Wesbanco Reports $141.4 Million Net Income for 2024, Completes Premier Financial Acquisition

Wesbanco, Inc. reported net income available to common shareholders of $141.4 million, or $2.26 per diluted share, for the year ended December 31, 2024, a 5.1% decrease compared to the $148.9 million, or $2.51 per diluted share, reported for 2023. The decrease was attributed to higher funding costs for deposits and borrowings, inflationary cost pressures, and a larger provision expense. Interest income increased by 16.0% to $825.6 million in 2024, while net interest income decreased by 0.7% due to higher funding costs. Non-interest income rose by 6.3% to $127.9 million, driven by increases in service charges on deposits, trust fees, and mortgage banking income. Excluding restructuring and merger-related expenses, non-interest expense increased by 2.4% to $395.5 million.

Total assets increased by 5.5% to approximately $18.7 billion as of December 31, 2024, with total portfolio loans increasing by 8.7% to $12.7 billion, reflecting a lower level of commercial real estate payoffs and strong performance in commercial and residential lending. Total deposits increased by 7.3% to $14.1 billion, driven by customer preferences in the higher interest rate environment and deposit gathering initiatives. Criticized and classified loan balances rose to 2.80% of total portfolio loans, up from 2.22% in 2023, and annualized net loan charge-offs increased by seven basis points compared to 2023. Wesbanco maintained strong regulatory capital ratios, exceeding the "well-capitalized" standards.

On February 28, 2025, Wesbanco completed its acquisition of Premier Financial Corp., a bank holding company with approximately $8.6 billion in assets and 73 branches. The merger involved an all-stock transaction, exchanging Wesbanco common stock for Premier common stock at a ratio of 0.80 shares of Wesbanco stock for each share of Premier stock. The company incurred $2.9 million in merger-related expenses during 2024. Wesbanco employed 2,195 full-time equivalent employees as of December 31, 2024, with an average employee tenure of approximately 10 years and an average executive officer tenure exceeding 18 years. The company's employee turnover rate was 17% in 2024, while officer turnover was 10%.

Wesbanco's operations are subject to extensive government regulation and supervision, including those related to the Dodd-Frank Act and Basel III capital standards. The company faces intense competition from other banks and financial institutions, and its financial performance is susceptible to changes in economic conditions, interest rates, and regulatory policies. The company identified several key risks, including those related to the economy, regulation, the Premier Financial merger, operational risks, and the use of technology. Wesbanco's outlook includes forward-looking statements regarding the integration of Premier Financial and the potential realization of cost savings and synergies from the merger. The company also noted that its ability to pay dividends is limited and may be affected by various factors.