WesBanco reports jump in Q1 profit

WesBanco reports jump in Q1 profit

WHEELING, W.Va. — WesBanco Inc.’s profit jumped more than 45 percent in the first quarter as income from loans and fees increased.

The Wheeling-based company said Thursday it earned $7.9 million, or 30 cents per share, in the period. WesBanco earned $5.45 million, or 17 cents per share, in the same period a year earlier.

WesBanco paid a $1.1 million dividend on preferred stock held by the U.S. Treasury in the first quarter of 2009, reducing earnings available to common stockholders to $4.4 million. WesBanco has since exited the federal bank bailout program.

Analysts surveyed by Thomson Reuters expected WesBanco to earn 22 cents per share in the first quarter.

WesBanco has approximately $5.4 billion in assets and 114 branches in West Virginia, Ohio and Pennsylvania.