Wesbanco, Inc. · NASDAQ:WSBC
Wesbanco — Q1 2024 Earnings Presentation
21 slides from Wesbanco's earnings presentation, Apr 23, 2024
Slide 1: First Quarter 2024 Earnings Call Presentation
First Quarter 2024 Earnings Call Presentation 23 April 2024 Note: update footnote copyright year annually
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures 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 A
Slide 3: Q1 2024 Financial and Operational Highlights
Deposits and loans increased both year-over-year and quarter-over-quarter Sequential quarter deposit growth funded loan growth and borrowings pay-down Total loans up $1.0 billion as compared to the prior year period Non-interest income increased year-over-year, supported by new commercial loan swap
Slide 4: Q1 2024 Key Metrics
Q1 2024 Key Metrics Note: PTPP = pre-tax, pre-provision Non-GAAP measure – please see reconciliation in appendix Excludes restructuring and merger-related expenses
Slide 5: Q1 2024 Total Portfolio Loans
+9.0% year-over-year and +2.0% (or +8.1% annualized) quarter-over-quarter Loan growth continues to demonstrate the strength of our markets and lending teams Loan production offices are contributing meaningfully to both commercial loan growth and the loan pipeline C&I loans increased 10.7% year-over-
Slide 6: Solid deposit growth both year-over-year and quarter-over-quarter
Solid deposit growth both year-over-year and quarter-over-quarter Note: “uninsured deposits” are approximated; “collateralized municipal deposits” are collateralized by securities Total deposits of $13.5 billion were up 4.8% year-over-year and 10.0% quarter-over-quarter annualized, reflecting deposi
Slide 7: Q1 2024 Total Securities
Tangible common equity to tangible assets ratio improved 19 basis points year-over-year to 7.63% Weighted average yield 2.53% vs. 2.49% last year Weighted average duration 5.2 Total unrealized securities losses (after-tax): Available for Sale (“AFS”) = $242MM Held to Maturity (“HTM”) = $105MM Note:
Slide 8: Q1 2024 Net Interest Margin (NIM)
NIM continues to reflect the higher rate environment and deposit remix Q1 2024 net interest margin of 2.92% reflects higher funding costs from increasing deposit costs and continued remix from non-interest bearing deposits into higher tier money market and certificate of deposit accounts, partially
Slide 9: Q1 2024 Non-Interest Income
Non-interest income increased 10.8% year-over-year reflecting growth in wealth management and strength in new commercial swap fees Trust fees, which are seasonally higher in Q1, increased due to an 11.4% increase in trust assets, driven by both market value adjustments and organic growth New swap fe
Slide 10: Q1 2024 Non-Interest Expense
Committed to discretionary expense management Q1 2024 Non-Interest Expense Non-interest expense increased year-over-year primarily due to higher staffing costs and inflation but decreased quarter-over-quarter, reflecting lower quarterly average staffing levels and the timing of marketing campaigns S
Slide 11: Strong Legacy of Credit Quality
Favorable asset quality measures compared to peer bank group Note: financial data as of quarter ending for dates specified; peer bank group includes all U.S. banks with total assets of $10B to $25B from S&P Capital IQ (as of 4/11/2024) and represent simple averages except criticized & classified loa
Slide 12: Q1 2024 Current Expected Credit Loss (CECL)
Allowance coverage ratio of 1.09% Note: ACL at 3/31/2024 excludes off-balance sheet credit exposures of $8.2 million The decrease in the allowance was primarily driven by the dollar change in qualitative adjustments for loan concentrations During Q1 2024, recorded a provision for credit losses of $4
Slide 13: Strong Capital Position
Capital ratios above both regulatory and well-capitalized levels Note: financial data as of quarter ending 12/31; current year data as of 3/31/2024; WSBC adopted Current Expected Credit Losses (“CECL”) CECL accounting standard 1/1/2020 Under the existing share repurchase authorization that was appro
Slide 14: WesBanco Appendix
Ww . WesBanco Appendix ©2024 WesBanco Inc. | All rights reserved
Slide 15: Pre-Tax, Pre-Provision Income (PTPP) and Ratios Reconciliation
Pre-Tax, Pre-Provision Income (PTPP) and Ratios Reconciliation
Slide 16: Net Income and Diluted Earnings per Share (EPS) Reconciliation
Net Income and Diluted Earnings per Share (EPS) Reconciliation
Slide 17: Tangible Book Value per Share Reconciliation
Tangible Book Value per Share Reconciliation
Slide 18: Efficiency Ratio Reconciliation
Efficiency Ratio Reconciliation
Slide 19: Return on Average Assets Reconciliation
Return on Average Assets (1) three-, six-, and nine-month (as applicable) figures are annualized Reconciliation
Slide 20: Return on Average Tangible Equity Reconciliation
Return on Average Tangible Equity (1) three-, six-, and nine-month (as applicable) figures are annualized Reconciliation
Slide 21: Tangible Equity to Tangible Assets
Tangible Equity to Tangible Assets Note: Old Line Bancshares merger closed November 2019; Farmers Capital Bank Corporation merger closed August 2018; First Sentry Bancshares merger closed April 2018; Your Community Bankshares merger closed September 2016; ESB Financial merger closed February 2015; F