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) July 23, 2002
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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 9. Regulation FD Disclosure
In accordance with general instruction B.2. of Form 8-K, the
following information is furnished and shall not be deemed
filed for the purposes of Section 18 of the Securities
Exchange Act of 1934.
Representatives of the Registrant are scheduled to make a
presentation to a group of analysts and investors at the
Community Bank Investor Conference, hosted by Keefe,
Bruyette & Woods, Inc. ("KBW"), at the Metropolitan Club,
in New York City, NY, on July 24 and 25, 2002. This
Registrant will present on Wednesday, July 24, 2002, at
approximately 2:20pm EST. The conference will be web cast
on the KBW website, www.kbw.com.
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[Presentation slide #1]
WesBanco
KBW
Community Bank Investor Conference
New York City
July 24 and 25, 2002
[Presentation slide #2]
Forward-looking Disclosure Statement
Certain information contained in this Presentation is considered to
constitute forward-looking statements with respect to WesBanco and its
subsidiaries. Forward-looking statements 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. Investors are cautioned that such
forward-looking statements, which are not historical fact, involve risks
and uncertainties. Such statements are subject to important factors that
could cause actual results to differ materially from those contemplated by
such statements, including without limitations, the effect of changing
regional and national economic conditions; changes in interest rates; credit
risks of commercial, real estate, and consumer loan customers and their
lending activities; actions of the Federal Reserve Board and Federal Deposit
Insurance Corporation, legislative and federal and state regulatory actions
and reform, or unanticipated external developments materially impacting
WesBanco's operational and financial performance. WesBanco does not assume
any duty to update forward-looking statements.
[Presentation slide #3]
About WesBanco
- $3.2 billion in total assets, 74 offices in three states
within a triangle representing Charleston, Columbus &
Pittsburgh.
- $2.5 billion in market value of trust assets under management.
- Focus on retail banking, commercial lending and wealth management.
- Small Enough to Listen, Big Enough to Help.
- Commercial lending represents 44% of total loans.
- Trust & Investment Services
- $500 million in proprietary mutual funds - WesMark
[WesBanco Logo]
[Presentation slide #4]
shows a map of branch locations
[WesBanco Logo]
[Presentation slide #5]
Deposit Market Share
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Market
MSA Rank Share
--------------------------- ---- ------
West Virginia 3 8.8%
Greater Wheeling Area 1 33.4
Steubenville-Weirton,
Ohio-WV 1 20.6
Parkersburg-Marietta,
WV-Ohio 3 11.7
Charleston, WV 7 3.4
Source: FDIC Summary of Deposits as of June 30, 2001, updated
for acquisitions.
[WesBanco Logo]
[Presentation slide #6]
Capital Resources
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- Strong capital position - equity to assets ratio of 10.33%
compared to peer group of 8.20%*.
- Improving stock price, P/E Ratio at June 30, 2002 of 14.5x
(trailing 12 months).
- Current dividend yield of 4.0% compared to peer group of
2.3%*. Noted by Barron's as one of the top 45 dividend
paying companies.
- Seventeen consecutive years of dividend per share increases.
- 1 million share repurchase plan, representing 4.7% of
outstanding shares.
- Capital position enhances capability for M&A growth in near term.
* Peer Group Source: SNL Financial based on 3/31/02 data.
[WesBanco Logo]
[Presentation slide #7]
Stock Performance
Cumulative Total Return*
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[Graph]
1/01/02 3/31/02 6/30/02
------- ------- -------
WesBanco $ 100 $114.20 $114.41
Russell 2000 Index 100 103.68 94.71
Russell Financial Services Index 100 109.78 112.48
* Assumes $100 invested on 1/1/02.
Total return assumes reinvestment of dividends.
[WesBanco Logo]
[Presentation slide #8]
Status of American Acquisition
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- Estimated one-time acquisition expenses of $3.1 million.
- New market initiatives - Columbus, OH, Cambridge, OH and
Washington County, PA - total of 6 offices.
- Cross-selling WesBanco's more extensive business, retail
and trust products & services.
- In market consolidations - 6 offices.
- Completion of data system conversions - no significant
customer disruptions.
- Estimated total annual cost savings of $3.0 million,
expected by the end of 2003.
[WesBanco Logo]
[Presentation slide #9]
Business Strategy
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- Focus on customer retention & cross-sell ratios through
our marketing campaign - Small Enough to Listen, Big
Enough to Help.
- Offer comprehensive wealth management services.
- Integration of Trust, Insurance and Brokerage into a
retail delivery system.
- Focus on credit quality.
- Active merger and acquisition program - focus on in market
consolidations and expanded opportunities in recently
purchased market areas.
[WesBanco Logo]
[Presentation slide #10]
Financial Performance
[WesBanco Logo]
[Presentation slide #11]
Total Assets
(as originally reported)
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[Graph] (in million)
1997 $ 1,789
1998 2,243
1999 2,270
2000 2,310
2001 2,478
2Q-2002 3,207
* Acquired American Bancorporation on 3/1/02
with assets of $679 million.
* Sine 12/31/97, experienced asset growth of
approximately $1.4 billion or 79%.
[WesBanco Logo]
[Presentation slide #12]
Composition of Loans
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[Graph]
Commercial
Commercial Term - Real Estate 23%
Lines of Credit 13
Other Commercial 8
Consumer
Indirect 13
Other Consumer 5
Home Equity 7
Residential Mortgages
ARM's 15
Fixed-rate 16
[WesBanco Logo]
[Presentation slide #13]
Composition of Deposits
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[Graph]
Checking 13%
Interest-bearing DDA 11
MMDA 20
Savings 16
CD's (under $100,000) 31
CD's (over $100,000) 9
[WesBanco Logo]
[Presentation slide #14]
Core Earnings Per Share*
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[Graph]
1997 $1.25
1998 1.28
1999 1.32
2000 1.46
2001 1.64
YTD 2002 (annualized) 1.68
* Excludes, on an after-tax basis, non-recurring items, amortization
of goodwill, securities gains, and gains/losses on sale of non-earning
assets.
[WesBanco Logo]
[Presentation slide #15]
Return on Equity
Equity to Assets
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Peer Group
[Graph] ROE Equity/Assets (Equity/Assets)
---- ------------- -------------
1997 8.99% 13.02% 8.62%
1998 9.55 13.22 8.28
1999 9.85 11.88 7.78
2000 10.42 11.19 7.77
2001 11.28 10.43 8.09
YTD 2002 11.04 10.33 8.20
Peer Group Source: SNL Financial based on 3/31/02 data.
[WesBanco Logo]
[Presentation slide #16]
[Graph]
Efficiency Ratio*
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WesBanco Peer Group
-------- ----------
1997 59.31% 57.44%
1998 57.77 58.73
1999 58.91 58.17
2000 56.72 57.13
2001 54.25 57.38
YTD 2002 53.48 57.07
* Excludes non-recurring items, amortization of goodwill, securities
gains, and gains/losses on sales of non-earning assets.
Peer Group Source: SNL Financial based on 3/31/02 data.
[WesBanco Logo]
[Presentation slide #17]
[Graph]
Net Interest Margin
(tax equivalent)
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WesBanco Peer Group
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1997 4.66% 4.57%
1998 4.46 4.36
1999 4.39 4.33
2000 4.14 4.18
2001 4.17 4.13
YTD 2002 (annualized) 4.04 4.17
Peer Group Source: SNL Financial based on 3/31/02 data.
[WesBanco Logo]
[Presentation slide #18]
Asset Quality
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[Graph] [Graph]
Coverage
Non-performing (allowance/non-
loans/total loans performing loans)
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WesBanco Peer Group
1997 .81% -------- ----------
1998 .81 1997 187% 225%
1999 .33 1998 171 239
2000 .38 1999 397 309
2001 .51 2000 335 252
2Q-2002 .60 2001 267 214
2Q-2002 221 203
Peer Group Source: SNL Financial based on 3/31/02 data.
[WesBanco Logo]
[Presentation slide #19]
Asset Quality
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[Graph] [Graph]
Net charge- Allowance /
offs / averge loans total loans
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1997 .35% 1997 1.51%
1998 .41 1998 1.39
1999 .23 1999 1.30
2000 .19 2000 1.26
2001 .34 2001 1.35
YTD-2002(annualized) .51 2Q-2002 1.32
[WesBanco Logo]
[Presentation slide #20]
WESBANCO
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Questions
[End Slide Presentation]
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)
July 23, 2002 /s/ Paul M. Limbert
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Date Paul M. Limbert
President & Chief Executive Officer