PR Newswire | Jul 22, 2020 04:37PM EDT

07/22 15:36 CDT

WesBanco Announces Second Quarter 2020 Financial Results WHEELING, W.Va., July 22, 2020

WHEELING, W.Va., July 22, 2020 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and six months ended June 30, 2020. Reflecting the impact from the 2020 adoption of the new Current Expected Credit Losses ("CECL") accounting standard, net income for the three months ended June 30, 2020 was $4.5 million, with diluted earnings per share of $0.07, compared to $44.8 million and $0.82 per diluted share, respectively, for the second quarter of 2019. For the six months ended June 30, 2020, net income was $27.9 million, or $0.41 per diluted share, compared to $85.2 million, or $1.56 per diluted share, for the 2019 period. Net income excluding after-tax merger-related expenses for the three months ended June 30, 2020, was $4.9 million, or $0.07 per diluted share, as compared to $44.9 million and $0.82 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income for the six months ended June 30, 2020 was $32.3 million, or $0.48 per diluted share, as compared to $1.60 per diluted share in the prior year period (non-GAAP measures).

For the Three Months Ended June 30, For the Six Months Ended June 30,

2020 2019 2020 2019

(unaudited, dollars in thousands, Diluted Diluted Diluted Dilutedexcept per share amounts) Net Income Earnings Net Income Earnings Net Income Earnings Net Income Earnings Per Share Per Share Per Share Per Share

Net income (Non-GAAP)^(1) $ 4,858 $ 0.07 $ 44,878 $ 0.82 $ 32,334 $ 0.48 $ 87,670 $ 1.60

Less: After tax merger-related expenses (370) (0.00) (64) (0.00) (4,450) (0.07) (2,519) (0.04)

Net income (GAAP) $ 4,488 $ 0.07 $ 44,814 $ 0.82 $ 27,884 $ 0.41 $ 85,151 $ 1.56

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

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

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

Financial and operational highlights during the quarter ended June 30, 2020:

* WesBanco is a well-capitalized financial institution with solid liquidity and a strong balance sheet * Organic loan growth was 11.3% year-over-year, driven by WesBanco's support of communities impacted by the pandemic, as well as the commercial and residential real estate loan categories * Loan growth includes approximately $837 million of loans funded through the Small Business Administration's Paycheck Protection Program ("SBA PPP"), as established by the CARES Act * Commercial and residential real estate loans increased organically 3.9% and 1.6% year-over-year, respectively

* Organic deposit growth, excluding certificates of deposit, was 20.3% year-over-year, driven by growth in demand deposits * Mortgage banking income increased 365.5% year-over-year to a record $7.5 million due to strong originations and organic growth in the current low interest rate environment * Continued expense management demonstrated by a year-to-date efficiency ratio of 56.62% (non-GAAP measure) * Non-interest expenses, excluding merger-related costs, decreased $1.1 million from the first quarter driven by lower salaries and wages

* Key credit quality metrics such as non-performing assets, past due loans, criticized & classified loans, and net loan charge-offs, as percentages of total portfolio loans, has remained at low levels and favorable to peer bank averages, those with total assets between $10 billion and $25 billion, for the four quarters prior to the current earnings period * The utilization of updated June macroeconomic forecasts, which have deteriorated since the end of the first quarter, resulted in increases in allowance for credit losses and provision for credit losses on both a year-over-year and quarter-over-quarter basis

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

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

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

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

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

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

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

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

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

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

CapitalWesBanco continues to maintain what we believe are strong regulatory capital ratios as both consolidated and bank-level regulatory capital ratios are well above the applicable "well-capitalized" standards promulgated by bank regulators and the BASEL III capital standards. At June 30, 2020, Tier I leverage was 9.09%, Tier I risk-based capital and common equity Tier 1 capital ratio ("CET 1") were 12.59%, and total risk-based capital was 15.33%. As compared to the prior year period, Tier 1 leverage and Tier 1 risk-based capital ratios were adversely impacted by the movement of $136.5 million of trust preferred securities, during the fourth quarter of 2019, from Tier 1 to Tier 2 risk-based capital, as required by the Dodd-Frank Act for financial institutions with total assets greater than $15 billion.

Conference Call and WebcastWesBanco will host a conference call to discuss the Company's financial results for the second quarter of 2020 at 10:00 a.m. ET on Thursday, July 23, 2020. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com. Participants can also listen to the conference call by dialing 888-347-6607, 855-669-9657 for Canadian callers, or 412-902-4290 for international callers, and asking to be joined into the WesBanco call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 10136713. The replay will begin at approximately 12:00 p.m. ET on July 23, and end at 12 a.m. ET on August 6. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.wesbanco.com).

Forward-Looking StatementsForward-looking statements in this report relating to WesBanco's plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained in this report should be read in conjunction with WesBanco's Form 10-K for the year ended December 31, 2019 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC"), including WesBanco's Form 10-Q for the quarter ended March 31, 2020, which are available at the SEC's website, www.sec.gov or at WesBanco's website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco's most recent Annual Report on Form 10-K filed with the SEC under "Risk Factors" in Part I, Item 1A and under "Risk Factors" in Part II, Item 1A of WesBanco's March 31, 2020 Quarterly Report on Form 10-Q. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions including the effects of the COVID-19 pandemic; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco's operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.

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 $4.5 billion of assets under management (as of June 30, 2020). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 236 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 5

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

For the Three Months Ended For the Six Months Ended

STATEMENT OF INCOME June 30, June 30,

Interest and dividend income 2020 2019 % Change 2020 2019 % Change

Loans, including fees $ 115,068 $ 96,415 19.3 $ 234,571 $ 191,917 22.2

Interest and dividends on securities:

Taxable 14,047 16,444 (14.6) 31,034 33,175 (6.5)

Tax-exempt 4,302 5,142 (16.3) 8,758 10,684 (18.0)

Total interest and dividends on securities 18,349 21,586 (15.0) 39,792 43,859 (9.3)

Other interest income 1,277 1,542 (17.2) 2,779 2,820 (1.5)

Total interest and dividend income 134,694 119,543 12.7 277,142 238,596 16.2

Interest expense

Interest bearing demand deposits 1,350 4,314 (68.7) 4,745 8,259 (42.5)

Money market deposits 879 2,009 (56.2) 3,231 3,908 (17.3)

Savings deposits 297 678 (56.2) 1,220 1,200 1.7

Certificates of deposit 3,514 4,098 (14.3) 7,568 8,001 (5.4)

Total interest expense on deposits 6,040 11,099 (45.6) 16,764 21,368 (21.5)

Federal Home Loan Bank borrowings 7,293 6,287 16.0 15,525 12,624 23.0

Other short-term borrowings 279 1,483 (81.2) 1,149 3,039 (62.2)

Subordinated debt and junior subordinated debt 2,069 2,214 (6.5) 4,530 4,743 (4.5)

Total interest expense 15,681 21,083 (25.6) 37,968 41,774 (9.1)

Net interest income 119,013 98,460 20.9 239,174 196,822 21.5

Provision for credit losses 61,841 2,747 NM 91,661 5,254 NM

Net interest income after provision for credit losses 57,172 95,713 (40.3) 147,513 191,568 (23.0)

Non-interest income

Trust fees 6,202 6,339 (2.2) 13,154 13,454 (2.2)

Service charges on deposits 4,323 6,197 (30.2) 10,940 12,747 (14.2)

Electronic banking fees 4,066 7,154 (43.2) 8,320 13,046 (36.2)

Net securities brokerage revenue 1,384 1,973 (29.9) 3,063 3,833 (20.1)

Bank-owned life insurance 1,752 1,340 30.7 3,521 2,659 32.4

Mortgage banking income 7,531 1,618 365.5 8,807 2,674 229.4

Net securities gains 1,299 2,909 (55.3) 2,790 3,566 (21.8)

Net (loss)/gain on other real estate owned and other assets (66) 376 (117.6) 103 512 (79.9)

Other income 6,369 3,250 96.0 10,171 6,438 58.0

Total non-interest income 32,860 31,156 5.5 60,869 58,929 3.3

Non-interest expense

Salaries and wages 36,773 31,646 16.2 75,683 62,585 20.9

Employee benefits 10,138 9,705 4.5 20,511 19,694 4.1

Net occupancy 6,634 5,385 23.2 13,717 10,951 25.3

Equipment 5,722 4,818 18.8 11,761 9,651 21.9

Marketing 1,567 1,254 25.0 2,705 2,497 8.3

FDIC insurance 2,395 1,155 107.4 4,508 2,508 79.7

Amortization of intangible assets 3,365 2,465 36.5 6,739 4,978 35.4

Restructuring and merger-related expense 468 81 477.8 5,633 3,188 76.7

Other operating expenses 18,440 15,443 19.4 35,578 30,333 17.3

Total non-interest expense 85,502 71,952 18.8 176,835 146,385 20.8

Income before provision for income taxes 4,530 54,917 (91.8) 31,547 104,112 (69.7)

Provision for income taxes 42 10,103 (99.6) 3,663 18,961 (80.7)

Net Income $ $ 44,814 (90.0) $ $ (67.3) 4,488 27,884 85,151

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

Per common share data

Net income per common share - basic $ $ (91.5) $ $ (73.7) 0.07 0.82 0.41 1.56

Net income per common share - diluted 0.07 0.82 (91.5) 0.41 1.56 (73.7)

Net income per common share - diluted, excluding certain 0.07 0.82 (91.5) 0.48 1.60 (70.0)items (1)(2)

Dividends declared 0.32 0.31 3.2 0.64 0.62 3.2

Book value (period end) 38.23 37.92 0.8 38.23 37.92 0.8

Tangible book value (period end) (1) 21.10 21.40 (1.4) 21.10 21.40 (1.4)

Average common shares outstanding - basic 67,104,628 54,628,029 22.8 67,295,589 54,613,346 23.2

Average common shares outstanding - diluted 67,181,755 54,773,521 22.7 67,410,460 54,724,209 23.2

Period end common shares outstanding 67,211,192 54,697,199 22.9 67,211,192 54,697,199 22.9

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

(2) Certain items excluded from the calculation consist of after-taxmerger-related expenses.

NM - Not Meaningful

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 6

(unaudited, dollars in thousands)

Selected ratios

For the Six Months Ended

June 30,

2020 2019 % Change

Return on average assets 0.35 % 1.37 % (74.45) %

Return on average assets, excluding

after-tax merger-related expenses (1) 0.40 1.41 (71.63)

Return on average equity 2.16 8.47 (74.50)

Return on average equity, excluding

after-tax merger-related expenses (1) 2.50 8.72 (71.33)

Return on average tangible equity (1) 4.56 16.01 (71.52)

Return on average tangible equity, excluding

after-tax merger-related expenses (1) 5.17 16.46 (68.59)

Yield on earning assets (2) 3.96 4.45 (11.01)

Cost of interest bearing liabilities 0.77 1.07 (28.04)

Net interest spread (2) 3.19 3.38 (5.62)

Net interest margin (2) 3.42 3.68 (7.07)

Efficiency (1) (2) 56.62 55.38 2.24

Average loans to average deposits 93.18 87.18 6.88

Annualized net loan charge-offs/average loans 0.13 0.06 116.67

Effective income tax rate 11.61 18.21 (36.24)

For the Quarter Ended

June 30, Mar. 31, Dec. 31, Sept. 30, June 30,

2020 2020 2019 2019 2019

Return on average assets 0.11 % 0.60 % 1.04 % 1.19 % 1.44 %

Return on average assets, excluding

after-tax merger-related expenses (1) 0.12 0.70 1.30 1.23 1.44

Return on average equity 0.69 3.63 6.20 7.06 8.77

Return on average equity, excluding

after-tax merger-related expenses (1) 0.75 4.26 7.75 7.32 8.78

Return on average tangible equity (1) 1.98 7.07 11.53 13.06 16.35

Return on average tangible equity, excluding

after-tax merger-related expenses (1) 2.08 8.18 14.24 13.50 16.38

Yield on earning assets (2) 3.75 4.19 4.25 4.34 4.45

Cost of interest bearing liabilities 0.63 0.91 0.99 1.09 1.08

Net interest spread (2) 3.12 3.28 3.26 3.25 3.37

Net interest margin (2) 3.32 3.54 3.55 3.56 3.67

Efficiency (1) (2) 55.57 57.69 58.29 57.57 54.87

Average loans to average deposits 91.87 94.61 90.78 88.96 87.35

Annualized net loan charge-offs /average loans 0.07 0.18 0.20 0.04 0.05

Effective income tax rate 0.93 13.40 16.23 18.24 18.40

Trust assets, market value at period end $ 4,487,042 $ 4,082,141 $ 4,719,966 $ 4,443,430 $ 4,544,103

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

(2) The yield on earning assets, net interest margin, net interest spread andefficiency ratios are presented on a fully

taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts forthe tax benefit of income on certain tax-exempt

loans and investments. WesBanco believes this measure to be the preferredindustry measurement of net interest income and

provides a relevant comparison between taxable and non-taxable amounts.

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 7

(unaudited, dollars in thousands, except shares) % Change

Balance sheets June 30, December 31, December 31, 2019

Assets 2020 2019 % Change 2019 to June 30, 2020

Cash and due from banks $ 219,022 $ 157,965 38.7 $ 182,905 19.7

Due from banks - interest bearing 671,312 36,390 NM 51,891 NM

Securities:

Equity securities, at fair value 12,277 11,817 3.9 12,343 (0.5)

Available-for-sale debt securities, at fair value 2,073,949 2,129,284 (2.6) 2,393,558 (13.4)

Held-to-maturity debt securities (fair values of $802,666; $921,534

and $874,523, respectively) 766,416 900,605 (14.9) 851,753 (10.0)

Allowance for credit losses, held-to-maturity debt securities (817) - (100.0) - (100.0)

Net held-to-maturity debt securities 765,599 900,605 (15.0) 851,753 (10.1)

Total securities 2,851,825 3,041,706 (6.2) 3,257,654 (12.5)

Loans held for sale 53,324 18,649 185.9 43,013 24.0

Portfolio loans:

Commercial real estate 5,694,457 3,877,633 46.9 5,725,008 (0.5)

Commercial and industrial 2,496,096 1,300,577 91.9 1,644,699 51.8

Residential real estate 1,893,544 1,633,613 15.9 1,873,647 1.1

Home equity 646,323 590,303 9.5 649,678 (0.5)

Consumer 343,723 335,728 2.4 374,953 (8.3)

Total portfolio loans, net of unearned income 11,074,143 7,737,854 43.1 10,267,985 7.9

Allowance for credit losses - loans (1) (168,475) (50,859) (231.3) (52,429) (221.3)

Net portfolio loans 10,905,668 7,686,995 41.9 10,215,556 6.8

Premises and equipment, net 255,306 179,866 41.9 261,014 (2.2)

Accrued interest receivable 59,151 38,450 53.8 43,648 35.5

Goodwill and other intangible assets, net 1,166,853 914,678 27.6 1,149,153 1.5

Bank-owned life insurance 303,022 227,976 32.9 299,516 1.2

Other assets 269,912 191,978 40.6 215,762 25.1

Total Assets $ 16,755,395 $ 12,494,653 34.1 $ 15,720,112 6.6

Liabilities

Deposits:

Non-interest bearing demand $ 4,067,903 $ 2,481,065 64.0 $ 3,178,270 28.0

Interest bearing demand 2,596,132 2,079,795 24.8 2,316,855 12.1

Money market 1,610,248 1,098,917 46.5 1,518,314 6.1

Savings deposits 2,103,154 1,670,035 25.9 1,934,647 8.7

Certificates of deposit 1,809,016 1,365,116 32.5 2,055,920 (12.0)

Total deposits 12,186,453 8,694,928 40.2 11,004,006 10.7

Federal Home Loan Bank borrowings 1,129,631 1,121,283 0.7 1,415,615 (20.2)

Other short-term borrowings 390,777 296,148 32.0 282,362 38.4

Subordinated debt and junior subordinated debt 192,080 156,534 22.7 199,869 (3.9)

Total borrowings 1,712,488 1,573,965 8.8 1,897,846 (9.8)

Accrued interest payable 6,040 6,559 (7.9) 8,077 (25.2)

Other liabilities 280,893 145,085 93.6 216,262 29.9

Total Liabilities 14,185,874 10,420,537 36.1 13,126,191 8.1

Shareholders' Equity

Preferred stock, no par value; 1,000,000 shares authorized;

none outstanding - - - - -

Common stock, $2.0833 par value; 100,000,000 shares authorized in

2020 and 2019, respectively; 68,078,116, 54,697,251 and 68,078,116 shares

issued, respectively; 67,211,192, 54,697,199 and 67,824,428 shares 141,827 113,952 24.5 141,827 -

outstanding, respectively

Capital surplus 1,633,079 1,168,212 39.8 1,636,966 (0.2)

Retained earnings 782,990 788,900 (0.7) 824,694 (5.1)

Treasury stock ( 866,924, 52 and 253,688 shares - at cost, respectively) (27,518) (2) NM (9,463) (190.8)

Accumulated other comprehensive income 40,516 4,113 885.1 1,201 NM

Deferred benefits for directors (1,373) (1,059) (29.7) (1,304) (5.3)

Total Shareholders' Equity 2,569,521 2,074,116 23.9 2,593,921 (0.9)

Total Liabilities and Shareholders' Equity $ 16,755,395 $ 12,494,653 34.1 $ 15,720,112 6.6

(1) Allowance for credit losses - loans as of June 30, 2020 and March 31, 2020includes a day 1 adjustment of $41.4 million due to the adoption of ASU2016-13.

NM - Not Meaningful

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 8

(unaudited, dollars in thousands, except shares)

Balance sheets June 30, March 31,

Assets 2020 2020 % Change

Cash and due from banks $ 219,022 $ 183,138 19.6

Due from banks - interest bearing 671,312 410,734 63.4

Securities:

Equity securities, at fair value 12,277 11,230 9.3

Available-for-sale, at fair value 2,073,949 2,262,082 (8.3)

Held-to-maturity (fair values of $802,666 and 841,120, respectively) 766,416 814,414 (5.9)

Allowance for credit losses, held-to-maturity debt securities (817) (236) (246.2)

Net held-to-maturity debt securities 765,599 814,178 (6.0)

Total securities 2,851,825 3,087,490 (7.6)

Loans held for sale 53,324 48,021 11.0

Portfolio Loans:

Commercial real estate 5,694,457 5,604,405 1.6

Commercial and industrial 2,496,096 1,801,751 38.5

Residential real estate 1,893,544 1,929,590 (1.9)

Home equity 646,323 650,754 (0.7)

Consumer 343,723 363,096 (5.3)

Total portfolio loans, net of unearned income 11,074,143 10,349,596 7.0

Allowance for credit losses - loans (1) (168,475) (114,272) (47.4)

Net portfolio loans 10,905,668 10,235,324 6.5

Premises and equipment, net 255,306 258,200 (1.1)

Accrued interest receivable 59,151 43,960 34.6

Goodwill and other intangible assets, net 1,166,853 1,170,070 (0.3)

Bank-owned life insurance 303,022 301,270 0.6

Other assets 269,912 257,365 4.9

Total Assets $ 16,755,395 $ 15,995,572 4.8

Liabilities

Deposits:

Non-interest bearing demand $ 4,067,903 $ 3,191,713 27.5

Interest bearing demand 2,596,132 2,388,406 8.7

Money market 1,610,248 1,539,835 4.6

Savings deposits 2,103,154 1,984,057 6.0

Certificates of deposit 1,809,016 1,939,321 (6.7)

Total deposits 12,186,453 11,043,332 10.4

Federal Home Loan Bank borrowings 1,129,631 1,585,608 (28.8)

Other short-term borrowings 390,777 333,966 17.0

Subordinated debt and junior subordinated debt 192,080 192,008 0.0

Total borrowings 1,712,488 2,111,582 (18.9)

Accrued interest payable 6,040 7,667 (21.2)

Other liabilities 280,893 246,931 13.8

Total liabilities 14,185,874 13,409,512 5.8

Shareholders' Equity

Preferred stock, no par value; 1,000,000 shares authorized;

none outstanding - - -

Common stock, $2.0833 par value; 100,000,000 shares authorized;

68,078,116 and 68,078,116 shares issued, respectively;

67,211,192 and 67,058,155 shares outstanding, respectively 141,827 141,827 -

Capital surplus 1,633,079 1,638,122 (0.3)

Retained earnings 782,990 800,064 (2.1)

Treasury stock (866,924 and 1,019,961 shares - at cost) (27,518) (33,714) 18.4

Accumulated other comprehensive income 40,516 41,141 (1.5)

Deferred benefits for directors (1,373) (1,380) 0.5

Total Shareholders' Equity 2,569,521 2,586,060 (0.6)

Total Liabilities and Shareholders' Equity $ 16,755,395 $ 15,995,572 4.75

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

NM - Not Meaningful

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 9

(unaudited, dollars in thousands)

Average balance sheet and

net interest margin analysis Three Months Ended June 30, For the Six Months Ended June 30,

2020 2019 2020 2019

Average Average Average Average Average Average Average Average

Assets Balance Rate Balance Rate Balance Rate Balance Rate

Due from banks - interest bearing $ 637,979 0.17 % $ 72,563 3.46 % $ 385,755 0.35 % $ 74,774 2.55 %

Loans, net of unearned income (1) 10,955,694 4.22 7,700,355 5.02 10,665,441 4.42 7,680,062 5.04

Securities: (2)

Taxable 2,288,409 2.47 2,336,099 2.82 2,432,539 2.57 2,344,929 2.83

Tax-exempt (3) 622,637 3.52 741,371 3.51 634,612 3.51 775,845 3.49

Total securities 2,911,046 2.69 3,077,470 2.98 3,067,151 2.76 3,120,774 2.99

Other earning assets 71,493 5.68 50,555 7.26 70,537 6.02 51,330 7.28

Total earning assets (3) 14,576,212 3.75 % 10,900,943 4.45 % 14,188,884 3.96 % 10,926,940 4.45 %

Other assets 2,138,999 1,588,720 2,061,191 1,572,988

Total Assets $ 16,715,211 $ 12,489,663 $ 16,250,075 $ 12,499,928

Liabilities and Shareholders' Equity

Interest bearing demand deposits $ 2,558,768 0.21 % $ 2,139,372 0.81 % $ 2,450,605 0.39 % $ 2,134,514 0.78 %

Money market accounts 1,603,395 0.22 1,116,124 0.72 1,573,579 0.41 1,135,237 0.69

Savings deposits 2,060,392 0.06 1,676,477 0.16 2,006,940 0.12 1,668,160 0.15

Certificates of deposit 1,846,929 0.77 1,397,167 1.18 1,918,189 0.79 1,417,703 1.14

Total interest bearing deposits 8,069,484 0.30 6,329,140 0.70 7,949,313 0.42 6,355,614 0.68

Federal Home Loan Bank borrowings 1,381,093 2.12 1,008,027 2.50 1,426,134 2.19 1,030,396 2.47

Other borrowings 365,793 0.31 320,269 1.86 350,917 0.66 324,033 1.89

Subordinated debt and junior subordinated debt 192,021 4.33 164,108 5.41 195,257 4.67 176,746 5.41

Total interest bearing liabilities 10,008,391 0.63 % 7,821,544 1.08 % 9,921,621 0.77 % 7,886,789 1.07 %

Non-interest bearing demand deposits 3,856,291 2,486,710 3,496,784 2,453,770

Other liabilities 247,591 131,219 233,166 132,657

Shareholders' equity 2,602,938 2,050,190 2,598,504 2,026,712

Total Liabilities and Shareholders' Equity $ 16,715,211 $ 12,489,663 $ 16,250,075 $ 12,499,928

Taxable equivalent net interest spread 3.12 % 3.37 % 3.19 % 3.38 %

Taxable equivalent net interest margin 3.32 % 3.67 % 3.42 % 3.68 %

(1) Gross of allowance for loan losses and net of unearned income. Includes non-accrual and loans held for sale. Loan fees included in interestincome on loans are $2.6 million and $0.4 million for the three monthsended June 30, 2020 and 2019, respectively, and are $3.3 million and $0.9million for the six months ended June 30, 2020 and 2019, respectively. As partof loan fees for both the three and six month ended June 30, 2020, is $2.1million of PPP loan fees. Additionally, loan accretion included in interestincome on loans acquired from prior acquisitions was $4.1 millionand $4.7 million for the three months ended June 30, 2020 and 2019,respectively, and are $8.2 million and $9.6 million for the six months endedJune 30, 2020 and 2019, respectively. Accretion on interest bearing liabilitiesacquired from the prior acquisitions was $2.6 million and $0.3 million for thethree months ended June 30, 2020 and 2019, respectively, and are $6.0 millionand $0.7 million for the six months ended June 30, 2020 and 2019,respectively.(2) Average yields on available-for-sale securities are calculated based onamortized cost.(3) Taxable equivalent basis is calculated on tax-exempt securities using arate of 21% for each period presented.

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 10

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

Quarter Ended

Statement of Income June 30, Mar. 31, Dec. 31, Sept. 30, June 30,

Interest and dividend income 2020 2020 2019 2019 2019

Loans, including fees $ 115,068 $ 119,503 $ 105,879 $ 95,369 $ 96,415

Interest and dividends on securities:

Taxable 14,047 16,986 16,586 15,887 16,444

Tax-exempt 4,302 4,456 4,563 4,759 5,142

Total interest and dividends on securities 18,349 21,442 21,149 20,646 21,586

Other interest income 1,277 1,503 1,281 1,333 1,542

Total interest and dividend income 134,694 142,448 128,309 117,348 119,543

Interest expense

Interest bearing demand deposits 1,350 3,393 4,054 4,489 4,314

Money market deposits 879 2,352 2,143 1,973 2,009

Savings deposits 297 923 935 861 678

Certificates of deposit 3,514 4,054 3,800 3,830 4,098

Total interest expense on deposits 6,040 10,723 10,932 11,153 11,099

Federal Home Loan Bank borrowings 7,293 8,232 7,279 6,645 6,287

Other short-term borrowings 279 870 1,009 1,353 1,483

Subordinated debt and junior subordinated debt 2,069 2,461 2,125 2,077 2,214

Total interest expense 15,681 22,286 21,345 21,228 21,083

Net interest income 119,013 120,162 106,964 96,120 98,460

Provision for credit losses 61,841 29,821 1,824 4,121 2,747

Net interest income after provision for credit losses 57,172 90,341 105,140 91,999 95,713

Non-interest income

Trust fees 6,202 6,952 6,699 6,425 6,339

Service charges on deposits 4,323 6,617 7,171 7,056 6,197

Electronic banking fees 4,066 4,254 4,336 5,253 7,154

Net securities brokerage revenue 1,384 1,679 1,393 1,765 1,973

Bank-owned life insurance 1,752 1,769 1,882 1,373 1,340

Mortgage banking income 7,531 1,276 2,957 2,588 1,618

Net securities gains 1,299 1,491 520 235 2,909

Net (loss) / gain on other real estate owned and other assets (66) 169 61 158 376

Other income 6,369 3,802 5,819 2,097 3,250

Total non-interest income 32,860 28,009 30,838 26,950 31,156

Non-interest expense

Salaries and wages 36,773 38,910 36,984 32,915 31,646

Employee benefits 10,138 10,373 9,894 9,726 9,705

Net occupancy 6,634 7,084 6,162 5,392 5,385

Equipment 5,722 6,039 5,570 5,273 4,818

Marketing 1,567 1,138 2,059 1,505 1,254

FDIC insurance 2,395 2,113 668 (1,221) 1,155

Amortization of intangible assets 3,365 3,374 2,916 2,446 2,465

Restructuring and merger-related expense 468 5,164 11,522 1,688 81

Other operating expenses 18,440 17,138 16,781 15,544 15,443

Total non-interest expense 85,502 91,333 92,556 73,268 71,952

Income before provision for income taxes 4,530 27,017 43,422 45,681 54,917

Provision for income taxes 42 3,621 7,046 8,334 10,103

Net Income $ $ $ $ 37,347 $ 44,814 4,488 23,396 36,376

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

Per common share data

Net income per common share - basic $ $ $ $ $ 0.07 0.34 0.60 0.68 0.82

Net income per common share - diluted 0.07 0.34 0.60 0.68 0.82

Net income per common share - diluted, excluding certain items (1)(2) 0.07 0.40 0.75 0.71 0.82

Dividends declared 0.32 0.32 0.31 0.31 0.31

Book value (period end) 38.23 38.56 38.24 38.42 37.92

Tangible book value (period end) (1) 21.10 21.36 21.55 21.89 21.40

Average common shares outstanding - basic 67,104,628 67,486,550 60,461,325 54,695,578 54,628,029

Average common shares outstanding - diluted 67,181,755 67,587,446 60,562,366 54,751,344 54,773,521

Period end common shares outstanding 67,211,192 67,058,155 67,824,428 54,691,225 54,697,199

Full time equivalent employees 2,676 2,703 2,705 2,330 2,353

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

(2) Certain items excluded from the calculation consist of after-taxmerger-related expenses.

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 11

(unaudited, dollars in thousands)

Quarter Ended

June 30, Mar. 31, Dec. 31, Sept. 30, June 30,

Asset quality data 2020 2020 2019 2019 2019

Non-performing assets:

Troubled debt restructurings - accruing $ 5,105 $ $ 5,431 $ 5,840 $ 5,487 5,434

Non-accrual loans:

Troubled debt restructurings 1,339 1,571 1,422 1,345 1,924

Other non-accrual loans 34,119 32,796 43,491 33,456 30,974

Total non-accrual loans 35,458 34,367 44,913 34,801 32,898

Total non-performing loans 40,563 39,801 50,344 40,641 38,385

Other real estate and repossessed assets 1,212 1,083 4,178 3,678 4,973

Total non-performing assets $ 41,775 $ $ 54,522 $ 44,319 $ 43,358 40,884

Past due loans (1):

Loans past due 30-89 days $ 30,595 $ $ 36,330 $ 17,906 $ 15,446 32,805

Loans past due 90 days or more 36,903 14,287 11,613 5,425 2,634

Total past due loans $ 67,498 $ $ 47,943 $ 23,331 $ 18,080 47,092

Criticized and classified loans (2):

Criticized loans $ 148,580 $ 120,801 $ 118,959 $ 78,880 $ 73,236

Classified loans 98,127 95,162 103,519 95,071 41,004

Total criticized and classified loans $ 246,707 $ 215,963 $ 222,478 $ 173,951 $ 114,240

Loans past due 30-89 days / total portfolio loans (3) 0.28 % 0.32 % 0.35 % 0.23 % 0.20 %

Loans past due 90 days or more / total portfolio loans 0.33 0.14 0.11 0.07 0.03

Non-performing loans / total portfolio loans 0.37 0.38 0.49 0.52 0.50

Non-performing assets/total portfolio loans, other

real estate and repossessed assets 0.38 0.39 0.53 0.57 0.56

Non-performing assets / total assets 0.25 0.26 0.35 0.35 0.35

Criticized and classified loans / total portfolio loans 2.23 2.09 2.17 2.24 1.48

Allowance for credit losses

Allowance for credit losses - loans (4) $ 168,475 $ 114,272 $ 52,429 $ 54,317 $ 50,859

Provision for credit losses (4) 61,841 29,821 1,824 4,121 2,747

Net loan and deposit account overdraft charge-offs 1,942 4,716 4,476 791 947

Annualized net loan charge-offs /average loans 0.07 % 0.18 % 0.20 % 0.04 % 0.05 %

Allowance for credit losses - loans / total portfolio loans 1.52 % 1.10 % 0.51 % 0.70 % 0.66 %

Allowance for credit losses - loans / total portfolio loans excluding PPP loans 1.65 % 1.10 % 0.51 % 0.70 % 0.66 %

Allowance for credit losses - loans / non-performing loans 4.15 x 2.87 x 1.04 x 1.34 x 1.32 x

Allowance for credit losses - loans / non-performing loans and

loans past due 1.56 x 1.32 x 0.53 x 0.85 x 0.90 x

Quarter Ended

June 30, Mar. 31, Dec. 31, Sept. 30, June 30,

2020 2020 2019 2019 2019

Capital ratios

Tier I leverage capital 9.09 % 9.64 % 11.30 % 11.30 % 11.09 %

Tier I risk-based capital 12.59 12.51 12.89 15.40 15.39

Total risk-based capital 15.33 14.83 15.12 16.36 16.32

Common equity tier 1 capital ratio (CET 1) 12.59 12.51 12.89 13.87 13.83

Average shareholders' equity to average assets 15.57 16.43 16.73 16.80 16.42

Tangible equity to tangible assets (5) 9.09 9.65 10.02 10.24 10.10

(1) Excludes non-performing loans.

(2) Criticized and classified commercial loans may include loans that are alsoreported as non-performing or past due.

(3) Total portfolio loans includes $836.8 million of PPP loans as of June 30,2020.

(4) The provision for credit losses includes $5.1 million and $1.7 million forloan commitments for the three months ended June 30, 2020 and March 31, 2020,respectively.

Excludes the allowance for credit losses - loan commitments, which is included in other liabilities, is $10.7 million and $5.6 million as of June 30, 2020 and March 31, 2020, respectively.

(5) See non-GAAP financial measures for additional information relating to thecalculation of this ratio.

NON-GAAP FINANCIAL MEASURES Page 12

The following non-GAAP financial measures used by WesBanco provide informationuseful to investors in understanding WesBanco's operating performance andtrends, and facilitate comparisons with the performance of WesBanco's peers.The following tables summarize the non-GAAP financial measures derived fromamounts reported in WesBanco's financial statements.

Three Months Ended Year to Date

June 30, Mar. 31, Dec. 31, Sept. 30, June 30, June 30,

(unaudited, dollars in thousands, except shares and per share amounts) 2020 2020 2019 2019 2019 2020 2019

Return on average assets, excluding after-tax merger-related expenses:

Net income $ 4,488 $ 23,396 $ 36,376 $ 37,347 $ 44,814 $ $ 27,884 85,151

Plus: after-tax merger-related expenses (1) 370 4,080 9,102 1,334 64 4,450 2,519

Net income excluding after-tax merger-related expenses 4,858 27,476 45,478 38,681 44,878 32,334 87,670

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

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

Return on average equity, excluding after-tax merger-related expenses:

Net income $ 4,488 $ 23,396 $ 36,376 $ 37,347 $ 44,814 $ $ 27,884 85,151

Plus: after-tax merger-related expenses (1) 370 4,080 9,102 1,334 64 4,450 2,519

Net income excluding after-tax merger-related expenses 4,858 27,476 45,478 38,681 44,878 32,334 87,670

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

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

Return on average tangible equity:

Net income $ 4,488 $ 23,396 $ 36,376 $ 37,347 $ 44,814 $ $ 27,884 85,151

Plus: amortization of intangibles (1) 2,658 2,665 2,304 1,932 1,947 5,324 3,933

Net income before amortization of intangibles 7,146 26,061 38,680 39,279 46,761 33,208 89,084

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

Less: average goodwill and other intangibles, net of def. tax liability (1,152,856) (1,112,327) (997,658) (904,204) (903,243) (1,132,591) (904,634)

Average tangible equity $ 1,450,082 $ 1,481,742 $ 1,331,463 $ 1,193,330 $ 1,146,947 $ $ 1,465,913 1,122,078

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

Return on average tangible equity, excluding after-tax merger-related expenses:

Net income $ 4,488 $ 23,396 $ 36,376 $ 37,347 $ 44,814 $ $ 27,884 85,151

Plus: after-tax merger-related expenses (1) 370 4,080 9,102 1,334 64 4,450 2,519

Plus: amortization of intangibles (1) 2,658 2,665 2,304 1,932 1,947 5,324 3,933

Net income before amortization of intangibles and excluding

after-tax merger-related expenses 7,516 30,141 47,782 40,613 46,825 37,659 91,603

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

Less: average goodwill and other intangibles, net of def. tax liability (1,152,856) (1,112,327) (997,658) (904,204) (903,243) (1,132,591) (904,634)

Average tangible equity $ 1,450,082 $ 1,481,742 $ 1,331,463 $ 1,193,330 $ 1,146,947 $ $ 1,465,913 1,122,078

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

Efficiency ratio:

Non-interest expense $ 85,502 $ 91,333 $ 92,556 $ 73,268 $ 71,952 $ $ 176,835 146,385

Less: restructuring and merger-related expense (468) (5,164) (11,522) (1,688) (81) (5,633) (3,188)

Non-interest expense excluding restructuring and merger-related expense 85,034 86,169 81,034 71,580 71,871 171,202 143,197

Net interest income on a fully taxable equivalent basis 120,156 121,346 108,177 97,385 99,827 241,502 199,662

Non-interest income 32,860 28,009 30,838 26,950 31,156 60,869 58,929

Net interest income on a fully taxable equivalent basis plus non-interest $ 153,016 $ 149,355 $ 139,015 $ 124,335 $ 130,983 $ $ income 302,371 258,591

Efficiency Ratio 55.57% 57.69% 58.29% 57.57% 54.87% 56.62% 55.38%

Net income, excluding after-tax merger-related expenses:

Net income $ 4,488 $ 23,396 $ 36,376 $ 37,347 $ 44,814 $ $ 27,884 85,151

Add: After-tax merger-related expenses (1) 370 4,080 9,102 1,334 64 4,450 2,519

Net income, excluding after-tax merger-related expenses $ 4,858 $ 27,476 $ 45,478 $ 38,681 $ 44,878 $ $ 32,334 87,670

Net Income, excluding after-tax merger-related expenses per diluted share:

Net income per diluted share $ 0.07 $ 0.35 $ 0.60 $ 0.68 $ 0.82 $ $ 0.41 1.56

Add: After-tax merger-related expenses per diluted share (1) (0.00) 0.06 0.15 0.03 0.00 0.07 0.04

Net income, excluding after-tax merger-related expenses per diluted share $ 0.07 $ 0.41 $ 0.75 $ 0.71 $ 0.82 $ $ 0.48 1.60

Period End

June 30, Mar. 31, Dec. 31, Sept. 30, June 30,

2020 2020 2019 2019 2019

Tangible book value per share:

Total shareholders' equity $ 2,569,521 $ 2,586,060 $ 2,593,921 $ 2,101,269 $ 2,074,116

Less: goodwill and other intangible assets, net of def. tax liability (1,151,523) (1,154,033) (1,132,262) (904,256) (903,729)

Tangible equity 1,417,998 1,432,027 1,461,659 1,197,013 1,170,387

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

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

Tangible equity to tangible assets:

Total shareholders' equity $ 2,569,521 $ 2,586,060 $ 2,593,921 $ 2,101,269 $ 2,074,116

Less: goodwill and other intangible assets, net of def. tax liability (1,151,523) (1,154,033) (1,132,262) (904,256) (903,729)

Tangible equity 1,417,998 1,432,027 1,461,659 1,197,013 1,170,387

Total assets 16,755,395 15,995,572 15,720,112 12,593,887 12,494,653

Less: goodwill and other intangible assets, net of def. tax liability (1,151,523) (1,154,033) (1,132,262) (904,256) (903,729)

Tangible assets $ 15,603,872 $ 14,841,539 $ 14,587,850 $ 11,689,631 $ 11,590,924

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

(1) Tax effected at 21% for all periods presented.

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

ADDITIONAL NON-GAAP FINANCIAL MEASURES Page 13

The following non-GAAP financial measures used by WesBanco provide informationuseful to investors in understanding WesBanco's operating performance andtrends, and facilitate comparisons with the performance of WesBanco's peers.The following tables summarize the non-GAAP financial measures derived fromamounts reported in WesBanco's financial statements.

Three Months Ended Year to Date

June 30, Mar. 31, Dec. 31, Sept. 30, June 30, June 30,

(unaudited, dollars in thousands, except shares and per share amounts) 2020 2020 2019 2019 2019 2020 2019

Pre-tax, pre-provision income:

Income before provision for income taxes $ 4,530 $ 27,017 $ 43,422 $ 45,681 $ 54,917 $ $ 104,112 31,547

Add: provision for credit losses 61,841 29,821 1,824 4,121 2,747 91,661 5,254

Pre-tax, pre-provision income $ 66,371 $ 56,838 $ 45,246 $ 49,802 $ 57,664 $ $ 109,366 123,208

Pre-tax, pre-provision income, excluding merger-related expenses:

Income before provision for income taxes $ 4,530 $ 27,017 $ 43,422 $ 45,681 $ 54,917 $ $ 104,112 31,547

Add: provision for credit losses 61,841 29,821 1,824 4,121 2,747 91,661 5,254

Add: merger-related expenses 468 5,164 11,522 1,688 81 5,633 3,188

Pre-tax, pre-provision income, excluding merger-related expenses $ 66,839 $ 62,002 $ 56,768 $ 51,490 $ 57,745 $ $ 112,554 128,841

Return on average assets, excluding provision items:

Income before provision for income taxes $ 4,530 $ 27,017 $ 43,422 $ 45,681 $ 54,917 $ $ 104,112 31,547

Add: provision for credit losses 61,841 29,821 1,824 4,121 2,747 91,661 5,254

Pre-tax, pre-provision income 66,371 56,838 45,246 49,802 57,664 123,208 109,366

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

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

Return on average equity, excluding provision items:

Income before provision for income taxes $ 4,530 $ 27,017 $ 43,422 $ 45,681 $ 54,917 $ $ 104,112 31,547

Add: provision for credit losses 61,841 29,821 1,824 4,121 2,747 91,661 5,254

Pre-tax, pre-provision income 66,371 56,838 45,246 49,802 57,664 123,208 109,366

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

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

Return on average tangible equity, excluding provision items:

Income before provision for income taxes $ 4,530 $ 27,017 $ 43,422 $ 45,681 $ 54,917 $ $ 104,112 31,547

Add: provision for credit losses 61,841 29,821 1,824 4,121 2,747 91,661 5,254

Add: amortization of intangibles 3,365 3,374 2,916 2,446 2,465 6,739 4,978

Income before provision and amortization of intangibles 69,736 60,212 48,162 52,248 60,129 129,947 114,344

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

Less: average goodwill and other intangibles, net of def. tax liability (1,152,856) (1,112,327) (997,658) (904,204) (903,243) (1,132,591) (904,634)

Average tangible equity $ 1,450,082 $ 1,481,742 $ 1,331,463 $ 1,193,330 $ 1,146,947 $ 1,465,913 $ 1,122,078

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

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

(2) The ratios exclude credit loss provision and income tax provision.

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SOURCE WesBanco, Inc.