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Sep 30, 2020
WesBanco Q3 2020 Earnings Report
Net income increased due to strong fee income growth and disciplined expense management.
Key Takeaways
WesBanco reported a net income of $41.3 million, or $0.61 per diluted share, for the third quarter of 2020, compared to $37.3 million, or $0.68 per diluted share, for the third quarter of 2019. Pre-tax, pre-provision income, excluding merger-related expenses, increased 33.8% year-over-year.
Capital was enhanced with the issuance of $150 million of non-cumulative perpetual preferred stock
Organic loan growth was 10.0% year-over-year, driven by WesBanco’s support of small businesses impacted by the pandemic, as well as the commercial real estate loan category
Pandemic-related loan deferrals have continued to decline and, as of October 16, represent 4.9% of total loans
Mortgage banking income increased 228.0% year-over-year to a record $8.5 million due to strong originations and organic growth in the current low interest rate environment
Revenue by Segment
Forward Guidance
WesBanco announced a plan to accelerate its financial center optimization strategy. Through this plan, WesBanco will consolidate a total of 25 existing locations and convert two others to drive-up only locations across Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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