PR Newswire | Jul 27, 2021 04:16PM EDT

07/27 15:15 CDT

WesBanco Announces Second Quarter 2021 Financial Results WHEELING, W.Va., July 27, 2021

WHEELING, W.Va., July 27, 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 six months ended June 30, 2021. Net income available to common shareholders for the period was $68.1 million, with diluted earnings per share of $1.01, compared to $4.5 million and $0.07 per diluted share, respectively, for the second quarter of 2020. For the six months ended June 30, 2021, net income was $138.6 million, or $2.06 per diluted share, compared to $27.9 million, or $0.41 per diluted share, for the 2020 period. Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended June 30, 2021, was $69.0 million, or $1.03 per diluted share, as compared to $4.9 million and $0.07 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, 2021 was $140.3 million, or $2.09 per diluted share, as compared to $32.3 million, or $0.48 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,

2021 2020 2021 2020

(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 available to common shareholders (Non-GAAP)^(1) $ 69,022 $ 1.03 $ 4,858 $ 0.07 $ 140,279 $ 2.09 $ 32,334 $ 0.48

Less: After-tax restructuring and merger-related expenses (965) (0.02) (370) - (1,638) (0.03) (4,450) (0.07)

Net income available to common shareholders (GAAP) $ 68,057 $ 1.01 $ 4,488 $ 0.07 $ 138,641 $ 2.06 $ 27,884 $ 0.41

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

WesBanco believes that pre-tax, pre-provision income ("PTPP") (non-GAAP measure) provides a more comparable year-over-year measure as it removes the provision for credit losses to improve comparability from period-to-period. For the three months ended June 30, 2021, PTPP, excluding restructuring and merger-related expenses, increased 3.8% year-over-year to $69.4 million, as compared to $66.8 million for the prior period. In addition, on the same basis, the PTPP return on average assets was 1.63% for the three months ended June 30, 2021, as compared to 1.61% in the prior year period. For the six months ended June 30, 2021, PTPP income, excluding restructuring and merger-related expenses, increased 3.7% year-over-year to $133.6 million, as compared to $128.8 million for the prior period.

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

* Deposit growth, excluding certificates of deposit ("CDs"), was 14.0% year-over-year, driven by growth in demand deposits * Trust assets under management increased 22.2% year-over-year to a record $5.5 billion, which was driven by both market appreciation and organic growth * Continued expense management demonstrated by a year-to-date efficiency ratio of 55.33% (non-GAAP measure) * Improving macro-economic factors favorably impacted the provision for credit losses under the Current Expected Credit Losses ("CECL") methodology, which drove both the net benefit in the provision for credit losses and the reduction in allowance for credit losses during the quarter * Key credit quality metrics such as non-performing assets, past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages, those with total assets between $10 billion and $25 billion (based upon the prior four quarters) * During the quarter, we purchased approximately 1.5 million shares of our common stock on the open market under existing share repurchase authorizations * WesBanco Bank was named, for the third year in a row, one of the world's best banks in an independent ranking based solely on customer satisfaction and feedback * We anticipate our core banking software system conversion to be completed during the third quarter, which will provide enhanced products and services for our customers, as well as improved operational efficiencies

"We are pleased with WesBanco's performance during the second quarter of 2021 as we continue to deliver pre-tax, pre-provision earnings growth," said Todd F. Clossin, President and Chief Executive Officer of WesBanco. "Our financial performance this quarter was again driven by strong fee income growth and disciplined expense management. In addition, we remain focused on ensuring a strong organization for our shareholders and will continue to appropriately return capital to them."

Mr. Clossin added, "The successful execution of our growth and diversification plans has enabled WesBanco to transform into an emerging regional financial institution with the majority of our organization in higher growth markets. This diversification, combined with our experienced teams, make us well-positioned to drive loan growth once the excess liquidity throughout our economies is absorbed. In fact, we have continued to make strategic hires across our organization and markets in order to strengthen our teams and enhance our ability to leverage growth opportunities once they fully return."

Balance SheetPortfolio loans of $10.4 billion as of June 30, 2021 decreased 6.5% when compared to the prior year period, due primarily to forgiveness of approximately $662 million of SBA Payroll Protection Program ("SBA PPP") loans and lower residential real estate and consumer loans. Further, when excluding SBA PPP loans, total loans decreased 4.1% year-over-year and 0.7% sequentially. During the second quarter, approximately 2,320 customers applied for and received forgiveness of their SBA PPP loans totaling $327 million; while our lenders assisted more than 780 businesses with Round 2 SBA PPP loans totaling approximately $27 million, through its conclusion at the end of May.

Total deposits increased 9.3% year-over-year to $13.3 billion due primarily to stimulus funds previously received by our customers and increased personal savings, which more than offset a $324.5 million reduction in CDs. Deposits, excluding CDs, increased 14.0% year-over-year, driven by a 14.4% increase in total demand deposits, which represent approximately 57% of total deposits.

Credit QualityAs of June 30, 2021, total loans past due, non-performing loans, and non-performing assets as percentages of the portfolio and total assets have remained relatively low and consistent throughout the last five quarters. In addition, we realized annualized net loan recoveries to average loans of three basis points. Reflecting improved macroeconomic factors and qualitative adjustments in the CECL calculation, the allowance for credit losses specific to total portfolio loans at June 30, 2021 was $140.7 million, or 1.36% of total loans; or, when excluding SBA PPP loans, 1.43% of total portfolio loans. The improvements in these macroeconomic factors resulted in a negative provision for credit losses of $21.0 million for the second quarter of 2021.

Net Interest Margin and IncomeThe net interest margin of 3.12% for the second quarter of 2021 decreased 15 basis points sequentially and 20 basis points from the second quarter of 2020, primarily due to the lower interest rate environment, and a mix shift of higher securities as a percentage of total assets. As a result of higher cash balances from additional stimulus funds received by our customers and their higher personal savings creating extra liquidity, investment securities increased by $1.0 billion year-over-year and represent approximately 23% of total assets, as of June 30, 2021. Reflecting the significantly lower interest rate environment, we aggressively reduced our deposit rates throughout the past year, which helped to lower deposit funding costs 13 basis points year-over-year to 17 basis points for the second quarter of 2021, or 12 basis points when including non-interest bearing deposits. The total cost of deposits was down 2 basis points sequentially. Furthermore, we continued to lower the cost of FHLB borrowings, down 17 basis points quarter-over-quarter, as second quarter average borrowings declined $0.1 billion, or 20.1%, from the first quarter to $0.4 billion, which have a remaining average life of less than one year. Accretion from acquisitions benefited the second quarter net interest margin by 12 basis points, as compared to 19 basis points in the prior year period and 13 basis points during the first quarter of 2021. Lastly, the forgiveness of existing and funding of new SBA PPP loans benefited the second quarter of 2021 net interest margin by a net 5 basis points, and should positively impact the net interest margin as the loans are forgiven during the next few quarters.

Net interest income decreased $3.2 million, or 2.7%, during the second quarter of 2021, as compared to the same quarter of 2021, reflecting lower loan yields due to repricing of existing loans and lower new offered rates in the current market environment, lower accretion from purchase accounting, and lower rates on new investment securities purchased, partially offset by lower interest paid on deposits and borrowings as described above. For the six months ended June 30, 2021, net interest income decreased $6.8 million, or 2.9%, due to the reasons discussed for the three-month period comparison.

Non-Interest IncomeFor the second quarter of 2021, non-interest income of $36.1 million increased $3.3 million, or 9.9%, from the second quarter of 2020, driven primarily by a net gain on other real estate owned and other assets, electronic banking fees, and trust fees, which were partially offset by lower other income and net securities gains. The net gain on other real estate owned and other assets of $4.0 million was due to a gain earned on an investment made by WesBanco's Community Development Corporation in a start-up firm more than ten years ago that was recently acquired by a public company. Electronic banking fees increased $1.0 million, or 24.4%, due primarily to increased point-of-sale transactions and ATM volumes. Trust fees increased $0.9 million, or 15.3%, due to market value appreciation and organic growth. Loan swap-related income, which is recorded in other income, of $1.0 million was offset during the quarter by a negative $1.0 million of fair market value adjustments, as compared, respectively, to $3.5 million and a negative $0.5 million last year.

Primarily reflecting the items discussed above, non-interest income, for the six months ended June 30, 2021, increased $8.5 million, or 13.9%. In addition, reflecting the low interest rate environment and organic growth, mortgage banking fees increased $3.3 million, or 37.3%, compared to the prior year period, net of fair value adjustments, while service charges on deposits were lower due to higher consumer deposits associated with the three rounds of stimulus to-date and lower general consumer spending, resulting in fewer eligible account fees.

Non-Interest ExpenseTotal operating expenses continued to be well-controlled through company-wide efforts to effectively manage discretionary costs and full-time equivalent employee counts, as demonstrated by a year-to-date efficiency ratio of 55.33%. Excluding restructuring and merger-related expenses, non-interest expense for the three months ended June 30, 2021 decreased $2.4 million, or 2.9%, to $82.6 million compared to the prior year period, primarily due to lower FDIC insurance expense, as well as continuing cost control measures over certain discretionary expenses. FDIC insurance expense decreased $2.2 million, or 92.4%, due to certain prior period reporting adjustments resulting in a $1.0 million refund and improved risk factors. Equipment and software expense for the second quarter of 2021 increased $1.6 million, or 27.2%, year-over-year due to increased asset size and the SBA PPP loan program. Other operating expenses decreased $1.1 million, or 6.1%, reflecting a $0.8 million state franchise tax refund.

On a similar basis, non-interest expense during the first half of 2021 decreased $3.1 million, or 1.8%, compared to the prior year period, due primarily to lower salaries and wages from financial center closures during the past year, lower FDIC insurance, and discretionary cost control which more than offset higher equipment and software costs, higher marketing expense from product advertising and brand awareness campaigns that were delayed from 2020 due to the COVID-19 pandemic, and mid-2020 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, 2021, Tier I leverage was 10.42%, Tier I risk-based capital ratio was 15.15%, common equity Tier 1 capital ratio ("CET 1") was 13.83%, and total risk-based capital was 17.68%.

During the second quarter of 2021, WesBanco repurchased 1,478,882 shares of its outstanding common stock on the open market at a total cost of $55.6 million. As of June 30, 2021, approximately 1.9 million shares remained for repurchase under existing share repurchase authorizations.

Conference Call and WebcastWesBanco will host a conference call to discuss the Company's financial results for the second quarter of 2021 at 10:00 a.m. ET on Wednesday, July 28, 2021. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com. Participants can also listen to the conference call by dialing 888-347-6607, 855-669-9657 for Canadian callers, or 412-902-4290 for international callers, and asking to be joined into the WesBanco call.

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 10150982. The replay will begin at approximately 12:00 p.m. ET on July 28, and end at 12 a.m. ET on August 11. 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, 2020 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, 2021, which are available at the SEC's website, www.sec.gov or at WesBanco's website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco's most recent Annual Report on Form 10-K filed with the SEC under "Risk Factors" in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions including the effects of the COVID-19 pandemic; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco's operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.

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 $5.5 billion of assets under management (as of June 30, 2021). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 206 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

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 2021 2020 % Change 2021 2020 % Change

Loans, including fees $ 105,968 $ 115,068 (7.9) $ 215,327 $ 234,571 (8.2)

Interest and dividends on securities:

Taxable 12,900 14,047 (8.2) 24,027 31,034 (22.6)

Tax-exempt 3,952 4,302 (8.1) 7,862 8,758 (10.2)

Total interest and dividends on securities 16,852 18,349 (8.2) 31,889 39,792 (19.9)

Other interest income 507 1,277 (60.3) 1,166 2,779 (58.0)

Total interest and dividend income 123,327 134,694 (8.4) 248,382 277,142 (10.4)

Interest expense

Interest bearing demand deposits 1,009 1,350 (25.3) 2,052 4,745 (56.8)

Money market deposits 551 879 (37.3) 1,130 3,231 (65.0)

Savings deposits 261 297 (12.1) 525 1,220 (57.0)

Certificates of deposit 2,026 3,514 (42.3) 4,396 7,568 (41.9)

Total interest expense on deposits 3,847 6,040 (36.3) 8,103 16,764 (51.7)

Federal Home Loan Bank borrowings 1,781 7,293 (75.6) 4,195 15,525 (73.0)

Other short-term borrowings 40 279 (85.7) 159 1,149 (86.2)

Subordinated debt and junior subordinated debt 1,804 2,069 (12.8) 3,593 4,530 (20.7)

Total interest expense 7,472 15,681 (52.3) 16,050 37,968 (57.7)

Net interest income 115,855 119,013 (2.7) 232,332 239,174 (2.9)

Provision for credit losses (21,025) 61,841 (134.0) (48,984) 91,661 (153.4)

Net interest income after provision for credit losses 136,880 57,172 139.4 281,316 147,513 90.7

Non-interest income

Trust fees 7,148 6,202 15.3 14,780 13,154 12.4

Service charges on deposits 4,876 4,323 12.8 9,770 10,940 (10.7)

Electronic banking fees 5,060 4,066 24.4 9,426 8,320 13.3

Net securities brokerage revenue 1,829 1,384 32.2 3,352 3,063 9.4

Bank-owned life insurance 1,707 1,752 (2.6) 3,416 3,521 (3.0)

Mortgage banking income 7,830 7,531 4.0 12,094 8,807 37.3

Net securities gains 477 1,299 (63.3) 756 2,790 (72.9)

Net gain/(loss) on other real estate owned and other assets 4,014 (66) NM 4,189 103 NM

Other income 3,171 6,369 (50.2) 11,537 10,171 13.4

Total non-interest income 36,112 32,860 9.9 69,320 60,869 13.9

Non-interest expense

Salaries and wages 37,435 36,773 1.8 74,324 75,683 (1.8)

Employee benefits 9,268 10,138 (8.6) 19,534 20,511 (4.8)

Net occupancy 6,427 6,634 (3.1) 13,605 13,717 (0.8)

Equipment and software 7,281 5,722 27.2 14,045 11,761 19.4

Marketing 1,802 1,567 15.0 4,185 2,705 54.7

FDIC insurance 181 2,395 (92.4) 1,462 4,508 (67.6)

Amortization of intangible assets 2,873 3,365 (14.6) 5,769 6,739 (14.4)

Restructuring and merger-related expense 1,222 468 161.1 2,074 5,633 (63.2)

Other operating expenses 17,323 18,440 (6.1) 35,141 35,578 (1.2)

Total non-interest expense 83,812 85,502 (2.0) 170,139 176,835 (3.8)

Income before provision for income taxes 89,180 4,530 NM 180,497 31,547 472.2

Provision for income taxes 18,592 42 NM 36,793 3,663 904.4

Net Income 70,588 4,488 NM 143,704 27,884 415.4

Preferred stock dividends 2,531 - 100.0 5,063 - 100.0

Net income available to common shareholders $ 68,057 $ 4,488 NM $ 138,641 $ 27,884 397.2

Taxable equivalent net interest income $ 116,906 $ 120,156 (2.7) $ 234,423 $ 241,502 (2.9)

Per common share data

Net income per common share - basic $ 1.02 $ 0.07 NM $ 2.07 $ 0.41 404.9

Net income per common share - diluted 1.01 0.07 NM 2.06 0.41 402.4

Net income per common share - diluted, excluding certain items (1)(2) 1.03 0.07 NM 2.09 0.48 335.4

Dividends declared 0.33 0.32 3.1 0.66 0.64 3.1

Book value (period end) 39.96 38.23 4.5 39.96 38.23 4.5

Tangible book value (period end) (1) 22.61 21.10 7.2 22.61 21.10 7.2

Average common shares outstanding - basic 66,894,398 67,104,628 (0.3) 67,078,036 67,295,589 (0.3)

Average common shares outstanding - diluted 67,066,592 67,181,755 (0.2) 67,239,548 67,410,460 (0.3)

Period end common shares outstanding 65,970,149 67,211,192 (1.8) 65,970,149 67,211,192 (1.8)

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 Six Months Ended

June 30,

2021 2020 % Change

Return on average assets 1.66 % 0.35 % 374.29 %

Return on average assets, excluding

after-tax restructuring and merger-related expenses (1) 1.68 0.40 320.00

Return on average equity 10.04 2.16 364.81

Return on average equity, excluding

after-tax restructuring and merger-related expenses (1) 10.15 2.50 306.00

Return on average tangible equity (1) 17.62 4.56 286.40

Return on average tangible equity, excluding

after-tax restructuring and merger-related expenses (1) 17.82 5.17 244.68

Return on average tangible common equity (1) 19.32 4.56 323.68

Return on average tangible common equity, excluding

after-tax restructuring and merger-related expenses (1) 19.54 5.17 277.95

Yield on earning assets (2) 3.41 3.96 (13.89)

Cost of interest bearing liabilities 0.34 0.77 (55.84)

Net interest spread (2) 3.07 3.19 (3.76)

Net interest margin (2) 3.19 3.42 (6.73)

Efficiency (1) (2) 55.33 56.62 (2.28)

Average loans to average deposits 82.47 93.18 (11.49)

Annualized net loan charge-offs/average loans (0.00) 0.13 (100.00)

Effective income tax rate 20.38 11.61 75.54

For the Three Months Ended

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

2021 2021 2020 2020 2020

Return on average assets 1.60 % 1.72 % 1.21 % 0.98 % 0.11 %

Return on average assets, excluding

after-tax restructuring and merger-related expenses (1) 1.62 1.74 1.22 1.05 0.12

Return on average equity 9.74 10.33 7.28 6.17 0.69

Return on average equity, excluding

after-tax restructuring and merger-related expenses (1) 9.88 10.43 7.33 6.60 0.75

Return on average tangible equity (1) 17.04 18.22 13.18 11.56 1.98

Return on average tangible equity, excluding

after-tax restructuring and merger-related expenses (1) 17.27 18.39 13.28 12.31 2.08

Return on average tangible common equity (1) 18.67 20.00 14.49 12.21 1.98

Return on average tangible common equity, excluding .

after-tax restructuring and merger-related expenses (1) 18.92 20.18 14.60 13.00 2.08

Yield on earning assets (2) 3.32 3.51 3.61 3.66 3.75

Cost of interest bearing liabilities 0.31 0.37 0.45 0.53 0.63

Net interest spread (2) 3.01 3.14 3.16 3.13 3.12

Net interest margin (2) 3.12 3.27 3.31 3.31 3.32

Efficiency (1) (2) 53.97 56.71 57.06 55.23 55.57

Average loans to average deposits 79.82 85.27 89.64 90.88 91.87

Annualized net loan charge-offs and recoveries /average loans (0.03) 0.02 0.02 (0.00) 0.07

Effective income tax rate 20.85 19.93 18.13 15.66 0.93

Trust assets, market value at period end $ 5,480,995 $ 5,244,370 $ 5,025,565 $ 4,649,054 $ 4,487,042

(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) andannualized basis. The FTE basis adjusts for the tax benefit of income oncertain tax-exempt loans and investments. WesBanco believes this measure tobe the preferred industry measurement of net interest income and provides arelevant comparison between taxable and non-taxable amounts.

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 7

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

Balance sheet June 30, December 31, December 31, 2020

Assets 2021 2020 % Change 2020 to June 30, 2021

Cash and due from banks $ 208,992 $ 219,022 (4.6) $ 184,361 13.4

Due from banks - interest bearing 637,312 671,312 (5.1) 721,086 (11.6)

Securities:

Equity securities, at fair value 13,494 12,277 9.9 13,047 3.4

Available-for-sale debt securities, at fair value 2,964,264 2,073,949 42.9 1,978,136 49.9

Held-to-maturity debt securities (fair values of $934,487; $802,666

and $768,183, respectively) 902,172 766,416 17.7 731,212 23.4

Allowance for credit losses, held-to-maturity debt securities (227) (817) 72.2 (326) 30.4

Net held-to-maturity debt securities 901,945 765,599 17.8 730,886 23.4

Total securities 3,879,703 2,851,825 36.0 2,722,069 42.5

Loans held for sale 41,461 53,324 (22.2) 168,378 (75.4)

Portfolio loans:

Commercial real estate 5,705,246 5,694,457 0.2 5,705,392 (0.0)

Commercial and industrial 2,119,186 2,496,096 (15.1) 2,407,438 (12.0)

Residential real estate 1,625,632 1,893,544 (14.1) 1,720,961 (5.5)

Home equity 631,059 646,323 (2.4) 646,387 (2.4)

Consumer 276,069 343,723 (19.7) 309,055 (10.7)

Total portfolio loans, net of unearned income 10,357,192 11,074,143 (6.5) 10,789,233 (4.0)

Allowance for credit losses - loans (1) (140,730) (168,475) 16.5 (185,827) 24.3

Net portfolio loans 10,216,462 10,905,668 (6.3) 10,603,406 (3.6)

Premises and equipment, net 235,227 255,306 (7.9) 249,421 (5.7)

Accrued interest receivable 64,020 59,151 8.2 66,790 (4.1)

Goodwill and other intangible assets, net 1,157,322 1,166,853 (0.8) 1,163,091 (0.5)

Bank-owned life insurance 309,454 303,022 2.1 306,038 1.1

Other assets 216,914 269,912 (19.6) 240,970 (10.0)

Total Assets $ 16,966,867 $ 16,755,395 1.3 $ 16,425,610 3.3

Liabilities

Deposits:

Non-interest bearing demand $ 4,409,221 $ 4,067,903 8.4 $ 4,070,835 8.3

Interest bearing demand 3,214,484 2,596,132 23.8 2,839,536 13.2

Money market 1,771,686 1,610,248 10.0 1,685,927 5.1

Savings deposits 2,438,328 2,103,154 15.9 2,214,565 10.1

Certificates of deposit 1,484,536 1,809,016 (17.9) 1,618,510 (8.3)

Total deposits 13,318,255 12,186,453 9.3 12,429,373 7.2

Federal Home Loan Bank borrowings 313,960 1,129,631 (72.2) 549,003 (42.8)

Other short-term borrowings 135,267 390,777 (65.4) 241,950 (44.1)

Subordinated debt and junior subordinated debt 192,571 192,080 0.3 192,291 0.1

Total borrowings 641,798 1,712,488 (62.5) 983,244 (34.7)

Accrued interest payable 3,342 6,040 (44.7) 4,314 (22.5)

Other liabilities 222,636 280,893 (20.7) 251,942 (11.6)

Total Liabilities 14,186,031 14,185,874 0.0 13,668,873 3.8

Shareholders' Equity

Preferred stock, no par value; 1,000,000 shares authorized in 2021 and 2020,respectively;

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

liquidation preference $150.0 million, issued and outstanding at June 30, 2021 and

December 31, 2020 and 0 shares issued and outstanding at June 30, 2020, 144,484 - 100.0 144,484 - respectively.

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

2021 and 2020, respectively; 68,081,306, 68,078,116 and 68,081,306 shares

issued, respectively; 65,970,149, 67,211,192 and 67,254,706 shares 141,834 141,827 0.0 141,834 -

outstanding, respectively

Capital surplus 1,632,460 1,633,079 (0.0) 1,634,815 (0.1)

Retained earnings 925,977 782,990 18.3 831,688 11.3

Treasury stock ( 2,111,157, 866,924 and 826,600 shares - at cost, respectively) (74,996) (27,518) (172.5) (25,949) (189.0)

Accumulated other comprehensive income 12,586 40,516 (68.9) 31,359 (59.9)

Deferred benefits for directors (1,509) (1,373) (9.9) (1,494) (1.0)

Total Shareholders' Equity 2,780,836 2,569,521 8.2 2,756,737 0.9

Total Liabilities and Shareholders' Equity $ 16,966,867 $ 16,755,395 1.3 $ 16,425,610 3.3

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 8

(unaudited, dollars in thousands, except shares)

Balance sheet June 30, March 31,

Assets 2021 2021 % Change

Cash and due from banks $ 208,992 $ 209,040 (0.0)

Due from banks - interest bearing 637,312 550,008 15.9

Securities:

Equity securities, at fair value 13,494 13,123 2.8

Available-for-sale, at fair value 2,964,264 2,775,212 6.8

Held-to-maturity (fair values of $934,487 and 839,872, respectively) 902,172 813,740 10.9

Allowance for credit losses, held-to-maturity debt securities (227) (290) 21.7

Net held-to-maturity debt securities 901,945 813,450 21.7

Total securities 3,879,703 3,601,785 10.9

Loans held for sale 41,461 153,520 7.7

Portfolio Loans:

Commercial real estate 5,705,246 5,712,742 (0.1)

Commercial and industrial 2,119,186 2,422,735 (12.5)

Residential real estate 1,625,632 1,644,422 (1.1)

Home equity 631,059 634,018 (0.5)

Consumer 276,069 289,395 (4.6)

Total portfolio loans, net of unearned income 10,357,192 10,703,312 (3.2)

Allowance for credit losses - loans (140,730) (160,040) 12.1

Net portfolio loans 10,216,462 10,543,272 (3.1)

Premises and equipment, net 235,227 239,863 (1.9)

Accrued interest receivable 64,020 68,896 (7.1)

Goodwill and other intangible assets, net 1,157,322 1,160,195 (0.2)

Bank-owned life insurance 309,454 307,747 0.6

Other assets 216,914 223,462 (2.9)

Total Assets $ 16,966,867 $ 17,057,788 (0.5)

Liabilities

Deposits:

Non-interest bearing demand 4,409,221 $ 4,460,049 (1.1)

Interest bearing demand 3,214,484 3,126,186 2.8

Money market 1,771,686 1,771,703 (0.0)

Savings deposits 2,438,328 2,373,987 2.7

Certificates of deposit 1,484,536 1,555,074 (4.5)

Total deposits 13,318,255 13,286,999 0.2

Federal Home Loan Bank borrowings 313,960 433,984 (27.7)

Other short-term borrowings 135,267 137,218 (1.4)

Subordinated debt and junior subordinated debt 192,571 192,430 0.1

Total borrowings 641,798 763,632 (16.0)

Accrued interest payable 3,342 3,224 3.7

Other liabilities 222,636 218,411 1.9

Total liabilities 14,186,031 14,272,266 (0.6)

Shareholders' Equity

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

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

liquidation preference $150.0 million, issued and outstanding at June 30, 2021

and March 31, 2021, respectively 144,484 144,484 -

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

68,081,306 and 68,081,306 shares issued, respectively;

65,970,149 and 67,282,134 shares outstanding, respectively 141,834 141,834 -

Capital surplus 1,632,460 1,636,103 (0.2)

Retained earnings 925,977 879,786 5.3

Treasury stock (2,111,157 and 799,172 shares - at cost) (74,996) (24,989) (200.1)

Accumulated other comprehensive income 12,586 9,803 28.4

Deferred benefits for directors (1,509) (1,499) (0.7)

Total Shareholders' Equity 2,780,836 2,785,522 (0.2)

Total Liabilities and Shareholders' Equity $ 16,966,867 $ 17,057,788 (0.5)

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 9

(unaudited, dollars in thousands)

Average balance sheet and

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

2021 2020 2021 2020

Average Average Average Average Average Average Average Average

Assets Balance Rate Balance Rate Balance Rate Balance Rate

Due from banks - interest bearing $ 696,967 0.09 % $ 637,979 0.17 % $ 736,387 0.09 % $ 385,755 0.35 %

Loans, net of unearned income (1) 10,641,970 3.99 10,955,694 4.22 10,765,483 4.03 10,665,441 4.42

Securities: (2)

Taxable 3,042,009 1.70 2,288,409 2.47 2,676,198 1.81 2,432,539 2.57

Tax-exempt (3) 599,980 3.34 622,637 3.52 590,144 3.40 634,612 3.51

Total securities 3,641,989 1.97 2,911,046 2.69 3,266,342 2.10 3,067,151 2.76

Other earning assets 28,702 4.95 71,493 5.68 30,958 5.45 70,537 6.02

Total earning assets (3) 15,009,628 3.32 % 14,576,212 3.75 % 14,799,170 3.41 % 14,188,884 3.96 %

Other assets 2,032,519 2,138,999 2,041,154 2,061,191

Total Assets $ 17,042,147 $ 16,715,211 $ 16,840,324 $ 16,250,075

Liabilities and Shareholders' Equity

Interest bearing demand deposits $ 3,147,915 0.13 % $ 2,558,768 0.21 % $ 3,059,830 0.14 % $ 2,450,605 0.39 %

Money market accounts 1,774,556 0.12 1,603,395 0.22 1,750,194 0.13 1,573,579 0.41

Savings deposits 2,414,824 0.04 2,060,392 0.06 2,353,083 0.04 2,006,940 0.12

Certificates of deposit 1,519,590 0.53 1,846,929 0.77 1,551,692 0.57 1,918,189 0.79

Total interest bearing deposits 8,856,885 0.17 8,069,484 0.30 8,714,799 0.19 7,949,313 0.42

Federal Home Loan Bank borrowings 390,020 1.83 1,381,093 2.12 438,932 1.93 1,426,134 2.19

Other borrowings 130,171 0.12 365,793 0.31 160,753 0.20 350,917 0.66

Subordinated debt and junior subordinated debt 192,483 3.76 192,021 4.33 192,412 3.77 195,257 4.67

Total interest bearing liabilities (4) 9,569,559 0.31 % 10,008,391 0.63 % 9,506,896 0.34 % 9,921,621 0.77 %

Non-interest bearing demand deposits 4,474,784 3,856,291 4,338,546 3,496,784

Other liabilities 196,350 247,591 208,861 233,166

Shareholders' equity 2,801,455 2,602,938 2,786,021 2,598,504

Total Liabilities and Shareholders' Equity $ 17,042,147 $ 16,715,211 $ 16,840,324 $ 16,250,075

Taxable equivalent net interest spread 3.01 % 3.12 % 3.07 % 3.19 %

Taxable equivalent net interest margin 3.12 % 3.32 % 3.19 % 3.42 %

(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 $6.5 million and $2.6 million for the three months ended June 30,2021 and 2020, respectively, and were $14.7 million and $3.3 million for thesix months ended June 30, 2021 and 2020, respectively. As part of loan fees,PPP loan fees were $7.8 million and $2.1 million for the three months endedJune 30, 2021 and 2020, respectively and $17.7 million and $2.1 million for thesix months ended June 30, 2021 and 2020, respectively. Additionally, loanaccretion included in interest income on loans acquired from prior acquisitionswas $3.8 million and $4.1 million for the three months ended June 30, 2021 and2020, respectively. and $7.3 million and $8.2 million for the six months endedJune 30, 2021 and 2020, 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.

(4) Accretion on interest bearing liabilities acquired from prior acquisitionswas $0.8 million and $2.6 million for the three months ended June 30, 2021 and2020, respectively, and $1.9 million and $6.0 million for the six months endedJune 30, 2021 and 2020, respectively.

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 2021 2021 2020 2020 2020

Loans, including fees $ 105,968 $ 109,358 $ 114,582 $ 116,524 $ 115,068

Interest and dividends on securities:

Taxable 12,900 11,127 10,892 11,669 14,047

Tax-exempt 3,952 3,910 4,059 4,182 4,302

Total interest and dividends on securities 16,852 15,037 14,951 15,851 18,349

Other interest income 507 659 945 1,282 1,277

Total interest and dividend income 123,327 125,054 130,478 133,657 134,694

Interest expense

Interest bearing demand deposits 1,009 1,043 1,099 1,225 1,350

Money market deposits 551 578 678 707 879

Savings deposits 261 264 280 303 297

Certificates of deposit 2,026 2,370 2,797 3,197 3,514

Total interest expense on deposits 3,847 4,255 4,854 5,432 6,040

Federal Home Loan Bank borrowings 1,781 2,414 3,719 5,457 7,293

Other short-term borrowings 40 118 275 304 279

Subordinated debt and junior subordinated debt 1,804 1,789 1,918 1,871 2,069

Total interest expense 7,472 8,576 10,766 13,064 15,681

Net interest income 115,855 116,478 119,712 120,593 119,013

Provision for credit losses (21,025) (27,958) (209) 16,288 61,841

Net interest income after provision for credit losses 136,880 144,436 119,921 104,305 57,172

Non-interest income

Trust fees 7,148 7,631 6,754 6,426 6,202

Service charges on deposits 4,876 4,894 5,671 5,332 4,323

Electronic banking fees 5,060 4,365 4,424 4,780 4,066

Net securities brokerage revenue 1,829 1,524 1,402 1,725 1,384

Bank-owned life insurance 1,707 1,709 1,750 2,088 1,752

Mortgage banking income 7,830 4,264 5,442 8,488 7,531

Net securities gains 477 279 691 787 1,299

Net gain / (loss) on other real estate owned and other assets 4,014 175 18 (19) (66)

Other income 3,171 8,367 6,553 5,005 6,369

Total non-interest income 36,112 33,208 32,705 34,612 32,860

Non-interest expense

Salaries and wages 37,435 36,890 39,140 38,342 36,773

Employee benefits 9,268 10,266 10,608 10,604 10,138

Net occupancy 6,427 7,177 6,771 7,092 6,634

Equipment and software 7,281 6,765 6,810 6,229 5,722

Marketing 1,802 2,384 1,675 1,577 1,567

FDIC insurance 181 1,282 1,278 1,948 2,395

Amortization of intangible assets 2,873 2,896 3,327 3,346 3,365

Restructuring and merger-related expense 1,222 851 484 3,608 468

Other operating expenses 17,323 17,816 17,976 17,198 18,440

Total non-interest expense 83,812 86,327 88,069 89,943 85,502

Income before provision for income taxes 89,180 91,317 64,557 48,974 4,530

Provision for income taxes 18,592 18,202 11,703 7,669 42

Net Income 70,588 73,115 52,854 41,305 4,488

Preferred stock dividends 2,531 2,531 2,644 - -

Net income available to common shareholders $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 4,488

Taxable equivalent net interest income $ 116,906 $ 117,517 $ 120,790 $ 121,705 $ 120,156

Per common share data

Net income per common share - basic $ 1.02 $ 1.05 $ 0.75 $ 0.61 $ 0.07

Net income per common share - diluted 1.01 1.05 0.75 0.61 0.07

Net income per common share - diluted, excluding certain items (1)(2) 1.03 1.06 0.76 0.66 0.07

Dividends declared 0.33 0.33 0.32 0.32 0.32

Book value (period end) 39.96 39.25 38.84 38.51 38.23

Tangible book value (period end) (1) 22.61 22.21 21.75 21.39 21.10

Average common shares outstanding - basic 66,894,398 67,263,714 67,238,005 67,214,759 67,104,628

Average common shares outstanding - diluted 67,066,592 67,335,418 67,304,442 67,269,303 67,181,755

Period end common shares outstanding 65,970,149 67,282,134 67,254,706 67,216,012 67,211,192

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

Full time equivalent employees 2,459 2,490 2,612 2,618 2,676

(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 11

(unaudited, dollars in thousands)

Quarter Ended

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

Asset quality data 2021 2021 2020 2020 2020

Non-performing assets:

Troubled debt restructurings - accruing $ 5,799 $ 3,563 $ 3,927 $ 4,191 $ 5,105

Non-accrual loans:

Troubled debt restructurings 1,664 1,768 1,828 1,818 1,339

Other non-accrual loans 34,548 32,807 35,052 35,448 34,119

Total non-accrual loans 36,212 34,575 36,880 37,266 35,458

Total non-performing loans 42,011 38,138 40,807 41,457 40,563

Other real estate and repossessed assets 773 393 549 738 1,212

Total non-performing assets $ 42,784 $ 38,531 $ 41,356 $ 42,195 $ 41,775

Past due loans (1):

Loans past due 30-89 days $ 21,233 $ 20,602 $ 31,596 $ 17,338 $ 30,595

Loans past due 90 days or more 8,318 12,824 8,846 10,170 36,903

Total past due loans $ 29,551 $ 33,426 $ 40,442 $ 27,508 $ 67,498

Criticized and classified loans (2):

Criticized loans $ 319,448 $ 340,943 $ 362,295 $ 248,264 $ 148,580

Classified loans 136,927 114,884 132,650 108,594 98,127

Total criticized and classified loans $ 456,375 $ 455,827 $ 494,945 $ 356,858 $ 246,707

Loans past due 30-89 days / total portfolio loans (3) 0.21 % 0.19 % 0.29 % 0.16 % 0.28 %

Loans past due 90 days or more / total portfolio loans 0.08 0.12 0.08 0.09 0.33

Non-performing loans / total portfolio loans 0.41 0.36 0.38 0.38 0.37

Non-performing assets/total portfolio loans, other

real estate and repossessed assets 0.41 0.36 0.38 0.38 0.38

Non-performing assets / total assets 0.25 0.23 0.25 0.26 0.25

Criticized and classified loans / total portfolio loans 4.41 4.26 4.59 3.25 2.23

Allowance for credit losses

Allowance for credit losses - loans $ 140,730 $ 160,040 $ 185,827 $ 185,109 $ 168,475

Allowance for credit losses - loan commitments 5,766 6,731 9,514 10,829 10,685

Provision for credit losses (21,025) (27,958) (209) 16,288 61,841

Net loan and deposit account overdraft charge-offs and recoveries (689) 648 524 (133) 1,942

Annualized net loan charge-offs and recoveries /average loans (0.03) % 0.02 % 0.02 % (0.00) % 0.07 %

Allowance for credit losses - loans / total portfolio loans 1.36 % 1.50 % 1.72 % 1.68 % 1.52 %

Allowance for credit losses - loans / total portfolio loans excluding PPP loans 1.43 % 1.62 % 1.85 % 1.83 % 1.65 %

Allowance for credit losses - loans / non-performing loans 3.35 x 4.20 x 4.55 x 4.47 x 4.15 x

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

loans past due 1.97 x 2.24 x 2.29 x 2.68 x 1.56 x

Quarter Ended

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

2021 2021 2020 2020 2020

Capital ratios

Tier I leverage capital 10.42 % 10.74 % 10.51 % 10.18 % 9.09 %

Tier I risk-based capital 15.15 14.95 14.72 14.29 12.59

Total risk-based capital 17.68 17.58 17.58 17.18 15.33

Common equity tier 1 capital ratio (CET 1) 13.83 13.65 13.40 12.99 12.59

Average shareholders' equity to average assets 16.44 16.65 16.59 15.92 15.57

Tangible equity to tangible assets (4) 10.34 10.30 10.52 10.27 9.09

Tangible common equity to tangible assets (4) 9.43 9.39 9.58 9.33 9.09

(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 $543.6 million of PPP loans as of June 30,2021.

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

WESBANCO, INC.

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) 2021 2021 2020 2020 2020 2021 2020

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

Net income available to common shareholders $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 4,488 $ 138,641 $ 27,884

Plus: after-tax restructuring and merger-related expenses (1) 965 672 383 2,850 370 1,638 4,450

Net income available to common shareholders excluding after-tax restructuring 69,022 71,256 50,593 44,155 4,858 140,279 32,334 and merger-related expenses

Average total assets $ 17,042,147 $ 16,636,258 $ 16,546,761 $ 16,719,717 $ 16,715,211 $ 16,840,324 $ 16,250,075

Return on average assets, excluding after-tax restructuring and merger-related 1.62% 1.74% 1.22% 1.05% 0.12% 1.68% 0.40%expenses (annualized) (2)

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

Net income available to common shareholders $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 4,488 $ 138,641 $ 27,884

Plus: after-tax restructuring and merger-related expenses (1) 965 672 383 2,850 370 1,638 4,450

Net income available to common shareholders excluding after-tax restructuring 69,022 71,256 50,593 44,155 4,858 140,279 32,334 and merger-related expenses

Average total shareholders' equity $ 2,801,455 $ 2,770,416 $ 2,744,936 $ 2,662,513 $ 2,602,938 $ 2,786,021 $ 2,598,504

Return on average equity, excluding after-tax restructuring and merger-related 9.88% 10.43% 7.33% 6.60% 0.75% 10.15% 2.50%expenses (annualized) (2)

Return on average tangible equity:

Net income available to common shareholders $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 4,488 $ 138,641 $ 27,884

Plus: amortization of intangibles (1) 2,270 2,288 2,628 2,643 2,658 4,558 5,324

Net income available to common shareholders before amortization of intangibles 70,327 72,872 52,838 43,948 7,146 143,199 33,208

Average total shareholders' equity 2,801,455 2,770,416 2,744,936 2,662,513 2,602,938 2,786,021 2,598,504

Less: average goodwill and other intangibles, net of def. tax liability (1,145,882) (1,148,171) (1,150,184) (1,150,549) (1,152,856) (1,147,020) (1,132,591)

Average tangible equity $ 1,655,573 $ 1,622,245 $ 1,594,752 $ 1,511,964 $ 1,450,082 $ 1,639,001 $ 1,465,913

Return on average tangible equity (annualized) (2) 17.04% 18.22% 13.18% 11.56% 1.98% 17.62% 4.56%

Average tangible common equity $ 1,511,089 $ 1,477,736 $ 1,450,243 $ 1,431,657 $ 1,450,082 $ 1,494,517 $ 1,465,913

Return on average tangible common equity (annualized) (2) 18.67% 20.00% 14.49% 12.21% 1.98% 19.32% 4.56%

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

Net income available to common shareholders $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 4,488 $ 138,641 $ 27,884

Plus: after-tax restructuring and merger-related expenses (1) 965 672 383 2,850 370 1,638 4,450

Plus: amortization of intangibles (1) 2,270 2,288 2,628 2,643 2,658 4,558 5,324

Net income available to common shareholders before amortization of intangibles

and excluding after-tax restructuring and merger-related expenses 71,292 73,544 53,221 46,798 7,516 144,837 37,659

Average total shareholders' equity 2,801,455 2,770,416 2,744,936 2,662,513 2,602,938 2,786,021 2,598,504

Less: average goodwill and other intangibles, net of def. tax liability (1,145,882) (1,148,171) (1,150,184) (1,150,549) (1,152,856) (1,147,020) (1,132,591)

Average tangible equity $ 1,655,573 $ 1,622,245 $ 1,594,752 $ 1,511,964 $ 1,450,082 $ 1,639,001 $ 1,465,913

Return on average tangible equity, excluding after-tax restructuring and 17.27% 18.39% 13.28% 12.31% 2.08% 17.82% 5.17%merger-related expenses (annualized) (2)

Average tangible common equity $ 1,511,089 $ 1,477,736 $ 1,450,243 $ 1,431,657 $ 1,450,082 $ 1,494,517 $ 1,465,913

Return on average tangible common equity, excluding after-tax restructuring and 18.92% 20.18% 14.60% 13.00% 2.08% 19.54% 5.17%merger-related expenses (annualized) (2)

Efficiency ratio:

Non-interest expense $ 83,812 $ 86,327 $ 88,069 $ 89,943 $ 85,502 $ 170,139 $ 176,835

Less: restructuring and merger-related expense (1,222) (851) (484) (3,608) (468) (2,074) (5,633)

Non-interest expense excluding restructuring and merger-related expense 82,590 85,476 87,585 86,335 85,034 168,065 171,202

Net interest income on a fully taxable equivalent basis 116,906 117,517 120,790 121,705 120,156 234,423 241,502

Non-interest income 36,112 33,208 32,705 34,612 32,860 69,320 60,869

Net interest income on a fully taxable equivalent basis plus non-interest $ 153,018 $ 150,725 $ 153,495 $ 156,317 $ 153,016 $ 303,743 $ 302,371 income

Efficiency ratio 53.97% 56.71% 57.06% 55.23% 55.57% 55.33% 56.62%

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

Net income available to common shareholders $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 4,488 $ 138,641 $ 27,884

Add: After-tax restructuring and merger-related expenses (1) 965 672 383 2,850 370 1,638 4,450

Net income available to common shareholders, excluding after-tax restructuring $ 69,022 $ 71,256 $ 50,593 $ 44,155 $ 4,858 $ 140,279 $ 32,334and merger-related expenses

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

Net income per common share - diluted $ 1.01 $ 1.05 $ 0.75 $ 0.61 $ 0.07 $ 2.06 $ 0.41

Add: After-tax restructuring and merger-related expenses per common share - 0.02 0.01 0.01 0.05 (0.00) 0.03 0.07 diluted (1)

Net income per common share - diluted, excluding after-tax restructuring and $ 1.03 $ 1.06 $ 0.76 $ 0.66 $ 0.07 $ 2.09 $ 0.48merger-related expenses

Period End

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

2021 2021 2020 2020 2020

Tangible book value per share:

Total shareholders' equity $ 2,780,836 $ 2,785,522 $ 2,756,737 $ 2,732,966 $ 2,569,521

Less: goodwill and other intangible assets, net of def. tax liability (1,144,604) (1,146,874) (1,149,161) (1,150,939) (1,151,523)

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

Tangible common equity 1,491,748 1,494,164 1,463,092 1,437,498 1,417,998

Common shares outstanding 65,970,149 67,282,134 67,254,706 67,216,012 67,211,192

Tangible book value per share $ 22.61 $ 22.21 $ 21.75 $ 21.39 $ 21.10

Tangible common equity to tangible assets:

Total shareholders' equity $ 2,780,836 $ 2,785,522 $ 2,756,737 $ 2,732,966 $ 2,569,521

Less: goodwill and other intangible assets, net of def. tax liability (1,144,604) (1,146,874) (1,149,161) (1,150,939) (1,151,523)

Tangible equity 1,636,232 1,638,648 1,607,576 1,582,027 1,417,998

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

Tangible common equity 1,491,748 1,494,164 1,463,092 1,437,498 1,417,998

Total assets 16,966,867 17,057,788 16,425,610 16,552,140 16,755,395

Less: goodwill and other intangible assets, net of def. tax liability (1,144,604) (1,146,874) (1,149,161) (1,150,939) (1,151,523)

Tangible assets $ 15,822,263 $ 15,910,914 $ 15,276,449 $ 15,401,201 $ 15,603,872

Tangible equity to tangible assets 10.34% 10.30% 10.52% 10.27% 9.09%

Tangible common equity to tangible assets 9.43% 9.39% 9.58% 9.33% 9.09%

(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.

WESBANCO, INC.

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) 2021 2021 2020 2020 2020 2021 2020

Pre-tax, pre-provision income:

Income before provision for income taxes $ 89,180 $ 91,317 $ 64,557 $ 48,974 $ 4,530 $ 180,497 $ 31,547

Add: provision for credit losses (21,025) (27,958) (209) 16,288 61,841 (48,984) 91,661

Pre-tax, pre-provision income $ 68,155 $ 63,359 $ 64,348 $ 65,262 $ 66,371 $ 131,513 $ 123,208

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

Income before provision for income taxes $ 89,180 $ 91,317 $ 64,557 $ 48,974 $ 4,530 $ 180,497 $ 31,547

Add: provision for credit losses (21,025) (27,958) (209) 16,288 61,841 (48,984) 91,661

Add: restructuring and merger-related expenses 1,222 851 484 3,608 468 2,074 5,633

Pre-tax, pre-provision income, excluding restructuring and merger-related $ 69,377 $ 64,210 $ 64,832 $ 68,870 $ 66,839 $ 133,587 $ 128,841expenses

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

Income before provision for income taxes $ 89,180 $ 91,317 $ 64,557 $ 48,974 $ 4,530 $ 180,497 $ 31,547

Add: provision for credit losses (21,025) (27,958) (209) 16,288 61,841 (48,984) 91,661

Add: restructuring and merger-related expenses 1,222 851 484 3,608 468 2,074 5,633

Pre-tax, pre-provision income, excluding restructuring and merger-related 69,377 64,210 64,832 68,870 66,839 133,587 128,841expenses

Average total assets $ 17,042,147 $ 16,636,258 $ 16,546,761 $ 16,719,717 $ 16,715,211 $ 16,840,324 $ 16,250,075

Return on average assets, excluding certain items (annualized) (1) (2) 1.63% 1.57% 1.56% 1.64% 1.61% 1.60% 1.59%

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

Income before provision for income taxes $ 89,180 $ 91,317 $ 64,557 $ 48,974 $ 4,530 $ 180,497 $ 31,547

Add: provision for credit losses (21,025) (27,958) (209) 16,288 61,841 (48,984) 91,661

Add: restructuring and merger-related expenses 1,222 851 484 3,608 468 2,074 5,633

Pre-tax, pre-provision income, excluding restructuring and merger-related 69,377 64,210 64,832 68,870 66,839 133,587 128,841expenses

Average total shareholders' equity $ 2,801,455 $ 2,770,416 $ 2,744,936 $ 2,662,513 $ 2,602,938 $ 2,786,021 $ 2,598,504

Return on average equity, excluding certain items (annualized) (1) (2) 9.93% 9.40% 9.40% 10.29% 10.33% 9.67% 9.97%

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

Income before provision for income taxes $ 89,180 $ 91,317 $ 64,557 $ 48,974 $ 4,530 $ 180,497 $ 31,547

Add: provision for credit losses (21,025) (27,958) (209) 16,288 61,841 (48,984) 91,661

Add: amortization of intangibles 2,873 2,896 3,327 3,346 3,365 5,769 6,739

Add: restructuring and merger-related expenses 1,222 851 484 3,608 468 2,074 5,633

Income before provision, restructuring and merger-related expenses and 72,250 67,106 68,159 72,216 70,204 139,356 135,580amortization of intangibles

Average total shareholders' equity 2,801,455 2,770,416 2,744,936 2,662,513 2,602,938 2,786,021 2,598,504

Less: average goodwill and other intangibles, net of def. tax liability (1,145,882) (1,148,171) (1,150,184) (1,150,549) (1,152,856) (1,147,020) (1,132,591)

Average tangible equity $ 1,655,573 $ 1,622,245 $ 1,594,752 $ 1,511,964 $ 1,450,082 $ 1,639,001 $ 1,465,913

Return on average tangible equity, excluding certain items (annualized) (1) (2) 17.50% 16.78% 17.00% 19.00% 19.47% 17.15% 18.60%

Average tangible common equity $ 1,511,089 $ 1,477,736 $ 1,450,243 $ 1,431,657 $ 1,450,082 $ 1,494,517 $ 1,465,913

Return on average tangible common equity, excluding certain items (annualized) 19.18% 18.42% 18.70% 20.07% 19.47% 18.80% 18.60%(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.