WesBanco Announces Second Quarter 2022 Financial Results

About this update from Wesbanco, Inc.

[{"type":"text","content":"WHEELING, W.V., July 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 June 30, 2022. Net income available to common shareholders for the second quarter of 2022 was $40.2 million, with diluted earnings per share of $0.67, compared to $68.1 million and $1.01 per diluted share, respectively, for the second quarter of 2021, which included a release of provision for credit losses of $21.0 million, or $16.6 million net of tax, due to improved economic forecasts in the prior year period. For the six months ended June 30, 2022, net income was $81.8 million, or $1.34 per diluted share, compared to $138.6 million, or $2.06 per diluted share, for the 2021 period, which included a release of provision for credit losses of $49.0 million, or $39.0 million net of tax. Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended June 30, 2022, was $40.3 million, or $0.67 per diluted share, as compared to $69.0 million and $1.03 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, 2022 was $83.1 million, or $1.36 per diluted share, as compared to $140.3 million, or $2.09 per diluted share, in the prior year period (non-GAAP measures).\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended June 30,\nFor the Six Months Ended June 30,\n2022\n2021\n2022\n2021\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDilutedEarningsPer Share\nNet Income\nDilutedEarningsPer Share\nNet Income\nDilutedEarningsPer Share\nNet Income\nDilutedEarningsPer Share\nNet income available to common shareholders (Non-GAAP)(1)\n$ 40,258\n$ 0.67\n$ 69,022\n$ 1.03\n$ 83,107\n$ 1.36\n$ 140,279\n$ 2.09\nLess: After-tax restructuring and merger-related expenses\n(41)\n-\n(965)\n(0.02)\n(1,300)\n(0.02)\n(1,638)\n(0.03)\nNet income available to common shareholders (GAAP)\n$ 40,217\n$ 0.67\n$ 68,057\n$ 1.01\n$ 81,807\n$ 1.34\n$ 138,641\n$ 2.06\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 June 30, 2022:\nReflecting the str...

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