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Jun 30, 2022
WesBanco Q2 2022 Earnings Report
Reported a decrease in net income and diluted earnings per share compared to the same quarter last year, while demonstrating strong loan growth and maintaining favorable credit quality metrics.
Key Takeaways
WesBanco reported a net income of $40.2 million for Q2 2022, a decrease compared to $68.1 million in Q2 2021. Diluted earnings per share were $0.67, down from $1.01 in the prior year quarter. However, the company experienced strong loan growth and maintained low levels of non-performing assets and past due loans.
Total loan growth was 5.4% sequentially, or 21.8% annualized, and 3.8% year-over-year, excluding SBA PPP loans.
Residential mortgage production was $328 million, consistent with the previous year and outperforming industry trends.
Deposit growth, excluding CDs, was 5.3% year-over-year, driven by growth in demand deposits and savings accounts.
Net interest margin increased 8 basis points sequentially to 3.03%.
WesBanco
WesBanco
Forward Guidance
WesBanco did not provide specific forward guidance in the Q2 2022 earnings report.