WesBanco Inc. operates as a diversified, multi-state bank holding company through WesBanco Bank, providing retail and commercial banking, mortgage banking, trust, brokerage, wealth management and insurance services. News about WSBC commonly centers on quarterly earnings, net interest margin, loan and deposit trends, credit costs, commercial real estate payoffs, and the performance of its Community Banking and Trust and Investment Services businesses.
Company updates also cover market expansion, including commercial banking growth in South Florida; common and Series B preferred stock dividends; executive and risk-management leadership; and recognition tied to regional banking, community reinvestment and customer service. WesBanco's completed Premier Financial acquisition is a recurring context for merger-related expenses, acquired loans and pro forma financial comparisons.
WesBanco, Inc. (Nasdaq:WSBC) has announced a quarterly cash dividend of $0.421875 per depositary share on its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A (WSBCP). The dividend covers the period from May 15, 2022 to August 15, 2022, payable on August 15, 2022, to shareholders of record as of August 1, 2022. This reflects the company's ongoing commitment to returning value to shareholders while maintaining its diversified operations across six states.
WesBanco, Inc. (Nasdaq: WSBC) has been recognized for the fourth consecutive year in Forbes' Best-In-State Banks List, earning the title of #1 bank in Ohio and #2 in Kentucky. This recognition is based on customer satisfaction across various metrics, including trust and service quality. The bank's CEO, Todd F. Clossin, highlighted the achievement as a testament to their employee dedication and commitment to customer-centric service. WesBanco offers a variety of financial services and aims for sustainable growth through investments in technology and market expansion.
WesBanco, Inc. (NASDAQ: WSBC) will host a conference call on July 27, 2022, at 10:00 a.m. ET to discuss its financial results for the second quarter of 2022. The results will be made available after market close on July 26, 2022. Participants can access the live webcast via the Company's Investor Relations page. A replay will be available shortly after the call ends, running through August 10, 2022.
Wesbanco, Inc. (NASDAQ: WSBC) has appointed Jeffrey H. Jackson as Senior Executive Vice President and Chief Operating Officer, effective August 15, 2022. He succeeds Todd Clossin, who plans to retire on January 1, 2024, after nearly 10 years in the role. Jackson brings extensive experience from First Horizon Bank and previously worked at IBM. With a focus on leadership and strategic growth, he aims to advance Wesbanco's valued traditions in a transitioning banking landscape. Clossin will remain on the Board after his retirement, ensuring continuity during this transition.
WesBanco (NASDAQ: WSBC) announced the appointment of Richard Hunt as Executive Vice President and Director of Commercial & Industrial Banking on June 9, 2022. Hunt, a seasoned industry veteran with over 30 years of experience, will steer the strategic direction of the bank's Commercial & Industrial Banking division. His prior roles include Maryland Market President for Atlantic Union Bank and Regional President at Northwest Bank. This leadership change aims to enhance core capabilities, develop new revenue products, and strengthen the team for long-term growth opportunities.
WesBanco, Inc. (Nasdaq: WSBC) announced the election of Rosie Allen-Herring to its Board of Directors during the Annual Meeting held on April 20, 2022. Allen-Herring, with over 30 years of experience in finance and community involvement, has notably raised approximately $245 million as CEO of the United Way National Capital Area. Her leadership is expected to enhance WesBanco's community focus and growth strategies. Allen-Herring's background includes roles at Old Line Bank and Fannie Mae, and she holds degrees from Howard University and Strayer University.
WesBanco, Inc. (NASDAQ: WSBC) has been awarded the 2022 America Saves Designation of Savings Excellence for its significant efforts to promote savings among customers during America Saves Week. This marks the seventh consecutive year the organization has received this recognition. WesBanco's initiatives have encouraged nearly 415,000 individuals to deposit over $1.13 billion into savings accounts. The bank operates across multiple states, offering tailored savings products and educational programs aimed at enhancing financial literacy and stability.
WesBanco, Inc. (Nasdaq: WSBC) has declared a quarterly cash dividend of $0.34 per share, set to be paid on July 1, 2022. Shareholders on record as of June 10, 2022 will receive this dividend, reflecting an annualized cash dividend rate of $1.36 per share. The decision demonstrates the company's commitment to returning value to its shareholders while maintaining its diversified financial services across six states.
WesBanco, Inc. (WSBC) reported Q1 2022 net income of $41.6 million, translating to diluted earnings per share (EPS) of $0.68, down from $70.6 million and $1.05 EPS in Q1 2021. Excluding restructuring and merger-related expenses, adjusted net income was $42.9 million, or $0.70 EPS. Loan growth improved by 0.9%, while deposits increased 7.3% year-over-year. The net interest margin was 2.95%, a decrease from the prior year. The company executed a $150 million capital raise and continued share repurchases, buying back 1.7 million shares.
WesBanco, Inc. (Nasdaq: WSBC) has been recognized as one of the World's Best Banks by Forbes for the fourth consecutive year, ranking 30th—up 16 positions from previous years. This ranking reflects high customer satisfaction, with strong scores in various categories such as digital services and financial advice. WesBanco attributes its success to a customer-centric service culture and commitment to long-term growth strategies, including expanding its market presence and investing in digital technology.