WesBanco, Inc.: WesBanco Announces Fourth Quarter 2023 Financial Results

Continued deposit and loan growth while maintaining a stable net interest margin

WHEELING, W.Va., Jan. 23, 2024 /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, 2023 . Net income available to common shareholders for the fourth quarter of 2023 was $32.4 million, with diluted earnings per share of $0.55, compared to $49.7 million and $0.84 per diluted share, respectively, for the fourth quarter of 2022. For the twelve months ended December 31, 2023, net income was $148.9 million, or $2.51 per diluted share, compared to $182.0 million, or $3.02 per diluted share, for the 2022 period. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three and twelve months ended December 31, 2023 were $32.4 million, or $0.55 per diluted share, and $151.9 million, or $2.56 per diluted share, respectively (non-GAAP measures).

			For the Three Months Ended December 31,									For the Twelve Months Ended December 31,
			2023				2022					2023				2022
(unaudited, dollars in thousands, except per share amounts)			Net Income		Diluted Earnings Per Share		Net Income		Diluted Earnings Per Share			Net Income		Diluted Earnings Per Share		Net Income		Diluted Earnings Per Share
Net income available to common shareholders (Non-GAAP)(1)			$ 32,437		$ 0.55		$ 49,688		$ 0.84			$ 151,933		$ 2.56		$ 183,349		$ 3.04
Less: After-tax restructuring and merger-related expenses			-		-		(9)		-			(3,026)		(0.05)		(1,361)		(0.02)
Net income available to common shareholders (GAAP)			$ 32,437		$ 0.55		$ 49,679		$ 0.84			$ 148,907		$ 2.51		$ 181,988		$ 3.02
(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, 2023 :

• Deposits of $13.2 billion increased both year-over-year and sequentially, reflecting deposit gathering and retention efforts across retail and business customers
  • Average loans to average deposits were 87%, providing capacity to fund loan growth
• Total loan growth was 8.7% year-over-year and 2.9% quarter-over-quarter, reflecting the strength of our markets and lending teams
  • Loan production offices continued to contribute meaningfully to the commercial loan pipeline
• Non-interest income increased 8.0% year-over-year, supported by new commercial loan swap and wealth management fees
  • New commercial swap fees totaled $9.0 million during 2023
  • Trust assets increased to $5.4 billion, driven by both market value adjustments and organic growth
• Net interest margin of 3.02% was stable to the third quarter of 2023
• Key credit quality metrics such as non-performing assets, total past due loans, and net loan charge-offs, as percentages of total portfolio loans, have remained at low levels and favorable to peer bank averages (based upon the prior four quarters for banks with total assets between $10 billion and $25 billion )
• WesBanco remains well-capitalized with solid liquidity and a strong balance sheet with capacity to fund loan growth
• WesBanco continued to earn national accolades, being recognized as one of America's Best Regional Banks by Newsweek

"Record interest rate escalation by the Federal Reserve had a significant impact on all banks, including WesBanco. Despite that headwind, WesBanco performed well during 2023 through our continued focus on customer service and sustainable growth strategies. We achieved sustained loan, deposit, and fee income growth, while maintaining strong capital levels and credit quality," said Jeff Jackson, President and Chief Executive Officer, WesBanco. "Our focus on further diversifying our revenue streams with new fee-based services is driving positive non-interest income trends. As we begin 2024, we remain well-capitalized with solid liquidity and a strong balance sheet to fund loan growth, positioning us well to continue generating value for our stakeholders."

Balance Sheet
As of December 31, 2023, total portfolio loans were $11.6 billion, which increased 8.7% year-over-year driven by strong performance from our commercial and residential lending teams. Total commercial loans of $8.2 billion, which increased 7.8% year-over-year, reflects the benefit of our commercial banker hiring and loan production office strategies and lower commercial real estate payoffs of $276 million for the year, compared to an anticipated level in the $500 million range within a more normal operating environment. Our new loan production offices accounted for more than 20% of commercial loan growth during the year. The commercial pipeline totaled $0.7 billion at December 31, 2023, approximately 28% of which is from the four new loan production offices.

Total deposits, as of December 31, 2023, were $13.2 billion, up 0.6% from September 30, 2023 and up 0.3% from December 31, 2022, reflecting the benefit of deposit gathering and retention efforts by our retail and commercial teams. Reflecting the impact of the significant increase in the federal funds rate, there continued to be some mix shift in the composition of total deposits; however, total demand deposits continue to represent 56% of total deposits, with the non-interest bearing component representing 30%, which remains consistent with the percentage range since early 2020.

Credit Quality
As of December 31, 2023, 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 throughout the last five quarters. Total loans past due as a percent of the loan portfolio increased 9 basis points from the prior year, but remain below the quarterly average for the last three years. Criticized and classified loans as a percent of the loan portfolio decreased 12 basis points year-over-year to 2.22%, while non-performing assets as a percentage of total assets declined 9 basis points to 0.16%. The current recorded provision was primarily driven by changes in criticized and classified loan balances, prepayment assumptions, and loan growth. The allowance for credit losses to total portfolio loans at December 31, 2023 remained at 1.12% of total loans, as compared to the third quarter, or $130.7 million . Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.12% of total loans.

Net Interest Margin and Income
The net interest margin of 3.02% for the fourth quarter of 2023 decreased just 1 basis point sequentially but 47 basis points year-over-year primarily due to higher funding costs from increasing deposit costs and continued remix from non-interest bearing deposits into higher tier money market and certificate of deposit accounts. Total deposit funding costs were 234 basis points for the fourth quarter of 2023, and, when including non-interest deposits, total deposit funding costs were 161 basis points. Accretion from acquisitions benefited the fourth quarter net interest margin by 3 basis points, as compared to 5 basis points in the prior year period.

Fourth quarter net interest income of $117.8 million decreased $12.1 million, or 9.3%, year-over-year, reflecting the impact of rising rates on funding costs more than offsetting higher loan and securities yields and loan growth. For the twelve months ended December 31, 2023, net interest income of $481.3 million increased $7.0 million, or 1.5%, primarily due to loan growth and the benefit of rising rates on earning assets outpacing funding costs.

Non-Interest Income
For the fourth quarter of 2023, non-interest income of $30.1 million increased $2.3 million, or 8.3%, from the fourth quarter of 2022. This increase was primarily due to net securities gains of $0.9 million, as compared to a loss of $0.6 million in the prior year period, from market fluctuations of equity securities in the deferred compensation plan and higher death benefits within bank-owned life insurance. The net swap fee and valuation loss of $0.3 million reflects $2.2 million of new swap fees offset by negative fair value adjustments of $2.5 million, as compared to $1.7 million and negative $0.7 million, respectively, in the prior year period.

For the twelve months ended December 31, 2023, non-interest income of $120.4 million increased $3.1 million, or 2.6%, year-over-year due primarily to the items discussed above, partially offset by lower mortgage banking income. Mortgage banking income decreased $2.5 million from the prior year to $2.7 million due to reduced fair value adjustments on mortgage derivatives. Net gains on other assets of $1.5 million increased $1.0 million year-over-year primarily due to a $1.1 million recovery of an asset previously written-off.

Non-Interest Expense
Non-interest expense for the three months ended December 31, 2023 increased $9.0 million year-over-year to $99.5 million, reflecting increased salaries and wages, benefits, equipment and software expense, and FDIC insurance. As anticipated, salaries and wages declined sequentially which reflects efficiency improvements in the mortgage staffing model. Salaries and wages increased $2.6 million, or 6.0%, compared to the prior year period due to higher salary expense related to annual merit increases and new revenue-producing hires, mainly commercial lenders, during the past year. Employee benefits increased $2.2 million year-over-year due to higher deferred compensation expense, the offsetting gain is located within net securities gains, and higher health insurance contributions. FDIC insurance expense increased $1.3 million year-over-year due to an increase in the minimum rate for all banks. Marketing expense increased $1.2 million in support of deposit and loan generation campaigns. Equipment and software expense increased $0.9 million due to the planned upgrade of our ATM fleet with the latest technology and general inflationary cost increases for existing service agreements.

Excluding restructuring and merger-related expenses, non-interest expense during the twelve months of 2023 of $386.2 million increased $30.9 million compared to the prior year period, due primarily to the same factors as described above.

Capital
WesBanco 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, 2023, Tier I leverage was 9.87%, Tier I risk-based capital ratio was 12.05%, common equity Tier 1 capital ratio ("CET 1") was 10.99%, and total risk-based capital was 14.91%. In addition, the tangible common equity to tangible assets ratio improved to 7.62%.

Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the fourth quarter of 2023 at 10:00 a.m. ET on Wednesday, January 24, 2024 . 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. 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 412-317-0088 for international callers, and providing the access code of 4078172. The replay will begin at approximately 12:00 p.m. ET on January 24, 2024 and end at 12 a.m. ET on February 7, 2024 . 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 Statements
Forward-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, 2022 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, 2023, June 30, 2023 and September 30, 2023, 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, 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.

Non-GAAP Financial Measures

In 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. 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. The company's banking subsidiary, Wesbanco Bank, Inc., operates more than 190 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia . 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, the company provides trust, wealth management, securities brokerage, and private banking services through its century-old Trust and Investment Services department, with approximately $5.4 billion of assets under management (as of December 31, 2023 ). The company also offers insurance and brokerage services through its affiliates and subsidiaries. Learn more at www.wesbanco.com and follow us on Facebook, LinkedIn and X, formerly Twitter.

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				2023		2022		% Change		2023		2022		% Change
	Loans, including fees			$ 162,498		$ 123,307		31.8		$ 596,852		$ 422,401		41.3
	Interest and dividends on securities:
		Taxable		17,798		18,655		(4.6)		73,449		66,123		11.1
		Tax-exempt		4,639		4,853		(4.4)		18,830		18,818		0.1
			Total interest and dividends on securities	22,437		23,508		(4.6)		92,279		84,941		8.6
	Other interest income			6,383		2,103		203.5		22,385		6,314		254.5
Total interest and dividend income				191,318		148,918		28.5		711,516		513,656		38.5
Interest expense
	Interest bearing demand deposits			23,686		7,264		226.1		72,866		12,181		498.2
	Money market deposits			14,302		1,890		656.7		36,616		3,562		928.0
	Savings deposits			7,310		2,454		197.9		23,869		4,115		480.0
	Certificates of deposit			8,380		742		NM		18,472		4,089		351.7
			Total interest expense on deposits	53,678		12,350		334.6		151,823		23,947		534.0
	Federal Home Loan Bank borrowings			14,841		2,634		463.4		59,318		3,968		NM
	Other short-term borrowings			891		324		175.0		2,545		568		348.1
	Subordinated debt and junior subordinated debt			4,150		3,736		11.1		16,492		10,860		51.9
			Total interest expense	73,560		19,044		286.3		230,178		39,343		485.1
Net interest income				117,758		129,874		(9.3)		481,338		474,313		1.5
	Provision for credit losses			4,803		3,123		53.8		17,734		(1,663)		NM
Net interest income after provision for credit losses				112,955		126,751		(10.9)		463,604		475,976		(2.6)
Non-interest income
	Trust fees			7,019		6,672		5.2		28,135		27,551		2.1
	Service charges on deposits			6,989		6,762		3.4		26,116		26,281		(0.6)
	Electronic banking fees			4,890		4,695		4.2		19,454		20,002		(2.7)
	Net swap fee and valuation (loss)/income			(345)		1,015		(134.0)		6,912		7,067		(2.2)
	Net securities brokerage revenue			2,563		2,556		0.3		10,055		9,525		5.6
	Bank-owned life insurance			3,455		2,464		40.2		11,002		10,728		2.6
	Mortgage banking income			650		621		4.7		2,652		5,129		(48.3)
	Net securities gains/(losses)			887		(600)		247.8		900		(1,777)		150.6
	Net gains on other real estate owned and other assets			445		550		(19.1)		1,520		482		215.4
	Other income			3,521		3,035		16.0		13,701		12,403		10.5
			Total non-interest income	30,074		27,770		8.3		120,447		117,391		2.6
Non-interest expense
	Salaries and wages			45,164		42,606		6.0		176,938		167,028		5.9
	Employee benefits			11,409		9,198		24.0		46,901		37,771		24.2
	Net occupancy			6,417		6,262		2.5		25,338		26,105		(2.9)
	Equipment and software			9,648		8,712		10.7		36,666		32,508		12.8
	Marketing			2,975		1,788		66.4		11,178		9,335		19.7
	FDIC insurance			3,369		2,051		64.3		12,249		7,901		55.0
	Amortization of intangible assets			2,243		2,541		(11.7)		9,088		10,278		(11.6)
	Restructuring and merger-related expense			-		11		(100.0)		3,830		1,723		122.3
	Other operating expenses			18,278		17,286		5.7		67,814		64,317		5.4
			Total non-interest expense	99,503		90,455		10.0		390,002		356,966		9.3
Income before provision for income taxes				43,526		64,066		(32.1)		194,049		236,401		(17.9)
	Provision for income taxes			8,558		11,856		(27.8)		35,017		44,288		(20.9)
Net Income				34,968		52,210		(33.0)		159,032		192,113		(17.2)
Preferred stock dividends				2,531		2,531		-		10,125		10,125		-
Net income available to common shareholders				$ 32,437		$ 49,679		(34.7)		$ 148,907		$ 181,988		(18.2)
Taxable equivalent net interest income				$ 118,991		$ 131,164		(9.3)		$ 486,343		$ 479,315		1.5
Per common share data
Net income per common share - basic				$ 0.55		$ 0.84		(34.5)		$ 2.51		$ 3.03		(17.2)
Net income per common share - diluted				0.55		0.84		(34.5)		2.51		3.02		(16.9)
Net income per common share - diluted, excluding certain items (1)(2)				0.55		0.84		(34.5)		2.56		3.04		(15.8)
Dividends declared				0.36		0.35		2.9		1.41		1.37		2.9
Book value (period end)				40.23		38.55		4.4		40.23		38.55		4.4
Tangible book value (period end) (1)				21.28		19.43		9.5		21.28		19.43		9.5
Average common shares outstanding - basic				59,370,171		59,188,238		0.3		59,303,210		60,047,177		(1.2)
Average common shares outstanding - diluted				59,479,031		59,374,204		0.2		59,427,989		60,215,374		(1.3)
Period end common shares outstanding				59,376,435		59,198,963		0.3		59,376,435		59,198,963		0.3
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 6
(unaudited, dollars in thousands)
Selected ratios
						For the Twelve Months Ended
						December 31,
						2023		2022		% Change
Return on average assets						0.86	%	1.08	%	(20.37)	%
Return on average assets, excluding
after-tax restructuring and merger-related expenses (1)						0.88		1.09		(19.27)
Return on average equity						6.02		7.23		(16.74)
Return on average equity, excluding
after-tax restructuring and merger-related expenses (1)						6.14		7.29		(15.78)
Return on average tangible equity (1)						11.59		13.78		(15.89)
Return on average tangible equity, excluding
after-tax restructuring and merger-related expenses (1)						11.82		13.88		(14.84)
Return on average tangible common equity (1)						12.99		15.39		(15.59)
Return on average tangible common equity, excluding
after-tax restructuring and merger-related expenses (1)						13.24		15.50		(14.58)
Yield on earning assets (2)						4.63		3.47		33.43
Cost of interest bearing liabilities						2.25		0.42		435.71
Net interest spread (2)						2.38		3.05		(21.97)
Net interest margin (2)						3.14		3.20		(1.88)
Efficiency (1) (2)						63.64		59.53		6.90
Average loans to average deposits						85.71		74.21		15.50
Annualized net loan charge-offs/average loans						0.04		0.02		100.00
Effective income tax rate						18.05		18.73		(3.63)
						For the Three Months Ended
						Dec. 31,		Sept. 30,		June 30,		Mar. 31,		Dec. 31,
						2023		2023		2023		2023		2022
Return on average assets						0.74	%	0.78	%	0.98	%	0.95	%	1.18	%
Return on average assets, excluding
after-tax restructuring and merger-related expenses (1)						0.74		0.80		0.98		1.01		1.18
Return on average equity						5.21		5.49		6.81		6.57		8.18
Return on average equity, excluding
after-tax restructuring and merger-related expenses (1)						5.21		5.57		6.82		6.98		8.18
Return on average tangible equity (1)						10.11		10.60		12.98		12.72		16.05
Return on average tangible equity, excluding
after-tax restructuring and merger-related expenses (1)						10.11		10.75		12.99		13.48		16.05
Return on average tangible common equity (1)						11.32		11.87		14.52		14.28		18.09
Return on average tangible common equity, excluding
after-tax restructuring and merger-related expenses (1)						11.32		12.03		14.53		15.13		18.10
Yield on earning assets (2)						4.88		4.72		4.59		4.32		4.00
Cost of interest bearing liabilities						2.76		2.52		2.15		1.52		0.82
Net interest spread (2)						2.12		2.20		2.44		2.80		3.18
Net interest margin (2)						3.02		3.03		3.18		3.36		3.49
Efficiency (1) (2)						66.75		64.95		62.33		60.66		56.91
Average loans to average deposits						87.07		86.79		85.44		83.46		78.43
Annualized net loan charge-offs and recoveries /average loans						0.06		0.01		0.02		0.07		0.02
Effective income tax rate						19.66		16.83		16.80		19.02		18.51
Trust assets, market value at period end						$ 5,360,657		$ 4,982,324		$ 5,127,265		$ 5,026,631		$ 4,878,479
(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.

WESBANCO, INC.
Consolidated Selected Financial Highlights											Page 7
(unaudited, dollars in thousands, except shares)											% Change
Balance sheet					December 31,					September 30,	September 30, 2023
Assets					2023		2022		% Change	2023	to December 31, 2023
Cash and due from banks					$ 158,504		$ 166,182		(4.6)	$ 153,012	3.6
Due from banks - interest bearing					436,879		242,229		80.4	342,070	27.7
Securities:
	Equity securities, at fair value				12,320		11,506		7.1	11,453	7.6
	Available-for-sale debt securities, at fair value				2,194,329		2,529,140		(13.2)	2,196,141	(0.1)
	Held-to-maturity debt securities (fair values of $1,069,159; $1,084,390
	and $998,987, respectively)				1,199,527		1,248,629		(3.9)	1,210,992	(0.9)
		Allowance for credit losses, held-to-maturity debt securities			(192)		(220)		12.7	(180)	(6.7)
	Net held-to-maturity debt securities				1,199,335		1,248,409		(3.9)	1,210,812	(0.9)
		Total securities			3,405,984		3,789,055		(10.1)	3,418,406	(0.4)
Loans held for sale					16,354		8,249		98.3	17,677	(7.5)
Portfolio loans:
	Commercial real estate				6,565,448		6,061,344		8.3	6,387,183	2.8
	Commercial and industrial				1,670,659		1,579,395		5.8	1,587,611	5.2
	Residential real estate				2,438,574		2,140,584		13.9	2,392,531	1.9
	Home equity				734,219		695,065		5.6	715,186	2.7
	Consumer				229,561		226,340		1.4	233,362	(1.6)
Total portfolio loans, net of unearned income					11,638,461		10,702,728		8.7	11,315,873	2.9
Allowance for credit losses - loans					(130,675)		(117,790)		(10.9)	(126,615)	(3.2)
		Net portfolio loans			11,507,786		10,584,938		8.7	11,189,258	2.8
Premises and equipment, net					233,571		220,892		5.7	226,377	3.2
Accrued interest receivable					77,435		68,522		13.0	73,014	6.1
Goodwill and other intangible assets, net					1,132,267		1,141,355		(0.8)	1,134,510	(0.2)
Bank-owned life insurance					355,033		352,361		0.8	356,962	(0.5)
Other assets					388,561		358,122		8.5	433,091	(10.3)
Total Assets					$ 17,712,374		$ 16,931,905		4.6	$ 17,344,377	2.1
Liabilities
Deposits:
	Non-interest bearing demand				$ 3,962,592		$ 4,700,438		(15.7)	$ 4,169,956	(5.0)
	Interest bearing demand				3,463,443		3,119,807		11.0	3,278,956	5.6
	Money market				2,017,713		1,684,023		19.8	1,905,001	5.9
	Savings deposits				2,493,254		2,741,004		(9.0)	2,559,894	(2.6)
	Certificates of deposit				1,231,702		885,818		39.0	1,176,421	4.7
		Total deposits			13,168,704		13,131,090		0.3	13,090,228	0.6
Federal Home Loan Bank borrowings					1,350,000		705,000		91.5	1,125,000	20.0
Other short-term borrowings					105,893		135,069		(21.6)	106,693	(0.7)
Subordinated debt and junior subordinated debt					279,078		281,404		(0.8)	282,079	(1.1)
		Total borrowings			1,734,971		1,121,473		54.7	1,513,772	14.6
Accrued interest payable					11,121		4,593		142.1	11,416	(2.6)
Other liabilities					264,516		248,087		6.6	281,020	(5.9)
Total Liabilities					15,179,312		14,505,243		4.6	14,896,436	1.9
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; 100,000,000 shares authorized;
	68,081,306 shares issued; 59,376,435, 59,198,963 and 59,364,696
	shares outstanding, respectively				141,834		141,834		-	141,834	-
Capital surplus					1,635,859		1,635,877		(0.0)	1,633,395	0.2
Retained earnings					1,142,586		1,077,675		6.0	1,131,597	1.0
Treasury stock (8,704,871, 8,882,343 and 8,716,610 shares - at cost, respectively)					(302,995)		(308,964)		1.9	(303,424)	0.1
Accumulated other comprehensive loss					(226,693)		(262,416)		13.6	(297,906)	23.9
Deferred benefits for directors					(2,013)		(1,828)		(10.1)	(2,039)	1.3
Total Shareholders' Equity					2,533,062		2,426,662		4.4	2,447,941	3.5
Total Liabilities and Shareholders' Equity					$ 17,712,374		$ 16,931,905		4.6	$ 17,344,377	2.1

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 Dec. 31,								For the Twelve Months Ended Dec. 31,
					2023				2022				2023				2022
					Average	Average			Average	Average			Average	Average			Average	Average
Assets					Balance	Rate			Balance	Rate			Balance	Rate			Balance	Rate
Due from banks - interest bearing					$ 332,670	6.25	%		$ 178,706	4.32	%		$ 348,109	5.43	%		$ 611,482	0.94	%
Loans, net of unearned income (1)					11,490,379	5.61			10,456,648	4.68			11,132,618	5.36			10,083,925	4.19
Securities: (2)
Taxable					3,010,064	2.35			3,429,372	2.16			3,150,781	2.33			3,461,414	1.91
Tax-exempt (3)					770,186	3.02			811,593	3.00			783,697	3.04			789,564	3.02
Total securities					3,780,250	2.48			4,240,965	2.32			3,934,478	2.47			4,250,978	2.12
Other earning assets					52,879	8.57			19,494	3.20			55,368	6.26			15,265	3.66
Total earning assets (3)					15,656,178	4.88	%		14,895,813	4.00	%		15,470,573	4.63	%		14,961,650	3.47	%
Other assets					1,769,933				1,790,117				1,789,147				1,917,891
Total Assets					$ 17,426,111				$ 16,685,930				$ 17,259,720				$ 16,879,541
Liabilities and Shareholders' Equity
Interest bearing demand deposits					$ 3,417,220	2.75	%		$ 3,169,673	0.91	%		$ 3,243,786	2.25	%		$ 3,314,384	0.37	%
Money market accounts					1,985,203	2.86			1,739,874	0.43			1,763,921	2.08			1,774,152	0.20
Savings deposits					2,515,798	1.15			2,726,647	0.36			2,655,105	0.90			2,692,568	0.15
Certificates of deposit					1,191,583	2.79			931,853	0.32			1,008,950	1.83			1,098,614	0.37
Total interest bearing deposits					9,109,804	2.34			8,568,047	0.57			8,671,762	1.75			8,879,718	0.27
Federal Home Loan Bank borrowings					1,080,163	5.45			282,934	3.69			1,138,247	5.21			175,104	2.27
Repurchase agreements					114,801	3.08			136,099	0.94			115,817	2.20			146,590	0.39
Subordinated debt and junior subordinated debt					282,004	5.84			281,265	5.27			281,788	5.85			248,192	4.38
Total interest bearing liabilities (4)					10,586,772	2.76	%		9,268,345	0.82	%		10,207,614	2.25	%		9,449,604	0.42	%
Non-interest bearing demand deposits					4,086,366				4,763,773				4,316,245				4,708,758
Other liabilities					284,448				243,051				261,234				205,670
Shareholders' equity					2,468,525				2,410,761				2,474,627				2,515,509
Total Liabilities and Shareholders' Equity					$ 17,426,111				$ 16,685,930				$ 17,259,720				$ 16,879,541
Taxable equivalent net interest spread						2.12	%			3.18	%			2.38	%			3.05	%
Taxable equivalent net interest margin						3.02	%			3.49	%			3.14	%			3.20	%
(1) Gross of allowance for loan losses and net of unearned income. Includes non-accrual and loans held for sale. Loan fees included in interest income on loans were $0.7 million and $0.8 million for the three months ended December 31, 2023 and 2022, respectively, and were $2.7 million and $8.8 million for the years ended December 31, 2023 and 2022, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $1.0 million and $1.8 million for the three months ended December 31, 2023 and 2022, respectively, and $4.5 million and $8.0 million for the years ended December 31, 2023 and 2022, 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 both the three months ended December 31, 2023 and 2022, and $0.5 million and $1.1 million for the years ended December 31, 2023 and 2022, 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				2023		2023		2023		2023		2022
	Loans, including fees			$ 162,498		$ 155,206		$ 145,741		$ 133,406		$ 123,307
	Interest and dividends on securities:
		Taxable		17,798		18,082		18,483		19,086		18,655
		Tax-exempt		4,639		4,679		4,723		4,790		4,853
			Total interest and dividends on securities	22,437		22,761		23,206		23,876		23,508
	Other interest income			6,383		5,622		7,108		3,273		2,103
Total interest and dividend income				191,318		183,589		176,055		160,555		148,918
Interest expense
	Interest bearing demand deposits			23,686		20,873		17,203		11,106		7,264
	Money market deposits			14,302		10,841		7,220		4,252		1,890
	Savings deposits			7,310		6,699		5,860		4,000		2,454
	Certificates of deposit			8,380		5,983		2,906		1,203		742
			Total interest expense on deposits	53,678		44,396		33,189		20,561		12,350
	Federal Home Loan Bank borrowings			14,841		16,463		16,713		11,300		2,634
	Other short-term borrowings			891		745		492		418		324
	Subordinated debt and junior subordinated debt			4,150		4,303		4,094		3,944		3,736
			Total interest expense	73,560		65,907		54,488		36,223		19,044
Net interest income				117,758		117,682		121,567		124,332		129,874
	Provision for credit losses			4,803		6,327		3,028		3,577		3,123
Net interest income after provision for credit losses				112,955		111,355		118,539		120,755		126,751
Non-interest income
	Trust fees			7,019		6,705		6,918		7,494		6,672
	Service charges on deposits			6,989		6,726		6,232		6,170		6,762
	Electronic banking fees			4,890		4,949		5,010		4,605		4,695
	Net swap fee and valuation (loss)/income			(345)		3,845		2,612		799		1,015
	Net securities brokerage revenue			2,563		2,394		2,523		2,576		2,556
	Bank-owned life insurance			3,455		2,398		3,189		1,959		2,464
	Mortgage banking income			650		975		601		426		621
	Net securities gains/(losses)			887		(337)		205		145		(600)
	Net gains/(losses) on other real estate owned and other assets			445		(28)		871		232		550
	Other income			3,521		3,252		3,680		3,247		3,035
			Total non-interest income	30,074		30,879		31,841		27,653		27,770
Non-interest expense
	Salaries and wages			45,164		45,351		44,471		41,952		42,606
	Employee benefits			11,409		11,922		11,511		12,060		9,198
	Net occupancy			6,417		6,146		6,132		6,643		6,262
	Equipment and software			9,648		9,132		8,823		9,063		8,712
	Marketing			2,975		3,115		2,763		2,325		1,788
	FDIC insurance			3,369		3,125		2,871		2,884		2,051
	Amortization of intangible assets			2,243		2,262		2,282		2,301		2,541
	Restructuring and merger-related expense			-		641		35		3,153		11
	Other operating expenses			18,278		16,245		17,549		15,744		17,286
			Total non-interest expense	99,503		97,939		96,437		96,125		90,455
Income before provision for income taxes				43,526		44,295		53,943		52,283		64,066
	Provision for income taxes			8,558		7,453		9,063		9,942		11,856
Net Income				34,968		36,842		44,880		42,341		52,210
Preferred stock dividends				2,531		2,531		2,531		2,531		2,531
Net income available to common shareholders				$ 32,437		$ 34,311		$ 42,349		$ 39,810		$ 49,679
Taxable equivalent net interest income				$ 118,991		$ 118,926		$ 122,822		$ 125,605		$ 131,164
Per common share data
Net income per common share - basic				$ 0.55		$ 0.58		$ 0.71		$ 0.67		$ 0.84
Net income per common share - diluted				0.55		0.58		0.71		0.67		0.84
Net income per common share - diluted, excluding certain items (1)(2)				0.55		0.59		0.71		0.71		0.84
Dividends declared				0.36		0.35		0.35		0.35		0.35
Book value (period end)				40.23		38.80		39.10		39.34		38.55
Tangible book value (period end) (1)				21.28		19.82		20.08		20.27		19.43
Average common shares outstanding - basic				59,370,171		59,358,653		59,263,949		59,217,711		59,188,238
Average common shares outstanding - diluted				59,479,031		59,443,366		59,385,847		59,375,053		59,374,204
Period end common shares outstanding				59,376,435		59,364,696		59,355,062		59,246,569		59,198,963
Period end preferred shares outstanding				150,000		150,000		150,000		150,000		150,000
Full time equivalent employees				2,368		2,427		2,542		2,501		2,495
(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 10
(unaudited, dollars in thousands)
				Quarter Ended
				Dec. 31,		Sept. 30,		June 30,		Mar. 31,		Dec. 31,
Asset quality data				2023		2023		2023		2023		2022
Non-performing assets:
	Troubled debt restructurings - accruing			$ -		$ -		$ -		$ -		$ 3,230
	Non-accrual loans:
		Troubled debt restructurings		-		-		-		-		1,711
		Other non-accrual loans		26,808		29,878		31,555		39,216		36,474
		Total non-accrual loans		26,808		29,878		31,555		39,216		38,185
		Total non-performing loans		26,808		29,878		31,555		39,216		41,415
	Other real estate and repossessed assets			1,497		1,333		1,432		1,554		1,486
		Total non-performing assets		$ 28,305		$ 31,211		$ 32,987		$ 40,770		$ 42,901
Past due loans (1):
	Loans past due 30-89 days			$ 22,875		$ 16,030		$ 18,348		$ 12,920		$ 15,439
	Loans past due 90 days or more			9,638		8,606		5,147		4,570		5,443
		Total past due loans		$ 32,513		$ 24,636		$ 23,495		$ 17,490		$ 20,882
Criticized and classified loans (2):
	Criticized loans			$ 183,174		$ 180,136		$ 119,771		$ 116,608		$ 147,945
	Classified loans			75,497		70,997		67,036		57,222		102,555
		Total criticized and classified loans		$ 258,671		$ 251,133		$ 186,807		$ 173,830		$ 250,500
Loans past due 30-89 days / total portfolio loans				0.20	%	0.14	%	0.16	%	0.12	%	0.14	%
Loans past due 90 days or more / total portfolio loans				0.08		0.08		0.05		0.04		0.05
Non-performing loans / total portfolio loans				0.23		0.26		0.28		0.36		0.39
Non-performing assets / total portfolio loans, other
	real estate and repossessed assets			0.24		0.28		0.30		0.37		0.40
Non-performing assets / total assets				0.16		0.18		0.19		0.24		0.25
Criticized and classified loans / total portfolio loans				2.22		2.22		1.68		1.60		2.34
Allowance for credit losses
Allowance for credit losses - loans				$ 130,675		$ 126,615		$ 120,166		$ 118,698		$ 117,790
Allowance for credit losses - loan commitments				8,604		9,729		10,124		9,127		8,368
Provision for credit losses				4,803		6,327		3,028		3,577		3,123
Net loan and deposit account overdraft charge-offs and recoveries				1,857		286		581		1,919		493
Annualized net loan charge-offs and recoveries / average loans				0.06	%	0.01	%	0.02	%	0.07	%	0.02	%
Allowance for credit losses - loans / total portfolio loans				1.12	%	1.12	%	1.08	%	1.09	%	1.10	%
Allowance for credit losses - loans / non-performing loans				4.87	x	4.24	x	3.81	x	3.03	x	2.84	x
Allowance for credit losses - loans / non-performing loans and
	loans past due			2.20	x	2.32	x	2.18	x	2.09	x	1.89	x
				Dec. 31,		Sept. 30,		June 30,		Mar. 31,		Dec. 31,
				2023		2023		2023		2023		2022
Capital ratios
Tier I leverage capital				9.87	%	9.84	%	9.78	%	9.82	%	9.90	%
Tier I risk-based capital				12.05		12.07		12.12		12.22		12.33
Total risk-based capital				14.91		14.97		14.83		14.97		15.11
Common equity tier 1 capital ratio (CET 1)				10.99		11.00		11.04		11.11		11.20
Average shareholders' equity to average assets				14.17		14.29		14.42		14.48		14.45
Tangible equity to tangible assets (3)				8.49		8.15		8.24		8.33		8.19
Tangible common equity to tangible assets (3)				7.62		7.26		7.35		7.44		7.28
(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 11
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)				2023		2023		2023		2023		2022		2023	2022
Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders			$ 32,437		$ 34,311		$ 42,349		$ 39,810		$ 49,679		$ 148,907	$ 181,988
	Plus: after-tax restructuring and merger-related expenses (1)			-		506		28		2,491		9		3,026	1,361
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses			32,437		34,817		42,377		42,301		49,688		151,933	183,349
	Average total assets			$ 17,426,111		$ 17,341,959		$ 17,294,346		$ 16,970,554		$ 16,685,930		$ 17,259,720	$ 16,879,541
Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2)				0.74 %		0.80 %		0.98 %		1.01 %		1.18 %		0.88 %	1.09 %
Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders			$ 32,437		$ 34,311		$ 42,349		$ 39,810		$ 49,679		$ 148,907	$ 181,988
	Plus: after-tax restructuring and merger-related expenses (1)			-		506		28		2,491		9		3,026	1,361
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses			32,437		34,817		42,377		42,301		49,688		151,933	183,349
	Average total shareholders' equity			$ 2,468,525		$ 2,478,662		$ 2,493,096		$ 2,458,067		$ 2,410,761		$ 2,474,627	$ 2,515,509
Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)				5.21 %		5.57 %		6.82 %		6.98 %		8.18 %		6.14 %	7.29 %
Return on average tangible equity:
	Net income available to common shareholders			$ 32,437		$ 34,311		$ 42,349		$ 39,810		$ 49,679		$ 148,907	$ 181,988
	Plus: amortization of intangibles (1)			1,772		1,787		1,803		1,818		2,007		7,180	8,120
	Net income available to common shareholders before amortization of intangibles			34,209		36,098		44,152		41,628		51,686		156,087	190,108
	Average total shareholders' equity			2,468,525		2,478,662		2,493,096		2,458,067		2,410,761		2,474,627	2,515,509
	Less: average goodwill and other intangibles, net of def. tax liability			(1,125,593)		(1,127,404)		(1,129,155)		(1,131,027)		(1,132,894)		(1,128,277)	(1,136,062)
	Average tangible equity			$ 1,342,932		$ 1,351,258		$ 1,363,941		$ 1,327,040		$ 1,277,867		$ 1,346,350	$ 1,379,447
Return on average tangible equity (annualized) (2)				10.11 %		10.60 %		12.98 %		12.72 %		16.05 %		11.59 %	13.78 %
	Average tangible common equity			$ 1,198,448		$ 1,206,774		$ 1,219,457		$ 1,182,556		$ 1,133,383		$ 1,201,866	$ 1,234,963
Return on average tangible common equity (annualized) (2)				11.32 %		11.87 %		14.52 %		14.28 %		18.09 %		12.99 %	15.39 %
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders			$ 32,437		$ 34,311		$ 42,349		$ 39,810		$ 49,679		$ 148,907	$ 181,988
	Plus: after-tax restructuring and merger-related expenses (1)			-		506		28		2,491		9		3,026	1,361
	Plus: amortization of intangibles (1)			1,772		1,787		1,803		1,818		2,007		7,180	8,120
	Net income available to common shareholders before amortization of intangibles
	and excluding after-tax restructuring and merger-related expenses			34,209		36,604		44,180		44,119		51,695		159,113	191,469
	Average total shareholders' equity			2,468,525		2,478,662		2,493,096		2,458,067		2,410,761		2,474,627	2,515,509
	Less: average goodwill and other intangibles, net of def. tax liability			(1,125,593)		(1,127,404)		(1,129,155)		(1,131,027)		(1,132,894)		(1,128,277)	(1,136,062)
	Average tangible equity			$ 1,342,932		$ 1,351,258		$ 1,363,941		$ 1,327,040		$ 1,277,867		$ 1,346,350	$ 1,379,447
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)				10.11 %		10.75 %		12.99 %		13.48 %		16.05 %		11.82 %	13.88 %
	Average tangible common equity			$ 1,198,448		$ 1,206,774		$ 1,219,457		$ 1,182,556		$ 1,133,383		$ 1,201,866	$ 1,234,963
Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)				11.32 %		12.03 %		14.53 %		15.13 %		18.10 %		13.24 %	15.50 %
Efficiency ratio:
	Non-interest expense			$ 99,503		$ 97,939		$ 96,437		$ 96,125		$ 90,455		$ 390,002	$ 356,966
	Less: restructuring and merger-related expense			-		(641)		(35)		(3,153)		(11)		(3,830)	(1,723)
	Non-interest expense excluding restructuring and merger-related expense			99,503		97,298		96,402		92,972		90,444		386,172	355,243
	Net interest income on a fully taxable equivalent basis			118,991		118,926		122,822		125,605		131,164		486,343	479,315
	Non-interest income			30,074		30,879		31,841		27,653		27,770		120,447	117,391
	Net interest income on a fully taxable equivalent basis plus non-interest income			$ 149,065		$ 149,805		$ 154,663		$ 153,258		$ 158,934		$ 606,790	$ 596,706
	Efficiency ratio			66.75 %		64.95 %		62.33 %		60.66 %		56.91 %		63.64 %	59.53 %
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders			$ 32,437		$ 34,311		$ 42,349		$ 39,810		$ 49,679		$ 148,907	$ 181,988
	Add: After-tax restructuring and merger-related expenses (1)			-		506		28		2,491		9		3,026	1,361
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses				$ 32,437		$ 34,817		$ 42,377		$ 42,301		$ 49,688		$ 151,933	$ 183,349
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
	Net income per common share - diluted			$ 0.55		$ 0.58		$ 0.71		$ 0.67		$ 0.84		$ 2.51	$ 3.02
	Add: After-tax restructuring and merger-related expenses per common share - diluted (1)			-		0.01		-		0.04		-		0.05	0.02
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses				$ 0.55		$ 0.59		$ 0.71		$ 0.71		$ 0.84		$ 2.56	$ 3.04
				Period End
				Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
				2023		2023		2023		2023		2022
Tangible book value per share:
	Total shareholders' equity			$ 2,533,062		$ 2,447,941		$ 2,464,998		$ 2,475,457		$ 2,426,662
	Less: goodwill and other intangible assets, net of def. tax liability			(1,124,811)		(1,126,583)		(1,128,371)		(1,130,172)		(1,131,990)
	Less: preferred shareholder's equity			(144,484)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity			1,263,767		1,176,874		1,192,143		1,200,801		1,150,188
	Common shares outstanding			59,376,435		59,364,696		59,355,062		59,246,569		59,198,963
Tangible book value per share				$ 21.28		$ 19.82		$ 20.08		$ 20.27		$ 19.43
Tangible common equity to tangible assets:
	Total shareholders' equity			$ 2,533,062		$ 2,447,941		$ 2,464,998		$ 2,475,457		$ 2,426,662
	Less: goodwill and other intangible assets, net of def. tax liability			(1,124,811)		(1,126,583)		(1,128,371)		(1,130,172)		(1,131,990)
	Tangible equity			1,408,251		1,321,358		1,336,627		1,345,285		1,294,672
	Less: preferred shareholder's equity			(144,484)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity			1,263,767		1,176,874		1,192,143		1,200,801		1,150,188
	Total assets			17,712,374		17,344,377		17,356,954		17,274,626		16,931,905
	Less: goodwill and other intangible assets, net of def. tax liability			(1,124,811)		(1,126,583)		(1,128,371)		(1,130,172)		(1,131,990)
	Tangible assets			$ 16,587,563		$ 16,217,794		$ 16,228,583		$ 16,144,454		$ 15,799,915
Tangible equity to tangible assets				8.49 %		8.15 %		8.24 %		8.33 %		8.19 %
Tangible common equity to tangible assets				7.62 %		7.26 %		7.35 %		7.44 %		7.28 %
(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 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)				2023		2023		2023		2023		2022		2023	2022
Pre-tax, pre-provision income:
	Income before provision for income taxes			$ 43,526		$ 44,295		$ 53,943		$ 52,283		$ 64,066		$ 194,049	$ 236,401
	Add: provision for credit losses			4,803		6,327		3,028		3,577		3,123		17,734	(1,663)
Pre-tax, pre-provision income				$ 48,329		$ 50,622		$ 56,971		$ 55,860		$ 67,189		$ 211,783	$ 234,738
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income before provision for income taxes			$ 43,526		$ 44,295		$ 53,943		$ 52,283		$ 64,066		$ 194,049	$ 236,401
	Add: provision for credit losses			4,803		6,327		3,028		3,577		3,123		17,734	(1,663)
	Add: restructuring and merger-related expenses			-		641		35		3,153		11		3,830	1,723
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				$ 48,329		$ 51,263		$ 57,006		$ 59,013		$ 67,200		$ 215,613	$ 236,461
Return on average assets, excluding certain items (1):
	Income before provision for income taxes			$ 43,526		$ 44,295		$ 53,943		$ 52,283		$ 64,066		$ 194,049	$ 236,401
	Add: provision for credit losses			4,803		6,327		3,028		3,577		3,123		17,734	(1,663)
	Add: restructuring and merger-related expenses			-		641		35		3,153		11		3,830	1,723
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				48,329		51,263		57,006		59,013		67,200		215,613	236,461
	Average total assets			$ 17,426,111		$ 17,341,959		$ 17,294,346		$ 16,970,554		$ 16,685,930		$ 17,259,720	$ 16,879,541
Return on average assets, excluding certain items (annualized) (1) (2)				1.10 %		1.17 %		1.32 %		1.41 %		1.60 %		1.25 %	1.40 %
Return on average equity, excluding certain items (1):
	Income before provision for income taxes			$ 43,526		$ 44,295		$ 53,943		$ 52,283		$ 64,066		$ 194,049	$ 236,401
	Add: provision for credit losses			4,803		6,327		3,028		3,577		3,123		17,734	(1,663)
	Add: restructuring and merger-related expenses			-		641		35		3,153		11		3,830	1,723
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				48,329		51,263		57,006		59,013		67,200		215,613	236,461
	Average total shareholders' equity			$ 2,468,525		$ 2,478,662		$ 2,493,096		$ 2,458,067		$ 2,410,761		$ 2,474,627	$ 2,515,509
Return on average equity, excluding certain items (annualized) (1) (2)				7.77 %		8.21 %		9.17 %		9.74 %		11.06 %		8.71 %	9.40 %
Return on average tangible equity, excluding certain items (1):
	Income before provision for income taxes			$ 43,526		$ 44,295		$ 53,943		$ 52,283		$ 64,066		$ 194,049	$ 236,401
	Add: provision for credit losses			4,803		6,327		3,028		3,577		3,123		17,734	(1,663)
	Add: amortization of intangibles			2,243		2,262		2,282		2,301		2,541		9,088	10,278
	Add: restructuring and merger-related expenses			-		641		35		3,153		11		3,830	1,723
Income before provision, restructuring and merger-related expenses and amortization of intangibles				50,572		53,525		59,288		61,314		69,741		224,701	246,739
	Average total shareholders' equity			2,468,525		2,478,662		2,493,096		2,458,067		2,410,761		2,474,627	2,515,509
	Less: average goodwill and other intangibles, net of def. tax liability			(1,125,593)		(1,127,404)		(1,129,155)		(1,131,027)		(1,132,894)		(1,128,277)	(1,136,062)
	Average tangible equity			$ 1,342,932		$ 1,351,258		$ 1,363,941		$ 1,327,040		$ 1,277,867		$ 1,346,350	$ 1,379,447
Return on average tangible equity, excluding certain items (annualized) (1) (2)				14.94 %		15.72 %		17.44 %		18.74 %		21.65 %		16.69 %	17.89 %
	Average tangible common equity			$ 1,198,448		$ 1,206,774		$ 1,219,457		$ 1,182,556		$ 1,133,383		$ 1,201,866	$ 1,234,963
Return on average tangible common equity, excluding certain items (annualized) (1) (2)				16.74 %		17.60 %		19.50 %		21.03 %		24.41 %		18.70 %	19.98 %
(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.