Business
WesBanco Announces Fourth Quarter 2019 Financial Results
WHEELING, W.Va., Jan. 27, 2020 /PRNewswire/ -- January 27, 2020 – WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC), a diversified, multi-state bank holding company,
About this update from Wesbanco, Inc.
[{"type":"text","content":"WHEELING, W.Va., Jan. 27, 2020 /PRNewswire/ -- January 27, 2020 – WesBanco, Inc. (\"WesBanco\") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and twelve months ended December 31, 2019. Net income for the three months ended December 31, 2019 was $36.4 million, with diluted earnings per share of $0.60, compared to $43.9 million and $0.80 per diluted share, respectively, for the fourth quarter of 2018. For the twelve months ended December 31, 2019, net income was $158.9 million, or $2.83 per diluted share, compared to $143.1 million, or $2.92 per diluted share, for the 2018 period. Net income excluding after-tax merger-related expenses for the three months ended December 31, 2019, increased 1.0% year-over-year to $45.5 million, or $0.75 per diluted share as compared to $0.82 per diluted share in the prior year quarter, a decrease of 8.5% (non-GAAP measures). On the same basis, net income for the twelve months ended December 31, 2019 increased 9.3% year-over-year to $171.8 million, or $3.06 per diluted share, down 4.7% when compared to $3.21 per diluted share in the prior year period (non-GAAP measures).\n\n \n \n\n \nFor the Three Months Ended December 31,\nFor the Twelve Months Ended December 31,\n2019\n2018\n2019\n2018\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet income (Non-GAAP)(1)\n$ 45,478\n$ 0.75\n$ 45,025\n$ 0.82\n$ 171,827\n$ 3.06\n$ 157,221\n$ 3.21\nLess: After tax merger-related expenses\n(9,102)\n(0.15)\n(1,097)\n(0.02)\n(12,954)\n(0.23)\n(14,109)\n(0.29)\nNet income (GAAP)\n$ 36,376\n$ 0.60\n$ 43,928\n$ 0.80\n$ 158,873\n$ 2.83\n$ 143,112\n$ 2.92\n(1)See non-GAAP financial measures for additional information relating to the calculation of these items.\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. 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, excludin...