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WesBanco Announces First Quarter 2022 Financial Results

Wheeling, WV, April 26, 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 months ended March 31, 2022. Net income available to common shareholders for the first quarter of 2022 was $41.6 million, with diluted earnings per share of $0.68, compared to $70.6 million and $1.05 per diluted share, respectively, for the first quarter of 2021. The first quarter of 2021 was favorably impacted by a negative provision of $22.1 million (net of tax) under the Current Expected Credit Losses (“CECL”) methodology. Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended March 31, 2022, was $42.9 million, or $0.70 per diluted share, as compared to $71.3 million and $1.06 per diluted share, respectively, in the prior year quarter (non-GAAP measures).

	For the Three Months Ended March 31,
	2022						2021
(unaudited, dollars in thousands, except per share amounts)	Net Income			Diluted Earnings Per Share			Net Income			Diluted Earnings Per Share
Net income available to common shareholders (Non-GAAP)(1)	$	42,851		$	0.70		$	71,256		$	1.06
Less: After tax restructuring and merger-related expenses		(1,258	)		(0.02	)		(672	)		(0.01	)
Net income available to common shareholders (GAAP)	$	41,593		$	0.68		$	70,584		$	1.05

Financial and operational highlights during the quarter ended March 31, 2022:

•Sequential quarter total loan growth improved by 0.9%, or 3.6% annualized, when excluding Small Business Administration Payroll Protection Program (“SBA PPP”) loans

•Successful execution on our strategy to seek additional long-term growth opportunities through the opening of loan production offices in Nashville and Indianapolis

•Deposit growth, excluding certificates of deposit (“CDs”), was 7.3% year-over-year, driven by growth in demand deposits and savings accounts

•Successful execution of a Tier 2 capital raise, through the public offering of $150 million of ten-year fixed-to-floating rate subordinated debt

•During the quarter, we continued to return capital to our shareholders as we purchased approximately 1.7 million shares of our common stock on the open market under existing share repurchase authorizations

•Key credit quality metrics such as non-performing assets, past due loans, criticized and classified 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 continues to be acknowledged for its strong financial performance and employee focus as it was recognized 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, WesBanco was also named one of the World’s Best Banks by Forbes, as well as one of America’s Most Trustworthy Companies by Newsweek

“We are pleased with WesBanco’s performance during the first quarter of 2022,” said Todd F. Clossin, President and Chief Executive Officer of WesBanco. “We exhibited strong expense management as our operating expenses were roughly consistent with the year ago period. Furthermore, we continued our efforts of returning capital to our shareholders. We also demonstrated annualized organic loan growth of 3.6% quarter-over-quarter, despite still elevated commercial real estate payoffs, due to the efforts of our seasoned lending teams. We believe their efforts will be enhanced by our new loan production offices in the Nashville and Indianapolis areas.”

Mr. Clossin added, “Most importantly, we are proud of our entire organization as our employees adhered to our community banking roots by focusing on providing top-tier service to our customers. Their efforts allowed us to be recognized by Forbes as one of the best banks in America, based on financial performance, as well as one of the best banks in the world, based on customer services. Further, our employees voted us one of America’s best mid-sized employers reflecting our efforts to create an environment where they are supported and positioned to succeed. In fact, we were the only mid-sized bank in the country to receive honors for both employee satisfaction and financial success. Lastly, the combination of all our efforts and these great accolades, allowed us to be recognized as one of America’s Most Trustworthy Companies by Newsweek.”

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Balance Sheet

Loan growth for the first quarter of 2022 reflects the continuation of both SBA PPP loan forgiveness and elevated commercial real estate payoffs, partially offset by efforts to keep more 1-to-4 family residential mortgages on the balance sheet, as well as sequential quarter commercial loan growth. As of March 31, 2022, total portfolio loans of $9.7 billion, when excluding SBA Payroll Protection Program (“SBA PPP”) loans, increased 0.9%, or 3.6% annualized, when compared to December 31, 2021. In particular, commercial and industrial loans, excluding SBA PPP loans, for the first quarter increased $8.9 million, or 2.5% annualized, from December 31, 2021. Furthermore, the first quarter of 2022 included forgiveness of approximately 867 SBA PPP loans totaling $86 million (net of deferred fees). As of March 31, 2022, approximately 1,085 SBA PPP loans for $77 million remained in the loan portfolio.

As of March 31, 2022, total deposits were $13.8 billion, which increased both sequentially and year-over-year due primarily to increased personal savings, which more than offset a $344.1 million year-over-year reduction in CDs. Deposits, excluding CDs, increased 7.3% year-over-year, driven by a 6.5% increase in total demand deposits, which represent approximately 59% of total deposits, as well as a 12.9% increase in savings accounts.

Credit Quality

As of March 31, 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 and consistent throughout the last five quarters. In addition, criticized and classified loans as a percent of the loan portfolio decreased 58 basis points year-over-year to 3.68%. For the first quarter, net loan charge-offs to average loans were immaterial at zero basis points. The allowance for credit losses specific to total portfolio loans at March 31, 2022 was $117.9 million, or 1.21% of total loans. The improvement in macroeconomic forecasts was the primary driver in a negative provision for credit losses of $3.4 million for the first quarter of 2022.

Net Interest Margin and Income

The net interest margin of 2.95% for the first quarter of 2022 decreased 2 basis points sequentially and 32 basis points from the first quarter of 2021, primarily due to the lower interest rate environment of the past year before the recent federal fund and market rate increases, and a shift to a higher level of securities as a percentage of total assets. As a result of increased cash balances from our customers’ higher personal savings, investment securities increased by $0.5 billion year-over-year and, as of March 31, 2022, represented approximately 24% of total assets. Reflecting the continued low interest rate environment, we remain focused on controlling the costs of our various funding sources. We have reduced deposit funding costs 8 basis points year-over-year to 12 basis points for the first quarter of 2022, or just 8 basis points when including non-interest bearing deposits. When including our continued reductions in FHLB and other borrowings, the cost of total interest-bearing liabilities decreased 18 basis points year-over-year to 19 basis points. Accretion from acquisitions benefited the first quarter net interest margin by 8 basis points, as compared to 13 basis points in the prior year period. Lastly, the forgiveness of SBA PPP loans benefited the first quarter of 2022 net interest margin by a net 7 basis points, as compared to a net 11 basis points in the prior year period.

Net interest income decreased $8.8 million, or 7.5%, during the first quarter of 2022, as compared to the same quarter of 2021, reflecting lower loan yields due to repricing of existing loans and lower new offered rates in the current market environment, lower accretion from purchase accounting and lower SBA PPP-related loan income, partially offset by lower interest paid on deposits and borrowings as described above.

Non-Interest Income

For the first quarter of 2022, non-interest income of $30.4 million decreased $2.8 million, or 8.5%, from the first quarter of 2021, driven primarily by lower swap fee income and associated fair value adjustments located within other income, which combined decreased $3.0 million from the prior year period, and lower mortgage banking income, which decreased $2.3 million year-over-year. Bank-owned life insurance of $3.9 million increased $2.2 million year-over-year due to higher death benefits of $1.9 million and the impact of new policies purchased during the third quarter of 2021. Reflective of macroeconomic improvements and increased general consumer spending, service charges on deposits increased $1.2 million year-over-year to $6.1 million and electronic banking fees rose $1.0 million year-over-year to $5.3 million. Mortgage banking income was lower due to our continued efforts to retain more residential mortgages on the balance sheet, which totaled 75% of originations compared to 40% last year, and lower originations during the quarter. Residential mortgage originations of $271 million were lower both year-over-year and quarter-over-quarter due to general market trends reflective of the rising rate environment.

Non-Interest Expense

Excluding restructuring and merger-related expenses, non-interest expense for the three months ended March 31, 2022 was well-controlled as they increased $0.5 million, or 0.6%, to $86.0 million compared to the prior year period. Salaries and wages increased $2.0 million, or 5.5%, compared to the prior year period due to lower deferred loan origination costs and higher salary expense related to normal merit increases and the hourly wage increase that we implemented last year. As compared to the fourth quarter, salaries and wages were down due primarily to the lower day count during the first quarter of 2022, which reduced these expenses by approximately $0.9 million. Employee benefits expense decreased mostly due to market fluctuations on the deferred compensation plan, which reduced

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expense by $0.9 million, as well as lower pension and health insurance expenses. Equipment and software expense for the first quarter of 2022 increased $1.2 million, or 18.4% year-over-year due primarily to the movement of online banking costs from other operating expenses. Other operating expenses decreased $1.7 million, or 9.8%, due to the aforementioned move of online banking costs, as well as a reduction in ACH and ATM processing charges related to a change in providers, in conjunction with last summer’s core banking software system conversion. Lastly, as part of our on-going branch optimization strategy, we recognized restructuring charges of $1.6 million during the first quarter associated with the anticipated closure of 11 locations during June.

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 March 31, 2022, Tier I leverage was 9.67%, Tier I risk-based capital ratio was 13.25%, common equity Tier 1 capital ratio (“CET 1”) was 12.01%, and total risk-based capital was 16.32%.

During the first quarter of 2022, WesBanco issued, through a public offering, $150 million of ten-year fixed-to-floating rate subordinated debt, which qualifies as Tier 2 capital and is reflected in the March 31, 2022 regulatory capital ratios. Additionally, WesBanco repurchased 1.7 million shares of its outstanding common stock on the open market at a total cost of $62.3 million, or $36.11 per share. As of March 31, 2022, approximately 2.9 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 first quarter of 2022 at 10:00 a.m. ET on Wednesday, April 27, 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.

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 10162191. The replay will begin at approximately 12:00 p.m. ET on April 27, and end at 12 a.m. ET on May 11. 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”) 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.

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

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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 $5.4 billion of assets under management (as of March 31, 2022). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 205 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
	STATEMENT OF INCOME	March 31,
		2022			2021			% Change
	Interest and dividend income
	Loans, including fees	$	93,121		$	109,358			(14.8	)
	Interest and dividends on securities:
	Taxable		14,112			11,127			26.8
	Tax-exempt		4,344			3,910			11.1
	Total interest and dividends on securities		18,456			15,037			22.7
	Other interest income		597			659			(9.4	)
	Total interest and dividend income		112,174			125,054			(10.3	)
	Interest expense
	Interest bearing demand deposits		811			1,043			(22.2	)
	Money market deposits		321			578			(44.5	)
	Savings deposits		264			264			-
	Certificates of deposit		1,273			2,370			(46.3	)
	Total interest expense on deposits		2,669			4,255			(37.3	)
	Federal Home Loan Bank borrowings		575			2,414			(76.2	)
	Other short-term borrowings		48			118			(59.3	)
	Subordinated debt and junior subordinated debt		1,171			1,789			(34.5	)
	Total interest expense		4,463			8,576			(48.0	)
	Net interest income		107,711			116,478			(7.5	)
	Provision for credit losses		(3,438	)		(27,958	)		87.7
	Net interest income after provision for credit losses		111,149			144,436			(23.0	)
	Non-interest income
	Trust fees		7,835			7,631			2.7
	Service charges on deposits		6,090			4,894			24.4
	Electronic banking fees		5,345			4,365			22.5
	Net securities brokerage revenue		2,220			1,524			45.7
	Bank-owned life insurance		3,881			1,709			127.1
	Mortgage banking income		1,923			4,264			(54.9	)
	Net securities (losses) gains		(650	)		279			(333.0	)
	Net (loss) gain on other real estate owned and other assets		(806	)		175			(560.6	)
	Other income		4,544			8,367			(45.7	)
	Total non-interest income		30,382			33,208			(8.5	)
	Non-interest expense
	Salaries and wages		38,937			36,890			5.5
	Employee benefits		9,158			10,266			(10.8	)
	Net occupancy		7,234			7,177			0.8
	Equipment and software		8,011			6,765			18.4
	Marketing		2,421			2,384			1.6
	FDIC insurance		1,522			1,282			18.7
	Amortization of intangible assets		2,598			2,896			(10.3	)
	Restructuring and merger-related expense		1,593			851			87.2
	Other operating expenses		16,074			17,816			(9.8	)
	Total non-interest expense		87,548			86,327			1.4
	Income before provision for income taxes		53,983			91,317			(40.9	)
	Provision for income taxes		9,859			18,202			(45.8	)
	Net Income		44,124			73,115			(39.7	)
	Preferred stock dividends		2,531			2,531			-
	Net income available to common shareholders	$	41,593		$	70,584			(41.1	)
	Taxable equivalent net interest income	$	108,866		$	117,517			(7.4	)
	Per common share data
	Net income per common share - basic	$	0.68		$	1.05			(35.2	)
	Net income per common share - diluted		0.68			1.05			(35.2	)
	Net income per common share - diluted, excluding certain items (1)(2)		0.70			1.06			(34.0	)
	Dividends declared		0.34			0.33			3.0
	Book value (period end)		39.64			39.25			1.0
	Tangible book value (period end) (1)		20.87			22.21			(6.0	)
	Average common shares outstanding - basic		61,445,399			67,263,714			(8.7	)
	Average common shares outstanding - diluted		61,593,365			67,355,418			(8.6	)
	Period end common shares outstanding		60,613,414			67,282,134			(9.9	)
	Period end preferred shares outstanding		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.

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WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
	Selected ratios
		For the Three Months Ended
		March 31,
		2022			2021			% Change
	Return on average assets		0.99	%		1.72	%		(42.44	)	%
	Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		1.02			1.74			(41.38	)
	Return on average equity		6.35			10.33			(38.53	)
	Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		6.54			10.43			(37.30	)
	Return on average tangible equity (1)		11.67			18.22			(35.95	)
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		12.01			18.39			(34.69	)
	Return on average tangible common equity (1)		12.90			20.00			(35.50	)
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		13.27			20.18			(34.24	)
	Yield on earning assets (2)		3.07			3.51			(12.54	)
	Cost of interest bearing liabilities		0.19			0.37			(48.65	)
	Net interest spread (2)		2.88			3.14			(8.28	)
	Net interest margin (2)		2.95			3.27			(9.79	)
	Efficiency (1) (2)		61.73			56.71			8.85
	Average loans to average deposits		71.05			85.27			(16.68	)
	Annualized net loan charge-offs/average loans		0.00			0.02			(100.00	)
	Effective income tax rate		18.26			19.93			(8.38	)

	For the Three Months Ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,				Mar. 31,
	2022			2021			2021			2021				2021
Return on average assets		0.99	%		1.21	%		0.97	%		1.60		%		1.72	%
Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		1.02			1.21			1.06			1.62				1.74
Return on average equity		6.35			7.56			5.98			9.74				10.33
Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		6.54			7.58			6.49			9.88				10.43
Return on average tangible equity (1)		11.67			13.62			10.72			17.04				18.22
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		12.01			13.66			11.57			17.27				18.39
Return on average tangible common equity (1)		12.90			15.00			11.76			18.67				20.00
Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		13.27			15.04			12.70			18.92				20.18
Yield on earning assets (2)		3.07			3.10			3.24			3.32				3.51
Cost of interest bearing liabilities		0.19			0.20			0.25			0.31				0.37
Net interest spread (2)		2.88			2.90			2.99			3.01				3.14
Net interest margin (2)		2.95			2.97			3.08			3.12				3.27
Efficiency (1) (2)		61.73			61.99			60.52			53.97				56.71
Average loans to average deposits		71.05			72.61			75.46			79.82				85.27
Annualized net loan charge-offs and recoveries /average loans		0.00			0.04			0.03			(0.03	)			0.02
Effective income tax rate		18.26			18.32			19.34			20.85				19.93
Trust assets, market value at period end	$	5,412,342		$	5,644,975		$	5,464,159		$	5,480,995			$	5,244,370
(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.

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WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares)
														% Change
		March 31,									December 31,			December 31, 2021
	Balance sheets	2022			2021			% Change			2021			to March 31, 2022
	Assets
	Cash and due from banks	$	200,513		$	209,040			(4.1	)	$	157,046			27.7
	Due from banks - interest bearing		1,168,985			550,008			112.5			1,094,312			6.8
	Securities:
	Equity securities, at fair value		12,757			13,123			(2.8	)		13,466			(5.3	)
	Available-for-sale debt securities, at fair value		2,911,373			2,775,212			4.9			3,013,462			(3.4	)
	Held-to-maturity debt securities (fair values of $1,092,993;    $839,872 and $1,028,452, respectively)		1,157,202			813,740			42.2			1,004,823			15.2
	Allowance for credit losses - held-to-maturity debt securities		(285	)		(290	)		1.7			(268	)		(6.3	)
	Net held-to-maturity debt securities		1,156,917			813,450			42.2			1,004,555			15.2
	Total securities		4,081,047			3,601,785			13.3			4,031,483			1.2
	Loans held for sale		15,959			153,520			(89.6	)		25,277			(36.9	)
	Portfolio loans:
	Commercial real estate		5,580,082			5,712,742			(2.3	)		5,538,968			0.7
	Commercial and industrial		1,513,078			2,422,735			(37.5	)		1,590,320			(4.9	)
	Residential real estate		1,767,064			1,644,422			7.5			1,721,378			2.7
	Home equity		592,872			634,018			(6.5	)		605,682			(2.1	)
	Consumer		280,176			289,395			(3.2	)		277,130			1.1
	Total portfolio loans, net of unearned income		9,733,272			10,703,312			(9.1	)		9,733,478			(0.0	)
	Allowance for credit losses - loans		(117,865	)		(160,040	)		26.4			(121,622	)		3.1
	Net portfolio loans		9,615,407			10,543,272			(8.8	)		9,611,856			0.0
	Premises and equipment, net		219,907			239,863			(8.3	)		229,016			(4.0	)
	Accrued interest receivable		60,370			68,896			(12.4	)		60,844			(0.8	)
	Goodwill and other intangible assets, net		1,149,035			1,160,195			(1.0	)		1,151,634			(0.2	)
	Bank-owned life insurance		348,179			307,747			13.1			350,359			(0.6	)
	Other assets		244,613			223,462			9.5			215,298			13.6
	Total Assets	$	17,104,015		$	17,057,788			0.3		$	16,927,125			1.0
	Liabilities
	Deposits:
	Non-interest bearing demand	$	4,670,520		$	4,460,049			4.7		$	4,590,895			1.7
	Interest bearing demand		3,405,610			3,126,186			8.9			3,380,056			0.8
	Money market		1,831,683			1,771,703			3.4			1,739,750			5.3
	Savings deposits		2,679,053			2,373,987			12.9			2,562,510			4.5
	Certificates of deposit		1,211,008			1,555,074			(22.1	)		1,292,652			(6.3	)
	Total deposits		13,797,874			13,286,999			3.8			13,565,863			1.7
	Federal Home Loan Bank borrowings		123,898			433,984			(71.5	)		183,920			(32.6	)
	Other short-term borrowings		158,538			137,218			15.5			141,893			11.7
	Subordinated debt and junior subordinated debt		280,743			192,430			45.9			132,860			111.3
	Total borrowings		563,179			763,632			(26.2	)		458,673			22.8
	Accrued interest payable		1,786			3,224			(44.6	)		1,901			(6.0	)
	Other liabilities		193,860			218,411			(11.2	)		207,522			(6.6	)
	Total Liabilities		14,556,699			14,272,266			2.0			14,233,959			2.3
	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; 60,613,414, 67,282,134 and 62,307,245 shares outstanding, respectively		141,834			141,834			-			141,834			-
	Capital surplus		1,636,705			1,636,103			0.0			1,635,642			0.1
	Retained earnings		998,315			879,786			13.5			977,765			2.1
	Treasury stock (7,467,892, 799,172 and 5,774,061 shares - at cost, respectively)		(261,012	)		(24,989	)		(944.5	)		(199,759	)		(30.7	)
	Accumulated other comprehensive (loss) income		(111,312	)		9,803		NM				(5,120	)	NM
	Deferred benefits for directors		(1,698	)		(1,499	)		(13.3	)		(1,680	)		(1.1	)
	Total Shareholders' Equity		2,547,316			2,785,522			(8.6	)		2,693,166			(5.4	)
	Total Liabilities and Shareholders' Equity	$	17,104,015		$	17,057,788			0.3		$	16,927,125			1.0
	NM - Not Meaningful

Confidential Draft

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
		For the Three Months Ended March 31,
		2022					2021
	Average balance sheet and net interest margin analysis	Average		Average			Average		Average
		Balance		Rate			Balance		Rate
	Assets
	Due from banks - interest bearing	$	1,161,218		0.16	%	$	776,245		0.09	%
	Loans, net of unearned income (1)		9,712,085		3.89			10,890,370		4.07
	Securities: (2)
	Taxable		3,333,379		1.72			2,306,320		1.96
	Tax-exempt (3)		729,380		3.06			580,199		3.46
	Total securities		4,062,759		1.96			2,886,519		2.26
	Other earning assets		15,446		3.81			33,240		5.89
	Total earning assets (3)		14,951,508		3.07	%		14,586,374		3.51	%
	Other assets		2,041,090					2,049,884
	Total Assets	$	16,992,598				$	16,636,258
	Liabilities and Shareholders' Equity
	Interest bearing demand deposits	$	3,403,499		0.10	%	$	2,970,766		0.14	%
	Money market accounts		1,806,719		0.07			1,725,561		0.14
	Savings deposits		2,626,962		0.04			2,290,657		0.05
	Certificates of deposit		1,254,603		0.41			1,584,152		0.61
	Total interest bearing deposits		9,091,783		0.12			8,571,136		0.20
	Federal Home Loan Bank borrowings		180,024		1.30			488,388		2.00
	Repurchase agreements		156,167		0.12			191,676		0.25
	Subordinated debt and junior subordinated debt		147,709		3.22			192,341		3.77
	Total interest bearing liabilities (4)		9,575,683		0.19	%		9,443,541		0.37	%
	Non-interest bearing demand deposits		4,576,749					4,200,793
	Other liabilities		184,359					221,508
	Shareholders' equity		2,655,807					2,770,416
	Total Liabilities and Shareholders' Equity	$	16,992,598				$	16,636,258
	Taxable equivalent net interest spread				2.88	%				3.14	%
	Taxable equivalent net interest margin				2.95	%				3.27	%
	(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 $4.1 million and $8.2 million for the three months ended March 31, 2022 and 2021, respectively. PPP loan fees, which are included as part of the total loan fees were $3.2 million and $7.9 million for the three months ended March 31, 2022 and 2021, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $2.5 million and $3.5 million for the three months ended March 31, 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 $0.4 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively.

Confidential Draft

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares and per share amounts)
		Quarter Ended
		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	Statement of Income	2022			2021			2021			2021			2021
	Interest and dividend income
	Loans, including fees	$	93,121		$	97,432		$	103,206		$	105,968		$	109,358
	Interest and dividends on securities:
	Taxable		14,112			12,934			13,481			12,900			11,127
	Tax-exempt		4,344			4,236			4,063			3,952			3,910
	Total interest and dividends on securities		18,456			17,170			17,544			16,852			15,037
	Other interest income		597			605			628			507			659
	Total interest and dividend income		112,174			115,207			121,378			123,327			125,054
	Interest expense
	Interest bearing demand deposits		811			810			815			1,009			1,043
	Money market deposits		321			315			350			551			578
	Savings deposits		264			261			244			261			264
	Certificates of deposit		1,273			1,501			1,726			2,026			2,370
	Total interest expense on deposits		2,669			2,887			3,135			3,847			4,255
	Federal Home Loan Bank borrowings		575			780			1,192			1,781			2,414
	Other short-term borrowings		48			35			33			40			118
	Subordinated debt and junior subordinated debt		1,171			1,178			1,743			1,804			1,789
	Total interest expense		4,463			4,880			6,103			7,472			8,576
	Net interest income		107,711			110,327			115,275			115,855			116,478
	Provision for credit losses		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(27,958	)
	Net interest income after provision for credit losses		111,149			123,886			117,005			136,880			144,436
	Non-interest income
	Trust fees		7,835			7,441			7,289			7,148			7,631
	Service charges on deposits		6,090			6,592			6,050			4,876			4,894
	Electronic banking fees		5,345			4,465			5,427			5,060			4,365
	Net securities brokerage revenue		2,220			1,579			1,965			1,829			1,524
	Bank-owned life insurance		3,881			2,864			2,656			1,707			1,709
	Mortgage banking income		1,923			2,872			4,563			7,830			4,264
	Net securities (losses) / gains		(650	)		372			(15	)		477			279
	Net (loss) / gain on other real estate owned and other assets		(806	)		(158	)		785			4,014			175
	Other income		4,544			4,682			4,035			3,171			8,367
	Total non-interest income		30,382			30,709			32,755			36,112			33,208
	Non-interest expense
	Salaries and wages		38,937			40,420			39,497			37,435			36,890
	Employee benefits		9,158			10,842			10,658			9,268			10,266
	Net occupancy		7,234			6,413			6,825			6,427			7,177
	Equipment and software		8,011			8,352			7,609			7,281			6,765
	Marketing		2,421			2,601			1,848			1,802			2,384
	FDIC insurance		1,522			1,460			1,227			181			1,282
	Amortization of intangible assets		2,598			2,834			2,854			2,873			2,896
	Restructuring and merger-related expense		1,593			177			4,467			1,222			851
	Other operating expenses		16,074			15,204			19,716			17,323			17,816
	Total non-interest expense		87,548			88,303			94,701			83,812			86,327
	Income before provision for income taxes		53,983			66,292			55,059			89,180			91,317
	Provision for income taxes		9,859			12,144			10,651			18,592			18,202
	Net Income		44,124			54,148			44,408			70,588			73,115
	Preferred stock dividends		2,531			2,531			2,531			2,531			2,531
	Net income available to common shareholders	$	41,593		$	51,617		$	41,877		$	68,057		$	70,584
	Taxable equivalent net interest income	$	108,866		$	111,453		$	116,355		$	116,906		$	117,517
	Per common share data
	Net income per common share - basic	$	0.68		$	0.82		$	0.64		$	1.02		$	1.05
	Net income per common share - diluted		0.68			0.82			0.64			1.01			1.05
	Net income per common share - diluted, excluding    certain items (1)(2)		0.70			0.82			0.70			1.03			1.06
	Dividends declared		0.34			0.33			0.33			0.33			0.33
	Book value (period end)		39.64			40.91			40.41			39.96			39.25
	Tangible book value (period end) (1)		20.87			22.61			22.51			22.61			22.21
	Average common shares outstanding - basic		61,445,399			63,045,061			64,931,764			66,894,398			67,263,714
	Average common shares outstanding - diluted		61,593,365			63,183,411			65,065,848			67,066,592			67,335,418
	Period end common shares outstanding		60,613,414			62,307,245			63,838,549			65,970,149			67,282,134
	Period end preferred shares outstanding		150,000			150,000			150,000			150,000			150,000
	Full time equivalent employees		2,456			2,462			2,425			2,459			2,490
	(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
		Mar. 31,				Dec. 31,				Sept. 30,				June 30,				Mar. 31,
	Asset quality data	2022				2021				2021				2021				2021
	Non-performing assets:
	Troubled debt restructurings - accruing	$	3,731			$	3,746			$	3,707			$	5,799			$	3,563
	Non-accrual loans:
	Troubled debt restructurings		1,348				1,547				1,615				1,664				1,768
	Other non-accrual loans		32,024				34,195				34,644				34,548				32,807
	Total non-accrual loans		33,372				35,742				36,259				36,212				34,575
	Total non-performing loans		37,103				39,488				39,966				42,011				38,138
	Other real estate and repossessed assets		87				-				293				773				393
	Total non-performing assets	$	37,190			$	39,488			$	40,259			$	42,784			$	38,531
	Past due loans (1):
	Loans past due 30-89 days	$	28,322			$	27,152			$	32,682			$	21,233			$	20,602
	Loans past due 90 days or more		6,142				7,804				11,252				8,318				12,824
	Total past due loans	$	34,464			$	34,956			$	43,934			$	29,551			$	33,426
	Criticized and classified loans (2):
	Criticized loans	$	234,143			$	248,518			$	290,281			$	319,448			$	340,943
	Classified loans		123,837				116,013				127,022				136,927				114,884
	Total criticized and classified loans	$	357,980			$	364,531			$	417,303			$	456,375			$	455,827
	Loans past due 30-89 days / total portfolio loans (3)		0.29		%		0.28		%		0.33		%		0.21		%		0.19		%
	Loans past due 90 days or more / total portfolio loans		0.06				0.08				0.11				0.08				0.12
	Non-performing loans / total portfolio loans		0.38				0.41				0.40				0.41				0.36
	Non-performing assets/total portfolio loans, other    real estate and repossessed assets		0.38				0.41				0.41				0.41				0.36
	Non-performing assets / total assets		0.22				0.23				0.24				0.25				0.23
	Criticized and classified loans / total portfolio loans		3.68				3.75				4.21				4.41				4.26
	Allowance for credit losses
	Allowance for credit losses - loans	$	117,865			$	121,622			$	136,605			$	140,730			$	160,040
	Allowance for credit losses - loan commitments		8,050				7,775				7,290				5,766				6,731
	Provision for credit losses		(3,438	)			(13,559	)			(1,730	)			(21,025	)			(27,958	)
	Net loan and deposit account overdraft charge-offs and recoveries		27				929				842				(689	)			648
	Annualized net loan charge-offs and recoveries / average loans		0.00		%		0.04		%		0.03		%		(0.03	)	%		0.02		%
	Allowance for credit losses - loans / total portfolio loans		1.21		%		1.25		%		1.38		%		1.36		%		1.50		%
	Allowance for credit losses - loans / total portfolio loans excluding PPP loans		1.22		%		1.27		%		1.42		%		1.43		%		1.62		%
	Allowance for credit losses - loans / non-performing loans		3.18		x		3.08		x		3.42		x		3.35		x		4.20		x
	Allowance for credit losses - loans / non-performing loans    and loans past due		1.65		x		1.63		x		1.63		x		1.97		x		2.24		x
		Quarter Ended
		Mar. 31,				Dec. 31,				Sept. 30,				June 30,				Mar. 31,
		2022				2021				2021				2021				2021
	Capital ratios
	Tier I leverage capital		9.67		%		10.02		%		10.10		%		10.42		%		10.74		%
	Tier I risk-based capital		13.25				14.05				14.18				15.15				14.95
	Total risk-based capital		16.32				15.91				16.38				17.68				17.58
	Common equity tier 1 capital ratio (CET 1)		12.01				12.77				12.91				13.83				13.65
	Average shareholders' equity to average assets		15.63				15.99				16.28				16.44				16.65
	Tangible equity to tangible assets (4)		8.83				9.84				10.04				10.34				10.30
	Tangible common equity to tangible assets (4)		7.92				8.92				9.12				9.43				9.39
	(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 $76.5 million of PPP loans as of March 31, 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
		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	(unaudited, dollars in thousands, except shares and per share amounts)	2022			2021			2021			2021			2021
	Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	41,593		$	51,617		$	41,877		$	68,057		$	70,584
	Plus: after-tax restructuring and merger-related expenses (1)		1,258			140			3,529			965			672
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		42,851			51,757			45,406			69,022			71,256
	Average total assets	$	16,992,598		$	16,947,662		$	17,057,793		$	17,042,147		$	16,636,258
	Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2)		1.02	%		1.21	%		1.06	%		1.62	%		1.74	%
	Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	41,593		$	51,617		$	41,877		$	68,057		$	70,584
	Plus: after-tax restructuring and merger-related expenses (1)		1,258			140			3,529			965			672
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		42,851			51,757			45,406			69,022			71,256
	Average total shareholders' equity		2,655,807			2,709,782			2,777,306			2,801,455			2,770,416
	Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		6.54	%		7.58	%		6.49	%		9.88	%		10.43	%
	Return on average tangible equity:
	Net income available to common shareholders	$	41,593		$	51,617		$	41,877		$	68,057		$	70,584
	Plus: amortization of intangibles (1)		2,052			2,239			2,255			2,270			2,288
	Net income available to common shareholders before amortization of intangibles		43,645			53,856			44,132			70,327			72,872
	Average total shareholders' equity		2,655,807			2,709,782			2,777,306			2,801,455			2,770,416
	Less: average goodwill and other intangibles, net of def. tax liability		(1,139,242	)		(1,141,307	)		(1,143,522	)		(1,145,882	)		(1,148,171	)
	Average tangible equity	$	1,516,565		$	1,568,475		$	1,633,784		$	1,655,573		$	1,622,245
	Return on average tangible equity (annualized) (2)		11.67	%		13.62	%		10.72	%		17.04	%		18.22	%
	Average tangible common equity	$	1,372,081		$	1,423,991		$	1,489,300		$	1,511,089		$	1,477,736
	Return on average tangible common equity (annualized) (2)		12.90	%		15.00	%		11.76	%		18.67	%		20.00	%
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	41,593		$	51,617		$	41,877		$	68,057		$	70,584
	Plus: after-tax restructuring and merger-related expenses (1)		1,258			140			3,529			965			672
	Plus: amortization of intangibles (1)		2,052			2,239			2,255			2,270			2,288
	Net income available to common shareholders before amortization of intangibles and    excluding after-tax restructuring and merger-related expenses		44,903			53,996			47,661			71,292			73,544
	Average total shareholders' equity		2,655,807			2,709,782			2,777,306			2,801,455			2,770,416
	Less: average goodwill and other intangibles, net of def. tax liability		(1,139,242	)		(1,141,307	)		(1,143,522	)		(1,145,882	)		(1,148,171	)
	Average tangible equity	$	1,516,565		$	1,568,475		$	1,633,784		$	1,655,573		$	1,622,245
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		12.01	%		13.66	%		11.57	%		17.27	%		18.39	%
	Average tangible common equity	$	1,372,081		$	1,423,991		$	1,489,300		$	1,511,089		$	1,477,736
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		13.27	%		15.04	%		12.70	%		18.92	%		20.18	%

Confidential Draft

	Three Months Ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts)	2022			2021			2021			2021			2021
Efficiency ratio:
Non-interest expense	$	87,548		$	88,303		$	94,701		$	83,812		$	86,327
Less: restructuring and merger-related expense		(1,593	)		(177	)		(4,467	)		(1,222	)		(851	)
Non-interest expense excluding restructuring and merger-related expense		85,955			88,126			90,234			82,590			85,476
Net interest income on a fully taxable equivalent basis		108,866			111,453			116,355			116,906			117,517
Non-interest income		30,382			30,709			32,755			36,112			33,208
Net interest income on a fully taxable equivalent basis plus non-interest income	$	139,248		$	142,162		$	149,110		$	153,018		$	150,725
Efficiency Ratio		61.73	%		61.99	%		60.52	%		53.97	%		56.71	%
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
Net income available to common shareholders	$	41,593		$	51,617		$	41,877		$	68,057		$	70,584
Add: After-tax restructuring and merger-related expenses (1)		1,258			140			3,529			965			672
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses	$	42,851		$	51,757		$	45,406		$	69,022		$	71,256
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
Net income per common share - diluted	$	0.68		$	0.82		$	0.64		$	1.01		$	1.05
Add: After-tax restructuring and merger-related expenses per common share - diluted (1)		0.02			-			0.06			0.02			0.01
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses	$	0.70		$	0.82		$	0.70		$	1.03		$	1.06
	Period End
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	2022			2021			2021			2021			2021
Tangible book value per share:
Total shareholders' equity	$	2,547,316		$	2,693,166		$	2,723,983		$	2,780,836		$	2,785,522
Less: goodwill and other intangible assets, net of def. tax liability		(1,138,057	)		(1,140,111	)		(1,142,350	)		(1,144,604	)		(1,146,874	)
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,264,775			1,408,571			1,437,149			1,491,748			1,494,164
Common shares outstanding		60,613,414			62,307,245			63,838,549			65,970,149			67,282,134
Tangible book value per share	$	20.87		$	22.61		$	22.51		$	22.61		$	22.21
Tangible common equity to tangible assets:
Total shareholders' equity	$	2,547,316		$	2,693,166		$	2,723,983		$	2,780,836		$	2,785,522
Less: goodwill and other intangible assets, net of def. tax liability		(1,138,057	)		(1,140,111	)		(1,142,350	)		(1,144,604	)		(1,146,874	)
Tangible equity		1,409,259			1,553,055			1,581,633			1,636,232			1,638,648
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,264,775			1,408,571			1,437,149			1,491,748			1,494,164
Total assets		17,104,015			16,927,125			16,892,111			16,966,867			17,057,788
Less: goodwill and other intangible assets, net of def. tax liability		(1,138,057	)		(1,140,111	)		(1,142,350	)		(1,144,604	)		(1,146,874	)
Tangible assets	$	15,965,958		$	15,787,014		$	15,749,761		$	15,822,263		$	15,910,914
Tangible equity to tangible assets		8.83	%		9.84	%		10.04	%		10.34	%		10.30	%
Tangible common equity to tangible assets		7.92	%		8.92	%		9.12	%		9.43	%		9.39	%
(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
		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	(unaudited, dollars in thousands, except shares and per share amounts)	2022			2021			2021			2021			2021
	Pre-tax, pre-provision income:
	Income before provision for income taxes	$	53,983		$	66,292		$	55,059		$	89,180		$	91,317
	Add: provision for credit losses		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(27,958	)
	Pre-tax, pre-provision income	$	50,545		$	52,733		$	53,329		$	68,155		$	63,359
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income before provision for income taxes	$	53,983		$	66,292		$	55,059		$	89,180		$	91,317
	Add: provision for credit losses		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(27,958	)
	Add: restructuring and merger-related expenses		1,593			177			4,467			1,222			851
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses	$	52,138		$	52,910		$	57,796		$	69,377		$	64,210
	'Return on average assets, excluding certain items (1):
	Income before provision for income taxes	$	53,983		$	66,292		$	55,059		$	89,180		$	91,317
	Add: provision for credit losses		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(27,958	)
	Add: restructuring and merger-related expenses		1,593			177			4,467			1,222			851
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		52,138			52,910			57,796			69,377			64,210
	Average total assets	$	16,992,598		$	16,947,662		$	17,057,793		$	17,042,147		$	16,636,258
	Return on average assets, excluding certain items (annualized) (1) (2)		1.24	%		1.24	%		1.34	%		1.63	%		1.57	%
	Return on average equity, excluding certain items (1):
	Income before provision for income taxes	$	53,983		$	66,292		$	55,059		$	89,180		$	91,317
	Add: provision for credit losses		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(27,958	)
	Add: restructuring and merger-related expenses		1,593			177			4,467			1,222			851
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		52,138			52,910			57,796			69,377			64,210
	Average total shareholders' equity	$	2,655,807		$	2,709,782		$	2,777,306		$	2,801,455		$	2,770,416
	Return on average equity, excluding certain items (annualized) (1) (2)		7.96	%		7.75	%		8.26	%		9.93	%		9.40	%
	Return on average tangible equity, excluding certain items (1):
	Income before provision for income taxes	$	53,983		$	66,292		$	55,059		$	89,180		$	91,317
	Add: provision for credit losses		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(27,958	)
	Add: amortization of intangibles		2,598			2,834			2,854			2,873			2,896
	Add: restructuring and merger-related expenses		1,593			177			4,467			1,222			851
	Income before provision, restructuring and merger-related expenses and amortization of intangibles		54,736			55,744			60,650			72,250			67,106
	Average total shareholders' equity		2,655,807			2,709,782			2,777,306			2,801,455			2,770,416
	Less: average goodwill and other intangibles, net of def. tax liability		(1,139,242	)		(1,141,307	)		(1,143,522	)		(1,145,882	)		(1,148,171	)
	Average tangible equity	$	1,516,565		$	1,568,475		$	1,633,784		$	1,655,573		$	1,622,245
	Return on average tangible equity, excluding certain items (annualized) (1) (2)		14.64	%		14.10	%		14.73	%		17.50	%		16.78	%
	Average tangible common equity	$	1,372,081		$	1,423,991		$	1,489,300		$	1,511,089		$	1,477,736
	Return on average tangible common equity, excluding provision items (annualized) (1) (2)		16.18	%		15.53	%		16.16	%		19.18	%		18.42	%
	(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.