Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 232

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 232
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 of deposit. The increase was also impacted by higher offered rates on certain maturing certificates of deposit. Wesbanco does not generally solicit brokered or other deposits out-of-market or over the internet, but does participate in the Certificate of Deposit Account Registry Services (“CDARS®”) program. CDARS® balances totaled $49.8 million in outstanding balances at December 31, 2024, none of which represented one-way buys, compared to $48.4 million in total outstanding balances at December 31, 2023, of which $10.6 million represented one-way buys. Certificates of deposit greater than $250,000 were approximately $442.8 million at December 31, 2024 compared to $223.4 million at December 31, 2023. Certificates of deposit of $100,000 or more were approximately $1.0 billion at December 31, 2024 compared to $628.5 million at December 31, 2023. Certificates of deposit totaling approximately $1.6 billion at December 31, 2024 with a cost of 4.09% are scheduled to mature within the next year. The average rate on certificates of deposit increased 180 basis points from 1.83% for the year ended December 31, 2023 to 3.63% in 2024, with a similar increase experienced for jumbo certificates of deposit. Wesbanco will continue to focus on its core deposit strategies and improving its overall mix of transaction accounts to total deposits, which includes offering special promotions on certain certificates of deposit maturities and savings products based on competition, sales strategies, liquidity needs and wholesale borrowing costs.

TABLE 22. UNINSURED DEPOSITS

    December 31,

    (dollars in thousands)
     
    2024

    2023

    $ Change

    % Change

    Portion of certificates of deposit in excess of FDIC insurance limits
     
    $
    245,057

    $
    105,947

    $
    139,110

    131.3

    Certificates of deposit otherwise uninsured with a maturity of:

    Three months or less
     
    $
    96,268

    $
    32,764

    $
    63,504

    193.8

    Over three through six months

    86,192

    16,946

    69,246