wsbc-ex991

Wheeling, WV, October 26, 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 and nine months ended September 30, 2021. Net income available to common shareholders for the period was $41.9 million, with diluted earnings per share of $0.64, compared to $41.3 million and $0.61 per diluted share, respectively, for the third quarter of 2020. For the nine months ended September 30, 2021, net income was $180.5 million, or $2.71 per diluted share, compared to $69.2 million, or $1.03 per diluted share, for the 2020 period. Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended September 30, 2021, was $45.4 million, or $0.70 per diluted share, as compared to $44.2 million and $0.66 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income for the nine months ended September 30, 2021 was $185.7 million, or $2.79 per diluted share, as compared to $76.5 million, or $1.14 per diluted share, in the prior year period (non-GAAP measures).

Financial and operational highlights during the quarter ended September 30, 2021:

“We are pleased with WesBanco’s performance during the third quarter of 2021 as we continue to deliver solid pre-tax, pre-provision earnings and manage discretionary expenses,” said Todd F. Clossin, President and Chief Executive Officer of WesBanco. “We remain focused on ensuring a strong organization for our shareholders and will continue to appropriately return capital to them. In addition, we continue to make strategic hires across our organization and markets to enhance our ability to leverage growth opportunities once they fully return.”

Mr. Clossin added, “I remain proud of our entire organization as it has remained diligently focused on serving the financial needs of our customers and communities throughout the pandemic, the re-opening of our economies, and through the completion of our core banking software system conversion. For the second year in a row, we have been named to Newsweek magazine’s ranking of America’s Best Banks which recognizes those institutions that best serve their customers’ needs. I would also like to congratulate our Community

Development team for their being nationally honored with the ABA Foundation Community Commitment Award for their strong performance and outreach with our New Markets Loan Program.”

Portfolio loans of $9.9 billion as of September 30, 2021 decreased 9.8% when compared to the prior year period, due primarily to forgiveness of approximately 8,140 SBA Payroll Protection Program (“SBA PPP”) loans totaling $940 million and a high level of commercial real estate loan payoffs of $260 million during the third quarter of 2021. This higher level of payoffs negatively impacted total loan growth by approximately two percentage points. Further, when excluding SBA PPP loans, total loans decreased 4.9% year-over-year and 1.8% sequentially. As of September 30, approximately 3,190 SBA PPP loans for $272 million remained in the loan portfolio.

Total deposits increased 10.0% year-over-year to $13.4 billion due primarily to stimulus funds previously received by our customers and increased personal savings, which more than offset a $353.3 million reduction in CDs. Deposits, excluding CDs, increased 15.0% year-over-year, driven by a 16.5% increase in total demand deposits, which represent approximately 58% of total deposits.

As of September 30, 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. In addition, for the third quarter, we realized net loan charge-offs to average loans of three basis points, on an annualized basis. The allowance for credit losses specific to total portfolio loans at September 30, 2021 was $136.6 million, or 1.38% of total loans; or, when excluding SBA PPP loans, 1.42% of total portfolio loans. The improvements in the macroeconomic forecasts and certain qualitative factors resulted in a negative provision for credit losses of $1.7 million for the third quarter of 2021, and a negative provision of $50.7 million for the year-to-date period.

The net interest margin of 3.08% for the third quarter of 2021 decreased 4 basis points sequentially and 23 basis points from the third quarter of 2020, primarily due to the lower interest rate environment, and a shift to a higher level of securities as a percentage of total assets. As a result of increased cash balances from our customers’ higher personal savings creating extra liquidity, investment securities increased by $1.1 billion year-over-year and, as of September 30, 2021, represented approximately 23% of total assets. Reflecting the continued low interest rate environment, we remain focused on controlling the costs of our various funding sources. We have reduced all posted deposit rates, including certificates of deposit, throughout the past year, which helped to lower deposit funding costs 12 basis points year-over-year to 14 basis points for the third quarter of 2021, or 9 basis points when including non-interest bearing deposits. Furthermore, we continued to reduce our average FHLB borrowings to $0.3 billion, down 71.3% from the prior year, which lowered the cost of these borrowings by 53 basis points year-over-year. Accretion from acquisitions benefited the third quarter net interest margin by 10 basis points, as compared to 18 basis points in the prior year period. Lastly, the forgiveness of existing and funding of new SBA PPP loans benefited the third quarter of 2021 net interest margin by a net 14 basis points, as compared to a net 2 basis points in the prior year period.

Net interest income decreased $5.3 million, or 4.4%, during the third 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 accretion from purchase accounting, and lower rates on new investment securities purchased, partially offset by lower interest paid on deposits and borrowings as described above. For the nine months ended September 30, 2021, net interest income decreased $12.2 million, or 3.4%, due to the reasons discussed for the three-month period comparison.

For the third quarter of 2021, non-interest income of $32.8 million decreased $1.9 million, or 5.4%, from the third quarter of 2020, driven primarily by lower mortgage banking income, which decreased $3.9 million, or 46.2%, from the record level recorded in the prior year period. While residential mortgage originations of $382 million continued to be strong during the quarter, as compared to $394 million last year, the amount sold in the secondary market decreased from 75% last year to approximately 40%, as we continued efforts to keep more 1-to-4 family residential mortgages on the balance sheet. Trust fees increased $0.9 million, or 13.4%, primarily from net organic growth during the quarter. Electronic banking fees increased $0.6 million, or 13.5%, as we transitioned to adjusted settlement processes of a new third-party digital banking service provider. Lastly, other income decreased $1.0 million, or 19.4%, due to lower loan swap-related income and the sale of the debit card sponsorship business earlier this year.

Non-interest income, for the nine months ended September 30, 2021, increased $6.6 million, or 6.9%. The net gain on other real estate owned and other assets of $5.0 million was primarily due to a gain earned during the second quarter on an investment made by WesBanco’s Community Development Corporation in a start-up firm more than ten years ago that was recently acquired by a public company. In addition, mortgage banking fees decreased $0.6 million, or 3.7%, compared to the prior year period, net of year-to-date fair value loss adjustments of $1.0 million, while 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.

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 57.04%. Excluding restructuring and merger-related expenses, non-interest expense for the three months ended September 30, 2021 increased $3.9 million, or 4.5%, to $90.2 million compared to the prior year period, primarily due to $2.6 million of settlement costs with respect to the pending resolution of a lawsuit, included within other operating expenses, and higher salary expense. Salaries and wages increased $1.2 million, or 3.0%, due to higher incentive compensation expense of $1.8 million, reflecting increased business growth and financial performance as compared to the pandemic-impacted prior year, which more than offset lower year-over-year salary expense of approximately $0.9 million. In addition, employee benefits for the third quarter of $10.7 million, as compared to $10.6 million last year, included an additional $1.4 million from higher employee health insurance claims offset by lower pension and deferred compensation expenses. Equipment and software expense for the third quarter of 2021 increased $1.4 million, or 22.2%, year-over-year due to increased asset size, increased usage of digital banking services, and SBA PPP loan forgiveness. Lastly, FDIC insurance expense decreased $0.7 million, or 37.0%, year-over-year due to improved risk factors.

On a similar basis, non-interest expense during the first nine months of 2021 increased just $0.8 million, or 0.3%, compared to the prior year period. The primary drivers of this slight increase were higher equipment and software costs and legal settlement costs mentioned above and higher marketing expense from product advertising and brand awareness campaigns that were delayed from 2020 due to the COVID-19 pandemic. The increases were mostly offset by lower FDIC insurance from a refund received last quarter and improved risk factors, lower salaries and wages from financial center closures during the past year, and lower amortization of intangible asset expense.

WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable “well-capitalized” standards promulgated by bank regulators and the BASEL III capital standards. At September 30, 2021, Tier I leverage was 10.10%, Tier I risk-based capital ratio was 14.18%, common equity Tier 1 capital ratio (“CET 1”) was 12.91%, and total risk-based capital was 16.38%.

During the third quarter of 2021, WesBanco repurchased 2,138,515 shares of its outstanding common stock on the open market at a total cost of $71.3 million. As of September 30, 2021, approximately 2.96 million shares remained for repurchase under the existing share repurchase authorization that was approved on August 26, 2021, by WesBanco’s Board of Directors.

WesBanco will host a conference call to discuss the Company's financial results for the third quarter of 2021 at 10:00 a.m. ET on Wednesday, October 27, 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 10150984. The replay will begin at approximately 12:00 p.m. ET on October 27, and end at 12 a.m. ET on November 10. 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, 2020 and documents subsequently filed by WesBanco with the Securities and Exchange Commission (“SEC”), including WesBanco’s Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021, 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.

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 $5.5 billion of assets under management (as of September 30, 2021). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 206 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 Nine Months Ended
STATEMENT OF INCOME	September 30,									September 30,
	2021			2020			% Change			2021			2020		% Change
Interest and dividend income
Loans, including fees	$	103,206		$	116,524			(11.4	)	$	318,532		$	351,095		(9.3	)
Interest and dividends on securities:
Taxable		13,481			11,669			15.5			37,467			42,702		(12.3	)
Tax-exempt		4,063			4,182			(2.8	)		11,925			12,940		(7.8	)
Total interest and dividends on securities		17,544			15,851			10.7			49,392			55,642		(11.2	)
Other interest income		628			1,282			(51.0	)		1,836			4,062		(54.8	)
Total interest and dividend income		121,378			133,657			(9.2	)		369,760			410,799		(10.0	)
Interest expense
Interest bearing demand deposits		815			1,225			(33.5	)		2,859			5,970		(52.1	)
Money market deposits		350			707			(50.5	)		1,488			3,937		(62.2	)
Savings deposits		244			303			(19.5	)		769			1,523		(49.5	)
Certificates of deposit		1,726			3,197			(46.0	)		6,122			10,765		(43.1	)
Total interest expense on deposits		3,135			5,432			(42.3	)		11,238			22,195		(49.4	)
Federal Home Loan Bank borrowings		1,192			5,457			(78.2	)		5,387			20,982		(74.3	)
Other short-term borrowings		33			304			(89.1	)		192			1,454		(86.8	)
Subordinated debt and junior subordinated debt		1,743			1,871			(6.8	)		5,336			6,400		(16.6	)
Total interest expense		6,103			13,064			(53.3	)		22,153			51,031		(56.6	)
Net interest income		115,275			120,593			(4.4	)		347,607			359,768		(3.4	)
Provision for credit losses		(1,730	)		16,288			(110.6	)		(50,714	)		107,949		(147.0	)
Net interest income after provision for credit losses		117,005			104,305			12.2			398,321			251,819		58.2
Non-interest income
Trust fees		7,289			6,426			13.4			22,069			19,580		12.7
Service charges on deposits		6,050			5,332			13.5			15,820			16,272		(2.8	)
Electronic banking fees		5,427			4,780			13.5			14,853			13,100		13.4
Net securities brokerage revenue		1,965			1,725			13.9			5,318			4,787		11.1
Bank-owned life insurance		2,656			2,088			27.2			6,072			5,609		8.3
Mortgage banking income		4,563			8,488			(46.2	)		16,656			17,295		(3.7	)
Net securities (losses) gains		(15	)		787			(101.9	)		740			3,577		(79.3	)
Net gain (loss) on other real estate owned and other assets		785			(19	)	NM				4,974			84	NM
Other income		4,035			5,005			(19.4	)		15,574			15,177		2.6
Total non-interest income		32,755			34,612			(5.4	)		102,076			95,481		6.9
Non-interest expense
Salaries and wages		39,497			38,342			3.0			113,822			114,025		(0.2	)
Employee benefits		10,658			10,604			0.5			30,191			31,115		(3.0	)
Net occupancy		6,825			7,092			(3.8	)		20,430			20,809		(1.8	)
Equipment and software		7,609			6,229			22.2			21,654			17,991		20.4
Marketing		1,848			1,577			17.2			6,033			4,282		40.9
FDIC insurance		1,227			1,948			(37.0	)		2,690			6,456		(58.3	)
Amortization of intangible assets		2,854			3,346			(14.7	)		8,622			10,085		(14.5	)
Restructuring and merger-related expense		4,467			3,608			23.8			6,540			9,241		(29.2	)
Other operating expenses		19,716			17,197			14.6			54,858			52,775		3.9
Total non-interest expense		94,701			89,943			5.3			264,840			266,779		(0.7	)
Income before provision for income taxes		55,059			48,974			12.4			235,557			80,521		192.5
Provision for income taxes		10,651			7,669			38.9			47,445			11,332		318.7
Net Income		44,408			41,305			7.5			188,112			69,189		171.9
Preferred stock dividends		2,531			-			100.0			7,594			-		100.0
Net income available to common shareholders	$	41,877		$	41,305			1.4		$	180,518		$	69,189		160.9

Taxable equivalent net interest income	$	116,355		$	121,705			(4.4	)	$	350,777		$	363,208		(3.4	)

Per common share data
Net income per common share - basic	$	0.64		$	0.61			4.9		$	2.72		$	1.03		164.1
Net income per common share - diluted		0.64			0.61			4.9			2.71			1.03		163.1
Net income per common share - diluted, excluding certain items (1)(2)		0.70			0.66			6.1			2.79			1.14		144.7
Dividends declared		0.33			0.32			3.1			0.99			0.96		3.1
Book value (period end)		40.41			40.66			(0.6	)		40.41			40.66		(0.6	)
Tangible book value (period end) (1)		22.51			21.39			5.2			22.51			21.39		5.2
Average common shares outstanding - basic		64,931,764			67,214,759			(3.4	)		66,354,750			67,268,449		(1.4	)
Average common shares outstanding - diluted		65,065,848			67,269,303			(3.3	)		66,510,357			67,351,857		(1.2	)
Period end common shares outstanding		63,838,549			67,216,012			(5.0	)		63,838,549			67,216,012		(5.0	)
Period end preferred shares outstanding		150,000			150,000			-			150,000			150,000		-

(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses.
NM - Not Meaningful

	For the Quarter Ended
	Sept. 30,			June 30,				Mar. 31,			Dec. 31,			Sept. 30,
	2021			2021				2021			2020			2020
Return on average assets		0.97	%		1.60		%		1.72	%		1.21	%		0.98		%
Return on average assets, excluding
after-tax restructuring and merger-related expenses (1)		1.06			1.62				1.74			1.22			1.05
Return on average equity		5.98			9.74				10.33			7.28			6.17
Return on average equity, excluding
after-tax restructuring and merger-related expenses (1)		6.49			9.88				10.43			7.33			6.60
Return on average tangible equity (1)		10.72			17.04				18.22			13.18			11.56
Return on average tangible equity, excluding
after-tax restructuring and merger-related expenses (1)		11.57			17.27				18.39			13.28			12.31
Return on average tangible common equity (1)		11.76			18.67				20.00			14.49			12.21
Return on average tangible common equity, excluding
after-tax restructuring and merger-related expenses (1)		12.70			18.92				20.18			14.60			13.00
Yield on earning assets (2)		3.24			3.32				3.51			3.61			3.66
Cost of interest bearing liabilities		0.25			0.31				0.37			0.45			0.53
Net interest spread (2)		2.99			3.01				3.14			3.16			3.13
Net interest margin (2)		3.08			3.12				3.27			3.31			3.31
Efficiency (1) (2)		60.52			53.97				56.71			57.06			55.23
Average loans to average deposits		75.46			79.82				85.27			89.64			90.88
Annualized net loan charge-offs and recoveries /average loans		0.03			(0.03	)			0.02			0.02			(0.00	)
Effective income tax rate		19.34			20.85				19.93			18.13			15.66
Trust assets, market value at period end	$	5,464,159		$	5,480,995			$	5,244,370		$	5,025,565		$	4,649,054

(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
(2) The yield on earning assets, net interest margin, net interest spread and efficiency ratios are presented on a fully taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt loans and investments. WesBanco believes this measure to be the preferred industry measurement of net interest income and provides a relevant comparison between taxable and non-taxable amounts.

													% Change
	September 30,									December 31,			December 31, 2020
Balance sheets	2021			2020			% Change			2020			to September 30, 2021
Assets
Cash and due from banks	$	201,505		$	215,982			(6.7	)	$	184,361			9.3
Due from banks - interest bearing		919,611			544,284			69.0			721,086			27.5
Securities:
Equity securities, at fair value		13,451			12,516			7.5			13,047			3.1
Available-for-sale debt securities, at fair value		2,986,803			2,045,924			46.0			1,978,136			51.0
Held-to-maturity debt securities (fair values of $978,494; $782,401 and $768,183, respectively)		953,920			746,767			27.7			731,212			30.5
Allowance for credit losses, held-to-maturity debt securities		(257	)		(461	)		44.3			(326	)		21.2
Net held-to-maturity debt securities		953,663			746,306			27.8			730,886			30.5
Total securities		3,953,917			2,804,746			41.0			2,722,069			45.3
Loans held for sale		32,308			134,151			(75.9	)		168,378			(80.8	)
Portfolio loans:
Commercial real estate		5,657,886			5,708,648			(0.9	)		5,705,392			(0.8	)
Commercial and industrial		1,707,214			2,507,235			(31.9	)		2,407,438			(29.1	)
Residential real estate		1,655,229			1,798,019			(7.9	)		1,720,961			(3.8	)
Home equity		607,735			647,052			(6.1	)		646,387			(6.0	)
Consumer		285,101			328,592			(13.2	)		309,055			(7.8	)
Total portfolio loans, net of unearned income		9,913,165			10,989,546			(9.8	)		10,789,233			(8.1	)
Allowance for credit losses - loans		(136,605	)		(185,109	)		26.2			(185,827	)		26.5
Net portfolio loans		9,776,560			10,804,437			(9.5	)		10,603,406			(7.8	)
Premises and equipment, net		232,134			248,491			(6.6	)		249,421			(6.9	)
Accrued interest receivable		61,895			65,023			(4.8	)		66,790			(7.3	)
Goodwill and other intangible assets, net		1,154,468			1,165,566			(1.0	)		1,163,091			(0.7	)
Bank-owned life insurance		349,735			304,288			14.9			306,038			14.3
Other assets		209,978			265,172			(20.8	)		240,970			(12.9	)
Total Assets	$	16,892,111		$	16,552,140			2.1		$	16,425,610			2.8
Liabilities
Deposits:
Non-interest bearing demand	$	4,531,958		$	4,073,305			11.3		$	4,070,835			11.3
Interest bearing demand		3,283,444			2,633,601			24.7			2,839,536			15.6
Money market		1,765,480			1,619,410			9.0			1,685,927			4.7
Savings deposits		2,488,180			2,167,597			14.8			2,214,565			12.4
Certificates of deposit		1,354,252			1,707,512			(20.7	)		1,618,510			(16.3	)
Total deposits		13,423,314			12,201,425			10.0			12,429,373			8.0
Federal Home Loan Bank borrowings		208,940			794,621			(73.7	)		549,003			(61.9	)
Other short-term borrowings		152,546			381,909			(60.1	)		241,950			(37.0	)
Subordinated debt and junior subordinated debt		167,711			192,150			(12.7	)		192,291			(12.8	)
Total borrowings		529,197			1,368,680			(61.3	)		983,244			(46.2	)
Accrued interest payable		2,495			5,014			(50.2	)		4,314			(42.2	)
Other liabilities		213,122			244,055			(12.7	)		251,942			(15.4	)
Total Liabilities		14,168,128			13,819,174			2.5			13,668,873			3.7
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 in 2021 and 2020, respectively		144,484			144,529			(0.0	)		144,484			-
Common stock, $2.0833 par value; 100,000,000 shares authorized in 2021 and 2020, respectively; 68,081,306, 68,081,306 and 68,081,306 shares issued, respectively; 63,838,549, 67,216,012 and 67,254,706 shares outstanding, respectively		141,834			141,834			-			141,834			-
Capital surplus		1,634,086			1,634,172			(0.0	)		1,634,815			(0.0	)
Retained earnings		946,746			802,892			17.9			831,688			13.8
Treasury stock (4,242,757, 865,294 and 826,600 shares - at cost, respectively)		(146,102	)		(27,403	)		(433.2	)		(25,949	)		(463.0	)
Accumulated other comprehensive income		4,463			38,301			(88.3	)		31,359			(85.8	)
Deferred benefits for directors		(1,528	)		(1,359	)		(12.4	)		(1,494	)		(2.3	)
Total Shareholders' Equity		2,723,983			2,732,966			(0.3	)		2,756,737			(1.2	)
Total Liabilities and Shareholders' Equity	$	16,892,111		$	16,552,140			2.1		$	16,425,610			2.8


	September 30,			June 30,
Balance sheets	2021			2021			% Change
Assets
Cash and due from banks	$	201,505		$	208,992			(3.6	)
Due from banks - interest bearing		919,611			637,312			44.3
Securities:
Equity securities, at fair value		13,451			13,494			(0.3	)
Available-for-sale debt securities, at fair value		2,986,803			2,964,264			0.8
Held-to-maturity debt securities (fair values of $978,494 and $934,487, respectively)		953,920			902,172			5.7
Allowance for credit losses, held-to-maturity debt securities		(257	)		(227	)		(13.2	)
Net held-to-maturity debt securities		953,663			901,945			5.7
Total securities		3,953,917			3,879,703			1.9
Loans held for sale		32,308			41,461			(22.1	)
Portfolio loans:
Commercial real estate		5,657,886			5,705,246			(0.8	)
Commercial and industrial		1,707,214			2,119,186			(19.4	)
Residential real estate		1,655,229			1,625,632			1.8
Home equity		607,735			631,059			(3.7	)
Consumer		285,101			276,069			3.3
Total portfolio loans, net of unearned income		9,913,165			10,357,192			(4.3	)
Allowance for credit losses - loans		(136,605	)		(140,730	)		2.9
Net portfolio loans		9,776,560			10,216,462			(4.3	)
Premises and equipment, net		232,134			235,227			(1.3	)
Accrued interest receivable		61,895			64,020			(3.3	)
Goodwill and other intangible assets, net		1,154,468			1,157,322			(0.2	)
Bank-owned life insurance		349,735			309,454			13.0
Other assets		209,978			216,914			(3.2	)
Total Assets	$	16,892,111		$	16,966,867			(0.4	)
Liabilities
Deposits:
Non-interest bearing demand	$	4,531,958		$	4,409,221			2.8
Interest bearing demand		3,283,444			3,214,484			2.1
Money market		1,765,480			1,771,686			(0.4	)
Savings deposits		2,488,180			2,438,328			2.0
Certificates of deposit		1,354,252			1,484,536			(8.8	)
Total deposits		13,423,314			13,318,255			0.8
Federal Home Loan Bank borrowings		208,940			313,960			(33.5	)
Other short-term borrowings		152,546			135,267			12.8
Subordinated debt and junior subordinated debt		167,711			192,571			(12.9	)
Total borrowings		529,197			641,798			(17.5	)
Accrued interest payable		2,495			3,342			(25.3	)
Other liabilities		213,122			222,636			(4.3	)
Total Liabilities		14,168,128			14,186,031			(0.1	)
Shareholders' Equity
Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150.0 million, issued and outstanding at September 30, 2021 and June 30, 2021, respectively		144,484			144,484			-
Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 and 68,081,306 shares issued, respectively; 63,838,549 and 65,970,149 shares outstanding, respectively		141,834			141,834			-
Capital surplus		1,634,086			1,632,460			0.1
Retained earnings		946,746			925,977			2.2
Treasury stock (4,242,757 and 2,111,157 shares - at cost)		(146,102	)		(74,996	)		(94.8	)
Accumulated other comprehensive income		4,463			12,586			(64.5	)
Deferred benefits for directors		(1,528	)		(1,509	)		(1.3	)
Total Shareholders' Equity		2,723,983			2,780,836			(2.0	)
Total Liabilities and Shareholders' Equity	$	16,892,111		$	16,966,867			(0.4	)

	For the Three Months Ended September 30,										For the Nine Months Ended September 30,
	2021					2020					2021					2020
Average balance sheet and net interest margin analysis	Average		Average			Average		Average			Average		Average			Average		Average
	Balance		Rate			Balance		Rate			Balance		Rate			Balance		Rate
Assets
Due from banks - interest bearing	$	936,084		0.16	%	$	755,575		0.16	%	$	803,713		0.12	%	$	509,928		0.25	%
Loans, net of unearned income (1)		10,164,279		4.03			11,107,106		4.17			10,562,879		4.03			10,813,737		4.34
Securities: (2)
Taxable		3,210,878		1.67			2,121,780		2.19			2,856,041		1.75			2,328,196		2.45
Tax-exempt (3)		650,397		3.14			603,835		3.49			610,449		3.31			624,278		3.50
Total securities		3,861,275		1.91			2,725,615		2.47			3,466,490		2.03			2,952,474		2.67
Other earning assets		23,646		4.23			56,575		6.88			28,494		5.11			65,849		6.27
Total earning assets (3)		14,985,284		3.24	%		14,644,871		3.66	%		14,861,576		3.36	%		14,341,988		3.86	%
Other assets		2,072,509					2,074,846					2,060,312					2,065,777
Total Assets	$	17,057,793				$	16,719,717				$	16,921,888				$	16,407,765

Liabilities and Shareholders' Equity
Interest bearing demand deposits	$	3,297,702		0.10	%	$	2,654,161		0.18	%	$	3,139,992		0.12	%	$	2,518,952		0.32	%
Money market accounts		1,791,494		0.08			1,623,969		0.17			1,764,462		0.11			1,590,498		0.33
Savings deposits		2,471,593		0.04			2,140,932		0.06			2,393,066		0.04			2,051,930		0.10
Certificates of deposit		1,403,812		0.49			1,761,087		0.72			1,501,857		0.54			1,865,439		0.77
Total interest bearing deposits		8,964,601		0.14			8,180,149		0.26			8,799,377		0.17			8,026,819		0.37
Federal Home Loan Bank borrowings		289,334		1.63			1,006,593		2.16			388,518		1.85			1,285,266		2.18
Other borrowings		136,028		0.10			383,771		0.32			152,450		0.17			361,949		0.54
Subordinated debt and junior subordinated debt		188,276		3.67			192,093		3.87			191,018		3.73			194,195		4.40
Total interest bearing liabilities (4)		9,578,239		0.25	%		9,762,606		0.53	%		9,531,363		0.31	%		9,868,229		0.69	%
Non-interest bearing demand deposits		4,504,332					4,041,681					4,402,487					3,679,743
Other liabilities		197,916					252,917					205,309					239,797
Shareholders' equity		2,777,306					2,662,513					2,782,729					2,619,996
Total Liabilities and Shareholders' Equity	$	17,057,793				$	16,719,717				$	16,921,888				$	16,407,765
Taxable equivalent net interest spread				2.99	%				3.13	%				3.05	%				3.17	%
Taxable equivalent net interest margin				3.08	%				3.31	%				3.16	%				3.38	%


(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 $6.8 million and $6.2 million for the three months ended September 30, 2021 and 2020, respectively and were $21.5 million and $9.5 million for the nine months ended September 30, 2021 and 2020, respectively. As part of loan fees, PPP loan fees were $7.1 million and $5.6 million for the three months ended September 30, 2021 and 2020, respectively, and were $21.0 million and $7.7 million for the nine months ended September 30, 2021 and 2020, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $3.0 million and $4.2 million for the three months ended September 30, 2021 and 2020, respectively, and was $10.3 million and $12.5 million for the nine months ended September 30, 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 rate of 21% for each period presented.
(4) Accretion on interest bearing liabilities acquired from prior acquisitions was $0.7 million and $2.1 million for the three months ended September 30, 2021 and 2020, respectively, and $2.6 million and $8.1 million for the nine months ended September 30, 2021 and 2020, respectively.

	Quarter Ended
	Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Statement of Income	2021			2021			2021			2020			2020
Interest and dividend income
Loans, including fees	$	103,206		$	105,968		$	109,358		$	114,582		$	116,524
Interest and dividends on securities:
Taxable		13,481			12,900			11,127			10,892			11,669
Tax-exempt		4,063			3,952			3,910			4,059			4,182
Total interest and dividends on securities		17,544			16,852			15,037			14,951			15,851
Other interest income		628			507			659			945			1,282
Total interest and dividend income		121,378			123,327			125,054			130,478			133,657
Interest expense
Interest bearing demand deposits		815			1,009			1,043			1,099			1,225
Money market deposits		350			551			578			678			707
Savings deposits		244			261			264			280			303
Certificates of deposit		1,726			2,026			2,370			2,797			3,197
Total interest expense on deposits		3,135			3,847			4,255			4,854			5,432
Federal Home Loan Bank borrowings		1,192			1,781			2,414			3,719			5,457
Other short-term borrowings		33			40			118			275			304
Subordinated debt and junior subordinated debt		1,743			1,804			1,789			1,918			1,871
Total interest expense		6,103			7,472			8,576			10,766			13,064
Net interest income		115,275			115,855			116,478			119,712			120,593
Provision for credit losses		(1,730	)		(21,025	)		(27,958	)		(209	)		16,288
Net interest income after provision for credit losses		117,005			136,880			144,436			119,921			104,305
Non-interest income
Trust fees		7,289			7,148			7,631			6,754			6,426
Service charges on deposits		6,050			4,876			4,894			5,671			5,332
Electronic banking fees		5,427			5,060			4,365			4,424			4,780
Net securities brokerage revenue		1,965			1,829			1,524			1,402			1,725
Bank-owned life insurance		2,656			1,707			1,709			1,750			2,088
Mortgage banking income		4,563			7,830			4,264			5,442			8,488
Net securities (losses) gains		(15	)		477			279			691			787
Net gain / (loss) on other real estate owned and other assets		785			4,014			175			18			(19	)
Other income		4,035			3,171			8,367			6,553			5,005
Total non-interest income		32,755			36,112			33,208			32,705			34,612
Non-interest expense
Salaries and wages		39,497			37,435			36,890			39,140			38,342
Employee benefits		10,658			9,268			10,266			10,608			10,604
Net occupancy		6,825			6,427			7,177			6,771			7,092
Equipment and software		7,609			7,281			6,765			6,810			6,229
Marketing		1,848			1,802			2,384			1,675			1,577
FDIC insurance		1,227			181			1,282			1,278			1,948
Amortization of intangible assets		2,854			2,873			2,896			3,327			3,346
Restructuring and merger-related expense		4,467			1,222			851			484			3,608
Other operating expenses		19,716			17,323			17,816			17,976			17,198
Total non-interest expense		94,701			83,812			86,327			88,069			89,943
Income before provision for income taxes		55,059			89,180			91,317			64,557			48,974
Provision for income taxes		10,651			18,592			18,202			11,703			7,669
Net Income		44,408			70,588			73,115			52,854			41,305
Preferred stock dividends		2,531			2,531			2,531			2,644			-
Net income available to common shareholders	$	41,877		$	68,057		$	70,584		$	50,210		$	41,305

Taxable equivalent net interest income	$	116,355		$	116,906		$	117,517		$	120,790		$	121,705

Per common share data
Net income per common share - basic	$	0.64		$	1.02		$	1.05		$	0.75		$	0.61
Net income per common share - diluted		0.64			1.01			1.05			0.75			0.61
Net income per common share - diluted, excluding certain items (1)(2)		0.70			1.03			1.06			0.76			0.66
Dividends declared		0.33			0.33			0.33			0.32			0.32
Book value (period end)		40.41			39.96			39.25			38.84			38.51
Tangible book value (period end) (1)		22.51			22.61			22.21			21.75			21.39
Average common shares outstanding - basic		64,931,764			66,894,398			67,263,714			67,238,005			67,214,759
Average common shares outstanding - diluted		65,065,848			67,066,592			67,335,418			67,304,442			67,269,303
Period end common shares outstanding		63,838,549			65,970,149			67,282,134			67,254,706			67,216,012
Period end preferred shares outstanding		150,000			150,000			150,000			150,000			150,000
Full time equivalent employees		2,425			2,459			2,490			2,612			2,618

(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.

	Quarter Ended
	Sept. 30,				June 30,				Mar. 31,				Dec. 31,				Sept. 30,
Asset quality data	2021				2021				2021				2020				2020
Non-performing assets:
Troubled debt restructurings - accruing	$	3,707			$	5,799			$	3,563			$	3,927			$	4,191
Non-accrual loans:
Troubled debt restructurings		1,615				1,664				1,768				1,828				1,818
Other non-accrual loans		34,644				34,548				32,807				35,052				35,448
Total non-accrual loans		36,259				36,212				34,575				36,880				37,266
Total non-performing loans		39,966				42,011				38,138				40,807				41,457
Other real estate and repossessed assets		293				773				393				549				738
Total non-performing assets	$	40,259			$	42,784			$	38,531			$	41,356			$	42,195

Past due loans (1):
Loans past due 30-89 days	$	32,682			$	21,233			$	20,602			$	31,596			$	17,338
Loans past due 90 days or more		11,252				8,318				12,824				8,846				10,170
Total past due loans	$	43,934			$	29,551			$	33,426			$	40,442			$	27,508

Criticized and classified loans (2):
Criticized loans	$	290,281			$	319,448			$	340,943			$	362,295			$	248,264
Classified loans		127,022				136,927				114,884				132,650				108,594
Total criticized and classified loans	$	417,303			$	456,375			$	455,827			$	494,945			$	356,858

Loans past due 30-89 days / total portfolio loans (3)		0.33		%		0.21		%		0.19		%		0.29		%		0.16		%
Loans past due 90 days or more / total portfolio loans		0.11				0.08				0.12				0.08				0.09
Non-performing loans / total portfolio loans		0.40				0.41				0.36				0.38				0.38
Non-performing assets/total portfolio loans, other real estate and repossessed assets		0.41				0.41				0.36				0.38				0.38
Non-performing assets / total assets		0.24				0.25				0.23				0.25				0.26
Criticized and classified loans / total portfolio loans		4.21				4.41				4.26				4.59				3.25

Allowance for credit losses
Allowance for credit losses - loans	$	136,605			$	140,730			$	160,040			$	185,827			$	185,109
Allowance for credit losses - loan commitments		7,290				5,766				6,731				9,514				10,829
Provision for credit losses		(1,730	)			(21,025	)			(27,958	)			(209	)			16,288
Net loan and deposit account overdraft charge-offs and recoveries		842				(689	)			648				524				(133	)
Annualized net loan charge-offs and recoveries / average loans		0.03		%		(0.03	)	%		0.02		%		0.02		%		(0.00	)	%
Allowance for credit losses - loans / total portfolio loans		1.38		%		1.36		%		1.50		%		1.72		%		1.68		%
Allowance for credit losses - loans / total portfolio loans excluding PPP loans		1.42		%		1.43		%		1.62		%		1.85		%		1.83		%
Allowance for credit losses - loans / non-performing loans		3.42		x		3.35		x		4.20		x		4.55		x		4.47		x
Allowance for credit losses - loans / non-performing loans and loans past due		1.63		x		1.97		x		2.24		x		2.29		x		2.68		x


	Quarter Ended
	Sept. 30,				June 30,				Mar. 31,				Dec. 31,				Sept. 30,
	2021				2021				2021				2020				2020
Capital ratios
Tier I leverage capital		10.10		%		10.42		%		10.74		%		10.51		%		10.18		%
Tier I risk-based capital		14.18				15.15				14.95				14.72				14.29
Total risk-based capital		16.38				17.68				17.58				17.58				17.18
Common equity tier 1 capital ratio (CET 1)		12.91				13.83				13.65				13.40				12.99
Average shareholders' equity to average assets		16.44				16.44				16.65				16.59				15.92
Tangible equity to tangible assets (4)		10.04				10.34				10.30				10.52				10.27
Tangible common equity to tangible assets (4)		9.12				9.43				9.39				9.58				9.33

(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 $272.1 million of PPP loans as of September 30, 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															Year to Date
		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,			Sept. 30,
	(unaudited, dollars in thousands, except shares and per share amounts)	2021			2021			2021			2020			2020			2021			2020
	Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	41,877		$	68,057		$	70,584		$	50,210		$	41,305		$	180,518		$	69,189
	Plus: after-tax restructuring and merger-related expenses (1)		3,529			965			672			383			2,850			5,167			7,300
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		45,406			69,022			71,256			50,593			44,155			185,685			76,489

	Average total assets	$	17,042,147		$	17,042,147		$	16,636,258		$	16,546,761		$	16,719,717		$	16,840,324		$	16,407,765

	Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2)		1.06	%		1.62	%		1.74	%		1.22	%		1.05	%		1.47	%		0.62	%

	Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	41,877		$	68,057		$	70,584		$	50,210		$	41,305		$	180,518		$	69,189
	Plus: after-tax restructuring and merger-related expenses (1)		3,529			965			672			383			2,850			5,167			7,300
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses		45,406			69,022			71,256			50,593			44,155			185,685			76,489

	Average total shareholders' equity		2,801,455			2,801,455			2,770,416			2,744,936			2,662,513			2,786,021			2,619,996

	Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		6.43	%		9.88	%		10.43	%		7.33	%		6.60	%		8.91	%		3.90	%

	Return on average tangible equity:
	Net income available to common shareholders	$	41,877		$	68,057		$	70,584		$	50,210		$	41,305		$	180,518		$	69,189
	Plus: amortization of intangibles (1)		2,255			2,270			2,288			2,628			2,643			6,811			7,967
	Net income available to common shareholders before amortization of intangibles		44,132			70,327			72,872			52,838			43,948			187,329			77,156

	Average total shareholders' equity		2,801,455			2,801,455			2,770,416			2,744,936			2,662,513			2,786,021			2,619,996
	Less: average goodwill and other intangibles, net of def. tax liability		(1,143,522	)		(1,145,882	)		(1,148,171	)		(1,150,184	)		(1,150,549	)		(1,145,841	)		(1,138,621	)
	Average tangible equity	$	1,657,933		$	1,655,573		$	1,622,245		$	1,594,752		$	1,511,964		$	1,640,180		$	1,481,375

	Return on average tangible equity (annualized) (2)		10.56	%		17.04	%		18.22	%		13.18	%		11.56	%		15.27	%		6.96	%

	Average tangible common equity	$	1,513,449		$	1,511,089		$	1,477,736		$	1,450,243		$	1,431,657		$	1,495,696		$	1,454,411
	Return on average tangible common equity (annualized) (2)		11.57	%		18.67	%		20.00	%		14.49	%		12.21	%		16.75	%		7.09	%

	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders	$	41,877		$	68,057		$	70,584		$	50,210		$	41,305		$	180,518		$	69,189
	Plus: after-tax restructuring and merger-related expenses (1)		3,529			965			672			383			2,850			5,167			7,300
	Plus: amortization of intangibles (1)		2,255			2,270			2,288			2,628			2,643			6,811			7,967
	Net income available to common shareholders before amortization of intangibles and excluding after-tax restructuring and merger-related expenses		47,661			71,292			73,544			53,221			46,798			192,496			84,456

	Average total shareholders' equity		2,801,455			2,801,455			2,770,416			2,744,936			2,662,513			2,786,021			2,619,996
	Less: average goodwill and other intangibles, net of def. tax liability		(1,143,522	)		(1,145,882	)		(1,148,171	)		(1,150,184	)		(1,150,549	)		(1,145,841	)		(1,138,621	)
	Average tangible equity	$	1,657,933		$	1,655,573		$	1,622,245		$	1,594,752		$	1,511,964		$	1,640,180		$	1,481,375

	Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		11.41	%		17.27	%		18.39	%		13.28	%		12.31	%		15.69	%		7.62	%

	Average tangible common equity	$	1,513,449		$	1,511,089		$	1,477,736		$	1,450,243		$	1,431,657		$	1,495,696		$	1,454,411
	Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)		12.49	%		18.92	%		20.18	%		14.60	%		13.00	%		17.21	%		7.76	%

	Three Months Ended															Year to Date
	Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,			Sept.30,
(unaudited, dollars in thousands, except shares and per share amounts)	2021			2021			2021			2020			2020			2021			2020

Efficiency ratio:
Non-interest expense	$	94,701		$	83,812		$	86,327		$	88,069		$	89,943		$	264,840		$	266,779
Less: restructuring and merger-related expense		(4,467	)		(1,222	)		(851	)		(484	)		(3,608	)		(6,540	)		(9,241	)
Non-interest expense excluding restructuring and merger-related expense		90,234			82,590			85,476			87,585			86,335			258,300			257,538

Net interest income on a fully taxable equivalent basis		116,355			116,906			117,517			120,790			121,705			350,777			363,208
Non-interest income		32,755			36,112			33,208			32,705			34,612			102,076			95,481
Net interest income on a fully taxable equivalent basis plus non-interest income	$	149,110		$	153,018		$	150,725		$	153,495		$	156,317		$	452,853		$	458,689
Efficiency Ratio		60.52	%		53.97	%		56.71	%		57.06	%		55.23	%		57.04	%		56.15	%

Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
Net income available to common shareholders	$	41,877		$	68,057		$	70,584		$	50,210		$	41,305		$	180,518		$	69,189
Add: After-tax restructuring and merger-related expenses (1)		3,529			965			672			383			2,850			5,167			7,300
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses	$	45,406		$	69,022		$	71,256		$	50,593		$	44,155		$	185,685		$	76,489

Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
Net income per common share - diluted	$	0.64		$	1.01		$	1.05		$	0.75		$	0.61		$	2.71		$	1.03
Add: After-tax restructuring and merger-related expenses per common share - diluted (1)		0.06			0.02			0.01			0.01			0.05			0.08			0.11
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses	$	0.70		$	1.03		$	1.06		$	0.76		$	0.66		$	2.79		$	1.14


	Period End
	Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
	2021			2021			2021			2020			2020
Tangible book value per share:
Total shareholders' equity	$	2,723,983		$	2,780,836		$	2,785,522		$	2,756,737		$	2,732,966
Less: goodwill and other intangible assets, net of def. tax liability		(1,142,350	)		(1,144,604	)		(1,146,874	)		(1,149,161	)		(1,150,939	)
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,529	)
Tangible common equity		1,437,149			1,491,748			1,494,164			1,463,092			1,437,498

Common shares outstanding		63,838,549			65,970,149			67,282,134			67,254,706			67,216,012

Tangible book value per share	$	22.51		$	22.61		$	22.21		$	21.75		$	21.39

Tangible common equity to tangible assets:
Total shareholders' equity	$	2,723,983		$	2,780,836		$	2,785,522		$	2,756,737		$	2,732,966
Less: goodwill and other intangible assets, net of def. tax liability		(1,142,350	)		(1,144,604	)		(1,146,874	)		(1,149,161	)		(1,150,939	)
Tangible equity		1,581,633			1,636,232			1,638,648			1,607,576			1,582,027
Less: preferred shareholders' equity		(144,484	)		(144,484	)		(144,484	)		(144,484	)		(144,529	)
Tangible common equity		1,437,149			1,491,748			1,494,164			1,463,092			1,437,498

Total assets		16,892,111			16,966,867			17,057,788			16,425,610			16,552,140
Less: goodwill and other intangible assets, net of def. tax liability		(1,142,350	)		(1,144,604	)		(1,146,874	)		(1,149,161	)		(1,150,939	)
Tangible assets	$	15,749,761		$	15,822,263		$	15,910,914		$	15,276,449		$	15,401,201

Tangible equity to tangible assets		10.04	%		10.34	%		10.30	%		10.52	%		10.27	%

Tangible common equity to tangible assets		9.12	%		9.43	%		9.39	%		9.58	%		9.33	%

(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.

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
		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,			Sept. 30,
	(unaudited, dollars in thousands, except shares and per share amounts)	2021			2021			2021			2020			2020			2021			2020
	Pre-tax, pre-provision income:
	Income before provision for income taxes	$	55,059		$	89,180		$	91,317		$	64,557		$	48,974		$	235,557		$	80,521
	Add: provision for credit losses		(1,730	)		(21,025	)		(27,958	)		(209	)		16,288			(50,714	)		107,949
	Pre-tax, pre-provision income	$	53,329		$	68,155		$	63,359		$	64,348		$	65,262		$	184,843		$	188,470


	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income before provision for income taxes	$	55,059		$	89,180		$	91,317		$	64,557		$	48,974		$	235,557		$	80,521
	Add: provision for credit losses		(1,730	)		(21,025	)		(27,958	)		(209	)		16,288			(50,714	)		107,949
	Add: restructuring and merger-related expenses		4,467			1,222			851			484			3,608			6,540			9,241
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses	$	57,796		$	69,377		$	64,210		$	64,832		$	68,870		$	191,383		$	197,711


	'Return on average assets, excluding certain items (1):
	Income before provision for income taxes	$	55,059		$	89,180		$	91,317		$	64,557		$	48,974		$	235,557		$	80,521
	Add: provision for credit losses		(1,730	)		(21,025	)		(27,958	)		(209	)		16,288			(50,714	)		107,949
	Add: restructuring and merger-related expenses		4,467			1,222			851			484			3,608			6,540			9,241
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		57,796			69,377			64,210			64,832			68,870			191,383			197,711

	Average total assets	$	17,042,147		$	17,042,147		$	16,636,258		$	16,546,761		$	16,719,717		$	16,840,324		$	16,407,765

	Return on average assets, excluding certain items (annualized) (1) (2)		1.35	%		1.63	%		1.57	%		1.56	%		1.64	%		1.52	%		1.61	%

	Return on average equity, excluding certain items (1):
	Income before provision for income taxes	$	55,059		$	89,180		$	91,317		$	64,557		$	48,974		$	235,557		$	80,521
	Add: provision for credit losses		(1,730	)		(21,025	)		(27,958	)		(209	)		16,288			(50,714	)		107,949
	Add: restructuring and merger-related expenses		4,467			1,222			851			484			3,608			6,540			9,241
	Pre-tax, pre-provision income, excluding restructuring and merger-related expenses		57,796			69,377			64,210			64,832			68,870			191,383			197,711

	Average total shareholders' equity	$	2,801,455		$	2,801,455		$	2,770,416		$	2,744,936		$	2,662,513		$	2,786,021		$	2,619,996

	Return on average equity, excluding certain items (annualized) (1) (2)		8.19	%		9.93	%		9.40	%		9.40	%		10.29	%		9.18	%		10.08	%

	Return on average tangible equity, excluding certain items (1):
	Income before provision for income taxes	$	55,059		$	89,180		$	91,317		$	64,557		$	48,974		$	235,557		$	80,521
	Add: provision for credit losses		(1,730	)		(21,025	)		(27,958	)		(209	)		16,288			(50,714	)		107,949
	Add: amortization of intangibles		2,854			2,873			2,896			3,327			3,346			8,622			10,085
	Add: restructuring and merger-related expenses		4,467			1,222			851			484			3,608			6,540			9,241
	Income before provision, restructuring and merger-related expenses and amortization of intangibles		60,650			72,250			67,106			68,159			72,216			200,005			207,796

	Average total shareholders' equity		2,801,455			2,801,455			2,770,416			2,744,936			2,662,513			2,786,021			2,619,996
	Less: average goodwill and other intangibles, net of def. tax liability		(1,143,522	)		(1,145,882	)		(1,148,171	)		(1,150,184	)		(1,150,549	)		(1,145,841	)		(1,138,621	)
	Average tangible equity	$	1,657,933		$	1,655,573		$	1,622,245		$	1,594,752		$	1,511,964		$	1,640,180		$	1,481,375

	Return on average tangible equity, excluding certain items (annualized) (1) (2)		14.51	%		17.50	%		16.78	%		17.00	%		19.00	%		16.30	%		18.74	%

	Average tangible common equity	$	1,513,449		$	1,511,089		$	1,477,736		$	1,450,243		$	1,431,657		$	1,495,696		$	1,454,411
	Return on average tangible common equity, excluding provision items (annualized) (1) (2)		15.90	%		19.18	%		18.42	%		18.70	%		20.07	%		17.88	%		19.08	%

	For the Three Months Ended September 30,												For the Nine Months Ended June 30,
	2021						2020						2021						2020
(unaudited, dollars in thousands, except per share amounts)	Net Income			Diluted Earnings Per Share			Net Income			Diluted Earnings Per Share			Net Income			Diluted Earnings Per Share			Net Income			Diluted Earnings Per Share
Net income available to common shareholders (Non-GAAP)⁽¹⁾	$	45,406		$	0.70		$	44,155		$	0.66		$	185,685		$	2.79		$	76,489		$	1.14
Less: After tax restructuring and merger-related expenses		(3,529	)		(0.06	)		(2,850	)		(0.05	)		(5,167	)		(0.08	)		(7,300	)		(0.11	)
Net income available to common shareholders (GAAP)	$	41,877		$	0.64		$	41,305		$	0.61		$	180,518		$	2.71		$	69,189		$	1.03

Selected ratios
	For the Nine Months Ended
	September 30,
	2021			2020			% Change
Return on average assets		1.43	%		0.56	%		155.36		%
Return on average assets, excluding
after-tax restructuring and merger-related expenses (1)		1.47			0.62			137.10
Return on average equity		8.67			3.53			145.61
Return on average equity, excluding
after-tax restructuring and merger-related expenses (1)		8.92			3.90			128.72
Return on average tangible equity (1)		15.30			6.96			119.83
Return on average tangible equity, excluding
after-tax restructuring and merger-related expenses (1)		15.72			7.62			106.30
Return on average tangible common equity (1)		16.78			7.09			136.67
Return on average tangible common equity, excluding
after-tax restructuring and merger-related expenses (1)		17.25			7.76			122.29
Yield on earning assets (2)		3.36			3.86			(12.95	)
Cost of interest bearing liabilities		0.31			0.69			(55.07	)
Net interest spread (2)		3.05			3.17			(3.79	)
Net interest margin (2)		3.16			3.38			(6.51	)
Efficiency (1) (2)		57.04			56.15			1.59
Average loans to average deposits		80.01			92.37			(13.38	)
Annualized net loan charge-offs/average loans		0.01			0.08			(87.50	)
Effective income tax rate		20.14			14.07			43.14

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

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