Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 185

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 185
---
 2024.  Average interest bearing deposits increased by $1.1 billion or 12.5% from 2023 to 2024.  The rate on interest bearing deposits increased 97 basis points to 2.72% in 2024 as compared to 2023, primarily from increases in rates on interest bearing demand deposits, money market accounts and savings deposits in response to competitive pressures from higher market rates. Average non-interest bearing demand deposit balances decreased from 2023 to 2024 by $452.9 million or 10.5%, and were 28.4% of total average deposits at December 31, 2024, compared to 33.2% at December 31, 2023.  The average balance of FHLB borrowings increased by $26.1 million from 2023 to 2024 to maintain liquidity needs.  New higher-rate borrowings taken out in 2024 increased the average rate by 16 basis points to 5.37% from 5.21% in 2023.  Average repurchase agreements balances increased $9.7 million or 8.4% from 2023 to 2024, while their average rate paid increased by 95 basis points due to the impact from the higher rate environment.  Subordinated and junior subordinated debt balances and average rates remained relatively flat from 2023 to 2024.

36

TABLE 2. AVERAGE BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS

    For the years ended December 31,

    2024

    2023

    2022

    (dollars in thousands)
     
    AverageBalance

    Interest

    AverageRate

    AverageBalance

    Interest

    AverageRate

    AverageBalance

    Interest

    AverageRate

    ASSETS

    Due from banks-interest bearing
     
    $
    409,900

    $
    22,449

    5.48
    %
     
    $
    348,109

    $
    18,918

    5.43
    %
     
    $
    611,482

    $
    5,755

    0.94
    %

    Loans, net of unearned income (1)

    12,185,386

    709,802

    5.83
    %

    11,132,618

    596,