WesBanco reports 10 percent earnings increase - WOWK 13 Charleston, Huntington WV News, Weather, Sports

WesBanco reports 10 percent earnings increase

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • UPDATE: Route 2 now open following tractor trailer accident

    UPDATE: Route 2 now open following tractor trailer accident

    Monday, August 25 2014 4:00 PM EDT2014-08-25 20:00:48 GMT
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.

WesBanco's net income increased slightly more than 10 percent in the third quarter to $15.5 billion while total assets increased by about the same amount to $6.138 billion.

"The third quarter results reflect a continued ability to pass through to our shareholders increased dividends due to the improvement in profitability through growth from the acquisition and from our ability to increase net revenues," Paul M. Limbert, president and CEO, said in the earnings announcement.

"Loan growth over the last two quarters combined with strategies to reduce funding costs have continued to enhance net interest income. Trust fees, securities brokerage revenue and other components of non-interest income continued to improve. The provision for credit losses remains significantly lower than the provisions recorded in recent years."

WesBanco is a multi-state bank holding company operating through 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.