WesBanco (WSBC) Tops Q4 EPS by 15c

WesBanco (NASDAQ: WSBC) reported Q4 EPS of $0.76, $0.15 better than the analyst estimate of $0.61.

Financial and operational highlights during the quarter ended December 31, 2020:

• WesBanco is a well-capitalized financial institution with solid liquidity and a strong balance sheet
• Strong year-over-year growth in pre-tax, pre-provision income (non-GAAP measure) for both the quarter and annual periods
  • Total loan growth was 5.1% year-over-year, driven by WesBanco's support of small businesses impacted by the pandemic
  • Total loan growth includes nearly 6,850 loans remaining from the first rounds of the Small Business Administration's Payroll Protection Program ("SBA PPP") totaling approximately $726.3 million
• Commercial & industrial loan growth was 2.2% year-over-year, excluding SBA PPP loans
• Deposit growth, excluding certificates of deposit, was 20.8% year-over-year, driven by growth in demand deposits
• Trust assets under management totaled a record $5.0 billion, driven by both market appreciation and organic growth
• Continued expense management demonstrated by a year-to-date efficiency ratio of 56.38% (non-GAAP measure)
• Key credit quality metrics such as non-performing assets, past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages, those with total assets between $10 billion and $25 billion (based upon the four quarters prior to the current earnings period)
• Subsequent to year-end, on January 22, 2021, WesBanco Bank completed its financial center optimization strategy announced during August 2020 through the consolidation of 21 financial centers into nearby locations and the conversion of one location to drive-up only

Todd F. Clossin, President and Chief Executive Officer of WesBanco, commented, "2020 was a successful year for WesBanco, as measured by the more than ten thousand individuals, families, businesses, and non-profits we assisted as they navigated through the pandemic. I am extremely proud of how our employees have responded this past year, from keeping our financial centers open throughout, working around the clock closing PPP loans to our commercial customers, and providing charitable donations to support those in need. These actions speak loudly to our community bank roots."

Mr. Clossin added, "Solid execution on our well-defined, long-term strategies allowed us to generate record annual pre-tax, pre-provision earnings of $263 million, when excluding restructuring and merger-related costs, during 2020. In addition, we remained a well-capitalized financial institution, completed a preferred stock offering during August 2020 that was over-subscribed, and increased our allowance for credit losses. Through our diversified growth engines supported by our strong teams and a continued focus on operating costs, we believe we are well-positioned for long-term success, and remain positive about our opportunities for the upcoming year."

For earnings history and earnings-related data on WesBanco (WSBC) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• HeartCore Enterprises, Inc. (HTCR) Misses Q2 EPS by 185c