Business
WesBanco Announces Third Quarter 2024 Financial Results
Strong sequential quarter deposit growth of 12.1% annualized and loan growth of 6.3% annualized WHEELING, W.Va., Oct. 23, 2024 /PRNewswire/ -- WesBanco, Inc.
About this update from Wesbanco, Inc.
[{"type":"text","content":"Strong sequential quarter deposit growth of 12.1% annualized and loan growth of 6.3% annualized\nWHEELING, W.Va., Oct. 23, 2024 /PRNewswire/ -- WesBanco, Inc. (\"WesBanco\" or \"Company\") (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, 2024. Net income available to common shareholders for the third quarter of 2024 was $34.7 million, with earnings per share of $0.54, compared to $34.3 million and $0.58 per share, respectively, for the third quarter of 2023. For the nine months ended September 30, 2024, net income was $94.3 million, or $1.54 per share, compared to $116.5 million, or $1.96 per 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 nine months ended September 30, 2024 was $98.8 million, or $1.61 per share, as compared to $119.5 million, or $2.01 per share (non-GAAP measures).\n\n \n \n \n \n \n \n\n \nFor the Three Months Ended September 30,\nFor the Nine Months Ended September 30,\n2024\n2023\n2024\n2023\n(unaudited, dollars in thousands, except per share amounts)\nNet Income\nEarnings Per Share\nNet Income\nEarningsPer Share\nNet Income\nEarnings Per Share\nNet Income\nEarnings Per Share\nNet income available to commonshareholders (Non-GAAP)(1)\n$ 36,303\n$ 0.56\n$ 34,817\n$ 0.59\n$ 98,833\n$ 1.61\n$ 119,496\n$ 2.01\nLess: After-tax restructuring and merger-related expenses\n(1,562)\n(0.02)\n(506)\n(0.01)\n(4,546)\n(0.07)\n(3,026)\n(0.05)\nNet income available to common shareholders (GAAP)\n$ 34,741\n$ 0.54\n$ 34,311\n$ 0.58\n$ 94,287\n$ 1.54\n$ 116,470\n$ 1.96\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 September 30, 2024:\nTotal loan growth was 10.0% year-over-year and 6.3% over the sequential quarter, annualizedTotal loans are up $1.1 billion over the last year, driven by commercial loan growthDeposits of $13.8 billion increased 5.7% year-over-year and 12.1% over the sequential quarter, annualizedDeposit growth, excluding certificates of deposit, increased 2.2% year-over-year and 4.3% over the sequential quarter, annualizedAverage loans to ave...