Business Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Business Segments

NOTE 11. BUSINESS SEGMENTS

Wesbanco operates two reportable segments: community banking and trust and investment services. Wesbanco’s community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. The market value of assets managed or held in custody by the trust and investment services segment was approximately $4.8 billion and $5.5 billion at June 30, 2022 and 2021, respectively. These assets are held by Wesbanco in fiduciary or agency capacities for their customers and therefore are not included as assets on Wesbanco’s Consolidated Balance Sheets.

Condensed financial information by business segment is presented below:

				Trust and
	Community			Investment
(unaudited, in thousands)	Banking			Services		Consolidated
For The Three Months Ended June 30, 2022
Interest and dividend income	$	118,447		$	—	$	118,447
Interest expense		6,219			—		6,219
Net interest income		112,228			—		112,228
Provision for credit losses		(812	)		—		(812	)
Net interest income after provision for credit losses		113,040			—		113,040
Non-interest income		20,456			6,527		26,983
Non-interest expense		83,112			3,907		87,019
Income before provision for income taxes		50,384			2,620		53,004
Provision for income taxes		9,706			550		10,256
Net income		40,678			2,070		42,748
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	38,147		$	2,070	$	40,217
For The Three Months Ended June 30, 2021
Interest and dividend income	$	123,327		$	—	$	123,327
Interest expense		7,472			—		7,472
Net interest income		115,855			—		115,855
Provision for credit losses		(21,025	)		—		(21,025	)
Net interest income after provision for credit losses		136,880			—		136,880
Non-interest income		28,963			7,149		36,112
Non-interest expense		79,818			3,994		83,812
Income before provision for income taxes		86,025			3,155		89,180
Provision for income taxes		17,929			663		18,592
Net income		68,096			2,492		70,588
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	65,565		$	2,492	$	68,057
For the Six Months Ended June 30, 2022
Interest and dividend income	$	230,621		$	—	$	230,621
Interest expense		10,683			—		10,683
Net interest income		219,938			—		219,938
Provision for credit losses		(4,250	)		—		(4,250	)
Net interest income after provision for credit losses		224,188			—		224,188
Non-interest income		43,003			14,362		57,365
Non-interest expense		166,339			8,230		174,569
Income before provision for income taxes		100,852			6,132		106,984
Provision for income taxes		18,826			1,288		20,114
Net income		82,026			4,844		86,870
Preferred stock dividends		5,063			—		5,063
Net income available to common shareholders	$	76,963		$	4,844	$	81,807
For the Six Months Ended June 30, 2021
Interest and dividend income	$	248,382		$	—	$	248,382
Interest expense		16,050			—		16,050
Net interest income		232,332			—		232,332
Provision for credit losses		(48,984	)		—		(48,984	)
Net interest income after provision for credit losses		281,316			—		281,316
Non-interest income		54,540			14,780		69,320
Non-interest expense		161,829			8,310		170,139
Income before provision for income taxes		174,027			6,470		180,497
Provision for income taxes		35,434			1,359		36,793
Net income		138,593			5,111		143,704
Preferred stock dividends		5,063			—		5,063
Net income available to common shareholders	$	133,530		$	5,111	$	138,641

Total non-fiduciary assets of the trust and investment services segment were $3.7 million (including $1.3 million of trust customer intangibles) and $3.8 million (including $1.6 million of trust customer intangibles) at June 30, 2022 and 2021, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment.