WesBanco Announces Second Quarter 2025 Financial Results

Core Viewpoint - WesBanco, Inc. reported significant growth in net income and earnings per share for the second quarter of 2025, driven by the successful acquisition of Premier Financial Corp. and operational improvements. Financial Performance - Net income available to common shareholders for Q2 2025 was $54.9 million, with diluted earnings per share of $0.57, compared to $26.4 million and $0.44 per diluted share in Q2 2024 [1] - For the first half of 2025, net income was $43.4 million, or $0.50 per diluted share, down from $59.5 million, or $1.00 per diluted share, in the same period of 2024 [1] - Adjusted net income per diluted share, excluding certain items, was $0.91 for Q2 2025, up from $0.49 in the prior year [2] Loan and Deposit Growth - Total loans increased 53.6% year-over-year to $18.8 billion, reflecting $5.9 billion from Premier Financial Corp. and organic growth of 5.5% [3][4] - Deposits rose 57.5% year-over-year to $21.2 billion, driven by $6.9 billion from Premier Financial Corp. and organic growth of $0.8 billion [5] Net Interest Margin and Income - The net interest margin for Q2 2025 was 3.59%, an increase of 64 basis points year-over-year, attributed to higher loan yields and lower funding costs [8] - Net interest income for Q2 2025 was $216.8 million, an increase of 85.9% year-over-year, primarily due to the larger balance sheet from the acquisition [9] Non-Interest Income - Non-interest income for Q2 2025 was $44.0 million, a 40.2% increase from the previous year, largely due to the acquisition of Premier Financial Corp. [10] Non-Interest Expense - Non-interest expense, excluding restructuring and merger-related costs, was $145.5 million for Q2 2025, a 47.5% increase year-over-year, mainly due to the addition of Premier Financial Corp.'s expense base [14] Capital and Credit Quality - As of June 30, 2025, the allowance for credit losses was 1.19% of total loans, amounting to $223.9 million [7] - Credit quality metrics remained low, with criticized and classified loans at 3.63% of total portfolio loans, although this was an increase from the previous quarter [6] Efficiency and Operational Highlights - The efficiency ratio improved to 55.5%, more than 10 percentage points better year-over-year, reflecting the benefits of the acquisition and a focus on expense management [11] - The successful conversion of customer data systems for approximately 400,000 consumer and 50,000 business relationships from Premier Financial Corp. was achieved [3]