WesBanco Announces Third Quarter 2021 Financial Results

About this update from Wesbanco, Inc.

[{"type":"text","content":"WHEELING, W.Va., Oct. 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 nine months ended September 30, 2021. Net income available to common shareholders for the period was $41.9 million, with diluted earnings per share of $0.64, compared to $41.3 million and $0.61 per diluted share, respectively, for the third quarter of 2020. For the nine months ended September 30, 2021, net income was $180.5 million, or $2.71 per diluted share, compared to $69.2 million, or $1.03 per diluted share, for the 2020 period. Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended September 30, 2021, was $45.4 million, or $0.70 per diluted share, as compared to $44.2 million and $0.66 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income for the nine months ended September 30, 2021 was $185.7 million, or $2.79 per diluted share, as compared to $76.5 million, or $1.14 per diluted share, in the prior year period (non-GAAP measures).\n\n \n \n \n \n \n \n\n \n \nFor the Three Months Ended September 30,\nFor the Nine Months Ended September 30,\n2021\n2020\n2021\n2020\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDilutedEarningsPer Share\nNet Income\nDiluted Earnings Per Share\nNet Income\nDilutedEarnings Per Share\nNet Income\nDiluted Earnings Per Share\nNet income available to common shareholders (Non-GAAP)(1)\n$ 45,406\n$ 0.70\n$ 44,155\n$ 0.66\n$ 185,685\n$ 2.79\n$ 76,489\n$ 1.14\nLess: After-tax restructuring and merger-related expenses\n(3,529)\n(0.06)\n(2,850)\n(0.05)\n(5,167)\n(0.08)\n(7,300)\n(0.11)\nNet income available to common shareholders (GAAP)\n$ 41,877\n$ 0.64\n$ 41,305\n$ 0.61\n$ 180,518\n$ 2.71\n$ 69,189\n$ 1.03\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 September 30, 2021:\nPre-tax, pre-provision income (\"PTPP\") excluding restructuring and merger-related expenses (non-GAAP measure) was $57.8 million, which included $2.6 million of settlement costs with respect to the pending resolution of a lawsuit Con...

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