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Jun 30, 2021
WesBanco Q2 2021 Earnings Report
Reported strong financial results driven by growth in fee income and disciplined expense management.
Key Takeaways
WesBanco reported a significant increase in net income available to common shareholders for the second quarter of 2021, reaching $68.1 million, or $1.01 per diluted share, compared to $4.5 million, or $0.07 per diluted share, for the same period in 2020. The company's performance was driven by strong fee income growth and disciplined expense management.
Net income available to common shareholders was $68.1 million, or $1.01 per diluted share.
Trust assets under management increased 22.2% year-over-year to a record $5.5 billion.
Deposit growth, excluding certificates of deposit, was 14.0% year-over-year, driven by growth in demand deposits.
The company purchased approximately 1.5 million shares of its common stock on the open market.
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 anticipates its core banking software system conversion to be completed during the third quarter, which will provide enhanced products and services for its customers, as well as improved operational efficiencies.
Positive Outlook
- Completion of core banking software system conversion.
- Enhanced products and services for customers.
- Improved operational efficiencies.
- Strategic hires across the organization and markets.
- Potential loan growth once excess liquidity is absorbed.
Challenges Ahead
- Effects of changing regional and national economic conditions including the effects of the COVID-19 pandemic
- Changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity
- Potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities
- Potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act
- Competitive conditions in the financial services industry