WESBANCO INC Segments Disclosure
NOTE 24. 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 financials. All of Wesbanco’s revenue is derived from domestic operations, and Wesbanco has no major customers providing greater than 10% of total segment revenue. The CODM uses net income as the reported measure of segment profit or loss in making business decisions regarding reinvestment into the Company’s segments, using profits for acquisitions and/or paying dividends to shareholders. In addition, net income is used to monitor budget versus actual results, to perform competitive analysis by benchmarking to peers and as a factor to establish compensation for certain employees. Wesbanco does not have any material intra-entity sales or transfers.
The market value of trust assets totaled approximately $7.9 billion and $6.0 billion at December 31, 2025 and 2024, respectively. These assets are held by Wesbanco in fiduciary or agency capacities and are not included as assets on Wesbanco’s Consolidated Balance Sheets. Therefore, substantially all of Wesbanco’s assets are attributable to the community banking segment.
The following tables present selected financial information with respect to Wesbanco’s business segments for the years ended December 31, 2025, 2024 and 2023 as received and reviewed on a regular basis by the CODM:
(in thousands) |
|
Community |
|
|
Trust and |
|
|
Corporate |
|
|
Totals |
|
||||
For the Year Ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and dividend income |
|
$ |
1,271,940 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
Less: Interest expense (1) |
|
|
431,099 |
|
|
|
6,524 |
|
|
|
20,017 |
|
|
|
|
|
Net interest income |
|
|
840,841 |
|
|
|
(6,524 |
) |
|
|
(20,017 |
) |
|
|
|
|
Less: Provision for credit losses |
|
|
77,242 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net interest income after provision for credit losses |
|
|
763,599 |
|
|
|
(6,524 |
) |
|
|
(20,017 |
) |
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trust fees |
|
|
— |
|
|
|
29,033 |
|
|
|
— |
|
|
|
|
|
WesMark fees |
|
|
— |
|
|
|
8,054 |
|
|
|
— |
|
|
|
|
|
Service charges in deposits |
|
|
41,392 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Digital banking income |
|
|
26,475 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net swap fee and valuation income |
|
|
8,896 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net securities brokerage revenue |
|
|
11,846 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net insurance services revenue |
|
|
3,985 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Bank-owned life insurance |
|
|
15,101 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Payment processing fees |
|
|
3,401 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net securities gains |
|
|
3,379 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net gain on other real estate owned and other assets |
|
|
(424 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
Mortgage banking income |
|
|
6,194 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Other income |
|
|
8,338 |
|
|
|
1,046 |
|
|
|
39 |
|
|
|
|
|
Total revenues |
|
|
892,182 |
|
|
|
31,609 |
|
|
|
(19,978 |
) |
|
|
903,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less (2): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and wages |
|
|
222,384 |
|
|
|
8,593 |
|
|
|
— |
|
|
|
|
|
Employee benefits |
|
|
65,028 |
|
|
|
1,987 |
|
|
|
— |
|
|
|
|
|
Net occupancy (3) |
|
|
32,972 |
|
|
|
265 |
|
|
|
— |
|
|
|
|
|
Equipment and software (4) |
|
|
62,444 |
|
|
|
168 |
|
|
|
— |
|
|
|
|
|
Miscellaneous taxes |
|
|
19,144 |
|
|
|
7 |
|
|
|
— |
|
|
|
|
|
Professional services |
|
|
17,692 |
|
|
|
647 |
|
|
|
7,708 |
|
|
|
|
|
Marketing |
|
|
9,787 |
|
|
|
74 |
|
|
|
— |
|
|
|
|
|
FDIC insurance |
|
|
20,897 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Supplies |
|
|
8,254 |
|
|
|
184 |
|
|
|
— |
|
|
|
|
|
Telecommunications |
|
|
5,917 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
General administration |
|
|
8,661 |
|
|
|
211 |
|
|
|
1,056 |
|
|
|
|
|
Merger-related and restructuring |
|
|
68,871 |
|
|
|
— |
|
|
|
7,062 |
|
|
|
|
|
Amortization of intangibles |
|
|
28,301 |
|
|
|
769 |
|
|
|
— |
|
|
|
|
|
Corporate overhead expenses (5) |
|
|
— |
|
|
|
7,184 |
|
|
|
— |
|
|
|
|
|
Other segment items (6) |
|
|
17,992 |
|
|
|
280 |
|
|
|
36 |
|
|
|
|
|
Segment profit before provision for income taxes |
|
|
303,838 |
|
|
|
11,240 |
|
|
|
(35,840 |
) |
|
|
|
|
Provision for income taxes |
|
|
61,269 |
|
|
|
2,360 |
|
|
|
(7,496 |
) |
|
|
|
|
Segment profit |
|
|
242,569 |
|
|
|
8,880 |
|
|
|
(28,344 |
) |
|
|
223,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of segment profit (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Preferred stock dividends |
|
|
|
|
|
|
|
|
|
|
|
(20,541 |
) |
|||
Net income available to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
202,564 |
|
|||
(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 $8.5 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.
(4) Includes depreciation and amortization expense of $11.7 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.
(in thousands) |
|
Community |
|
|
Trust and |
|
|
Corporate |
|
|
Totals |
|
||||
For the Year Ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and dividend income |
|
$ |
825,641 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
Less: Interest expense (1) |
|
|
327,350 |
|
|
|
3,993 |
|
|
|
16,090 |
|
|
|
|
|
Net interest income |
|
|
498,291 |
|
|
|
(3,993 |
) |
|
|
(16,090 |
) |
|
|
|
|
Less: Provision for credit losses |
|
|
19,206 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net interest income after provision for credit losses |
|
|
479,085 |
|
|
|
(3,993 |
) |
|
|
(16,090 |
) |
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trust fees |
|
|
— |
|
|
|
22,496 |
|
|
|
— |
|
|
|
|
|
WesMark fees |
|
|
— |
|
|
|
8,180 |
|
|
|
— |
|
|
|
|
|
Service charges in deposits |
|
|
29,979 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Digital banking income |
|
|
19,953 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net swap fee and valuation income |
|
|
5,941 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net securities brokerage revenue |
|
|
10,238 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net insurance services revenue |
|
|
3,651 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Bank-owned life insurance |
|
|
9,544 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Payment processing fees |
|
|
3,504 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net securities gains |
|
|
1,408 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net gain on other real estate owned and other assets |
|
|
142 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Mortgage banking income |
|
|
4,270 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Other income |
|
|
8,677 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Total revenues |
|
|
576,392 |
|
|
|
26,683 |
|
|
|
(16,090 |
) |
|
|
586,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less (2): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and wages |
|
|
170,080 |
|
|
|
7,436 |
|
|
|
— |
|
|
|
|
|
Employee benefits |
|
|
44,344 |
|
|
|
1,797 |
|
|
|
— |
|
|
|
|
|
Net occupancy (3) |
|
|
24,948 |
|
|
|
209 |
|
|
|
— |
|
|
|
|
|
Equipment and software (4) |
|
|
41,183 |
|
|
|
120 |
|
|
|
— |
|
|
|
|
|
Miscellaneous taxes |
|
|
12,978 |
|
|
|
8 |
|
|
|
— |
|
|
|
|
|
Professional services |
|
|
11,832 |
|
|
|
490 |
|
|
|
6,698 |
|
|
|
|
|
Marketing |
|
|
9,712 |
|
|
|
52 |
|
|
|
— |
|
|
|
|
|
FDIC insurance |
|
|
14,215 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Supplies |
|
|
5,895 |
|
|
|
125 |
|
|
|
— |
|
|
|
|
|
Telecommunications |
|
|
4,718 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
General administration |
|
|
6,027 |
|
|
|
136 |
|
|
|
375 |
|
|
|
|
|
Merger-related and restructuring |
|
|
3,578 |
|
|
|
— |
|
|
|
2,822 |
|
|
|
|
|
Amortization of intangibles |
|
|
8,059 |
|
|
|
192 |
|
|
|
— |
|
|
|
|
|
Corporate overhead expenses (5) |
|
|
— |
|
|
|
5,779 |
|
|
|
— |
|
|
|
|
|
Other segment items (6) |
|
|
17,753 |
|
|
|
283 |
|
|
|
27 |
|
|
|
|
|
Segment profit before provision for income taxes |
|
|
201,070 |
|
|
|
10,056 |
|
|
|
(26,012 |
) |
|
|
|
|
Provision for income taxes |
|
|
36,711 |
|
|
|
2,112 |
|
|
|
(5,219 |
) |
|
|
|
|
Segment profit |
|
|
164,359 |
|
|
|
7,944 |
|
|
|
(20,793 |
) |
|
|
151,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of segment profit (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Preferred stock dividends |
|
|
|
|
|
|
|
|
|
|
|
(10,125 |
) |
|||
Net income available to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
141,385 |
|
|||
(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 $7.0 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.
(4) Includes depreciation and amortization expense of $8.3 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.
(in thousands) |
|
Community |
|
|
Trust and |
|
|
Corporate |
|
|
Totals |
|
||||
For the Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and dividend income |
|
$ |
711,516 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
Less: Interest expense (1) |
|
|
210,763 |
|
|
|
2,923 |
|
|
|
16,492 |
|
|
|
|
|
Net interest income |
|
|
500,753 |
|
|
|
(2,923 |
) |
|
|
(16,492 |
) |
|
|
|
|
Less: Provision for credit losses |
|
|
17,734 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net interest income after provision for credit losses |
|
|
483,019 |
|
|
|
(2,923 |
) |
|
|
(16,492 |
) |
|
|
|
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Trust fees |
|
|
— |
|
|
|
20,474 |
|
|
|
— |
|
|
|
|
|
WesMark fees |
|
|
— |
|
|
|
7,661 |
|
|
|
— |
|
|
|
|
|
Service charges in deposits |
|
|
26,116 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Digital banking income |
|
|
19,454 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net swap fee and valuation income |
|
|
6,912 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net securities brokerage revenue |
|
|
10,055 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net insurance services revenue |
|
|
3,555 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Bank-owned life insurance |
|
|
11,002 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Payment processing fees |
|
|
3,652 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net securities losses |
|
|
900 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Net gain on other real estate owned and other assets |
|
|
1,520 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Mortgage banking income |
|
|
2,652 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Other income |
|
|
5,776 |
|
|
|
— |
|
|
|
718 |
|
|
|
|
|
Total revenues |
|
|
574,613 |
|
|
|
25,212 |
|
|
|
(15,774 |
) |
|
|
584,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less (2): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and wages |
|
|
169,402 |
|
|
|
7,536 |
|
|
|
— |
|
|
|
|
|
Employee benefits |
|
|
45,148 |
|
|
|
1,753 |
|
|
|
— |
|
|
|
|
|
Net occupancy (3) |
|
|
25,136 |
|
|
|
202 |
|
|
|
— |
|
|
|
|
|
Equipment and software (4) |
|
|
36,619 |
|
|
|
47 |
|
|
|
— |
|
|
|
|
|
Miscellaneous taxes |
|
|
11,678 |
|
|
|
8 |
|
|
|
— |
|
|
|
|
|
Professional services |
|
|
9,740 |
|
|
|
580 |
|
|
|
5,414 |
|
|
|
|
|
Marketing |
|
|
10,280 |
|
|
|
96 |
|
|
|
802 |
|
|
|
|
|
FDIC insurance |
|
|
12,249 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
Supplies |
|
|
6,447 |
|
|
|
132 |
|
|
|
— |
|
|
|
|
|
Telecommunications |
|
|
5,325 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
General administration |
|
|
5,494 |
|
|
|
152 |
|
|
|
100 |
|
|
|
|
|
Merger-related and restructuring |
|
|
3,775 |
|
|
|
— |
|
|
|
55 |
|
|
|
|
|
Amortization of intangibles |
|
|
8,855 |
|
|
|
233 |
|
|
|
— |
|
|
|
|
|
Corporate overhead expenses (5) |
|
|
— |
|
|
|
5,300 |
|
|
|
— |
|
|
|
|
|
Other segment items (6) |
|
|
17,260 |
|
|
|
269 |
|
|
|
(85 |
) |
|
|
|
|
Segment profit before provision for income taxes |
|
|
207,205 |
|
|
|
8,904 |
|
|
|
(22,060 |
) |
|
|
|
|
Provision for income taxes |
|
|
38,273 |
|
|
|
1,870 |
|
|
|
(5,126 |
) |
|
|
|
|
Segment profit |
|
|
168,932 |
|
|
|
7,034 |
|
|
|
(16,934 |
) |
|
|
159,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of segment profit (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Preferred stock dividends |
|
|
|
|
|
|
|
|
|
|
|
(10,125 |
) |
|||
Net income available to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
148,907 |
|
|||
(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 $7.0 million for the community banking segment. Such expenses for the trust and investment services segment are immaterial.
(4) Includes depreciation and amortization expense of $7.5 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.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2019 | Feb 28, 2020 | |
| 2016 | Feb 24, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.