WesBanco Announces Fourth Quarter 2020 Financial Results

About this update from Wesbanco, Inc.

[{"type":"text","content":"WHEELING, W.Va., Jan. 26, 2021 /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 and twelve months ended December 31, 2020. Net income available to common shareholders for the three months ended December 31, 2020 was $50.2 million, with diluted earnings per share of $0.75, compared to $36.4 million and $0.60 per diluted share, respectively, for the fourth quarter of 2019. For the twelve months ended December 31, 2020, reflecting the impact from the 2020 adoption of the new Current Expected Credit Losses (\"CECL\") accounting standard, net income available to common shareholders was $119.4 million, or $1.77 per diluted share, compared to $158.9 million, or $2.83 per diluted share, for the 2019 period. Net income available to common shareholders excluding after-tax restructuring and merger-related expenses for the three months ended December 31, 2020, was $50.6 million, or $0.76 per diluted share, as compared to $45.5 million and $0.75 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income available to common shareholders for the twelve months ended December 31, 2020 was $127.1 million, or $1.88 per diluted share, as compared to $171.8 million, or $3.06 per diluted share, in the prior year period (non-GAAP measures).\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended December 31,\nFor the Twelve Months Ended December 31,\n2020\n2019\n2020\n2019\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet income available to common shareholders (Non-GAAP)(1)\n$ 50,593\n$ 0.76\n$ 45,478\n$ 0.75\n$ 127,083\n$ 1.88\n$ 171,827\n$ 3.06\nLess: After tax restructuring and merger-related expenses(2)\n(383)\n(0.01)\n(9,102)\n(0.15)\n(7,683)\n(0.11)\n(12,954)\n(0.23)\nNet income available to common shareholders (GAAP)\n$ 50,210\n$ 0.75\n$ 36,376\n$ 0.60\n$ 119,400\n$ 1.77\n$ 158,873\n$ 2.83\n(1)See non-GAAP financial measures for additional information relating to the calculation of these items.\n(2)For 2020, after tax merger-related expenses totaled $5.1 million, and after tax restructuring e...

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