WesBanco reports 42 percent 2Q earnings growth - Beckley, Bluefield & Lewisburg News, Weather, Sports

WesBanco reports 42 percent 2Q earnings growth

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • One person injured after ATV accident in Fayette County

    One person injured after ATV accident in Fayette County

    Saturday, August 30 2014 4:37 AM EDT2014-08-30 08:37:47 GMT
    Emergency crews were called to the scene of a ATV accident, just before 10 pm Friday.According to Fayette County 911 the ATV was struck by a vehicle along the 1900 block of Rt 60 Anstead area of Fayette County.One person was transported by helicopter, to a local hospital for treatment, The extent of those injuries or what caused the accident is not yet known at this time.The Fayette County Sheriff Department is investigating.
    Emergency crews were called to the scene of a ATV accident, just before 10 pm Friday.According to Fayette County 911 the ATV was struck by a vehicle along the 1900 block of Rt 60 Anstead area of Fayette County.One person was transported by helicopter, to a local hospital for treatment, The extent of those injuries or what caused the accident is not yet known at this time.The Fayette County Sheriff Department is investigating.
  • Intruder Kicks in Door at Apartment in Beckley

    Intruder Kicks in Door at Apartment in Beckley

    Friday, August 29 2014 11:27 PM EDT2014-08-30 03:27:05 GMT
    Beckley Police are searching for two suspects after a burglary at the Lewis Ritchie Apartments in Beckley around 10:00 Friday night (8/29). 
    Beckley Police are searching for two suspects after a burglary at the Lewis Ritchie Apartments in Beckley around 10:00 Friday night (8/29). 
  • 21st annual Beckley's Kids Classic Festival kicks off Saturday

    21st annual Beckley's Kids Classic Festival kicks off Saturday

    Friday, August 29 2014 6:22 PM EDT2014-08-29 22:22:20 GMT
    The 21st annual Beckley's Kids Classic Festival kicks off Saturday with the Autumn Fest at Lake Stephens.
    The 21st annual Beckley's Kids Classic Festival kicks off Saturday with the Autumn Fest at Lake Stephens.

WesBanco Inc. saw its net income increase nearly 42 percent to $17 million in the second quarter, compared to $12 million in the second quarter last year.

Net income for the first half totaled $33 million, compared with $24 million a year ago, the company announced July 23.

First-half results were enhanced by the acquisition in late 2012 and integration in the first quarter of 2013 of the approximate $655 million, 13-branch Fidelity Bancorp.

Total assets at June 30 increased 10.1 percent or $558.6 million from June 30, 2012, to $6.08 billion due to the acquisition of Fidelity and an accelerated organic loan growth rate, the earnings release said.

"The 2013 first half financial results were very strong. We are extremely pleased with our revenue growth in multiple areas of the Company. Many of the operating strategies which were implemented last year are beginning to produce additional revenues or have helped control expenses," Paul M. Limbert, president and CEO, said in the release.

"The addition of lending officers and other types of revenue producers are beginning to generate either additional loan volume or additional fee income. Our ability to quickly integrate the Fidelity acquisition has allowed us to obtain necessary cost savings, while making the customer transition as smooth as possible.

"All of our markets are showing improvements in loan volumes and outstandings, securities brokerage and wealth management revenues and secondary market mortgage activity. Our team has performed very well this year and our shareholders are being rewarded by this performance."

WesBanco is a multi-state bank holding company that operates 118 branch locations and 104 ATMs in West Virginia, Ohio, and Pennsylvania. WesBanco's banking subsidiary is WesBanco Bank, headquartered in Wheeling. WesBanco also operates an insurance brokerage company, WesBanco Insurance Services, and a full service broker/dealer, WesBanco Securities.