Business
WesBanco Announces Third Quarter 2023 Financial Results
Generated solid deposit and loan growth; maintained strong capital levels and credit quality WHEELING, W.V., Oct. 25, 2023 /PRNewswire/ -- WesBanco, Inc.
About this update from Wesbanco, Inc.
[{"type":"text","content":"Generated solid deposit and loan growth; maintained strong capital levels and credit quality\nWHEELING, W.V., Oct. 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 and nine months ended September 30, 2023. Net income available to common shareholders for the third quarter of 2023 was $34.3 million, with diluted earnings per share of $0.58, compared to $50.5 million and $0.85 per diluted share, respectively, for the third quarter of 2022. For the nine months ended September 30, 2023, net income was $116.5 million, or $1.96 per diluted share, compared to $132.3 million, or $2.19 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 three and nine months ended September 30, 2023 were $34.8 million, or $0.59 per diluted share, and $119.5 million, or $2.01 per diluted share, respectively (non-GAAP measures).\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended September 30,\nFor the Nine Months Ended September 30,\n2023\n2022\n2023\n2022\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nDilutedEarningsPer Share\nNet Income\nDilutedEarningsPer Share\nNet Income\nDiluted EarningsPer Share\nNet Income\nDilutedEarningsPer Share\nNet income available to common shareholders (Non-GAAP)(1)\n$ 34,817\n$ 0.59\n$ 50,554\n$ 0.85\n$ 119,496\n$ 2.01\n$ 133,661\n$ 2.21\nLess: After-tax restructuring and merger-related expenses\n(506)\n(0.01)\n(52)\n-\n(3,026)\n(0.05)\n(1,352)\n(0.02)\nNet income available to common shareholders (GAAP)\n$ 34,311\n$ 0.58\n$ 50,502\n$ 0.85\n$ 116,470\n$ 1.96\n$ 132,309\n$ 2.19\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, 2023:\nDeposits increased compared to the quarter ending June 30, 2023, reflecting deposit gathering and retention efforts across retail and business customersPeriod-end deposits essentially flat to December 31, 2022Average loans to average deposits were 87%Total loan growth was 10.1% year-over-year and 7.6% annualized (when compared to December 31, 2022), reflectin...