WesBanco Inc.
07/20/2005 | Press release | Archived content
WesBanco Announces Higher Second Quarter 2005 Net Income
WHEELING, W.Va., July 20 /PRNewswire-FirstCall/ -- Paul M. Limbert, President & Chief Executive Officer of WesBanco, Inc., (Nasdaq: WSBC) a Wheeling, West Virginia based multi-state bank holding company, today announced earnings for the second quarter and six months ended June 30, 2005.
Net income for the second quarter ended June 30, 2005 increased 20.2% to $11.3 million as compared to $9.4 million for the second quarter of 2004, while diluted earnings per share for the second quarter ended June 30, 2005 were $0.50 compared to $0.48 for the same period in 2004, an increase of 4.2%. Net income for the six months ended June 30, 2005 increased 16.8% to $22.3 million as compared to $19.1 million for the same period in 2004, while diluted earnings per share for the six months ended June 30, 2005 were $0.98 compared to $0.97 for 2004. The 2005 second quarter and the year to date results include Winton Financial Corporation ("Winton"), a $550 million thrift institution acquired on January 3, 2005 and Western Ohio Financial Corporation ("Western Ohio"), a $400 million savings bank acquired on August 31, 2004.
"WesBanco's second quarter and first half of 2005 results showed strong gains given the acquisitions completed in the prior periods and were led by growth in most categories of net interest income and non-interest income," Mr. Limbert stated. "Our balance sheet growth continues to be led by loan growth, primarily in the commercial and commercial real estate categories. New loan volume for the second quarter of 2005 increased in all loan categories on a linked quarter basis from the first quarter of 2005. While loan growth is crucial to the success of any financial institution, credit quality is equally important, with most ratios showing improvement over the same periods in 2004," said Mr. Limbert.
Highlights for the three and six month periods ended June 30, 2005:
* Net interest income for the second quarter and first half of 2005
increased $7.5 million or 28.5% and $14.7 million or 27.9%,
respectively, compared to the same periods in 2004. The net interest
margin for the second quarter and first half of 2005 was 3.52% and
3.51%, respectively compared to 3.67% and 3.69% for the corresponding
periods in 2004, with the decrease primarily due to the acquired
institutions having lower net interest margins than WesBanco, as well
as current market conditions. The net interest margin for the second
quarter of 2005 remained approximately the same on a linked quarter
basis from 3.51% for the first quarter of 2005. WesBanco's net interest
margin has held at the same level over the past few quarters, despite
significant short-term rate increases, as core deposit rates have
lagged the increases in short-term interest rates; however, with market
rates anticipated to further increase over the course of the year,
competitive factors may result in further margin compression.
* Non-interest income increased $1.8 million or 22.8% and $2.6 million or
15.5% over the second quarter and first half of 2004, with both periods
driven by higher service charge revenue on deposit accounts due to an
increase in the number of accounts primarily from the acquisitions,
growth in ATM and debit card transaction income and to a lesser extent,
an increase in trust revenues. Net securities gains were $1.1 million
and $1.8 million for the second quarter and first half of 2005,
respectively, which included a $0.7 million gain on the disposition of
an equity security, as previously disclosed in a Form 8-K, compared to
$0.2 million and $0.8 million for the same periods in 2004. In June
2005, WesBanco sold approximately $67.8 million of 1-4 family, fixed
rate residential mortgage loans, with mortgage servicing rights
retained, from its existing loan portfolio, at no significant gain or
loss. The sale was completed in order to reduce exposure to potential
rising interest rates and to improve the company's asset/liability
position.
* WesBanco's provision for loan losses increased $0.4 million or 28.3%
and $0.5 million or 14.1% over the second quarter and first half of
2004, respectively, while the loan portfolio grew by $902.9 million or
44.5% since June 30, 2004. The lower provision, in relation to the
growth in the loan portfolio for both periods in 2005, was due to the
lower risk loans obtained in the two acquisitions. The allowance for
loan losses as a percentage of total loans was 1.10% at June 30, 2005,
down from 1.34% at June 30, 2004, due to the acquired institutions
having lower allowance percentages as of the acquisition dates, a
change in loan mix and a stable loan portfolio risk profile.
* Non-interest expense increased $6.0 million or 28.2% and $12.0 million
or 28.3% compared to the second quarter and first half of 2004. Both
period increases were primarily due to increased staffing from the
acquisitions, higher health care costs and overall higher operating
costs due to the Winton and Western Ohio acquisitions. Final staffing
reductions from the Winton transaction occurred in the second quarter
of 2005 and accordingly the number of full-time equivalent employees
has decreased from 1,358 at March 31, 2005 to 1,311 at June 30, 2005.
Cost savings related to the Winton acquisition commenced in March 2005
and are expected to be fully realized later this year.
* The provision for income taxes for the second quarter of 2005 increased
$1.0 million or 46.0% compared to 2004, and on a year to date basis for
2005, increased $1.6 million or 34.7% compared to 2004. The increase
for both periods in 2005, compared to the same periods in 2004 was
primarily due to an increase in pretax income and to a lesser extent
the relative tax inefficiency of the income producing assets of recent
acquisitions. For the second quarter of 2005, the effective tax rate
was 21.8% compared to 18.7% for the same period in 2004, while on a
year to date basis for 2005, it was 21.5% compared to 19.2% for the
same period in 2004.
* Total loans increased $444.8 million or 17.9% between December 31, 2004
and June 30, 2005. The increase was primarily due to the 2005 Winton
acquisition, which added approximately $477 million to the loan
portfolio at the time of the merger, and continued organic loan growth
in the commercial and commercial real estate categories, which was
partially offset by the $67.8 million mortgage loan sale in June 2005.
On a linked quarter basis from the first quarter of 2005, organic loan
growth was approximately $35 million or 1.2% for the second quarter of
2005.
* Total deposits increased $330.2 million or 12.1% between December 31,
2004 and June 30, 2005 primarily due to the Winton acquisition. On a
linked quarter basis from the first quarter of 2005, WesBanco has seen
increases in non-interest bearing demand deposits, savings and
certificates of deposit categories, while money market accounts have
decreased due to customer preferences, higher certificate of deposit
pricing and competitive factors in the markets served by WesBanco.
* For the quarter ended June 30, 2005, WesBanco repurchased a total of
469,742 shares and on a year to date basis for 2005 a total of 962,863
shares were repurchased. The average price paid on a year to date
basis for 2005 was $28.58 per share. WesBanco has 553,780 shares still
remaining for repurchase under the current one million share stock
repurchase plan approved by the Board in March 2005.
"WesBanco continues to deliver solid results for our shareholders, both quarter after quarter and year over year. For the remainder of 2005, we look to expand our customer base in all of our market areas, as well as new market areas which we identified as having above average growth potential. We will also search for new products and ideas that will greatly enhance our customers overall banking experience and provide new customers a reason to come and experience what WesBanco has to offer. Another area of vital importance to all banks is customer service. WesBanco recently received a 97% customer satisfaction rating based on an independent customer survey. This rating not only shows our commitment and dedication to our existing customers but shows potential customers what makes WesBanco a great place to do business. To support our marketing program, WesBanco recently hired a new marketing and advertising firm, Blattner Brunner, headquartered in Pittsburgh, PA. Blattner Brunner will support WesBanco's advertising, public relations, research, direct marketing and interactive marketing efforts," said Mr. Limbert.
WesBanco is a multi-state bank holding company with total assets of approximately $4.5 billion, operating through 85 banking offices, 2 loan production offices, and 129 ATMs in West Virginia, Ohio, and Pennsylvania. WesBanco's banking subsidiary is WesBanco Bank, Inc., headquartered in Wheeling, West Virginia. In addition, WesBanco operates an insurance brokerage company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc. that also operates Mountaineer Securities, WesBanco's discount brokerage operation.
Forward-looking statements in this press release 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 press release should be read in conjunction with WesBanco's 2004 Annual Report on Form 10-K, as well as the Form 10-Q for the prior quarter ended March 31, 2005, filed 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 2004 Annual Report on Form 10-K filed with the SEC under the section "Risk Factors." 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 businesses of WesBanco and its recent acquisitions may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the mergers may not be fully realized within the expected timeframes; disruption from the mergers may make it more difficult to maintain relationships with clients, associates, or suppliers; 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 the parent company 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, Federal Deposit Insurance Corporation, the SEC, the National Association of Securities Dealers and other regulatory bodies; potential legislative and federal and state regulatory actions and reform; competitive conditions in the financial services industry; rapidly changing technology affecting financial services 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
(unaudited, dollars in thousands, except per share amounts)
For the Three Months Ended
June 30,
Statement of income 2005 2004 % Change
Interest income $56,534 $40,020 41.26%
Interest expense 22,666 13,658 65.95%
Net interest income 33,868 26,362 28.47%
Provision for loan losses 1,919 1,496 28.28%
Net interest income after
provision for loan losses 31,949 24,866 28.48%
Non-interest income
Trust fees 3,512 3,210 9.41%
Service charges on deposit accounts 2,723 2,283 19.27%
Net securities gains 1,068 155 589.03%
Other income 2,637 2,444 7.90%
Total non-interest income 9,940 8,092 22.84%
Non-interest expense
Salaries and employee benefits 14,528 11,278 28.82%
Net occupancy 1,751 1,362 28.56%
Equipment 2,190 1,884 16.24%
Core deposit intangible amortization 685 287 138.68%
Merger-related expenses (1) 70 8 775.00%
Other operating 8,269 6,627 24.78%
Total non-interest expense 27,493 21,446 28.20%
Income before provision for
income taxes 14,396 11,512 25.05%
Provision for income taxes 3,138 2,149 46.02%
Net income $11,258 $9,363 20.24%
Taxable equivalent net interest income $36,448 $28,689 27.05%
Per common share data
Net income per common share - basic $0.50 $0.48 4.17%
Net income per common share - diluted $0.50 $0.48 4.17%
Dividends declared $0.26 $0.25 4.00%
Book value (period end)
Tangible book value (period end)
Average shares outstanding - basic 22,587,213 19,665,779 14.86%
Average shares outstanding - diluted 22,643,463 19,709,958 14.88%
Period end shares outstanding
Selected ratios (annualized)
Return on average assets 0.99% 1.10% (10.00%)
Return on average equity 10.66% 11.80% (9.66%)
Yield on earning assets (2) 5.71% 5.42% 5.35%
Cost of interest bearing liabilities 2.44% 2.00% 22.00%
Net interest spread (2) 3.27% 3.42% (4.39%)
Net interest margin (2) 3.52% 3.67% (4.09%)
Efficiency (2) 59.27% 58.31% 1.65%
Average loans to average deposits 96.36% 80.72% 19.38%
Annualized net loan charge-offs/
average loans 0.24% 0.31% (22.58%)
(1) merger-related expenses are primarily related to the acquisitions of
Winton Financial Corporation and Western Ohio Financial Corporation.
(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 provides a relevant
preferred industry measurement of net interest income and
comparison between taxable and non-taxable amounts.
WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except per share amounts)
For the Six Months Ended
June 30,
Statement of income 2005 2004 % Change
Interest income $111,418 $79,852 39.53%
Interest expense 44,049 27,163 62.17%
Net interest income 67,369 52,689 27.86%
Provision for loan losses 3,762 3,296 14.14%
Net interest income after
provision for loan losses 63,607 49,393 28.78%
Non-interest income
Trust fees 7,226 6,741 7.19%
Service charges on deposit accounts 5,185 4,466 16.10%
Net securities gains 1,821 816 123.16%
Other income 5,239 4,830 8.47%
Total non-interest income 19,471 16,853 15.53%
Non-interest expense
Salaries and employee benefits 28,424 22,473 26.48%
Net occupancy 3,547 2,930 21.06%
Equipment 4,394 3,654 20.25%
Core deposit intangible amortization 1,348 574 134.84%
Merger-related expenses (1) 563 17 3,211.76%
Other operating 16,346 12,933 26.39%
Total non-interest expense 54,622 42,581 28.28%
Income before provision for
income taxes 28,456 23,665 20.25%
Provision for income taxes 6,118 4,543 34.67%
Net income $22,338 $19,122 16.82%
Taxable equivalent net interest income $72,473 $57,359 26.35%
Per common share data
Net income per common share - basic $0.98 $0.97 1.03%
Net income per common share - diluted $0.98 $0.97 1.03%
Dividends declared $0.52 $0.50 4.00%
Book value (period end) $18.82 $16.22 16.03%
Tangible book value (period end) $12.15 $13.30 (8.65%)
Average shares outstanding - basic 22,788,686 19,692,856 15.72%
Average shares outstanding - diluted 22,840,483 19,740,856 15.70%
Period end shares outstanding 22,321,525 19,649,453 13.60%
Selected ratios (annualized)
Return on average assets 0.99% 1.13% (12.39%)
Return on average equity 10.54% 12.02% (12.31%)
Yield on earning assets (2) 5.66% 5.44% 4.04%
Cost of interest bearing liabilities 2.39% 2.00% 19.50%
Net interest spread (2) 3.27% 3.44% (4.94%)
Net interest margin (2) 3.51% 3.69% (4.88%)
Efficiency (2) 59.41% 57.38% 3.54%
Average loans to average deposits 96.40% 79.62% 21.08%
Annualized net loan charge-offs/
average loans 0.19% 0.23% (16.85%)
(1) merger-related expenses are primarily related to the acquisitions of
Winton Financial Corporation and Western Ohio Financial Corporation.
(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 provides a relevant
preferred industry measurement of net interest income and
comparison between taxable and non-taxable amounts.
WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands) % Change % Change
June 30, Dec. 31,
2004 to 2004
June 30, June 30, June 30, Dec. 31, June 30,
Balance sheet (period end) 2005 2004 2005 2004 2005
Assets
Cash and due from banks $93,045 $93,025 0.02 % $93,611 (0.60)%
Due from banks - Interest
bearing 2,370 2,114 12.11 3,446 (31.22)
Federal funds sold - - - - -
Securities 1,137,124 1,157,427 (1.75) 1,172,182 (2.99)
Loans:
Commercial and commercial
real estate 1,522,303 1,062,230 43.31 1,308,044 16.38
Residential real estate 956,789 596,886 60.30 774,506 23.54
Consumer and home equity 454,277 371,357 22.33 405,985 11.90
Total loans 2,933,369 2,030,473 44.47 2,488,535 17.88
Allowance for
loan losses (32,348) (27,267) 18.63 (29,486) 9.71
Net loans 2,901,021 2,003,206 44.82 2,459,049 17.97
Premises and
equipment, net 63,459 53,162 19.37 56,670 11.98
Goodwill 137,339 49,868 175.41 73,760 86.20
Core deposit
intangible, net 11,720 7,359 59.26 10,162 15.33
Other assets 150,682 129,662 16.21 142,519 5.73
Total Assets $4,496,760 $3,495,823 28.63 % $4,011,399 12.10 %
Liabilities and
Shareholders' Equity
Non-interest bearing
demand deposits $373,210 $335,843 11.13 % $355,364 5.02 %
Interest bearing demand
deposits 318,786 281,998 13.05 312,080 2.15
Money market accounts 517,516 552,217 (6.28) 587,523 (11.92)
Savings deposits 464,628 354,567 31.04 362,581 28.14
Certificates of deposit 1,381,986 922,564 49.80 1,108,386 24.68
Total deposits 3,056,126 2,447,189 24.88 2,725,934 12.11
Federal Home Loan Bank
borrowings 673,183 432,975 55.48 599,411 12.31
Other borrowings 226,417 191,498 18.23 200,513 12.92
Junior subordinated debt 87,638 72,174 21.43 72,174 21.43
Other liabilities 33,194 33,359 (0.49) 43,186 (23.14)
Shareholders' equity 420,202 318,628 31.88 370,181 13.51
Total Liabilities and
Shareholders' Equity $4,496,760 $3,495,823 28.63 % $4,011,399 12.10 %
Average balance sheet and
net interest margin analysis Three months ended June 30,
2005 2004
Average Average Average Average
Assets Volume Rate Volume Rate
Due from banks - interest bearing $4,631 1.91% $2,298 3.49%
Loans, net of unearned income 2,968,613 6.02% 1,981,904 5.81%
Securities:
Taxable 741,597 3.87% 778,670 3.76%
Tax-exempt 433,806 6.80% 372,130 7.15%
Total securities 1,175,403 4.94% 1,150,800 4.76%
Federal funds sold - 0.00% 4,367 1.01%
Total earning assets 4,148,647 5.71% 3,139,369 5.42%
Other assets 402,949 278,819
Total Assets $4,551,596 $3,418,188
Liabilities and Shareholders' Equity
Interest bearing demand deposits $330,273 0.41% $291,827 0.25%
Money market accounts 545,475 1.87% 558,354 1.66%
Savings deposits 455,916 0.64% 355,871 0.31%
Certificates of deposit 1,377,006 3.01% 926,761 2.81%
Total interest bearing deposits 2,708,670 2.07% 2,132,813 1.74%
Federal Home Loan Bank borrowings 695,179 3.36% 394,063 3.41%
Other borrowings 229,916 2.75% 180,103 1.29%
Junior subordinated debt 87,638 5.97% 37,270 5.54%
Total interest bearing
liabilities 3,721,403 2.44% 2,744,249 2.00%
Non-interest bearing demand deposits 372,201 322,402
Other liabilities 34,492 32,339
Shareholders' equity 423,500 319,198
Total Liabilities and
Shareholders' Equity $4,551,596 $3,418,188
Taxable equivalent net interest spread 3.27% 3.42%
Taxable equivalent net interest margin 3.52% 3.67%
Average balance sheet and
net interest margin analysis Six months ended June 30,
2005 2004
Average Average Average Average
Assets Volume Rate Volume Rate
Due from banks - interest bearing $5,678 1.49% $2,655 0.76%
Loans, net of unearned income 2,964,017 5.95% 1,954,934 5.84%
Securities:
Taxable 751,735 3.85% 782,911 3.67%
Tax-exempt 422,316 6.91% 373,708 7.14%
Total securities 1,174,051 4.93% 1,156,619 4.78%
Federal funds sold 1,835 2.62% 7,421 0.94%
Total earning assets 4,145,581 5.66% 3,121,629 5.44%
Other assets 405,061 274,410
Total Assets $4,550,642 $3,396,039
Liabilities and Shareholders' Equity
Interest bearing demand deposits $330,375 0.41% $292,892 0.26%
Money market accounts 566,780 1.85% 561,310 1.66%
Savings deposits 446,954 0.58% 353,809 0.32%
Certificates of deposit 1,364,713 2.95% 928,580 2.81%
Total interest bearing deposits 2,708,822 2.02% 2,136,591 1.75%
Federal Home Loan Bank borrowings 707,395 3.35% 375,910 3.49%
Other borrowings 225,730 2.48% 178,030 1.26%
Junior subordinated debt 81,145 5.87% 34,103 5.55%
Total interest bearing
liabilities 3,723,092 2.39% 2,724,634 2.00%
Non-interest bearing demand deposits 365,945 318,709
Other liabilities 34,335 32,681
Shareholders' equity 427,270 320,015
Total Liabilities and
Shareholders' Equity $4,550,642 $3,396,039
Taxable equivalent net interest spread 3.27% 3.44%
Taxable equivalent net interest margin 3.51% 3.69%
WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except per share amounts)
Quarter Ended
June 30, 2005March 31, 2005
Statement of income
Interest income $56,534 $54,884
Interest expense 22,666 21,383
Net interest income 33,868 33,501
Provision for loan losses 1,919 1,843
Net interest income after
provision for loan losses 31,949 31,658
Non-interest income
Trust fees 3,512 3,714
Service charges on deposit accounts 2,723 2,462
Net securities gains 1,068 753
Other income 2,637 2,602
Total non-interest income 9,940 9,531
Non-interest expense
Salaries and employee benefits 14,528 13,896
Net occupancy 1,751 1,796
Equipment 2,190 2,204
Core deposit intangible amortization 685 663
Merger-related expenses (1) 70 493
Other operating 8,269 8,077
Total non-interest expense 27,493 27,129
Income before income taxes 14,396 14,060
Provision for income taxes 3,138 2,980
Net income $11,258 $11,080
Taxable equivalent net interest income $36,448 $36,024
Per common share data
Net income per common share - basic $0.50 $0.48
Net income per common share - diluted $0.50 $0.48
Dividends declared $0.26 $0.26
Book value (period end) $18.82 $18.62
Tangible book value (period end) $12.15 $12.08
Average shares outstanding - basic 22,587,213 22,992,398
Average shares outstanding - diluted 22,643,463 23,043,874
Period end shares outstanding 22,321,525 22,769,417
Full time equivalent employees 1,311 1,358
Selected ratios
Return on average assets 0.99% 0.99%
Return on average equity 10.66% 10.42%
Yield on earning assets (2) 5.71% 5.60%
Cost of interest bearing liabilities 2.44% 2.33%
Net interest spread (2) 3.27% 3.27%
Net interest margin (2) 3.52% 3.51%
Efficiency (2) 59.27% 59.55%
Average loans to average deposits 96.36% 96.44%
Trust Assets, market value at period end $2,557,916 $2,589,631
(1) merger-related expenses are primarily related to the acquisitions of
Winton Financial Corporation and Western Ohio Financial Corporation.
(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
(unaudited, dollars in thousands, except per share amounts)
Quarter Ended
Dec. 31, Sept. 30, June 30,
Statement of income 2004 2004 2004
Interest income $46,727 $42,858 $40,020
Interest expense 17,465 15,585 13,658
Net interest income 29,262 27,273 26,362
Provision for loan losses 2,269 2,170 1,496
Net interest income after
provision for loan losses 26,993 25,103 24,866
Non-interest income
Trust fees 3,334 2,981 3,210
Service charges on deposit accounts 2,600 2,483 2,283
Net securities gains 733 867 155
Other income 2,750 2,940 2,444
Total non-interest income 9,417 9,271 8,092
Non-interest expense
Salaries and employee benefits 13,044 11,876 11,278
Net occupancy 1,496 1,336 1,362
Equipment 2,177 1,897 1,884
Core deposit intangible amortization 414 382 287
Merger-related expenses (1) 180 200 8
Other operating 7,807 6,482 6,627
Total non-interest expense 25,118 22,173 21,446
Income before income taxes 11,292 12,201 11,512
Provision for income taxes 2,260 2,173 2,149
Net income $9,032 $10,028 $9,363
Taxable equivalent net interest income $31,652 $29,642 $28,689
Per common share data
Net income per common share - basic $0.44 $0.50 $0.48
Net income per common share - diluted $0.43 $0.50 $0.48
Dividends declared $0.25 $0.25 $0.25
Book value (period end) $17.77 $17.59 $16.22
Tangible book value (period end) $13.74 $13.49 $13.30
Average shares outstanding - basic 20,795,545 20,206,108 19,665,779
Average shares outstanding - diluted 20,871,212 20,256,465 19,709,958
Period end shares outstanding 20,837,469 20,823,606 19,649,453
Full time equivalent employees 1,209 1,229 1,161
Selected ratios
Return on average assets 0.92% 1.10% 1.10%
Return on average equity 9.79% 11.88% 11.80%
Yield on earning assets (2) 5.45% 5.37% 5.42%
Cost of interest bearing liabilities 2.19% 2.12% 2.00%
Net interest spread (2) 3.26% 3.25% 3.42%
Net interest margin (2) 3.52% 3.52% 3.67%
Efficiency (2) 61.16% 56.98% 58.31%
Average loans to average deposits 89.80% 87.29% 80.72%
Trust Assets, market value at period
end $2,664,795 $2,594,226 $2,577,985
(1) merger-related expenses are primarily related to the acquisitions of
Winton Financial Corporation and Western Ohio Financial Corporation.
(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
(unaudited, dollars in thousands)
Quarter Ended
June 30, March 31, Dec. 31, Sept. 30, June 30,
Asset quality data 2005 2005 2004 2004 2004
Non-performing assets:
Non-accrual loans $10,941 $8,476 $8,195 $7,685 $8,639
Renegotiated loans - - - - 646
Total non-performing
loans 10,941 8,476 8,195 7,685 9,285
Other real estate and
repossessed assets 2,525 2,497 2,059 1,986 1,708
Total non-performing
loans and assets $13,466 $10,973 $10,254 $9,671 $10,993
Loans past due 90 days
or more $7,585 $8,032 $7,584 $6,262 $4,169
Non-performing
assets/total assets 0.30 % 0.24 % 0.26 % 0.25 % 0.31 %
Non-performing
assets/total loans,
other real estate and
repossessed assets 0.46 % 0.37 % 0.41 % 0.40 % 0.54 %
Non-performing
loans/total loans 0.37 % 0.29 % 0.33 % 0.32 % 0.46 %
Non-performing loans and
loans past due 90 days
or more/total loans 0.63 % 0.56 % 0.63 % 0.58 % 0.66 %
Allowance for loan losses
Allowance for loan losses $32,348 $32,225 $29,486 $29,694 $27,267
Provision for loan losses 1,919 1,843 2,269 2,170 1,496
Net loan charge-offs 1,795 1,051 2,478 1,814 1,031
Annualized net loan
charge-offs/average
loans 0.24 % 0.14 % 0.31 % 0.27 % 0.31 %
Allowance for loan
losses/total loans 1.10 % 1.09 % 1.18 % 1.23 % 1.34 %
Allowance for loan
losses/non-performing
loans 2.96 x 3.80 x 3.60 x 3.86 x 2.94 x
Allowance for loan
losses/non-performing
loans and past due 90
days or more 1.75 x 1.95 x 1.87 x 2.13 x 2.03 x
Capital ratios
Tier I leverage capital 8.17 % 8.34 % 9.34 % 9.98 % 10.11 %
Tier I risk-based capital 11.93 % 12.03 % 13.43 % 13.61 % 15.00 %
Total risk-based capital 13.01 % 13.09 % 14.54 % 14.76 % 16.21 %
Shareholders' equity to
assets (period end) 9.34 % 9.30 % 9.23 % 9.39 % 9.11 %
Tangible equity to
tangible assets (1) 6.24 % 6.52 % 7.36 % 7.59 % 7.79 %
(1) Tangible equity is defined as shareholders' equity less goodwill and
other intangible assets. Based on quarterly averages.
SOURCE WesBanco, Inc.
-0- 07/20/2005
/CONTACT: Paul M. Limbert, President & Chief Executive Officer, or Robert
H. Young, Executive VP & Chief Financial Officer, both of WesBanco, Inc.,
+1-304-234-9000/
/Web site: http://www.wesbanco.com/
(WSBC)
CO: WesBanco, Inc.
ST: West Virginia
IN: FIN
SU: ERN
CF-JK
-- CLW103 --
0071 07/20/200519:35 EDThttp://www.prnewswire.com