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WesBanco WesBanco Announces First Quarter 2021 Financial Results Wheeling , WV , April 27 , 2021 - WesBanco , Inc. ( " WesBanco " ) ( Nasdaq : WSBC ) , a diversified , multi - state bank holding company , today announced net income and related earnings per share for the three months ended March 31 , 2021. Net income available to common shareholders for the period was $ 70.6 million , with diluted earnings per share of $ 1.05 , compared to $ 23.4 million and $ 0.35 per diluted share , respectively , for the first quarter of 2020. Net income available to common shareholders excluding after - tax restructuring and merger - related expenses for the three months ended March 31 , 2021 , was $ 71.3 million , or $ 1.06 per diluted share , as compared to $ 27.5 million and $ 0.41 per diluted share , respectively , in the prior year quarter ( non - GAAP measures ) . ( unaudited , dollars in thousands , except per share amounts ) Net income available to common shareholders ( Non - GAAP ) ( 1 ) Less : After tax restructuring and merger - related expenses For the Three Months Ended March 31 , 2021 2020 Net Income Diluted Earnings Per Share Net Income Diluted Earnings Per Share $ $ 71,256 $ ( 672 ) 70,584 $ 1.06 $ ( 0.01 ) 1.05 $ 27,476 $ ( 4,080 ) 23,396 $ 0.41 ( 0.06 ) 0.35 Net income available to common shareholders ( GAAP ) ( 1 ) See non - GAAP financial measures for additional information relating to the calculation of these items . WesBanco believes that pre - tax , pre - provision income ( non - GAAP measure ) provides a more comparable year - over - year measure as it removes the provision for credit losses to improve comparability from quarter - to - quarter due to the CECL accounting standard . For the three months ended March 31 , 2021 , pre - tax , pre- provision income , excluding restructuring and merger - related expenses , increased 3.6 % year - over - year to $ 64.2 million compared to $ 62.0 million for the prior period . In addition , on the same basis , the return on average assets was 1.57 % for the three month period ending March 31 , 2021. WesBanco believes that these non - GAAP financial measures are useful to investors as they enhance investors ' understanding of the Company's business and performance . Financial and operational highlights during the quarter ended March 31 , 2021 : • Strong year - over - year growth in pre - tax , pre - provision income ( non - GAAP measure ) Continued expense management demonstrated by a year - to - date efficiency ratio of 56.71 % ( non - GAAP measure ) Improving macro - economic factors utilized in the CECL calculation drove both the net benefit in the provision for credit losses and the reduction in allowance for credit losses during the quarter Key credit quality metrics such as non - performing assets , past due loans , and net loan charge - offs , as percentages of total portfolio loans , have remained at low levels and favorable to peer bank averages , those with total assets between $ 10 billion and $ 25 billion ( based upon the prior four quarters ) Total loan growth was 3.4 % year - over - year , driven by WesBanco's support of businesses impacted by the pandemic through the Small Business Administration's Payroll Protection Program ( " SBA PPP " ) Deposit growth , excluding certificates of deposit , was 28.9 % year - over - year , driven by growth in demand deposits Trust assets under management totaled a record $ 5.2 billion , driven by both market appreciation and organic growth WesBanco is a well - capitalized financial institution with solid liquidity and a strong balance sheet On April 22 , 2021 , WesBanco's Board of Directors authorized the adoption of a new stock repurchase program , which , when combined with the remainder of the previous authorization , represents approximately 5 % of outstanding shares " We are pleased with WesBanco's performance during the first quarter of 2021 as we are in the early stages of emerging from the pandemic , " said Todd F. Clossin , President and Chief Executive Officer of WesBanco . “ I am proud of our entire organization as it has worked tirelessly to serve our customers and communities throughout the past year . Their outstanding efforts led to WesBanco Bank recently being named , for the third year in a row , one of the world's best banks in an independent ranking based solely on customer satisfaction and feedback . This exceptional ranking is in addition to being named one of the fifteen best banks in America by Forbes magazine , which represents our eleventh year making the list since its inception in 2010. " Mr. Clossin added , “ I would also like to recognize Abdul Muhammad , our Senior Vice President and Regional Manager of Residential Lending . In addition to his chairing our Diversity , Equity , and Inclusion Council , he was recently appointed as one of the eight members of the Federal Reserve Bank of Cleveland's Equity and Inclusion Advisory Council . We are excited about our opportunities for the upcoming year as we build upon our well - defined , long - term strategies by leveraging the efforts of Abdul and our Council to further the principles of diversity and inclusion across not just WesBanco but also our communities . "