Wesbanco Inc
WSBC
ISIN US9508101014 / Valor 958018
Wesbanco Inc
UMushroom community rating:
About company
WesBanco Inc. is a diversified financial services company with a strong community bank foundation, operating branches and offices in 8 states. Founded in 1870, WesBanco has built a national reputation for being a safe, sound, and profitable bank holding company, offering large bank capabilities with a community bank feel. The company provides a wide range of financial services, including business and personal transaction accounts, lending services, online and mobile banking options, commercial banking products, and trust, wealth management, securities brokerage, and private banking services through its subsidiaries. WesBanco is known for its exceptional customer service and commitment to building long-term customer relationships by meeting personal financial needs and supporting business growth.
Summarized from source with an LLMView SourceSector: FinanceLatest Results (14.08.2024):
Net Income
WesBanco Inc. reported net income available to common shareholders of $32.4 million for the fourth quarter of 2023, with diluted earnings per share of $0.55. This is a decrease from the fourth quarter of 2022, where net income was $49.7 million and diluted earnings per share were $0.84. For the full year 2023, net income was $148.9 million, or $2.51 per diluted share, compared to $182.0 million, or $3.02 per diluted share, for 2022.
Loan and Deposit Growth
As of December 31, 2023, WesBanco Inc. reported total portfolio loans of $11.6 billion, marking an 8.7% increase year-over-year. Total deposits were $13.2 billion, reflecting a 0.6% increase from September 30, 2023, and a 0.3% increase from December 31, 2022. The growth in loans and deposits underscores the company's successful deposit gathering and retention efforts.
Net Interest Margin
WesBanco Inc.'s net interest margin for the fourth quarter of 2023 was 3.02%, which remained stable compared to the third quarter of 2023 but decreased by 47 basis points year-over-year. The decline was primarily due to higher funding costs from increasing deposit costs and a shift from non-interest bearing deposits to higher-tier money market and certificate of deposit accounts.
Non-Interest Income
For the fourth quarter of 2023, WesBanco Inc. reported non-interest income of $30.1 million, an increase of 8.3% from the fourth quarter of 2022. This growth was driven by net securities gains and higher death benefits within bank-owned life insurance. For the full year 2023, non-interest income was $120.4 million, up 2.6% year-over-year.
Non-Interest Expense
WesBanco Inc.'s non-interest expense for the fourth quarter of 2023 increased by $9.0 million year-over-year to $99.5 million. The rise in expenses was attributed to higher salaries and wages, benefits, equipment and software expenses, and FDIC insurance. Despite the increase, salaries and wages declined sequentially due to efficiency improvements in the mortgage staffing model.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
2231 M
Market cap (USD)
89,131
Daily traded volume (Shares)
33.36 / 32.89
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
Est P/E ratio
EPS (USD)
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Ratings & reviews
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