WesBanco Announces 4th Quarter 2020 Financial Results.

WHEELING, W.Va: WesBanco, Inc. ("WesBanco") (NASDAQ: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and twelve months ended December 31, 2020. Net income available to common shareholders for the three months ended December 31, 2020 was $50.2 million, with diluted earnings per share of $0.75, compared to $36.4 million and $0.60 per diluted share, respectively, for the fourth quarter of 2019. For the twelve months ended December 31, 2020, reflecting the impact from the 2020 adoption of the new Current Expected Credit Losses ("CECL") accounting standard, net income available to common shareholders was $119.4 million, or $1.77 per diluted share, compared to $158.9 million, or $2.83 per diluted share, for the 2019 period. Net income available to common shareholders excluding after-tax restructuring and merger-related expenses for the three months ended December 31, 2020, was $50.6 million, or $0.76 per diluted share, as compared to $45.5 million and $0.75 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income available to common shareholders for the twelve months ended December 31, 2020 was $127.1 million, or $1.88 per diluted share, as compared to $171.8 million, or $3.06 per diluted share, in the prior year period (non-GAAP measures).

For the Three Months Ended December 31,

For the Twelve Months Ended December 31,

2020

2019

2020

2019

(unaudited, dollars in thousands,

except per share amounts)

Net Income

Diluted

Earnings

Per Share

Net Income

Diluted

Earnings

Per Share

Net Income

Diluted

Earnings

Per Share

Net

Income

Diluted

Earnings

Per Share

Net income available to common

shareholders (Non-GAAP)(1)

$ 50,593

$ 0.76

$ 45,478

$ 0.75

$ 127,083

$ 1.88

$ 171,827

$ 3.06

Less: After tax restructuring and merger-

related expenses(2)

(383)

(0.01)

(9,102)

(0.15)

(7,683)

(0.11)

(12,954)

(0.23)

Net income available to common

shareholders (GAAP)

$ 50,210

$ 0.75

$ 36,376

$ 0.60

$ 119,400

$ 1.77

$ 158,873

$ 2.83

(1)See non-GAAP financial measures for additional information relating to the calculation of these items.

(2)For 2020, after tax merger-related expenses totaled $5.1 million, and after tax restructuring expenses from financial center optimization totaled $2.6 million.

On November 22, 2019, WesBanco consummated the merger with Old Line Bancshares, Inc. ("OLBK"), a bank holding company headquartered in Bowie, MD with approximately $3.0 billion in assets, excluding goodwill. Financial results for OLBK have been included in WesBanco's results from the merger consummation date.

WesBanco believes that pre-tax, pre-provision income (non-GAAP measure) provides a more comparable year-over-year measure as it removes the impact of the new CECL accounting standard implemented earlier this year. For the three months ended December 31, 2020, pre-tax, pre-provision income, excluding restructuring and merger-related expenses, increased 14.2% year-over-year to $64.8 million compared to $56.8 million for the prior period. On the same basis, pre-tax, pre-provision income, for the twelve months ended December 31, 2020, increased 18.9% year-over-year to $262.5 million compared to $220.8 million last year. In addition, on the same basis, the return on average assets was 1.56% for the three month and 1.60% for the twelve month periods ending December 31, 2020. WesBanco believes that these non-GAAP financial measures are useful to...

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