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Jun 30, 2023
WesBanco Q2 2023 Earnings Report
Reported solid earnings and loan growth while maintaining robust capital levels and stable deposits.
Key Takeaways
WesBanco reported a net income available to common shareholders of $42.3 million, or $0.71 per diluted share, for the second quarter of 2023, compared to $40.2 million, or $0.67 per diluted share, for the second quarter of 2022. The company experienced solid growth in pre-tax, pre-provision income, driven by loan growth and strategic initiatives.
Generated solid growth in pre-tax, pre-provision income (excluding restructuring and merger-related expenses) of 9.2% year-over-year (non-GAAP)
Total loan growth was 9.0% year-over-year and 8.0% annualized (when compared to December 31, 2022), reflecting the strength of our markets and lending teams
Both period-end and average total deposits were flat compared to the quarter ending March 31, 2023, reflecting deposit gathering and retention efforts across retail and business customers
Key credit quality metrics such as non-performing assets, total past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages
Forward Guidance
WesBanco is well-positioned for ongoing success with strong market positions, diversified revenue generation capabilities, and distinct long-term advantages, which will be the foundation for further growth and expansion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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