WesBanco Announces Second Quarter 2023 Financial Results

About this update from Wesbanco, Inc.

[{"type":"text","content":"Generated solid earnings and loan growth; maintained strong capital levels; stable deposits\nWHEELING, W.Va., July 25, 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 June 30, 2023. Net income available to common shareholders for the second quarter of 2023 was $42.3 million, with diluted earnings per share of $0.71, compared to $40.2 million and $0.67 per diluted share, respectively, for the second quarter of 2022. For the six months ended June 30, 2023, net income was $82.2 million, or $1.38 per diluted share, compared to $81.8 million, or $1.34 per diluted share, for the 2022 period. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the six months ended June 30, 2023 was $84.7 million, or $1.43 per diluted share, as compared to $83.1 million, or $1.36 per diluted share, in the prior year period (non-GAAP measures).\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended June 30,\nFor the Six Months Ended June 30,\n2023\n2022\n2023\n2022\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet income available to common shareholders (Non-GAAP)(1)\n$ 42,377\n$ 0.71\n$ 40,258\n$ 0.67\n$ 84,677\n$ 1.43\n$ 83,107\n$ 1.36\nLess: After-tax restructuring and merger-related expenses\n(28)\n-\n(41)\n-\n(2,519)\n(0.05)\n(1,300)\n(0.02)\nNet income available to common shareholders (GAAP)\n$ 42,349\n$ 0.71\n$ 40,217\n$ 0.67\n$ 82,158\n$ 1.38\n$ 81,807\n$ 1.34\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, 2023:\nGenerated solid growth in pre-tax, pre-provision income (excluding restructuring and merger-related expenses) of 9.2% year-over-year (non-GAAP)Total loan growth was 9.0% year-over-year and 8.0% annualized (when compared to December 31, 2022), reflecting the strength of our markets and lending teamsBoth period-end and average total deposits were flat compared to the quarter ending March 31, 2023,...

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