Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 235

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 235
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 consisted of $3.1 million of Oak Hill Capital Trust 4, at a discount of $0.7 million.

CAPITAL RESOURCES

Shareholders’ equity increased to $2.8 billion at December 31, 2024 from $2.5 billion at December 31, 2023. The increase resulted primarily from a private placement of Wesbanco common shares that closed on August 1, 2024. The proceeds net of offering expenses totaled $191.0 million which were used to increase capital levels in anticipation of the merger of Wesbanco and Premier, to pay down borrowings and for general corporate purposes. Additionally, the increase resulted from net income totaling $151.5 million for the year ended December 31, 2024 and an $8.1 million increase in other comprehensive income. This increase in other comprehensive income consisted of a $9.5 million unrealized gain in the securities portfolio which was partially offset by a $1.4 million loss in the defined benefits pension plan and other postretirement benefits for the year ended December 31, 2024. Shareholders' equity was negatively impacted by the declaration of common and preferred shareholder dividends totaling $90.8 million and $10.1 million, respectively for the year ended December 31, 2024.

For 2024, common dividends increased to $1.45 per share, or 2.8% on an annualized basis, compared to $1.41 per share in 2023. The common dividend per share payout ratio increased to 64.2% in 2024 from 56.2% in 2023, which is primarily attributable to a decrease in earnings year-over-year. A board-approved policy generally targets dividends as a percent of net income in a range of 40% to 75%, subject to capital levels, earnings history and prospects, regulatory concerns, and other factors.

Wesbanco did not purchase any of its common stock on the open market during the year ended December 31, 2024 under current share repurchase authorizations. At December 31, 2024, the remaining shares authorized to be purchased under the last approved repurchase plan totaled 972,298 shares.

Wesbanco is subject to risk-based capital guidelines that measure capital relative to risk-weighted assets and off-balance sheet instruments. Wesbanco and its banking subsidiary Wesbanco Bank maintain Tier 1 risk-based, Total risk-based and Tier 1 leverage capital ratios