Business Segments

6 Months Ended

Jun. 30, 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 $5.5 billion and $4.5 billion at June 30, 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 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 Three Months Ended June 30, 2020
Interest and dividend income	$	134,694		$	—	$	134,694
Interest expense		15,681			—		15,681
Net interest income		119,013			—		119,013
Provision for credit losses		61,841			—		61,841
Net interest income after provision for credit losses		57,172			—		57,172
Non-interest income		26,659			6,201		32,860
Non-interest expense		81,588			3,914		85,502
Income before provision for income taxes		2,243			2,287		4,530
Provision for income taxes		(438	)		480		42
Net income available to common shareholders	$	2,681		$	1,807	$	4,488
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
For the Six Months Ended June 30, 2020
Interest and dividend income	$	277,142		$	—	$	277,142
Interest expense		37,968			—		37,968
Net interest income		239,174			—		239,174
Provision for credit losses		91,661			—		91,661
Net interest income after provision for credit losses		147,513			—		147,513
Non-interest income		47,715			13,154		60,869
Non-interest expense		168,505			8,330		176,835
Income before provision for income taxes		26,723			4,824		31,547
Provision for income taxes		2,650			1,013		3,663
Net income available to common shareholders	$	24,073		$	3,811	$	27,884

Total non-fiduciary assets of the trust and investment services segment were $3.8 million (including $1.6 million of trust customer intangibles) and $4.1 million (including $2.2 million of trust customer intangibles) at June 30, 2021 and 2020, respectively.  All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment.