wsbc-ex991

Wheeling, WV, October 23, 2019 – 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 nine months ended September 30, 2019. Net income for the three months ended September 30, 2019 was $37.3 million, with diluted earnings per share of $0.68, compared to $32.5 million and $0.64 per diluted share, respectively, for the third quarter of 2018. For the nine months ended September 30, 2019, net income was $122.5 million, or $2.24 per diluted share, compared to $99.2 million, or $2.11 per diluted share, for the 2018 period. Net income excluding after-tax merger-related expenses for the three months ended September 30, 2019, decreased 5.7 % year-over-year to $38.7 million, or $0.71 per diluted share as compared to $0.81 per diluted share in the prior year quarter, a decrease of 12.3% (non-GAAP measures). On the same basis, net income for the nine months ended September 30, 2019 increased 12.6% year-over-year to $126.3 million, or $2.31 per diluted share, down 2.9% when compared to $2.38 per diluted share in the prior year period (non-GAAP measures).

⁽¹⁾ See non-GAAP financial measures for additional information relating to the calculation of these items.

On April 5, 2018, WesBanco consummated the merger with First Sentry Bancshares, Inc. (“FTSB”), a bank holding company headquartered in Huntington, WV with $0.7 billion in assets, excluding goodwill. In addition, on August 20, 2018, WesBanco consummated the merger with Farmers Capital Bank Corporation (“FFKT”), a bank holding company headquartered in Frankfort, KY with approximately $1.6 billion in assets, excluding goodwill. Financial results for both FTSB and FFKT have been included in WesBanco’s results from their respective merger consummation dates.

“WesBanco’s underlying, core performance during the third quarter of 2019, which was supported by our key long-term differentiators, continued to perform well and within our expectations,” said Todd F. Clossin, President and Chief Executive Officer of WesBanco. “During the quarter, we experienced a flat, and, at times, inverted, yield curve; multiple Federal Reserve interest rate cuts; a revived pick-up in commercial real estate projects going to the secondary market earlier than expected due to the current rate environment; and the mandatory limitation on interchange fees for banks with more than $10 billion in total assets. Despite these challenges, we are encouraged by the continued supportive strength of our distinct, long-term strategies and unique advantages.”

Mr. Clossin added, “We are benefiting from our deposit-rich legacy footprint, which provides funding for company-wide loan growth as we allow higher-cost certificates of deposit to mature. We believe we are continuing to see strength across a number of our lending categories, including a 21% year-over-year increase in total gross production during the third quarter, and commercial loan pipelines, as of September 30^th, exceeding $600 million for the first time. In fact, our commercial and industrial, residential mortgage, and consumer loan categories generated growth on both a year-over-year as well as sequential quarter basis. In addition, we are maintaining a critical focus on expense management and credit quality – two historical hallmarks of our institution. We continue to believe we are well-positioned for long-term success, and remain positive about our opportunities.”

Portfolio loans of $7.8 billion as of September 30, 2019 increased 0.4% when compared to the prior year period, and 1.0% annualized when compared to the second quarter of 2019. This low-single digit loan growth was driven by growth across commercial and industrial, residential real estate, and consumer loan categories. Total deposits decreased 3.1% year-over-year to $8.7 billion due to allowing certain higher-priced certificates of deposit to mature, particularly from prior acquisitions. Excluding CDs, total deposits of $4.6 billion were about the same as compared to the prior year period, while non-interest bearing demand deposits grew 2.7% over the same time period.

Overall, we believe our credit quality ratios remained strong as we balanced disciplined loan origination in the current environment with our prudent lending standards. As of September 30, 2019, both non-performing loans and non-performing assets as percentages of the portfolio and total assets have remained relatively low and consistent throughout the last five quarters. Criticized and classified loan balances increased to $174.0 million, or 2.24% of total portfolio loans, due to recent adjustments to our internal loan classification system which impacted risk grades. The provision for credit losses increased to $4.1 million at quarter-end, of which $2.1 million was due to certain borrower downgrades to criticized and classified categories from the change in the internal loan classification system as noted above. Annualized net loan charge-offs to average loans remained low for the quarter and year-to-date periods at four and five basis points, respectively.

The net interest margin of 3.56% for the third quarter of 2019 increased 6 basis points year-over-year but decreased sequentially by 11 basis points. Year-over-year, the net interest margin benefited from increases in the Federal Reserve Board’s target federal funds rate during 2018 and the higher margin on the acquired FFKT net assets, partially offset by higher funding costs as well as a flattening of the yield curve. On a sequential quarter basis, the net interest margin decrease was due roughly one-half from the expected decrease in accretion from purchase accounting and one-half from the two recent 25 basis point decreases in the Federal Reserve Board’s target federal funds rate, combined with the continued partially inverted and very low yield curve. Accretion from acquisitions benefited the third quarter net interest margin by 13 basis points, as compared to 11 basis points in the prior year period and 18 basis points in the second quarter. Year-to-date accretion was 17 basis points, as compared to 10 basis points in the prior year. Both the first and second quarters of 2019 benefitted by 3 basis points related to impaired loan payoffs from prior acquisitions, or 2 basis points year-to-date.

Net interest income increased $6.2 million, or 6.9%, during the third quarter of 2019, as compared to the same quarter of 2018, due to a 4.2% increase in average total earning assets, primarily driven by the FFKT acquisition and related accretion from purchase accounting, as well as the overall higher net interest margin. For the nine months ended September 30, 2019, net interest income increased $47.5 million, or 19.3%, due to higher average total earning assets and an overall higher net interest margin, as discussed for the three-month period comparison.

For the third quarter of 2019, non-interest income of $27.0 million increased $0.7 million, or 2.8%, from the third quarter of 2018. Mortgage banking fees increased $1.1 million, or 70.2%, compared to the prior year period due to growth in residential mortgage origination dollar volume and the associated sale of approximately one-half of those originations into the secondary market. Service charges on deposits increased $0.7 million, or 11.8%, year-over-year due to the increased customer base from the FFKT acquisition. Other income decreased $0.6 million, primarily due to the negative mark-to-market of existing commercial customer loan swaps, as well as lower deferred compensation-related gains, partially offset by an increase in payment processing fee income. This quarter reflects the beginning of the on-going limitation on interchange fees for debit card processing that resulted from the Durbin amendment to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. This limitation, which applies to banks with more than $10 billion in total assets, reduced electronic banking fees by approximately $1.9 million as compared to the prior year period. In addition, because WesBanco recognizes electronic banking fees on a one-month lag, this reduction represents only two months for this initial quarter of applicability.

For the nine months ended September 30, 2019, non-interest income increased $12.2 million, or 16.5%, year-over-year to $85.9 million. In addition to the items discussed above, the primary drivers of this increase were the larger customer deposit base and higher transaction

volumes associated with the FTSB and FFKT acquisitions which resulted in the year-over-year increases in electronic banking fees and service charges on deposits, while the addition of the trust business from FFKT benefited trust fees.

We believe that total operating expenses continued to be well-controlled during both the three- and nine-month periods ending September 30, 2019, as demonstrated by the efficiency ratio of 57.57% and 56.09%, respectively. Excluding merger-related expenses, non-interest expense for the three months ended September 30, 2019 increased $6.3 million, or 9.6%, to $71.6 million compared to the prior year period, reflecting the FFKT acquisition in the middle of last year’s third quarter. This year-over-year increase is primarily due to higher salaries and wages, employee benefits, net occupancy, equipment, and other operating costs associated with additional staffing and financial center locations from the acquisition, as well as intangibles amortization. In addition, salaries and wages reflects annual merit increases and higher average staff during the third quarter related to the FFKT acquisition. During September 2019, the banking industry was officially notified by the FDIC that its deposit insurance fund (“DIF”) reached the required minimum reserve ratio of 1.38% that permitted the FDIC to offset current bank assessments with prior credits from 2016 through 2018 earned by banks with less than $10 billion in assets during that time period. This allowed WesBanco to record a credit of $2.4 million, from the total $3.1 million assessment credit that WesBanco Bank was notified it would receive, covering the FDIC insurance expense otherwise assessable for the second and third quarters of $1.2 million per quarter. The remaining credit of approximately $0.7 million is anticipated to be recorded during the fourth quarter.

For the nine months ended September 30, 2019, non-interest expense net of merger-related expenses increased $37.0 million, or 20.8%, to $214.8 million compared to the prior year period, reflecting the acquisitions of FTSB and FFKT and similar factors noted above for the quarterly period.

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 September 30, 2019, Tier I leverage was 11.30%, Tier I Risk-Based capital was 15.40%, Total Risk-Based capital was 16.36%, and the Common Equity Tier 1 capital ratio (“CET 1”) was 13.87%. Tangible common equity, increased to 10.24% at period-end from 8.66% as of September 30, 2018, as an increase in other comprehensive income from the mark-to-market of the available-for-sale portion of the investment portfolio benefitted this ratio.

WesBanco will host a conference call to discuss the Company's financial results for the third quarter of 2019 at 2:00 p.m. ET on Thursday, October 24, 2019. 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 10126803. The replay will begin at approximately 4:00 p.m. ET on October 24, and end at 12 a.m. ET on November 7. 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 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, 2018 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), including WesBanco’s Form 10-Q’s for the quarters ended March 31 and June 30, 2019, 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, that the proposed merger with Old Line Bancshares, Inc. (“Old Line”) may not close when expected, that the businesses of WesBanco and Old Line may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the merger of WesBanco and Old Line may not be fully realized within the expected timeframes; disruption from the merger of WesBanco and Old Line may make it more difficult to maintain relationships with clients, associates, or suppliers; 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 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.

On July 23, 2019, WesBanco and WesBanco Bank, Inc. (“WesBanco Bank”) entered into an Agreement and Plan of Merger with Old Line and Old Line Bank, Inc. (“Old Line Bank”), pursuant to which Old Line will be merged with and into WesBanco, with WesBanco being the surviving company (the “Merger”), and Old Line Bank will be merged with and into WesBanco Bank, with WesBanco Bank the surviving bank. In connection with the proposed Merger, WesBanco filed with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4, which was declared effective on September 23, 2019, that includes a Proxy Statement of Old Line and WesBanco and a Prospectus of WesBanco, as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS OF WESBANCO, STOCKHOLDERS OF OLD LINE AND OTHER INTERESTED PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The Proxy Statement/Prospectus dated September 23, 2019 was mailed to shareholders of WesBanco and stockholders of Old Line on or around September 26, 2019. The Old Line stockholders meeting and the WesBanco shareholders meeting are both scheduled for October 29, 2019. In addition, the Registration Statement on Form S-4, which includes the Proxy Statements/Prospectus, and other related documents filed by WesBanco with the SEC, may be obtained for free at the SEC’s website at http://www.sec.gov, and from either WesBanco’s or Old Line’s website at http://www.wesbanco.com or http://www.oldlinebank.com, respectively.

WesBanco and Old Line and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the shareholders of WesBanco and the stockholders of Old Line in connection with the proposed Merger. Information about the directors and executive officers of WesBanco is set forth in the proxy statement for WesBanco’s 2019 annual meeting of shareholders, as filed with the SEC on March 13, 2019 and as supplemented on April 5, 2019. Information about the directors and executive officers of Old Line is set forth in the proxy statement for Old Line’s 2019 annual meeting of stockholders, as filed with the SEC on April 26, 2019. Information about any other persons who may, under the rules of the SEC, be considered participants in the solicitation of WesBanco shareholders or Old Line stockholders in connection with the proposed Merger is included in the Proxy Statement/Prospectus. You can obtain free copies of these documents from the SEC, WesBanco or Old Line using the website information above. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

WESBANCO SHAREHOLDERS AND OLD LINE STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS CAREFULLY BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS WITH RESPECT TO THE PROPOSED MERGER.

Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a multi-state, bank holding company with total assets of approximately $12.6 billion (as of September 30, 2019). WesBanco is a diversified and well-balanced financial services institution, with a community bank at its core, built upon a strong legacy of credit and risk management. WesBanco has meaningful market share across its key geographies maintained by its commitment to dedicated customer service and solid fee-based businesses. It also provides wealth management services through a century-old trust and wealth management business, with approximately $4.4 billion of assets under management (as of September 30, 2019), and serves as registered investment advisor to a proprietary mutual fund family, the WesMark Funds. WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 199 financial centers in the states of Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia. In addition, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

	For the Three Months Ended								For the Nine Months Ended
STATEMENT OF INCOME	September 30,								September 30,
	2019			2018		% Change			2019		2018		% Change
Interest and dividend income
Loans, including fees	$	95,369		$	86,605		10.1		$	287,287	$	234,276		22.6
Interest and dividends on securities:
Taxable		15,887			14,964		6.2			49,061		40,702		20.5
Tax-exempt		4,759			5,326		(10.6	)		15,443		15,216		1.5
Total interest and dividends on securities		20,646			20,290		1.8			64,504		55,918		15.4
Other interest income		1,333			1,498		(11.0	)		4,153		3,402		22.1
Total interest and dividend income		117,348			108,393		8.3			355,944		293,596		21.2
Interest expense
Interest bearing demand deposits		4,489			3,501		28.2			12,749		9,174		39.0
Money market deposits		1,973			1,360		45.1			5,881		3,332		76.5
Savings deposits		861			352		144.6			2,061		768		168.4
Certificates of deposit		3,830			3,276		16.9			11,831		8,789		34.6
Total interest expense on deposits		11,153			8,489		31.4			32,522		22,063		47.4
Federal Home Loan Bank borrowings		6,645			6,691		(0.7	)		19,269		17,142		12.4
Other short-term borrowings		1,353			965		40.2			4,392		2,497		75.9
Subordinated debt and junior subordinated debt		2,077			2,315		(10.3	)		6,820		6,425		6.1
Total interest expense		21,228			18,460		15.0			63,003		48,127		30.9
Net interest income		96,120			89,933		6.9			292,941		245,469		19.3
Provision for credit losses		4,121			1,035		298.2			9,375		4,911		90.9
Net interest income after provision for credit losses		91,999			88,898		3.5			283,566		240,558		17.9
Non-interest income
Trust fees		6,425			6,265		2.6			19,880		18,520		7.3
Service charges on deposits		7,056			6,313		11.8			19,803		16,282		21.6
Electronic banking fees		5,253			6,139		(14.4	)		18,299		16,697		9.6
Net securities brokerage revenue		1,765			1,836		(3.9	)		5,597		5,315		5.3
Bank-owned life insurance		1,373			1,232		11.4			4,032		5,116		(21.2	)
Mortgage banking income		2,588			1,521		70.2			5,262		4,297		22.5
Net securities gains		235			84		179.8			3,800		403		842.9
Net gain on other real estate owned and other assets		158			150		5.3			670		641		4.5
Other income		2,097			2,684		(21.9	)		8,535		6,444		32.4
Total non-interest income		26,950			26,224		2.8			85,878		73,715		16.5
Non-interest expense
Salaries and wages		32,915			30,335		8.5			95,501		82,213		16.2
Employee benefits		9,726			7,905		23.0			29,419		22,782		29.1
Net occupancy		5,392			4,957		8.8			16,343		13,715		19.2
Equipment		5,273			4,488		17.5			14,924		12,532		19.1
Marketing		1,505			1,446		4.1			4,002		3,967		0.9
FDIC insurance		(1,221	)		789		(254.8	)		1,287		2,315		(44.4	)
Amortization of intangible assets		2,446			1,821		34.3			7,424		4,218		76.0
Restructuring and merger-related expense		1,688			10,811		100.0			4,876		16,468		(70.4	)
Other operating expenses		15,544			13,568		14.6			45,876		36,024		27.3
Total non-interest expense		73,268			76,120		(3.7	)		219,652		194,234		13.1
Income before provision for income taxes		45,681			39,002		17.1			149,792		120,039		24.8
Provision for income taxes		8,334			6,516		27.9			27,295		20,855		30.9
Net Income	$	37,347		$	32,486		15.0		$	122,497	$	99,184		23.5

Taxable equivalent net interest income	$	97,385		$	91,348		6.6		$	297,046	$	249,514		19.0

Per common share data
Net income per common share - basic	$	0.68		$	0.65		4.6		$	2.24	$	2.11		6.2
Net income per common share - diluted		0.68			0.64		6.3			2.24		2.11		6.2
Net income per common share - diluted, excluding certain items (1)(2)		0.71			0.81		(12.3	)		2.31		2.38		(2.9	)
Dividends declared		0.31			0.29		6.9			0.93		0.87		6.9
Book value (period end)		38.42			35.30		8.8			38.42		35.30		8.8
Tangible book value (period end) (1)		21.89			18.54		18.1			21.89		18.54		18.1
Average common shares outstanding - basic		54,695,578			50,277,847		8.8			54,641,057		46,965,095		16.3
Average common shares outstanding - diluted		54,751,344			50,432,112		8.6			54,705,761		47,107,829		16.1
Period end common shares outstanding		54,691,225			54,603,967		0.2			54,691,225		54,603,967		0.2

(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 merger-related expenses.

	For the Quarter Ended
	Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
	2019			2019			2019			2018			2018
Return on average assets		1.19	%		1.44	%		1.31	%		1.39	%		1.10		%
Return on average assets, excluding
after-tax merger-related expenses		1.23			1.44			1.39			1.42			1.39
Return on average equity		7.06			8.77			8.17			8.94			7.50
Return on average equity, excluding
after-tax merger-related expenses		7.32			8.78			8.67			9.16			9.47
Return on average tangible equity (1)		13.06			16.35			15.65			17.67			14.25
Return on average tangible equity, excluding
after-tax merger-related expenses		13.50			16.38			16.56			18.09			17.85
Yield on earning assets (2)		4.34			4.45			4.45			4.42			4.21
Cost of interest bearing liabilities		1.09			1.08			1.06			0.97			0.95
Net interest spread (2)		3.25			3.37			3.39			3.45			3.26
Net interest margin (2)		3.56			3.67			3.68			3.72			3.50
Efficiency (1) (2)		57.57			54.87			55.89			53.62			55.55
Average loans to average deposits		88.96			87.35			87.01			85.94			87.56
Annualized net loan charge-offs/average loans		0.04			0.05			0.07			0.14			(0.02	)
Effective income tax rate		18.24			18.40			18.01			19.37			16.71
Trust assets, market value at period end	$	4,443,430		$	4,544,103		$	4,514,013		$	4,269,961		$	4,743,894

(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.

													% Change
	September 30,									December 31,			December 31, 2018
Balance sheets	2019			2018			% Change			2018			to September 30, 2019
Assets
Cash and due from banks	$	209,606		$	184,826			13.4		$	124,650			68.2
Due from banks - interest bearing		34,727			88,854			(60.9	)		44,536			(22.0	)
Securities:
Equity securities, at fair value		11,644			12,784			(8.9	)		11,737			(0.8	)
Available-for-sale debt securities, at fair value		2,209,199			2,008,232			10.0			2,114,129			4.5
Held-to-maturity debt securities (fair values of $877,809; $1,014,361 and $1,020,743, respectively)		852,824			1,025,538			(16.8	)		1,020,934			(16.5	)
Total securities		3,073,667			3,046,554			0.9			3,146,800			(2.3	)
Loans held for sale		20,715			55,913			(63.0	)		8,994			130.3
Portfolio loans:
Commercial real estate		3,854,653			3,906,221			(1.3	)		3,853,695			0.0
Commercial and industrial		1,332,275			1,292,073			3.1			1,265,460			5.3
Residential real estate		1,638,574			1,598,477			2.5			1,611,607			1.7
Home equity		587,745			604,106			(2.7	)		599,331			(1.9	)
Consumer		343,505			325,546			5.5			326,188			5.3
Total portfolio loans, net of unearned income		7,756,752			7,726,423			0.4			7,656,281			1.3
Allowance for loan losses		(54,317	)		(48,902	)		(11.1	)		(48,948	)		(11.0	)
Net portfolio loans		7,702,435			7,677,521			0.3			7,607,333			1.3
Premises and equipment, net		178,344			159,284			12.0			166,925			6.8
Accrued interest receivable		37,156			39,465			(5.9	)		38,853			(4.4	)
Goodwill and other intangible assets, net		914,705			928,083			(1.4	)		918,850			(0.5	)
Bank-owned life insurance		229,349			223,995			2.4			225,317			1.8
Other assets		193,183			194,984			(0.9	)		176,374			9.5
Total Assets	$	12,593,887		$	12,599,479			(0.0	)	$	12,458,632			1.1
Liabilities
Deposits:
Non-interest bearing demand	$	2,476,392		$	2,411,862			2.7		$	2,441,041			1.4
Interest bearing demand		2,128,581			2,187,662			(2.7	)		2,146,508			(0.8	)
Money market		1,085,732			1,178,950			(7.9	)		1,142,925			(5.0	)
Savings deposits		1,698,125			1,649,684			2.9			1,645,549			3.2
Certificates of deposit		1,275,533			1,513,600			(15.7	)		1,455,610			(12.4	)
Total deposits		8,664,363			8,941,758			(3.1	)		8,831,633			(1.9	)
Federal Home Loan Bank borrowings		1,161,092			1,131,253			2.6			1,054,174			10.1
Other short-term borrowings		325,247			294,281			10.5			290,522			12.0
Subordinated debt and junior subordinated debt		156,632			189,745			(17.5	)		189,842			(17.5	)
Total borrowings		1,642,971			1,615,279			1.7			1,534,538			7.1
Accrued interest payable		5,273			6,623			(20.4	)		4,627			14.0
Other liabilities		180,011			108,550			65.8			109,007			65.1
Total Liabilities		10,492,618			10,672,210			(1.7	)		10,479,805			0.1
Shareholders' Equity
Preferred stock, no par value; 1,000,000 shares authorized; none outstanding		-			-			-			-			-
Common stock, $2.0833 par value; 100,000,000 shares authorized in 2019 and 2018, respectively; 54,698,250, 54,604,294 and 54,604,294 shares issued, respectively; 54,691,225, 54,603,967 and 54,598,134 shares outstanding, respectively		113,954			113,758			0.2			113,758			0.2
Capital surplus		1,169,595			1,165,006			0.4			1,166,701			0.2
Retained earnings		809,332			709,477			14.1			737,581			9.7
Treasury stock (7,025, 327 and 6,160 shares - at cost, respectively)		(252	)		(15	)		(1,580.0	)		(274	)		-
Accumulated other comprehensive income (loss)		9,922			(59,873	)		116.6			(37,871	)		126.2
Deferred benefits for directors		(1,282	)		(1,084	)		(18.3	)		(1,068	)		(20.0	)
Total Shareholders' Equity		2,101,269			1,927,269			9.0			1,978,827			6.2
Total Liabilities and Shareholders' Equity	$	12,593,887		$	12,599,479			(0.0	)	$	12,458,632			1.1

	September 30,			June 30,
Balance sheets	2019			2019			% Change
Assets
Cash and due from banks	$	209,606		$	157,965			32.7
Due from banks - interest bearing		34,727			36,390			(4.6	)
Securities:
Equity securities, at fair value		11,644			11,817			(1.5	)
Available-for-sale, at fair value		2,209,199			2,129,284			3.8
Held-to-maturity (fair values of $877,809 and 921,534, respectively)		852,824			900,605			(5.3	)
Total securities		3,073,667			3,041,706			1.1
Loans held for sale		20,715			18,649			11.1
Portfolio Loans:
Commercial real estate		3,854,653			3,877,633			(0.6	)
Commercial and industrial		1,332,275			1,300,577			2.4
Residential real estate		1,638,574			1,633,613			0.3
Home equity		587,745			590,303			(0.4	)
Consumer		343,505			335,728			2.3
Total portfolio loans, net of unearned income		7,756,752			7,737,854			0.2
Allowance for loan losses		(54,317	)		(50,859	)		(6.8	)
Net portfolio loans		7,702,435			7,686,995			0.2
Premises and equipment, net		178,344			179,866			(0.8	)
Accrued interest receivable		37,156			38,450			(3.4	)
Goodwill and other intangible assets, net		914,705			914,678			0.0
Bank-owned life insurance		229,349			227,976			0.6
Other assets		193,183			191,978			0.6
Total Assets	$	12,593,887		$	12,494,653			0.8
Liabilities
Deposits:
Non-interest bearing demand	$	2,476,392		$	2,481,065			(0.2	)
Interest bearing demand		2,128,581			2,079,795			2.3
Money market		1,085,732			1,098,917			(1.2	)
Savings deposits		1,698,125			1,670,035			1.7
Certificates of deposit		1,275,533			1,365,116			(6.6	)
Total deposits		8,664,363			8,694,928			(0.4	)
Federal Home Loan Bank borrowings		1,161,092			1,121,283			3.6
Other short-term borrowings		325,247			296,148			9.8
Subordinated debt and junior subordinated debt		156,632			156,534			0.1
Total borrowings		1,642,971			1,573,965			4.4
Accrued interest payable		5,273			6,559			(19.6	)
Other liabilities		180,011			145,085			24.1
Total liabilities		10,492,618			10,420,537			0.7
Shareholders' Equity
Preferred stock, no par value; 1,000,000 shares authorized; none outstanding		-			-			-
Common stock, $2.0833 par value; 100,000,000 shares authorized; 54,698,250 and 54,697,251 shares issued, respectively; 54,691,225 and 54,697,199 shares outstanding, respectively		113,954			113,952			0.0
Capital surplus		1,169,595			1,168,212			0.1
Retained earnings		809,332			788,900			2.6
Treasury stock (7,025 and 52 shares - at cost, respectively)		(252	)		(2	)		(12497.0	)
Accumulated other comprehensive income (loss)		9,922			4,113			(141.2	)
Deferred benefits for directors		(1,282	)		(1,059	)		21.1
Total Shareholders' Equity		2,101,269			2,074,116			1.3
Total Liabilities and Shareholders' Equity	$	12,593,887		$	12,494,653			0.8

	For the Three Months Ended September 30,										For the Nine Months Ended September 30,
	2019					2018					2019					2018
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	$	71,163		2.41	%	$	94,337		2.29	%	$	73,617		2.50	%	$	50,686		2.28	%
Loans, net of unearned income (1)		7,751,724		4.88			7,227,835		4.75			7,704,212		4.99			6,787,565		4.61
Securities: (2)
Taxable		2,301,933		2.76			2,194,708		2.73			2,330,439		2.81			2,038,978		2.66
Tax-exempt (3)		684,164		3.52			785,699		3.43			744,949		3.50			751,403		3.42
Total securities		2,986,097		2.93			2,980,407		2.91			3,075,388		2.97			2,790,381		2.87
Other earning assets		53,181		6.80			60,783		6.26			51,954		7.12			56,182		6.02
Total earning assets (3)		10,862,165		4.34	%		10,363,362		4.21	%		10,905,171		4.41	%		9,684,814		4.11	%
Other assets		1,625,988					1,375,434					1,590,847					1,238,728
Total Assets	$	12,488,153				$	11,738,796				$	12,496,018				$	10,923,542
Liabilities and Shareholders' Equity
Interest bearing demand deposits	$	2,126,720		0.84	%	$	1,983,340		0.70	%	$	2,131,887		0.80	%	$	1,844,423		0.67	%
Money market accounts		1,097,930		0.71			1,111,341		0.49			1,122,665		0.70			1,051,104		0.42
Savings deposits		1,686,267		0.20			1,511,075		0.09			1,674,262		0.16			1,389,613		0.07
Certificates of deposit		1,321,696		1.15			1,439,658		0.90			1,385,349		1.14			1,366,109		0.86
Total interest bearing deposits		6,232,613		0.71			6,045,414		0.56			6,314,163		0.69			5,651,249		0.52
Federal Home Loan Bank borrowings		1,048,401		2.51			1,194,940		2.22			1,036,464		2.49			1,138,350		2.01
Other borrowings		317,931		1.69			269,342		1.42			321,976		1.82			249,030		1.34
Subordinated debt and junior subordinated debt		156,561		5.26			180,074		5.10			169,944		5.37			172,518		4.98
Total interest bearing liabilities		7,755,506		1.09	%		7,689,770		0.95	%		7,842,547		1.07	%		7,211,147		0.89	%
Non-interest bearing demand deposits		2,481,384					2,209,235					2,463,076					2,040,292
Other liabilities		153,729					120,302					139,761					127,699
Shareholders' equity		2,097,534					1,719,489					2,050,634					1,544,404
Total Liabilities and Shareholders' Equity	$	12,488,153				$	11,738,796				$	12,496,018				$	10,923,542
Taxable equivalent net interest spread				3.25	%				3.26	%				3.34	%				3.22	%
Taxable equivalent net interest margin				3.56	%				3.50	%				3.64	%				3.44	%

Loan fees included in interest income on loans are $0.4 million and $0.8 million for the three months ended September 30, 2019 and 2018 and $1.3 million and $2.1 million for the nine months ended September 30, 2019 and 2018, respectively.

Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $3.4 million and $2.4 million for the three months ended September 30, 2019 and 2018 and $13.0 million and $5.9 million for the nine months ended September 30, 2019 and 2018, respectively.

Accretion on interest bearing liabilities acquired from the prior acquisitions was $0.3 million and $0.6 million for the three months ended September 30, 2019 and 2018, respectively, and $0.9 million and $1.5 million for the nine months ended September 30, 2019 and 2018, respectively.

	Quarter Ended
	Sept. 30,			June 30,		Mar. 31,		Dec. 31,			Sept. 30,
Statement of Income	2019			2019		2019		2018			2018
Interest income
Loans, including fees	$	95,369		$	96,415	$	95,502	$	97,685		$	86,605
Interest and dividends on securities:
Taxable		15,887			16,444		16,733		16,196			14,964
Tax-exempt		4,759			5,142		5,541		5,562			5,326
Total interest and dividends on securities		20,646			21,586		22,274		21,758			20,290
Other interest income		1,333			1,542		1,277		1,944			1,498
Total interest and dividend income		117,348			119,543		119,053		121,387			108,393
Interest expense
Interest bearing demand deposits		4,489			4,314		3,946		4,000			3,501
Money market deposits		1,973			2,009		1,899		1,683			1,360
Savings deposits		861			678		522		452			352
Certificates of deposit		3,830			4,098		3,903		3,662			3,276
Total interest expense on deposits		11,153			11,099		10,270		9,797			8,489
Federal Home Loan Bank borrowings		6,645			6,287		6,337		6,191			6,691
Other short-term borrowings		1,353			1,483		1,556		1,221			965
Subordinated debt and junior subordinated debt		2,077			2,214		2,529		2,411			2,315
Total interest expense		21,228			21,083		20,692		19,620			18,460
Net interest income		96,120			98,460		98,361		101,767			89,933
Provision for credit losses		4,121			2,747		2,507		2,854			1,035
Net interest income after provision for credit losses		91,999			95,713		95,854		98,913			88,898
Non-interest income
Trust fees		6,425			6,339		7,115		6,103			6,265
Service charges on deposits		7,056			6,197		6,549		7,387			6,313
Electronic banking fees		5,253			7,154		5,892		6,604			6,139
Net securities brokerage revenue		1,765			1,973		1,860		1,871			1,836
Bank-owned life insurance		1,373			1,340		1,319		1,312			1,232
Mortgage banking income		2,588			1,618		1,056		1,543			1,521
Net securities gains/(losses)		235			2,909		657		(1,303	)		84
Net gain/(loss) on other real estate owned and other assets		158			376		136		(117	)		150
Other income		2,097			3,250		3,189		3,161			2,684
Total non-interest income		26,950			31,156		27,773		26,561			26,224
Non-interest expense
Salaries and wages		32,915			31,646		30,940		32,389			30,335
Employee benefits		9,726			9,705		9,989		7,298			7,905
Net occupancy		5,392			5,385		5,566		5,455			4,957
Equipment		5,273			4,818		4,833		4,667			4,488
Marketing		1,505			1,254		1,243		1,402			1,446
FDIC insurance		(1,221	)		1,155		1,353		927			789
Amortization of intangible assets		2,446			2,465		2,514		2,762			1,821
Restructuring and merger-related expense		1,688			81		3,107		1,389			10,811
Other operating expenses		15,544			15,443		14,887		14,701			13,568
Total non-interest expense		73,268			71,952		74,432		70,990			76,120
Income before provision for income taxes		45,681			54,917		49,195		54,484			39,002
Provision for income taxes		8,334			10,103		8,858		10,556			6,516
Net Income	$	37,347		$	44,814	$	40,337	$	43,928		$	32,486

Taxable equivalent net interest income	$	97,385		$	99,827	$	99,834	$	103,246		$	91,348

	Quarter Ended
	Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Asset quality data	2019			2019			2019			2018			2018
Non-performing assets:
Troubled debt restructurings - accruing	$	5,840		$	5,487		$	5,481		$	5,744		$	6,338
Non-accrual loans:
Troubled debt restructurings		1,345			1,924			2,936			2,855			2,036
Other non-accrual loans		33,456			30,974			27,291			27,845			29,238
Total non-accrual loans		34,801			32,898			30,227			30,700			31,274
Total non-performing loans		40,641			38,385			35,708			36,444			37,612
Other real estate and repossessed assets		3,678			4,973			6,001			7,265			6,877
Total non-performing assets	$	44,319		$	43,358		$	41,709		$	43,709		$	44,489
Past due loans (1):
Loans past due 30-89 days	$	17,906		$	15,446		$	21,433		$	19,569		$	18,016
Loans past due 90 days or more		5,425			2,634			2,740			4,077			2,451
Total past due loans	$	23,331		$	18,080		$	24,173		$	23,646		$	20,467
Criticized and classified loans (2):
Criticized loans	$	78,880		$	73,236		$	69,691		$	51,710		$	46,370
Classified loans		95,071			41,004			39,412			31,244			31,437
Total criticized and classified loans	$	173,951		$	114,240		$	109,103		$	82,954		$	77,807

Loans past due 30-89 days / total portfolio loans		0.23	%		0.20	%		0.28	%		0.26	%		0.23		%
Loans past due 90 days or more / total portfolio loans		0.07			0.03			0.04			0.05			0.03
Non-performing loans / total portfolio loans		0.52			0.50			0.47			0.48			0.49
Non-performing assets/total portfolio loans, other real estate and repossessed assets		0.57			0.56			0.54			0.57			0.58
Non-performing assets / total assets		0.35			0.35			0.33			0.35			0.35
Criticized and classified loans / total portfolio loans		2.24			1.48			1.42			1.08			1.01

Allowance for loan losses
Allowance for loan losses	$	54,317		$	50,859		$	48,866		$	48,948		$	48,902
Provision for credit losses		4,121			2,747			2,507			2,854			1,035
Net loan and deposit account overdraft charge-offs		791			947			1,370			2,750			(306	)
Annualized net loan charge-offs /average loans		0.04	%		0.05	%		0.07	%		0.14	%		(0.02	)	%
Allowance for loan losses / total portfolio loans		0.70	%		0.66	%		0.64	%		0.64	%		0.63		%
Allowance for loan losses / non-performing loans		1.34	x		1.32	x		1.37	x		1.34	x		1.30		x
Allowance for loan losses / non-performing loans and loans past due		0.85	x		0.90	x		0.82	x		0.81	x		0.84		x

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
	Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,			Sept. 30,
(unaudited, dollars in thousands, except shares and per share amounts)	2019			2019			2019			2018			2018			2019			2018
Return on average assets, excluding after-tax merger-related expenses:
Net income (annualized)	$	148,169		$	179,748		$	163,589		$	174,280		$	128,886		$	163,778		$	132,609
Plus: after-tax merger-related expenses (annualized) (1)		5,291			257			9,954			4,353			33,885			5,150			17,394
Net income excluding after-tax merger-related expenses (annualized)		153,460			180,005			173,543			178,633			162,771			168,928			150,003

Average total assets	$	12,488,153		$	12,489,663		$	12,510,032		$	12,565,880		$	11,738,796		$	12,496,018		$	10,923,542

Return on average tangible assets, excluding after-tax merger-related expenses		1.23	%		1.44	%		1.39	%		1.42	%		1.39	%		1.35	%		1.37	%

Return on average equity, excluding after-tax merger-related expenses:
Net income (annualized)	$	148,169		$	179,748		$	163,589		$	174,280		$	128,886		$	163,778		$	132,609
Plus: after-tax merger-related expenses (annualized) (1)		5,291			257			9,954			4,353			33,885			5,150			17,394
Net income excluding after-tax merger-related expenses (annualized)		153,460			180,005			173,543			178,633			162,771			168,928			150,003

Average total shareholders' equity		2,097,534			2,050,190			2,002,710			1,949,530			1,719,489			2,050,634			1,544,404

Return on average tangible equity, excluding after-tax merger-related expenses		7.32	%		8.78	%		8.67	%		9.16	%		9.47	%		8.24	%		9.71	%

Return on average tangible equity:
Net income (annualized)	$	148,169		$	179,748		$	163,589		$	174,280		$	128,886		$	163,778		$	132,609
Plus: amortization of intangibles (annualized) (1)		7,666			7,811			8,055			8,657			5,707			7,841			4,455
Net income before amortization of intangibles (annualized)		155,835			187,559			171,644			182,937			134,593			171,619			137,064

Average total shareholders' equity		2,097,534			2,050,190			2,002,710			1,949,530			1,719,489			2,050,634			1,544,404
Less: average goodwill and other intangibles, net of def. tax liability		(904,204	)		(903,243	)		(906,041	)		(914,214	)		(775,267	)		(904,489	)		(671,786	)
Average tangible equity	$	1,193,330		$	1,146,947		$	1,096,669		$	1,035,316		$	944,222		$	1,146,145		$	872,618

Return on average tangible equity		13.06	%		16.35	%		15.65	%		17.67	%		14.25	%		14.97	%		15.71	%

Return on average tangible equity, excluding after-tax merger-related expenses:
Net income (annualized)	$	148,169		$	179,748		$	163,589		$	174,280		$	128,886		$	163,778		$	132,609
Plus: after-tax merger-related expenses (annualized) (1)		5,291			257			9,954			4,353			33,885			5,150			17,394
Plus: amortization of intangibles (annualized) (1)		7,666			7,811			8,055			8,657			5,707			7,841			4,455
Net income before amortization of intangibles and excluding after-tax merger-related expenses (annualized)		161,126			187,816			181,598			187,290			168,478			176,769			154,458

Average total shareholders' equity		2,097,534			2,050,190			2,002,710			1,949,530			1,719,489			2,050,634			1,544,404
Less: average goodwill and other intangibles, net of def. tax liability		(904,204	)		(903,243	)		(906,041	)		(914,214	)		(775,267	)		(904,489	)		(671,786	)

Average tangible equity	$	1,193,330		$	1,146,947		$	1,096,669		$	1,035,316		$	944,222		$	1,146,145		$	872,618

Return on average tangible equity, excluding after-tax merger-related expenses		13.50	%		16.38	%		16.56	%		18.09	%		17.84	%		15.42	%		17.70	%

Efficiency ratio:
Non-interest expense	$	73,268		$	71,952		$	74,432		$	70,990		$	76,120		$	219,652		$	194,234
Less: restructuring and merger-related expense		(1,688	)		(81	)		(3,107	)		(1,389	)		(10,811	)		(4,876	)		(16,468	)
Non-interest expense excluding restructuring and merger-related expense		71,580			71,871			71,325			69,601			65,309			214,778			177,766

Net interest income on a fully taxable equivalent basis		97,385			99,827			99,834			103,246			91,348			297,046			249,514
Non-interest income		26,950			31,156			27,773			26,561			26,224			85,878			73,715
Net interest income on a fully taxable equivalent basis plus non-interest income	$	124,335		$	130,983		$	127,607		$	129,807		$	117,572		$	382,924		$	323,229
Efficiency Ratio		57.57	%		54.87	%		55.89	%		53.62	%		55.55	%		56.09	%		55.00	%

Net income, excluding after-tax merger-related expenses:
Net income	$	37,347		$	44,814		$	40,337		$	43,928		$	32,486		$	122,497		$	99,184
Add: After-tax merger-related expenses (1)		1,334			64			2,454			1,097			8,541			3,852			13,010
Net income, excluding after-tax merger-related expenses	$	38,681		$	44,878		$	42,791		$	45,025		$	41,027		$	126,349		$	112,194

Net Income, excluding after-tax merger-related expenses per diluted share:
Net income per diluted share	$	0.68		$	0.82		$	0.74		$	0.80		$	0.64		$	2.24		$	2.11
Add: After-tax merger-related expenses per diluted share (1)		0.03			-			0.04			0.02			0.17			0.07			0.27

	Period End
	Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
	2019			2019			2019			2018			2018
Tangible book value per share:
Total shareholders' equity	$	2,101,269		$	2,074,116		$	2,023,139		$	1,978,827		$	1,927,269
Less: goodwill and other intangible assets, net of def. tax liability		(904,256	)		(903,729	)		(904,144	)		(906,887	)		(915,022	)
Tangible equity		1,197,013			1,170,387			1,118,995			1,071,940			1,012,247

Common shares outstanding		54,691,225			54,697,199			54,599,127			54,598,134			54,603,967

Tangible book value per share	$	21.89		$	21.40		$	20.49		$	19.63		$	18.54

Tangible equity to tangible assets:
Total shareholders' equity	$	2,101,269		$	2,074,116		$	2,023,139		$	1,978,827		$	1,927,269
Less: goodwill and other intangible assets, net of def. tax liability		(904,256	)		(903,729	)		(904,144	)		(906,887	)		(915,022	)
Tangible equity		1,197,013			1,170,387			1,118,995			1,071,940			1,012,247

Total assets		12,593,887			12,494,653			12,601,408			12,458,632			12,599,479
Less: goodwill and other intangible assets, net of def. tax liability		(904,256	)		(903,729	)		(904,144	)		(906,887	)		(915,022	)
Tangible assets	$	11,689,631		$	11,590,924		$	11,697,264		$	11,551,745		$	11,684,457

Tangible equity to tangible assets		10.24	%		10.10	%		9.57	%		9.28	%		8.66	%

	Quarter Ended
	Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
	2019			2019			2019			2018			2018
Capital ratios
Tier I leverage capital		11.30	%		11.09	%		10.98	%		10.74	%		11.22	%
Tier I risk-based capital		15.40			15.39			15.31			15.09			14.32
Total risk-based capital		16.36			16.32			16.22			15.99			15.20
Common equity tier 1 capital ratio (CET 1)		13.87			13.83			13.48			13.14			12.41
Average shareholders' equity to average assets		16.80			16.42			16.01			15.51			14.65
Tangible equity to tangible assets (3)		10.24			10.10			9.57			9.28			8.66

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares and per share amounts)

WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands)