WesBanco reports 42 percent 2Q earnings growth - WOWK 13 Charleston, Huntington WV News, Weather, Sports

WesBanco reports 42 percent 2Q earnings growth

Posted: Updated:
  • BusinessBusinessMore>>

  • City-wide scavenger hunt in Wheeling

    City-wide scavenger hunt in Wheeling

    Sunday, April 20 2014 2:00 PM EDT2014-04-20 18:00:09 GMT
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
  • Barboursville plans to grow its recreation opportunities

    Barboursville plans to grow its recreation opportunities

    Sunday, April 20 2014 1:00 PM EDT2014-04-20 17:00:13 GMT
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.
  • University of Charleston students take time to give back

    University of Charleston students take time to give back

    Sunday, April 20 2014 8:00 AM EDT2014-04-20 12:00:16 GMT
    At the University of Charleston, Enactus team members Sa Le, Adam DeBriae, Marc Jn-louis, Jordan Wallace and Rhys Batt do much more than merely keep up with their course loads.
    At the University of Charleston, Enactus team members Sa Le, Adam DeBriae, Marc Jn-louis, Jordan Wallace and Rhys Batt do much more than merely keep up with their course loads.

WesBanco Inc. saw its net income increase nearly 42 percent to $17 million in the second quarter, compared to $12 million in the second quarter last year.

Net income for the first half totaled $33 million, compared with $24 million a year ago, the company announced July 23.

First-half results were enhanced by the acquisition in late 2012 and integration in the first quarter of 2013 of the approximate $655 million, 13-branch Fidelity Bancorp.

Total assets at June 30 increased 10.1 percent or $558.6 million from June 30, 2012, to $6.08 billion due to the acquisition of Fidelity and an accelerated organic loan growth rate, the earnings release said.

"The 2013 first half financial results were very strong. We are extremely pleased with our revenue growth in multiple areas of the Company. Many of the operating strategies which were implemented last year are beginning to produce additional revenues or have helped control expenses," Paul M. Limbert, president and CEO, said in the release.

"The addition of lending officers and other types of revenue producers are beginning to generate either additional loan volume or additional fee income. Our ability to quickly integrate the Fidelity acquisition has allowed us to obtain necessary cost savings, while making the customer transition as smooth as possible.

"All of our markets are showing improvements in loan volumes and outstandings, securities brokerage and wealth management revenues and secondary market mortgage activity. Our team has performed very well this year and our shareholders are being rewarded by this performance."

WesBanco is a multi-state bank holding company that operates 118 branch locations and 104 ATMs in West Virginia, Ohio, and Pennsylvania. WesBanco's banking subsidiary is WesBanco Bank, headquartered in Wheeling. WesBanco also operates an insurance brokerage company, WesBanco Insurance Services, and a full service broker/dealer, WesBanco Securities.