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WesBanco Announces Second Quarter 2022 Financial Results

Wheeling, WV, July 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 June 30, 2022. Net income available to common shareholders for the second quarter of 2022 was $40.2 million, with diluted earnings per share of $0.67, compared to $68.1 million and $1.01 per diluted share, respectively, for the second quarter of 2021, which included a release of provision for credit losses of $21.0 million, or $16.6 million net of tax, due to improved economic forecasts in the prior year period. For the six months ended June 30, 2022, net income was $81.8 million, or $1.34 per diluted share, compared to $138.6 million, or $2.06 per diluted share, for the 2021 period, which included a release of provision for credit losses of $49.0 million, or $39.0 million net of tax. Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended June 30, 2022, was $40.3 million, or $0.67 per diluted share, as compared to $69.0 million and $1.03 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income for the six months ended June 30, 2022 was $83.1 million, or $1.36 per diluted share, as compared to $140.3 million, or $2.09 per diluted share, in the prior year period (non-GAAP measures).

	For the Three Months Ended June 30,											For the Six Months Ended June 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)	$	40,258		$	0.67	$	69,022		$	1.03		$	83,107		$	1.36		$	140,279		$	2.09
Less: After tax restructuring and merger-related expenses		(41	)		-		(965	)		(0.02	)		(1,300	)		(0.02	)		(1,638	)		(0.03	)
Net income available to common shareholders (GAAP)	$	40,217		$	0.67	$	68,057		$	1.01		$	81,807		$	1.34		$	138,641		$	2.06

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

•Reflecting the strength of our markets and lending teams, total loan growth was 5.4% sequentially, or 21.8% annualized, and 3.8% year-over-year, when excluding Small Business Administration Payroll Protection Program (“SBA PPP”) loans

•Residential mortgage production of $328 million, which was consistent with production in the year ago period, significantly outperformed industry trends

•Deposit growth, excluding certificates of deposit (“CDs”), was 5.3% year-over-year, driven by growth in demand deposits and savings accounts

•Second quarter net interest margin of 3.03% increased 8 basis points sequentially, and, when excluding purchase accounting and SBA PPP loan accretion, it increased 13 basis points sequentially to 2.93%

•Strong execution, combined with being named both one of America’s best employers and most trustworthy companies, has enabled us to exceed our previously announced commercial hiring plan in half the time, as we have hired 24 commercial lenders since January, with 10 of those expected to start during the third quarter

oIn addition, we announced the hiring of Jeffrey Jackson as Senior Executive Vice President and Chief Operating Officer, with the expectation that he will succeed Todd Clossin as President and CEO upon Mr. Clossin’s anticipated retirement date of January 1, 2024, allowing for a smooth and successful transition for our employees, customers, and shareholders

•During the quarter, we continued to return capital to our shareholders as we purchased approximately 1.1 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, 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 recognized by its customers for high quality customer service, financial advice, digital services, and trust as it was named multiple times to the Forbes 2022 Best-in-State Banks list as the #1 bank in Ohio and the #2 bank in Kentucky

“We are very pleased with WesBanco’s performance during the second quarter of 2022, as we continue to demonstrate the success of our operational strategies implemented the past few years,” said Todd F. Clossin, President and Chief Executive Officer of WesBanco. “We reported strong, broad-based loan growth that was driven by the strength of our teams and their respective markets, as we continued

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to execute upon our plans of hiring additional revenue-producers across commercial lending, residential lending, and wealth management. Further, while making strategic, long-term investments, we have maintained our diligent focus on expense management through controlling discretionary costs and managing our financial center footprint. We believe that the strong foundation we have developed, supported by our unique long-term advantages, position us well for our future opportunities.”

Mr. Clossin added, “WesBanco is privileged to have been named one of the top banks in the states of Kentucky and Ohio, which follows our also being recognized by Forbes as the only midsize bank ranked in the top ten of both America’s Best Banks for our strong financial performance and Best Midsize Employers for our employee focus. These top rankings are a strong testament to the outstanding efforts and dedication of our employees, and we are honored to again be recognized by our customers for our trust and service.”

Balance Sheet

Loan growth for the second quarter of 2022 reflects strong performance by our commercial and consumer lending teams and efforts to keep more 1-to-4 family residential mortgages on the balance sheet, partially offset by the continuation of both SBA PPP loan forgiveness and elevated commercial real estate payoffs. As of June 30, 2022, total portfolio loans of $10.2 billion, when excluding SBA PPP loans, driven by strong growth across all loan categories and markets, increased 5.4%, or 21.8% annualized, when compared to March 31, 2022, and increased 3.8% from the prior year period. This strong sequential quarter loan growth demonstrates the successful execution of our expansion into higher-growth markets, including Kentucky and Maryland, and ability to hire top-tier commercial and mortgage loan officers across our footprint. The second quarter of 2022 included the forgiveness of approximately 606 SBA PPP loans totaling $50 million (net of deferred fees). As of June 30, 2022, approximately 480 SBA PPP loans for $27 million remained in the loan portfolio.

As of June 30, 2022, total deposits were $13.6 billion, which increased year-over-year due primarily to increased personal savings, which more than offset a $379.2 million year-over-year reduction in CDs. Deposits, excluding CDs, increased 5.3% year-over-year, driven by a 4.9% increase in total demand deposits, which represent approximately 59% of total deposits, as well as a 10.5% increase in savings accounts. Furthermore, non-interest bearing demand deposits represented approximately 35% of total deposits, as of June 30, 2022.

Credit Quality

As of June 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 127 basis points year-over-year to 3.14%. For the second quarter, net loan charge-offs to average loans were immaterial at zero basis points. The allowance for credit losses to total portfolio loans at June 30, 2022 was $117.4 million, or 1.15% of total loans. During the three- and six- month periods ending June 30, 2021, we recorded negative provision for credit losses of $21.0 million and $49.0 million, respectively, due to significantly improved macroeconomic forecasts and other factors during 2021, as compared to negative provisions of $0.8 million and $4.3 million, respectively, in the current year.

Net Interest Margin and Income

The net interest margin of 3.03% for the second quarter of 2022 increased 8 basis points sequentially, which reflects the 125 basis point increase in the federal fund rate during the last 3 months, as well as our successful deployment of excess cash through loan and securities growth. As a result of increased cash balances from our customers’ higher personal savings, investment securities increased by $0.3 billion year-over-year and, as of June 30, 2022, represented approximately 25% of total assets. 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. We have reduced deposit funding costs 4 basis points year-over-year to 13 basis points for the second quarter of 2022, or just 9 basis points when including non-interest bearing deposits. The cost of total interest-bearing liabilities decreased 5 basis points year-over-year to 26 basis points, or 17 basis points when including non-interest bearing deposits. Accretion from acquisitions benefited the second quarter net interest margin by 6 basis points, as compared to 12 basis points in the prior year period. Lastly, the forgiveness of SBA PPP loans benefited the second quarter of 2022 net interest margin by a net 4 basis points, as compared to a net 5 basis points in the prior year period.

Net interest income decreased $3.6 million, or 3.1%, during the second quarter of 2022, as compared to the same quarter of 2021, reflecting lower accretion from purchase accounting and lower SBA PPP-related loan income. For the six months ended June 30, 2022, net interest income decreased $12.4 million, or 5.3%, primarily due to the reasons discussed for the three-month period comparison.

Non-Interest Income

For the second quarter of 2022, non-interest income of $27.0 million decreased $9.1 million, or 25.3%, from the second quarter of 2021, driven primarily by lower mortgage banking income, which decreased $6.5 million year-over-year, and a net loss on other assets. Reflective of increased general consumer spending, service charges on deposits increased $1.6 million year-over-year to $6.5 million and electronic banking fees increased slightly to $5.2 million. While mortgage originations remained strong year-over-year, mortgage banking income was lower due to our continued efforts to retain more residential mortgages on the balance sheet. We retained 80% of originations during the second quarter of 2022 as compared to 52% last year. Reflecting the strength of our lending teams and home

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purchase and construction portfolio, residential mortgage originations during the second quarter totaled $328 million, up 21% from the first quarter and roughly flat to the prior year period. Net securities losses reflected a $1.2 million loss which is the offset to equity securities in the deferred compensation plan, recorded within employee benefits expense. The net loss on other assets of $1.3 million 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, as compared to a net gain of $3.7 million for the same investment in the prior year period.

Primarily reflecting the items discussed above, as well as lower loan swap-related income, which is recorded in other income, non-interest income, for the six months ended June 30, 2022, decreased $12.0 million, or 17.2%. In addition, bank-owned life insurance of $6.3 million increased $2.8 million year-over-year due to higher death benefits and the impact of new policies purchased during the third quarter of 2021.

Non-Interest Expense

Excluding restructuring and merger-related expenses, non-interest expense for the three months ended June 30, 2022 totaled $87.0 million, a 5.3% year-over-year increase and a 1.2% increase from the first quarter of this year. Salaries and wages increased $3.8 million, or 10.1%, compared to the prior year period due to higher salary expense related to normal merit increases and the hourly wage increase that we implemented last year, lower deferred loan origination costs, and higher bonus and stock option accruals. Employee benefits included a $1.2 million credit related to the deferred compensation plan. FDIC insurance of $1.9 million increased $1.8 million from last year due primarily to certain prior period reporting adjustments resulting in a $1.0 million refund and improved risk factors recorded in the prior year period. Equipment and software expense for the second quarter of 2022 increased $0.4 million, or 5.8% year-over-year due primarily to the movement of online banking costs from other operating expenses. Other operating expenses decreased $1.4 million, or 7.9%, 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, as well as lower legal costs associated with the resolution of a lawsuit in the prior year period.

On a similar basis, non-interest expense during the first half of 2022 increased $4.9 million, or 2.9%, 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 June 30, 2022, Tier I leverage was 9.51%, Tier I risk-based capital ratio was 12.49%, common equity Tier 1 capital ratio (“CET 1”) was 11.31%, and total risk-based capital was 15.40%.

During the second quarter of 2022, WesBanco repurchased 1.1 million shares of its outstanding common stock on the open market at a total cost of $35.8 million, or $33.28 per share. As of June 30, 2022, approximately 1.8 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 second quarter of 2022 at 10:00 a.m. ET on Wednesday, July 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. 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 10162208. The replay will begin at approximately 12:00 p.m. ET on July 27, 2022 and end at 12 a.m. ET on August 10, 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 quarter ended March 31, 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

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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 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 $4.8 billion of assets under management (as of June 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 Six Months Ended
	STATEMENT OF INCOME	June 30,									June 30,
		2022			2021			% Change			2022			2021			% Change
	Interest and dividend income
	Loans, including fees	$	96,412		$	105,968			(9.0	)	$	189,532		$	215,327			(12.0	)
	Interest and dividends on securities:
	Taxable		15,825			12,900			22.7			29,937			24,027			24.6
	Tax-exempt		4,706			3,952			19.1			9,049			7,862			15.1
	Total interest and dividends on securities		20,531			16,852			21.8			38,986			31,889			22.3
	Other interest income		1,504			507			196.6			2,103			1,166			80.4
	Total interest and dividend income		118,447			123,327			(4.0	)		230,621			248,382			(7.2	)
	Interest expense
	Interest bearing demand deposits		1,153			1,009			14.3			1,965			2,052			(4.2	)
	Money market deposits		383			551			(30.5	)		704			1,130			(37.7	)
	Savings deposits		330			261			26.4			595			525			13.3
	Certificates of deposit		1,116			2,026			(44.9	)		2,389			4,396			(45.7	)
	Total interest expense on deposits		2,982			3,847			(22.5	)		5,653			8,103			(30.2	)
	Federal Home Loan Bank borrowings		411			1,781			(76.9	)		986			4,195			(76.5	)
	Other short-term borrowings		48			40			20.0			96			159			(39.6	)
	Subordinated debt and junior subordinated debt		2,778			1,804			54.0			3,948			3,593			9.9
	Total interest expense		6,219			7,472			(16.8	)		10,683			16,050			(33.4	)
	Net interest income		112,228			115,855			(3.1	)		219,938			232,332			(5.3	)
	Provision for credit losses		(812	)		(21,025	)		96.1			(4,250	)		(48,984	)		91.3
	Net interest income after provision for credit losses		113,040			136,880			(17.4	)		224,188			281,316			(20.3	)
	Non-interest income
	Trust fees		6,527			7,148			(8.7	)		14,362			14,780			(2.8	)
	Service charges on deposits		6,487			4,876			33.0			12,577			9,770			28.7
	Electronic banking fees		5,154			5,060			1.9			10,499			9,426			11.4
	Net securities brokerage revenue		2,258			1,829			23.5			4,478			3,352			33.6
	Bank-owned life insurance		2,384			1,707			39.7			6,264			3,416			83.4
	Mortgage banking income		1,328			7,830			(83.0	)		3,251			12,094			(73.1	)
	Net securities (losses) gains		(1,183	)		477			(348.0	)		(1,832	)		756			(342.3	)
	Net (loss) gain on other real estate owned and other assets		(1,302	)		4,014			(132.4	)		(2,108	)		4,189			(150.3	)
	Other income		5,330			3,171			68.1			9,874			11,537			(14.4	)
	Total non-interest income		26,983			36,112			(25.3	)		57,365			69,320			(17.2	)
	Non-interest expense
	Salaries and wages		41,213			37,435			10.1			80,150			74,324			7.8
	Employee benefits		8,722			9,268			(5.9	)		17,880			19,534			(8.5	)
	Net occupancy		6,119			6,427			(4.8	)		13,354			13,605			(1.8	)
	Equipment and software		7,702			7,281			5.8			15,713			14,045			11.9
	Marketing		2,749			1,802			52.6			5,170			4,185			23.5
	FDIC insurance		1,937			181			970.2			3,459			1,462			136.6
	Amortization of intangible assets		2,579			2,873			(10.2	)		5,178			5,769			(10.2	)
	Restructuring and merger-related expense		52			1,222			(95.7	)		1,646			2,074			(20.6	)
	Other operating expenses		15,946			17,323			(7.9	)		32,019			35,141			(8.9	)
	Total non-interest expense		87,019			83,812			3.8			174,569			170,139			2.6
	Income before provision for income taxes		53,004			89,180			(40.6	)		106,984			180,497			(40.7	)
	Provision for income taxes		10,256			18,592			(44.8	)		20,114			36,793			(45.3	)
	Net Income		42,748			70,588			(39.4	)		86,870			143,704			(39.5	)
	Preferred stock dividends		2,531			2,531			-			5,063			5,063			-
	Net income available to common shareholders	$	40,217		$	68,057			(40.9	)	$	81,807		$	138,641			(41.0	)
	Taxable equivalent net interest income	$	113,479		$	116,906			(2.9	)	$	222,343		$	234,423			(5.2	)
	Per common share data
	Net income per common share - basic	$	0.67		$	1.02			(34.3	)	$	1.35		$	2.07			(34.8	)
	Net income per common share - diluted		0.67			1.01			(33.7	)		1.34			2.06			(35.0	)
	Net income per common share - diluted, excluding certain items (1)(2)		0.67			1.03			(35.0	)		1.36			2.09			(34.9	)
	Dividends declared		0.34			0.33			3.0			0.68			0.66			3.0
	Book value (period end)		38.92			39.96			(2.6	)		38.92			39.96			(2.6	)
	Tangible book value (period end) (1)		19.89			22.61			(12.0	)		19.89			22.61			(12.0	)
	Average common shares outstanding - basic		60,036,103			66,894,398			(10.3	)		60,736,858			67,078,036			(9.5	)
	Average common shares outstanding - diluted		60,185,207			67,066,592			(10.3	)		60,899,270			67,239,548			(9.4	)
	Period end common shares outstanding		59,698,788			65,970,149			(9.5	)		59,698,788			65,970,149			(9.5	)
	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.

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WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
	Selected ratios
		For the Six Months Ended
		June 30,
		2022			2021			% Change
	Return on average assets		0.97	%		1.66	%		(41.57	)	%
	Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		0.99			1.68			(41.07	)
	Return on average equity		6.39			10.04			(36.35	)
	Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		6.49			10.15			(36.06	)
	Return on average tangible equity (1)		12.00			17.62			(31.90	)
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		12.18			17.82			(31.65	)
	Return on average tangible common equity (1)		13.33			19.32			(31.00	)
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		13.53			19.54			(30.76	)
	Yield on earning assets (2)		3.14			3.41			(7.92	)
	Cost of interest bearing liabilities		0.23			0.34			(32.35	)
	Net interest spread (2)		2.91			3.07			(5.21	)
	Net interest margin (2)		2.99			3.19			(6.27	)
	Efficiency (1) (2)		61.82			55.33			11.73
	Average loans to average deposits		71.71			82.47			(13.05	)
	Annualized net loan charge-offs/average loans		0.00			0.00			-
	Effective income tax rate		18.80			20.38			(7.75	)

	For the Three Months Ended
	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
	2022			2022			2021			2021			2021
Return on average assets		0.95	%		0.99	%		1.21	%		0.97	%		1.60		%
Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		0.95			1.02			1.21			1.06			1.62
Return on average equity		6.43			6.35			7.56			5.98			9.74
Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		6.43			6.54			7.58			6.49			9.88
Return on average tangible equity (1)		12.35			11.67			13.62			10.72			17.04
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		12.36			12.01			13.66			11.57			17.27
Return on average tangible common equity (1)		13.80			12.90			15.00			11.76			18.67
Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		13.82			13.27			15.04			12.70			18.92
Yield on earning assets (2)		3.20			3.07			3.10			3.24			3.32
Cost of interest bearing liabilities		0.26			0.19			0.20			0.25			0.31
Net interest spread (2)		2.94			2.88			2.90			2.99			3.01
Net interest margin (2)		3.03			2.95			2.97			3.08			3.12
Efficiency (1) (2)		61.91			61.73			61.99			60.52			53.97
Average loans to average deposits		72.36			71.05			72.61			75.46			79.82
Annualized net loan charge-offs and recoveries /average loans		0.00			0.00			0.04			0.03			(0.03	)
Effective income tax rate		19.35			18.26			18.32			19.34			20.85
Trust assets, market value at period end	$	4,803,043		$	5,412,342		$	5,644,975		$	5,464,159		$	5,480,995
(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
		June 30,									December 31,			December 31, 2021
	Balance sheets	2022			2021			% Change			2021			to June 30, 2022
	Assets
	Cash and due from banks	$	186,534		$	208,992			(10.7	)	$	157,046			18.8
	Due from banks - interest bearing		263,475			637,312			(58.7	)		1,094,312			(75.9	)
	Securities:
	Equity securities, at fair value		11,413			13,494			(15.4	)		13,466			(15.2	)
	Available-for-sale debt securities, at fair value		2,884,651			2,964,264			(2.7	)		3,013,462			(4.3	)
	Held-to-maturity debt securities (fair values of $1,153,594;    $934,487 and $1,028,452, respectively)		1,281,295			902,172			42.0			1,004,823			27.5
	Allowance for credit losses - held-to-maturity debt securities		(265	)		(227	)		(16.7	)		(268	)		1.1
	Net held-to-maturity debt securities		1,281,030			901,945			42.0			1,004,555			27.5
	Total securities		4,177,094			3,879,703			7.7			4,031,483			3.6
	Loans held for sale		17,560			41,461			(57.6	)		25,277			(30.5	)
	Portfolio loans:
	Commercial real estate		5,852,564			5,705,246			2.6			5,538,968			5.7
	Commercial and industrial		1,549,768			2,119,186			(26.9	)		1,590,320			(2.5	)
	Residential real estate		1,907,875			1,625,632			17.4			1,721,378			10.8
	Home equity		597,845			631,059			(5.3	)		605,682			(1.3	)
	Consumer		300,637			276,069			8.9			277,130			8.5
	Total portfolio loans, net of unearned income		10,208,689			10,357,192			(1.4	)		9,733,478			4.9
	Allowance for credit losses - loans		(117,403	)		(140,730	)		16.6			(121,622	)		3.5
	Net portfolio loans		10,091,286			10,216,462			(1.2	)		9,611,856			5.0
	Premises and equipment, net		216,293			235,227			(8.0	)		229,016			(5.6	)
	Accrued interest receivable		61,918			64,020			(3.3	)		60,844			1.8
	Goodwill and other intangible assets, net		1,146,456			1,157,322			(0.9	)		1,151,634			(0.4	)
	Bank-owned life insurance		348,807			309,454			12.7			350,359			(0.4	)
	Other assets		290,201			216,914			33.8			215,298			34.8
	Total Assets	$	16,799,624		$	16,966,867			(1.0	)	$	16,927,125			(0.8	)
	Liabilities
	Deposits:
	Non-interest bearing demand	$	4,738,830		$	4,409,221			7.5		$	4,590,895			3.2
	Interest bearing demand		3,258,871			3,214,484			1.4			3,380,056			(3.6	)
	Money market		1,770,859			1,771,686			(0.0	)		1,739,750			1.8
	Savings deposits		2,695,437			2,438,328			10.5			2,562,510			5.2
	Certificates of deposit		1,105,305			1,484,536			(25.5	)		1,292,652			(14.5	)
	Total deposits		13,569,302			13,318,255			1.9			13,565,863			0.0
	Federal Home Loan Bank borrowings		122,650			313,960			(60.9	)		183,920			(33.3	)
	Other short-term borrowings		147,964			135,267			9.4			141,893			4.3
	Subordinated debt and junior subordinated debt		280,910			192,571			45.9			132,860			111.4
	Total borrowings		551,524			641,798			(14.1	)		458,673			20.2
	Accrued interest payable		2,815			3,342			(15.8	)		1,901			48.1
	Other liabilities		208,032			222,636			(6.6	)		207,522			0.2
	Total Liabilities		14,331,673			14,186,031			1.0			14,233,959			0.7
	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; 59,698,788, 65,970,149 and 62,307,245 shares outstanding, respectively		141,834			141,834			-			141,834			-
	Capital surplus		1,632,617			1,632,460			0.0			1,635,642			(0.2	)
	Retained earnings		1,018,209			925,977			10.0			977,765			4.1
	Treasury stock (8,382,518, 2,111,157 and 5,774,061 shares - at cost, respectively)		(291,337	)		(74,996	)		(288.5	)		(199,759	)		(45.8	)
	Accumulated other comprehensive (loss) income		(176,061	)		12,586		NM				(5,120	)	NM
	Deferred benefits for directors		(1,795	)		(1,509	)		(19.0	)		(1,680	)		(6.8	)
	Total Shareholders' Equity		2,467,951			2,780,836			(11.3	)		2,693,166			(8.4	)
	Total Liabilities and Shareholders' Equity	$	16,799,624		$	16,966,867			(1.0	)	$	16,927,125			(0.8	)
	NM - Not Meaningful

Confidential Draft

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares)
		June 30,			March 31,
	Balance sheets	2022			2022			% Change
	Assets
	Cash and due from banks	$	186,534		$	200,513			(7.0	)
	Due from banks - interest bearing		263,475			1,168,985			(77.5	)
	Securities:
	Equity securities, at fair value		11,413			12,757			(10.5	)
	Available-for-sale debt securities, at fair value		2,884,651			2,911,373			(0.9	)
	Held-to-maturity (fair values of $1,153,594 and $1,092,993, respectively)		1,281,295			1,157,202			10.7
	Allowance for credit losses - held-to-maturity debt securities		(265	)		(285	)		7.0
	Net held-to-maturity debt securities		1,281,030			1,156,917			7.0
	Total securities		4,177,094			4,081,047			10.7
	Loans held for sale		17,560			15,959			2.4
	Portfolio loans:
	Commercial real estate		5,852,564			5,580,082			4.9
	Commercial and industrial		1,549,768			1,513,078			2.4
	Residential real estate		1,907,875			1,767,064			8.0
	Home equity		597,845			592,872			0.8
	Consumer		300,637			280,176			7.3
	Total portfolio loans, net of unearned income		10,208,689			9,733,272			4.9
	Allowance for credit losses - loans		(117,403	)		(117,865	)		0.4
	Net portfolio loans		10,091,286			9,615,407			4.9
	Premises and equipment, net		216,293			219,907			(1.6	)
	Accrued interest receivable		61,918			60,370			2.6
	Goodwill and other intangible assets, net		1,146,456			1,149,035			(0.2	)
	Bank-owned life insurance		348,807			348,179			0.2
	Other assets		290,201			244,613			18.6
	Total Assets	$	16,799,624		$	17,104,015			(1.8	)
	Liabilities
	Deposits:
	Non-interest bearing demand	$	4,738,830		$	4,670,520			1.5
	Interest bearing demand		3,258,871			3,405,610			(4.3	)
	Money market		1,770,859			1,831,683			(3.3	)
	Savings deposits		2,695,437			2,679,053			0.6
	Certificates of deposit		1,105,305			1,211,008			(8.7	)
	Total deposits		13,569,302			13,797,874			(1.7	)
	Federal Home Loan Bank borrowings		122,650			123,898			(1.0	)
	Other short-term borrowings		147,964			158,538			(6.7	)
	Subordinated debt and junior subordinated debt		280,910			280,743			0.1
	Total borrowings		551,524			563,179			(2.1	)
	Accrued interest payable		2,815			1,786			57.6
	Other liabilities		208,032			193,860			7.3
	Total Liabilities		14,331,673			14,556,699			(1.5	)
	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; 59,698,788 and 60,613,414 shares outstanding, respectively		141,834			141,834			-
	Capital surplus		1,632,617			1,636,705			(0.2	)
	Retained earnings		1,018,209			998,315			2.0
	Treasury stock (8,382,518 and 7,467,892 shares - at cost)		(291,337	)		(261,012	)		(11.6	)
	Accumulated other comprehensive loss		(176,061	)		(111,312	)		(58.2	)
	Deferred benefits for directors		(1,795	)		(1,698	)		(5.7	)
	Total Shareholders' Equity		2,467,951			2,547,316			(3.1	)
	Total Liabilities and Shareholders' Equity	$	16,799,624		$	17,104,015			(1.8	)

Confidential Draft

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
		For the Three Months Ended June 30,										For the Six Months Ended June 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	$	744,261		0.74	%	$	696,967		0.09	%	$	951,588		0.39	%	$	736,387		0.09	%
	Loans, net of unearned income (1)		9,932,744		3.89			10,641,970		3.99			9,823,024		3.89			10,765,483		4.03
	Securities: (2)
	Taxable		3,532,624		1.80			3,042,009		1.70			3,433,551		1.76			2,676,198		1.81
	Tax-exempt (3)		792,878		3.01			599,980		3.34			761,304		3.03			590,144		3.40
	Total securities		4,325,502		2.02			3,641,989		1.97			4,194,855		1.99			3,266,342		2.10
	Other earning assets		13,296		3.82			28,702		4.95			14,365		3.81			30,958		5.45
	Total earning assets (3)		15,015,803		3.20	%		15,009,628		3.32	%		14,983,832		3.14	%		14,799,170		3.41	%
	Other assets		1,955,649					2,032,519					1,998,126					2,041,154
	Total Assets	$	16,971,452				$	17,042,147				$	16,981,958				$	16,840,324
	Liabilities and Shareholders' Equity
	Interest bearing demand deposits	$	3,380,684		0.14	%	$	3,147,915		0.13	%	$	3,392,029		0.12	%	$	3,059,830		0.14	%
	Money market accounts		1,770,342		0.09			1,774,556		0.12			1,788,430		0.08			1,750,194		0.13
	Savings deposits		2,700,642		0.05			2,414,824		0.04			2,664,005		0.05			2,353,083		0.04
	Certificates of deposit		1,162,392		0.39			1,519,590		0.53			1,208,243		0.40			1,551,692		0.57
	Total interest bearing deposits		9,014,060		0.13			8,856,885		0.17			9,052,707		0.13			8,714,799		0.19
	Federal Home Loan Bank borrowings		123,474		1.34			390,020		1.83			151,593		1.31			438,932		1.93
	Repurchase agreements		146,119		0.13			130,171		0.12			151,115		0.13			160,753		0.20
	Subordinated debt and junior subordinated debt		280,962		3.97			192,483		3.76			214,704		3.71			192,412		3.77
	Total interest bearing liabilities (4)		9,564,615		0.26	%		9,569,559		0.31	%		9,570,119		0.23	%		9,506,896		0.34	%
	Non-interest bearing demand deposits		4,712,466					4,474,784					4,644,982					4,338,546
	Other liabilities		184,932					196,349					184,600					208,861
	Shareholders' equity		2,509,439					2,801,455					2,582,257					2,786,021
	Total Liabilities and Shareholders' Equity	$	16,971,452				$	17,042,147				$	16,981,958				$	16,840,324
	Taxable equivalent net interest spread				2.94	%				3.01	%				2.91	%				3.07	%
	Taxable equivalent net interest margin				3.03	%				3.12	%				2.99	%				3.19	%
	(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 $2.5 million and $6.5 million for the three months ended June 30, 2022 and 2021, respectively, and were $6.6 million and $14.7 million for the six months ended June 30, 2022 and 2021, respectively. As part of loan fees, PPP loan fees were $1.9 million and $6.0 million for the three months ended June 30, 2022 and 2021, respectively, and $5.1 million and $13.9 million for the six months ended June 30, 2022 and 2021, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $1.9 million and $3.8 million for the three months ended June 30, 2022 and 2021, respectively, and $4.5 million and $7.3 million for the six months ended June 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 $0.3 million and $0.8 million for the three months ended June 30, 2022 and 2021, respectively, and $0.8 million and $1.9 million for the six months ended June 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
		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
	Statement of Income	2022			2022			2021			2021			2021
	Interest and dividend income
	Loans, including fees	$	96,412		$	93,121		$	97,432		$	103,206		$	105,968
	Interest and dividends on securities:
	Taxable		15,825			14,112			12,934			13,481			12,900
	Tax-exempt		4,706			4,344			4,236			4,063			3,952
	Total interest and dividends on securities		20,531			18,456			17,170			17,544			16,852
	Other interest income		1,504			597			605			628			507
	Total interest and dividend income		118,447			112,174			115,207			121,378			123,327
	Interest expense
	Interest bearing demand deposits		1,153			811			810			815			1,009
	Money market deposits		383			321			315			350			551
	Savings deposits		330			264			261			244			261
	Certificates of deposit		1,116			1,273			1,501			1,726			2,026
	Total interest expense on deposits		2,982			2,669			2,887			3,135			3,847
	Federal Home Loan Bank borrowings		411			575			780			1,192			1,781
	Other short-term borrowings		48			48			35			33			40
	Subordinated debt and junior subordinated debt		2,778			1,171			1,178			1,743			1,804
	Total interest expense		6,219			4,463			4,880			6,103			7,472
	Net interest income		112,228			107,711			110,327			115,275			115,855
	Provision for credit losses		(812	)		(3,438	)		(13,559	)		(1,730	)		(21,025	)
	Net interest income after provision for credit losses		113,040			111,149			123,886			117,005			136,880
	Non-interest income
	Trust fees		6,527			7,835			7,441			7,289			7,148
	Service charges on deposits		6,487			6,090			6,592			6,050			4,876
	Electronic banking fees		5,154			5,345			4,465			5,427			5,060
	Net securities brokerage revenue		2,258			2,220			1,579			1,965			1,829
	Bank-owned life insurance		2,384			3,881			2,864			2,656			1,707
	Mortgage banking income		1,328			1,923			2,872			4,563			7,830
	Net securities (losses) / gains		(1,183	)		(650	)		372			(15	)		477
	Net (loss) / gain on other real estate owned and other assets		(1,302	)		(806	)		(158	)		785			4,014
	Other income		5,330			4,544			4,682			4,035			3,171
	Total non-interest income		26,983			30,382			30,709			32,755			36,112
	Non-interest expense
	Salaries and wages		41,213			38,937			40,420			39,497			37,435
	Employee benefits		8,722			9,158			10,842			10,658			9,268
	Net occupancy		6,119			7,234			6,413			6,825			6,427
	Equipment and software		7,702			8,011			8,352			7,609			7,281
	Marketing		2,749			2,421			2,601			1,848			1,802
	FDIC insurance		1,937			1,522			1,460			1,227			181
	Amortization of intangible assets		2,579			2,598			2,834			2,854			2,873
	Restructuring and merger-related expense		52			1,593			177			4,467			1,222
	Other operating expenses		15,946			16,074			15,204			19,716			17,323
	Total non-interest expense		87,019			87,548			88,303			94,701			83,812
	Income before provision for income taxes		53,004			53,983			66,292			55,059			89,180
	Provision for income taxes		10,256			9,859			12,144			10,651			18,592
	Net Income		42,748			44,124			54,148			44,408			70,588
	Preferred stock dividends		2,531			2,531			2,531			2,531			2,531
	Net income available to common shareholders	$	40,217		$	41,593		$	51,617		$	41,877		$	68,057
	Taxable equivalent net interest income	$	113,479		$	108,866		$	111,453		$	116,355		$	116,906
	Per common share data
	Net income per common share - basic	$	0.67		$	0.68		$	0.82		$	0.64		$	1.02
	Net income per common share - diluted		0.67			0.68			0.82			0.64			1.01
	Net income per common share - diluted, excluding    certain items (1)(2)		0.67			0.70			0.82			0.70			1.03
	Dividends declared		0.34			0.34			0.33			0.33			0.33
	Book value (period end)		38.92			39.64			40.91			40.41			39.96
	Tangible book value (period end) (1)		19.89			20.87			22.61			22.51			22.61
	Average common shares outstanding - basic		60,036,103			61,445,399			63,045,061			64,931,764			66,894,398
	Average common shares outstanding - diluted		60,185,207			61,593,365			63,183,411			65,065,848			67,066,592
	Period end common shares outstanding		59,698,788			60,613,414			62,307,245			63,838,549			65,970,149
	Period end preferred shares outstanding		150,000			150,000			150,000			150,000			150,000
	Full time equivalent employees		2,509			2,456			2,462			2,425			2,459
	(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
		June 30,				Mar. 31,				Dec. 31,				Sept. 30,				June 30,
	Asset quality data	2022				2022				2021				2021				2021
	Non-performing assets:
	Troubled debt restructurings - accruing	$	3,579			$	3,731			$	3,746			$	3,707			$	5,799
	Non-accrual loans:
	Troubled debt restructurings		2,120				1,348				1,547				1,615				1,664
	Other non-accrual loans		29,594				32,024				34,195				34,644				34,548
	Total non-accrual loans		31,714				33,372				35,742				36,259				36,212
	Total non-performing loans		35,293				37,103				39,488				39,966				42,011
	Other real estate and repossessed assets		31				87				-				293				773
	Total non-performing assets	$	35,324			$	37,190			$	39,488			$	40,259			$	42,784
	Past due loans (1):
	Loans past due 30-89 days	$	31,388			$	28,322			$	27,152			$	32,682			$	21,233
	Loans past due 90 days or more		9,560				6,142				7,804				11,252				8,318
	Total past due loans	$	40,948			$	34,464			$	34,956			$	43,934			$	29,551
	Criticized and classified loans (2):
	Criticized loans	$	193,871			$	234,143			$	248,518			$	290,281			$	319,448
	Classified loans		126,257				123,837				116,013				127,022				136,927
	Total criticized and classified loans	$	320,128			$	357,980			$	364,531			$	417,303			$	456,375
	Loans past due 30-89 days / total portfolio loans (3)		0.31		%		0.29		%		0.28		%		0.33		%		0.21		%
	Loans past due 90 days or more / total portfolio loans		0.09				0.06				0.08				0.11				0.08
	Non-performing loans / total portfolio loans		0.35				0.38				0.41				0.40				0.41
	Non-performing assets/total portfolio loans, other    real estate and repossessed assets		0.35				0.38				0.41				0.41				0.41
	Non-performing assets / total assets		0.21				0.22				0.23				0.24				0.25
	Criticized and classified loans / total portfolio loans		3.14				3.68				3.75				4.21				4.41
	Allowance for credit losses
	Allowance for credit losses - loans	$	117,403			$	117,865			$	121,622			$	136,605			$	140,730
	Allowance for credit losses - loan commitments		7,718				8,050				7,775				7,290				5,766
	Provision for credit losses		(812	)			(3,438	)			(13,559	)			(1,730	)			(21,025	)
	Net loan and deposit account overdraft charge-offs and recoveries		2				27				929				842				(689	)
	Annualized net loan charge-offs and recoveries / average loans		0.00		%		0.00		%		0.04		%		0.03		%		(0.03	)	%
	Allowance for credit losses - loans / total portfolio loans		1.15		%		1.21		%		1.25		%		1.38		%		1.36		%
	Allowance for credit losses - loans / total portfolio loans excluding PPP loans		1.15		%		1.22		%		1.27		%		1.42		%		1.43		%
	Allowance for credit losses - loans / non-performing loans		3.33		x		3.18		x		3.08		x		3.42		x		3.35		x
	Allowance for credit losses - loans / non-performing loans    and loans past due		1.54		x		1.65		x		1.63		x		1.63		x		1.97		x
		Quarter Ended
		June 30,				Mar. 31,				Dec. 31,				Sept. 30,				June 30,
		2022				2022				2021				2021				2021
	Capital ratios
	Tier I leverage capital		9.51		%		9.67		%		10.02		%		10.10		%		10.42		%
	Tier I risk-based capital		12.49				13.25				14.05				14.18				15.15
	Total risk-based capital		15.40				16.32				15.91				16.38				17.68
	Common equity tier 1 capital ratio (CET 1)		11.31				12.01				12.77				12.91				13.83
	Average shareholders' equity to average assets		14.79				15.63				15.99				16.28				16.44
	Tangible equity to tangible assets (4)		8.50				8.83				9.84				10.04				10.34
	Tangible common equity to tangible assets (4)		7.58				7.92				8.92				9.12				9.43
	(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 $26.7 million of PPP loans as of June 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
		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,			June 30,
	(unaudited, dollars in thousands, except shares and per share amounts)	2022			2022			2021			2021			2021			2022			2021
	Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	40,217		$	41,593		$	51,617		$	41,877		$	68,057		$	81,807		$	138,641
	Plus: after-tax restructuring and merger-related expenses (1)		41			1,258			140			3,529			965			1,300			1,638
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		40,258			42,851			51,757			45,406			69,022			83,107			140,279
	Average total assets	$	16,971,452		$	16,992,598		$	16,947,662		$	17,057,793		$	17,042,147		$	16,981,958		$	16,840,324
	Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2)		0.95	%		1.02	%		1.21	%		1.06	%		1.62	%		0.99	%		1.68	%
	Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	40,217		$	41,593		$	51,617		$	41,877		$	68,057		$	81,807		$	138,641
	Plus: after-tax restructuring and merger-related expenses (1)		41			1,258			140			3,529			965			1,300			1,638
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		40,258			42,851			51,757			45,406			69,022			83,107			140,279
	Average total shareholders' equity		2,509,439			2,655,807			2,709,782			2,777,306			2,801,455			2,582,257			2,786,021
	Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		6.43	%		6.54	%		7.58	%		6.49	%		9.88	%		6.49	%		10.15	%
	Return on average tangible equity:
	Net income available to common shareholders	$	40,217		$	41,593		$	51,617		$	41,877		$	68,057		$	81,807		$	138,641
	Plus: amortization of intangibles (1)		2,037			2,052			2,239			2,255			2,270			4,091			4,558
	Net income available to common shareholders before amortization of intangibles		42,254			43,645			53,856			44,132			70,327			85,898			143,199
	Average total shareholders' equity		2,509,439			2,655,807			2,709,782			2,777,306			2,801,455			2,582,257			2,786,021
	Less: average goodwill and other intangibles, net of def. tax liability		(1,137,187	)		(1,139,242	)		(1,141,307	)		(1,143,522	)		(1,145,882	)		(1,138,209	)		(1,147,020	)
	Average tangible equity	$	1,372,252		$	1,516,565		$	1,568,475		$	1,633,784		$	1,655,573		$	1,444,048		$	1,639,001
	Return on average tangible equity (annualized) (2)		12.35	%		11.67	%		13.62	%		10.72	%		17.04	%		12.00	%		17.62	%
	Average tangible common equity	$	1,227,768		$	1,372,081		$	1,423,991		$	1,489,300		$	1,511,089		$	1,299,564		$	1,494,517
	Return on average tangible common equity (annualized) (2)		13.80	%		12.90	%		15.00	%		11.76	%		18.67	%		13.33	%		19.32	%
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	40,217		$	41,593		$	51,617		$	41,877		$	68,057		$	81,807		$	138,641
	Plus: after-tax restructuring and merger-related expenses (1)		41			1,258			140			3,529			965			1,300			1,638
	Plus: amortization of intangibles (1)		2,037			2,052			2,239			2,255			2,270			4,091			4,558
	Net income available to common shareholders before amortization of intangibles and    excluding after-tax restructuring and merger-related expenses		42,295			44,903			53,996			47,661			71,292			87,198			144,837
	Average total shareholders' equity		2,509,439			2,655,807			2,709,782			2,777,306			2,801,455			2,582,257			2,786,021
	Less: average goodwill and other intangibles, net of def. tax liability		(1,137,187	)		(1,139,242	)		(1,141,307	)		(1,143,522	)		(1,145,882	)		(1,138,209	)		(1,147,020	)
	Average tangible equity	$	1,372,252		$	1,516,565		$	1,568,475		$	1,633,784		$	1,655,573		$	1,444,048		$	1,639,001
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		12.36	%		12.01	%		13.66	%		11.57	%		17.27	%		12.18	%		17.82	%
	Average tangible common equity	$	1,227,768		$	1,372,081		$	1,423,991		$	1,489,300		$	1,511,089		$	1,299,564		$	1,494,517
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		13.82	%		13.27	%		15.04	%		12.70	%		18.92	%		13.53	%		19.54	%

Confidential Draft

	Three Months Ended															Year to Date
	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,			June 30,
(unaudited, dollars in thousands, except shares and per share amounts)	2022			2022			2021			2021			2021			2022			2021
Efficiency ratio:
Non-interest expense	$	87,019		$	87,548		$	88,303		$	94,701		$	83,812		$	174,569		$	170,139
Less: restructuring and merger-related expense		(52	)		(1,593	)		(177	)		(4,467	)		(1,222	)		(1,646	)		(2,074	)
Non-interest expense excluding restructuring and merger-related expense		86,967			85,955			88,126			90,234			82,590			172,923			168,065
Net interest income on a fully taxable equivalent basis		113,479			108,866			111,453			116,355			116,906			222,343			234,423
Non-interest income		26,983			30,382			30,709			32,755			36,112			57,365			69,320
Net interest income on a fully taxable equivalent basis plus non-interest income	$	140,462		$	139,248		$	142,162		$	149,110		$	153,018		$	279,708		$	303,743
Efficiency Ratio		61.91	%		61.73	%		61.99	%		60.52	%		53.97	%		61.82	%		55.33	%
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
Net income available to common shareholders	$	40,217		$	41,593		$	51,617		$	41,877		$	68,057		$	81,807		$	138,641
Add: After-tax restructuring and merger-related expenses (1)		41			1,258			140			3,529			965			1,300			1,638
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses	$	40,258		$	42,851		$	51,757		$	45,406		$	69,022		$	83,107		$	140,279
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
Net income per common share - diluted	$	0.67		$	0.68		$	0.82		$	0.64		$	1.01		$	1.34		$	2.06
Add: After-tax restructuring and merger-related expenses per common share - diluted (1)		-			0.02			-			0.06			0.02			0.02			0.03
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses	$	0.67		$	0.70		$	0.82		$	0.70		$	1.03		$	1.36		$	2.09
	Period End
	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
	2022			2022			2021			2021			2021
Tangible book value per share:
Total shareholders' equity	$	2,467,951		$	2,547,316		$	2,693,166		$	2,723,983		$	2,780,836
Less: goodwill and other intangible assets, net of def. tax liability		(1,136,020	)		(1,138,057	)		(1,140,111	)		(1,142,350	)		(1,144,604	)
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,187,447			1,264,775			1,408,571			1,437,149			1,491,748
Common shares outstanding		59,698,788			60,613,414			62,307,245			63,838,549			65,970,149
Tangible book value per share	$	19.89		$	20.87		$	22.61		$	22.51		$	22.61
Tangible common equity to tangible assets:
Total shareholders' equity	$	2,467,951		$	2,547,316		$	2,693,166		$	2,723,983		$	2,780,836
Less: goodwill and other intangible assets, net of def. tax liability		(1,136,020	)		(1,138,057	)		(1,140,111	)		(1,142,350	)		(1,144,604	)
Tangible equity		1,331,931			1,409,259			1,553,055			1,581,633			1,636,232
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,187,447			1,264,775			1,408,571			1,437,149			1,491,748
Total assets		16,799,624			17,104,015			16,927,125			16,892,111			16,966,867
Less: goodwill and other intangible assets, net of def. tax liability		(1,136,020	)		(1,138,057	)		(1,140,111	)		(1,142,350	)		(1,144,604	)
Tangible assets	$	15,663,604		$	15,965,958		$	15,787,014		$	15,749,761		$	15,822,263
Tangible equity to tangible assets		8.50	%		8.83	%		9.84	%		10.04	%		10.34	%
Tangible common equity to tangible assets		7.58	%		7.92	%		8.92	%		9.12	%		9.43	%
(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
		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,			June 30,
	(unaudited, dollars in thousands, except shares and per share amounts)	2022			2022			2021			2021			2021			2022			2021
	Pre-tax, pre-provision income:
	Income before provision for income taxes	$	53,004		$	53,983		$	66,292		$	55,059		$	89,180		$	106,984		$	180,497
	Add: provision for credit losses		(812	)		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(4,250	)		(48,984	)
	Pre-tax, pre-provision income	$	52,192		$	50,545		$	52,733		$	53,329		$	68,155		$	102,734		$	131,513
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income before provision for income taxes	$	53,004		$	53,983		$	66,292		$	55,059		$	89,180		$	106,984		$	180,497
	Add: provision for credit losses		(812	)		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(4,250	)		(48,984	)
	Add: restructuring and merger-related expenses		52			1,593			177			4,467			1,222			1,646			2,074
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses	$	52,244		$	52,138		$	52,910		$	57,796		$	69,377		$	104,380		$	133,587
	'Return on average assets, excluding certain items (1):
	Income before provision for income taxes	$	53,004		$	53,983		$	66,292		$	55,059		$	89,180		$	106,984		$	180,497
	Add: provision for credit losses		(812	)		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(4,250	)		(48,984	)
	Add: restructuring and merger-related expenses		52			1,593			177			4,467			1,222			1,646			2,074
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		52,244			52,138			52,910			57,796			69,377			104,380			133,587
	Average total assets	$	16,971,452		$	16,992,598		$	16,947,662		$	17,057,793		$	17,042,147		$	16,981,958		$	16,840,324
	Return on average assets, excluding certain items (annualized) (1) (2)		1.23	%		1.24	%		1.24	%		1.34	%		1.63	%		1.24	%		1.60	%
	Return on average equity, excluding certain items (1):
	Income before provision for income taxes	$	53,004		$	53,983		$	66,292		$	55,059		$	89,180		$	106,984		$	180,497
	Add: provision for credit losses		(812	)		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(4,250	)		(48,984	)
	Add: restructuring and merger-related expenses		52			1,593			177			4,467			1,222			1,646			2,074
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		52,244			52,138			52,910			57,796			69,377			104,380			133,587
	Average total shareholders' equity	$	2,509,439		$	2,655,807		$	2,709,782		$	2,777,306		$	2,801,455		$	2,582,257		$	2,786,021
	Return on average equity, excluding certain items (annualized) (1) (2)		8.35	%		7.96	%		7.75	%		8.26	%		9.93	%		8.15	%		9.67	%
	Return on average tangible equity, excluding certain items (1):
	Income before provision for income taxes	$	53,004		$	53,983		$	66,292		$	55,059		$	89,180		$	106,984		$	180,497
	Add: provision for credit losses		(812	)		(3,438	)		(13,559	)		(1,730	)		(21,025	)		(4,250	)		(48,984	)
	Add: amortization of intangibles		2,579			2,598			2,834			2,854			2,873			5,178			5,769
	Add: restructuring and merger-related expenses		52			1,593			177			4,467			1,222			1,646			2,074
	Income before provision, restructuring and merger-related expenses and amortization of intangibles		54,823			54,736			55,744			60,650			72,250			109,558			139,356
	Average total shareholders' equity		2,509,439			2,655,807			2,709,782			2,777,306			2,801,455			2,582,257			2,786,021
	Less: average goodwill and other intangibles, net of def. tax liability		(1,137,187	)		(1,139,242	)		(1,141,307	)		(1,143,522	)		(1,145,882	)		(1,138,209	)		(1,147,020	)
	Average tangible equity	$	1,372,252		$	1,516,565		$	1,568,475		$	1,633,784		$	1,655,573		$	1,444,048		$	1,639,001
	Return on average tangible equity, excluding certain items (annualized) (1) (2)		16.02	%		14.64	%		14.10	%		14.73	%		17.50	%		15.30	%		17.15	%
	Average tangible common equity	$	1,227,768		$	1,372,081		$	1,423,991		$	1,489,300		$	1,511,089		$	1,299,564		$	1,494,517
	Return on average tangible common equity, excluding provision items (annualized) (1) (2)		17.91	%		16.18	%		15.53	%		16.16	%		19.18	%		17.00	%		18.80	%
	(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.