WesBanco (WSBC) Tops Q1 EPS by 7c

WesBanco (NASDAQ: WSBC) reported Q1 EPS of $0.76, $0.07 better than the analyst estimate of $0.69. Revenue for the quarter came in at $73.29 million versus the consensus estimate of $73.51 million.

• Excluding after-tax merger-related expenses (non-GAAP measure) in both periods, net income and diluted earnings per share would have increased 28.7% to $33.7 million, or $0.76 per diluted share for the three months ended March 31, 2018, as compared to the prior year quarter.

Financial and operational highlights:

• Continued execution of well-defined long-term growth strategies
• The merger with FTSB has been successfully completed with conversion planned for later this summer
• Continued benefit from shale energy-related core funding as demonstrated by strong year-over-year growth in total demand deposits
• Trust assets exceeded $4 billion for the first time
• Continued strength across key credit quality metrics
• Solid expense management as demonstrated by a first quarter efficiency ratio of 55.12% (non-GAAP measure), which was flat sequentially and improved 88 basis points compared to the prior year
• Strong year-over-year organic growth in pre-tax earnings of 11.0%

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

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