Confidential Draft

 

WesBanco Announces Third Quarter 2022 Financial Results

Wheeling, WV, October 25, 2022 – WesBanco, Inc. (“WesBanco”) (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and nine months ended September 30, 2022. Net income available to common shareholders for the third quarter of 2022 was $50.5 million, with diluted earnings per share of $0.85, compared to $41.9 million and $0.64 per diluted share, respectively, for the third quarter of 2021. For the nine months ended September 30, 2022, net income was $132.3 million, or $2.19 per diluted share, compared to $180.5 million, or $2.71 per diluted share, for the 2021 period, which included a release of provision for credit losses of $50.7 million, or $40.5 million net of tax. Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended September 30, 2022, was $50.6 million, or $0.85 per diluted share, as compared to $45.4 million and $0.70 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income for the nine months ended September 30, 2022 was $133.7 million, or $2.21 per diluted share, as compared to $185.7 million, or $2.79 per diluted share, in the prior year period (non-GAAP measures).

	For the Three Months Ended September 30,											For the Nine Months Ended September 30,
	2022					2021						2022						2021
(unaudited, dollars in thousands, except per share amounts)	Net Income			Diluted Earnings Per Share		Net Income			Diluted Earnings Per Share			Net Income			Diluted Earnings Per Share			Net Income			Diluted Earnings Per Share
Net income available to common shareholders (Non-GAAP)(1)	$	50,554		$	0.85	$	45,406		$	0.70		$	133,661		$	2.21		$	185,685		$	2.79
Less: After tax restructuring and merger-related expenses		(52	)		-		(3,529	)		(0.06	)		(1,352	)		(0.02	)		(5,167	)		(0.08	)
Net income available to common shareholders (GAAP)	$	50,502		$	0.85	$	41,877		$	0.64		$	132,309		$	2.19		$	180,518		$	2.71
(1) See non-GAAP financial measures for additional information relating to these items.

Financial and operational highlights during the quarter ended September 30, 2022:

•Third quarter net interest margin of 3.33% increased 30 basis points sequentially, and, when excluding purchase accounting and Small Business Administration Payroll Protection Program (“SBA PPP”) loan accretion, it increased 34 basis points sequentially to 3.27%

•Reflecting the pricing advantage of our robust legacy deposit base and growth in non-interest bearing demand deposits, year-over-year total deposits increased 8 basis points to 0.17%

•Reflecting the strength of our markets and lending teams, total loan growth was 6.5% year-over-year, and 0.8%, or 3.2% annualized, when compared to June 30, 2022, excluding SBA PPP loans

•Deposit growth, excluding certificates of deposit (“CDs”), was 3.2% year-over-year and essentially flat compared to the second quarter, driven by growth in non-interest bearing demand deposits and savings accounts

•Strong discretionary cost control as evidenced by non-interest expenses increasing just 1.8% year-over-year, excluding restructuring and merger-related expenses

•Key credit quality metrics such as non-performing assets, total past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages, those with total assets between $10 billion and $25 billion (based upon the prior four quarters)

•WesBanco remains well-capitalized with solid liquidity and a strong balance sheet

oReturns on average assets and tangible equity were 1.19% and 15.39%, respectively

“We are pleased with WesBanco’s performance during the third quarter of 2022, as we continued to deliver loan growth, control discretionary expenses, and manage the costs of our funding sources,” said Todd F. Clossin, President and Chief Executive Officer of WesBanco. “We again reported strong, broad-based, year-over-year loan growth during the quarter, despite elevated commercial real estate loan payoffs. Furthermore, our commercial loan pipeline remains robust. Our core funding advantage of our legacy markets continues to provide us with strong, low cost deposit flows during a time of quickly rising interest rates. And, our historic strengths of risk management and loan underwriting remain evident through our solid credit quality measures.”

Mr. Clossin added, “For more than 150 years, we have been a source of stability, strength and trust for our customers, communities, employees, and shareholders. The success of our operational strategies implemented the past few years continues to be evident, and combined with our core strengths, will allow us to succeed regardless of the operating environment.”

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Balance Sheet

Loan growth for the third quarter of 2022 reflects strong performance by our commercial and consumer lending teams and more 1-to-4 family residential mortgages retained on the balance sheet, partially offset by the continuation of both SBA PPP loan forgiveness and elevated commercial real estate payoffs. As of September 30, 2022, total portfolio loans of $10.3 billion, when excluding SBA PPP loans, driven by strong growth across all loan categories and markets, increased 6.5% year-over-year, and 0.8%, or 3.2% annualized, when compared to June 30, 2022. While down from the prior year period, commercial real estate payoffs increased to $173 million during the third quarter, as compared to $98 million in the second quarter. The third quarter of 2022 included the forgiveness of approximately $14 million of SBA PPP loans, with approximately $13 million remaining in the loan portfolio (net of deferred fees).

As of September 30, 2022, total deposits of $13.4 billion increased $21.1 million year-over-year due primarily to increased net personal savings across the other deposit categories, which more than offset a $362.7 million year-over-year reduction in CDs. Deposits, excluding CDs, were essentially flat to the quarter ending June 30, 2022 but increased 3.2% year-over-year, driven by a 1.6% increase in total demand deposits, which represent approximately 59% of total deposits, and a 10.2% increase in savings accounts.

Credit Quality

As of September 30, 2022, total loans past due, non-performing loans, and non-performing assets as percentages of the loan portfolio and total assets have remained relatively low, from a historical perspective, and consistent throughout the last five quarters. In addition, criticized and classified loans as a percent of the loan portfolio decreased 178 basis points year-over-year to 2.43%. For the third quarter, net loan charge-offs to average loans totaled $1.1 million, as compared to $0.8 million in the prior year period. The allowance for credit losses to total portfolio loans at September 30, 2022 was $114.6 million, or 1.11% of total loans, reflecting a slight increase in projected future unemployment rates, offset by continued improvements in COVID-impacted borrowers. During the prior year three- and nine- month periods ending September 30, 2021, we recorded negative provisions for credit losses of $1.7 million and $50.7 million, respectively, due to significantly improved macroeconomic forecasts and other factors, as compared to negative provisions of $0.5 million and $4.8 million, respectively, in the current year.

Net Interest Margin and Income

The net interest margin of 3.33% for the third quarter of 2022 increased 30 basis points sequentially, which reflects the 225 basis point increase in the federal fund rate from March through July, as well as our successful deployment of excess cash into higher-yielding loans. Variable rate securities, which represent 18% of the total securities portfolio also contributed to the margin. We remain focused on controlling the costs of our various funding sources, which is enhanced by the pricing advantage of our robust legacy deposit base. Deposit funding costs increased just 13 basis points year-over-year to 27 basis points for the third quarter of 2022, or 17 basis points when including non-interest bearing deposits. This reflects a total deposit beta of just 4%, when compared to the 225 basis point increase in the federal fund rate through July of this year. Further, total deposit funding costs also increased 8 basis points on a sequential quarter basis. Accretion from acquisitions benefited the third quarter net interest margin by 5 basis points, as compared to 10 basis points in the prior year period. Lastly, the forgiveness of SBA PPP loans benefited the third quarter of 2022 net interest margin by a net 1 basis point, as compared to a net 14 basis points in the prior year period.

Net interest income increased $9.2 million, or 8.0%, during the third quarter of 2022, as compared to the same quarter of 2021, reflecting loan growth and the benefit of rising rates on loan and securities yields, which more than offset lower accretion from purchase accounting and lower SBA PPP-related loan income. For the nine months ended September 30, 2022, net interest income decreased $3.2 million, or 0.9%, primarily due to the reasons discussed for the three-month period comparison.

Non-Interest Income

For the third quarter of 2022, non-interest income of $32.3 million decreased $0.5 million, or 1.5%, from the third quarter of 2021, driven primarily by lower mortgage banking income. Other income of $5.5 million increased $1.5 million, or 37.4%, year-over-year due primarily to higher commercial loan swap-related income. Net gain on other real estate owned and other assets increased $1.3 million year-over-year to $2.0 million due to the gain on the sale of the underlying equity investments held by WesBanco Community Development Corporation. Mortgage banking income decreased $3.3 million year-over-year due to a reduction in residential mortgage originations and our retention of more residential mortgages on the balance sheet. Third quarter mortgage originations decreased 38% year-over-year to $235 million, with approximately 73% retained, as compared to 63% last year.

Non-interest income, for the nine months ended September 30, 2022, decreased $12.5 million, or 12.2%, to $89.6 million. In addition to the items discussed above, service charges on deposits increased $3.7 million year-over-year to $19.5 million, reflective of increased general consumer spending. Bank-owned life insurance of $8.3 million increased $2.2 million year-over-year due to higher death benefits and the impact of new policies purchased during the third quarter of 2021. The net loss on other real estate owned and other assets of $0.1 million also reflects the change in the fair value of underlying equity investments held by WesBanco Community Development Corporation primarily driven by the decline in the equity market during the second quarter of 2022, as compared to a net gain of $4.2 million for the same investment during the first nine months of 2021.

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Non-Interest Expense

Excluding restructuring and merger-related expenses, non-interest expense for the three months ended September 30, 2022 totaled $91.9 million, an increase of only 1.8% year-over-year, reflecting discretionary cost control. As compared to the second quarter, the increase in expenses reflects the hiring of additional commercial and residential lenders and hourly wage increases, as noted in our prior quarterly comments. Salaries and wages increased $4.8 million, or 12.1%, compared to the prior year period due to higher salary expense related to normal merit increases, higher staffing levels, and hourly wage increase implemented during the third quarter. FDIC insurance of $2.4 million increased $1.2 million from last year due primarily to the benefit to last year’s FDIC insurance calculation from the large negative credit loss provision recognized during 2021.

On a similar basis, non-interest expense during the first nine months of 2022 increased $6.5 million, or 2.5%, compared to the prior year period, due primarily to higher salaries and wages and higher FDIC insurance, as described above, partially offset by lower employee benefits from lower deferred compensation expense and discretionary cost control.

Capital

WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable “well-capitalized” standards promulgated by bank regulators and the BASEL III capital standards. At September 30, 2022, Tier I leverage was 9.68%, Tier I risk-based capital ratio was 12.51%, common equity Tier 1 capital ratio (“CET 1”) was 11.35%, and total risk-based capital was 15.37%.

During the third quarter of 2022, WesBanco repurchased 409 thousand shares of its outstanding common stock on the open market at a total cost of $14.2 million, or $34.64 per share. As of September 30, 2022, approximately 1.3 million shares remained for repurchase under the existing share repurchase authorization that was approved on February 24, 2022, by WesBanco’s Board of Directors.

Conference Call and Webcast

WesBanco will host a conference call to discuss the Company's financial results for the third quarter of 2022 at 10:00 a.m. ET on Wednesday, October 26, 2022. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com. Participants can also listen to the conference call by dialing 888-347-6607, 855-669-9657 for Canadian callers, or 412-902-4290 for international callers, and asking to be joined into the WesBanco call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 10162209. The replay will begin at approximately 12:00 p.m. ET on October 26, 2022 and end at 12 a.m. ET on November 9, 2022. An archive of the webcast will be available for one year on the Investor Relations section of the Company’s website (www.wesbanco.com).

Forward-Looking Statements

Forward-looking statements in this report relating to WesBanco’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained in this report should be read in conjunction with WesBanco’s Form 10-K for the year ended December 31, 2021 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), including WesBanco’s Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, which are available at the SEC’s website, www.sec.gov or at WesBanco’s website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco’s most recent Annual Report on Form 10-K filed with the SEC under “Risk Factors” in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions including the effects of the COVID-19 pandemic; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco’s operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.

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Non-GAAP Financial Measures

In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses; efficiency ratio; return on average assets; and return on average tangible equity. WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.

About WesBanco, Inc.

Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a diversified and balanced financial services company that delivers large bank capabilities with a community bank feel. Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share. Built upon our ‘Better Banking Pledge’, our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively. Furthermore, our strong financial performance and employee focus has earned us recognition by Forbes as both one of America’s Best Banks and Best Midsize Employers – the only midsize bank making the top ten of both rankings. In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, WesBanco provides trust, wealth management, securities brokerage, and private banking services through our century-old Trust and Investment Services department, with approximately $4.6 billion of assets under management (as of September 30, 2022). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 194 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

SOURCE: WesBanco, Inc.

WesBanco Company Contact:

John H. Iannone

Senior Vice President, Investor and Public Relations

304-905-7021

###

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WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares and per share amounts)
		For the Three Months Ended									For the Nine Months Ended
	STATEMENT OF INCOME	September 30,									September 30,
		2022			2021			% Change			2022			2021			% Change
	Interest and dividend income
	Loans, including fees	$	109,562		$	103,206			6.2		$	299,094		$	318,532			(6.1	)
	Interest and dividends on securities:
	Taxable		17,531			13,481			30.0			47,468			37,467			26.7
	Tax-exempt		4,916			4,063			21.0			13,965			11,925			17.1
	Total interest and dividends on securities		22,447			17,544			27.9			61,433			49,392			24.4
	Other interest income		2,108			628			235.7			4,211			1,836			129.4
	Total interest and dividend income		134,117			121,378			10.5			364,738			369,760			(1.4	)
	Interest expense
	Interest bearing demand deposits		2,953			815			262.3			4,917			2,859			72.0
	Money market deposits		968			350			176.6			1,672			1,488			12.4
	Savings deposits		1,067			244			337.3			1,662			769			116.1
	Certificates of deposit		958			1,726			(44.5	)		3,347			6,122			(45.3	)
	Total interest expense on deposits		5,946			3,135			89.7			11,598			11,238			3.2
	Federal Home Loan Bank borrowings		348			1,192			(70.8	)		1,334			5,387			(75.2	)
	Other short-term borrowings		147			33			345.5			244			192			27.1
	Subordinated debt and junior subordinated debt		3,175			1,743			82.2			7,123			5,336			33.5
	Total interest expense		9,616			6,103			57.6			20,299			22,153			(8.4	)
	Net interest income		124,501			115,275			8.0			344,439			347,607			(0.9	)
	Provision for credit losses		(535	)		(1,730	)		69.1			(4,785	)		(50,714	)		90.6
	Net interest income after provision for credit losses		125,036			117,005			6.9			349,224			398,321			(12.3	)
	Non-interest income
	Trust fees		6,517			7,289			(10.6	)		20,879			22,069			(5.4	)
	Service charges on deposits		6,942			6,050			14.7			19,520			15,820			23.4
	Electronic banking fees		4,808			5,427			(11.4	)		15,307			14,853			3.1
	Net securities brokerage revenue		2,491			1,965			26.8			6,969			5,318			31.0
	Bank-owned life insurance		1,999			2,656			(24.7	)		8,263			6,072			36.1
	Mortgage banking income		1,257			4,563			(72.5	)		4,508			16,656			(72.9	)
	Net securities gains/(losses)		656			(15	)	NM				(1,176	)		740			(258.9	)
	Net gain/(loss) on other real estate owned and other assets		2,040			785			159.9			(68	)		4,974			(101.4	)
	Other income		5,546			4,035			37.4			15,420			15,574			(1.0	)
	Total non-interest income		32,256			32,755			(1.5	)		89,622			102,076			(12.2	)
	Non-interest expense
	Salaries and wages		44,271			39,497			12.1			124,421			113,822			9.3
	Employee benefits		10,693			10,658			0.3			28,574			30,191			(5.4	)
	Net occupancy		6,489			6,825			(4.9	)		19,843			20,430			(2.9	)
	Equipment and software		8,083			7,609			6.2			23,795			21,654			9.9
	Marketing		2,377			1,848			28.6			7,546			6,033			25.1
	FDIC insurance		2,391			1,227			94.9			5,850			2,690			117.5
	Amortization of intangible assets		2,560			2,854			(10.3	)		7,738			8,622			(10.3	)
	Restructuring and merger-related expense		66			4,467			(98.5	)		1,712			6,540			(73.8	)
	Other operating expenses		15,011			19,716			(23.9	)		47,032			54,858			(14.3	)
	Total non-interest expense		91,941			94,701			(2.9	)		266,511			264,840			0.6
	Income before provision for income taxes		65,351			55,059			18.7			172,335			235,557			(26.8	)
	Provision for income taxes		12,318			10,651			15.7			32,432			47,445			(31.6	)
	Net Income		53,033			44,408			19.4			139,903			188,112			(25.6	)
	Preferred stock dividends		2,531			2,531			-			7,594			7,594			-
	Net income available to common shareholders	$	50,502		$	41,877			20.6		$	132,309		$	180,518			(26.7	)
	Taxable equivalent net interest income	$	125,808		$	116,355			8.1		$	348,151		$	350,777			(0.7	)
	Per common share data
	Net income per common share - basic	$	0.85		$	0.64			32.8		$	2.19		$	2.72			(19.5	)
	Net income per common share - diluted		0.85			0.64			32.8			2.19			2.71			(19.2	)
	Net income per common share - diluted, excluding certain items (1)(2)		0.85			0.70			21.4			2.21			2.79			(20.8	)
	Dividends declared		0.34			0.33			3.0			1.02			0.99			3.0
	Book value (period end)		37.96			40.41			(6.1	)		37.96			40.41			(6.1	)
	Tangible book value (period end) (1)		18.84			22.51			(16.3	)		18.84			22.51			(16.3	)
	Average common shares outstanding - basic		59,549,244			64,931,764			(8.3	)		60,336,637			66,354,750			(9.1	)
	Average common shares outstanding - diluted		59,697,676			65,065,848			(8.3	)		60,489,248			66,510,357			(9.1	)
	Period end common shares outstanding		59,304,505			63,838,549			(7.1	)		59,304,505			63,838,549			(7.1	)
	Period end preferred shares outstanding		150,000			150,000			-			150,000			150,000			-
	(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
	(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.
	NM - Not Meaningful

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WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
	Selected ratios
		For the Nine Months Ended
		September 30,
		2022			2021			% Change
	Return on average assets		1.04	%		1.43	%		(27.27	)	%
	Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		1.05			1.47			(28.57	)
	Return on average equity		6.93			8.67			(20.07	)
	Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		7.01			8.92			(21.41	)
	Return on average tangible equity (1)		13.09			15.30			(14.44	)
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		13.22			15.72			(15.90	)
	Return on average tangible common equity (1)		14.58			16.78			(13.11	)
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		14.72			17.25			(14.67	)
	Yield on earning assets (2)		3.29			3.36			(2.08	)
	Cost of interest bearing liabilities		0.29			0.31			(6.45	)
	Net interest spread (2)		3.00			3.05			(1.64	)
	Net interest margin (2)		3.11			3.16			(1.58	)
	Efficiency (1) (2)		60.49			57.04			6.05
	Average loans to average deposits		72.82			80.01			(8.99	)
	Annualized net loan charge-offs/average loans		0.02			0.01			100.00
	Effective income tax rate		18.82			20.14			(6.55	)

	For the Three Months Ended
	Sept 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
	2022			2022			2022			2021			2021
Return on average assets		1.19	%		0.95	%		0.99	%		1.21	%		0.97	%
Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		1.19			0.95			1.02			1.21			1.06
Return on average equity		8.05			6.43			6.35			7.56			5.98
Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		8.06			6.43			6.54			7.58			6.49
Return on average tangible equity (1)		15.39			12.35			11.67			13.62			10.72
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		15.41			12.36			12.01			13.66			11.57
Return on average tangible common equity (1)		17.23			13.80			12.90			15.00			11.76
Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		17.25			13.82			13.27			15.04			12.70
Yield on earning assets (2)		3.59			3.20			3.07			3.10			3.24
Cost of interest bearing liabilities		0.41			0.26			0.19			0.20			0.25
Net interest spread (2)		3.18			2.94			2.88			2.90			2.99
Net interest margin (2)		3.33			3.03			2.95			2.97			3.08
Efficiency (1) (2)		58.13			61.91			61.73			61.99			60.52
Average loans to average deposits		75.01			72.36			71.05			72.61			75.46
Annualized net loan charge-offs and recoveries /average loans		0.04			0.00			0.00			0.04			0.03
Effective income tax rate		18.85			19.35			18.26			18.32			19.34
Trust assets, market value at period end	$	4,622,878		$	4,803,043		$	5,412,342		$	5,644,975		$	5,464,159
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
(2) The yield on earning assets, net interest margin, net interest spread and efficiency ratios are presented on a fully taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt loans and investments. WesBanco believes this measure to be the preferred industry measurement of net interest income and provides a relevant comparison between taxable and non-taxable amounts.

Confidential Draft

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares)
														% Change
		September 30,									December 31,			December 31, 2021
	Balance sheets	2022			2021			% Change			2021			to Sept 30, 2022
	Assets
	Cash and due from banks	$	212,341		$	201,505			5.4		$	157,046			35.2
	Due from banks - interest bearing		166,215			919,611			(81.9	)		1,094,312			(84.8	)
	Securities:
	Equity securities, at fair value		11,964			13,451			(11.1	)		13,466			(11.2	)
	Available-for-sale debt securities, at fair value		2,645,748			2,986,803			(11.4	)		3,013,462			(12.2	)
	Held-to-maturity debt securities (fair values of $1,065,833; $978,494    and $1,028,452 respectively)		1,262,467			953,920			32.3			1,004,823			25.6
	Allowance for credit losses - held-to-maturity debt securities		(225	)		(257	)		12.5			(268	)		16.0
	Net held-to-maturity debt securities		1,262,242			953,663			32.4			1,004,555			25.7
	Total securities		3,919,954			3,953,917			(0.9	)		4,031,483			(2.8	)
	Loans held for sale		12,887			32,308			(60.1	)		25,277			(49.0	)
	Portfolio loans:
	Commercial real estate		5,831,384			5,657,886			3.1			5,538,968			5.3
	Commercial and industrial		1,516,856			1,707,214			(11.2	)		1,590,320			(4.6	)
	Residential real estate		2,010,344			1,655,229			21.5			1,721,378			16.8
	Home equity		609,765			607,735			0.3			605,682			0.7
	Consumer		309,313			285,101			8.5			277,130			11.6
	Total portfolio loans, net of unearned income		10,277,662			9,913,165			3.7			9,733,478			5.6
	Allowance for credit losses - loans		(114,584	)		(136,605	)		16.1			(121,622	)		5.8
	Net portfolio loans		10,163,078			9,776,560			4.0			9,611,856			5.7
	Premises and equipment, net		221,355			232,134			(4.6	)		229,016			(3.3	)
	Accrued interest receivable		63,375			61,895			2.4			60,844			4.2
	Goodwill and other intangible assets, net		1,143,896			1,154,468			(0.9	)		1,151,634			(0.7	)
	Bank-owned life insurance		350,806			349,735			0.3			350,359			0.1
	Other assets		350,840			209,978			67.1			215,298			63.0
	Total Assets	$	16,604,747		$	16,892,111			(1.7	)	$	16,927,125			(1.9	)
	Liabilities
	Deposits:
	Non-interest bearing demand	$	4,736,722		$	4,531,958			4.5		$	4,590,895			3.2
	Interest bearing demand		3,201,714			3,283,444			(2.5	)		3,380,056			(5.3	)
	Money market		1,772,481			1,765,480			0.4			1,739,750			1.9
	Savings deposits		2,741,937			2,488,180			10.2			2,562,510			7.0
	Certificates of deposit		991,512			1,354,252			(26.8	)		1,292,652			(23.3	)
	Total deposits		13,444,366			13,423,314			0.2			13,565,863			(0.9	)
	Federal Home Loan Bank borrowings		56,998			208,940			(72.7	)		183,920			(69.0	)
	Other short-term borrowings		127,983			152,546			(16.1	)		141,893			(9.8	)
	Subordinated debt and junior subordinated debt		281,179			167,711			67.7			132,860			111.6
	Total borrowings		466,160			529,197			(11.9	)		458,673			1.6
	Accrued interest payable		4,358			2,495			74.7			1,901			129.2
	Other liabilities		294,211			213,122			38.0			207,522			41.8
	Total Liabilities		14,209,095			14,168,128			0.3			14,233,959			(0.2	)
	Shareholders' Equity
	Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150.0 million, issued and outstanding, respectively		144,484			144,484			-			144,484			-
	Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 59,304,505, 63,838,549 and 62,307,245 shares outstanding, respectively		141,834			141,834			-			141,834			-
	Capital surplus		1,634,280			1,634,086			0.0			1,635,642			(0.1	)
	Retained earnings		1,048,532			946,746			10.8			977,765			7.2
	Treasury stock (8,776,801 , 4,242,757 and 5,774,061 shares - at cost, respectively)		(305,033	)		(146,102	)		(108.8	)		(199,759	)		(52.7	)
	Accumulated other comprehensive (loss) income		(266,640	)		4,463		NM				(5,120	)	NM
	Deferred benefits for directors		(1,805	)		(1,528	)		(18.1	)		(1,680	)		(7.4	)
	Total Shareholders' Equity		2,395,652			2,723,983			(12.1	)		2,693,166			(11.0	)
	Total Liabilities and Shareholders' Equity	$	16,604,747		$	16,892,111			(1.7	)	$	16,927,125			(1.9	)
	NM - Not Meaningful

Confidential Draft

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares)
		September 30,			June 30,
	Balance sheets	2022			2022			% Change
	Assets
	Cash and due from banks	$	212,341		$	186,534			(7.0	)
	Due from banks - interest bearing		166,215			263,475			(77.5	)
	Securities:
	Equity securities, at fair value		11,964			11,413			4.8
	Available-for-sale debt securities, at fair value		2,645,748			2,884,651			(8.3	)
	Held-to-maturity (fair values of $1,065,833 and $1,153,594, respectively)		1,262,467			1,281,295			(1.5	)
	Allowance for credit losses - held-to-maturity debt securities		(225	)		(265	)		15.1
	Net held-to-maturity debt securities		1,262,242			1,281,030			(1.5	)
	Total securities		3,919,954			4,177,094			(6.2	)
	Loans held for sale		12,887			17,560			(26.6	)
	Portfolio loans:
	Commercial real estate		5,831,384			5,852,564			(0.4	)
	Commercial and industrial		1,516,856			1,549,768			(2.1	)
	Residential real estate		2,010,344			1,907,875			5.4
	Home equity		609,765			597,845			2.0
	Consumer		309,313			300,637			2.9
	Total portfolio loans, net of unearned income		10,277,662			10,208,689			0.7
	Allowance for credit losses - loans		(114,584	)		(117,403	)		2.4
	Net portfolio loans		10,163,078			10,091,286			0.7
	Premises and equipment, net		221,355			216,293			2.3
	Accrued interest receivable		63,375			61,918			2.4
	Goodwill and other intangible assets, net		1,143,896			1,146,456			(0.2	)
	Bank-owned life insurance		350,806			348,807			0.6
	Other assets		350,840			290,201			20.9
	Total Assets	$	16,604,747		$	16,799,624			(1.2	)
	Liabilities
	Deposits:
	Non-interest bearing demand	$	4,736,722		$	4,738,830			(0.0	)
	Interest bearing demand		3,201,714			3,258,871			(1.8	)
	Money market		1,772,481			1,770,859			0.1
	Savings deposits		2,741,937			2,695,437			1.7
	Certificates of deposit		991,512			1,105,305			(10.3	)
	Total deposits		13,444,366			13,569,302			(0.9	)
	Federal Home Loan Bank borrowings		56,998			122,650			(53.5	)
	Other short-term borrowings		127,983			147,964			(13.5	)
	Subordinated debt and junior subordinated debt		281,179			280,910			0.1
	Total borrowings		466,160			551,524			(15.5	)
	Accrued interest payable		4,358			2,815			54.8
	Other liabilities		294,211			208,032			41.4
	Total Liabilities		14,209,095			14,331,673			(0.9	)
	Shareholders' Equity
	Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150.0 million, issued and outstanding, respectively		144,484			144,484			-
	Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 59,304,505 and 59,698,788 shares outstanding, respectively		141,834			141,834			-
	Capital surplus		1,634,280			1,632,617			0.1
	Retained earnings		1,048,532			1,018,209			3.0
	Treasury stock (8,776,801 and 8,382,518 shares - at cost)		(305,033	)		(291,337	)		(4.7	)
	Accumulated other comprehensive loss		(266,640	)		(176,061	)		(51.4	)
	Deferred benefits for directors		(1,805	)		(1,795	)		(0.6	)
	Total Shareholders' Equity		2,395,652			2,467,951			(2.9	)
	Total Liabilities and Shareholders' Equity	$	16,604,747		$	16,799,624			(1.2	)

Confidential Draft

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
		For the Three Months Ended September 30,										For the Nine Months Ended September 30,
		2022					2021					2022					2021
	Average balance sheet and net interest margin analysis	Average		Average			Average		Average			Average		Average			Average		Average
		Balance		Rate			Balance		Rate			Balance		Rate			Balance		Rate
	Assets
	Due from banks - interest bearing	$	375,136		2.09	%	$	936,084		0.16	%	$	757,325		0.67	%	$	803,713		0.12	%
	Loans, net of unearned income (1)		10,224,494		4.25			10,164,279		4.03			9,958,318		4.02			10,562,879		4.03
	Securities: (2)
	Taxable		3,548,271		1.96			3,210,878		1.67			3,472,211		1.83			2,856,041		1.75
	Tax-exempt (3)		823,133		3.00			650,397		3.14			782,141		3.02			610,449		3.31
	Total securities		4,371,404		2.16			3,861,275		1.91			4,254,352		2.05			3,466,490		2.03
	Other earning assets		12,808		4.05			23,646		4.23			13,840		3.89			28,494		5.11
	Total earning assets (3)		14,983,842		3.59	%		14,985,284		3.24	%		14,983,835		3.29	%		14,861,576		3.36	%
	Other assets		1,887,813					2,072,509					1,960,951					2,060,312
	Total Assets	$	16,871,655				$	17,057,793				$	16,944,786				$	16,921,888
	Liabilities and Shareholders' Equity
	Interest bearing demand deposits	$	3,306,339		0.35	%	$	3,297,702		0.10	%	$	3,363,152		0.20	%	$	3,139,992		0.12	%
	Money market accounts		1,780,338		0.22			1,791,494		0.08			1,785,703		0.13			1,764,462		0.11
	Savings deposits		2,714,684		0.16			2,471,593		0.04			2,681,084		0.08			2,393,066		0.04
	Certificates of deposit		1,049,694		0.36			1,403,812		0.49			1,154,812		0.39			1,501,857		0.54
	Total interest bearing deposits		8,851,055		0.27			8,964,601		0.14			8,984,751		0.17			8,799,377		0.17
	Federal Home Loan Bank borrowings		113,530		1.22			289,334		1.63			138,766		1.29			388,518		1.85
	Repurchase agreements		148,179		0.39			136,028		0.10			150,126		0.22			152,450		0.17
	Subordinated debt and junior subordinated debt		281,002		4.48			188,276		3.67			237,046		4.02			191,018		3.73
	Total interest bearing liabilities (4)		9,393,766		0.41	%		9,578,239		0.25	%		9,510,689		0.29	%		9,531,363		0.31	%
	Non-interest bearing demand deposits		4,779,216					4,504,332					4,690,218					4,402,487
	Other liabilities		209,735					197,916					193,070					205,309
	Shareholders' equity		2,488,938					2,777,306					2,550,809					2,782,729
	Total Liabilities and Shareholders' Equity	$	16,871,655				$	17,057,793				$	16,944,786				$	16,921,888
	Taxable equivalent net interest spread				3.18	%				2.99	%				3.00	%				3.05	%
	Taxable equivalent net interest margin				3.33	%				3.08	%				3.11	%				3.16	%
	(1) Gross of allowance for loan losses and net of unearned income. Includes non-accrual and loans held for sale. Loan fees included in interest income on loans were $1.4 million and $6.8 million for the three months ended September 30, 2022 and 2021, respectively, and were $8.0 million and $21.5 million for the nine months ended September 30, 2022 and 2021, respectively. As part of loan fees, PPP loan fees were $0.6 million and $7.1 million for the three months ended September 30, 2022 and 2021, respectively, and $5.7 million and $21.0 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $1.7 million and $3.0 million for the three months ended September 30, 2022 and 2021, respectively, and $6.2 million and $10.3 million for the nine months ended September 30, 2022 and 2021, respectively.
	(2) Average yields on available-for-sale securities are calculated based on amortized cost.
	(3) Taxable equivalent basis is calculated on tax-exempt securities using a rate of 21% for each period presented.
	(4) Accretion on interest bearing liabilities acquired from prior acquisitions was $0.2 million and $0.7 million for the three months ended September 30, 2022 and 2021, respectively, and $0.9 million and $2.6 million for the nine months ended September 30, 2022 and 2021, respectively.

Confidential Draft

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares and per share amounts)
		Quarter Ended
		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
	Statement of Income	2022			2022			2022			2021			2021
	Interest and dividend income
	Loans, including fees	$	109,562		$	96,412		$	93,121		$	97,432		$	103,206
	Interest and dividends on securities:
	Taxable		17,531			15,825			14,112			12,934			13,481
	Tax-exempt		4,916			4,706			4,344			4,236			4,063
	Total interest and dividends on securities		22,447			20,531			18,456			17,170			17,544
	Other interest income		2,108			1,504			597			605			628
	Total interest and dividend income		134,117			118,447			112,174			115,207			121,378
	Interest expense
	Interest bearing demand deposits		2,953			1,153			811			810			815
	Money market deposits		968			383			321			315			350
	Savings deposits		1,067			330			264			261			244
	Certificates of deposit		958			1,116			1,273			1,501			1,726
	Total interest expense on deposits		5,946			2,982			2,669			2,887			3,135
	Federal Home Loan Bank borrowings		348			411			575			780			1,192
	Other short-term borrowings		147			48			48			35			33
	Subordinated debt and junior subordinated debt		3,175			2,778			1,171			1,178			1,743
	Total interest expense		9,616			6,219			4,463			4,880			6,103
	Net interest income		124,501			112,228			107,711			110,327			115,275
	Provision for credit losses		(535	)		(812	)		(3,438	)		(13,559	)		(1,730	)
	Net interest income after provision for credit losses		125,036			113,040			111,149			123,886			117,005
	Non-interest income
	Trust fees		6,517			6,527			7,835			7,441			7,289
	Service charges on deposits		6,942			6,487			6,090			6,592			6,050
	Electronic banking fees		4,808			5,154			5,345			4,465			5,427
	Net securities brokerage revenue		2,491			2,258			2,220			1,579			1,965
	Bank-owned life insurance		1,999			2,384			3,881			2,864			2,656
	Mortgage banking income		1,257			1,328			1,923			2,872			4,563
	Net securities gains/(losses)		656			(1,183	)		(650	)		372			(15	)
	Net gain/(loss) on other real estate owned and other assets		2,040			(1,302	)		(806	)		(158	)		785
	Other income		5,546			5,330			4,544			4,682			4,035
	Total non-interest income		32,256			26,983			30,382			30,709			32,755
	Non-interest expense
	Salaries and wages		44,271			41,213			38,937			40,420			39,497
	Employee benefits		10,693			8,722			9,158			10,842			10,658
	Net occupancy		6,489			6,119			7,234			6,413			6,825
	Equipment and software		8,083			7,702			8,011			8,352			7,609
	Marketing		2,377			2,749			2,421			2,601			1,848
	FDIC insurance		2,391			1,937			1,522			1,460			1,227
	Amortization of intangible assets		2,560			2,579			2,598			2,834			2,854
	Restructuring and merger-related expense		66			52			1,593			177			4,467
	Other operating expenses		15,011			15,946			16,074			15,204			19,716
	Total non-interest expense		91,941			87,019			87,548			88,303			94,701
	Income before provision for income taxes		65,351			53,004			53,983			66,292			55,059
	Provision for income taxes		12,318			10,256			9,859			12,144			10,651
	Net Income		53,033			42,748			44,124			54,148			44,408
	Preferred stock dividends		2,531			2,531			2,531			2,531			2,531
	Net income available to common shareholders	$	50,502		$	40,217		$	41,593		$	51,617		$	41,877
	Taxable equivalent net interest income	$	125,808		$	113,479		$	108,866		$	111,453		$	116,355
	Per common share data
	Net income per common share - basic	$	0.85		$	0.67		$	0.68		$	0.82		$	0.64
	Net income per common share - diluted		0.85			0.67			0.68			0.82			0.64
	Net income per common share - diluted, excluding    certain items (1)(2)		0.85			0.67			0.70			0.82			0.70
	Dividends declared		0.34			0.34			0.34			0.33			0.33
	Book value (period end)		37.96			38.92			39.64			40.91			40.41
	Tangible book value (period end) (1)		18.84			19.89			20.87			22.61			22.51
	Average common shares outstanding - basic		59,549,244			60,036,103			61,445,399			63,045,061			64,931,764
	Average common shares outstanding - diluted		59,697,676			60,185,207			61,593,365			63,183,411			65,065,848
	Period end common shares outstanding		59,304,505			59,698,788			60,613,414			62,307,245			63,838,549
	Period end preferred shares outstanding		150,000			150,000			150,000			150,000			150,000
	Full time equivalent employees		2,480			2,509			2,456			2,462			2,425
	(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
	(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.

Confidential Draft

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
		Quarter Ended
		Sept. 30,				June 30,				Mar. 31,				Dec. 31,				Sept. 30,
	Asset quality data	2022				2022				2022				2021				2021
	Non-performing assets:
	Troubled debt restructurings - accruing	$	4,583			$	3,579			$	3,731			$	3,746			$	3,707
	Non-accrual loans:
	Troubled debt restructurings		1,756				2,120				1,348				1,547				1,615
	Other non-accrual loans		26,428				29,594				32,024				34,195				34,644
	Total non-accrual loans		28,184				31,714				33,372				35,742				36,259
	Total non-performing loans		32,767				35,293				37,103				39,488				39,966
	Other real estate and repossessed assets		1,595				31				87				-				293
	Total non-performing assets	$	34,362			$	35,324			$	37,190			$	39,488			$	40,259
	Past due loans (1):
	Loans past due 30-89 days	$	21,836			$	31,388			$	28,322			$	27,152			$	32,682
	Loans past due 90 days or more		24,311				9,560				6,142				7,804				11,252
	Total past due loans	$	46,147			$	40,948			$	34,464			$	34,956			$	43,934
	Criticized and classified loans (2):
	Criticized loans	$	163,176			$	193,871			$	234,143			$	248,518			$	290,281
	Classified loans		86,861				126,257				123,837				116,013				127,022
	Total criticized and classified loans	$	250,037			$	320,128			$	357,980			$	364,531			$	417,303
	Loans past due 30-89 days / total portfolio loans (3)		0.21		%		0.31		%		0.29		%		0.28		%		0.33		%
	Loans past due 90 days or more / total portfolio loans		0.24				0.09				0.06				0.08				0.11
	Non-performing loans / total portfolio loans		0.32				0.35				0.38				0.41				0.40
	Non-performing assets/total portfolio loans, other    real estate and repossessed assets		0.33				0.35				0.38				0.41				0.41
	Non-performing assets / total assets		0.21				0.21				0.22				0.23				0.24
	Criticized and classified loans / total portfolio loans		2.43				3.14				3.68				3.75				4.21
	Allowance for credit losses
	Allowance for credit losses - loans	$	114,584			$	117,403			$	117,865			$	121,622			$	136,605
	Allowance for credit losses - loan commitments		8,938				7,718				8,050				7,775				7,290
	Provision for credit losses		(535	)			(812	)			(3,438	)			(13,559	)			(1,730	)
	Net loan and deposit account overdraft charge-offs and recoveries		1,102				2				27				929				842
	Annualized net loan charge-offs and recoveries / average loans		0.04		%		0.00		%		0.00		%		0.04		%		0.03		%
	Allowance for credit losses - loans / total portfolio loans		1.11		%		1.15		%		1.21		%		1.25		%		1.38		%
	Allowance for credit losses - loans / total portfolio loans excluding PPP loans		1.12		%		1.15		%		1.22		%		1.27		%		1.42		%
	Allowance for credit losses - loans / non-performing loans		3.50		x		3.33		x		3.18		x		3.08		x		3.42		x
	Allowance for credit losses - loans / non-performing loans    and loans past due		1.45		x		1.54		x		1.65		x		1.63		x		1.63		x
		Quarter Ended
		Sept. 30,				June 30,				Mar. 31,				Dec. 31,				Sept. 30,
		2022				2022				2022				2021				2021
	Capital ratios
	Tier I leverage capital		9.68		%		9.51		%		9.67		%		10.02		%		10.10		%
	Tier I risk-based capital		12.51				12.49				13.25				14.05				14.18
	Total risk-based capital		15.37				15.40				16.32				15.91				16.38
	Common equity tier 1 capital ratio (CET 1)		11.35				11.31				12.01				12.77				12.91
	Average shareholders' equity to average assets		14.75				14.79				15.63				15.99				16.28
	Tangible equity to tangible assets (4)		8.16				8.50				8.83				9.84				10.04
	Tangible common equity to tangible assets (4)		7.22				7.58				7.92				8.92				9.12
	(1) Excludes non-performing loans.
	(2) Criticized and classified commercial loans may include loans that are also reported as non-performing or past due.
	(3) Total portfolio loans includes $13.0 million of PPP loans as of September 30, 2022.
	(4) See non-GAAP financial measures for additional information relating to the calculation of this ratio.

Confidential Draft

NON-GAAP FINANCIAL MEASURES
The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.
		Three Months Ended															Year to Date
		Sept 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,			Sept 30,
	(unaudited, dollars in thousands, except shares and per share amounts)	2022			2022			2022			2021			2021			2022			2021
	Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	50,502		$	40,217		$	41,593		$	51,617		$	41,877		$	132,309		$	180,518
	Plus: after-tax restructuring and merger-related expenses (1)		52			41			1,258			140			3,529			1,352			5,167
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		50,554			40,258			42,851			51,757			45,406			133,661			185,685
	Average total assets	$	16,871,655		$	16,971,452		$	16,992,598		$	16,947,662		$	17,057,793		$	16,944,786		$	16,921,888
	Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2)		1.19	%		0.95	%		1.02	%		1.21	%		1.06	%		1.05	%		1.47	%
	Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	50,502		$	40,217		$	41,593		$	51,617		$	41,877		$	132,309		$	180,518
	Plus: after-tax restructuring and merger-related expenses (1)		52			41			1,258			140			3,529			1,352			5,167
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		50,554			40,258			42,851			51,757			45,406			133,661			185,685
	Average total shareholders' equity		2,488,938			2,509,439			2,655,807			2,709,782			2,777,306			2,550,809			2,782,729
	Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		8.06	%		6.43	%		6.54	%		7.58	%		6.49	%		7.01	%		8.92	%
	Return on average tangible equity:
	Net income available to common shareholders	$	50,502		$	40,217		$	41,593		$	51,617		$	41,877		$	132,309		$	180,518
	Plus: amortization of intangibles (1)		2,022			2,037			2,052			2,239			2,255			6,113			6,811
	Net income available to common shareholders before amortization of intangibles		52,524			42,254			43,645			53,856			44,132			138,422			187,329
	Average total shareholders' equity		2,488,938			2,509,439			2,655,807			2,709,782			2,777,306			2,550,809			2,782,729
	Less: average goodwill and other intangibles, net of def. tax liability		(1,135,007	)		(1,137,187	)		(1,139,242	)		(1,141,307	)		(1,143,522	)		(1,137,130	)		(1,145,841	)
	Average tangible equity	$	1,353,931		$	1,372,252		$	1,516,565		$	1,568,475		$	1,633,784		$	1,413,679		$	1,636,888
	Return on average tangible equity (annualized) (2)		15.39	%		12.35	%		11.67	%		13.62	%		10.72	%		13.09	%		15.30	%
	Average tangible common equity	$	1,209,447		$	1,227,768		$	1,372,081		$	1,423,991		$	1,489,300		$	1,269,195		$	1,492,404
	Return on average tangible common equity (annualized) (2)		17.23	%		13.80	%		12.90	%		15.00	%		11.76	%		14.58	%		16.78	%
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	50,502		$	40,217		$	41,593		$	51,617		$	41,877		$	132,309		$	180,518
	Plus: after-tax restructuring and merger-related expenses (1)		52			41			1,258			140			3,529			1,352			5,167
	Plus: amortization of intangibles (1)		2,022			2,037			2,052			2,239			2,255			6,113			6,811
	Net income available to common shareholders before amortization of intangibles and    excluding after-tax restructuring and merger-related expenses		52,576			42,295			44,903			53,996			47,661			139,774			192,496
	Average total shareholders' equity		2,488,938			2,509,439			2,655,807			2,709,782			2,777,306			2,550,809			2,782,729
	Less: average goodwill and other intangibles, net of def. tax liability		(1,135,007	)		(1,137,187	)		(1,139,242	)		(1,141,307	)		(1,143,522	)		(1,137,130	)		(1,145,841	)
	Average tangible equity	$	1,353,931		$	1,372,252		$	1,516,565		$	1,568,475		$	1,633,784		$	1,413,679		$	1,636,888
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		15.41	%		12.36	%		12.01	%		13.66	%		11.57	%		13.22	%		15.72	%
	Average tangible common equity	$	1,209,447		$	1,227,768		$	1,372,081		$	1,423,991		$	1,489,300		$	1,269,195		$	1,492,404
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		17.25	%		13.82	%		13.27	%		15.04	%		12.70	%		14.72	%		17.25	%

Confidential Draft

	Three Months Ended															Year to Date
	Sept. 30			June 30,			Mar. 31,			Dec. 31,			Sept. 30,			Sept. 30,
(unaudited, dollars in thousands, except shares and per share amounts)	2022			2022			2022			2021			2021			2022			2021
Efficiency ratio:
Non-interest expense	$	91,941		$	87,019		$	87,548		$	88,303		$	94,701		$	266,511		$	264,840
Less: restructuring and merger-related expense		(66	)		(52	)		(1,593	)		(177	)		(4,467	)		(1,712	)		(6,540	)
Non-interest expense excluding restructuring and merger-related expense		91,875			86,967			85,955			88,126			90,234			264,799			258,300
Net interest income on a fully taxable equivalent basis		125,808			113,479			108,866			111,453			116,355			348,151			350,777
Non-interest income		32,256			26,983			30,382			30,709			32,755			89,622			102,076
Net interest income on a fully taxable equivalent basis plus non-interest income	$	158,064		$	140,462		$	139,248		$	142,162		$	149,110		$	437,773		$	452,853
Efficiency Ratio		58.13	%		61.91	%		61.73	%		61.99	%		60.52	%		60.49	%		57.04	%
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
Net income available to common shareholders	$	50,502		$	40,217		$	41,593		$	51,617		$	41,877		$	132,309		$	180,518
Add: After-tax restructuring and merger-related expenses (1)		52			41			1,258			140			3,529			1,352			5,167
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses	$	50,554		$	40,258		$	42,851		$	51,757		$	45,406		$	133,661		$	185,685
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
Net income per common share - diluted	$	0.85		$	0.67		$	0.68		$	0.82		$	0.64		$	2.19		$	2.71
Add: After-tax restructuring and merger-related expenses per common share - diluted (1)		-			-			0.02			-			0.06			0.02			0.08
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses	$	0.85		$	0.67		$	0.70		$	0.82		$	0.70		$	2.21		$	2.79
	Period End
	Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
	2022			2022			2022			2021			2021
Tangible book value per share:
Total shareholders' equity	$	2,395,652		$	2,467,951		$	2,547,316		$	2,693,166		$	2,723,983
Less: goodwill and other intangible assets, net of def. tax liability		(1,133,998	)		(1,136,020	)		(1,138,057	)		(1,140,111	)		(1,142,350	)
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,117,170			1,187,447			1,264,775			1,408,571			1,437,149
Common shares outstanding		59,304,505			59,698,788			60,613,414			62,307,245			63,838,549
Tangible book value per share	$	18.84		$	19.89		$	20.87		$	22.61		$	22.51
Tangible common equity to tangible assets:
Total shareholders' equity	$	2,395,652		$	2,467,951		$	2,547,316		$	2,693,166		$	2,723,983
Less: goodwill and other intangible assets, net of def. tax liability		(1,133,998	)		(1,136,020	)		(1,138,057	)		(1,140,111	)		(1,142,350	)
Tangible equity		1,261,654			1,331,931			1,409,259			1,553,055			1,581,633
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,117,170			1,187,447			1,264,775			1,408,571			1,437,149
Total assets		16,604,747			16,799,624			17,104,015			16,927,125			16,892,111
Less: goodwill and other intangible assets, net of def. tax liability		(1,133,998	)		(1,136,020	)		(1,138,057	)		(1,140,111	)		(1,142,350	)
Tangible assets	$	15,470,749		$	15,663,604		$	15,965,958		$	15,787,014		$	15,749,761
Tangible equity to tangible assets		8.16	%		8.50	%		8.83	%		9.84	%		10.04	%
Tangible common equity to tangible assets		7.22	%		7.58	%		7.92	%		8.92	%		9.12	%
(1) Tax effected at 21% for all periods presented.
(2) The ratios are annualized by utilizing actual number of days in the quarter versus the year.

Confidential Draft

NON-GAAP FINANCIAL MEASURES
The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.
		Three Months Ended															Year to Date
		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,			Setp. 30
	(unaudited, dollars in thousands, except shares and per share amounts)	2022			2022			2022			2021			2021			2022			2021
	Pre-tax, pre-provision income:
	Income before provision for income taxes	$	65,351		$	53,004		$	53,983		$	66,292		$	55,059		$	172,335		$	235,557
	Add: provision for credit losses		(535	)		(812	)		(3,438	)		(13,559	)		(1,730	)		(4,785	)		(50,714	)
	Pre-tax, pre-provision income	$	64,816		$	52,192		$	50,545		$	52,733		$	53,329		$	167,550		$	184,843
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income before provision for income taxes	$	65,351		$	53,004		$	53,983		$	66,292		$	55,059		$	172,335		$	235,557
	Add: provision for credit losses		(535	)		(812	)		(3,438	)		(13,559	)		(1,730	)		(4,785	)		(50,714	)
	Add: restructuring and merger-related expenses		66			52			1,593			177			4,467			1,712			6,540
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses	$	64,882		$	52,244		$	52,138		$	52,910		$	57,796		$	169,262		$	191,383
	'Return on average assets, excluding certain items (1):
	Income before provision for income taxes	$	65,351		$	53,004		$	53,983		$	66,292		$	55,059		$	172,335		$	235,557
	Add: provision for credit losses		(535	)		(812	)		(3,438	)		(13,559	)		(1,730	)		(4,785	)		(50,714	)
	Add: restructuring and merger-related expenses		66			52			1,593			177			4,467			1,712			6,540
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		64,882			52,244			52,138			52,910			57,796			169,262			191,383
	Average total assets	$	16,871,655		$	16,971,452		$	16,992,598		$	16,947,662		$	17,057,793		$	16,944,786		$	16,921,888
	Return on average assets, excluding certain items (annualized) (1) (2)		1.53	%		1.23	%		1.24	%		1.24	%		1.34	%		1.34	%		1.51	%
	Return on average equity, excluding certain items (1):
	Income before provision for income taxes	$	65,351		$	53,004		$	53,983		$	66,292		$	55,059		$	172,335		$	235,557
	Add: provision for credit losses		(535	)		(812	)		(3,438	)		(13,559	)		(1,730	)		(4,785	)		(50,714	)
	Add: restructuring and merger-related expenses		66			52			1,593			177			4,467			1,712			6,540
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		64,882			52,244			52,138			52,910			57,796			169,262			191,383
	Average total shareholders' equity	$	2,488,938		$	2,509,439		$	2,655,807		$	2,709,782		$	2,777,306		$	2,550,809		$	2,782,729
	Return on average equity, excluding certain items (annualized) (1) (2)		10.34	%		8.35	%		7.96	%		7.75	%		8.26	%		8.87	%		9.20	%
	Return on average tangible equity, excluding certain items (1):
	Income before provision for income taxes	$	65,351		$	53,004		$	53,983		$	66,292		$	55,059		$	172,335		$	235,557
	Add: provision for credit losses		(535	)		(812	)		(3,438	)		(13,559	)		(1,730	)		(4,785	)		(50,714	)
	Add: amortization of intangibles		2,560			2,579			2,598			2,834			2,854			7,738			8,622
	Add: restructuring and merger-related expenses		66			52			1,593			177			4,467			1,712			6,540
	Income before provision, restructuring and merger-related expenses and amortization of intangibles		67,442			54,823			54,736			55,744			60,650			177,000			200,005
	Average total shareholders' equity		2,488,938			2,509,439			2,655,807			2,709,782			2,777,306			2,550,809			2,782,729
	Less: average goodwill and other intangibles, net of def. tax liability		(1,135,007	)		(1,137,187	)		(1,139,242	)		(1,141,307	)		(1,143,522	)		(1,137,130	)		(1,145,841	)
	Average tangible equity	$	1,353,931		$	1,372,252		$	1,516,565		$	1,568,475		$	1,633,784		$	1,413,679		$	1,636,888
	Return on average tangible equity, excluding certain items (annualized) (1) (2)		19.76	%		16.02	%		14.64	%		14.10	%		14.73	%		16.74	%		16.34	%
	Average tangible common equity	$	1,209,447		$	1,227,768		$	1,372,081		$	1,423,991		$	1,489,300		$	1,269,195		$	1,492,404
	Return on average tangible common equity, excluding provision items (annualized) (1) (2)		22.12	%		17.91	%		16.18	%		15.53	%		16.16	%		18.65	%		17.92	%
	(1) Certain items excluded from the calculations consist of credit provisions, tax provisions and restructuring and merger-related expenses.
	(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.