010

to March 31, 2011


Cash and due from banks

$      83,364

$      73,316


13.70%


$      57,242

45.63%


Due from banks - interest bearing

13,712

87,477


(84.32)


21,894

(37.37)


Securities:










Available-for-sale, at fair value

935,600

1,211,358


(22.76)


957,481

(2.29)



Held-to-maturity (fair values of 531,581; 1,146 and 465,902, respectively)

531,284

1,451


NM


468,710

13.35




Total securities

1,466,884

1,212,809


20.95


1,426,191

2.85


Loans held for sale

4,087

6,544


(37.55)


10,800

(62.16)


Portfolio Loans:










Commercial real estate

1,740,900

1,782,249


(2.32)


1,757,249

(0.93)



Commercial and industrial

407,267

449,255


(9.35)


412,726

(1.32)



Residential real estate

597,267

683,979


(12.68)


608,693

(1.88)



Home equity

248,203

241,701


2.69


249,423

(0.49)



Consumer

249,607

279,773


(10.78)


260,585

(4.21)


Total portfolio loans, net of unearned income

3,243,244

3,436,957


(5.64)


3,288,676

(1.38)


Allowance for loan losses

(61,440)

(65,625)


6.38


(61,051)

(0.64)




Net portfolio loans

3,181,804

3,371,332


(5.62)


3,227,625

(1.42)


Premises and equipment, net

84,952

87,729


(3.16)


85,928

(1.14)


Accrued interest receivable

21,599

20,787


3.91


20,536

5.18


Goodwill and other intangible assets, net

284,941

287,593


(0.92)


285,559

(0.22)


Bank-owned life insurance

107,397

104,389


2.88


106,502

0.84


Other assets

120,112

128,465


(6.50)


119,181

0.78


Total Assets

$ 5,368,852

$ 5,380,441


(0.22)%


$ 5,361,458

0.14%













Liabilities









Deposits:










Non-interest bearing demand

$    611,496

$    540,135


13.21%


$    591,052

3.46%



Interest bearing demand

511,168

461,075


10.86


481,129

6.24



Money market

887,803

783,872


13.26


854,836

3.86



Savings deposits

558,800

506,252


10.38


530,701

5.29



Certificates of deposit

1,642,942

1,750,231


(6.13)


1,714,705

(4.19)




Total deposits

4,212,209

4,041,565


4.22


4,172,423

0.95


Federal Home Loan Bank borrowings

232,247

416,750


(44.27)


253,606

(8.42)


Other short-term borrowings

168,014

176,187


(4.64)


187,385

(10.34)


Junior subordinated debt owed to unconsolidated subsidiary trusts

106,042

111,167


(4.61)


106,034

0.01




Total borrowings

506,303

704,104


(28.09)


547,025

(7.44)


Accrued interest payable

6,035

7,318


(17.53)


6,559

(7.98)


Other liabilities

32,327

30,981


4.35


28,588

13.08


Total liabilities

4,756,874

4,783,968


(0.57)


4,754,595

0.05













Shareholders' Equity









Preferred stock, no par value; 1,000,000 shares authorized;










none outstanding

-

-


-


-

-


Common stock, $2.0833 par value; 50,000,000 shares authorized;










26,633,848 shares issued; 26,593,510 shares, 26,567,653










shares and 26,586,953 shares outstanding, respectively

55,487

55,487


-


55,487

-


Capital surplus

191,919

192,268


(0.18)


191,987

(0.04)


Retained earnings

367,766

344,978


6.61


361,513

1.73


Treasury stock (40,338; 66,195 and 46,895 shares - at cost,










respectively)

(919)

(1,498)


38.68


(1,063)

-


Accumulated other comprehensive income

(1,101)

6,516


(116.90)


131

(940.42)


Deferred benefits for directors

(1,174)

(1,278)


8.17


(1,192)

1.54


Total Shareholders' Equity

611,978

596,473


2.60


606,863

0.84


Total Liabilities and Shareholders' Equity

$ 5,368,852

$ 5,380,441


(0.22)%


$ 5,361,458

0.14%
























NM - Not Meaningful

WESBANCO, INC.

Consolidated Selected Financial Highlights

Page 7

(unaudited, dollars in thousands)

Average balance sheet and







net interest margin analysis

Three Months Ended March 31,


2011

2010


Average


Average


Average

Average

Assets

Balance


Rate


Balance

Rate

Due from banks - interest bearing

$      53,396


0.15%


$      93,515

0.14%

Loans, net of unearned income (1)

3,264,097


5.51%


3,456,171

5.68%

Securities: (2)







   Taxable

1,108,599


3.14%


918,329

3.97%

   Tax-exempt (3)

291,747


6.30%


279,432

6.59%

       Total securities

1,400,346


3.80%


1,197,761

4.58%

Federal funds sold

-


-


-

-

Other earning assets

27,650


0.52%


30,506

0.69%

        Total earning assets (3)

4,745,489


4.92%


4,777,953

5.26%

Other assets

617,876




636,388


Total Assets

$ 5,363,365




$ 5,414,341









Liabilities and Shareholders' Equity







Interest bearing demand deposits

$    492,572


0.41%


$    459,145

0.59%

Money market accounts

868,659


0.73%


746,671

1.06%

Savings deposits

542,593


0.36%


495,874

0.49%

Certificates of deposit

1,675,482


1.95%


1,771,825

2.33%

   Total interest bearing deposits

3,579,306


1.20%


3,473,515

1.56%

Federal Home Loan Bank borrowings

240,144


3.42%


471,925

3.72%

Other borrowings

187,761


2.55%


186,254

2.56%

Junior subordinated debt

106,038


3.06%


111,171

3.81%

     Total interest bearing liabilities

4,113,249


1.44%


4,242,865

1.91%

Non-interest bearing demand deposits

601,270




538,052


Other liabilities

38,769




35,402


Shareholders' equity

610,077




598,022


Total Liabilities and Shareholders' Equity

$ 5,363,365




$ 5,414,341


Taxable equivalent net interest spread



3.47%



3.35%

Taxable equivalent net interest margin



3.67%



3.57%








(1) Gross of allowance for loan losses and net of unearned income.  Includes non-accrual and loans held for sale.

    Loan fees included in interest income on loans are $0.9 million, $1.1 million for the three months ended March 31, 2011 and 2010, respectively.

(2) Average yields on available-for-sale securities are calculated based on amortized cost.

(3) Taxable equivalent basis is calculated on tax-exempt securities using a rate of 35% for each period presented.

WESBANCO, INC.

Consolidated Selected Financial Highlights

Page 8

(unaudited, dollars in thousands, except per share amounts)





Quarter Ended

Statement of Income

Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,

Interest income

2011


2010


2010


2010


2010


Loans, including fees

$ 44,348


$      46,341


$      46,753


$      47,911


$      48,375


Interest and dividends on securities:












Taxable

8,708


8,589


8,957


8,724


9,111



Tax-exempt

2,986


2,799


2,763


2,851


2,994




Total interest and dividends on securities

11,694


11,388


11,720


11,575


12,105


Other interest income

56


66


103


111


85

         Total interest and dividend income

56,098


57,795


58,576


59,597


60,565

Interest Expense











Interest bearing demand deposits

503


610


650


636


670


Money market deposits

1,572


1,581


1,821


2,185


1,943


Savings deposits

488


484


533


623


602


Certificates of deposit

8,050


8,518


8,817


9,322


10,160




Total interest expense on deposits

10,613


11,193


11,821


12,766


13,375


Federal Home Loan Bank borrowings

2,026


2,244


2,576


3,567


4,334


Other short-term borrowings

1,182


1,214


1,207


1,173


1,178


Junior subordinated debt owed to unconsolidated subsidiary trusts

801


818


986


943


1,045




Total interest expense

14,622


15,469


16,590


18,449


19,932

Net interest income

41,476


42,326


41,986


41,148


40,633


Provision for credit losses

8,041


9,625


11,778


11,675


11,500

Net interest income after provision for credit losses

33,435


32,701


30,208


29,473


29,133

Non-interest income











Trust fees

4,762


4,377


3,765


3,636


4,058


Service charges on deposits

4,222


4,731


4,897


5,701


5,317


Electronic banking fees

2,284


2,147


2,230


2,190


1,915


Net securities brokerage and insurance services revenue

1,721


1,575


1,874


1,616


1,852


Bank-owned life insurance

895


1,716


879


966


944


Net securities gains/(losses)

17


78


981


898


1,405


Net gain (loss) on other real estate owned and other assets

(545)


(629)


(654)


(1,315)


(1,530)


Other income

1,148


1,002


1,004


893


1,080




Total non-interest income

14,504


14,997


14,976


14,585


15,041

Non-interest expense











Salaries and wages

13,585


14,127


13,749


13,362


13,214


Employee benefits

5,224


4,299


4,671


4,347


4,997


Net occupancy

2,921


2,595


2,534


2,540


3,060


Equipment

2,300


2,475


2,460


2,376


2,604


Marketing

1,005


1,179


1,223


1,155


630


FDIC Insurance

1,654


1,653


1,740


1,683


1,605


Amortization of intangible assets

618


669


676


685


699


Restructuring and merger-related expenses

-


-


(32)


7


200


Other operating expenses  

8,184


8,514


8,660


8,412


8,385




Total non-interest expense

35,491


35,511


35,681


34,567


35,394

Income before provision for income taxes

12,448


12,187


9,503


9,491


8,780


Provision for income taxes

2,208


1,877


350


1,253


870

Net income

$         10,240


$      10,310


$        9,153


$        8,238


$        7,910














Taxable equivalent net interest income

$        43,084


$     43,833


$     43,474


$     42,683


$     42,245














Per common share data










Net income per common share - basic

$             0.39


$          0.39


$          0.34


$          0.31


$          0.30

Net income per common share - diluted

$             0.39


$          0.39


$          0.34


$          0.31


$          0.30

Dividends declared

$             0.15


$          0.14


$          0.14


$          0.14


$          0.14

Book value (period end)

$           23.01


$        22.83


$        22.88


$        22.74


$        22.45

Tangible book value (period end) (1)

$           12.30


$        12.09


$        12.11


$        11.95


$        11.63

Average common shares outstanding - basic

26,589,013


26,586,953


26,586,953


26,577,065


26,567,653

Average common shares outstanding - diluted

26,590,410


26,587,471


26,587,281


26,577,828


26,568,172

Period end common shares outstanding

26,593,510


26,586,953


26,586,953


26,586,903


26,567,653

Full time equivalent employees

1,376


1,377


1,371


1,415


1,379



























(1) See non-GAAP financial measures for additional information relating to the calculation of this item.

WESBANCO, INC.


Consolidated Selected Financial Highlights

Page 9


(unaudited, dollars in thousands)





Quarter Ended





Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Asset quality data

2011


2010


2010


2010


2010


Past due loans:












Loans past due 30-89 days

$   22,367


$   24,774


$  23,661


$   35,517


$   24,784



Loans past due 90 days or more

4,869


7,683


7,316


4,826


5,202




Total past due loans

$   27,236


$   32,457


$  30,977


$   40,343


$   29,986















Non-performing assets:












Renegotiated loans

$   36,636


$   47,483


$  35,532


$   29,472


$   29,188



Non-accrual loans

59,571


48,820


53,578


65,083


68,439




Total non-performing loans

96,207


96,303


89,110


94,555


97,627



Other real estate and repossessed assets

5,554


8,069


8,577


6,068


7,758




Total non-performing assets

$ 101,761


$ 104,372


$  97,687


$ 100,623


$ 105,385















Loans past due 30-89 days/total loans

0.69%


0.75%


0.71%


1.04%


0.72%


Loans past due 90 days or more /total loans

0.15


0.23


0.22


0.14


0.15


Non-performing loans/total loans

2.97


2.93


2.69


2.78


2.84


Non-performing assets/total loans, other












real estate and repossessed assets

3.13


3.17


2.94


2.95


3.06









































Allowance for loan losses











Allowance for loan losses

$   61,440


$   61,051


$  58,989


$   65,203


$   65,625


Provision for loan losses

8,687


8,703


11,491


11,675


11,500


Provision for losses on loan commitments

(646)


922


287


-


-


Total provision for credit losses

8,041


9,625


11,778


11,675


11,500


Net loan and deposit account overdraft charge-offs

8,298


6,641


17,705


12,097


7,035


Annualized net loan charge-offs /average loans

1.03%


0.80%


2.09%


1.42%


0.83%


Allowance for loan losses/total loans

1.89%


1.86%


1.78%


1.92%


1.91%


Allowance for loan losses/non-performing loans

         0.64x


         0.63x


        0.66x


         0.69x


         0.67x


Allowance for loan losses/non-performing loans












and loans past due

         0.50x


         0.47x


        0.49x


         0.48x


         0.51x































Quarter Ended





Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,





2011


2010


2010


2010


2010


Capital ratios











Tier I leverage capital

8.53%


8.35%


8.17%


8.13%


8.07%


Tier I risk-based capital

12.23


11.94


11.64


11.61


11.42


Total risk-based capital

13.48


13.20


12.89


12.87


12.68


Average shareholders' equity to average assets

11.37


11.33


11.23


11.12


11.05


Tangible equity to tangible assets (1)

6.43


6.33


6.34


6.27


6.06















(1) See non-GAAP financial measures for additional information relating to the calculation of this item.

NON-GAAP FINANCIAL MEASURES

Page 10

The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.



Three Months Ended



Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,

(unaudited, dollars in thousands)

2011


2010


2010


2010


2010

Return on average tangible equity:











Net income (annualized)

$      41,531


$      40,903


$      36,313


$      33,043


$      32,081


Plus: amortization of intangibles (annualized) (1)

1,629


1,724


1,743


1,787


1,842


Net income before amortization of intangibles (annualized)

43,159


42,627


38,056


34,830


33,923













Average total shareholders' equity

610,077


611,497


608,932


604,334


598,022


Less: average goodwill and other intangibles

(285,219)


(285,860)


(286,537)


(287,221)


(287,908)


Average tangible equity

324,858


325,637


322,395


317,113


310,114












Return on average tangible equity

13.29%


13.09%


11.80%


10.98%


10.94%

























Period End



Mar. 31,


Dec. 31,


Sept. 30,


June 30,


Mar. 31,



2011


2010


2010


2010


2010

Tangible book value:











Total shareholders' equity

$    611,978


$    606,863


$    608,287


$    604,714


$    596,473


Less:  goodwill and other intangible assets

(284,941)


(285,559)


(286,228)


(286,908)


(287,593)


Tangible equity

327,037


321,304


322,059


317,806


308,880













Common shares outstanding

26,593,510


26,586,953


26,586,953


26,586,903


26,567,653












Tangible book value

$        12.30


$        12.09


$        12.11


$        11.95


$        11.63























Tangible equity to tangible assets:











Total shareholders' equity

$    611,978


$    606,863


$    608,287


$    604,714


$    596,473


Less:  goodwill and other intangible assets

(284,941)


(285,559)


(286,228)


(286,908)


(287,593)


Tangible equity

327,037


321,304


322,059


317,806


308,880













Total assets

5,368,852


5,361,458


5,362,623


5,356,261


5,380,441


Less:  goodwill and other intangible assets

(284,941)


(285,559)


(286,228)


(286,908)


(287,593)


Tangible assets

5,083,911


5,075,899


5,076,395


5,069,353


5,092,848












Tangible equity to tangible assets

6.43%


6.33%


6.34%


6.27%


6.06%













































(1) Tax effected at 35%.

SOURCE WesBanco, Inc.

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