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.