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Mar 31, 2020
WesBanco Q1 2020 Earnings Report
WesBanco's financial performance declined due to macroeconomic deterioration and merger-related expenses.
Key Takeaways
WesBanco reported a decrease in net income and diluted earnings per share for the first quarter of 2020, compared to the same period in 2019. The results were impacted by merger-related expenses and a significant deterioration in the macroeconomic forecast due to the COVID-19 pandemic.
Net income was $23.4 million, or $0.35 per diluted share, compared to $40.3 million, or $0.74 per diluted share, in Q1 2019.
Net income excluding after-tax merger-related expenses was $27.5 million, or $0.41 per diluted share, compared to $42.8 million, or $0.78 per diluted share, in Q1 2019.
Successfully completed signage and systems conversion of Old Line Bancshares in February.
Portfolio loans increased 35.0% year-over-year due to the OLBK acquisition.
WesBanco
WesBanco
WesBanco Revenue by Segment
Revenue by Segment
Trust Fees Revenue
CapyFin.comService Charges on Deposits Revenue
CapyFin.comDigital Banking Income Revenue
CapyFin.comNet Securities Brokerage Revenue
CapyFin.comBank-Owned Life Insurance Revenue
CapyFin.comMortgage Banking Income Revenue
CapyFin.comNet Securities Gains Revenue
CapyFin.comNet Gains on OREO & Other Assets Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
WesBanco did not provide specific forward guidance in the earnings report.