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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, Inc. (Nasdaq:WSBC) has announced a quarterly cash dividend of $0.32 per share, to be paid on January 2, 2021. Shareholders of record as of December 11, 2020 will receive this dividend, reflecting an annualized rate of $1.28 per common share. WesBanco provides a range of financial services across six states, with a focus on community banking and customer service. The company manages approximately $4.6 billion in assets as of September 30, 2020.
WesBanco has declared a quarterly cash dividend of $0.440625 per depositary share on its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A (WSBCP). This dividend is applicable for the period from August 11, 2020 to November 15, 2020 and will be paid on November 15, 2020 to shareholders on record as of November 2, 2020. The dividend reflects WesBanco's commitment to returning value to shareholders while maintaining a stable financial position.
WesBanco reported Q3 2020 net income of $41.3 million, or $0.61 EPS, down from $37.3 million and $0.68 a year earlier. Year-to-date, net income fell 43% to $69.2 million, or $1.03 EPS. Non-GAAP earnings were $44.2 million, or $0.66 EPS. Organic loan growth was 10%, while commercial real estate loans rose 4.9%. Mortgage banking income soared 228% to $8.5 million. The bank issued $150 million in preferred stock to enhance capital. However, criticized loan balances rose to 3.25%, driven by pandemic impacts on the hotel sector.
WesBanco, Inc. (Nasdaq: WSBC) announced it will host a conference call on October 22, 2020, at 3:00 p.m. ET to discuss the third quarter financial results. The results will be released after market close on October 21, 2020. CEO Todd F. Clossin and CFO Robert H. Young will lead the discussion. Interested parties can listen to the call via webcast or by dialing in. A replay will be available starting at 5:00 p.m. ET on October 22, and will conclude on November 5. WesBanco operates 236 financial centers across six states.
WesBanco, Inc. (Nasdaq: WSBC) announced its participation in two upcoming virtual investor conferences. The conferences are the Raymond James U.S. Bank Conference on September 9-10, 2020, and the Stephens 10th Annual Bank Forum on September 22, 2020. Notably, there will be no formal presentations or webcasts available for these events. Founded in 1870, WesBanco offers a full range of financial services and manages approximately $4.5 billion in assets. The company's banking subsidiary operates 236 financial centers across six states.
WesBanco, Inc. (Nasdaq:WSBC) declared a quarterly cash dividend of $0.32 per share, payable on October 1, 2020, to shareholders of record on September 11, 2020. This dividend reflects an annualized rate of $1.28 per common share. WesBanco is a diversified financial services company operating in six states, offering a wide range of banking and financial products. The company has approximately $4.5 billion in assets under management as of June 30, 2020.
Wesbanco, Inc. (WSBC) announced the pricing of a public offering of 6,000,000 depositary shares, each representing a 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, totaling $150 million. The offering will close on August 11, 2020, with dividends payable quarterly starting November 15, 2020. The net proceeds will support general corporate purposes, including refinancing debt and capital expenditures. Wesbanco intends to list the depositary shares on Nasdaq under the symbol WSBCP.
WesBanco, Inc. reported second quarter 2020 net income of $4.5 million ($0.07 per diluted share), a significant decline from $44.8 million ($0.82) in Q2 2019. For the six months, net income fell to $27.9 million ($0.41 per share) versus $85.2 million ($1.56) last year. The adoption of the CECL accounting standard impacted earnings. However, pre-tax, pre-provision income grew 15.7% year-over-year to $66.8 million. Organic loan growth was 11.3%, boosted by SBA PPP loans totaling $837 million.
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