WesBanco Announces First Quarter 2019 Net Income

About this update from Wesbanco, Inc.

[{"type":"text","content":"WHEELING, W.Va., April 16, 2019 /PRNewswire/ -- WesBanco, Inc. (\"WesBanco\") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended March 31, 2019. Net income for the three months ended March 31, 2019 was $40.3 million, with diluted earnings per share of $0.74, compared to $33.5 million and $0.76 per diluted share, respectively, for the first quarter of 2018. Net income excluding after-tax merger-related expenses for the three months ended March 31, 2019, increased 26.9% year-over-year to $42.8 million, or $0.78 per diluted share as compared to $0.76 per diluted share in the prior year quarter, an increase of 2.6% (non-GAAP measure). \n\n \nOn April 5, 2018, WesBanco consummated the merger with First Sentry Bancshares, Inc. (\"FTSB\"), a bank holding company headquartered in Huntington, WV with $0.7 billion in assets, excluding goodwill. In addition, on August 20, 2018, WesBanco consummated the merger with Farmers Capital Bank Corporation (\"FFKT\"), a bank holding company headquartered in Frankfort, KY with approximately $1.6 billion in assets, excluding goodwill. Financial results for both FTSB and FFKT have been included in WesBanco's results from their respective merger consummation dates.\nFinancial and operational highlights:\nCompleted the data systems and signage conversion of FFKT, and consolidated six financial centers during the first quarter Strong core returns on average assets and tangible equity of 1.39% and 16.56%, respectively (non-GAAP measures) Sequential and year-over-year improvement in the net interest margin reflects the benefits of the FFKT acquisition and our core deposit funding advantage Continued solid expense management demonstrated by a relatively stable efficiency ratio of 55.89% (non-GAAP measure) Continued strength across key credit quality metrics, including non-performing assets, past due loans, provision for credit losses, and net loan charge-offs Quarterly cash dividend increased 6.9%, or two cents, to $0.31 per share Named to Forbes magazine's inaugural ranking of the World's Best Banks, which was based on customer satisfaction and consumer feedback, earning the #7 ranking in the United States\"We are pleased with WesBanco's performance during the first quarter of 2019 as we successfully completed...

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