WesBanco Announces Fourth Quarter 2024 Financial Results

Core Viewpoint - WesBanco, Inc. reported strong financial performance for the fourth quarter and the full year of 2024, with significant loan and deposit growth, alongside a pending merger with Premier Financial Corp. [1][3] Financial Performance - Net income for Q4 2024 was $47.1 million, or$ 0.70 per share, compared to $32.4 million and$ 0.55 per share in Q4 2023, marking a 45.2% increase in net income year-over-year [1][2] - For the full year 2024, net income was $141.4 million, or$ 2.26 per share, down from $148.9 million, or$ 2.51 per share in 2023 [1][2] - Excluding restructuring and merger-related expenses, net income for 2024 was $146.4 million, or$ 2.34 per share, compared to $151.9 million, or$ 2.56 per share in 2023 [1][2] Loan and Deposit Growth - Total loans increased by $1 billion, or 8.7%, year-over-year, reaching$ 12.7 billion, driven by a 10.7% increase in commercial loans [4][11] - Deposits rose to $14.1 billion, up 7.3% year-over-year, with a 3.9% increase when excluding certificates of deposit [5][11] - The loan-to-deposit ratio was 89.2%, indicating continued capacity for loan growth [11] Credit Quality - Total loans past due as a percentage of the loan portfolio was 0.47%, with non-performing assets at 0.22%, both remaining low historically [7] - The allowance for credit losses was$ 138.8 million, providing a coverage ratio of 1.10% [7] Net Interest Margin and Income - The net interest margin for Q4 2024 was 3.03%, an improvement of 8 basis points from Q3 2024 [8] - Net interest income for Q4 2024 was $126.5 million, a 7.4% increase year-over-year, while total net interest income for the year was$ 478.2 million, a slight decrease of 0.7% [9][11] Non-Interest Income - Non-interest income for Q4 2024 was $36.4 million, a 21.0% increase from Q4 2023, driven by higher service charges and trust fees [10][11] - For the full year, non-interest income increased by$ 7.5 million, or 6.3%, to $128.0 million [12] Non-Interest Expense - Non-interest expense for Q4 2024 was$ 100.5 million, a 1.0% increase year-over-year, primarily due to higher equipment and software expenses [13][14] - For the full year, non-interest expense increased by $9.3 million, or 2.4%, to$ 395.5 million [14] Capital Position - As of December 31, 2024, WesBanco maintained strong regulatory capital ratios, with a Tier I leverage ratio of 10.68% and a common equity Tier 1 capital ratio of 12.07% [15]