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WesBanco WesBanco Announces Second Quarter 2021 Financial Results Wheeling , WV , July 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 and six months ended June 30 , 2021. Net income available to common shareholders for the period was $ 68.1 million , with diluted earnings per share of $ 1.01 , compared to $ 4.5 million and $ 0.07 per diluted share , respectively , for the second quarter of 2020. For the six months ended June 30 , 2021 , net income was $ 138.6 million , or $ 2.06 per diluted share , compared to $ 27.9 million , or $ 0.41 per diluted share , for the 2020 period . Net income available to common shareholders , excluding after - tax restructuring and merger - related expenses , for the three months ended June 30 , 2021 , was $ 69.0 million , or $ 1.03 per diluted share , as compared to $ 4.9 million and $ 0.07 per diluted share , respectively , in the prior year quarter ( non - GAAP measures ) . On the same basis , net income for the six months ended June 30 , 2021 was $ 140.3 million , or $ 2.09 per diluted share , as compared to $ 32.3 million , or $ 0.48 per diluted share , in the prior year period ( non - GAAP measures ) . For the Three Months Ended June 30 , 2021 2020 For the Six Months Ended June 30 , 2021 2020 ( unaudited , dollars in thousands , except per share amounts ) Net income available to common shareholders ( Non- GAAP ) ( 1 ) Net Income Diluted Earnings Per Share Net Income Diluted Earnings Per Share Net Income Diluted Earnings Per Share Net Income Diluted Earnings Per Share $ 69,022 $ Less : After tax restructuring and merger - related expenses Net income available to common shareholders ( GAAP ) $ 68,057 $ 1.01 $ 4,488 $ See non - GAAP financial measures for additional information relating to the calculation of these items . ( 965 ) 1.03 ( 0.02 ) $ 4,858 $ ( 370 ) 0.07 $ 140,279 ( 1,638 ) $ 2.09 ( 0.03 ) $ 32,334 $ ( 4,450 ) 0.07 $ 138,641 $ 2.06 $ 27,884 $ 0.48 ( 0.07 ) 0.41 ( 1 ) WesBanco believes that pre - tax , pre - provision income ( “ PTPP ” ) ( non - GAAP measure ) provides a more comparable year - over - year measure as it removes the provision for credit losses to improve comparability from period - to - period . For the three months ended June 30 , 2021 , PTPP , excluding restructuring and merger- related expenses , increased 3.8 % year - over - year to $ 69.4 million , as compared to $ 66.8 million for the prior period . In addition , on the same basis , the PTPP return on average assets was 1.63 % for the three months ended June 30 , 2021 , as compared to 1.61 % in the prior year period . For the six months ended June 30 , 2021 , PTPP income , excluding restructuring and merger - related expenses , increased 3.7 % year - over - year to $ 133.6 million , as compared to $ 128.8 million for the prior period . Financial and operational highlights during the quarter ended June 30 , 2021 : • • • Deposit growth , excluding certificates of deposit ( " CDs " ) , was 14.0 % year - over - year , driven by growth in demand deposits Trust assets under management increased 22.2 % year - over - year to a record $ 5.5 billion , which was driven by both market appreciation and organic growth Continued expense management demonstrated by a year - to - date efficiency ratio of 55.33 % ( non - GAAP measure ) Improving macro - economic factors favorably impacted the provision for credit losses under the Current Expected Credit Losses ( " CECL " ) methodology , which 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 ) During the quarter , we purchased approximately 1.5 million shares of our common stock on the open market under existing share repurchase authorizations WesBanco Bank was 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 We anticipate our core banking software system conversion to be completed during the third quarter , which will provide enhanced products and services for our customers , as well as improved operational efficiencies " We are pleased with WesBanco's performance during the second quarter of 2021 as we continue to deliver pre - tax , pre - provision earnings growth , " said Todd F. Clossin , President and Chief Executive Officer of WesBanco . “ Our financial performance this quarter was again driven by strong fee income growth and disciplined expense management . In addition , we remain focused on ensuring a strong organization for our shareholders and will continue to appropriately return capital to them . "