Wesbanco, Inc. · NASDAQ:WSBC
Wesbanco — Fifth Annual KBW Community Bank Investor Conference (July 2004)
25 slides from Wesbanco's conference presentation, Jul 28, 2004
Slide 1: Fifth Annual KBW Community Bank Investor Conference
FIFTH ANNUAL KBW COMMUNITY BANK INVESTOR CONFERENCE JULY 28, 2004
Slide 2: Forward Looking Disclosure
FORWARD LOOKING DISCLOSURE Forward-looking statements in this presentation 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 informatio
Slide 3: Corporate Profile
* CORPORATE PROFILE NASDAQ: WSBC ¯ $3.5 billion in assets ¯ $2.0 billion in loans ¯ $2.4 billion in deposits ¯ Serving 155,000 deposit customers ¯ Insider & KSOP ownership: 9.3% (1) ¯ $573 million market cap (1) *Data as of 6/30/2004 Insider data as of the most recent proxy
Slide 4: YTD 2004 Results
YTD 2004 RESULTS YTD YTD (dollars in thousands) 2004 2003 % CHG Net income $ 19,122 $ 16,630 15.0% EPS - diluted $ 0.97 $ 0.82 18.3% Return on assets 1.13% 1.01% 11.9% Return on equity 12.02% 10.41% 15.5% Return on tangible equity 14.65% 12.69% 15.4% Tier I leverage 10.11% 8.70% 16.2% Efficiency Rat
Slide 5: Market Presence
MARKET PRESENCE pn Pittsburgh 4 Ohio ber asi eo Watiington / <folumbus Cappritiae wy Pennsylvania we "
Slide 6: Market Share
MARKET SHARE ¯ Ranked No. 3 in WV ¯ 75% of deposits in counties where WesBanco is ranked in the top 3 in market share
Slide 7: Pending Acquisition: Western Ohio Financial
PENDING ACQUISITION WESTERN OHIO FINANCIAL (1) ¯ Accretive to 2005 earnings by over 1% ¯ $408 million in assets; 7 Offices & 15 ATM’s ¯ Price to Book Value of 140.5% ¯ 24.6x times 2003 earnings ¯ Core Deposit Premium of 10.6% ¯ Closing date 3rd quarter 2004 (2) ¯ Cost savings in range of 24 to 28% (
Slide 8: Ohio Expansion
Vm OHIO EAP ANION CHAMPAIGN ET me ‘ anicshurg sme 1 Sow ea Mocret ag — | a! keting an, , D sroveport EI s
Slide 9: Demographics
DEMOGRAPHICS WEST MONTGOMERY CLARK GREENE VIRGINIA COUNTY COUNTY COUNTY Population * 1,808,344 559,062 144,742 147,886 Median Income * $ 29,696 $ 40,156 $ 40,340 $ 48,656 Per Capita Income * $ 16,477 $ 21,743 $ 19,501 $ 23,057 Market Share (1) 8.9% 0.2% 12.8% 2.5% The 3 Ohio counties combined repres
Slide 10: Pennsylvania Expansion
PENNSYLVANIA EXPANSION 2 New Loan Production offices in Pittsburgh, PA 1 New Branch Location in Washington, PA opening July 2004
Slide 11: Loans by State
LOANS BY STATE Loans Loans (in m illions ) in WV Outside WV 3/31/2003 $ 1,529 $ 296 3/31/2004(Pro Forma*) $ 1,568 $ 726 * inc lude s the We s te rn Ohio Financ ial ac quis itio n 3/31/2004 3/31/2003 OUTSIDE OUTSIDE Pro Forma* WV WV 32% 16% IN WV 84% IN WV 68%
Slide 12: Deposits by State
DEPOSITS BY STATE Deposits Deposits (in m illions ) in WV Outside WV 3/31/2003 $ 1,934 $ 522 3/31/2004(Pro Forma*) $ 1,929 $ 792 * inc lude s the We s te rn Ohio Financ ial ac quis itio n OUTSIDE 3/31/2004 3/31/2003 OUTSIDE WV Pro Forma* 21% WV 29% IN WV IN WV 71% 79%
Slide 13: Shares Repurchased vs. Capital Levels
SHARES REPURCHASED Vs. CAPITAL LEVELS In thousands 1,600 CHARGE-OFFS TO AVERAGE LOANS 12.00% 1,400 10.00% 1,200 8.00% 1,000 800 6.00% 600 4.00% 400 2.00% 200 - 0.00% '99 '00 '01 '02 '03 06/30/04 Shares repurchased Tier I leverage * Based on 9/30/2003 SNL Securities Report
Slide 14: Return to Shareholders
RETURN TO SHAREHOLDERS In thousands $60,000 $221.6 Million in dividends and stock repurchases returned to $50,000 shareholders from 1999 to present $40,000 $37,011 $30,000 $28,367 $19,957 $17,856 $14,975 $20,000 $4,058 $10,000 $17,752 $18,890 $19,278 $17,167 $16,737 $9,506 $0 '99 '00 '01 '02 '03 6/3
Slide 15: Trust & Investment Services
TRUST & INVESTMENT SERVICES(1) ¯ $2.6 billion in assets under administration (@ 6/30/2004) ¯ WesMark Growth Fund top quartile in 1, 3 and 5 year periods. Ranked by Lipper in Large Cap Core Funds for periods ending 6/30/2004. ¯ WesMark Bond Fund and WesMark Small Company Growth Fund, Ranked by Lipper
Slide 16: WesMark Fund Disclosures
WesMark Fund Disclosures (1) Past performance is no guarantee of future results. Returns were achieved in market conditions highly favorable to stocks in this sector generally. Mutual fund performance changes over time and may vary significantly from what is currently stated. Investment return and p
Slide 17: Earnings Per Share
EARNINGS PER SHARE $1.80 $1.70 $1.60 $1.37 $1.41 4* $0.97 2 00 $0.82 199 9 to f rom R 8 .0% CA G TH OW OY GR % Y 1 8 .3 '99 '00 '01 '02 '03 YTD 03 YTD 04 *Based on annualization
Slide 18: Dividends Per Share
DIVIDENDS PER SHARE 19 consecutive $1.00 years of dividend $0.96 increases Dividend yield $0.94 3.4% at 6/30/04 $0.92 $0.90 $0.88 '99 '00 '01 '02 '03 '04 Annualized
Slide 19: Delinquency Levels vs Portfolio Growth
DELINQUENCY LEVELS VS PORTFOLIO GROWTH TOTAL LOANS 30,60, 90+ PAST DUE TOTAL LOANS In thousands In thousands $38,654 $2,030,473 $1,933,538 $28,231 $1,820,885 39 $23,521 .1 % De ase cr re ea inc se .5 % 1 1 '02 '03 6/30/2004 '02 '03 6/30/2004 Annualized net charge-off ratio at 6/30/2004 was 0.23%
Slide 20: Loan to Deposit Ratio
LOAN TO DEPOSIT RATIO In millions $3,000 83% 84% $2,500 82% $2,000 80% $1,500 78% 78% $1,000 76% 76% $500 74% $0 72% '02 '03 6/30/04 Loans Deposits Loan to deposit ratio
Slide 21: Interest Rate Risk
INTEREST RATE RISK * Change in Interest Change in Net Interest Rates (basis pts.) Income from Base (1) (dollars in thousands) Amount Percent Up 200 Rate Ramp $ (428) -0.38% Up 200 Rate Shock (5,028) -4.51% Up 100 Rate Shock (1,191) -1.07% Down 100 Rate Shock (565) -0.51% (1) * As of May 31, 2004 For
Slide 22: Stock Price
STOCK PRICE $29.13 $30 $27.66 $23.39 $25 $21.13 $20 2 % * $15 u rn 18.1 d R et uali ze $10 l A n n Tota $5 $0 12/31/2001 12/31/2002 12/31/2003 6/30/2004 * Assumes reinvestment of dividends
Slide 23: Stock Performance
STOCK PERFORMANCE* 450% WSBC + 410% 350% 250% S&P + 346% 150% 50% -50% '77 '83 '89 '95 '01 6/30/04 WesBanco S & P 500 * Total return assumes no reinvestment of dividends
Slide 24: Investment in WesBanco
INVESTMENT IN WESBANCO ¯ Stable and consistent growth in earnings ¯ Improving credit quality ¯ Strong capital levels ¯ Acquisition-oriented ¯ Strong stock performance (vs. S&P 500) ¯ Dividend yield of 3.4% @ 6/30/04
Slide 25: Questions?
Questions ?
Wesbanco — Fifth Annual KBW Community Bank Investor Conference (July 2004) on 6ix