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Wesbanco sees second-quarter earnings jump

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By JIM ROSS

For The State Journal

WesBanco Inc., the parent company of WesBanco Bank, reported record second-quarter income of $18.9 million, an increase of 14.9 percent from the second quarter of 2013, on July 23.

Net income for the three months ended June 30, 2014 and was a record at $18.9 million, compared to $16.4 million for the first quarter of 2014, representing an increase of 14.9 percent, while diluted earnings per share were $0.64, compared to $0.56 per share for the first quarter of 2014, representing an increase of 14.3 percent. As compared to the second quarter of 2013, net income increased 10.9 percent and diluted earnings per share increased by 10.3 percent.

For the first half of the year, net income was $35.3 million, up from $33.0 million last year.

“The second quarter was impressive and we are very pleased with the results,” Todd F. Clossin, WesBanco president and CEO, said in the quarterly earnings report. “Loan growth improved in the second quarter after a challenging first quarter for much of the economy.

“Earning assets increased and, when combined with a steady reduction in the cost of funds, resulted in further increases in net interest income. Trust fees and securities brokerage revenue also grew at a strong rate again this quarter. Improvement in credit quality continues, reducing charge offs and the credit provision. Expenses continue to be well managed as we stay disciplined and continue our focus on gaining efficiencies from our infrastructure investments.”

In the conference call with investment analysts the next morning, Clossin said the company opened two branches in Columbus, Ohio, in the past year and will open one in the Pittsburgh area soon. One of the two branches in Columbus already has $44 million in deposits and more than $30 million in loan activity, he said.

Although WesBanco is not aggressively expanding by opening new branches, it continues to look for opportunities in urban markets contiguous to its existing footprint, Clossin said. WesBanco is focusing on organic growth rather than through merger and acquisition activity, but it is open to acquisitions if they are the right fit for the company, he added.

WesBanco is a multi-state bank holding company with total assets of approximately $6.3 billion, operating through 119 branch locations and 106 ATMs in West Virginia, Ohio and Pennsylvania.

WesBanco’s banking subsidiary is WesBanco Bank, headquartered in Wheeling. It is the largest bank headquartered in West Virginia. WesBanco also operates an insurance brokerage company, WesBanco Insurance Services, and a full service broker/dealer, WesBanco Securities.