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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 11, 2000
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WesBanco, Inc.
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(Exact name of registrant as specified in its charter)
West Virginia 0-8467 55-0571723
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1 Bank Plaza, Wheeling, WV 26003
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (304) 234-9000
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Former name or former address, if changed since last report Not Applicable
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Item 7 - Financial Statements and Exhibits
c) Exhibits
99.1 - Press release announcing presentation on financial
information presented at the Friedman, Billings, Ramsey &
Co., Inc., Seventh Annual Investor Conference, held in
Washington, D.C. on September 11-12, 2000.
Item 9 - Regulation FD Disclosure
Pursuant to Regulation FD, information is being furnished
below with respect to a presentation by Mr. Paul M. Limbert,
Executive Vice President and Chief Financial Officer of
WesBanco, Inc., at the Friedman, Billings, Ramsey & Co.,
Inc., Seventh Annual Investor Conference in Washington,
D.C. Mr. Limbert is presenting for WesBanco on September 12,
2000.
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[Presentation slide #1]
WesBanco
Friedman, Billings, Ramsey & Co., Inc.
Seventh Annual Investors Conference
September 11 - 12, 2000
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[Presentation slide #2]
Presentation Summary
--------------------
- Corporate Description
- Stock Performance
- Results of Operations
- Year 2000 Challenges
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[Presentation slide #3]
Corporate Description
---------------------
- 60 banking offices in West Virginia and Eastern Ohio
- Trust and investment services
- Brokerage services
- Insurance services
[Location Map]
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[Presentation slide #4]
West Virginia Deposit Market Share*
-----------------------------------
MARKET
BANK RANK SHARE
-----------------------------------------------
BB & T, Inc. 1 16.48%
United Bankshares, Inc. 2 10.73
City Holding Co. 3 8.88
WesBanco, Inc. 4 7.87
Bank One Corp. 5 7.87
Huntington Bancshares, Inc. 6 7.25
* FDIC Summary of Deposits as of June 30, 1999.
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[Presentation slide #5]
West Virginia Deposit Market Share by Region*
---------------------------------------------
Upper Ohio North Kanawha
BANK Valley Parkersburg Central Valley
-----------------------------------------------------------------------
WesBanco, Inc. 1 2 3 6
WesBanco % total deposits 46% 19% 28% 7%
United Bankshares, Inc. 2 1 5 4
BB & T, Inc. 3 3 2 1
Bank One Corp. 4 6 4 3
Huntington Bancshares, Inc. 5 4 1 5
City Holding Co. 6 5 6 2
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[Presentation slide #6]
Significant Events
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- Repositioned branch offices
- Acquisition of Heritage Bank - in market merger
- Divested Credit Card operation
- Completed consolidation of all banks and mortgage company into single bank
- WesMark Funds
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[Presentation slide #7]
Dividend Per Share / Yield
--------------------------
[Graph]
Year DPS Yield
---------------------------------
1990 $0.43 4.53%
1991 0.45 4.29
1992 0.47 3.19
1993 0.53 2.72
1994 0.57 3.53
1995 0.64 3.43
1996 0.72 3.32
1997 0.79 2.63
1998 0.84 2.85
1999 0.88 3.38
2nd Q Annualized 0.90 3.71
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[Presentation slide #8]
Core Earnings*
(Not restated for pooling transactions)
---------------------------------------
[Graph]
(in millions)
Core Net
Year Earnings Income
----------------------------------------
1995 $17.9 $18.2
1996 21.0 21.2
1997 22.7 22.3
1998 26.4 28.3
1999 26.5 27.6
1st Half Annualized 28.5 27.4
*Excludes goodwill amortization, net securities gains and non-recurring items.
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[Presentation slide #9]
Total Assets
(Not restated for pooling transactions)
---------------------------------------
[Graph]
(in billions)
Year Total Assets
------------------------------
1986 $ 0.33
1987 0.54
1988 0.63
1989 0.66
1990 0.72
1991 0.83
1992 1.01
1993 1.04
1994 1.35
1995 1.37
1996 1.68
1997 1.79
1998 2.24
1999 2.27
6/00 2.31
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[Presentation slide #10]
Stock Performance Cumulative Total Return Percentage*
-----------------------------------------------------
[Graph]
Year WesBanco S & P 500
---------------------------------
1977 1.3% -7.2%
1978 12.7 -0.8
1979 17.4 17.4
1980 23.3 48.9
1981 46.9 44.0
1982 63.0 64.4
1983 94.7 86.7
1984 119.2 92.7
1985 132.5 123.8
1986 249.8 142.3
1987 244.4 148.0
1988 234.0 164.3
1989 240.9 195.5
1990 241.8 192.4
1991 257.5 222.4
1992 299.9 229.9
1993 334.8 239.8
1994 320.9 241.1
1995 340.3 278.2
1996 360.2 300.9
1997 402.2 334.1
1998 403.3 362.4
1999 394.8 383.3
6/00 390.0 382.9
*Total return assumes no reinvestment of dividends.
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[Presentation slide #11]
Five Year Cumulative Total Return*
----------------------------------
[Graph]
Russell
Financial
Year WesBanco Services
---------------------------------
1994 $100 $100
1995 120 112
1996 144 138
1997 206 179
1998 209 157
1999 190 143
*Assumes $100 invested on January 1, 1994.
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[Presentation slide #12]
Equity to Assets
(period end)
----------------
[Graph]
Year WesBanco Peer Group
----------------------------------
1995 12.7% 9.0%
1996 12.8 8.9
1997 13.0 9.0
1998 13.2 8.9
1999 11.9 8.2
2nd Q 11.1 ---
Peer Group: Federal Reserve Bank
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[Presentation slide #13]
Return on Average Equity
------------------------
[Graph]
Year WesBanco Peer Group
--------------------------------
1995 10.5% 12.7%
1996 10.5 13.5
1997 9.0 14.2
1998 9.6 13.4
1999 9.9 13.7
2nd Q 10.5 ---
Peer Group: Federal Reserve Bank
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[Presentation slide #14]
Return on Average Assets
------------------------
[Graph]
Year WesBanco Peer Group
--------------------------------
1995 1.31% 1.12%
1996 1.31 1.21
1997 1.18 1.27
1998 1.26 1.19
1999 1.23 1.16
2nd Q 1.20 ---
Peer Group: Federal Reserve Bank
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[Presentation slide #15]
Year-to-Date Highlights
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6/30/00 6/30/99
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Core earnings* (000) $14,170 $13,064
Core EPS* 0.73 0.64
Net income (000) 13,611 14,837
EPS 0.70 0.73
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Core ROA (annualized) 1.25% 1.18%
Core ROE (annualized) 10.90 9.16
Efficiency ratio 56.08 57.65
Non-performing assets to loans 0.56 0.61
*Excludes goodwill amortization, net securities gains and
non-recurring items.
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[Presentation slide #16]
Total Loans
(period end)
------------------------
[Graph]
(in billions)
Total
Year Loans
------------------------
1995 $1.17
1996 1.33
1997 1.34
1998 1.37
1999 1.52
2nd Q 1.57
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[Presentation slide #17]
Non-performing Assets to Total Loans*
-------------------------------------
[Graph]
Year WesBanco Peer Group
----------------------------------
1995 1.22% 1.21%
1996 1.07 1.19
1997 1.22 0.93
1998 1.07 0.79
1999 0.56 0.67
2nd Q 0.56 ---
* Non-performing Assets = Nonaccrual, Renegotiated and ORE
Peer Group: Federal Reserve Bank
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[Presentation slide #18]
Credit Quality
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[Graph #1] [Graph #2]
Year NPA's Year Net Charge-offs
------------------------- -------------------------
1995 $14262 1995 $2641
1996 14218 1996 3355
1997 16456 1997 4684
1998 14669 1998 5518
1999 8483 1999 3383
2nd Q 8730 1st Half Annualized 1994
[Graph #3] [Graph #4]
Year Provision Year Coverage
------------------------- -------------------------
1995 $3206 1995 178%
1996 4795 1996 145
1997 5574 1997 139
1998 4392 1998 116
1999 4295 1999 144
1st Half Annualized 2894 2nd Q 151
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[Presentation slide #19]
Total Deposits (period end)
---------------------------
[Graph]
(in billions)
Total
Year Deposits
-----------------------
1995 $1.60
1996 1.70
1997 1.78
1998 1.79
1999 1.81
2nd Q 1.85
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[Presentation slide #20]
Net Interest Margin %
(tax equivalent)
------------------------
[Graph]
Year WesBanco Peer Group
-------------------------------------------
1995 4.71% 4.59%
1996 4.69 4.58
1997 4.66 4.51
1998 4.46 4.53
1999 4.39 4.33
1st Half Annualized 4.22 ---
Peer Group: Federal Reserve Bank
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[Presentation slide #21]
Non-interest Income %*
----------------------
[Graph]
Year WesBanco Peer Group
-------------------------------
1995 14.5% 20.2%
1996 15.0 19.7
1997 15.6 21.3
1998 17.3 21.0
1999 18.3 20.5
1st Half 19.9 ---
* Percentage of total operating income.
Peer Group: Federal Reserve Bank
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[Presentation slide #22]
Efficiency Ratio*
-----------------
[Graph]
Year WesBanco Peer Group
--------------------------------------
1995 56.8% 61.6%
1996 55.6 60.5
1997 58.6 58.9
1998 57.9 60.7
1999 58.9 59.7
1st Half 56.1 ---
*Non-interest expense as a percentage of total operating income
Peer Group: Federal Reserve Bank
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[Presentation slide #23]
Market Value of Trust Assets
(period end)
----------------------------
[Graph]
(IN BILLIONS)
Market Value
Year of Trust Assets
------------------------
1995 $1.45
1996 1.71
1997 2.10
1998 2.78
1999 3.09
2nd Q 3.11
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[Presentation slide #24]
Trust Revenue
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[Graph]
(in millions)
Year Trust Revenue
--------------------------
1995 $ 5.4
1996 6.2
1997 7.6
1998 9.1
1999 10.6
1st Half Annualized 12.0
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[Presentation slide #25]
WesMark Family of Mutual Funds
Net Assets (at period end)
-----------------------------
[Graph]
(in millions)
Year Net Assets
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1997 $174
1998 369
1999 450
2nd Q 527
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[Presentation slide #26]
Year 2000 Challenges
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- Competition
- Loans / Deposits
- Banks / Non-banks
- Integration of non-bank affiliates with customer base
- Complete WesMark family of mutual funds
- Development & implementation of electronic delivery channels
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[Presentation slide #27]
WesBanco
Friedman, Billings, Ramsey & Co., Inc.
Seventh Annual Investors Conference
<PAGE> 30
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WesBanco, Inc.
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(Registrant)
September 11, 2000 /s/ Edward M. George
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Date Edward M. George
President & Chief Executive Officer
