WesBanco Announces Second Quarter 2020 Financial Results

About this update from Wesbanco, Inc.

[{"type":"text","content":"WHEELING, W.Va., July 22, 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 and six months ended June 30, 2020. Reflecting the impact from the 2020 adoption of the new Current Expected Credit Losses (\"CECL\") accounting standard, net income for the three months ended June 30, 2020 was $4.5 million, with diluted earnings per share of $0.07, compared to $44.8 million and $0.82 per diluted share, respectively, for the second quarter of 2019. For the six months ended June 30, 2020, net income was $27.9 million, or $0.41 per diluted share, compared to $85.2 million, or $1.56 per diluted share, for the 2019 period. Net income excluding after-tax merger-related expenses for the three months ended June 30, 2020, was $4.9 million, or $0.07 per diluted share, as compared to $44.9 million and $0.82 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income for the six months ended June 30, 2020 was $32.3 million, or $0.48 per diluted share, as compared to $1.60 per diluted share in the prior year period (non-GAAP measures).\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended June 30,\nFor the Six Months Ended June 30,\n2020\n2019\n2020\n2019\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet income (Non-GAAP)(1)\n$ 4,858\n$ 0.07\n$ 44,878\n$ 0.82\n$ 32,334\n$ 0.48\n$ 87,670\n$ 1.60\nLess: After tax merger-related expenses\n(370)\n(0.00)\n(64)\n(0.00)\n(4,450)\n(0.07)\n(2,519)\n(0.04)\nNet income (GAAP)\n$ 4,488\n$ 0.07\n$ 44,814\n$ 0.82\n$ 27,884\n$ 0.41\n$ 85,151\n$ 1.56\n(1)See non-GAAP financial measures for additional information relating to the calculation of these items.\nOn November 22, 2019, WesBanco consummated the merger with Old Line Bancshares, Inc. (\"OLBK\"), a bank holding company headquartered in Bowie, MD with approximately $3.0 billion in assets, excluding goodwill. Financial results for OLBK have been included in WesBanco's results from the merger consummation date.\nWesBanco believes that pre-tax, pre-provision income (non-GAAP measure) provides a more comparab...

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