Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 231

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 231
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3,463,443

    307,871

    8.9

    Money market

    2,429,977

    2,017,713

    412,264

    20.4

    Savings deposits

    2,362,736

    2,493,254

    (130,518
    )
     
    (5.2
    )

    Certificates of deposit

    1,726,932

    1,231,702

    495,230

    40.2

    Total deposits
     
    $
    14,133,717

    $
    13,168,704
     
    $
    965,013

    7.3

Deposits, which represent Wesbanco’s primary source of funds, are offered in various account forms at various rates through Wesbanco’s 181 financial centers, as of December 31, 2024, in West Virginia, Ohio, western Pennsylvania, Maryland, Kentucky, and southern Indiana. The FDIC insures all deposits up to $250,000 per account.

Total deposits increased $965.0 million or 7.3% in 2024 primarily reflecting the benefit of deposit gathering and retention efforts by the retail and commercial teams. Money market and interest-bearing demand deposits increased 20.4% and 8.9%, respectively, while savings accounts and non-interest bearing demand deposits decreased 5.2% and 3.0%, respectively. Deposit balances were also somewhat impacted by bonus and royalty payments from Marcellus and Utica shale energy companies in Wesbanco’s southwestern Pennsylvania, eastern Ohio and northern West Virginia markets totaling $94.0 million and $104.7 million for the years ended December 31, 2024 and 2023, respectively. Money market deposits were influenced through Wesbanco’s increased participation in the Insured Cash Sweep (ICS®) money market deposits program. ICS® reciprocal balances totaled $1.3 billion at December 31, 2024 as compared to $1.0 billion at December 31, 2023.  ICS® one-way buys totaled $200.6 million at both December 31, 2024 and December 31, 2023. 

Certificates of deposit increased $495.2 million, reflecting the significant increase in the federal funds rate and the continued remix from non interest-bearing demand deposits into certificates