Wesbanco Inc Stock Price, News & Analysis

WesBanco reported Q3 2020 net income of $41.3 million, or $0.61 EPS, down from $37.3 million and $0.68 a year earlier. Year-to-date, net income fell 43% to $69.2 million, or $1.03 EPS. Non-GAAP earnings were $44.2 million, or $0.66 EPS. Organic loan growth was 10%, while commercial real estate loans rose 4.9%. Mortgage banking income soared 228% to $8.5 million. The bank issued $150 million in preferred stock to enhance capital. However, criticized loan balances rose to 3.25%, driven by pandemic impacts on the hotel sector.

WesBanco, Inc. (Nasdaq: WSBC) announced it will host a conference call on October 22, 2020, at 3:00 p.m. ET to discuss the third quarter financial results. The results will be released after market close on October 21, 2020. CEO Todd F. Clossin and CFO Robert H. Young will lead the discussion. Interested parties can listen to the call via webcast or by dialing in. A replay will be available starting at 5:00 p.m. ET on October 22, and will conclude on November 5. WesBanco operates 236 financial centers across six states.

WesBanco, Inc. (Nasdaq: WSBC) announced its participation in two upcoming virtual investor conferences. The conferences are the Raymond James U.S. Bank Conference on September 9-10, 2020, and the Stephens 10th Annual Bank Forum on September 22, 2020. Notably, there will be no formal presentations or webcasts available for these events. Founded in 1870, WesBanco offers a full range of financial services and manages approximately $4.5 billion in assets. The company's banking subsidiary operates 236 financial centers across six states.

WesBanco, Inc. (Nasdaq:WSBC) declared a quarterly cash dividend of $0.32 per share, payable on October 1, 2020, to shareholders of record on September 11, 2020. This dividend reflects an annualized rate of $1.28 per common share. WesBanco is a diversified financial services company operating in six states, offering a wide range of banking and financial products. The company has approximately $4.5 billion in assets under management as of June 30, 2020.

Wesbanco, Inc. (WSBC) announced the pricing of a public offering of 6,000,000 depositary shares, each representing a 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, totaling $150 million. The offering will close on August 11, 2020, with dividends payable quarterly starting November 15, 2020. The net proceeds will support general corporate purposes, including refinancing debt and capital expenditures. Wesbanco intends to list the depositary shares on Nasdaq under the symbol WSBCP.

WesBanco, Inc. reported second quarter 2020 net income of $4.5 million ($0.07 per diluted share), a significant decline from $44.8 million ($0.82) in Q2 2019. For the six months, net income fell to $27.9 million ($0.41 per share) versus $85.2 million ($1.56) last year. The adoption of the CECL accounting standard impacted earnings. However, pre-tax, pre-provision income grew 15.7% year-over-year to $66.8 million. Organic loan growth was 11.3%, boosted by SBA PPP loans totaling $837 million.

On July 7, 2020, WesBanco, Inc. (NASDAQ: WSBC) announced its affiliate WesBanco Bank has received the 2020 America Saves Designation of Savings Excellence. The award recognizes financial institutions that effectively encourage customers to save money. WesBanco's partnership with America Saves has spanned over 14 years, promoting savings in six states. In the most recent America Saves Week, it helped nearly 125,000 customers deposit $363.8 million into savings accounts. This marks the fifth consecutive year that WesBanco has received this honor, highlighting its commitment to community financial wellbeing.