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Business Segments
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Business Segments

NOTE 24. BUSINESS SEGMENTS

Wesbanco operates two reportable segments: (i) Community Banking and (ii) 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 of the trust and investment services segment was approximately $5.6 billion, $5.0 billion and $4.7 billion as of December 31, 2021, 2020 and 2019, 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:

 

(in thousands)

 

Community
Banking

 

 

Trust and
Investment
Services

 

 

Consolidated

 

For the Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

484,967

 

 

$

—

 

 

$

484,967

 

Interest expense

 

 

27,034

 

 

 

—

 

 

 

27,034

 

Net interest income

 

 

457,933

 

 

 

—

 

 

 

457,933

 

Provision for credit losses

 

 

(64,274

)

 

 

—

 

 

 

(64,274

)

Net interest income after provision for credit losses

 

 

522,207

 

 

 

—

 

 

 

522,207

 

Non-interest income

 

 

103,274

 

 

 

29,511

 

 

 

132,785

 

Non-interest expense

 

 

336,766

 

 

 

16,377

 

 

 

353,143

 

Income before provision for income taxes

 

 

288,715

 

 

 

13,134

 

 

 

301,849

 

Provision for income taxes

 

 

56,831

 

 

 

2,758

 

 

 

59,589

 

Net income

 

 

231,884

 

 

 

10,376

 

 

 

242,260

 

Preferred stock dividends

 

 

10,125

 

 

 

—

 

 

 

10,125

 

Net income available to common shareholders

 

$

221,759

 

 

$

10,376

 

 

$

232,135

 

For the Year Ended December 31, 2020

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

541,277

 

 

$

—

 

 

$

541,277

 

Interest expense

 

 

61,797

 

 

 

—

 

 

 

61,797

 

Net interest income

 

 

479,480

 

 

 

—

 

 

 

479,480

 

Provision for credit losses

 

 

107,741

 

 

 

—

 

 

 

107,741

 

Net interest income after provision for credit losses

 

 

371,739

 

 

 

—

 

 

 

371,739

 

Non-interest income

 

 

101,850

 

 

 

26,335

 

 

 

128,185

 

Non-interest expense

 

 

338,526

 

 

 

16,319

 

 

 

354,845

 

Income before provision for income taxes

 

 

135,063

 

 

 

10,016

 

 

 

145,079

 

Provision for income taxes

 

 

20,932

 

 

 

2,103

 

 

 

23,035

 

Net income

 

 

114,131

 

 

 

7,913

 

 

 

122,044

 

Preferred stock dividends

 

 

2,644

 

 

 

—

 

 

 

2,644

 

Net income available to common shareholders

 

$

111,487

 

 

$

7,913

 

 

$

119,400

 

For the Year Ended December 31, 2019

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

484,253

 

 

$

—

 

 

$

484,253

 

Interest expense

 

 

84,349

 

 

 

—

 

 

 

84,349

 

Net interest income

 

 

399,904

 

 

 

—

 

 

 

399,904

 

Provision for credit losses

 

 

11,198

 

 

 

—

 

 

 

11,198

 

Net interest income after provision for credit losses

 

 

388,706

 

 

 

—

 

 

 

388,706

 

Non-interest income

 

 

90,137

 

 

 

26,579

 

 

 

116,716

 

Non-interest expense

 

 

295,747

 

 

 

16,461

 

 

 

312,208

 

Income before provision for income taxes

 

 

183,096

 

 

 

10,118

 

 

 

193,214

 

Provision for income taxes

 

 

32,216

 

 

 

2,125

 

 

 

34,341

 

Net income available to common shareholders

 

$

150,880

 

 

$

7,993

 

 

$

158,873

 

 

Total non-fiduciary assets of the trust and investment services segment were $3.7 million (including $1.4 million of trust customer intangibles), $4.1 million, and $4.2 million at December 31, 2021, 2020, and 2019, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment.