WesBanco, Inc. announced its third-quarter 2024 financial results, reporting GAAP net income available to common shareholders of $34.7 million, or $0.54 per share. Excluding restructuring and merger-related expenses, adjusted net income available to common shareholders was $36.3 million, or $0.56 per share.
The company demonstrated robust balance sheet growth, with portfolio loans increasing by $1.1 billion, or 10.0%, year-over-year, driven by commercial and residential lending. Total deposits reached $13.8 billion, up 5.7% year-over-year, with a strong sequential quarter annualized growth of 12.1%.
WesBanco's net interest margin stood at 2.95%, remaining stable compared to the prior quarter. The company also highlighted a successful $200 million common equity raise on August 1, 2024, which was utilized to pay down Federal Home Loan Bank borrowings, strengthening the balance sheet and regulatory capital ratios.
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