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Loans and the Allowance for Credit Losses | 6 Months Ended
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Jun. 30, 2019
Receivables [Abstract] |
Loans and the Allowance for Credit Losses | NOTE 5. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan costs were $4.2 million and $3.2 million at June 30, 2019 and December 31, 2018, respectively. The unamortized discount on purchased loans from acquisitions was $40.1 million at June 30, 2019, including $19.0 million related to FFKT, and $49.3 million at December 31, 2018.
|  | June 30, |  |  | December 31, |
(unaudited, in thousands) |  | 2019 |  |  | 2018 |
Commercial real estate: |  |  |  |  |  |  |  |
Land and construction |  | $ | 483,046 |  |  | $ | 528,072 |
Improved property |  |  | 3,394,587 |  |  |  | 3,325,623 |
Total commercial real estate |  |  | 3,877,633 |  |  |  | 3,853,695 |
Commercial and industrial |  |  | 1,300,577 |  |  |  | 1,265,460 |
Residential real estate |  |  | 1,633,613 |  |  |  | 1,611,607 |
Home equity |  |  | 590,303 |  |  |  | 599,331 |
Consumer |  |  | 335,728 |  |  |  | 326,188 |
Total portfolio loans |  |  | 7,737,854 |  |  |  | 7,656,281 |
Loans held for sale |  |  | 18,649 |  |  |  | 8,994 |
Total loans |  | $ | 7,756,503 |  |  | $ | 7,665,275 |
The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio:
|  | Allowance for Credit Losses By Category |
|  | For the Six Months Ended June 30, 2019 and 2018 |
(unaudited, in thousands) |  | Commercial Real Estate - Land and Construction |  |  | Commercial Real Estate -Improved Property |  |  | Commercial & Industrial |  |  | Residential Real Estate |  |  | Home Equity |  |  | Consumer |  |  | Deposit Overdraft |  |  | Total |
Balance at December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 4,039 |  |  | $ | 20,848 |  |  | $ | 12,114 |  |  | $ | 3,822 |  |  | $ | 4,356 |  |  | $ | 2,797 |  |  | $ | 972 |  |  | $ | 48,948 |
Allowance for loan commitments |  |  | 169 |  |  |  | 33 |  |  |  | 262 |  |  |  | 12 |  |  |  | 226 |  |  |  | 39 |  |  |  | — |  |  |  | 741 |
Total beginning allowance for credit losses |  |  | 4,208 |  |  |  | 20,881 |  |  |  | 12,376 |  |  |  | 3,834 |  |  |  | 4,582 |  |  |  | 2,836 |  |  |  | 972 |  |  |  | 49,689 |
Provision for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for loan losses |  |  | (538 | ) |  |  | 1,459 |  |  |  | 1,309 |  |  |  | 124 |  |  |  | 423 |  |  |  | 333 |  |  |  | 1,119 |  |  |  | 4,229 |
Provision for loan commitments |  |  | 18 |  |  |  | (9 | ) |  |  | 995 |  |  |  | 1 |  |  |  | 23 |  |  |  | (3 | ) |  |  | — |  |  |  | 1,025 |
Total provision for credit losses |  |  | (520 | ) |  |  | 1,450 |  |  |  | 2,304 |  |  |  | 125 |  |  |  | 446 |  |  |  | 330 |  |  |  | 1,119 |  |  |  | 5,254 |
Charge-offs |  |  | — |  |  |  | (285 | ) |  |  | (1,025 | ) |  |  | (679 | ) |  |  | (673 | ) |  |  | (1,344 | ) |  |  | (860 | ) |  |  | (4,866 | )
Recoveries |  |  | 200 |  |  |  | 345 |  |  |  | 489 |  |  |  | 188 |  |  |  | 215 |  |  |  | 896 |  |  |  | 215 |  |  |  | 2,548 |
Net charge-offs |  |  | 200 |  |  |  | 60 |  |  |  | (536 | ) |  |  | (491 | ) |  |  | (458 | ) |  |  | (448 | ) |  |  | (645 | ) |  |  | (2,318 | )
Balance at June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  |  | 3,701 |  |  |  | 22,367 |  |  |  | 12,887 |  |  |  | 3,455 |  |  |  | 4,321 |  |  |  | 2,682 |  |  |  | 1,446 |  |  |  | 50,859 |
Allowance for loan commitments |  |  | 187 |  |  |  | 24 |  |  |  | 1,257 |  |  |  | 13 |  |  |  | 249 |  |  |  | 36 |  |  |  | — |  |  |  | 1,766 |
Total ending allowance for credit losses |  | $ | 3,888 |  |  | $ | 22,391 |  |  | $ | 14,144 |  |  | $ | 3,468 |  |  | $ | 4,570 |  |  | $ | 2,718 |  |  | $ | 1,446 |  |  | $ | 52,625 |
Balance at December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 3,117 |  |  | $ | 21,166 |  |  | $ | 9,414 |  |  | $ | 3,206 |  |  | $ | 4,497 |  |  | $ | 3,063 |  |  | $ | 821 |  |  | $ | 45,284 |
Allowance for loan commitments |  |  | 119 |  |  |  | 26 |  |  |  | 173 |  |  |  | 7 |  |  |  | 212 |  |  |  | 37 |  |  |  | — |  |  |  | 574 |
Total beginning allowance for credit losses |  |  | 3,236 |  |  |  | 21,192 |  |  |  | 9,587 |  |  |  | 3,213 |  |  |  | 4,709 |  |  |  | 3,100 |  |  |  | 821 |  |  |  | 45,858 |
Provision for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for loan losses |  |  | 1,465 |  |  |  | (1,774 | ) |  |  | 2,100 |  |  |  | 944 |  |  |  | 54 |  |  |  | 615 |  |  |  | 439 |  |  |  | 3,843 |
Provision for loan commitments |  |  | 44 |  |  |  | (8 | ) |  |  | 2 |  |  |  | 2 |  |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | 33 |
Total provision for credit losses |  |  | 1,509 |  |  |  | (1,782 | ) |  |  | 2,102 |  |  |  | 946 |  |  |  | 47 |  |  |  | 615 |  |  |  | 439 |  |  |  | 3,876 |
Charge-offs |  |  | (136 | ) |  |  | (692 | ) |  |  | (616 | ) |  |  | (509 | ) |  |  | (672 | ) |  |  | (1,793 | ) |  |  | (541 | ) |  |  | (4,959 | )
Recoveries |  |  | 264 |  |  |  | 776 |  |  |  | 636 |  |  |  | 252 |  |  |  | 279 |  |  |  | 1,066 |  |  |  | 197 |  |  |  | 3,470 |
Net charge-offs |  |  | 128 |  |  |  | 84 |  |  |  | 20 |  |  |  | (257 | ) |  |  | (393 | ) |  |  | (727 | ) |  |  | (344 | ) |  |  | (1,489 | )
Balance at June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  |  | 4,710 |  |  |  | 19,476 |  |  |  | 11,534 |  |  |  | 3,893 |  |  |  | 4,158 |  |  |  | 2,951 |  |  |  | 916 |  |  |  | 47,638 |
Allowance for loan commitments |  |  | 163 |  |  |  | 18 |  |  |  | 175 |  |  |  | 9 |  |  |  | 205 |  |  |  | 37 |  |  |  | — |  |  |  | 607 |
Total ending allowance for credit losses |  | $ | 4,873 |  |  | $ | 19,494 |  |  | $ | 11,709 |  |  | $ | 3,902 |  |  | $ | 4,363 |  |  | $ | 2,988 |  |  | $ | 916 |  |  | $ | 48,245 |
The following tables present the allowance for credit losses and recorded investments in loans by category:
|  | Allowance for Credit Losses and Recorded Investment in Loans |
(unaudited, in thousands) |  | Commercial Real Estate- Land and Construction |  |  | Commercial Real Estate- Improved Property |  |  | Commercial and Industrial |  |  | Residential Real Estate |  |  | Home Equity |  |  | Consumer |  |  | Deposit Over- draft |  |  | Total |
June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loans individually evaluated for impairment |  | $ | — |  |  | $ | 1,479 |  |  | $ | 11 |  |  | $ | 12 |  |  | $ | 8 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1,511 |
Allowance for loans collectively evaluated for impairment |  |  | 3,701 |  |  |  | 20,888 |  |  |  | 12,876 |  |  |  | 3,443 |  |  |  | 4,313 |  |  |  | 2,681 |  |  |  | 1,446 |  |  |  | 49,348 |
Allowance for loan commitments |  |  | 187 |  |  |  | 24 |  |  |  | 1,257 |  |  |  | 13 |  |  |  | 249 |  |  |  | 36 |  |  |  | — |  |  |  | 1,766 |
Total allowance for credit losses |  | $ | 3,888 |  |  | $ | 22,391 |  |  | $ | 14,144 |  |  | $ | 3,468 |  |  | $ | 4,570 |  |  | $ | 2,718 |  |  | $ | 1,446 |  |  | $ | 52,625 |
Portfolio loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment (1) |  | $ | — |  |  | $ | 5,157 |  |  | $ | 192 |  |  | $ | 4,922 |  |  | $ | 922 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 11,267 |
Collectively evaluated for impairment |  |  | 482,804 |  |  |  | 3,381,541 |  |  |  | 1,299,528 |  |  |  | 1,627,047 |  |  |  | 589,381 |  |  |  | 335,654 |  |  |  | — |  |  |  | 7,715,955 |
Acquired with deteriorated credit quality |  |  | 242 |  |  |  | 7,889 |  |  |  | 857 |  |  |  | 1,644 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,632 |
Total portfolio loans |  | $ | 483,046 |  |  | $ | 3,394,587 |  |  | $ | 1,300,577 |  |  | $ | 1,633,613 |  |  | $ | 590,303 |  |  | $ | 335,728 |  |  | $ | — |  |  | $ | 7,737,854 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loans individually evaluated for impairment |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Allowance for loans collectively evaluated for impairment |  |  | 4,039 |  |  |  | 20,848 |  |  |  | 12,114 |  |  |  | 3,822 |  |  |  | 4,356 |  |  |  | 2,797 |  |  |  | 972 |  |  |  | 48,948 |
Allowance for loan commitments |  |  | 169 |  |  |  | 33 |  |  |  | 262 |  |  |  | 12 |  |  |  | 226 |  |  |  | 39 |  |  |  | — |  |  |  | 741 |
Total allowance for credit losses |  | $ | 4,208 |  |  | $ | 20,881 |  |  | $ | 12,376 |  |  | $ | 3,834 |  |  | $ | 4,582 |  |  | $ | 2,836 |  |  | $ | 972 |  |  | $ | 49,689 |
Portfolio loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment (1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Collectively evaluated for impairment |  |  | 527,737 |  |  |  | 3,319,672 |  |  |  | 1,264,560 |  |  |  | 1,609,177 |  |  |  | 599,331 |  |  |  | 326,063 |  |  |  | — |  |  |  | 7,646,540 |
Acquired with deteriorated credit quality |  |  | 335 |  |  |  | 5,951 |  |  |  | 900 |  |  |  | 2,430 |  |  |  | — |  |  |  | 125 |  |  |  | — |  |  |  | 9,741 |
Total portfolio loans |  | $ | 528,072 |  |  | $ | 3,325,623 |  |  | $ | 1,265,460 |  |  | $ | 1,611,607 |  |  | $ | 599,331 |  |  | $ | 326,188 |  |  | $ | — |  |  | $ | 7,656,281 |
(1) Commercial loans greater than $1 million that are reported as non-accrual or as a TDR are individually evaluated for impairment. WesBanco maintains an internal loan grading system to reflect the credit quality of commercial loans. Commercial loan risk grades are determined based on an evaluation of the relevant characteristics of each loan, assigned at the inception of each loan and adjusted thereafter at any time to reflect changes in the risk profile throughout the life of each loan. The primary factors used to determine the risk grade are the reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. This includes an analysis of cash flow available to repay debt, profitability, liquidity, leverage, and overall financial trends. Other factors include management, industry or property type risks, an assessment of secondary sources of repayment such as collateral or guarantees, other terms and conditions of the loan that may increase or reduce its risk, and economic conditions and other external factors that may influence repayment capacity and financial condition. Commercial real estate – land and construction consists of loans to finance investments in vacant land, land development, construction of residential housing, and construction of commercial buildings. Commercial real estate – improved property consists of loans for the purchase or refinance of all types of improved owner-occupied and investment properties. Factors that are considered in assigning the risk grade vary depending on the type of property financed. The risk grade assigned to construction and development loans is based on the overall viability of the project, the experience and financial capacity of the developer or builder to successfully complete the project, project specific and market absorption rates and comparable property values, and the amount of pre-sales for residential housing construction or pre-leases for commercial investment property. The risk grade assigned to commercial investment property loans is based primarily on the adequacy of net rental income generated by the property to service the debt, the type, quality, industry and mix of tenants, and the terms of leases, but also considers the overall financial capacity of the investors and their experience in owning and managing investment property. The risk grade assigned to owner-occupied commercial real estate and commercial and industrial loans is based primarily on historical and projected earnings, the adequacy of operating cash flow to service all of the business’ debt, and the capital resources, liquidity and leverage of the business, but also considers the industry in which the business operates, the business’ specific competitive advantages or disadvantages, the quality and experience of management, and external influences on the business such as economic conditions. The type, age, condition, location and any environmental risks associated with a property are also considered for all types of commercial real estate. Commercial and industrial (“C&I”) loans consist of revolving lines of credit to finance accounts receivable, inventory and other general business purposes; term loans to finance fixed assets other than real estate, and letters of credit to support trade, insurance or governmental requirements for a variety of businesses. Most C&I borrowers are privately-held companies with annual sales up to $100 million. Factors that are considered for C&I loans include the type, quality and marketability of non-real estate collateral and whether the structure of the loan increases or reduces its risk. The overall financial condition and repayment capacity of any guarantors is also evaluated to determine the extent to which they mitigate other risks of the loan. The following paragraphs provide descriptions of risk grades that are applicable to commercial real estate and commercial and industrial loans. Pass loans are those that exhibit a history of positive financial results that are at least comparable to the average for their industry or type of real estate. The primary source of repayment is acceptable and these loans are expected to perform satisfactorily during most economic cycles. Pass loans typically have no significant external factors that are expected to adversely affect these borrowers more than others in the same industry or property type. Any minor unfavorable characteristics of these loans are outweighed or mitigated by other positive factors including but not limited to adequate secondary or tertiary sources of repayment. Criticized or compromised loans are currently protected but have weaknesses, which, if not corrected, may be inadequately protected at some future date. These loans represent an unwarranted credit risk and would generally not be extended in the normal course of lending. Specific issues, which may warrant this grade, include declining financial results, increased reliance on secondary sources of repayment or guarantor support and adverse external influences that may negatively impact the business or property. Substandard and doubtful loans are equivalent to the classifications used by banking regulators. Substandard loans are inadequately protected by the current repayment capacity and equity of the borrower or collateral pledged, if any. Substandard loans have one or more well-defined weaknesses that jeopardize their repayment or collection in full. These loans may or may not be reported as non-accrual. Doubtful loans have all the weaknesses inherent to a substandard loan with the added characteristic that full repayment is highly questionable or improbable on the basis of currently existing facts, conditions and collateral values, and are considered non-accrual. However, recognition of loss may be deferred if there are reasonably specific pending factors that will reduce the risk if they occur. The following tables summarize commercial loans by their assigned risk grade:
|  | Commercial Loans by Internally Assigned Risk Grade |
(unaudited, in thousands) |  | Commercial Real Estate- Land and Construction |  |  | Commercial Real Estate- Improved Property |  |  | Commercial & Industrial |  |  | Total Commercial Loans |
As of June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 476,109 |  |  | $ | 3,319,270 |  |  | $ | 1,268,591 |  |  | $ | 5,063,970 |
Criticized - compromised |  |  | 5,794 |  |  |  | 52,657 |  |  |  | 14,785 |  |  |  | 73,236 |
Classified - substandard |  |  | 1,143 |  |  |  | 22,660 |  |  |  | 17,201 |  |  |  | 41,004 |
Classified - doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 483,046 |  |  | $ | 3,394,587 |  |  | $ | 1,300,577 |  |  | $ | 5,178,210 |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 523,707 |  |  | $ | 3,267,304 |  |  | $ | 1,245,190 |  |  | $ | 5,036,201 |
Criticized - compromised |  |  | 2,297 |  |  |  | 35,566 |  |  |  | 13,847 |  |  |  | 51,710 |
Classified - substandard |  |  | 2,068 |  |  |  | 22,753 |  |  |  | 6,423 |  |  |  | 31,244 |
Classified - doubtful |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 528,072 |  |  | $ | 3,325,623 |  |  | $ | 1,265,460 |  |  | $ | 5,119,155 |
Residential real estate, home equity and consumer loans are not assigned internal risk grades other than as required by regulatory guidelines that are based primarily on the age of past due loans. WesBanco primarily evaluates the credit quality of residential real estate, home equity and consumer loans based on repayment performance and historical loss rates. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard in accordance with regulatory guidelines was $20.0 million at June 30, 2019 and $22.9 million at December 31, 2018, of which $2.0 and $3.9 million were accruing, for each period, respectively. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard are not included in the tables above. Acquired FFKT Loans – In conjunction with the FFKT acquisition, WesBanco acquired loans with a book value of $1,064.8 million as of August 20, 2018. These loans were recorded at the fair value of $1,025.8 million, with $988.3 million categorized as ASC 310-20 loans. The fair market value adjustment on these loans of $26.0 million at the acquisition date is expected to be recognized into interest income on a level yield basis over the remaining expected life of the loans. Loans acquired with deteriorated credit quality with a book value of $5.3 million were recorded at the fair value of $4.6 million, of which $2.4 million were accounted for under the cost recovery method in accordance with ASC 310-30 as cash flows cannot be reasonably estimated, and categorized as non-accrual. The carrying amount of loans acquired with deteriorated credit quality at June 30, 2019 was $3.1 million, while the outstanding customer balance was $3.6 million. At June 30, 2019, no allowance for loan losses has been recognized related to the FFKT-acquired impaired loans. Certain acquired underperforming loans with an acquired book value of $45.2 million were sold during the fourth quarter of 2018 for $32.9 million. The acquisition date fair value of the acquired loans was adjusted to the sale price resulting in no recognized gain or loss. The following table provides changes in accretable yield for loans acquired with deteriorated credit quality:
|  | For the Six Months Ended |
|  | June 30, |  |  | June 30, |
(unaudited, in thousands) |  | 2019 |  |  | 2018 |
Balance at beginning of period |  | $ | 6,203 |  |  | $ | 1,724 |
Acquisitions |  |  | 1,300 |  |  |  | — |
Reduction due to change in projected cash flows |  |  | (960 | ) |  |  | (86 | )
Reclass from non-accretable difference |  |  | 839 |  |  |  | 5,877 |
Transfers out |  |  | — |  |  |  | — |
Accretion |  |  | (2,240 | ) |  |  | (440 | )
Balance at end of period |  | $ | 5,142 |  |  | $ | 7,075 |
The following tables summarize the age analysis of all categories of loans:
|  | Age Analysis of Loans |
(unaudited, in thousands) |  | Current |  |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or More Past Due |  |  | Total Past Due |  |  | Total Loans |  |  | 90 Days or More Past Due and Accruing (1) |
As of June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and construction |  | $ | 482,016 |  |  | $ | 965 |  |  | $ | 45 |  |  | $ | 20 |  |  | $ | 1,030 |  |  | $ | 483,046 |  |  | $ | — |
Improved property |  |  | 3,382,311 |  |  |  | 2,297 |  |  |  | 1,486 |  |  |  | 8,493 |  |  |  | 12,276 |  |  |  | 3,394,587 |  |  |  | 587 |
Total commercial real estate |  |  | 3,864,327 |  |  |  | 3,262 |  |  |  | 1,531 |  |  |  | 8,513 |  |  |  | 13,306 |  |  |  | 3,877,633 |  |  |  | 587 |
Commercial and industrial |  |  | 1,296,878 |  |  |  | 922 |  |  |  | 142 |  |  |  | 2,635 |  |  |  | 3,699 |  |  |  | 1,300,577 |  |  |  | 97 |
Residential real estate |  |  | 1,617,430 |  |  |  | 5,962 |  |  |  | 2,449 |  |  |  | 7,772 |  |  |  | 16,183 |  |  |  | 1,633,613 |  |  |  | 1,173 |
Home equity |  |  | 584,058 |  |  |  | 2,073 |  |  |  | 412 |  |  |  | 3,760 |  |  |  | 6,245 |  |  |  | 590,303 |  |  |  | 533 |
Consumer |  |  | 333,279 |  |  |  | 1,682 |  |  |  | 506 |  |  |  | 261 |  |  |  | 2,449 |  |  |  | 335,728 |  |  |  | 244 |
Total portfolio loans |  |  | 7,695,972 |  |  |  | 13,901 |  |  |  | 5,040 |  |  |  | 22,941 |  |  |  | 41,882 |  |  |  | 7,737,854 |  |  |  | 2,634 |
Loans held for sale |  |  | 18,649 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,649 |  |  |  | — |
Total loans |  | $ | 7,714,621 |  |  | $ | 13,901 |  |  | $ | 5,040 |  |  | $ | 22,941 |  |  | $ | 41,882 |  |  | $ | 7,756,503 |  |  | $ | 2,634 |
Impaired loans included above are as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-accrual loans |  | $ | 9,310 |  |  | $ | 1,170 |  |  | $ | 2,169 |  |  | $ | 20,249 |  |  |  | 23,588 |  |  | $ | 32,898 |  |  |  |  |
TDRs accruing interest (1) |  |  | 5,273 |  |  |  | 10 |  |  |  | 146 |  |  |  | 58 |  |  |  | 214 |  |  |  | 5,487 |  |  |  |  |
Total impaired |  | $ | 14,583 |  |  | $ | 1,180 |  |  | $ | 2,315 |  |  | $ | 20,307 |  |  | $ | 23,802 |  |  | $ | 38,385 |  |  |  |  |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and construction |  | $ | 526,660 |  |  | $ | 62 |  |  | $ | 1,350 |  |  | $ | — |  |  | $ | 1,412 |  |  | $ | 528,072 |  |  | $ | — |
Improved property |  |  | 3,314,765 |  |  |  | 2,266 |  |  |  | 2,250 |  |  |  | 6,342 |  |  |  | 10,858 |  |  |  | 3,325,623 |  |  |  | 175 |
Total commercial real estate |  |  | 3,841,425 |  |  |  | 2,328 |  |  |  | 3,600 |  |  |  | 6,342 |  |  |  | 12,270 |  |  |  | 3,853,695 |  |  |  | 175 |
Commercial and industrial |  |  | 1,261,536 |  |  |  | 323 |  |  |  | 594 |  |  |  | 3,007 |  |  |  | 3,924 |  |  |  | 1,265,460 |  |  |  | 13 |
Residential real estate |  |  | 1,593,519 |  |  |  | 2,717 |  |  |  | 5,001 |  |  |  | 10,370 |  |  |  | 18,088 |  |  |  | 1,611,607 |  |  |  | 2,820 |
Home equity |  |  | 591,623 |  |  |  | 2,500 |  |  |  | 1,273 |  |  |  | 3,935 |  |  |  | 7,708 |  |  |  | 599,331 |  |  |  | 705 |
Consumer |  |  | 322,584 |  |  |  | 2,084 |  |  |  | 1,007 |  |  |  | 513 |  |  |  | 3,604 |  |  |  | 326,188 |  |  |  | 364 |
Total portfolio loans |  |  | 7,610,687 |  |  |  | 9,952 |  |  |  | 11,475 |  |  |  | 24,167 |  |  |  | 45,594 |  |  |  | 7,656,281 |  |  |  | 4,077 |
Loans held for sale |  |  | 8,994 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,994 |  |  |  | — |
Total loans |  | $ | 7,619,681 |  |  | $ | 9,952 |  |  | $ | 11,475 |  |  | $ | 24,167 |  |  | $ | 45,594 |  |  | $ | 7,665,275 |  |  | $ | 4,077 |
Impaired loans included above are as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-accrual loans |  | $ | 8,910 |  |  | $ | 337 |  |  | $ | 1,370 |  |  | $ | 20,083 |  |  |  | 21,790 |  |  | $ | 30,700 |  |  |  |  |
TDRs accruing interest (1) |  |  | 5,586 |  |  |  | 59 |  |  |  | 92 |  |  |  | 7 |  |  |  | 158 |  |  |  | 5,744 |  |  |  |  |
Total impaired |  | $ | 14,496 |  |  | $ | 396 |  |  | $ | 1,462 |  |  | $ | 20,090 |  |  | $ | 21,948 |  |  | $ | 36,444 |  |  |  |  |
(1) Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest. The following tables summarize impaired loans:
|  | Impaired Loans |
|  | June 30, 2019 |  |  | December 31, 2018 |
|  | Unpaid |  |  |  |  |  |  |  |  |  |  | Unpaid |  |  |  |  |  |  |  |  |
|  | Principal |  |  | Recorded |  |  | Related |  |  | Principal |  |  | Recorded |  |  | Related |
(unaudited, in thousands) |  | Balance (1) |  |  | Investment |  |  | Allowance |  |  | Balance (1) |  |  | Investment |  |  | Allowance |
With no related specific allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and construction |  | $ | 347 |  |  | $ | 295 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Improved property |  |  | 13,499 |  |  |  | 7,312 |  |  |  | — |  |  |  | 14,038 |  |  |  | 9,293 |  |  |  | — |
Commercial and industrial |  |  | 4,086 |  |  |  | 2,854 |  |  |  | — |  |  |  | 4,610 |  |  |  | 3,428 |  |  |  | — |
Residential real estate |  |  | 13,572 |  |  |  | 11,896 |  |  |  | — |  |  |  | 20,270 |  |  |  | 18,016 |  |  |  | — |
Home equity |  |  | 5,247 |  |  |  | 4,450 |  |  |  | — |  |  |  | 5,924 |  |  |  | 5,036 |  |  |  | — |
Consumer |  |  | 416 |  |  |  | 311 |  |  |  | — |  |  |  | 846 |  |  |  | 671 |  |  |  | — |
Total impaired loans without a specific allowance |  |  | 37,167 |  |  |  | 27,118 |  |  |  | — |  |  |  | 45,688 |  |  |  | 36,444 |  |  |  | — |
With a specific allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Improved property |  |  | 5,211 |  |  |  | 5,157 |  |  |  | 1,479 |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial and industrial |  |  | 194 |  |  |  | 192 |  |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | — |
Residential real estate |  |  | 5,358 |  |  |  | 4,922 |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | — |
Home equity |  |  | 990 |  |  |  | 922 |  |  |  | 8 |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer |  |  | 113 |  |  |  | 74 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans with a specific allowance |  |  | 11,866 |  |  |  | 11,267 |  |  |  | 1,511 |  |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans |  | $ | 49,033 |  |  | $ | 38,385 |  |  | $ | 1,511 |  |  | $ | 45,688 |  |  | $ | 36,444 |  |  | $ | — |
(1) The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired impaired loans.
|  | Impaired Loans |
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, 2019 |  |  | June 30, 2018 |  |  | June 30, 2019 |  |  | June 30, 2018 |
|  | Average |  |  | Interest |  |  | Average |  |  | Interest |  |  | Average |  |  | Interest |  |  | Average |  |  | Interest |
|  | Recorded |  |  | Income |  |  | Recorded |  |  | Income |  |  | Recorded |  |  | Income |  |  | Recorded |  |  | Income |
(unaudited, in thousands) |  | Investment |  |  | Recognized |  |  | Investment |  |  | Recognized |  |  | Investment |  |  | Recognized |  |  | Investment |  |  | Recognized |
With no related specific allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and construction |  | $ | 290 |  |  | $ | — |  |  | $ | 400 |  |  | $ | — |  |  | $ | 193 |  |  | $ | — |  |  | $ | 346 |  |  | $ | — |
Improved property |  |  | 7,287 |  |  |  | — |  |  |  | 10,604 |  |  |  | 23 |  |  |  | 7,955 |  |  |  | — |  |  |  | 11,357 |  |  |  | 368 |
Commercial and industrial |  |  | 2,961 |  |  |  | — |  |  |  | 3,036 |  |  |  | 2 |  |  |  | 3,116 |  |  |  | — |  |  |  | 3,008 |  |  |  | 4 |
Residential real estate |  |  | 11,845 |  |  |  | — |  |  |  | 18,264 |  |  |  | 61 |  |  |  | 13,902 |  |  |  | — |  |  |  | 18,434 |  |  |  | 127 |
Home equity |  |  | 4,487 |  |  |  | — |  |  |  | 5,068 |  |  |  | 6 |  |  |  | 4,670 |  |  |  | — |  |  |  | 5,098 |  |  |  | 11 |
Consumer |  |  | 337 |  |  |  | — |  |  |  | 758 |  |  |  | 2 |  |  |  | 448 |  |  |  | — |  |  |  | 823 |  |  |  | 5 |
Total impaired loans without a specific allowance |  |  | 27,207 |  |  |  | — |  |  |  | 38,130 |  |  |  | 94 |  |  |  | 30,284 |  |  |  | — |  |  |  | 39,066 |  |  |  | 515 |
With a specific allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Improved property |  |  | 3,645 |  |  |  | 14 |  |  |  | 1,052 |  |  |  | — |  |  |  | 2,430 |  |  |  | 28 |  |  |  | 1,403 |  |  |  | — |
Commercial and industrial |  |  | 250 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 166 |  |  |  | 7 |  |  |  | — |  |  |  | — |
Residential real estate |  |  | 5,000 |  |  |  | 60 |  |  |  | — |  |  |  | — |  |  |  | 3,333 |  |  |  | 118 |  |  |  | — |  |  |  | — |
Home equity |  |  | 859 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 573 |  |  |  | 15 |  |  |  | — |  |  |  | — |
Consumer |  |  | 89 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 59 |  |  |  | 2 |  |  |  | — |  |  |  | — |
Total impaired loans with a specific allowance |  |  | 9,843 |  |  |  | 86 |  |  |  | 1,052 |  |  |  | — |  |  |  | 6,561 |  |  |  | 170 |  |  |  | 1,403 |  |  |  | — |
Total impaired loans |  | $ | 37,050 |  |  | $ | 86 |  |  | $ | 39,182 |  |  | $ | 94 |  |  | $ | 36,845 |  |  | $ | 170 |  |  | $ | 40,469 |  |  | $ | 515 |
The following tables present the recorded investment in non-accrual loans and TDRs:
|  | Non-accrual Loans (1) |
|  | June 30, |  |  | December 31, |
(unaudited, in thousands) |  | 2019 |  |  | 2018 |
Commercial real estate: |  |  |  |  |  |  |  |
Land and construction |  | $ | 295 |  |  | $ | — |
Improved property |  |  | 11,726 |  |  |  | 8,413 |
Total commercial real estate |  |  | 12,021 |  |  |  | 8,413 |
Commercial and industrial |  |  | 2,854 |  |  |  | 3,260 |
Residential real estate |  |  | 12,813 |  |  |  | 13,831 |
Home equity |  |  | 4,886 |  |  |  | 4,610 |
Consumer |  |  | 324 |  |  |  | 586 |
Total |  | $ | 32,898 |  |  | $ | 30,700 |
(1) At June 30, 2019, there were three borrowers with loans greater than $1.0 million totaling $8.2 million, as compared to one borrower with a loan greater than $1.0 million totaling $3.4 million at December 31, 2018. Total non-accrual loans include loans that are also restructured. Such loans are also set forth in the following table as non-accrual TDRs.
|  | TDRs |
|  | June 30, 2019 |  |  | December 31, 2018 |
(unaudited, in thousands) |  | Accruing |  |  | Non-Accrual |  |  | Total |  |  | Accruing |  |  | Non-Accrual |  |  | Total |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and construction |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Improved property |  |  | 743 |  |  |  | 558 |  |  |  | 1,301 |  |  |  | 880 |  |  |  | 1,529 |  |  |  | 2,409 |
Total commercial real estate |  |  | 743 |  |  |  | 558 |  |  |  | 1,301 |  |  |  | 880 |  |  |  | 1,529 |  |  |  | 2,409 |
Commercial and industrial |  |  | 192 |  |  |  | — |  |  |  | 192 |  |  |  | 168 |  |  |  | 169 |  |  |  | 337 |
Residential real estate |  |  | 4,005 |  |  |  | 917 |  |  |  | 4,922 |  |  |  | 4,185 |  |  |  | 921 |  |  |  | 5,106 |
Home equity |  |  | 486 |  |  |  | 436 |  |  |  | 922 |  |  |  | 426 |  |  |  | 198 |  |  |  | 624 |
Consumer |  |  | 61 |  |  |  | 13 |  |  |  | 74 |  |  |  | 85 |  |  |  | 38 |  |  |  | 123 |
Total |  | $ | 5,487 |  |  | $ | 1,924 |  |  | $ | 7,411 |  |  | $ | 5,744 |  |  | $ | 2,855 |  |  | $ | 8,599 |
As of June 30, 2019 and December 31, 2018, there were no TDRs greater than $1.0 million. The concessions granted in the majority of loans reported as accruing and non-accrual TDRs are extensions of the maturity date or the amortization period, reductions in the interest rate below the prevailing market rate for loans with comparable characteristics, and/or permitting interest-only payments for longer than three months. WesBanco had unfunded commitments to debtors whose loans were classified as impaired of $0.2 million and $0.1 million as of June 30, 2019 and December 31, 2018. The following tables present details related to loans identified as TDRs during the three and six months ended June 30, 2019 and 2018, respectively:
|  | New TDRs (1) |
|  | For the Three Months Ended |
|  | June 30, 2019 |  |  | June 30, 2018 |
|  |  |  |  |  | Pre- |  |  | Post- |  |  |  |  |  |  | Pre- |  |  | Post- |
|  |  |  |  |  | Modification |  |  | Modification |  |  |  |  |  |  | Modification |  |  | Modification |
|  |  |  |  |  | Outstanding |  |  | Outstanding |  |  |  |  |  |  | Outstanding |  |  | Outstanding |
|  | Number of |  |  | Recorded |  |  | Recorded |  |  | Number of |  |  | Recorded |  |  | Recorded |
(unaudited, dollars in thousands) |  | Modifications |  |  | Investment |  |  | Investment |  |  | Modifications |  |  | Investment |  |  | Investment |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and construction |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | $ | — |
Improved Property |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total commercial real estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial and industrial |  |  | 1 |  |  |  | 44 |  |  |  | 40 |  |  |  | 1 |  |  |  | 9 |  |  |  | 9 |
Residential real estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Home equity |  |  | 1 |  |  |  | 199 |  |  |  | 156 |  |  |  | 1 |  |  |  | 20 |  |  |  | 20 |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 39 |  |  |  | 36 |
Total |  |  | 2 |  |  | $ | 243 |  |  | $ | 196 |  |  |  | 4 |  |  | $ | 68 |  |  | $ | 65 |
(1) Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end.
|  | New TDRs (1) |
|  | For the Six Months Ended |
|  | June 30, 2019 |  |  | June 30, 2018 |
|  |  |  |  |  | Pre- |  |  | Post- |  |  |  |  |  |  | Pre- |  |  | Post- |
|  |  |  |  |  | Modification |  |  | Modification |  |  |  |  |  |  | Modification |  |  | Modification |
|  |  |  |  |  | Outstanding |  |  | Outstanding |  |  |  |  |  |  | Outstanding |  |  | Outstanding |
|  | Number of |  |  | Recorded |  |  | Recorded |  |  | Number of |  |  | Recorded |  |  | Recorded |
(unaudited, dollars in thousands) |  | Modifications |  |  | Investment |  |  | Investment |  |  | Modifications |  |  | Investment |  |  | Investment |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and construction |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | $ | — |
Improved Property |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total commercial real estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial and industrial |  |  | 1 |  |  |  | 44 |  |  |  | 40 |  |  |  | 1 |  |  |  | 10 |  |  |  | 9 |
Residential real estate |  |  | 4 |  |  |  | 194 |  |  |  | 188 |  |  |  | 5 |  |  |  | 203 |  |  |  | 185 |
Home equity |  |  | 3 |  |  |  | 386 |  |  |  | 340 |  |  |  | 1 |  |  |  | 20 |  |  |  | 20 |
Consumer |  |  | 1 |  |  |  | 15 |  |  |  | 13 |  |  |  | 4 |  |  |  | 45 |  |  |  | 38 |
Total |  |  | 9 |  |  | $ | 639 |  |  | $ | 581 |  |  |  | 11 |  |  | $ | 278 |  |  | $ | 252 |
(1) Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end. The following table summarizes TDRs which defaulted (defined as past due 90 days) during the six months ended June 30, 2019 and 2018, respectively, that were restructured within the last twelve months prior to June 30, 2019 and 2018, respectively:
|  | Defaulted TDRs (1) |
|  | For the Six Months Ended |
|  | June 30, 2019 |  |  | June 30, 2018 |
|  | Number of |  |  | Recorded |  |  | Number of |  |  | Recorded |
(unaudited, dollars in thousands) |  | Defaults |  |  | Investment |  |  | Defaults |  |  | Investment |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and construction |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Improved property |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 145 |
Total commercial real estate |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 145 |
Commercial and industrial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Residential real estate |  |  | 1 |  |  |  | 97 |  |  |  | 1 |  |  |  | 121 |
Home equity |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 7 |
Consumer |  |  | 1 |  |  |  | 13 |  |  |  | — |  |  |  | — |
Total |  |  | 2 |  |  | $ | 110 |  |  |  | 3 |  |  | $ | 273 |
(1) Excludes loans that were either charged-off or cured by period end. The recorded investment is as of June 30, 2019 and 2018, respectively. TDRs that default are placed on non-accrual status unless they are both well-secured and in the process of collection. The loans in the table above were not accruing interest. The following table summarizes other real estate owned and repossessed assets included in other assets:
|  | June 30, |  |  | December 31, |
(unaudited, in thousands) |  | 2019 |  |  | 2018 |
Other real estate owned |  | $ | 4,891 |  |  | $ | 7,173 |
Repossessed assets |  |  | 82 |  |  |  | 92 |
Total other real estate owned and repossessed assets |  | $ | 4,973 |  |  | $ | 7,265 |
Residential real estate included in other real estate owned at June 30, 2019 and December 31, 2018 was $1.2 million and $1.3 million, respectively. At June 30, 2019 and December 31, 2018, formal foreclosure proceedings were in process on residential real estate loans totaling $5.8 million and $6.0 million, respectively.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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