Good morning and welcome to WesBanco's Conference Call. My name is Keith and I will be your conference facilitator today. Today's call will cover WesBanco's discussion results of operations for the quarter ended December 31, 2014. Please be advised, all lines have been placed on mute to prevent any background noise. After the speaker's remarks there will be a question and answer period. [Operator Instructions].This call is also being recorded. If you object to the recording, please disconnect at this time. Forward-looking statements in this report relating to WesBanco's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained in this report should be read in conjunction with WesBanco's Form 10-K for the year ended December 31, 2013, documents subsequently filed by WesBanco with the Securities and Exchange Commission, including WesBanco's Form 10-Q for the quarters ended December 31, 2014 – sorry 30, 2014, September 30, 2014, respectively, which are available at the SEC's website, www.sec.gov or at WesBanco's website, www.wesbanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco's most recent Annual Report on Form 10-K filed under the SEC under "Risk Factors" in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, that the businesses of WesBanco and ESB may not be integrated successfully or such integration may take longer to accomplish than expected. The expected cost savings and any revenue synergies from the merger of WesBanco and ESB may not be fully realized within the expected timeframes; disruption from the merger of WesBanco and ESB may make it…

Great. Thank you, Keith. We had [indiscernible] this morning. I hope you all is fortunate. So good morning, I want to thank you for participating in WesBanco's Fourth Quarter 2014 Earnings Call. We're pleased you've joined us this morning to hear about our strong operating results. I'll be making some opening comments, Bob Young, our CFO will provide some financial highlights and I will moderate the question-and-answer period. A press release detailing the results for the fourth quarter and the full year was issued last evening. A copy of the entire press release is available on the website. We will assume all participants are familiar with WesBanco and we can begin our discussion of the financial results. WesBanco had an excellent year and fourth quarter. Our earnings reached a record $70 million for the year, as compared to $63.9 million for 2013. This represents a double-digit earnings increase of 10%. For the quarter, we generated $16.5 million earnings as compared to $15.4 million during the fourth quarter of last year. This represents an 8% earnings increase. Our return on average assets was 1.12% for the year, as opposed – as compared to 1.05% for the full year of 2013. We delivered earnings per share of $2.39 for the year, which represents an increase of $0.21 per share or 10% earnings per share growth as compared to 2013. Our increased earnings are being driven by solid loan growth, solid deposit growth, excluding CDs, and expanding that interest margin, disciplined expense management and continued improvement in credit quality. Our net interest income has now increased during each of the past six quarters. I saw some [ph] great deal about generating positive operating leverage within our company. As you can see from our 2014 results, net interest income and non-interest income were up…

Good morning, everybody. Thank you, Todd. As Todd mentioned, our per share earnings were up about 8% over the fourth quarter of last year and 10% year-to-date. He also noted our return on average assets improvement from 1.05% in 2013 to 1.12% this year and I would also highlight that we have a industry leading return on average tangible common equity at 15.4%. The ROAA and the ROATCE are both well above available third quarter peer averages of 1.06% and 12.2% respectively. Our peer efficiency ratio was some 62.5% for the third quarter and ours were under 60 at 59.1% on a core basis. Pretax, pre-provision return on average assets also increased this year from 1.67% to 1.74%. We'll turn now to some of the details in the income statement, the balance sheet. Net interest income grew 3.7% in the fourth quarter and 4.2% for the year. Factors influencing the growth include approximately 3.1% higher average earning assets for the year, led by 4.8% growth in average loans and lower interest expense with our total annual cost of funds dropping from 73 basis points to 52. Cost of interest bearing deposits were just 42 basis points for the year and actually they dropped below 40 basis points for the last quarter. CDs continue to reprice downward ending the year at 89 basis points, due to continued run off of this account type as compared to other cheaper transaction account types, where CDs now only 26% of total deposits compared to 30% last year. That improvement contributed to a better funding mix overall. The net interest margin also grew 3 basis points from last years 3.58%to 3.61%. This improvement contrast with much of an aging [ph] industry, which reported continued NIM compression this quarter. On a core basis, excluding acquisition related…

Yes. Thank you. [Operator Instructions] And the first question comes from William Wallace with Raymond James.

Good morning, gentlemen.

Good morning, Wallace.

Organically, what do you expect your loan growth could like in 2015?

What I could say is, we're very pleased with our pipelines right now. And we finished the fourth quarter as I mentioned in my comments, on an accelerating basis with over 5%. And the pipelines looked to be at a high point at the end of the year. So probably going into the year, and I would tell you the expect kind of what we had in the past in mid single digit on an overall basis.

And then what about looking at the core margin and the trends you might expect out of that. And then Bob I don’t know if you've had enough time or done enough work yet on the marks. But maybe what we might be thinking about for scheduled accretion once the ESB acquisition closes?

I'll start off with the loan margin and then turn the second part over to Bob. We've addressed a couple of things as you know. We mentioned in prior calls, we stayed away from what I'll call compressed spreads on deals and we tend to look at things from a ROE perspective. So spread be into everything all combined and we passed on a number of transactions. We could have shown several percentage points higher in growth rate and loans. I had been chose to do some pretty high quality loans, just one at the spreads if we wanted. We walked away from them and we sacrificed some loan growth to keep the margin up. And I think that shows in fact that in an 8 basis points increase in margin and excluding the purchase accounting related to a prior merger. So we feel good about that. We're also continuing to deliver on the path of taking broad cash flows off our securities portfolio and investing them in higher margin loans as well and that’s just a more efficient way we think to run through authorizations [ph]. So we're not going to change that in 2015. We do anticipate that it has an impact on loan growth, but the mid single digit number that I mentioned accounts for that. We'll continue to be prudent. We don’t want to just grow the balance sheet for the sake of growing the balance sheet, and not grow the bottom line. We'll continue to stay very disciplined in that area.

I guess what I would say Wall, I am sure others have a similar though process. On the margin for 2015, it’s kind of steady as fee goes. I would – without providing a lot of guidance suggest that our modeling is without ESB showing the core margin to be about where we ended the year at around the 360 mark. I think in a most likely scenario with the kind of growth that we're talking about its likely to be 2 or 3 basis points higher than that, without if you just did a shock environment without any growth at all and any other changes in the balance sheet, I think you'd continue to see some grippage [ph] if that’s a word in the loan portfolio, as the rest of the industry experiencing. I would point out that positively we were able to hold the securities book yield for 2014, actually grew 4 basis – or yes, 4 basis points from last year. That we did that without extending duration. We're able to take advantage of the reinvesting of cash flows that Todd mentioned. So you had – you did have a higher rate environment towards the end of 2013 which benefited us here for much of 2014. And obviously the cost savings on the interest bearing deposit side and restructuring of liabilities in general, both in the borrowing side, as well as the mix of deposits significantly helped us. So hopefully that’s helpful on the core margin. We had mentioned back in October that with the – with ESBs coming on board that we'd likely see 7 to 10 basis points worth of margin compression. Overall just blending in their lower margin balance sheet even after mark-to-market, 25% of their assets to our total assets or differently they'd…

That is. Bob, thank you very much and thank you also Todd, I'll step out, somebody else can ask you question.

Sure.

Thank you. [Operator Instructions] All right, well there is nothing else at the present time. So I would like to turn the call back over to management for any closing comments.

All right. I want to thank everybody for their time this morning. I appreciate to being with us and wish you all a good rest of the quarter. Thank you for your time.

Thank you. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect. Have a nice day.