In This Article:
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Net Income (Excluding Merger and Restructuring Expenses): $51.2 million.
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Diluted Earnings Per Share (Excluding Merger and Restructuring Expenses): $0.66, an 18% increase year over year.
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Net Interest Margin: Increased to 3.35%.
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Efficiency Ratio: Improved to 58.62%.
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Total Deposits: Increased $922 million year over year and $285 million quarter over quarter to over $14.4 billion.
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Organic Loan Growth: 8% year over year and 4% quarter over quarter annualized.
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Total Commercial Loans Growth: 10% year over year and almost 7% sequentially on an annualized basis.
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GAAP Net Income Available to Common Shareholders: Negative $11.5 million or $0.15 per share.
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Total Assets: Increased 54% year over year to $27.4 billion.
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Total Portfolio Loans: Increased 57.3%, reflecting $5.9 billion from Premier and $921 million from organic growth.
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Deposits: $21.3 billion, increased 58% versus the prior year.
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Provision for Credit Losses: $69 million, with $59 million related to the day one non-PCD provision.
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Allowance for Credit Losses: $234 million, increasing the coverage ratio to 1.25%.
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Non-Interest Income: Totaled $34.7 million, a 13% increase from the prior year period.
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Non-Interest Expense (Excluding Restructuring and Merger-Related Costs): $114 million, an increase of 17.2% year over year.
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Effective Tax Rate: Expected to be between 19% and 19.5% for the full year.
Release Date: April 30, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Successful completion of the acquisition of Premier Financial, elevating Wesbanco Inc (NASDAQ:WSBC) into the Top 100 largest US banks by asset size.
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Improved net interest margin to 3.35%, with expectations to exceed 3.50% in the second quarter.
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Strong organic loan growth of 8% year over year, fully funded by organic deposit growth.
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Net income excluding merger and restructuring expenses increased by 54% year over year.
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Continued strong performance in commercial loan growth, with a pipeline of approximately $1.4 billion.
Negative Points
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Reported GAAP net income available to common shareholders was negative $11.5 million due to merger-related expenses.
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Increased non-interest expense by 17.2% year over year due to the addition of Premier's expense base.
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Provision for credit losses was $69 million, with $59 million related to the day one non-PCD provision.
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Potential impacts from trade negotiations and tariffs remain unclear, posing a risk to certain customer segments.
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Higher amortization of intangible assets expected to increase expenses in the coming quarters.