Wesbanco, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 27, 2016 at 03:35 am IST
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WesBanco Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported total interest and dividend income was $67,660,000 against $54,185,000 for the same period a year ago. Net interest income was $60,620,000 against $48,986,000 for the same period a year ago. Net interest income after provision for credit losses was $58,035,000 against $47,106,000 for the same period a year ago. Income before provision for income taxes was $31,167,000 against $21,694,000 for the same period a year ago. Net Income was $23,002,000 or $0.60 basic and diluted net income per share against $16,512,000 $0.56 basic and diluted net income per common share for the same period a year ago. Return on average assets was 1.07% against 1.04% for the same period a year ago. Return on average equity was 8.11% against 8.17% for the same period a year ago. Non-GAAP net income was $23,033,000 or $0.60 diluted earnings per share against $0.59 diluted earnings per share $17,363,000 for the same period a year ago.
For the year, the company reported total interest and dividend income was $261,712,000 against $215,991,000 for the same period a year ago. Net interest income was $236,987,000 against $186,823,000 for the same period a year ago. Net interest income increased $43.8 million or 22.6% in 2015 compared to 2014 due to a 29.9% increase in average earning assets, primarily through the acquisition, and through a 6.7% increase in average loan balances, exclusive of ESB, partially offset by a 20 basis point decrease in the net interest margin.Net interest income after provision for credit losses was $228,634,000 against $186,823,000 for the same period a year ago. Income before provision for income taxes was $109,177,000 against $93,694,000 for the same period a year ago. Net Income was $80,762,000 or $2.15 basic and diluted net income per common share against $69,974,000 or $2.39 basic and diluted net income per common share for the same period a year ago. Book value per common share was $16.51 against $16.09 for the same period a year ago. Return on average assets was 0.99% against 1.12% for the same period a year ago. Return on average equity was 7.62% against 8.97% for the same period a year ago. Non-GAAP Net income was $87,965,000 or $2.34 diluted earnings per share against $70,825,000 or $2.41 diluted earnings per share for the same period 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.