WesBanco Announces Third Quarter 2024 Financial Results

Core Insights - WesBanco, Inc. reported a net income of $34.7 million for Q3 2024, slightly up from $34.3 million in Q3 2023, with earnings per share of $0.54 compared to $0.58 in the previous year [1] - For the nine months ended September 30, 2024, net income was $94.3 million, down from $116.5 million in the same period of 2023, with a corresponding decrease in earnings per share from $1.96 to $1.54 [1] - The company experienced strong deposit growth of 12.1% annualized and loan growth of 6.3% annualized in Q3 2024 [1] Financial Performance - Total loans increased by $1.1 billion year-over-year, with a year-over-year growth rate of 10.0% and a sequential quarter growth of 6.3% annualized [1] - Deposits reached $13.8 billion, reflecting a 5.7% year-over-year increase and a 12.1% annualized increase from the previous quarter [1] - Net interest income for Q3 2024 was $121.1 million, a 2.9% increase year-over-year, while net interest income for the nine months ended September 30, 2024, decreased by 3.3% to $351.7 million [2][3] Credit Quality - As of September 30, 2024, total loans past due increased to 0.44%, while non-performing assets as a percentage of total assets declined slightly [2] - The provision for credit losses for Q3 2024 was $4.8 million, down from previous periods, with the allowance for credit losses at 1.13% of total loans [2] Non-Interest Income and Expenses - Non-interest income for Q3 2024 was $29.6 million, a decrease of 4.1% from the previous year, primarily due to lower net swap fee and valuation income [2] - Non-interest expenses, excluding restructuring and merger-related costs, increased by 2.0% year-over-year to $99.2 million, driven by higher operating expenses [3] Capital and Acquisition - WesBanco raised $200 million in common equity to support its balance sheet and future growth, particularly in light of the pending acquisition of Premier Financial Corp. [3] - The company maintains strong regulatory capital ratios, with Tier I leverage at 10.69% and total risk-based capital at 15.74% as of September 30, 2024 [3] Market Position and Recognition - WesBanco was recognized as one of America's Greatest Workplaces for Parents and Families by Newsweek, highlighting its commitment to community engagement and employee welfare [1]