Q3 2024 WesBanco Inc Earnings Call Transcript
Key Points
- Wesbanco Inc (WSBC) reported strong deposit and loan growth, with deposits growing by 12% annualized and loans by 6% quarter over quarter.
- The company successfully raised $200 million in common equity, enhancing its capital structure and positioning it for future growth.
- Wesbanco Inc (WSBC) maintained strong credit quality, with nonperforming assets decreasing to 0.17% of total assets.
- The transformative acquisition of Premier Financial Corp. is on track, expected to accelerate positive momentum and community engagement.
- Wesbanco Inc (WSBC) was recognized as one of America's greatest workplaces for parents and families by Newsweek, highlighting its supportive workplace culture.
- Net income available to common shareholders decreased slightly to $34.7 million compared to the prior year period.
- Noninterest income decreased by 4.1% year over year, primarily due to lower net swap fee and valuation income.
- Total loans past due increased by roughly 20 basis points during the third quarter, reaching 0.44% of total loans.
- The company anticipates a modest increase in noninterest expenses due to merit increases and higher healthcare costs in the fourth quarter.
- The provision for credit losses may increase depending on loan growth, economic factors, and charge-offs.
Hello, and welcome to the WesBanco third-quarter 2024 earnings 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, Investor Relations. Please go ahead.
Thank you. Good afternoon, and welcome to WesBanco, Inc.'s third-quarter 2024 earnings 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. Cautionary statements about this information and reconciliations of non-GAAP measures are included in our earnings related materials issued yesterday afternoon, as well as our other SEC filings and investor materials. These materials are available on the Investor Relations section of our website, wesbanco.com. All statements
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