Q2 2024 WesBanco Inc Earnings Call Transcript
Key Points
- Wesbanco Inc (WSBC) reported strong year-over-year loan and deposit growth.
- The company maintained solid fee income growth and a lower expense run rate.
- Wesbanco Inc (WSBC) achieved a significant milestone with total assets surpassing $18 billion.
- The proposed merger with Premier Financial Corporation is expected to create a community-focused regional financial services partner with over $27 billion in assets.
- The merger is anticipated to result in strong 2025 EPS accretion of over 40%, driven by cost synergies and net interest margin improvement.
- GAAP net income available to common shareholders decreased to $26.4 million from $42.4 million in the prior year period.
- The second quarter results were impacted by a $10.5 million provision for credit losses.
- Noninterest income for the second quarter of 2024 decreased by $500,000 or 1.5% from the prior year.
- Noninterest expense increased by 2.3% year-over-year, primarily due to increases in other operating expenses and equipment and software expenses.
- The merger will result in tangible book value dilution of approximately 13%, with an associated tangible book value earn back of less than three years.
Good morning. And welcome to the WesBanco, Inc.'s second-quarter 2024 earnings and proposed merger conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to John Iannone, Senior Vice President of Investor Relations. Please go ahead.
Thank you. Good morning. And welcome to WesBanco, Inc.'s second-quarter 2024 earnings and proposed merger with Premier Financial Corporation conference call.
Leading the call today are Jeff Jackson, President and Chief Executive Officer; and Dan Weiss, Senior Executive Vice President and Chief Financial Officer.
Today's call, an archive of which will be available on our website for one-year, contains forward-looking information, including certain plans, expectations, goals, and projections and including statements about the benefits of the proposed merger between WesBanco, Inc., and Premier Financial Corporation, which are subject to numerous
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