Exhibit 99.1

 

 

 

WesBanco Announces Second Quarter 2020 Financial Results

 

Wheeling, WV, July 22, 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 six months ended June 30, 2020.  Reflecting the impact from the 2020 adoption of the new Current Expected Credit Losses (“CECL”) accounting standard, net income for the three months ended June 30, 2020 was $4.5 million, with diluted earnings per share of $0.07, compared to $44.8 million and $0.82 per diluted share, respectively, for the second quarter of 2019.  For the six months ended June 30, 2020, net income was $27.9 million, or $0.41 per diluted share, compared to $85.2 million, or $1.56 per diluted share, for the 2019 period.  Net income excluding after-tax merger-related expenses for the three months ended June 30, 2020, was $4.9 million, or $0.07 per diluted share, as compared to $44.9 million and $0.82 per diluted share, respectively, in the prior year quarter (non-GAAP measures).  On the same basis, net income for the six months ended June 30, 2020 was $32.3 million, or $0.48 per diluted share, as compared to $1.60 per diluted share in the prior year period (non-GAAP measures).

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(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)

 

$

4,858

 

 

$

0.07

 

 

$

44,878

 

 

$

0.82

 

 

$

32,334

 

 

$

0.48

 

 

$

87,670

 

 

$

1.60

 

Less: After tax merger-related expenses

 

 

(370

)

 

(0.00)

 

 

 

(64

)

 

(0.00)

 

 

 

(4,450

)

 

 

(0.07

)

 

 

(2,519

)

 

 

(0.04

)

Net income (GAAP)

 

$

4,488

 

 

$

0.07

 

 

$

44,814

 

 

$

0.82

 

 

$

27,884

 

 

$

0.41

 

 

$

85,151

 

 

$

1.56

 

(1)

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

 

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 OLBK have been included in WesBanco’s results from the merger consummation date.

 

WesBanco believes that pre-tax, pre-provision income (non-GAAP measure) provides a more comparable year-over-year measure as it removes the impact of the new CECL accounting standard implemented earlier this year.  For the three months ended June 30, 2020, pre-tax, pre-provision income, excluding merger-related expenses, increased 15.7% year-over-year to $66.8 million.  On the same basis, pre-tax, pre-provision income, for the six months ended June 30, 2020, increased 14.5% year-over-year to $128.8 million.  WesBanco believes that these non-GAAP financial measures are useful to investors as they enhance investors’ understanding of the company’s business and performance.

 

Financial and operational highlights during the quarter ended June 30, 2020:

 

WesBanco is a well-capitalized financial institution with solid liquidity and a strong balance sheet

 

Organic loan growth was 11.3% year-over-year, driven by WesBanco’s support of communities impacted by the pandemic, as well as the commercial and residential real estate loan categories

 

o

Loan growth includes approximately $837 million of loans funded through the Small Business Administration’s Paycheck Protection Program (“SBA PPP”), as established by the CARES Act

 

o

Commercial and residential real estate loans increased organically 3.9% and 1.6% year-over-year, respectively

 

Organic deposit growth, excluding certificates of deposit, was 20.3% year-over-year, driven by growth in demand deposits

 

Mortgage banking income increased 365.5% year-over-year to a record $7.5 million due to strong originations and organic growth in the current low interest rate environment

 

Continued expense management demonstrated by a year-to-date efficiency ratio of 56.62% (non-GAAP measure)

 

o

Non-interest expenses, excluding merger-related costs, decreased $1.1 million from the first quarter driven by lower salaries and wages

 

Key credit quality metrics such as non-performing assets, past due loans, criticized & classified loans, and net loan charge-offs, as percentages of total portfolio loans, has remained at low levels and favorable to peer bank averages, those with total assets between $10 billion and $25 billion, for the four quarters prior to the current earnings period

 

The utilization of updated June macroeconomic forecasts, which have deteriorated since the end of the first quarter, resulted in increases in allowance for credit losses and provision for credit losses on both a year-over-year and quarter-over-quarter basis

 

 


The following information was filed by Wesbanco Inc (WSBC) on Wednesday, July 22, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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