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Jun 30, 2020
WesBanco Q2 2020 Earnings Report
Net income decreased due to the impact from the 2020 adoption of the new Current Expected Credit Losses (“CECL”) accounting standard.
Key Takeaways
WesBanco reported a net income of $4.5 million, or $0.07 per diluted share, for the three months ended June 30, 2020. This compares to $44.8 million, or $0.82 per diluted share, for the second quarter of 2019. Pre-tax, pre-provision income, excluding merger-related expenses, increased 15.7% year-over-year to $66.8 million.
Organic loan growth was 11.3% year-over-year, driven by WesBanco’s support of communities impacted by the pandemic, as well as the commercial and residential real estate loan categories.
Organic deposit growth, excluding certificates of deposit, was 20.3% year-over-year, driven by growth in demand deposits
Mortgage banking income increased 365.5% year-over-year to a record $7.5 million due to strong originations and organic growth in the current low interest rate environment
Continued expense management demonstrated by a year-to-date efficiency ratio of 56.62%
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.comOther Income Revenue
CapyFin.com Forward Guidance
WesBanco provided no forward guidance in the earnings report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income