PR Newswire | Jan 25, 2022 04:16PM EST

01/25 15:15 CST

WesBanco Announces Fourth Quarter 2021 Financial Results WHEELING, W.Va., Jan. 25, 2022

WHEELING, W.Va., Jan. 25, 2022 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and twelve months ended December 31, 2021. Net income available to common shareholders for the fourth quarter of 2021 was $51.6 million, with diluted earnings per share of $0.82, compared to $50.2 million and $0.75 per diluted share, respectively, for the fourth quarter of 2020. For the twelve months ended December 31, 2021, net income was $232.1 million, or $3.53 per diluted share, compared to $119.4 million, or $1.77 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 December 31, 2021, was $51.8 million, or $0.82 per diluted share, as compared to $50.6 million and $0.76 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income for the twelve months ended December 31, 2021 was $237.4 million, or $3.62 per diluted share, as compared to $127.1 million, or $1.88 per diluted share, in the prior year period (non-GAAP measures).

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

2021 2020 2021 2020

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

Net income available to common $ 51,757 $ 0.82 $ 50,593 $ 0.76 $ 237,441 $ 3.62 $ 127,083 $ 1.88shareholders (Non-GAAP)^(1)

Less: After-tax restructuring and merger- (140) - (383) (0.01) (5,306) (0.09) (7,683) (0.11)related expenses

Net income available to common $ 51,617 $ 0.82 $ 50,210 $ 0.75 $ 232,135 $ 3.53 $ 119,400 $ 1.77shareholders (GAAP)

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

Financial and operational highlights during the quarter ended December 31, 2021:

* Continued expense management demonstrated by a year-to-date efficiency ratio of 58.22% (non-GAAP measure) * Trust assets reached a record level of $5.6 billion, reflecting both market appreciation and organic growth * Reflecting strong organic growth, residential mortgage originations increased 9% year-over-year, and totaled a record $1.4 billion during 2021, a 7% year-over-year increase * Improving macro-economic forecasts and hospitality metrics approaching pre-pandemic levels 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, criticized and classified 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) * Deposit growth, excluding certificates of deposit ("CDs"), was 13.5% year-over-year, driven by growth in demand deposits * During the quarter, we continued to return capital to our shareholders as we purchased approximately 1.6 million shares of our common stock on the open market under existing share repurchase authorizations

"WesBanco had another successful year during 2021 as we remained focused on ensuring a strong organization for our shareholders, and continued to appropriately return capital to them through both long-term, sustainable earnings growth and effective capital management," said Todd F. Clossin, President and Chief Executive Officer of WesBanco. "Through the successful execution of our well-defined strategies we generated solid annual pre-tax, pre-provision earnings, while remaining a well-capitalized financial institution with a strong balance sheet and solid credit quality."

Mr. Clossin added, "Most importantly, we are proud of our entire organization as it adhered to our community banking roots and diligently focused on serving the financial needs of our customers and communities through the continuing pandemic, the gradual re-opening of our economies, and the completion of our core banking software system conversion, while still managing to receive numerous national accolades. Lastly, we remain well-positioned for continued success, and are excited about our growth opportunities for the upcoming year."

Balance SheetAs of December 31, 2021, total portfolio loans were $9.7 billion, and, when excluding SBA Payroll Protection Program ("SBA PPP") loans, total loans of $9.6 billion decreased 0.7% sequentially and 4.9% year-over-year. Loan growth for the fourth quarter of 2021 reflects the continuation of both SBA PPP loan forgiveness and elevated commercial real estate payoffs. While commercial real estate payoffs of $160 million during the fourth quarter declined by approximately $100 million from the third quarter, they remained above our more historical $85 million quarterly range. This higher level of payoffs negatively impacted total loan growth by approximately one percentage point (non-annualized). Further, the fourth quarter of 2021 included forgiveness of approximately 1,240 SBA PPP loans totaling $109 million (net of deferred fees). As of December 31, 2021, approximately 1,950 SBA PPP loans for $163 million remained in the loan portfolio.

As of December 31, 2021, total deposits were $13.6 billion, which increased both sequentially and year-over-year due primarily to stimulus funds previously received by our customers and increased personal savings, which more than offset a $325.9 million year-over-year reduction in CDs. Deposits, excluding CDs, increased 13.5% year-over-year, driven by a 15.3% increase in total demand deposits, which represent approximately 59% of total deposits.

Credit QualityAs of December 31, 2021, total loans past due, non-performing loans, and non-performing assets as percentages of the loan portfolio and total assets have remained relatively low and consistent throughout the last five quarters. In addition, criticized and classified loans as a percent of the loan portfolio decreased 84 basis points year-over-year to 3.75%. For the fourth quarter, we realized net loan charge-offs to average loans of four basis points, on an annualized basis. The allowance for credit losses specific to total portfolio loans at December 31, 2021 was $121.6 million, or 1.25% of total loans; or, when excluding SBA PPP loans, 1.27% of total portfolio loans. The improvements in macroeconomic forecasts and hospitality qualitative factors resulted in a negative provision for credit losses of $13.6 million for the fourth quarter of 2021, and a negative provision of $64.3 million for the year-to-date period.

Net Interest Margin and IncomeThe net interest margin of 2.97% for the fourth quarter of 2021 decreased 11 basis points sequentially and 34 basis points from the fourth 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, investment securities increased by $1.3 billion year-over-year and, as of December 31, 2021, represented approximately 24% 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 deposit funding costs 10 basis points year-over-year to 13 basis points for the fourth quarter of 2021, or just 8 basis points when including non-interest bearing deposits. When including our continued reductions in FHLB and other borrowings, the costs of total interest-bearing liabilities decreased 25 basis points year-over-year to 20 basis points. Accretion from acquisitions benefited the fourth quarter net interest margin by 9 basis points, as compared to 16 basis points in the prior year period. Lastly, the forgiveness of SBA PPP loans benefited the fourth quarter of 2021 net interest margin by a net 9 basis points, as compared to a net 2 basis points in the prior year period.

Net interest income decreased $9.4 million, or 7.8%, during the fourth 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 twelve months ended December 31, 2021, net interest income decreased $21.5 million, or 4.5%, due to the reasons discussed for the three-month period comparison.

Non-Interest IncomeFor the fourth quarter of 2021, non-interest income of $30.7 million decreased $2.0 million, or 6.1%, from the fourth quarter of 2020, driven primarily by lower mortgage banking income, which decreased $2.6 million, or 47.2%, as we continued efforts to retain more residential mortgages on the balance sheet. Residential mortgage originations of $383 million continued to be strong during the quarter, while the amount retained increased from 35% last year to approximately 70%. Bank-owned life insurance increased $1.1 million, or 63.7%, year-over-year due to death benefits during the quarter and new policies purchased during the third quarter. Reflective of macroeconomic improvements, service charges on deposits were higher due to increased general consumer spending, resulting in higher eligible account fees. Lastly, other income decreased $1.9 million, or 28.6%, due to lower loan swap-related income driven by a negative fair market value adjustment as compared to last year, and the sale of the debit card sponsorship business earlier this year.

Non-interest income, for the twelve months ended December 31, 2021, increased $4.6 million, or 3.6%. The $4.7 million increase in net gain on other real estate owned and other assets 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. Trust fees increased $3.2 million, or 12.1%, to $29.5 million reflecting a 12.3% year-over-year increase in trust assets to $5.6 billion due to both market appreciation and organic growth. In addition, net securities gains decreased $3.2 million, or 73.9%, year-over-year due to higher sales of securities during the prior year. Mortgage banking fees decreased $3.2 million, or 14.1%, compared to the prior year period, net of year-to-date fair value loss adjustments of $1.2 million, from our efforts to keep more 1-to-4 family residential mortgages on the balance sheet.

Non-Interest ExpenseExcluding restructuring and merger-related expenses, non-interest expense for the three months ended December 31, 2021 were well-controlled as they increased $0.5 million, or 0.6%, to $88.1 million compared to the prior year period. Salaries and wages increased $1.3 million, or 3.3%, due to higher securities broker and residential mortgage originator commissions and lower loan contra-costs, which more than offset lower year-over-year salary expense of approximately $1.7 million and a net decrease in bonus and stock compensation expense of $0.6 million compared to the prior year period. Equipment and software expense for the fourth quarter of 2021 increased $1.5 million, or 22.6%, year-over-year due primarily to the movement of online banking costs from other operating expenses. Lastly, other operating expenses decreased $2.8 million, or 15.4%, due to the aforementioned move of online banking costs, as well as a reduction in ACH and ATM processing charges related to a change in providers, in conjunction with our core banking software system conversion.

On a similar basis, non-interest expense during the twelve months of 2021 increased just $1.3 million, or 0.4%, compared to the prior year period. The primary drivers of this slight increase were higher equipment and software costs, legal settlement costs incurred during the third quarter, and 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 during the second quarter and improved risk factors and amortization of intangible asset expense, as well as efficiencies derived from financial center closures during the past year.

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 December 31, 2021, Tier I leverage was 10.02%, Tier I risk-based capital ratio was 14.05%, common equity Tier 1 capital ratio ("CET 1") was 12.77%, and total risk-based capital was 15.91%.

During the fourth quarter of 2021, WesBanco repurchased 1,560,266 shares of its outstanding common stock on the open market at a total cost of $54.7 million, or $35.03 per share. During the twelve months of 2021, WesBanco repurchased 5,177,563 shares of its outstanding common stock on the open market. As of December 31, 2021, approximately 1.4 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 fourth quarter of 2021 at 10:00 a.m. ET on Wednesday, January 26, 2022. 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 4384990. The replay will begin at approximately 12:00 p.m. ET on January 26, and end at 12 a.m. ET on February 9. 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, June 30, 2021 and September 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 $5.6 billion of assets under management (as of December 31, 2021). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 205 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 5

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

For the Three Months Ended For the Twelve Months Ended

Statement of Income December 31, December 31,

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

Loans, including fees $ 97,432 $ 114,582 (15.0) $ 415,965 $ 465,677 (10.7)

Interest and dividends on securities:

Taxable 12,934 10,892 18.7 50,401 53,594 (6.0)

Tax-exempt 4,236 4,059 4.4 16,161 16,999 (4.9)

Total interest and dividends on securities 17,170 14,951 14.8 66,562 70,593 (5.7)

Other interest income 605 945 (36.0) 2,440 5,007 (51.3)

Total interest and dividend income 115,207 130,478 (11.7) 484,967 541,277 (10.4)

Interest expense

Interest bearing demand deposits 810 1,099 (26.3) 3,669 7,069 (48.1)

Money market deposits 315 678 (53.5) 1,803 4,616 (60.9)

Savings deposits 261 280 (6.8) 1,031 1,802 (42.8)

Certificates of deposit 1,501 2,797 (46.3) 7,623 13,562 (43.8)

Total interest expense on deposits 2,887 4,854 (40.5) 14,126 27,049 (47.8)

Federal Home Loan Bank borrowings 780 3,719 (79.0) 6,167 24,701 (75.0)

Other short-term borrowings 35 275 (87.3) 227 1,729 (86.9)

Subordinated debt and junior subordinated debt 1,178 1,918 (38.6) 6,514 8,318 (21.7)

Total interest expense 4,880 10,766 (54.7) 27,034 61,797 (56.3)

Net interest income 110,327 119,712 (7.8) 457,933 479,480 (4.5)

Provision for credit losses (13,559) (209) NM (64,274) 107,741 (159.7)

Net interest income after provision for credit losses 123,886 119,921 3.3 522,207 371,739 40.5

Non-interest income

Trust fees 7,441 6,754 10.2 29,511 26,335 12.1

Service charges on deposits 6,592 5,671 16.2 22,412 21,943 2.1

Electronic banking fees 4,465 4,424 0.9 19,318 17,524 10.2

Net securities brokerage revenue 1,579 1,402 12.6 6,896 6,189 11.4

Bank-owned life insurance 2,864 1,750 63.7 8,936 7,359 21.4

Mortgage banking income 2,872 5,442 (47.2) 19,528 22,736 (14.1)

Net securities gains (losses) 372 691 (46.2) 1,113 4,268 (73.9)

Net (loss)/gain on other real estate owned and other (158) 18 (977.8) 4,816 103 NM assets

Other income 4,682 6,553 (28.6) 20,255 21,728 (6.8)

Total non-interest income 30,709 32,705 (6.1) 132,785 128,185 3.6

Non-interest expense

Salaries and wages 40,420 39,140 3.3 154,242 153,166 0.7

Employee benefits 10,842 10,608 2.2 41,033 41,723 (1.7)

Net occupancy 6,413 6,771 (5.3) 26,843 27,580 (2.7)

Equipment and software 8,352 6,810 22.6 30,006 24,801 21.0

Marketing 2,601 1,675 55.3 8,634 5,957 44.9

FDIC insurance 1,460 1,278 14.2 4,150 7,734 (46.3)

Amortization of intangible assets 2,834 3,327 (14.8) 11,457 13,411 (14.6)

Restructuring and merger-related expense 177 484 (63.4) 6,717 9,725 (30.9)

Other operating expenses 15,204 17,976 (15.4) 70,061 70,748 (1.0)

Total non-interest expense 88,303 88,069 0.3 353,143 354,845 (0.5)

Income before provision for income taxes 66,292 64,557 2.7 301,849 145,079 108.1

Provision for income taxes 12,144 11,703 3.8 59,589 23,035 158.7

Net Income 54,148 52,854 2.4 242,260 122,044 98.5

Preferred stock dividends 2,531 2,644 (4.3) 10,125 2,644 282.9

Net income available to common shareholders $ 51,617 $ 50,210 2.8 $ 232,135 $ 119,400 94.4

Taxable equivalent net interest income $ 111,453 $ 120,790 (7.7) $ 462,229 $ 483,999 (4.5)

Per common share data

Net income per common share - basic $ 0.82 $ 0.75 9.3 $ 3.54 $ 1.78 98.9

Net income per common share - diluted 0.82 0.75 9.3 3.53 1.77 99.4

Net income per common share - diluted, excluding certain 0.82 0.76 7.9 3.62 1.88 92.6items (1)(2)

Dividends declared 0.33 0.32 3.1 1.32 1.28 3.1

Book value (period end) 40.91 38.84 5.3 40.91 38.84 5.3

Tangible book value (period end) (1) 22.61 21.75 4.0 22.61 21.75 4.0

Average common shares outstanding - basic 63,045,061 67,238,005 (6.2) 65,520,527 67,260,796 (2.6)

Average common shares outstanding - diluted 63,183,411 67,304,442 (6.1) 65,669,970 67,310,584 (2.4)

Period end common shares outstanding 62,307,245 67,254,706 (7.4) 62,307,245 67,254,706 (7.4)

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 Twelve Months Ended

December 31,

2021 2020 % Change

Return on average assets 1.37 % 0.73 % 87.67 %

Return on average assets, excluding

after-tax restructuring and merger-related 1.40 0.77 81.82expenses (1)

Return on average equity 8.40 4.50 86.67

Return on average equity, excluding

after-tax restructuring and merger-related 8.59 4.79 79.33expenses (1)

Return on average tangible equity (1) 14.89 8.61 72.94

Return on average tangible equity, excluding

after-tax restructuring and merger-related 15.22 9.12 66.89expenses (1)

Return on average tangible common equity (1) 16.35 8.94 82.89

Return on average tangible common equity, excluding

after-tax restructuring and merger-related 16.71 9.47 76.45expenses (1)

Yield on earning assets (2) 3.29 3.80 (13.42)

Cost of interest bearing liabilities 0.28 0.63 (55.56)

Net interest spread (2) 3.01 3.17 (5.05)

Net interest margin (2) 3.11 3.37 (7.72)

Efficiency (1) (2) 58.22 56.38 3.26

Average loans to average deposits 78.11 91.66 (14.78)

Annualized net loan charge-offs/average loans 0.02 0.06 (66.67)

Effective income tax rate 19.74 15.88 24.31

For the Three Months Ended

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

2021 2021 2021 2021 2020

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

Return on average assets, excluding

after-tax restructuring and merger-related 1.21 1.06 1.62 1.74 1.22expenses (1)

Return on average equity 7.56 5.98 9.74 10.33 7.28

Return on average equity, excluding

after-tax restructuring and merger-related 7.58 6.49 9.88 10.43 7.33expenses (1)

Return on average tangible equity (1) 13.62 10.72 17.04 18.22 13.18

Return on average tangible equity, excluding

after-tax restructuring and merger-related 13.66 11.57 17.27 18.39 13.28expenses (1)

Return on average tangible common equity (1) 15.00 11.76 18.67 20.00 14.49

Return on average tangible common equity, excluding

after-tax restructuring and merger-related 15.04 12.70 18.92 20.18 14.60expenses (1)

Yield on earning assets (2) 3.10 3.24 3.32 3.51 3.61

Cost of interest bearing liabilities 0.20 0.25 0.31 0.37 0.45

Net interest spread (2) 2.90 2.99 3.01 3.14 3.16

Net interest margin (2) 2.97 3.08 3.12 3.27 3.31

Efficiency (1) (2) 61.99 60.52 53.97 56.71 57.06

Average loans to average deposits 72.61 75.46 79.82 85.27 89.64

Annualized net loan charge-offs and recoveries /average loans 0.04 0.03 (0.03) 0.02 0.02

Effective income tax rate 18.32 19.34 20.85 19.93 18.13

Trust assets, market value at period end $ 5,644,975 $ 5,464,159 $ 5,480,995 $ 5,244,370 $ 5,025,565

(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 thepreferred industry 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 December 31, September 30, September 30, 2021

Assets 2021 2020 % Change 2021 to December 31, 2021

Cash and due from banks $ 157,046 $ 184,361 (14.8) $ 201,505 (22.1)

Due from banks - interest bearing 1,094,312 721,086 51.8 919,611 19.0

Securities:

Equity securities, at fair value 13,466 13,047 3.2 13,451 0.1

Available-for-sale debt securities, at fair value 3,013,462 1,978,136 52.3 2,986,803 0.9

Held-to-maturity debt securities (fair values of $1,028,452; $768,183

and $978,494, respectively) 1,004,823 731,212 37.4 953,920 5.3

Allowance for credit losses - held-to-maturity debt securities (268) (326) 17.8 (257) (4.3)

Net held-to-maturity debt securities 1,004,555 730,886 37.4 953,663 5.3

Total securities 4,031,483 2,722,069 48.1 3,953,917 2.0

Loans held for sale 25,277 168,378 (85.0) 32,308 (21.8)

Portfolio loans:

Commercial real estate 5,538,968 5,705,392 (2.9) 5,657,886 (2.1)

Commercial and industrial 1,590,320 2,407,438 (33.9) 1,707,214 (6.8)

Residential real estate 1,721,378 1,720,961 0.0 1,655,229 4.0

Home equity 605,682 646,387 (6.3) 607,735 (0.3)

Consumer 277,130 309,055 (10.3) 285,101 (2.8)

Total portfolio loans, net of unearned income 9,733,478 10,789,233 (9.8) 9,913,165 (1.8)

Allowance for credit losses - loans (121,622) (185,827) 34.6 (136,605) 11.0

Net portfolio loans 9,611,856 10,603,406 (9.4) 9,776,560 (1.7)

Premises and equipment, net 229,016 249,421 (8.2) 232,134 (1.3)

Accrued interest receivable 60,844 66,790 (8.9) 61,895 (1.7)

Goodwill and other intangible assets, net 1,151,634 1,163,091 (1.0) 1,154,468 (0.2)

Bank-owned life insurance 350,359 306,038 14.5 349,735 0.2

Other assets 215,298 240,970 (10.7) 209,978 2.5

Total Assets $ 16,927,125 $ 16,425,610 3.1 $ 16,892,111 0.2

Liabilities

Deposits:

Non-interest bearing demand $ 4,590,895 $ 4,070,835 12.8 $ 4,531,958 1.3

Interest bearing demand 3,380,056 2,839,536 19.0 3,283,444 2.9

Money market 1,739,750 1,685,927 3.2 1,765,480 (1.5)

Savings deposits 2,562,510 2,214,565 15.7 2,488,180 3.0

Certificates of deposit 1,292,652 1,618,510 (20.1) 1,354,252 (4.5)

Total deposits 13,565,863 12,429,373 9.1 13,423,314 1.1

Federal Home Loan Bank borrowings 183,920 549,003 (66.5) 208,940 (12.0)

Other short-term borrowings 141,893 241,950 (41.4) 152,546 (7.0)

Subordinated debt and junior subordinated debt 132,860 192,291 (30.9) 167,711 (20.8)

Total borrowings 458,673 983,244 (53.4) 529,197 (13.3)

Accrued interest payable 1,901 4,314 (55.9) 2,495 (23.8)

Other liabilities 207,522 251,942 (17.6) 213,122 (2.6)

Total Liabilities 14,233,959 13,668,873 4.1 14,168,128 0.5

Shareholders' Equity

Preferred stock, no par value; 1,000,000 shares authorized in 2021 and2020, respectively;

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

liquidation preference $150.0 million, issued and outstanding in 2021 144,484 144,484 - 144,484 - and 2020, 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; 62,307,245, 67,254,706 and 63,838,549 shares 141,834 141,834 - 141,834 -

outstanding, respectively

Capital surplus 1,635,642 1,634,815 0.1 1,634,086 0.1

Retained earnings 977,765 831,688 17.6 946,746 3.3

Treasury stock (5,774,061, 826,600 and 4,242,757 shares - at cost, (199,759) (25,949) (669.8) (146,102) (36.7)respectively)

Accumulated other comprehensive income (loss) (5,120) 31,359 (116.3) 4,463 (214.7)

Deferred benefits for directors (1,680) (1,494) (12.4) (1,528) (9.9)

Total Shareholders' Equity 2,693,166 2,756,737 (2.3) 2,723,983 (1.1)

Total Liabilities and Shareholders' Equity $ 16,927,125 $ 16,425,610 3.1 $ 16,892,111 0.2

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 8

(unaudited, dollars in thousands)

Average balance sheet and

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

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 $ 1,028,014 0.16 % $ 0.12 % $ 860,249 0.13 % $ 548,078 0.21 %bearing 661,696

Loans, net of unearned 9,839,726 3.93 11,056,512 4.12 10,380,605 4.01 10,874,763 4.28income (1)

Securities: (2)

Taxable 3,295,240 1.56 2,144,038 2.02 2,966,745 1.70 2,281,905 2.35

Tax-exempt (3) 696,695 3.05 594,559 3.44 632,187 3.24 616,808 3.49

Total securities 3,991,935 1.82 2,738,597 2.33 3,598,932 1.97 2,898,713 2.59

Other earning assets 16,539 4.69 42,797 6.91 25,481 5.04 60,054 6.38

Total earning 14,876,214 3.10 % 14,499,602 3.61 % 14,865,267 3.29 % 14,381,608 3.80 %assets (3)

Other assets 2,071,448 2,047,159 2,063,110 2,061,096

Total Assets $ 16,947,662 $ 16,546,761 $ 16,928,377 $ 16,442,704

Liabilities andShareholders' Equity

Interest bearing demand $ 3,351,982 0.10 % $ 2,730,976 0.16 % $ 3,193,425 0.11 % $ 2,572,248 0.27 %deposits

Money market accounts 1,748,900 0.07 1,672,597 0.16 1,760,540 0.10 1,611,135 0.29

Savings deposits 2,521,850 0.04 2,181,804 0.05 2,425,527 0.04 2,084,576 0.09

Certificates of deposit 1,326,789 0.45 1,663,558 0.67 1,457,730 0.52 1,814,693 0.75

Total interest bearing 8,949,521 0.13 8,248,935 0.23 8,837,222 0.16 8,082,652 0.33deposits

Federal Home Loan Bank 208,663 1.48 691,183 2.14 343,185 1.80 1,135,934 2.17borrowings

Repurchase agreements 138,769 0.10 342,659 0.32 149,001 0.15 357,100 0.48

Subordinated debt and junior 149,879 3.12 192,200 3.97 180,649 3.61 193,693 4.29subordinated debt

Total interest 9,446,832 0.20 % 9,474,977 0.45 % 9,510,057 0.28 % 9,769,379 0.63 %bearing liabilities (4)

Non-interest bearing demand 4,601,270 4,084,889 4,452,590 3,781,583deposits

Other liabilities 189,778 241,959 201,393 240,340

Shareholders' equity 2,709,782 2,744,936 2,764,337 2,651,402

Total Liabilities and $ 16,947,662 $ 16,546,761 $ 16,928,377 $ 16,442,704Shareholders' Equity

Taxable equivalent net 2.90 % 3.16 % 3.01 % 3.17 %interest spread

Taxable equivalent net 2.97 % 3.31 % 3.11 % 3.37 %interest margin

(1) Gross of allowance for credit losses and net of unearned income. Includesnon-accrual and loans held for sale. Loan fees included in interest income onloans were $4.7 million and $6.7 million for the three months ended December31, 2021 and 2020, respectively and were $26.3 million and $16.2 million forthe twelve months ended December 31, 2021 and 2020, respectively. As part ofloan fees, PPP loan fees were $4.3 million and $5.7 million for the threemonths ended December 31, 2021 and 2020, respectively, and were $25.3 millionand $13.4 million for the twelve months ended December 31, 2021 and 2020,respectively. Additionally, loan accretion included in interest income onloans acquired from prior acquisitions was $3.0 million and $4.6 million forthe three months ended December 31, 2021 and 2020, respectively, and was $13.3million and $17.0 million for the twelve months ended December 31, 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 $0.6 million and $1.5 million for the three months ended December 31, 2021and 2020, respectively, and was $3.1 million and $9.5 million for the twelvemonths ended December 31, 2021 and 2020, respectively.

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 9

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

Quarter Ended

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

Interest and dividend income 2021 2021 2021 2021 2020

Loans, including fees $ 97,432 $ 103,206 $ 105,968 $ 109,358 $ 114,582

Interest and dividends on securities:

Taxable 12,934 13,481 12,900 11,127 10,892

Tax-exempt 4,236 4,063 3,952 3,910 4,059

Total interest and dividends on securities 17,170 17,544 16,852 15,037 14,951

Other interest income 605 628 507 659 945

Total interest and dividend income 115,207 121,378 123,327 125,054 130,478

Interest expense

Interest bearing demand deposits 810 815 1,009 1,043 1,099

Money market deposits 315 350 551 578 678

Savings deposits 261 244 261 264 280

Certificates of deposit 1,501 1,726 2,026 2,370 2,797

Total interest expense on deposits 2,887 3,135 3,847 4,255 4,854

Federal Home Loan Bank borrowings 780 1,192 1,781 2,414 3,719

Other short-term borrowings 35 33 40 118 275

Subordinated debt and junior subordinated debt 1,178 1,743 1,804 1,789 1,918

Total interest expense 4,880 6,103 7,472 8,576 10,766

Net interest income 110,327 115,275 115,855 116,478 119,712

Provision for credit losses (13,559) (1,730) (21,025) (27,958) (209)

Net interest income after provision for credit losses 123,886 117,005 136,880 144,436 119,921

Non-interest income

Trust fees 7,441 7,289 7,148 7,631 6,754

Service charges on deposits 6,592 6,050 4,876 4,894 5,671

Electronic banking fees 4,465 5,427 5,060 4,365 4,424

Net securities brokerage revenue 1,579 1,965 1,829 1,524 1,402

Bank-owned life insurance 2,864 2,656 1,707 1,709 1,750

Mortgage banking income 2,872 4,563 7,830 4,264 5,442

Net securities gains (losses) 372 (15) 477 279 691

Net (loss) / gain on other real estate owned and other assets (158) 785 4,014 175 18

Other income 4,682 4,035 3,171 8,367 6,553

Total non-interest income 30,709 32,755 36,112 33,208 32,705

Non-interest expense

Salaries and wages 40,420 39,497 37,435 36,890 39,140

Employee benefits 10,842 10,658 9,268 10,266 10,608

Net occupancy 6,413 6,825 6,427 7,177 6,771

Equipment and software 8,352 7,609 7,281 6,765 6,810

Marketing 2,601 1,848 1,802 2,384 1,675

FDIC insurance 1,460 1,227 181 1,282 1,278

Amortization of intangible assets 2,834 2,854 2,873 2,896 3,327

Restructuring and merger-related expense 177 4,467 1,222 851 484

Other operating expenses 15,204 19,716 17,323 17,816 17,976

Total non-interest expense 88,303 94,701 83,812 86,327 88,069

Income before provision for income taxes 66,292 55,059 89,180 91,317 64,557

Provision for income taxes 12,144 10,651 18,592 18,202 11,703

Net Income 54,148 44,408 70,588 73,115 52,854

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

Net income available to common shareholders $ 51,617 $ 41,877 $ 68,057 $ 70,584 $ 50,210

Taxable equivalent net interest income $ 111,453 $ 116,355 $ 116,906 $ 117,517 $ 120,790

Per common share data

Net income per common share - basic $ 0.82 $ 0.64 $ 1.02 $ 1.05 $ 0.75

Net income per common share - diluted 0.82 0.64 1.01 1.05 0.75

Net income per common share - diluted, excluding certain items (1)(2) 0.82 0.70 1.03 1.06 0.76

Dividends declared 0.33 0.33 0.33 0.33 0.32

Book value (period end) 40.91 40.41 39.96 39.25 38.84

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

Average common shares outstanding - basic 63,045,061 64,931,764 66,894,398 67,263,714 67,238,005

Average common shares outstanding - diluted 63,183,411 65,065,848 67,066,592 67,335,418 67,304,442

Period end common shares outstanding 62,307,245 63,838,549 65,970,149 67,282,134 67,254,706

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

Full time equivalent employees 2,462 2,425 2,459 2,490 2,612

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

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

WESBANCO, INC.

Consolidated Selected Financial Highlights Page 10

(unaudited, dollars in thousands)

Quarter Ended

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

Asset quality data 2021 2021 2021 2021 2020

Non-performing assets:

Troubled debt restructurings - accruing $ 3,746 $ 3,707 $ 5,799 $ 3,563 $ 3,927

Non-accrual loans:

Troubled debt restructurings 1,547 1,615 1,664 1,768 1,828

Other non-accrual loans 34,195 34,644 34,548 32,807 35,052

Total non-accrual loans 35,742 36,259 36,212 34,575 36,880

Total non-performing loans 39,488 39,966 42,011 38,138 40,807

Other real estate and repossessed assets - 293 773 393 549

Total non-performing assets $ 39,488 $ 40,259 $ 42,784 $ 38,531 $ 41,356

Past due loans (1):

Loans past due 30-89 days $ 27,152 $ 32,682 $ 21,233 $ 20,602 $ 31,596

Loans past due 90 days or more 7,804 11,252 8,318 12,824 8,846

Total past due loans $ 34,956 $ 43,934 $ 29,551 $ 33,426 $ 40,442

Criticized and classified loans (2):

Criticized loans $ 248,518 $ 290,281 $ 319,448 $ 340,943 $ 362,295

Classified loans 116,013 127,022 136,927 114,884 132,650

Total criticized and classified loans $ 364,531 $ 417,303 $ 456,375 $ 455,827 $ 494,945

Loans past due 30-89 days / total portfolio loans (3) 0.28 % 0.33 % 0.21 % 0.19 % 0.29 %

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

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

Non-performing assets / total portfolio loans, other

real estate and repossessed assets 0.41 0.41 0.41 0.36 0.38

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

Criticized and classified loans / total portfolio loans 3.75 4.21 4.41 4.26 4.59

Allowance for credit losses

Allowance for credit losses - loans $ 121,622 $ 136,605 $ 140,730 $ 160,040 $ 185,827

Allowance for credit losses - loan commitments 7,775 7,290 5,766 6,731 9,514

Provision for credit losses (13,559) (1,730) (21,025) (27,958) (209)

Net loan and deposit account overdraft charge-offs and recoveries 929 842 (689) 648 524

Annualized net loan charge-offs and recoveries / average loans 0.04 % 0.03 % (0.03) % 0.02 % 0.02 %

Allowance for credit losses - loans / total portfolio loans 1.25 % 1.38 % 1.36 % 1.50 % 1.72 %

Allowance for credit losses - loans / total portfolio loans excluding PPP loans 1.27 % 1.42 % 1.43 % 1.62 % 1.85 %

Allowance for credit losses - loans / non-performing loans 3.08 x 3.42 x 3.35 x 4.20 x 4.55 x

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

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

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

2021 2021 2021 2021 2020

Capital ratios

Tier I leverage capital 10.02 % 10.10 % 10.42 % 10.74 % 10.51 %

Tier I risk-based capital 14.05 14.18 15.15 14.95 14.72

Total risk-based capital 15.91 16.38 17.68 17.58 17.58

Common equity tier 1 capital ratio (CET 1) 12.77 12.91 13.83 13.65 13.40

Average shareholders' equity to average assets 15.99 16.28 16.44 16.65 16.59

Tangible equity to tangible assets (4) 9.84 10.04 10.34 10.30 10.52

Tangible common equity to tangible assets (4) 8.92 9.12 9.43 9.39 9.58

(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 $162.7 million of PPP loans as of December31, 2021.

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

WESBANCO, INC.

Non-GAAP Financial Measures Page 11

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

Three Months Ended Year to Date

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

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

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

Net income available to common shareholders $ 51,617 $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 232,135 $ 119,400

Plus: after-tax restructuring and merger-related expenses (1) 140 3,529 965 672 383 5,306 7,683

Net income available to common shareholders excluding after-tax restructuring 51,757 45,406 69,022 71,256 50,593 237,441 127,083 and merger-related expenses

Average total assets $ 16,947,662 $ 17,057,793 $ 17,042,147 $ 16,636,258 $ 16,546,761 $ 16,928,377 $ 16,442,704

Return on average assets, excluding after-tax restructuring and merger-related 1.21% 1.06% 1.62% 1.74% 1.22% 1.40% 0.77%expenses (annualized) (2)

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

Net income available to common shareholders $ 51,617 $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 232,135 $ 119,400

Plus: after-tax restructuring and merger-related expenses (1) 140 3,529 965 672 383 5,306 7,683

Net income available to common shareholders excluding after-tax restructuring 51,757 45,406 69,022 71,256 50,593 237,441 127,083 and merger-related expenses

Average total shareholders' equity $ 2,709,782 $ 2,777,306 $ 2,801,455 $ 2,770,416 $ 2,744,936 $ 2,764,337 $ 2,651,402

Return on average equity, excluding after-tax restructuring and merger-related 7.58% 6.49% 9.88% 10.43% 7.33% 8.59% 4.79%expenses (annualized) (2)

Return on average tangible equity:

Net income available to common shareholders $ 51,617 $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 232,135 $ 119,400

Plus: amortization of intangibles (1) 2,239 2,255 2,270 2,288 2,628 9,051 10,595

Net income available to common shareholders before amortization of intangibles 53,856 44,132 70,327 72,872 52,838 241,186 129,995

Average total shareholders' equity 2,709,782 2,777,306 2,801,455 2,770,416 2,744,936 2,764,337 2,651,402

Less: average goodwill and other intangibles, net of def. tax liability (1,141,307) (1,143,522) (1,145,882) (1,148,171) (1,150,184) (1,144,698) (1,141,528)

Average tangible equity $ 1,568,475 $ 1,633,784 $ 1,655,573 $ 1,622,245 $ 1,594,752 $ 1,619,639 $ 1,509,874

Return on average tangible equity (annualized) (2) 13.62% 10.72% 17.04% 18.22% 13.18% 14.89% 8.61%

Average tangible common equity $ 1,423,991 $ 1,489,300 $ 1,511,089 $ 1,477,736 $ 1,450,243 $ 1,475,155 $ 1,453,363

Return on average tangible common equity (annualized) (2) 15.00% 11.76% 18.67% 20.00% 14.49% 16.35% 8.94%

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

Net income available to common shareholders $ 51,617 $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 232,135 $ 119,400

Plus: after-tax restructuring and merger-related expenses (1) 140 3,529 965 672 383 5,306 7,683

Plus: amortization of intangibles (1) 2,239 2,255 2,270 2,288 2,628 9,051 10,595

Net income available to common shareholders before amortization of intangibles

and excluding after-tax restructuring and merger-related expenses 53,996 47,661 71,292 73,544 53,221 246,492 137,678

Average total shareholders' equity 2,709,782 2,777,306 2,801,455 2,770,416 2,744,936 2,764,337 2,651,402

Less: average goodwill and other intangibles, net of def. tax liability (1,141,307) (1,143,522) (1,145,882) (1,148,171) (1,150,184) (1,144,698) (1,141,528)

Average tangible equity $ 1,568,475 $ 1,633,784 $ 1,655,573 $ 1,622,245 $ 1,594,752 $ 1,619,639 $ 1,509,874

Return on average tangible equity, excluding after-tax restructuring and 13.66% 11.57% 17.27% 18.39% 13.28% 15.22% 9.12%merger-related expenses (annualized) (2)

Average tangible common equity $ 1,423,991 $ 1,489,300 $ 1,511,089 $ 1,477,736 $ 1,450,243 $ 1,475,155 $ 1,453,363

Return on average tangible common equity, excluding after-tax restructuring and 15.04% 12.70% 18.92% 20.18% 14.60% 16.71% 9.47%merger-related expenses (annualized) (2)

Efficiency ratio:

Non-interest expense $ 88,303 $ 94,701 $ 83,812 $ 86,327 $ 88,069 $ 353,143 $ 354,845

Less: restructuring and merger-related expense (177) (4,467) (1,222) (851) (484) (6,717) (9,725)

Non-interest expense excluding restructuring and merger-related expense 88,126 90,234 82,590 85,476 87,585 346,426 345,120

Net interest income on a fully taxable equivalent basis 111,453 116,355 116,906 117,517 120,790 462,229 483,999

Non-interest income 30,709 32,755 36,112 33,208 32,705 132,785 128,185

Net interest income on a fully taxable equivalent basis plus non-interest $ 142,162 $ 149,110 $ 153,018 $ 150,725 $ 153,495 $ 595,014 $ 612,184 income

Efficiency ratio 61.99% 60.52% 53.97% 56.71% 57.06% 58.22% 56.38%

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

Net income available to common shareholders $ 51,617 $ 41,877 $ 68,057 $ 70,584 $ 50,210 $ 232,135 $ 119,400

Add: After-tax restructuring and merger-related expenses (1) 140 3,529 965 672 383 5,306 7,683

Net income available to common shareholders, excluding after-tax restructuring $ 51,757 $ 45,406 $ 69,022 $ 71,256 $ 50,593 $ 237,441 $ 127,083and merger-related expenses

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

Net income per common share - diluted $ 0.82 $ 0.64 $ 1.01 $ 1.05 $ 0.75 $ 3.53 $ 1.77

Add: After-tax restructuring and merger-related expenses per common share - - 0.06 0.02 0.01 0.01 0.09 0.11 diluted (1)

Net income per common share - diluted, excluding after-tax restructuring and $ 0.82 $ 0.70 $ 1.03 $ 1.06 $ 0.76 $ 3.62 $ 1.88merger-related expenses

Period End

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

2021 2021 2021 2021 2020

Tangible book value per share:

Total shareholders' equity $ 2,693,166 $ 2,723,983 $ 2,780,836 $ 2,785,522 $ 2,756,737

Less: goodwill and other intangible assets, net of def. tax liability (1,140,111) (1,142,350) (1,144,604) (1,146,874) (1,149,161)

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

Tangible common equity 1,408,571 1,437,149 1,491,748 1,494,164 1,463,092

Common shares outstanding 62,307,245 63,838,549 65,970,149 67,282,134 67,254,706

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

Tangible common equity to tangible assets:

Total shareholders' equity $ 2,693,166 $ 2,723,983 $ 2,780,836 $ 2,785,522 $ 2,756,737

Less: goodwill and other intangible assets, net of def. tax liability (1,140,111) (1,142,350) (1,144,604) (1,146,874) (1,149,161)

Tangible equity 1,553,055 1,581,633 1,636,232 1,638,648 1,607,576

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

Tangible common equity 1,408,571 1,437,149 1,491,748 1,494,164 1,463,092

Total assets 16,927,125 16,892,111 16,966,867 17,057,788 16,425,610

Less: goodwill and other intangible assets, net of def. tax liability (1,140,111) (1,142,350) (1,144,604) (1,146,874) (1,149,161)

Tangible assets $ 15,787,014 $ 15,749,761 $ 15,822,263 $ 15,910,914 $ 15,276,449

Tangible equity to tangible assets 9.84% 10.04% 10.34% 10.30% 10.52%

Tangible common equity to tangible assets 8.92% 9.12% 9.43% 9.39% 9.58%

(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 12

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

Three Months Ended Year to Date

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

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

Pre-tax, pre-provision income:

Income before provision for income taxes $ 66,292 $ 55,059 $ 89,180 $ 91,317 $ 64,557 $ 301,849 $ 145,079

Add: provision for credit losses (13,559) (1,730) (21,025) (27,958) (209) (64,274) 107,741

Pre-tax, pre-provision income $ 52,733 $ 53,329 $ 68,155 $ 63,359 $ 64,348 $ 237,575 $ 252,820

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

Income before provision for income taxes $ 66,292 $ 55,059 $ 89,180 $ 91,317 $ 64,557 $ 301,849 $ 145,079

Add: provision for credit losses (13,559) (1,730) (21,025) (27,958) (209) (64,274) 107,741

Add: restructuring and merger-related expenses 177 4,467 1,222 851 484 6,717 9,725

Pre-tax, pre-provision income, excluding restructuring and merger-related $ 52,910 $ 57,796 $ 69,377 $ 64,210 $ 64,832 $ 244,292 $ 262,545expenses

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

Income before provision for income taxes $ 66,292 $ 55,059 $ 89,180 $ 91,317 $ 64,557 $ 301,849 $ 145,079

Add: provision for credit losses (13,559) (1,730) (21,025) (27,958) (209) (64,274) 107,741

Add: restructuring and merger-related expenses 177 4,467 1,222 851 484 6,717 9,725

Pre-tax, pre-provision income, excluding restructuring and merger-related 52,910 57,796 69,377 64,210 64,832 244,292 262,545expenses

Average total assets $ 16,947,662 $ 17,057,793 $ 17,042,147 $ 16,636,258 $ 16,546,761 $ 16,928,377 $ 16,442,704

Return on average assets, excluding certain items (annualized) (1) (2) 1.24% 1.34% 1.63% 1.57% 1.56% 1.44% 1.60%

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

Income before provision for income taxes $ 66,292 $ 55,059 $ 89,180 $ 91,317 $ 64,557 $ 301,849 $ 145,079

Add: provision for credit losses (13,559) (1,730) (21,025) (27,958) (209) (64,274) 107,741

Add: restructuring and merger-related expenses 177 4,467 1,222 851 484 6,717 9,725

Pre-tax, pre-provision income, excluding restructuring and merger-related 52,910 57,796 69,377 64,210 64,832 244,292 262,545expenses

Average total shareholders' equity $ 2,709,782 $ 2,777,306 $ 2,801,455 $ 2,770,416 $ 2,744,936 $ 2,764,337 $ 2,651,402

Return on average equity, excluding certain items (annualized) (1) (2) 7.75% 8.26% 9.93% 9.40% 9.40% 8.84% 9.90%

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

Income before provision for income taxes $ 66,292 $ 55,059 $ 89,180 $ 91,317 $ 64,557 $ 301,849 $ 145,079

Add: provision for credit losses (13,559) (1,730) (21,025) (27,958) (209) (64,274) 107,741

Add: amortization of intangibles 2,834 2,854 2,873 2,896 3,327 11,457 13,411

Add: restructuring and merger-related expenses 177 4,467 1,222 851 484 6,717 9,725

Income before provision, restructuring and merger-related expenses and 55,744 60,650 72,250 67,106 68,159 255,749 275,956amortization of intangibles

Average total shareholders' equity 2,709,782 2,777,306 2,801,455 2,770,416 2,744,936 2,764,337 2,651,402

Less: average goodwill and other intangibles, net of def. tax liability (1,141,307) (1,143,522) (1,145,882) (1,148,171) (1,150,184) (1,144,698) (1,141,528)

Average tangible equity $ 1,568,475 $ 1,633,784 $ 1,655,573 $ 1,622,245 $ 1,594,752 $ 1,619,639 $ 1,509,874

Return on average tangible equity, excluding certain items (annualized) (1) (2) 14.10% 14.73% 17.50% 16.78% 17.00% 15.79% 18.28%

Average tangible common equity $ 1,423,991 $ 1,489,300 $ 1,511,089 $ 1,477,736 $ 1,450,243 $ 1,475,155 $ 1,453,363

Return on average tangible common equity, excluding certain items (annualized) 15.53% 16.16% 19.18% 18.42% 18.70% 17.34% 18.99%(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.