Exhibit 99.1

 

 

 

WesBanco Announces Fourth Quarter 2019 Financial Results

 

Wheeling, WV, January 27, 2020 – WesBanco, Inc. (“WesBanco”) (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and twelve months ended December 31, 2019.  Net income for the three months ended December 31, 2019 was $36.4 million, with diluted earnings per share of $0.60, compared to $43.9 million and $0.80 per diluted share, respectively, for the fourth quarter of 2018.  For the twelve months ended December 31, 2019, net income was $158.9 million, or $2.83 per diluted share, compared to $143.1 million, or $2.92 per diluted share, for the 2018 period.  Net income excluding after-tax merger-related expenses for the three months ended December 31, 2019, increased 1.0% year-over-year to $45.5 million, or $0.75 per diluted share as compared to $0.82 per diluted share in the prior year quarter, a decrease of 8.5% (non-GAAP measures).  On the same basis, net income for the twelve months ended December 31, 2019 increased 9.3% year-over-year to $171.8 million, or $3.06 per diluted share, down 4.7% when compared to $3.21 per diluted share in the prior year period (non-GAAP measures).

 

 

 

For the Three Months Ended December 31,

 

 

For the Twelve Months Ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

(unaudited, dollars in thousands,

except per share amounts)

 

Net

Income

 

 

Diluted

Earnings

Per Share

 

 

Net

Income

 

 

Diluted

Earnings

Per Share

 

 

Net Income

Diluted

Earnings

Per Share

 

 

Net

Income

 

 

Diluted

Earnings

Per Share

 

Net income (Non-GAAP)(1)

 

$

45,478

 

 

$

0.75

 

 

$

45,025

 

 

$

0.82

 

 

$

171,827

 

 

$

3.06

 

 

$

157,221

 

 

$

3.21

 

Less: After tax merger-related expenses

 

 

(9,102

)

 

 

(0.15

)

 

 

(1,097

)

 

 

(0.02

)

 

 

(12,954

)

 

 

(0.23

)

 

 

(14,109

)

 

 

(0.29

)

Net income (GAAP)

 

$

36,376

 

 

$

0.60

 

 

$

43,928

 

 

$

0.80

 

 

$

158,873

 

 

$

2.83

 

 

$

143,112

 

 

$

2.92

 

(1)

See non-GAAP financial measures for additional information relating to the calculation of these items.

 

On April 5, 2018, WesBanco consummated the merger with First Sentry Bancshares, Inc. (“FTSB”), a bank holding company headquartered in Huntington, WV with $0.7 billion in assets, excluding goodwill.  On August 20, 2018, WesBanco consummated the merger with Farmers Capital Bank Corporation (“FFKT”), a bank holding company headquartered in Frankfort, KY with approximately $1.6 billion in assets, excluding goodwill.  In addition, on November 22, 2019, WesBanco consummated the merger with Old Line Bancshares, Inc. (“OLBK”), a bank holding company headquartered in Bowie, MD with approximately $3.0 billion in assets, excluding goodwill.  Financial results for FTSB, FFKT, and OLBK have been included in WesBanco’s results from their respective merger consummation dates.

 

Financial and operational highlights during the quarter ended December 31, 2019:

 

Successful completion of the merger with OLBK, a top ten financial institution in the state of Maryland

 

WesBanco Bank, Inc. was awarded its seventh consecutive composite “Outstanding” rating by the Federal Deposit Insurance Corporation (FDIC) for its Community Reinvestment Act (CRA) performance

 

Mortgage banking income increased 91.6% and 40.7%, year-over-year, for the quarter and full year periods, respectively

 

Continued expense management demonstrated by a year-to-date efficiency ratio of 56.68% (non-GAAP measure)

 

Key credit quality metrics such as non-performing assets, past due loans, allowance for loan loss ratios, and net loan charge-offs, as percentages of total portfolio loans, continue to remain at low levels and comparable to peer banks, those with total assets between $10 billion and $25 billion

 

The limitation on interchange fees for debit card processing that resulted from the Durbin amendment in the 2010 Dodd-Frank Act took effect during the third quarter of 2019

 

o

This limitation, which applies to banks with more than $10 billion in total assets, reduced fourth quarter after-tax earnings by $2.3 million, or $0.04 per diluted share, and year-to-date after-tax earnings by $3.8 million, or $0.07 per diluted share

 

Todd F. Clossin, President and Chief Executive Officer of WesBanco, commented, “2019 was another successful year for WesBanco – one that was also full of milestones.  Solid execution on our strategies allowed us to generate record annual earnings of $159 million, or $172 million, when excluding merger-related costs.  On November 22nd, we welcomed the customers and employees of Old Line Bancshares into the WesBanco family.  In addition to maintaining a strong commitment to client service and community banking, I am excited about our opportunities in the Mid-Atlantic market as we work to enhance customer relationships through new and expanded products and services, and provide enhanced career opportunities for our newest employees.”

 

Mr. Clossin added, “Through our merger with Old Line, we expanded our franchise into the dynamic Mid-Atlantic market with strong deposit market share in the fast growing Baltimore and Washington D.C. MSAs, as well as crossing $15 billion in total assets.  Further, due to the hard work and dedication of our employees, WesBanco Bank earned its seventh consecutive “Outstanding” Community Reinvestment Act rating.  We continue to believe we are well-positioned for long-term success, and remain positive about our


The following information was filed by Wesbanco Inc (WSBC) on Monday, January 27, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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