WesBanco Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 23, 2018 at 04:15 pm
Share
WesBanco Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $84,851,000 against $80,819,000 a year ago. Net interest income was $73,182,000 against $71,688,000 a year ago. Net interest income after provision for credit losses was $70,806,000 against $69,560,000 a year ago. Income before provision for income taxes was $38,903,000 against $32,682,000 a year ago. Net income was $15,897,000 or $0.36 basic and diluted per share against $24,218,000 $0.55 basic and diluted per share a year ago. Return on average assets was 0.64% against 0.98% a year ago. Return on average equity was 4.48% against 7.12% a year ago. Return on average tangible equity was 8.05% against 13.01% a year ago. Non-GAAP net income was $28,972,000 or $0.66 diluted earnings per share against $25,963,000 or $0.59 diluted earnings per share a year ago.
For the year, the company reported total interest and dividend income of $332,424,000 against $286,097,000 a year ago. Net interest income was $290,295,000 against $253,330,000 a year ago. Net interest income after provision for credit losses was $280,309,000 against $244,852,000 a year ago. Income before provision for income taxes was $148,289,000 against $117,671,000 a year ago. Net income was $94,482,000 or $2.14 diluted per share against $86,635,000 or $2.16 basic and diluted net income per common share a year ago. Book value per common share was $31.68 against $30.53 a year ago. Tangible book value per common share was $18.42 against $17.19 a year ago. Return on average assets was 0.96% against 0.97% a year ago. Return on average equity was 6.83% against 7.13% a year ago. Return on average tangible equity was 12.23% against 12.73% a year ago. Non-GAAP net income was $107,876,000 or $2.45 diluted earnings per share against $95,254,000 or $2.37 diluted earnings per share a year ago.
For the quarter, net charge-offs as a percentage of average portfolio loans were 0.16% as compared to 0.08% in the fourth quarter of 2016.
Wesbanco, Inc. is a bank holding company and a financial holding company. The Company offers a full range of financial services, including retail banking, corporate banking, personal and corporate trust services, brokerage services, mortgage banking and insurance. The Company has two segments: community banking and trust and investment services. The community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. Its banking subsidiary, Wesbanco Bank, Inc., operates more than 190 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania and West Virginia.
WesBanco Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017