For the Three Months Ended |
|||||||||
2017 |
2016 |
||||||||
(unaudited, dollars in thousands, except per share amounts) |
Net Income |
Diluted |
Net Income |
Diluted |
|||||
Net income (Non-GAAP)(1) |
$ 26,205 |
$ 0.60 |
$ 22,874 |
$ 0.60 |
|||||
Less: After tax merger-related expenses |
(319) |
(0.01) |
– |
– |
|||||
Net income (GAAP) |
$ 25,886 |
$ 0.59 |
$ 22,874 |
$ 0.60 |
|||||
(1)Non-GAAP net income excludes after-tax merger related expenses. Non-GAAP measures are defined on page 11 under “Non-GAAP Financial Measures.” |
Financial results for
“We are pleased with
Financial Condition
Total assets at
Total deposits increased
Credit Quality
Overall, most credit ratios continued to improve year-over-year, on a percentage basis. Non-performing loans (including TDRs), and criticized and classified loans all improved as a percentage of total portfolio loans from
The allowance for loan losses represented 0.70% of total portfolio loans at
Net Interest Income
The yield on earning assets has increased in each of the last five quarters, a total of 16 basis points, with 12 basis points of the increase occurring subsequent to the acquisition of YCB’s higher yielding earning assets. As a result, the net interest margin increased by 13 basis points to 3.42% in the first quarter of 2017 compared to 3.29% in the first quarter of 2016. Yields increased on over 90% of earning assets, more than offsetting a 5 basis point increase in the cost of interest bearing liabilities as compared to the first quarter of 2016. Net interest income increased
The 5 basis point increase in the cost of interest bearing liabilities is primarily due to an increase in the percentage of funding from, and increases in rates related to, subordinated debt and other borrowings. Average interest bearing deposits in 2017 increased 9.2%, as all interest bearing deposit types increased other than CDs. Average non-interest bearing deposits increased 36.4% to
Non-Interest Income
For the first quarter of 2017, non-interest income increased
Non-Interest Expense
The following comments on non-interest expense exclude merger-related expenses in both years. Non-interest expense in the first quarter of 2017 grew
Provision for Income Taxes
The provision for income tax increased
Financial Results Conference Call
A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 10099580. The replay will begin at approximately
Founded in 1870,
Forward-looking Statements:
Forward-looking statements in this report relating to
|
||||||||||||||
Consolidated Selected Financial Highlights |
Page 5 |
|||||||||||||
(unaudited, dollars in thousands, except shares and per share amounts) |
||||||||||||||
For the Three Months Ended |
||||||||||||||
STATEMENT OF INCOME |
|
|||||||||||||
Interest and dividend income |
2017 |
2016 |
% Change |
|||||||||||
Loans, including fees |
$ |
64,898 |
$ 52,338 |
24.0 |
||||||||||
Interest and dividends on securities: |
||||||||||||||
Taxable |
9,596 |
10,217 |
(6.1) |
|||||||||||
Tax-exempt |
4,891 |
4,521 |
8.2 |
|||||||||||
Total interest and dividends on securities |
14,487 |
14,738 |
(1.7) |
|||||||||||
Other interest income |
539 |
525 |
2.7 |
|||||||||||
Total interest and dividend income |
79,924 |
67,601 |
18.2 |
|||||||||||
Interest expense |
||||||||||||||
Interest bearing demand deposits |
1,093 |
507 |
115.6 |
|||||||||||
Money market deposits |
574 |
456 |
25.9 |
|||||||||||
Savings deposits |
181 |
165 |
9.7 |
|||||||||||
Certificates of deposit |
2,411 |
2,659 |
(9.3) |
|||||||||||
Total interest expense on deposits |
4,259 |
3,787 |
12.5 |
|||||||||||
|
2,836 |
3,068 |
(7.6) |
|||||||||||
Other short-term borrowings |
297 |
82 |
262.2 |
|||||||||||
Subordinated debt and junior subordinated debt |
1,813 |
822 |
120.6 |
|||||||||||
Total interest expense |
9,205 |
7,759 |
18.6 |
|||||||||||
Net interest income |
70,719 |
59,842 |
18.2 |
|||||||||||
Provision for credit losses |
2,711 |
2,324 |
16.7 |
|||||||||||
Net interest income after provision for credit losses |
68,008 |
57,518 |
18.2 |
|||||||||||
Non-interest income |
||||||||||||||
Trust fees |
6,143 |
5,711 |
7.6 |
|||||||||||
Service charges on deposits |
4,853 |
3,952 |
22.8 |
|||||||||||
Electronic banking fees |
4,528 |
3,604 |
25.6 |
|||||||||||
Net securities brokerage revenue |
1,762 |
1,896 |
(7.1) |
|||||||||||
Bank-owned life insurance |
1,140 |
973 |
17.2 |
|||||||||||
Net gains on sales of mortgage loans |
1,440 |
548 |
162.8 |
|||||||||||
Net securities gains |
12 |
1,111 |
(98.9) |
|||||||||||
Net loss on other real estate owned and other assets |
(76) |
(18) |
(322.2) |
|||||||||||
Other income |
3,082 |
1,616 |
90.7 |
|||||||||||
Total non-interest income |
22,884 |
19,393 |
18.0 |
|||||||||||
Non-interest expense |
||||||||||||||
Salaries and wages |
23,002 |
19,180 |
19.9 |
|||||||||||
Employee benefits |
8,210 |
7,077 |
16.0 |
|||||||||||
Net occupancy |
4,327 |
3,591 |
20.5 |
|||||||||||
Equipment |
4,042 |
3,428 |
17.9 |
|||||||||||
Marketing |
824 |
973 |
(15.3) |
|||||||||||
|
827 |
1,166 |
(29.1) |
|||||||||||
Amortization of intangible assets |
1,273 |
730 |
74.4 |
|||||||||||
Restructuring and merger-related expense |
491 |
– |
100.0 |
|||||||||||
Other operating expenses |
11,388 |
9,198 |
23.8 |
|||||||||||
Total non-interest expense |
54,384 |
45,343 |
19.9 |
|||||||||||
Income before provision for income taxes |
36,508 |
31,568 |
15.6 |
|||||||||||
Provision for income taxes |
10,622 |
8,694 |
22.2 |
|||||||||||
Net Income |
$ |
25,886 |
$ 22,874 |
13.2 |
||||||||||
Taxable equivalent net interest income |
$ |
73,353 |
$ 62,276 |
17.8 |
||||||||||
Per common share data |
||||||||||||||
Net income per common share – basic |
$ |
0.59 |
$ 0.60 |
(1.7) |
||||||||||
Net income per common share – diluted |
0.59 |
0.60 |
(1.7) |
|||||||||||
Dividends declared |
0.26 |
0.24 |
8.3 |
|||||||||||
Book value (period end) |
30.92 |
29.87 |
3.5 |
|||||||||||
Tangible book value (period end) (1) |
17.61 |
17.17 |
2.6 |
|||||||||||
Average common shares outstanding – basic |
43,947,563 |
38,386,983 |
14.5 |
|||||||||||
Average common shares outstanding – diluted |
44,020,765 |
38,402,316 |
14.6 |
|||||||||||
Period end common shares outstanding |
43,953,051 |
38,362,534 |
14.6 |
|||||||||||
(1) See non-GAAP financial measures for additional information relating to the calculation of this item. |
|
|||||||||||||||||
Consolidated Selected Financial Highlights Page 6 |
|||||||||||||||||
(unaudited, dollars in thousands) |
|||||||||||||||||
Selected ratios |
|||||||||||||||||
For the Three Months Ended |
|||||||||||||||||
|
|||||||||||||||||
2017 |
2016 |
% Change |
|||||||||||||||
Return on average assets |
1.07 |
% |
1.08 |
% |
(0.93) |
% |
|||||||||||
Return on average equity |
7.73 |
8.07 |
(4.21) |
||||||||||||||
Return on average tangible equity (1) |
14.03 |
14.40 |
(2.57) |
||||||||||||||
Yield on earning assets (2) |
3.85 |
3.70 |
4.05 |
||||||||||||||
Cost of interest bearing liabilities |
0.57 |
0.52 |
9.62 |
||||||||||||||
Net interest spread (2) |
3.28 |
3.18 |
3.14 |
||||||||||||||
Net interest margin (2) |
3.42 |
3.29 |
3.95 |
||||||||||||||
Efficiency (1) (2) |
56.00 |
55.52 |
0.86 |
||||||||||||||
Average loans to average deposits |
89.21 |
83.22 |
7.20 |
||||||||||||||
Annualized net loan charge-offs/average loans |
0.15 |
0.12 |
25.00 |
||||||||||||||
Effective income tax rate |
29.09 |
27.54 |
5.63 |
||||||||||||||
For the Quarter Ended |
|||||||||||||||||
|
|
|
|
|
|||||||||||||
2017 |
2016 |
2016 |
2016 |
2016 |
|||||||||||||
Return on average assets |
1.07 |
% |
0.98 |
% |
0.79 |
% |
1.05 |
% |
1.08 |
% |
|||||||
Return on average equity |
7.73 |
7.12 |
5.71 |
7.69 |
8.07 |
||||||||||||
Return on average tangible equity (1) |
14.03 |
13.01 |
10.02 |
13.55 |
14.40 |
||||||||||||
Yield on earning assets (2) |
3.85 |
3.84 |
3.73 |
3.71 |
3.70 |
||||||||||||
Cost of interest bearing liabilities |
0.57 |
0.55 |
0.53 |
0.53 |
0.52 |
||||||||||||
Net interest spread (2) |
3.28 |
3.29 |
3.20 |
3.18 |
3.18 |
||||||||||||
Net interest margin (2) |
3.42 |
3.42 |
3.32 |
3.30 |
3.29 |
||||||||||||
Efficiency (1) (2) |
56.00 |
58.13 |
55.81 |
57.04 |
55.52 |
||||||||||||
Average loans to average deposits |
89.21 |
87.63 |
87.26 |
84.99 |
83.22 |
||||||||||||
Annualized net loan charge-offs/average loans |
0.15 |
0.08 |
0.20 |
0.08 |
0.12 |
||||||||||||
Effective income tax rate |
29.09 |
25.90 |
24.94 |
26.78 |
27.54 |
||||||||||||
Trust assets, market value at period end |
$ 3,836,107 |
$ 3,723,142 |
$ 3,694,405 |
$ 3,660,736 |
$ 3,623,532 |
||||||||||||
(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. |
|
|||||||||||
Consolidated Selected Financial Highlights |
Page 7 |
||||||||||
(unaudited, dollars in thousands, except shares) |
% Change |
||||||||||
Balance sheets |
|
|
|
||||||||
Assets |
2017 |
2016 |
% Change |
2016 |
to |
||||||
Cash and due from banks |
$ 101,559 |
$ 148,128 |
(31.4) |
$ 106,257 |
(4.4) |
||||||
Due from banks – interest bearing |
13,525 |
19,845 |
(31.8) |
21,913 |
(38.3) |
||||||
Securities: |
|||||||||||
Trading securities, at fair value |
7,773 |
6,456 |
20.4 |
7,071 |
9.9 |
||||||
Available-for-sale, at fair value |
1,225,069 |
1,374,306 |
(10.9) |
1,241,176 |
(1.3) |
||||||
Held-to-maturity (fair values of |
1,057,753 |
1,004,925 |
5.3 |
1,067,967 |
(1.0) |
||||||
Total securities |
2,290,595 |
2,385,687 |
(4.0) |
2,316,214 |
(1.1) |
||||||
Loans held for sale |
11,480 |
4,942 |
132.3 |
17,315 |
(33.7) |
||||||
Portfolio loans: |
|||||||||||
Commercial real estate |
2,952,603 |
2,304,886 |
28.1 |
2,873,511 |
2.8 |
||||||
Commercial and industrial |
1,106,719 |
768,714 |
44.0 |
1,088,118 |
1.7 |
||||||
Residential real estate |
1,367,132 |
1,238,227 |
10.4 |
1,383,390 |
(1.2) |
||||||
Home equity |
508,411 |
424,561 |
19.7 |
508,359 |
0.0 |
||||||
Consumer |
377,307 |
399,997 |
(5.7) |
396,058 |
(4.7) |
||||||
Total portfolio loans, net of unearned income |
6,312,172 |
5,136,385 |
22.9 |
6,249,436 |
1.0 |
||||||
Allowance for loan losses |
(44,061) |
(42,525) |
(3.6) |
(43,674) |
(0.9) |
||||||
Net portfolio loans |
6,268,111 |
5,093,860 |
23.1 |
6,205,762 |
1.0 |
||||||
Premises and equipment, net |
134,949 |
110,542 |
22.1 |
133,297 |
1.2 |
||||||
Accrued interest receivable |
28,923 |
26,574 |
8.8 |
28,299 |
2.2 |
||||||
|
591,539 |
490,688 |
20.6 |
593,187 |
(0.3) |
||||||
Bank-owned life insurance |
189,286 |
151,939 |
24.6 |
188,145 |
0.6 |
||||||
Other assets |
170,914 |
137,176 |
24.6 |
180,488 |
(5.3) |
||||||
Total Assets |
$ 9,800,881 |
$ 8,569,381 |
14.4 |
$ 9,790,877 |
0.1 |
||||||
Liabilities |
|||||||||||
Deposits: |
|||||||||||
Non-interest bearing demand |
$ 1,844,003 |
$ 1,327,906 |
38.9 |
$ 1,789,522 |
3.0 |
||||||
Interest bearing demand |
1,599,536 |
1,225,068 |
30.6 |
1,546,890 |
3.4 |
||||||
Money market |
1,029,440 |
940,244 |
9.5 |
995,477 |
3.4 |
||||||
Savings deposits |
1,253,652 |
1,095,819 |
14.4 |
1,213,168 |
3.3 |
||||||
Certificates of deposit |
1,419,104 |
1,553,855 |
(8.7) |
1,495,822 |
(5.1) |
||||||
Total deposits |
7,145,735 |
6,142,892 |
16.3 |
7,040,879 |
1.5 |
||||||
|
937,104 |
1,039,254 |
(9.8) |
968,946 |
(3.3) |
||||||
Other short-term borrowings |
115,643 |
76,630 |
50.9 |
199,376 |
(42.0) |
||||||
Subordinated debt and junior subordinated debt |
164,177 |
106,196 |
54.6 |
163,598 |
0.4 |
||||||
Total borrowings |
1,216,924 |
1,222,080 |
(0.4) |
1,331,920 |
(8.6) |
||||||
Accrued interest payable |
2,422 |
2,070 |
17.0 |
2,204 |
9.9 |
||||||
Other liabilities |
76,647 |
56,429 |
35.8 |
74,466 |
2.9 |
||||||
Total Liabilities |
8,441,728 |
7,423,471 |
13.7 |
8,449,469 |
(0.1) |
||||||
Shareholders’ Equity |
|||||||||||
Preferred stock, no par value; 1,000,000 shares authorized; |
|||||||||||
none outstanding |
– |
– |
– |
– |
– |
||||||
Common stock, |
|||||||||||
2017 and 2016, respectively; 43,953,051; 38,546,042 and 43,931,715 shares |
|||||||||||
issued, respectively; 43,953,051; 38,362,534 and 43,931,715 shares |
91,568 |
80,304 |
14.0 |
91,524 |
0.0 |
||||||
outstanding, respectively |
|||||||||||
Capital surplus |
681,471 |
516,260 |
32.0 |
680,507 |
0.1 |
||||||
Retained earnings |
611,528 |
563,592 |
8.5 |
597,071 |
2.4 |
||||||
|
(0) |
(5,335) |
100.0 |
– |
– |
||||||
Accumulated other comprehensive loss |
(24,841) |
(8,357) |
(197.2) |
(27,126) |
8.4 |
||||||
Deferred benefits for directors |
(573) |
(554) |
(3.4) |
(568) |
(0.9) |
||||||
Total Shareholders’ Equity |
1,359,153 |
1,145,910 |
18.6 |
1,341,408 |
1.3 |
||||||
Total Liabilities and Shareholders’ Equity |
$ 9,800,881 |
$ 8,569,381 |
14.4 |
$ 9,790,877 |
0.1 |
|
||||||||||||
Consolidated Selected Financial Highlights |
Page 8 |
|||||||||||
(unaudited, dollars in thousands) |
||||||||||||
Average balance sheet and |
||||||||||||
net interest margin analysis |
For the Three Months Ended |
|||||||||||
2017 |
2016 |
|||||||||||
Average |
Average |
Average |
Average |
|||||||||
Assets |
Balance |
Rate |
Balance |
Rate |
||||||||
Due from banks – interest bearing |
$ 13,926 |
0.52 |
% |
$ 56,624 |
0.36 |
% |
||||||
Loans, net of unearned income (1) |
6,278,718 |
4.19 |
5,093,095 |
4.13 |
||||||||
Securities: (2) |
||||||||||||
Taxable |
1,603,337 |
2.39 |
1,770,384 |
2.31 |
||||||||
Tax-exempt (3) |
726,658 |
4.14 |
632,800 |
4.40 |
||||||||
Total securities |
2,329,995 |
2.94 |
2,403,184 |
2.86 |
||||||||
Other earning assets |
47,025 |
4.43 |
45,801 |
4.14 |
||||||||
Total earning assets (3) |
8,669,664 |
3.85 |
% |
7,598,704 |
3.70 |
% |
||||||
Other assets |
1,111,813 |
953,016 |
||||||||||
Total Assets |
$ 9,781,477 |
$ 8,551,720 |
||||||||||
Liabilities and Shareholders’ Equity |
||||||||||||
Interest bearing demand deposits |
$ 1,536,282 |
0.29 |
% |
$ 1,189,494 |
0.17 |
% |
||||||
Money market accounts |
1,038,584 |
0.22 |
959,813 |
0.19 |
||||||||
Savings deposits |
1,227,190 |
0.06 |
1,084,358 |
0.06 |
||||||||
Certificates of deposit |
1,454,245 |
0.67 |
1,580,357 |
0.68 |
||||||||
Total interest bearing deposits |
5,256,301 |
0.33 |
4,814,022 |
0.32 |
||||||||
|
949,001 |
1.21 |
1,041,115 |
1.19 |
||||||||
Other borrowings |
197,358 |
0.61 |
87,031 |
0.38 |
||||||||
Subordinated debt and junior subordinated debt |
163,913 |
4.49 |
106,196 |
3.11 |
||||||||
Total interest bearing liabilities |
6,566,573 |
0.57 |
% |
6,048,364 |
0.52 |
% |
||||||
Non-interest bearing demand deposits |
1,781,513 |
1,306,270 |
||||||||||
Other liabilities |
75,789 |
57,572 |
||||||||||
Shareholders’ equity |
1,357,602 |
1,139,514 |
||||||||||
Total Liabilities and Shareholders’ Equity |
$ 9,781,477 |
$ 8,551,720 |
||||||||||
Taxable equivalent net interest spread |
3.28 |
% |
3.18 |
% |
||||||||
Taxable equivalent net interest margin |
3.42 |
% |
3.29 |
% |
||||||||
(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 |
||||||||||||
(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. |
|
||||||||||||
Consolidated Selected Financial Highlights |
Page 9 |
|||||||||||
(unaudited, dollars in thousands, except shares and per share amounts) |
||||||||||||
Quarter Ended |
||||||||||||
Statement of Income |
|
|
|
|
|
|||||||
Interest income |
2017 |
2016 |
2016 |
2016 |
2016 |
|||||||
Loans, including fees |
$ 64,898 |
$ 66,135 |
$ 55,822 |
$ 52,697 |
$ 52,338 |
|||||||
Interest and dividends on securities: |
||||||||||||
Taxable |
9,596 |
9,359 |
9,137 |
9,775 |
10,217 |
|||||||
Tax-exempt |
4,891 |
4,770 |
4,559 |
4,540 |
4,521 |
|||||||
Total interest and dividends on securities |
14,488 |
14,129 |
13,696 |
14,315 |
14,738 |
|||||||
Other interest income |
539 |
555 |
574 |
573 |
525 |
|||||||
Total interest and dividend income |
79,924 |
80,819 |
70,092 |
67,585 |
67,601 |
|||||||
Interest expense |
||||||||||||
Interest bearing demand deposits |
1,093 |
975 |
691 |
643 |
507 |
|||||||
Money market deposits |
574 |
510 |
444 |
450 |
456 |
|||||||
Savings deposits |
181 |
194 |
173 |
165 |
165 |
|||||||
Certificates of deposit |
2,411 |
2,585 |
2,592 |
2,583 |
2,659 |
|||||||
Total interest expense on deposits |
4,259 |
4,264 |
3,900 |
3,841 |
3,787 |
|||||||
|
2,836 |
2,881 |
3,005 |
3,031 |
3,068 |
|||||||
Other short-term borrowings |
297 |
179 |
118 |
99 |
82 |
|||||||
Subordinated debt and junior subordinated debt |
1,813 |
1,807 |
1,043 |
840 |
822 |
|||||||
Total interest expense |
9,205 |
9,131 |
8,066 |
7,811 |
7,759 |
|||||||
Net interest income |
70,719 |
71,688 |
62,026 |
59,774 |
59,842 |
|||||||
Provision for credit losses |
2,711 |
2,128 |
2,214 |
1,811 |
2,324 |
|||||||
Net interest income after provision for credit losses |
68,008 |
69,560 |
59,812 |
57,963 |
57,518 |
|||||||
Non-interest income |
||||||||||||
Trust fees |
6,143 |
5,470 |
5,413 |
5,036 |
5,711 |
|||||||
Service charges on deposits |
4,853 |
5,474 |
4,733 |
4,176 |
3,952 |
|||||||
Electronic banking fees |
4,528 |
4,268 |
3,945 |
3,742 |
3,604 |
|||||||
Net securities brokerage revenue |
1,762 |
1,330 |
1,473 |
1,750 |
1,896 |
|||||||
Bank-owned life insurance |
1,140 |
1,154 |
995 |
942 |
973 |
|||||||
Net gains on sales of mortgage loans |
1,440 |
484 |
814 |
683 |
548 |
|||||||
Net securities gains |
12 |
63 |
598 |
585 |
1,111 |
|||||||
Net (loss) / gain on other real estate owned and other assets |
(76) |
383 |
184 |
214 |
(18) |
|||||||
Other income |
3,082 |
2,794 |
2,862 |
2,463 |
1,616 |
|||||||
Total non-interest income |
22,884 |
21,420 |
21,017 |
19,591 |
19,393 |
|||||||
Non-interest expense |
||||||||||||
Salaries and wages |
23,002 |
24,145 |
21,225 |
19,731 |
19,180 |
|||||||
Employee benefits |
8,210 |
7,267 |
6,275 |
7,332 |
7,077 |
|||||||
Net occupancy |
4,327 |
4,272 |
3,647 |
3,220 |
3,591 |
|||||||
Equipment |
4,042 |
4,234 |
3,557 |
3,402 |
3,428 |
|||||||
Marketing |
824 |
1,515 |
1,295 |
1,608 |
973 |
|||||||
|
827 |
764 |
961 |
1,099 |
1,166 |
|||||||
Amortization of intangible assets |
1,273 |
1,334 |
837 |
697 |
730 |
|||||||
Restructuring and merger-related expense |
491 |
2,684 |
9,883 |
694 |
– |
|||||||
Other operating expenses |
11,388 |
12,083 |
9,921 |
9,577 |
9,198 |
|||||||
Total non-interest expense |
54,384 |
58,298 |
57,601 |
47,360 |
45,343 |
|||||||
Income before provision for income taxes |
36,508 |
32,682 |
23,228 |
30,194 |
31,568 |
|||||||
Provision for income taxes |
10,622 |
8,464 |
5,793 |
8,085 |
8,694 |
|||||||
Net Income |
$ 25,886 |
$ 24,218 |
$ 17,435 |
$ 22,109 |
$ 22,874 |
|||||||
Taxable equivalent net interest income |
$ 73,353 |
$ 74,256 |
$ 64,481 |
$ 62,219 |
$ 62,276 |
|||||||
Per common share data |
||||||||||||
Net income per common share – basic |
$ 0.59 |
$ 0.55 |
$ 0.44 |
$ 0.58 |
$ 0.60 |
|||||||
Net income per common share – diluted |
$ 0.59 |
$ 0.55 |
$ 0.44 |
$ 0.58 |
$ 0.60 |
|||||||
Dividends declared |
$ 0.26 |
$ 0.24 |
$ 0.24 |
$ 0.24 |
$ 0.24 |
|||||||
Book value (period end) |
$ 30.92 |
$ 30.53 |
$ 30.71 |
$ 30.31 |
$ 29.87 |
|||||||
Tangible book value (period end) (1) |
$ 17.61 |
$ 17.19 |
$ 17.38 |
$ 17.64 |
$ 17.17 |
|||||||
Average common shares outstanding – basic |
43,947,563 |
43,887,781 |
39,715,516 |
38,373,610 |
38,386,983 |
|||||||
Average common shares outstanding – diluted |
44,020,765 |
43,935,815 |
39,743,291 |
38,410,393 |
38,402,316 |
|||||||
Period end common shares outstanding |
43,953,051 |
43,931,715 |
43,860,883 |
38,411,343 |
38,362,534 |
|||||||
Full time equivalent employees |
1,934 |
1,928 |
1,936 |
1,650 |
1,624 |
|||||||
(1) See non-GAAP financial measures for additional information relating to the calculation of this item. |
|
|||||||||||||
Consolidated Selected Financial Highlights |
Page 10 |
||||||||||||
(unaudited, dollars in thousands) |
|||||||||||||
Quarter Ended |
|||||||||||||
|
|
|
|
|
|||||||||
Asset quality data |
2017 |
2016 |
2016 |
2016 |
2016 |
||||||||
Non-performing assets: |
|||||||||||||
Troubled debt restructurings – accruing |
$ 7,194 |
$ 7,646 |
$ 8,605 |
$ 8,979 |
$ 9,550 |
||||||||
Non-accrual loans: |
|||||||||||||
Troubled debt restructurings |
3,273 |
3,546 |
3,759 |
4,121 |
4,517 |
||||||||
Other non-accrual loans |
36,054 |
28,238 |
26,897 |
28,334 |
29,343 |
||||||||
Total non-accrual loans |
39,327 |
31,784 |
30,656 |
32,455 |
33,860 |
||||||||
Total non-performing loans |
46,521 |
39,430 |
39,261 |
41,434 |
43,410 |
||||||||
Other real estate and repossessed assets |
8,033 |
8,346 |
9,794 |
4,481 |
5,329 |
||||||||
Total non-performing assets |
$ 54,554 |
$ 47,776 |
$ 49,055 |
$ 45,915 |
$ 48,739 |
||||||||
Past due loans (1): |
|||||||||||||
Loans past due 30-89 days |
$ 11,426 |
$ 16,029 |
$ 17,569 |
$ 10,392 |
$ 11,888 |
||||||||
Loans past due 90 days or more |
2,766 |
3,739 |
2,392 |
2,263 |
4,186 |
||||||||
Total past due loans |
$ 14,192 |
$ 19,768 |
$ 19,961 |
$ 12,655 |
$ 16,074 |
||||||||
Criticized and classified loans (2): |
|||||||||||||
Criticized loans |
$ 36,900 |
$ 24,778 |
$ 35,468 |
$ 26,543 |
$ 31,410 |
||||||||
Classified loans |
48,112 |
49,965 |
52,909 |
52,789 |
53,182 |
||||||||
Total criticized and classified loans |
$ 85,012 |
$ 74,743 |
$ 88,377 |
$ 79,332 |
$ 84,592 |
||||||||
Loans past due 30-89 days / total portfolio loans |
0.18 |
% |
0.26 |
% |
0.28 |
% |
0.20 |
% |
0.23 |
% |
|||
Loans past due 90 days or more / total portfolio loans |
0.04 |
0.06 |
0.04 |
0.04 |
0.08 |
||||||||
Non-performing loans / total portfolio loans |
0.74 |
0.63 |
0.63 |
0.80 |
0.85 |
||||||||
Non-performing assets/total portfolio loans, other |
|||||||||||||
real estate and repossessed assets |
0.86 |
0.76 |
0.79 |
0.89 |
0.95 |
||||||||
Non-performing assets / total assets |
0.56 |
0.49 |
0.50 |
0.55 |
0.57 |
||||||||
Criticized and classified loans / total portfolio loans |
1.35 |
1.20 |
1.42 |
1.53 |
1.65 |
||||||||
Allowance for loan losses |
|||||||||||||
Allowance for loan losses |
$ 44,061 |
$ 43,674 |
$ 42,755 |
$ 43,328 |
$ 42,525 |
||||||||
Provision for credit losses |
2,711 |
2,128 |
2,214 |
1,811 |
2,324 |
||||||||
Net loan and deposit account overdraft charge-offs |
2,347 |
1,213 |
2,798 |
1,013 |
1,532 |
||||||||
Annualized net loan charge-offs /average loans |
0.15 |
% |
0.08 |
% |
0.20 |
% |
0.08 |
% |
0.12 |
% |
|||
Allowance for loan losses / total portfolio loans |
0.70 |
% |
0.70 |
% |
0.69 |
% |
0.84 |
% |
0.83 |
% |
|||
Allowance for loan losses / non-performing loans |
0.95 |
x |
1.11 |
x |
1.09 |
x |
1.05 |
x |
0.98 |
x |
|||
Allowance for loan losses / non-performing loans and |
|||||||||||||
loans past due |
0.73 |
x |
0.74 |
x |
0.72 |
x |
0.80 |
x |
0.71 |
x |
|||
Quarter Ended |
|||||||||||||
|
|
|
|
|
|||||||||
2017 |
2016 |
2016 |
2016 |
2016 |
|||||||||
Capital ratios |
|||||||||||||
Tier I leverage capital |
9.97 |
% |
9.81 |
% |
10.90 |
% |
9.71 |
% |
9.46 |
% |
|||
Tier I risk-based capital |
13.21 |
13.16 |
12.95 |
13.62 |
13.30 |
||||||||
Total risk-based capital |
14.22 |
14.18 |
13.95 |
14.40 |
14.06 |
||||||||
Common equity tier 1 capital ratio (CET 1) |
11.28 |
11.28 |
11.07 |
11.88 |
11.58 |
||||||||
Average shareholders’ equity to average assets |
13.88 |
13.82 |
13.91 |
13.60 |
13.32 |
||||||||
Tangible equity to tangible assets (3) |
8.40 |
8.20 |
8.26 |
8.56 |
8.15 |
||||||||
(1) Excludes non-performing loans. |
|||||||||||||
(2) Criticized and classified loans may include loans that are also reported as non-performing or past due. |
|||||||||||||
(3) See non-GAAP financial measures for additional information relating to the calculation of this ratio. |
NON-GAAP FINANCIAL MEASURES |
Page 11 |
||||||||||||
The following non-GAAP financial measures used by |
|||||||||||||
Three Months Ended |
|||||||||||||
|
|
|
|
|
|||||||||
(unaudited, dollars in thousands, except shares and per share amounts) |
2017 |
2016 |
2016 |
2016 |
2016 |
||||||||
Return on average tangible equity: |
|||||||||||||
Net income (annualized) |
$ 104,982 |
$ 96,344 |
$ 69,361 |
$ 88,922 |
$ 91,999 |
||||||||
Plus: amortization of intangibles (annualized) (1) |
3,356 |
3,451 |
2,164 |
1,822 |
1,908 |
||||||||
Net income before amortization of intangibles (annualized) |
108,338 |
99,795 |
71,525 |
90,744 |
93,907 |
||||||||
Average total shareholders’ equity |
1,357,602 |
1,352,813 |
1,214,813 |
1,156,923 |
1,139,514 |
||||||||
Less: average goodwill and other intangibles, net of def. tax liability |
(585,365) |
(585,529) |
(500,752) |
(487,085) |
(487,210) |
||||||||
Average tangible equity |
$ 772,237 |
$ 767,284 |
$ 714,061 |
$ 669,838 |
$ 652,304 |
||||||||
Return on average tangible equity |
14.03% |
13.01% |
10.02% |
13.55% |
14.40% |
||||||||
Efficiency ratio: |
|||||||||||||
Non-interest expense |
$ 54,384 |
$ 58,298 |
$ 57,601 |
$ 47,360 |
$ 45,343 |
||||||||
Less: restructuring and merger-related expense |
(491) |
(2,684) |
(9,883) |
(694) |
– |
||||||||
Non-interest expense excluding restructuring and merger-related expense |
53,893 |
55,614 |
47,718 |
46,666 |
45,343 |
||||||||
Net interest income on a fully taxable equivalent basis |
73,353 |
74,256 |
64,481 |
62,219 |
62,276 |
||||||||
Non-interest income |
22,884 |
21,420 |
21,017 |
19,591 |
19,393 |
||||||||
Net interest income on a fully taxable equivalent basis plus non-interest income |
$ 96,237 |
$ 95,676 |
$ 85,498 |
$ 81,810 |
$ 81,669 |
||||||||
Efficiency Ratio |
56.00% |
58.13% |
55.81% |
57.04% |
55.52% |
||||||||
Net Income, excluding after-tax merger-related expenses: |
|||||||||||||
Net income |
$ 25,886 |
$ 24,218 |
$ 17,435 |
$ 22,109 |
$ 22,874 |
||||||||
Add: After-tax merger-related expenses (1) |
319 |
1,745 |
6,424 |
451 |
– |
||||||||
Net income, excluding after-tax merger-related expenses |
$ 26,205 |
$ 25,963 |
$ 23,859 |
$ 22,560 |
$ 22,874 |
||||||||
Net Income, excluding after-tax merger-related expenses per diluted share: |
|||||||||||||
Net income per diluted share |
$ 0.59 |
$ 0.55 |
$ 0.44 |
$ 0.58 |
$ 0.60 |
||||||||
Add: After-tax merger-related expenses per diluted share (1) |
0.01 |
0.04 |
0.16 |
0.01 |
– |
||||||||
Net income, excluding after-tax merger-related expenses per diluted share |
$ 0.60 |
$ 0.59 |
$ 0.60 |
$ 0.59 |
$ 0.60 |
||||||||
Period End |
|||||||||||||
|
|
|
|
|
|||||||||
2017 |
2016 |
2016 |
2016 |
2016 |
|||||||||
Tangible book value: |
|||||||||||||
Total shareholders’ equity |
$ 1,359,153 |
$ 1,341,408 |
$ 1,347,151 |
$ 1,164,420 |
$ 1,145,910 |
||||||||
Less: goodwill and other intangible assets, net of def. tax liability |
(585,123) |
(586,403) |
(584,690) |
(486,913) |
(487,267) |
||||||||
Tangible equity |
774,030 |
755,005 |
762,461 |
677,507 |
658,643 |
||||||||
Common shares outstanding |
43,953,051 |
43,931,715 |
43,860,883 |
38,411,343 |
38,362,534 |
||||||||
Tangible book value |
$ 17.61 |
$ 17.19 |
$ 17.38 |
$ 17.64 |
$ 17.17 |
||||||||
Tangible equity to tangible assets: |
|||||||||||||
Total shareholders’ equity |
$ 1,359,153 |
$ 1,341,408 |
$ 1,347,151 |
$ 1,164,420 |
$ 1,145,910 |
||||||||
Less: goodwill and other intangible assets, net of def. tax liability |
(585,123) |
(586,403) |
(584,690) |
(486,913) |
(487,267) |
||||||||
Tangible equity |
774,030 |
755,005 |
762,461 |
677,507 |
658,643 |
||||||||
Total assets |
9,800,881 |
9,790,877 |
9,812,384 |
8,397,424 |
8,569,381 |
||||||||
Less: goodwill and other intangible assets, net of def. tax liability |
(585,123) |
(586,403) |
(584,690) |
(486,913) |
(487,267) |
||||||||
Tangible assets |
$ 9,215,758 |
$ 9,204,474 |
$ 9,227,694 |
$ 7,910,511 |
$ 8,082,114 |
||||||||
Tangible equity to tangible assets |
8.40% |
8.20% |
8.26% |
8.56% |
8.15% |
||||||||
(1) Tax effected at 35%. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wesbanco-announces-first-quarter-2017-net-income-300441300.html
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