WesBanco Reports 107% Increase in Net Income Following Premier Financial Acquisition

WesBanco, Inc. reported significant financial growth in its latest quarterly results, driven primarily by its recent acquisition of Premier Financial Corp. (PFC). For the second quarter of 2025, the bank recorded a net income of $54.9 million, or $0.57 per diluted share, compared to $26.4 million, or $0.44 per diluted share, in the same period last year. This represents a 107% increase in net income year-over-year. Excluding restructuring and merger-related expenses, adjusted net income was $87.3 million, or $0.91 per diluted share, up from $29.4 million, or $0.49 per diluted share, in the prior year.

Total assets surged to $27.6 billion as of June 30, 2025, a 47.6% increase from $18.7 billion at the end of 2024. This growth was largely attributed to the PFC acquisition, which added approximately $7.9 billion in assets, including $5.9 billion in loans and $1.2 billion in investment securities. Total portfolio loans reached $18.8 billion, marking a 48.8% increase since December 31, 2024. Deposits also rose significantly, increasing by $7.0 billion, or 49.7%, to $21.2 billion, reflecting the addition of PFC's deposits and ongoing deposit gathering efforts.

WesBanco's non-interest income for the second quarter increased by 40.2% to $44.0 million, driven by higher service charges on deposits, trust fees, and digital banking income. The bank's service charges rose by 47.4% year-over-year, while trust fees increased by 32.2%, reflecting the addition of PFC's wealth management clients. However, net swap fee and valuation income decreased significantly due to negative fair value adjustments on existing swaps.

On the operational front, WesBanco's employee headcount increased to approximately 900 following the PFC acquisition, contributing to a rise in non-interest expenses, which totaled $186.5 million for the quarter, an 82.2% increase from the previous year. Restructuring and merger-related expenses accounted for $41.1 million of this total. The bank's allowance for credit losses increased to $230.0 million, reflecting the initial provision for credit losses on acquired loans from PFC and adjustments based on regional economic conditions.

Looking ahead, WesBanco anticipates continued growth driven by the integration of PFC and ongoing efforts to enhance its product offerings and customer base. The bank's management remains focused on optimizing its balance sheet and managing interest rate risk, with a commitment to maintaining strong capital ratios and liquidity levels.