WesBanco earnings up 13.1 percent in 2012 - WOWK 13 Charleston, Huntington WV News, Weather, Sports

WesBanco earnings up 13.1 percent in 2012

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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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