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WesBanco Inc. (Nasdaq: WSBC) is a seasoned bank holding company headquartered in Wheeling, West Virginia. WesBanco has built a distinguished reputation over the past decade for being a secure, sound, and profitable organization.
WesBanco operates primarily through its subsidiary, WesBanco Bank, Inc., which runs over 190 financial centers across six states, including Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. The company offers a comprehensive range of financial services, encompassing retail and corporate banking, personal and corporate trust services, brokerage services, mortgage banking, and insurance. WesBanco's services are designed to meet the diverse needs of individuals, businesses, and communities.
One of WesBanco's key strengths lies in its dual focus on technology and personal customer service. By leveraging advanced technology and maintaining a community bank orientation, WesBanco ensures efficient and effective service delivery. The company’s banking operations are divided into two main segments: community banking and trust and investment services.
In the realm of financial stability, WesBanco has demonstrated solid performance. For instance, as of the end of 2023, the company reported total portfolio loans of $11.6 billion, an 8.7% year-over-year increase. They also maintained a robust net interest margin, despite industry challenges such as rising federal fund rates.
WesBanco’s leadership team has also seen recent changes, with Jeffrey H. Jackson assuming the role of President and Chief Executive Officer as of August 1, 2023. Jackson's leadership is expected to build on the firm foundation laid by his predecessor, focusing on further growth and innovation.
WesBanco is also committed to maintaining strong capital levels and credit quality, ensuring a secure financial environment for its stakeholders. The company’s distinct long-term growth strategies and sustainable competitive advantages enable it to serve its markets effectively.
For more information, visit www.wesbanco.com and follow WesBanco on Facebook, LinkedIn, and X, formerly known as Twitter.
WesBanco reported strong financial results for Q2 2021, with net income of $68.1 million and diluted EPS of $1.01, a significant increase from $4.5 million and $0.07 per share in Q2 2020. For the six months, net income reached $138.6 million or $2.06 per share, up from $27.9 million or $0.41. Deposit growth was 14.0% year-over-year, while trust assets rose 22.2%. However, total loans decreased 6.5% due to the forgiveness of SBA PPP loans.
WesBanco, Inc. (Nasdaq:WSBC) announced a quarterly cash dividend of $0.421875 per depositary share on its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A. This dividend covers the period from May 15, 2021 to August 15, 2021, and is payable on August 16, 2021 to shareholders of record as of August 2, 2021. This marks a continual return to shareholders, reinforcing WesBanco's commitment to delivering value.
WesBanco, Inc. (Nasdaq: WSBC) announces a conference call on July 28, 2021, at 10:00 a.m. ET to discuss its second-quarter financial results. The results will be released after market close on July 27, 2021.
CEO Todd F. Clossin and CFO Robert H. Young will lead the discussion, accessible via a live webcast or by phone. The replay will begin at noon ET on July 28 and will be available until August 11, 2021. WesBanco, founded in 1870, is a diversified financial services company with significant market share across six states.
WesBanco, Inc. (Nasdaq:WSBC) has declared a quarterly cash dividend of $0.33 per share, payable on July 1, 2021. Shareholders of record as of June 11, 2021 will receive this dividend, representing an annualized rate of $1.32 per share. The announcement reflects the company's commitment to delivering consistent returns to its shareholders amidst its diversified financial services across six states, emphasizing both community involvement and sustainable growth.
WesBanco (Nasdaq: WSBC) announced that Todd F. Clossin, President and CEO, and Robert H. Young, CFO, will participate in the D.A. Davidson 23rd Annual Financial Institutions Virtual Conference on May 5-6, 2021. The conference will not feature a formal presentation or webcast. Founded in 1870, WesBanco is a multi-state bank holding company with a commitment to community banking, offering a range of services including trust, wealth management, and commercial products. The bank oversees approximately $5.2 billion in assets under management as of March 31, 2021.
WesBanco, Inc. (WSBC) reported net income of $70.6 million for Q1 2021, a significant increase from $23.4 million in Q1 2020. Diluted earnings per share rose to $1.05 from $0.35. Excluding restructuring costs, adjusted net income reached $71.3 million or $1.06 per diluted share. Total loans increased by 3.4% year-over-year, supported by the SBA PPP. Deposits grew by 20.3% year-over-year, totaling $13.3 billion. The efficiency ratio was 56.71%, indicating effective cost management.
WesBanco has authorized a new stock repurchase plan for up to 1.7 million shares, adding to an existing program with the same amount remaining. This combined authorization represents about 5.0% of outstanding shares. The repurchase will be at WesBanco's discretion, allowing for flexibility based on market conditions. Funding for the buyback may come from cash balances and other liquidity sources. The program does not have an expiration date and is flexible in its execution methods.
WesBanco, Inc. (Nasdaq: WSBC) has declared a quarterly cash dividend of $0.421875 per depositary share on its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A (Nasdaq: WSBCP). This dividend applies to the period from February 15, 2021 to May 15, 2021, and will be payable on May 17, 2021, to shareholders of record as of May 3, 2021. This demonstrates the company’s commitment to returning value to investors amidst its diversified financial services operations.
WesBanco, Inc. (Nasdaq: WSBC) announced its affiliate, WesBanco Bank, received the 2021 America Saves Designation of Savings Excellence for the sixth consecutive year. This award recognizes financial institutions for their success in promoting customer savings and establishing automatic savings plans. WesBanco's partnership with America Saves spans over 15 years, helping individuals save effectively. The recent initiative encouraged over 92,000 individuals to deposit $157,557,265 into savings accounts during America Saves Week. WesBanco remains committed to community banking and customer-focused financial services.
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