WesBanco Announces First Quarter 2023 Financial Results

About this update from Wesbanco, Inc.

[{"type":"text","content":"WHEELING, W.Va., April 24, 2023 /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, 2023. Net income available to common shareholders for the first quarter of 2023 was $39.8 million, with diluted earnings per share of $0.67, compared to $41.6 million and $0.68 per diluted share, respectively, for the first quarter of 2022. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended March 31, 2023, was $42.3 million, or $0.71 per diluted share, as compared to $42.9 million and $0.70 per diluted share, respectively, in the prior year quarter (non-GAAP measures).\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended March 31,\n2023\n2022\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDilutedEarnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet income available to common shareholders (Non-GAAP)(1)\n$ 42,301\n$ 0.71\n$ 42,851\n$ 0.70\nLess: After-tax restructuring and merger-related expenses\n(2,491)\n(0.04)\n(1,258)\n(0.02)\nNet income available to common shareholders (GAAP)\n$ 39,810\n$ 0.67\n$ 41,593\n$ 0.68\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, 2023:\nGenerated solid growth in pre-tax, pre-provision income (excluding restructuring and merger-related expenses) of 13.2% year-over-year (non-GAAP)Total loan growth was 11.9% year-over-year and 7.0% annualized when compared to December 31, 2022, reflecting the strength of our markets and lending teamsKey credit quality metrics such as non-performing assets, total past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages, those with total assets between $10 billion and $25 billion (based upon the prior four quarters)WesBanco remains well-capitalized with solid liquidity and a strong balance sheet with capacity to fund loan growthReturns on average assets and tangible equity were 1.01% and 13.48%, respectively (non-GAAP)Average loans to average deposits were 83.5%Stro...

More updates from Wesbanco, Inc.