Thu, Aug 1, 8:41 PM (88 days ago)
Wesbanco, Inc.'s financial performance for Q2 2024 showed a decrease in net income to $26.4 million ($0.44 per diluted share) from $42.3 million ($0.71 per share) in Q2 2023. For the first six months of 2024, net income was $59.5 million ($1.00 per share), down from $82.2 million ($1.38 per share) in the same period of 2023. The decline was driven by a $5.0 million decrease in net interest income due to rising deposit costs and a shift from non-interest bearing to higher-cost deposits. The net interest margin fell by 23 basis points to 2.95%. Non-interest income decreased by $0.5 million due to lower net swap fee and valuation income, and bank-owned life insurance income, despite higher trust fees and service charges on deposits. Non-interest expenses rose by $6.0 million, mainly from restructuring and merger-related costs. Loans grew by 5.3%, while deposits increased by 2.0%. The provision for credit losses rose to $10.5 million, reflecting loan growth and economic adjustments. Shareholders' equity increased slightly by 0.4% to $2.5 billion.