Wesbanco Inc (WSBC) Q3 2024 Earnings Call Highlights: Strong Loan and Deposit Growth Amid ...

GuruFocus.com10-25

Net Income: $34.7 million or $0.54 per share (GAAP); $36.3 million or $0.56 per share (excluding restructuring expenses). Loan Growth: $1.1 billion increase year over year; 10% year-over-year growth ...

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$36.3 million or $0.56 per share (excluding restructuring expenses).\nLoan Growth: $1.1 billion increase year over year; 10% year-over-year growth ...</p>\n\n<a href=\"https://finance.yahoo.com/news/wesbanco-inc-wsbc-q3-2024-071925656.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"WSBC","symbol_name":"韦斯银行","start_time":0,"source_url":"https://finance.yahoo.com/news/wesbanco-inc-wsbc-q3-2024-071925656.html","article_id":"2478803679","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/VuEiHcKcqH1yahMGhX.Ang--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/us.finance.gurufocus/ffb946f92db131326a2db7ed8bd6e90f"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2478803679","pubTimestamp":1729840765,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Net Income: $34.7 million or $0.54 per share ; $36.3 million or $0.56 per share .Loan Growth: $1.1 billion increase year over year; 10% year-over-year growth and 6% quarter-over-quarter annualized growth.Deposit Growth: $750 million increase year over year; 12% annualized sequential quarter growth.Tangible Common Equity Ratio: Increased 132 basis points to 8.84%.Total Assets: $18.5 billion as of September 30, 2024.Deposits: $13.8 billion, up 5.7% year over year and 12.1% annualized linked quarter.Net Interest Margin: 2.95% for the third quarter.Allowance for Credit Losses: 1.13% of total loans.Noninterest Income: $29.6 million, a 4.1% decrease from the prior year period.Noninterest Expense: $99.2 million, a 2% increase year over year.GuruFocus has detected 8 Warning Signs with WSBC.Wesbanco Inc  reported strong deposit and loan growth, with deposits growing by 12% annualized and loans by 6% quarter over quarter.A: Daniel Weiss, CFO, explained that the margin improvement in the fourth q","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"WSBC":"韦斯银行","WSBCP":"Wesbanco Inc"},"translate_title":"Wesbanco Inc(WSBC)2024年第三季度收益看涨期权亮点：贷款和存款强劲增长...","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WSBC":1,"WSBCP":1},"content_text":"Net Income: $34.7 million or $0.54 per share (GAAP); $36.3 million or $0.56 per share (excluding restructuring expenses).\nLoan Growth: $1.1 billion increase year over year; 10% year-over-year growth and 6% quarter-over-quarter annualized growth.\nDeposit Growth: $750 million increase year over year; 12% annualized sequential quarter growth.\nTangible Common Equity Ratio: Increased 132 basis points to 8.84%.\nTotal Assets: $18.5 billion as of September 30, 2024.\nTotal Portfolio Loans: $12.5 billion.\nTotal Securities: $3.4 billion.\nDeposits: $13.8 billion, up 5.7% year over year and 12.1% annualized linked quarter.\nNet Interest Margin: 2.95% for the third quarter.\nNonperforming Assets: 0.17% of total assets.\nAllowance for Credit Losses: 1.13% of total loans.\nNoninterest Income: $29.6 million, a 4.1% decrease from the prior year period.\nNoninterest Expense: $99.2 million, a 2% increase year over year.\nCommon Equity Raised: $200 million during the quarter.\n\n\nWarning! GuruFocus has detected 8 Warning Signs with WSBC.\n\nRelease Date: October 24, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nWesbanco Inc (NASDAQ:WSBC) reported strong deposit and loan growth, with deposits growing by 12% annualized and loans by 6% quarter over quarter.\nThe company successfully raised $200 million in common equity, enhancing its capital structure and positioning it for future growth.\nWesbanco Inc (NASDAQ:WSBC) maintained strong credit quality, with nonperforming assets decreasing to 0.17% of total assets.\nThe transformative acquisition of Premier Financial Corp. is on track, expected to accelerate positive momentum and community engagement.\nWesbanco Inc (NASDAQ:WSBC) was recognized as one of America's greatest workplaces for parents and families by Newsweek, highlighting its supportive workplace culture.\n\n Negative Points \n\nNet income available to common shareholders decreased slightly to $34.7 million compared to the prior year period.\nNoninterest income decreased by 4.1% year over year, primarily due to lower net swap fee and valuation income.\nTotal loans past due increased by roughly 20 basis points during the third quarter, reaching 0.44% of total loans.\nThe company anticipates a modest increase in noninterest expenses due to merit increases and higher healthcare costs in the fourth quarter.\nThe provision for credit losses may increase depending on loan growth, economic factors, and charge-offs.\n\n Q & A Highlights \nQ: Can you provide more details on the expected net interest margin (NIM) expansion in the fourth quarter and the impact of anticipated rate cuts? A: Daniel Weiss, CFO, explained that the margin improvement in the fourth quarter is primarily driven by deposit growth and the paydown of Federal Home Loan Bank borrowings. The anticipated rate cuts in November and December are not expected to significantly impact 2024 results due to timing, but they will contribute to a modest improvement in the NIM, which is projected to be in the upper 2.90% range.\nQ: How is WesBanco managing credit quality, and what is the outlook for criticized and classified loans? A: Jeffrey Jackson, CEO, stated that WesBanco continues to see strong credit quality, with nonperforming assets decreasing. While there was a slight increase in criticized and classified loans, it is spread across various industries and not concentrated in one area. The company expects these loans to improve over the next several quarters.\nQ: What are the expectations for the pro forma margin following the Premier Financial acquisition? A: Daniel Weiss, CFO, indicated that the pro forma margin is expected to be in the range of 3.45% to 3.50%, driven by loan accretion and other factors. This estimate was based on projections and the loan accretion of about $65 million per year.\nQ: Can you elaborate on the strong deposit growth and the regions contributing to it? A: Jeffrey Jackson, CEO, highlighted that the deposit growth is widespread across WesBanco's footprint. The success is attributed to the company's cultural shift towards incentivizing commercial bankers to grow deposits and the introduction of the WesBanco One account, which added approximately 6,800 new accounts.\nQ: How is WesBanco positioned in terms of loan growth, and what are the expectations for the future? A: Jeffrey Jackson, CEO, expressed optimism about continued strong loan growth, driven by the company's talent management and recruitment efforts. The expansion of loan production offices has contributed significantly to loan growth, and the company expects this trend to continue, especially with the integration of Premier Financial.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2478803679"}