Mergers and Acquisitions (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination [Abstract]

Summary of Preliminary Purchase Price of PFC Acquisition and Goodwill

The preliminary purchase price of the PFC acquisition and resulting goodwill is summarized as follows:

(unaudited, in thousands)	February 28, 2025
Purchase price:
Fair value of Wesbanco shares issued	$	1,007,845
Cash consideration for outstanding PFC shares		138
Total purchase price	$	1,007,983
Fair value of:
Tangible assets acquired	$	7,734,236
Core deposit and other intangible assets acquired		158,406
Liabilities assumed		(7,561,426	)
Net cash received in the acquisition		200,592
Fair value of net assets acquired		531,808
Goodwill recognized	$	476,175

Summary of Amounts Recognized for Major Class of Assets Acquired and Liabilities Assumed

The following table presents the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed:

(unaudited, in thousands)	February 28, 2025
Total merger consideration			$	1,007,983
Fair value of assets acquired
Cash and due from banks	$	200,592
Equity securities		14,601
Available-for-sale debt securities		1,149,980
Loans held for sale		170,952
Net portfolio loans		5,888,966
Premises and equipment		59,046
Accrued interest receivable		33,804
Intangible assets		158,406
Bank-owned life insurance		186,736
Deferred taxes		97,814
Other assets		132,337
Total assets acquired	$	8,093,234
Fair value of liabilities assumed
Deposits	$	6,873,447
FHLB borrowings		502,028
Subordinated debt and junior subordinated debt		80,606
Accrued interest payable		3,620
Other liabilities		101,725
Total liabilities assumed	$	7,561,426
Net assets acquired			$	531,808
Goodwill			$	476,175

Schedule of Changes in Purchase Price of Assets Acquired and The Liabilities Assumed

The following table presents the changes in the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of the acquisition previously reported as of March 31, 2025:

(unaudited, in thousands)	February 28, 2025
Goodwill recognized as of March 31, 2025	$	483,397
Change in fair value of net assets acquired:
Assets
Investment securities		(6	)
Loans held for sale		(28,019	)
Net portfolio loans		36,843
Intangible assets		6,892
Premises and equipment		(4,345	)
Deferred tax assets		(1,364	)
Accrued income and other assets		(1,875	)
Liabilities
Borrowings		—
Accrued expenses and other liabilities		(904	)
Fair value of net assets acquired	$	7,222
Decrease in goodwill recognized		(7,222	)
Goodwill recognized as of June 30, 2025	$	476,175

Summary of Purchased Credit Deteriorated Loans

The PCD loans are summarized in the following table:

(unaudited, in thousands)
Amortized cost of acquired PCD loans	$	247,641
Allowance on PCD at acquisition (1)		(20,179	)
Non-credit discount on PCD		(19,453	)
Fair value price of PCD loans	$	208,009

(1) The allowance on PCD loans at acquisition date decreased $8.9 million as compared to what was previously reported due to refinements in the allowance calculation.

Summary of Unaudited Pro Forma Information

As a result, actual amounts differed from the unaudited pro forma information presented.

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(unaudited, in thousands)	2025 (1)		2024 (2)		2025 (3)		2024 (4)
Net interest income	$	201,495	$	186,203	$	403,796	$	374,677
Non-interest income		45,324		43,433		90,648		86,558
Net income	$	69,988	$	52,996	$	140,613	$	117,971

(1) Includes the net impact of after-tax purchase accounting accretion adjustments from the PFC acquisition totaling $7.2 million for the three months ended June 30, 2025.

(2) Includes the net impact of after-tax purchase accounting accretion adjustments from the PFC acquisition totaling $10.4 million for the three months ended June 30, 2024.

(3) Includes the net impact of after-tax purchase accounting accretion adjustments from the PFC acquisition totaling $15.0 million for the six months ended June 30, 2025.

(4) Includes the net impact of after-tax purchase accounting accretion adjustments from the PFC acquisition totaling $24.5 million for the six months ended June 30, 2024.