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Dec 31, 2024
WesBanco Q4 2024 Earnings Report
WesBanco reported increased net income and EPS compared to the same quarter last year.
Key Takeaways
WesBanco reported a strong fourth quarter with net income available to common shareholders of $47.1 million and earnings per share of $0.70, compared to $32.4 million and $0.55 per share in the fourth quarter of 2023. The company experienced robust loan and deposit growth, increased fee income, and maintained key credit quality metrics at favorable levels.
Total loan growth was 8.7% year-over-year and 6.6% over the sequential quarter, annualized, driven by commercial loan growth.
Deposits increased 7.3% year-over-year and 8.6% over the sequential quarter, annualized, with total deposits up $1.0 billion compared to the prior year.
Fee income increased $6.3 million, or 21%, year-over-year, reflecting growth in net swap fee and valuation income, trust fees, and service charges on deposits.
Key credit quality metrics remained at low levels and favorable to peer bank averages.
WesBanco
WesBanco
Forward Guidance
WesBanco is focused on integrating Premier Financial Corp., enhancing wealth and treasury management businesses, and delivering value for customers and stakeholders.
Positive Outlook
- Strong loan growth of $1 billion fully funded by deposit growth.
- Transformational merger with Premier Financial Corp. on track.
- Compound annual loan growth rate of 9% over the past three years.
- Raised $200 million of common equity and paid down higher-cost borrowings.
- Continued focus on cost-control while enhancing wealth and treasury management businesses.
Challenges Ahead
- Integration of Premier Financial Corp. may take longer than expected.
- Expected cost savings and revenue synergies from the merger may not be fully realized within the expected time frames.
- Disruption from the proposed merger may make it more difficult to maintain relationships with clients, associates, or suppliers.
- Required governmental approvals of the proposed merger may not be obtained on the expected terms and schedule.
- Changing economic conditions and movements in interest rates could impact results.