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WesBanco Announces First Quarter 2025 Financial Results
WSBCWesBanco(WSBC) Prnewswire·2025-04-29 20:15

Core Viewpoint - WesBanco, Inc. reported a net loss of 11.5millionforQ12025,primarilyduetotheacquisitionofPremierFinancialCorp.andassociatedcreditlossprovisions,despitestrongorganicloananddepositgrowth[1][4].FinancialPerformance−Netincomeavailabletocommonshareholders,excludingcertainprovisionsandexpenses,was11.5 million for Q1 2025, primarily due to the acquisition of Premier Financial Corp. and associated credit loss provisions, despite strong organic loan and deposit growth [1][4]. Financial Performance - Net income available to common shareholders, excluding certain provisions and expenses, was 51.2 million, or 0.66pershare,comparedto0.66 per share, compared to 33.2 million, or 0.56pershare,inQ12024[1][3].−TotalinterestincomeforQ12025was0.56 per share, in Q1 2024 [1][3]. - Total interest income for Q1 2025 was 253.2 million, a 29.6% increase year-over-year, driven by higher loan and securities yields [23]. - Net interest income increased by 39.1% year-over-year to 158.5million,reflectingthelargerbalancesheetfromthePFCacquisition[10][23].AcquisitionImpact−TheacquisitionofPremierFinancialCorp.added158.5 million, reflecting the larger balance sheet from the PFC acquisition [10][23]. Acquisition Impact - The acquisition of Premier Financial Corp. added 5.9 billion in loans and 6.9billionindeposits,significantlyboostingWesBanco′stotalassetsto6.9 billion in deposits, significantly boosting WesBanco's total assets to 27.4 billion, a 54.2% increase year-over-year [5][11]. - The acquisition is expected to enhance WesBanco's market position and long-term growth strategy [4]. Loan and Deposit Growth - Total portfolio loans increased by 57.3% year-over-year to 18.7billion,withorganicgrowthcontributing18.7 billion, with organic growth contributing 0.9 billion [5][11]. - Total deposits rose by 57.8% year-over-year to 21.3billion,withorganicdepositgrowthof21.3 billion, with organic deposit growth of 922 million, or 6.8% [6][11]. Credit Quality - As of March 31, 2025, total loans past due as a percentage of the loan portfolio decreased to 0.43%, indicating stable credit quality [8]. - The allowance for credit losses was 233.6million,withacoverageratioof1.25233.6 million, with a coverage ratio of 1.25% [2][8]. Balance Sheet Strength - Total assets reached 27.4 billion, with total securities increasing by 30.1% year-over-year to $4.3 billion [5][28]. - The efficiency ratio improved to 58.6%, reflecting better expense management and the benefits of the PFC acquisition [11][25]. Capital Position - WesBanco's capital ratios remain strong, with a Tier I leverage ratio of 11.01% and a common equity Tier 1 capital ratio of 9.99% as of March 31, 2025 [14].