8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2024

WESBANCO, INC.

(Exact name of Registrant as Specified in Its Charter)

West Virginia	001-39442	55-0571723
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1 Bank Plaza
Wheeling, West Virginia		26003
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 304 234-9000

Former Name or Former Address, if Changed Since Last Report : Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $2.0833 Par Value	WSBC	Nasdaq Global Select Market
Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A)	WSBCP	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

Wesbanco, Inc. issued a press release and earnings call presentation today announcing earnings for the three and twelve months ended December 31, 2023. The press release is attached as Exhibit 99.1 and the earnings call presentation is attached as Exhibit 99.2 to this report.

Wesbanco, Inc. will host a conference call to discuss the Company's financial results for the fourth quarter of 2023 on Wednesday, January 24, 2024 at 10:00 a.m. ET.

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 4078172. The replay will begin at approximately 12:00 p.m. ET on January 24, 2024 and end at 12 a.m. ET on February 7, 2024. An archive of the webcast will be available for one year on the Investor Relations section of the Company’s website (www.wesbanco.com).

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

99.1 - Press release dated January 23, 2024 announcing earnings for the three and twelve months ended December 31, 2023.

99.2 – Fourth quarter 2023 earnings conference call presentation.

104 - Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Wesbanco, Inc. (registrant)
Date:	January 23, 2024	By:	/s/ Daniel K. Weiss, Jr.
			Daniel K. Weiss, Jr. Executive Vice President and Chief Financial Officer

EX-99.1

 

WesBanco Announces Fourth Quarter 2023 Financial Results

Continued deposit and loan growth while maintaining a stable net interest margin

Wheeling, WVa. (January 23, 2024) – 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, 2023. Net income available to common shareholders for the fourth quarter of 2023 was $32.4 million, with diluted earnings per share of $0.55, compared to $49.7 million and $0.84 per diluted share, respectively, for the fourth quarter of 2022. For the twelve months ended December 31, 2023, net income was $148.9 million, or $2.51 per diluted share, compared to $182.0 million, or $3.02 per diluted share, for the 2022 period. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three and twelve months ended December 31, 2023 were $32.4 million, or $0.55 per diluted share, and $151.9 million, or $2.56 per diluted share, respectively (non-GAAP measures).

	For the Three Months Ended December 31,									For the Twelve Months Ended December 31,
	2023				2022					2023						2022
(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)	$	32,437	$	0.55	$	49,688		$	0.84	$	151,933		$	2.56		$	183,349		$	3.04
Less: After tax restructuring and merger-related expenses		-		-		(9	)		-		(3,026	)		(0.05	)		(1,361	)		(0.02	)
Net income available to common shareholders (GAAP)	$	32,437	$	0.55	$	49,679		$	0.84	$	148,907		$	2.51		$	181,988		$	3.02
(1) See non-GAAP financial measures for additional information relating to these items.

Financial and operational highlights during the quarter ended December 31, 2023:

•Deposits of $13.2 billion increased both year-over-year and sequentially, reflecting deposit gathering and retention efforts across retail and business customers

oAverage loans to average deposits were 87%, providing capacity to fund loan growth

•Total loan growth was 8.7% year-over-year and 2.9% quarter-over-quarter, reflecting the strength of our markets and lending teams

oLoan production offices continued to contribute meaningfully to the commercial loan pipeline

•Non-interest income increased 8.0% year-over-year, supported by new commercial loan swap and wealth management fees

oNew commercial swap fees totaled $9.0 million during 2023

oTrust assets increased to $5.4 billion, driven by both market value adjustments and organic growth

•Net interest margin of 3.02% was stable to the third quarter of 2023

•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 (based upon the prior four quarters for banks with total assets between $10 billion and $25 billion)

•WesBanco remains well-capitalized with solid liquidity and a strong balance sheet with capacity to fund loan growth

•WesBanco continued to earn national accolades, being recognized as one of America’s Best Regional Banks by Newsweek

“Record interest rate escalation by the Federal Reserve had a significant impact on all banks, including WesBanco. Despite that headwind, WesBanco performed well during 2023 through our continued focus on customer service and sustainable growth strategies. We achieved sustained loan, deposit, and fee income growth, while maintaining strong capital levels and credit quality,” said Jeff Jackson, President and Chief Executive Officer, WesBanco. “Our focus on further diversifying our revenue streams with new fee-based services is driving positive non-interest income trends. As we begin 2024, we remain well-capitalized with solid liquidity and a strong balance sheet to fund loan growth, positioning us well to continue generating value for our stakeholders.”

Balance Sheet

As of December 31, 2023, total portfolio loans were $11.6 billion, which increased 8.7% year-over-year driven by strong performance from our commercial and residential lending teams. Total commercial loans of $8.2 billion, which increased 7.8% year-over-year, reflects the benefit of our commercial banker hiring and loan production office strategies and lower commercial real estate payoffs of $276 million for the year, compared to an anticipated level in the $500 million range within a more normal operating environment. Our new loan production offices accounted for more than 20% of commercial loan growth during the year. The commercial pipeline totaled $0.7 billion at December 31, 2023, approximately 28% of which is from the four new loan production offices.

Total deposits, as of December 31, 2023, were $13.2 billion, up 0.6% from September 30, 2023 and up 0.3% from December 31, 2022, reflecting the benefit of deposit gathering and retention efforts by our retail and commercial teams. Reflecting the impact of the significant increase in the federal funds rate, there continued to be some mix shift in the composition of total deposits; however, total demand deposits continue to represent 56% of total deposits, with the non-interest bearing component representing 30%, which remains consistent with the percentage range since early 2020.

Credit Quality

As of December 31, 2023, total loans past due, criticized and classified loans, non-performing loans, and non-performing assets as percentages of the loan portfolio and total assets have remained low, from a historical perspective, and within a consistent range throughout the last five quarters. Total loans past due as a percent of the loan portfolio increased 9 basis points from the prior year, but remain below the quarterly average for the last three years. Criticized and classified loans as a percent of the loan portfolio decreased 12 basis points year-over-year to 2.22%, while non-performing assets as a percentage of total assets declined 9 basis points to 0.16%. The current recorded provision was primarily driven by changes in criticized and classified loan balances, prepayment assumptions, and loan growth. The allowance for credit losses to total portfolio loans at December 31, 2023 remained at 1.12% of total loans, as compared to the third quarter, or $130.7 million. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.12% of total loans.

Net Interest Margin and Income

The net interest margin of 3.02% for the fourth quarter of 2023 decreased just 1 basis point sequentially but 47 basis points year-over-year primarily due to higher funding costs from increasing deposit costs and continued remix from non-interest bearing deposits into higher tier money market and certificate of deposit accounts. Total deposit funding costs were 234 basis points for the fourth quarter of 2023, and, when including non-interest deposits, total deposit funding costs were 161 basis points. Accretion from acquisitions benefited the fourth quarter net interest margin by 3 basis points, as compared to 5 basis points in the prior year period.

Fourth quarter net interest income of $117.8 million decreased $12.1 million, or 9.3%, year-over-year, reflecting the impact of rising rates on funding costs more than offsetting higher loan and securities yields and loan growth. For the twelve months ended December 31, 2023, net interest income of $481.3 million increased $7.0 million, or 1.5%, primarily due to loan growth and the benefit of rising rates on earning assets outpacing funding costs.

Non-Interest Income

For the fourth quarter of 2023, non-interest income of $30.1 million increased $2.3 million, or 8.3%, from the fourth quarter of 2022. This increase was primarily due to net securities gains of $0.9 million, as compared to a loss of $0.6 million in the prior year period, from market fluctuations of equity securities in the deferred compensation plan and higher death benefits within bank-owned life insurance. The net swap fee and valuation loss of $0.3 million reflects $2.2 million of new swap fees offset by negative fair value adjustments of $2.5 million, as compared to $1.7 million and negative $0.7 million, respectively, in the prior year period.

For the twelve months ended December 31, 2023, non-interest income of $120.4 million increased $3.1 million, or 2.6%, year-over-year due primarily to the items discussed above, partially offset by lower mortgage banking income. Mortgage banking income decreased $2.5 million from the prior year to $2.7 million due to reduced fair value adjustments on mortgage derivatives. Net gains on other assets of $1.5 million increased $1.0 million year-over-year primarily due to a $1.1 million recovery of an asset previously written-off.

Non-Interest Expense

Non-interest expense for the three months ended December 31, 2023 increased $9.0 million year-over-year to $99.5 million, reflecting increased salaries and wages, benefits, equipment and software expense, and FDIC insurance. As anticipated, salaries and wages declined sequentially which reflects efficiency improvements in the mortgage staffing model. Salaries and wages increased $2.6 million, or 6.0%, compared to the prior year period due to higher salary expense related to annual merit increases and new revenue-producing hires, mainly commercial lenders, during the past year. Employee benefits increased $2.2 million year-over-year due to higher deferred compensation expense, the offsetting gain is located within net securities gains, and higher health insurance contributions. FDIC insurance expense increased $1.3 million

year-over-year due to an increase in the minimum rate for all banks. Marketing expense increased $1.2 million in support of deposit and loan generation campaigns. Equipment and software expense increased $0.9 million due to the planned upgrade of our ATM fleet with the latest technology and general inflationary cost increases for existing service agreements.

Excluding restructuring and merger-related expenses, non-interest expense during the twelve months of 2023 of $386.2 million increased $30.9 million compared to the prior year period, due primarily to the same factors as described above.

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, 2023, Tier I leverage was 9.87%, Tier I risk-based capital ratio was 12.05%, common equity Tier 1 capital ratio (“CET 1”) was 10.99%, and total risk-based capital was 14.91%. In addition, the tangible common equity to tangible assets ratio improved to 7.62%.

Conference Call and Webcast

WesBanco will host a conference call to discuss the Company's financial results for the fourth quarter of 2023 at 10:00 a.m. ET on Wednesday, January 24, 2024. 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 4078172. The replay will begin at approximately 12:00 p.m. ET on January 24, 2024 and end at 12 a.m. ET on February 7, 2024. 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, 2022 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, 2023, June 30, 2023 and September 30, 2023, 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 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. 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. The company’s banking subsidiary, Wesbanco Bank, Inc., operates more than 190 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. 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. In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, the company provides trust, wealth management, securities brokerage, and private banking services through its century-old Trust and Investment Services department, with approximately $5.4 billion of assets under management (as of December 31, 2023). The company also offers insurance and brokerage services through its affiliates and subsidiaries. Learn more at www.wesbanco.com and follow us on Facebook, LinkedIn and X, formerly Twitter.

SOURCE: WesBanco, Inc.

WesBanco Company Contact:

John H. Iannone

Senior Vice President, Investor Relations

304-905-7021

###

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,
		2023			2022			% Change			2023		2022			% Change
	Interest and dividend income
	Loans, including fees	$	162,498		$	123,307			31.8		$	596,852	$	422,401			41.3
	Interest and dividends on securities:
	Taxable		17,798			18,655			(4.6	)		73,449		66,123			11.1
	Tax-exempt		4,639			4,853			(4.4	)		18,830		18,818			0.1
	Total interest and dividends on securities		22,437			23,508			(4.6	)		92,279		84,941			8.6
	Other interest income		6,383			2,103			203.5			22,385		6,314			254.5
	Total interest and dividend income		191,318			148,918			28.5			711,516		513,656			38.5
	Interest expense
	Interest bearing demand deposits		23,686			7,264			226.1			72,866		12,181			498.2
	Money market deposits		14,302			1,890			656.7			36,616		3,562			928.0
	Savings deposits		7,310			2,454			197.9			23,869		4,115			480.0
	Certificates of deposit		8,380			742		NM				18,472		4,089			351.7
	Total interest expense on deposits		53,678			12,350			334.6			151,823		23,947			534.0
	Federal Home Loan Bank borrowings		14,841			2,634			463.4			59,318		3,968		NM
	Other short-term borrowings		891			324			175.0			2,545		568			348.1
	Subordinated debt and junior subordinated debt		4,150			3,736			11.1			16,492		10,860			51.9
	Total interest expense		73,560			19,044			286.3			230,178		39,343			485.1
	Net interest income		117,758			129,874			(9.3	)		481,338		474,313			1.5
	Provision for credit losses		4,803			3,123			53.8			17,734		(1,663	)	NM
	Net interest income after provision for credit losses		112,955			126,751			(10.9	)		463,604		475,976			(2.6	)
	Non-interest income
	Trust fees		7,019			6,672			5.2			28,135		27,551			2.1
	Service charges on deposits		6,989			6,762			3.4			26,116		26,281			(0.6	)
	Electronic banking fees		4,890			4,695			4.2			19,454		20,002			(2.7	)
	Net swap fee and valuation (loss)/ income		(345	)		1,015			(134.0	)		6,912		7,067			(2.2	)
	Net securities brokerage revenue		2,563			2,556			0.3			10,055		9,525			5.6
	Bank-owned life insurance		3,455			2,464			40.2			11,002		10,728			2.6
	Mortgage banking income		650			621			4.7			2,652		5,129			(48.3	)
	Net securities gains/(losses)		887			(600	)		247.8			900		(1,777	)		150.6
	Net gains on other real estate owned and other assets		445			550			(19.1	)		1,520		482			215.4
	Other income		3,521			3,035			16.0			13,701		12,403			10.5
	Total non-interest income		30,074			27,770			8.3			120,447		117,391			2.6
	Non-interest expense
	Salaries and wages		45,164			42,606			6.0			176,938		167,028			5.9
	Employee benefits		11,409			9,198			24.0			46,901		37,771			24.2
	Net occupancy		6,417			6,262			2.5			25,338		26,105			(2.9	)
	Equipment and software		9,648			8,712			10.7			36,666		32,508			12.8
	Marketing		2,975			1,788			66.4			11,178		9,335			19.7
	FDIC insurance		3,369			2,051			64.3			12,249		7,901			55.0
	Amortization of intangible assets		2,243			2,541			(11.7	)		9,088		10,278			(11.6	)
	Restructuring and merger-related expense		-			11			(100.0	)		3,830		1,723			122.3
	Other operating expenses		18,278			17,286			5.7			67,814		64,317			5.4
	Total non-interest expense		99,503			90,455			10.0			390,002		356,966			9.3
	Income before provision for income taxes		43,526			64,066			(32.1	)		194,049		236,401			(17.9	)
	Provision for income taxes		8,558			11,856			(27.8	)		35,017		44,288			(20.9	)
	Net Income		34,968			52,210			(33.0	)		159,032		192,113			(17.2	)
	Preferred stock dividends		2,531			2,531			-			10,125		10,125			-
	Net income available to common shareholders	$	32,437		$	49,679			(34.7	)	$	148,907	$	181,988			(18.2	)
	Taxable equivalent net interest income	$	118,991		$	131,164			(9.3	)	$	486,343	$	479,315			1.5
	Per common share data
	Net income per common share - basic	$	0.55		$	0.84			(34.5	)	$	2.51	$	3.03			(17.2	)
	Net income per common share - diluted		0.55			0.84			(34.5	)		2.51		3.02			(16.9	)
	Net income per common share - diluted, excluding certain items (1)(2)		0.55			0.84			(34.5	)		2.56		3.04			(15.8	)
	Dividends declared		0.36			0.35			2.9			1.41		1.37			2.9
	Book value (period end)		40.23			38.55			4.4			40.23		38.55			4.4
	Tangible book value (period end) (1)		21.28			19.43			9.5			21.28		19.43			9.5
	Average common shares outstanding - basic		59,370,171			59,188,238			0.3			59,303,210		60,047,177			(1.2	)
	Average common shares outstanding - diluted		59,479,031			59,374,204			0.2			59,427,989		60,215,374			(1.3	)
	Period end common shares outstanding		59,376,435			59,198,963			0.3			59,376,435		59,198,963			0.3
	Period end preferred shares outstanding		150,000			150,000			-			150,000		150,000			-
	(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
	(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.
	NM - Not Meaningful

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
	Selected ratios
		For the Twelve Months Ended
		December 31,
		2023			2022			% Change
	Return on average assets		0.86	%		1.08	%		(20.37	)	%
	Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		0.88			1.09			(19.27	)
	Return on average equity		6.02			7.23			(16.74	)
	Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		6.14			7.29			(15.78	)
	Return on average tangible equity (1)		11.59			13.78			(15.89	)
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		11.82			13.88			(14.84	)
	Return on average tangible common equity (1)		12.99			15.39			(15.59	)
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		13.24			15.50			(14.58	)
	Yield on earning assets (2)		4.63			3.47			33.43
	Cost of interest bearing liabilities		2.25			0.42			435.71
	Net interest spread (2)		2.38			3.05			(21.97	)
	Net interest margin (2)		3.14			3.20			(1.88	)
	Efficiency (1) (2)		63.64			59.53			6.90
	Average loans to average deposits		85.71			74.21			15.50
	Annualized net loan charge-offs/average loans		0.04			0.02			100.00
	Effective income tax rate		18.05			18.73			(3.63	)

	For the Three Months Ended
	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
	2023			2023			2023			2023			2022
Return on average assets		0.74	%		0.78	%		0.98	%		0.95	%		1.18	%
Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		0.74			0.80			0.98			1.01			1.18
Return on average equity		5.21			5.49			6.81			6.57			8.18
Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		5.21			5.57			6.82			6.98			8.18
Return on average tangible equity (1)		10.11			10.60			12.98			12.72			16.05
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		10.11			10.75			12.99			13.48			16.05
Return on average tangible common equity (1)		11.32			11.87			14.52			14.28			18.09
Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		11.32			12.03			14.53			15.13			18.10
Yield on earning assets (2)		4.88			4.72			4.59			4.32			4.00
Cost of interest bearing liabilities		2.76			2.52			2.15			1.52			0.82
Net interest spread (2)		2.12			2.20			2.44			2.80			3.18
Net interest margin (2)		3.02			3.03			3.18			3.36			3.49
Efficiency (1) (2)		66.75			64.95			62.33			60.66			56.91
Average loans to average deposits		87.07			86.79			85.44			83.46			78.43
Annualized net loan charge-offs and recoveries /average loans		0.06			0.01			0.02			0.07			0.02
Effective income tax rate		19.66			16.83			16.80			19.02			18.51
Trust assets, market value at period end	$	5,360,657		$	4,982,324		$	5,127,265		$	5,026,631		$	4,878,479
(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.

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares)
														% Change
		December 31,									September 30,			September 30, 2023
	Balance sheets	2023			2022			% Change			2023			to December 31, 2023
	Assets
	Cash and due from banks	$	158,504		$	166,182			(4.6	)	$	153,012			3.6
	Due from banks - interest bearing		436,879			242,229			80.4			342,070			27.7
	Securities:
	Equity securities, at fair value		12,320			11,506			7.1			11,453			7.6
	Available-for-sale debt securities, at fair value		2,194,329			2,529,140			(13.2	)		2,196,141			(0.1	)
	Held-to-maturity debt securities (fair values of $1,069,159; $1,084,390 and $998,987, respectively)		1,199,527			1,248,629			(3.9	)		1,210,992			(0.9	)
	Allowance for credit losses - held-to-maturity debt securities		(192	)		(220	)		12.7			(180	)		(6.7	)
	Net held-to-maturity debt securities		1,199,335			1,248,409			(3.9	)		1,210,812			(0.9	)
	Total securities		3,405,984			3,789,055			(10.1	)		3,418,406			(0.4	)
	Loans held for sale		16,354			8,249			98.3			17,677			(7.5	)
	Portfolio loans:
	Commercial real estate		6,565,448			6,061,344			8.3			6,387,183			2.8
	Commercial and industrial		1,670,659			1,579,395			5.8			1,587,611			5.2
	Residential real estate		2,438,574			2,140,584			13.9			2,392,531			1.9
	Home equity		734,219			695,065			5.6			715,186			2.7
	Consumer		229,561			226,340			1.4			233,362			(1.6	)
	Total portfolio loans, net of unearned income		11,638,461			10,702,728			8.7			11,315,873			2.9
	Allowance for credit losses - loans		(130,675	)		(117,790	)		(10.9	)		(126,615	)		(3.2	)
	Net portfolio loans		11,507,786			10,584,938			8.7			11,189,258			2.8
	Premises and equipment, net		233,571			220,892			5.7			226,377			3.2
	Accrued interest receivable		77,435			68,522			13.0			73,014			6.1
	Goodwill and other intangible assets, net		1,132,267			1,141,355			(0.8	)		1,134,510			(0.2	)
	Bank-owned life insurance		355,033			352,361			0.8			356,962			(0.5	)
	Other assets		388,561			358,122			8.5			433,091			(10.3	)
	Total Assets	$	17,712,374		$	16,931,905			4.6		$	17,344,377			2.1
	Liabilities
	Deposits:
	Non-interest bearing demand	$	3,962,592		$	4,700,438			(15.7	)	$	4,169,956			(5.0	)
	Interest bearing demand		3,463,443			3,119,807			11.0			3,278,956			5.6
	Money market		2,017,713			1,684,023			19.8			1,905,001			5.9
	Savings deposits		2,493,254			2,741,004			(9.0	)		2,559,894			(2.6	)
	Certificates of deposit		1,231,702			885,818			39.0			1,176,421			4.7
	Total deposits		13,168,704			13,131,090			0.3			13,090,228			0.6
	Federal Home Loan Bank borrowings		1,350,000			705,000			91.5			1,125,000			20.0
	Other short-term borrowings		105,893			135,069			(21.6	)		106,693			(0.7	)
	Subordinated debt and junior subordinated debt		279,078			281,404			(0.8	)		282,079			(1.1	)
	Total borrowings		1,734,971			1,121,473			54.7			1,513,772			14.6
	Accrued interest payable		11,121			4,593			142.1			11,416			(2.6	)
	Other liabilities		264,516			248,087			6.6			281,020			(5.9	)
	Total Liabilities		15,179,312			14,505,243			4.6			14,896,436			1.9
	Shareholders' Equity
	Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150.0 million, issued and outstanding, respectively		144,484			144,484			-			144,484			-
	Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 59,376,435, 59,198,963 and 59,364,696 shares outstanding, respectively		141,834			141,834			-			141,834			-
	Capital surplus		1,635,859			1,635,877			(0.0	)		1,633,395			0.2
	Retained earnings		1,142,586			1,077,675			6.0			1,131,597			1.0
	Treasury stock (8,704,871, 8,882,343 and 8,716,610 shares - at cost, respectively)		(302,995	)		(308,964	)		1.9			(303,424	)		0.1
	Accumulated other comprehensive loss		(226,693	)		(262,416	)		13.6			(297,906	)		23.9
	Deferred benefits for directors		(2,013	)		(1,828	)		(10.1	)		(2,039	)		1.3
	Total Shareholders' Equity		2,533,062			2,426,662			4.4			2,447,941			3.5
	Total Liabilities and Shareholders' Equity	$	17,712,374		$	16,931,905			4.6		$	17,344,377			2.1

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
		For the Three Months Ended Dec. 31,										For the Twelve Months Ended Dec. 31,
		2023					2022					2023					2022
	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	$	332,670		6.25	%	$	178,706		4.32	%	$	348,109		5.43	%	$	611,482		0.94	%
	Loans, net of unearned income (1)		11,490,379		5.61			10,456,648		4.68			11,132,618		5.36			10,083,925		4.19
	Securities: (2)
	Taxable		3,010,064		2.35			3,429,372		2.16			3,150,781		2.33			3,461,414		1.91
	Tax-exempt (3)		770,186		3.02			811,593		3.00			783,697		3.04			789,564		3.02
	Total securities		3,780,250		2.48			4,240,965		2.32			3,934,478		2.47			4,250,978		2.12
	Other earning assets		52,879		8.57			19,494		3.20	%		55,368		6.26			15,265		3.66
	Total earning assets (3)		15,656,178		4.88	%		14,895,813		4.00	%		15,470,573		4.63	%		14,961,650		3.47	%
	Other assets		1,769,933					1,790,117					1,789,147					1,917,891
	Total Assets	$	17,426,111				$	16,685,930				$	17,259,720				$	16,879,541
	Liabilities and Shareholders' Equity
	Interest bearing demand deposits	$	3,417,220		2.75	%	$	3,169,673		0.91	%	$	3,243,786		2.25	%	$	3,314,384		0.37	%
	Money market accounts		1,985,203		2.86			1,739,874		0.43			1,763,921		2.08			1,774,152		0.20
	Savings deposits		2,515,798		1.15			2,726,647		0.36			2,655,105		0.90			2,692,568		0.15
	Certificates of deposit		1,191,583		2.79			931,853		0.32			1,008,950		1.83			1,098,614		0.37
	Total interest bearing deposits		9,109,804		2.34			8,568,047		0.57			8,671,762		1.75			8,879,718		0.27
	Federal Home Loan Bank borrowings		1,080,163		5.45			282,934		3.69			1,138,247		5.21			175,104		2.27
	Repurchase agreements		114,801		3.08			136,099		0.94			115,817		2.20			146,590		0.39
	Subordinated debt and junior subordinated debt		282,004		5.84			281,265		5.27			281,788		5.85			248,192		4.38
	Total interest bearing liabilities (4)		10,586,772		2.76	%		9,268,345		0.82	%		10,207,614		2.25	%		9,449,604		0.42	%
	Non-interest bearing demand deposits		4,086,366					4,763,773					4,316,245					4,708,758
	Other liabilities		284,448					243,051					261,234					205,670
	Shareholders' equity		2,468,525					2,410,761					2,474,627					2,515,509
	Total Liabilities and Shareholders' Equity	$	17,426,111				$	16,685,930				$	17,259,720				$	16,879,541
	Taxable equivalent net interest spread				2.12	%				3.18	%				2.38	%				3.05	%
	Taxable equivalent net interest margin				3.02	%				3.49	%				3.14	%				3.20	%
	(1) Gross of allowance for credit losses and net of unearned income. Includes non-accrual and loans held for sale. Loan fees included in interest income on loans were $0.7 million and $0.8 million for the three months ended December 31, 2023 and 2022, respectively, and were $2.7 million and $8.8 million for the years ended December 31, 2023 and 2022, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $1.0 million and $1.8 million for the three months ended December 31, 2023 and 2022, respectively, and $4.5 million and $8.0 million for the years ended December 31, 2023 and 2022, 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 for both the three months ended December 31, 2023 and 2022, and $0.5 million and $1.1 million for the years ended December 31, 2023 and 2022, respectively.

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	2023			2023			2023		2023		2022
	Interest and dividend income
	Loans, including fees	$	162,498		$	155,206		$	145,741	$	133,406	$	123,307
	Interest and dividends on securities:
	Taxable		17,798			18,082			18,483		19,086		18,655
	Tax-exempt		4,639			4,679			4,723		4,790		4,853
	Total interest and dividends on securities		22,437			22,761			23,206		23,876		23,508
	Other interest income		6,383			5,622			7,108		3,273		2,103
	Total interest and dividend income		191,318			183,589			176,055		160,555		148,918
	Interest expense
	Interest bearing demand deposits		23,686			20,873			17,203		11,106		7,264
	Money market deposits		14,302			10,841			7,220		4,252		1,890
	Savings deposits		7,310			6,699			5,860		4,000		2,454
	Certificates of deposit		8,380			5,983			2,906		1,203		742
	Total interest expense on deposits		53,678			44,396			33,189		20,561		12,350
	Federal Home Loan Bank borrowings		14,841			16,463			16,713		11,300		2,634
	Other short-term borrowings		891			745			492		418		324
	Subordinated debt and junior subordinated debt		4,150			4,303			4,094		3,944		3,736
	Total interest expense		73,560			65,907			54,488		36,223		19,044
	Net interest income		117,758			117,682			121,567		124,332		129,874
	Provision for credit losses		4,803			6,327			3,028		3,577		3,123
	Net interest income after provision for credit losses		112,955			111,355			118,539		120,755		126,751
	Non-interest income
	Trust fees		7,019			6,705			6,918		7,494		6,672
	Service charges on deposits		6,989			6,726			6,232		6,170		6,762
	Electronic banking fees		4,890			4,949			5,010		4,605		4,695
	Net swap fee and valuation (loss)/income		(345	)		3,845			2,612		799		1,015
	Net securities brokerage revenue		2,563			2,394			2,523		2,576		2,556
	Bank-owned life insurance		3,455			2,398			3,189		1,959		2,464
	Mortgage banking income		650			975			601		426		621
	Net securities gains/(losses)		887			(337	)		205		145		(600	)
	Net gains/(losses) on other real estate owned and other assets		445			(28	)		871		232		550
	Other income		3,521			3,252			3,680		3,247		3,035
	Total non-interest income		30,074			30,879			31,841		27,653		27,770
	Non-interest expense
	Salaries and wages		45,164			45,351			44,471		41,952		42,606
	Employee benefits		11,409			11,922			11,511		12,060		9,198
	Net occupancy		6,417			6,146			6,132		6,643		6,262
	Equipment and software		9,648			9,132			8,823		9,063		8,712
	Marketing		2,975			3,115			2,763		2,325		1,788
	FDIC insurance		3,369			3,125			2,871		2,884		2,051
	Amortization of intangible assets		2,243			2,262			2,282		2,301		2,541
	Restructuring and merger-related expense	-				641			35		3,153		11
	Other operating expenses		18,278			16,245			17,549		15,744		17,286
	Total non-interest expense		99,503			97,939			96,437		96,125		90,455
	Income before provision for income taxes		43,526			44,295			53,943		52,283		64,066
	Provision for income taxes		8,558			7,453			9,063		9,942		11,856
	Net Income		34,968			36,842			44,880		42,341		52,210
	Preferred stock dividends		2,531			2,531			2,531		2,531		2,531
	Net income available to common shareholders	$	32,437		$	34,311		$	42,349	$	39,810	$	49,679
	Taxable equivalent net interest income	$	118,991		$	118,926		$	122,822	$	125,605	$	131,164
	Per common share data
	Net income per common share - basic	$	0.55		$	0.58		$	0.71	$	0.67	$	0.84
	Net income per common share - diluted		0.55			0.58			0.71		0.67		0.84
	Net income per common share - diluted, excluding    certain items (1)(2)		0.55			0.59			0.71		0.71		0.84
	Dividends declared		0.36			0.35			0.35		0.35		0.35
	Book value (period end)		40.23			38.80			39.10		39.34		38.55
	Tangible book value (period end) (1)		21.28			19.82			20.08		20.27		19.43
	Average common shares outstanding - basic		59,370,171			59,358,653			59,263,949		59,217,711		59,188,238
	Average common shares outstanding - diluted		59,479,031			59,443,366			59,385,847		59,375,053		59,374,204
	Period end common shares outstanding		59,376,435			59,364,696			59,355,062		59,246,569		59,198,963
	Period end preferred shares outstanding		150,000			150,000			150,000		150,000		150,000
	Full time equivalent employees		2,368			2,427			2,542		2,501		2,495
	(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.

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	2023			2023			2023			2023			2022
	Non-performing assets:
	Troubled debt restructurings - accruing	$	-		$	-		$	-		$	-		$	3,230
	Non-accrual loans:
	Troubled debt restructurings		-			-			-			-			1,711
	Other non-accrual loans		26,808			29,878			31,555			39,216			36,474
	Total non-accrual loans		26,808			29,878			31,555			39,216			38,185
	Total non-performing loans		26,808			29,878			31,555			39,216			41,415
	Other real estate and repossessed assets		1,497			1,333			1,432			1,554			1,486
	Total non-performing assets	$	28,305		$	31,211		$	32,987		$	40,770		$	42,901
	Past due loans (1):
	Loans past due 30-89 days	$	22,875		$	16,030		$	18,348		$	12,920		$	15,439
	Loans past due 90 days or more		9,638			8,606			5,147			4,570			5,443
	Total past due loans	$	32,513		$	24,636		$	23,495		$	17,490		$	20,882
	Criticized and classified loans (2):
	Criticized loans	$	183,174		$	180,136		$	119,771		$	116,608		$	147,945
	Classified loans		75,497			70,997			67,036			57,222			102,555
	Total criticized and classified loans	$	258,671		$	251,133		$	186,807		$	173,830		$	250,500
	Loans past due 30-89 days / total portfolio loans		0.20	%		0.14	%		0.16	%		0.12	%		0.14	%
	Loans past due 90 days or more / total portfolio loans		0.08			0.08			0.05			0.04			0.05
	Non-performing loans / total portfolio loans		0.23			0.26			0.28			0.36			0.39
	Non-performing assets/total portfolio loans, other    real estate and repossessed assets		0.24			0.28			0.30			0.37			0.40
	Non-performing assets / total assets		0.16			0.18			0.19			0.24			0.25
	Criticized and classified loans / total portfolio loans		2.22			2.22			1.68			1.60			2.34
	Allowance for credit losses
	Allowance for credit losses - loans	$	130,675		$	126,615		$	120,166		$	118,698		$	117,790
	Allowance for credit losses - loan commitments		8,604			9,729			10,124			9,127			8,368
	Provision for credit losses		4,803			6,327			3,028			3,577			3,123
	Net loan and deposit account overdraft charge-offs and recoveries		1,857			286			581			1,919			493
	Annualized net loan charge-offs and recoveries / average loans		0.06	%		0.01	%		0.02	%		0.07	%		0.02	%
	Allowance for credit losses - loans / total portfolio loans		1.12	%		1.12	%		1.08	%		1.09	%		1.10	%
	Allowance for credit losses - loans / non-performing loans		4.87	x		4.24	x		3.81	x		3.03	x		2.84	x
	Allowance for credit losses - loans / non-performing loans    and loans past due		2.20	x		2.32	x		2.18	x		2.09	x		1.89	x
		Quarter Ended
		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
		2023			2023			2023			2023			2022
	Capital ratios
	Tier I leverage capital		9.87	%		9.84	%		9.78	%		9.82	%		9.90	%
	Tier I risk-based capital		12.05			12.07			12.12			12.22			12.33
	Total risk-based capital		14.91			14.97			14.83			14.97			15.11
	Common equity tier 1 capital ratio (CET 1)		10.99			11.00			11.03			11.11			11.20
	Average shareholders' equity to average assets		14.17			14.29			14.42			14.48			14.45
	Tangible equity to tangible assets (3)		8.49			8.15			8.24			8.33			8.19
	Tangible common equity to tangible assets (3)		7.62			7.26			7.35			7.44			7.28
	(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) See non-GAAP financial measures for additional information relating to the calculation of this ratio.

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)	2023			2023			2023			2023			2022			2023			2022
	Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	32,437		$	34,311		$	42,349		$	39,810		$	49,679		$	148,907		$	181,988
	Plus: after-tax restructuring and merger-related expenses (1)		-			506			28			2,491			9			3,026			1,361
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		32,437			34,817			42,377			42,301			49,688			151,933			183,349
	Average total assets	$	17,426,111		$	17,341,959		$	17,294,346		$	16,970,554		$	16,685,930		$	17,259,720		$	16,879,541
	Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2)		0.74	%		0.80	%		0.98	%		1.01	%		1.18	%		0.88	%		1.09	%
	Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	32,437		$	34,311		$	42,349		$	39,810		$	49,679		$	148,907		$	181,988
	Plus: after-tax restructuring and merger-related expenses (1)		-			506			28			2,491			9			3,026			1,361
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		32,437			34,817			42,377			42,301			49,688			151,933			183,349
	Average total shareholders' equity		2,468,525			2,478,662			2,493,096			2,458,067			2,410,761			2,474,627			2,515,509
	Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		5.21	%		5.57	%		6.82	%		6.98	%		8.18	%		6.14	%		7.29	%
	Return on average tangible equity:
	Net income available to common shareholders	$	32,437		$	34,311		$	42,349		$	39,810		$	49,679		$	148,907		$	181,988
	Plus: amortization of intangibles (1)		1,772			1,787			1,803			1,818			2,007			7,180			8,120
	Net income available to common shareholders before amortization of intangibles		34,209			36,098			44,152			41,628			51,686			156,087			190,108
	Average total shareholders' equity		2,468,525			2,478,662			2,493,096			2,458,067			2,410,761			2,474,627			2,515,509
	Less: average goodwill and other intangibles, net of def. tax liability		(1,125,593	)		(1,127,404	)		(1,129,155	)		(1,131,027	)		(1,132,894	)		(1,128,277	)		(1,136,062	)
	Average tangible equity	$	1,342,932		$	1,351,258		$	1,363,941		$	1,327,040		$	1,277,867		$	1,346,350		$	1,379,447
	Return on average tangible equity (annualized) (2)		10.11	%		10.60	%		12.98	%		12.72	%		16.05	%		11.59	%		13.78	%
	Average tangible common equity	$	1,198,448		$	1,206,774		$	1,219,457		$	1,182,556		$	1,133,383		$	1,201,866		$	1,234,963
	Return on average tangible common equity (annualized) (2)		11.32	%		11.87	%		14.52	%		14.28	%		18.09	%		12.99	%		15.39	%
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	32,437		$	34,311		$	42,349		$	39,810		$	49,679		$	148,907		$	181,988
	Plus: after-tax restructuring and merger-related expenses (1)		-			506			28			2,491			9			3,026			1,361
	Plus: amortization of intangibles (1)		1,772			1,787			1,803			1,818			2,007			7,180			8,120
	Net income available to common shareholders before amortization of intangibles and    excluding after-tax restructuring and merger-related expenses		34,209			36,604			44,180			44,119			51,695			159,113			191,469
	Average total shareholders' equity		2,468,525			2,478,662			2,493,096			2,458,067			2,410,761			2,474,627			2,515,509
	Less: average goodwill and other intangibles, net of def. tax liability		(1,125,593	)		(1,127,404	)		(1,129,155	)		(1,131,027	)		(1,132,894	)		(1,128,277	)		(1,136,062	)
	Average tangible equity	$	1,342,932		$	1,351,258		$	1,363,941		$	1,327,040		$	1,277,867		$	1,346,350		$	1,379,447
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		10.11	%		10.75	%		12.99	%		13.48	%		16.05	%		11.82	%		13.88	%
	Average tangible common equity	$	1,198,448		$	1,206,774		$	1,219,457		$	1,182,556		$	1,133,383		$	1,201,866		$	1,234,963
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		11.32	%		12.03	%		14.53	%		15.13	%		18.10	%		13.24	%		15.50	%

	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)	2023			2023			2023			2023			2022			2023			2022
Efficiency ratio:
Non-interest expense	$	99,503		$	97,939		$	96,437		$	96,125		$	90,455		$	390,002		$	356,966
Less: restructuring and merger-related expense		-			(641	)		(35	)		(3,153	)		(11	)		(3,830	)		(1,723	)
Non-interest expense excluding restructuring and merger-related expense		99,503			97,298			96,402			92,972			90,444			386,172			355,243
Net interest income on a fully taxable equivalent basis		118,991			118,926			122,822			125,605			131,164			486,343			479,315
Non-interest income		30,074			30,879			31,841			27,653			27,770			120,447			117,391
Net interest income on a fully taxable equivalent basis plus non-interest income	$	149,065		$	149,805		$	154,663		$	153,258		$	158,934		$	606,790		$	596,706
Efficiency Ratio		66.75	%		64.95	%		62.33	%		60.66	%		56.91	%		63.64	%		59.53	%
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
Net income available to common shareholders	$	32,437		$	34,311		$	42,349		$	39,810		$	49,679		$	148,907		$	181,988
Add: After-tax restructuring and merger-related expenses (1)		-			506			28			2,491			9			3,026			1,361
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses	$	32,437		$	34,817		$	42,377		$	42,301		$	49,688		$	151,933		$	183,349
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
Net income per common share - diluted	$	0.55		$	0.58		$	0.71		$	0.67		$	0.84		$	2.51		$	3.02
Add: After-tax restructuring and merger-related expenses per common share - diluted (1)		-			0.01			-			0.04			-			0.05			0.02
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses	$	0.55		$	0.59		$	0.71		$	0.71		$	0.84		$	2.56		$	3.04
	Period End
	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
	2023			2023			2023			2023			2022
Tangible book value per share:
Total shareholders' equity	$	2,533,062		$	2,447,941		$	2,464,998		$	2,475,457		$	2,426,662
Less: goodwill and other intangible assets, net of def. tax liability		(1,124,811	)		(1,126,583	)		(1,128,371	)		(1,130,172	)		(1,131,990	)
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,263,767			1,176,874			1,192,143			1,200,801			1,150,188
Common shares outstanding		59,376,435			59,364,696			59,355,062			59,246,569			59,198,963
Tangible book value per share	$	21.28		$	19.82		$	20.08		$	20.27		$	19.43
Tangible common equity to tangible assets:
Total shareholders' equity	$	2,533,062		$	2,447,941		$	2,464,998		$	2,475,457		$	2,426,662
Less: goodwill and other intangible assets, net of def. tax liability		(1,124,811	)		(1,126,583	)		(1,128,371	)		(1,130,172	)		(1,131,990	)
Tangible equity		1,408,251			1,321,358			1,336,627			1,345,285			1,294,672
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,263,767			1,176,874			1,192,143			1,200,801			1,150,188
Total assets		17,712,374			17,344,377			17,356,954			17,274,626			16,931,905
Less: goodwill and other intangible assets, net of def. tax liability		(1,124,811	)		(1,126,583	)		(1,128,371	)		(1,130,172	)		(1,131,990	)
Tangible assets	$	16,587,563		$	16,217,794		$	16,228,583		$	16,144,454		$	15,799,915
Tangible equity to tangible assets		8.49	%		8.15	%		8.24	%		8.33	%		8.19	%
Tangible common equity to tangible assets		7.62	%		7.26	%		7.35	%		7.44	%		7.28	%
(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.

ADDITIONAL 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)	2023			2023			2023			2023			2022			2023			2022
	Pre-tax, pre-provision income:
	Income before provision for income taxes	$	43,526		$	44,295		$	53,943		$	52,283		$	64,066		$	194,049		$	236,401
	Add: provision for credit losses		4,803			6,327			3,028			3,577			3,123			17,734			(1,663	)
	Pre-tax, pre-provision income	$	48,329		$	50,622		$	56,971		$	55,860		$	67,189		$	211,783		$	234,738
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income before provision for income taxes	$	43,526		$	44,295		$	53,943		$	52,283		$	64,066		$	194,049		$	236,401
	Add: provision for credit losses		4,803			6,327			3,028			3,577			3,123			17,734			(1,663	)
	Add: restructuring and merger-related expenses		-			641			35			3,153			11			3,830			1,723
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses	$	48,329		$	51,263		$	57,006		$	59,013		$	67,200		$	215,613		$	236,461
	'Return on average assets, excluding certain items (1):
	Income before provision for income taxes	$	43,526		$	44,295		$	53,943		$	52,283		$	64,066		$	194,049		$	236,401
	Add: provision for credit losses		4,803			6,327			3,028			3,577			3,123			17,734			(1,663	)
	Add: restructuring and merger-related expenses		-			641			35			3,153			11			3,830			1,723
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		48,329			51,263			57,006			59,013			67,200			215,613			236,461
	Average total assets	$	17,426,111		$	17,341,959		$	17,294,346		$	16,970,554		$	16,685,930		$	17,259,720		$	16,879,541
	Return on average assets, excluding certain items (annualized) (1) (2)		1.10	%		1.17	%		1.32	%		1.41	%		1.60	%		1.25	%		1.40	%
	Return on average equity, excluding certain items (1):
	Income before provision for income taxes	$	43,526		$	44,295		$	53,943		$	52,283		$	64,066		$	194,049		$	236,401
	Add: provision for credit losses		4,803			6,327			3,028			3,577			3,123			17,734			(1,663	)
	Add: restructuring and merger-related expenses		-			641			35			3,153			11			3,830			1,723
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		48,329			51,263			57,006			59,013			67,200			215,613			236,461
	Average total shareholders' equity	$	2,468,525		$	2,478,662		$	2,493,096		$	2,458,067		$	2,410,761		$	2,474,627		$	2,515,509
	Return on average equity, excluding certain items (annualized) (1) (2)		7.77	%		8.21	%		9.17	%		9.74	%		11.06	%		8.71	%		9.40	%
	Return on average tangible equity, excluding certain items (1):
	Income before provision for income taxes	$	43,526		$	44,295		$	53,943		$	52,283		$	64,066		$	194,049		$	236,401
	Add: provision for credit losses		4,803			6,327			3,028			3,577			3,123			17,734			(1,663	)
	Add: amortization of intangibles		2,243			2,262			2,282			2,301			2,541			9,088			10,278
	Add: restructuring and merger-related expenses		-			641			35			3,153			11			3,830			1,723
	Income before provision, restructuring and merger-related expenses and amortization of intangibles		50,572			53,525			59,288			61,314			69,741			224,701			246,739
	Average total shareholders' equity		2,468,525			2,478,662			2,493,096			2,458,067			2,410,761			2,474,627			2,515,509
	Less: average goodwill and other intangibles, net of def. tax liability		(1,125,593	)		(1,127,404	)		(1,129,155	)		(1,131,027	)		(1,132,894	)		(1,128,277	)		(1,136,062	)
	Average tangible equity	$	1,342,932		$	1,351,258		$	1,363,941		$	1,327,040		$	1,277,867		$	1,346,350		$	1,379,447
	Return on average tangible equity, excluding certain items (annualized) (1) (2)		14.94	%		15.72	%		17.44	%		18.74	%		21.65	%		16.69	%		17.89	%
	Average tangible common equity	$	1,198,448		$	1,206,774		$	1,219,457		$	1,182,556		$	1,133,383		$	1,201,866		$	1,234,963
	Return on average tangible common equity, excluding certain items (annualized) (1) (2)		16.74	%		17.60	%		19.50	%		21.03	%		24.41	%		18.70	%		19.98	%
	(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.

EX-99.2

Fourth Quarter 2023Earnings Call Presentation 23 January 2024

Forward-Looking Statements and Non-GAAP Financial Measures 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, 2022 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, 2023, June 30, 2023 and September 30, 2023, 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. 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.

Deposits increased both year-over-year and sequentially, reflecting deposit gathering and retention efforts across retail and business customers Solid loan growth reflecting the strength of our markets and lending teams, including our loan production offices Non-interest income trends up 8% year-over-year, supported by new commercial loan swap and wealth management fees Net interest margin stable to Q3 2023 Key credit quality metrics remained at low levels and favorable to peer bank averages WesBanco remains well-capitalized with solid liquidity and a strong balance sheet with capacity to fund loan growth Nationally recognized for soundness, profitability, and customer service Net Income Available to Common Shareholders and Diluted EPS(1) $32.4 million; $0.55/diluted share Total Deposits +2.4% QoQ (annualized); +0.3% YoY Total Loan Growth +11.4% QoQ (annualized); +8.7% YoY Net Interest Margin 3.02% (down 1bp sequentially) Average loans to average deposits 87.1% Non-Performing Assets to Total Assets 0.16% Tangible Common Equity to Tangible Assets(1) 7.62% Continued deposit and loan growth; stable net interest margin Note: financial and operational highlights during the quarter ended December 31, 2023 (1) Non-GAAP measure – please see reconciliation in appendix; excludes restructuring and merger-related expenses Q4 2023 Financial and Operational Highlights

Net interest margin of 3.02%, stable to the third quarter Note: PTPP = pre-tax, pre-provision Non-GAAP measure – please see reconciliation in appendix Excludes restructuring and merger-related expenses Q4 2023 Key Metrics

+8.7% year-over-year and +2.9% (or +11.4% annualized) quarter-over-quarter Loan growth continues to demonstrate the strength of our markets and lending teams Loan production offices are contributing meaningfully to both commercial loan growth and the loan pipeline Q4 2023 loan yields above 8% C&I loans increased 5.8% year-over-year and 20.9% quarter-over-quarter annualized, reflecting strategic loan production office and lender hiring initiatives CRE loan payoffs totaled approximately $61 million and $276 million Q4 and full year 2023, respectively – as compared to an anticipated level in the $500 million range within a more normal operating environment C&I line utilization, as of 12/31/2023, declined ~270 basis points year-over-year to 32% 8.7% total loan growth year-over-year Q4 2023 Total Portfolio Loans

Strong team efforts drive ~1% deposit growth quarter-over-quarter Note: “uninsured deposits” are approximated; “collateralized municipal deposits” are collateralized by securities Total deposits, as of December 31, 2023, were $13.2 billion, up both year-over-year and quarter-over-quarter, reflecting deposit gathering and retention efforts by our retail and commercial teams Distribution: consumer ~53% and business ~34% (note: public funds, which are separately collateralized, ~13%) Total demand deposits represented 56% of total deposits, with the non-interest bearing component representing 30% Non-interest bearing demand deposits as a percentage of total deposits remain consistent with the percentage range since early 2020 Average loans to average deposits were 87.1%, providing continued capacity to fund loan growth Q4 2023 Total Deposits

Tangible common equity to tangible assets ratio improved 34 basis points sequentially to 7.62% Weighted average yield 2.48% vs. 2.32% last year Weighted average duration 5.2 Total unrealized securities losses (after-tax): Available for Sale (“AFS”) = $233MM Held to Maturity (“HTM”) = $99MM Note: HTM losses not recognized in accumulated other comprehensive income Securities 19.2% of assets, down 315 basis points year-over-year Note: weighted average yields have been calculated on a taxable-equivalent basis using the federal statutory rate of 21%; after-tax unrealized losses have been calculated using the Other Comprehensive Income (“OCI”) tax rate of ~24% Non-GAAP measure – please see reconciliation in appendix Q4 2023 Total Securities

Net interest margin of 3.02%, down just 1bp quarter-over-quarter Q4 2023 net interest margin of 3.02% reflects higher funding costs from increasing deposit costs and continued remix from non-interest bearing deposits into higher tier money market and certificate of deposit accounts, partially offset by loan growth and the benefit of rising interest rates on earning assets NIM declined 47 basis points year-over-year, reflecting the 525 basis point increase in the federal funds rate since March 2022 Total deposit funding costs, including non-interest bearing deposits, were 161 basis points, increasing 25 basis points sequentially and 124 basis points year-over-year Federal Home Loan Bank borrowings totaled $1.4 billion at 12/31/2023, up $225 million from 9/30/2023 Q4 2023 Net Interest Margin (NIM)

Non-interest income increased 8% year-over-year reflecting the strength in new commercial swap fees and organic growth New swap fee and valuation income includes $2.2 million in new swap fees, up $0.5 million year-over-year Negative fair market value adjustments totaled $2.5 million, as compared to $0.7 million last year On a year-to-date basis, new swap fees of $9.0 million more than doubled the amount in the prior year Net securities gains increased from a loss of $0.6 million in the prior year period primarily due to market fluctuations of equity securities in the deferred compensation plan (offset to the expense increase within benefits expense) Bank-owned life insurance increased due to higher death benefits received during Q4 2023 $9.0MM new commercial loan swap fees during 2023 Note: OREO = other real estate owned Q4 2023 Non-Interest Income

Appropriate growth investments; focused on expense management Q4 2023 Non-Interest Expense Salaries and wages declined sequentially, as anticipated, reflecting efficiency improvements in the residential mortgage staffing model Year-over-year increase due to annual merit and new revenue-producing hires, mainly commercial bankers, during the past year Employee benefits increased year-over-year due to higher deferred compensation expense and health insurance contributions Equipment and software expense increased due to the completed upgrade of our ATM fleet with the latest technology and general inflationary cost increases for existing service agreements FDIC insurance expense increased due to an increase in the minimum rate for all banks Marketing increased in support of our deposit and loan generation campaigns

Favorable asset quality measures compared to peer bank group Note: financial data as of quarter ending for dates specified; peer bank group includes all U.S. banks with total assets of $10B to $25B from S&P Capital IQ (as of 1/10/2024) and represent simple averages except criticized & classified loans as % of total loans which is a weighted average Non-Performing Assets as % of Total Assets Net Charge-Offs as % of Average Loans (Annualized) Allowance for Credit Losses as % of Total Loans Criticized & Classified Loans as % of Total Loans Strong Legacy of Credit Quality

Allowance coverage ratio of 1.12% Note: ACL at 12/31/2023 excludes off-balance sheet credit exposures of $8.6 million The increase in the allowance was primarily driven by the dollar change in criticized and classified loan balance, prepayment assumptions, and loan growth During Q4 2023, recorded a provision for credit losses of $4.8 million, as compared to a $3.1 million in the prior year period Allowance coverage ratio of 1.12% Excludes fair market value adjustments on previously acquired loans representing 0.12% of total portfolio loans Q4 2023 Current Expected Credit Loss (CECL)

Capital ratios above both regulatory and well-capitalized levels Note: financial data as of quarter ending 12/31; current year data as of 12/31/2023; WSBC adopted Current Expected Credit Losses (“CECL”) CECL accounting standard 1/1/2020 Under the existing share repurchase authorization that was approved on February 24, 2022 by WesBanco’s Board of Directors Non-GAAP measure – please see reconciliation in appendix Tangible Equity to Tangible Assets (2) Tier 1 Risk-Based Capital Ratio Well-Capitalized 8.0% Required 6.0% Strong regulatory capital ratios significantly above both regulatory requirements and well-capitalized levels, with favorable tangible equity levels compared to peers ~1.0 million shares continue to remain for repurchase (as of 12/31/2023)(1) No shares repurchased during Q4 2023 Strong Capital Position

Appendix

Pre-Tax, Pre-Provision Income (PTPP) and Ratios Reconciliation

Net Income and Diluted Earnings per Share (EPS) Reconciliation

Tangible Book Value per Share Reconciliation

Efficiency Ratio Reconciliation

Return on Average Assets (1) three-, six-, and nine-month (as applicable) figures are annualized Reconciliation

Return on Average Tangible Equity (1) three-, six-, and nine-month (as applicable) figures are annualized Reconciliation

Tangible Equity to Tangible Assets Note: Old Line Bancshares merger closed November 2019; Farmers Capital Bank Corporation merger closed August 2018; First Sentry Bancshares merger closed April 2018; Your Community Bankshares merger closed September 2016; ESB Financial merger closed February 2015; Fidelity Bancorp merger closed November 2012; AmTrust 5 branch acquisition closed March 2009; Oak Hill Financial closed November 2007 Reconciliation

XML

Document And Entity Information	Jan. 23, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 23, 2024
Entity Registrant Name	WESBANCO, INC.
Entity Central Index Key	0000203596
Entity Emerging Growth Company	false
Entity File Number	001-39442
Entity Incorporation, State or Country Code	WV
Entity Tax Identification Number	55-0571723
Entity Address, Address Line One	1 Bank Plaza
Entity Address, City or Town	Wheeling
Entity Address, State or Province	WV
Entity Address, Postal Zip Code	26003
City Area Code	304
Local Phone Number	234-9000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock $2.0833 Par Value
Trading Symbol	WSBC
Security Exchange Name	NASDAQ
Depositary Shares [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A)
Trading Symbol	WSBCP
Security Exchange Name	NASDAQ