WesBanco Announces an Increase in First Quarter Earnings

Apr 18, 2001, 01:00 ET from WesBanco, Inc.

    WHEELING, W.Va., April 18 /PRNewswire/ -- Edward M. George, President &
 CEO of WesBanco, Inc. (Nasdaq:   WSBC), a Wheeling, West Virginia based multi-
 state bank holding company, today announced earnings for the quarter ended
 March 31, 2001.
     Mr. George stated that WesBanco's net income per share for the three-
 months ended March 31, 2001 increased 14.3% to $0.40 compared to $0.35 for the
 three-months ended March 31, 2000.  Net income for the three-months ended
 March 31, 2001 increased 6.9% to $7.4 million compared to $6.9 million for the
 three-months ended March 31, 2000.  WesBanco's increased net income was
 primarily due to improved operating efficiencies and increases in securities
 gains and deposit activity income.  Mr. George noted that the consolidation of
 WesBanco's regional banks under a single bank charter continues to provide
 improved operating efficiencies.  WesBanco's customers continue to benefit
 from the product standardization and the consistency in product delivery a
 single bank structure offers.  As a result, WesBanco's efficiency ratio has
 improved to 52.8% from 56.5% for the comparative periods.
     WesBanco's core earnings per share for the three-months ended March 31,
 2001 increased 10.8% to $0.41 compared to $0.37 for the three-months ended
 March 31, 2000.  Core earnings, which excludes amortization of goodwill and
 net securities gains, for the three-months ended March 31, 2001 increased 4.6%
 to $7.5 million compared to $7.2 million for the three-months ended March 31,
 2000.
     WesBanco's key earnings performance ratios remained strong.  Earnings
 performance reflected a return on average assets of 1.3% and a return on
 average equity of 11.6% for the three-months ended March 31, 2001 compared to
 a return on average assets of 1.2% and a return on average equity of 10.4% for
 the same period in 2000.
     Net interest income on a taxable equivalent basis, ("TE") decreased
 $30 thousand for the three-months ended March 31, 2001 compared to the three-
 months ended March 31, 2000.  The net (TE) yield on average earning assets
 decreased to 4.16% compared to 4.22% for the same comparative period.
 Competitive pricing pressure to make interest rate adjustments on loan and
 deposit products offset the positive effects of shifting investment securities
 into higher yielding loan products.
     Non-interest income, excluding net securities gains, increased
 $0.2 million or 3.5% for the three-months ended March 31, 2001 compared to the
 three-months ended March 31, 2000.  This increase resulted from increases in
 deposit activity income.  Trust revenue remained strong at $3.1 million for
 the comparative periods.  Net securities gains increased $0.3 million for the
 comparative period.  The Corporation was able to improve liquidity and realize
 securities gains on mortgage backed securities due to declining interest rates
 during the first quarter of 2001.
     Non-interest expense for the three-months ended March 31, 2001 decreased
 $0.9 million or 5.6% compared to the three-months ended March 31, 2000.  The
 consolidation of WesBanco's four regional banks into a single bank charter
 continued to provide improved operating efficiencies.
     Total loans increased $26.0 million between March 31, 2001 and March 31,
 2000.  Personal loans grew 7.1% or $23.2 million, due primarily to the growth
 in indirect auto loans.  The composition of loans as a percentage of total
 loans consists of commercial at 34%, real estate at 44% and personal loans at
 22% as of March 31, 2001.  The allowance for loan losses remained strong at
 1.3% at March 31, 2001 and March 31, 2000, respectively.  Net loan charge-offs
 for the three-months ended March 31, 2001 increased $0.4 million compared to
 the three-months ended March 31, 2000.  The net loan charge-offs to average
 loans ratio increased to 0.06% from 0.04% for the same comparative period.
     WesBanco's shareholders' equity remained strong, highlighted by a primary
 capital to asset ratio of 11.5% and a book value per share of $14.03 at
 March 31, 2001.  Shareholders' equity decreased $1.9 million between March 31,
 2001 and December 31, 2000, due primarily to the Corporation's stock
 repurchase plan.  During the first quarter, WesBanco completed the acquisition
 of one million shares of common stock under a previous stock repurchase
 program and began a new program to repurchase up to an additional one million
 shares.  The timing, price, and quantity of purchases under the plan are at
 the discretion of the Corporation and the plan may be discontinued or
 suspended at any time.
     Common stock acquired in the recently completed stock repurchase program
 and shares to be repurchased under the new program will be used in part to
 complete the mergers of Freedom Bancshares, Inc. ("Freedom") that was
 announced on December 29, 2000 and American Bancorporation ("American") that
 was announced on February 22, 2001.  The transactions will be accounted for
 using the purchase method of accounting.  Freedom reported total assets of
 $100.5 million and American reported total assets of $705.3 million as of
 December 31, 2000, respectively.  The transactions are expected to be
 completed during 2001.
     WesBanco's combinations of Freedom and American will create a bank with
 approximately $3.1 billion in total assets and provide banking services
 through 86 locations in three states.  The combination will make WesBanco the
 second largest bank headquartered in West Virginia and expand WesBanco's
 primary market to include an office in Washington, Pennsylvania, an office in
 Cambridge, Ohio, four offices in Columbus, Ohio and one office in Belington,
 Philippi, Buckhannon and Elkins, West Virginia.
     WesBanco is a bank holding company presently operating through 59 banking
 offices in West Virginia and Ohio.  Its banking subsidiary is WesBanco Bank,
 Inc., headquartered in Wheeling, West Virginia.  In addition, WesBanco
 operates an insurance company, WesBanco Insurance Services, Inc., and a full
 service broker/dealer, WesBanco Securities, Inc. that also operates
 Mountaineer Securities, WesBanco's discount brokerage operation.
 
     Certain information contained in this Press Release constitutes forward-
 looking statements with respect to WesBanco and its subsidiaries.  Forward-
 looking statements relating to the Corporation's plans, strategies,
 objectives, expectations, intentions and adequacy of resources, are made
 pursuant to the safe harbor provisions of the Private Securities Litigation
 Reform Act of 1995.  Investors are cautioned that such forward-looking
 statements, which are not historical fact, involve risks and uncertainties.
 Such statements are subject to important factors that could cause actual
 results to differ materially from those contemplated by such statements,
 including without limitation, the effect of changing regional and national
 economic conditions; changes in interest rates; credit risks of commercial,
 real estate, and consumer loan customers and their lending activities; changes
 in federal and state regulations; or other unanticipated external developments
 materially impacting the Corporation's operational and financial performance.
 Acquisitions discussed in this Press Release are also subject to regulatory
 and shareholder approvals.  The Corporation does not assume any duty to update
 forward-looking statements.
 
 
     WESBANCO, INC.
     Consolidated Selected Financial Highlights
     March 31, 2001 and 2000
     (unaudited, dollars in thousands, except per share amounts)
 
                                                   For the Three Months Ended
                                                            March 31,
                                                      2001              2000
     Statement of income
     Interest income (A)                            $42,125           $40,655
     Interest expense                                19,969            18,469
         Net interest income (A)                     22,156            22,186
     Provision for loan losses                          900               567
          Net interest income after
           provision
             for loan losses (A)                     21,256            21,619
     Non-interest income
         Trust fees                                   3,122             3,119
         Service charges on deposits                  2,089             1,741
         Other income                                   534               691
         Net securities gains (losses)                  255                (4)
             Total non-interest income                6,000             5,547
     Non-interest expense
         Salaries and employee benefits               7,901             8,206
         Net occupancy                                  992               940
         Equipment                                    1,532             1,603
         Other operating                              4,619             5,193
             Total non-interest expense              15,044            15,942
          Income before income taxes (A)             12,212            11,224
     Taxable equivalent adjustment                    1,220             1,329
     Provision for income taxes                       3,587             2,965
         Net income                                  $7,405            $6,930
 
     Per common share data
     Net income                                       $0.40             $0.35
     Dividends declared                                0.23              0.22
     Book value (period
      end)                                            14.03             13.50
     Average shares outstanding                  18,469,445        19,647,732
     Period end shares
      outstanding                                18,295,608        19,354,595
 
     Core earnings
     Core earnings (B)                               $7,549            $7,218
     Core earnings per share (B)                       0.41              0.37
 
 
     Profitability ratios (annualized)
     Return on average assets                         1.30%             1.23%
     Return on average equity                        11.63%            10.42%
     Yield on earning assets (A)                      7.93%             7.73%
     Cost of interest bearing liabilities             4.48%             4.19%
     Net interest margin (A)                          4.16%             4.22%
 
     (A) taxable equivalent basis.
     (B) excludes goodwill amortization and net securities gains.
 
 
     WESBANCO, INC.
     Consolidated Selected Financial Highlights
     March 31, 2001 and 2000
     (unaudited, dollars in thousands, except per share amounts)
 
                                                          March 31,
     Balance sheet (period end)                    2001              2000
     Assets                                    $2,384,910        $2,264,775
     Earning assets                             2,220,972         2,102,683
     Securities                                   571,631           548,782
     Loans, net of unearned income              1,559,833         1,533,821
     Interest bearing liabilities               1,870,609         1,769,130
     Total deposits                             1,871,236         1,856,835
       Non-interest bearing demand                231,504           212,558
       Interest bearing demand                    619,544           604,693
       Savings                                    253,249           275,525
       Certificates of deposit                    766,939           764,059
       Other borrowings                           230,877           124,853
     Shareholders' equity                         256,607           261,228
 
     Asset quality data
     Non-performing assets:
         Non-accrual loans                         $4,720            $4,467
         Renegotiated loans                         4,832
         Other real estate owned                    3,353             3,431
             Total non-performing assets          $12,905            $7,898
 
     Past due 90 day or more                       $7,962            $5,217
     Allowance for loan losses                     19,971            19,778
     Net loan charge-offs:
        Year-to-date                                  959               541
     Non-performing assets/total loans               0.83 %            0.51 %
     Allowance for loan losses/total loans           1.28              1.29
     Net loan charge-offs(year-to-
      date)/average loans                            0.06              0.04
 
 
                                                 For the Three Months Ended
                                                           March 31,
     Average balance sheet                         2001              2000
     Assets                                    $2,306,822        $2,262,418
     Earning assets                             2,147,403         2,116,310
     Securities, at amortized cost                530,694           573,780
     Loans, net of unearned income              1,577,302         1,528,367
     Interest bearing liabilities               1,809,616         1,772,961
     Deposits                                   1,848,616         1,840,594
     Shareholders' equity                         258,250           265,977
 
     Capitalization ratios
     Dividend payout                                57.50 %           62.86 %
     Ending primary
      capital to assets                             11.50             12.30
 
 

SOURCE WesBanco, Inc.
    WHEELING, W.Va., April 18 /PRNewswire/ -- Edward M. George, President &
 CEO of WesBanco, Inc. (Nasdaq:   WSBC), a Wheeling, West Virginia based multi-
 state bank holding company, today announced earnings for the quarter ended
 March 31, 2001.
     Mr. George stated that WesBanco's net income per share for the three-
 months ended March 31, 2001 increased 14.3% to $0.40 compared to $0.35 for the
 three-months ended March 31, 2000.  Net income for the three-months ended
 March 31, 2001 increased 6.9% to $7.4 million compared to $6.9 million for the
 three-months ended March 31, 2000.  WesBanco's increased net income was
 primarily due to improved operating efficiencies and increases in securities
 gains and deposit activity income.  Mr. George noted that the consolidation of
 WesBanco's regional banks under a single bank charter continues to provide
 improved operating efficiencies.  WesBanco's customers continue to benefit
 from the product standardization and the consistency in product delivery a
 single bank structure offers.  As a result, WesBanco's efficiency ratio has
 improved to 52.8% from 56.5% for the comparative periods.
     WesBanco's core earnings per share for the three-months ended March 31,
 2001 increased 10.8% to $0.41 compared to $0.37 for the three-months ended
 March 31, 2000.  Core earnings, which excludes amortization of goodwill and
 net securities gains, for the three-months ended March 31, 2001 increased 4.6%
 to $7.5 million compared to $7.2 million for the three-months ended March 31,
 2000.
     WesBanco's key earnings performance ratios remained strong.  Earnings
 performance reflected a return on average assets of 1.3% and a return on
 average equity of 11.6% for the three-months ended March 31, 2001 compared to
 a return on average assets of 1.2% and a return on average equity of 10.4% for
 the same period in 2000.
     Net interest income on a taxable equivalent basis, ("TE") decreased
 $30 thousand for the three-months ended March 31, 2001 compared to the three-
 months ended March 31, 2000.  The net (TE) yield on average earning assets
 decreased to 4.16% compared to 4.22% for the same comparative period.
 Competitive pricing pressure to make interest rate adjustments on loan and
 deposit products offset the positive effects of shifting investment securities
 into higher yielding loan products.
     Non-interest income, excluding net securities gains, increased
 $0.2 million or 3.5% for the three-months ended March 31, 2001 compared to the
 three-months ended March 31, 2000.  This increase resulted from increases in
 deposit activity income.  Trust revenue remained strong at $3.1 million for
 the comparative periods.  Net securities gains increased $0.3 million for the
 comparative period.  The Corporation was able to improve liquidity and realize
 securities gains on mortgage backed securities due to declining interest rates
 during the first quarter of 2001.
     Non-interest expense for the three-months ended March 31, 2001 decreased
 $0.9 million or 5.6% compared to the three-months ended March 31, 2000.  The
 consolidation of WesBanco's four regional banks into a single bank charter
 continued to provide improved operating efficiencies.
     Total loans increased $26.0 million between March 31, 2001 and March 31,
 2000.  Personal loans grew 7.1% or $23.2 million, due primarily to the growth
 in indirect auto loans.  The composition of loans as a percentage of total
 loans consists of commercial at 34%, real estate at 44% and personal loans at
 22% as of March 31, 2001.  The allowance for loan losses remained strong at
 1.3% at March 31, 2001 and March 31, 2000, respectively.  Net loan charge-offs
 for the three-months ended March 31, 2001 increased $0.4 million compared to
 the three-months ended March 31, 2000.  The net loan charge-offs to average
 loans ratio increased to 0.06% from 0.04% for the same comparative period.
     WesBanco's shareholders' equity remained strong, highlighted by a primary
 capital to asset ratio of 11.5% and a book value per share of $14.03 at
 March 31, 2001.  Shareholders' equity decreased $1.9 million between March 31,
 2001 and December 31, 2000, due primarily to the Corporation's stock
 repurchase plan.  During the first quarter, WesBanco completed the acquisition
 of one million shares of common stock under a previous stock repurchase
 program and began a new program to repurchase up to an additional one million
 shares.  The timing, price, and quantity of purchases under the plan are at
 the discretion of the Corporation and the plan may be discontinued or
 suspended at any time.
     Common stock acquired in the recently completed stock repurchase program
 and shares to be repurchased under the new program will be used in part to
 complete the mergers of Freedom Bancshares, Inc. ("Freedom") that was
 announced on December 29, 2000 and American Bancorporation ("American") that
 was announced on February 22, 2001.  The transactions will be accounted for
 using the purchase method of accounting.  Freedom reported total assets of
 $100.5 million and American reported total assets of $705.3 million as of
 December 31, 2000, respectively.  The transactions are expected to be
 completed during 2001.
     WesBanco's combinations of Freedom and American will create a bank with
 approximately $3.1 billion in total assets and provide banking services
 through 86 locations in three states.  The combination will make WesBanco the
 second largest bank headquartered in West Virginia and expand WesBanco's
 primary market to include an office in Washington, Pennsylvania, an office in
 Cambridge, Ohio, four offices in Columbus, Ohio and one office in Belington,
 Philippi, Buckhannon and Elkins, West Virginia.
     WesBanco is a bank holding company presently operating through 59 banking
 offices in West Virginia and Ohio.  Its banking subsidiary is WesBanco Bank,
 Inc., headquartered in Wheeling, West Virginia.  In addition, WesBanco
 operates an insurance company, WesBanco Insurance Services, Inc., and a full
 service broker/dealer, WesBanco Securities, Inc. that also operates
 Mountaineer Securities, WesBanco's discount brokerage operation.
 
     Certain information contained in this Press Release constitutes forward-
 looking statements with respect to WesBanco and its subsidiaries.  Forward-
 looking statements relating to the Corporation's plans, strategies,
 objectives, expectations, intentions and adequacy of resources, are made
 pursuant to the safe harbor provisions of the Private Securities Litigation
 Reform Act of 1995.  Investors are cautioned that such forward-looking
 statements, which are not historical fact, involve risks and uncertainties.
 Such statements are subject to important factors that could cause actual
 results to differ materially from those contemplated by such statements,
 including without limitation, the effect of changing regional and national
 economic conditions; changes in interest rates; credit risks of commercial,
 real estate, and consumer loan customers and their lending activities; changes
 in federal and state regulations; or other unanticipated external developments
 materially impacting the Corporation's operational and financial performance.
 Acquisitions discussed in this Press Release are also subject to regulatory
 and shareholder approvals.  The Corporation does not assume any duty to update
 forward-looking statements.
 
 
     WESBANCO, INC.
     Consolidated Selected Financial Highlights
     March 31, 2001 and 2000
     (unaudited, dollars in thousands, except per share amounts)
 
                                                   For the Three Months Ended
                                                            March 31,
                                                      2001              2000
     Statement of income
     Interest income (A)                            $42,125           $40,655
     Interest expense                                19,969            18,469
         Net interest income (A)                     22,156            22,186
     Provision for loan losses                          900               567
          Net interest income after
           provision
             for loan losses (A)                     21,256            21,619
     Non-interest income
         Trust fees                                   3,122             3,119
         Service charges on deposits                  2,089             1,741
         Other income                                   534               691
         Net securities gains (losses)                  255                (4)
             Total non-interest income                6,000             5,547
     Non-interest expense
         Salaries and employee benefits               7,901             8,206
         Net occupancy                                  992               940
         Equipment                                    1,532             1,603
         Other operating                              4,619             5,193
             Total non-interest expense              15,044            15,942
          Income before income taxes (A)             12,212            11,224
     Taxable equivalent adjustment                    1,220             1,329
     Provision for income taxes                       3,587             2,965
         Net income                                  $7,405            $6,930
 
     Per common share data
     Net income                                       $0.40             $0.35
     Dividends declared                                0.23              0.22
     Book value (period
      end)                                            14.03             13.50
     Average shares outstanding                  18,469,445        19,647,732
     Period end shares
      outstanding                                18,295,608        19,354,595
 
     Core earnings
     Core earnings (B)                               $7,549            $7,218
     Core earnings per share (B)                       0.41              0.37
 
 
     Profitability ratios (annualized)
     Return on average assets                         1.30%             1.23%
     Return on average equity                        11.63%            10.42%
     Yield on earning assets (A)                      7.93%             7.73%
     Cost of interest bearing liabilities             4.48%             4.19%
     Net interest margin (A)                          4.16%             4.22%
 
     (A) taxable equivalent basis.
     (B) excludes goodwill amortization and net securities gains.
 
 
     WESBANCO, INC.
     Consolidated Selected Financial Highlights
     March 31, 2001 and 2000
     (unaudited, dollars in thousands, except per share amounts)
 
                                                          March 31,
     Balance sheet (period end)                    2001              2000
     Assets                                    $2,384,910        $2,264,775
     Earning assets                             2,220,972         2,102,683
     Securities                                   571,631           548,782
     Loans, net of unearned income              1,559,833         1,533,821
     Interest bearing liabilities               1,870,609         1,769,130
     Total deposits                             1,871,236         1,856,835
       Non-interest bearing demand                231,504           212,558
       Interest bearing demand                    619,544           604,693
       Savings                                    253,249           275,525
       Certificates of deposit                    766,939           764,059
       Other borrowings                           230,877           124,853
     Shareholders' equity                         256,607           261,228
 
     Asset quality data
     Non-performing assets:
         Non-accrual loans                         $4,720            $4,467
         Renegotiated loans                         4,832
         Other real estate owned                    3,353             3,431
             Total non-performing assets          $12,905            $7,898
 
     Past due 90 day or more                       $7,962            $5,217
     Allowance for loan losses                     19,971            19,778
     Net loan charge-offs:
        Year-to-date                                  959               541
     Non-performing assets/total loans               0.83 %            0.51 %
     Allowance for loan losses/total loans           1.28              1.29
     Net loan charge-offs(year-to-
      date)/average loans                            0.06              0.04
 
 
                                                 For the Three Months Ended
                                                           March 31,
     Average balance sheet                         2001              2000
     Assets                                    $2,306,822        $2,262,418
     Earning assets                             2,147,403         2,116,310
     Securities, at amortized cost                530,694           573,780
     Loans, net of unearned income              1,577,302         1,528,367
     Interest bearing liabilities               1,809,616         1,772,961
     Deposits                                   1,848,616         1,840,594
     Shareholders' equity                         258,250           265,977
 
     Capitalization ratios
     Dividend payout                                57.50 %           62.86 %
     Ending primary
      capital to assets                             11.50             12.30
 
 SOURCE  WesBanco, Inc.