wsbc-ex991_22.htm

Wheeling, WV, July 22, 2020 – 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 six months ended June 30, 2020. Reflecting the impact from the 2020 adoption of the new Current Expected Credit Losses (“CECL”) accounting standard, net income for the three months ended June 30, 2020 was $4.5 million, with diluted earnings per share of $0.07, compared to $44.8 million and $0.82 per diluted share, respectively, for the second quarter of 2019. For the six months ended June 30, 2020, net income was $27.9 million, or $0.41 per diluted share, compared to $85.2 million, or $1.56 per diluted share, for the 2019 period. Net income excluding after-tax merger-related expenses for the three months ended June 30, 2020, was $4.9 million, or $0.07 per diluted share, as compared to $44.9 million and $0.82 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income for the six months ended June 30, 2020 was $32.3 million, or $0.48 per diluted share, as compared to $1.60 per diluted share in the prior year period (non-GAAP measures).

On November 22, 2019, WesBanco consummated the merger with Old Line Bancshares, Inc. (“OLBK”), a bank holding company headquartered in Bowie, MD with approximately $3.0 billion in assets, excluding goodwill. Financial results for OLBK have been included in WesBanco’s results from the merger consummation date.

WesBanco believes that pre-tax, pre-provision income (non-GAAP measure) provides a more comparable year-over-year measure as it removes the impact of the new CECL accounting standard implemented earlier this year. For the three months ended June 30, 2020, pre-tax, pre-provision income, excluding merger-related expenses, increased 15.7% year-over-year to $66.8 million. On the same basis, pre-tax, pre-provision income, for the six months ended June 30, 2020, increased 14.5% year-over-year to $128.8 million. WesBanco believes that these non-GAAP financial measures are useful to investors as they enhance investors’ understanding of the company’s business and performance.

“WesBanco’s underlying performance during the second quarter was evidenced by the strong year-over-year growth of 15.7% in our pre-tax, pre-provision income,” said Todd F. Clossin, President and Chief Executive Officer of WesBanco. “While continuing to make important technology investments, we have maintained our diligent focus on expense management in order to deliver a year-to-date efficiency ratio of 56.6%. Furthermore, we believe we are well-positioned for the current operating environment due to our well-defined strategies, strong legacy of credit and risk management, solid liquidity, and sound capital position.”

Mr. Clossin added, “I am proud of our entire organization as it has worked tirelessly to serve our customers and communities. Recently, WesBanco Bank was named, for the second year in a row, a World’s Best Bank by Forbes magazine. This ranking is based on customer satisfaction and consumer feedback, and we received very high scores for customer services, financial advice, satisfaction, and digital services. The efforts of our employees are a true testimonial to our being a community bank.”

As a responsible, community-based financial institution, we have endeavored to assist and help protect our communities, customers, and employees. Thus, on March 18th, we were one of the first banks to launch a number of initiatives and precautionary measures intended to mitigate the impact of the COVID-19 virus outbreak by mainly offering 90-day payment relief options to affected borrowers, as well as participating in the SBA PPP. Since that early initiation date, we have seen a reduction in the amount of loans receiving payment relief as the significant majority of customers coming off deferral status are not requesting a second deferral. Thus, as of June 30, 2020, loans receiving relief now total 17% of total loans, as we have assisted our residential mortgage customers with 470 loan modifications totaling $119 million, consumer and home equity loan customers with 620 loan modifications totaling $24 million, and commercial and business customers with 2,180 loan modifications totaling $1.8 billion. Furthermore, through the first two rounds of the SBA PPP, as of June 30, 2020, we have funded roughly 6,800 loans totaling approximately $837 million. In response to the success of our employees working remotely and the increased utilization of our digital channels by our customers, we anticipate accelerating our branch optimization strategy during the second half of 2020.

Portfolio loans of $11.1 billion as of June 30, 2020 increased 43.1% when compared to the prior year period due to the OLBK acquisition and participation in the SBA PPP. Total organic loan growth was 11.3% year-over-year, driven by the SBA PPP, commercial real estate, and residential real estate loans. When excluding SBA PPP loans, total organic growth increased 0.5% year-over-year, reflecting the impact of shuttered state economies due to the pandemic. Total deposits increased 40.2% year-over-year to $12.2 billion due primarily to the OLBK acquisition, CARES Act stimulus, and increased personal savings due to the current recession. Total deposits, excluding the OLBK acquisition, increased $1.1 billion, or 12.3%, year-over-year due to CARES Act stimulus and increased personal savings, which more than offset a $417.1 million reduction in certificates of deposit, as higher cost CDs were allowed to runoff.

Overall, we believe our credit quality ratios remained strong as we balanced disciplined loan origination in the current environment with prudent lending standards. The granting of loan deferrals has resulted in continued relatively benign asset quality metrics, as nonperforming and delinquency amounts do not reflect loans that have been modified as a result of the COVID-19 pandemic. As of June 30, 2020, 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 slightly to 2.23% of total portfolio loans, comparable to the last four quarters. Reflecting weakened macroeconomic factors, the provision for credit losses increased to $61.8 million, approximately double from the first quarter of 2020. Annualized net loan charge-offs to average loans remained low for the quarter and year-to-date periods at seven and 13 basis points, respectively.

On January 1, 2020, WesBanco adopted the CECL accounting standard, resulting in adjustments to retained earnings and the allowance for credit losses; prior to this date, the allowance for credit losses was calculated under the incurred loss method. The allowance for credit losses specific to total portfolio loans at June 30, 2020 was $168.5 million, or 1.52% of total loans; or, when excluding SBA PPP loans, 1.65% of total portfolio loans. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.43% of total loans. The increase in the allowance and related provision for credit losses was related to the continued deterioration in the macroeconomic forecast during the second quarter of 2020, primarily driven by the negative forecasted economic impacts of COVID-19. The forecast, based upon a blend of two nationally-recognized published economic data through June 30, 2020, is primarily driven by national unemployment and interest rate spreads.

The net interest margin of 3.32% for the second quarter of 2020 decreased 35 basis points year-over-year, primarily due to the lower interest rate environment from the five decreases in the Federal Reserve Board’s target federal funds rate, totaling 225 basis points, from July 2019 through March 2020, as well as a flattening of the yield curve. Reflecting the significantly lower interest rate environment, we aggressively reduced our deposit rates beginning in late March, which helped to lower deposit funding costs 40 basis points year-over-year to 30 basis points for the second quarter of 2020. In addition, we shortened the maturities and experienced lower rates in our second quarter FHLB borrowings as compared to the prior year, which helped to lower the cost of borrowings 38 basis points year-over-year. Accretion from acquisitions benefited the second quarter net interest margin by 19 basis points, as compared to 18 basis points in the prior year period and 22 basis points during the first quarter of 2020. Lastly, while the SBA PPP loans will positively impact the

net interest margin as the loans are forgiven during the next several quarters, the funding of these loans negatively impacted the second quarter of 2020 net interest margin by a net two basis points.

Net interest income increased $20.5 million, or 20.9%, during the second quarter of 2020, as compared to the same quarter of 2019, due to a 33.7% increase in average total earning assets, primarily driven by the OLBK acquisition and related accretion from purchase accounting, partially offset by the lower loan yields, reflecting repricing of existing loans and lower new offered rates in the current market environment. For the six months ended June 30, 2020, net interest income increased $42.4 million, or 21.5%, due to higher average total earning assets and an overall higher net interest margin, as discussed for the three-month period comparison.

For the second quarter of 2020, non-interest income of $32.9 million increased $1.7 million, or 5.5%, from the second quarter of 2019, driven primarily by mortgage banking income and higher commercial customer loan swap-related income, which were partially offset by the limitation on interchange fees for debit card processing and lower service charges on deposits. Reflecting the low interest rate environment and organic growth, mortgage banking fees increased $5.9 million, or 365.5%, compared to the prior year period, due to growth of roughly 125% in residential mortgage origination dollar volume and the associated sale of one-half of those originations into the secondary market. Loan swap-related income increased $2.4 million, or 477.2%, to $2.9 million, inclusive of $0.5 million in fair value adjustments, due to commercial loan customer demand in the current rate environment. The limitation on interchange fees is due to the Durbin amendment in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), which took effect for WesBanco during the third quarter of 2019, negatively impacted fee income by approximately $2.7 million. Service charges on deposits were lower due to higher consumer deposits associated with CARES Act stimulus and lower general consumer spending, resulting in fewer eligible account fees. Primarily reflecting the items discussed above, non-interest income, for the six months ended June 30, 2020, increased $1.9 million, or 3.3%.

Total operating expenses continued to be well-controlled during the six-month period ending June 30, 2020, as demonstrated by an efficiency ratio of 56.62%. Excluding merger-related expenses, non-interest expense for the three months ended June 30, 2020 increased $13.2 million, or 18.3%, to $85.0 million compared to the prior year period, primarily reflecting additional staffing and financial center locations from the OLBK acquisition. In addition, FDIC insurance expense increased $1.2 million, or 107.4%, due to a higher assessment rate associated with our larger asset level. On a similar basis, non-interest expense during the first half of 2020 increased $28.0 million, or 19.6%, compared to the prior year period, primarily reflecting the OLBK acquisition and the mid-2019 annual salary increases.

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 June 30, 2020, Tier I leverage was 9.09%, Tier I risk-based capital and common equity Tier 1 capital ratio (“CET 1”) were 12.59%, and total risk-based capital was 15.33%. As compared to the prior year period, Tier 1 leverage and Tier 1 risk-based capital ratios were adversely impacted by the movement of $136.5 million of trust preferred securities, during the fourth quarter of 2019, from Tier 1 to Tier 2 risk-based capital, as required by the Dodd-Frank Act for financial institutions with total assets greater than $15 billion.

WesBanco will host a conference call to discuss the Company's financial results for the second quarter of 2020 at 10:00 a.m. ET on Thursday, July 23, 2020. 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 10136713. The replay will begin at approximately 12:00 p.m. ET on July 23, and end at 12 a.m. ET on August 6. 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, 2019 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), including WesBanco’s Form 10-Q for the quarter ended March 31, 2020, 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 and under

“Risk Factors” in Part II, Item 1A of WesBanco’s March 31, 2020 Quarterly Report on Form 10-Q. 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 including the effects of the COVID-19 pandemic; 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.

Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a diversified and balanced financial services company that delivers large bank capabilities with a community bank feel. Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share. Built upon our ‘Better Banking Pledge’, our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively. In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, WesBanco provides trust, wealth management, securities brokerage, and private banking services through our century-old Trust and Investment Services department, with approximately $4.5 billion of assets under management (as of June 30, 2020). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 236 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

	For the Three Months Ended								For the Six Months Ended
STATEMENT OF INCOME	June 30,								June 30,
	2020			2019		% Change			2020		2019		% Change
Interest and dividend income
Loans, including fees	$	115,068		$	96,415		19.3		$	234,571	$	191,917		22.2
Interest and dividends on securities:
Taxable		14,047			16,444		(14.6	)		31,034		33,175		(6.5	)
Tax-exempt		4,302			5,142		(16.3	)		8,758		10,684		(18.0	)
Total interest and dividends on securities		18,349			21,586		(15.0	)		39,792		43,859		(9.3	)
Other interest income		1,277			1,542		(17.2	)		2,779		2,820		(1.5	)
Total interest and dividend income		134,694			119,543		12.7			277,142		238,596		16.2
Interest expense
Interest bearing demand deposits		1,350			4,314		(68.7	)		4,745		8,259		(42.5	)
Money market deposits		879			2,009		(56.2	)		3,231		3,908		(17.3	)
Savings deposits		297			678		(56.2	)		1,220		1,200		1.7
Certificates of deposit		3,514			4,098		(14.3	)		7,568		8,001		(5.4	)
Total interest expense on deposits		6,040			11,099		(45.6	)		16,764		21,368		(21.5	)
Federal Home Loan Bank borrowings		7,293			6,287		16.0			15,525		12,624		23.0
Other short-term borrowings		279			1,483		(81.2	)		1,149		3,039		(62.2	)
Subordinated debt and junior subordinated debt		2,069			2,214		(6.5	)		4,530		4,743		(4.5	)
Total interest expense		15,681			21,083		(25.6	)		37,968		41,774		(9.1	)
Net interest income		119,013			98,460		20.9			239,174		196,822		21.5
Provision for credit losses		61,841			2,747	NM				91,661		5,254	NM
Net interest income after provision for credit losses		57,172			95,713		(40.3	)		147,513		191,568		(23.0	)
Non-interest income
Trust fees		6,202			6,339		(2.2	)		13,154		13,454		(2.2	)
Service charges on deposits		4,323			6,197		(30.2	)		10,940		12,747		(14.2	)
Electronic banking fees		4,066			7,154		(43.2	)		8,320		13,046		(36.2	)
Net securities brokerage revenue		1,384			1,973		(29.9	)		3,063		3,833		(20.1	)
Bank-owned life insurance		1,752			1,340		30.7			3,521		2,659		32.4
Mortgage banking income		7,531			1,618		365.5			8,807		2,674		229.4
Net securities gains		1,299			2,909		(55.3	)		2,790		3,566		(21.8	)
Net (loss) gain on other real estate owned and other assets		(66	)		376		(117.6	)		103		512		(79.9	)
Other income		6,369			3,250		96.0			10,171		6,438		58.0
Total non-interest income		32,860			31,156		5.5			60,869		58,929		3.3
Non-interest expense
Salaries and wages		36,773			31,646		16.2			75,683		62,585		20.9
Employee benefits		10,138			9,705		4.5			20,511		19,694		4.1
Net occupancy		6,634			5,385		23.2			13,717		10,951		25.3
Equipment		5,722			4,818		18.8			11,761		9,651		21.9
Marketing		1,567			1,254		25.0			2,705		2,497		8.3
FDIC insurance		2,395			1,155		107.4			4,508		2,508		79.7
Amortization of intangible assets		3,365			2,465		36.5			6,739		4,978		35.4
Restructuring and merger-related expense		468			81		477.8			5,633		3,188		76.7
Other operating expenses		18,440			15,443		19.4			35,578		30,333		17.3
Total non-interest expense		85,502			71,952		18.8			176,835		146,385		20.8
Income before provision for income taxes		4,530			54,917		(91.8	)		31,547		104,112		(69.7	)
Provision for income taxes		42			10,103		(99.6	)		3,663		18,961		(80.7	)
Net Income	$	4,488		$	44,814		(90.0	)	$	27,884	$	85,151		(67.3	)

Taxable equivalent net interest income	$	120,156		$	99,827		20.4		$	241,502	$	199,662		21.0

Per common share data
Net income per common share - basic	$	0.07		$	0.82		(91.5	)	$	0.41	$	1.56		(73.7	)
Net income per common share - diluted		0.07			0.82		(91.5	)		0.41		1.56		(73.7	)
Net income per common share - diluted, excluding certain items (1)(2)		0.07			0.82		(91.5	)		0.48		1.60		(70.0	)
Dividends declared		0.32			0.31		3.2			0.64		0.62		3.2
Book value (period end)		38.23			37.92		0.8			38.23		37.92		0.8
Tangible book value (period end) (1)		21.10			21.40		(1.4	)		21.10		21.40		(1.4	)
Average common shares outstanding - basic		67,104,628			54,628,029		22.8			67,295,589		54,613,346		23.2
Average common shares outstanding - diluted		67,181,755			54,773,521		22.7			67,410,460		54,724,209		23.2
Period end common shares outstanding		67,211,192			54,697,199		22.9			67,211,192		54,697,199		22.9

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

	For the Quarter Ended
	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
	2020			2020			2019			2019			2019
Return on average assets		0.11	%		0.60	%		1.04	%		1.19	%		1.44	%
Return on average assets, excluding
after-tax merger-related expenses (1)		0.12			0.70			1.30			1.23			1.44
Return on average equity		0.69			3.63			6.20			7.06			8.77
Return on average equity, excluding
after-tax merger-related expenses (1)		0.75			4.26			7.75			7.32			8.78
Return on average tangible equity (1)		1.98			7.07			11.53			13.06			16.35
Return on average tangible equity, excluding
after-tax merger-related expenses (1)		2.08			8.18			14.24			13.50			16.38
Yield on earning assets (2)		3.75			4.19			4.25			4.34			4.45
Cost of interest bearing liabilities		0.63			0.91			0.99			1.09			1.08
Net interest spread (2)		3.12			3.28			3.26			3.25			3.37
Net interest margin (2)		3.32			3.54			3.55			3.56			3.67
Efficiency (1) (2)		55.57			57.69			58.29			57.57			54.87
Average loans to average deposits		91.87			94.61			90.78			88.96			87.35
Annualized net loan charge-offs /average loans		0.07			0.18			0.20			0.04			0.05
Effective income tax rate		0.93			13.40			16.23			18.24			18.40
Trust assets, market value at period end	$	4,487,042		$	4,082,141		$	4,719,966		$	4,443,430		$	4,544,103

(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
	June 30,									December 31,			December 31, 2019
Balance sheets	2020			2019			% Change			2019			to June 30, 2020
Assets
Cash and due from banks	$	219,022		$	157,965			38.7		$	182,905			19.7
Due from banks - interest bearing		671,312			36,390		NM				51,891		NM
Securities:
Equity securities, at fair value		12,277			11,817			3.9			12,343			(0.5	)
Available-for-sale debt securities, at fair value		2,073,949			2,129,284			(2.6	)		2,393,558			(13.4	)
Held-to-maturity debt securities (fair values of $802,666; $921,534 and $874,523, respectively)		766,416			900,605			(14.9	)		851,753			(10.0	)
Allowance for credit losses, held-to-maturity debt securities		(817	)		-			(100.0	)		-			(100.0	)
Net held-to-maturity debt securities		765,599			900,605			(15.0	)		851,753			(10.1	)
Total securities		2,851,825			3,041,706			(6.2	)		3,257,654			(12.5	)
Loans held for sale		53,324			18,649			185.9			43,013			24.0
Portfolio loans:
Commercial real estate		5,694,457			3,877,633			46.9			5,725,008			(0.5	)
Commercial and industrial		2,496,096			1,300,577			91.9			1,644,699			51.8
Residential real estate		1,893,544			1,633,613			15.9			1,873,647			1.1
Home equity		646,323			590,303			9.5			649,678			(0.5	)
Consumer		343,723			335,728			2.4			374,953			(8.3	)
Total portfolio loans, net of unearned income		11,074,143			7,737,854			43.1			10,267,985			7.9
Allowance for credit losses - loans (1)		(168,475	)		(50,859	)		(231.3	)		(52,429	)		(221.3	)
Net portfolio loans		10,905,668			7,686,995			41.9			10,215,556			6.8
Premises and equipment, net		255,306			179,866			41.9			261,014			(2.2	)
Accrued interest receivable		59,151			38,450			53.8			43,648			35.5
Goodwill and other intangible assets, net		1,166,853			914,678			27.6			1,149,153			1.5
Bank-owned life insurance		303,022			227,976			32.9			299,516			1.2
Other assets		269,912			191,978			40.6			215,762			25.1
Total Assets	$	16,755,395		$	12,494,653			34.1		$	15,720,112			6.6
Liabilities
Deposits:
Non-interest bearing demand	$	4,067,903		$	2,481,065			64.0		$	3,178,270			28.0
Interest bearing demand		2,596,132			2,079,795			24.8			2,316,855			12.1
Money market		1,610,248			1,098,917			46.5			1,518,314			6.1
Savings deposits		2,103,154			1,670,035			25.9			1,934,647			8.7
Certificates of deposit		1,809,016			1,365,116			32.5			2,055,920			(12.0	)
Total deposits		12,186,453			8,694,928			40.2			11,004,006			10.7
Federal Home Loan Bank borrowings		1,129,631			1,121,283			0.7			1,415,615			(20.2	)
Other short-term borrowings		390,777			296,148			32.0			282,362			38.4
Subordinated debt and junior subordinated debt		192,080			156,534			22.7			199,869			(3.9	)
Total borrowings		1,712,488			1,573,965			8.8			1,897,846			(9.8	)
Accrued interest payable		6,040			6,559			(7.9	)		8,077			(25.2	)
Other liabilities		280,893			145,085			93.6			216,262			29.9
Total Liabilities		14,185,874			10,420,537			36.1			13,126,191			8.1
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 2020 and 2019, respectively; 68,078,116, 54,697,251 and 68,078,116 shares issued, respectively; 67,211,192, 54,697,199 and 67,824,428 shares outstanding, respectively		141,827			113,952			24.5			141,827			-
Capital surplus		1,633,079			1,168,212			39.8			1,636,966			(0.2	)
Retained earnings		782,990			788,900			(0.7	)		824,694			(5.1	)
Treasury stock (866,924, 52 and 253,688 shares - at cost, respectively)		(27,518	)		(2	)	NM				(9,463	)		(190.8	)
Accumulated other comprehensive income		40,516			4,113			885.1			1,201		NM
Deferred benefits for directors		(1,373	)		(1,059	)		(29.7	)		(1,304	)		(5.3	)
Total Shareholders' Equity		2,569,521			2,074,116			23.9			2,593,921			(0.9	)
Total Liabilities and Shareholders' Equity	$	16,755,395		$	12,494,653			34.1		$	15,720,112			6.6

(1) Allowance for credit losses - loans as of June 30, 2020 and March 31, 2020 includes a day 1 adjustment of $41.4 million due to the adoption of ASU 2016-13.
NM - Not Meaningful


	June 30,			March 31,
Balance sheets	2020			2020			% Change
Assets
Cash and due from banks	$	219,022		$	183,138			19.6
Due from banks - interest bearing		671,312			410,734			63.4
Securities:
Equity securities, at fair value		12,277			11,230			9.3
Available-for-sale debt securities, at fair value		2,073,949			2,262,082			(8.3	)
Held-to-maturity debt securities (fair values of $802,666 and $841,120, respectively)		766,416			814,414			(5.9	)
Allowance for credit losses, held-to-maturity debt securities		(817	)		(236	)		(246.2	)
Net held-to-maturity debt securities		765,599			814,178			(6.0	)
Total securities		2,851,825			3,087,490			(7.6	)
Loans held for sale		53,324			48,021			11.0
Portfolio loans:
Commercial real estate		5,694,457			5,604,405			1.6
Commercial and industrial		2,496,096			1,801,751			38.5
Residential real estate		1,893,544			1,929,590			(1.9	)
Home equity		646,323			650,754			(0.7	)
Consumer		343,723			363,096			(5.3	)
Total portfolio loans, net of unearned income		11,074,143			10,349,596			7.0
Allowance for credit losses - loans (1)		(168,475	)		(114,272	)		(47.4	)
Net portfolio loans		10,905,668			10,235,324			6.5
Premises and equipment, net		255,306			258,200			(1.1	)
Accrued interest receivable		59,151			43,960			34.6
Goodwill and other intangible assets, net		1,166,853			1,170,070			(0.3	)
Bank-owned life insurance		303,022			301,270			0.6
Other assets		269,912			257,365			4.9
Total Assets	$	16,755,395		$	15,995,572			4.8
Liabilities
Deposits:
Non-interest bearing demand	$	4,067,903		$	3,191,713			27.5
Interest bearing demand		2,596,132			2,388,406			8.7
Money market		1,610,248			1,539,835			4.6
Savings deposits		2,103,154			1,984,057			6.0
Certificates of deposit		1,809,016			1,939,321			(6.7	)
Total deposits		12,186,453			11,043,332			10.4
Federal Home Loan Bank borrowings		1,129,631			1,585,608			(28.8	)
Other short-term borrowings		390,777			333,966			17.0
Subordinated debt and junior subordinated debt		192,080			192,008			0.0
Total borrowings		1,712,488			2,111,582			(18.9	)
Accrued interest payable		6,040			7,667			(21.2	)
Other liabilities		280,893			246,931			13.8
Total Liabilities		14,185,874			13,409,512			5.8
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 2020 and 2019, respectively; 68,078,116, 54,697,251 and 68,078,116 shares issued, respectively; 67,211,192, 54,697,199 and 67,824,428 shares outstanding, respectively		141,827			141,827			-
Capital surplus		1,633,079			1,638,122			(0.3	)
Retained earnings		782,990			800,064			(2.1	)
Treasury stock (866,924, 52 and 253,688 shares - at cost, respectively)		(27,518	)		(33,714	)		18.4
Accumulated other comprehensive income		40,516			41,141			(1.5	)
Deferred benefits for directors		(1,373	)		(1,380	)		0.5
Total Shareholders' Equity		2,569,521			2,586,060			(0.6	)
Total Liabilities and Shareholders' Equity	$	16,755,395		$	15,995,572			4.8

(1) Allowance for credit losses - loans includes a day 1 adjustment of $41.4 million due to the adoption of ASU 2016-13.

NM - Not Meaningful

	For the Three Months Ended June 30,										For the Six Months Ended June 30,
	2020					2019					2020					2019
Average balance sheet and net interest margin	Average		Average			Average		Average			Average		Average			Average		Average
analysis	Balance		Rate			Balance		Rate			Balance		Rate			Balance		Rate
Assets
Due from banks - interest bearing	$	637,979		0.17	%	$	72,563		3.46	%	$	385,755		0.35	%	$	74,774		2.55	%
Loans, net of unearned income (1)		10,955,694		4.22			7,700,355		5.02			10,665,441		4.42			7,680,062		5.04
Securities: (2)
Taxable		2,288,409		2.47			2,336,099		2.82			2,432,539		2.57			2,344,929		2.83
Tax-exempt (3)		622,637		3.52			741,371		3.51			634,612		3.51			775,845		3.49
Total securities		2,911,046		2.69			3,077,470		2.98			3,067,151		2.76			3,120,774		2.99
Other earning assets		71,493		5.68			50,555		7.26			70,537		6.02			51,330		7.28
Total earning assets (3)		14,576,212		3.75	%		10,900,943		4.45	%		14,188,884		3.96	%		10,926,940		4.45	%
Other assets		2,138,999					1,588,720					2,061,191					1,572,988
Total Assets	$	16,715,211				$	12,489,663				$	16,250,075				$	12,499,928

Liabilities and Shareholders' Equity
Interest bearing demand deposits	$	2,558,768		0.21	%	$	2,139,372		0.81	%	$	2,450,605		0.39	%	$	2,134,514		0.78	%
Money market accounts		1,603,395		0.22			1,116,124		0.72			1,573,579		0.41			1,135,237		0.69
Savings deposits		2,060,392		0.06			1,676,477		0.16			2,006,940		0.12			1,668,160		0.15
Certificates of deposit		1,846,929		0.77			1,397,167		1.18			1,918,189		0.79			1,417,703		1.14
Total interest bearing deposits		8,069,484		0.30			6,329,140		0.70			7,949,313		0.42			6,355,614		0.68
Federal Home Loan Bank borrowings		1,381,093		2.12			1,008,027		2.50			1,426,134		2.19			1,030,396		2.47
Other borrowings		365,793		0.31			320,269		1.86			350,917		0.66			324,033		1.89
Subordinated debt and junior subordinated debt		192,021		4.33			164,108		5.41			195,257		4.67			176,746		5.41
Total interest bearing liabilities		10,008,391		0.63	%		7,821,544		1.08	%		9,921,621		0.77	%		7,886,789		1.07	%
Non-interest bearing demand deposits		3,856,291					2,486,710					3,496,784					2,453,770
Other liabilities		247,591					131,219					233,166					132,657
Shareholders' equity		2,602,938					2,050,190					2,598,504					2,026,712
Total Liabilities and Shareholders' Equity	$	16,715,211				$	12,489,663				$	16,250,075				$	12,499,928
Taxable equivalent net interest spread				3.12	%				3.37	%				3.19	%				3.38	%
Taxable equivalent net interest margin				3.32	%				3.67	%				3.42	%				3.68	%

	Quarter Ended
	June 30,			Mar. 31,		Dec. 31,		Sept. 30,			June 30,
Statement of Income	2020			2020		2019		2019			2019
Interest and dividend income
Loans, including fees	$	115,068		$	119,503	$	105,879	$	95,369		$	96,415
Interest and dividends on securities:
Taxable		14,047			16,986		16,586		15,887			16,444
Tax-exempt		4,302			4,456		4,563		4,759			5,142
Total interest and dividends on securities		18,349			21,442		21,149		20,646			21,586
Other interest income		1,277			1,503		1,281		1,333			1,542
Total interest and dividend income		134,694			142,448		128,309		117,348			119,543
Interest expense
Interest bearing demand deposits		1,350			3,393		4,054		4,489			4,314
Money market deposits		879			2,352		2,143		1,973			2,009
Savings deposits		297			923		935		861			678
Certificates of deposit		3,514			4,054		3,800		3,830			4,098
Total interest expense on deposits		6,040			10,723		10,932		11,153			11,099
Federal Home Loan Bank borrowings		7,293			8,232		7,279		6,645			6,287
Other short-term borrowings		279			870		1,009		1,353			1,483
Subordinated debt and junior subordinated debt		2,069			2,461		2,125		2,077			2,214
Total interest expense		15,681			22,286		21,345		21,228			21,083
Net interest income		119,013			120,162		106,964		96,120			98,460
Provision for credit losses		61,841			29,821		1,824		4,121			2,747
Net interest income after provision for credit losses		57,172			90,341		105,140		91,999			95,713
Non-interest income
Trust fees		6,202			6,952		6,699		6,425			6,339
Service charges on deposits		4,323			6,617		7,171		7,056			6,197
Electronic banking fees		4,066			4,254		4,336		5,253			7,154
Net securities brokerage revenue		1,384			1,679		1,393		1,765			1,973
Bank-owned life insurance		1,752			1,769		1,882		1,373			1,340
Mortgage banking income		7,531			1,276		2,957		2,588			1,618
Net securities gains		1,299			1,491		520		235			2,909
Net (loss) / gain on other real estate owned and other assets		(66	)		169		61		158			376
Other income		6,369			3,802		5,819		2,097			3,250
Total non-interest income		32,860			28,009		30,838		26,950			31,156
Non-interest expense
Salaries and wages		36,773			38,910		36,984		32,915			31,646
Employee benefits		10,138			10,373		9,894		9,726			9,705
Net occupancy		6,634			7,084		6,162		5,392			5,385
Equipment		5,722			6,039		5,570		5,273			4,818
Marketing		1,567			1,138		2,059		1,505			1,254
FDIC insurance		2,395			2,113		668		(1,221	)		1,155
Amortization of intangible assets		3,365			3,374		2,916		2,446			2,465
Restructuring and merger-related expense		468			5,164		11,522		1,688			81
Other operating expenses		18,440			17,138		16,781		15,544			15,443
Total non-interest expense		85,502			91,333		92,556		73,268			71,952
Income before provision for income taxes		4,530			27,017		43,422		45,681			54,917
Provision for income taxes		42			3,621		7,046		8,334			10,103
Net Income	$	4,488		$	23,396	$	36,376	$	37,347		$	44,814

Taxable equivalent net interest income	$	120,156		$	121,346	$	108,177	$	97,385		$	99,827

Per common share data
Net income per common share - basic		0.07			0.34		0.60		0.68			0.82
Net income per common share - diluted		0.07			0.34		0.60		0.68			0.82
Net income per common share - diluted, excluding certain items (1)(2)		0.07			0.40		0.75		0.71			0.82
Dividends declared		0.32			0.32		0.31		0.31			0.31
Book value (period end)		38.23			38.56		38.24		38.42			37.92
Tangible book value (period end) (1)		21.10			21.36		21.55		21.89			21.40
Average common shares outstanding - basic		67,104,628			67,486,550		60,461,325		54,695,578			54,628,029
Average common shares outstanding - diluted		67,181,755			67,587,446		60,562,366		54,751,344			54,773,521
Period end common shares outstanding		67,211,192			67,058,155		67,824,428		54,691,225			54,697,199
Full time equivalent employees		2,676			2,703		2,705		2,330			2,353

(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.

	Quarter Ended
	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Asset quality data	2020			2020			2019			2019			2019
Non-performing assets:
Troubled debt restructurings - accruing	$	5,105		$	5,434		$	5,431		$	5,840		$	5,487
Non-accrual loans:
Troubled debt restructurings		1,339			1,571			1,422			1,345			1,924
Other non-accrual loans (1)		34,119			32,796			43,491			33,456			30,974
Total non-accrual loans		35,458			34,367			44,913			34,801			32,898
Total non-performing loans		40,563			39,801			50,344			40,641			38,385
Other real estate and repossessed assets		1,212			1,083			4,178			3,678			4,973
Total non-performing assets	$	41,775		$	40,884		$	54,522		$	44,319		$	43,358

Past due loans (1):
Loans past due 30-89 days	$	30,595		$	32,805		$	36,330		$	17,906		$	15,446
Loans past due 90 days or more		36,903			14,287			11,613			5,425			2,634
Total past due loans	$	67,498		$	47,092		$	47,943		$	23,331		$	18,080

Criticized and classified loans (2):
Criticized loans	$	148,580		$	120,801		$	118,959		$	78,880		$	73,236
Classified loans		98,127			95,162			103,519			95,071			41,004
Total criticized and classified loans	$	246,707		$	215,963		$	222,478		$	173,951		$	114,240

Loans past due 30-89 days / total portfolio loans (3)		0.28	%		0.32	%		0.35	%		0.23	%		0.20	%
Loans past due 90 days or more / total portfolio loans		0.33			0.14			0.11			0.07			0.03
Non-performing loans / total portfolio loans		0.37			0.38			0.49			0.52			0.50
Non-performing assets/total portfolio loans, other real estate and repossessed assets		0.38			0.39			0.53			0.57			0.56
Non-performing assets / total assets		0.25			0.26			0.35			0.35			0.35
Criticized and classified loans / total portfolio loans		2.23			2.09			2.17			2.24			1.48

Allowance for credit losses
Allowance for credit losses - loans (4)	$	168,475		$	114,272		$	52,429		$	54,317		$	50,859
Provision for credit losses (4)		61,841			29,821			1,824			4,121			2,747
Net loan and deposit account overdraft charge-offs		1,942			4,716			4,476			791			947
Annualized net loan charge-offs /average loans		0.07	%		0.18	%		0.20	%		0.04	%		0.05	%
Allowance for loan losses / total portfolio loans		1.52	%		1.10	%		0.51	%		0.70	%		0.66	%
Allowance for credit losses - loans / total portfolio loans excluding PPP loans		1.65	%		1.10	%		0.51	%		0.70	%		0.66	%
Allowance for loan losses / non-performing loans		4.15	x		2.87	x		1.04	x		1.34	x		1.32	x
Allowance for loan losses / non-performing loans and loans past due		1.56	x		1.32	x		0.53	x		0.85	x		0.90	x

	Quarter Ended
	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
	2020			2020			2019			2019			2019
Capital ratios
Tier I leverage capital		9.09	%		9.64	%		11.30	%		11.30	%		11.09	%
Tier I risk-based capital		12.59			12.51			12.89			15.40			15.39
Total risk-based capital		15.33			14.83			15.12			16.36			16.32
Common equity tier 1 capital ratio (CET 1)		12.59			12.51			12.89			13.87			13.83
Average shareholders' equity to average assets		15.57			16.43			16.73			16.80			16.42
Tangible equity to tangible assets (5)		9.09			9.65			10.02			10.24			10.10

(1) Excludes non-performing loans.
(2) Criticized and classified commercial loans may include loans that are also reported as non-performing or past due.
(3) Total portfolio loans includes $836.8 million of PPP loans as of June 30, 2020.
(4) The provision for credit losses includes $5.1 million and $1.7 million for loan commitments for the three months ended June 30, 2020 and March 31, 2020, respectively.

(5) See non-GAAP financial measures for additional information relating to the calculation of this ratio.l;)

NON-GAAP FINANCIAL MEASURES
The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.
		Three Months Ended															Year to Date
		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,			June 30,
	(unaudited, dollars in thousands, except shares and per share amounts)	2020			2020			2019			2019			2019			2020			2019
	Return on average assets, excluding after-tax merger-related expenses:
	Net income	$	4,488		$	23,396		$	36,376		$	37,347		$	44,814		$	27,884		$	85,151
	Plus: after-tax merger-related expenses (1)		370			4,080			9,102			1,334			64			4,450			2,519
	Net income excluding after-tax merger-related expenses		4,858			27,476			45,478			38,681			44,878			32,334			87,670

	Average total assets	$	16,715,211		$	15,784,939		$	13,919,430		$	12,488,153		$	12,489,663		$	16,250,075		$	12,499,928

	Return on average tangible assets, excluding after-tax merger-related expenses (annualized) (2)		0.12	%		0.70	%		1.30	%		1.23	%		1.44	%		0.40	%		1.41	%

	Return on average equity, excluding after-tax merger-related expenses:
	Net income	$	4,488		$	23,396		$	36,376		$	37,347		$	44,814		$	27,884		$	85,151
	Plus: after-tax merger-related expenses (1)		370			4,080			9,102			1,334			64			4,450			2,519
	Net income excluding after-tax merger-related expenses		4,858			27,476			45,478			38,681			44,878			32,334			87,670

	Average total shareholders' equity		2,602,938			2,594,069			2,329,121			2,097,534			2,050,190			2,598,504			2,026,712

	Return on average tangible equity, excluding after-tax merger-related expenses (annualized) (2)		0.75	%		4.26	%		7.75	%		7.32	%		8.78	%		2.50	%		8.72	%

	Return on average tangible equity:
	Net income	$	4,488		$	23,396		$	36,376		$	37,347		$	44,814		$	27,884		$	85,151
	Plus: amortization of intangibles (1)		2,658			2,665			2,304			1,932			1,947			5,324			3,933
	Net income before amortization of intangibles		7,146			26,061			38,680			39,279			46,761			33,208			89,084

	Average total shareholders' equity		2,602,938			2,594,069			2,329,121			2,097,534			2,050,190			2,598,504			2,026,712
	Less: average goodwill and other intangibles, net of def. tax liability		(1,152,856	)		(1,112,327	)		(997,658	)		(904,204	)		(903,243	)		(1,132,591	)		(904,634	)
	Average tangible equity	$	1,450,082		$	1,481,742		$	1,331,463		$	1,193,330		$	1,146,947		$	1,465,913		$	1,122,078

	Return on average tangible equity (annualized) (2)		1.98	%		7.07	%		11.53	%		13.06	%		16.35	%		4.56	%		16.01	%

Return on average tangible equity, excluding after-tax merger-related expenses:
Net income	$	4,488		$	23,396		$	36,376		$	37,347		$	44,814		$	27,884		$	85,151
Plus: after-tax merger-related expenses (1)		370			4,080			9,102			1,334			64			4,450			2,519
Plus: amortization of intangibles (1)		2,658			2,665			2,304			1,932			1,947			5,324			3,933
Net income before amortization of intangibles and excluding after-tax merger-related expenses		7,516			30,141			47,782			40,613			46,825			37,659			91,603

Average total shareholders' equity		2,602,938			2,594,069			2,329,121			2,097,534			2,050,190			2,598,504			2,026,712
Less: average goodwill and other intangibles, net of def. tax liability		(1,152,856	)		(1,112,327	)		(997,658	)		(904,204	)		(903,243	)		(1,132,591	)		(904,634	)
Average tangible equity	$	1,450,082		$	1,481,742		$	1,331,463		$	1,193,330		$	1,146,947		$	1,465,913		$	1,122,078

Return on average tangible equity, excluding after-tax merger-related expenses (annualized) (2)		2.08	%		8.18	%		14.24	%		13.50	%		16.38	%		5.17	%		16.46	%

Efficiency ratio:
Non-interest expense	$	85,502		$	91,333		$	92,556		$	73,268		$	71,952		$	176,835		$	146,385
Less: restructuring and merger-related expense		(468	)		(5,164	)		(11,522	)		(1,688	)		(81	)		(5,633	)		(3,188	)
Non-interest expense excluding restructuring and merger-related expense		85,034			86,169			81,034			71,580			71,871			171,202			143,197

Net interest income on a fully taxable equivalent basis		120,156			121,346			108,177			97,385			99,827			241,502			199,662
Non-interest income		32,860			28,009			30,838			26,950			31,156			60,869			58,929
Net interest income on a fully taxable equivalent basis plus non-interest income	$	153,016		$	149,355		$	139,015		$	124,335		$	130,983		$	302,371		$	258,591
Efficiency Ratio		55.57	%		57.69	%		58.29	%		57.57	%		54.87	%		56.62	%		55.38	%

Net income, excluding after-tax merger-related expenses:
Net income	$	4,488		$	23,396		$	36,376		$	37,347		$	44,814		$	27,884		$	85,151
Add: After-tax merger-related expenses (1)		370			4,080			9,102			1,334			64			4,450			2,519
Net income, excluding after-tax merger-related expenses	$	4,858		$	27,476		$	45,478		$	38,681		$	44,878		$	32,334		$	87,670

Net Income, excluding after-tax merger-related expenses per diluted share:
Net income per diluted share	$	0.07		$	0.35		$	0.60		$	0.68		$	0.82		$	0.41		$	1.56
Add: After-tax merger-related expenses per diluted share (1)		(0.00	)		0.06			0.15			0.03			0.00			0.07			0.04
Net income, excluding after-tax merger-related expenses per diluted share	$	0.07		$	0.41		$	0.75		$	0.71		$	0.82		$	0.48		$	1.60

	Period End
	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
	2020			2020			2019			2019			2019
Tangible book value per share:
Total shareholders' equity	$	2,569,521		$	2,586,060		$	2,593,921		$	2,101,269		$	2,074,116
Less: goodwill and other intangible assets, net of def. tax liability		(1,151,523	)		(1,154,033	)		(1,132,262	)		(904,256	)		(903,729	)
Tangible equity		1,417,998			1,432,027			1,461,659			1,197,013			1,170,387

Common shares outstanding		67,211,192			67,058,155			67,824,428			54,691,225			54,697,199

Tangible book value per share	$	21.10		$	21.36		$	21.55		$	21.89		$	21.40

Tangible equity to tangible assets:
Total shareholders' equity	$	2,569,521		$	2,586,060		$	2,593,921		$	2,101,269		$	2,074,116
Less: goodwill and other intangible assets, net of def. tax liability		(1,151,523	)		(1,154,033	)		(1,132,262	)		(904,256	)		(903,729	)
Tangible equity		1,417,998			1,432,027			1,461,659			1,197,013			1,170,387

Total assets		16,755,395			15,995,572			15,720,112			12,593,887			12,494,653
Less: goodwill and other intangible assets, net of def. tax liability		(1,151,523	)		(1,154,033	)		(1,132,262	)		(904,256	)		(903,729	)
Tangible assets	$	15,603,872		$	14,841,539		$	14,587,850		$	11,689,631		$	11,590,924

Tangible equity to tangible assets		9.09	%		9.65	%		10.02	%		10.24	%		10.10	%

(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.

		Three Months Ended															Year to Date
		June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,			June 30,
(unaudited, dollars in thousands, except shares and per share amounts)		2020			2020			2019			2019			2019			2020			2019
Pre-tax, pre-provision income:
	Income before provision for income taxes	$	4,530		$	27,017		$	43,422		$	45,681		$	54,917		$	31,547		$	104,112
	Add: provision for credit losses		61,841			29,821			1,824			4,121			2,747			91,661			5,254
Pre-tax, pre-provision income		$	66,371		$	56,838		$	45,246		$	49,802		$	57,664		$	123,208		$	109,366

Pre-tax, pre-provision income, excluding merger-related expenses:
	Income before provision for income taxes	$	4,530		$	27,017		$	43,422		$	45,681		$	54,917		$	31,547		$	104,112
	Add: provision for credit losses		61,841			29,821			1,824			4,121			2,747			91,661			5,254
	Add: merger-related expenses		468			5,164			11,522			1,688			81			5,633			3,188
Pre-tax, pre-provision income, excluding merger-related expenses		$	66,839		$	62,002		$	56,768		$	51,490		$	57,745		$	128,841		$	112,554

Return on average assets, excluding provision items:
	Income before provision for income taxes	$	4,530		$	27,017		$	43,422		$	45,681		$	54,917		$	31,547		$	104,112
	Add: provision for credit losses		61,841			29,821			1,824			4,121			2,747			91,661			5,254
Pre-tax, pre-provision income			66,371			56,838			45,246			49,802			57,664			123,208			109,366

	Average total assets	$	16,715,211		$	15,784,939		$	13,919,430		$	12,488,153		$	12,489,663		$	16,250,075		$	12,499,928

Return on average assets, excluding provision items (annualized) (1) (2)			1.60	%		1.45	%		1.29	%		1.58	%		1.85	%		1.52	%		1.76	%

Return on average equity, excluding provision items:
	Income before provision for income taxes	$	4,530		$	27,017		$	43,422		$	45,681		$	54,917		$	31,547		$	104,112
	Add: provision for credit losses		61,841			29,821			1,824			4,121			2,747			91,661			5,254
Pre-tax, pre-provision income			66,371			56,838			45,246			49,802			57,664			123,208			109,366

	Average total shareholders' equity		2,602,938			2,594,069			2,329,121			2,097,534			2,050,190			2,598,504			2,026,712

Return on average equity, excluding provision items (annualized) (1) (2)			10.26	%		8.81	%		7.71	%		9.42	%		11.28	%		9.54	%		10.88	%

Return on average tangible equity, excluding provision items:
	Income before provision for income taxes	$	4,530		$	27,017		$	43,422		$	45,681		$	54,917		$	31,547		$	104,112
	Add: provision for credit losses		61,841			29,821			1,824			4,121			2,747			91,661			5,254
	Add: amortization of intangibles		3,365			3,374			2,916			2,446			2,465			6,739			4,978
	Income before provision and amortization of intangibles		69,736			60,212			48,162			52,248			60,129			129,947			114,344

	Average total shareholders' equity		2,602,938			2,594,069			2,329,121			2,097,534			2,050,190			2,598,504			2,026,712
	Less: average goodwill and other intangibles, net of def. tax liability		(1,152,856	)		(1,112,327	)		(997,658	)		(904,204	)		(903,243	)		(1,132,591	)		(904,634	)
	Average tangible equity	$	1,450,082		$	1,481,742		$	1,331,463		$	1,193,330		$	1,146,947		$	1,465,913		$	1,122,078

Return on average tangible equity, excluding provision items (annualized) (1) (2)	19.34	%	16.34	%	14.35	%	17.37	%	21.03	%	17.83	%	20.55	%

(1) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.
(2) The ratios exclude credit loss provision and income tax provision.

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