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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) announced that key executives, including President Todd F. Clossin, COO Jeffrey H. Jackson, and CFO Daniel K. Weiss, Jr., will participate in the 2023 RBC Capital Markets Global Financial Institutions Conference in New York City on March 8, 2023. The conference will not feature a formal presentation or webcast. Founded in 1870, WesBanco is a diversified financial services company operating in six states and recognized by Forbes as one of America's Best Banks. It offers a range of services, including trust and wealth management with approximately $4.9 billion in assets under management as of December 31, 2022.
WesBanco, Inc. (NASDAQ:WSBC) has declared a quarterly cash dividend of $0.35 per share, with an annualized rate of $1.40 per common share. The payment is set for April 1, 2023, to shareholders recorded on March 10, 2023.
This decision reflects WesBanco's commitment to returning value to shareholders and enhances its reputation as a financially stable institution.
WesBanco, Inc. (NASDAQ: WSBC), a multi-state bank holding company, announced that its executives, including President Todd F. Clossin, COO Jeffrey H. Jackson, and CFO Daniel K. Weiss Jr., will attend the KBW Winter Financial Services Conference in Boca Raton, FL on February 16-17, 2023. The event will not feature a formal presentation or webcast. Founded in 1870, WesBanco offers a range of financial services across six states, managing approximately $4.9 billion in assets. The company is recognized by Forbes as one of America's Best Banks and Best Midsize Employers.
WesBanco, Inc. (Nasdaq: WSBC) reported fourth-quarter 2022 net income of $49.7 million, translating to diluted earnings per share of $0.84, slightly down from $51.6 million and $0.82 for Q4 2021. For the full year, net income was $182.0 million, or $3.02 per diluted share, compared to $232.1 million and $3.53 in 2021. Loan growth was robust at 11.7% year-over-year, while net interest margin improved by 16 basis points to 3.49%. Non-interest income fell 9.6% due to lower mortgage banking income, but non-interest expenses increased just 2.6% year-over-year, reflecting cost control efforts. The company remains well-capitalized with strong credit metrics.
WesBanco, Inc. (NASDAQ: WSBC) has declared a quarterly cash dividend of $0.421875 per depositary share, or $16.875 per share, on its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A (NASDAQ: WSBCP). The dividend covers the period from November 15, 2022 to February 15, 2023. Shareholders of record as of February 1, 2023, will receive the cash dividend payable on February 15, 2023. This announcement reinforces WesBanco's commitment to returning value to investors through dividends.
WesBanco, Inc. (NASDAQ: WSBC) announced the promotion of Scott Love to Executive Vice President of Wealth Management, succeeding Jon Dargusch, who retired on December 31, 2022. Love, who joined the bank in 2012, has over 20 years of investment experience and previously served as Chief Investment Strategist. Under Dargusch's leadership, the wealth management division grew significantly, with assets under management increasing by 60% to $4.6 billion by September 30, 2022. WesBanco has been recognized as a top midsize bank for employee satisfaction and financial success.
WesBanco, Inc. (Nasdaq:WSBC) has announced a conference call scheduled for January 25, 2023, at 10:00 a.m. ET to discuss its fourth quarter 2022 financial results. The results will be released after market close on January 24, 2023. The call will feature President and CEO Todd F. Clossin, COO Jeffrey H. Jackson, and CFO Daniel K. Weiss, Jr. Participants can join the call via phone or through a live webcast on WesBanco's Investor Relations website. A replay will be available from January 25 to February 8, 2023.
WesBanco, Inc. (Nasdaq:WSBC) has appointed Abdul Muhammad as the new Central Kentucky Market President, while he retains his role as Regional Sales Manager for Central Kentucky and Southern Indiana. Muhammad brings over 25 years of banking experience and has contributed to WesBanco's growth and community engagement. Under his leadership, the bank aims to enhance residential lending and strengthen market strategies. WesBanco is recognized for its commitment to employee satisfaction and community service, operating 194 financial centers across six states.
WesBanco, Inc. (Nasdaq:WSBC) announced a 2.9% increase in its quarterly cash dividend, raising it from $0.34 to $0.35 per share. This change is effective for payments on January 3, 2023, for shareholders recorded by December 9, 2022. This marks the sixteenth dividend increase since 2010, totaling a 150% increase during this period. The annualized dividend now stands at $1.40 per share, providing a yield of approximately 3.5% based on the closing stock price of $40.27.
WesBanco reported net income of $50.5 million and diluted EPS of $0.85 for Q3 2022, a rise from $41.9 million and $0.64 in Q3 2021. For the nine months ending September 30, 2022, net income was $132.3 million or $2.19 per diluted share, down from $180.5 million or $2.71 per share in 2021. The bank achieved a 6.5% year-over-year increase in total loans and a 3.33% net interest margin. Non-interest income fell 1.5% year over year, primarily due to lower mortgage banking income. WesBanco remains well-capitalized with a Tier I risk-based capital ratio of 12.51%.
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