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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2004
 
 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from ____________ to ____________
Commission File Number 0-8467

[Graphic]

WESBANCO, INC.
 
(Exact name of Registrant as specified in its charter)
 
 
WEST VIRGINIA
55-0571723
State or other jurisdiction of
(IRS Employer Identification No.)
incorporation or organization)
 
 
 
1 Bank Plaza, Wheeling, WV
26003
(Address of principal executive offices)
(Zip Code)
 
 

 
Registrant's telephone number, including area code:
  
304-234-9000
 
 
 
Not Applicable
 

 (Former name, former address and former fiscal year,  if changed since last report)

 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ No ¨

Indicate by check mark whether the Registrant is an accelerated filer as defined by Rule 12b-2 of the Exchange Act.
Yes þ No ¨

APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. As of April 30, 2004 there were 19,679,153 shares of WesBanco, Inc. common stock $2.0833 par value, outstanding.











 
WESBANCO, INC.
 
 
TABLE OF CONTENTS
 
 
 
 
ITEM #
ITEM
PAGE NO.
 
 
 
 
PART I
 
1
Financial Statements and Accompanying Notes
3 - 11
 
 
 
2
Management’s Discussion and Analysis of Financial
 
 
Condition and Results of Operations
12 - 20
 
 
 
3
Quantitative and Qualitative Disclosures About Market Risk
20 - 21
 
 
 
4
Controls and Procedures
22
 
 
 
 
PART II
 
1
Legal Proceedings
22
 
 
 
2
Changes in Securities and Use of Proceeds
23
 
 
 
3
Defaults Upon Senior Securities
23
 
 
 
4
Submission of Matters to a Vote of Security Holders
23
 
 
 
5
Other Information
23
 
 
 
6(a)
Exhibits
23
 
 
 
6(b)
Reports on Form 8-K
24
 
 
 
 
 
 
 
Signatures
25
 
 
 

2

 
     
 
PART I – FINANCIAL INFORMATION

Item 1. – Financial Statements
Consolidated Balance Sheets at March 31, 2004 and December 31, 2003, and Consolidated Statements of Income for the three months ended March 31, 2004 and 2003, Consolidated Statements of Changes in Shareholders' Equity and Consolidated Statements of Cash Flows for the three months ended March 31, 2004 and 2003 are set forth on the following pages.
In the opinion of the management of WesBanco, all adjustments, consisting of normal recurring accruals necessary for a fair presentation of the financial information referred to above for such periods, have been made. The results of operations for the three months ended March 31, 2004 and 2003 are not necessarily indicative of what results may be attained for the entire year.
For further information, refer to WesBanco’s Annual Report on Form 10-K for the year ended December 31, 2003, which includes the 2003 Annual Report to Shareholders.
 
3
 
     
 

CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share amounts)
  
 
 

 March 31, 2004

  

 December 31, 2003

  
 
(Unaudited)		  
 
 
          
 
  
ASSETS
    
 
    
 
  
Cash and due from banks
  
$
68,193
  
$
88,021
  
Due from banks – interest bearing
    
3,835
    
3,189
  
Federal funds sold
    
13,000
    
17,000
  
Securities:
    
 
    
 
  
Held to maturity (fair values of $434,110 and $449,746, respectively)
    
415,997
    
434,226
  
Available for sale, carried at fair value
    
726,077
    
766,883
  
 
 
 
Total securities
    
1,142,074
    
1,201,109
  
 
 
 
Loans held for sale
    
765
    
1,741
  
 
 
 
Total portfolio loans, net of unearned income
    
1,948,949
    
1,931,797
  
Allowance for loan losses
    
(26,802
)
  
(26,235
)
 
 
 
Net portfolio loans
    
1,922,147
    
1,905,562
  
 
 
 
Premises and equipment
    
52,623
    
53,232
  
Accrued interest receivable
    
18,054
    
18,247
  
Goodwill
   
49,868
    
49,868
  
Core deposit intangible, net
    
7,646
    
7,933
  
Bank-owned life insurance
    
66,679
    
66,001
  
Other assets
    
31,628
    
33,103
  
 
 
 
Total Assets
  
$
3,376,512
  
$
3,445,006
  
 
 		  
 		  
       
 
    
 
    
 
  
LIABILITIES
    
 
    
 
  
Deposits:
    
 
    
 
  
Non-interest bearing demand
  
$
317,095
  
$
328,337
  
Interest bearing demand
    
292,004
    
307,925
  
Money market
    
570,047
    
563,295
  
Savings deposits
    
353,206
    
352,324
  
Certificates of deposit
    
928,512
    
930,201
  
 
 
 
Total deposits
    
2,460,864
    
2,482,082
  
 
 
 
Federal Home Loan Bank borrowings
    
360,386
    
361,230
  
Other borrowings
    
152,077
    
217,754
  
Junior subordinated debt
    
30,936
    
30,936
  
 
 
 
Total borrowings
    
543,399
    
609,920
  
 
 
 
Accrued interest payable
    
5,490
    
5,793
  
Other liabilities
    
41,136
    
28,775
  
 
 
 
Total Liabilities
    
3,050,889
    
3,126,570
  
 
 
 
 
    
 
    
 
  
SHAREHOLDERS' EQUITY
   
 
    
 
  
Preferred stock, no par value; 1,000,000 shares authorized; none outstanding
    
—
    
—
  
Common stock ($2.0833 par value; 50,000,000 shares authorized;
   
 
    
 
  
21,319,348 shares issued)
    
44,415
    
44,415
  
Capital surplus
    
52,994
    
52,900
  
Retained earnings
    
267,887
    
263,080
  
Treasury stock (1,646,245 and 1,577,884 shares, respectively, at cost)
    
(40,588
)
  
(38,383
)
Accumulated other comprehensive income (loss)
    
2,344
    
(1,864
)
Deferred benefits for directors and employees
    
(1,429
)
  
(1,712
)
 
 
 
Total Shareholders' Equity
    
325,623
    
318,436
  
 
 
 
Total Liabilities and Shareholders' Equity
  
$
3,376,512
  
$
3,445,006
  
 
 		  
 		  
See Notes to Consolidated Financial Statements.





4


 

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, dollars in thousands, except per share amounts)
  
 
 
For the Three Months Ended,
March 31, 
   
 
    
2004

 

 
2003
  
 
 
 
INTEREST INCOME
    
 
    
 
  
Loans, including fees
  
$
28,162
  
$
28,747
  
Securities:
    
 
    
 
  
Taxable
    
7,294
    
8,597
  
Tax-exempt
    
4,351
    
4,464
  
 
 
 
Total interest on securities
    
11,645
    
13,061
  
 
 
 
Federal funds sold
    
24
    
97
  
 
 
 
Total interest income
    
39,831
    
41,905
  
 
 
 
INTEREST EXPENSE
    
 
    
 
  
Interest bearing demand deposits
    
195
    
305
  
Money market deposits
    
2,336
    
2,898
  
Savings deposits
    
280
    
694
  
Certificates of deposit
    
6,533
    
8,716
  
 
 
 
Total interest on deposits
    
9,344
    
12,613
  
Federal Home Loan Bank borrowings
    
3,190
    
3,570
  
Other borrowings
    
541
    
605
  
Junior subordinated debt
    
429
    
—
  
Trust preferred securities
    
—
    
275
  
 
 
 
Total interest expense
    
13,504
    
17,063
  
 
 
 
NET INTEREST INCOME
    
26,327
    
24,842
  
Provision for loan losses
    
1,800
    
1,980
  
 
 
 
Net interest income after provision for loan losses
    
24,527
    
22,862
  
 
 
 
NON-INTEREST INCOME
    
 
    
 
  
Trust fees
    
3,531
    
2,982
  
Service charges on deposits
    
3,013
    
2,696
  
Bank-owned life insurance
    
689
    
791
  
Other income
    
867
    
772
  
Net securities gains
   
661
    
1,006
  
 
 
 
Total non-interest income
    
8,761
    
8,247
  
 
 
 
NON-INTEREST EXPENSE
    
 
    
 
  
Salaries and wages
    
8,586
    
7,960
  
Employee benefits
    
2,609
    
2,481
  
Net occupancy
    
1,569
    
1,491
  
Equipment
    
1,770
    
1,818
  
Core deposit intangible amortization
    
287
    
293
  
Other operating
    
6,314
    
6,012
  
Total non-interest expense
    
 21,135
    
 20,055
  
       
 
 
 
Income before provision for income taxes
    
12,153
    
11,054
  
Provision for income taxes
    
2,394
    
2,165
  
 
 
 
NET INCOME
  
$
9,759
  
$
8,889
  
 
 		  
  		  
       
 
    
 
    
 
  
Earnings per share - basic
  
$
0.49
  
$
0.44
  
Earnings per share - diluted
  
$
0.49
  
$
0.44
  
 
    
 
    
 
  
Average shares outstanding - basic
    
19,719,934
    
20,366,287
  
Average shares outstanding - diluted
    
19,769,505
    
20,380,708
  
 
    
 
    
 
  
Dividends per share
  
$
0.25
  
$
0.24
  
See Notes to Consolidated Financial Statements.
 
 
5
 
 
 
     
 


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited, dollars in thousands, except per share amounts)
 
 
  
For the Three Months Ended March 31,
   
 
 
 
 
 
Accumulated
Deferred
 
 

 
 
 
 
 
Other
Benefits for
 
 

 
Common Stock
Capital
Retained
Treasury
Comprehensive
Directors &
 
 
  
Shares
Amount
Surplus
Earnings
Stock
Income
Employees
Total
  
December 31, 2002
  
20,461,745
 $44,415
$52,855
$246,148
$(20,482)
$4,305
$(2,070)
 $325,171
  
 
  
 
 
 
 
 
 
 
 
Net income
  
 
 
 
8,889
 
 
 
8,889
Change in accumulated