WesBanco Announces First Quarter 2020 Financial Results

About this update from Wesbanco, Inc.

[{"type":"text","content":"WHEELING, W.Va., April 27, 2020 /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, 2020.\n\n \n \n \n \n \n \n\n \n\"While we are all experiencing unusual times, WesBanco is supporting its customers and its communities in many ways,\" said Todd F. Clossin, President and Chief Executive Officer of WesBanco. \"Early on, we committed $350,000 to fund various non-profit agencies, throughout our footprint, who were impacted by the coronavirus. Our employees also made the decision to cancel our company's 150th anniversary celebration activities and reallocate those funds to provide an additional $200,000 in support to those same charities. I am proud to say that the WesBanco team, as of April 24, 2020, has deferred loan payments on more than 2,800 customer loans to help our customers make ends meet and to help support their families and businesses cash flow needs. Our employees have also made more than 2,300 loans, totaling approximately $570 million, under the Small Business Administration's Paycheck Protection Program. We are fortunate to be in a strong position to provide support to others during this unprecedented time. Our thoughts are with essential service providers across all industries and with the many people and families suffering from this virus.\"\nNet income for the three months ended March 31, 2020 was $23.4 million, with diluted earnings per share of $0.35, compared to $40.3 million and $0.74 per diluted share, respectively, for the first quarter of 2019. Net income excluding after-tax merger-related expenses for the three months ended March 31, 2020, was $27.5 million, or $0.41 per diluted share, as compared to $42.8 million and $0.78 per diluted share, respectively, in the prior year quarter (non-GAAP measures).\nFor the Three Months Ended March 31,\n2020\n2019\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet income (Non-GAAP)(1)\n$ 27,476\n$ 0.41\n$ 42,791\n$ 0.78\nLess: After tax merger-related expenses\n(4,080)\n(0.06)\n(2,454)\n(0.04)\nNet income (GAAP)\n$ 23,396\n$ 0.35\n$ 40,337\n$ 0.74\n(1)See non-GAAP financial measures for additional information relating to the...

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