Wesbanco, Inc. · NASDAQ:WSBC
Wesbanco — Q1 2021 Earnings Presentation
18 slides from Wesbanco's earnings presentation, Apr 27, 2021
Slide 1: First Quarter 2021 Earnings Call Presentation
27 April 2021 First Quarter 2021 Earnings Call Presentation
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures 1 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
Slide 3: Q1 2021 Financial and Operational Highlights
Q1 2021 Financial and Operational Highlights 2 Note: financial and operational highlights during the quarter ended March 31, 2021; loan growth includes approximately $824 million of loans funded through the Small Business Administration’s Paycheck Protection Program (“SBA PPP”), as established by th
Slide 4: Q1 2021 Key Metrics
Q1 2021 Key Metrics 3 Note: PTPP = pre-tax, pre-provision Non-GAAP measure – please see reconciliation in appendix Excludes restructuring and merger-related expenses
Slide 5: Q1 2021 Total Portfolio Loans
Q1 2021 Total Portfolio Loans ($MM) 4 ~7,750 SBA PPP loans totaling ~$824 million (as of 3/31/2021) During Q1 2021, ~2,330 customers applied for and received forgiveness of their 2020 SBA PPP loans totaling $223 million; and, assisted >3,240 businesses with 2021 SBA PPP loans totaling ~$344 million
Slide 6: Q1 2021 Net Interest Margin (NIM)
Q1 2021 Net Interest Margin (NIM) 5 NIM negatively impacted by the low interest rate environment As a result of higher cash balances, investment securities increased by $0.9 billion during Q1 2021, mostly during March Aggressively reduced deposit rates throughout the past year Q1 2021 interest-beari
Slide 7: Q1 2021 Non-Interest Income
Q1 2021 Non-Interest Income 6 Mortgage banking fees increased due to an ~50% year-over-year increase in 1-to-4 family residential mortgage origination dollar volume, and the associated sale of ~60% of those into the secondary market Trust fees increased due to equity market improvement and organic g
Slide 8: Q1 2021 Non-Interest Expense
Q1 2021 Non-Interest Expense 7 Total operating expenses remained well-controlled through company-wide efforts to manage open positions and certain discretionary expenses Efficiency ratio improved 98bp year-over-year to 56.71% Lower salaries and wages reflect the recent financial center closures and
Slide 9: Strong Legacy of Credit Quality
Non-Performing Assets as % of Total Assets Net Charge-Offs as % of Average Loans (Annualized) Allowance for Credit Losses as % of Total Loans Criticized & Classified Loans as % of Total Loans Favorable asset quality measures compared to all U.S. banks with total assets from $10B to $25B Strong Legac
Slide 10: Q1 2021 Current Expected Credit Loss (CECL)
The decrease in the allowance was driven by improvement in the macroeconomic forecast and changes in portfolio mix slightly offset by COVID-19 pandemic related adjustments Allowance coverage ratio of 1.50%, or, excluding SBA PPP loans, 1.62% Excludes fair market value adjustments on previously acqui
Slide 11: Strong Capital Position
Strong regulatory capital ratios significantly above both regulatory requirements and well-capitalized levels; and, higher tangible equity levels New stock repurchase plan of up to 1.7 million shares from time to time on the open market, combined with ~1.7 million shares remaining under the previous
Slide 12: Appendix
WesBanco By all accounts, better. Appendix
Slide 13: Reconciliation: Pre-Tax, Pre-Provision Income (PTPP) and Ratios
Reconciliation: Pre-Tax, Pre-Provision Income (PTPP) and Ratios 12
Slide 14: Reconciliation: Net Income, EPS (Diluted), Tangible Book Value per Share
Reconciliation: Net Income, EPS (Diluted), Tangible Book Value per Share 13
Slide 15: Reconciliation: Efficiency Ratio
Reconciliation: Efficiency Ratio 14 Note: “efficiency ratio” is non-interest expense excluding restructuring and merger-related expense divided by total income; FTE represents fully taxable equivalent
Slide 16: Reconciliation: Return on Average Assets
Reconciliation: Return on Average Assets 15 (1) three-, six-, and nine-month (as applicable) figures are annualized
Slide 17: Reconciliation: Return on Average Tangible Equity
Reconciliation: Return on Average Tangible Equity 16 (1) three-, six-, and nine-month (as applicable) figures are annualized
Slide 18: Reconciliation: Tangible Equity to Tangible Assets
Reconciliation: Tangible Equity to Tangible Assets 17 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 clos