v3.26.1
Business Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments

NOTE 12. 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 Financial Statements. 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 $8.2 billion and $7.2 billion at June 30, 2026 and 2025, respectively. These assets are held by Wesbanco in fiduciary or agency capacities and are not included as assets on Wesbanco’s Consolidated Balance Sheet. 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 six months ended June 30, 2026 and 2025 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 June 30, 2026:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

333,051

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

105,142

 

 

 

1,649

 

 

 

4,098

 

 

 

 

Net interest income

 

 

227,909

 

 

 

(1,649

)

 

 

(4,098

)

 

 

 

Less: Provision for credit losses

 

 

9,185

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

218,724

 

 

 

(1,649

)

 

 

(4,098

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

7,640

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

2,190

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

11,546

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

7,410

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

3,135

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

3,670

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

1,128

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

4,317

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

776

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities losses

 

 

1,644

 

 

 

—

 

 

 

—

 

 

 

 

    Net loss on other real estate owned and other assets

 

 

2,036

 

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

1,055

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

7,085

 

 

 

—

 

 

 

—

 

 

 

 

Total revenues

 

$

262,526

 

 

$

8,181

 

 

$

(4,098

)

 

$

266,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

64,140

 

 

 

2,262

 

 

 

—

 

 

 

 

    Employee benefits

 

 

18,622

 

 

 

526

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

7,794

 

 

 

69

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

14,647

 

 

 

993

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

4,897

 

 

 

1

 

 

 

—

 

 

 

 

    Professional services

 

 

3,671

 

 

 

222

 

 

 

2,607

 

 

 

 

    Marketing

 

 

2,251

 

 

 

20

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

4,168

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

1,836

 

 

 

41

 

 

 

—

 

 

 

 

    Telecommunications

 

 

1,137

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

2,474

 

 

 

51

 

 

 

361

 

 

 

 

    Merger-related and restructuring

 

 

328

 

 

 

—

 

 

 

675

 

 

 

 

    Amortization of intangibles

 

 

6,845

 

 

 

296

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

1,852

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

6,186

 

 

 

6

 

 

 

108

 

 

 

 

Segment profit (loss) before provision for income taxes

 

 

123,530

 

 

 

1,842

 

 

 

(7,849

)

 

 

 

Provision for income taxes

 

 

26,677

 

 

 

423

 

 

 

(2,254

)

 

 

 

Segment profit (loss)

 

$

96,853

 

 

$

1,419

 

 

$

(5,595

)

 

$

92,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(4,240

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

88,437

 

 

(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 $2.1 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(4) Includes depreciation and amortization expense of $2.9 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 June 30, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

336,382

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

112,804

 

 

 

1,500

 

 

 

5,309

 

 

 

 

Net interest income

 

 

223,578

 

 

 

(1,500

)

 

 

(5,309

)

 

 

 

Less: Provision for credit losses

 

 

3,218

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

220,360

 

 

 

(1,500

)

 

 

(5,309

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

7,698

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

1,959

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

10,484

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

7,325

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

746

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

3,348

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

1,115

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

3,450

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

805

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities losses

 

 

1,410

 

 

 

—

 

 

 

—

 

 

 

 

    Net loss on other real estate owned and other assets

 

 

111

 

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

2,364

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

2,374

 

 

 

760

 

 

 

8

 

 

 

 

Total revenues

 

$

253,892

 

 

$

8,917

 

 

$

(5,301

)

 

$

257,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

57,983

 

 

 

2,170

 

 

 

—

 

 

 

 

    Employee benefits

 

 

18,307

 

 

 

550

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

8,049

 

 

 

70

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

17,063

 

 

 

77

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

5,059

 

 

 

2

 

 

 

—

 

 

 

 

    Professional services

 

 

4,637

 

 

 

166

 

 

 

1,832

 

 

 

 

    Marketing

 

 

1,834

 

 

 

30

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

5,479

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

2,037

 

 

 

41

 

 

 

—

 

 

 

 

    Telecommunications

 

 

1,541

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

2,247

 

 

 

54

 

 

 

287

 

 

 

 

    Merger-related and restructuring

 

 

40,301

 

 

 

—

 

 

 

755

 

 

 

 

    Amortization of intangibles

 

 

8,816

 

 

 

388

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

2,021

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

4,673

 

 

 

50

 

 

 

16

 

 

 

 

Segment profit (loss) before provision for income taxes

 

 

75,866

 

 

 

3,298

 

 

 

(8,191

)

 

 

 

Provision for income taxes

 

 

15,705

 

 

 

693

 

 

 

(2,840

)

 

 

 

Segment profit (loss)

 

$

60,161

 

 

$

2,605

 

 

$

(5,351

)

 

$

57,415

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(2,531

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

54,884

 

 

(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 $3.2 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 Six Months Ended June 30, 2026:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

658,674

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

209,465

 

 

 

3,469

 

 

 

8,178

 

 

 

 

Net interest income

 

 

449,209

 

 

 

(3,469

)

 

 

(8,178

)

 

 

 

Less: Provision for credit losses

 

 

8,288

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

440,921

 

 

 

(3,469

)

 

 

(8,178

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

15,982

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

4,290

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

22,507

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

14,008

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

4,197

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

7,142

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

2,337

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

8,127

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

1,647

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities losses

 

 

1,631

 

 

 

—

 

 

 

—

 

 

 

 

    Net loss on other real estate owned and other assets

 

 

2,583

 

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

1,974

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

9,034

 

 

 

—

 

 

 

3

 

 

 

 

Total revenues

 

$

516,108

 

 

$

16,803

 

 

$

(8,175

)

 

$

524,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

125,960

 

 

 

4,406

 

 

 

—

 

 

 

 

    Employee benefits

 

 

35,689

 

 

 

1,070

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

16,257

 

 

 

136

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

30,319

 

 

 

998

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

9,566

 

 

 

3

 

 

 

—

 

 

 

 

    Professional services

 

 

8,349

 

 

 

365

 

 

 

5,238

 

 

 

 

    Marketing

 

 

3,766

 

 

 

32

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

8,951

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

3,844

 

 

 

89

 

 

 

—

 

 

 

 

    Telecommunications

 

 

2,307

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

4,126

 

 

 

104

 

 

 

731

 

 

 

 

    Merger-related and restructuring

 

 

3,666

 

 

 

—

 

 

 

1,050

 

 

 

 

    Amortization of intangibles

 

 

13,709

 

 

 

592

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

3,819

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

10,238

 

 

 

266

 

 

 

142

 

 

 

 

Segment profit (loss) before provision for income taxes

 

 

239,361

 

 

 

4,923

 

 

 

(15,336

)

 

 

 

Provision for income taxes

 

 

50,546

 

 

 

1,034

 

 

 

(3,945

)

 

 

 

Segment profit (loss)

 

$

188,815

 

 

$

3,889

 

 

$

(11,391

)

 

$

181,313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(8,481

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

172,832

 

 

(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 $4.2 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(4) Includes depreciation and amortization expense of $5.8 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 Six Months Ended June 30, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

589,614

 

 

$

—

 

 

$

—

 

 

 

 

Less: Interest expense (1)

 

 

202,453

 

 

 

2,435

 

 

 

9,438

 

 

 

 

Net interest income

 

 

387,161

 

 

 

(2,435

)

 

 

(9,438

)

 

 

 

Less: Provision for credit losses

 

 

72,101

 

 

 

—

 

 

 

—

 

 

 

 

Net interest income after provision for credit losses

 

 

315,060

 

 

 

(2,435

)

 

 

(9,438

)

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

14,372

 

 

 

—

 

 

 

 

    WesMark fees

 

 

—

 

 

 

3,983

 

 

 

—

 

 

 

 

    Service charges on deposits

 

 

19,070

 

 

 

—

 

 

 

—

 

 

 

 

    Digital banking income

 

 

12,730

 

 

 

—

 

 

 

—

 

 

 

 

    Net swap fee and valuation income

 

 

1,706

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities brokerage revenue

 

 

6,049

 

 

 

—

 

 

 

—

 

 

 

 

    Net insurance services revenue

 

 

2,070

 

 

 

—

 

 

 

—

 

 

 

 

    Bank-owned life insurance

 

 

6,878

 

 

 

—

 

 

 

—

 

 

 

 

    Payment processing fees

 

 

1,696

 

 

 

—

 

 

 

—

 

 

 

 

    Net securities losses

 

 

1,092

 

 

 

—

 

 

 

—

 

 

 

 

    Net loss on other real estate owned and other assets

 

 

71

 

 

 

—

 

 

 

—

 

 

 

 

    Mortgage banking income

 

 

3,504

 

 

 

—

 

 

 

—

 

 

 

 

    Other income

 

 

4,624

 

 

 

760

 

 

 

17

 

 

 

 

Total revenues

 

$

374,550

 

 

$

16,680

 

 

$

(9,421

)

 

$

381,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

104,598

 

 

 

4,132

 

 

 

—

 

 

 

 

    Employee benefits

 

 

30,797

 

 

 

1,030

 

 

 

—

 

 

 

 

    Net occupancy (3)

 

 

15,770

 

 

 

127

 

 

 

—

 

 

 

 

    Equipment and software (4)

 

 

30,056

 

 

 

134

 

 

 

—

 

 

 

 

    Miscellaneous taxes

 

 

9,292

 

 

 

3

 

 

 

—

 

 

 

 

    Professional services

 

 

8,407

 

 

 

304

 

 

 

3,542

 

 

 

 

    Marketing

 

 

4,196

 

 

 

50

 

 

 

—

 

 

 

 

    FDIC insurance

 

 

9,666

 

 

 

—

 

 

 

—

 

 

 

 

    Supplies

 

 

3,722

 

 

 

94

 

 

 

—

 

 

 

 

    Telecommunications

 

 

2,751

 

 

 

—

 

 

 

—

 

 

 

 

    General administration

 

 

3,617

 

 

 

82

 

 

 

417

 

 

 

 

    Merger-related and restructuring

 

 

53,992

 

 

 

—

 

 

 

7,074

 

 

 

 

    Amortization of intangibles

 

 

12,999

 

 

 

428

 

 

 

—

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

3,601

 

 

 

—

 

 

 

 

    Other segment items (6)

 

 

9,558

 

 

 

81

 

 

 

(20

)

 

 

 

Segment profit (loss) before provision for income taxes

 

 

75,129

 

 

 

6,614

 

 

 

(20,434

)

 

 

 

Provision for income taxes

 

 

15,815

 

 

 

1,389

 

 

 

(4,318

)

 

 

 

Segment profit (loss)

 

$

59,314

 

 

$

5,225

 

 

$

(16,116

)

 

$

48,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(5,063

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

$

43,360

 

 

(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 $4.1 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.

(4) Includes depreciation and amortization expense of $5.6 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.