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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
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 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.