Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 183

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 183
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    For the years ended December 31,

    (dollars in thousands)
     
    2024

    2023

    2022

    Net interest income
     
    $
    478,208

    $
    481,338

    $
    474,313

    Taxable-equivalent adjustments to net interest income

    4,808

    5,005

    5,002

    Net interest income, fully taxable-equivalent
     
    $
    483,016

    $
    486,343

    $
    479,315

    Net interest spread, non-taxable-equivalent

    2.00
    %

    2.35
    %

    3.02
    %

    Benefit of net non-interest bearing liabilities

    0.93
    %

    0.76
    %

    0.15
    %

    Net interest margin

    2.93
    %

    3.11
    %

    3.17
    %

    Taxable-equivalent adjustment

    0.03
    %

    0.03
    %

    0.03
    %

    Net interest margin, fully taxable-equivalent

    2.96
    %

    3.14
    %

    3.20
    %

Net interest income, which is Wesbanco’s largest source of revenue, is the difference between interest income on earning assets, primarily loans and securities, and interest expense on liabilities, primarily deposits and short and long-term borrowings. Net interest income is affected by the general level of, and changes in interest rates, the steepness and shape of the yield curve, changes in the amount and composition of interest earning assets and interest bearing liabilities, as well as the frequency of repricing of existing assets and liabilities. Net interest income decreased $3.1 million or 0.7% in 2024 compared to 2023, primarily due to higher funding costs offsetting the impact of loan growth and higher earning assets year-to-date.  Rates were impacted from the 525 basis point increase in the federal funds rate since the first quarter of 2022, while federal funds rates did see a 100 basis point cut late in 2024, the interest rate environment generally remained elevated.  Total average deposits, excluding CDs, increased in 2024 by $171.5 million or