WesBanco Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 29, 2013 at 09:03 am EST
Share
WesBanco Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total interest and dividend income of $53.172 million compared to $54.740 million a year ago. Net interest income was $43.286 million compared to $41.934 million a year ago, a decrease as a result of the low interest rate environment. Net interest income after provision for credit losses was $40.014 million compared to $32.303 million a year ago. Income before provision for income taxes was $16.030 million compared to $12.577 million a year ago. Net income was $12.650 million or $0.46 per basic and diluted share compared to $10.637 million or $0.40 per basic and diluted share a year ago. Net income increased for the quarter primarily due to a $6.4 million decrease in the provision for credit losses as a result of improved credit quality, and a $1.3 million increase in net interest income from increased average assets due to organic loan growth in 2012 and the acquisition of Fidelity. Return on average assets was 0.87% compared to 0.77% a year ago. Return on average equity was 7.36% compared to 6.61% a year ago. Return on average tangible equity was 13.16% compared to 12.31% a year ago.
For the year, the company reported total interest and dividend income of $211.686 million compared to $224.167 million a year ago. Net interest income was $168.351 million compared to $169.365 million a year ago. Net interest income after provision for credit losses was $148.477 million compared to $134.054 million a year ago. Income before provision for income taxes was $63.132 million compared to $53.647 million a year ago. Net income was $49.544 million or $1.84 per basic and diluted share compared to $43.809 million or $1.65 per basic and diluted share a year ago. Book value was $24.45 compared to $23.80 a year ago. Tangible book value was $13.34 compared to $13.17 a year ago. Return on average assets was 0.88% compared to 0.81% a year ago. Return on average equity was 7.54% compared to 7.01% a year ago. Return on average tangible equity was 13.68% compared to 13.32% a year ago. Tangible book value per share as at December 31, 2012 was $13.34 compared to $13.17 a year ago.
Wesbanco, Inc. is a bank holding company and a financial holding company. The Company offers a full range of financial services, including retail banking, corporate banking, personal and corporate trust services, brokerage services, mortgage banking and insurance. The Company has two segments: community banking and trust and investment services. The community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. Its banking subsidiary, Wesbanco Bank, Inc., operates more than 190 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania and West Virginia.