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): April 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 months ended March 31, 2024. 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 first quarter of 2024 on Wednesday, April 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 7101399. The replay will begin at approximately 12:00 p.m. ET on April 24, 2024 and end at 12 a.m. ET on May 8, 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 April 23, 2024 announcing earnings for the three months ended March 31, 2024.

99.2 – First quarter 2024 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:	April 23, 2024	By:	/s/ Daniel K. Weiss, Jr.
			Daniel K. Weiss, Jr. Executive Vice President and Chief Financial Officer

EX-99.1

 

WesBanco Announces First Quarter 2024 Financial Results

Deposit growth outpaces strong sequential quarter loan growth

Wheeling, WVa. (April 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 months ended March 31, 2024. Net income available to common shareholders for the first quarter of 2024 was $33.2 million, with diluted earnings per share of $0.56, compared to $39.8 million and $0.67 per diluted share, respectively, for the first quarter of 2023. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended March 31, 2024 was $33.2 million, or $0.56 per diluted share, as compared to $42.3 million, or $0.71 per diluted share (non-GAAP measures).

	For the Three Months Ended March 31,
	2024				2023
(unaudited, dollars in thousands, except per share amounts)	Net Income		Diluted Earnings Per Share		Net Income			Diluted Earnings Per Share
Net income available to common shareholders (Non-GAAP)(1)	$	33,162	$	0.56	$	42,301		$	0.71
Less: After tax restructuring and merger-related expenses		-		-		(2,491	)		(0.04	)
Net income available to common shareholders (GAAP)	$	33,162	$	0.56	$	39,810		$	0.67
(1) See non-GAAP financial measures for additional information relating to these items.

Financial and operational highlights during the quarter ended March 31, 2024:

•Deposits of $13.5 billion increased 4.8% year-over-year and 2.5% quarter-over-quarter

oAverage loans to average deposits were 88.7%, providing continued capacity to fund loan growth

oSolid sequential quarter deposit growth allowed for both the funding of loan growth and the pay-down of Federal Home Loan Bank borrowings

•Total loan growth was 9.0% year-over-year and 2.0% quarter-over-quarter, or 8.1% annualized

oTotal loans are up $1.0 billion as compared to the prior year period

•Non-interest income increased 10.8% year-over-year, supported by new commercial loan swap and wealth management fees

oTrust assets increased to $5.6 billion, driven by both market value adjustments and organic growth

•Non-interest expense declined sequentially due to management of staffing levels and marketing costs

•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 continues to earn national accolades, most recently Forbes’ America’s Best Banks 2024

“WesBanco’s first quarter results marked a strong start to 2024. We grew loans and deposits while smartly managing borrowings, controlling costs, and advancing our efforts to diversify revenue streams and drive non-interest income,” said Jeff Jackson, President and Chief Executive Officer, WesBanco. “Our commitment to customer service, sustainable growth strategies, and strong credit quality earned us yet another national accolade this quarter. With this solid start to the year and the continued strength of our teams, markets, and strategies, we are well-positioned to continue delivering value for our shareholders.”

Balance Sheet

As of March 31, 2024, total portfolio loans were $11.9 billion, which increased $1.0 billion, or 9.0%, year-over-year driven by strong performance from our commercial and residential lending teams. Total commercial loans of $8.4 billion increased 9.3% year-over-year and 9.8% quarter-over-quarter annualized. Commercial loan growth continues to reflect the benefit of our commercial banker hiring and loan production office strategies, as well as lower commercial real estate payoffs of $63 million for the quarter, compared to an anticipated annual level in the $500 million range within a more normal operating environment. The commercial pipeline was a record $1.2 billion at March 31, 2024, with substantial generation from the four new loan production offices.

Total deposits, as of March 31, 2024, were $13.5 billion, up 4.8% from March 31, 2023 and up 2.5% from December 31, 2023, reflecting the benefit of deposit gathering and retention efforts by our retail and commercial teams. The composition of total deposits continues to have some mix shift, reflecting the impact of the significant increase in the federal funds rate; however, total demand deposits continue to represent 55% of total deposits, with the non-interest bearing component representing 29%, which remains consistent with the percentage range prior to the pandemic.

Credit Quality

As of March 31, 2024, 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 through the last two years. Total loans past due as a percent of the loan portfolio increased 4 basis points from the prior year but declined 8 basis points sequentially. Criticized and classified loans as a percent of the loan portfolio increased 8 basis points quarter-over-quarter to 2.30%, while non-performing assets as a percentage of total assets increased 3 basis points to 0.19% but were down 5 basis points from the prior year period. Net charge-offs of $5.9 million primarily reflect a single borrower with loans totaling $4.8 million. The allowance for credit losses to total portfolio loans at March 31, 2024 decreased slightly, as compared to the fourth quarter, to 1.09% of total loans, or $129.2 million. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.11% of total loans.

Net Interest Margin and Income

As anticipated, the net interest margin of 2.92% for the first quarter of 2024 decreased 10 basis points sequentially and 44 basis points year-over-year primarily due to higher funding costs from increasing deposit costs and associated remix from non-interest bearing deposits into higher tier money market and certificate of deposit accounts. Total deposit funding costs were 256 basis points for the first quarter of 2024, and, when including non-interest deposits, total deposit funding costs were 181 basis points. Accretion from acquisitions benefited the first quarter net interest margin by 3 basis points, as compared to 4 basis points in the prior year period.

First quarter net interest income of $114.0 million decreased $10.4 million, or 8.3%, year-over-year, reflecting the impact of rising rates on funding costs more than offsetting higher loan and securities yields and loan growth.

Non-Interest Income

For the first quarter of 2024, non-interest income of $30.6 million increased $3.0 million, or 10.8%, from the first quarter of 2023. This increase was primarily due to net swap fee and valuation income, service charges on deposits, and trust fees. The net swap fee and valuation income of $1.6 million reflects $0.8 million of new swap fees and net fair value adjustments of $0.8 million, as compared to $1.8 million and negative $1.0 million, respectively, in the prior year period. Service charges on deposits increased $0.6 million year-over-year, reflecting fee income from new products and services and increased general consumer spending. Trust fees, which are seasonally higher during the first quarter, increased $0.6 million year-over-year due to an 11.4% increase in trust assets, driven by both market value adjustments and organic growth.

Non-Interest Expense

Non-interest expense, excluding restructuring and merger-related costs, for the three months ended March 31, 2024 were $97.2 million, a $4.2 million increase year-over-year but a $2.3 million decrease sequentially, which reflects lower quarterly average staffing levels and the timing of marketing campaigns. The year-over-year increase was primarily driven by increases in other operating expenses, salaries and wages, and equipment and software expenses. Other operating expenses increased $2.2 million primarily due to higher costs and fees in support of loan growth and higher miscellaneous taxes and expenses. Salaries and wages increased $1.0 million 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, partially offset by efficiency improvements in the mortgage and branch staffing models. 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.

Capital

WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable “well-capitalized” standards promulgated by bank regulators and the BASEL III capital standards. At March 31, 2024, Tier I leverage was 9.79%, Tier I risk-based capital ratio was 11.87%, common equity Tier 1 capital ratio (“CET 1”) was 10.84%, and total risk-based capital was 14.76%. In addition, the tangible common equity to tangible assets ratio improved to 7.63%.

Conference Call and Webcast

WesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2024 at 10:00 a.m. ET on Wednesday, April 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 7101399. The replay will begin at approximately 12:00 p.m. ET on April 24, 2024 and end at 12 a.m. ET on May 8, 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, 2023 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website, www.sec.gov or at WesBanco’s website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco’s most recent Annual Report on Form 10-K filed with the SEC under “Risk Factors” in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions, 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 $5.6 billion of assets under management (as of March 31, 2024). 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
	STATEMENT OF INCOME	March 31,
		2024		2023		% Change
	Interest and dividend income
	Loans, including fees	$	166,974	$	133,406		25.2
	Interest and dividends on securities:
	Taxable		17,404		19,086		(8.8	)
	Tax-exempt		4,586		4,790		(4.3	)
	Total interest and dividends on securities		21,990		23,876		(7.9	)
	Other interest income		6,369		3,273		94.6
	Total interest and dividend income		195,333		160,555		21.7
	Interest expense
	Interest bearing demand deposits		25,590		11,106		130.4
	Money market deposits		16,114		4,252		279.0
	Savings deposits		7,667		4,000		91.7
	Certificates of deposit		10,247		1,203		751.8
	Total interest expense on deposits		59,618		20,561		190.0
	Federal Home Loan Bank borrowings		17,000		11,300		50.4
	Other short-term borrowings		674		418		61.2
	Subordinated debt and junior subordinated debt		4,075		3,944		3.3
	Total interest expense		81,367		36,223		124.6
	Net interest income		113,966		124,332		(8.3	)
	Provision for credit losses		4,014		3,577		12.2
	Net interest income after provision for credit losses		109,952		120,755		(8.9	)
	Non-interest income
	Trust fees		8,082		7,494		7.8
	Service charges on deposits		6,784		6,170		10.0
	Digital banking income		4,704		4,605		2.1
	Net swap fee and valuation income		1,563		799		95.6
	Net securities brokerage revenue		2,548		2,576		(1.1	)
	Bank-owned life insurance		2,067		1,959		5.5
	Mortgage banking income		693		426		62.7
	Net securities gains		537		145		270.3
	Net gains on other real estate owned and other assets		154		232		(33.6	)
	Other income		3,497		3,247		7.7
	Total non-interest income		30,629		27,653		10.8
	Non-interest expense
	Salaries and wages		42,997		41,952		2.5
	Employee benefits		12,184		12,060		1.0
	Net occupancy		6,623		6,643		(0.3	)
	Equipment and software		10,008		9,063		10.4
	Marketing		1,885		2,325		(18.9	)
	FDIC insurance		3,448		2,884		19.6
	Amortization of intangible assets		2,092		2,301		(9.1	)
	Restructuring and merger-related expense		-		3,153		(100.0	)
	Other operating expenses		17,954		15,744		14.0
	Total non-interest expense		97,191		96,125		1.1
	Income before provision for income taxes		43,390		52,283		(17.0	)
	Provision for income taxes		7,697		9,942		(22.6	)
	Net Income		35,693		42,341		(15.7	)
	Preferred stock dividends		2,531		2,531		-
	Net income available to common shareholders	$	33,162	$	39,810		(16.7	)
	Taxable equivalent net interest income	$	115,185	$	125,605		(8.3	)
	Per common share data
	Net income per common share - basic	$	0.56	$	0.67		(16.4	)
	Net income per common share - diluted		0.56		0.67		(16.4	)
	Net income per common share - diluted, excluding certain items (1)(2)		0.56		0.71		(21.1	)
	Dividends declared		0.36		0.35		2.9
	Book value (period end)		40.30		39.34		2.4
	Tangible book value (period end) (1)		21.39		20.27		5.5
	Average common shares outstanding - basic		59,382,758		59,217,711		0.3
	Average common shares outstanding - diluted		59,523,679		59,375,053		0.3
	Period end common shares outstanding		59,395,777		59,246,569		0.3
	Period end preferred shares outstanding		150,000		150,000		-
	(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
	(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, unless otherwise noted)
	Selected ratios
		For the Three Months Ended
		March 31,
		2024			2023			% Change
	Return on average assets		0.75	%		0.95	%		(21.05	)	%
	Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		0.75			1.01			(25.74	)
	Return on average equity		5.24			6.57			(20.24	)
	Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		5.24			6.98			(24.93	)
	Return on average tangible equity (1)		9.85			12.72			(22.56	)
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		9.85			13.48			(26.93	)
	Return on average tangible common equity (1)		10.96			14.28			(23.25	)
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		10.96			15.13			(27.56	)
	Yield on earning assets (2)		4.98			4.32			15.28
	Cost of interest bearing liabilities		2.98			1.52			96.05
	Net interest spread (2)		2.00			2.80			(28.57	)
	Net interest margin (2)		2.92			3.36			(13.10	)
	Efficiency (1) (2)		66.65			60.66			9.87
	Average loans to average deposits		88.67			83.46			6.24
	Annualized net loan charge-offs/average loans		0.20			0.07			185.71
	Effective income tax rate		17.74			19.02			(6.73	)

	For the Three Months Ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	2024			2023			2023			2023			2023
Return on average assets		0.75	%		0.74	%		0.78	%		0.98	%		0.95	%
Return on average assets, excluding after-tax restructuring and merger-related expenses (1)		0.75			0.74			0.80			0.98			1.01
Return on average equity		5.24			5.21			5.49			6.81			6.57
Return on average equity, excluding after-tax restructuring and merger-related expenses (1)		5.24			5.21			5.57			6.82			6.98
Return on average tangible equity (1)		9.85			10.11			10.60			12.98			12.72
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1)		9.85			10.11			10.75			12.99			13.48
Return on average tangible common equity (1)		10.96			11.32			11.87			14.52			14.28
Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1)		10.96			11.32			12.03			14.53			15.13
Yield on earning assets (2)		4.98			4.88			4.72			4.59			4.32
Cost of interest bearing liabilities		2.98			2.76			2.52			2.15			1.52
Net interest spread (2)		2.00			2.12			2.20			2.44			2.80
Net interest margin (2)		2.92			3.02			3.03			3.18			3.36
Efficiency (1) (2)		66.65			66.75			64.95			62.33			60.66
Average loans to average deposits		88.67			87.07			86.79			85.44			83.46
Annualized net loan charge-offs and recoveries /average loans		0.20			0.06			0.01			0.02			0.07
Effective income tax rate		17.74			19.66			16.83			16.80			19.02
Trust assets, market value at period end ($MM)	$	5,601		$	5,360		$	4,982		$	5,127		$	5,026
Securities brokerage account value (includes annuities) ($MM)	$	1,751		$	1,686		$	1,600		$	1,596		$	1,551
(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.
$MM = millions

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares)
														% Change
		March 31,									December 31,			December 31, 2023
	Balance sheets	2024			2023			% Change			2023			to March 31, 2024
	Assets
	Cash and due from banks	$	138,940		$	152,756			(9.0	)	$	158,504			(12.3	)
	Due from banks - interest bearing		370,729			444,747			(16.6	)		436,879			(15.1	)
	Securities:
	Equity securities, at fair value		13,074			11,843			10.4			12,320			6.1
	Available-for-sale debt securities, at fair value		2,119,272			2,465,996			(14.1	)		2,194,329			(3.4	)
	Held-to-maturity debt securities (fair values of $1,052,444; $1,107,685 and $1,069,159, respectively)		1,190,010			1,239,247			(4.0	)		1,199,527			(0.8	)
	Allowance for credit losses - held-to-maturity debt securities		(183	)		(212	)		13.7			(192	)		4.7
	Net held-to-maturity debt securities		1,189,827			1,239,035			(4.0	)		1,199,335			(0.8	)
	Total securities		3,322,173			3,716,874			(10.6	)		3,405,984			(2.5	)
	Loans held for sale		12,472			12,722			(2.0	)		16,354			(23.7	)
	Portfolio loans:
	Commercial real estate		6,754,933			6,197,844			9.0			6,565,448			2.9
	Commercial and industrial		1,683,172			1,519,808			10.7			1,670,659			0.7
	Residential real estate		2,469,357			2,251,423			9.7			2,438,574			1.3
	Home equity		740,973			692,001			7.1			734,219			0.9
	Consumer		224,732			227,612			(1.3	)		229,561			(2.1	)
	Total portfolio loans, net of unearned income		11,873,167			10,888,688			9.0			11,638,461			2.0
	Allowance for credit losses - loans		(129,190	)		(118,698	)		(8.8	)		(130,675	)		1.1
	Net portfolio loans		11,743,977			10,769,990			9.0			11,507,786			2.1
	Premises and equipment, net		232,630			224,940			3.4			233,571			(0.4	)
	Accrued interest receivable		78,564			69,232			13.5			77,435			1.5
	Goodwill and other intangible assets, net		1,130,175			1,139,054			(0.8	)		1,132,267			(0.2	)
	Bank-owned life insurance		357,099			354,320			0.8			355,033			0.6
	Other assets		385,976			389,991			(1.0	)		388,561			(0.7	)
	Total Assets	$	17,772,735		$	17,274,626			2.9		$	17,712,374			0.3
	Liabilities
	Deposits:
	Non-interest bearing demand	$	3,938,610		$	4,478,954			(12.1	)	$	3,962,592			(0.6	)
	Interest bearing demand		3,529,691			3,107,112			13.6			3,463,443			1.9
	Money market		2,189,769			1,618,204			35.3			2,017,713			8.5
	Savings deposits		2,499,466			2,784,780			(10.2	)		2,493,254			0.2
	Certificates of deposit		1,339,237			884,146			51.5			1,231,702			8.7
	Total deposits		13,496,773			12,873,196			4.8			13,168,704			2.5
	Federal Home Loan Bank borrowings		1,100,000			1,280,000			(14.1	)		1,350,000			(18.5	)
	Other short-term borrowings		72,935			111,176			(34.4	)		105,893			(31.1	)
	Subordinated debt and junior subordinated debt		279,136			281,629			(0.9	)		279,078			0.0
	Total borrowings		1,452,071			1,672,805			(13.2	)		1,734,971			(16.3	)
	Accrued interest payable		15,929			7,669			107.7			11,121			43.2
	Other liabilities		269,600			245,499			9.8			264,516			1.9
	Total Liabilities		15,234,373			14,799,169			2.9			15,179,312			0.4
	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; 59,395,777, 59,246,569 and 59,376,435 shares outstanding, respectively		141,834			141,834			-			141,834			-
	Capital surplus		1,636,964			1,636,061			0.1			1,635,859			0.1
	Retained earnings		1,154,307			1,096,924			5.2			1,142,586			1.0
	Treasury stock (8,685,529, 8,834,737 and 8,704,871 shares - at cost, respectively)		(302,264	)		(307,507	)		1.7			(302,995	)		0.2
	Accumulated other comprehensive loss		(234,922	)		(234,399	)		(0.2	)		(226,693	)		(3.6	)
	Deferred benefits for directors		(2,041	)		(1,940	)		(5.2	)		(2,013	)		(1.4	)
	Total Shareholders' Equity		2,538,362			2,475,457			2.5			2,533,062			0.2
	Total Liabilities and Shareholders' Equity	$	17,772,735		$	17,274,626			2.9		$	17,712,374			0.3

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)
		For the Three Months Ended March 31,
		2024					2023
	Average balance sheet and net interest margin analysis	Average		Average			Average		Average
		Balance		Rate			Balance		Rate
	Assets
	Due from banks - interest bearing	$	375,268		5.70	%	$	279,448		4.29	%
	Loans, net of unearned income (1)		11,756,875		5.71			10,750,132		5.03
	Securities: (2)
	Taxable		2,928,867		2.39			3,302,081		2.34
	Tax-exempt (3)		759,797		3.07			800,804		3.07
	Total securities		3,688,664		2.53			4,102,885		2.49
	Other earning assets		60,920		6.92			45,879		2.82	%
	Total earning assets (3)		15,881,727		4.98	%		15,178,344		4.32	%
	Other assets		1,822,538					1,792,210
	Total Assets	$	17,704,265				$	16,970,554
	Liabilities and Shareholders' Equity
	Interest bearing demand deposits	$	3,501,049		2.94	%	$	3,029,944		1.49	%
	Money market accounts		2,087,036		3.11			1,632,738		1.06
	Savings deposits		2,480,710		1.24			2,774,741		0.58
	Certificates of deposit		1,291,111		3.19			862,703		0.57
	Total interest bearing deposits		9,359,906		2.56			8,300,126		1.00
	Federal Home Loan Bank borrowings		1,243,407		5.50			970,000		4.72
	Repurchase agreements		92,565		2.93			131,186		1.29
	Subordinated debt and junior subordinated debt		279,103		5.87			281,483		5.68
	Total interest bearing liabilities (4)		10,974,981		2.98	%		9,682,795		1.52	%
	Non-interest bearing demand deposits		3,898,990					4,580,164
	Other liabilities		284,453					249,528
	Shareholders' equity		2,545,841					2,458,067
	Total Liabilities and Shareholders' Equity	$	17,704,265				$	16,970,554
	Taxable equivalent net interest spread				2.00	%				2.80	%
	Taxable equivalent net interest margin				2.92	%				3.36	%
	(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 $0.3 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $0.8 million and $1.3 million for the three months ended March 31, 2024 and 2023, 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 $0.1 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively.

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares and per share amounts)
		Quarter Ended
		Mar. 31,		Dec. 31,			Sept. 30,			June 30,		Mar. 31,
	Statement of Income	2024		2023			2023			2023		2023
	Interest and dividend income
	Loans, including fees	$	166,974	$	162,498		$	155,206		$	145,741	$	133,406
	Interest and dividends on securities:
	Taxable		17,404		17,798			18,082			18,483		19,086
	Tax-exempt		4,586		4,639			4,679			4,723		4,790
	Total interest and dividends on securities		21,990		22,437			22,761			23,206		23,876
	Other interest income		6,369		6,383			5,622			7,108		3,273
	Total interest and dividend income		195,333		191,318			183,589			176,055		160,555
	Interest expense
	Interest bearing demand deposits		25,590		23,686			20,873			17,203		11,106
	Money market deposits		16,114		14,302			10,841			7,220		4,252
	Savings deposits		7,667		7,310			6,699			5,860		4,000
	Certificates of deposit		10,247		8,380			5,983			2,906		1,203
	Total interest expense on deposits		59,618		53,678			44,396			33,189		20,561
	Federal Home Loan Bank borrowings		17,000		14,841			16,463			16,713		11,300
	Other short-term borrowings		674		891			745			492		418
	Subordinated debt and junior subordinated debt		4,075		4,150			4,303			4,094		3,944
	Total interest expense		81,367		73,560			65,907			54,488		36,223
	Net interest income		113,966		117,758			117,682			121,567		124,332
	Provision for credit losses		4,014		4,803			6,327			3,028		3,577
	Net interest income after provision for credit losses		109,952		112,955			111,355			118,539		120,755
	Non-interest income
	Trust fees		8,082		7,019			6,705			6,918		7,494
	Service charges on deposits		6,784		6,989			6,726			6,232		6,170
	Digital banking income		4,704		4,890			4,949			5,010		4,605
	Net swap fee and valuation income/(loss)		1,563		(345	)		3,845			2,612		799
	Net securities brokerage revenue		2,548		2,563			2,394			2,523		2,576
	Bank-owned life insurance		2,067		3,455			2,398			3,189		1,959
	Mortgage banking income		693		650			975			601		426
	Net securities gains/(losses)		537		887			(337	)		205		145
	Net gains/(losses) on other real estate owned and other assets		154		445			(28	)		871		232
	Other income		3,497		3,521			3,252			3,680		3,247
	Total non-interest income		30,629		30,074			30,879			31,841		27,653
	Non-interest expense
	Salaries and wages		42,997		45,164			45,351			44,471		41,952
	Employee benefits		12,184		11,409			11,922			11,511		12,060
	Net occupancy		6,623		6,417			6,146			6,132		6,643
	Equipment and software		10,008		9,648			9,132			8,823		9,063
	Marketing		1,885		2,975			3,115			2,763		2,325
	FDIC insurance		3,448		3,369			3,125			2,871		2,884
	Amortization of intangible assets		2,092		2,243			2,262			2,282		2,301
	Restructuring and merger-related expense	-		-				641			35		3,153
	Other operating expenses		17,954		18,278			16,245			17,549		15,744
	Total non-interest expense		97,191		99,503			97,939			96,437		96,125
	Income before provision for income taxes		43,390		43,526			44,295			53,943		52,283
	Provision for income taxes		7,697		8,558			7,453			9,063		9,942
	Net Income		35,693		34,968			36,842			44,880		42,341
	Preferred stock dividends		2,531		2,531			2,531			2,531		2,531
	Net income available to common shareholders	$	33,162	$	32,437		$	34,311		$	42,349	$	39,810
	Taxable equivalent net interest income	$	115,185	$	118,991		$	118,926		$	122,822	$	125,605
	Per common share data
	Net income per common share - basic	$	0.56	$	0.55		$	0.58		$	0.71	$	0.67
	Net income per common share - diluted		0.56		0.55			0.58			0.71		0.67
	Net income per common share - diluted, excluding    certain items (1)(2)		0.56		0.55			0.59			0.71		0.71
	Dividends declared		0.36		0.36			0.35			0.35		0.35
	Book value (period end)		40.30		40.23			38.80			39.10		39.34
	Tangible book value (period end) (1)		21.39		21.28			19.82			20.08		20.27
	Average common shares outstanding - basic		59,382,758		59,370,171			59,358,653			59,263,949		59,217,711
	Average common shares outstanding - diluted		59,523,679		59,479,031			59,443,366			59,385,847		59,375,053
	Period end common shares outstanding		59,395,777		59,376,435			59,364,696			59,355,062		59,246,569
	Period end preferred shares outstanding		150,000		150,000			150,000			150,000		150,000
	Full time equivalent employees		2,331		2,368			2,427			2,542		2,501
	(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
		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	Asset quality data	2024			2023			2023			2023			2023
	Non-performing assets:
	Total non-performing loans	$	32,919		$	26,808		$	29,878		$	31,555		$	39,216
	Other real estate and repossessed assets		1,474			1,497			1,333			1,432			1,554
	Total non-performing assets	$	34,393		$	28,305		$	31,211		$	32,987		$	40,770
	Past due loans (1):
	Loans past due 30-89 days	$	18,515		$	22,875		$	16,030		$	18,348		$	12,920
	Loans past due 90 days or more		5,408			9,638			8,606			5,147			4,570
	Total past due loans	$	23,923		$	32,513		$	24,636		$	23,495		$	17,490
	Criticized and classified loans (2):
	Criticized loans	$	171,536		$	183,174		$	180,136		$	119,771		$	116,608
	Classified loans		101,898			75,497			70,997			67,036			57,222
	Total criticized and classified loans	$	273,434		$	258,671		$	251,133		$	186,807		$	173,830
	Loans past due 30-89 days / total portfolio loans		0.16	%		0.20	%		0.14	%		0.16	%		0.12	%
	Loans past due 90 days or more / total portfolio loans		0.05			0.08			0.08			0.05			0.04
	Non-performing loans / total portfolio loans		0.28			0.23			0.26			0.28			0.36
	Non-performing assets/total portfolio loans, other    real estate and repossessed assets		0.29			0.24			0.28			0.30			0.37
	Non-performing assets / total assets		0.19			0.16			0.18			0.19			0.24
	Criticized and classified loans / total portfolio loans		2.30			2.22			2.22			1.68			1.60
	Allowance for credit losses
	Allowance for credit losses - loans	$	129,190		$	130,675		$	126,615		$	120,166		$	118,698
	Allowance for credit losses - loan commitments		8,175			8,604			9,729			10,124			9,127
	Provision for credit losses		4,014			4,803			6,327			3,028			3,577
	Net loan and deposit account overdraft charge-offs and recoveries		5,935			1,857			286			581			1,919
	Annualized net loan charge-offs and recoveries / average loans		0.20	%		0.06	%		0.01	%		0.02	%		0.07	%
	Allowance for credit losses - loans / total portfolio loans		1.09	%		1.12	%		1.12	%		1.08	%		1.09	%
	Allowance for credit losses - loans / non-performing loans		3.92	x		4.87	x		4.24	x		3.81	x		3.03	x
	Allowance for credit losses - loans / non-performing loans    and loans past due		2.27	x		2.20	x		2.32	x		2.18	x		2.09	x
		Quarter Ended
		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
		2024			2023			2023			2023			2023
	Capital ratios
	Tier I leverage capital		9.79	%		9.87	%		9.84	%		9.78	%		9.82	%
	Tier I risk-based capital		11.87			12.05			12.07			12.12			12.22
	Total risk-based capital		14.76			14.91			14.97			14.83			14.97
	Common equity tier 1 capital ratio (CET 1)		10.84			10.99			11.00			11.04			11.11
	Average shareholders' equity to average assets		14.38			14.17			14.29			14.42			14.48
	Tangible equity to tangible assets (3)		8.50			8.49			8.15			8.24			8.33
	Tangible common equity to tangible assets (3)		7.63			7.62			7.26			7.35			7.44
	(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
		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	(unaudited, dollars in thousands, except shares and per share amounts)	2024			2023			2023			2023			2023
	Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	33,162		$	32,437		$	34,311		$	42,349		$	39,810
	Plus: after-tax restructuring and merger-related expenses (1)		-			-			506			28			2,491
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		33,162			32,437			34,817			42,377			42,301
	Average total assets	$	17,704,265		$	17,426,111		$	17,341,959		$	17,294,346		$	16,970,554
	Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2)		0.75	%		0.74	%		0.80	%		0.98	%		1.01	%
	Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	33,162		$	32,437		$	34,311		$	42,349		$	39,810
	Plus: after-tax restructuring and merger-related expenses (1)		-			-			506			28			2,491
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		33,162			32,437			34,817			42,377			42,301
	Average total shareholders' equity		2,545,841			2,468,525			2,478,662			2,493,096			2,458,067
	Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		5.24	%		5.21	%		5.57	%		6.82	%		6.98	%
	Return on average tangible equity:
	Net income available to common shareholders	$	33,162		$	32,437		$	34,311		$	42,349		$	39,810
	Plus: amortization of intangibles (1)		1,653			1,772			1,787			1,803			1,818
	Net income available to common shareholders before amortization of intangibles		34,815			34,209			36,098			44,152			41,628
	Average total shareholders' equity		2,545,841			2,468,525			2,478,662			2,493,096			2,458,067
	Less: average goodwill and other intangibles, net of def. tax liability		(1,123,938	)		(1,125,593	)		(1,127,404	)		(1,129,155	)		(1,131,027	)
	Average tangible equity	$	1,421,903		$	1,342,932		$	1,351,258		$	1,363,941		$	1,327,040
	Return on average tangible equity (annualized) (2)		9.85	%		10.11	%		10.60	%		12.98	%		12.72	%
	Average tangible common equity	$	1,277,419		$	1,198,448		$	1,206,774		$	1,219,457		$	1,182,556
	Return on average tangible common equity (annualized) (2)		10.96	%		11.32	%		11.87	%		14.52	%		14.28	%
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	33,162		$	32,437		$	34,311		$	42,349		$	39,810
	Plus: after-tax restructuring and merger-related expenses (1)		-			-			506			28			2,491
	Plus: amortization of intangibles (1)		1,653			1,772			1,787			1,803			1,818
	Net income available to common shareholders before amortization of intangibles and    excluding after-tax restructuring and merger-related expenses		34,815			34,209			36,604			44,180			44,119
	Average total shareholders' equity		2,545,841			2,468,525			2,478,662			2,493,096			2,458,067
	Less: average goodwill and other intangibles, net of def. tax liability		(1,123,938	)		(1,125,593	)		(1,127,404	)		(1,129,155	)		(1,131,027	)
	Average tangible equity	$	1,421,903		$	1,342,932		$	1,351,258		$	1,363,941		$	1,327,040
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		9.85	%		10.11	%		10.75	%		12.99	%		13.48	%
	Average tangible common equity	$	1,277,419		$	1,198,448		$	1,206,774		$	1,219,457		$	1,182,556
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		10.96	%		11.32	%		12.03	%		14.53	%		15.13	%

	Three Months Ended
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts)	2024			2023			2023			2023			2023
Efficiency ratio:
Non-interest expense	$	97,191		$	99,503		$	97,939		$	96,437		$	96,125
Less: restructuring and merger-related expense		-			-			(641	)		(35	)		(3,153	)
Non-interest expense excluding restructuring and merger-related expense		97,191			99,503			97,298			96,402			92,972
Net interest income on a fully taxable equivalent basis		115,185			118,991			118,926			122,822			125,605
Non-interest income		30,629			30,074			30,879			31,841			27,653
Net interest income on a fully taxable equivalent basis plus non-interest income	$	145,814		$	149,065		$	149,805		$	154,663		$	153,258
Efficiency Ratio		66.65	%		66.75	%		64.95	%		62.33	%		60.66	%
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
Net income available to common shareholders	$	33,162		$	32,437		$	34,311		$	42,349		$	39,810
Add: After-tax restructuring and merger-related expenses (1)		-			-			506			28			2,491
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses	$	33,162		$	32,437		$	34,817		$	42,377		$	42,301
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
Net income per common share - diluted	$	0.56		$	0.55		$	0.58		$	0.71		$	0.67
Add: After-tax restructuring and merger-related expenses per common share - diluted (1)		-			-			0.01			-			0.04
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses	$	0.56		$	0.55		$	0.59		$	0.71		$	0.71
	Period End
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	2024			2023			2023			2023			2023
Tangible book value per share:
Total shareholders' equity	$	2,538,362		$	2,533,062		$	2,447,941		$	2,464,998		$	2,475,457
Less: goodwill and other intangible assets, net of def. tax liability		(1,123,158	)		(1,124,811	)		(1,126,583	)		(1,128,371	)		(1,130,172	)
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,270,720			1,263,767			1,176,874			1,192,143			1,200,801
Common shares outstanding		59,395,777			59,376,435			59,364,696			59,355,062			59,246,569
Tangible book value per share	$	21.39		$	21.28		$	19.82		$	20.08		$	20.27
Tangible common equity to tangible assets:
Total shareholders' equity	$	2,538,362		$	2,533,062		$	2,447,941		$	2,464,998		$	2,475,457
Less: goodwill and other intangible assets, net of def. tax liability		(1,123,158	)		(1,124,811	)		(1,126,583	)		(1,128,371	)		(1,130,172	)
Tangible equity		1,415,204			1,408,251			1,321,358			1,336,627			1,345,285
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,484	)
Tangible common equity		1,270,720			1,263,767			1,176,874			1,192,143			1,200,801
Total assets		17,772,735			17,712,374			17,344,377			17,356,954			17,274,626
Less: goodwill and other intangible assets, net of def. tax liability		(1,123,158	)		(1,124,811	)		(1,126,583	)		(1,128,371	)		(1,130,172	)
Tangible assets	$	16,649,577		$	16,587,563		$	16,217,794		$	16,228,583		$	16,144,454
Tangible equity to tangible assets		8.50	%		8.49	%		8.15	%		8.24	%		8.33	%
Tangible common equity to tangible assets		7.63	%		7.62	%		7.26	%		7.35	%		7.44	%
(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
		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	(unaudited, dollars in thousands, except shares and per share amounts)	2024			2023			2023			2023			2023
	Pre-tax, pre-provision income:
	Income before provision for income taxes	$	43,390		$	43,526		$	44,295		$	53,943		$	52,283
	Add: provision for credit losses		4,014			4,803			6,327			3,028			3,577
	Pre-tax, pre-provision income	$	47,404		$	48,329		$	50,622		$	56,971		$	55,860
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income before provision for income taxes	$	43,390		$	43,526		$	44,295		$	53,943		$	52,283
	Add: provision for credit losses		4,014			4,803			6,327			3,028			3,577
	Add: restructuring and merger-related expenses		-			-			641			35			3,153
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses	$	47,404		$	48,329		$	51,263		$	57,006		$	59,013
	'Return on average assets, excluding certain items (1):
	Income before provision for income taxes	$	43,390		$	43,526		$	44,295		$	53,943		$	52,283
	Add: provision for credit losses		4,014			4,803			6,327			3,028			3,577
	Add: restructuring and merger-related expenses		-			-			641			35			3,153
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		47,404			48,329			51,263			57,006			59,013
	Average total assets	$	17,704,265		$	17,426,111		$	17,341,959		$	17,294,346		$	16,970,554
	Return on average assets, excluding certain items (annualized) (1) (2)		1.08	%		1.10	%		1.17	%		1.32	%		1.41	%
	Return on average equity, excluding certain items (1):
	Income before provision for income taxes	$	43,390		$	43,526		$	44,295		$	53,943		$	52,283
	Add: provision for credit losses		4,014			4,803			6,327			3,028			3,577
	Add: restructuring and merger-related expenses		-			-			641			35			3,153
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		47,404			48,329			51,263			57,006			59,013
	Average total shareholders' equity	$	2,545,841		$	2,468,525		$	2,478,662		$	2,493,096		$	2,458,067
	Return on average equity, excluding certain items (annualized) (1) (2)		7.49	%		7.77	%		8.21	%		9.17	%		9.74	%
	Return on average tangible equity, excluding certain items (1):
	Income before provision for income taxes	$	43,390		$	43,526		$	44,295		$	53,943		$	52,283
	Add: provision for credit losses		4,014			4,803			6,327			3,028			3,577
	Add: amortization of intangibles		2,092			2,243			2,262			2,282			2,301
	Add: restructuring and merger-related expenses		-			-			641			35			3,153
	Income before provision, restructuring and merger-related expenses and amortization of intangibles		49,496			50,572			53,525			59,288			61,314
	Average total shareholders' equity		2,545,841			2,468,525			2,478,662			2,493,096			2,458,067
	Less: average goodwill and other intangibles, net of def. tax liability		(1,123,938	)		(1,125,593	)		(1,127,404	)		(1,129,155	)		(1,131,027	)
	Average tangible equity	$	1,421,903		$	1,342,932		$	1,351,258		$	1,363,941		$	1,327,040
	Return on average tangible equity, excluding certain items (annualized) (1) (2)		14.00	%		14.94	%		15.72	%		17.44	%		18.74	%
	Average tangible common equity	$	1,277,419		$	1,198,448		$	1,206,774		$	1,219,457		$	1,182,556
	Return on average tangible common equity, excluding certain items (annualized) (1) (2)		15.58	%		16.74	%		17.60	%		19.50	%		21.03	%
	(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

First Quarter 2024Earnings Call Presentation 23 April 2024 Note: update footnote copyright year annually

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, 2023 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website, www.sec.gov or at WesBanco’s website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco’s most recent Annual Report on Form 10-K filed with the SEC under “Risk Factors” in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions, 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 and loans increased both year-over-year and quarter-over-quarter Sequential quarter deposit growth funded loan growth and borrowings pay-down Total loans up $1.0 billion as compared to the prior year period Non-interest income increased year-over-year, supported by new commercial loan swap and wealth management fees Non-interest expense declined sequentially due to management of staffing and marketing costs 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 credit quality, growth, and profitability Net Income Available to Common Shareholders and Diluted EPS(1) $33.2 million; $0.56/diluted share Total Deposits +10.0% QoQ (annualized); +4.8% YoY Total Loan Growth +8.1% QoQ (annualized); +9.0% YoY Non-Interest Income and Expense +10.8% YoY and (2.3%) QoQ, respectively Average loans to average deposits 88.7% Non-Performing Assets to Total Assets 0.19% Tangible Common Equity to Tangible Assets(1) 7.63% Deposit growth outpaces strong sequential quarter loan growth Note: financial and operational highlights during the quarter ended March 31, 2024 (1) Non-GAAP measure – please see reconciliation in appendix; excludes restructuring and merger-related expenses Q1 2024 Financial and Operational Highlights

Q1 2024 Key Metrics Note: PTPP = pre-tax, pre-provision Non-GAAP measure – please see reconciliation in appendix Excludes restructuring and merger-related expenses

+9.0% year-over-year and +2.0% (or +8.1% 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 C&I loans increased 10.7% year-over-year and 3.0% quarter-over-quarter annualized, reflecting strategic loan production office and lender hiring initiatives CRE loan payoffs totaled approximately $63 million during the first quarter – as compared to an anticipated annual level in the $500 million range within a more normal operating environment C&I line utilization, as of 3/31/2024, increased ~180 basis points year-over-year to 34%, as compared to a mid-40% range prior to the pandemic Total loans up $1 billion year-over-year Q1 2024 Total Portfolio Loans

Solid deposit growth both year-over-year and quarter-over-quarter Note: “uninsured deposits” are approximated; “collateralized municipal deposits” are collateralized by securities Total deposits of $13.5 billion were up 4.8% year-over-year and 10.0% quarter-over-quarter annualized, reflecting deposit gathering and retention efforts by our retail and commercial teams Sequential quarter deposit growth funded loan growth and pay-down of FHLB borrowings Distribution: consumer ~53% and business ~34% (note: public funds, which are separately collateralized, ~13%) Total demand deposits represented 55% of total deposits, with the non-interest bearing component representing 29% Non-interest bearing demand deposits as a percentage of total deposits remain consistent with the percentage range prior to the pandemic Average loans to average deposits were 88.7%, providing continued capacity to fund loan growth Q1 2024 Total Deposits

Tangible common equity to tangible assets ratio improved 19 basis points year-over-year to 7.63% Weighted average yield 2.53% vs. 2.49% last year Weighted average duration 5.2 Total unrealized securities losses (after-tax): Available for Sale (“AFS”) = $242MM Held to Maturity (“HTM”) = $105MM Note: HTM losses not recognized in accumulated other comprehensive income Securities 18.7% of assets, down 282 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 Q1 2024 Total Securities

NIM continues to reflect the higher rate environment and deposit remix Q1 2024 net interest margin of 2.92% 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 As anticipated, NIM declined 10 basis points quarter-over-quarter and 44 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 181 basis points, increasing 20 basis points sequentially and 116 basis points year-over-year Federal Home Loan Bank borrowings totaled $1.1 billion at 3/31/2024, down $250 million from 12/31/2023 Q1 2024 Net Interest Margin (NIM)

Non-interest income increased 10.8% year-over-year reflecting growth in wealth management and strength in new commercial swap fees Trust fees, which are seasonally higher in Q1, increased due to an 11.4% increase in trust assets, driven by both market value adjustments and organic growth New swap fee and valuation income includes $0.8 million in new swap fees and $0.8 million in fair market value adjustments As compared to new swap fees of $1.8 million and negative fair market value adjustments of $1.0 million last year The year-over-year increase in service charges on deposits reflects fee income from new products and services and increased general consumer spending Wealth management and commercial loan swaps driving growth Note: OREO = other real estate owned Q1 2024 Non-Interest Income

Committed to discretionary expense management Q1 2024 Non-Interest Expense Non-interest expense increased year-over-year primarily due to higher staffing costs and inflation but decreased quarter-over-quarter, reflecting lower quarterly average staffing levels and the timing of marketing campaigns Salaries and wages reflect last year’s annual merit increases and new revenue-producing hires, mainly commercial lenders, partially offset by efficiency improvements in the mortgage and branch staffing models 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 Other operating expenses increased year-over-year primarily due to higher costs and fees in support of loan growth and higher miscellaneous taxes and expenses

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 4/11/2024) 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 1.09% Note: ACL at 3/31/2024 excludes off-balance sheet credit exposures of $8.2 million The decrease in the allowance was primarily driven by the dollar change in qualitative adjustments for loan concentrations During Q1 2024, recorded a provision for credit losses of $4.0 million, as compared to $3.6 million in the prior year period Allowance coverage ratio of 1.09% Excludes fair market value adjustments on previously acquired loans representing 0.11% of total portfolio loans Q1 2024 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 3/31/2024; 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 3/31/2024)(1) No shares repurchased during Q1 2024 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	Apr. 23, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Apr. 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