{"id":482852,"date":"2021-04-27T16:34:42","date_gmt":"2021-04-27T20:34:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/wesbanco-announces-first-quarter-2021-financial-results\/"},"modified":"2021-04-27T16:34:42","modified_gmt":"2021-04-27T20:34:42","slug":"wesbanco-announces-first-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wesbanco-announces-first-quarter-2021-financial-results\/","title":{"rendered":"WesBanco Announces First Quarter 2021 Financial Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n WHEELING, W.Va.<\/span>, April 27, 2021<\/span> \/PRNewswire\/ —\u00a0WesBanco, Inc. (“WesBanco”) (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended March 31<\/span>, 2021.\u00a0 Net income available to common shareholders for the period was $70.6 million<\/span>, with diluted earnings per share of $1.05<\/span>, compared to $23.4 million<\/span> and $0.35<\/span> per diluted share, respectively, for the first quarter of 2020.\u00a0 Net income available to common shareholders excluding after-tax restructuring and merger-related expenses for the three months ended March 31, 2021<\/span>, was $71.3 million<\/span>, or $1.06<\/span> per diluted share, as compared to $27.5 million<\/span> and $0.41<\/span> per diluted share, respectively, in the prior year quarter (non-GAAP measures).<\/p>\n

\n

\n
\n \"WesBanco
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n
\n For the Three Months Ended March 31,<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n
\n 2021<\/b>
\n <\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n
\n 2020<\/b>
\n <\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (unaudited, dollars in thousands,
except per share amounts)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n
\n Net Income<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n
\n Diluted
Earnings
Per Share<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n
\n Net Income<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n
\n Diluted
Earnings
Per Share<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net income available to common
shareholders (Non-GAAP)(1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a071,256<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 1.06<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a027,476<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 0.41<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Less: After-tax restructuring and merger-
related expenses<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (672)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.01)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,080)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.06)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net income available to common
shareholders (GAAP)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a070,584<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 1.05<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a023,396<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $ \u00a0 \u00a0 \u00a0 0.35<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup>See non-GAAP financial measures for additional information relating to the calculation of these items.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\n

WesBanco believes that pre-tax, pre-provision income (non-GAAP measure) provides a more comparable year-over-year measure as it removes the provision for credit losses to improve comparability from quarter-to-quarter due to the CECL accounting standard.\u00a0 For the three months ended March 31, 2021<\/span>, pre-tax, pre-provision income, excluding restructuring and merger-related expenses, increased 3.6% year-over-year to $64.2 million<\/span> compared to $62.0 million<\/span> for the prior period.\u00a0 In addition, on the same basis, the return on average assets was 1.57% for the three month period ending March 31<\/span>, 2021.\u00a0 WesBanco believes that these non-GAAP financial measures are useful to investors as they enhance investors’ understanding of the Company’s business and performance.<\/p>\n

Financial and operational highlights during the quarter ended March 31, 2021<\/span>:<\/p>\n