Financial Performance - Net income for Q4 2024 was $47.1 million, or $0.70 per share, compared to $32.4 million, or $0.55 per share in Q4 2023, representing a 45.5% increase in net income year-over-year[1] - WesBanco reported a net income of $49.629 million for the three months ended December 31, 2024, representing a 41.9% increase compared to $34.968 million in the same period of 2023[27] - Net income available to common shareholders rose to $47,098,000, compared to $34,741,000 in the previous quarter, reflecting a 35.4% increase[35] - Net income available to common shareholders for Q4 2024 was $47,098 thousand, an increase from $34,741 thousand in Q3 2024, representing a growth of 35.5%[40] - Basic net income per common share increased to $0.70, up from $0.54 in the previous quarter, a growth of 29.6%[35] Loan and Deposit Growth - Total loans increased by $1.0 billion, or 8.7%, year-over-year, with commercial loans growing by 10.7% to $9.1 billion[4] - Deposits reached $14.1 billion, up 7.3% year-over-year, fully matching the loan growth of $1.0 billion[6] - Portfolio loans net of unearned income grew by 8.7% to $12,656,429 thousand compared to $11,638,461 thousand in 2023[31] - Commercial real estate loans increased by 11.6% to $7,326,681 thousand from $6,565,448 thousand in 2023[31] - Average loans to average deposits increased to 89.48% in 2024, up 4.40% from 85.71% in 2023[29] Income and Revenue - Non-interest income for Q4 2024 was $36.4 million, a 21% increase from Q4 2023, driven by higher net swap fees and service charges[11] - Total interest and dividend income increased by 11.6% to $213.585 million for the three months ended December 31, 2024, up from $191.318 million in the same period of 2023[27] - The company’s net interest income after provision for credit losses was $126.653 million, a 12.1% increase from $112.955 million in the previous year[27] - Non-interest income rose by 21.0% to $36.388 million for the three months ended December 31, 2024, compared to $30.074 million in the same period of 2023[27] - Total interest and dividend income for the quarter ended December 31, 2024, was $213,585,000, a slight decrease from $213,729,000 in the previous quarter[35] Expenses and Efficiency - Non-interest expense for 2024, excluding restructuring costs, increased by 2.4% year-over-year to $395.5 million, primarily due to higher equipment and software expenses[14] - The company’s efficiency ratio improved to 58.5% for the twelve months ended December 31, 2024, compared to 59.2% in 2023[27] - Non-interest expense for the three months ended December 31, 2024, was $101,104, a slight decrease from $101,183 in the previous quarter[41] - The efficiency ratio improved to 61.23% for the three months ended December 31, 2024, compared to 65.29% in the prior quarter, indicating enhanced operational efficiency[41] Capital and Assets - Total assets for WesBanco stood at $18.7 billion as of December 31, 2024, with Trust and Investment Services holding $6.0 billion in assets under management[24] - WesBanco maintained strong regulatory capital ratios, with a Tier I risk-based capital ratio of 13.06% and a common equity Tier 1 capital ratio of 12.07%[15] - Shareholders' equity grew by 10.2% to $2,790,281 thousand from $2,533,062 thousand in 2023[31] - Average total assets increased to $18,593,265 thousand in Q4 2024 from $18,295,583 thousand in Q3 2024, reflecting a growth of 1.6%[40] - Average total shareholders' equity rose to $2,806,079 thousand in Q4 2024 from $2,715,461 thousand in Q3 2024, marking a growth of 3.3%[40] Credit Quality - The allowance for credit losses was $138.8 million, providing a coverage ratio of 1.10% as of December 31, 2024[8] - Annualized net loan charge-offs increased to 0.11% in 2024, a substantial rise of 175.00% compared to 0.04% in 2023[29] - Total non-performing assets increased to $40,604 thousand as of December 31, 2024, up from $31,327 thousand in the previous quarter, representing a 29% increase[37] - Non-performing loans as a percentage of total portfolio loans increased to 0.31% from 0.24%, indicating a 29% increase[37] - The provision for credit losses was a reversal of $147,000, compared to a provision of $4,798,000 in the previous quarter, indicating improved credit quality[35] Mergers and Acquisitions - The acquisition of Premier Financial Corp. is on track, pending regulatory approvals, which is expected to enhance the company's market position[4] - The proposed merger with Premier Financial is expected to yield cost savings and revenue synergies, although actual results may differ due to various risks and uncertainties[20]
WESBANCO REPSTG(WSBCP) - 2024 Q4 - Annual Results