WesBanco, Inc. (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended June 30, 2022. Net income available to common shareholders for the second quarter of 2022 was $40.2 million, with diluted earnings per share of $0.67, compared to $68.1 million and $1.01 per diluted share, respectively, for the second quarter of 2021, which included a release of provision for credit losses of $21.0 million, or $16.6 million net of tax, due to improved economic forecasts in the prior year period.
For the six months ended June 30, 2022, net income was $81.8 million, or $1.34 per diluted share, compared to $138.6 million, or $2.06 per diluted share, for the 2021 period, which included a release of provision for credit losses of $49.0 million, or $39.0 million net of tax.
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended June 30, 2022, was $40.3 million, or $0.67 per diluted share, as compared to $69.0 million and $1.03 per diluted share, respectively, in the prior year quarter (non-GAAP measures).
On the same basis, net income for the six months ended June 30, 2022 was $83.1 million, or $1.36 per diluted share, as compared to $140.3 million, or $2.09 per diluted share, in the prior year period (non-GAAP measures).
“We are very pleased with WesBanco’s performance during the second quarter of 2022, as we continue to demonstrate the success of our operational strategies implemented the past few years,” said Todd F. Clossin, President and Chief Executive Officer of WesBanco. “We reported strong, broad-based loan growth that was driven by the strength of our teams and their respective markets, as we continued to execute upon our plans of hiring additional revenue-producers across commercial lending, residential lending, and wealth management. Further, while making strategic, long-term investments, we have maintained our diligent focus on expense management through controlling discretionary costs and managing our financial center footprint. We believe that the strong foundation we have developed, supported by our unique long-term advantages, position us well for our future opportunities.”
Mr. Clossin added, “WesBanco is privileged to have been named one of the top banks in the states of Kentucky and Ohio, which follows our also being recognized by Forbes as the only midsize bank ranked in the top ten of both America’s Best Banks for our strong financial performance and Best Midsize Employers for our employee focus. These top rankings are a strong testament to the outstanding efforts and dedication of our employees, and we are honored to again be recognized by our customers for our trust and service.”