WesBanco's earnings for 2012 showed a 13.1 percent increase,
and earnings for the fourth quarter were up 18.9 percent, the company announced
Jan. 29.
Net income for 2012 was $49.5 million, up from $43.8 million
for 2011. Fourth quarter 2012 net income was $12.7 million compared with $10.6
million for the fourth quarter of 2011.
During the year, WesBanco acquired Fidelity Bancorp of
Pittsburgh and also reduced its non-performing loans, eliminated certain
unprofitable branches, grew non-interest income and increased loan originations
and outstanding loan balances. WesBanco ended the year with total assets of $6.1
billion, up from $5.5 billion at the end of 2011.
"We are very pleased with the completion of the acquisition
of Fidelity," Paul M. Limbert, WesBanco's president and CEO, said in the
quarterly earnings release.
"We are very excited to work with the experienced Fidelity
team in expanding our presence in Pittsburgh
and offering our expanded array of products to their customers. Another major
accomplishment this year was the continued improvement in credit quality
resulting in our ability to reduce the provision for credit losses in each of
the last five quarters.
"We were also able to grow loans outstanding through our
loan origination efforts, which provided net loan growth in 2012 of over 4
percent. Our accomplishments during 2012 have resulted in the significant
improvement in our operating results and growth in net income."
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