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Business Segments
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments

NOTE 14. BUSINESS SEGMENTS

Wesbanco operates two reportable segments: community banking and trust and investment services. Wesbanco’s community banking segment offers a wide range of banking products and services through various delivery channels and business units, including commercial demand, individual demand and time deposit accounts; commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. For purposes of determining the community banking reportable segment, these lines of business are aggregated, in accordance with the review of the Chief Operating Decision Maker ("CODM"). The trust and investment services segment offers trust services as well as various alternative investment products, including mutual funds, and also serves as investment adviser to a family of mutual funds called the “WesMark Funds.” The fund family is comprised of the WesMark Large Company Fund, the WesMark Balanced Fund, the WesMark Small Company Fund, the WesMark Government Bond Fund, the WesMark West Virginia Municipal Bond Fund, and the WesMark Tactical Opportunity Fund. Corporate support functions, which are generally all attributable to the parent company, do not represent a reportable segment and are presented within Corporate Other for purposes of reconciling to the consolidated financials. All of Wesbanco’s revenue is derived from domestic operations, and Wesbanco has no major customers providing greater than 10% of total segment revenue. Wesbanco’s CODM is its President and Chief Executive Officer. The CODM uses net income as the reported measure of segment profit or loss in making business decisions regarding reinvestment into the Company’s segments, using profits for acquisitions and/or paying dividends to shareholders. In addition, net income is used to monitor budget versus actual results, to perform competitive analysis by benchmarking to peers and as a factor to establish compensation for certain employees. Wesbanco does not have any material intra-entity sales or transfers.

The market value of trust assets totaled approximately $7.2 billion and $5.6 billion at June 30, 2025 and 2024, respectively. These assets are held by Wesbanco in fiduciary or agency capacities and are not included as assets on Wesbanco’s Consolidated Balance Sheets. Therefore, substantially all of Wesbanco’s assets are attributable to the community banking segment.

The following tables present selected financial information with respect to Wesbanco’s business segments for the three and six months ended June 30, 2025 and 2024 as received and reviewed on a regular basis by the CODM:

(unaudited, in thousands)

 

Community
Banking

 

 

Trust and
Investment
Services

 

 

Corporate
Other

 

 

Totals

 

For The Three Months Ended June 30, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

336,382

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

112,804

 

 

 

1,500

 

 

 

5,309

 

 

 

 

Net interest income

 

 

223,578

 

 

 

(1,500

)

 

 

(5,309

)

 

 

 

Less: Provision for credit losses

 

 

3,218

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

220,360

 

 

 

(1,500

)

 

 

(5,309

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

7,698

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

1,959

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

10,484

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

7,325

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

746

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

3,348

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

1,115

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

3,450

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

805

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities gains

 

 

1,410

 

 

 

—

 

 

 

—

 

 

 

 

    Net gain on other real estate owned and other assets

 

 

111

 

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

2,364

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

2,374

 

 

 

760

 

 

 

8

 

 

 

 

Total revenues

 

$

253,892

 

 

$

8,917

 

 

$

(5,301

)

 

$

257,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

57,983

 

 

 

2,170

 

 

 

—

 

 

 

 

    Employee benefits

 

 

18,307

 

 

 

550

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

8,049

 

 

 

70

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

17,063

 

 

 

77

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

5,059

 

 

 

2

 

 

 

—

 

 

 

 

    Professional services

 

 

4,637

 

 

 

166

 

 

 

1,832

 

 

 

 

    Marketing

 

 

1,834

 

 

 

30

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

5,479

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

2,037

 

 

 

41

 

 

 

—

 

 

 

 

    Telecommunications

 

 

1,541

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

2,247

 

 

 

54

 

 

 

287

 

 

 

 

    Merger-related and restructuring

 

 

40,301

 

 

 

—

 

 

 

755

 

 

 

 

    Amortization of intangibles

 

 

8,816

 

 

 

388

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

2,021

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

4,673

 

 

 

50

 

 

 

16

 

 

 

 

Segment profit (loss) before provision for income taxes

 

 

75,866

 

 

 

3,298

 

 

 

(8,191

)

 

 

 

Provision for income taxes

 

 

15,705

 

 

 

693

 

 

 

(2,840

)

 

 

 

Segment profit (loss)

 

$

60,161

 

 

$

2,605

 

 

$

(5,351

)

 

$

57,415

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(2,531

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

54,884

 

(1) Within Corporate other, this represents interest expense on subordinated and junior subordinated debt issued by the parent company of Wesbanco.

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3) Includes depreciation and amortization expense of $2.2 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(4) Includes depreciation and amortization expense of $3.2 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(5) Corporate overhead expenses allocated to the trust and investment services segment consist of audit and accounting services, human resources, bank administration and information technology.

(6) Other segment items included in segment expenses for the community banking segment include ATM and digital banking interchange expenses, correspondent service fee expense, postage expense, corporate insurance expense and other general banking service expenses. Other segment items included in segment expenses for the trust and investment services segment include postage expense, securities safekeeping expense and other miscellaneous operating expenses.

 

(unaudited, in thousands)

 

Community
Banking

 

 

Trust and
Investment
Services

 

 

Corporate
Other

 

 

Totals

 

For The Three Months Ended June 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

202,993

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

81,311

 

 

 

1,045

 

 

 

4,044

 

 

 

 

Net interest income

 

 

121,682

 

 

 

(1,045

)

 

 

(4,044

)

 

 

 

Less: Provision for credit losses

 

 

10,541

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

111,141

 

 

 

(1,045

)

 

 

(4,044

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

5,305

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

1,998

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

7,111

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

5,040

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

1,776

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

2,601

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

980

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

2,791

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

905

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities gains

 

 

135

 

 

 

—

 

 

 

—

 

 

 

 

    Net gain on other real estate owned and other assets

 

 

34

 

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

1,069

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

1,610

 

 

 

—

 

 

 

—

 

 

 

 

Total revenues

 

$

135,193

 

 

$

6,258

 

 

$

(4,044

)

 

$

137,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

42,197

 

 

 

1,794

 

 

 

—

 

 

 

 

    Employee benefits

 

 

10,118

 

 

 

461

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

6,257

 

 

 

52

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

10,449

 

 

 

8

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

3,077

 

 

 

—

 

 

 

—

 

 

 

 

    Professional services

 

 

2,002

 

 

 

82

 

 

 

2,509

 

 

 

 

    Marketing

 

 

2,364

 

 

 

7

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

3,523

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

1,608

 

 

 

26

 

 

 

—

 

 

 

 

    Telecommunications

 

 

1,309

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

1,564

 

 

 

40

 

 

 

43

 

 

 

 

    Merger-related and restructuring

 

 

3,777

 

 

 

—

 

 

 

—

 

 

 

 

    Amortization of intangibles

 

 

2,024

 

 

 

48

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

1,376

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

5,671

 

 

 

50

 

 

 

(44

)

 

 

 

Segment profit (loss) before provision for income taxes

 

 

39,253

 

 

 

2,314

 

 

 

(6,552

)

 

 

 

Provision for income taxes

 

 

6,772

 

 

 

486

 

 

 

(1,159

)

 

 

 

Segment profit (loss)

 

$

32,481

 

 

$

1,828

 

 

$

(5,393

)

 

$

28,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(2,531

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

26,385

 

(1) Within Corporate other, this represents interest expense on subordinated and junior subordinated debt issued by the parent company of Wesbanco.

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3) Includes depreciation and amortization expense of $1.7 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(4) Includes depreciation and amortization expense of $2.1 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(5) Corporate overhead expenses allocated to the trust and investment services segment consist of audit and accounting services, human resources, bank administration and information technology.

(6) Other segment items included in segment expenses for the community banking segment include ATM and digital banking interchange expenses, correspondent service fee expense, postage expense, corporate insurance expense and other general banking service expenses. Other segment items included in segment expenses for the trust and investment services segment include postage expense, securities safekeeping expense and other miscellaneous operating expenses.

(unaudited, in thousands)

 

Community
Banking

 

 

Trust and
Investment
Services

 

 

Corporate
Other

 

 

Totals

 

For the Six Months Ended June 30, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

589,614

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

202,453

 

 

 

2,435

 

 

 

9,438

 

 

 

 

Net interest income

 

 

387,161

 

 

 

(2,435

)

 

 

(9,438

)

 

 

 

Less: Provision for credit losses

 

 

72,101

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

315,060

 

 

 

(2,435

)

 

 

(9,438

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

14,372

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

3,983

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

19,070

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

12,730

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

1,706

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

6,049

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

2,070

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

6,878

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

1,696

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities gains

 

 

1,092

 

 

 

—

 

 

 

—

 

 

 

 

    Net gain on other real estate owned and other assets

 

 

71

 

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

3,504

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

4,624

 

 

 

760

 

 

 

17

 

 

 

 

Total revenues

 

$

374,550

 

 

$

16,680

 

 

$

(9,421

)

 

$

381,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

104,598

 

 

 

4,132

 

 

 

—

 

 

 

 

    Employee benefits

 

 

30,797

 

 

 

1,030

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

15,770

 

 

 

127

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

30,056

 

 

 

134

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

9,292

 

 

 

3

 

 

 

—

 

 

 

 

    Professional services

 

 

8,407

 

 

 

304

 

 

 

3,542

 

 

 

 

    Marketing

 

 

4,196

 

 

 

50

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

9,666

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

3,722

 

 

 

94

 

 

 

—

 

 

 

 

    Telecommunications

 

 

2,751

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

3,617

 

 

 

82

 

 

 

417

 

 

 

 

    Merger-related and restructuring

 

 

53,992

 

 

 

—

 

 

 

7,074

 

 

 

 

    Amortization of intangibles

 

 

12,999

 

 

 

428

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

3,601

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

9,558

 

 

 

81

 

 

 

(20

)

 

 

 

Segment profit (loss) before provision for income taxes

 

 

75,129

 

 

 

6,614

 

 

 

(20,434

)

 

 

 

Provision for income taxes

 

 

15,815

 

 

 

1,389

 

 

 

(4,318

)

 

 

 

Segment profit (loss)

 

$

59,314

 

 

$

5,225

 

 

$

(16,116

)

 

$

48,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment (loss) profit

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(5,063

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

43,360

 

(1) Within Corporate other, this represents interest expense on subordinated and junior subordinated debt issued by the parent company of Wesbanco.

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3) Includes depreciation and amortization expense of $4.1 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(4) Includes depreciation and amortization expense of $5.6 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(5) Corporate overhead expenses allocated to the trust and investment services segment consist of audit and accounting services, human resources, bank administration and information technology.

(6) Other segment items included in segment expenses for the community banking segment include ATM and digital banking interchange expenses, correspondent service fee expense, postage expense, corporate insurance expense and other general banking service expenses. Other segment items included in segment expenses for the trust and investment services segment include postage expense, securities safekeeping expense and other miscellaneous operating expenses.

 

(unaudited, in thousands)

 

Community
Banking

 

 

Trust and
Investment
Services

 

 

Corporate
Other

 

 

Totals

 

For the Six Months Ended June 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

398,327

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

157,575

 

 

 

2,073

 

 

 

8,119

 

 

 

 

Net interest income

 

 

240,752

 

 

 

(2,073

)

 

 

(8,119

)

 

 

 

Less: Provision for credit losses

 

 

14,555

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

226,197

 

 

 

(2,073

)

 

 

(8,119

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

11,405

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

3,980

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

13,895

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

9,745

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

3,339

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

5,149

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

1,924

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

4,859

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

1,734

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities gains

 

 

672

 

 

 

—

 

 

 

—

 

 

 

 

    Net gain on other real estate owned and other assets

 

 

188

 

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

1,762

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

3,332

 

 

 

—

 

 

 

—

 

 

 

 

Total revenues

 

$

272,796

 

 

$

13,312

 

 

$

(8,119

)

 

$

277,989

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

83,342

 

 

 

3,646

 

 

 

—

 

 

 

 

    Employee benefits

 

 

21,818

 

 

 

945

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

12,828

 

 

 

104

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

20,450

 

 

 

15

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

6,236

 

 

 

3

 

 

 

—

 

 

 

 

    Professional services

 

 

5,667

 

 

 

158

 

 

 

3,770

 

 

 

 

    Marketing

 

 

4,234

 

 

 

22

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

6,971

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

2,904

 

 

 

68

 

 

 

—

 

 

 

 

    Telecommunications

 

 

2,572

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

2,924

 

 

 

73

 

 

 

68

 

 

 

 

    Merger-related and restructuring

 

 

3,777

 

 

 

—

 

 

 

—

 

 

 

 

    Amortization of intangibles

 

 

4,068

 

 

 

96

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

2,899

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

9,897

 

 

 

110

 

 

 

(80

)

 

 

 

Segment profit (loss) before provision for income taxes

 

 

85,108

 

 

 

5,173

 

 

 

(11,877

)

 

 

 

Provision for income taxes

 

 

15,196

 

 

 

1,086

 

 

 

(2,487

)

 

 

 

Segment profit (loss)

 

$

69,912

 

 

$

4,087

 

 

$

(9,390

)

 

$

64,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(5,063

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

59,546

 

(1) Within Corporate other, this represents interest expense on subordinated and junior subordinated debt issued by the parent company of Wesbanco.

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3) Includes depreciation and amortization expense of $3.5 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(4) Includes depreciation and amortization expense of $4.2 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(5) Corporate overhead expenses allocated to the trust and investment services segment consist of audit and accounting services, human resources, bank administration and information technology.

(6) Other segment items included in segment expenses for the community banking segment include ATM and digital banking interchange expenses, correspondent service fee expense, postage expense, corporate insurance expense and other general banking service expenses. Other segment items included in segment expenses for the trust and investment services segment include postage expense, securities safekeeping expense and other miscellaneous operating expenses.