WesBanco, Inc. (NASDAQ:WSBC) Q1 2023 Earnings Call Transcript

Todd Clossin: I think it’s too soon to say, I really do. Because, again, we built a franchise over the last number of years that has put us in the markets that should grow mid upper single digits. And I think on a long term basis, that’s where we’re comfortable. And that’s kind of what we built, the organization around any given quarter is going to be hard. We talked about the pipeline. But we also talked about the line usage being paid down significantly, is that going to continue to get paid down? Is it going to go lower? I don’t know, the some of the secondary market for multifamily things like that has really slowed down a lot. So I’d have more of that sticking on the balance sheet for a little bit longer as developers or web developers are waiting for rates to come down, and we’re going to go take all that to the market.

So that gives us a benefit of loan growth, because we’re not seeing that typical payoff occur. So I think there’s a lot of factors that are impacting that, but I don’t see anything at this point from our customer base in our markets, that are telling us that people are concerned, overly concerned about the economy, and then pulling back. I still think they are doing business, they’re just doing it in a higher rate environment and trying to factor that into their cost structures.

Manuel Navas: Thank you. I appreciate. I appreciate the color.

Todd Clossin: Sure.

Operator: This concludes our question- and-answer session. I would like to turn the conference back over to Todd Clossin for any closing remarks.

Todd Clossin: Great. Thank you for joining us today. We remain focused on ensuring our organization sound credit quality, solid liquidity and a strong balance sheet that hopefully you’ve come to expect from us. We think we’ve got the right markets teams and leadership and strategies in place to have success on a long term basis. And looking forward to speaking you at an upcoming investor events. So please have a have a good day and enjoy the rest of your week. Thanks.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.