WesBanco reports earnings increase
WesBanco said Tuesday asset increases and cost reductions helped improve earnings during the first quarter.
The company reported first-quarter net income of $16.4 million, or 56 cents a share, up 2.5 percent from the first quarter of 2013.
WesBanco CEO Paul Limbert said the company increased its net interest income during the quarter through growth in assets and substantial reductions in the cost of funds. Improvements in trust fees and securities brokerage revenue also contributed to revenue growth.
The company also opened two new branches in the Columbus, Ohio, market and is building another branch in the southern portion of the Pittsburgh market.
“While we were improving our branch network, substantial data processing and other infrastructure improvements completed in 2013 have contributed to our ability to control growth in expenses,” Limbert said.
During the quarter, the company also declared a 10-percent increase in its quarterly dividend, increasing it 2 cents to 22 cents a share. The new dividend was paid to shareholders on April 1.
COMPILED FROM STAFF, WIRE REPORTS