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WesBanco Announces Second Quarter 2024 Financial Results
Marks eight consecutive quarters of strong year-over-year loan growth averaging 9% WHEELING, W.Va., July 26, 2024 /PRNewswire/ -- WesBanco, Inc. ("WesBanco")
About this update from Wesbanco, Inc.
[{"type":"text","content":"Marks eight consecutive quarters of strong year-over-year loan growth averaging 9%\nWHEELING, W.Va., July 26, 2024 /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, 2024. Net income available to common shareholders for the second quarter of 2024 was $26.4 million, with diluted earnings per share of $0.44, compared to $42.3 million and $0.71 per diluted share, respectively, for the second quarter of 2023. For the six months ended June 30, 2024, net income was $59.5 million, or $1.00 per diluted share, compared to $82.2 million, or $1.38 per diluted share, for the 2023 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, 2024 was $62.5 million, or $1.05 per diluted share, as compared to $84.7 million, or $1.43 per diluted share (non-GAAP measures).\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended June 30,\nFor the Six Months Ended June 30,\n2024\n2023\n2024\n2023\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDiluted EarningsPer Share\nNet Income\nDiluted EarningsPer Share\nNet Income\nDiluted EarningsPer Share\nNet Income\nDiluted EarningsPer Share\nNet income available to common shareholders (Non-GAAP)(1)\n$ 29,369\n$ 0.49\n$ 42,377\n$ 0.71\n$ 62,530\n$ 1.05\n$ 84,677\n$ 1.43\nLess: After-tax restructuring and merger-related expenses\n(2,984)\n(0.05)\n(28)\n-\n(2,984)\n(0.05)\n(2,519)\n(0.05)\nNet income available to common shareholders (GAAP)\n$ 26,385\n$ 0.44\n$ 42,349\n$ 0.71\n$ 59,546\n$ 1.00\n$ 82,158\n$ 1.38\n(1) See non-GAAP financial measures for additional information relating to the calculation of these items.\n \nFinancial and operational highlights during the quarter ended June 30, 2024:\nTotal loan growth was 10.1% year-over-year and 3.2% quarter-over-quarter, or 12.9% annualizedTotal loans are up $1.1 billion as compared to the prior year period, driven by both commercial and residential lendingDeposits of $13.4 billion increased 4.4% year-over-yearAverage loans to average deposits were 89.4%, providing continued capacity to fund loan growthThe quarter-over-quarter increase in provision for credit...