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Business Segments
 9 Months Ended
Sep. 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 $7.7 billion and $6.1 billion at September 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 nine months ended September 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 September 30, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

342,886

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

118,756

 

 

 

2,078

 

 

 

5,336

 

 

 

 

Net interest income

 

 

224,130

 

 

 

(2,078

)

 

 

(5,336

)

 

 

 

Less: Provision for credit losses

 

 

2,082

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

222,048

 

 

 

(2,078

)

 

 

(5,336

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

6,955

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

2,032

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

11,163

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

7,324

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

3,231

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

2,961

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

929

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

3,765

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

843

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities gains

 

 

1,210

 

 

 

—

 

 

 

—

 

 

 

 

    Net gain on other real estate owned and other assets

 

 

329

 

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

1,898

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

1,929

 

 

 

284

 

 

 

11

 

 

 

 

Total revenues

 

$

257,630

 

 

$

7,193

 

 

$

(5,325

)

 

$

259,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

58,361

 

 

 

2,222

 

 

 

—

 

 

 

 

    Employee benefits

 

 

17,553

 

 

 

487

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

8,747

 

 

 

72

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

16,290

 

 

 

20

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

4,933

 

 

 

1

 

 

 

—

 

 

 

 

    Professional services

 

 

4,463

 

 

 

223

 

 

 

2,116

 

 

 

 

    Marketing

 

 

2,970

 

 

 

9

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

5,820

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

2,403

 

 

 

41

 

 

 

—

 

 

 

 

    Telecommunications

 

 

1,533

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

2,543

 

 

 

46

 

 

 

348

 

 

 

 

    Merger-related and restructuring

 

 

11,395

 

 

 

—

 

 

 

(12

)

 

 

 

    Amortization of intangibles

 

 

8,385

 

 

 

40

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

1,747

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

3,240

 

 

 

183

 

 

 

9

 

 

 

 

Segment profit (loss) before provision for income taxes

 

 

108,994

 

 

 

2,102

 

 

 

(7,786

)

 

 

 

Provision for income taxes

 

 

20,979

 

 

 

441

 

 

 

(1,683

)

 

 

 

Segment profit (loss)

 

$

88,015

 

 

$

1,661

 

 

$

(6,103

)

 

$

83,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(2,531

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

81,042

 

(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 $3.0 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 September 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

213,729

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

87,536

 

 

 

982

 

 

 

4,069

 

 

 

 

Net interest income

 

 

126,193

 

 

 

(982

)

 

 

(4,069

)

 

 

 

Less: Provision for credit losses

 

 

4,798

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

121,395

 

 

 

(982

)

 

 

(4,069

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

5,467

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

2,050

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

7,945

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

5,084

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

(627

)

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

2,659

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

796

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

2,173

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

925

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities gains

 

 

675

 

 

 

—

 

 

 

—

 

 

 

 

    Net (loss) gain other real estate owned and other assets

 

 

(239

)

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

1,280

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

1,424

 

 

 

—

 

 

 

—

 

 

 

 

Total revenues

 

$

143,490

 

 

$

6,535

 

 

$

(4,069

)

 

$

145,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

43,052

 

 

 

1,838

 

 

 

—

 

 

 

 

    Employee benefits

 

 

11,098

 

 

 

424

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

6,165

 

 

 

61

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

10,146

 

 

 

11

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

3,162

 

 

 

2

 

 

 

—

 

 

 

 

    Professional services

 

 

2,976

 

 

 

197

 

 

 

1,513

 

 

 

 

    Marketing

 

 

2,955

 

 

 

22

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

3,604

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

1,477

 

 

 

27

 

 

 

—

 

 

 

 

    Telecommunications

 

 

1,106

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

1,379

 

 

 

23

 

 

 

101

 

 

 

 

    Merger-related and restructuring

 

 

52

 

 

 

—

 

 

 

1,925

 

 

 

 

    Amortization of intangibles

 

 

2,005

 

 

 

48

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

1,416

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

4,313

 

 

 

42

 

 

 

43

 

 

 

 

Segment profit (loss) before provision for income taxes

 

 

50,000

 

 

 

2,424

 

 

 

(7,651

)

 

 

 

Provision for income taxes

 

 

8,761

 

 

 

509

 

 

 

(1,769

)

 

 

 

Segment profit (loss)

 

$

41,239

 

 

$

1,915

 

 

$

(5,882

)

 

$

37,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(2,531

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

34,741

 

(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 $1.8 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 Nine Months Ended September 30, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

932,500

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

321,210

 

 

 

4,512

 

 

 

14,774

 

 

 

 

Net interest income

 

 

611,290

 

 

 

(4,512

)

 

 

(14,774

)

 

 

 

Less: Provision for credit losses

 

 

74,183

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

537,107

 

 

 

(4,512

)

 

 

(14,774

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

21,327

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

6,015

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

30,233

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

20,053

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

4,937

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

9,010

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

2,999

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

10,643

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

2,539

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities gains

 

 

2,302

 

 

 

—

 

 

 

—

 

 

 

 

    Net gain on other real estate owned and other assets

 

 

400

 

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

5,402

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

6,554

 

 

 

1,044

 

 

 

28

 

 

 

 

Total revenues

 

$

632,179

 

 

$

23,874

 

 

$

(14,746

)

 

$

641,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

162,960

 

 

 

6,354

 

 

 

—

 

 

 

 

    Employee benefits

 

 

48,350

 

 

 

1,517

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

24,517

 

 

 

199

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

46,346

 

 

 

154

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

14,225

 

 

 

4

 

 

 

—

 

 

 

 

    Professional services

 

 

12,870

 

 

 

527

 

 

 

5,658

 

 

 

 

    Marketing

 

 

7,166

 

 

 

59

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

15,487

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

6,125

 

 

 

135

 

 

 

—

 

 

 

 

    Telecommunications

 

 

4,284

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

6,160

 

 

 

128

 

 

 

765

 

 

 

 

    Merger-related and restructuring

 

 

65,387

 

 

 

—

 

 

 

7,062

 

 

 

 

    Amortization of intangibles

 

 

21,385

 

 

 

468

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

5,348

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

12,796

 

 

 

264

 

 

 

(11

)

 

 

 

Segment profit (loss) before provision for income taxes

 

 

184,121

 

 

 

8,717

 

 

 

(28,220

)

 

 

 

Provision for income taxes

 

 

36,794

 

 

 

1,830

 

 

 

(6,001

)

 

 

 

Segment profit (loss)

 

$

147,327

 

 

$

6,887

 

 

$

(22,219

)

 

$

131,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment (loss) profit

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(7,594

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

124,401

 

(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 $6.3 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(4) Includes depreciation and amortization expense of $8.6 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 Nine Months Ended September 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

612,055

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

245,111

 

 

 

3,055

 

 

 

12,188

 

 

 

 

Net interest income

 

 

366,944

 

 

 

(3,055

)

 

 

(12,188

)

 

 

 

Less: Provision for credit losses

 

 

19,352

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

347,592

 

 

 

(3,055

)

 

 

(12,188

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

16,854

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

6,048

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

21,841

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

14,828

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

2,712

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

7,808

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

2,720

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

7,032

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

2,659

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities gains

 

 

1,347

 

 

 

—

 

 

 

—

 

 

 

 

    Net gain on other real estate owned and other assets

 

 

(51

)

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

3,042

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

4,756

 

 

 

—

 

 

 

—

 

 

 

 

Total revenues

 

$

416,286

 

 

$

19,847

 

 

$

(12,188

)

 

$

423,945

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

126,395

 

 

 

5,484

 

 

 

—

 

 

 

 

    Employee benefits

 

 

32,915

 

 

 

1,369

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

18,993

 

 

 

165

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

30,596

 

 

 

26

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

9,398

 

 

 

5

 

 

 

—

 

 

 

 

    Professional services

 

 

8,643

 

 

 

355

 

 

 

5,283

 

 

 

 

    Marketing

 

 

7,189

 

 

 

44

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

10,576

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

4,381

 

 

 

95

 

 

 

—

 

 

 

 

    Telecommunications

 

 

3,678

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

4,303

 

 

 

96

 

 

 

169

 

 

 

 

    Merger-related and restructuring

 

 

3,830

 

 

 

—

 

 

 

1,925

 

 

 

 

    Amortization of intangibles

 

 

6,073

 

 

 

144

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

4,315

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

14,208

 

 

 

152

 

 

 

(37

)

 

 

 

Segment profit (loss) before provision for income taxes

 

 

135,108

 

 

 

7,597

 

 

 

(19,528

)

 

 

 

Provision for income taxes

 

 

23,957

 

 

 

1,595

 

 

 

(4,256

)

 

 

 

Segment profit (loss)

 

$

111,151

 

 

$

6,002

 

 

$

(15,272

)

 

$

101,881

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(7,594

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

94,287

 

(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 $5.2 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(4) Includes depreciation and amortization expense of $7.0 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.