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Sep 30, 2023
WesBanco Q3 2023 Earnings Report
WesBanco's Q3 2023 results reflected solid deposit and loan growth and maintained strong capital levels and credit quality.
Key Takeaways
WesBanco reported a net income available to common shareholders for the third quarter of 2023 of $34.3 million, with diluted earnings per share of $0.58. Total loan growth was 10.1% year-over-year. Total deposits were $13.1 billion, up 1.8% from June 30, 2023.
Deposits increased compared to the quarter ending June 30, 2023, reflecting deposit gathering and retention efforts across retail and business customers
Total loan growth was 10.1% year-over-year and 7.6% annualized (when compared to December 31, 2022), reflecting the strength of our markets and lending teams
Non-interest income trends remained solid, supported by new commercial loan swap and wealth management fees
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
WesBanco
WesBanco
Forward Guidance
WesBanco remains focused on disciplined expense management and generating positive operating leverage. The company believes in the long-term growth prospects they are building for customers, communities, employees and shareholders.