WSBC - Earnings call transcript Q1 2018

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Operator

Good afternoon, and welcome to the WesBanco, Inc.

First Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation there will an opportunity to ask question. [Operator Instructions] Please note this event is being recorded. would Vice turn President I to conference time, Iannone, John of this like the to over At Investor Relations. sir. ahead, go Please

John Iannone

Thank call. And quarter afternoon. you, WesBanco Denise. first Inc.’s welcome XXXX to conference earnings Good

Executive highlights and Our first release, on President yesterday of Clossin, earnings Vice today quarter our issued and Bob Web financial was Executive is Leading President and the are Financial consolidated measures, call Chief which non-GAAP afternoon Officer. reconciliations contains XXXX Young, financial Officer available site, Chief and www.wesbanco.com. Todd

Following question-and-answer the our this be begin opening Web remarks, we on session. call will a available of An archive one-year. site for will

Harbor Such does to subject differ WesBanco’s report update with adequacy important in Private ended to statements. are factors and not Securities by XA. any forward-looking sites. duty cause provisions statements. Forward-looking in statements those on be materially WesBanco this read historical that are relating cautioned Investors December facts, filed from to report Web with on statements are and those XX-K Todd? WesBanco’s Form the X, SEC XXXX. and actual contemplated could Risk including WesBanco’s XXXX, Litigation forward-looking Reform which available involve expectations, of under statements, WesBanco and assume Act Item plans, conjunction most documents in as Factors information are XX, results made recent strategies, in this year by Part should of that contained report XX-K risks are uncertainties, such as detailed any not WesBanco annual SEC the in intentions the Safe of objectives, resources, Commission, The Exchange well with the for to the which the filed Securities subsequently Form to

Todd Clossin

earnings, with strategies; afternoon, year-over-year completion first the First for On merger Key today’s are; of Thanks our while funding and call standards, today will of deposits successful success our of robust solid high strategically upon Good by ensure growth, loan you, management; quarter to credit our we expense as core demonstrated we’ll strong excluding energy-related growth quality from be of continue the deploying reviewing benefit our John. CDs, Company execute from call, growth which balancing growth and Sentry maintaining pre-tax X%; the XXXX. and Bancshares supported continued our long-term everyone. results takeaways and shale shareholders. well

pleased rate. lower quarter, the as We’re of our strong tax XX%, which as with pre-tax federal first well corporate new the the of performance growth during reflected benefit

expenses, merger-related of $X.XX fully per earnings earned of diluted Excluding we share on $XX income net million.

generated of equity addition, X.XX% on with solid In XX.X%. return of and return assets core the on we a average core average ratios profitability tangible

regulators standards. Our promulgated well-capitalized bank capital consolidated and regulatory ratios applicable by the the remain III standards Basel above bank-level well capital and

and During per the in earnings result and February, increase dividend solid increased an announced the time XXth $X.XX and law. and XX.X% over recent XXXX, we our execution operational capital period. share, the since record strategies positions, increased in liquidity quarterly our tax well-defined rate increase core The that growth of was federal change the to during representing XXX% of $X.XX XXXX, strong

upon remains operational plans. continued of our growth execution dependent success long-term well-defined Our

strategy and and income not And on were delivering built a a time; is and if high several and revenues an and emphasis upon management pillars two upon enhancing strong our franchise while not and they company April focus investments was prevention home of commercial quality, our fee our risk growth increasing culture would possible franchise be necessary leverage, maintaining Market Geoffrey operating risk franchise as strong equity building the On Sentry area. consummation legacies these portfolio West merger diversified First reminder, a years a with and which over banking for industrial retail appointment the XXX Virginia Sentry Xth, founded maintaining nearly with principles quality our of of our President as acquisitions. announced ago. pillars; unwavering Sheils, surrounding of oriented Huntington, loan growth total As compliance of CEO our making percentage positive credit net long-term the focused we on and on lending; the Bancshares, of key President First and and

credit newest our newest market WesBanco, Sentry’s the reflect First the with provide will and Chairman as these fits to months quarter This Board, be our market. in of which comprised smooth Chairman a When real board advisory estate addition broader transition Beymer, services, Huntington a commercial in Sentry members opportunities expanded First for become Robert will the regional impact help the for to strategic loan I related last the In categories, two mortgage our as and customers Furthermore, am merger for growth ensure employees it our more excluding consumer our year-over-year our plans over focus of quarter XX of Total continued growth board and focus pleased stated returned to and strong a with as customers perfectly the employees. quality combines banking on as we WesBanco categories loan the provide First welcome loan historical level. community portfolios. Sentry to family the banking. solid growth residential and service was institutions to with new of client pay-downs of X% during as array to the of well strategies

appropriate the risks terms questionable residential this a the it’s expectations, loan others. quarter are offered below end at we as While loan outsized growing pipelines as optimistic strengthen the of and see that single-digit That to and not point continue diversify continue quality at our cycle said, lending opportunities solid commercial in little being continue was by growth late take overall believe to our portfolio. and remain low we to loan to on economic this we

global our MSAs. major legacy in West share across metropolitan positions and markets Virginia, Pittsburgh market market substantial strong maintained have with We Columbus, in

when benefit of majority the strategy quarter, core allows certificates Those impact growth Further, represent year-over-year remains It’s of markets. legacy deposits, of deposits continue occurring our this total invest higher success cost funding advantage XX% growth first of deposits. organization. with from energy-related the target markets deposit our metropolitan excluding higher in become deposits. larger shale a to for we a continued the long-term X% demand reduce opportunities the in our that to as now approximately our robust our deposits demand realized to take we us During that of we in growth lending in company important

that leverage on our positive dollar $X operating ensures growth we deliver of of strategies. target Our of for return each investment

first management, strong quarter, which the demonstrated in ratio XX.X%. leverage During an operating we positive both and of resulted expense efficiency

expanded Pennsylvania market, improved XXX our ratio we basis In fact, since by our points. XXXX has Western efficiency when

Lastly, work. I’d commend development like to our for their community exceptional team

commercial wide of Chief the Ohio, were new million Financial million Indiana, Financial U.S. from credit credits CDC of a call of on a states social federal to The of Community which Department quarter Treasury's update rewarded multi-state Kentucky, and moderate West Pennsylvania residents. Fund During tax to Institutions urban over with Young, would community for to our and serves services totaling I seven $XX income our and years. results. the and of in over $XX.X Bob to driven promoting goal turn across our tax the meaningful footprint Officer areas providing variety businesses, low WesBanco market funding now we Bob? February, Development an of investments, the investments first Virginia implied rural critical like financial the

Bob Young

and Todd, after Thanks of mentioned, to We and year-over-year well good and earnings, both tax as Todd quarter-over-quarter strong as afternoon solid we management, reported displayed in all year-over-year. pretax expense you. as growth both

When of million of months increased and $X.XX $XX.X diluted have reported earnings million income $X.XX. would net would have XXXX, respectively to compared merger-related net increased excluding to in expenses, income million XX.X% the ending and and For $XX.X as earnings share per the XX, year XX.X% three prior $X.XX per share $XX.X to we March diluted period.

average quarter, on Xth. a after first-quarter reminder, of the For and just Sentry assets average exclude our the the quarter XX.X% total end results And as the returns equity closed it were since first on of respectively. X.XX% acquisition April and the First tangible impact

March the as prudently portfolio the prior driven earning without as our XXXX to sacrificing since with we to of standards. assets by sheet. our are acquisition $X.X loan our efforts portfolio we our in First asset portfolios assets $XX growing categories Turning billion grew continued securities year-over-year, an loans $XX.X manage billion Sentry. focus the of increase growth to crossing XX, to of in billion Total compared Total to year flat were as encourage we total credit balance refocused on threshold the

X%. rose During home commercial loans the past and loans total increased equity X.X% months, XX

its they the well residential reductions portfolio caused we one in originated, However, family as the risk mortgage were as the of sales which by the percentage loan as our balance secondary offset of held market sheet. four mortgage loans reduction increased in profile, loans as on targeted to amount consumer a reduced

gathering higher as from flattening market originations, the deposit impacted decrease now X% well the to funds originations deposits, including residential mortgages our year-over-year nationwide, demand yield market compares to XX% The and the mortgage in curve. and increased negatively the interest the increases which in Despite board's turn the factors our slight by seasonal through continues We’ll nationally. target the decline approximately during Federal margin year-over-year as net growth offset to last over due legacy Total rate the to quarter of XX% X.X% XX% net of new interest-bearing costs increased strong income compared in Reserve strength in secondary the funding a to the CDs, sold non-interest deposits, percentage first interest federal markets. and past margin. bearing excluding to this of the While WesBanco, partially reflect of favorably decline year, reflect year. benefit experienced in

equivalent was the Cuts the X.XX% Jobs basis point local As resulting Act. the reduction fee reflects from tax-exempt margin noted X quarter, to related tax of the a municipal securities first and lower Tax state and quarter's of last

core increase both certain purchase home margin as bearing as public as bank the in improved is Excluding due cost liabilities year-over-year. well well this net X and federal reduction of primarily for as loan funds, periods, increasing borrowings. interest The higher accounting interest-bearing points other interest rates basis in to the

XXXX of year-over-year expect rates. the despite increases funds our contain that XX of our deposits, including points rate total to the to is 'XX. costs increase overall continue deposit growth to point federal advantage we still the remainder March Federal non-interest only interest as deposit basis our That to believe helping bearing have raise said, during in basis base When We funding cost. funding since continues funding increased XXX Reserve deposit core

discussion income. Now, non-interest a of

driven by received ended insurance, from For bank the higher income offset March owned the fees, year revenue quarter to more the to seasonally banking owned was as trust and primarily $XX Trust other income during higher higher primarily life year-over-year increased higher assets, benefits preparation electronic the market non-interest growth insurance X.X% and increased income. due which first equity other increased banking X.X% during due XX, million, fees life fees. The prior mortgage organic to trust than bank fees, improvements lower the is and debt to tax quarters, due XXXX, and period. compared to which quarter

reversal volume commitments reported of sale mark-to-market in to loans the the the increased for mortgage and on income $XXX,XXX sold due quarter the of declined that first residential banking XX% $XXX,XXX XXXX. benefited While mortgage secondary originations mortgage held market year-over-year, in

banking income benefit, last increased year-over-year. Excluding mortgage have would X.X% year's

from $XXX,XXX well joint as demand. quarter-to-quarter lower that prior Lastly, vary increased other a year which were be required from income customer commercial depending income, to period upon and in certain income customer to dissolved, the prior eligible inherited loans ventures due swap as loan acquisition

Let's most were with turn be as Total discretionary XXXX to both sequentially. categories now. well-controlled expense strong the to quarter management first year-over-year operating decreased operating during well as as of continues expenses expenses demonstrated

from wages XXXX as the that The the related the Excluding $XXX,XXX year well January accounting merger-related of due in quarter standard prior reclassification benefits adjustments and to expenses the increased to pension in period. mid slight in salaries primarily XXXX, the about from employee or during year expense implemented is as higher normal quarter both compensation cost $XXX,XXX Xst. component plan compared non-interest the service first years, a adopted was to increase prior of due to of X.X% new

our capital. Overall, credit quality to risk capital and reflective Let's talk and of strong quality our credit continue about and ratios be of credit and legacy management.

quality for of across high demonstrate the XXXX to the It quality $X.X credit measures And to continue certain million not comparison quarters. credit strength at been these that credit our losses historic lowest one material mention quarter-to-quarter to they credit given over the million of the measures quarter. important the more or is change lows the in as would vary periods. the consistent quarter last in quality key have $X.X than in such, another. as from current Further declined necessarily decreased But reflecting We measures in quality. might several portfolio, levels, a low direction suggest these loan to provision to five first in of the levels from overall near historic changes

margins as our quarter-end opening I are re-pricing. XX is not our two much speak pressured sensitivity, remember call curve for continues overall XXXX, basis a to treasury the general questions, XXXX. from factors. would three we margin or net Lower increases lower provide generally the thoughts than a anticipated slightly not Before some accretion and in interest It that at purchase by year yield potential currently lower be offset outlook important despite And we such two expected higher do result rate for around spread points on spreads deposit asset and your loan lower additional accounting from to to change industry. year that betas during XX immune We like for with our today. anticipate to in current considering the

in mix margin securities Asset result slight from might in changes net interest levels. higher a decrease

will the continue to the leverage, on focus growth. while term operating for ensure to expense trends positioning long We Company positive

more marketing mid-year increases normal XXXX, level expense during and than somewhat throughout with during our XXXX. be to consistent relatively expect merit spread overall planning this the evenly are year but We

Regarding XX% and XX% we the We of processing the Sentry, recent approximately brand related First to approximately merger with expect of closing data with planning this. are cost conversion still the and phased-in we quarter. of XXXX XXXX. last attained reminder, incurred just of the as second merger anticipate half And be substantial during a the remainder related to during during a portion the the savings cost

income anticipate currently changes the from to tax also tax periods, to benefit just the markets year new subject our that credits implemented potential we rate maybe awarded. strategies effective were taxable approximately certain full We XX% future be in including in

as from anticipate overtime away the tax benefits such that portion loan our federal in are In result to and addition, costs we than continue recent deposit benefit lower completed industry. reform by some normal of the yields may higher

the questions. would We are Operator, now ready to take your review you please instructions?

Operator

Certainly, Mr.

Young.

your now Please the first ahead. session question-and-answer from Catherine will of begin Instructions]. will question And We Mealor [Operator come go KBW.

Catherine Mealor

give First question to is size putting just a that? around then strategy securities of that what also you're your on question for securities moving forward? book going from one maybe build average book this of quarter. little and Can what's And yield the on you us just color of bit be

Todd Clossin

of quarters, mid back that continue shrink you build that. we to would level to was range. to Bob say let in to talked in little I’ll again, it XX% to up to the cover stay it part bit try prior But low about yield plan that wasn’t down it I or as the

continued percentage there, point increase the mid-XXs that we’re bit high the get of first associated signal And growth part But right that $XX securities and the the two in of billion and with size lack driven a doesn’t So the be at was a quarter. additional to the a or that crossing wanting it’ll book. by now. little loan really of in

the ahead think it $XX mid-XX% the still just billion. we’re range, get as a in to I it, curve, of comfortable little cross wanted

Bob Young

on here the CMOs March, bank answer February then of were in to getting we’re yields don’t in X.X% and to the yield in new add me. the getting mortgage your around it’s lower -- in area that just having The typically I on incremental purchases, with we question basis and today points pools So about XX Fannie about than Freddie month were that.

hopefully So question, your that Catherine. answers

Catherine Mealor

remind more like how you’re to Todd, then, your can anything commentary little is culture your how Is a now a It feels different just markets talk there like that? that seeing or about your managing loan bit is it you in that driving little outlook And -- right the credit it commentary about us just growth. more you’re incrementally and risk. for it’s your things that conservative

Todd Clossin

Yes, reports each all what and week loan just holistic close group does I all markets the actually pretty standpoint. to commercial I this read last the it actually and different every quarter. at on from look report a and try would in manage

loan an from have have on loan quarter. last and would discipline long-term we to look and trying seen pricing think the over on But growth it at be And So that’s way to I earnings expenses the we’re on really like healthy perspective. quality. more to deposit

it’s just to don’t in this the just, want a point think lot I So business think risk. at cycle, great of we

on to and interest passing I income look is in the areas it. area costs XX funds in and spread below of at real out there out just cost projects big lot me. The left credit a the from the out that no we’re costs that obviously are risk people particularly lot it are And XX cost of busy seeing there fixed XX-XX-year right costs mentioned, rates low banks, doing seems because which lot and finding, growth and there of mean, at are just just estate on of a and surprises look think I shrinking, recourse, even what’s and lower think of two to that and back no pretty year down long-term that your at recourse spreads that look of now rates we’re are some those. underwriting marketing that banks and stretching or are we’re and in getting that the and if as We’re indirect spreads things enough it’s projects, commercial some speculative more structure, a Bob high. goes people pretty but which and show particular, net some those you we stay

know banks growing of return. are I the those just but we see So some don’t areas

now. terms seeing C&I am total last we just at over continued to with like I seems and shift being we’re pretty in like right see happy the weighted are C&I in of sheet the I’d remix balance toward look more so it that our equity, And home customers but heavily conservative year. mix and the more

reform reports reading and just would You tax am for be people not to or is concerned because small companies I’m expected I little chain they’re that pretty aggressive. people and is are about and even supply of have talking more mean that think also, mean but to that what I tariffs that willing in the are doesn’t

So it, or is out it return. parameters we the see loan at growth the look we we that doesn't there risk it there like fit and but

base we’re and and to So the manage same at the going fees be disciplined. manage time, continue else. expense and to deposit And everything the really rates

profitability on to year not in So it’s we continue focus overall stretch, the XX cycle. but a

Operator

Nicholas ahead. The next Stephens. go Please Austin question come of will from

Austin Nicholas

the any on yet. those just First you things how to changes through going have don’t I know specific some are But there. loan analyses prepared know if comments. you’ve Sentry Maybe gone I marks? deal, the initial

Todd Clossin

categories. the so or the really couple companies getting we feels between nothing And we curve of if us had any the way And feel staying like and much good, ahead the closed leadership I I those their to. I’ll has he all good. still operating that integration jump of it let but we’re Obviously, modeled we that’s it. with on mean, we’re two all the last think Bob of just at different really, note. in wants significant out been the of is everything weeks, team in pretty

track where economics, I on right Regarding think of we’re the expecting. we’re

Bob Young

the second party wrapped have a to loan that with have mark quarter. engaged and the primarily So by up we assist third we’ll in

negative. investment discussed So you point socialized loan that at looked of as we April their us change would And when that at time expect we with little Xth around forward. on be we we announcement, that last their on the mark I as to bit this a move that significant at assist don’t substance I more But forward. of item that have types market forward, so really X.X%. any that at that didn’t would little of would which that here was closing, or has would We I think mark other balance going anticipate substantially XXX more portfolio of after be yields have they suggest only some that in you would as because accretion restructure to different a on investing our did well. as all market portfolio the in going that a back current we’re securities portfolio of bit with changed The sheet.

Todd Clossin

only pretty smaller. That that’s know. X% whole deal you And our company's, so is of pretty guys small as

Austin Nicholas

you this going gas the or with And the what the of know those then saw may natural then deposits the say, second I in-flow as correlation related, be on how inflow into was deposits. maybe and Maybe should prices are quarter I we’re there. is looking shale level shale And there that quarter?

Todd Clossin

And the it stable will There low year, bit saying seen few figure, were and million a be the we’ve pretty half prices. eight of we in is seven low range to year low the that over were quarter when were about with and track or it bit. with the little right a number so. running figure and years, seems now to little But we’re last into tend up $XX prices the last now we that

these is price the So levels, that’s with to know which looking million I'm this number going the us. way of the that’s you at at it $XX point what’s if at for stays don’t it happen gas

Austin Nicholas

mid assets from year of strategy M&A one maybe what to opportunities. one hits M&A just starts refresh guess, could Maybe the you last bank next future will and come through. that Durbin I $XX billion here? given on close then the is be to your once And in us

Todd Clossin

M&A organic year it We billion over consistent with or markets to something time very meetings. an right growth perspective and or of of if very, you there. said to we've comes the past $XX get combination $XX be in growing an Yes, could wheeling, it get to make us in bit next get But quickly drive preferably six-hour opportunity can the that the pretty what of two in think market billion along where sense a from too. opportunity expense

with are to terms accretion about breakthroughs all So and were from else. and past. in we've no those earn-back that and of expectations regard prudent at before we talked be But we’ll in looking what that everything change the

Operator

next The D.A. be Instructions] ahead. [Operator will Gunther go question Davidson. Please Russell of from

Russell Gunther

Just commentary. terms competition? a on bit of markets particular Todd, growth in loan follow-up the increased could in you give color you’re of us this any where your seeing a of

Todd Clossin

focused to as of little those public too. banks well that very gotten things the structure major early, It's other some our nature seeing bit a banks then more recourse and you and really don’t as we speculative here of market where get it smaller that hear see, community see different midsized be in big the out being of community I that banks little banks would aren't some little really seen completely banks. fixed of mostly board you’ll bigger are we’ve have the sizing the and just banks recently. bit got you’re competitors see the some And I midsized although, comes from of market, long-term comes banks each and in across and different cities. that this cities, you tend larger every of than more think if of items we the bigger where banks the of to that. some banks The smaller be of But rates on from from would the where earnings But but left-off regional

talked think that like those get very we're about in the multifamily still So areas are areas We're approaching. most tend prudent about to things just we’re how past the focus. I that its in we that being but

Russell Gunther

about had as you that. relates just are -- to guys guys chance the how look WesBanco or at for then have a any you that? benefit reform, Dodd a expectation Frank to And thinking And to you it

Todd Clossin

be if not become impact. that think we’re even does and biggest a testing through big Obviously, it us watching But on close. the I law, it is reporting. go a impact would pretty stress the

As we as to expense that preparing our in we for ratio you years the last other expenses crossed three basically over worked And keep of the run just into and know, it's so we've XX. that out hard of building mid-XXs rate company the to or get there. over efficiency been

not. size, a tool -- that and having $XXX run to lot billion really your to analytic that, been we've or a in our expense. able whether would there of been and up without just to the required If but able that anyway expense banks quarter the any to we year. size it's the over to that of banks get expense, it doesn’t it of software any invested we've add file So or the showing people bank, up moved We've think particular lot in add have good you to in do

prepare be investment should, continue prepared we've our we and to or to to it'd So submit I when filings not We're asked then to XXXX in it, still be and tool. it point need that this if the on we or still middle of made. going we've to we're it submit be to required and management with as that quarter, at second got given crossed we’ll guess use

Russell Gunther

And then maybe Bob. just for last question

anticipated the that inclusive you With guide of the from any credits? impact of tax anticipated around the gave XX%. or rate tax Is

Bob Young

finalizing No that's credit. current. tax still the new it is We're actual markets agreement the for not,

the next in effective over tax how in current to additional the have few and depends it's and in that that I an Russell, reasonable but at an year. the base be next periods, to calculation, a It is good rate but factors amount, year. on such, about credits expect nice we seven reduction will a But assumption over the more generate that least a certainly the later not made upon first year. in material the don't so So years. generate it into I expect the it loans of that thing

Operator

please B. will Moss question Steve next from ahead. come Riley of FBR, go The

Steve Moss

want follow I to the question. M&A up on

deal of terms flow in seeing has up here? acquisition picked or you are it these down it slowed opportunities, what wondering Just has days,

Todd Clossin

you Actually a mean the I pretty investment is is negotiated I tell still and there see. but what opportunities. going there frankly. I than think quite of bankers read I consistent, more movement will there's by toward auctions, lot deals what there. But out I'm just that volume

going are going those think issues the recession to or to and when's it two people in wondering hit, or go three whatever have and be future I looking deal banks the got and succession years with they've years is away. to don't

people are trading right and still reform years not. of good couple premium to were what So a there because items where now a at tax of of some pretty are of a and lot the those ago, they compared

all and So I forward don't I'm drive those that seeing. M&A going think to see activity levels any opportunities I slowdown continue from things would

Steve Moss

And is should quarter? then it we for on fourth it the as more just accounting a on? purchase think head How the as a towards year expectations. it Bob goes guess a Is or question accretion slow bit drop significant the I we fade about of little

Bob Young

of last year. which The less was points basis this quarter than X this last year, X quarter purchase accounting, current first X quarter

or phase, that to thinking down not you're down So materially. about thinking when going X, slow a you're up about you're

another. the year. the of back we be our the projection is accretion at but That disclosed And as to rest significant expect would the statement earlier, First influence add, deal So X the what to the income the rest for X% from still to quarter projected include size we of mentioned year, one in X amount to the don't of that doesn't company going Todd of marks November. earnings throughout Sentry

Operator

from Daniel of go The next will Cardenas come Raymond Please ahead. James. question

Daniel Cardenas

I that forward, categorically maybe bit numbers have trending be behaved well right here. then alteration any give quality bit little you're direction quick charge-offs us we’d significant you follow whether areas quick do a little Maybe about. as the credit should a you if to concerned here. the And about thinking could up, they’ve see how very front, in color And been more question there? a the on mean there’re going Just been any of

Todd Clossin

terms whether all in what of anything that. concentrations we’ve out geography, we're category, publicly any areas, don't we significant built or industry We any there. in have be that have But or it’d in an particular any seeing concentrations or category not disclosed particular got like

concentration no standpoint changes a from there. really So

question. to to and assets regard bit the think up to great with loan push This that a I market charge-offs, rate. problem back little and get strategic is a

if you can and don't maybe you be snapped okay, up but are that but return even by categories doing XXX% that banks. sharp getting want, deals risk those the other on quite served So have hit still some not

we've that historically had had So the us. I We good that the about bodes and for well cycle. and rates charge-off with feel well think

the very turn But of you’re be that levels on be still strong and we're where for some top be at plan when of will levels dues time quartile of charge-offs to the quartile be terms should this of in everybody. terms top of cycle. in meaningful again you quartile pretty now to low you happen. a But that, it economy. in in want credit a a turns, the right because will for So that in that at that in you of better that cycle get be point today, side that credit would and at When similar point all past there our don't quality, top lot

may future it So point sense. in builds us deal national else. or we're concerned impacted seeing It’d in make But by or and particular everybody with with just be opportunistic be nothing out along economy there’s not it be pushing may the in any about not this we're regard at doesn't the areas, to what time. been happen for any of we’d a here to there where

Bob Young

just, I recently some by you MD&A, distribution just type hospitality area, credit loans by risk, about the C&I really, go there the we is by there the We write-up to energy, of report. industry. there code, published NAICS excellent would when there about to want use this discussion refer out are market the in a in I wanted some of property, annual multi-family, road. just I -- the to on But

Credit here other our in for So write would of necessarily your for that I seen Officer size, us annual suggest Chief I to our a companies kudos us response of question. through lot write-up time from in good that's that haven't reports and limits being that go able so a to to industry-by-industry one fairly helping that.

Todd Clossin

act those. that we did. we in where manage do report we to manage the want those, We what just categories and within we then And be not -- to

accurate said, our So of pretty are those direction as Bob we’ve big historically and approach. in we’ve in because of done what see change terms no

Operator

to session. closing for Todd and the conference I ladies remarks. like this hand our would gentlemen, And Clossin any back question-and-answer to conclude will

Todd Clossin

you. Thank

long shareholders on growth, As remain increase I we focused of addressed the disciplined management expense and our in some term value. in Q&A, our

for obviously Looking at remaining positioned us. dividend and success of well environment and growth that at might any operating come in type earnings both growth

in are the franchise. I got manage sensitive appropriately. teams we strong the sheet and right our products legacy we quality about demonstrated risk slightly ability and and management. credit balance have to talked across expenses the And We place think asset

want going So I thank you. we to investor some forward. today. good got joining at forward upcoming you And in think us seeing Thank event. to approach flexibility I for look an our you

Operator

Thank you. today’s has the presentation. Thank attending gentlemen, concluded. Ladies for you conference and

You may disconnect lines. your

WesBanco (WSBC) 18 Apr 182018 Q1 Earnings call transcript