Business Segments

3 Months Ended

Mar. 31, 2021

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 $5.2 billion and $4.1 billion at March 31, 2021 and 2020, 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 March 31, 2021
Interest and dividend income	$	125,054		$	—	$	125,054
Interest expense		8,576			—		8,576
Net interest income		116,478			—		116,478
Provision for credit losses		(27,958	)		—		(27,958	)
Net interest income after provision for credit losses		144,436			—		144,436
Non-interest income		25,577			7,631		33,208
Non-interest expense		82,011			4,316		86,327
Income before provision for income taxes		88,002			3,315		91,317
Provision for income taxes		17,506			696		18,202
Net income		70,496			2,619		73,115
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	67,965		$	2,619	$	70,584
For The Three Months Ended March 31, 2020
Interest and dividend income	$	142,448		$	—	$	142,448
Interest expense		22,286			—		22,286
Net interest income		120,162		—			120,162
Provision for credit losses		29,821			—		29,821
Net interest income after provision for credit losses		90,341			—		90,341
Non-interest income		21,057			6,952		28,009
Non-interest expense		86,918			4,415		91,333
Income before provision for income taxes		24,480			2,537		27,017
Provision for income taxes		3,088			533		3,621
Net income available to common shareholders	$	21,392		$	2,004	$	23,396

Total non-fiduciary assets of the trust and investment services segment were $3.9 million (including $1.7 million of trust customer intangibles) and $3.8 million (including $2.2 million of trust customer intangibles) at March 31, 2021 and 2020, respectively.  All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment.