* Revises Q2 EPS to $0.18 from $0.24
* Increases loan loss provision by $2 mln to $10.3 mln
Aug 10 (Reuters) - Bank holding company Wesbanco Inc said it revised its second-quarter results due to an increase to its loan loss provision after a property used as collateral for a commercial real estate loan was revalued.
The company revised its second-quarter net income to $5.7 million, or 18 cents a share.
On July 22, it reported second-quarter earnings of $6.3 million, or 24 cents a share.
Wheeling, West Virginia-based Wesbanco said it received a new appraisal relating to the value of a hotel property collateralizing a commercial real estate loan of about $7.8 million, which was moved to non-accrual status.
'The new appraisal was significantly lower than the appraisal obtained at the time the loan was made and management's most recent estimate of the property's current value,' the company said.
Wesbanco increased its provision for loan losses by $2 million to $10.3 million.
Shares of the company closed at $18.16 Monday on Nasdaq.
(Reporting by Abhinav Sharma in Bangalore; Editing by Anne Pallivathuckal) Keywords: WESBANCO/ (abhinav.sharma@thomsonreuters.com; within U.S +1 646 223 8780; Outside U.S +91 080 4135 5800; Reuters messaging: abhinav.sharma.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Increases loan loss provision by $2 mln to $10.3 mln
Aug 10 (Reuters) - Bank holding company Wesbanco Inc said it revised its second-quarter results due to an increase to its loan loss provision after a property used as collateral for a commercial real estate loan was revalued.
The company revised its second-quarter net income to $5.7 million, or 18 cents a share.
On July 22, it reported second-quarter earnings of $6.3 million, or 24 cents a share.
Wheeling, West Virginia-based Wesbanco said it received a new appraisal relating to the value of a hotel property collateralizing a commercial real estate loan of about $7.8 million, which was moved to non-accrual status.
'The new appraisal was significantly lower than the appraisal obtained at the time the loan was made and management's most recent estimate of the property's current value,' the company said.
Wesbanco increased its provision for loan losses by $2 million to $10.3 million.
Shares of the company closed at $18.16 Monday on Nasdaq.
(Reporting by Abhinav Sharma in Bangalore; Editing by Anne Pallivathuckal) Keywords: WESBANCO/ (abhinav.sharma@thomsonreuters.com; within U.S +1 646 223 8780; Outside U.S +91 080 4135 5800; Reuters messaging: abhinav.sharma.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.