WesBanco Announces Fourth Quarter 2024 Financial Results

Strong year-over-year loan growth of $1 billion, matched by deposit growth of $1 billion , /PRNewswire/ -- WesBanco, Inc. ("WesBanco" or "Company") (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, 2024. Net income available to common shareholders for the fourth quarter of 2024 was $47.1 million, with earnings per share of $0.70, compared to $32.4 million and $0.55 per share, respectively, for the fourth quarter of 2023. For the twelve months ended December 31, 2024, net income was $141.4 million, or $2.26 per share, compared to $148.9 million, or $2.51 per share, for the 2023 period. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the twelve months ended December 31, 2024 was $146.4 million, or $2.34 per share, as compared to $151.9 million, or $2.56 per share (non-GAAP measures). For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 (unaudited, dollars in thousands, except per share amounts) Net Income Earnings Per Share Net Income Earnings Per Share Net Income Earnings Per Share Net Income EarningsPer Share Net income available to common shareholders (Non-GAAP)(1) $ 47,608 $ 0.71 $ 32,437 $ 0.55 $ 146,441 $ 2.34 $ 151,933 $ 2.56 Less: After-tax restructuring and merger-related expenses (510) (0.01) - - (5,056) (0.08) (3,026) (0.05) Net income available to common shareholders (GAAP) $ 47,098 $ 0.70 $ 32,437 $ 0.55 $ 141,385 $ 2.26 $ 148,907 $ 2.51 (1) See non-GAAP financial measures for additional information relating to the calculation of these items. Financial and operational highlights during the quarter ended December 31, 2024: Total loan growth was 8.7% year-over-year and 6.6% over the sequential quarter, annualized Sequential quarter loan growth was fully funded through deposit growth Total loans are up $1.0 billion compared to the prior year, driven by commercial loan growth Total loans have grown at a compound annual rate of 9.1% since year-end 2021 Deposits of $14.1 billion increased 7.3% year-over-year and 8.6% over the sequential quarter, annualized Deposit growth, excluding certificates of deposit, increased 3.9% year-over-year and 7.7% over the sequential quarter, annualized Total deposits are up $1.0 billion compared to the prior year, matching loan growth Average loans to average deposits were 89.2%, providing continued capacity to fund loan growth Fee income increased $6.3 million, or 21%, year-over-year reflecting growth in net swap fee and valuation income, trust fees, and service charges on deposits, which include new products and services and treasury management fees Key credit quality metrics continued to remain at low levels and favorable to peer bank averages (based upon the prior four quarters for banks with total assets between $10 billion and $25 billion) The acquisition of Premier Financial Corp. remains on track, pending regulatory approvals WesBanco was recently named one of America's Best Regional Banks by Newsweek and a Most Trusted Company in America by Forbes "2024 was an excellent year for WesBanco. We delivered strong loan growth of $1 billion, which was fully funded by deposit growth. We also announced our transformational merger with Premier Financial and continued to earn national recognitions for stability, trustworthiness, and workplace excellence," said Jeff Jackson, President and Chief Executive Officer, WesBanco. "We have achieved a compound annual loan growth rate of 9% over the past three years, raised $200 million of common equity and paid down higher-cost borrowings – key successes in our strategy to strengthen our balance sheet and net interest margin. Additionally, we continued to focus on cost-control while enhancing our wealth and treasury management businesses to deepen client relationships and drive positive operating leverage. With the pending Premier Financial merger and the strength of our proven strategies, we are well positioned to build on our momentum and continue delivering value for our customers and stakeholders." Balance SheetAs of December 31, 2024, portfolio loans were $12.7 billion, which increased $1.0 billion, or 8.7%, year-over-year driven by strong performance by our banking teams across our markets. Total commercial loans of $9.1 billion increased 10.7% year-over-year and 8.5% quarter-over-quarter annualized. Commercial loan growth continues to reflect the success of our strategies, as well as lower commercial real estate payoffs, which totaled approximately $350 million during 2024. Deposits, as of December 31, 2024, were $14.1 billion, up 7.3% year-over-year and up 8.6% quarter-over-quarter annualized, reflecting the success of our efforts on deposit gathering and retention. The composition of total deposits continues to have some mix shift; however, total demand deposits continue to represent 54% of total deposits, with the non-interest bearing component representing 27%, which remains consistent with the percentage range prior to the pandemic. When excluding certificate of deposits, total deposits increased 3.9% year-over-year and 7.7% quarter-over-quarter annualized. Federal Home Loan Bank ("FHLB") borrowings totaled $1.0 billion, at December 31, 2024, a decrease of 14.9%, or $175.0 million from September 30, 2024. This paydown was funded by deposit growth exceeding loan growth during the fourth quarter. Credit QualityAs of December 31, 2024, total loans past due, criticized and classified loans, non-performing loans, and non-performing assets as percentages of the loan portfolio and total assets have remained low, from a historical perspective, and within a consistent range through the last three years. Total loans past due as a percent of the loan portfolio increased 3 basis points quarter-over-quarter to 0.47%, while non-performing assets as a percentage of total assets increased 6 basis points to 0.22% from the prior year period. The fourth quarter provision for credit losses decreased both year-over-year and sequentially to a negative provision of $0.1 million. The allowance for credit losses was $138.8 million at December 31, 2024, which provided a coverage ratio of 1.10%. The coverage ratio was down 3 basis points from prior quarter, primarily due to improvements in the macroeconomic forecasts related to lower unemployment assumptions and a more normalized yield curve, offsetting loan portfolio growth and office portfolio reserves. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.08% of total loans. Net Interest Margin and IncomeThe fourth quarter margin of 3.03% improved 8 basis points compared to the third quarter and 1 basis point on a year-over-year basis, through a combination of higher loan and securities yields and lower funding costs. Deposit funding costs were 271 basis points for the fourth quarter of 2024, as compared to 285 basis points in the third quarter of 2024 and 234 basis points in the prior year period. When including non-interest bearing deposits, deposit funding costs for the fourth quarter were 197 basis points. Net interest income for the fourth quarter of 2024 was $126.5 million, an increase of $8.7 million, or 7.4% year-over-year, reflecting the impact of loan growth, higher loan and securities yields, and lower FHLB borrowings more than offsetting higher deposit funding costs. For the twelve months ended December 31, 2024, net interest income of $478.2 million decreased $3.1 million, or 0.7%, primarily due to higher funding costs offsetting the impact of loan growth and higher loan and securities yields in the year-to-date period. Non-Interest IncomeFor the fourth quarter of 2024, non-interest income of $36.4 million increased $6.3 million, or 21.0%, from the fourth quarter of 2023 due to higher net swap fee and valuation income, service charges on deposits, and trust fees. Gross swap fees were $1.3 million in the fourth quarter, compared to $2.2 million in the prior year period, while fair value adjustments were $1.9 million compared to a loss of $2.5 million, respectively. Service charges on deposits increased $1.1 million year-over-year, reflecting fee income from new products and services and treasury management, as well as increased general consumer spending. Trust fees increased $0.8 million due to organic growth and market valuation changes. Other income included a $2.3 million gain from the transfer of certain liabilities for future pension payments to a third-party insurance company. Primarily reflecting the items discussed above and mortgage banking income, non-interest income, for the twelve months ended December 31, 2024, increased $7.5 million, or 6.3%, year-over-year to $128.0 million. Trust fees increased $2.5 million, reflecting higher assets under management from organic growth and market appreciation. Mortgage banking income increased $1.6 million year-over-year due to more residential mortgages sold in the secondary market, as well as an associated wider gain-on-sale margin. Non-Interest ExpenseNon-interest expense, excluding restructuring and merger-related costs, for the three months ended December 31, 2024 were $100.5 million, a $1.0 million, or 1.0%, increase year-over-year primarily due to increases in equipment and software expenses, which increased $1.0 million reflecting the impact of the prior year ATM upgrades, which were phased in throughout the prior year. Excluding restructuring and merger-related expenses, non-interest expense for 2024 of $395.5 million increased $9.3 million, or 2.4%, compared to the prior year period, due primarily to equipment and software expense, as described above, other operating expenses, and higher FDIC insurance expense. Other operating expenses increased $5.3 million primarily due to higher costs and fees in support of loan growth and higher other miscellaneous expenses. FDIC insurance increased $2.0 million year-over-year due to an increase in the minimum rate for all banks. 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, 2024, Tier I leverage was 10.68%, Tier I risk-based capital ratio was 13.06%, common equity Tier 1 capital ratio ("CET 1") was 12.07%, and total risk-based capital was 15.88%. In addition, the tangible common equity to tangible assets ratio was 8.70% due to strong earnings and the third quarter common equity raise. Conference Call and WebcastWesBanco will host a conference call to discuss the Company's financial results for the fourth quarter of 2024 at 3:00 p.m. ET on Thursday, January 23, 2025. 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 1-412-902-4290 for international callers, and asking to be joined into the WesBanco call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection. A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 1-412-317-0088 for international callers, and providing the access code of 8807978. The replay will begin at approximately 5:00 p.m. ET on January 23, 2025 and end at 12 a.m. ET on February 6, 2025. 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, 2023 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, 2024, June 30, 2024 and September 30, 2024, 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, that the proposed merger with Premier Financial Corp. ("Premier Financial" or "Premier") may not close when expected, that the businesses of WesBanco and Premier may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the merger of WesBanco and Premier may not be fully realized within the expected timeframes; disruption from the proposed merger of WesBanco and Premier may make it more difficult to maintain relationships with clients, associates, or suppliers; the required governmental approvals of the proposed Merger may not be obtained on the expected terms and schedule; the effects of changing regional and national economic conditions, 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 Consumer Financial Protection Bureau, 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. While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those expressed in or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law. Statements in this presentation with respect to the expected timing of and benefits of the proposed merger between WesBanco and Premier, the parties' plans, obligations, expectations, and intentions, and the statements with respect to accretion, earn back of tangible book value, tangible book value dilution and internal rate of return, constitute forward-looking statements as defined by federal securities laws. Such statements are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: the businesses of WesBanco and Premier may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the proposed merger may not be fully realized within the expected time frames; disruption from the proposed merger may make it more difficult to maintain relationships with clients, associates, or suppliers; the required governmental approvals of the proposed merger may not be obtained on the expected terms and schedule; changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; extended disruption of vital infrastructure; and other factors described in WesBanco's 2023 Annual Report on Form 10-K, Premier's 2023 Annual Report on Form 10-K, and documents subsequently filed by WesBanco and Premier with the Securities and Exchange Commission. 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. Additional Information About the Merger and Where to Find ItIn connection with the proposed Merger, the Company filed with the Securities and Exchange Commission (the "SEC") a Registration Statement on Form S-4 which includes a joint proxy statement of Premier Financial and the Company and a prospectus of the Company with respect to shares of the Company's common stock to be issued in the proposed transaction, as well as other relevant documents concerning the proposed transaction. The Form S-4 was declared effective on October 28, 2024, and Wesbanco and Premier Financial commenced mailing to their respective shareholders on or about November 1, 2024 in connection with their respective special meetings of shareholders, which were held on December 11, 2024, at which the shareholders of both companies approved all matters related to the proposed transaction that were submitted for a vote. This communication is not a substitute for the Registration Statement on Form S-4, the joint proxy statement/Prospectus or any other document that the Company and/or Premier Financial may file with the SEC in connection with the proposed transaction. SHAREHOLDERS OF THE COMPANY, SHAREHOLDERS OF PREMIER FINANCIAL AND OTHER INTERESTED PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. The Registration Statement on Form S-4, which includes the joint proxy statements/prospectus, and other related documents filed by the Company or Premier with the SEC, may be obtained for free at the SEC's website at www.sec.gov, and from either the Company's or Premier Financial's website at www.wesbanco.com or www.premierfincorp.com, respectively. No Offer or SolicitationThis Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About WesBanco, Inc.With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our eight-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia, WesBanco has $18.7 billion in total assets, with our Trust and Investment Services holding $6.0 billion of assets under management and securities account values (including annuities) of $1.9 billion through our broker/dealer, as of December 31, 2024. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram. WESBANCO, INC. Consolidated Selected Financial Highlights Page 6 (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 2024 2023 % Change 2024 2023 % Change Loans, including fees $ 183,251 $ 162,498 12.8 $ 709,802 $ 596,852 18.9 Interest and dividends on securities: Taxable 18,575 17,798 4.4 70,559 73,449 (3.9) Tax-exempt 4,449 4,639 (4.1) 18,089 18,830 (3.9) Total interest and dividends on securities 23,024 22,437 2.6 88,648 92,279 (3.9) Other interest income 7,310 6,383 14.5 27,191 22,385 21.5 Total interest and dividend income 213,585 191,318 11.6 825,641 711,516 16.0 Interest expense Interest bearing demand deposits 27,044 23,686 14.2 107,700 72,866 47.8 Money market deposits 18,734 14,302 31.0 72,899 36,616 99.1 Savings deposits 7,271 7,310 (0.5) 31,066 23,869 30.2 Certificates of deposit 16,723 8,380 99.6 53,236 18,472 188.2 Total interest expense on deposits 69,772 53,678 30.0 264,901 151,823 74.5 Federal Home Loan Bank borrowings 12,114 14,841 (18.4) 62,489 59,318 5.3 Other short-term borrowings 1,291 891 44.9 3,953 2,545 55.3 Subordinated debt and junior subordinated debt 3,902 4,150 (6.0) 16,090 16,492 (2.4) Total interest expense 87,079 73,560 18.4 347,433 230,178 50.9 Net interest income 126,506 117,758 7.4 478,208 481,338 (0.7) Provision for credit losses (147) 4,803 (103.1) 19,206 17,734 8.3 Net interest income after provision for credit losses 126,653 112,955 12.1 459,002 463,604 (1.0) Non-interest income Trust fees 7,775 7,019 10.8 30,676 28,135 9.0 Service charges on deposits 8,138 6,989 16.4 29,979 26,116 14.8 Digital banking income 5,125 4,890 4.8 19,953 19,454 2.6 Net swap fee and valuation income / (loss) 3,230 (345) NM 5,941 6,912 (14.0) Net securities brokerage revenue 2,430 2,563 (5.2) 10,238 10,055 1.8 Bank-owned life insurance 2,512 3,455 (27.3) 9,544 11,002 (13.3) Mortgage banking income 1,229 650 89.1 4,270 2,652 61.0 Net securities gains 61 887 (93.1) 1,408 900 56.4 Net gains on other real estate owned and other assets 193 445 (56.6) 142 1,520 (90.7) Other income 5,695 3,521 61.7 15,832 13,701 15.6 Total non-interest income 36,388 30,074 21.0 127,983 120,447 6.3 Non-interest expense Salaries and wages 45,638 45,164 1.0 177,516 176,938 0.3 Employee benefits 11,856 11,409 3.9 46,141 46,901 (1.6) Net occupancy 5,999 6,417 (6.5) 25,157 25,338 (0.7) Equipment and software 10,681 9,648 10.7 41,303 36,666 12.6 Marketing 2,531 2,975 (14.9) 9,764 11,178 (12.6) FDIC insurance 3,640 3,369 8.0 14,215 12,249 16.1 Amortization of intangible assets 2,034 2,243 (9.3) 8,251 9,088 (9.2) Restructuring and merger-related expense 646 - 100.0 6,400 3,830 67.1 Other operating expenses 18,079 18,278 (1.1) 73,124 67,814 7.8 Total non-interest expense 101,104 99,503 1.6 401,871 390,002 3.0 Income before provision for income taxes 61,937 43,526 42.3 185,114 194,049 (4.6) Provision for income taxes 12,308 8,558 43.8 33,604 35,017 (4.0) Net Income 49,629 34,968 41.9 151,510 159,032 (4.7) Preferred stock dividends 2,531 2,531 - 10,125 10,125 - Net income available to common shareholders $ 47,098 $ 32,437 45.2 $ 141,385 $ 148,907 (5.1) Taxable equivalent net interest income $ 127,689 $ 118,991 7.3 $ 483,016 $ 486,343 (0.7) Per common share data Net income per common share - basic $ 0.70 $ 0.55 27.3 $ 2.26 $ 2.51 (10.0) Net income per common share - diluted 0.70 0.55 27.3 2.26 2.51 (10.0) Net income per common share - diluted, excluding certain items (1)(2) 0.71 0.55 29.1 2.34 2.56 (8.6) Dividends declared 0.37 0.36 2.8 1.45 1.41 2.8 Book value (period end) 39.54 40.23 (1.7) 39.54 40.23 (1.7) Tangible book value (period end) (1) 22.83 21.28 7.3 22.83 21.28 7.3 Average common shares outstanding - basic 66,895,834 59,370,171 12.7 62,589,406 59,303,210 5.5 Average common shares outstanding - diluted 66,992,009 59,479,031 12.6 62,653,557 59,427,989 5.4 Period end common shares outstanding 66,919,805 59,376,435 12.7 66,919,805 59,376,435 12.7 Period end preferred shares outstanding 150,000 150,000 - 150,000 150,000 - (1) See non-GAAP financial measures for additional information relating to the calculation of this item. (2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses. NM = Not Meaningful WESBANCO, INC. Consolidated Selected Financial Highlights Page 7 (unaudited, dollars in thousands, unless otherwise noted) Selected ratios For the Twelve Months Ended December 31, 2024 2023 % Change Return on average assets 0.78 % 0.86 % (9.30) % Return on average assets, excluding after-tax restructuring and merger-related expenses (1) 0.81 0.88 (7.95) Return on average equity 5.33 6.02 (11.46) Return on average equity, excluding after-tax restructuring and merger-related expenses (1) 5.52 6.14 (10.10) Return on average tangible equity (1) 9.66 11.59 (16.65) Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1) 9.99 11.82 (15.48) Return on average tangible common equity (1) 10.66 12.99 (17.94) Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1) 11.03 13.24 (16.69) Yield on earning assets (2) 5.10 4.63 10.15 Cost of interest bearing liabilities 3.07 2.25 36.44 Net interest spread (2) 2.03 2.38 (14.71) Net interest margin (2) 2.96 3.14 (5.73) Efficiency (1) (2) 64.73 63.64 1.71 Average loans to average deposits 89.48 85.71 4.40 Annualized net loan charge-offs/average loans 0.11 0.04 175.00 Effective income tax rate 18.15 18.05 0.55 For the Three Months Ended Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31, 2024 2024 2024 2024 2023 Return on average assets 1.01 % 0.76 % 0.59 % 0.75 % 0.74 % Return on average assets, excluding after-tax restructuring and merger-related expenses (1) 1.02 0.79 0.66 0.75 0.74 Return on average equity 6.68 5.09 4.17 5.24 5.21 Return on average equity, excluding after-tax restructuring and merger-related expenses (1) 6.75 5.32 4.65 5.24 5.21 Return on average tangible equity (1) 11.49 9.07 7.93 9.85 10.11 Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (1) 11.61 9.46 8.78 9.85 10.11 Return on average tangible common equity (1) 12.56 9.97 8.83 10.96 11.32 Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (1) 12.69 10.40 9.77 10.96 11.32 Yield on earning assets (2) 5.10 5.19 5.11 4.98 4.88 Cost of interest bearing liabilities 2.96 3.21 3.12 2.98 2.76 Net interest spread (2) 2.14 1.98 1.99 2.00 2.12 Net interest margin (2) 3.03 2.95 2.95 2.92 3.02 Efficiency (1) (2) 61.23 65.29 66.11 66.65 66.75 Average loans to average deposits 89.24 90.58 89.40 88.67 87.07 Annualized net loan charge-offs and recoveries /average loans 0.13 0.05 0.07 0.20 0.06 Effective income tax rate 19.87 16.75 17.42 17.74 19.66 Trust and Investment Services assets under management (3) $ 5,968 $ 6,061 $ 5,633 $ 5,601 $ 5,360 Broker-dealer securities account values (including annuities) (3) $ 1,852 $ 1,853 $ 1,780 $ 1,751 $ 1,686 (1) See non-GAAP financial measures for additional information relating to the calculation of this item. (2) The yield on earning assets, net interest margin, net interest spread and efficiency ratios are presented on a fully taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt loans and investments. WesBanco believes this measure to be the preferred industry measurement of net interest income and provides a relevant comparison between taxable and non-taxable amounts. (3) Represents market value at period end, in millions. WESBANCO, INC. Consolidated Selected Financial Highlights Page 8 (unaudited, dollars in thousands, except shares) % Change Balance sheet December 31, September 30, September 30, 2024 Assets 2024 2023 % Change 2024 to Dec. 31, 2024 Cash and due from banks $ 142,271 $ 158,504 (10.2) $ 172,221 (17.4) Due from banks - interest bearing 425,866 436,879 (2.5) 448,676 (5.1) Securities: Equity securities, at fair value 13,427 12,320 9.0 13,355 0.5 Available-for-sale debt securities, at fair value 2,246,072 2,194,329 2.4 2,228,527 0.8 Held-to-maturity debt securities (fair values of $1,006,817, $1,069,159 and $1,052,781, respectively) 1,152,906 1,199,527 (3.9) 1,162,359 (0.8) Allowance for credit losses, held-to-maturity debt securities (146) (192) 24.0 (148) 1.4 Net held-to-maturity debt securities 1,152,760 1,199,335 (3.9) 1,162,211 (0.8) Total securities 3,412,259 3,405,984 0.2 3,404,093 0.2 Loans held for sale 18,695 16,354 14.3 22,127 (15.5) Portfolio loans: Commercial real estate 7,326,681 6,565,448 11.6 7,206,271 1.7 Commercial and industrial 1,787,277 1,670,659 7.0 1,717,369 4.1 Residential real estate 2,520,086 2,438,574 3.3 2,519,089 0.0 Home equity 821,110 734,219 11.8 796,594 3.1 Consumer 201,275 229,561 (12.3) 212,107 (5.1) Total portfolio loans, net of unearned income 12,656,429 11,638,461 8.7 12,451,430 1.6 Allowance for credit losses - loans (138,766) (130,675) (6.2) (140,872) 1.5 Net portfolio loans 12,517,663 11,507,786 8.8 12,310,558 1.7 Premises and equipment, net 219,076 233,571 (6.2) 222,005 (1.3) Accrued interest receivable 78,324 77,435 1.1 79,465 (1.4) Goodwill and other intangible assets, net 1,124,016 1,132,267 (0.7) 1,126,050 (0.2) Bank-owned life insurance 360,738 355,033 1.6 358,701 0.6 Other assets 385,390 388,561 (0.8) 370,273 4.1 Total Assets $ 18,684,298 $ 17,712,374 5.5 $ 18,514,169 0.9 Liabilities Deposits: Non-interest bearing demand $ 3,842,758 $ 3,962,592 (3.0) $ 3,777,781 1.7 Interest bearing demand 3,771,314 3,463,443 8.9 3,667,082 2.8 Money market 2,429,977 2,017,713 20.4 2,347,444 3.5 Savings deposits 2,362,736 2,493,254 (5.2) 2,381,542 (0.8) Certificates of deposit 1,726,932 1,231,702 40.2 1,663,494 3.8 Total deposits 14,133,717 13,168,704 7.3 13,837,343 2.1 Federal Home Loan Bank borrowings 1,000,000 1,350,000 (25.9) 1,175,000 (14.9) Other short-term borrowings 192,073 105,893 81.4 140,641 36.6 Subordinated debt and junior subordinated debt 279,308 279,078 0.1 279,251 0.0 Total borrowings 1,471,381 1,734,971 (15.2) 1,594,892 (7.7) Accrued interest payable 14,228 11,121 27.9 16,406 (13.3) Other liabilities 274,691 264,516 3.8 263,943 4.1 Total Liabilities 15,894,017 15,179,312 4.7 15,712,584 1.2 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, respectively 144,484 144,484 - 144,484 - Common stock, $2.0833 par value; 200,000,000, 100,000,000 and 100,000,000 shares authorized; 75,354,034, 68,081,306 and 75,354,034 shares issued; 66,919,805, 59,376,435 and 66,871,479 shares outstanding, respectively 156,985 141,834 10.7 156,985 - Capital surplus 1,809,679 1,635,859 10.6 1,808,272 0.1 Retained earnings 1,192,091 1,142,586 4.3 1,169,808 1.9 Treasury stock (8,434,229, 8,704,871 and 8,482,555 shares - at cost, respectively) (292,244) (302,995) 3.5 (294,079) 0.6 Accumulated other comprehensive loss (218,632) (226,693) 3.6 (181,804) (20.3) Deferred benefits for directors (2,082) (2,013) (3.4) (2,081) (0.0) Total Shareholders' Equity 2,790,281 2,533,062 10.2 2,801,585 (0.4) Total Liabilities and Shareholders' Equity $ 18,684,298 $ 17,712,374 5.5 $ 18,514,169 0.9 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 December 31, For the Twelve Months Ended December 31, 2024 2023 2024 2023 Average Average Average Average Average Average Average Average Assets Balance Rate Balance Rate Balance Rate Balance Rate Due from banks - interest bearing $ 474,933 5.05 % $ 332,670 6.25 % $ 409,900 5.48 % $ 348,109 5.43 % Loans, net of unearned income (1) 12,565,244 5.80 11,490,379 5.61 12,185,386 5.83 11,132,618 5.36 Securities: (2) Taxable 2,924,539 2.53 3,010,064 2.35 2,894,993 2.44 3,150,781 2.33 Tax-exempt (3) 734,929 3.05 770,186 3.02 748,304 3.06 783,697 3.04 Total securities 3,659,468 2.63 3,780,250 2.48 3,643,297 2.57 3,934,478 2.47 Other earning assets 51,208 9.99 52,879 8.57 57,845 8.20 55,368 6.26 Total earning assets (3) 16,750,853 5.10 % 15,656,178 4.88 % 16,296,428 5.10 % 15,470,573 4.63 % Other assets 1,842,412 1,769,933 1,826,197 1,789,147 Total Assets $ 18,593,265 $ 17,426,111 $ 18,122,625 $ 17,259,720 Liabilities and Shareholders' Equity Interest bearing demand deposits $ 3,763,465 2.86 % $ 3,417,220 2.75 % $ 3,604,463 2.99 % $ 3,243,786 2.25 % Money market accounts 2,427,005 3.07 1,985,203 2.86 2,259,882 3.23 1,763,921 2.08 Savings deposits 2,365,805 1.22 2,515,798 1.15 2,422,859 1.28 2,655,105 0.90 Certificates of deposit 1,704,878 3.90 1,191,583 2.79 1,467,738 3.63 1,008,950 1.83 Total interest bearing deposits 10,261,153 2.71 9,109,804 2.34 9,754,942 2.72 8,671,762 1.75 Federal Home Loan Bank borrowings 972,283 4.96 1,080,163 5.45 1,164,344 5.37 1,138,247 5.21 Repurchase agreements 179,052 2.87 114,801 3.08 125,534 3.15 115,817 2.20 Subordinated debt and junior subordinated debt 279,277 5.56 282,004 5.84 279,189 5.76 281,788 5.85 Total interest bearing liabilities (4) 11,691,765 2.96 % 10,586,772 2.76 % 11,324,009 3.07 % 10,207,614 2.25 % Non-interest bearing demand deposits 3,819,593 4,086,366 3,863,366 4,316,245 Other liabilities 275,828 284,448 282,076 261,234 Shareholders' equity 2,806,079 2,468,525 2,653,174 2,474,627 Total Liabilities and Shareholders' Equity $ 18,593,265 $ 17,426,111 $ 18,122,625 $ 17,259,720 Taxable equivalent net interest spread 2.14 % 2.12 % 2.03 % 2.38 % Taxable equivalent net interest margin 3.03 % 3.02 % 2.96 % 3.14 % (1) Gross of allowance for credit losses, net of unearned income and includes non-accrual loans and loans held for sale. Loan fees included in interest income on loans were $1.1 million and $0.7 million for the three months ended December 31, 2024 and 2023, respectively, and were $2.9 million and $2.7 million for the twelve months ended December 31, 2024 and 2023, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $0.8 million and $1.0 million for the three months ended December 31, 2024 and 2023, respectively, and $3.1 million and $4.5 million for the twelve months ended December 31, 2024 and 2023, respectively. (2) Average yields on available-for-sale securities are calculated based on amortized cost. (3) Taxable equivalent basis is calculated on tax-exempt securities using a rate of 21% for each period presented. (4) Accretion on interest bearing liabilities acquired from prior acquisitions was $0.2 million for the three months ended December 31, 2023, and $0.2 million and $0.5 million for the twelve months ended December 31, 2024 and 2023, respectively. There was no accretion on interest bearing liabilities recorded for the three months ended December 31, 2024. WESBANCO, INC. Consolidated Selected Financial Highlights Page 10 (unaudited, dollars in thousands, except shares and per share amounts) Quarter Ended Statement of Income Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Interest and dividend income 2024 2024 2024 2024 2023 Loans, including fees $ 183,251 $ 184,215 $ 175,361 $ 166,974 $ 162,498 Interest and dividends on securities: Taxable 18,575 17,651 16,929 17,404 17,798 Tax-exempt 4,449 4,498 4,556 4,586 4,639 Total interest and dividends on securities 23,024 22,149 21,485 21,990 22,437 Other interest income 7,310 7,365 6,147 6,369 6,383 Total interest and dividend income 213,585 213,729 202,993 195,333 191,318 Interest expense Interest bearing demand deposits 27,044 28,139 26,925 25,590 23,686 Money market deposits 18,734 19,609 18,443 16,114 14,302 Savings deposits 7,271 8,246 7,883 7,667 7,310 Certificates of deposit 16,723 14,284 11,982 10,247 8,380 Total interest expense on deposits 69,772 70,278 65,233 59,618 53,678 Federal Home Loan Bank borrowings 12,114 17,147 16,227 17,000 14,841 Other short-term borrowings 1,291 1,092 896 674 891 Subordinated debt and junior subordinated debt 3,902 4,070 4,044 4,075 4,150 Total interest expense 87,079 92,587 86,400 81,367 73,560 Net interest income 126,506 121,142 116,593 113,966 117,758 Provision for credit losses (147) 4,798 10,541 4,014 4,803 Net interest income after provision for credit losses 126,653 116,344 106,052 109,952 112,955 Non-interest income Trust fees 7,775 7,517 7,303 8,082 7,019 Service charges on deposits 8,138 7,945 7,111 6,784 6,989 Digital banking income 5,125 5,084 5,040 4,704 4,890 Net swap fee and valuation income/ (loss) 3,230 (627) 1,776 1,563 (345) Net securities brokerage revenue 2,430 2,659 2,601 2,548 2,563 Bank-owned life insurance 2,512 2,173 2,791 2,067 3,455 Mortgage banking income 1,229 1,280 1,069 693 650 Net securities gains 61 675 135 537 887 Net gains/(losses) on other real estate owned and other assets 193 (239) 34 154 445 Other income 5,695 3,145 3,495 3,497 3,521 Total non-interest income 36,388 29,612 31,355 30,629 30,074 Non-interest expense Salaries and wages 45,638 44,890 43,991 42,997 45,164 Employee benefits 11,856 11,522 10,579 12,184 11,409 Net occupancy 5,999 6,226 6,309 6,623 6,417 Equipment and software 10,681 10,157 10,457 10,008 9,648 Marketing 2,531 2,977 2,371 1,885 2,975 FDIC insurance 3,640 3,604 3,523 3,448 3,369 Amortization of intangible assets 2,034 2,053 2,072 2,092 2,243 Restructuring and merger-related expense 646 1,977 3,777 - - Other operating expenses 18,079 17,777 19,313 17,954 18,278 Total non-interest expense 101,104 101,183 102,392 97,191 99,503 Income before provision for income taxes 61,937 44,773 35,015 43,390 43,526 Provision for income taxes 12,308 7,501 6,099 7,697 8,558 Net Income 49,629 37,272 28,916 35,693 34,968 Preferred stock dividends 2,531 2,531 2,531 2,531 2,531 Net income available to common shareholders $ 47,098 $ 34,741 $ 26,385 $ 33,162 $ 32,437 Taxable equivalent net interest income $ 127,689 $ 122,338 $ 117,804 $ 115,185 $ 118,991 Per common share data Net income per common share - basic $ 0.70 $ 0.54 $ 0.44 $ 0.56 $ 0.55 Net income per common share - diluted 0.70 0.54 0.44 0.56 0.55 Net income per common share - diluted, excluding certain items (1)(2) 0.71 0.56 0.49 0.56 0.55 Dividends declared 0.37 0.36 0.36 0.36 0.36 Book value (period end) 39.54 39.73 40.28 40.30 40.23 Tangible book value (period end) (1) 22.83 22.99 21.45 21.39 21.28 Average common shares outstanding - basic 66,895,834 64,488,962 59,521,872 59,382,758 59,370,171 Average common shares outstanding - diluted 66,992,009 64,634,208 59,656,429 59,523,679 59,479,031 Period end common shares outstanding 66,919,805 66,871,479 59,579,310 59,395,777 59,376,435 Period end preferred shares outstanding 150,000 150,000 150,000 150,000 150,000 Full time equivalent employees 2,262 2,277 2,370 2,331 2,368 (1) See non-GAAP financial measures for additional information relating to the calculation of this item. (2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses. WESBANCO, INC. Consolidated Selected Financial Highlights Page 11 (unaudited, dollars in thousands) Quarter Ended Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Asset quality data 2024 2024 2024 2024 2023 Non-performing assets: Total non-performing loans $ 39,752 $ 30,421 $ 35,468 $ 32,919 $ 26,808 Other real estate and repossessed assets 852 906 1,328 1,474 1,497 Total non-performing assets $ 40,604 $ 31,327 $ 36,796 $ 34,393 $ 28,305 Past due loans (1): Loans past due 30-89 days $ 45,926 $ 33,762 $ 20,237 $ 18,515 $ 22,875 Loans past due 90 days or more 13,553 20,427 9,171 5,408 9,638 Total past due loans $ 59,479 $ 54,189 $ 29,408 $ 23,923 $ 32,513 Criticized and classified loans (2): Criticized loans $ 242,000 $ 200,540 $ 179,621 $ 171,536 $ 183,174 Classified loans 112,669 93,185 83,744 101,898 75,497 Total criticized and classified loans $ 354,669 $ 293,725 $ 263,365 $ 273,434 $ 258,671 Loans past due 30-89 days / total portfolio loans 0.36 % 0.27 % 0.17 % 0.16 % 0.20 % Loans past due 90 days or more / total portfolio loans 0.11 0.16 0.07 0.05 0.08 Non-performing loans / total portfolio loans 0.31 0.24 0.29 0.28 0.23 Non-performing assets / total portfolio loans, other real estate and repossessed assets 0.32 0.25 0.30 0.29 0.24 Non-performing assets / total assets 0.22 0.17 0.20 0.19 0.16 Criticized and classified loans / total portfolio loans 2.80 2.36 2.15 2.30 2.22 Allowance for credit losses Allowance for credit losses - loans $ 138,766 $ 140,872 $ 136,509 $ 129,190 $ 130,675 Allowance for credit losses - loan commitments 6,120 8,225 9,194 8,175 8,604 Provision for credit losses (147) 4,798 10,541 4,014 4,803 Net loan and deposit account overdraft charge-offs and recoveries 4,066 1,420 2,221 5,935 1,857 Annualized net loan charge-offs and recoveries / average loans 0.13 % 0.05 % 0.07 % 0.20 % 0.06 % Allowance for credit losses - loans / total portfolio loans 1.10 % 1.13 % 1.11 % 1.09 % 1.12 % Allowance for credit losses - loans / non-performing loans 3.49 x 4.63 x 3.85 x 3.92 x 4.87 x Allowance for credit losses - loans / non-performing loans and loans past due 1.40 x 1.66 x 2.10 x 2.27 x 2.20 x Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31, 2024 2024 2024 2024 2023 Capital ratios Tier I leverage capital 10.68 % 10.69 % 9.72 % 9.79 % 9.87 % Tier I risk-based capital 13.06 12.89 11.58 11.87 12.05 Total risk-based capital 15.88 15.74 14.45 14.76 14.91 Common equity tier 1 capital ratio (CET 1) 12.07 11.89 10.58 10.84 10.99 Average shareholders' equity to average assets 15.09 14.84 14.21 14.38 14.17 Tangible equity to tangible assets (3) 9.52 9.67 8.37 8.50 8.49 Tangible common equity to tangible assets (3) 8.70 8.84 7.52 7.63 7.62 (1) Excludes non-performing loans. (2) Criticized and classified commercial loans may include loans that are also reported as non-performing or past due. (3) See non-GAAP financial measures for additional information relating to the calculation of this ratio. WESBANCO, INC. Non-GAAP Financial Measures Page 12 The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco's operating performance and trends, and facilitate comparisons with the performance of WesBanco's peers. The following tables summarize the non-GAAP financial measures derived from amounts 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) 2024 2024 2024 2024 2023 2024 2023 Return on average assets, excluding after-tax restructuring and merger-related expenses: Net income available to common shareholders $ 47,098 $ 34,741 $ 26,385 $ 33,162 $ 32,437 $ 141,385 $ 148,907 Plus: after-tax restructuring and merger-related expenses (1) 510 1,562 2,984 - - 5,056 3,026 Net income available to common shareholders excluding after-tax restructuring and merger-related expenses 47,608 36,303 29,369 33,162 32,437 146,441 151,933 Average total assets $ 18,593,265 $ 18,295,583 $ 17,890,314 $ 17,704,265 $ 17,426,111 $ 18,122,625 $ 17,259,720 Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2) 1.02 % 0.79 % 0.66 % 0.75 % 0.74 % 0.81 % 0.88 % Return on average equity, excluding after-tax restructuring and merger-related expenses: Net income available to common shareholders $ 47,098 $ 34,741 $ 26,385 $ 33,162 $ 32,437 $ 141,385 $ 148,907 Plus: after-tax restructuring and merger-related expenses (1) 510 1,562 2,984 - - 5,056 3,026 Net income available to common shareholders excluding after-tax restructuring and merger-related expenses 47,608 36,303 29,369 33,162 32,437 146,441 151,933 Average total shareholders' equity $ 2,806,079 $ 2,715,461 $ 2,542,948 $ 2,545,841 $ 2,468,525 $ 2,653,174 $ 2,474,627 Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2) 6.75 % 5.32 % 4.65 % 5.24 % 5.21 % 5.52 % 6.14 % Return on average tangible equity: Net income available to common shareholders $ 47,098 $ 34,741 $ 26,385 $ 33,162 $ 32,437 $ 141,385 $ 148,907 Plus: amortization of intangibles (1) 1,607 1,622 1,637 1,653 1,772 6,518 7,180 Net income available to common shareholders before amortization of intangibles 48,705 36,363 28,022 34,815 34,209 147,903 156,087 Average total shareholders' equity 2,806,079 2,715,461 2,542,948 2,545,841 2,468,525 2,653,174 2,474,627 Less: average goodwill and other intangibles, net of def. tax liability (1,119,060) (1,120,662) (1,122,264) (1,123,938) (1,125,593) (1,121,472) (1,128,277) Average tangible equity $ 1,687,019 $ 1,594,799 $ 1,420,684 $ 1,421,903 $ 1,342,932 $ 1,531,702 $ 1,346,350 Return on average tangible equity (annualized) (2) 11.49 % 9.07 % 7.93 % 9.85 % 10.11 % 9.66 % 11.59 % Average tangible common equity $ 1,542,535 $ 1,450,315 $ 1,276,200 $ 1,277,419 $ 1,198,448 $ 1,387,218 $ 1,201,866 Return on average tangible common equity (annualized) (2) 12.56 % 9.97 % 8.83 % 10.96 % 11.32 % 10.66 % 12.99 % Return on average tangible equity, excluding after-tax restructuring and merger-related expenses: Net income available to common shareholders $ 47,098 $ 34,741 $ 26,385 $ 33,162 $ 32,437 $ 141,385 $ 148,907 Plus: after-tax restructuring and merger-related expenses (1) 510 1,562 2,984 - - 5,056 3,026 Plus: amortization of intangibles (1) 1,607 1,622 1,637 1,653 1,772 6,518 7,180 Net income available to common shareholders before amortization of intangibles and excluding after-tax restructuring and merger-related expenses 49,215 37,925 31,006 34,815 34,209 152,959 159,113 Average total shareholders' equity 2,806,079 2,715,461 2,542,948 2,545,841 2,468,525 2,653,174 2,474,627 Less: average goodwill and other intangibles, net of def. tax liability (1,119,060) (1,120,662) (1,122,264) (1,123,938) (1,125,593) (1,121,472) (1,128,277) Average tangible equity $ 1,687,019 $ 1,594,799 $ 1,420,684 $ 1,421,903 $ 1,342,932 $ 1,531,702 $ 1,346,350 Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2) 11.61 % 9.46 % 8.78 % 9.85 % 10.11 % 9.99 % 11.82 % Average tangible common equity $ 1,542,535 $ 1,450,315 $ 1,276,200 $ 1,277,419 $ 1,198,448 $ 1,387,218 $ 1,201,866 Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2) 12.69 % 10.40 % 9.77 % 10.96 % 11.32 % 11.03 % 13.24 % Efficiency ratio: Non-interest expense $ 101,104 $ 101,183 $ 102,392 $ 97,191 $ 99,503 $ 401,871 $ 390,002 Less: restructuring and merger-related expense (646) (1,977) (3,777) - - (6,400) (3,830) Non-interest expense excluding restructuring and merger-related expense 100,458 99,206 98,615 97,191 99,503 395,471 386,172 Net interest income on a fully taxable equivalent basis 127,689 122,338 117,804 115,185 118,991 483,016 486,343 Non-interest income 36,388 29,612 31,355 30,629 30,074 127,983 120,447 Net interest income on a fully taxable equivalent basis plus non-interest income $ 164,077 $ 151,950 $ 149,159 $ 145,814 $ 149,065 $ 610,999 $ 606,790 Efficiency ratio 61.23 % 65.29 % 66.11 % 66.65 % 66.75 % 64.73 % 63.64 % Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses: Net income available to common shareholders $ 47,098 $ 34,741 $ 26,385 $ 33,162 $ 32,437 $ 141,385 $ 148,907 Add: After-tax restructuring and merger-related expenses (1) 510 1,562 2,984 - - 5,056 3,026 Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses $ 47,608 $ 36,303 $ 29,369 $ 33,162 $ 32,437 $ 146,441 $ 151,933 Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses: Net income per common share - diluted $ 0.70 $ 0.54 $ 0.44 $ 0.56 $ 0.55 $ 2.26 $ 2.51 Add: After-tax restructuring and merger-related expenses per common share - diluted (1) 0.01 0.02 0.05 - - 0.08 0.05 Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses $ 0.71 $ 0.56 $ 0.49 $ 0.56 $ 0.55 $ 2.34 $ 2.56 Period End Dec. 31, Sept. 30, June 30, March 31, Dec. 31, 2024 2024 2024 2024 2023 Tangible book value per share: Total shareholders' equity $ 2,790,281 $ 2,801,585 $ 2,544,279 $ 2,538,362 $ 2,533,062 Less: goodwill and other intangible assets, net of def. tax liability (1,118,293) (1,119,899) (1,121,521) (1,123,158) (1,124,811) Less: preferred shareholder's equity (144,484) (144,484) (144,484) (144,484) (144,484) Tangible common equity 1,527,504 1,537,202 1,278,274 1,270,720 1,263,767 Common shares outstanding 66,919,805 66,871,479 59,579,310 59,395,777 59,376,435 Tangible book value per share $ 22.83 $ 22.99 $ 21.45 $ 21.39 $ 21.28 Tangible common equity to tangible assets: Total shareholders' equity $ 2,790,281 $ 2,801,585 $ 2,544,279 $ 2,538,362 $ 2,533,062 Less: goodwill and other intangible assets, net of def. tax liability (1,118,293) (1,119,899) (1,121,521) (1,123,158) (1,124,811) Tangible equity 1,671,988 1,681,686 1,422,758 1,415,204 1,408,251 Less: preferred shareholder's equity (144,484) (144,484) (144,484) (144,484) (144,484) Tangible common equity 1,527,504 1,537,202 1,278,274 1,270,720 1,263,767 Total assets 18,684,298 18,514,169 18,128,375 17,772,735 17,712,374 Less: goodwill and other intangible assets, net of def. tax liability (1,118,293) (1,119,899) (1,121,521) (1,123,158) (1,124,811) Tangible assets $ 17,566,005 $ 17,394,270 $ 17,006,854 $ 16,649,577 $ 16,587,563 Tangible equity to tangible assets 9.52 % 9.67 % 8.37 % 8.50 % 8.49 % Tangible common equity to tangible assets 8.70 % 8.84 % 7.52 % 7.63 % 7.62 % (1) Tax effected at 21% for all periods presented. (2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year. WESBANCO, INC. Additional Non-GAAP Financial Measures Page 13 The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco's operating performance and trends, and facilitate comparisons with the performance of WesBanco's peers. The following tables summarize the non-GAAP financial measures derived from amounts 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) 2024 2024 2024 2024 2023 2024 2023 Pre-tax, pre-provision income: Income before provision for income taxes $ 61,937 $ 44,773 $ 35,015 $ 43,390 $ 43,526 $ 185,114 $ 194,049 Add: provision for credit losses (147) 4,798 10,541 4,014 4,803 19,206 17,734 Pre-tax, pre-provision income $ 61,790 $ 49,571 $ 45,556 $ 47,404 $ 48,329 $ 204,320 $ 211,783 Pre-tax, pre-provision income, excluding restructuring and merger-related expenses: Income before provision for income taxes $ 61,937 $ 44,773 $ 35,015 $ 43,390 $ 43,526 $ 185,114 $ 194,049 Add: provision for credit losses (147) 4,798 10,541 4,014 4,803 19,206 17,734 Add: restructuring and merger-related expenses 646 1,977 3,777 - - 6,400 3,830 Pre-tax, pre-provision income, excluding restructuring and merger-related expenses $ 62,436 $ 51,548 $ 49,333 $ 47,404 $ 48,329 $ 210,720 $ 215,613 Return on average assets, excluding certain items (1): Income before provision for income taxes $ 61,937 $ 44,773 $ 35,015 $ 43,390 $ 43,526 $ 185,114 $ 194,049 Add: provision for credit losses (147) 4,798 10,541 4,014 4,803 19,206 17,734 Add: restructuring and merger-related expenses 646 1,977 3,777 - - 6,400 3,830 Pre-tax, pre-provision income, excluding restructuring and merger-related expenses 62,436 51,548 49,333 47,404 48,329 210,720 215,613 Average total assets $ 18,593,265 $ 18,295,583 $ 17,890,314 $ 17,704,265 $ 17,426,111 $ 18,122,625 $ 17,259,720 Return on average assets, excluding certain items (annualized) (1) (2) 1.34 % 1.12 % 1.11 % 1.08 % 1.10 % 1.16 % 1.25 % Return on average equity, excluding certain items (1): Income before provision for income taxes $ 61,937 $ 44,773 $ 35,015 $ 43,390 $ 43,526 $ 185,114 $ 194,049 Add: provision for credit losses (147) 4,798 10,541 4,014 4,803 19,206 17,734 Add: restructuring and merger-related expenses 646 1,977 3,777 - - 6,400 3,830 Pre-tax, pre-provision income, excluding restructuring and merger-related expenses 62,436 51,548 49,333 47,404 48,329 210,720 215,613 Average total shareholders' equity $ 2,806,079 $ 2,715,461 $ 2,542,948 $ 2,545,841 $ 2,468,525 $ 2,653,174 $ 2,474,627 Return on average equity, excluding certain items (annualized) (1) (2) 8.85 % 7.55 % 7.80 % 7.49 % 7.77 % 7.94 % 8.71 % Return on average tangible equity, excluding certain items (1): Income before provision for income taxes $ 61,937 $ 44,773 $ 35,015 $ 43,390 $ 43,526 $ 185,114 $ 194,049 Add: provision for credit losses (147) 4,798 10,541 4,014 4,803 19,206 17,734 Add: amortization of intangibles 2,034 2,053 2,072 2,092 2,243 8,251 9,088 Add: restructuring and merger-related expenses 646 1,977 3,777 - - 6,400 3,830 Income before provision, restructuring and merger-related expenses and amortization of intangibles 64,470 53,601 51,405 49,496 50,572 218,971 224,701 Average total shareholders' equity 2,806,079 2,715,461 2,542,948 2,545,841 2,468,525 2,653,174 2,474,627 Less: average goodwill and other intangibles, net of def. tax liability (1,119,060) (1,120,662) (1,122,264) (1,123,938) (1,125,593) (1,121,472) (1,128,277) Average tangible equity $ 1,687,019 $ 1,594,799 $ 1,420,684 $ 1,421,903 $ 1,342,932 $ 1,531,702 $ 1,346,350 Return on average tangible equity, excluding certain items (annualized) (1) (2) 15.20 % 13.37 % 14.55 % 14.00 % 14.94 % 14.30 % 16.69 % Average tangible common equity $ 1,542,535 $ 1,450,315 $ 1,276,200 $ 1,277,419 $ 1,198,448 $ 1,387,218 $ 1,201,866 Return on average tangible common equity, excluding certain items (annualized) (1) (2) 16.63 % 14.70 % 16.20 % 15.58 % 16.74 % 15.78 % 18.70 % (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 the quarter versus the year. SOURCE WesBanco, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

WesBanco Announces Fourth Quarter 2024 Financial Results

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