WHEELING, W.Va., Oct. 17 /PRNewswire-FirstCall/ -- Paul M. Limbert, President and Chief Executive Officer of WesBanco, Inc., (NASDAQ:WSBC) a Wheeling, West Virginia based multi-state bank holding company, today announced earnings for the nine months and third quarter ended September 30, 2007.
For the nine months ended September 30, 2007 diluted earnings per share were $1.62 versus last year's $1.30, an increase of 24.6%, on net income of $34.0 million as compared to $28.4 million in the 2006 period. Return on average assets increased to 1.14% from 0.91% in 2006 and return on average equity increased to 11.12% from 9.11%. Net income for the quarter ended September 30, 2007 was $9.8 million, compared to $11.6 million for the third quarter of 2006, while diluted earnings per share for the quarter were $0.47 per share compared to $0.53 per share for 2006. Third quarter 2007 results reflected lower net interest income primarily due to a flat to inverted yield curve, partially offset by a reduced loan loss provision.
"Although the third quarter results reflect the difficult interest rate and competitive operating environment, our loan portfolio continues to perform better than our expectations for the year, leading to lower loan loss provisions compared to year ago levels and lower average non-performing assets, said Mr. Limbert. "Non-interest income also continues to grow through improvements in the trust, securities, insurance and mortgage businesses, and increased service charge activity from revenue enhancement programs and marketing campaigns." "In September we opened a new, state-of-the art banking center in the Highlands/Cabela's retail shopping destination development between Wheeling, West Virginia and Washington, Pennsylvania." said Mr. Limbert. "This new facility will serve to enhance WesBanco's presence in our core Wheeling market and further improve customer service. In addition, our branch optimization program, which continuously evaluates the profitability of our retail service delivery system, resulted in the closing of a small branch in the Cincinnati market." Highlights for the third quarter and nine months year-to-date include the following: -- Net interest income for the third quarter decreased $2.3 million or
7.7% compared to the third quarter of 2006. The net interest margin
declined to 3.38% in the third quarter from 3.56% in the 2006 third
quarter and 3.46% in the second quarter of 2007. For the nine months
ended September 30, 2007, net interest income declined by 5.4%. These
decreases were the result of the flat and inverted yield curve
environment over much of the last eighteen months experienced by the
banking industry, and, to a lesser degree, a lower balance sheet size
primarily as a result of the prior year's intentional repositioning,
which reduced investments and borrowings, and reductions in fixed rate
mortgage loan portfolios. The shape of the yield curve has pressured
margins, primarily through increased costs of deposits resulting from
significant rate-based competition, especially in urban markets. These
costs have been somewhat offset by loan yield increases and higher
average non-interest bearing deposit balances. -- The increase in non-interest income for the third quarter of 6.3% was
due to increases in trust fees, deposit activity fees, and improved
insurance and securities brokerage revenues. For the year-to-date
period the increase of $9.6 million was due primarily to the prior
year's recognized impairment loss of $8.0 million on the investment
portfolio restructuring. Also last year, WesBanco recognized $2.6
million in net gains on the sale of four branches in Ritchie County. For the nine month period of 2007 a deferred gain on the sale of a
former branch facility of $1.0 million and the net proceeds from a
bank-owned life insurance claim of $0.9 million were recorded. Contributing to the increase in year-to-date non-interest income were
increases in trust fees of $0.9 million, service charges on deposits of
$0.6 million, improved securities brokerage revenues, higher mortgage
banking income from sales to the secondary market and $0.7 million in
security sale gains in 2007. -- The provision for credit losses decreased $0.8 million in the third
quarter of 2007 as compared to third quarter 2006 primarily due to
lower year-to-date net charge-offs and average non-performing loans. However, management has increased its estimates of future credit losses
due to higher levels of criticized loans and regional economic
conditions impacting the consumer, residential real estate and home
equity portfolios, resulting in the allowance for loan losses as a
percentage of total loans increasing to 1.13% at September 30, 2007,
from 1.08% at the end of the third quarter of 2006. Although WesBanco
does not have any material direct exposure to sub-prime loans, the
problems associated with sub-prime lending are having an adverse impact
on markets where WesBanco has exposure. Net charge-offs to average
loans increased to 0.25% for the quarter as compared to 0.16% for the
third quarter of 2006, however, year-to-date net charge-offs were 0.23%
as compared to 0.30% for last year. Year-to-date, the total provision
decreased 34.7% to $4.7 million from $7.2 million. -- Non-interest expense increased 6.7% for the third quarter as compared
to the prior year due to higher salaries, benefits, net occupancy,
professional fees and marketing expenses and a $0.4 million charge for
the settlement of litigation. Full-time equivalent employees were
1,177 at September 30, 2007 as compared to 1,191 at September 30, 2006. Year-to-date, total expenses increased $1.3 million primarily due to
the higher salaries and benefits and the litigation settlement,
somewhat offset by lower marketing and communication expenses. The
decrease in marketing expenses year-to-date was due to higher customer
incentive expense related to last year's marketing campaigns as
compared to the current campaign's related expense. -- The provision for income taxes in the third quarter of 2007 decreased
$0.7 million compared to the third quarter of 2006 due primarily to
lower income and favorable adjustments related to recently filed tax
returns. For the nine months ended September 30, 2007, the tax
provision increased $0.2 million due to higher income and, excluding
the tax adjustments, a higher effective tax rate of 22.1% as compared
to 19.2% in the 2006 period, due primarily to higher taxable income and
a lower percentage of tax-exempt income to total income. These
increases were partially offset by a $1.6 million credit resulting from
the second quarter 2007 correction of prior period amounts related to
the accumulation of deferred taxes on a small portion of the municipal
bond investment portfolio. The tax adjustments in the second and third
quarters of 2007 reduced the year-to-date effective tax rate to 16.9%
from 19.7% in the 2006 period. -- Total loans at September 30, 2007 decreased $122.4 million or 4.2%
compared to September 30, 2006 and decreased 3.9% compared to December
31, 2006 due to the Bank's strategy of selling most new residential
mortgages to the secondary market, accelerated payoffs of commercial
real estate loans, and a focus on obtaining appropriate interest rate
spreads on new loans in a very competitive lending environment. -- Total deposits declined 2.0% over last year and 1.2% from year end
primarily due to reductions in savings deposits partially offset by
increases in money market account balances. As a result of the current
interest rate environment, customers are favoring shorter-term, higher-
yielding CD's and money market accounts, while new checking account
campaigns have improved the number of demand deposit accounts. WesBanco
continues to focus on management strategies to control deposit costs in
the current competitive rate environment, which has limited deposit
growth. -- FHLB and other short-term borrowings decreased to $460.0 million as of
September 30, 2007, from $561.5 million at December 31, 2006, a $101.5
million or 18.1% reduction. Borrowings were $812.2 million before the
restructuring at the end of last year's first quarter. These borrowings
as a percent of total assets decreased to 11.6% from 13.7% at the end
of the 2006. -- For the quarter ended September 30, 2007, WesBanco repurchased a total
of 132,000 common shares at an average price of $25.04 per share. Year-to-date shares repurchased totaled 893,398 at $30.48 per share. WesBanco has 736,600 shares remaining for repurchase under the current
repurchase plan approved by the Board of Directors in March, 2007. In
spite of the number of shares repurchased, the decreased balance sheet
size has improved capital ratios over the past eighteen months with
tangible equity improving to 6.93% at September 30, 2007.
WesBanco is a multi-state bank holding company with total assets of approximately $4.0 billion, operating through 78 banking offices, one loan production office, and 111 ATMs in West Virginia, Ohio, and Pennsylvania. WesBanco's banking subsidiary is WesBanco Bank, Inc., headquartered in Wheeling, West Virginia. In addition, WesBanco operates an insurance brokerage company, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc. that also operates Mountaineer Securities, WesBanco's discount brokerage operation.
Forward-looking statements in this press release 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 information contained in this press release should be read in conjunction with WesBanco's 2006 Annual Report on Form 10-K and June 30, 2007 Form 10-Q, filed with the Securities and Exchange Commission ("SEC"), which is available at the SEC's website http://www.sec.gov/ or at WesBanco's website, http://www.wesbanco.com/. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco's 2006 Annual Report on Form 10-K filed with the SEC under the section "Risk Factors." Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including without limitation, the effects of changing regional and national economic conditions; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to the parent company and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve, State of West Virginia Division of Banking, Federal Deposit Insurance Corporation, the SEC, the NASDAQ, the National Association of Securities Dealers and other regulatory bodies; potential legislative and federal and state regulatory actions and reform; competitive conditions in the financial services industry; rapidly changing technology affecting financial services and/or other external developments materially impacting WesBanco's operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.
WESBANCO, INC. Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except per share amounts) For the Three Months Ended
September 30,
Statement of income 2007 2006 % Change
Interest income $57,460 $56,942 0.91%
Interest expense 29,100 26,233 10.93%
Net interest income 28,360 30,709 (7.65%)
Provision for credit losses 1,448 2,268 (36.16%)
Net interest income after provision
for credit losses 26,912 28,441 (5.38%)
Non-interest income
Trust fees 3,941 3,711 6.20%
Service charges on deposits 4,683 4,437 5.54%
Net securities gains/(losses) 22 17 29.41%
Other income 3,763 3,492 7.76%
Gain on sale of branch offices - - 0.00%
Gains on early extinguishment of debt - 17 (100.00%)
Total non-interest income 12,409 11,674 6.30%
Non-interest expense
Salaries and employee benefits 14,131 13,529 4.45%
Net occupancy 2,002 1,688 18.60%
Equipment 1,872 1,961 (4.54%)
Amortization of intangible assets 589 628 (6.21%)
Marketing expense 1,331 943 41.15%
Restructuring expenses - - 0.00%
Other operating expenses 7,731 7,180 7.67%
Total non-interest expense 27,656 25,929 6.66%
Income before provision for
income taxes 11,665 14,186 (17.77%)
Provision for income taxes 1,902 2,632 (27.74%)
Net income $9,763 $11,554 (15.50%) Taxable equivalent net interest
income $30,252 $32,806 (7.78%) Per common share data
Net income per common share - basic $0.47 $0.53 (11.32%)
Net income per common share - diluted $0.47 $0.53 (11.32%)
Dividends declared $0.275 $0.265 3.77%
Book value (period end)
Tangible book value (period end)
Average shares outstanding - basic 20,711,866 21,700,328 (4.56%)
Average shares outstanding - diluted 20,732,741 21,746,255 (4.66%)
Period end shares outstanding Selected ratios
Return on average assets 0.98% 1.13% (13.23%)
Return on average equity 9.51% 10.97% (13.34%)
Yield on earning assets (1) 6.61% 6.40% 3.28%
Cost of interest bearing liabilities 3.69% 3.21% 14.95%
Net interest spread (1) 2.92% 3.19% (8.46%)
Net interest margin (1) 3.38% 3.56% (5.06%)
Efficiency (1) 64.83% 58.30% 11.20%
Average loans to average deposits 94.81% 98.40% (3.65%)
Annualized net loan charge-
offs/average loans 0.25% 0.16% 57.14%
Effective income tax rate 16.31% 18.55% (12.10%)
For the Nine Months Ended
September 30,
Statement of income 2007 2006 % Change
Interest income $172,465 $169,383 1.82%
Interest expense 84,926 76,827 10.54%
Net interest income 87,539 92,556 (5.42%)
Provision for credit losses 4,684 7,171 (34.68%)
Net interest income after provision
for credit losses 82,855 85,385 (2.96%)
Non-interest income
Trust fees 12,164 11,306 7.59%
Service charges on deposits 12,997 12,413 4.70%
Net securities gains/(losses) 739 (7,833) 109.43%
Other income 11,322 9,910 14.25%
Gain on sale of branch offices 980 2,618 (62.57%)
Gains on early extinguishment of debt 895 1,064 (15.88%)
Total non-interest income 39,097 29,478 32.63%
Non-interest expense
Salaries and employee benefits 41,824 40,260 3.88%
Net occupancy 5,871 5,567 5.46%
Equipment 5,658 5,984 (5.45%)
Amortization of intangible assets 1,781 1,894 (5.97%)
Marketing expense 3,367 3,853 (12.61%)
Restructuring expenses - 540 (100.00%)
Other operating expenses 22,512 21,631 4.07%
Total non-interest expense 81,013 79,729 1.61%
Income before provision for income
taxes 40,939 35,134 16.52%
Provision for income taxes 6,934 6,735 2.95%
Net income $34,005 $28,399 19.74% Taxable equivalent net interest
income $93,391 $99,155 (5.81%) Per common share data
Net income per common share - basic $1.62 $1.30 24.62%
Net income per common share - diluted $1.62 $1.30 24.62%
Dividends declared $0.825 $0.795 3.77%
Book value (period end) $19.94 $19.45 2.51%
Tangible book value (period end) $12.99 $12.69 2.36%
Average shares outstanding - basic 20,938,615 21,843,203 (4.14%)
Average shares outstanding - diluted 20,979,492 21,896,265 (4.19%)
Period end shares outstanding 20,628,092 21,551,703 (4.29%) Selected ratios
Return on average assets 1.14% 0.91% 25.06%
Return on average equity 11.12% 9.11% 22.10%
Yield on earning assets (1) 6.60% 6.21% 6.28%
Cost of interest bearing liabilities 3.59% 3.06% 17.32%
Net interest spread (1) 3.01% 3.15% (4.44%)
Net interest margin (1) 3.46% 3.50% (1.14%)
Efficiency (1) 61.15% 61.98% (1.34%)
Average loans to average deposits 95.46% 97.98% (2.57%)
Annualized net loan charge-
offs/average loans 0.23% 0.30% (24.69%)
Effective income tax rate 16.94% 19.17% (11.65%)
(1) 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. WESBANCO, INC. Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
Balance sheet (period end) September 30,
Assets 2007 2006 % Change
Cash and due from banks $71,373 $98,657 (27.66)%
Due from banks - Interest bearing 2,293 1,744 31.48
Fed Funds sold - - -
Securities 734,285 716,210 2.52 Loans held for sale 4,849 4,135 17.27
Portfolio Loans:
Commercial and commercial real
estate 1,540,958 1,563,238 (1.43)
Residential real estate 814,047 908,171 (10.36)
Consumer and home equity 437,595 443,597 (1.35)
Total portfolio loans 2,792,600 2,915,006 (4.20)
Allowance for loan losses (31,647) (31,669) (0.07)
Net portfolio loans 2,760,953 2,883,337 (4.24)
Premises and equipment, net 68,518 66,010 3.80
Goodwill 137,258 137,258 -
Core deposit intangible, net 6,108 8,506 (28.19)
Other assets 174,956 180,230 (2.93)
Total Assets $3,960,593 $4,096,087 (3.31)% Liabilities and Shareholders' Equity
Non-interest bearing demand deposits $382,487 $388,642 (1.58)%
Interest bearing demand deposits 355,940 344,986 3.18
Money market accounts 384,308 354,659 8.36
Savings deposits 403,411 452,382 (10.83)
Certificates of deposit 1,433,906 1,479,113 (3.06)
Total deposits 2,960,052 3,019,782 (1.98)
Federal Home Loan Bank borrowings 299,269 371,910 (19.53)
Short-term borrowings 160,770 160,538 0.14
Junior subordinated debt 87,638 87,638 -
Other liabilities 41,558 36,962 12.43
Shareholders' equity 411,306 419,257 (1.90)
Total Liabilities and Shareholders'
Equity $3,960,593 $4,096,087 (3.31)% % Change
Balance sheet (period end) December 31, September 30, 2007
Assets 2006 to Dec. 31, 2006
Cash and due from banks $95,388 (25.18)%
Due from banks - Interest bearing 1,217 88.41
Fed Funds sold - 100.00
Securities 736,707 (0.33) Loans held for sale 3,170 52.97
Portfolio Loans:
Commercial and commercial real estate 1,575,170 (2.17)
Residential real estate 896,533 (9.20)
Consumer and home equity 436,510 0.25
Total portfolio loans 2,908,213 (3.98)
Allowance for loan losses (31,979) (1.04)
Net portfolio loans 2,876,234 (4.01)
Premises and equipment, net 67,404 1.65
Goodwill 137,258 -
Core deposit intangible, net 7,889 (22.58)
Other assets 172,876 1.20
Total Assets $4,098,143 (3.36)% Liabilities and Shareholders' Equity
Non-interest bearing demand deposits $401,909 (4.83)%
Interest bearing demand deposits 356,088 (0.04)
Money market accounts 354,082 8.54
Savings deposits 441,226 (8.57)
Certificates of deposit 1,442,242 (0.58)
Total deposits 2,995,547 (1.18)
Federal Home Loan Bank borrowings 358,907 (16.62)
Short-term borrowings 202,561 (20.63)
Junior subordinated debt 87,638 -
Other liabilities 36,615 13.50
Shareholders' equity 416,875 (1.34)
Total Liabilities and Shareholders'
Equity $4,098,143 (3.36)% Average balance sheet and
net interest margin Three months ended
analysis September 30,
2007 2006
Average Average Average Average
Assets Balance Rate Balance Rate
Due from banks - interest bearing $1,909 1.66% $2,198 1.99%
Loans, net of unearned income 2,810,376 6.86% 2,908,500 6.61%
Securities:
Taxable 395,117 5.00% 371,065 4.61%
Tax-exempt 324,992 6.65% 357,080 6.71%
Total securities 720,109 5.73% 728,145 5.63%
Federal funds sold 13,332 5.10% - 0.00%
Other earning assets (1) 21,357 5.60% 26,219 5.02%
Total earning assets 3,567,083 6.61% 3,665,062 6.40%
Other assets 383,317 402,458
Total Assets $3,950,400 $4,067,520 Liabilities and Shareholders' Equity
Interest bearing demand deposits $346,302 1.32% $341,695 1.20%
Money market accounts 383,546 2.88% 363,256 2.20%
Savings deposits 411,628 1.32% 459,463 1.36%
Certificates of deposit 1,444,009 4.70% 1,416,605 4.02%
Total interest bearing deposits 2,585,485 3.44% 2,581,019 2.92%
Federal Home Loan Bank borrowings 281,235 4.30% 411,833 3.80%
Short-term borrowings 172,202 5.10% 157,122 4.78%
Junior subordinated debt 87,638 6.46% 87,638 6.45%
Total interest bearing
liabilities 3,126,560 3.69% 3,237,612 3.21%
Non-interest bearing demand deposits 378,768 374,798
Other liabilities 37,655 37,283
Shareholders' equity 407,417 417,827 Total Liabilities and Shareholders'
Equity $3,950,400 $4,067,520 Taxable equivalent net interest
spread 2.92% 3.19%
Taxable equivalent net interest
margin 3.38% 3.56% Nine months ended
September 30,
2007 2006
Average Average Average Average
Assets Balance Rate Balance Rate
Due from banks - interest bearing $1,564 1.28% $2,249 2.02%
Loans, net of unearned income 2,835,752 6.85% 2,920,565 6.46%
Securities:
Taxable 398,598 4.95% 451,712 4.33%
Tax-exempt 333,297 6.69% 376,239 6.68%
Total securities 731,895 5.74% 827,951 5.39%
Federal funds sold 18,093 5.24% 2,418 4.74%
Other earning assets (1) 21,653 5.61% 33,483 4.79%
Total earning assets 3,608,957 6.60% 3,786,666 6.21%
Other assets 386,024 398,796
Total Assets $3,994,981 $4,185,462 Liabilities and Shareholders' Equity
Interest bearing demand deposits $349,151 1.30% $338,345 1.00%
Money market accounts 370,692 2.71% 392,488 2.15%
Savings deposits 426,374 1.35% 463,567 1.25%
Certificates of deposit 1,441,714 4.57% 1,409,089 3.81%
Total interest bearing deposits 2,587,931 3.33% 2,603,489 2.74%
Federal Home Loan Bank borrowings 319,294 4.06% 494,230 3.68%
Short-term borrowings 171,458 5.03% 169,860 4.45%
Junior subordinated debt 87,638 6.49% 87,638 6.37%
Total interest bearing
liabilities 3,166,321 3.59% 3,355,217 3.06%
Non-interest bearing demand deposits 382,658 377,219
Other liabilities 37,286 36,155
Shareholders' equity 408,716 416,871 Total Liabilities and Shareholders'
Equity $3,994,981 $4,185,462 Taxable equivalent net interest
spread 3.01% 3.15%
Taxable equivalent net interest
margin 3.46% 3.50% (1) Federal Reserve stock, Federal Home Loan Bank stock and equity
securities that do not have readily determinable fair market values. WESBANCO, INC. Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except per share amounts) Quarter Ended
Sept. 30, June 30, March 31,
Statement of income 2007 2007 2007
Interest income $57,460 $57,812 $57,193
Interest expense 29,100 28,626 27,200
Net interest income 28,360 29,186 29,993
Provision for credit losses 1,448 1,776 1,460
Net interest income after provision
for credit losses 26,912 27,410 28,533
Non-interest income
Trust fees 3,941 3,885 4,338
Service charges on deposits 4,683 4,431 3,883
Net securities gains 22 39 678
Other income 3,763 4,202 3,357
Gain on sale of branch offices - 0 980
Gains on early extinguishment of debt 0 895 -
Total non-interest income 12,409 13,452 13,236
Non-interest expense
Salaries and employee benefits 14,131 13,815 13,878
Net occupancy 2,002 1,866 2,003
Equipment 1,872 1,884 1,902
Core deposit intangibles 589 596 596
Marketing expense 1,331 1,414 622
Other operating expenses 7,731 7,397 7,384
Total non-interest expense 27,656 26,972 26,385
Income before provision for income
taxes 11,665 13,890 15,384
Provision for income taxes 1,902 1,595 3,437
Net income $9,763 $12,295 $11,947 Taxable equivalent net interest income $30,252 $31,133 $32,005 Per common share data
Net income per common share - basic $0.47 $0.59 $0.56
Net income per common share - diluted $0.47 $0.59 $0.56
Dividends declared $0.275 $0.275 $0.275
Book value (period end) $19.94 $19.54 $19.40
Tangible book value (period end) $12.99 $12.60 $12.50
Average shares outstanding - basic 20,711,866 20,838,798 21,271,328
Average shares outstanding - diluted 20,732,741 20,884,156 21,325,166
Period end shares outstanding 20,628,092 20,759,920 20,948,040
Full time equivalent employees 1,177 1,191 1,168 Selected ratios
Return on average assets 0.98% 1.23% 1.20%
Return on average equity 9.51% 12.12% 11.77%
Yield on earning assets (1) 6.61% 6.60% 6.59%
Cost of interest bearing liabilities 3.69% 3.61% 3.46%
Net interest spread (1) 2.92% 2.99% 3.14%
Net interest margin (1) 3.38% 3.46% 3.56%
Efficiency (1) 64.83% 60.50% 58.32%
Average loans to average deposits 94.81% 94.88% 96.72%
Trust Assets, market value at period
end $3,129,179 $3,041,464 $2,972,044
Quarter Ended
Dec. 31, Sept. 30,
Statement of income 2006 2006
Interest income $57,886 $56,942
Interest expense 27,609 26,233
Net interest income 30,277 30,709
Provision for credit losses 1,568 2,268
Net interest income after provision for
credit losses 28,709 28,441
Non-interest income
Trust fees 3,733 3,711
Service charges on deposits 4,301 4,437
Net securities gains 35 17
Other income 2,861 3,492
Gain on sale of branch offices - -
Gains on early extinguishment of debt - 17
Total non-interest income 10,930 11,674
Non-interest expense
Salaries and employee benefits 13,423 13,529
Net occupancy 1,937 1,688
Equipment 1,937 1,961
Core deposit intangibles 617 628
Marketing expense 1,290 943
Other operating expenses 7,271 7,180
Total non-interest expense 26,475 25,929
Income before provision for income
taxes 13,164 14,186
Provision for income taxes 2,528 2,632
Net income $10,636 $11,554 Taxable equivalent net interest income $32,330 $32,806 Per common share data
Net income per common share - basic $0.49 $0.53
Net income per common share - diluted $0.49 $0.53
Dividends declared $0.265 $0.265
Book value (period end) $19.39 $19.45
Tangible book value (period end) $12.64 $12.69
Average shares outstanding - basic 21,523,291 21,700,328
Average shares outstanding - diluted 21,580,177 21,746,255
Period end shares outstanding 21,496,793 21,551,703
Full time equivalent employees 1,168 1,191 Selected ratios
Return on average assets 1.03% 1.13%
Return on average equity 10.06% 10.97%
Yield on earning assets (1) 6.45% 6.40%
Cost of interest bearing liabilities 3.37% 3.21%
Net interest spread (1) 3.08% 3.19%
Net interest margin (1) 3.49% 3.56%
Efficiency (1) 61.20% 58.30%
Average loans to average deposits 97.17% 98.40%
Trust Assets, market value at period
end $2,976,621 $2,873,159 (1) 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.
WESBANCO, INC. Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
Quarter Ended
Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
Asset quality data 2007 2007 2007 2006 2006
Non-performing assets:
Non-accrual loans $10,859 $9,651 $12,126 $16,154 $10,356
Renegotiated loans - - - - -
Total non-performing
loans 10,859 9,651 12,126 16,154 10,356
Other real estate and
repossessed assets 3,483 4,067 3,369 4,052 4,109
Total non-performing
loans and assets $14,342 $13,718 $15,495 $20,206 $14,465
Loans past due 90 days
or more $7,544 $7,869 $6,194 $6,488 $11,594 Non-performing
assets/total assets 0.36 % 0.34 % 0.38 % 0.49 % 0.35 %
Non-performing assets/
total loans, other real
estate and repossessed
assets 0.51 % 0.48 % 0.54 % 0.69 % 0.49 %
Non-performing loans/
total loans 0.39 % 0.34 % 0.43 % 0.55 % 0.35 %
Non-performing loans
and loans past due 90
days or more/total loans 0.66 % 0.62 % 0.64 % 0.78 % 0.75 %
Non-performing loans,
loans past due 90 days
and other real estate
owned/total loans and
other real estate owned 0.77 % 0.75 % 0.75 % 0.89 % 0.87 % Allowance for loan losses
Allowance for loan
losses $31,647 $31,928 $31,757 $31,979 $31,669
Provision for loan
losses 1,500 1,500 1,460 1,568 2,268
Net loan charge-offs 1,781 1,329 1,682 1,258 1,191
Annualized net loan
charge-offs /average
loans 0.25 % 0.19 % 0.24 % 0.17 % 0.16 %
Allowance for loan
losses/total loans 1.13 % 1.13 % 1.12 % 1.10 % 1.08 %
Allowance for loan
losses/non-performing
loans 2.91 x 3.31 x 2.62 x 1.98 x 3.06 x
Allowance for loan
losses/non-performing
loans and past due 90
days or more 1.72 x 1.82 x 1.73 x 1.41 x 1.44 x
Capital ratios
Tier I leverage capital 9.38 % 9.21 % 9.14 % 9.27 % 9.23 %
Tier I risk-based
capital 12.10 % 11.98 % 12.20 % 12.35 % 12.30 %
Total risk-based
capital 13.18 % 13.07 % 13.30 % 13.44 % 13.38 %
Shareholders' equity to
assets 10.31 % 10.15 % 10.23 % 10.26 % 10.27 %
Tangible equity to
tangible assets (1) 6.93 % 6.80 % 6.88 % 6.95 % 6.93 % (1) Tangible equity is defined as shareholders' equity less goodwill and
other intangible assets, and tangible assets are defined as total
assets less goodwill and other intangible assets. The calculation is
based on quarterly averages. DATASOURCE: WesBanco, Inc.
CONTACT: Paul M. Limbert, President and Chief Executive Officer, or Robert H. Young, Executive Vice President and Chief Financial Officer of WesBanco, Inc., +1-304-234-9000 Web site: http://www.wesbanco.com/
|