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WesBanco Announces Fourth Quarter 2022 Financial Results

Wheeling, WVa. (January 24, 2023) – WesBanco, Inc. (“WesBanco”) (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and twelve months ended December 31, 2022. Net income available to common shareholders for the fourth quarter of 2022 was $49.7 million, with diluted earnings per share of $0.84, compared to $51.6 million and $0.82 per diluted share, respectively, for the fourth quarter of 2021. For the twelve months ended December 31, 2022, net income was $182.0 million, or $3.02 per diluted share, compared to $232.1 million, or $3.53 per diluted share, for the 2021 period, which included a release of provision for credit losses of $64.3 million, or $51.6 million net of tax. Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended December 31, 2022, was $49.7 million, or $0.84 per diluted share, as compared to $51.8 million and $0.82 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income for the twelve months ended December 31, 2022 was $183.3 million, or $3.04 per diluted share, as compared to $237.4 million, or $3.62 per diluted share, in the prior year period (non-GAAP measures).

	For the Three Months Ended December 31,											For the Twelve Months Ended December 31,
	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)	$	49,688		$	0.84	$	51,757		$	(0.82	)	$	183,349		$	3.04		$	237,441		$	3.62
Less: After tax restructuring and merger-related expenses		(9	)		-		(140	)		-			(1,361	)		(0.02	)		(5,306	)		(0.09	)
Net income available to common shareholders (GAAP)	$	49,679		$	0.84	$	51,617		$	(0.82	)	$	181,988		$	3.02		$	232,135		$	3.53
(1) See non-GAAP financial measures for additional information relating to these items.

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

•Total loan growth was 11.7% year-over-year, and 4.2%, or 16.8% annualized, when compared to September 30, 2022, excluding Small Business Administration Payroll Protection Program (“SBA PPP”), reflecting the strength of our markets and lending teams

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

•Fourth quarter net interest margin increased 16 basis points sequentially to 3.49%

•Deposits, excluding certificates of deposit (“CDs”), were essentially flat compared to the prior year quarter, as growth in non-interest bearing demand deposits and savings accounts offset a decline in interest-bearing demand deposit balances

•Non-interest expense increased just 2.6% year-over-year, excluding restructuring and merger-related expenses, which demonstrates our commitment to strong discretionary cost control in an inflationary environment

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

oReturns on average assets and tangible equity were 1.18% and 16.05%, respectively

“WesBanco had another successful year during 2022 as our operational strategies and core advantages were evident,” said Todd F. Clossin, President and Chief Executive Officer of WesBanco. “We have begun to realize the benefit of our strategic growth initiatives, as we continue to post solid loan growth, as well as organic growth across our wealth management businesses. We continued to benefit from our core funding advantage, strong credit standards, and focus on discretionary cost control. Further, we received numerous accolades during the year recognizing us for financial performance, employee satisfaction, customer service, and trust. I am exceptionally pleased that we were the only midsize bank to be ranked in the top ten as one of America’s Best Banks and Best Midsize Employers.”

Mr. Clossin added, “We remain focused on ensuring a strong organization with sound credit quality, solid liquidity, and strong balance sheet. We have the right markets, teams, leadership, and strategies, combined with our core strengths, to provide long-term success for our shareholders, customers, and employees. I am excited for our future growth opportunities.”

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Balance Sheet

Loan growth for the fourth quarter of 2022 reflects strong performance by our commercial and consumer lending teams and more 1-to-4 family residential mortgages retained on the balance sheet. As of December 31, 2022, total portfolio loans were $10.7 billion, which increased 11.7% year-over-year, and 4.2%, or 16.8% annualized, when compared to September 30, 2022, excluding SBA PPP loans, driven by strong growth across our markets. Commercial real estate payoffs during the fourth quarter moderated, as expected, totaling approximately $63 million, as compared to $173 million in the third quarter and $160 million in the fourth quarter of last year. The fourth quarter of 2022 included the forgiveness of approximately $5 million of SBA PPP loans, with approximately $8 million remaining in the loan portfolio (net of deferred fees).

Deposits, excluding CDs, were essentially flat to the prior year period but decreased 1.7%, or 6.7% annualized, quarter-over-quarter reflecting the impact of inflationary pressures and rising costs across the economy. Total deposits, as of December 31, 2022, were $13.1 billion, a decrease of $434.8 million year-over-year due primarily toa $406.8 million reduction in CDs.

Credit Quality

As of December 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, from a historical perspective, and consistent throughout the last five quarters. Total loans past due as a percent of the loan portfolio decreased 26 basis points from the third quarter, while criticized and classified loans as a percent of the loan portfolio decreased 9 basis points to 2.34%. In addition, total loans past due and criticized and classified loans as percentages of the loan portfolio decreased 17 and 141 basis points year-over-year, respectively. For the fourth quarter, net loan charge-offs to average loans totaled $0.5 million, as compared to $0.9 million in the prior year period. The allowance for credit losses to total portfolio loans at December 31, 2022 was $117.8 million, or 1.10% of total loans, reflecting increases in current loan growth and projected macroeconomic forecasts, offset by continued improvements in COVID-impacted borrowers. During the prior year three- and twelve- month periods ending December 31, 2021, we recorded negative provisions for credit losses of $13.6 million and $64.3 million, respectively, due to significantly improved macroeconomic forecasts and other factors, as compared to provisions of $3.1 million and a negative $1.7 million, respectively, in the current year.

Net Interest Margin and Income

The net interest margin of 3.49% for the fourth quarter of 2022 increased 16 basis points sequentially and 52 basis points year-over-year, which reflects the 425 basis point increase in the federal fund rate during 2022, as well as our successful deployment of excess cash into higher-yielding loans. Variable rate securities, which represent 18% of the total securities portfolio also contributed to the margin. While our robust legacy deposit base provides a pricing advantage, we are not immune to the impact of rising interest rates on our funding sources. Deposit funding costs increased 44 basis points year-over-year to 57 basis points for the fourth quarter of 2022, or 29 basis points when including non-interest bearing deposits. This reflects a total deposit beta of 8%, when compared to the 375 basis point increase in the federal fund rate through November 2022. Further, total deposit funding costs also increased 20 basis points on a sequential quarter basis. Accretion from acquisitions benefited the fourth quarter net interest margin by 5 basis points, as compared to 9 basis points in the prior year period. Lastly, the forgiveness of SBA PPP loans had no material impact on the fourth quarter of 2022 net interest margin, as compared to a net 9 basis point benefit in the prior year period.

Net interest income increased $19.5 million, or 17.7%, during the fourth quarter of 2022, as compared to the same quarter of 2021, reflecting loan growth and the benefit of rising rates on loan and securities yields, which more than offset higher funding costs, lower accretion from purchase accounting, and lower SBA PPP-related loan income. For the twelve months ended December 31, 2022, net interest income increased $16.4 million, or 3.6%, primarily due to the reasons discussed for the three-month period comparison.

Non-Interest Income

For the fourth quarter of 2022, non-interest income of $27.8 million decreased $2.9 million, or 9.6%, from the fourth quarter of 2021, driven primarily by lower mortgage banking income. Mortgage banking income decreased $2.3 million year-over-year due to a reduction in residential mortgage originations, primarily driven by the higher interest rate environment, and our retention of more residential mortgages on the balance sheet. Fourth quarter mortgage originations decreased 53% year-over-year to $179 million, with approximately 80% retained, as compared to 70% last year. Net securities brokerage revenue increased $1.0 million year-over-year to a record $2.6 million during the quarter due to organic growth.

Non-interest income, for the twelve months ended December 31, 2022, decreased $15.4 million, or 11.6%, to $117.4 million. In addition to the items discussed above, both service charges on deposits and electronic banking fees increased year-over-year to $26.3 million and $20.0 million, respectively, reflecting increased general consumer spending. Bank-owned life insurance of $10.7 million increased $1.8 million year-over-year due to higher death benefits and the impact of new policies purchased during the fourth quarter of 2021. Trust fees decreased $2.0 million year-over-year to $27.6 million, primarily due to the declines in the equity markets on the value of trust assets, which more than offset net organic growth. The net gain on other real estate owned and other assets of $0.5 million reflects the change in the fair value of an underlying equity investment held by WesBanco Community Development Corporation during the second quarter of 2022, as compared to a net gain of $3.8 million for the same investment in the prior year.

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Non-Interest Expense

Excluding restructuring and merger-related expenses, non-interest expense for the three months ended December 31, 2022 totaled $90.4 million, an increase of just 2.6% year-over-year, reflecting discretionary cost control and a credit from adjustments to the mortgage incentive compensation plan. Salaries and wages increased $2.2 million, or 5.4%, compared to the prior year period due to higher salary expense related to merit increases and higher staffing levels. Employee benefits of $9.2 million decreased $1.6 million from last year due primarily to a higher health insurance liability recorded in the prior year period, as well as a decrease in this quarter’s pension expense.

On a similar basis, non-interest expense for the twelve months ended December 31, 2022 increased $8.8 million, or 2.5%, due primarily to higher salaries and wages, as described above, and higher FDIC insurance, which reflects the benefit to last year’s FDIC insurance calculation from the large negative credit loss provision recognized during 2021, 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 December 31, 2022, Tier I leverage was 9.90%, Tier I risk-based capital ratio was 12.33%, common equity Tier 1 capital ratio (“CET 1”) was 11.20%, and total risk-based capital was 15.11%.

Conference Call and Webcast

WesBanco will host a conference call to discuss the Company's financial results for the fourth quarter of 2022 at 10:00 a.m. ET on Wednesday, January 25, 2023. 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 8654312. The replay will begin at approximately 12:00 p.m. ET on January 25, 2023 and end at 12 a.m. ET on February 8, 2023. An archive of the webcast will be available for one year on the Investor Relations section of the Company’s website (www.wesbanco.com).

Forward-Looking Statements

Forward-looking statements in this report relating to WesBanco’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained in this report should be read in conjunction with WesBanco’s Form 10-K for the year ended December 31, 2021 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), including WesBanco’s Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022, which are available at the SEC’s website, www.sec.gov or at WesBanco’s website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco’s most recent Annual Report on Form 10-K filed with the SEC under “Risk Factors” in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions 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

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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 $4.9 billion of assets under management (as of December 31, 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 Twelve Months Ended
	STATEMENT OF INCOME	December 31,									December 31,
		2022			2021			% Change			2022			2021			% Change
	Interest and dividend income
	Loans, including fees	$	123,307		$	97,432			26.6		$	422,401		$	415,965			1.5
	Interest and dividends on securities:
	Taxable		18,655			12,934			44.2			66,123			50,401			31.2
	Tax-exempt		4,853			4,236			14.6			18,818			16,161			16.4
	Total interest and dividends on securities		23,508			17,170			36.9			84,941			66,562			27.6
	Other interest income		2,103			605			247.6			6,314			2,440			158.8
	Total interest and dividend income		148,918			115,207			29.3			513,656			484,967			5.9
	Interest expense
	Interest bearing demand deposits		7,264			810			796.8			12,181			3,669			232.0
	Money market deposits		1,890			315			500.0			3,562			1,803			97.6
	Savings deposits		2,454			261			840.2			4,115			1,031			299.1
	Certificates of deposit		742			1,501			(50.6	)		4,089			7,623			(46.4	)
	Total interest expense on deposits		12,350			2,887			327.8			23,947			14,126			69.5
	Federal Home Loan Bank borrowings		2,634			780			237.7			3,968			6,167			(35.7	)
	Other short-term borrowings		324			35			825.7			568			227			150.2
	Subordinated debt and junior subordinated debt		3,736			1,178			217.1			10,860			6,514			66.7
	Total interest expense		19,044			4,880			290.2			39,343			27,034			45.5
	Net interest income		129,874			110,327			17.7			474,313			457,933			3.6
	Provision for credit losses		3,123			(13,559	)		123.0			(1,663	)		(64,274	)		97.4
	Net interest income after provision for credit losses		126,751			123,886			2.3			475,976			522,207			(8.9	)
	Non-interest income
	Trust fees		6,672			7,441			(10.3	)		27,551			29,511			(6.6	)
	Service charges on deposits		6,762			6,592			2.6			26,281			22,412			17.3
	Electronic banking fees		4,695			4,465			5.2			20,002			19,318			3.5
	Net securities brokerage revenue		2,556			1,579			61.9			9,525			6,896			38.1
	Bank-owned life insurance		2,464			2,864			(14.0	)		10,728			8,936			20.1
	Mortgage banking income		621			2,872			(78.4	)		5,129			19,528			(73.7	)
	Net securities (losses)/gains		(600	)		372			(261.3	)		(1,777	)		1,113			(259.7	)
	Net gain/(loss) on other real estate owned and other assets		550			(158	)		448.1			482			4,816			(90.0	)
	Other income		4,050			4,682			(13.5	)		19,470			20,255			(3.9	)
	Total non-interest income		27,770			30,709			(9.6	)		117,391			132,785			(11.6	)
	Non-interest expense
	Salaries and wages		42,606			40,420			5.4			167,028			154,242			8.3
	Employee benefits		9,198			10,842			(15.2	)		37,771			41,033			(7.9	)
	Net occupancy		6,262			6,413			(2.4	)		26,105			26,843			(2.7	)
	Equipment and software		8,712			8,352			4.3			32,508			30,006			8.3
	Marketing		1,788			2,601			(31.3	)		9,335			8,634			8.1
	FDIC insurance		2,051			1,460			40.5			7,901			4,150			90.4
	Amortization of intangible assets		2,541			2,834			(10.3	)		10,278			11,457			(10.3	)
	Restructuring and merger-related expense		11			177			(93.8	)		1,723			6,717			(74.3	)
	Other operating expenses		17,286			15,204			13.7			64,317			70,061			(8.2	)
	Total non-interest expense		90,455			88,303			2.4			356,966			353,143			1.1
	Income before provision for income taxes		64,066			66,292			(3.4	)		236,401			301,849			(21.7	)
	Provision for income taxes		11,856			12,144			(2.4	)		44,288			59,589			(25.7	)
	Net Income		52,210			54,148			(3.6	)		192,113			242,260			(20.7	)
	Preferred stock dividends		2,531			2,531			-			10,125			10,125			-
	Net income available to common shareholders	$	49,679		$	51,617			(3.8	)	$	181,988		$	232,135			(21.6	)
	Taxable equivalent net interest income	$	131,164		$	111,453			17.7		$	479,315		$	462,229			3.7
	Per common share data
	Net income per common share - basic	$	0.84		$	0.82			2.4		$	3.03		$	3.54			(14.4	)
	Net income per common share - diluted		0.84			0.82			2.4			3.02			3.53			(14.4	)
	Net income per common share - diluted, excluding certain items (1)(2)		0.84			0.82			2.4			3.04			3.62			(16.0	)
	Dividends declared		0.35			0.33			6.1			1.37			1.32			3.8
	Book value (period end)		38.55			40.91			(5.8	)		38.55			40.91			(5.8	)
	Tangible book value (period end) (1)		19.43			22.61			(14.1	)		19.43			22.61			(14.1	)
	Average common shares outstanding - basic		59,188,238			63,045,061			(6.1	)		60,047,177			65,520,527			(8.4	)
	Average common shares outstanding - diluted		59,374,204			63,183,411			(6.0	)		60,215,374			65,669,970			(8.3	)
	Period end common shares outstanding		59,198,963			62,307,245			(5.0	)		59,198,963			62,307,245			(5.0	)
	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 Twelve Months Ended
		December 31,
		2022			2021			% Change
	Return on average assets		1.08	%		1.37	%		(21.17	)	%
	Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		1.09			1.40			(22.14	)
	Return on average equity		7.23			8.40			(13.93	)
	Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		7.29			8.59			(15.13	)
	Return on average tangible equity (1)		13.78			14.89			(7.45	)
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		13.88			15.22			(8.80	)
	Return on average tangible common equity (1)		15.39			16.35			(5.87	)
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		15.50			16.71			(7.24	)
	Yield on earning assets (2)		3.47			3.29			5.47
	Cost of interest bearing liabilities		0.42			0.28			50.00
	Net interest spread (2)		3.05			3.01			1.33
	Net interest margin (2)		3.20			3.11			2.89
	Efficiency (1) (2)		59.53			58.22			2.25
	Average loans to average deposits		74.21			78.11			(4.99	)
	Annualized net loan charge-offs/average loans		0.02			0.02			-
	Effective income tax rate		18.73			19.74			(5.12	)

	For the Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
	2022			2022			2022			2022			2021
Return on average assets		1.18	%		1.19	%		0.95	%		0.99	%		1.21	%
Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		1.18			1.19			0.95			1.02			1.21
Return on average equity		8.18			8.05			6.43			6.35			7.56
Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		8.18			8.06			6.43			6.54			7.58
Return on average tangible equity (1)		16.05			15.39			12.35			11.67			13.62
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		16.05			15.41			12.36			12.01			13.66
Return on average tangible common equity (1)		18.09			17.23			13.80			12.90			15.00
Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		18.10			17.25			13.82			13.27			15.04
Yield on earning assets (2)		4.00			3.59			3.20			3.07			3.10
Cost of interest bearing liabilities		0.82			0.41			0.26			0.19			0.20
Net interest spread (2)		3.18			3.18			2.94			2.88			2.90
Net interest margin (2)		3.49			3.33			3.03			2.95			2.97
Efficiency (1) (2)		56.91			58.13			61.91			61.73			61.99
Average loans to average deposits		78.43			75.01			72.36			71.05			72.61
Annualized net loan charge-offs and recoveries /average loans		0.02			0.04			0.00			0.00			0.04
Effective income tax rate		18.51			18.85			19.35			18.26			18.32
Trust assets, market value at period end	$	4,878,479		$	4,622,878		$	4,803,043		$	5,412,342		$	5,644,975
(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
		December 31,									September 30,			December 31, 2022
	Balance sheets	2022			2021			% Change			2022			to Sept 30, 2022
	Assets
	Cash and due from banks	$	166,182		$	157,046			5.8		$	212,341			(21.7	)
	Due from banks - interest bearing		242,229			1,094,312			(77.9	)		166,215			45.7
	Securities:
	Equity securities, at fair value		11,506			13,466			(14.6	)		11,964			(3.8	)
	Available-for-sale debt securities, at fair value		2,529,140			3,013,462			(16.1	)		2,645,748			(4.4	)
	Held-to-maturity debt securities (fair values of $1,084,390; $1,028,452 and $1,065,833, respectively)		1,248,629			1,004,823			24.3			1,262,467			(1.1	)
	Allowance for credit losses - held-to-maturity debt securities		(220	)		(268	)		17.9			(225	)		2.2
	Net held-to-maturity debt securities		1,248,409			1,004,555			24.3			1,262,242			(1.1	)
	Total securities		3,789,055			4,031,483			(6.0	)		3,919,954			(3.3	)
	Loans held for sale		8,249			25,277			(67.4	)		12,887			(36.0	)
	Portfolio loans:
	Commercial real estate		6,061,344			5,538,968			9.4			5,831,384			3.9
	Commercial and industrial		1,579,395			1,590,320			(0.7	)		1,516,856			4.1
	Residential real estate		2,140,584			1,721,378			24.4			2,010,344			6.5
	Home equity		695,065			605,682			14.8			609,765			14.0
	Consumer		226,340			277,130			(18.3	)		309,313			(26.8	)
	Total portfolio loans, net of unearned income		10,702,728			9,733,478			10.0			10,277,662			4.1
	Allowance for credit losses - loans		(117,790	)		(121,622	)		3.2			(114,584	)		(2.8	)
	Net portfolio loans		10,584,938			9,611,856			10.1			10,163,078			4.2
	Premises and equipment, net		220,892			229,016			(3.5	)		221,355			(0.2	)
	Accrued interest receivable		68,522			60,844			12.6			63,375			8.1
	Goodwill and other intangible assets, net		1,141,355			1,151,634			(0.9	)		1,143,896			(0.2	)
	Bank-owned life insurance		352,361			350,359			0.6			350,806			0.4
	Other assets		358,122			215,298			66.3			350,840			2.1
	Total Assets	$	16,931,905		$	16,927,125			0.0		$	16,604,747			2.0
	Liabilities
	Deposits:
	Non-interest bearing demand	$	4,700,438		$	4,590,895			2.4		$	4,736,722			(0.8	)
	Interest bearing demand		3,119,807			3,380,056			(7.7	)		3,201,714			(2.6	)
	Money market		1,684,023			1,739,750			(3.2	)		1,772,481			(5.0	)
	Savings deposits		2,741,004			2,562,510			7.0			2,741,937			(0.0	)
	Certificates of deposit		885,818			1,292,652			(31.5	)		991,512			(10.7	)
	Total deposits		13,131,090			13,565,863			(3.2	)		13,444,366			(2.3	)
	Federal Home Loan Bank borrowings		705,000			183,920			283.3			56,998		NM
	Other short-term borrowings		135,069			141,893			(4.8	)		127,983			5.5
	Subordinated debt and junior subordinated debt		281,404			132,860			111.8			281,179			0.1
	Total borrowings		1,121,473			458,673			144.5			466,160			140.6
	Accrued interest payable		4,593			1,901			141.6			4,358			5.4
	Other liabilities		248,087			207,522			19.5			294,211			(15.7	)
	Total Liabilities		14,505,243			14,233,959			1.9			14,209,095			2.1
	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; 59,198,963, 62,307,245 and 59,304,505 shares outstanding, respectively		141,834			141,834			-			141,834			-
	Capital surplus		1,635,877			1,635,642			0.0			1,634,280			0.1
	Retained earnings		1,077,675			977,765			10.2			1,048,532			2.8
	Treasury stock (8,882,343, 5,774,061 and 8,776,801 shares - at cost, respectively)		(308,964	)		(199,759	)		(54.7	)		(305,033	)		(1.3	)
	Accumulated other comprehensive loss		(262,416	)		(5,120	)	NM				(266,640	)		1.6
	Deferred benefits for directors		(1,828	)		(1,680	)		(8.8	)		(1,805	)		(1.3	)
	Total Shareholders' Equity		2,426,662			2,693,166			(9.9	)		2,395,652			1.3
	Total Liabilities and Shareholders' Equity	$	16,931,905		$	16,927,125			0.0		$	16,604,747			2.0
	NM - Not Meaningful

Confidential Draft

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
		For the Three Months Ended December 31,										For the Twelve Months Ended December 31,
		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	$	178,706		4.32	%	$	1,028,014		0.16	%	$	611,482		0.94	%	$	860,249		0.13	%
	Loans, net of unearned income (1)		10,456,648		4.68			9,839,726		3.93			10,083,925		4.19			10,380,605		4.01
	Securities: (2)
	Taxable		3,429,372		2.16			3,295,240		1.56			3,461,414		1.91			2,966,745		1.70
	Tax-exempt (3)		811,593		3.00			696,695		3.05			789,564		3.02			632,187		3.24
	Total securities		4,240,965		2.32			3,991,935		1.82			4,250,978		2.12			3,598,932		1.97
	Other earning assets		19,494		3.20			16,539		4.69			15,265		3.66			25,481		5.04
	Total earning assets (3)		14,895,813		4.00	%		14,876,214		3.10	%		14,961,650		3.47	%		14,865,267		3.29	%
	Other assets		1,790,117					2,071,448					1,917,891					2,063,110
	Total Assets	$	16,685,930				$	16,947,662				$	16,879,541				$	16,928,377
	Liabilities and Shareholders' Equity
	Interest bearing demand deposits	$	3,169,673		0.91	%	$	3,351,982		0.10	%	$	3,314,384		0.37	%	$	3,193,425		0.11	%
	Money market accounts		1,739,874		0.43			1,748,900		0.07			1,774,152		0.20			1,760,540		0.10
	Savings deposits		2,726,647		0.36			2,521,850		0.04			2,692,568		0.15			2,425,527		0.04
	Certificates of deposit		931,853		0.32			1,326,789		0.45			1,098,614		0.37			1,457,730		0.52
	Total interest bearing deposits		8,568,047		0.57			8,949,521		0.13			8,879,718		0.27			8,837,222		0.16
	Federal Home Loan Bank borrowings		282,934		3.69			208,663		1.48			175,104		2.27			343,185		1.80
	Repurchase agreements		136,099		0.94			138,769		0.10			146,590		0.39			149,001		0.15
	Subordinated debt and junior subordinated debt		281,265		5.27			149,879		3.12			248,192		4.38			180,649		3.61
	Total interest bearing liabilities (4)		9,268,345		0.82	%		9,446,832		0.20	%		9,449,604		0.42	%		9,510,057		0.28	%
	Non-interest bearing demand deposits		4,763,773					4,601,270					4,708,758					4,452,590
	Other liabilities		243,051					189,778					205,670					201,393
	Shareholders' equity		2,410,761					2,709,782					2,515,509					2,764,337
	Total Liabilities and Shareholders' Equity	$	16,685,930				$	16,947,662				$	16,879,541				$	16,928,377
	Taxable equivalent net interest spread				3.18	%				2.90	%				3.05	%				3.01	%
	Taxable equivalent net interest margin				3.49	%				2.97	%				3.20	%				3.11	%
	(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 $0.8 million and $4.7 million for the three months ended December 31, 2022 and 2021, respectively, and were $8.8 million and $26.3 million for the twelve months ended December 31, 2022 and 2021, respectively. As part of loan fees, PPP loan fees were $0.2 million and $4.3 million for the three months ended December 31, 2022 and 2021, respectively, and $5.9 million and $25.3 million for the twelve months ended December 31, 2022 and 2021, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $1.8 million and $3.0 million for the three months ended December 31, 2022 and 2021, respectively, and $8.0 million and $13.3 million for the twelve months ended December 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 $0.2 million and $0.6 million for the three months ended December 31, 2022 and 2021, respectively, and $1.1 million and $3.1 million for the twelve months ended December 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
		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
	Statement of Income	2022			2022			2022			2022			2021
	Interest and dividend income
	Loans, including fees	$	123,307		$	109,562		$	96,412		$	93,121		$	97,432
	Interest and dividends on securities:
	Taxable		18,655			17,531			15,825			14,112			12,934
	Tax-exempt		4,853			4,916			4,706			4,344			4,236
	Total interest and dividends on securities		23,508			22,447			20,531			18,456			17,170
	Other interest income		2,103			2,108			1,504			597			605
	Total interest and dividend income		148,918			134,117			118,447			112,174			115,207
	Interest expense
	Interest bearing demand deposits		7,264			2,953			1,153			811			810
	Money market deposits		1,890			968			383			321			315
	Savings deposits		2,454			1,067			330			264			261
	Certificates of deposit		742			958			1,116			1,273			1,501
	Total interest expense on deposits		12,350			5,946			2,982			2,669			2,887
	Federal Home Loan Bank borrowings		2,634			348			411			575			780
	Other short-term borrowings		324			147			48			48			35
	Subordinated debt and junior subordinated debt		3,736			3,175			2,778			1,171			1,178
	Total interest expense		19,044			9,616			6,219			4,463			4,880
	Net interest income		129,874			124,501			112,228			107,711			110,327
	Provision for credit losses		3,123			(535	)		(812	)		(3,438	)		(13,559	)
	Net interest income after provision for credit losses		126,751			125,036			113,040			111,149			123,886
	Non-interest income
	Trust fees		6,672			6,517			6,527			7,835			7,441
	Service charges on deposits		6,762			6,942			6,487			6,090			6,592
	Electronic banking fees		4,695			4,808			5,154			5,345			4,465
	Net securities brokerage revenue		2,556			2,491			2,258			2,220			1,579
	Bank-owned life insurance		2,464			1,999			2,384			3,881			2,864
	Mortgage banking income		621			1,257			1,328			1,923			2,872
	Net securities (losses)/gains		(600	)		656			(1,183	)		(650	)		372
	Net gain/(loss) on other real estate owned and other assets		550			2,040			(1,302	)		(806	)		(158	)
	Other income		4,050			5,546			5,330			4,544			4,682
	Total non-interest income		27,770			32,256			26,983			30,382			30,709
	Non-interest expense
	Salaries and wages		42,606			44,271			41,213			38,937			40,420
	Employee benefits		9,198			10,693			8,722			9,158			10,842
	Net occupancy		6,262			6,489			6,119			7,234			6,413
	Equipment and software		8,712			8,083			7,702			8,011			8,352
	Marketing		1,788			2,377			2,749			2,421			2,601
	FDIC insurance		2,051			2,391			1,937			1,522			1,460
	Amortization of intangible assets		2,541			2,560			2,579			2,598			2,834
	Restructuring and merger-related expense		11			66			52			1,593			177
	Other operating expenses		17,286			15,011			15,946			16,074			15,204
	Total non-interest expense		90,455			91,941			87,019			87,548			88,303
	Income before provision for income taxes		64,066			65,351			53,004			53,983			66,292
	Provision for income taxes		11,856			12,318			10,256			9,859			12,144
	Net Income		52,210			53,033			42,748			44,124			54,148
	Preferred stock dividends		2,531			2,531			2,531			2,531			2,531
	Net income available to common shareholders	$	49,679		$	50,502		$	40,217		$	41,593		$	51,617
	Taxable equivalent net interest income	$	131,164		$	125,808		$	113,479		$	108,866		$	111,453
	Per common share data
	Net income per common share - basic	$	0.84		$	0.85		$	0.67		$	0.68		$	0.82
	Net income per common share - diluted		0.84			0.85			0.67			0.68			0.82
	Net income per common share - diluted, excluding    certain items (1)(2)		0.84			0.85			0.67			0.70			0.82
	Dividends declared		0.35			0.34			0.34			0.34			0.33
	Book value (period end)		38.55			37.96			38.92			39.64			40.91
	Tangible book value (period end) (1)		19.43			18.84			19.89			20.87			22.61
	Average common shares outstanding - basic		59,188,238			59,549,244			60,036,103			61,445,399			63,045,061
	Average common shares outstanding - diluted		59,374,204			59,697,676			60,185,207			61,593,365			63,183,411
	Period end common shares outstanding		59,198,963			59,304,505			59,698,788			60,613,414			62,307,245
	Period end preferred shares outstanding		150,000			150,000			150,000			150,000			150,000
	Full time equivalent employees		2,495			2,480			2,509			2,456			2,462
	(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
		Dec. 31,			Sept. 30,				June 30,				Mar. 31,				Dec. 31,
	Asset quality data	2022			2022				2022				2022				2021
	Non-performing assets:
	Troubled debt restructurings - accruing	$	3,230		$	4,583			$	3,579			$	3,731			$	3,746
	Non-accrual loans:
	Troubled debt restructurings		1,711			1,756				2,120				1,348				1,547
	Other non-accrual loans		36,474			26,428				29,594				32,024				34,195
	Total non-accrual loans		38,185			28,184				31,714				33,372				35,742
	Total non-performing loans		41,415			32,767				35,293				37,103				39,488
	Other real estate and repossessed assets		1,486			1,595				31				87				-
	Total non-performing assets	$	42,901		$	34,362			$	35,324			$	37,190			$	39,488
	Past due loans (1):
	Loans past due 30-89 days	$	15,439		$	21,836			$	31,388			$	28,322			$	27,152
	Loans past due 90 days or more		5,443			24,311				9,560				6,142				7,804
	Total past due loans	$	20,882		$	46,147			$	40,948			$	34,464			$	34,956
	Criticized and classified loans (2):
	Criticized loans	$	147,945		$	163,176			$	193,871			$	234,143			$	248,518
	Classified loans		102,555			86,861				126,257				123,837				116,013
	Total criticized and classified loans	$	250,500		$	250,037			$	320,128			$	357,980			$	364,531
	Loans past due 30-89 days / total portfolio loans (3)		0.14	%		0.21		%		0.31		%		0.29		%		0.28		%
	Loans past due 90 days or more / total portfolio loans		0.05			0.24				0.09				0.06				0.08
	Non-performing loans / total portfolio loans		0.39			0.32				0.35				0.38				0.41
	Non-performing assets/total portfolio loans, other    real estate and repossessed assets		0.40			0.33				0.35				0.38				0.41
	Non-performing assets / total assets		0.25			0.21				0.21				0.22				0.23
	Criticized and classified loans / total portfolio loans		2.34			2.43				3.14				3.68				3.75
	Allowance for credit losses
	Allowance for credit losses - loans	$	117,790		$	114,584			$	117,403			$	117,865			$	121,622
	Allowance for credit losses - loan commitments		8,368			8,938				7,718				8,050				7,775
	Provision for credit losses		3,123			(535	)			(812	)			(3,438	)			(13,559	)
	Net loan and deposit account overdraft charge-offs and recoveries		493			1,102				2				27				929
	Annualized net loan charge-offs and recoveries / average loans		0.02	%		0.04		%		0.00		%		0.00		%		0.04		%
	Allowance for credit losses - loans / total portfolio loans		1.10	%		1.11		%		1.15		%		1.21		%		1.25		%
	Allowance for credit losses - loans / total portfolio loans excluding PPP loans		1.10	%		1.12		%		1.15		%		1.22		%		1.27		%
	Allowance for credit losses - loans / non-performing loans		2.84	x		3.50		x		3.33		x		3.18		x		3.08		x
	Allowance for credit losses - loans / non-performing loans    and loans past due		1.89	x		1.45		x		1.54		x		1.65		x		1.63		x
		Quarter Ended
		Dec. 31,			Sept. 30,				June 30,				Mar. 31,				Dec. 31,
		2022			2022				2022				2022				2021
	Capital ratios
	Tier I leverage capital		9.90	%		9.68		%		9.51		%		9.67		%		10.02		%
	Tier I risk-based capital		12.33			12.51				12.49				13.25				14.05
	Total risk-based capital		15.11			15.37				15.40				16.32				15.91
	Common equity tier 1 capital ratio (CET 1)		11.20			11.35				11.31				12.01				12.77
	Average shareholders' equity to average assets		14.45			14.75				14.79				15.63				15.99
	Tangible equity to tangible assets (4)		8.19			8.16				8.50				8.83				9.84
	Tangible common equity to tangible assets (4)		7.28			7.22				7.58				7.92				8.92
	(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 $8.1 million of PPP loans as of December 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															Year to Date
		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Dec. 31,
	(unaudited, dollars in thousands, except shares and per share amounts)	2022			2022			2022			2022			2021			2022			2021
	Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	49,679		$	50,502		$	40,217		$	41,593		$	51,617		$	181,988		$	232,135
	Plus: after-tax restructuring and merger-related expenses (1)		9			52			41			1,258			140			1,361			5,306
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		49,688			50,554			40,258			42,851			51,757			183,349			237,441
	Average total assets	$	16,685,930		$	16,871,655		$	16,971,452		$	16,992,598		$	16,947,662		$	16,879,541		$	16,928,377
	Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2)		1.18	%		1.19	%		0.95	%		1.02	%		1.21	%		1.09	%		1.40	%
	Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	49,679		$	50,502		$	40,217		$	41,593		$	51,617		$	181,988		$	232,135
	Plus: after-tax restructuring and merger-related expenses (1)		9			52			41			1,258			140			1,361			5,306
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		49,688			50,554			40,258			42,851			51,757			183,349			237,441
	Average total shareholders' equity		2,410,761			2,488,938			2,509,439			2,655,807			2,709,782			2,515,509			2,764,337
	Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		8.18	%		8.06	%		6.43	%		6.54	%		7.58	%		7.29	%		8.59	%
	Return on average tangible equity:
	Net income available to common shareholders	$	49,679		$	50,502		$	40,217		$	41,593		$	51,617		$	181,988		$	232,135
	Plus: amortization of intangibles (1)		2,007			2,022			2,037			2,052			2,239			8,120			9,051
	Net income available to common shareholders before amortization of intangibles		51,686			52,524			42,254			43,645			53,856			190,108			241,186
	Average total shareholders' equity		2,410,761			2,488,938			2,509,439			2,655,807			2,709,782			2,515,509			2,764,337
	Less: average goodwill and other intangibles, net of def. tax liability		(1,132,894	)		(1,135,007	)		(1,137,187	)		(1,139,242	)		(1,141,307	)		(1,136,062	)		(1,144,698	)
	Average tangible equity	$	1,277,867		$	1,353,931		$	1,372,252		$	1,516,565		$	1,568,475		$	1,379,447		$	1,619,639
	Return on average tangible equity (annualized) (2)		16.05	%		15.39	%		12.35	%		11.67	%		13.62	%		13.78	%		14.89	%
	Average tangible common equity	$	1,133,383		$	1,209,447		$	1,227,768		$	1,372,081		$	1,423,991		$	1,234,963		$	1,475,155
	Return on average tangible common equity (annualized) (2)		18.09	%		17.23	%		13.80	%		12.90	%		15.00	%		15.39	%		16.35	%
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	49,679		$	50,502		$	40,217		$	41,593		$	51,617		$	181,988		$	232,135
	Plus: after-tax restructuring and merger-related expenses (1)		9			52			41			1,258			140			1,361			5,306
	Plus: amortization of intangibles (1)		2,007			2,022			2,037			2,052			2,239			8,120			9,051
	Net income available to common shareholders before amortization of intangibles and    excluding after-tax restructuring and merger-related expenses		51,695			52,576			42,295			44,903			53,996			191,469			246,492
	Average total shareholders' equity		2,410,761			2,488,938			2,509,439			2,655,807			2,709,782			2,515,509			2,764,337
	Less: average goodwill and other intangibles, net of def. tax liability		(1,132,894	)		(1,135,007	)		(1,137,187	)		(1,139,242	)		(1,141,307	)		(1,136,062	)		(1,144,698	)
	Average tangible equity	$	1,277,867		$	1,353,931		$	1,372,252		$	1,516,565		$	1,568,475		$	1,379,447		$	1,619,639
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		16.05	%		15.41	%		12.36	%		12.01	%		13.66	%		13.88	%		15.22	%
	Average tangible common equity	$	1,133,383		$	1,209,447		$	1,227,768		$	1,372,081		$	1,423,991		$	1,234,963		$	1,475,155
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		18.10	%		17.25	%		13.82	%		13.27	%		15.04	%		15.50	%		16.71	%

Confidential Draft

	Three Months Ended															Year to Date
	Dec. 31,			Sept. 30			June 30,			Mar. 31,			Dec. 31,			Dec. 31,
(unaudited, dollars in thousands, except shares and per share amounts)	2022			2022			2022			2022			2021			2022			2021
Efficiency ratio:
Non-interest expense	$	90,455		$	91,941		$	87,019		$	87,548		$	88,303		$	356,966		$	353,143
Less: restructuring and merger-related expense		(11	)		(66	)		(52	)		(1,593	)		(177	)		(1,723	)		(6,717	)
Non-interest expense excluding restructuring and merger-related expense		90,444			91,875			86,967			85,955			88,126			355,243			346,426
Net interest income on a fully taxable equivalent basis		131,164			125,808			113,479			108,866			111,453			479,315			462,229
Non-interest income		27,770			32,256			26,983			30,382			30,709			117,391			132,785
Net interest income on a fully taxable equivalent basis plus non-interest income	$	158,934		$	158,064		$	140,462		$	139,248		$	142,162		$	596,706		$	595,014
Efficiency Ratio		56.91	%		58.13	%		61.91	%		61.73	%		61.99	%		59.53	%		58.22	%
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
Net income available to common shareholders	$	49,679		$	50,502		$	40,217		$	41,593		$	51,617		$	181,988		$	232,135
Add: After-tax restructuring and merger-related expenses (1)		9			52			41			1,258			140			1,361			5,306
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses	$	49,688		$	50,554		$	40,258		$	42,851		$	51,757		$	183,349		$	237,441
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
Net income per common share - diluted	$	0.84		$	0.85		$	0.67		$	0.68		$	0.82		$	3.02		$	3.53
Add: After-tax restructuring and merger-related expenses per common share - diluted (1)		-			-			-			0.02			-			0.02			0.09
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses	$	0.84		$	0.85		$	0.67		$	0.70		$	0.82		$	3.04		$	3.62
	Period End
	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
	2022			2022			2022			2022			2021
Tangible book value per share:
Total shareholders' equity	$	2,426,662		$	2,395,652		$	2,467,951		$	2,547,316		$	2,693,166
Less: goodwill and other intangible assets, net of def. tax liability		(1,131,990	)		(1,133,998	)		(1,136,020	)		(1,138,057	)		(1,140,111	)
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,150,188			1,117,170			1,187,447			1,264,775			1,408,571
Common shares outstanding		59,198,963			59,304,505			59,698,788			60,613,414			62,307,245
Tangible book value per share	$	19.43		$	18.84		$	19.89		$	20.87		$	22.61
Tangible common equity to tangible assets:
Total shareholders' equity	$	2,426,662		$	2,395,652		$	2,467,951		$	2,547,316		$	2,693,166
Less: goodwill and other intangible assets, net of def. tax liability		(1,131,990	)		(1,133,998	)		(1,136,020	)		(1,138,057	)		(1,140,111	)
Tangible equity		1,294,672			1,261,654			1,331,931			1,409,259			1,553,055
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,150,188			1,117,170			1,187,447			1,264,775			1,408,571
Total assets		16,931,905			16,604,747			16,799,624			17,104,015			16,927,125
Less: goodwill and other intangible assets, net of def. tax liability		(1,131,990	)		(1,133,998	)		(1,136,020	)		(1,138,057	)		(1,140,111	)
Tangible assets	$	15,799,915		$	15,470,749		$	15,663,604		$	15,965,958		$	15,787,014
Tangible equity to tangible assets		8.19	%		8.16	%		8.50	%		8.83	%		9.84	%
Tangible common equity to tangible assets		7.28	%		7.22	%		7.58	%		7.92	%		8.92	%
(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
		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Dec. 31,
	(unaudited, dollars in thousands, except shares and per share amounts)	2022			2022			2022			2022			2021			2022			2021
	Pre-tax, pre-provision income:
	Income before provision for income taxes	$	64,066		$	65,351		$	53,004		$	53,983		$	66,292		$	236,401		$	301,849
	Add: provision for credit losses		3,123			(535	)		(812	)		(3,438	)		(13,559	)		(1,663	)		(64,274	)
	Pre-tax, pre-provision income	$	67,189		$	64,816		$	52,192		$	50,545		$	52,733		$	234,738		$	237,575
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income before provision for income taxes	$	64,066		$	65,351		$	53,004		$	53,983		$	66,292		$	236,401		$	301,849
	Add: provision for credit losses		3,123			(535	)		(812	)		(3,438	)		(13,559	)		(1,663	)		(64,274	)
	Add: restructuring and merger-related expenses		11			66			52			1,593			177			1,723			6,717
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses	$	67,200		$	64,882		$	52,244		$	52,138		$	52,910		$	236,461		$	244,292
	'Return on average assets, excluding certain items (1):
	Income before provision for income taxes	$	64,066		$	65,351		$	53,004		$	53,983		$	66,292		$	236,401		$	301,849
	Add: provision for credit losses		3,123			(535	)		(812	)		(3,438	)		(13,559	)		(1,663	)		(64,274	)
	Add: restructuring and merger-related expenses		11			66			52			1,593			177			1,723			6,717
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		67,200			64,882			52,244			52,138			52,910			236,461			244,292
	Average total assets	$	16,685,930		$	16,871,655		$	16,971,452		$	16,992,598		$	16,947,662		$	16,879,541		$	16,928,377
	Return on average assets, excluding certain items (annualized) (1) (2)		1.60	%		1.53	%		1.23	%		1.24	%		1.24	%		1.40	%		1.44	%
	Return on average equity, excluding certain items (1):
	Income before provision for income taxes	$	64,066		$	65,351		$	53,004		$	53,983		$	66,292		$	236,401		$	301,849
	Add: provision for credit losses		3,123			(535	)		(812	)		(3,438	)		(13,559	)		(1,663	)		(64,274	)
	Add: restructuring and merger-related expenses		11			66			52			1,593			177			1,723			6,717
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		67,200			64,882			52,244			52,138			52,910			236,461			244,292
	Average total shareholders' equity	$	2,410,761		$	2,488,938		$	2,509,439		$	2,655,807		$	2,709,782		$	2,515,509		$	2,764,337
	Return on average equity, excluding certain items (annualized) (1) (2)		11.06	%		10.34	%		8.35	%		7.96	%		7.75	%		9.40	%		8.84	%
	Return on average tangible equity, excluding certain items (1):
	Income before provision for income taxes	$	64,066		$	65,351		$	53,004		$	53,983		$	66,292		$	236,401		$	301,849
	Add: provision for credit losses		3,123			(535	)		(812	)		(3,438	)		(13,559	)		(1,663	)		(64,274	)
	Add: amortization of intangibles		2,541			2,560			2,579			2,598			2,834			10,278			11,457
	Add: restructuring and merger-related expenses		11			66			52			1,593			177			1,723			6,717
	Income before provision, restructuring and merger-related expenses and amortization of intangibles		69,741			67,442			54,823			54,736			55,744			246,739			255,749
	Average total shareholders' equity		2,410,761			2,488,938			2,509,439			2,655,807			2,709,782			2,515,509			2,764,337
	Less: average goodwill and other intangibles, net of def. tax liability		(1,132,894	)		(1,135,007	)		(1,137,187	)		(1,139,242	)		(1,141,307	)		(1,136,062	)		(1,144,698	)
	Average tangible equity	$	1,277,867		$	1,353,931		$	1,372,252		$	1,516,565		$	1,568,475		$	1,379,447		$	1,619,639
	Return on average tangible equity, excluding certain items (annualized) (1) (2)		21.65	%		19.76	%		16.02	%		14.64	%		14.10	%		17.89	%		15.79	%
	Average tangible common equity	$	1,133,383		$	1,209,447		$	1,227,768		$	1,372,081		$	1,423,991		$	1,234,963		$	1,475,155
	Return on average tangible common equity, excluding provision items (annualized) (1) (2)		24.41	%		22.12	%		17.91	%		16.18	%		15.53	%		19.98	%		17.34	%
	(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.