WesBanco Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 28, 2015 at 02:49 am IST
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WesBanco Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company announced total interest and dividend income of $54,185,000 compared to $54,257,000 for the same period a year ago. Net interest income was $48,986,000 compared to $47,238,000 for the same period a year ago. Income before provision for income taxes was $21,694,000 compared to $20,301,000 for the same period a year ago. Net income was $16,512,000 compared to $15,353,000 for the same period a year ago. Net income per common share, basic and diluted was $0.56 compared to $0.52 for the same period a year ago. Return on average assets was 1.04% compared to 0.99% for the same period a year ago. Return on average equity was 8.17% compared to 8.17% for the same period a year ago. Return on average tangible equity was 13.77% compared to 14.60% for the same period a year ago. Net interest income compared to 2013 due to a 3.1% increase in average earning assets, primarily through a 4.8% increase in average loan balances, and improvement in the net interest margin.
For the full year, the company announced total interest and dividend income of $215,991,000 compared to $217,890,000 for the same period a year ago. Net interest income was $193,228,000 compared to $185,487,000 for the same period a year ago. Income before provision for income taxes was $93,694,000 compared to $84,688,000 for the same period a year ago. Net income was $69,974,000 compared to $63,925,000 for the same period a year ago. Net income per common share, basic and diluted was $2.39 compared to $2.18 for the same period a year ago. Book value per share at the end of the period was $26.90 compared to $25.59 for the same period a year ago. Tangible book value per share at the end of the period was $16.09 compared to $14.68 for the same period a year ago. Return on average assets was 1.12% compared to 1.05% for the same period a year ago. Return on average equity was 8.97% compared to 8.72% for the same period a year ago. Return on average tangible equity was 15.39% compared to 15.79% for the same period a year ago.
For the fourth quarter ended December 31, 2014, the company announced net charge-offs were $2.3 million or 0.23% of average portfolio loans, compared to $2.9 million or 0.30% for the same quarter of 2013.
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.
WesBanco Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014