WesBanco, Inc.

WesBanco reported GAAP net income available to common shareholders of $88 million, or $0.91 per diluted share, in Q2 2026. Excluding merger- and restructuring-related expenses, net income was $89 million, or $0.92 per diluted share. Year-to-date EPS increased 14% to $1.83, and year-to-date pre-tax, pre-provision earnings rose 24% year over year to $242 million. Return on average assets was 1.3%, return on tangible common equity was 17.3%, and the efficiency ratio reached a record low of 51%. Total assets were $27.8 billion, portfolio loans were $19.5 billion, deposits were $21.6 billion, and the net interest margin was 3.63%, up 4 basis points year over year and 6 basis points sequentially. Total loans increased 3.5% year over year, or 4.5% year over year adjusted for payoff headwinds, while deposits increased 2.1% year over year. Non-interest income was $54 million, up $9.7 million or 22% year over year, and non-interest expense excluding restructuring and merger costs was $148 million, up 1.8% year over year and 3.6% sequentially. The allowance for credit losses was 1.12% of total loans, or $218 million, and charge-offs were 2 basis points. For full-year 2026, management reiterated mid-single-digit loan growth, quarterly fee income growth of 3%-5% year over year, quarterly expense run rate in the $153 million range for Q3 and Q4, and a full-year effective tax rate of approximately 21%. Management also said it expects the net interest margin to remain around 3.60% for the rest of the year.

Jeff Jackson framed the quarter as a momentum story, highlighting record production, a record $2.3 billion commercial pipeline, and strong contribution from expansion markets, especially Florida. He said the company is gaining traction in South Florida, where teams already represent about 10% of the total pipeline, and he described the Florida opportunity as potentially a $2 billion bank over the next couple of years. His tone was confident and upbeat, but grounded in discipline: he repeatedly tied growth to relationship banking, execution, and capital discipline rather than M&A.

Dan Weiss focused on the mechanics behind earnings and guidance: a 3.63% NIM, 3.5% loan growth, 2.1% deposit growth, 22% growth in non-interest income to $54 million, and a record-low 51% efficiency ratio. He said payoffs were elevated at about $345 million in Q2, but expects them to taper, with Q3 payoffs around two-thirds of Q2 and enough pipeline to outgrow payoffs for the rest of the year. On capital, he cited CET1 of 10.7%, about 300,000 shares repurchased at a weighted average of $33.55, and said buybacks should be muted near term because capital is being deployed into loan growth and South Florida expansion.

Analysts pressed on deposit growth, margins, buybacks, and the pace of expansion. Management said deposits typically strengthen in the back half of the year and expects several new programs to help, while also saying deposit costs are near the floor. On margins, Dan Weiss said the bank believes it can defend roughly a 3.60% NIM through a mix of asset repricing, stronger loan growth, and some wholesale funding if needed. On capital allocation, management said buybacks will likely stay limited while loan growth remains strong, and that M&A is not a current priority because organic growth and TBV accretion are viewed as better uses of capital.