WesBanco, Inc. (WSBC)

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WesBanco, Inc. (WSBC)

Q4 2013 Earnings Conference Call

January 29, 2014 11:00 AM ET


Paul Limbert – President and Chief Executive Officer

James C. Gardill – Chairman

Todd Clossin – Executive Vice President and Chief Operating Officer

Robert H.Young – Executive Vice President and Chief Financial Officer


Kevin Fitzsimmons – Sandler O'Neill

Scott J. Valentin – FBR Capital Markets & Co.,

Stephen Scouten – Keefe, Bruyette & Woods, Inc.

William Wallace – Raymond James

Matthew C. Schultheis – Boenning & Scattergood Inc.

Taylor Brodarick – Guggenheim Securities LLC

Michael Burn – Macquarie Capital



Good morning, and welcome to WesBanco’s Conference Call. My name is Amy and I will be your conference facilitator today. Today’s call will cover WesBanco’s discussion of results of operations for the quarter and year ended December 31, 2013. Please be advised, all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer period. (Operator Instructions). This call is also being recorded. If you object to the recording, please disconnect at this time.

Forward-looking statements in this presentation relating to WesBanco’s plans, strategies, objectives, expectations, intentions and adequacy of resources are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained herein should be read in conjunction with WesBanco’s 2012 Annual Report on Form 10-K and other reports which are available on the SEC’s website, or at WesBanco’s website,

Investors are cautioned that forward-looking statements, which are not historical, include risks and uncertainties, including those details in WesBanco’s 2012 Annual Report on Form 10-K filed with the SEC under the section Risk Factors in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements. WesBanco does not assume any duty to update any forward-looking statements.

WesBanco’s fourth quarter 2013 earnings release was issued yesterday and is available at This call will include about 25 to 30 minutes of prepared commentary, followed by a question-and-answer period, which I will facilitate. An archived webcast of this call will be available at

WesBanco’s participants in today’s call will be Paul Limbert, President and Chief Executive Officer; James C. Gardill, Chairman of the Board; and Todd Clossin, Executive Vice President and Chief Operating Officer and Robert Young, Executive Vice President and Chief Financial Officer. And all will be available for questions following the opening statements.

Mr. Limbert, you may begin your conference.

Paul M. Limbert

Thank you, Amy. Good morning. Thank you for participating in WesBanco’s fourth quarter 2013 earnings conference call. We are pleased that you have joined us this morning to hear about WesBanco’s excellent operating results. I would like to make some opening comments. Bob Young, our CFO, will provide financial highlights and then, James C. Gardill, our Chairman, will moderate the question-and-answer period.

Before I get started I would like to welcome Todd Clossin to WesBanco’s management team. Todd brings to WesBanco knowledge he has gained in a variety of senior management positions including Regional President as well as Chief Administrative Officer reporting to the CEO of Fifth Third Bank. We look forward to his leadership to improve WesBanco’s products and services. As all of you know Todd will become WesBanco’s President and CEO upon my retirement in April. Todd is with us this morning.

A press release detailing on the results of the fourth quarter and the year 2013 was issued last evening. A copy of the entire press release is available on our website. We will assume that all participants are familiar with WesBanco and we can begin our discussion of our financial results and the year 2013. WesBanco had an excellent year net income was up 29%, there were no large unusual one time revenue or expense other than the Pittsburgh acquisition, which resulted of course in certain one-time cost.

The ROA for the year was 1.05% and return on tangible equity was 15.8%, our stock price was up 44%. Returns like these have provided the ability to raise dividends twice during 2013, further improving our returns to shareholders, various kinds of number define an excellent year. Financial results for enhanced by our continued efforts to improve the credit quality of our loan portfolio, thereby reducing the provision for loan losses. Our balance sheet remix initiatives and our growth in our average loans outstanding help to improve our net interest income.

I would be remiss if I did not mentioned the continued efforts by our operational staff to improve the day-to-day efficiencies of our organization. We integrated an acquisition during the year in our efficiency ratio remained the same, because the year was so successful we need to take a few minutes and highlight a few of our 2013 accomplishment.

We started the year integrating our Pittsburgh acquisition, we completed that acquisition in 2002 – I’m 2012 and approximately four months from the announcement date to the close date. However, we did not fully integrate the acquisition until the end of February 2013. The operational integration went smoothly and by the end of the first quarter rewinding down a duplicative expenses of operating two bank.

During 2013 we began adding to the revenue producing staff in many of our markets. We’ve recognized through our balance sheet remix process that we need additional loan outstanding to improve our long-term earnings. We began adding mortgage and commercial lenders to our urban markets in order to generate additional loan production. We continue to add personnel banker to our wealth management group, we have added securities advisors to the WesBanco Securities Organization. And of course, we added clerical staff to make sure our customer activity was smoothly reprocessed.

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