WesBanco Announces First Quarter 2022 Financial Results

About this update from Wesbanco, Inc.

[{"type":"text","content":"WHEELING, W.Va., April 26, 2022 /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, 2022. Net income available to common shareholders for the first quarter of 2022 was $41.6 million, with diluted earnings per share of $0.68, compared to $70.6 million and $1.05 per diluted share, respectively, for the first quarter of 2021. The first quarter of 2021 was favorably impacted by a negative provision of $22.1 million (net of tax) under the Current Expected Credit Losses (\"CECL\") methodology. Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended March 31, 2022, was $42.9 million, or $0.70 per diluted share, as compared to $71.3 million and $1.06 per diluted share, respectively, in the prior year quarter (non-GAAP measures).\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended March 31,\n2022\n2021\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDilutedEarningsPer Share\nNet Income\nDilutedEarningsPer Share\nNet income available to common shareholders (Non-GAAP)(1)\n$ 42,851\n$ 0.70\n$ 71,256\n$ 1.06\nLess: After-tax restructuring and merger-related expenses\n(1,258)\n(0.02)\n(672)\n(0.01)\nNet income available to common shareholders (GAAP)\n$ 41,593\n$ 0.68\n$ 70,584\n$ 1.05\n(1) See non-GAAP financial measures for additional information relating to the calculation of these items.\nFinancial and operational highlights during the quarter ended March 31, 2022:\nSequential quarter total loan growth improved by 0.9%, or 3.6% annualized, when excluding Small Business Administration Payroll Protection Program (\"SBA PPP\") loansSuccessful execution on our strategy to seek additional long-term growth opportunities through the opening of loan production offices in Nashville and IndianapolisDeposit growth, excluding certificates of deposit (\"CDs\"), was 7.3% year-over-year, driven by growth in demand deposits and savings accountsSuccessful execution of a Tier 2 capital raise, through the public offering of $150 million of ten-year fixed-to-floating rate subordinated debtDuring the quarter, we continued to return capital to our shareholders as we purchased approximately 1.7 million shar...

More updates from Wesbanco, Inc.