WesBanco(US:WSBC) Prnewswire·2024-07-26 12:00Core Insights - WesBanco, Inc. reported a net income of $26.4 million for Q2 2024, down from $42.3 million in Q2 2023, with diluted earnings per share of $0.44 compared to $0.71 in the prior year [9][10] - For the first half of 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 same period in 2023 [9][10] - The company experienced a total loan growth of 10.1% year-over-year, with total loans increasing by $1.1 billion [10][11] Financial Performance - Total interest and dividend income for Q2 2024 was $202.993 million, a 15.3% increase from $176.055 million in Q2 2023 [1] - Net interest income for Q2 2024 was $116.593 million, a decrease of 4.1% year-over-year [12] - Non-interest income for Q2 2024 was $31.4 million, a decrease of 1.5% from the previous year [13] Balance Sheet Highlights - As of June 30, 2024, total assets were $18.128 billion, reflecting a 2.0% increase from the previous quarter [8] - Total deposits were $13.432 billion, a slight decrease of 0.5% year-over-year [8] - Portfolio loans reached $12.3 billion, up 10.1% year-over-year, driven by strong commercial and residential lending [10][11] Credit Quality - The allowance for credit losses increased to 1.11% of total loans, with a provision for credit losses of $10.5 million in Q2 2024 [11] - Non-performing assets as a percentage of total assets remained low at 0.20% [11] Capital Ratios - As of June 30, 2024, WesBanco maintained strong regulatory capital ratios, with a Tier I risk-based capital ratio of 11.58% and a common equity Tier 1 capital ratio of 10.58% [14]