WesBanco earns $86.6 million in 2016
WHEELING — WesBanco Inc. watched profits grow to to $86.6 million in 2016, which reflects an increase from the $80.8 million the Wheeling-based banking firm collected in 2015.
For the three-month term stretching from Oct. 1-Dec. 31, WesBanco posted profits of $24.2 million, an increase from the $23 million collected during the same time frame the previous year.
WesBanco President and CEO Todd F. Clossin said the highlight of the year was completing the acquisition of the Your Community Bank assets, which expands WesBanco’s presence in Indiana and Kentucky.
Post-acquisition, WesBanco now has $9.8 billion in total assets and provides banking services through 174 branch locations in five states.
“We remain excited about the opportunities our newest markets in Indiana and Kentucky provide, and are encouraged by the enthusiasm of our newest employees,” Clossin said.
Overall, Clossin said WesBanco enjoyed a strong 2016.
“We have strong market share in our legacy markets, including several major metropolitan areas across five states. We continue to manage operating expenses diligently as evidenced by our year-to-date efficiency ratio of 56.7 percent,” he said.
“We are excited about our opportunities for the upcoming year, and look forward to a continuation of our stated strategies as we provide additional value to our customers and shareholders,” Clossin said of 2017.