#USA #financial results #WesBanco #Wheeling, West Virginia #Premier Financial

WesBanco's Impressive Financial Performance in Q4 2024

WesBanco, Inc., a notable multi-state bank holding company listed on Nasdaq as WSBC, has released its financial results for the fourth quarter of 2024, revealing a strong upward trajectory in several key performance indicators.

Stability Amidst Growth

In Q4 2024, WesBanco reported a net income of $47.1 million, yielding earnings per share (EPS) of $0.70. This marks an impressive increase from $32.4 million and an EPS of $0.55 recorded in the previous year's fourth quarter. Furthermore, for the full year ending December 31, 2024, the company achieved a net income of $141.4 million, translating to an EPS of $2.26, albeit reflecting a slight decline from the previous year's total of $148.9 million or $2.51 per share.

Key Highlights from the Quarter

• - Robust Loan Growth: Total loans surged by $1 billion year-over-year, a remarkable 8.7%, demonstrating WesBanco's effective client engagement and lending strategies. This growth was fully supported by deposit growth of a similar magnitude.
• - Deposit Increases: The bank's total deposits of $14.1 billion increased by 7.3% year-over-year, an 8.6% rise on a quarter-over-quarter annualized basis. This solid deposit growth has underpinned WesBanco's lending expansion.
• - Rising Fee Income: The bank reported a significant $6.3 million increase in fee income, which reflects a 21% year-over-year growth, bolstered by higher service charges and trust fees.
• - Stable Credit Quality: Key credit quality metrics remained favorable, maintaining low levels compared to peer averages—an essential indicator of the bank's robust lending standards and risk management practices.

Strategic Developments

One focal strategic move is the ongoing acquisition of Premier Financial Corp., which, pending necessary regulatory approvals, is expected to enhance WesBanco's market presence and operational capabilities.

CEO Jeff Jackson expressed optimism regarding the performance, stating, "2024 was an excellent year for WesBanco. We delivered strong loan growth fully funded by deposit inflows and announced our transformational merger with Premier Financial."

In terms of long-term financial positioning, the bank has effectively raised $200 million in common equity while focusing on decreasing higher-cost borrowings, further strengthening its balance sheet and net interest margins.

Robust Financial Metrics

On the operational side, WesBanco reported a net interest margin of 3.03% for Q4 2024, showcasing consistent yield improvements. The bank's net interest income for the quarter stood at $126.5 million, signifying a year-over-year increase due to robust loan performance.

Conclusion

The financial results of WesBanco for the fourth quarter of 2024 paint a picture of a resilient bank poised for further growth. With ongoing strategic advancements and robust lending and deposit growth, WesBanco is well-positioned to continue delivering value to its stakeholders in the coming years. The anticipated merger with Premier Financial only adds to the complexity and potential future gains for the institution.