v3.26.3
Business Segments
 9 Months Ended
Sep. 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 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 $8.1 billion and $7.7 billion at September 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 Wesbanco's business segment results as received and reviewed on a regular basis by the CODM:

 

Table 31: Business Segment Results

 

 

Community Banking

 

 

Trust and Investment

 

 

Corporate Other

 

 

Total

 

(unaudited, in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

For the Three Months Ended September 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

344,548

 

 

$

342,886

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

Less: Interest expense (1)

 

 

112,100

 

 

 

118,756

 

 

 

1,598

 

 

 

2,078

 

 

 

3,973

 

 

 

5,336

 

 

 

 

 

 

 

Net interest income

 

 

232,448

 

 

 

224,130

 

 

 

(1,598

)

 

 

(2,078

)

 

 

(3,973

)

 

 

(5,336

)

 

 

 

 

 

 

Less: Provision for credit losses

 

 

8,661

 

 

 

2,082

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Net interest income after provision for credit losses

 

 

223,787

 

 

 

222,048

 

 

 

(1,598

)

 

 

(2,078

)

 

 

(3,973

)

 

 

(5,336

)

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

—

 

 

 

7,411

 

 

 

6,955

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    WesMark fees

 

 

—

 

 

 

—

 

 

 

2,255

 

 

 

2,032

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Service charges on deposits

 

 

12,263

 

 

 

11,163

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Digital banking income

 

 

7,476

 

 

 

7,324

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net swap fee and valuation income

 

 

4,857

 

 

 

3,231

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net securities brokerage revenue

 

 

3,267

 

 

 

2,961

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net insurance services revenue

 

 

874

 

 

 

929

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Bank-owned life insurance

 

 

4,311

 

 

 

3,765

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Payment processing fees

 

 

889

 

 

 

843

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net securities (losses) gains

 

 

(151

)

 

 

1,210

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net gain on OREO and other assets

 

 

194

 

 

 

329

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Mortgage banking income

 

 

123

 

 

 

1,898

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Other income

 

 

2,097

 

 

 

1,929

 

 

 

—

 

 

 

284

 

 

 

—

 

 

 

11

 

 

 

 

 

 

 

Total revenues

 

$

259,987

 

 

$

257,630

 

 

$

8,068

 

 

$

7,193

 

 

$

(3,973

)

 

$

(5,325

)

 

$

264,082

 

 

$

259,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

66,761

 

 

 

58,361

 

 

 

2,318

 

 

 

2,222

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Employee benefits

 

 

14,326

 

 

 

17,553

 

 

 

527

 

 

 

487

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net occupancy (3)

 

 

7,858

 

 

 

8,747

 

 

 

69

 

 

 

72

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Equipment and software (4)

 

 

15,100

 

 

 

16,290

 

 

 

513

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Miscellaneous taxes

 

 

4,997

 

 

 

4,933

 

 

 

2

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Professional services

 

 

4,628

 

 

 

4,463

 

 

 

248

 

 

 

223

 

 

 

2,479

 

 

 

2,116

 

 

 

 

 

 

 

    Marketing

 

 

4,939

 

 

 

2,970

 

 

 

26

 

 

 

9

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    FDIC insurance

 

 

4,631

 

 

 

5,820

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Supplies

 

 

2,031

 

 

 

2,403

 

 

 

52

 

 

 

41

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Telecommunications

 

 

1,046

 

 

 

1,533

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    General administration

 

 

2,328

 

 

 

2,543

 

 

 

55

 

 

 

46

 

 

 

490

 

 

 

348

 

 

 

 

 

 

 

    Merger-related and restructuring

 

 

730

 

 

 

11,395

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(12

)

 

 

 

 

 

 

    Amortization of intangibles

 

 

6,826

 

 

 

8,385

 

 

 

296

 

 

 

40

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

—

 

 

 

1,821

 

 

 

1,747

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Other segment items (6)

 

 

5,686

 

 

 

3,240

 

 

 

124

 

 

 

183

 

 

 

(40

)

 

 

9

 

 

 

 

 

 

 

Segment profit (loss) before provision for income taxes

 

 

118,100

 

 

 

108,994

 

 

 

2,017

 

 

 

2,102

 

 

 

(6,902

)

 

 

(7,786

)

 

 

 

 

 

 

Provision for income taxes

 

 

24,919

 

 

 

20,979

 

 

 

423

 

 

 

441

 

 

 

(1,632

)

 

 

(1,683

)

 

 

 

 

 

 

Segment profit (loss)

 

$

93,181

 

 

$

88,015

 

 

$

1,594

 

 

$

1,661

 

 

$

(5,270

)

 

$

(6,103

)

 

$

89,505

 

 

$

83,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,240

)

 

 

(2,531

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

85,265

 

 

$

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 for both the three months ended September 30, 2026 and 2025. Such expenses for the trust and investment services segment were immaterial.

(4) Includes depreciation and amortization expense of $2.9 million and $3.0 million for the community banking segment for the three months ended September 30, 2026 and 2025, respectively. Such expenses for the trust and investment services segment were immaterial.

(5) Consist of audit and accounting services, human resources, bank administration and information technology expenses.

(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.

 

(Business Segment Results, continued)

 

 

Community Banking

 

 

Trust and Investment

 

 

Corporate Other

 

 

Total

 

(unaudited, in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

For the Nine Months Ended September 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

$

1,003,222

 

 

$

932,500

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

Less: Interest expense (1)

 

 

321,565

 

 

 

321,210

 

 

 

5,067

 

 

 

4,512

 

 

 

12,151

 

 

 

14,774

 

 

 

 

 

 

 

Net interest income

 

 

681,657

 

 

 

611,290

 

 

 

(5,067

)

 

 

(4,512

)

 

 

(12,151

)

 

 

(14,774

)

 

 

 

 

 

 

Less: Provision for credit losses

 

 

16,949

 

 

 

74,183

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Net interest income after provision for credit losses

 

 

664,708

 

 

 

537,107

 

 

 

(5,067

)

 

 

(4,512

)

 

 

(12,151

)

 

 

(14,774

)

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Trust fees

 

 

—

 

 

 

—

 

 

 

23,390

 

 

 

21,327

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    WesMark fees

 

 

—

 

 

 

—

 

 

 

6,548

 

 

 

6,015

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Service charges on deposits

 

 

34,769

 

 

 

30,233

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Digital banking income

 

 

21,485

 

 

 

20,053

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net swap fee and valuation income

 

 

9,054

 

 

 

4,937

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net securities brokerage revenue

 

 

10,408

 

 

 

9,010

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net insurance services revenue

 

 

3,211

 

 

 

2,999

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Bank-owned life insurance

 

 

12,439

 

 

 

10,643

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Payment processing fees

 

 

2,536

 

 

 

2,539

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net securities gains

 

 

1,480

 

 

 

2,302

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net gain on OREO and other assets

 

 

2,776

 

 

 

400

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Mortgage banking income

 

 

2,096

 

 

 

5,402

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Other income

 

 

11,133

 

 

 

6,554

 

 

 

—

 

 

 

1,044

 

 

 

3

 

 

 

28

 

 

 

 

 

 

 

Total revenues

 

$

776,095

 

 

$

632,179

 

 

$

24,871

 

 

$

23,874

 

 

$

(12,148

)

 

$

(14,746

)

 

$

788,818

 

 

$

641,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Salaries and wages

 

 

192,720

 

 

 

162,960

 

 

 

6,724

 

 

 

6,354

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Employee benefits

 

 

50,016

 

 

 

48,350

 

 

 

1,597

 

 

 

1,517

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Net occupancy (3)

 

 

24,115

 

 

 

24,517

 

 

 

205

 

 

 

199

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Equipment and software (4)

 

 

45,419

 

 

 

46,346

 

 

 

1,511

 

 

 

154

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Miscellaneous taxes

 

 

14,563

 

 

 

14,225

 

 

 

5

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Professional services

 

 

12,977

 

 

 

12,870

 

 

 

613

 

 

 

527

 

 

 

7,717

 

 

 

5,658

 

 

 

 

 

 

 

    Marketing

 

 

8,705

 

 

 

7,166

 

 

 

58

 

 

 

59

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    FDIC insurance

 

 

13,582

 

 

 

15,487

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Supplies

 

 

5,875

 

 

 

6,125

 

 

 

141

 

 

 

135

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Telecommunications

 

 

3,353

 

 

 

4,284

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    General administration

 

 

6,453

 

 

 

6,160

 

 

 

159

 

 

 

128

 

 

 

1,221

 

 

 

765

 

 

 

 

 

 

 

    Merger-related and restructuring

 

 

4,396

 

 

 

65,387

 

 

 

—

 

 

 

—

 

 

 

1,050

 

 

 

7,062

 

 

 

 

 

 

 

    Amortization of intangibles

 

 

20,535

 

 

 

21,385

 

 

 

888

 

 

 

468

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Corporate overhead expenses (5)

 

 

—

 

 

 

—

 

 

 

5,640

 

 

 

5,348

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

    Other segment items (6)

 

 

15,926

 

 

 

12,796

 

 

 

390

 

 

 

264

 

 

 

102

 

 

 

(11

)

 

 

 

 

 

 

Segment profit (loss) before provision for income taxes

 

 

357,460

 

 

 

184,121

 

 

 

6,940

 

 

 

8,717

 

 

 

(22,238

)

 

 

(28,220

)

 

 

 

 

 

 

Provision for income taxes

 

 

75,465

 

 

 

36,794

 

 

 

1,457

 

 

 

1,830

 

 

 

(5,577

)

 

 

(6,001

)

 

 

 

 

 

 

Segment profit (loss)

 

$

281,995

 

 

$

147,327

 

 

$

5,483

 

 

$

6,887

 

 

$

(16,661

)

 

$

(22,219

)

 

$

270,817

 

 

$

131,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,721

)

 

 

(7,594

)

Net income available to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

258,096

 

 

$

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 $6.4 million and $6.3 million for the community banking segment for the nine months ended September 30, 2026 and 2025, respectively. Such expenses for the trust and investment services segment were immaterial.

(4) Includes depreciation and amortization expense of $8.7 million and $8.6 million for the community banking segment for the nine months ended September 30, 2026 and 2025, respectively. Such expenses for the trust and investment services segment were immaterial.

(5) Consist of audit and accounting services, human resources, bank administration and information technology expenses.

(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.