WesBanco's 4Q Profit Rises on Improved Credit Quality

WesBanco (WSBC) in Wheeling, W. Va., reported higher quarterly earnings because of a lower loan-loss provision and higher interest income.

The $6.1 billion company's quarterly profit rose 19% from a year earlier, to $12.7 million, or 52 cents a share.

Net interest income rose 3% from a year earlier, to $43.3 million, become of lower costs tied to deposits. The company said its purchase of Fidelity Bancorp in Pittsburg, which closed the fourth quarter, helped bolster net interest income.

WesBanco's loan-loss provision fell 66% from a year earlier, to $3.3 million. Nonperforming loans fell 27% from the fourth quarter of 2001,to $63.7 million.

Noninterest income increased 12% from a year earlier, to $17.6 million, because of higher trust fees and gains on loan sales, among other things.