Wesbanco (WSBC) has reported 21.63 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $17.44 million, or $0.44 a share in the quarter, compared with $22.25 million, or $0.58 a share for the same period last year.
Revenue during the quarter grew 4.98 percent to $80.83 million from $77 million in the previous year period. Net interest income for the quarter rose 2.34 percent over the prior year period to $62.03 million. Non-interest income for the quarter rose 15.57 percent over the last year period to $21.02 million.
Wesbanco has made provision of $2.21 million for loan losses during the quarter, up 23.14 percent from $1.80 million in the same period last year.
Net interest margin contracted 4 basis points to 3.32 percent in the quarter from 3.36 percent in the last year period. Efficiency ratio for the quarter improved to 55.81 percent from 57.60 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Assets outpace liabilities growthTotal assets stood at $9,812.38 million as on Sep. 30, 2016, up 16.09 percent compared with $8,452.43 million on Sep. 30, 2015. On the other hand, total liabilities stood at $8,465.23 million as on Sep. 30, 2016, up 15.38 percent from $7,336.69 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $6,194.10 million as on Sep. 30, 2016, up 26.18 percent compared with $4,909.02 million on Sep. 30, 2015. Deposits stood at $7,134.51 million as on Sep. 30, 2016, up 15.19 percent compared with $6,193.90 million on Sep. 30, 2015. Noninterest-bearing deposit liabilities were $1,697.48 million or 23.79 percent of total deposits on Sep. 30, 2016, compared with $1,280.33 million or 20.67 percent of total deposits on Sep. 30, 2015.
Investments stood at $2,358.19 million as on Sep. 30, 2016, down 6.31 percent or $158.88 million from year-ago. Shareholders equity stood at $1,347.15 million as on Sep. 30, 2016, up 20.74 percent or $231.41 million from year-ago.
Return on average assets moved down 26 basis points to 0.79 percent in the quarter from 1.05 percent in the last year period. At the same time, return on average equity decreased 225 basis points to 5.71 percent in the quarter from 7.96 percent in the last year period.
Nonperforming assets moved down 17.40 percent or $10.33 million to $49.06 million on Sep. 30, 2016 from $59.39 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.50 percent in the quarter, down from 0.70 percent in the last year period.
Tier-1 leverage ratio stood at 9.51 percent for the quarter, up from 9.39 percent for the previous year quarter. Average equity to average assets ratio was 13.91 percent for the quarter, up from 13.20 percent for the previous year quarter. Book value per share was $30.71 for the quarter, up 6.01 percent or $1.74 compared to $28.97 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
