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Mar 31, 2022
WesBanco Q1 2022 Earnings Report
Net income decreased due to a lower interest rate environment and lower non-interest income.
Key Takeaways
WesBanco reported a net income of $41.6 million, or $0.68 per diluted share, for the first quarter of 2022, compared to $70.6 million, or $1.05 per diluted share, for the first quarter of 2021. The current quarter was impacted by restructuring and merger-related expenses.
Sequential quarter total loan growth improved by 0.9%, or 3.6% annualized, when excluding Small Business Administration Payroll Protection Program (“SBA PPP”) loans
Successful execution on our strategy to seek additional long-term growth opportunities through the opening of loan production offices in Nashville and Indianapolis
Deposit growth, excluding certificates of deposit (“CDs”), was 7.3% year-over-year, driven by growth in demand deposits and savings accounts
WesBanco continues to be acknowledged for its strong financial performance and employee focus as it was recognized by Forbes as both one of America’s Best Banks and Best Midsize Employers
WesBanco
WesBanco
Forward Guidance
WesBanco did not provide forward guidance in the earnings report.