WesBanco (WSBC), the holding company for WesBanco Bank, has reported a 10.92 percent climb in earnings for the quarter ended Jun. 30, 2014. The company earned $18.88 million or $0.64 a share in the second quarter compared with $17.02 million or $0.58 a share, a year ago. Analysts on average had predicted net income of $0.56 a share.
Revenue during the second-quarter grew 4.45 percent to $66.55 million from $63.71 million in the last year period.
Net interest income for the quarter rose 5.04 percent over the prior year period to $48.31 million.
Non-interest income for the quarter rose 2.92 percent over the last year period to $18.24 million.
Wesbanco has made provision of $0.85 million for loan losses during the quarter, which was lower by 16.85 percent from $1.02 million in the same period last year.
Todd F. Clossin, president and chief executive officer of WesBanco, commented, ''The second quarter was impressive and we are very pleased with the results. 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.''
Total assets stood at $6277.02 million as on Jun. 30, 2014, up 3.17 percent compared with $6084.01 million on Jun. 30, 2013.
While total liabilities stood at $5498.40 million as on Jun. 30, 2014, up 2.62 percent from $5357.78 million on Jun. 30, 2013.
Net loans stood at $3900.38 million as on Jun. 30, 2014, up 3.98 percent compared with $3,751 million on Jun. 30, 2013.
Deposits stood at $5117.40 million as on Jun. 30, 2014, up 3.62 percent compared with $4938.76 million on Jun. 30, 2013.
Equity capital of Wesbanco increased 7.21 percent to $778.62 million as on Jun. 30, 2014 compared with $726.23 million on Jun. 30, 2013.