WesBanco Posts Diluted EPS of $0.88 and Year-Over-Year Net Income Growth in Q3
Key Facts
WesBanco announced on October 21, 2026, that net income available to common shareholders was $85.3 million in the third quarter, and diluted earnings per share under U.S. accounting standards were $0.88, compared with $81.0 million and $0.84 in the same period of 2025. Adjusted diluted EPS, excluding restructuring and merger expenses, was $0.89 versus $0.94 a year earlier. The difference between the figures shows the basis of comparison: net income and GAAP EPS rose year over year, while adjusted EPS declined. The bank said net interest income increased, supported by loan growth and upward repricing, as well as higher securities yields. The company announced its results on October 21 and held a call to discuss them on October 22.
For the nine months ended September 30, net income was $258.1 million and diluted EPS was $2.67, compared with $124.4 million and $1.39 in the same period of 2025. In the third quarter, net interest income on a tax-equivalent basis rose 4.7% year over year to $228.164 million. For the nine months, this income was $668.293 million, up 12.2% from the comparable period. Net interest margin rose to 3.60%, an increase of 7 basis points year over year. The bank attributed the margin improvement mainly to lower funding costs, alongside the effect of loan growth and repricing and higher securities yields on interest income.
Lending grew at an annualized rate of 8.7% compared with the previous quarter, and 5.1% year over year. The bank said organic growth exceeded the effect of approximately $370 million in commercial real estate loan paydowns during the quarter, which reduced loan growth by about 1 percentage point. Portfolio loans stood at $19.9 billion on September 30, as total assets increased 3.4% year over year to $28.5 billion. Assets also included $4.5 billion in securities. In Nashville and South Florida, organic loan growth exceeded $400 million, according to the bank's account of its targeted expansion markets in Tennessee and South Florida.
Deposits were $21.6 billion on September 30, up 1.5% year over year. Excluding certificates of deposit, deposits increased $752 million, or 4.1%, from a year earlier. On asset quality, classified and criticized loans declined by $93 million, or 55 basis points, from the previous quarter, reaching 3.19% of total portfolio loans. This category includes nonperforming portfolio loans. The bank recorded a net provision for credit losses of $8.7 million in the quarter, which it attributed mainly to higher loan balances and the charge-off of a commercial credit for which a full provision had previously been established.
Noninterest expense, excluding restructuring and merger costs, was $150.1 million in the third quarter, up $5.3 million, or 3.7%, year over year. On September 30, the bank reported a Common Equity Tier 1 capital ratio of 10.61% and total risk-based capital of 13.97%. CEO Jeff Jackson said adjusted diluted EPS year to date had risen nearly 7% year over year, as positive operating leverage continued and organic loan growth exceeded the effect of commercial real estate loan paydowns. He added that the bank believed it was well positioned to build on its performance in the coming quarters, drawing on business momentum and its commercial loan pipeline. The pipeline totaled $1.8 billion on September 30, an increase of more than 50% since the end of 2025.
In the market, WSBC closed at $39.05 on October 23, 2026, compared with a close of $39.13 in the previous session. The accompanying closing data did not include details on the session's trading range. The bank had scheduled its results discussion call for October 22 at 3:00 p.m. Eastern Time, after announcing the results the previous day. The nine-month results put net income and diluted EPS growth in the context of the year-to-date period, while the adjusted quarterly comparison highlights the decline in adjusted EPS from its level a year earlier. The bank also cited its commercial loan pipeline and expansion indicators in Nashville and South Florida among the factors shaping its next phase.