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 of results of operations for the quarter ended March 31, 2015. 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 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, 2014, which is available at the SEC's Web site, www.sec.gov or WesBanco's Web site, www.wesbanco.com. Investors are cautioned that forward-looking statements, which are not historical facts, involve risks and uncertainties, including those detailed in WesBanco's most recent Annual Report on Form 10-K filed with 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, 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 not make it more difficult to maintain relations with clients, associates, or suppliers; the effects of changing regional and national economic conditions; changes in interest rates, spreads in earning assets and interest-bearing liabilities,…

All right thanks, Keith. Good morning. Thank you for participating in WesBanco's first quarter 2015 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 of our first quarter was issued last evening. A copy of the entire press release is available on the Web site. We closed our transaction with ESB on February 10th after we announced the deal near the end of last October. This timeline represents are quick, three and a half months from deal announcement to deal closing and we’re pleased to be able to complete such a significant merger in such a short period of time. It was the seventh largest bank transaction completed during 2014 and it was our second transaction in two and half years the Fidelity transaction closed in late 2012. Due to the closing of the deal mid quarter, we’ll be discussing our first quarter numbers, both with and without, the impact of the merger. This presentation will demonstrate the strong results we are seeing in our legacy WesBanco franchise then we’ll also highlight ESB’s nice growth trends from deal announcement, breakthrough deal closing and deal conversion. Combined we have a pretty good early story to tell. WesBanco had a strong first quarter. Our core earnings were $0.59 per share compared to the $0.56 per share during the first quarter of last year, and $0.59 per share during the fourth quarter of last year. This performance represents an earnings increase of 5% when compared to the first quarter of last year. Core earnings exclude the impact of a $0.19 per share restructuring and merger-related charge attributable to…

Thank you, Todd. Good morning all. Per share earnings exclusive of merger related expenses were up 5.4% over the first quarter of last year at $0.59 versus $0.56 per share. Despite -- including ESB’s operating expenses from February 10th to March 31 due to the earlier than projected closing of ESB we recorded similar results to the fourth quarter. First quarter EPS calculated on a GAAP basis were $0.40 per share with 6.3 million of after tax or $0.19 per share of merger related expenses. Core return on average assets was 1.17 versus 1.16 last year and return on tangible common equity was also comparable to last year at 15.3%. Both of these measures are above fourth quarter peer averages of 1.05% and 12.1% respectively. In addition, the peer core operating efficiency ratio was 62.8% as compared to our core ratio of 57.5%. Pre-tax pre-provision return on average assets without the merger related expenses was 1.69 for the first quarter versus 1.71 last year. Net interest income grew 16.1% with the acquisition and loan growth over the past year the primary reasons for the increase. Net interest margin decreased 4 basis points from 3.63% to 3.59% but it was higher than earlier expectations post merger. The margin was influenced positively by purchase accounting accretion from the mark-to-market of financial assets and liabilities. The margin net of all purchase accounting accretion in both periods from either ESB or Fidelity in the prior year would have been 3.49% in the first quarter of 2015 and 3.58% last year. Factors influencing the growth include approximately 16.9% higher average earning assets for the quarter with 16.2% growth in average loans and a lower cost of funds at just 43 basis points versus 56 basis points last year. The costs of our interest bearing deposits…

As mentioned, at this time, we will begin the question-and-answer session. [Operator Instructions] And the first question comes from Catherine Mealor with KBW.

So, you've only had a partial quarter of ESB and you still have a really strong 50% cost savings coming through next quarter, but the efficiency ratio is still down to 58%. So how should we think about the efficiency ratio, as you've got more cost savings coming on over the next couple of quarters, but as you continue to reinvest in new talent and continue to hire like the team lift out, that we saw this quarter in Pittsburgh? Just looking for some maybe guidance on how low you can bring the efficiency ratio down to?

We’ve been very disciplined about managing expenses and moving lower productive resource at a higher productive markets and that’s part of how we’re funding the big part quite frankly of how we funded the lift out that I mentioned, how we’re funding other talent acquisitions and 10 C&I lenders and managers that come on over the last year. So, there is two sites to that ratio as you know the revenue side and the expense side and we expect to make continue improvements on both sides of that going forward.

And then can you also give us an update on what you're seeing locally in the Marcellus Shale region. Are you seeing any signs of slowdown or credit stress at lower energy costs and more thinking about how that's impacting the lending side more so than the deposit or the trust side?

As you know we talked about on prior calls our play there was really on the deposit and the wealth management in the trust side and that’s really where we played strong and continue to see very good results here as I mentioned in my comments. On the lending side, we never lend to the large oil and gas companies it just wasn’t part of our cup of tea. But if you were to look at our part of our portfolio that would be core related to the oil and gas industry directly related to it, it’d be less than 1% of our portfolio. And then if you look at ancillary services companies related to the oil and gas industry it will be another 2%. So it’s a very-very small number. We haven’t seen much in the way of any kind of down-grades we’ve got a few smaller credits that we’re watching but they equate to a couple of million bucks, $2 million or so, so very-very small numbers for our bank. So we really haven’t seen any stress. We haven’t seen any deterioration of credit quality. We talk to our customers and we watch that very-very closely. And the portfolio just continues to perform very-very strongly. So again the concentration on it was very-very small 1% core or less than 2% ancillary and those companies continue to perform well. Again we were very conservative in how we underwrote how we’re into this business and it always was for us the deposit play, it always was for us the wealth management play. And as you remember I mean we showed mid single digit loan growth numbers over the last couple of years when some of the banks out west were showing 15%-20% loan growth while they’re putting on -- they're taking advantages of oil and gas business in their markets, we weren’t. If we were, you would have seen higher loan growth numbers from us. We just stayed away from this stuff that we’d probably been one of them.

So maybe one more for Bob, how should we think about the size and the yield on the securities portfolio next quarter with a full quarter of ESB and some of the restructuring activity you've done?

Yes Catherine, I think probably looking at it in terms of where we are at the end of the quarter, we have $2.4 billion portfolio on a plan to get to about $2.5 billion the rest of the growth is related to municipal securities it will take some time to melt into the portfolio or to purchase. So, it was coming down in terms of yield throughout the quarter but we ended the quarter in March for the month at 276 so that’s I think primarily where you should look going forward for the yield in the portfolio. We did anticipate a little bit higher yield when we initially modeled ESB but as we know rates are down some 50 basis points as compressed yield curve we did restructure about half of the portfolio and did pick up a few basis points where the restructuring as opposed to say just bring all the securities across and do the mark to market.

Thank you. And the next question comes from Scott Valentin with FBR. Please go ahead.

Good morning, Todd and Bob. Just a quick question following-up on that securities question I think Bob if I heard you correctly, securities at a $2.4 billion, and you said your goal is to get to $2.5 billion and then so following upon that, just curious as a percent of assets, that seems I think that's close to about 30% of assets, 29% of assets, if my math is right. Just wondering, that seems a little high, wondering if there is opportunity to bring that down and with that, if you could improve the margin, if you got securities down to say 20%?

You’re right on mark. If you look at our historical relationship in terms of the percentage of our portfolio that might be in securities it’s in the mid-20% range. That would be the ideal percentage range for us to get back. I am not going to put a time frame on that. It’s just something that we’re going to continue to watch. And I think one of the nice things about this is as we grow organically or were to do another deal or two we have the opportunity to shrink that portfolio as we showed over the last year. We’ll continue to do that. But that’s also part why I want the loan growth to be strong, why we’re executing on the C&I initiatives, as I want the loans to grow and fund that through shrinkages securities portfolio that then bring that down more into the mid 20% range over time, allow us to grow organically, do another couple of deals and still stay under $10 billion threshold, that’s the plan.

And I just want to remark that there is over 400 million of cash flows coming from that investment portfolio over the next year so there is plenty of opportunity to move into the loan side.

Okay. Thanks. And then on kind of the Marcellus, I guess an strong activity, you guys seem to have good loan growth seasonally, I think the first quarter typically is the slowest for the year, given the weather in your markets, but just wondering in terms of mix if we're seeing any differences I know you guys have emphasizing C&I and the other markets. Just wondering if you're seeing more success on those two initiatives?

We are. We’re continuing to see really nice growth in both C&I and in home equity. I think part of what we’re trying to do in home equity is leverage our distribution franchise I’ve got 242 stores now across the three state area then I’ve got all this distribution that I then can have this product moved through. So, we came up with a competitive product to last spring. It’s a product that we feel really good about. It’s a product that we’re selling in the marketplace I held a meeting yesterday with all the presidents to talk about specifically tactics and how do we position that product. So that’s a big part of our growth. I like it because it tends to be more variable rate as well. On the C&I side spending an awful lot of time on the talent side of that as well too and with specific tactics to grow C&I across the major areas. So we expect that to continue to have the same kind of success we’ve had in the last year or two with that. The more real estate oriented kind of legacy portfolio we still like it, it’s still growing but it’s not going to grow as a percentage of the pie as quickly as C&I and home equity. So over-time, what we do is we rebalance the portfolio over the next five, six, seven years, little bit at a time.

Okay. All right. And then one final question. You mentioned the lift out of five loan officers out of a bank. How much more opportunity is there for that and then post ESB acquisition, you guys a little bit bigger, does that help in going out and reaching out to lenders to join WesBanco?

Yes it definitely helps a lot because when you got a smaller market share to major of the market you looked at it as job and as a career and when you get the size that we’ve got now top 10 market share in the Pittsburgh area, top 10 market share in the Columbus area. We’re now a big enough organization that we matter there. And we can have various levels of relationship managers and team leaders and commercial heads and I think we’re sizable enough organization that can be very appealing to lenders that might have been with some bigger banks or even smaller banks but had careers there that might have been headquartered in that marketplace. So, it gives us the heft, it gives us the credibility at the same time we’re continuing to advance our product sophistication on the C&I side, treasury management areas like that so it improves not just the yield on the loan but the even on the relationship because of the fee services that are coming in. And the market -- see that and that’s part of our story that we’re telling talent to come in. So we added 10 C&I lenders and managers over the last year. Our expectation would be is to continue to bring talent on but we watch it closely. One of the things we drive hard here is operating leverage and I want to see positive operating leverage. So if I’m bringing the team on, they’re going to pay for themselves pretty darn quickly and we’re going to find ways to fund it so that we don’t build a team and then wait for the revenues to come, it got to happen simultaneously.

Thank you. [Operator Instructions] And the next question comes from William Wallace of Raymond James

I just want to maybe dig in a little bit to some of the moving parts as it relates to margin. As far as your purchase accounting accretion, can you tell us what your scheduled accretion is for the second quarter or for the remainder of the year?

Well let me take -- I’ll take a stab at it I’d say we still feel that it’s a nicely accretive transaction for us to stay like that [indiscernible] talked about earlier. We also have much lower gains and book value dilution of this transaction and was modeled throughout the big benefit for us. We’re also picking up lower funding cost, we’re also picking up bit of an accretion on the acquired loan portfolio and we still have some the former ESB investment portfolio you have to invest. So there is a lot of things that are going on in the organization to continue to drive the earnings growth forward. So, we still feel very good about the deal and feel it’s very nicely accretive for us.

So Todd was leading that off I was looking it up Wally and we’ll say at a high level here. Excluding the investment portfolio which has seen a substantial restructuring and I’ve given you some guidance on that from the where the yield was at the end of the first quarter. So again excluding that, but looking at accretable yield on the loan portfolio, CDs, we restructured all the borrowing so there is really nothing there, and CDI for instance in non-compete. When you all that together you end up with a number that’s about 3 million for the year. We gave you the number for the first quarter in terms of the margin impact. So that will -- I didn’t hear you.

But $3 million is that netting out the amortization on the CDI?

Yes, it’s part of that, yes.

Okay. So the impact, I'm just looking -- I'm just trying to think about margins, so the impact of net interest income is going to be closer to about $6 million for the year?

I have -- again excluding investments I have closer to 5 million.

And then your prepaying, is it a sub-debt of $36 million?

That’s right.

And what's the cost of that?

The mark to market cost would be between 6% and 7% that’s not the contract cost but like Fidelity we are terminating it because mark to market would produce a higher cost of funds and we want to absorb going forward.

And there's still -- is the prepayment penalty on that $11 million, is that number still correct?

The prepayment penalties were absorbed premerger because they’re really were on either Federal Home Loan Bank advances or repos. We’re not in a prepayment period with this particular trough. It’s just variable rate security -- variable rate instrument at this point.

And then -- so as far as thinking about merger costs then in the second quarter or just moving forward, are we -- is the lion share of the $25 million gone then?

Yes, I disclosed another 1 million to 2 million that would occur. So, there is no -- when we talked about the 3 million which 5 million if you net out non-compete and CDI we talked about investments separately because of the significant restructuring and the borrowings are not in that because they were completed restructured or paid off as well.

Thank you. And as there are no more questions at the present time, I would like to turn the conference call back over to Todd Clossin for any closing comments.

Great. I want to thank everybody for their time this morning. And look forward to giving you continued updates in quarters come. Have a good day.

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