WesBanco Inc. in Wheeling, W.Va., announced Wednesday that its first-quarter earnings dropped 50% year over year, to $5.6 million.
The $4.3 billion-asset company put much of the blame on the $8 million of charges associated with a restructuring of its balance sheet.
"While this planned repositioning was costly in the short run … we believe WesBanco is better positioned in the current flat interest rate environment," said Paul M. Limbert, the president and chief executive, in a press release.
But earnings were hurt by other factors as well.
The net interest margin compressed 11 basis points, to 3.4%, net interest income fell 7.5%, to $31 million, and WesBanco's ratio of nonperforming assets to total assets rose 15 basis points, to 0.39%.
Deposits fell 2.5%, to $3 billion, and loans fell 1%, to 2.9 billion.
