Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 201

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 201
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77
    %

    2.96
    %

(1)Yields are determined based on the lower of the yield-to-call or yield-to-maturity.

(2)Certain U.S. Government sponsored agency, mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds.

(3)Average yields on obligations of states and political subdivisions have been calculated on a taxable-equivalent basis using the federal statutory tax rate of 21%.

Wesbanco’s municipal portfolio comprises 34.2% of the overall securities portfolio as of December 31, 2024 compared to 35.6% as of December 31, 2023, which carries different risks that are not as prevalent in other security types contained in the portfolio. The following table presents the allocation of the individual bonds in the municipal bond portfolio based on the combined ratings of two major bond credit rating agencies (at fair value): 

TABLE 8. MUNICIPAL BOND RATINGS

    December 31, 2024

    December 31, 2023

    (dollars in thousands)
     
    Amount

    % of Total

    Amount

    % of Total

    Municipal bonds (at fair value) (1):

    Investment Grade - Prime
     
    $
    103,033

    10.0

    $
    115,566

    10.6

    Investment Grade - High

    823,832

    80.4

    850,020

    78.3

    Investment Grade - Upper Medium

    90,993

    8.9

    114,271

    10.5

    Investment Grade - Lower Medium

    2,771

    0.3

    2,532

    0.2

    Not rated

    3,982

    0.4

    3,849

    0.4

    Total municipal bond portfolio
     
    $
    1,024,611

    100.0

    $
    1,086,238

    100.0

(1)The lowest available rating was used when placing the bond into a category in the table.

Wesbanco’s municipal bond portfolio at December 31, 2024, consists of $371.3 million of taxable and $