Welcome to our dedicated page for Wesbanco news (Ticker: WSBC), a resource for investors and traders seeking the latest updates and insights on Wesbanco stock.
WesBanco Inc. operates as a diversified, multi-state bank holding company through WesBanco Bank, providing retail and commercial banking, mortgage banking, trust, brokerage, wealth management and insurance services. News about WSBC commonly centers on quarterly earnings, net interest margin, loan and deposit trends, credit costs, commercial real estate payoffs, and the performance of its Community Banking and Trust and Investment Services businesses.
Company updates also cover market expansion, including commercial banking growth in South Florida; common and Series B preferred stock dividends; executive and risk-management leadership; and recognition tied to regional banking, community reinvestment and customer service. WesBanco's completed Premier Financial acquisition is a recurring context for merger-related expenses, acquired loans and pro forma financial comparisons.
WesBanco reported net income of $41.9 million with a diluted EPS of $0.64 for Q3 2021, a slight increase from $41.3 million and $0.61 per diluted share in Q3 2020. For the first nine months, net income surged to $180.5 million or $2.71 per diluted share compared to $69.2 million or $1.03 in the same period last year. Notably, deposit growth reached 10.0% year-over-year, and the company repurchased 2.1 million shares. However, net interest income declined by $5.3 million or 4.4% in Q3, attributed to lower loan yields in a low interest rate environment.
WesBanco, Inc. (Nasdaq:WSBC) has announced a quarterly cash dividend of $0.421875 per depositary share on its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A (Nasdaq:WSBCP). This dividend covers the period from August 15, 2021 to November 15, 2021, payable on November 15, 2021. Shareholders of record as of November 1, 2021 will receive this distribution, amounting to $16.875 per share. This announcement reflects WesBanco's commitment to returning value to its investors.
WesBanco, Inc. (Nasdaq: WSBC) announced its affiliate, WesBanco Bank Community Development Corporation (CDC), received the 2021 Community Commitment Award from the American Bankers Association Foundation. The award recognizes the New Markets Loan Program (NMLP) for its contributions to community and economic development across six states. WesBanco CDC has secured a total of $125 million in New Markets Tax Credit awards since 2004, facilitating numerous business loans and community support initiatives. This recognition reflects WesBanco's ongoing commitment to serving low-income communities and promoting economic vitality.
WesBanco, Inc. (WSBC) will host a conference call on October 27, 2021, at 10:00 a.m. ET to discuss its third-quarter financial results. The results are set for release after market close on October 26, 2021. The call will feature key executives including President Todd F. Clossin and CFO Robert H. Young. Interested parties can access the call via the company's website or by phone. A replay will also be available starting at 12:00 p.m. ET on October 27, ending on November 10, 2021.
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WesBanco, Inc. (Nasdaq:WSBC) announced that key executives will participate in the 11th Annual Stephens Bank Forum on September 22, 2021. The team includes Todd F. Clossin, President and CEO; Robert H. Young, CFO; and Daniel K. Weiss, Jr., Chief Accounting Officer. The event will not feature a formal presentation or webcast. WesBanco, founded in 1870, is a diversified financial services company operating 206 financial centers across six states and managing approximately $5.5 billion in assets.
WesBanco, Inc. (Nasdaq: WSBC) announced the retirement of Chief Financial Officer Robert H. Young, effective December 31, 2021. Daniel K. Weiss, Jr. will take over as CFO. Young has played a critical role in the company's growth, overseeing its transformation from $2 billion in assets to $17 billion through nine mergers. Weiss, who has been with WesBanco since 2008, has served as Senior Vice President and Chief Accounting Officer. Young will assist with the transition in a consulting capacity for six months post-retirement.
WesBanco, Inc. (NASDAQ: WSBC) announced participation in the Raymond James U.S. Bank Virtual Conference on September 8-9, 2021. CEO Todd F. Clossin and CFO Robert H. Young will be present; however, no formal presentation or webcast will be available. Founded in 1870, WesBanco operates 206 financial centers across six states, offering a range of banking and financial services, including trust and investment services with approximately $5.5 billion in assets under management as of June 30, 2021.
WesBanco reported strong financial results for Q2 2021, with net income of $68.1 million and diluted EPS of $1.01, a significant increase from $4.5 million and $0.07 per share in Q2 2020. For the six months, net income reached $138.6 million or $2.06 per share, up from $27.9 million or $0.41. Deposit growth was 14.0% year-over-year, while trust assets rose 22.2%. However, total loans decreased 6.5% due to the forgiveness of SBA PPP loans.
WesBanco, Inc. (Nasdaq:WSBC) announced a quarterly cash dividend of $0.421875 per depositary share on its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A. This dividend covers the period from May 15, 2021 to August 15, 2021, and is payable on August 16, 2021 to shareholders of record as of August 2, 2021. This marks a continual return to shareholders, reinforcing WesBanco's commitment to delivering value.