WesBanco Announces Second Quarter 2026 Financial Results Marked by strong annualized loan growth, top-tier efficiency ratio, and accelerating growth in targeted expansion markets Wheeling, WVa. (July 21, 2026) – WesBanco, Inc. (“WesBanco” or “Company”) (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended June 30, 2026. Net income available to common shareholders for the second quarter of 2026 was $88.4 million, with diluted earnings per share of $0.91, compared to $54.9 million and $0.57 per diluted share, respectively, for the second quarter of 2025. For the six months ended June 30, 2026, net income was $172.8 million, or $1.79 per diluted share, compared to $43.4 million, or $0.50 per diluted share, for the 2025 period.
As noted below, WesBanco reported $0.92 of earnings per diluted share, in the second quarter, as compared to $0.91 in the prior year period, when excluding after-tax restructuring and merger-related expenses (non-GAAP measures). On a similar basis and excluding the after-tax day one provision for credit losses on acquired loans, WesBanco reported $1.83 per diluted share, for the six month period, as compared to $1.60 per diluted share last year (non-GAAP measures).
| Line item | For the Three Months Ended June 30, 2026Net Income | For the Three Months Ended June 30, 2026Diluted Earnings Per Share | For the Three Months Ended June 30, 2025Net Income | For the Three Months Ended June 30, 2025Diluted Earnings Per Share | For the Six Months Ended June 30, 2026Net Income | For the Six Months Ended June 30, 2026Diluted Earnings Per Share | For the Six Months Ended June 30, 2025Net Income | For the Six Months Ended June 30, 2025Diluted Earnings Per Share |
|---|---|---|---|---|---|---|---|---|
| Net income available to common shareholders (GAAP) | $88,437 | $0.91 | $54,884 | $0.57 | $172,832 | $1.79 | $43,360 | $0.50 |
| Add: After-tax restructuring and merger-related expenses | 792 | 0.01 | 32,434 | 0.34 | 3,726 | 0.04 | 48,242 | 0.56 |
| Add: After-tax day one provision for credit losses on acquired loans | - | - | - | - | - | - | 46,926 | 0.54 |
| Adjusted net income available to common shareholders (Non-GAAP) (1) | $89,229 | $0.92 | $87,318 | $0.91 | $176,558 | $1.83 | $138,528 | $1.60 |
| (1) See non-GAAP financial measures for additional information relating to the calculation of these items. |
Financial and operational highlights for the quarter ended June 30, 2026:
- Generated annualized loan growth of 8.3% over the sequential quarter and 3.5% year-over-year as organic growth across all markets more than offset higher commercial real estate (“CRE”) payoffs of approximately $345 million, which impacted year-over-year loan growth by 1.0%
- Grew commercial loan pipeline to a record $2.3 billion as of June 30, 2026, reflecting strong business development activity and growing opportunities across all markets, with an average loan to deposit ratio of 88.9% that provides substantial capacity to fund loan growth
- Increased net interest margin 4 basis points year-over-year to 3.63%, primarily driven by lower funding costs and asset repricing
- Achieved record fee income levels across securities brokerage, digital banking, and service charges on deposits, as well as record levels of trust assets under management and securities account values
- Improved efficiency ratio more than 1 percentage point both year-over-year and quarter-over-quarter to a record low of 51.2%, primarily due to a focus on driving positive operating leverage
- Advanced our organic growth strategy and commercial momentum in targeted expansion markets, including Northern Virginia, Tennessee, and South Florida; and, positioning the Florida franchise for continued growth through planned financial center openings during the first half of 2027
- Recently recognized as one of America’s High Growth Companies by Business Insider and one of America’s Best Companies by Time
“Our strong second quarter performance reflects the continued success of our relationship-focused banking model and disciplined growth strategy,” said Jeff Jackson, President and Chief Executive Officer, WesBanco. “We generated annualized loan growth of more than 8%, expanded our commercial loan pipeline to a record $2.3 billion, and generated positive operating leverage, demonstrating our ability to drive profitable growth across the franchise. With a solid funding position and strong momentum across our markets – particularly our Premier and expansion markets in Northern Virginia, Tennessee, and Florida – we are well-positioned for continued growth.”
Balance Sheet
WesBanco’s balance sheet, as of June 30, 2026, reflects organic growth and the impact of elevated CRE payoffs. Total assets increased 0.8% year-over-year to $27.8 billion, including total portfolio loans of $19.5 billion and total securities of $4.4 billion. Total portfolio loans increased 3.5% year-over-year due to organic growth of $650 million partially offset by higher CRE payoffs. As anticipated, CRE payoffs continued to remain elevated and totaled approximately $345 million during the second quarter of 2026, consistent with the elevated quarterly levels incurred during the prior nine months. The commercial loan pipeline has grown 90% since year-end to a record $2.3 billion, as of June 30, 2026.
Deposits of $21.6 billion increased 2.1% year-over-year due to organic growth that more than offset the decline in higher cost certificates of deposit (CDs). Despite the closure of 37 financial centers this year, deposits were down only $75 million, or 0.4%, on a sequential quarter basis reflecting the remaining $50 million of brokered deposits that paid off on April 1st and the decline in higher cost CDs. Total deposits excluding CDs increased 4.3% year-over-year and 1.3% annualized sequentially. Total demand deposits represented 49% of total deposits, with the non-interest bearing component representing 24%.
Credit Quality
As of June 30, 2026, credit quality measures have remained in consistent range, from a historical perspective. Non-performing loans remained flat to the first quarter as the three credits added last quarter continue to be addressed. Net charge-offs for the second quarter were 0.02% of total average loans. The allowance for credit losses to total portfolio loans at June 30, 2026 was 1.12% of total loans, or $217.8 million. The second quarter net provision for credit losses of $9.2 million was primarily due to higher loan balances. Excluded from the allowance for credit losses and the related coverage ratio is a remaining unaccreted discount on purchased loans from acquisitions representing 1.41% of total portfolio loans.
Net Interest Margin and Income
The second quarter margin of 3.63% improved 4 basis points year-over-year primarily due to lower funding costs and 6 basis points sequentially due to higher loan yields and lower funding costs. Deposit funding costs of 235 basis points for the second quarter of 2026 decreased 11 basis points from the prior year period and were flat to the first quarter. When including non-interest bearing deposits, deposit funding costs for the second quarter were 178 basis points.
Net interest income for the second quarter of 2026 was $222.2 million, an increase of $5.4 million, or 2.5% year-over-year, reflecting lower FHLB borrowing and deposit costs and higher securities yields. For the six months ended June 30, 2026, net interest income of $437.6 million increased $62.3 million, or 16.6%, primarily due to the reasons discussed for the three-month period comparison and higher loan balances.
Non-Interest Income
For the second quarter of 2026, non-interest income of $53.6 million increased $9.7 million, or 22.0%, from the second quarter of 2025 due primarily to higher net swap and valuation income, service charges on deposits, and other income. Gross swap fees were $2.8 million in the second quarter, compared to $1.4 million in the prior year period, while the fair value adjustment was $0.3 million, compared to a loss of $0.7 million in the prior year period. Service charges on deposits increased $1.1 million year-over-year due to increased general spending and higher transaction volumes from our larger customer base, as well as an increase in monthly fees that took effect during June. Other income for the second quarter of 2026 included a non-recurring $4.8 million gain related to the freezing of future service for actively employed participants in the pension plan. Mortgage banking income decreased $1.3 million from the prior year period primarily due to more mortgage volume going into portfolio loans.
Primarily reflecting the items discussed above, as well as trust fees and net securities brokerage revenue, non-interest income, for the six months ended June 30, 2026, increased $16.8 million, or 21.4%, year-over-year to $95.5 million. Reflecting record asset levels, trust fees and net securities brokerage revenue increased $1.9 million and $1.1 million, respectively, due to the addition of PFC wealth clients, market value appreciation, and organic growth.
Non-Interest Expense
Non-interest expense, excluding restructuring and merger-related costs, for the three months ended June 30, 2026 was $148.1 million, a $2.6 million, or 1.8%, increase year-over-year primarily due to higher salaries and wages offset by discretionary expense management. Salaries and wages of $66.4 million increased due to recent hiring efforts, primarily in Florida, and bonus accrual adjustments. FDIC insurance expense of $4.2 million decreased due to a lower assessment rate associated with our improved financial ratios. Equipment and software of $2.3 million, which was consistent with the last several quarters, decreased $1.5 million year-over-year due to the cost of operating two core systems in the prior year related to the PFC acquisition until the conversion to one platform in mid-May 2025. Amortization of intangible assets of $7.1 million, which was consistent with the last couple quarters, decreased $2.1 million year-over-year due to the core deposit intangible asset that was created from the acquisition of PFC in the prior year. Restructuring and merger-related expenses decreased $40.1 million from the prior year period, which included costs associated with the closing of the PFC acquisition.
Excluding restructuring and merger-related expenses, non-interest expense during the first half of 2026 of $291.1 million increased $31.6 million, or 12.2%, compared to the prior year period, due primarily to the expenses described above.
Capital
WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable “well-capitalized” standards promulgated by bank regulators and the BASEL III capital standards. At June 30, 2026, Tier I leverage was 9.83%, Tier I risk-based capital ratio was 11.72%, common equity Tier 1 capital ratio (“CET 1”) was 10.70%, and total risk-based capital was 14.18%. In addition, the tangible common equity to tangible assets ratio was 8.44%.
During the second quarter, WesBanco repurchased 0.3 million shares of its outstanding common stock on the open market at a total cost of $9.7 million, or $33.55 per share. As of June 30, 2026, approximately 4.5 million shares remained for repurchase under the combination of the 4.0 million share repurchase authorization approved by WesBanco’s Board of Directors on May 20, 2026 and the remainder of the February 24, 2022 authorization.
Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the second quarter of 2026 at 9:00 a.m. ET on Wednesday, July 22, 2026. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com. Participants can also listen to the conference call by dialing 888-347-6607, or 1-412-902-4290 for international callers, and asking to be joined into the WesBanco call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.
A replay of the conference call will be available by dialing 855-669-9658, or 1-412-317-0088 for international callers, and providing the access code of 4494073. The replay will begin at approximately 11:00 a.m. ET on July 22, 2026, and end at 12 a.m. ET on August 6, 2026. An archive of the webcast will be available for one year on the Investor Relations section of the Company’s website (www.wesbanco.com).
Non-GAAP Financial Measures
In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses and excluding after-tax day one provision for credit losses on acquired loans; efficiency ratio; return on average assets; and return on average tangible equity. WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.
About WesBanco, Inc.
With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our ten-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia, WesBanco has $27.8 billion in total assets, with our Trust and Investment Services holding $8.2 billion of assets under management and securities account values (including annuities) of $2.7 billion through our broker/dealer, as of June 30, 2026. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram.
SOURCE: WesBanco, Inc.
WesBanco Company Contact:
John H. Iannone
Senior Vice President, Investor Relations
304-905-7021
Consolidated Selected Financial Highlights
unaudited, dollars in thousands, except shares and per share amounts
| STATEMENT OF INCOME | For the Three Months EndedJune 30, 2026 | For the Three Months EndedJune 30, 2025 | For the Three Months Ended · June 30,% Change | For the Six Months EndedJune 30, 2026 | For the Six Months EndedJune 30, 2025 | For the Six Months Ended · June 30,% Change |
|---|---|---|---|---|---|---|
| Interest and dividend income | ||||||
| Loans, including fees | $287,916 | $290,104 | (0.8) | $568,904 | $508,512 | 11.9 |
| Interest and dividends on securities: | ||||||
| Taxable | 32,083 | 31,066 | 3.3 | 63,526 | 53,314 | 19.2 |
| Tax-exempt | 4,833 | 4,616 | 4.7 | 9,657 | 9,145 | 5.6 |
| Total interest and dividends on securities | 36,916 | 35,682 | 3.5 | 73,183 | 62,459 | 17.2 |
| Other interest income | 8,219 | 10,596 | (22.4) | 16,587 | 18,643 | (11.0) |
| Total interest and dividend income | 333,051 | 336,382 | (1.0) | 658,674 | 589,614 | 11.7 |
| Interest expense | ||||||
| Interest bearing demand deposits | 30,567 | 30,405 | 0.5 | 59,935 | 59,782 | 0.3 |
| Money market deposits | 33,650 | 36,287 | (7.3) | 65,804 | 57,422 | 14.6 |
| Savings deposits | 11,029 | 8,670 | 27.2 | 21,147 | 16,029 | 31.9 |
| Certificates of deposit | 20,590 | 21,442 | (4.0) | 43,181 | 39,999 | 8.0 |
| Total interest expense on deposits | 95,836 | 96,804 | (1.0) | 190,067 | 173,232 | 9.7 |
| Federal Home Loan Bank borrowings | 10,390 | 16,683 | (37.7) | 21,705 | 29,718 | (27.0) |
| Other short-term borrowings | 565 | 816 | (30.8) | 1,163 | 1,938 | (40.0) |
| Subordinated debt and junior subordinated debt | 4,098 | 5,310 | (22.8) | 8,177 | 9,438 | (13.4) |
| Total interest expense | 110,889 | 119,613 | (7.3) | 221,112 | 214,326 | 3.2 |
| Net interest income | 222,162 | 216,769 | 2.5 | 437,562 | 375,288 | 16.6 |
| Provision for credit losses | 9,185 | 3,218 | 185.4 | 8,288 | 72,101 | (88.5) |
| Net interest income after provision for credit losses | 212,977 | 213,551 | (0.3) | 429,274 | 303,187 | 41.6 |
| Non-interest income | ||||||
| Trust fees | 9,830 | 9,657 | 1.8 | 20,272 | 18,355 | 10.4 |
| Service charges on deposits | 11,546 | 10,484 | 10.1 | 22,507 | 19,070 | 18.0 |
| Digital banking income | 7,410 | 7,325 | 1.2 | 14,008 | 12,730 | 10.0 |
| Net swap fee and valuation income | 3,135 | 746 | 320.2 | 4,197 | 1,706 | 146.0 |
| Net securities brokerage revenue | 3,670 | 3,348 | 9.6 | 7,142 | 6,049 | 18.1 |
| Bank-owned life insurance | 4,317 | 3,450 | 25.1 | 8,127 | 6,878 | 18.2 |
| Mortgage banking income | 1,055 | 2,364 | (55.4) | 1,974 | 3,504 | (43.7) |
| Net securities gains | 1,644 | 1,410 | 16.6 | 1,631 | 1,092 | 49.4 |
| Net gains on other real estate owned and other assets | 2,036 | 111 | NM | 2,583 | 71 | NM |
| Other income | 8,989 | 5,062 | 77.6 | 13,021 | 9,167 | 42.0 |
| Total non-interest income | 53,632 | 43,957 | 22.0 | 95,462 | 78,622 | 21.4 |
| Non-interest expense | ||||||
| Salaries and wages | 66,402 | 60,153 | 10.4 | 130,366 | 108,730 | 19.9 |
| Employee benefits | 19,148 | 18,857 | 1.5 | 36,759 | 31,827 | 15.5 |
| Net occupancy | 7,863 | 8,119 | (3.2) | 16,393 | 15,897 | 3.1 |
| Equipment and software | 15,640 | 17,140 | (8.8) | 31,317 | 30,190 | 3.7 |
| Marketing | 2,271 | 1,864 | 21.8 | 3,798 | 4,246 | (10.6) |
| FDIC insurance | 4,168 | 5,479 | (23.9) | 8,951 | 9,666 | (7.4) |
| Amortization of intangible assets | 7,141 | 9,204 | (22.4) | 14,301 | 13,427 | 6.5 |
| Restructuring and merger-related expense | 1,003 | 41,056 | (97.6) | 4,716 | 61,066 | (92.3) |
| Other operating expenses | 25,450 | 24,663 | 3.2 | 49,187 | 45,451 | 8.2 |
| Total non-interest expense | 149,086 | 186,535 | (20.1) | 295,788 | 320,500 | (7.7) |
| Income before provision for income taxes | 117,523 | 70,973 | 65.6 | 228,948 | 61,309 | 273.4 |
| Provision for income taxes | 24,846 | 13,558 | 83.3 | 47,635 | 12,886 | 269.7 |
| Net Income | 92,677 | 57,415 | 61.4 | 181,313 | 48,423 | 274.4 |
| Preferred stock dividends | 4,240 | 2,531 | 67.5 | 8,481 | 5,063 | 67.5 |
| Net income available to common shareholders | $88,437 | $54,884 | 61.1 | $172,832 | $43,360 | 298.6 |
| Taxable equivalent net interest income | $223,447 | $217,996 | 2.5 | $440,129 | $377,719 | 16.5 |
| Per common share data | ||||||
| Net income per common share - basic | $0.92 | $0.57 | 61.4 | $1.80 | $0.50 | 260.0 |
| Net income per common share - diluted | 0.91 | 0.57 | 59.6 | 1.79 | 0.50 | 258.0 |
| Adjusted net income per common share - diluted, excluding certain items (1) (2) | 0.92 | 0.91 | 1.1 | 1.83 | 1.60 | 14.4 |
| Dividends declared | 0.38 | 0.37 | 2.7 | 0.76 | 0.74 | 2.7 |
| Book value (period end) | 40.53 | 38.28 | 5.9 | 40.53 | 38.28 | 5.9 |
| Tangible book value (period end) (1) | 22.98 | 20.48 | 12.2 | 22.98 | 20.48 | 12.2 |
| Average common shares outstanding - basic | 96,028,958 | 95,744,980 | 0.3 | 96,066,022 | 86,339,970 | 11.3 |
| Average common shares outstanding - diluted | 96,703,880 | 95,808,310 | 0.9 | 96,506,410 | 86,466,701 | 11.6 |
| Period end common shares outstanding | 95,869,209 | 95,986,023 | (0.1) | 95,869,209 | 95,986,023 | (0.1) |
| Period end preferred shares outstanding | 230,000 | 150,000 | 53.3 | 230,000 | 150,000 | 53.3 |
| (1) See non-GAAP financial measures for additional information relating to the calculation of this item. | ||||||
| (2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses and the after-tax day one provision for credit losses on acquired loans. | ||||||
| NM - Not Meaningful |
Consolidated Selected Financial Highlights
unaudited, dollars in thousands, unless otherwise noted
| Selected ratios | For the Six Months EndedJune 30, 2026 | For the Six Months EndedJune 30, 2025 | For the Six Months Ended · June 30,% Change |
|---|---|---|---|
| Return on average assets | 1.27% | 0.36% | 252.78% |
| Return on average assets, excluding certain items (1) (2) | 1.29 | 1.14 | 13.16 |
| Return on average equity | 8.50 | 2.51 | 238.65 |
| Return on average equity, excluding certain items (1) (2) | 8.69 | 8.01 | 8.49 |
| Return on average tangible equity (1) | 15.40 | 5.38 | 186.25 |
| Return on average tangible equity, excluding certain items (1) (2) | 15.71 | 14.85 | 5.79 |
| Return on average tangible common equity (1) | 16.98 | 5.79 | 193.26 |
| Return on average tangible common equity, excluding certain items (1) (2) | 17.33 | 15.99 | 8.38 |
| Yield on earning assets (3) | 5.41 | 5.46 | (0.92) |
| Cost of interest bearing liabilities | 2.50 | 2.73 | (8.42) |
| Net interest spread (3) | 2.91 | 2.73 | 6.59 |
| Net interest margin (3) | 3.60 | 3.48 | 3.45 |
| Efficiency (1) (3) | 51.83 | 53.91 | (3.86) |
| Average loans to average deposits | 88.97 | 89.42 | (0.50) |
| Annualized net loan charge-offs/average loans | 0.09 | 0.09 | - |
| Effective income tax rate | 20.81 | 21.02 | (1.00) |
| Line item | For the Three Months EndedJune 30, 2026 | For the Three Months EndedMar. 31, 2026 | For the Three Months EndedDec. 31, 2025 | For the Three Months EndedSept. 30, 2025 | For the Three Months EndedJune 30, 2025 |
|---|---|---|---|---|---|
| Return on average assets | 1.29% | 1.24% | 1.13% | 1.17% | 0.81% |
| Return on average assets, excluding certain items (1) (2) | 1.30 | 1.29 | 1.17 | 1.30 | 1.28 |
| Return on average equity | 8.63 | 8.38 | 7.58 | 8.25 | 5.76 |
| Return on average equity, excluding certain items (1) (2) | 8.71 | 8.67 | 7.85 | 9.16 | 9.17 |
| Return on average tangible equity (1) | 15.56 | 15.25 | 13.93 | 15.86 | 11.27 |
| Return on average tangible equity, excluding certain items (1) (2) | 15.69 | 15.74 | 14.39 | 17.48 | 17.16 |
| Return on average tangible common equity (1) | 17.14 | 16.82 | 15.87 | 17.26 | 12.06 |
| Return on average tangible common equity, excluding certain items (1) (2) | 17.28 | 17.37 | 16.39 | 19.03 | 18.36 |
| Yield on earning assets (3) | 5.44 | 5.38 | 5.51 | 5.58 | 5.56 |
| Cost of interest bearing liabilities | 2.50 | 2.50 | 2.62 | 2.79 | 2.69 |
| Net interest spread (3) | 2.94 | 2.88 | 2.88 | 2.79 | 2.87 |
| Net interest margin (3) | 3.63 | 3.57 | 3.61 | 3.53 | 3.59 |
| Efficiency (1) (3) | 51.17 | 52.54 | 51.62 | 52.13 | 52.30 |
| Average loans to average deposits | 88.89 | 89.05 | 88.78 | 89.41 | 89.47 |
| Annualized net loan charge-offs and recoveries /average loans | 0.02 | 0.16 | 0.06 | 0.19 | 0.09 |
| Effective income tax rate | 21.14 | 20.45 | 20.51 | 19.10 | 19.10 |
| Trust and Investment Services assets under management (4) | $8,227 | $7,810 | $7,886 | $7,688 | $7,205 |
| Broker-dealer securities account values (including annuities) (4) | $2,704 | $2,574 | $2,481 | $2,588 | $2,554 |
| (1) See non-GAAP financial measures for additional information relating to the calculation of this item. | |||||
| (2) Certain items excluded from the calculation can consist of after-tax restructuring and merger-related expenses and the after-tax day one provision for credit losses on acquired loans. | |||||
| (3) The yield on earning assets, net interest margin, net interest spread and efficiency ratios are presented on a fully taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt loans and investments. WesBanco believes this measure to be the preferred industry measurement of net interest income and provides a relevant comparison between taxable and non-taxable amounts. | |||||
| (4) Represents market value at period end, in millions. |
Consolidated Selected Financial Highlights
unaudited, dollars in thousands, except shares
| Balance sheets | June 30, 2026 | June 30, 2025 | % Change | December 31, 2025 | % Change · June 30, 2026to Dec. 31, 2025 |
|---|---|---|---|---|---|
| Assets | |||||
| Cash and due from banks | $226,961 | $402,755 | (43.6) | $204,860 | 10.8 |
| Due from banks - interest bearing | 644,813 | 754,275 | (14.5) | 751,249 | (14.2) |
| Securities: | |||||
| Equity securities, at fair value | 19,060 | 29,538 | (35.5) | 30,809 | (38.1) |
| Available-for-sale debt securities, at fair value | 3,312,972 | 3,222,819 | 2.8 | 3,288,332 | 0.7 |
| Held-to-maturity debt securities (fair values of $1,005,725, $1,006,110 and $1,035,957 respectively) | 1,107,751 | 1,137,782 | (2.6) | 1,132,114 | (2.2) |
| Allowance for credit losses - held-to-maturity debt securities | (165) | (178) | 7.3 | (168) | 1.8 |
| Net held-to-maturity debt securities | 1,107,586 | 1,137,604 | (2.6) | 1,131,946 | (2.2) |
| Total securities | 4,439,618 | 4,389,961 | 1.1 | 4,451,087 | (0.3) |
| Loans held for sale | 57,318 | 123,019 | (53.4) | 87,454 | (34.5) |
| Portfolio loans: | |||||
| Commercial real estate | 11,093,370 | 10,600,210 | 4.7 | 10,938,834 | 1.4 |
| Commercial and industrial | 2,949,863 | 2,819,096 | 4.6 | 2,863,893 | 3.0 |
| Residential real estate | 3,939,813 | 3,939,796 | 0.0 | 3,938,585 | 0.0 |
| Home equity | 1,191,809 | 1,052,334 | 13.3 | 1,129,394 | 5.5 |
| Consumer | 304,111 | 417,190 | (27.1) | 355,726 | (14.5) |
| Total portfolio loans, net of unearned income | 19,478,966 | 18,828,626 | 3.5 | 19,226,432 | 1.3 |
| Allowance for credit losses - loans | (217,775) | (223,866) | 2.7 | (218,749) | 0.4 |
| Net portfolio loans | 19,261,191 | 18,604,760 | 3.5 | 19,007,683 | 1.3 |
| Premises and equipment, net | 248,200 | 274,137 | (9.5) | 263,240 | (5.7) |
| Accrued interest receivable | 102,342 | 106,410 | (3.8) | 106,651 | (4.0) |
| Goodwill and other intangible assets, net | 1,709,084 | 1,745,170 | (2.1) | 1,723,385 | (0.8) |
| Bank-owned life insurance | 562,297 | 552,051 | 1.9 | 557,512 | 0.9 |
| Other assets | 545,093 | 619,038 | (11.9) | 543,212 | 0.3 |
| Total Assets | $27,796,917 | $27,571,576 | 0.8 | $27,696,333 | 0.4 |
| Liabilities | |||||
| Deposits: | |||||
| Non-interest bearing demand | $5,287,995 | $5,328,181 | (0.8) | $5,376,767 | (1.7) |
| Interest bearing demand | 5,364,937 | 4,865,091 | 10.3 | 5,186,880 | 3.4 |
| Money market | 5,012,414 | 4,825,154 | 3.9 | 5,072,039 | (1.2) |
| Savings deposits | 3,335,823 | 3,192,943 | 4.5 | 3,157,782 | 5.6 |
| Certificates of deposit | 2,591,047 | 2,943,187 | (12.0) | 2,875,372 | (9.9) |
| Total deposits | 21,592,216 | 21,154,556 | 2.1 | 21,668,840 | (0.4) |
| Federal Home Loan Bank borrowings | 1,350,000 | 1,750,000 | (22.9) | 1,200,000 | 12.5 |
| Other short-term borrowings | 88,419 | 103,666 | (14.7) | 110,679 | (20.1) |
| Subordinated debt and junior subordinated debt | 308,837 | 357,762 | (13.7) | 308,529 | 0.1 |
| Total borrowings | 1,747,256 | 2,211,428 | (21.0) | 1,619,208 | 7.9 |
| Accrued interest payable | 17,567 | 25,967 | (32.3) | 19,150 | (8.3) |
| Other liabilities | 330,193 | 360,405 | (8.4) | 357,222 | (7.6) |
| Total Liabilities | 23,687,232 | 23,752,356 | (0.3) | 23,664,420 | 0.1 |
| Shareholders' Equity | |||||
| Preferred stock, no par value; 1,000,000 shares authorized; 0, 150,000 and 0 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150.0 million, issued and outstanding, respectively | - | 144,484 | (100.0) | - | - |
| Preferred stock, no par value; 1,000,000 shares authorized; 230,000, 0 and 230,000 shares of 7.375% non-cumulative perpetual preferred stock, Series B, liquidation preference $230.0 million, issued and outstanding, respectively | 224,187 | - | 100.0 | 224,187 | - |
| Common stock, $2.0833 par value; 200,000,000 shares authorized; 96,191,910, 95,986,023 and 96,067,559 shares issued; 95,869,209, 95,986,023 and 96,067,559 shares outstanding, respectively | 200,396 | 199,967 | 0.2 | 200,137 | 0.1 |
| Capital surplus | 2,498,629 | 2,485,458 | 0.5 | 2,490,440 | 0.3 |
| Retained earnings | 1,352,870 | 1,165,058 | 16.1 | 1,252,765 | 8.0 |
| Treasury stock (322,701, 0 and 0 shares - at cost, respectively) | (10,924) | - | 100.0 | - | 100.0 |
| Accumulated other comprehensive loss | (153,157) | (173,644) | 11.8 | (133,320) | (14.9) |
| Deferred benefits for directors | (2,316) | (2,103) | (10.1) | (2,296) | (0.9) |
| Total Shareholders' Equity | 4,109,685 | 3,819,220 | 7.6 | 4,031,913 | 1.9 |
| Total Liabilities and Shareholders' Equity | $27,796,917 | $27,571,576 | 0.8 | $27,696,333 | 0.4 |
Consolidated Selected Financial Highlights
unaudited, dollars in thousands, except shares
| Balance sheets | June 30, 2026 | March 31, 2026 | % Change |
|---|---|---|---|
| Assets | |||
| Cash and due from banks | $226,961 | $214,453 | 5.8 |
| Due from banks - interest bearing | 644,813 | 745,957 | (13.6) |
| Securities: | |||
| Equity securities, at fair value | 19,060 | 30,256 | (37.0) |
| Available-for-sale debt securities, at fair value | 3,312,972 | 3,298,237 | 0.4 |
| Held-to-maturity (fair values of $1,005,725 and $1,011,303 respectively) | 1,107,751 | 1,120,597 | (1.1) |
| Allowance for credit losses - held-to-maturity debt securities | (165) | (151) | (9.3) |
| Net held-to-maturity debt securities | 1,107,586 | 1,120,446 | (1.1) |
| Total securities | 4,439,618 | 4,448,939 | (0.2) |
| Loans held for sale | 57,318 | 59,281 | (3.3) |
| Portfolio loans: | |||
| Commercial real estate | 11,093,370 | 10,902,275 | 1.8 |
| Commercial and industrial | 2,949,863 | 2,785,440 | 5.9 |
| Residential real estate | 3,939,813 | 3,920,209 | 0.5 |
| Home equity | 1,191,809 | 1,149,878 | 3.6 |
| Consumer | 304,111 | 324,879 | (6.4) |
| Total portfolio loans, net of unearned income | 19,478,966 | 19,082,681 | 2.1 |
| Allowance for credit losses - loans | (217,775) | (210,023) | (3.7) |
| Net portfolio loans | 19,261,191 | 18,872,658 | 2.1 |
| Premises and equipment, net | 248,200 | 251,325 | (1.2) |
| Accrued interest receivable | 102,342 | 105,288 | (2.8) |
| Goodwill and other intangible assets, net | 1,709,084 | 1,716,225 | (0.4) |
| Bank-owned life insurance | 562,297 | 560,773 | 0.3 |
| Other assets | 545,093 | 507,556 | 7.4 |
| Total Assets | $27,796,917 | $27,482,455 | 1.1 |
| Liabilities | |||
| Deposits: | |||
| Non-interest bearing demand | $5,287,995 | $5,223,034 | 1.2 |
| Interest bearing demand | 5,364,937 | 5,505,382 | (2.6) |
| Money market | 5,012,414 | 4,904,510 | 2.2 |
| Savings deposits | 3,335,823 | 3,306,044 | 0.9 |
| Certificates of deposit | 2,591,047 | 2,729,304 | (5.1) |
| Total deposits | 21,592,216 | 21,668,274 | (0.4) |
| Federal Home Loan Bank borrowings | 1,350,000 | 975,000 | 38.5 |
| Other short-term borrowings | 88,419 | 114,068 | (22.5) |
| Subordinated debt and junior subordinated debt | 308,837 | 308,683 | 0.0 |
| Total borrowings | 1,747,256 | 1,397,751 | 25.0 |
| Accrued interest payable | 17,567 | 19,917 | (11.8) |
| Other liabilities | 330,193 | 325,905 | 1.3 |
| Total Liabilities | 23,687,232 | 23,411,847 | 1.2 |
| Shareholders' Equity | |||
| Preferred stock, no par value; 1,000,000 shares authorized; 230,000 shares 7.375% non-cumulative perpetual preferred stock, Series B, liquidation preference $230.0 million, issued and outstanding, respectively | 224,187 | 224,187 | - |
| Common stock, $2.0833 par value; 200,000,000 shares authorized; 96,191,910 and 96,134,158 shares issued; 95,869,209 and 96,134,158 shares outstanding, respectively | 200,396 | 200,276 | 0.1 |
| Capital surplus | 2,498,629 | 2,495,091 | 0.1 |
| Retained earnings | 1,352,870 | 1,300,628 | 4.0 |
| Treasury stock (322,701 and 0 shares - at cost, respectively) | (10,924) | - | 100.0 |
| Accumulated other comprehensive loss | (153,157) | (147,195) | (4.1) |
| Deferred benefits for directors | (2,316) | (2,379) | 2.6 |
| Total Shareholders' Equity | 4,109,685 | 4,070,608 | 1.0 |
| Total Liabilities and Shareholders' Equity | $27,796,917 | $27,482,455 | 1.1 |
Consolidated Selected Financial Highlights
unaudited, dollars in thousands
| Average balance sheet andnet interest margin analysis | For the Three Months Ended June 30, 2026 · AverageBalance | For the Three Months Ended June 30, 2026 · AverageRate | For the Three Months Ended June 30, 2025 · AverageBalance | For the Three Months Ended June 30, 2025 · AverageRate | For the Six Months Ended June 30, 2026 · AverageBalance | For the Six Months Ended June 30, 2026 · AverageRate | For the Six Months Ended June 30, 2025 · AverageBalance | For the Six Months Ended June 30, 2025 · AverageRate |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Due from banks - interest bearing | $716,620 | 3.89% | $746,583 | 4.79% | $731,085 | 3.90% | $675,962 | 4.76% |
| Loans, net of unearned income (1) | 19,240,187 | 6.00 | 18,903,459 | 6.16 | 19,214,689 | 5.97 | 16,823,658 | 6.10 |
| Securities: (2) | ||||||||
| Taxable | 3,921,258 | 3.28 | 3,881,680 | 3.21 | 3,912,760 | 3.27 | 3,567,118 | 3.01 |
| Tax-exempt (3) | 733,614 | 3.34 | 731,866 | 3.20 | 736,525 | 3.35 | 732,482 | 3.19 |
| Total securities | 4,654,872 | 3.29 | 4,613,546 | 3.21 | 4,649,285 | 3.29 | 4,299,600 | 3.04 |
| Other earning assets | 57,148 | 8.86 | 87,138 | 7.75 | 59,697 | 8.26 | 74,336 | 7.31 |
| Total earning assets (3) | 24,668,827 | 5.44% | 24,350,726 | 5.56% | 24,654,756 | 5.41% | 21,873,556 | 5.46% |
| Other assets | 2,845,563 | 2,953,974 | 2,867,704 | 2,586,357 | ||||
| Total Assets | $27,514,390 | $27,304,700 | $27,522,460 | $24,459,913 | ||||
| Liabilities and Shareholders' Equity | ||||||||
| Interest bearing demand deposits | $5,432,483 | 2.26% | $4,885,687 | 2.50% | $5,380,121 | 2.25% | $4,531,324 | 2.66% |
| Money market accounts | 4,936,974 | 2.73 | 4,830,592 | 3.01 | 4,919,115 | 2.70 | 4,025,925 | 2.88 |
| Savings deposits | 3,318,841 | 1.33 | 3,122,815 | 1.11 | 3,278,372 | 1.30 | 2,865,410 | 1.13 |
| Certificates of deposit | 2,662,394 | 3.10 | 2,960,970 | 2.90 | 2,744,568 | 3.17 | 2,575,458 | 3.13 |
| Total interest bearing deposits | 16,350,692 | 2.35 | 15,800,064 | 2.46 | 16,322,176 | 2.35 | 13,998,117 | 2.50 |
| Federal Home Loan Bank borrowings | 1,040,934 | 4.00 | 1,585,821 | 4.22 | 1,097,790 | 3.99 | 1,378,552 | 4.35 |
| Repurchase agreements | 101,809 | 2.23 | 118,988 | 2.75 | 104,581 | 2.24 | 140,829 | 2.78 |
| Subordinated debt and junior subordinated debt | 308,740 | 5.32 | 357,379 | 5.96 | 308,663 | 5.34 | 331,488 | 5.74 |
| Total interest bearing liabilities (4) | 17,802,175 | 2.50% | 17,862,252 | 2.69% | 17,833,210 | 2.50% | 15,848,986 | 2.73% |
| Non-interest bearing demand deposits | 5,294,900 | 5,328,576 | 5,275,299 | 4,816,070 | ||||
| Other liabilities | 306,434 | 294,359 | 315,135 | 308,189 | ||||
| Shareholders' equity | 4,110,881 | 3,819,513 | 4,098,816 | 3,486,668 | ||||
| Total Liabilities and Shareholders' Equity | $27,514,390 | $27,304,700 | $27,522,460 | $24,459,913 | ||||
| Taxable equivalent net interest spread | 2.94% | 2.87% | 2.91% | 2.73% | ||||
| Taxable equivalent net interest margin | 3.63% | 3.59% | 3.60% | 3.48% | ||||
| (1) Gross of allowance for credit losses, net of unearned income and includes non-accrual loans and loans held for sale. Loan fees included in interest income on loans were $2.1 million and $2.5 million for the three months ended June 30, 2026 and 2025, respectively, and were $3.9 million and $4.1 million for the six months ended June 30, 2026 and 2025, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $14.7 million and $16.5 million for the three months ended June 30, 2026 and 2025, respectively, and was $28.0 million and $23.3 million for the six months ended June 30, 2026 and 2025, respectively. | ||||||||
| (2) Average yields on available-for-sale securities are calculated based on amortized cost. | ||||||||
| (3) Taxable equivalent basis is calculated on tax-exempt securities using a rate of 21% for each period presented. | ||||||||
| (4) Accretion on interest bearing liabilities acquired from prior acquisitions was $0.1 million and $5.6 million for the three months ended June 30, 2026 and 2025, respectively, and was $0.4 million and $7.8 million for the six months ended June 30, 2026 and 2025, respectively. |
Consolidated Selected Financial Highlights
unaudited, dollars in thousands, except shares and per share amounts
| Statement of Income | Quarter EndedJune 30, 2026 | Quarter EndedMarch 31, 2026 | Quarter EndedDec. 31, 2025 | Quarter EndedSept. 30, 2025 | Quarter EndedJune 30, 2025 |
|---|---|---|---|---|---|
| Interest and dividend income | |||||
| Loans, including fees | $287,916 | $280,989 | $293,208 | $295,482 | $290,104 |
| Interest and dividends on securities: | |||||
| Taxable | 32,083 | 31,443 | 31,546 | 31,483 | 31,066 |
| Tax-exempt | 4,833 | 4,824 | 4,865 | 4,692 | 4,616 |
| Total interest and dividends on securities | 36,916 | 36,267 | 36,411 | 36,175 | 35,682 |
| Other interest income | 8,219 | 8,368 | 9,821 | 11,229 | 10,596 |
| Total interest and dividend income | 333,051 | 325,624 | 339,440 | 342,886 | 336,382 |
| Interest expense | |||||
| Interest bearing demand deposits | 30,567 | 29,368 | 29,821 | 31,351 | 30,405 |
| Money market deposits | 33,650 | 32,151 | 36,166 | 38,249 | 36,287 |
| Savings deposits | 11,029 | 10,119 | 9,570 | 9,577 | 8,670 |
| Certificates of deposit | 20,590 | 22,591 | 24,235 | 23,554 | 21,442 |
| Total interest expense on deposits | 95,836 | 94,229 | 99,792 | 102,731 | 96,804 |
| Federal Home Loan Bank borrowings | 10,390 | 11,316 | 11,378 | 17,337 | 16,683 |
| Other short-term borrowings | 565 | 598 | 730 | 766 | 816 |
| Subordinated debt and junior subordinated debt | 4,098 | 4,080 | 5,243 | 5,336 | 5,310 |
| Total interest expense | 110,889 | 110,223 | 117,143 | 126,170 | 119,613 |
| Net interest income | 222,162 | 215,401 | 222,297 | 216,716 | 216,769 |
| Provision for credit losses | 9,185 | (897) | 3,059 | 2,082 | 3,218 |
| Net interest income after provision for credit losses | 212,977 | 216,298 | 219,238 | 214,634 | 213,551 |
| Non-interest income | |||||
| Trust fees | 9,830 | 10,442 | 9,745 | 8,987 | 9,657 |
| Service charges on deposits | 11,546 | 10,961 | 11,159 | 11,163 | 10,484 |
| Digital banking income | 7,410 | 6,599 | 6,422 | 7,324 | 7,325 |
| Net swap fee and valuation income | 3,135 | 1,062 | 3,959 | 3,231 | 746 |
| Net securities brokerage revenue | 3,670 | 3,472 | 2,836 | 2,961 | 3,348 |
| Bank-owned life insurance | 4,317 | 3,811 | 4,458 | 3,765 | 3,450 |
| Mortgage banking income | 1,055 | 919 | 791 | 1,898 | 2,364 |
| Net securities gains / (losses) | 1,644 | (13) | 1,077 | 1,210 | 1,410 |
| Net gains / (losses) on other real estate owned and other assets | 2,036 | 546 | (824) | 329 | 111 |
| Other income | 8,989 | 4,032 | 3,647 | 3,996 | 5,062 |
| Total non-interest income | 53,632 | 41,831 | 43,270 | 44,864 | 43,957 |
| Non-interest expense | |||||
| Salaries and wages | 66,402 | 63,964 | 61,664 | 60,583 | 60,153 |
| Employee benefits | 19,148 | 17,611 | 17,148 | 18,040 | 18,857 |
| Net occupancy | 7,863 | 8,529 | 8,522 | 8,819 | 8,119 |
| Equipment and software | 15,640 | 15,678 | 16,110 | 16,310 | 17,140 |
| Marketing | 2,271 | 1,526 | 2,636 | 2,979 | 1,864 |
| FDIC insurance | 4,168 | 4,784 | 5,411 | 5,820 | 5,479 |
| Amortization of intangible assets | 7,141 | 7,160 | 7,217 | 8,425 | 9,204 |
| Restructuring and merger-related expense | 1,003 | 3,713 | 3,483 | 11,383 | 41,056 |
| Other operating expenses | 25,450 | 23,740 | 25,697 | 23,829 | 24,663 |
| Total non-interest expense | 149,086 | 146,705 | 147,888 | 156,188 | 186,535 |
| Income before provision for income taxes | 117,523 | 111,424 | 114,620 | 103,310 | 70,973 |
| Provision for income taxes | 24,846 | 22,789 | 23,510 | 19,737 | 13,558 |
| Net Income | 92,677 | 88,635 | 91,110 | 83,573 | 57,415 |
| Preferred stock dividends | 4,240 | 4,240 | 12,948 | 2,531 | 2,531 |
| Net income available to common shareholders | $88,437 | $84,395 | $78,162 | $81,042 | $54,884 |
| Taxable equivalent net interest income | $223,447 | $216,683 | $223,590 | $217,963 | $217,996 |
| Per common share data | |||||
| Net income per common share - basic | $0.92 | $0.88 | $0.81 | $0.84 | $0.57 |
| Net income per common share - diluted | 0.91 | 0.88 | 0.81 | 0.84 | 0.57 |
| Adjusted net income per common share - diluted, excluding certain items (1) (2) | 0.92 | 0.91 | 0.84 | 0.94 | 0.91 |
| Dividends declared | 0.38 | 0.38 | 0.38 | 0.37 | 0.37 |
| Book value (period end) | 40.53 | 40.01 | 39.64 | 39.02 | 38.28 |
| Tangible book value (period end) (1) | 22.98 | 22.45 | 22.01 | 21.29 | 20.48 |
| Average common shares outstanding - basic | 96,028,958 | 96,103,497 | 96,053,336 | 95,995,174 | 95,744,980 |
| Average common shares outstanding - diluted | 96,703,880 | 96,309,352 | 96,226,845 | 96,116,617 | 95,808,310 |
| Period end common shares outstanding | 95,869,209 | 96,134,158 | 96,067,559 | 96,044,222 | 95,986,023 |
| Period end preferred shares outstanding | 230,000 | 230,000 | 230,000 | 380,000 | 150,000 |
| Full time equivalent employees | 2,996 | 2,973 | 3,030 | 3,064 | 3,253 |
| (1) See non-GAAP financial measures for additional information relating to the calculation of this item. | |||||
| (2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses and the after-tax day one provision for credit losses on acquired loans. |
Consolidated Selected Financial Highlights
unaudited, dollars in thousands
| Asset quality data | Quarter EndedJune 30, 2026 | Quarter EndedMarch 31, 2026 | Quarter EndedDec. 31, 2025 | Quarter EndedSept. 30, 2025 | Quarter EndedJune 30, 2025 |
|---|---|---|---|---|---|
| Non-performing assets: | |||||
| Total non-performing loans | $146,058 | $145,008 | $91,584 | $94,463 | $84,319 |
| Other real estate and repossessed assets | 1,391 | 1,323 | 907 | 997 | 958 |
| Total non-performing assets | $147,449 | $146,331 | $92,491 | $95,460 | $85,277 |
| Past due loans (1): | |||||
| Loans past due 30-89 days | $67,388 | $89,877 | $91,199 | $80,333 | $65,401 |
| Loans past due 90 days or more | 21,783 | 16,210 | 37,783 | 19,430 | 20,890 |
| Total past due loans | $89,171 | $106,087 | $128,982 | $99,763 | $86,291 |
| Loans past due 30-89 days / total portfolio loans | 0.35% | 0.47% | 0.47% | 0.42% | 0.35% |
| Loans past due 90 days or more / total portfolio loans | 0.11 | 0.08 | 0.20 | 0.10 | 0.11 |
| Non-performing loans / total portfolio loans | 0.75 | 0.76 | 0.48 | 0.50 | 0.45 |
| Non-performing assets/total portfolio loans, other real estate and repossessed assets | 0.76 | 0.77 | 0.48 | 0.50 | 0.45 |
| Non-performing assets / total assets | 0.53 | 0.53 | 0.33 | 0.35 | 0.31 |
| Allowance for credit losses | |||||
| Allowance for credit losses - loans | $217,775 | $210,023 | $218,749 | $217,666 | $223,866 |
| Allowance for credit losses - loan commitments | 7,740 | 7,212 | 6,950 | 7,628 | 6,168 |
| Provision for credit losses | 9,185 | (897) | 3,059 | 2,082 | 3,218 |
| Net loan and deposit account overdraft charge-offs and recoveries | 892 | 7,584 | 2,666 | 8,867 | 4,329 |
| Annualized net loan charge-offs and recoveries / average loans | 0.02% | 0.16% | 0.06% | 0.19% | 0.09% |
| Allowance for credit losses - loans / total portfolio loans | 1.12% | 1.10% | 1.14% | 1.15% | 1.19% |
| Allowance for credit losses - loans / non-performing loans | 1.49 | 1.45 | 2.39 | 2.30 | 2.65 |
| Allowance for credit losses - loans / non-performing loans and loans past due | 0.93 | 0.84 | 0.99 | 1.12 | 1.31 |
| Quarter Ended | |||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | |
| 2026 | 2026 | 2025 | 2025 | 2025 | |
| Capital ratios | |||||
| Tier I leverage capital | 9.83% | 9.63% | 9.42% | 9.72% | 8.66% |
| Tier I risk-based capital | 11.72 | 11.72 | 11.42 | 11.83 | 10.59 |
| Total risk-based capital | 14.18 | 14.19 | 13.92 | 14.58 | 13.40 |
| Common equity tier 1 capital ratio (CET 1) | 10.70 | 10.67 | 10.37 | 10.10 | 9.90 |
| Average shareholders' equity to average assets | 14.94 | 14.84 | 14.88 | 14.22 | 13.99 |
| Tangible equity to tangible assets (2) | 9.29 | 9.24 | 8.99 | 9.35 | 8.16 |
| Tangible common equity to tangible assets (2) | 8.44 | 8.37 | 8.13 | 7.92 | 7.60 |
| (1) Excludes non-performing loans. | |||||
| (2) See non-GAAP financial measures for additional information relating to the calculation of this ratio. |
The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.
| (unaudited, dollars in thousands, except shares and per share amounts) | Three Months EndedJune 30, 2026 | Three Months EndedMar. 31, 2026 | Three Months EndedDec. 31, 2025 | Three Months EndedSept. 30, 2025 | Three Months EndedJune 30, 2025 | Year to DateJune 30, 2026 | Year to DateJune 30, 2025 |
|---|---|---|---|---|---|---|---|
| Return on average assets, excluding certain items: | |||||||
| Net income available to common shareholders | $88,437 | $84,395 | $78,162 | $81,042 | $54,884 | $172,832 | $43,360 |
| Add: after-tax restructuring and merger-related expenses (1) | 792 | 2,933 | 2,752 | 8,993 | 32,434 | 3,726 | 48,242 |
| Add: after-tax day one provision for credit losses on acquired loans (1) | - | - | - | - | - | - | 46,926 |
| Net income available to common shareholders, excluding certain items | 89,229 | 87,328 | 80,914 | 90,035 | 87,318 | 176,558 | 138,528 |
| Average total assets | $27,514,390 | $27,530,620 | $27,481,963 | $27,419,726 | $27,304,700 | $27,522,460 | $24,459,913 |
| Return on average assets, excluding certain items (annualized) (2) | 1.30% | 1.29% | 1.17% | 1.30% | 1.28% | 1.29% | 1.14% |
| Return on average equity, excluding certain items: | |||||||
| Net income available to common shareholders | $88,437 | $84,395 | $78,162 | $81,042 | $54,884 | $172,832 | $43,360 |
| Add: after-tax restructuring and merger-related expenses (1) | 792 | 2,933 | 2,752 | 8,993 | 32,434 | 3,726 | 48,242 |
| Add: after-tax day one provision for credit losses on acquired loans (1) | - | - | - | - | - | - | 46,926 |
| Net income available to common shareholders excluding certain items | 89,229 | 87,328 | 80,914 | 90,035 | 87,318 | 176,558 | 138,528 |
| Average total shareholders' equity | $4,110,881 | $4,086,617 | $4,088,456 | $3,898,142 | $3,819,513 | $4,098,816 | $3,486,668 |
| Return on average equity, excluding certain items (annualized) (2) | 8.71% | 8.67% | 7.85% | 9.16% | 9.17% | 8.69% | 8.01% |
| Return on average tangible equity: | |||||||
| Net income available to common shareholders | $88,437 | $84,395 | $78,162 | $81,042 | $54,884 | $172,832 | $43,360 |
| Add: amortization of intangibles (1) | 5,641 | 5,656 | 5,701 | 6,656 | 7,271 | 11,298 | 10,607 |
| Net income available to common shareholders before amortization of intangibles | 94,078 | 90,051 | 83,863 | 87,698 | 62,155 | 184,130 | 53,967 |
| Average total shareholders' equity | 4,110,881 | 4,086,617 | 4,088,456 | 3,898,142 | 3,819,513 | 4,098,816 | 3,486,668 |
| Less: average goodwill and other intangibles, net of def. tax liability | (1,685,204) | (1,691,156) | (1,700,188) | (1,704,105) | (1,608,358) | (1,688,164) | (1,461,946) |
| Average tangible equity | $2,425,677 | $2,395,461 | $2,388,268 | $2,194,037 | $2,211,155 | $2,410,652 | $2,024,722 |
| Return on average tangible equity (annualized) (2) | 15.56% | 15.25% | 13.93% | 15.86% | 11.27% | 15.40% | 5.38% |
| Average tangible common equity | $2,201,490 | $2,171,274 | $2,096,528 | $2,015,329 | $2,066,671 | $2,186,465 | $1,880,238 |
| Return on average tangible common equity (annualized) (2) | 17.14% | 16.82% | 15.87% | 17.26% | 12.06% | 16.98% | 5.79% |
| Return on average tangible equity, excluding certain items: | |||||||
| Net income available to common shareholders | $88,437 | $84,395 | $78,162 | $81,042 | $54,884 | $172,832 | $43,360 |
| Add: after-tax restructuring and merger-related expenses (1) | 792 | 2,933 | 2,752 | 8,993 | 32,434 | 3,726 | 48,242 |
| Add: amortization of intangibles (1) | 5,641 | 5,656 | 5,701 | 6,656 | 7,271 | 11,298 | 10,607 |
| Add: after-tax day one provision for credit losses on acquired loans (1) | - | - | - | - | - | - | 46,926 |
| Net income available to common shareholders before amortization of intangibles and excluding certain items | 94,870 | 92,984 | 86,615 | 96,691 | 94,589 | 187,856 | 149,135 |
| Average total shareholders' equity | 4,110,881 | 4,086,617 | 4,088,456 | 3,898,142 | 3,819,513 | 4,098,816 | 3,486,668 |
| Less: average goodwill and other intangibles, net of def. tax liability | (1,685,204) | (1,691,156) | (1,700,188) | (1,704,105) | (1,608,358) | (1,688,164) | (1,461,946) |
| Average tangible equity | $2,425,677 | $2,395,461 | $2,388,268 | $2,194,037 | $2,211,155 | $2,410,652 | $2,024,722 |
| Return on average tangible equity, excluding certain items (annualized) (2) | 15.69% | 15.74% | 14.39% | 17.48% | 17.16% | 15.71% | 14.85% |
| Average tangible common equity | $2,201,490 | $2,171,274 | $2,096,528 | $2,015,329 | $2,066,671 | $2,186,465 | $1,880,238 |
| Return on average tangible common equity, excluding certain items (annualized) (2) | 17.28% | 17.37% | 16.39% | 19.03% | 18.36% | 17.33% | 15.99% |
| (unaudited, dollars in thousands, except shares and per share amounts) | Three Months EndedJune 30, 2026 | Three Months EndedMar. 31, 2026 | Three Months EndedDec. 31, 2025 | Three Months EndedSept. 30, 2025 | Three Months EndedJune 30, 2025 | Year to DateJune 30, 2026 | Year to DateJune 30, 2025 |
|---|---|---|---|---|---|---|---|
| Efficiency ratio: | |||||||
| Non-interest expense | $149,086 | $146,705 | $147,888 | $156,188 | $186,535 | $295,788 | $320,500 |
| Less: amortization of intangibles | (7,141) | (7,160) | (7,217) | (8,245) | (9,204) | (14,301) | (13,427) |
| Less: restructuring and merger-related expense | (1,003) | (3,713) | (3,483) | (11,383) | (41,056) | (4,716) | (61,066) |
| Non-interest expense excluding restructuring and merger-related expense | 140,942 | 135,832 | 137,188 | 136,380 | 136,275 | 276,771 | 246,007 |
| Net interest income on a fully taxable equivalent basis | 223,447 | 216,683 | 223,590 | 217,963 | 217,996 | 440,129 | 377,719 |
| Non-interest income, excluding net securities gains (losses) | 51,988 | 41,844 | 42,193 | 43,654 | 42,547 | 93,831 | 78,622 |
| Net interest income on a fully taxable equivalent basis plus non-interest income | $275,435 | $258,527 | $265,783 | $261,617 | $260,543 | $533,960 | $456,341 |
| Efficiency ratio | 51.17% | 52.54% | 51.62% | 52.13% | 52.30% | 51.83% | 53.91% |
| Adjusted net income available to common shareholders, excluding certain items: | |||||||
| Net income available to common shareholders | $88,437 | $84,395 | $78,162 | $81,042 | $54,884 | $172,832 | $43,360 |
| Add: after-tax restructuring and merger-related expenses (1) | 792 | 2,933 | 2,752 | 8,993 | 32,434 | 3,726 | 48,242 |
| Add: after-tax day one provision for credit losses on acquired loans (1) | - | - | - | - | - | - | 46,926 |
| Adjusted net income available to common shareholders, excluding certain items: | $89,229 | $87,328 | $80,914 | $90,035 | $87,318 | $176,558 | $138,528 |
| Adjusted net income per common share - diluted, excluding certain items: | |||||||
| Net income per common share - diluted | $0.91 | $0.88 | $0.81 | $0.84 | $0.57 | $1.79 | $0.50 |
| Add: after-tax restructuring and merger-related expenses per common share - diluted (1) | 0.01 | 0.03 | 0.03 | 0.10 | 0.34 | 0.04 | 0.56 |
| Add: after-tax day one provision for credit losses on acquired loans (1) | - | - | - | - | - | - | 0.54 |
| Adjusted net income per common share - diluted, excluding certain items: | $0.92 | $0.91 | $0.84 | $0.94 | $0.91 | $1.83 | $1.60 |
| Period End | |||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | |||
| 2026 | 2026 | 2025 | 2025 | 2025 | |||
| Tangible book value per share: | |||||||
| Total shareholders' equity | $4,109,685 | $4,070,608 | $4,031,913 | $4,116,527 | $3,819,220 | ||
| Less: goodwill and other intangible assets, net of def. tax liability | (1,682,457) | (1,688,098) | (1,693,755) | (1,702,916) | (1,709,001) | ||
| Less: preferred shareholder's equity | (224,187) | (224,187) | (224,187) | (368,867) | (144,484) | ||
| Tangible common equity | 2,203,041 | 2,158,323 | 2,113,971 | 2,044,744 | 1,965,735 | ||
| Common shares outstanding | 95,869,209 | 96,134,158 | 96,067,559 | 96,044,222 | 95,986,023 | ||
| Tangible book value per share | $22.98 | $22.45 | $22.01 | $21.29 | $20.48 | ||
| Tangible common equity to tangible assets: | |||||||
| Total shareholders' equity | $4,109,685 | $4,070,608 | $4,031,913 | $4,116,527 | $3,819,220 | ||
| Less: goodwill and other intangible assets, net of def. tax liability | (1,682,457) | (1,688,098) | (1,693,755) | (1,702,916) | (1,709,001) | ||
| Tangible equity | 2,427,228 | 2,382,510 | 2,338,158 | 2,413,611 | 2,110,219 | ||
| Less: preferred shareholders' equity | (224,187) | (224,187) | (224,187) | (368,867) | (144,484) | ||
| Tangible common equity | 2,203,041 | 2,158,323 | 2,113,971 | 2,044,744 | 1,965,735 | ||
| Total assets | 27,796,917 | 27,482,455 | 27,696,333 | 27,518,042 | 27,571,576 | ||
| Less: goodwill and other intangible assets, net of def. tax liability | (1,682,457) | (1,688,098) | (1,693,755) | (1,702,916) | (1,709,001) | ||
| Tangible assets | $26,114,460 | $25,794,357 | $26,002,578 | $25,815,126 | $25,862,575 | ||
| Tangible equity to tangible assets | 9.29% | 9.24% | 8.99% | 9.35% | 8.16% | ||
| Tangible common equity to tangible assets | 8.44% | 8.37% | 8.13% | 7.92% | 7.60% | ||
| (1) Tax effected at 21% for all periods presented. | |||||||
| (2) The ratios are annualized by utilizing actual number of days in the quarter versus the year. |
The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.
| (unaudited, dollars in thousands, except shares and per share amounts) | Three Months EndedJune 30, 2026 | Three Months EndedMar. 31, 2026 | Three Months EndedDec. 31, 2025 | Three Months EndedSept. 30, 2025 | Three Months EndedJune 30, 2025 | Year to DateJune 30, 2026 | Year to DateJune 30, 2025 |
|---|---|---|---|---|---|---|---|
| Pre-tax, pre-provision income: | |||||||
| Income before provision for income taxes | $117,523 | $111,424 | $114,620 | $103,310 | $70,973 | $228,948 | $61,309 |
| Add: provision for credit losses | 9,185 | (897) | 3,059 | 2,082 | 3,218 | 8,288 | 72,101 |
| Pre-tax, pre-provision income | $126,708 | $110,527 | $117,679 | $105,392 | $74,191 | $237,236 | $133,410 |
| Pre-tax, pre-provision income, excluding restructuring and merger-related expenses: | |||||||
| Income before provision for income taxes | $117,523 | $111,424 | $114,620 | $103,310 | $70,973 | $228,948 | $61,309 |
| Add: provision for credit losses | 9,185 | (897) | 3,059 | 2,082 | 3,218 | 8,288 | 72,101 |
| Add: restructuring and merger-related expenses | 1,003 | 3,713 | 3,483 | 11,383 | 41,056 | 4,716 | 61,066 |
| Pre-tax, pre-provision income, excluding restructuring and merger-related expenses | $127,711 | $114,240 | $121,162 | $116,775 | $115,247 | $241,952 | $194,476 |
| Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses: | |||||||
| Income before provision for income taxes | $117,523 | $111,424 | $114,620 | $103,310 | $70,973 | $228,948 | $61,309 |
| Add: provision for credit losses | 9,185 | (897) | 3,059 | 2,082 | 3,218 | 8,288 | 72,101 |
| Add: restructuring and merger-related expenses | 1,003 | 3,713 | 3,483 | 11,383 | 41,056 | 4,716 | 61,066 |
| Pre-tax, pre-provision income, excluding restructuring and merger-related expenses | 127,711 | 114,240 | 121,162 | 116,775 | 115,247 | 241,952 | 194,476 |
| Average total assets | $27,514,390 | $27,530,620 | $27,481,963 | $27,419,726 | $27,304,700 | $27,522,460 | $24,459,913 |
| Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses (annualized) (2) | 1.86% | 1.68% | 1.75% | 1.69% | 1.69% | 1.77% | 1.60% |
| Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses: | |||||||
| Income before provision for income taxes | $117,523 | $111,424 | $114,620 | $103,310 | $70,973 | $228,948 | $61,309 |
| Add: provision for credit losses | 9,185 | (897) | 3,059 | 2,082 | 3,218 | 8,288 | 72,101 |
| Add: restructuring and merger-related expenses | 1,003 | 3,713 | 3,483 | 11,383 | 41,056 | 4,716 | 61,066 |
| Pre-tax, pre-provision income, excluding restructuring and merger-related expenses | 127,711 | 114,240 | 121,162 | 116,775 | 115,247 | 241,952 | 194,476 |
| Average total shareholders' equity | $4,110,881 | $4,086,617 | $4,088,456 | $3,898,142 | $3,819,513 | $4,098,816 | $3,486,668 |
| Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses (annualized) (2) | 12.46% | 11.34% | 11.76% | 11.88% | 12.10% | 11.90% | 11.25% |
| Pre-tax, pre-provision return on average tangible equity, excluding certain items (1): | |||||||
| Income before provision for income taxes | $117,523 | $111,424 | $114,620 | $103,310 | $70,973 | $228,948 | $61,309 |
| Add: provision for credit losses | 9,185 | (897) | 3,059 | 2,082 | 3,218 | 8,288 | 72,101 |
| Add: amortization of intangibles | 7,141 | 7,160 | 7,217 | 8,425 | 9,204 | 14,301 | 13,427 |
| Add: restructuring and merger-related expenses | 1,003 | 3,713 | 3,483 | 11,383 | 41,056 | 4,716 | 61,066 |
| Pre-tax, pre-provision income before restructuring and merger-related expenses and amortization of intangibles | 134,852 | 121,400 | 128,379 | 125,200 | 124,451 | 256,253 | 207,903 |
| Average total shareholders' equity | 4,110,881 | 4,086,617 | 4,088,456 | 3,898,142 | 3,819,513 | 4,098,816 | 3,486,668 |
| Less: average goodwill and other intangibles, net of def. tax liability | (1,685,204) | (1,691,156) | (1,700,188) | (1,704,105) | (1,608,358) | (1,688,164) | (1,461,946) |
| Average tangible equity | $2,425,677 | $2,395,461 | $2,388,268 | $2,194,037 | $2,211,155 | $2,410,652 | $2,024,722 |
| Pre-tax, pre-provision return on average tangible equity, excluding certain items (annualized) (1) (2) | 22.30% | 20.55% | 21.33% | 22.64% | 22.58% | 21.44% | 20.71% |
| Average tangible common equity | $2,201,490 | $2,171,274 | $2,096,528 | $2,015,329 | $2,066,671 | $2,186,465 | $1,880,238 |
| Pre-tax, pre-provision return on average tangible common equity, excluding certain items (annualized) (1) (2) | 24.57% | 22.68% | 24.29% | 24.65% | 24.15% | 23.63% | 22.30% |
| (1) Certain items excluded from the calculations consist of credit provisions, tax provisions and restructuring and merger-related expenses. | |||||||
| (2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year. |