PR Newswire | Jan 26, 2021 04:30PM EST

01/26 15:30 CST

WesBanco Announces Fourth Quarter 2020 Financial Results WHEELING, W.Va., Jan. 26, 2021

WHEELING, W.Va., Jan. 26, 2021 /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 twelve months ended December 31, 2020. Net income available to common shareholders for the three months ended December 31, 2020 was $50.2 million, with diluted earnings per share of $0.75, compared to $36.4 million and $0.60 per diluted share, respectively, for the fourth quarter of 2019. For the twelve months ended December 31, 2020, reflecting the impact from the 2020 adoption of the new Current Expected Credit Losses ("CECL") accounting standard, net income available to common shareholders was $119.4 million, or $1.77 per diluted share, compared to $158.9 million, or $2.83 per diluted share, for the 2019 period. Net income available to common shareholders excluding after-tax restructuring and merger-related expenses for the three months ended December 31, 2020, was $50.6 million, or $0.76 per diluted share, as compared to $45.5 million and $0.75 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income available to common shareholders for the twelve months ended December 31, 2020 was $127.1 million, or $1.88 per diluted share, as compared to $171.8 million, or $3.06 per diluted share, in the prior year period (non-GAAP measures).

For the Three Months Ended December 31, For the Twelve Months Ended December 31,

2020 2019 2020 2019

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

Net income available to common $ 50,593 $ 0.76 $ 45,478 $ 0.75 $ 127,083 $ 1.88 $ 171,827 $ 3.06shareholders (Non-GAAP)^(1)

Less: After tax restructuring and merger- (383) (0.01) (9,102) (0.15) (7,683) (0.11) (12,954) (0.23)related expenses^(2)

Net income available to common $ 50,210 $ 0.75 $ 36,376 $ 0.60 $ 119,400 $ 1.77 $ 158,873 $ 2.83shareholders (GAAP)

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

^(2)For 2020, after tax merger-related expenses totaled $5.1 million, and aftertax restructuring expenses from financial center optimization totaled $2.6million.

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 December 31, 2020, pre-tax, pre-provision income, excluding restructuring and merger-related expenses, increased 14.2% year-over-year to $64.8 million compared to $56.8 million for the prior period. On the same basis, pre-tax, pre-provision income, for the twelve months ended December 31, 2020, increased 18.9% year-over-year to $262.5 million compared to $220.8 million last year. In addition, on the same basis, the return on average assets was 1.56% for the three month and 1.60% for the twelve month periods ending December 31, 2020. 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 December 31, 2020:

* WesBanco is a well-capitalized financial institution with solid liquidity and a strong balance sheet * Strong year-over-year growth in pre-tax, pre-provision income (non-GAAP measure) for both the quarter and annual periods * Total loan growth was 5.1% year-over-year, driven by WesBanco's support of small businesses impacted by the pandemic * Total loan growth includes nearly 6,850 loans remaining from the first rounds of the Small Business Administration's Payroll Protection Program ("SBA PPP") totaling approximately $726.3 million * Commercial & industrial loan growth was 2.2% year-over-year, excluding SBA PPP loans

* Deposit growth, excluding certificates of deposit, was 20.8% year-over-year, driven by growth in demand deposits * Trust assets under management totaled a record $5.0 billion, driven by both market appreciation and organic growth * Continued expense management demonstrated by a year-to-date efficiency ratio of 56.38% (non-GAAP measure) * Key credit quality metrics such as non-performing assets, past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages, those with total assets between $10 billion and $25 billion (based upon the four quarters prior to the current earnings period) * Subsequent to year-end, on January 22, 2021, WesBanco Bank completed its financial center optimization strategy announced during August 2020 through the consolidation of 21 financial centers into nearby locations and the conversion of one location to drive-up only

Todd F. Clossin, President and Chief Executive Officer of WesBanco, commented, "2020 was a successful year for WesBanco, as measured by the more than ten thousand individuals, families, businesses, and non-profits we assisted as they navigated through the pandemic. I am extremely proud of how our employees have responded this past year, from keeping our financial centers open throughout, working around the clock closing PPP loans to our commercial customers, and providing charitable donations to support those in need. These actions speak loudly to our community bank roots."

Mr. Clossin added, "Solid execution on our well-defined, long-term strategies allowed us to generate record annual pre-tax, pre-provision earnings of $263 million, when excluding restructuring and merger-related costs, during 2020. In addition, we remained a well-capitalized financial institution, completed a preferred stock offering during August 2020 that was over-subscribed, and increased our allowance for credit losses. Through our diversified growth engines supported by our strong teams and a continued focus on operating costs, we believe we are well-positioned for long-term success, and remain positive about our opportunities for the upcoming year."

Financial Center Optimization StrategyReflecting the current operating environment and increased utilization of digital services, WesBanco previously announced a plan to accelerate its financial center optimization strategy across Indiana, Kentucky, Ohio, Pennsylvania, and West Virginia. On October 30, two centers were consolidated and another converted to drive-up only. Recently, on January 22, 2021, 21 additional centers were consolidated into nearby locations and another converted to drive-up only. The anticipated cost savings of approximately $6.0 to $6.5 million, approximately half of which will be utilized for growth and digital infrastructure initiatives, remain on plan to be phased-in during the first half of 2021.

Balance SheetPortfolio loans of $10.8 billion as of December 31, 2020 increased 5.1% when compared to the prior year period due primarily to participation in the SBA PPP. During the fourth quarter, approximately 331 customers applied for and received forgiveness of their SBA PPP loans totaling $113.0 million.

Total deposits increased 13.0% year-over-year to $12.4 billion due primarily to CARES Act stimulus funds received and increased personal savings, which more than offset a $0.4 million reduction in certificates of deposit. Deposits, excluding CDs, increased 20.8% year-over-year, driven by a 25.8% increase in total demand deposits, which represent approximately 56% of total deposits.

Credit QualityAs of December 31, 2020, 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, annualized net loan charge-offs to average loans remained low for the quarter and year-to-date periods at two and six basis points, respectively. Pandemic-related loan deferrals, under the CARES Act, have declined to $171.1 million, or 1.6% of total loans, as of December 31, with approximately $150 million of this total related to the hospitality industry.

Reflecting improved macroeconomic factors in the CECL calculation, the allowance for credit losses specific to total portfolio loans at December 31, 2020 was $185.8 million, or 1.72% of total loans; or, when excluding SBA PPP loans, 1.85% 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 0.37% of total loans. The provision for credit losses was a negative $0.2 million for the quarter ended December 31, 2020.

Criticized and classified loan balances increased to 4.59% of total portfolio loans due to the fourth quarter net downgrades of $133.3 million of hospitality loans as a result of reduced occupancy and debt service coverage from the current pandemic-driven environment. These downgraded loans may have received current or prior CARES Act qualifying loan deferrals, and had an average loan-to-value of approximately 60%, the majority of which are pre-pandemic, as well as strong guarantor support. The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act ("Economic Aid Act"), which became law on December 27, 2020, added a new Second Draw PPP loan program that provides additional assistance to borrowers who previously received a SBA PPP loan. Included in this new authorization, hotels may be eligible for a forgivable loan up to three and one half times their average monthly payroll.

Net Interest Margin and IncomeThe net interest margin of 3.31% for the fourth quarter of 2020 was consistent with the third quarter's 3.31% but, decreased 24 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 throughout the year, which helped to lower deposit funding costs 40 basis points year-over-year to 23 basis points for the fourth quarter of 2020. Further, we lowered the cost of borrowings 29 basis points year-over-year as we reduced fourth quarter average FHLB borrowings by $0.5 billion, or 41.8%, year-over-year to $0.7 billion, which have a remaining average life of less than one year. Accretion from acquisitions benefited the fourth quarter net interest margin by 16 basis points, as compared to 22 basis points in the prior year period and 18 basis points during the third quarter of 2020. Lastly, the funding of SBA PPP loans benefited the fourth quarter of 2020 net interest margin by a net two basis points, and will positively impact the net interest margin as the loans are forgiven during the next couple of quarters.

Net interest income increased $12.7 million, or 11.9%, during the fourth quarter of 2020, as compared to the same quarter of 2019, reflecting a 19.8% increase in average total earning assets driven by the OLBK acquisition, partially offset by the lower loan yields due to repricing of existing loans and lower new offered rates in the current market environment, and lower related accretion from purchase accounting. For the twelve months ended December 31, 2020, net interest income increased $79.6 million, or 19.9%, despite an overall lower net interest margin, due to higher average total earning assets as discussed for the three-month period comparison, primarily from the OLBK acquisition.

Non-Interest IncomeFor the fourth quarter of 2020, non-interest income of $32.7 million increased $1.9 million, or 6.1%, from the fourth quarter of 2019, driven primarily by mortgage banking income, which was partially offset by lower service charges on deposits. Reflecting the low interest rate environment and organic growth, mortgage banking fees increased $2.5 million, or 84.0%, compared to the prior year period, as residential mortgage origination dollar volume increased approximately 75% year-over-year, with roughly 65% of those originations sold into the secondary market. 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.

Non-interest income, for the twelve months ended December 31, 2020, increased $11.5 million, or 9.8%, to $128.2 million due primarily to the items discussed above, as well as higher commercial customer loan swap-related income and lower electronic banking fees due to the limitation on interchange fees for debit card processing. Loan swap-related income for the year was $6.1 million, an increase of $2.7 million year-over-year, reflecting commercial loan customer demand in the current rate environment. The limitation on interchange fees, 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 $5.4 million as compared to the prior year.

Non-Interest ExpenseTotal operating expenses continued to be well-controlled through company-wide efforts to effectively manage discretionary costs, employee headcount, and marketing expenses. Despite an approximate 25% increase in size due to the OLBK acquisition, as well as the significantly lower interest rate environment, these strong efforts are demonstrated by efficiency ratios of 57.06% and 56.38% for the three-month and twelve-month periods ending December 31, 2020, respectively. Excluding restructuring and merger-related expenses, non-interest expense for the three months ended December 31, 2020 increased $6.6 million, or 8.1%, to $87.6 million compared to the prior year period, primarily due to additional staffing and financial center locations from the OLBK acquisition and the mid-year annual salary increases, partially offset by discretionary cost controls resulting from the pandemic and planned cost savings from the OLBK merger.

On a similar basis, non-interest expense during the twelve months of 2020 increased $49.3 million, or 16.7%, compared to the prior year period, primarily due to the reasons as discussed for the three-month period. In addition, FDIC insurance expense increased $5.8 million, or 295.4%, due to a higher assessment rate associated with our larger asset level, as well as the recording of a $3.1 million assessment credit in the prior year period.

CapitalWesBanco continues to maintain what we believe are strong regulatory capital ratios, enhanced by a $150 million preferred stock capital raise during August 2020, 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 December 31, 2020, Tier I leverage was 10.51%, Tier I risk-based capital ratio was 14.72%, common equity Tier 1 capital ratio ("CET 1") was 13.40%, and total risk-based capital was 17.57%.

Conference Call and WebcastWesBanco will host a conference call to discuss the Company's financial results for the fourth quarter of 2020 at 10:00 a.m. ET on Wednesday, January 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 10150966. The replay will begin at approximately 12:00 p.m. ET on January 27, and end at 12 a.m. ET on February 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 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 quarters ended March 31, June 30, and September 30, 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, June 30, and September 30, 2020 Quarterly Reports 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.

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

About WesBanco, Inc.Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a diversified and balanced financial services company that delivers large bank capabilities with a community bank feel. Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share. Built upon our 'Better Banking Pledge', our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively. In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, WesBanco provides trust, wealth management, securities brokerage, and private banking services through our century-old Trust and Investment Services department, with approximately $5.0 billion of assets under management (as of December 31, 2020). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 212 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

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 Twelve Months Ended

STATEMENT OF INCOME December 31, December 31,

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

Loans, including fees $ 114,582 $ 105,879 8.2 $ 465,677 $ 393,166 18.4

Interest and dividends on securities:

Taxable 10,892 16,586 (34.3) 53,594 65,648 (18.4)

Tax-exempt 4,059 4,563 (11.0) 16,999 20,006 (15.0)

Total interest and dividends on securities 14,951 21,149 (29.3) 70,593 85,654 (17.6)

Other interest income 945 1,281 (26.2) 5,007 5,433 (7.8)

Total interest and dividend income 130,478 128,309 1.7 541,277 484,253 11.8

Interest expense

Interest bearing demand deposits 1,099 4,054 (72.9) 7,069 16,805 (57.9)

Money market deposits 678 2,143 (68.4) 4,616 8,024 (42.5)

Savings deposits 280 935 (70.1) 1,802 2,995 (39.8)

Certificates of deposit 2,797 3,800 (26.4) 13,562 15,631 (13.2)

Total interest expense on deposits 4,854 10,932 (55.6) 27,049 43,455 (37.8)

Federal Home Loan Bank borrowings 3,719 7,279 (48.9) 24,701 26,548 (7.0)

Other short-term borrowings 275 1,009 (72.7) 1,729 5,401 (68.0)

Subordinated debt and junior subordinated debt 1,918 2,125 (9.7) 8,318 8,945 (7.0)

Total interest expense 10,766 21,345 (49.6) 61,797 84,349 (26.7)

Net interest income 119,712 106,964 11.9 479,480 399,904 19.9

Provision for credit losses (209) 1,824 NM 107,741 11,198 NM

Net interest income after provision for credit losses 119,921 105,140 14.1 371,739 388,706 (4.4)

Non-interest income

Trust fees 6,754 6,699 0.8 26,335 26,579 (0.9)

Service charges on deposits 5,671 7,171 (20.9) 21,943 26,974 (18.7)

Electronic banking fees 4,424 4,336 2.0 17,524 22,634 (22.6)

Net securities brokerage revenue 1,402 1,393 0.6 6,189 6,990 (11.5)

Bank-owned life insurance 1,750 1,882 (7.0) 7,359 5,913 24.5

Mortgage banking income 5,442 2,957 84.0 22,736 8,219 176.6

Net securities gains 691 520 32.9 4,268 4,320 (1.2)

Net gain on other real estate owned and other assets 18 61 (70.5) 103 732 (85.9)

Other income 6,553 5,819 12.6 21,728 14,355 51.4

Total non-interest income 32,705 30,838 6.1 128,185 116,716 9.8

Non-interest expense

Salaries and wages 39,140 36,984 5.8 153,166 132,485 15.6

Employee benefits 10,608 9,894 7.2 41,723 39,313 6.1

Net occupancy 6,771 6,162 9.9 27,580 22,505 22.6

Equipment 6,810 5,570 22.3 24,801 20,494 21.0

Marketing 1,675 2,059 (18.6) 5,957 6,062 (1.7)

FDIC insurance 1,278 668 91.3 7,734 1,956 295.4

Amortization of intangible assets 3,327 2,916 14.1 13,411 10,340 29.7

Restructuring and merger-related expense 484 11,522 (95.8) 9,725 16,397 (40.7)

Other operating expenses 17,976 16,781 7.1 70,748 62,656 12.9

Total non-interest expense 88,069 92,556 (4.8) 354,845 312,208 13.7

Income before provision for income taxes 64,557 43,422 48.7 145,079 193,214 (24.9)

Provision for income taxes 11,703 7,046 66.1 23,035 34,341 (32.9)

Net Income 52,854 36,376 45.3 122,044 158,873 (23.2)

Preferred stock dividends 2,644 - 100.0 2,644 - 100.0

Net income available to common shareholders $ 50,210 $ 36,376 38.0 $ 119,400 $ 158,873 (24.8)

Taxable equivalent net interest income $ 120,790 $ 108,177 11.7 $ 483,999 $ 405,222 19.4

Per common share data

Net income per common share - basic $ 0.75 $ 0.60 25.0 $ 1.78 $ 2.83 (37.1)

Net income per common share - diluted 0.75 0.60 25.0 1.77 2.83 (37.5)

Net income per common share - diluted, excluding certain items (1)(2) 0.76 0.75 1.3 1.88 3.06 (38.6)

Dividends declared 0.32 0.31 3.2 1.28 1.24 3.2

Book value (period end) 38.84 38.24 1.6 38.84 38.24 1.6

Tangible book value (period end) (1) 21.75 21.55 0.9 21.75 21.55 -

Average common shares outstanding - basic 67,238,005 60,461,325 11.2 67,260,796 56,108,084 19.9

Average common shares outstanding - diluted 67,304,442 60,562,366 11.1 67,310,584 56,214,364 19.7

Period end common shares outstanding 67,254,706 67,824,428 (0.8) 67,254,706 67,824,428 (0.8)

Period end preferred shares outstanding 150,000 - 100.0 150,000 - 100.0

(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-taxrestructuring and merger-related expenses.

NM - Not Meaningful

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 6

(unaudited, dollars in thousands)

Selected ratios

For the Twelve Months Ended

December 31,

2020 2019 % Change

Return on average assets 0.73 % 1.24 % (41.13) %

Return on average assets, excluding

after-tax restructuring and merger-related expenses (1) 0.77 1.34 (42.54)

Return on average equity 4.50 7.49 (39.92)

Return on average equity, excluding

after-tax restructuring and merger-related expenses (1) 4.79 8.11 (40.94)

Return on average tangible equity (1) 8.61 14.01 (38.54)

Return on average tangible equity, excluding

after-tax restructuring and merger-related expenses (1) 9.12 15.10 (39.60)

Return on average tangible common equity (1) 8.94 14.01 (36.19)

Return on average tangible common equity, excluding

after-tax restructuring and merger-related expenses (1) 9.47 15.10 (37.28)

Yield on earning assets (2) 3.80 4.37 (13.04)

Cost of interest bearing liabilities 0.63 1.05 (40.00)

Net interest spread (2) 3.17 3.32 (4.52)

Net interest margin (2) 3.37 3.62 (6.91)

Efficiency (1) (2) 56.38 56.68 (0.53)

Average loans to average deposits 91.66 88.59 3.47

Annualized net loan charge-offs/average loans 0.06 0.09 (33.33)

Effective income tax rate 15.88 17.77 (10.64)

For the Quarter Ended

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

2020 2020 2020 2020 2019

Return on average assets 1.21 % 0.98 % 0.11 % 0.60 % 1.04 %

Return on average assets, excluding

after-tax restructuring and merger-related expenses (1) 1.22 1.05 0.12 0.70 1.30

Return on average equity 7.28 6.17 0.69 3.63 6.20

Return on average equity, excluding

after-tax restructuring and merger-related expenses (1) 7.33 6.60 0.75 4.26 7.75

Return on average tangible equity (1) 13.18 11.56 1.98 7.07 11.53

Return on average tangible equity, excluding

after-tax restructuring and merger-related expenses (1) 13.28 12.31 2.08 8.18 14.24

Return on average tangible common equity (1) 14.49 12.21 1.98 7.07 11.53

Return on average tangible common equity, excluding .

after-tax restructuring and merger-related expenses (1) 14.60 13.00 2.08 8.18 14.24

Yield on earning assets (2) 3.61 3.66 3.75 4.19 4.25

Cost of interest bearing liabilities 0.45 0.53 0.63 0.91 0.99

Net interest spread (2) 3.16 3.13 3.12 3.28 3.26

Net interest margin (2) 3.31 3.31 3.32 3.54 3.55

Efficiency (1) (2) 57.06 55.23 55.57 57.69 58.29

Average loans to average deposits 89.64 90.88 91.87 94.61 90.78

Annualized net loan charge-offs and recoveries /average loans 0.02 (0.00) 0.07 0.18 0.20

Effective income tax rate 18.13 15.66 0.93 13.40 16.23

Trust assets, market value at period end $ 5,025,565 $ 4,649,054 $ 4,487,042 $ 4,082,141 $ 4,719,966

(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 December 31, September 30, September 30, 2020

Assets 2020 2019 % Change 2020 to December 31, 2020

Cash and due from banks $ 184,361 $ 182,905 0.8 $ 215,982 (14.6)

Due from banks - interest bearing 721,086 51,891 NM 544,284 32.5

Securities:

Equity securities, at fair value 13,047 12,343 5.7 12,516 4.2

Available-for-sale debt securities, at fair value 1,978,136 2,393,558 (17.4) 2,045,924 (3.3)

Held-to-maturity debt securities (fair values of $768,183; $874,523

and $782,401, respectively) 731,212 851,753 (14.2) 746,767 (2.1)

Allowance for credit losses, held-to-maturity debt securities (326) - (100.0) (461) 29.3

Net held-to-maturity debt securities 730,886 851,753 (14.2) 746,306 (2.1)

Total securities 2,722,069 3,257,654 (16.4) 2,804,746 (2.9)

Loans held for sale 168,378 43,013 291.5 134,151 25.5

Portfolio loans:

Commercial real estate 5,705,392 5,725,008 (0.3) 5,708,648 (0.1)

Commercial and industrial 2,407,438 1,644,699 46.4 2,507,235 (4.0)

Residential real estate 1,720,961 1,873,647 (8.1) 1,798,019 (4.3)

Home equity 646,387 649,678 (0.5) 647,052 (0.1)

Consumer 309,055 374,953 (17.6) 328,592 (5.9)

Total portfolio loans, net of unearned income 10,789,233 10,267,985 5.1 10,989,546 (1.8)

Allowance for credit losses - loans (1) (185,827) (52,429) (254.4) (185,109) (0.4)

Net portfolio loans 10,603,406 10,215,556 3.8 10,804,437 (1.9)

Premises and equipment, net 249,421 261,014 (4.4) 248,491 0.4

Accrued interest receivable 66,790 43,648 53.0 65,023 2.7

Goodwill and other intangible assets, net 1,163,091 1,149,153 1.2 1,165,566 (0.2)

Bank-owned life insurance 306,038 299,516 2.2 304,288 0.6

Other assets 240,970 215,762 11.7 265,172 (9.1)

Total Assets $ 16,425,610 $ 15,720,112 4.5 $ 16,552,140 (0.8)

Liabilities

Deposits:

Non-interest bearing demand $ 4,070,835 $ 3,178,270 28.1 $ 4,073,305 (0.1)

Interest bearing demand 2,839,536 2,316,855 22.6 2,633,601 7.8

Money market 1,685,927 1,518,314 11.0 1,619,410 4.1

Savings deposits 2,214,565 1,934,647 14.5 2,167,597 2.2

Certificates of deposit 1,618,510 2,055,920 (21.3) 1,707,512 (5.2)

Total deposits 12,429,373 11,004,006 13.0 12,201,425 1.9

Federal Home Loan Bank borrowings 549,003 1,415,615 (61.2) 794,621 (30.9)

Other short-term borrowings 241,950 282,362 (14.3) 381,909 (36.6)

Subordinated debt and junior subordinated debt 192,291 199,869 (3.8) 192,150 0.1

Total borrowings 983,244 1,897,846 (48.2) 1,368,680 (28.2)

Accrued interest payable 4,314 8,077 (46.6) 5,014 (14.0)

Other liabilities 251,942 216,262 16.5 244,055 3.2

Total Liabilities 13,668,873 13,126,191 4.1 13,819,174 (1.1)

Shareholders' Equity

Preferred stock, no par value; 1,000,000 shares authorized in 2020 and 2019,respectively;

150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A,

liquidation preference $150.0 million, issued and outstanding at December 31, 2020

and 0 shares issued and outstanding at December 31, 2019, respectively. 144,484 - 100.0 144,529 (0.0)

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

2020 and 2019, respectively; 68,081,306, 68,078,116 and 68,081,306 shares

issued, respectively; 67,254,706, 67,824,428 and 67,216,012 shares 141,834 141,827 0.0 141,834 -

outstanding, respectively

Capital surplus 1,634,815 1,636,966 (0.1) 1,634,172 0.0

Retained earnings 831,688 824,694 0.8 802,892 3.6

Treasury stock ( 826,600, 253,688 and 865,294 shares - at cost, respectively) (25,949) (9,463) (174.2) (27,403) 5.3

Accumulated other comprehensive income 31,359 1,201 NM 38,301 (18.1)

Deferred benefits for directors (1,494) (1,304) (14.6) (1,359) (9.9)

Total Shareholders' Equity 2,756,737 2,593,921 6.3 2,732,966 0.9

Total Liabilities and Shareholders' Equity $ 16,425,610 $ 15,720,112 4.5 $ 16,552,140 (0.8)

(1) Allowance for credit losses - loans as of December 31, 2020 and September30, 2020 includes a day 1 adjustment of $41.4 million due to the adoption ofASU 2016-13.

NM - Not Meaningful

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 8

(unaudited, dollars in thousands)

Average balance sheet and

net interest margin analysis For the Three Months Ended December 31, For the Twelve Months Ended December 31,

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 $ 661,696 0.12 % $ 67,820 2.00 % $ 548,078 0.21 % $ 71,312 2.41 %

Loans, net of unearned income (1) 11,056,512 4.12 8,842,437 4.75 10,874,763 4.28 7,991,107 4.92

Securities: (2)

Taxable 2,144,038 2.02 2,474,024 2.68 2,281,905 2.35 2,366,631 2.77

Tax-exempt (3) 594,559 3.44 655,443 3.52 616,808 3.49 722,388 3.51

Total securities 2,738,597 2.33 3,129,467 2.86 2,898,713 2.59 3,089,019 2.95

Other earning assets 42,797 6.91 59,750 6.31 60,054 6.38 53,919 6.89

Total earning assets (3) 14,499,602 3.61 % 12,099,474 4.25 % 14,381,608 3.80 % 11,205,357 4.37 %

Other assets 2,047,159 1,819,956 2,061,096 1,648,563

Total Assets $ 16,546,761 $ 13,919,430 $ 16,442,704 $ 12,853,920

Liabilities and Shareholders' Equity

Interest bearing demand deposits $ 2,730,976 0.16 % $ 2,224,423 0.72 % $ 2,572,248 0.27 % $ 2,155,211 0.78 %

Money market accounts 1,672,597 0.16 1,291,999 0.66 1,611,135 0.29 1,165,346 0.69

Savings deposits 2,181,804 0.05 1,799,617 0.21 2,084,576 0.09 1,705,858 0.18

Certificates of deposit 1,663,558 0.67 1,613,060 0.93 1,814,693 0.75 1,442,745 1.08

Total interest bearing deposits 8,248,935 0.23 6,929,099 0.63 8,082,652 0.33 6,469,160 0.67

Federal Home Loan Bank borrowings 691,183 2.14 1,188,220 2.43 1,135,934 2.17 1,074,715 2.47

Other borrowings 342,659 0.32 304,554 1.31 357,100 0.48 317,585 1.70

Subordinated debt and junior subordinated debt 192,200 3.97 174,067 4.84 193,693 4.29 170,983 5.23

Total interest bearing liabilities 9,474,977 0.45 % 8,595,940 0.99 % 9,769,379 0.63 % 8,032,443 1.05 %

Non-interest bearing demand deposits 4,084,889 2,811,367 3,781,583 2,550,864

Other liabilities 241,959 183,002 240,340 150,618

Shareholders' equity 2,744,936 2,329,121 2,651,402 2,119,995

Total Liabilities and Shareholders' Equity $ 16,546,761 $ 13,919,430 $ 16,442,704 $ 12,853,920

Taxable equivalent net interest spread 3.16 % 3.26 % 3.17 % 3.32 %

Taxable equivalent net interest margin 3.31 % 3.55 % 3.37 % 3.62 %

(1) Gross of allowance for loan losses and net of unearned income. Includesnon-accrual and loans held for sale. Loan fees included in interest income onloans were $6.7 million and $0.5

million for the three months ended December 31, 2020 and 2019, respectively,and were $16.2 million and $1.8 million for the years ended December 31, 2020and 2019, respectively. As part

of loan fees for both the three months and year ended December 31, 2020, PPPloan fees were $5.7 million and $13.4 million. Additionally, loan accretionincluded in interest income on loans

acquired from prior acquisitions was $4.6 million and $4.9 million for thethree months ended December 31, 2020 and 2019, respectively, and was $17.0million and $17.9 million for the

years ended December 31, 2020 and 2019, respectively. Accretion on interestbearing liabilities acquired from prior acquisitions was $1.5 million and$1.9 million for the three months

ended December 31, 2020 and 2019, respectively, and was $9.5 million and $2.8million for the years ended December 31, 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 9

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

Quarter Ended

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

Interest and dividend income 2020 2020 2020 2020 2019

Loans, including fees $ 114,582 $ 116,524 $ 115,068 $ 119,503 $ 105,879

Interest and dividends on securities:

Taxable 10,892 11,669 14,047 16,986 16,586

Tax-exempt 4,059 4,182 4,302 4,456 4,563

Total interest and dividends on securities 14,951 15,851 18,349 21,442 21,149

Other interest income 945 1,282 1,277 1,503 1,281

Total interest and dividend income 130,478 133,657 134,694 142,448 128,309

Interest expense

Interest bearing demand deposits 1,099 1,225 1,350 3,393 4,054

Money market deposits 678 707 879 2,352 2,143

Savings deposits 280 303 297 923 935

Certificates of deposit 2,797 3,197 3,514 4,054 3,800

Total interest expense on deposits 4,854 5,432 6,040 10,723 10,932

Federal Home Loan Bank borrowings 3,719 5,457 7,293 8,232 7,279

Other short-term borrowings 275 304 279 870 1,009

Subordinated debt and junior subordinated debt 1,918 1,871 2,069 2,461 2,125

Total interest expense 10,766 13,064 15,681 22,286 21,345

Net interest income 119,712 120,593 119,013 120,162 106,964

Provision for credit losses (209) 16,288 61,841 29,821 1,824

Net interest income after provision for credit losses 119,921 104,305 57,172 90,341 105,140

Non-interest income

Trust fees 6,754 6,426 6,202 6,952 6,699

Service charges on deposits 5,671 5,332 4,323 6,617 7,171

Electronic banking fees 4,424 4,780 4,066 4,254 4,336

Net securities brokerage revenue 1,402 1,725 1,384 1,679 1,393

Bank-owned life insurance 1,750 2,088 1,752 1,769 1,882

Mortgage banking income 5,442 8,488 7,531 1,276 2,957

Net securities gains 691 787 1,299 1,491 520

Net gain / (loss) on other real estate owned and other assets 18 -19 -66 169 61

Other income 6,553 5,005 6,369 3,802 5,819

Total non-interest income 32,705 34,612 32,860 28,009 30,838

Non-interest expense

Salaries and wages 39,140 38,342 36,773 38,910 36,984

Employee benefits 10,608 10,604 10,138 10,373 9,894

Net occupancy 6,771 7,092 6,634 7,084 6,162

Equipment 6,810 6,229 5,722 6,039 5,570

Marketing 1,675 1,577 1,567 1,138 2,059

FDIC insurance 1,278 1,948 2,395 2,113 668

Amortization of intangible assets 3,327 3,346 3,365 3,374 2,916

Restructuring and merger-related expense 484 3,608 468 5,164 11,522

Other operating expenses 17,976 17,198 18,440 17,138 16,781

Total non-interest expense 88,069 89,943 85,502 91,333 92,556

Income before provision for income taxes 64,557 48,974 4,530 27,017 43,422

Provision for income taxes 11,703 7,669 42 3,621 7,046

Net Income 52,854 41,305 4,488 23,396 36,376

Preferred stock dividends 2,644 - - - -

Net income available to common shareholders $ 50,210 $ 41,305 $ 4,488 $ 23,396 $ 36,376

Taxable equivalent net interest income $ 120,790 $ 121,705 $ 120,156 $ 121,346 $ 108,177

Per common share data

Net income per common share - basic $ 0.75 $ 0.61 $ 0.07 $ 0.34 $ 0.60

Net income per common share - diluted 0.75 0.61 0.07 0.34 0.60

Net income per common share - diluted, excluding certain items (1)(2) 0.76 0.66 0.07 0.40 0.75

Dividends declared 0.32 0.32 0.32 0.32 0.31

Book value (period end) 38.84 38.51 38.23 38.56 38.24

Tangible book value (period end) (1) 21.75 21.39 21.10 21.36 21.55

Average common shares outstanding - basic 67,238,005 67,214,759 67,104,828 67,486,550 60,461,325

Average common shares outstanding - diluted 67,304,442 67,269,303 67,181,756 67,587,446 60,562,366

Period end common shares outstanding 67,254,706 67,216,012 67,211,192 67,058,155 67,824,428

Period end preferred shares outstanding 150,000 150,000 - - -

Full time equivalent employees 2,612 2,618 2,676 2,703 2,705

(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-taxrestructuring and merger-related expenses.

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 10

(unaudited, dollars in thousands)

Quarter Ended

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

Asset quality data 2020 2020 2020 2020 2019

Non-performing assets:

Troubled debt restructurings - accruing $ 3,927 $ 4,191 $ 5,105 $ 5,434 $ 5,431

Non-accrual loans:

Troubled debt restructurings 1,828 1,818 1,339 1,571 1,422

Other non-accrual loans 35,052 35,448 34,119 32,796 43,491

Total non-accrual loans 36,880 37,266 35,458 34,367 44,913

Total non-performing loans 40,807 41,457 40,563 39,801 50,344

Other real estate and repossessed assets 549 738 1,212 1,083 4,178

Total non-performing assets $ 41,356 $ 42,195 $ 41,775 $ 40,884 $ 54,522

Past due loans (1):

Loans past due 30-89 days $ 31,596 $ 17,338 $ 30,595 $ 32,805 $ 36,330

Loans past due 90 days or more 8,846 10,170 36,903 14,287 11,613

Total past due loans $ 40,442 $ 27,508 $ 67,498 $ 47,092 $ 47,943

Criticized and classified loans (2):

Criticized loans $ 362,295 $ 248,264 $ 148,580 $ 120,801 $ 118,959

Classified loans 132,650 108,594 98,127 95,162 103,519

Total criticized and classified loans $ 494,945 $ 356,858 $ 246,707 $ 215,963 $ 222,478

Loans past due 30-89 days / total portfolio loans (3) 0.29 % 0.16 % 0.28 % 0.32 % 0.35 %

Loans past due 90 days or more / total portfolio loans 0.08 0.09 0.33 0.14 0.11

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

Non-performing assets/total portfolio loans, other

real estate and repossessed assets 0.38 0.38 0.38 0.39 0.53

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

Criticized and classified loans / total portfolio loans 4.59 3.25 2.23 2.09 2.17

Allowance for credit losses

Allowance for credit losses - loans (4) $ 185,827 $ 185,109 $ 168,475 $ 114,272 $ 52,429

Provision for credit losses (5) (209) 16,288 61,841 29,821 1,824

Net loan and deposit account overdraft charge-offs and recoveries 524 (133) 1,942 4,716 4,476

Annualized net loan charge-offs and recoveries /average loans 0.02 % (0.00) % 0.07 % 0.18 % 0.20 %

Allowance for credit losses - loans / total portfolio loans 1.72 % 1.68 % 1.52 % 1.10 % 0.51 %

Allowance for credit losses - loans / total portfolio loans excluding PPP loans 1.85 % 1.83 % 1.65 % 1.10 % 0.51 %

Allowance for credit losses - loans / non-performing loans 4.55 x 4.47 x 4.15 x 2.87 x 1.04 x

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

loans past due 2.29 x 2.68 x 1.56 x 1.32 x 0.53 x

Quarter Ended

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

2020 2020 2020 2020 2019

Capital ratios

Tier I leverage capital 10.51 % 10.18 % 9.09 % 9.64 % 11.30 %

Tier I risk-based capital 14.72 14.29 12.59 12.51 12.89

Total risk-based capital 17.57 17.18 15.33 14.83 15.12

Common equity tier 1 capital ratio (CET 1) 13.40 12.99 12.59 12.51 12.89

Average shareholders' equity to average assets 16.59 15.92 15.57 16.43 16.73

Tangible equity to tangible assets (6) 10.52 10.27 9.09 9.65 10.02

Tangible common equity to tangible assets (6) 9.58 9.33 9.09 9.65 10.02

(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 $726.3 million of PPP loans as of December31, 2020.

Excludes the allowance for credit losses - loan commitments, which is included(4) in other liabilities, of $9.5 million, $10.8 million and $10.7 million as of December 31,

2020, September 30, 2020 and June 30, 2020, respectively.

The provision for credit losses includes ($1.3) million, $0.1 million and $5.1(5) million for loan commitments for the three months ended December 31, 2020, September 30,

2020 and June 30, 2020, respectively.

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

NON-GAAP FINANCIAL MEASURES Page 11

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

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

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

Return on average assets, excluding after-tax restructuring and merger-relatedexpenses:

Net income available to common shareholders $ 50,210 $ 41,305 $ 4,488 $ 23,396 $ 36,376 $ 119,400 $ 158,873

Plus: after-tax restructuring and merger-related expenses (1) 383 2,850 370 4,080 9,102 7,683 12,954

Net income available to common shareholders excluding after-tax restructuring 50,593 44,155 4,858 27,476 45,478 127,083 171,827 and merger-related expenses

Average total assets $ 16,546,761 $ 16,719,717 $ 16,715,211 $ 15,784,939 $ 13,919,430 $ 16,442,704 $ 12,853,920

Return on average assets, excluding after-tax restructuring and merger-related 1.22% 1.05% 0.12% 0.70% 1.30% 0.77% 1.34%expenses (annualized) (2)

Return on average equity, excluding after-tax restructuring and merger-relatedexpenses:

Net income available to common shareholders $ 50,210 $ 41,305 $ 4,488 $ 23,396 $ 36,376 $ 119,400 $ 158,873

Plus: after-tax restructuring and merger-related expenses (1) 383 2,850 370 4,080 9,102 7,683 12,954

Net income available to common shareholders excluding after-tax restructuring 50,593 44,155 4,858 27,476 45,478 127,083 171,827 and merger-related expenses

Average total shareholders' equity 2,744,936 2,662,513 2,602,938 2,594,069 2,329,121 2,651,402 2,119,995

Return on average equity, excluding after-tax restructuring and merger-related 7.33% 6.60% 0.75% 4.26% 7.75% 4.79% 8.11%expenses (annualized) (2)

Return on average tangible equity:

Net income available to common shareholders $ 50,210 $ 41,305 $ 4,488 $ 23,396 $ 36,376 $ 119,400 $ 158,873

Plus: amortization of intangibles (1) 2,628 2,643 2,658 2,665 2,304 10,595 8,169

Net income available to common shareholders before amortization of intangibles 52,838 43,948 7,146 26,061 38,680 129,995 167,042

Average total shareholders' equity 2,744,936 2,662,513 2,602,938 2,594,069 2,329,121 2,651,402 2,119,995

Less: average goodwill and other intangibles, net of def. tax liability (1,150,184) (1,150,549) (1,152,856) (1,112,327) (997,658) (1,141,528) (927,974)

Average tangible equity $ 1,594,752 $ 1,511,964 $ 1,450,082 $ 1,481,742 $ 1,331,463 $ 1,509,874 $ 1,192,021

Return on average tangible equity (annualized) (2) 13.18% 11.56% 1.98% 7.07% 11.53% 8.61% 14.01%

Average tangible common equity $ 1,450,243 $ 1,431,657 $ 1,450,082 $ 1,481,742 $ 1,331,463 $ 1,453,363 $ 1,192,021

Return on average tangible common equity (annualized) (2) 14.49% 12.21% 1.98% 7.07% 11.53% 8.94% 14.01%

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

Net income available to common shareholders $ 50,210 $ 41,305 $ 4,488 $ 23,396 $ 36,376 $ 119,400 $ 158,873

Plus: after-tax restructuring and merger-related expenses (1) 383 2,850 370 4,080 9,102 7,683 12,954

Plus: amortization of intangibles (1) 2,628 2,643 2,658 2,665 2,304 10,595 8,169

Net income available to common shareholders before amortization of intangibles

and excluding after-tax restructuring and merger-related expenses 53,221 46,798 7,516 30,141 47,782 137,678 179,996

Average total shareholders' equity 2,744,936 2,662,513 2,602,938 2,594,069 2,329,121 2,651,402 2,119,995

Less: average goodwill and other intangibles, net of def. tax liability (1,150,184) (1,150,549) (1,152,856) (1,112,327) (997,658) (1,141,528) (927,974)

Average tangible equity $ 1,594,752 $ 1,511,964 $ 1,450,082 $ 1,481,742 $ 1,331,463 $ 1,509,874 $ 1,192,021

Return on average tangible equity, excluding after-tax restructuring and 13.28% 12.31% 2.08% 8.18% 14.24% 9.12% 15.10%merger-related expenses (annualized) (2)

Average tangible common equity $ 1,450,243 $ 1,431,657 $ 1,450,082 $ 1,481,742 $ 1,331,463 $ 1,453,363 $ 1,192,021

Return on average tangible common equity, excluding after-tax restructuring and 14.60% 13.00% 2.08% 8.18% 14.24% 9.47% 15.10%merger-related expenses (annualized) (2)

Efficiency ratio:

Non-interest expense $ 88,069 $ 89,943 $ 85,502 $ 91,333 $ 92,556 $ 354,845 $ 312,208

Less: restructuring and merger-related expense (484) (3,608) (468) (5,164) (11,522) (9,725) (16,397)

Non-interest expense excluding restructuring and merger-related expense 87,585 86,335 85,034 86,169 81,034 345,120 295,811

Net interest income on a fully taxable equivalent basis 120,790 121,705 120,156 121,346 108,177 483,999 405,222

Non-interest income 32,705 34,612 32,860 28,009 30,838 128,185 116,716

Net interest income on a fully taxable equivalent basis plus non-interest $ 153,495 $ 156,317 $ 153,016 $ 149,355 $ 139,015 $ 612,184 $ 521,938 income

Efficiency Ratio 57.06% 55.23% 55.57% 57.69% 58.29% 56.38% 56.68%

Net income available to common shareholders, excluding after-tax restructuringand merger-related expenses:

Net income available to common shareholders $ 50,210 $ 41,305 $ 4,488 $ 23,396 $ 36,376 $ 119,400 $ 158,873

Add: After-tax restructuring and merger-related expenses (1) 383 2,850 370 4,080 9,102 7,683 12,954

Net income available to common shareholders, excluding after-tax restructuring $ 50,593 $ 44,155 $ 4,858 $ 27,476 $ 45,478 $ 127,083 $ 171,827and merger-related expenses

Net income per common share - diluted, excluding after-tax restructuring andmerger-related expenses:

Net income per common share - diluted $ 0.75 $ 0.61 $ 0.07 $ 0.35 $ 0.60 $ 1.77 $ 2.83

Add: After-tax restructuring and merger-related expenses per common share - 0.01 0.05 (0.00) 0.06 0.15 0.11 0.23 diluted (1)

Net income per common share - diluted, excluding after-tax restructuring and $ 0.76 $ 0.66 $ 0.07 $ 0.41 $ 0.75 $ 1.88 $ 3.06merger-related expenses

Period End

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

2020 2020 2020 2020 2019

Tangible book value per share:

Total shareholders' equity $ 2,756,737 $ 2,732,966 $ 2,569,521 $ 2,586,060 $ 2,593,921

Less: goodwill and other intangible assets, net of def. tax liability (1,149,161) (1,150,939) (1,151,523) (1,154,033) (1,132,262)

Less: preferred shareholder's equity (144,484) (144,529) - - -

Tangible common equity 1,463,092 1,437,498 1,417,998 1,432,027 1,461,659

Common shares outstanding 67,254,706 67,216,012 67,211,192 67,058,155 67,824,428

Tangible book value per share $ 21.75 $ 21.39 $ 21.10 $ 21.36 $ 21.55

Tangible common equity to tangible assets:

Total shareholders' equity $ 2,756,737 $ 2,732,966 $ 2,569,521 $ 2,586,060 $ 2,593,921

Less: goodwill and other intangible assets, net of def. tax liability (1,149,161) (1,150,939) (1,151,523) (1,154,033) (1,132,262)

Tangible equity 1,607,576 1,582,027 1,417,998 1,432,027 1,461,659

Less: preferred shareholder's equity (144,484) (144,529) - -

Tangible common equity 1,463,092 1,437,498 1,417,998 1,432,027 1,461,659

Total assets 16,425,610 16,552,140 16,755,395 15,995,572 15,720,112

Less: goodwill and other intangible assets, net of def. tax liability (1,149,161) (1,150,939) (1,151,523) (1,154,033) (1,132,262)

Tangible assets $ 15,276,449 $ 15,401,201 $ 15,603,872 $ 14,841,539 $ 14,587,850

Tangible equity to tangible assets 10.52% 10.27% 9.09% 9.65% 10.02%

Tangible common equity to tangible assets 9.58% 9.33% 9.09% 9.65% 10.02%

(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.

ADDITONAL 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

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

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

Pre-tax, pre-provision income:

Income before provision for income taxes $ 64,557 $ 48,974 $ 4,530 $ 27,017 $ 43,422 $ 145,079 $ 193,214

Add: provision for credit losses (209) 16,288 61,841 29,821 1,824 107,741 11,198

Pre-tax, pre-provision income $ 64,348 $ 65,262 $ 66,371 $ 56,838 $ 45,246 $ 252,820 $ 204,412

Pre-tax, pre-provision income, excluding restructuring and merger-relatedexpenses:

Income before provision for income taxes $ 64,557 $ 48,974 $ 4,530 $ 27,017 $ 43,422 $ 145,079 $ 193,214

Add: provision for credit losses (209) 16,288 61,841 29,821 1,824 107,741 11,198

Add: restructuring and merger-related expenses 484 3,608 468 5,164 11,522 9,725 16,397

Pre-tax, pre-provision income, excluding restructuring and merger-related $ 64,832 $ 68,870 $ 66,839 $ 62,002 $ 56,768 $ 262,545 $ 220,809expenses

Return on average assets, excluding certain items (1):

Income before provision for income taxes $ 64,557 $ 48,974 $ 4,530 $ 27,017 $ 43,422 $ 145,079 $ 193,214

Add: provision for credit losses (209) 16,288 61,841 29,821 1,824 107,741 11,198

Add: restructuring and merger-related expenses 484 3,608 468 5,164 11,522 9,725 16,397

Pre-tax, pre-provision income, excluding restructuring and merger-related 64,832 68,870 66,839 62,002 56,768 262,545 220,809expenses

Average total assets $ 16,546,761 $ 16,719,717 $ 16,715,211 $ 15,784,939 $ 13,919,430 $ 16,442,704 $ 12,853,920

Return on average assets, excluding certain items (annualized) (1) (2) 1.56% 1.64% 1.61% 1.58% 1.62% 1.60% 1.72%

Return on average equity, excluding certain items (1):

Income before provision for income taxes $ 64,557 $ 48,974 $ 4,530 $ 27,017 $ 43,422 $ 145,079 $ 193,214

Add: provision for credit losses (209) 16,288 61,841 29,821 1,824 107,741 11,198

Add: restructuring and merger-related expenses 484 3,608 468 5,164 11,522 9,725 16,397

Pre-tax, pre-provision income, excluding restructuring and merger-related 64,832 68,870 66,839 62,002 56,768 262,545 220,809expenses

Average total shareholders' equity 2,744,936 2,662,513 2,602,938 2,594,069 2,329,121 2,651,402 2,119,995

Return on average equity, excluding certain items (annualized) (1) (2) 9.40% 10.29% 10.33% 9.61% 9.67% 9.90% 10.42%

Return on average tangible equity, excluding certain items (1):

Income before provision for income taxes $ 64,557 $ 48,974 $ 4,530 $ 27,017 $ 43,422 $ 145,079 $ 193,214

Add: provision for credit losses (209) 16,288 61,841 29,821 1,824 107,741 11,198

Add: amortization of intangibles 3,327 3,346 3,365 3,374 2,916 13,411 10,340

Add: restructuring and merger-related expenses 484 3,608 468 5,164 11,522 9,725 16,397

Income before provision, restructuring and merger-related expenses and 68,159 72,216 70,204 65,376 59,684 275,956 231,149amortization of intangibles

Average total shareholders' equity 2,744,936 2,662,513 2,602,938 2,594,069 2,329,121 2,651,402 2,119,995

Less: average goodwill and other intangibles, net of def. tax liability (1,150,184) (1,150,549) (1,152,856) (1,112,327) (997,658) (1,141,528) (927,974)

Average tangible equity $ 1,594,752 $ 1,511,964 $ 1,450,082 $ 1,481,742 $ 1,331,463 $ 1,509,874 $ 1,192,021

Return on average tangible equity, excluding other items (annualized) (1) (2) 17.00% 19.00% 19.47% 17.75% 17.78% 18.28% 19.39%

Average tangible common equity $ 1,450,243 $ 1,431,657 $ 1,450,082 $ 1,481,742 $ 1,331,463 $ 1,453,363 $ 1,192,021

Return on average tangible common equity, excluding provision items 18.70% 20.07% 19.47% 17.75% 17.78% 18.99% 19.39%(annualized) (1) (2)

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

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

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SOURCE WesBanco, Inc.