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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) reported a net income of $39.8 million for Q1 2023, down from $41.6 million in Q1 2022, with diluted earnings per share of $0.67, compared to $0.68 a year earlier. Excluding restructuring costs, net income was $42.3 million, or $0.71 per diluted share, slightly down from $42.9 million and $0.70, respectively. Total loan growth was 11.9% year-over-year, emphasizing market strength. The net interest margin increased to 3.36%, benefiting from rising rates, although total deposits decreased by 2.0% due to economic pressures. WesBanco maintains strong credit quality metrics and regulatory capital ratios exceeding required levels. The company plans a conference call to discuss results on April 25, 2023.
WesBanco, Inc. (Nasdaq: WSBC) has received recognition as one of the World's Best Banks by Forbes for the fifth consecutive year, reflecting strong customer satisfaction and feedback. The ranking, based on surveys of nearly 50,000 consumers, assesses banks on general satisfaction, recommendations, and key areas like trust and customer service. WesBanco also received accolades in 2023 as one of America's Best Banks and Best Mid-Size Employers, highlighting its commitment to sound financial performance and employee satisfaction. The bank emphasizes long-term growth through strategic expansion, digital innovation, and deep community engagement, offering a range of financial services across its operational states.
WesBanco, Inc. (NASDAQ:WSBC) will hold a conference call on April 25, 2023, at 10:00 a.m. ET to discuss its first-quarter 2023 financial results, which will be released post-market on April 24, 2023. Key executives including Todd F. Clossin (CEO) and Daniel K. Weiss Jr. (CFO) will lead the discussion. Interested parties can access the call via webcast or by dialing specific numbers for participation. A replay will be available post-call until May 9, 2023. WesBanco has a strong market presence across six states and emphasizes a customer-centric service culture.
WesBanco, Inc. (NASDAQ:WSBC) 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 pertains to the period from February 15, 2023 to May 15, 2023, and is payable on May 15, 2023 to shareholders of record as of May 1, 2023.
The decision reflects the company’s ongoing commitment to return value to its investors amidst its diversified financial services and strong market position across multiple states.
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