PR Newswire | Oct 26, 2021 04:33PM EDT

10/26 15:32 CDT

WesBanco Announces Third Quarter 2021 Financial Results WHEELING, W.Va., Oct. 26, 2021

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

For the Three Months Ended September 30, For the Nine Months Ended September 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 $ 45,406 $ 0.70 $ 44,155 $ 0.66 $ 185,685 $ 2.79 $ 76,489 $ 1.14shareholders (Non-GAAP)^(1)

Less: After-tax restructuring and merger- (3,529) (0.06) (2,850) (0.05) (5,167) (0.08) (7,300) (0.11)related expenses

Net income available to common shareholders (GAAP) $ 41,877 $ 0.64 $ 41,305 $ 0.61 $ 180,518 $ 2.71 $ 69,189 $ 1.03

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

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

* Pre-tax, pre-provision income ("PTPP") excluding restructuring and merger-related expenses (non-GAAP measure) was $57.8 million, which included $2.6 million of settlement costs with respect to the pending resolution of a lawsuit * Continued expense management demonstrated by a year-to-date efficiency ratio of 57.04% (non-GAAP measure) * Deposit growth, excluding certificates of deposit ("CDs"), was 15.0% year-over-year, driven by growth in demand deposits * Improving macro-economic forecasts 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 2.1 million shares of our common stock on the open market under existing share repurchase authorizations * WesBanco Bank was named, for the second consecutive year, to Newsweek magazine's ranking of America's Best Banks, recognizing those banks that best serve their customers' needs, as well as being named the Best Big Bank in the state of West Virginia * Our core banking software system conversion was completed on August 2, which, among other benefits, provides enhanced digital capabilities

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

Mr. Clossin added, "I remain proud of our entire organization as it has remained diligently focused on serving the financial needs of our customers and communities throughout the pandemic, the re-opening of our economies, and through the completion of our core banking software system conversion. For the second year in a row, we have been named to Newsweek magazine's ranking of America's Best Banks which recognizes those institutions that best serve their customers' needs. I would also like to congratulate our Community Development team for their being nationally honored with the ABA Foundation Community Commitment Award for their strong performance and outreach with our New Markets Loan Program."

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

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

Credit QualityAs of September 30, 2021, total loans past due, non-performing loans, and non-performing assets as percentages of the portfolio and total assets have remained relatively low and consistent throughout the last five quarters. In addition, for the third quarter, we realized net loan charge-offs to average loans of three basis points, on an annualized basis. The allowance for credit losses specific to total portfolio loans at September 30, 2021 was $136.6 million, or 1.38% of total loans; or, when excluding SBA PPP loans, 1.42% of total portfolio loans. The improvements in the macroeconomic forecasts and certain qualitative factors resulted in a negative provision for credit losses of $1.7 million for the third quarter of 2021, and a negative provision of $50.7 million for the year-to-date period.

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

Net interest income decreased $5.3 million, or 4.4%, during the third quarter of 2021, as compared to the same quarter of 2020, reflecting lower loan yields due to repricing of existing loans and lower new offered rates in the current market environment, lower accretion from purchase accounting, and lower rates on new investment securities purchased, partially offset by lower interest paid on deposits and borrowings as described above. For the nine months ended September 30, 2021, net interest income decreased $12.2 million, or 3.4%, due to the reasons discussed for the three-month period comparison.

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

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

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

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

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 September 30, 2021, Tier I leverage was 10.10%, Tier I risk-based capital ratio was 14.18%, common equity Tier 1 capital ratio ("CET 1") was 12.91%, and total risk-based capital was 16.38%.

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

Conference Call and WebcastWesBanco will host a conference call to discuss the Company's financial results for the third quarter of 2021 at 10:00 a.m. ET on Wednesday, October 27, 2021. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com. Participants can also listen to the conference call by dialing 888-347-6607, 855-669-9657 for Canadian callers, or 412-902-4290 for international callers, and asking to be joined into the WesBanco call.

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 10150984. The replay will begin at approximately 12:00 p.m. ET on October 27, and end at 12 a.m. ET on November 10. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.wesbanco.com).

Forward-Looking 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 quarters ended March 31, 2021 and June 30, 2021, which are available at the SEC's website, www.sec.gov or at WesBanco's website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco's most recent Annual Report on Form 10-K filed with the SEC under "Risk Factors" in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions including the effects of the COVID-19 pandemic; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco's operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.

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

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 Nine Months Ended

Statement of Income September 30, September 30,

Interest and dividend income 2021 2020 % Change 2021 2020 % Change

Loans, including fees $ 103,206 $ 116,524 (11.4) $ 318,532 $ 351,095 (9.3)

Interest and dividends on securities:

Taxable 13,481 11,669 15.5 37,467 42,702 (12.3)

Tax-exempt 4,063 4,182 (2.8) 11,925 12,940 (7.8)

Total interest and dividends on securities 17,544 15,851 10.7 49,392 55,642 (11.2)

Other interest income 628 1,282 (51.0) 1,836 4,062 (54.8)

Total interest and dividend income 121,378 133,657 (9.2) 369,760 410,799 (10.0)

Interest expense

Interest bearing demand deposits 815 1,225 (33.5) 2,859 5,970 (52.1)

Money market deposits 350 707 (50.5) 1,488 3,937 (62.2)

Savings deposits 244 303 (19.5) 769 1,523 (49.5)

Certificates of deposit 1,726 3,197 (46.0) 6,122 10,765 (43.1)

Total interest expense on deposits 3,135 5,432 (42.3) 11,238 22,195 (49.4)

Federal Home Loan Bank borrowings 1,192 5,457 (78.2) 5,387 20,982 (74.3)

Other short-term borrowings 33 304 (89.1) 192 1,454 (86.8)

Subordinated debt and junior subordinated debt 1,743 1,871 (6.8) 5,336 6,400 (16.6)

Total interest expense 6,103 13,064 (53.3) 22,153 51,031 (56.6)

Net interest income 115,275 120,593 (4.4) 347,607 359,768 (3.4)

Provision for credit losses (1,730) 16,288 (110.6) (50,714) 107,949 (147.0)

Net interest income after provision for credit losses 117,005 104,305 12.2 398,321 251,819 58.2

Non-interest income

Trust fees 7,289 6,426 13.4 22,069 19,580 12.7

Service charges on deposits 6,050 5,332 13.5 15,820 16,272 (2.8)

Electronic banking fees 5,427 4,780 13.5 14,853 13,100 13.4

Net securities brokerage revenue 1,965 1,725 13.9 5,318 4,787 11.1

Bank-owned life insurance 2,656 2,088 27.2 6,072 5,609 8.3

Mortgage banking income 4,563 8,488 (46.2) 16,656 17,295 (3.7)

Net securities (losses) gains (15) 787 (101.9) 740 3,577 (79.3)

Net gain/(loss) on other real estate owned and other assets 785 (19) NM 4,974 84 NM

Other income 4,035 5,005 (19.4) 15,574 15,177 2.6

Total non-interest income 32,755 34,612 (5.4) 102,076 95,481 6.9

Non-interest expense

Salaries and wages 39,497 38,342 3.0 113,822 114,025 (0.2)

Employee benefits 10,658 10,604 0.5 30,191 31,115 (3.0)

Net occupancy 6,825 7,092 (3.8) 20,430 20,809 (1.8)

Equipment and software 7,609 6,229 22.2 21,654 17,991 20.4

Marketing 1,848 1,577 17.2 6,033 4,282 40.9

FDIC insurance 1,227 1,948 (37.0) 2,690 6,456 (58.3)

Amortization of intangible assets 2,854 3,346 (14.7) 8,622 10,085 (14.5)

Restructuring and merger-related expense 4,467 3,608 23.8 6,540 9,241 (29.2)

Other operating expenses 19,716 17,197 14.6 54,858 52,775 3.9

Total non-interest expense 94,701 89,943 5.3 264,840 266,779 (0.7)

Income before provision for income taxes 55,059 48,974 12.4 235,557 80,521 192.5

Provision for income taxes 10,651 7,669 38.9 47,445 11,332 318.7

Net Income 44,408 41,305 7.5 188,112 69,189 171.9

Preferred stock dividends 2,531 - 100.0 7,594 - 100.0

Net income available to common shareholders $ 41,877 $ 41,305 1.4 $ 180,518 $ 69,189 160.9

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

Per common share data

Net income per common share - basic $ 0.64 $ 0.61 4.9 $ 2.72 $ 1.03 164.1

Net income per common share - diluted 0.64 0.61 4.9 2.71 1.03 163.1

Net income per common share - diluted, excluding certain items (1)(2) 0.70 0.66 6.1 2.79 1.14 144.7

Dividends declared 0.33 0.32 3.1 0.99 0.96 3.1

Book value (period end) 40.41 40.66 (0.6) 40.41 40.66 (0.6)

Tangible book value (period end) (1) 22.51 21.39 5.2 22.51 21.39 5.2

Average common shares outstanding - basic 64,931,764 67,214,759 (3.4) 66,354,750 67,268,449 (1.4)

Average common shares outstanding - diluted 65,065,848 67,269,303 (3.3) 66,510,357 67,351,857 (1.2)

Period end common shares outstanding 63,838,549 67,216,012 (5.0) 63,838,549 67,216,012 (5.0)

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

(1) See non-GAAP financial measures for additional information relating to 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 Nine Months Ended

September 30,

2021 2020 % Change

Return on average assets 1.43 % 0.56 % 155.36 %

Return on average assets, excluding

after-tax restructuring and merger-related expenses (1) 1.47 0.62 137.10

Return on average equity 8.67 3.53 145.61

Return on average equity, excluding

after-tax restructuring and merger-related expenses (1) 8.92 3.90 128.72

Return on average tangible equity (1) 15.30 6.96 119.83

Return on average tangible equity, excluding

after-tax restructuring and merger-related expenses (1) 15.72 7.62 106.30

Return on average tangible common equity (1) 16.78 7.09 136.67

Return on average tangible common equity, excluding

after-tax restructuring and merger-related expenses (1) 17.25 7.76 122.29

Yield on earning assets (2) 3.36 3.86 (12.95)

Cost of interest bearing liabilities 0.31 0.69 (55.07)

Net interest spread (2) 3.05 3.17 (3.79)

Net interest margin (2) 3.16 3.38 (6.51)

Efficiency (1) (2) 57.04 56.15 1.59

Average loans to average deposits 80.01 92.37 (13.38)

Annualized net loan charge-offs/average loans 0.01 0.08 (87.50)

Effective income tax rate 20.14 14.07 43.14

For the Three Months Ended

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

2021 2021 2021 2020 2020

Return on average assets 0.97 % 1.60 % 1.72 % 1.21 % 0.98 %

Return on average assets, excluding

after-tax restructuring and merger-related expenses (1) 1.06 1.62 1.74 1.22 1.05

Return on average equity 5.98 9.74 10.33 7.28 6.17

Return on average equity, excluding

after-tax restructuring and merger-related expenses (1) 6.49 9.88 10.43 7.33 6.60

Return on average tangible equity (1) 10.72 17.04 18.22 13.18 11.56

Return on average tangible equity, excluding

after-tax restructuring and merger-related expenses (1) 11.57 17.27 18.39 13.28 12.31

Return on average tangible common equity (1) 11.76 18.67 20.00 14.49 12.21

Return on average tangible common equity, excluding

after-tax restructuring and merger-related expenses (1) 12.70 18.92 20.18 14.60 13.00

Yield on earning assets (2) 3.24 3.32 3.51 3.61 3.66

Cost of interest bearing liabilities 0.25 0.31 0.37 0.45 0.53

Net interest spread (2) 2.99 3.01 3.14 3.16 3.13

Net interest margin (2) 3.08 3.12 3.27 3.31 3.31

Efficiency (1) (2) 60.52 53.97 56.71 57.06 55.23

Average loans to average deposits 75.46 79.82 85.27 89.64 90.88

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

Effective income tax rate 19.34 20.85 19.93 18.13 15.66

Trust assets, market value at period end $ 5,464,159 $ 5,480,995 $ 5,244,370 $ 5,025,565 $ 4,649,054

(1) See non-GAAP financial measures for additional information relating to 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 sheet September 30, December 31, December 31, 2020

Assets 2021 2020 % Change 2020 to September 30, 2021

Cash and due from banks $ 201,505 $ 215,982 (6.7) $ 184,361 9.3

Due from banks - interest bearing 919,611 544,284 69.0 721,086 27.5

Securities:

Equity securities, at fair value 13,451 12,516 7.5 13,047 3.1

Available-for-sale debt securities, at fair value 2,986,803 2,045,924 46.0 1,978,136 51.0

Held-to-maturity debt securities (fair values of $978,494; $782,401

and $768,183, respectively) 953,920 746,767 27.7 731,212 30.5

Allowance for credit losses, held-to-maturity debt securities (257) (461) 44.3 (326) 21.2

Net held-to-maturity debt securities 953,663 746,306 27.8 730,886 30.5

Total securities 3,953,917 2,804,746 41.0 2,722,069 45.3

Loans held for sale 32,308 134,151 (75.9) 168,378 (80.8)

Portfolio loans:

Commercial real estate 5,657,886 5,708,648 (0.9) 5,705,392 (0.8)

Commercial and industrial 1,707,214 2,507,235 (31.9) 2,407,438 (29.1)

Residential real estate 1,655,229 1,798,019 (7.9) 1,720,961 (3.8)

Home equity 607,735 647,052 (6.1) 646,387 (6.0)

Consumer 285,101 328,592 (13.2) 309,055 (7.8)

Total portfolio loans, net of unearned income 9,913,165 10,989,546 (9.8) 10,789,233 (8.1)

Allowance for credit losses - loans (136,605) (185,109) 26.2 (185,827) 26.5

Net portfolio loans 9,776,560 10,804,437 (9.5) 10,603,406 (7.8)

Premises and equipment, net 232,134 248,491 (6.6) 249,421 (6.9)

Accrued interest receivable 61,895 65,023 (4.8) 66,790 (7.3)

Goodwill and other intangible assets, net 1,154,468 1,165,566 (1.0) 1,163,091 (0.7)

Bank-owned life insurance 349,735 304,288 14.9 306,038 14.3

Other assets 209,978 265,172 (20.8) 240,970 (12.9)

Total Assets $ 16,892,111 $ 16,552,140 2.1 $ 16,425,610 2.8

Liabilities

Deposits:

Non-interest bearing demand $ 4,531,958 $ 4,073,305 11.3 $ 4,070,835 11.3

Interest bearing demand 3,283,444 2,633,601 24.7 2,839,536 15.6

Money market 1,765,480 1,619,410 9.0 1,685,927 4.7

Savings deposits 2,488,180 2,167,597 14.8 2,214,565 12.4

Certificates of deposit 1,354,252 1,707,512 (20.7) 1,618,510 (16.3)

Total deposits 13,423,314 12,201,425 10.0 12,429,373 8.0

Federal Home Loan Bank borrowings 208,940 794,621 (73.7) 549,003 (61.9)

Other short-term borrowings 152,546 381,909 (60.1) 241,950 (37.0)

Subordinated debt and junior subordinated debt 167,711 192,150 (12.7) 192,291 (12.8)

Total borrowings 529,197 1,368,680 (61.3) 983,244 (46.2)

Accrued interest payable 2,495 5,014 (50.2) 4,314 (42.2)

Other liabilities 213,122 244,055 (12.7) 251,942 (15.4)

Total Liabilities 14,168,128 13,819,174 2.5 13,668,873 3.7

Shareholders' Equity

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

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

liquidation preference $150.0 million, issued and outstanding in 2021 and 2020, 144,484 144,529 (0.0) 144,484 - respectively

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

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

issued, respectively; 63,838,549, 67,216,012 and 67,254,706 shares 141,834 141,834 - 141,834 -

outstanding, respectively

Capital surplus 1,634,086 1,634,172 (0.0) 1,634,815 (0.0)

Retained earnings 946,746 802,892 17.9 831,688 13.8

Treasury stock (4,242,757, 865,294 and 826,600 shares - at cost, respectively) (146,102) (27,403) (433.2) (25,949) (463.0)

Accumulated other comprehensive income 4,463 38,301 (88.3) 31,359 (85.8)

Deferred benefits for directors (1,528) (1,359) (12.4) (1,494) (2.3)

Total Shareholders' Equity 2,723,983 2,732,966 (0.3) 2,756,737 (1.2)

Total Liabilities and Shareholders' Equity $ 16,892,111 $ 16,552,140 2.1 $ 16,425,610 2.8

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 8

(unaudited, dollars in thousands, except shares)

Balance sheet September 30, June 30,

Assets 2021 2021 % Change

Cash and due from banks $ 201,505 $ 208,992 (3.6)

Due from banks - interest bearing 919,611 637,312 44.3

Securities:

Equity securities, at fair value 13,451 13,494 (0.3)

Available-for-sale, at fair value 2,986,803 2,964,264 0.8

Held-to-maturity (fair values of $978,494 and 934,487, respectively) 953,920 902,172 5.7

Allowance for credit losses, held-to-maturity debt securities (257) (227) (13.2)

Net held-to-maturity debt securities 953,663 901,945 5.7

Total securities 3,953,917 3,879,703 1.9

Loans held for sale 32,308 41,461 (22.1)

Portfolio Loans:

Commercial real estate 5,657,886 5,705,246 (0.8)

Commercial and industrial 1,707,214 2,119,186 (19.4)

Residential real estate 1,655,229 1,625,632 1.8

Home equity 607,735 631,059 (3.7)

Consumer 285,101 276,069 3.3

Total portfolio loans, net of unearned income 9,913,165 10,357,192 (4.3)

Allowance for credit losses - loans (136,605) (140,730) 2.9

Net portfolio loans 9,776,560 10,216,462 (4.3)

Premises and equipment, net 232,134 235,227 (1.3)

Accrued interest receivable 61,895 64,020 (3.3)

Goodwill and other intangible assets, net 1,154,468 1,157,322 (0.2)

Bank-owned life insurance 349,735 309,454 13.0

Other assets 209,978 216,914 (3.2)

Total Assets $ 16,892,111 $ 16,966,867 (0.4)

Liabilities

Deposits:

Non-interest bearing demand 4,531,958 4,409,221 2.8

Interest bearing demand 3,283,444 3,214,484 2.1

Money market 1,765,480 1,771,686 (0.4)

Savings deposits 2,488,180 2,438,328 2.0

Certificates of deposit 1,354,252 1,484,536 (8.8)

Total deposits 13,423,314 13,318,255 0.8

Federal Home Loan Bank borrowings 208,940 313,960 (33.5)

Other short-term borrowings 152,546 135,267 12.8

Subordinated debt and junior subordinated debt 167,711 192,571 (12.9)

Total borrowings 529,197 641,798 (17.5)

Accrued interest payable 2,495 3,342 (25.3)

Other liabilities 213,122 222,636 (4.3)

Total liabilities 14,168,128 14,186,031 (0.1)

Shareholders' Equity

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

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

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

and June 30, 2021, respectively 144,484 144,484 -

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

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

63,838,549 and 65,970,149 shares outstanding, respectively 141,834 141,834 -

Capital surplus 1,634,086 1,632,460 0.1

Retained earnings 946,746 925,977 2.2

Treasury stock (4,242,757 and 2,111,157 shares - at cost) (146,102) (74,996) (94.8)

Accumulated other comprehensive income 4,463 12,586 (64.5)

Deferred benefits for directors (1,528) (1,509) (1.3)

Total Shareholders' Equity 2,723,983 2,780,836 (2.0)

Total Liabilities and Shareholders' Equity $ 16,892,111 $ 16,966,867 (0.4)

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 September 30, For the Nine Months Ended September 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 $ 936,084 0.16 % $ 755,575 0.16 % $ 803,713 0.12 % $ 509,928 0.25 %

Loans, net of unearned income (1) 10,164,279 4.03 11,107,106 4.17 10,562,879 4.03 10,813,737 4.34

Securities: (2)

Taxable 3,210,878 1.67 2,121,780 2.19 2,856,041 1.75 2,328,196 2.45

Tax-exempt (3) 650,397 3.14 603,835 3.49 610,449 3.31 624,278 3.50

Total securities 3,861,275 1.91 2,725,615 2.47 3,466,490 2.03 2,952,474 2.67

Other earning assets 23,646 4.23 56,575 6.88 28,494 5.11 65,849 6.27

Total earning assets (3) 14,985,284 3.24 % 14,644,871 3.66 % 14,861,576 3.36 % 14,341,988 3.86 %

Other assets 2,072,509 2,074,846 2,060,312 2,065,777

Total Assets $ 17,057,793 $ 16,719,717 $ 16,921,888 $ 16,407,765

Liabilities and Shareholders' Equity

Interest bearing demand deposits $ 3,297,702 0.10 % $ 2,654,161 0.18 % $ 3,139,992 0.12 % $ 2,518,952 0.32 %

Money market accounts 1,791,494 0.08 1,623,969 0.17 1,764,462 0.11 1,590,498 0.33

Savings deposits 2,471,593 0.04 2,140,932 0.06 2,393,066 0.04 2,051,930 0.10

Certificates of deposit 1,403,812 0.49 1,761,087 0.72 1,501,857 0.54 1,865,439 0.77

Total interest bearing deposits 8,964,601 0.14 8,180,149 0.26 8,799,377 0.17 8,026,819 0.37

Federal Home Loan Bank borrowings 289,334 1.63 1,006,593 2.16 388,518 1.85 1,285,266 2.18

Other borrowings 136,028 0.10 383,771 0.32 152,450 0.17 361,949 0.54

Subordinated debt and junior subordinated debt 188,276 3.67 192,093 3.87 191,018 3.73 194,195 4.40

Total interest bearing liabilities (4) 9,578,239 0.25 % 9,762,606 0.53 % 9,531,363 0.31 % 9,868,229 0.69 %

Non-interest bearing demand deposits 4,504,332 4,041,681 4,402,487 3,679,743

Other liabilities 197,916 252,917 205,309 239,797

Shareholders' equity 2,777,306 2,662,513 2,782,729 2,619,996

Total Liabilities and Shareholders' Equity $ 17,057,793 $ 16,719,717 $ 16,921,888 $ 16,407,765

Taxable equivalent net interest spread 2.99 % 3.13 % 3.05 % 3.17 %

Taxable equivalent net interest margin 3.08 % 3.31 % 3.16 % 3.38 %

(1) Gross of allowance for loan losses and net of unearned income, Includesnon-accrual and loans held for sale. Loan fees included in interest income onloans were $6.8 million and $6.2 million for the three months ended September30, 2021 and 2020, respectively and were $21.5 million and $9.5 million for thenine months ended September 30, 2021 and 2020, respectively. As part of loanfees, PPP loan fees were $7.1 million and $5.6 million for the three monthsended September 30, 2021 and 2020, respectively, and were $21.0 million and$7.7 million for the nine months ended September 30, 2021 and 2020,respectively. Additionally, loan accretion included in interest income onloans acquired from prior acquisitions was $3.0 million and $4.2 million forthe three months ended September 30, 2021 and 2020, respectively, and was $10.3million and $12.5 million for the nine months ended September 30, 2021 and2020, 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 $0.7 million and $2.1 million for the three months ended September 30, 2021and 2020, respectively, and was $2.6 million and $8.1 million for the ninemonths ended September 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 Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,

Interest and dividend income 2021 2021 2021 2020 2020

Loans, including fees $ 103,206 $ 105,968 $ 109,358 $ 114,582 $ 116,524

Interest and dividends on securities:

Taxable 13,481 12,900 11,127 10,892 11,669

Tax-exempt 4,063 3,952 3,910 4,059 4,182

Total interest and dividends on securities 17,544 16,852 15,037 14,951 15,851

Other interest income 628 507 659 945 1,282

Total interest and dividend income 121,378 123,327 125,054 130,478 133,657

Interest expense

Interest bearing demand deposits 815 1,009 1,043 1,099 1,225

Money market deposits 350 551 578 678 707

Savings deposits 244 261 264 280 303

Certificates of deposit 1,726 2,026 2,370 2,797 3,197

Total interest expense on deposits 3,135 3,847 4,255 4,854 5,432

Federal Home Loan Bank borrowings 1,192 1,781 2,414 3,719 5,457

Other short-term borrowings 33 40 118 275 304

Subordinated debt and junior subordinated debt 1,743 1,804 1,789 1,918 1,871

Total interest expense 6,103 7,472 8,576 10,766 13,064

Net interest income 115,275 115,855 116,478 119,712 120,593

Provision for credit losses (1,730) (21,025) (27,958) (209) 16,288

Net interest income after provision for credit losses 117,005 136,880 144,436 119,921 104,305

Non-interest income

Trust fees 7,289 7,148 7,631 6,754 6,426

Service charges on deposits 6,050 4,876 4,894 5,671 5,332

Electronic banking fees 5,427 5,060 4,365 4,424 4,780

Net securities brokerage revenue 1,965 1,829 1,524 1,402 1,725

Bank-owned life insurance 2,656 1,707 1,709 1,750 2,088

Mortgage banking income 4,563 7,830 4,264 5,442 8,488

Net securities (losses) gains (15) 477 279 691 787

Net gain / (loss) on other real estate owned and other assets 785 4,014 175 18 (19)

Other income 4,035 3,171 8,367 6,553 5,005

Total non-interest income 32,755 36,112 33,208 32,705 34,612

Non-interest expense

Salaries and wages 39,497 37,435 36,890 39,140 38,342

Employee benefits 10,658 9,268 10,266 10,608 10,604

Net occupancy 6,825 6,427 7,177 6,771 7,092

Equipment and software 7,609 7,281 6,765 6,810 6,229

Marketing 1,848 1,802 2,384 1,675 1,577

FDIC insurance 1,227 181 1,282 1,278 1,948

Amortization of intangible assets 2,854 2,873 2,896 3,327 3,346

Restructuring and merger-related expense 4,467 1,222 851 484 3,608

Other operating expenses 19,716 17,323 17,816 17,976 17,198

Total non-interest expense 94,701 83,812 86,327 88,069 89,943

Income before provision for income taxes 55,059 89,180 91,317 64,557 48,974

Provision for income taxes 10,651 18,592 18,202 11,703 7,669

Net Income 44,408 70,588 73,115 52,854 41,305

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

Net income available to common shareholders $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 41,305

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

Per common share data

Net income per common share - basic $ 0.64 $ 1.02 $ 1.05 $ 0.75 $ 0.61

Net income per common share - diluted 0.64 1.01 1.05 0.75 0.61

Net income per common share - diluted, excluding certain items (1)(2) 0.70 1.03 1.06 0.76 0.66

Dividends declared 0.33 0.33 0.33 0.32 0.32

Book value (period end) 40.41 39.96 39.25 38.84 38.51

Tangible book value (period end) (1) 22.51 22.61 22.21 21.75 21.39

Average common shares outstanding - basic 64,931,764 66,894,398 67,263,714 67,238,005 67,214,759

Average common shares outstanding - diluted 65,065,848 67,066,592 67,335,418 67,304,442 67,269,303

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

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

Full time equivalent employees 2,425 2,459 2,490 2,612 2,618

(1) See non-GAAP financial measures for additional information relating to 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

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

Asset quality data 2021 2021 2021 2020 2020

Non-performing assets:

Troubled debt restructurings - accruing $ 3,707 $ 5,799 $ 3,563 $ 3,927 $ 4,191

Non-accrual loans:

Troubled debt restructurings 1,615 1,664 1,768 1,828 1,818

Other non-accrual loans 34,644 34,548 32,807 35,052 35,448

Total non-accrual loans 36,259 36,212 34,575 36,880 37,266

Total non-performing loans 39,966 42,011 38,138 40,807 41,457

Other real estate and repossessed assets 293 773 393 549 738

Total non-performing assets $ 40,259 $ 42,784 $ 38,531 $ 41,356 $ 42,195

Past due loans (1):

Loans past due 30-89 days $ 32,682 $ 21,233 $ 20,602 $ 31,596 $ 17,338

Loans past due 90 days or more 11,252 8,318 12,824 8,846 10,170

Total past due loans $ 43,934 $ 29,551 $ 33,426 $ 40,442 $ 27,508

Criticized and classified loans (2):

Criticized loans $ 290,281 $ 319,448 $ 340,943 $ 362,295 $ 248,264

Classified loans 127,022 136,927 114,884 132,650 108,594

Total criticized and classified loans $ 417,303 $ 456,375 $ 455,827 $ 494,945 $ 356,858

Loans past due 30-89 days / total portfolio loans (3) 0.33 % 0.21 % 0.19 % 0.29 % 0.16 %

Loans past due 90 days or more / total portfolio loans 0.11 0.08 0.12 0.08 0.09

Non-performing loans / total portfolio loans 0.40 0.41 0.36 0.38 0.38

Non-performing assets / total portfolio loans, other

real estate and repossessed assets 0.41 0.41 0.36 0.38 0.38

Non-performing assets / total assets 0.24 0.25 0.23 0.25 0.26

Criticized and classified loans / total portfolio loans 4.21 4.41 4.26 4.59 3.25

Allowance for credit losses

Allowance for credit losses - loans $ 136,605 $ 140,730 $ 160,040 $ 185,827 $ 185,109

Allowance for credit losses - loan commitments 7,290 5,766 6,731 9,514 10,829

Provision for credit losses (1,730) (21,025) (27,958) (209) 16,288

Net loan and deposit account overdraft charge-offs and recoveries 842 (689) 648 524 (133)

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

Allowance for credit losses - loans / total portfolio loans 1.38 % 1.36 % 1.50 % 1.72 % 1.68 %

Allowance for credit losses - loans / total portfolio loans excluding PPP loans 1.42 % 1.43 % 1.62 % 1.85 % 1.83 %

Allowance for credit losses - loans / non-performing loans 3.42 x 3.35 x 4.20 x 4.55 x 4.47 x

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

loans past due 1.63 x 1.97 x 2.24 x 2.29 x 2.68 x

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

2021 2021 2021 2020 2020

Capital ratios

Tier I leverage capital 10.10 % 10.42 % 10.74 % 10.51 % 10.18 %

Tier I risk-based capital 14.18 15.15 14.95 14.72 14.29

Total risk-based capital 16.38 17.68 17.58 17.58 17.18

Common equity tier 1 capital ratio (CET 1) 12.91 13.83 13.65 13.40 12.99

Average shareholders' equity to average assets 16.28 16.44 16.65 16.59 15.92

Tangible equity to tangible assets (4) 10.04 10.34 10.30 10.52 10.27

Tangible common equity to tangible assets (4) 9.12 9.43 9.39 9.58 9.33

(1) Excludes non-performing loans.

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

(3) Total portfolio loans includes $272.1 million of PPP loans as of September30, 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

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

(unaudited, dollars in thousands, except shares and per share amounts) 2021 2021 2021 2020 2020 2021 2020

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

Net income available to common shareholders $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 180,518 $ 69,189

Plus: after-tax restructuring and merger-related expenses (1) 3,529 965 672 383 2,850 5,167 7,300

Net income available to common shareholders excluding after-tax restructuring 45,406 69,022 71,256 50,593 44,155 185,685 76,489 and merger-related expenses

Average total assets $17,057,793 $ 17,042,147 $ 16,636,258 $ 16,546,761 $ 16,719,717 $ 16,921,888 $ 16,407,765

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

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

Net income available to common shareholders $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 180,518 $ 69,189

Plus: after-tax restructuring and merger-related expenses (1) 3,529 965 672 383 2,850 5,167 7,300

Net income available to common shareholders excluding after-tax restructuring 45,406 69,022 71,256 50,593 44,155 185,685 76,489 and merger-related expenses

Average total shareholders' equity $ 2,777,306 $ 2,801,455 $ 2,770,416 $ 2,744,936 $ 2,662,513 $ 2,782,729 $ 2,619,996

Return on average equity, excluding after-tax restructuring and merger-related 6.49% 9.88% 10.43% 7.33% 6.60% 8.92% 3.90%expenses (annualized) (2)

Return on average tangible equity:

Net income available to common shareholders $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 180,518 $ 69,189

Plus: amortization of intangibles (1) 2,255 2,270 2,288 2,628 2,643 6,811 7,967

Net income available to common shareholders before amortization of intangibles 44,132 70,327 72,872 52,838 43,948 187,329 77,156

Average total shareholders' equity 2,777,306 2,801,455 2,770,416 2,744,936 2,662,513 2,782,729 2,619,996

Less: average goodwill and other intangibles, net of def. tax liability (1,143,522) (1,145,882) (1,148,171) (1,150,184) (1,150,549) (1,145,841) (1,138,621)

Average tangible equity $ 1,633,784 $ 1,655,573 $ 1,622,245 $ 1,594,752 $ 1,511,964 $ 1,636,888 $ 1,481,375

Return on average tangible equity (annualized) (2) 10.72% 17.04% 18.22% 13.18% 11.56% 15.30% 6.96%

Average tangible common equity $ 1,489,300 $ 1,511,089 $ 1,477,736 $ 1,450,243 $ 1,431,657 $ 1,492,404 $ 1,454,411

Return on average tangible common equity (annualized) (2) 11.76% 18.67% 20.00% 14.49% 12.21% 16.78% 7.09%

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

Net income available to common shareholders $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 180,518 $ 69,189

Plus: after-tax restructuring and merger-related expenses (1) 3,529 965 672 383 2,850 5,167 7,300

Plus: amortization of intangibles (1) 2,255 2,270 2,288 2,628 2,643 6,811 7,967

Net income available to common shareholders before amortization of intangibles

and excluding after-tax restructuring and merger-related expenses 47,661 71,292 73,544 53,221 46,798 192,496 84,456

Average total shareholders' equity 2,777,306 2,801,455 2,770,416 2,744,936 2,662,513 2,782,729 2,619,996

Less: average goodwill and other intangibles, net of def. tax liability (1,143,522) (1,145,882) (1,148,171) (1,150,184) (1,150,549) (1,145,841) (1,138,621)

Average tangible equity $ 1,633,784 $ 1,655,573 $ 1,622,245 $ 1,594,752 $ 1,511,964 $ 1,636,888 $ 1,481,375

Return on average tangible equity, excluding after-tax restructuring and 11.57% 17.27% 18.39% 13.28% 12.31% 15.72% 7.62%merger-related expenses (annualized) (2)

Average tangible common equity $ 1,489,300 $ 1,511,089 $ 1,477,736 $ 1,450,243 $ 1,431,657 $ 1,492,404 $ 1,454,411

Return on average tangible common equity, excluding after-tax restructuring and 12.70% 18.92% 20.18% 14.60% 13.00% 17.25% 7.76%merger-related expenses (annualized) (2)

Efficiency ratio:

Non-interest expense $ 94,701 $ 83,812 $ 86,327 $ 88,069 $ 89,943 $ 264,840 $ 266,779

Less: restructuring and merger-related expense (4,467) (1,222) (851) (484) (3,608) (6,540) (9,241)

Non-interest expense excluding restructuring and merger-related expense 90,234 82,590 85,476 87,585 86,335 258,300 257,538

Net interest income on a fully taxable equivalent basis 116,355 116,906 117,517 120,790 121,705 350,777 363,208

Non-interest income 32,755 36,112 33,208 32,705 34,612 102,076 95,481

Net interest income on a fully taxable equivalent basis plus non-interest $ 149,110 $ 153,018 $ 150,725 $ 153,495 $ 156,317 $ 452,853 $ 458,689 income

Efficiency ratio 60.52% 53.97% 56.71% 57.06% 55.23% 57.04% 56.15%

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

Net income available to common shareholders $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 41,305 $ 180,518 $ 69,189

Add: After-tax restructuring and merger-related expenses (1) 3,529 965 672 383 2,850 5,167 7,300

Net income available to common shareholders, excluding after-tax restructuring $ 45,406 $ 69,022 $ 71,256 $ 50,593 $ 44,155 $ 185,685 $ 76,489and merger-related expenses

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

Net income per common share - diluted $ 0.64 $ 1.01 $ 1.05 $ 0.75 $ 0.61 $ 2.71 $ 1.03

Add: After-tax restructuring and merger-related expenses per common share - 0.06 0.02 0.01 0.01 0.05 0.08 0.11 diluted (1)

Net income per common share - diluted, excluding after-tax restructuring and $ 0.70 $ 1.03 $ 1.06 $ 0.76 $ 0.66 $ 2.79 $ 1.14merger-related expenses

Period End

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

2021 2021 2021 2020 2020

Tangible book value per share:

Total shareholders' equity $2,723,983 $ 2,780,836 $ 2,785,522 $ 2,756,737 $ 2,732,966

Less: goodwill and other intangible assets, net of def. tax liability (1,142,350) (1,144,604) (1,146,874) (1,149,161) (1,150,939)

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

Tangible common equity 1,437,149 1,491,748 1,494,164 1,463,092 1,437,498

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

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

Tangible common equity to tangible assets:

Total shareholders' equity $ 2,723,983 $ 2,780,836 $ 2,785,522 $ 2,756,737 $ 2,732,966

Less: goodwill and other intangible assets, net of def. tax liability (1,142,350) (1,144,604) (1,146,874) (1,149,161) (1,150,939)

Tangible equity 1,581,633 1,636,232 1,638,648 1,607,576 1,582,027

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

Tangible common equity 1,437,149 1,491,748 1,494,164 1,463,092 1,437,498

Total assets 16,892,111 16,966,867 17,057,788 16,425,610 16,552,140

Less: goodwill and other intangible assets, net of def. tax liability (1,142,350) (1,144,604) (1,146,874) (1,149,161) (1,150,939)

Tangible assets $15,749,761 $ 15,822,263 $ 15,910,914 $ 15,276,449 $ 15,401,201

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

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

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

(2) The ratios are annualized by utilizing actual 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

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

(unaudited, dollars in thousands, except shares and per share amounts) 2021 2021 2021 2020 2020 2021 2020

Pre-tax, pre-provision income:

Income before provision for income taxes $ 55,059 $ 89,180 $ 91,317 $ 64,557 $ 48,974 $ 235,557 $ 80,521

Add: provision for credit losses (1,730) (21,025) (27,958) (209) 16,288 (50,714) 107,949

Pre-tax, pre-provision income $ 53,329 $ 68,155 $ 63,359 $ 64,348 $ 65,262 $184,843 $ 188,470

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

Income before provision for income taxes $ 55,059 $ 89,180 $ 91,317 $ 64,557 $ 48,974 $ 235,557 $ 80,521

Add: provision for credit losses (1,730) (21,025) (27,958) (209) 16,288 (50,714) 107,949

Add: restructuring and merger-related expenses 4,467 1,222 851 484 3,608 6,540 9,241

Pre-tax, pre-provision income, excluding restructuring and merger-related $ 57,796 $ 69,377 $ 64,210 $ 64,832 $ 68,870 $ 191,383 $ 197,711expenses

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

Income before provision for income taxes $ 55,059 $ 89,180 $ 91,317 $ 64,557 $ 48,974 $ 235,557 $ 80,521

Add: provision for credit losses (1,730) (21,025) (27,958) (209) 16,288 (50,714) 107,949

Add: restructuring and merger-related expenses 4,467 1,222 851 484 3,608 6,540 9,241

Pre-tax, pre-provision income, excluding restructuring and merger-related 57,796 69,377 64,210 64,832 68,870 191,383 197,711expenses

Average total assets $17,057,793 $ 17,042,147 $ 16,636,258 $ 16,546,761 $ 16,719,717 $16,921,888 $ 16,407,765

Return on average assets, excluding certain items (annualized) (1) (2) 1.34% 1.63% 1.57% 1.56% 1.64% 1.51% 1.61%

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

Income before provision for income taxes $ 55,059 $ 89,180 $ 91,317 $ 64,557 $ 48,974 $ 235,557 $ 80,521

Add: provision for credit losses (1,730) (21,025) (27,958) (209) 16,288 (50,714) 107,949

Add: restructuring and merger-related expenses 4,467 1,222 851 484 3,608 6,540 9,241

Pre-tax, pre-provision income, excluding restructuring and merger-related 57,796 69,377 64,210 64,832 68,870 191,383 197,711expenses

Average total shareholders' equity $ 2,777,306 $ 2,801,455 $ 2,770,416 $ 2,744,936 $ 2,662,513 $ 2,782,729 $ 2,619,996

Return on average equity, excluding certain items (annualized) (1) (2) 8.26% 9.93% 9.40% 9.40% 10.29% 9.20% 10.08%

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

Income before provision for income taxes $ 55,059 $ 89,180 $ 91,317 $ 64,557 $ 48,974 $ 235,557 $ 80,521

Add: provision for credit losses (1,730) (21,025) (27,958) (209) 16,288 (50,714) 107,949

Add: amortization of intangibles 2,854 2,873 2,896 3,327 3,346 8,622 10,085

Add: restructuring and merger-related expenses 4,467 1,222 851 484 3,608 6,540 9,241

Income before provision, restructuring and merger-related expenses and 60,650 72,250 67,106 68,159 72,216 200,005 207,796amortization of intangibles

Average total shareholders' equity 2,777,306 2,801,455 2,770,416 2,744,936 2,662,513 2,782,729 2,619,996

Less: average goodwill and other intangibles, net of def. tax liability (1,143,522) (1,145,882) (1,148,171) (1,150,184) (1,150,549) (1,145,841) (1,138,621)

Average tangible equity $ 1,633,784 $ 1,655,573 $ 1,622,245 $ 1,594,752 $ 1,511,964 $ 1,636,888 $ 1,481,375

Return on average tangible equity, excluding certain items (annualized) (1) (2) 14.73% 17.50% 16.78% 17.00% 19.00% 16.34% 18.74%

Average tangible common equity $ 1,489,300 $ 1,511,089 $ 1,477,736 $ 1,450,243 $ 1,431,657 $ 1,492,404 $ 1,454,411

Return on average tangible common equity, excluding certain items (annualized) 16.16% 19.18% 18.42% 18.70% 20.07% 17.92% 19.08%(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.