8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): April 27, 2021

Wesbanco, Inc.

(Exact name of Registrant as Specified in Its Charter)

West Virginia	000-08467	55-0571723
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1 Bank Plaza, Wheeling, WV		26003
(Address of Principal Executive Offices)		(Zip Code)

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

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition

Wesbanco, Inc. issued a press release today announcing earnings for the three months ended March 31, 2021.  The press release is attached as Exhibit 99.1 to this report.  

Wesbanco, Inc. will host a conference call to discuss the Company's financial results for the first quarter of 2021 on Wednesday, April 28, 2021 at 10:00 a.m. ET.

Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com.  Participants can also listen to the conference call by dialing 888-347-6607, 855-669-9657 for Canadian callers, or 412-902-4290 for international callers, and asking to be joined into the WesBanco call.  Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 10150967.  The replay will begin at approximately 12:00 p.m. ET on April 28, and end at 12 a.m. ET on May 12.  An archive of the webcast will be available for one year on the Investor Relations section of the Company’s website (www.wesbanco.com).

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

99.1 - Press release dated April 27, 2021 announcing earnings for the three months ended March 31, 2021.

99.2 – First quarter 2021 earnings conference call presentation.

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

SIGNATURE

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

	Wesbanco, Inc.
	(Registrant)
Date: April 27, 2021	/s/ Robert H. Young
	Robert H. Young
	Senior Executive Vice President and
	Chief Financial Officer

EX-99.1

WesBanco Announces First Quarter 2021 Financial Results

Wheeling, WV, April 27, 2021 – WesBanco, Inc. (“WesBanco”) (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended March 31, 2021.  Net income available to common shareholders for the period was $70.6 million, with diluted earnings per share of $1.05, compared to $23.4 million and $0.35 per diluted share, respectively, for the first quarter of 2020.  Net income available to common shareholders excluding after-tax restructuring and merger-related expenses for the three months ended March 31, 2021, was $71.3 million, or $1.06 per diluted share, as compared to $27.5 million and $0.41 per diluted share, respectively, in the prior year quarter (non-GAAP measures).

	For the Three Months Ended March 31,
	2021						2020
(unaudited, dollars in thousands, except per share amounts)	Net Income			Diluted Earnings Per Share			Net Income			Diluted Earnings Per Share
Net income available to common shareholders (Non-GAAP)(1)	$	71,256		$	1.06		$	27,476		$	0.41
Less: After tax restructuring and merger-related expenses		(672	)		(0.01	)		(4,080	)		(0.06	)
Net income available to common shareholders (GAAP)	$	70,584		$	1.05		$	23,396		$	0.35

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

WesBanco believes that pre-tax, pre-provision income (non-GAAP measure) provides a more comparable year-over-year measure as it removes the provision for credit losses to improve comparability from quarter-to-quarter due to the CECL accounting standard. For the three months ended March 31, 2021, pre-tax, pre-provision income, excluding restructuring and merger-related expenses, increased 3.6% year-over-year to $64.2 million compared to $62.0 million for the prior period.  In addition, on the same basis, the return on average assets was 1.57% for the three month period ending March 31, 2021.  WesBanco believes that these non-GAAP financial measures are useful to investors as they enhance investors’ understanding of the Company’s business and performance.

Financial and operational highlights during the quarter ended March 31, 2021:

• Strong year-over-year growth in pre-tax, pre-provision income (non-GAAP measure)

• Continued expense management demonstrated by a year-to-date efficiency ratio of 56.71% (non-GAAP measure)

• Improving macro-economic factors utilized in the CECL calculation drove both the net benefit in the provision for credit losses and the reduction in allowance for credit losses during the quarter

• Key credit quality metrics such as non-performing assets, past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages, those with total assets between $10 billion and $25 billion (based upon the prior four quarters)

• Total loan growth was 3.4% year-over-year, driven by WesBanco’s support of businesses impacted by the pandemic through the Small Business Administration’s Payroll Protection Program (“SBA PPP”)

• Deposit growth, excluding certificates of deposit, was 28.9% year-over-year, driven by growth in demand deposits

• Trust assets under management totaled a record $5.2 billion, driven by both market appreciation and organic growth

• WesBanco is a well-capitalized financial institution with solid liquidity and a strong balance sheet

• On April 22, 2021, WesBanco’s Board of Directors authorized the adoption of a new stock repurchase program, which, when combined with the remainder of the previous authorization, represents approximately 5% of outstanding shares

“We are pleased with WesBanco’s performance during the first quarter of 2021 as we are in the early stages of emerging from the pandemic,” said Todd F. Clossin, President and Chief Executive Officer of WesBanco.  “I am proud of our entire organization as it has worked tirelessly to serve our customers and communities throughout the past year.  Their outstanding efforts led to WesBanco Bank recently being named, for the third year in a row, one of the world’s best banks in an independent ranking based solely on customer satisfaction and feedback.  This exceptional ranking is in addition to being named one of the fifteen best banks in America by Forbes magazine, which represents our eleventh year making the list since its inception in 2010.”

Mr. Clossin added, “I would also like to recognize Abdul Muhammad, our Senior Vice President and Regional Manager of Residential Lending.  In addition to his chairing our Diversity, Equity, and Inclusion Council, he was recently appointed as one of the eight members of the Federal Reserve Bank of Cleveland’s Equity and Inclusion Advisory Council.  We are excited about our opportunities for the upcoming year as we build upon ourwell-defined, long-term strategies by leveraging the efforts of Abdul and our Council to further the principles of diversity and inclusion across not just WesBanco but also our communities.”

Balance Sheet

Portfolio loans of $10.7 billion as of March 31, 2021 increased 3.4% when compared to the prior year period, due primarily to participation in the SBA PPP, which totaled approximately 7,750 loans for $824 million.  During the first quarter, approximately 2,330 customers applied for and received forgiveness of their Round 1 SBA PPP loans totaling $223 million; while our lenders assisted more than 3,240 businesses with Round 2 SBA PPP loans totaling approximately $344 million.

Total deposits increased 20.3% year-over-year to $13.3 billion due primarily to CARES Act stimulus funds received and increased personal savings, which more than offset a $384.2 million reduction in certificates of deposit.  Deposits, excluding CDs, increased 28.9% year-over-year, driven by a 36.0% increase in total demand deposits, which represent approximately 57% of total deposits.

Credit Quality

As of March 31, 2021, total loans past due, 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.  Furthermore, on a sequential quarter-basis as compared to the quarter ending December 31, 2020, total loans past due declined $7.0 million, total non-performing assets decreased $2.8 million, and total criticized and classified loans declined $39.0 million. In addition, annualized net loan charge-offs to average loans remained low for the quarter at two basis points.  Reflecting improved macroeconomic factors in the CECL calculation, the allowance for credit losses specific to total portfolio loans at March 31, 2021 was $160.0 million, or 1.50% of total loans; or, when excluding SBA PPP loans, 1.62% 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 0.34% of total loans.  The improved factors resulted in a negative provision for credit losses of $28.0 million for the first quarter of 2021.

Net Interest Margin and Income

The net interest margin of 3.27% for the first quarter of 2021 decreased four and 27 basis points, respectively, from the fourth and first quarters of 2020, primarily due to the lower interest rate environment.  As a result of higher cash balances from additional stimulus funds received by our customers and their higher personal savings creating extra liquidity, investment securities increased by $0.9 billion during the first quarter, mostly during March.  Reflecting the significantly lower interest rate environment, we aggressively reduced our deposit rates throughout the past year, which helped to lower deposit funding costs 35 basis points year-over-year to 20 basis points for the first quarter of 2021, or 14 basis points when including non-interest bearing deposits.  Further, we lowered the cost of FHLB borrowings 25 basis points year-over-year as we reduced first quarter average borrowings by $1.0 billion, or 66.8%, year-over-year to $0.5 billion, which have a remaining average life of less than one year.  Accretion from acquisitions benefited the first quarter net interest margin by 13 basis points, as compared to 22 basis points in the prior year period and 16 basis points during the fourth quarter of 2020.  Lastly, the forgiveness of existing and funding of new SBA PPP loans benefited the first quarter of 2021 net interest margin by a net 11 basis points, and will positively impact the net interest margin as the loans are forgiven during the next couple of quarters.

Net interest income decreased $3.7 million, or 3.1%, during the first quarter of 2021, as compared to the same quarter of 2020, reflecting lower loan yields due to repricing of existing loans and lower new offered rates in the current market environment, lower related accretion from purchase accounting, and lower rates on investment securities partially offset by lower interest on deposits and borrowings as described above.

Non-Interest Income

For the first quarter of 2021, non-interest income of $33.2 million increased $5.2 million, or 18.6%, from the first quarter of 2020, driven primarily by mortgage banking income and higher commercial customer loan swap-related income, which were partially offset by lower service charges on deposits and net securities gains.  Reflecting the low interest rate environment and organic growth, mortgage banking fees increased $3.0 million, or 234.2%, compared to the prior year period, net of fair value adjustments, as residential mortgage origination dollar volume increased approximately 50% year-over-year, with roughly 60% of those originations sold into the secondary market.  Loan swap-related income was $4.7 million, an increase of $4.8 million year-over-year, primarily the result of $2.8 million of fair market value adjustments in the current period as compared to a negative $2.8 million adjustment last year.  Service charges on deposits were lower due to higher consumer deposits associated with the three rounds of stimulus to-date and lower general consumer spending, resulting in fewer eligible account fees.

WesBanco has jointly executed a purchase agreement in which Pueblo Bank and Trust (“PB&T”) will acquire WesBanco’s non-essential debit card sponsorship portfolio of clients, which was acquired as part of its Old Line Bancshares, Inc. merger.  The all-cash purchase price is for a maximum of $2.8 million, which will be paid monthly over a two-year period based on a 50%-50% split of the monthly gross revenue earned by PB&T.

Non-Interest Expense

Total operating expenses continued to be well-controlled through company-wide efforts to effectively manage discretionary costs and full-time equivalent employee counts, as demonstrated by a year-to-date efficiency ratio of 56.71%.  Excluding restructuring and merger-related expenses, non-interest expense for the three months ended March 31, 2021 decreased $0.7 million, or 0.8%, to $85.5 million compared to the prior year period, primarily due to lower salaries and wages from the recent financial center closures, as well as continuing cost control measures over certain discretionary expenses.  Marketing expense for the first quarter of 2021 increased $1.2

million, or 109.5%, year-over-year due to increased product advertising and brand awareness campaigns that were delayed from 2020 due to the COVID-19 pandemic.

Capital

WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable “well-capitalized” standards promulgated by bank regulators and the BASEL III capital standards.  At March 31, 2021, Tier I leverage was 10.74%, Tier I risk-based capital ratio was 14.95%, common equity Tier 1 capital ratio (“CET 1”) was 13.65%, and total risk-based capital was 17.58%.

On April 22, 2021, WesBanco’s Board of Directors authorized the adoption of a new stock repurchase plan for the purchase of up to an additional 1.7 million shares of WesBanco common stockfrom time to time on the open market.  This new stock repurchase authorization is in addition to the existing stock repurchase program approved by WesBanco’s Board of Directors on December 19, 2019 which has approximately 1.7 million shares remaining for repurchase and will continue to be utilized until such authorization is completed.  The combination of these two authorizations represents approximately 5.0% of outstanding shares.

Conference Call and Webcast

WesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2021 at 10:00 a.m. ET on Wednesday, April 28, 2021.  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.

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 10150967.  The replay will begin at approximately 12:00 p.m. ET on April 28, and end at 12 a.m. ET on May 12.  An archive of the webcast will be available for one year on the Investor Relations section of the Company’s website (www.wesbanco.com).

Forward-Looking Statements

Forward-looking statements in this report relating to WesBanco’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The information contained in this report should be read in conjunction with WesBanco’s Form 10-K for the year ended December 31, 2020 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website, www.sec.gov or at WesBanco’s website, www.WesBanco.com.  Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco’s most recent Annual Report on Form 10-K filed with the SEC under “Risk Factors” in Part I, Item 1A.  Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions 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.

Non-GAAP Financial Measures

In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses; efficiency ratio; return on average assets; and return on average tangible equity.  WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.

About WesBanco, Inc.

Founded in 1870, WesBanco, Inc. (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 $5.2 billion of assets under management (as of March 31, 2021).  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 212 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.

SOURCE:  WesBanco, Inc.

WesBanco Company Contact:

John H. Iannone

Senior Vice President, Investor and Public Relations

304-905-7021

###

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands, except shares and per share amounts)

	For the Three Months Ended
STATEMENT OF INCOME	March 31,
	2021			2020		% Change
Interest and dividend income
Loans, including fees	$	109,358		$	119,503		(8.5	)
Interest and dividends on securities:
Taxable		11,127			16,986		(34.5	)
Tax-exempt		3,910			4,456		(12.3	)
Total interest and dividends on securities		15,037			21,442		(29.9	)
Other interest income		659			1,503		(56.2	)
Total interest and dividend income		125,054			142,448		(12.2	)
Interest expense
Interest bearing demand deposits		1,043			3,394		(69.3	)
Money market deposits		578			2,352		(75.4	)
Savings deposits		264			923		(71.4	)
Certificates of deposit		2,370			4,054		(41.5	)
Total interest expense on deposits		4,255			10,723		(60.3	)
Federal Home Loan Bank borrowings		2,414			8,232		(70.7	)
Other short-term borrowings		118			870		(86.4	)
Subordinated debt and junior subordinated debt		1,789			2,461		(27.3	)
Total interest expense		8,576			22,286		(61.5	)
Net interest income		116,478			120,162		(3.1	)
Provision for credit losses		(27,958	)		29,821		(193.8	)
Net interest income after provision for credit losses		144,436			90,341		59.9
Non-interest income
Trust fees		7,631			6,952		9.8
Service charges on deposits		4,894			6,617		(26.0	)
Electronic banking fees		4,365			4,254		2.6
Net securities brokerage revenue		1,524			1,679		(9.2	)
Bank-owned life insurance		1,709			1,769		(3.4	)
Mortgage banking income		4,264			1,276		234.2
Net securities gains		279			1,491		(81.3	)
Net gain on other real estate owned and other assets		175			169		3.6
Other income		8,367			3,802		120.1
Total non-interest income		33,208			28,009		18.6
Non-interest expense
Salaries and wages		36,890			38,910		(5.2	)
Employee benefits		10,266			10,373		(1.0	)
Net occupancy		7,177			7,084		1.3
Equipment		6,765			6,039		12.0
Marketing		2,384			1,138		109.5
FDIC insurance		1,282			2,113		(39.3	)
Amortization of intangible assets		2,896			3,374		(14.2	)
Restructuring and merger-related expense		851			5,164		(83.5	)
Other operating expenses		17,816			17,138		4.0
Total non-interest expense		86,327			91,333		(5.5	)
Income before provision for income taxes		91,317			27,017		238.0
Provision for income taxes		18,202			3,621		402.7
Net Income		73,115			23,396		212.5
Preferred stock dividends		2,531			-		100.0
Net income available to common shareholders	$	70,584		$	23,396		201.7
Taxable equivalent net interest income	$	117,517		$	121,346		(3.2	)
Per common share data
Net income per common share - basic	$	1.05		$	0.35		200.0
Net income per common share - diluted		1.05			0.35		200.0
Net income per common share - diluted, excluding certain items (1)(2)		1.06			0.41		158.5
Dividends declared		0.33			0.32		3.1
Book value (period end)		39.25			38.56		1.8
Tangible book value (period end) (1)		22.21			21.36		4.0
Average common shares outstanding - basic		67,263,714			67,486,550		(0.3	)
Average common shares outstanding - diluted		67,355,418			67,587,446		(0.3	)
Period end common shares outstanding		67,282,134			67,058,155		0.3
Period end preferred shares outstanding		150,000			-		100.0
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands)

Selected ratios
	For the Three Months Ended
	March 31,
	2021			2020			% Change
Return on average assets		1.72	%		0.60	%		186.67		%
Return on average assets, excluding
after-tax restructuring and merger-related expenses (1)		1.74			0.70			148.57
Return on average equity		10.33			3.63			184.57
Return on average equity, excluding
after-tax restructuring and merger-related expenses (1)		10.43			4.26			144.84
Return on average tangible equity (1)		18.22			7.07			157.71
Return on average tangible equity, excluding
after-tax restructuring and merger-related expenses (1)		18.39			8.18			124.82
Return on average tangible common equity (1)		20.00			7.07			182.89
Return on average tangible common equity, excluding
after-tax restructuring and merger-related expenses (1)		20.18			8.18			146.70
Yield on earning assets (2)		3.51			4.19			(16.23	)
Cost of interest bearing liabilities		0.37			0.91			(59.34	)
Net interest spread (2)		3.14			3.28			(4.27	)
Net interest margin (2)		3.27			3.54			(7.63	)
Efficiency (1) (2)		56.71			57.69			(1.70	)
Average loans to average deposits		85.27			94.61			(9.87	)
Annualized net loan charge-offs/average loans		0.02			0.18			(88.89	)
Effective income tax rate		19.93			13.40			48.73

	For the Quarter Ended
	Mar. 31,			Dec. 31,			Sept. 30,				June 30,			Mar. 31,
	2021			2020			2020				2020			2020
Return on average assets		1.72	%		1.21	%		0.98		%		0.11	%		0.60	%
Return on average assets, excluding
after-tax restructuring and merger-related expenses (1)		1.74			1.22			1.05				0.12			0.70
Return on average equity		10.33			7.28			6.17				0.69			3.63
Return on average equity, excluding
after-tax restructuring and merger-related expenses (1)		10.43			7.33			6.60				0.75			4.26
Return on average tangible equity (1)		18.22			13.18			11.56				1.98			7.07
Return on average tangible equity, excluding
after-tax restructuring and merger-related expenses (1)		18.39			13.28			12.31				2.08			8.18
Return on average tangible common equity (1)		20.00			14.49			12.21				1.98			7.07
Return on average tangible common equity, excluding											.
after-tax restructuring and merger-related expenses (1)		20.18			14.60			13.00				2.08			8.18
Yield on earning assets (2)		3.51			3.61			3.66				3.75			4.19
Cost of interest bearing liabilities		0.37			0.45			0.53				0.63			0.91
Net interest spread (2)		3.14			3.16			3.13				3.12			3.28
Net interest margin (2)		3.27			3.31			3.31				3.32			3.54
Efficiency (1) (2)		56.71			57.06			55.23				55.57			57.69
Average loans to average deposits		85.27			89.64			90.88				91.87			94.61
Annualized net loan charge-offs and recoveries /average loans		0.02			0.02			(0.00	)			0.07			0.18
Effective income tax rate		19.93			18.13			15.66				0.93			13.40
Trust assets, market value at period end	$	5,244,370		$	5,025,565		$	4,649,054			$	4,487,042		$	4,082,141
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
(2) The yield on earning assets, net interest margin, net interest spread and efficiency ratios are presented on a fully taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt loans and investments.   WesBanco believes this measure to be the preferred industry measurement of net interest income and provides a relevant comparison between taxable and non-taxable amounts.

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands, except shares)

													% Change
	March 31,									December 31,			December 31, 2020
Balance sheets	2021			2020			% Change			2020			to March 31, 2021
Assets
Cash and due from banks	$	209,040		$	183,138			14.1		$	184,361			13.4
Due from banks - interest bearing		550,008			410,734			33.9			721,086			(23.7	)
Securities:
Equity securities, at fair value		13,123			11,230			16.9			13,047			0.6
Available-for-sale debt securities, at fair value		2,775,212			2,262,082			22.7			1,978,136			40.3
Held-to-maturity debt securities (fair values of $839,872;    $841,120 and $768,183, respectively)		813,740			814,414			(0.1	)		731,212			11.3
Allowance for credit losses, held-to-maturity debt securities		(290	)		(236	)		(22.9	)		(326	)		11.0
Net held-to-maturity debt securities		813,450			814,178			(0.1	)		730,886			11.3
Total securities		3,601,785			3,087,490			16.7			2,722,069			32.3
Loans held for sale		153,520			48,021			219.7			168,378			(8.8	)
Portfolio loans:
Commercial real estate		5,712,742			5,604,405			1.9			5,705,392			0.1
Commercial and industrial		2,422,735			1,801,751			34.5			2,407,438			0.6
Residential real estate		1,644,422			1,929,590			(14.8	)		1,720,961			(4.4	)
Home equity		634,018			650,754			(2.6	)		646,387			(1.9	)
Consumer		289,395			363,096			(20.3	)		309,055			(6.4	)
Total portfolio loans, net of unearned income		10,703,312			10,349,596			3.4			10,789,233			(0.8	)
Allowance for credit losses - loans		(160,040	)		(114,272	)		(40.1	)		(185,827	)		13.9
Net portfolio loans		10,543,272			10,235,324			3.0			10,603,406			(0.6	)
Premises and equipment, net		239,863			258,200			(7.1	)		249,421			(3.8	)
Accrued interest receivable		68,896			43,960			56.7			66,790			3.2
Goodwill and other intangible assets, net		1,160,195			1,170,070			(0.8	)		1,163,091			(0.2	)
Bank-owned life insurance		307,747			301,270			2.1			306,038			0.6
Other assets		223,462			257,365			(13.2	)		240,970			(7.3	)
Total Assets	$	17,057,788		$	15,995,572			6.6		$	16,425,610			3.8
Liabilities
Deposits:
Non-interest bearing demand	$	4,460,049		$	3,191,713			39.7		$	4,070,835			9.6
Interest bearing demand		3,126,186			2,388,406			30.9			2,839,536			10.1
Money market		1,771,703			1,539,835			15.1			1,685,927			5.1
Savings deposits		2,373,987			1,984,057			19.7			2,214,565			7.2
Certificates of deposit		1,555,074			1,939,321			(19.8	)		1,618,510			(3.9	)
Total deposits		13,286,999			11,043,332			20.3			12,429,373			6.9
Federal Home Loan Bank borrowings		433,984			1,585,608			(72.6	)		549,003			(21.0	)
Other short-term borrowings		137,218			333,966			(58.9	)		241,950			(43.3	)
Subordinated debt and junior subordinated debt		192,430			192,008			0.2			192,291			0.1
Total borrowings		763,632			2,111,582			(63.8	)		983,244			(22.3	)
Accrued interest payable		3,224			7,667			(57.9	)		4,314			(25.3	)
Other liabilities		218,411			246,931			(11.5	)		251,942			(13.3	)
Total Liabilities		14,272,266			13,409,512			6.4			13,668,873			4.4
Shareholders' Equity
Preferred stock, no par value; 1,000,000 shares authorized in 2021 and 2020, respectively; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150.0 million, issued and outstanding at March 31, 2021 and December 31, 2020 and 0 shares issued and outstanding at March 31, 2020, respectively.		144,484			-			100.0			144,484			(0.0	)
Common stock, $2.0833 par value; 100,000,000 shares authorized in 2021 and 2020, respectively;  68,081,306, 68,078,116 and 68,081,306 shares issued, respectively; 67,282,134, 67,058,155 and 67,254,706 shares outstanding, respectively		141,834			141,827			0.0			141,834			-
Capital surplus		1,636,103			1,638,122			(0.1	)		1,634,815			0.1
Retained earnings		879,786			800,064			10.0			831,688			5.8
Treasury stock (799,172, 1,019,961 and 826,600 shares - at cost, respectively)		(24,989	)		(33,714	)		25.9			(25,949	)		3.7
Accumulated other comprehensive income		9,803			41,141			(76.2	)		31,359			(68.7	)
Deferred benefits for directors		(1,499	)		(1,380	)		(8.6	)		(1,494	)		(0.3	)
Total Shareholders' Equity		2,785,522			2,586,060			7.7			2,756,737			1.0
Total Liabilities and Shareholders' Equity	$	17,057,788		$	15,995,572			6.6		$	16,425,610			3.8

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands)

	For the Three Months Ended March 31,
	2021					2020
Average balance sheet and net interest margin analysis	Average		Average			Average		Average
	Balance		Rate			Balance		Rate
Assets
Due from banks - interest bearing	$	776,245		0.09	%	$	133,532		1.21	%
Loans, net of unearned income (1)		10,890,370		4.07			10,375,187		4.63
Securities: (2)
Taxable		2,306,320		1.96			2,576,668		2.65
Tax-exempt (3)		580,199		3.46			646,587		3.51
Total securities		2,886,519		2.26			3,223,255		2.82
Other earning assets		33,240		5.89			69,581		6.37
Total earning assets (3)		14,586,374		3.51	%		13,801,555		4.19	%
Other assets		2,049,884					1,983,384
Total Assets	$	16,636,258				$	15,784,939
Liabilities and Shareholders' Equity
Interest bearing demand deposits	$	2,970,766		0.14	%	$	2,342,441		0.58	%
Money market accounts		1,725,561		0.14			1,543,763		0.61
Savings deposits		2,290,657		0.05			1,953,487		0.19
Certificates of deposit		1,584,152		0.61			1,989,450		0.82
Total interest bearing deposits		8,571,136		0.20			7,829,141		0.55
Federal Home Loan Bank borrowings		488,388		2.00			1,471,175		2.25
Other borrowings		191,676		0.25			336,042		1.04
Subordinated debt and junior subordinated debt		192,341		3.77			198,494		4.99
Total interest bearing liabilities (4)		9,443,541		0.37	%		9,834,852		0.91	%
Non-interest bearing demand deposits		4,200,793					3,137,279
Other liabilities		221,508					218,739
Shareholders' equity		2,770,416					2,594,069
Total Liabilities and Shareholders' Equity	$	16,636,258				$	15,784,939
Taxable equivalent net interest spread				3.14	%				3.28	%
Taxable equivalent net interest margin				3.27	%				3.54	%

(1) Gross of allowance for loan losses and net of unearned income.  Includes non-accrual and loans held for sale. Loan fees included in interest income on loans were $8.2 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively. PPP loan fees, which are included as part of total loan fees, were $7.9 million for the three months ended March 31, 2021.  Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $3.5 million and $4.1 million for the three months ended March 31, 2021 and 2020, respectively.  

(2)Average yields on available-for-sale securities are calculated based on amortized cost.

(3)Taxable equivalent basis is calculated on tax-exempt securities using a federal statutory rate of 21% for each period presented.

(4)Accretion on interest bearing liabilities acquired from the prior acquisitions was $1.1 million and $3.4 million for the three months ended March 31, 2021 and 2020, respectively.

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands, except shares and per share amounts)

	Quarter Ended
	Mar. 31,			Dec. 31,			Sept.  30,			June 30,			Mar. 31,
Statement of Income	2021			2020			2020			2020			2020
Interest and dividend income
Loans, including fees	$	109,358		$	114,582		$	116,524		$	115,068		$	119,503
Interest and dividends on securities:
Taxable		11,127			10,892			11,669			14,047			16,986
Tax-exempt		3,910			4,059			4,182			4,302			4,456
Total interest and dividends on securities		15,037			14,951			15,851			18,349			21,442
Other interest income		659			945			1,282			1,277			1,503
Total interest and dividend income		125,054			130,478			133,657			134,694			142,448
Interest expense
Interest bearing demand deposits		1,043			1,099			1,225			1,350			3,394
Money market deposits		578			678			707			879			2,352
Savings deposits		264			280			303			297			923
Certificates of deposit		2,370			2,797			3,197			3,514			4,054
Total interest expense on deposits		4,255			4,854			5,432			6,040			10,723
Federal Home Loan Bank borrowings		2,414			3,719			5,457			7,293			8,232
Other short-term borrowings		118			275			304			279			870
Subordinated debt and junior subordinated debt		1,789			1,918			1,871			2,069			2,461
Total interest expense		8,576			10,766			13,064			15,681			22,286
Net interest income		116,478			119,712			120,593			119,013			120,162
Provision for credit losses		(27,958	)		(209	)		16,288			61,841			29,821
Net interest income after provision for credit losses		144,436			119,921			104,305			57,172			90,341
Non-interest income
Trust fees		7,631			6,754			6,426			6,202			6,952
Service charges on deposits		4,894			5,671			5,332			4,323			6,617
Electronic banking fees		4,365			4,424			4,780			4,066			4,254
Net securities brokerage revenue		1,524			1,402			1,725			1,384			1,679
Bank-owned life insurance		1,709			1,750			2,088			1,752			1,769
Mortgage banking income		4,264			5,442			8,488			7,531			1,276
Net securities gains		279			691			787			1,299			1,491
Net gain / (loss) on other real estate owned and other assets		175			18			(19	)		(66	)		169
Other income		8,367			6,553			5,005			6,369			3,802
Total non-interest income		33,208			32,705			34,612			32,860			28,009
Non-interest expense
Salaries and wages		36,890			39,140			38,342			36,773			38,910
Employee benefits		10,266			10,608			10,604			10,138			10,373
Net occupancy		7,177			6,771			7,092			6,634			7,084
Equipment		6,765			6,810			6,229			5,722			6,039
Marketing		2,384			1,675			1,577			1,567			1,138
FDIC insurance		1,282			1,278			1,948			2,395			2,113
Amortization of intangible assets		2,896			3,327			3,346			3,365			3,374
Restructuring and merger-related expense		851			484			3,608			468			5,164
Other operating expenses		17,816			17,976			17,198			18,440			17,138
Total non-interest expense		86,327			88,069			89,943			85,502			91,333
Income before provision for income taxes		91,317			64,557			48,974			4,530			27,017
Provision for income taxes		18,202			11,703			7,669			42			3,621
Net Income		73,115			52,854			41,305			4,488			23,396
Preferred stock dividends		2,531			2,643.75			-			-			-
Net income available to common shareholders	$	70,584		$	50,210		$	41,305		$	4,488		$	23,396
Taxable equivalent net interest income	$	117,517		$	120,790		$	121,705		$	120,156		$	121,346
Per common share data
Net income per common share - basic	$	1.05		$	0.75		$	0.61		$	0.07		$	0.35
Net income per common share - diluted		1.05			0.75			0.61			0.07			0.35
Net income per common share - diluted, excluding    certain items (1)(2)		1.06			0.76			0.66			0.07			0.41
Dividends declared		0.33			0.32			0.32			0.32			0.32
Book value (period end)		39.25			38.84			38.51			38.23			38.56
Tangible book value (period end) (1)		22.21			21.75			21.39			21.10			21.36
Average common shares outstanding - basic		67,263,714			67,238,005			67,214,759			67,104,828			67,486,550
Average common shares outstanding - diluted		67,355,418			67,304,442			67,269,303			67,181,756			67,587,446
Period end common shares outstanding		67,282,134			67,254,706			67,216,012			67,211,192			67,058,155
Period end preferred shares outstanding		150,000			150,000			150,000			-			-
Full time equivalent employees		2,490			2,612			2,618			2,676			2,703
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.

WESBANCO, INC.

Consolidated Selected Financial Highlights

(unaudited, dollars in thousands)

	Quarter Ended
	Mar. 31,				Dec. 31,				Sept. 30,				June 30,			Mar. 31,
Asset quality data	2021				2020				2020				2020			2020
Non-performing assets:
Troubled debt restructurings - accruing	$	3,563			$	3,927			$	4,191			$	5,105		$	5,434
Non-accrual loans:
Troubled debt restructurings		1,768				1,828				1,818				1,339			1,571
Other non-accrual loans		32,807				35,052				35,448				34,119			32,796
Total non-accrual loans		34,575				36,880				37,266				35,458			34,367
Total non-performing loans		38,138				40,807				41,457				40,563			39,801
Other real estate and repossessed assets		393				549				738				1,212			1,083
Total non-performing assets	$	38,531			$	41,356			$	42,195			$	41,775		$	40,884
Past due loans (1):
Loans past due 30-89 days	$	20,602			$	31,596			$	17,338			$	30,595		$	32,805
Loans past due 90 days or more		12,824				8,846				10,170				36,903			14,287
Total past due loans	$	33,426			$	40,442			$	27,508			$	67,498		$	47,092
Criticized and classified loans (2):
Criticized loans	$	340,943			$	362,295			$	248,264			$	148,580		$	120,801
Classified loans		114,884				132,650				108,594				98,127			95,162
Total criticized and classified loans	$	455,827			$	494,945			$	356,858			$	246,707		$	215,963
Loans past due 30-89 days / total portfolio loans (3)		0.19		%		0.29		%		0.16		%		0.28	%		0.32	%
Loans past due 90 days or more / total portfolio loans		0.12				0.08				0.09				0.33			0.14
Non-performing loans / total portfolio loans		0.36				0.38				0.38				0.37			0.38
Non-performing assets/total portfolio loans, other    real estate and repossessed assets		0.36				0.38				0.38				0.38			0.39
Non-performing assets / total assets		0.23				0.25				0.26				0.25			0.26
Criticized and classified loans / total portfolio loans		4.26				4.59				3.25				2.23			2.09
Allowance for credit losses
Allowance for credit losses - loans	$	160,040			$	185,827			$	185,109			$	168,475		$	114,272
Allowance for credit losses - loan commitments		6,731				9,514				10,829				10,685			5,572
Provision for credit losses		(27,958	)			(209	)			16,288				61,841			29,821
Net loan and deposit account overdraft charge-offs		648				524				(133	)			1,942			4,716
Annualized net loan charge-offs  and recoveries / average loans		0.02		%		0.02		%		(0.00	)	%		0.07	%		0.18	%
Allowance for credit losses - loans / total portfolio loans		1.50		%		1.72		%		1.68		%		1.52	%		1.10	%
Allowance for credit losses - loans / total portfolio loans excluding PPP loans		1.62		%		1.85		%		1.83		%		1.65	%		1.10	%
Allowance for credit losses - loans / non-performing loans		4.20		x		4.55		x		4.47		x		4.15	x		2.87	x
Allowance for credit losses - loans / non-performing loans    and loans past due		2.24		x		2.29		x		2.68		x		1.56	x		1.32	x
	Quarter Ended
	Mar. 31,				Dec. 31,				Sept. 30,				June 30,			Mar. 31,
	2021				2020				2020				2020			2020
Capital ratios
Tier I leverage capital		10.74		%		10.51		%		10.18		%		9.09	%		9.64	%
Tier I risk-based capital		14.95				14.72				14.29				12.59			12.51
Total risk-based capital		17.58				17.58				17.18				15.33			14.83
Common equity tier 1 capital ratio (CET 1)		13.65				13.40				12.99				12.59			12.51
Average shareholders' equity to average assets		16.65				16.59				15.92				15.57			16.43
Tangible equity to tangible assets (4)		10.30				10.52				10.27				9.09			9.65
Tangible common equity to tangible assets (4)		9.39				9.58				9.33				9.09			9.65
(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 $823.8 million of PPP loans as of March 31, 2021.
(4) See non-GAAP financial measures for additional information relating to the calculation of this ratio.

NON-GAAP FINANCIAL MEASURES
The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.
		Three Months Ended
		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	(unaudited, dollars in thousands, except shares and per share amounts)	2021			2020			2020			2020			2020
	Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	70,584		$	50,210		$	41,305		$	4,488		$	23,396
	Plus: after-tax restructuring and merger-related expenses  (1)		672			383			2,850			370			4,080
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		71,256			50,593			44,155			4,858			27,476
	Average total assets	$	16,636,258		$	16,546,761		$	16,719,717		$	16,715,211		$	15,784,939
	Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized)  (2)		1.74	%		1.22	%		1.05	%		0.12	%		0.70	%
	Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	70,584		$	50,210		$	41,305		$	4,488		$	23,396
	Plus: after-tax restructuring and merger-related expenses  (1)		672			383			2,850			370			4,080
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		71,256			50,593			44,155			4,858			27,476
	Average total shareholders' equity		2,770,416			2,744,936			2,662,513			2,602,938			2,594,069
	Return on average equity, excluding after-tax  restructuring and merger-related expenses (annualized)  (2)		10.43	%		7.33	%		6.60	%		0.75	%		4.26	%
	Return on average tangible equity:
	Net income available to common shareholders	$	70,584		$	50,210		$	41,305		$	4,488		$	23,396
	Plus: amortization of intangibles (1)		2,288			2,628			2,643			2,658			2,665
	Net income available to common shareholders before amortization of intangibles		72,872			52,838			43,948			7,146			26,061
	Average total shareholders' equity		2,770,416			2,744,936			2,662,513			2,602,938			2,594,069
	Less: average goodwill and other intangibles, net of def. tax liability		(1,148,171	)		(1,150,184	)		(1,150,549	)		(1,152,856	)		(1,112,327	)
	Average tangible equity	$	1,622,245		$	1,594,752		$	1,511,964		$	1,450,082		$	1,481,742
	Return on average tangible equity (annualized) (2)		18.22	%		13.18	%		11.56	%		1.98	%		7.07	%
	Average tangible common equity	$	1,477,736		$	1,450,243		$	1,431,657		$	1,450,082		$	1,481,742
	Return on average common tangible equity (annualized)  (2)		20.00	%		14.49	%		12.21	%		1.98	%		7.07	%
	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	70,584		$	50,210		$	41,305		$	4,488		$	23,396
	Plus: after-tax  restructuring and merger-related expenses  (1)		672			383			2,850			370			4,080
	Plus: amortization of intangibles (1)		2,288			2,628			2,643			2,658			2,665
	Net income available to common shareholders before amortization of intangibles and    excluding after-tax  restructuring and merger-related expenses		73,544			53,221			46,798			7,516			30,141
	Average total shareholders' equity		2,770,416			2,744,936			2,662,513			2,602,938			2,594,069
	Less: average goodwill and other intangibles, net of def.  tax liability		(1,148,171	)		(1,150,184	)		(1,150,549	)		(1,152,856	)		(1,112,327	)
	Average tangible equity	$	1,622,245		$	1,594,752		$	1,511,964		$	1,450,082		$	1,481,742
	Return on average tangible equity, excluding after-tax  restructuring and merger-related expenses (annualized)  (2)		18.39	%		13.28	%		12.31	%		2.08	%		8.18	%
	Average tangible common equity	$	1,477,736		$	1,450,243		$	1,431,657		$	1,450,082		$	1,481,742
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized)  (2)		20.18	%		14.60	%		13.00	%		2.08	%		8.18	%
	Efficiency ratio:
	Non-interest expense	$	86,327		$	88,069		$	89,943		$	85,502		$	91,333
	Less: restructuring and merger-related expense		(851	)		(484	)		(3,608	)		(468	)		(5,164	)
	Non-interest expense excluding restructuring and merger-related expense		85,476			87,585			86,335			85,034			86,169
	Net interest income on a fully taxable equivalent basis		117,517			120,790			121,705			120,156			121,346
	Non-interest income		33,208			32,705			34,612			32,860			28,009
	Net interest income on a fully taxable equivalent basis plus non-interest income	$	150,725		$	153,495		$	156,317		$	153,016		$	149,355
	Efficiency Ratio		56.71	%		57.06	%		55.23	%		55.57	%		57.69	%
	Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	70,584		$	50,210		$	41,305		$	4,488		$	23,396
	Add: After-tax  restructuring and merger-related expenses (1)		672			383			2,850			370			4,080
	Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses	$	71,256		$	50,593		$	44,155		$	4,858		$	27,476
	Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
	Net income per common share - diluted	$	1.05		$	0.75		$	0.61		$	0.07		$	0.35
	Add: After-tax restructuring and merger-related expenses per common share - diluted (1)		0.01			0.01			0.05			(0.00	)		0.06
	Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses	$	1.06		$	0.76		$	0.66		$	0.07		$	0.41

	Period End
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	2021			2020			2020			2020			2020
Tangible book value per share:
Total shareholders' equity	$	2,785,522		$	2,756,737		$	2,732,966		$	2,569,521		$	2,586,060
Less:  goodwill and other intangible assets, net of def. tax liability		(1,146,874	)		(1,149,161	)		(1,150,939	)		(1,151,523	)		(1,154,033	)
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,529	)		-			-
Tangible common equity		1,494,164			1,463,092			1,437,498			1,417,998			1,432,027
Common shares outstanding		67,282,134			67,254,706			67,216,012			67,211,192			67,058,155
Tangible book value per share	$	22.21		$	21.75		$	21.39		$	21.10		$	21.36
Tangible common equity to tangible assets:
Total shareholders' equity	$	2,785,522		$	2,756,737		$	2,732,966		$	2,569,521		$	2,586,060
Less:  goodwill and other intangible assets, net of def. tax liability		(1,146,874	)		(1,149,161	)		(1,150,939	)		(1,151,523	)		(1,154,033	)
Tangible equity		1,638,648			1,607,576			1,582,027			1,417,998			1,432,027
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,529	)		-			-
Tangible common equity		1,494,164			1,463,092			1,437,498			1,417,998			1,432,027
Total assets		17,057,788			16,425,610			16,552,140			16,755,395			15,995,572
Less:  goodwill and other intangible assets, net of def. tax liability		(1,146,874	)		(1,149,161	)		(1,150,939	)		(1,151,523	)		(1,154,033	)
Tangible assets	$	15,910,914		$	15,276,449		$	15,401,201		$	15,603,872		$	14,841,539
Tangible equity to tangible assets		10.30	%		10.52	%		10.27	%		9.09	%		9.65	%
Tangible common equity to tangible assets		9.39	%		9.58	%		9.33	%		9.09	%		9.65	%
(1) Tax effected at 21% for all periods presented.
(2) The ratios are annualized by utilizing actual number of days in the quarter versus the year.

ADDITIONAL NON-GAAP FINANCIAL MEASURES

The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco’s operating performance and trends, and facilitate comparisons with the performance of WesBanco’s peers. The following tables summarize the non-GAAP financial measures derived from amounts reported in WesBanco’s financial statements.

	Three Months Ended
	Mar. 31			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts)	2021			2020			2020			2020			2020
Pre-tax, pre-provision income:
Income before provision for income taxes	$	91,317		$	64,557		$	48,974		$	4,530		$	27,017
Add: provision for credit losses		(27,958	)		(209	)		16,288			61,841			29,821
Pre-tax, pre-provision income	$	63,359		$	64,348		$	65,262		$	66,371		$	56,838
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
Income before provision for income taxes	$	91,317		$	64,557		$	48,974		$	4,530		$	27,017
Add: provision for credit losses		(27,958	)		(209	)		16,288			61,841			29,821
Add: restructuring and merger-related expenses		851			484			3,608			468			5,164
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses	$	64,210		$	64,832		$	68,870		$	66,839		$	62,002
'Return on average assets, excluding certain items (1):
Income before provision for income taxes	$	91,317		$	64,557		$	48,974		$	4,530		$	27,017
Add: provision for credit losses		(27,958	)		(209	)		16,288			61,841			29,821
Add: restructuring and merger-related expenses		851			484			3,608			468			5,164
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		64,210			64,832			68,870			66,839			62,002
Average total assets	$	16,636,258		$	16,546,761		$	16,719,717		$	16,715,211		$	15,784,939
Return on average assets, excluding certain items (annualized)  (1) (2)		1.57	%		1.56	%		1.64	%		1.61	%		1.58	%
Return on average equity, excluding certain items (1):
Income before provision for income taxes	$	91,317		$	64,557		$	48,974		$	4,530		$	27,017
Add: provision for credit losses		(27,958	)		(209	)		16,288			61,841			29,821
Add: restructuring and merger-related expenses		851			484			3,608			468			5,164
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		64,210			64,832			68,870			66,839			62,002
Average total shareholders' equity	$	2,770,416		$	2,744,936		$	2,662,513		$	2,602,938		$	2,594,069
Return on average equity, excluding certain items (annualized) (1) (2)		9.40	%		9.40	%		10.29	%		10.33	%		9.61	%
Return on average tangible equity, excluding certain items (1):
Income before provision for income taxes	$	91,317		$	64,557		$	48,974		$	4,530		$	27,017
Add: provision for credit losses		(27,958	)		(209	)		16,288			61,841			29,821
Add: amortization of intangibles		2,896			3,327			3,346			3,365			3,374
Add: restructuring and merger-related expenses		851			484			3,608			468			5,164
Income before provision, restructuring and merger-related expenses and amortization of intangibles		67,106			68,159			72,216			70,204			65,376
Average total shareholders' equity		2,770,416			2,744,936			2,662,513			2,602,938			2,594,069
Less: average goodwill and other intangibles, net of def. tax liability		(1,148,171	)		(1,150,184	)		(1,150,549	)		(1,152,856	)		(1,112,327	)
Average tangible equity	$	1,622,245		$	1,594,752		$	1,511,964		$	1,450,082		$	1,481,742
Return on average tangible equity, excluding certain items (annualized) (1) (2)		16.78	%		17.00	%		19.00	%		19.47	%		17.75	%
Average tangible common equity	$	1,477,736		$	1,450,243		$	1,431,657		$	1,450,082		$	1,481,742
Return on average tangible common equity, excluding provision items (annualized) (1) (2)		18.42	%		18.70	%		20.07	%		19.47	%		17.75	%

(1) Certain items excluded from the calculations consist of credit provisions, tax provisions and restructuring and merger-related expenses.

(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.

EX-99.2

27 April 2021 First Quarter 2021 Earnings Call Presentation

Forward-Looking Statements and Non-GAAP Financial Measures 1 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, 2020 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website, www.sec.gov or at WesBanco’s website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco’s most recent Annual Report on Form 10-K filed with the SEC under “Risk Factors” in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions 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. In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses; efficiency ratio; return on average assets; and return on average tangible equity. WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.

Q1 2021 Financial and Operational Highlights 2 Note: financial and operational highlights during the quarter ended March 31, 2021; loan growth includes approximately $824 million of loans funded through the Small Business Administration’s Paycheck Protection Program (“SBA PPP”), as established by the CARES Act (1) Non-GAAP measure – please see reconciliation in appendix Strong growth in pre-tax, pre-provision income Continued emphasis on expense management Improving macro-economic factors drove a $28 million release of provision for credit losses Key credit quality metrics remained at low levels and favorable to peer bank averages Positive growth in both loans and deposits Mortgage banking income increased due to a high volume of originations WesBanco is well-capitalized with solid liquidity and a strong balance sheet Recent Board authorized stock repurchase program, when combined with the remainder of the previous authorization, represents approximately 5% of outstanding shares Pre-Tax, Pre-Provision Income(1) $64.2 million, +3.6% YoY Net Income Available to Common Shareholders and Diluted EPS(1) $71.3 million; $1.06/diluted share Efficiency Ratio(1) 56.71% Mortgage Banking Income $4.3 million, +234.2% YoY Loan Growth +3.4% YoY Deposit Growth (x-CDs) +28.9% YoY

Q1 2021 Key Metrics 3 Note: PTPP = pre-tax, pre-provision Non-GAAP measure – please see reconciliation in appendix Excludes restructuring and merger-related expenses

Q1 2021 Total Portfolio Loans ($MM) 4 ~7,750 SBA PPP loans totaling ~$824 million (as of 3/31/2021) During Q1 2021, ~2,330 customers applied for and received forgiveness of their 2020 SBA PPP loans totaling $223 million; and, assisted >3,240 businesses with 2021 SBA PPP loans totaling ~$344 million C&I loan levels (x-SBA PPP) were down year-over-year primarily due to lower utilization of revolving lines of credit (~33% vs. ~43% last year) Q1 2021 residential real estate loan levels impacted by retaining ~40% of the $326 million of origination dollar volume (~57% refi) on balance sheet Home equity and consumer loan levels negatively impacted by payoffs driven by utilization of residential mortgage refinancing and higher personal savings

Q1 2021 Net Interest Margin (NIM) 5 NIM negatively impacted by the low interest rate environment As a result of higher cash balances, investment securities increased by $0.9 billion during Q1 2021, mostly during March Aggressively reduced deposit rates throughout the past year Q1 2021 interest-bearing deposit funding costs 20bp, or, when including non-interest bearing deposits, 14bp Period-end FHLB borrowings of $0.4 billion, with remaining average life of less than one year, down $1.2 billion year-over-year SBA PPP loans benefited Q1 2021 NIM by a net 11bp, mainly due to 2020 SBA PPP originations forgiven Note: commercial loan portfolio index mix excludes SBA PPP loans

Q1 2021 Non-Interest Income 6 Mortgage banking fees increased due to an ~50% year-over-year increase in 1-to-4 family residential mortgage origination dollar volume, and the associated sale of ~60% of those into the secondary market Trust fees increased due to equity market improvement and organic growth in trust assets Other income increased due to higher loan swap-related income, which was primarily the result of $2.8 million of fair market value adjustments in the current period as compared to a negative $2.8 million adjustment last year Service charges on deposits were lower due to higher consumer deposits associated with the three rounds of stimulus to-date and lower general consumer spending, resulting in fewer eligible account fees Note: OREO = other real estate owned

Q1 2021 Non-Interest Expense 7 Total operating expenses remained well-controlled through company-wide efforts to manage open positions and certain discretionary expenses Efficiency ratio improved 98bp year-over-year to 56.71% Lower salaries and wages reflect the recent financial center closures and the management of FTEs Anticipated gross cost savings of ~$6 million from closures remain on track to be fully realized during Q2 2021 Marketing expense was higher due to increased product advertising and brand awareness campaigns that were delayed from 2020 due to the COVID-19 pandemic Q1 restructuring & merger-related charges related to the financial center optimization plan that was completed during January 2021

Non-Performing Assets as % of Total Assets Net Charge-Offs as % of Average Loans (Annualized) Allowance for Credit Losses as % of Total Loans Criticized & Classified Loans as % of Total Loans Favorable asset quality measures compared to all U.S. banks with total assets from $10B to $25B Strong Legacy of Credit Quality 8 Note: financial data as of quarter ending for dates specified; Current Expected Credit Losses (“CECL”) accounting standard adopted January 1, 2020 by WSBC; peer bank group includes all U.S. banks with total assets of $10B to $25B; peer data from S&P Global Market Intelligence (as of 4/16/2021) and represent simple averages

The decrease in the allowance was driven by improvement in the macroeconomic forecast and changes in portfolio mix slightly offset by COVID-19 pandemic related adjustments Allowance coverage ratio of 1.50%, or, excluding SBA PPP loans, 1.62% Excludes fair market value adjustments on previously acquired loans representing 0.34% of total portfolio loans Q1 2021 Current Expected Credit Loss (CECL) 9 Note: ACL at 3/31/2021 excludes off-balance sheet credit exposures of $6.7 million; on January 1, 2020, WSBC adopted the CECL accounting standard (prior to this date, the allowance for credit losses was calculated under the incurred method)

Strong regulatory capital ratios significantly above both regulatory requirements and well-capitalized levels; and, higher tangible equity levels New stock repurchase plan of up to 1.7 million shares from time to time on the open market, combined with ~1.7 million shares remaining under the previous authorization, represents ~5% of outstanding shares (1) Tangible Equity to Tangible Assets (1) Tier 1 Risk-Based Capital Ratio 10 Strong Capital Position Note: financial data as of quarter ending 12/31; current year data as of 3/31/2021; CECL accounting standard adopted January 1, 2020 by WSBC; peer bank group as of 12/31/20 includes all U.S. banks with total assets of $10B to $25B from S&P Global Market Intelligence (as of 4/16/2021) and represent simple averages New authorization approved by Board of Directors on April 22, 2021, and prior authorization approved on December 19, 2019 Non-GAAP measure – please see reconciliation in appendix Well-Capitalized 8.0% Required 6.0% Peers 13.66% Peers 9.85%

Appendix

Reconciliation: Pre-Tax, Pre-Provision Income (PTPP) and Ratios 12

Reconciliation: Net Income, EPS (Diluted), Tangible Book Value per Share 13

Reconciliation: Efficiency Ratio 14 Note: “efficiency ratio” is non-interest expense excluding restructuring and merger-related expense divided by total income; FTE represents fully taxable equivalent

Reconciliation: Return on Average Assets 15 (1) three-, six-, and nine-month (as applicable) figures are annualized

Reconciliation: Return on Average Tangible Equity 16 (1) three-, six-, and nine-month (as applicable) figures are annualized

Reconciliation: Tangible Equity to Tangible Assets 17 Note: Old Line Bancshares merger closed November 2019; Farmers Capital Bank Corporation merger closed August 2018; First Sentry Bancshares merger closed April 2018; Your Community Bankshares merger closed September 2016; ESB Financial merger closed February 2015; Fidelity Bancorp merger closed November 2012; AmTrust 5 branch acquisition closed March 2009; Oak Hill Financial closed November 2007

XML

Document and Entity Information	Apr. 27, 2021
Document And Entity Information [Line Items]
Entity Registrant Name	Wesbanco, Inc.
Document Type	8-K
Amendment Flag	false
Entity Central Index Key	0000203596
Document Period End Date	Apr. 27, 2021
Entity Emerging Growth Company	false
Entity File Number	000-08467
Entity Incorporation State Country Code	WV
Entity Tax Identification Number	55-0571723
Entity Address, Address Line One	1 Bank Plaza
Entity Address, City or Town	Wheeling
Entity Address, State or Province	WV
Entity Address, Postal Zip Code	26003
City Area Code	(304)
Local Phone Number	234-9000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Depositary Shares
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A)
Trading Symbol	WSBCP
Security Exchange Name	NASDAQ
Common Stock
Document And Entity Information [Line Items]
Security 12b Title	Common Stock $2.0833 Par Value
Trading Symbol	WSBC
Security Exchange Name	NASDAQ