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Wes Banco Announces Third Quarter 2021 Financial Results Wheeling , WV , October 26 , 2021 - Wes Banco , Inc. ( " WesBanco " ) ( Nasdaq : WSBC ) , a diversified , multi - state bank holding company , today announced net income and related earnings per share for the three and nine months ended September 30 , 2021. Net income available to common shareholders for the period was $ 41.9 million , with diluted earnings per share of $ 0.64 , compared to $ 41.3 million and $ 0.61 per diluted share , respectively , for the third quarter of 2020. For the nine months ended September 30 , 2021 , net income was $ 180.5 million , or $ 2.71 per diluted share , compared to $ 69.2 million , or $ 1.03 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 September 30 , 2021 , was $ 45.4 million , or $ 0.70 per diluted share , as compared to $ 44.2 million and $ 0.66 per diluted share , respectively , in the prior year quarter ( non - GA AP measures ) . On the same basis , net income for the nine months ended September 30 , 2021 was $ 185.7 million , or $ 2.79 per diluted share , as compared to $ 76.5 million , or $ 1.14 per diluted share , in the prior year period ( 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 Net income available to common shareholders ( GAAP ) WesBanco For the Three Months Ended September 30 , 2021 2020 Net Income ● $ 45,406 ( 3,529 ) Diluted Earnings Per Share Net Income $ 0.70 $ 44,155 ( 0.06 ) ( 2,850 ) Diluted Earnings Per Share $ 0.66 ( 0.05 ) $ 41,877 $ 0.64 $ 41,305 $ 0.61 ( 1 ) See non - GAAP financial measures for additional information relating to the calculation of these items . For the Nine Months Ended September 30 , 2021 2020 Net Income $ 185,685 ( 5,167 ) Diluted Earnings Per Share Net Income $ 2.79 $ ( 0.08 ) 76,489 ( 7,300 ) Diluted Earnings Per Share $ 1.14 ( 0.11 ) $ 180,518 $ 2.71 $ 69,189 $ 1.03 Financial and operational highlights during the quarter ended September 30 , 2021 : Pre - tax , pre - provision income ( " PTPP " ) excluding restructuring and merger - related expenses ( non - GAAP measure ) was $ 57.8 million , which included $ 2.6 million of settlement costs with respect to the pending resolution of a laws uit Continued expense management demonstrated by a year - to - date efficiency ratio of 57.04 % ( non - GAAP measure ) Deposit growth , excluding certificates of deposit ( " CDs " ) , was 15.0 % year - over - year , driven by growth in demand deposits Improving macro - economic forecasts 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 loss es 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 $ 10billion and $ 25 billion ( based upon the prior four quarters ) During the quarter , we purchased approximately 2.1 million shares of our common stock on the open market under existing share repurchase authorizations Wes Banco Bank was named , for the second consecutive year , to Newsweek magazine's ranking of America's Best Banks , recognizing those banks that best serve their customers ' needs , as well as being named the Best Big Bank in the state of West Virginia Our core banking software system conversion was completed on August 2 , which , among other benefits , provides enhanced digital capabilities " We are pleased with WesBanco's performance during the third quarter of 2021 as we continue to deliver solid pre - tax , pre - provision earnings and manage discretionary expenses , " said Todd F. Clossin , President and Chief Executive Officer of Wes Banco . " We remain focused on ensuring a strong organization for our shareholders and will continue to appropriately return capital to them . In addition , we continue to make strategic hires across our organization and markets to enhance our ability to leverage growth opportunities once they fully return . " Mr. Closs in added , " I remain proud of our entire organization as it has remained diligently focused on serving the financial needs of our customers and communities throughout the pandemic , the re - opening of our economies , and through the completion of our core banking software systemconversion . For the second year in a row , we have been named to Newsweek magazine's ranking of America's Best Banks which recognizes those institutions that best serve their customers ' needs . I would also like to congratulate our Community Development team for their being nationally honored with the ABA Foundation Community Commitment Award for their strong performance and outreach with our New Markets Loan Program . "