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WesBanco posts higher net interest margin YOY in Q3

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WesBanco posts higher net interest margin YOY in Q3

Wheeling, W.Va.-based WesBanco Inc. reported third-quarter non-GAAP net income of $38.7 million, or 71 cents per share, compared to $41.0 million, or 81 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 78 cents.

Non-GAAP net income for the most recent quarter includes after-tax merger-related expenses of $1.3 million, or 3 cents per share.

GAAP net income was $37.3 million, or 68 cents per share, versus $32.5 million, or 64 cents per share, in the year-ago period.

The bank's net interest margin was 3.56%, compared to 3.50% in the year-ago quarter. Accretion from acquisitions benefited third-quarter NIM by 13 basis points, compared to 11 basis points in the prior-year period.

Total portfolio loans, net of unearned income, at the end of the quarter stood at $7.76 billion, compared to $7.73 billion at the end of the third quarter of 2018.

Total deposits came in at $8.66 billion, compared to $8.94 billion a year earlier.