Wesbanco, Inc. · NASDAQ:WSBC
Wesbanco — Northeast Super-Community Bank Conference 2004
38 slides from Wesbanco's conference presentation, May 24, 2004
Slide 1: Northeast Super-Community Bank Conference
NORTHEAST SUPER-COMMUNITY BANK CONFERENCE MAY 24, 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: 2004 Results
2004 RESULTS 1ST QTR 1ST QTR (dollars in thousands) 2004 2003 % CHG Net income $ 9,759 $ 8,889 9.79% EPS (diluted) $ 0.49 $ 0.44 11.36% Return on assets 1.16% 1.09% 6.42% Return on equity 12.23% 11.14% 9.78% Tier I leverage 8.92% 8.43% 5.81%
Slide 4: 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 5: Market Presence
Ws MARKET PRESENCE n Pittsburgh Washington / “heeine Pennsylvania’ Sfolumbus Cavsbridge wy we we i) ~ a r Wee vs A Ae
Slide 6: Pending Acquisition: Western Ohio Financial
PENDING ACQUISITION WESTERN OHIO FINANCIAL ¯$400 million in total assets (as report @ 3/31/2004) ¯7 offices, 15 ATM’s ¯12.8% market share in Clark County, Ohio @ 6/30/2003 ¯2.3 % market share in Springfield/ Dayton Metro Area @ 6/30/2003
Slide 7: Pending Acquisition
PENDING ACQUISITION WESTERN OHIO FINANCIAL ¯Accretive to 2005 earnings by 1% ¯Price to Book Value of 140.5% ¯24.6x times 2003 earnings ¯Core Deposit Premium of 10.6% ¯Closing date 4th quarter 2004 ¯Cost savings in range of 20-25%
Slide 8: Ohio Expansion
W OHIO PAPANSION ae » CHAMPIAIGN Urbana a "i, ng, srovepart Bh °
Slide 9: Company Overview
COMPANY OVERVIEW WesBanco Pro Forma* (dollars in thousands) 3/31/2004 3/31/2004 Total assets $ 3,376,512 $ 3,812,886 Offices 72 79 ATM's 106 121 Asset growth since 1999 52% 68% * Pro Forma includes the Western Ohio Financial acquisition
Slide 10: 3/31/2004 Pro Forma
3/31/2004 PRO FORMA* WesBanco Pro Forma* (dollars in thousands) 3/31/2004 3/31/2004 Assets $ 3,377,000 $ 3,813,000 Loans $ 1,950,000 $ 2,294,000 Deposits $ 2,461,000 $ 2,721,000 Equity $ 326,000 $ 362,000 Tier I Leverage 8.9% 9.0% Net income $ 9,759 $ 9,998 EPS(diluted) $ 0.49 $ 0.48 * Pro Forma inc
Slide 11: 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 The 3 Ohio counties combined represent 47% of the West Virginia populatio
Slide 12: Loans by State
LOANS BY STATE Loans Loans (in millions) in WV Outside WV 3/31/2003 $ 1,529 $ 296 3/31/2004(Pro Forma*) $ 1,568 $ 726 * includes the Western Ohio Financial acquisition 3/31/2004 3/31/2003 OUTSIDE OUTSIDE Pro Forma* WV WV 32% 16% IN WV 84% IN WV 68%
Slide 13: Deposits by State
DEPOSITS BY STATE Deposits Deposits (in millions) in WV Outside WV 3/31/2003 $ 1,934 $ 522 3/31/2004(Pro Forma*) $ 1,929 $ 792 * includes the Western Ohio Financial acquisition OUTSIDE 3/31/2004 3/31/2003 OUTSIDE WV Pro Forma* 21% WV 29% IN WV IN WV 71% 79%
Slide 14: 2004 Strategies
2004 STRATEGIES ¯ Improve customer service through: ¯ New products ¯ Improved service levels ¯ Investment in technology ¯ Growth of the loan portfolio
Slide 15: 2004 Strategies
2004 STRATEGIES ¯ Continue to pursue acquisitions ¯Loan Production offices ¯ Continue to repurchase shares ¯ Focus on Corporate Governance
Slide 16: 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 '1Q04 *Shares Basedrepurchased TierReport on 9/30/2003 SNL Securities I leverage
Slide 17: Pennsylvania Expansion
PENNSLYVANIA EXPANSION 2 New Loan Production offices in Pittsburgh, PA 1 New Branch Location in Washington, PA opening July 2004
Slide 18: Small enough to listen
Small enough to listen, Wy Mespanco
Slide 19: Trust & Investment Services
TRUST & INVESTMENT SERVICES(1) ¯ $2.8 Billion in assets under administration (@ 3/31/2004) ¯ WesMark Growth Fund return for 2003 was 35.39% vs. 28.68% for the S&P 500 ¯ WesMark Growth Fund 5-year return was 8.90% vs. (2.83)% for the S&P 500 ¯ WesMark Growth Fund ranked #1 out of 610 large cap core f
Slide 20: WesMark Growth Fund Performance
WesMark Growth Fund Performance(1)
Slide 21: 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 22: Earnings Per Share
EARNINGS PER SHARE $1.80 $1.70 $1.60 $1.37$1.41 2 004* 99 9 to fr om1 $0.49 % R 7.4 $0.44 CAG '99 '00 '01 '02 '03 1Q 04 1Q 03 *based on annualization
Slide 23: Dividends Per Share
DIVIDENDS PER SHARE 19 consecutive $1.00 years of dividend $0.96 increases Dividend yield $0.94 3.5% at 4/30/04 $0.92 $0.90 $0.88 '99 '00 '01 '02 '03 '04 Annualized
Slide 24: Total Assets
TOTAL ASSETS * $3,377 $2,270 1 Q0 4 99 to fr om 9 .8 % R CAG '99 '00 '01 '02 '03 1Q 04 * In millions
Slide 25: Total Loans
TOTAL LOANS * $1,950 $1,523 1Q 04 99 to % fr om G R 6 C A '99 '00 '01 '02 '03 '1Q04 * In millions
Slide 26: Loan Composition
LOAN COMPOSITION 3/31/2003 3/31/2004 COMMERCIAL CONSUMER CONSUMER COMMERCIAL 46% 19% 23% 51% RESIDENTIAL RESIDENTIAL 30% 31% Increased focus on Commercial Loans
Slide 27: 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 $1,933,538 $1,949,714 $1,820,885 $28,231 48 % $20,149 De a se cr re ea se in c .1 % 7 '02 '03 1Q 04 '02 '03 1Q 04 Substantial decline in all delinquency levels, while total loans have
Slide 28: Charge Off Ratio
CHARGE OFF RATIO In thousands $2,500 CHARGE-OFFS TO AVERAGE LOANS 0.60% 0.50% $2,000 0.46% 0.40% $1,500 0.34% $1,000 0.26% 0.23% 0.19% 0.20% $500 $0 0.00% '99 '00 '01 '02 '03 '1Q04 Annualized Average * BasedLoans Charge on 9/30/2003 SNL off percent Securities Report
Slide 29: Asset Quality
ASSET QUALITY NON-PERFORMING ASSETS TO TOTAL ASSETS 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% '99 '00 '01 '02 '03 WesBanco Peer Group * * Based on 9/30/2003 SNL Securities Report
Slide 30: Average Deposits
AVERAGE DEPOSITS In millions $2,500 CHARGE-OFFS TO AVERAGE LOANS 5% $2,000 4% 4.29% 3.91% 4.02% $1,500 3% 2.80% $1,000 2% 2.09% 1.76% $500 1% $0 0% '99 '00 '01 '02 '03 '1Q04 Average * Based depositsSNL Securities Average on 9/30/2003 Report rate
Slide 31: Loan to Deposit Ratio
LOAN TO DEPOSIT RATIO In millions $3,000 86% 84% $2,500 85% 84% 82% $2,000 80% 81% $1,500 78% 79% 78% 76% $1,000 76% 74% $500 72% $0 70% '99 '00 '01 '02 '03 '1Q04 Loans Deposits Loan to deposit ratio
Slide 32: Interest Rate Risk
INTEREST RATE RISK (dollars in thousands) As of March 31, 2004 Change in Net Change in Interest Interest Income Rates (basis pts.) from Base Amount Percent Up 200 Rate Ramp $ 516 0.46% Up 200 Rate Shock (2,754) (2.48) Up 100 Rate Shock 376 0.34 Down 100 Rate Shock (1,842) (1.66)
Slide 33: Trust & Investment Fees
TRUST & INVESTMENT FEES In thousands In millions $14,000 $3,088 CHARGE-OFFS TO AVERAGE LOANS $3,500 $2,775 $12,000 $3,000 $10,000 $2,500 $8,000 $2,000 $6,000 $1,500 $4,000 $1,000 $2,000 $500 $0 $0 '99 '00 '01 '02 '03 '1Q04 '1Q03 Based on 9/30/2003 SNLAssets Trust *fees under Securities administratio
Slide 34: Efficiency Ratio (GAAP Basis)
EFFICIENCY RATIO (GAAP BASIS) 60.00% 56.46% 55.00% 50.00% 45.00% 40.00% 35.00% 30.00% 1999 2000 2001 2002 2003 1Q 04
Slide 35: Stock Price
STOCK PRICE $35 $28.47 $27.66 $30 $23.39 $25 $21.13 $20 * 17. 9 3% e turn $15 l R Tota $10 $5 $0 12/31/2001 12/31/2002 12/31/2003 4/30/2004 * Assumes reinvestment of dividends
Slide 36: Stock Performance
STOCK PERFORMANCE* 450% 350% 250% 150% 50% -50% '77 '83 '89 '95 '01 4/30/2004 WesBanco S & P 500 * Total return assumes no reinvestment of dividends
Slide 37: Investment in WesBanco
INVESTMENT IN WESBANCO ¯Consistent growth in earnings ¯Improving credit quality ¯Strong capital levels ¯Acquisition-oriented ¯Strong stock performance (vs. S&P 500) ¯Dividend yield (3.5%@4/30/04)
Slide 38: Questions?
W Questions ?
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