WesBanco Announces Third Quarter 2025 Financial Results

Highlighted by a net interest margin of 3.53% and deposit growth that fully funded loan growth

Wheeling, WVa. (October 22, 2025) – 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 months ended September 30, 2025. Net income available to common shareholders for the third quarter of 2025 was $81.0 million, with diluted earnings per share of $0.84, compared to $34.7 million and $0.54 per diluted share, respectively, for the third quarter of 2024. For the nine months ended September 30, 2025, net income was $124.4 million, or $1.39 per diluted share, which reflected the impact of a day one provision for credit losses and other expenses related to the closing of the Premier Financial Corp. (“PFC”) acquisition on February 28th, compared to $94.3 million, or $1.54 per diluted share, for the 2024 period.

As noted below, WesBanco reported $0.94 of earnings per diluted share, in the third quarter, as compared to $0.56 in the prior year period, when excluding after-tax restructuring and merger-related expenses (non-GAAP measures). On a similar basis and excluding the after-tax day one provision for credit losses on acquired loans, WesBanco reported $2.55 per diluted share, for the nine month period, which was a 58.4% increase compared to $1.61 per diluted share last year (non-GAAP measures).


	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2025				2024				2025				2024
(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 (GAAP)	$	81,042	$	0.84	$	34,741	$	0.54	$	124,401	$	1.39	$	94,287	$	1.54
Add: After-tax day one provision for credit losses on acquired loans		-		-		-		-		46,926		0.53		-		-
Add: After-tax restructuring and merger-related expenses		8,993		0.10		1,562		0.02		57,235		0.63		4,546		0.07
Adjusted net income available to common shareholders (Non-GAAP)(1)	$	90,035	$	0.94	$	36,303	$	0.56	$	228,562	$	2.55	$	98,833	$	1.61
(1) See non-GAAP financial measures for additional information relating to the calculation of these items.

Financial and operational highlights during the quarter ended September 30, 2025:

•

Deposit growth fully funded loan growth both year-over-year and sequentially

Total deposits increased 53.8% year-over-year to $21.3 billion, reflecting $6.9 billion of deposits from PFC and organic growth of 4.1%, and increased 2.5% annualized over the sequential quarter

•

Total loans increased 52.0% year-over-year to $18.9 billion, reflecting organic growth of 4.8% and $5.9 billion of loans from PFC

Commercial real estate payoffs have totaled approximately $490 million year-to-date and $235 million during the quarter

•

Net interest margin of 3.53% increased 58 basis points year-over-year reflecting higher earning asset yields and lower funding costs

•

Reflecting the PFC acquisition, market appreciation, and organic growth, WesBanco Trust and Investment Services (“WTIS”) assets under management increased to a record $7.7 billion

•

Efficiency ratio of 55.1% improved more than 10 percentage points year-over-year and 44 basis points sequentially due to expense synergies generated from the PFC acquisition, as well as a continued focus on expense management and driving positive operating leverage

•

Criticized and classified loans as a percent of total portfolio loans decreased to 3.22%, while key credit quality metrics continued to remain at low levels and in a consistent range through the last five years

•

Continuing its commitment to expense management and recognizing the market shift to digital delivery channels, WesBanco implemented the next phase of its financial center optimization strategy by approving the closure of 27 locations in early 2026, pending notification to the appropriate regulatory authorities and customers

“Our third quarter results demonstrate the successful integration of Premier and continued operational discipline. Despite elevated commercial real estate payoffs, we delivered strong loan growth, fully funded by deposit growth, while meaningfully

2

expanding our net interest margin and fee income. Combined with our focus on cost control, these efforts drove positive operating leverage and an improved efficiency ratio in the mid-50s,” said Jeff Jackson, President and CEO. “Consistent with our focus on operational efficiency and our commitment to supporting evolving customer banking preferences, we are continuing a strategic optimization of our financial center network. This optimization ensures we remain responsive to how customers choose to bank, while supporting long-term growth and value creation.”

Financial Center Optimization Strategy

WesBanco’s mission is to deliver financial solutions that empower our customers for success, and that starts with optimizing our financial center network to ensure it reflects where and how our customers want to bank. In addition to closures, this strategy also includes refreshing existing locations, opening new banking centers in select locations within our existing footprint, and continuing to enhance our digital banking offerings. After a careful review of numerous factors, WesBanco has made the decision to close 27 locations across its legacy markets, a similar number to those closed during the last three years. Based on customer migration to digital channels and proximity to existing centers, deposit attrition is anticipated to be minimal. Net pre-tax savings of approximately $6 million are expected to be phased-in during the first half of 2026. WesBanco anticipates incurring total non-recurring restructuring charges of approximately $8 million due to the disposition of assets, lease terminations, severance, and other costs associated with the closures, with approximately $7 million recognized during the third quarter. These closures, which are expected to be completed during January 2026, do not include any locations from WesBanco’s acquisition of PFC.

Balance Sheet

WesBanco’s balance sheet, as of September 30, 2025, reflects both the PFC acquisition and organic growth. Total assets increased 48.6% year-over-year to $27.5 billion, including total portfolio loans of $18.9 billion and total securities of $4.4 billion. Total portfolio loans increased 52.0% year-over-year due to acquired PFC loans of $5.9 billion and organic growth of $0.6 billion, driven by the commercial teams. Commercial real estate payoffs have continued to increase and totaled approximately $235 million during the third quarter of 2025 and $490 million year-to-date, more than 2.5 times the prior year-to-date period.

Deposits of $21.3 billion increased 53.8% year-over-year due to acquired PFC deposits of $6.9 billion and organic growth of $0.6 billion, which fully funded year-over-year organic loan growth. On a sequential quarter basis, total deposits increased $130 million due to the efforts of our consumer and business teams more than offsetting the intentional runoff of $50 million of higher cost brokered deposits and less reliance on public funds from PFC. Reflecting the addition of PFC deposits, which included $1.3 billion of certificates of deposit, total demand deposits represented 48% of total deposits, with the non-interest bearing component representing 25%.

Credit Quality

As of September 30, 2025, 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 five years. As expected, criticized and classified loans as a percent of total portfolio loans decreased 41 basis points from the sequential quarter to 3.22%. Charge-offs, across a variety of loan categories, industries and markets, increased to 0.19% of total loans.

The allowance for credit losses to total portfolio loans at September 30, 2025 was 1.15% of total loans, or $217.7 million. The decrease of $6.2 million from June 30, 2025 was driven by a reduction in PCD loan reserves from a couple of large payoffs and the $5.1 million run off of a qualitative factor established in 2023 to capture elevated interest rate risk, which more than offset increases associated with slightly higher unemployment assumptions and loan growth. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 1.67% of total portfolio loans.

Net Interest Margin and Income

The third quarter margin of 3.53% improved 58 basis points on a year-over-year basis, through a combination of higher loan and securities yields and lower funding costs. Deposit funding costs of 256 basis points for the third quarter of 2025 decreased 29 basis points from the prior year period. When including non-interest bearing deposits, deposit funding costs for the third quarter were 192 basis points.

Net interest income for the third quarter of 2025 was $216.7 million, an increase of $95.6 million, or 78.9% year-over-year, reflecting the impact of the benefits from the PFC acquisition, loan growth, higher loan and securities yields, and lower FHLB borrowing costs. For the nine months ended September 30, 2025, net interest income of $592.0 million increased $240.3 million, or 68.3%, primarily due to the reasons discussed for the three-month period comparison.

Non-Interest Income

For the third quarter of 2025, non-interest income of $44.9 million increased $15.3 million, or 51.5%, from the third quarter of 2024 due primarily to the acquisition of PFC. Service charges on deposits increased $3.2 million year-over-year, reflecting

3

the addition of PFC, fee income from new products and services and treasury management, and increased general consumer spending. Digital banking fees increased $2.2 million from higher volumes primarily associated with our larger customer base. Reflecting record asset levels, trust fees and net securities brokerage revenue increased $1.5 million and $0.3 million, respectively, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Bank-owned life insurance increased $1.6 million year-over-year due to the addition of PFC. Gross swap fees were $3.2 million in the third quarter, compared to $1.1 million in the prior year period, while fair value adjustments were a negligible gain as compared to negative adjustment of $1.7 million, respectively.

Primarily reflecting the items discussed above, as well as mortgage banking income, non-interest income, for the nine months ended September 30, 2025, increased $31.9 million, or 34.8%, year-over-year to $123.5 million. Mortgage Banking income increased due to an approximate 30% year-over-year increase in residential mortgage originations primarily related to our larger customer base.

Non-Interest Expense

Non-interest expense, excluding restructuring and merger-related costs, for the three months ended September 30, 2025 was $144.8 million, a $45.6 million, or 46.0%, increase year-over-year primarily due to the addition of the PFC expense base associated with approximately 900 employees and 70 financial centers. Salaries and wages of $60.6 million and employee benefits expense of $18.0 million increased due to higher staffing levels and higher health insurance costs. Amortization of intangible assets of $8.4 million increased $6.4 million year-over-year due to the core deposit intangible asset that was created from the acquisition of PFC. Restructuring and merger-related expenses of $11.4 million are primarily related to costs associated with the financial center optimization.

Excluding restructuring and merger-related expenses, non-interest expense during the first nine months of 2025 of $404.2 million increased $109.2 million, or 37.0%, compared to the prior year period, due primarily to the expenses described above. Equipment and software expense of $46.5 million reflects the addition of PFC and the additional cost of operating two core systems until the conversion to one platform in mid-May. FDIC insurance expense of $15.5 million increased due to our larger asset size.

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. On September 10th, WesBanco raised $230 million of Series B preferred stock, considered Tier 1 capital, through the issuance of 9,200,000 depositary shares, which are listed on the Nasdaq Global Select Market under the symbol “WSBCO”. WesBanco expects to use approximately $150 million of the net proceeds from this offering to redeem in full its outstanding Series A Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock and approximately $50 million of the net proceeds to redeem in full its outstanding 4.0% Fixed-To-Floating Rate Subordinated Notes due September 30, 2030, which were assumed in connection with its acquisition of PFC. The remaining net proceeds will be used for general corporate purposes. At September 30, 2025, Tier I leverage was 9.72%, Tier I risk-based capital ratio was 11.83%, common equity Tier 1 capital ratio (“CET 1”) was 10.1%, and total risk-based capital was 14.6%. In addition, the tangible common equity to tangible assets ratio was 7.92%.

Conference Call and Webcast

WesBanco will host a conference call to discuss the Company's financial results for the third quarter of 2025 at 3:00 p.m. ET on Thursday, October 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 2433750. The replay will begin at approximately 5:00 p.m. ET on October 23, 2025 and end at 12 a.m. ET on November 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 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, 2024 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 and June 30, 2025, 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

4

important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, 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 merger of WesBanco and Premier may make it more difficult to maintain relationships with clients, associates, or suppliers; 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 benefits of the 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 expected cost savings and any revenue synergies from the merger may not be fully realized within the expected time frames; disruption from the merger may make it more difficult to maintain relationships with clients, associates, or suppliers; 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 2024 Annual Report on Form 10-K and documents subsequently filed by WesBanco with the Securities and Exchange Commission.

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 and excluding after-tax day one provision for credit losses on acquired loans; 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.

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 nine-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 $27.5 billion in total assets, with our Trust and Investment Services holding $7.7 billion of assets under management and securities account values (including annuities) of $2.6 billion through our broker/dealer, as of September 30, 2025. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram.

5

SOURCE: WesBanco, Inc.

WesBanco Company Contact:

John H. Iannone

Senior Vice President, Investor Relations

304-905-7021

###

6


WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares and per share amounts)

		For the Three Months Ended								For the Nine Months Ended
	STATEMENT OF INCOME	September 30,								September 30,
		2025		2024			% Change			2025		2024			% Change
	Interest and dividend income
	Loans, including fees	$	295,482	$	184,215			60.4		$	803,994	$	526,550			52.7
	Interest and dividends on securities:
	Taxable		31,483		17,651			78.4			84,797		51,984			63.1
	Tax-exempt		4,692		4,498			4.3			13,837		13,640			1.4
	Total interest and dividends on securities		36,175		22,149			63.3			98,634		65,624			50.3
	Other interest income		11,229		7,365			52.5			29,872		19,881			50.3
	Total interest and dividend income		342,886		213,729			60.4			932,500		612,055			52.4
	Interest expense
	Interest bearing demand deposits		31,351		28,139			11.4			91,132		80,654			13.0
	Money market deposits		38,249		19,609			95.1			95,672		54,166			76.6
	Savings deposits		9,577		8,246			16.1			25,606		23,796			7.6
	Certificates of deposit		23,554		14,284			64.9			63,553		36,513			74.1
	Total interest expense on deposits		102,731		70,278			46.2			275,963		195,129			41.4
	Federal Home Loan Bank borrowings		17,337		17,147			1.1			47,056		50,374			(6.6	)
	Other short-term borrowings		766		1,092			(29.9	)		2,703		2,662			1.5
	Subordinated debt and junior subordinated debt		5,336		4,070			31.1			14,774		12,189			21.2
	Total interest expense		126,170		92,587			36.3			340,496		260,354			30.8
	Net interest income		216,716		121,142			78.9			592,004		351,701			68.3
	Provision for credit losses		2,082		4,798			(56.6	)		74,183		19,352			283.3
	Net interest income after provision for credit losses		214,634		116,344			84.5			517,821		332,349			55.8
	Non-interest income
	Trust fees		8,987		7,517			19.6			27,342		22,902			19.4
	Service charges on deposits		11,163		7,945			40.5			30,233		21,841			38.4
	Digital banking income		7,324		5,084			44.1			20,053		14,828			35.2
	Net swap fee and valuation income/(loss)		3,231		(627	)		615.3			4,937		2,712			82.0
	Net securities brokerage revenue		2,961		2,659			11.4			9,010		7,808			15.4
	Bank-owned life insurance		3,765		2,173			73.3			10,643		7,032			51.4
	Mortgage banking income		1,898		1,280			48.3			5,402		3,042			77.6
	Net securities gains		1,210		675			79.3			2,302		1,347			70.9
	Net gains/(losses) on other real estate owned and other assets		329		(239	)		237.7			400		(51	)		884.3
	Other income		3,996		3,145			27.1			13,164		10,135			29.9
	Total non-interest income		44,864		29,612			51.5			123,486		91,596			34.8
	Non-interest expense
	Salaries and wages		60,583		44,890			35.0			169,314		131,879			28.4
	Employee benefits		18,040		11,522			56.6			49,867		34,284			45.5
	Net occupancy		8,819		6,226			41.6			24,716		19,158			29.0
	Equipment and software		16,310		10,157			60.6			46,500		30,622			51.9
	Marketing		2,979		2,977			0.1			7,225		7,233			(0.1	)
	FDIC insurance		5,820		3,604			61.5			15,487		10,576			46.4
	Amortization of intangible assets		8,425		2,053			310.4			21,853		6,217			251.5
	Restructuring and merger-related expense		11,383		1,977			475.8			72,449		5,755		NM
	Other operating expenses		23,829		17,777			34.0			69,278		55,044			25.9
	Total non-interest expense		156,188		101,183			54.4			476,689		300,768			58.5
	Income before provision for income taxes		103,310		44,773			130.7			164,618		123,177			33.6
	Provision for income taxes		19,737		7,501			163.1			32,623		21,296			53.2
	Net Income		83,573		37,272			124.2			131,995		101,881			29.6
	Preferred stock dividends		2,531		2,531			-			7,594		7,594			-
	Net income available to common shareholders	$	81,042	$	34,741			133.3		$	124,401	$	94,287			31.9

	Taxable equivalent net interest income	$	217,963	$	122,338			78.2		$	595,682	$	355,327			67.6

	Per common share data
	Net income per common share - basic	$	0.84	$	0.54			55.6		$	1.39	$	1.54			(9.7	)
	Net income per common share - diluted		0.84		0.54			55.6			1.39		1.54			(9.7	)
	Adjusted net income per common share - diluted, excluding certain items (1)(2)		0.94		0.56			67.9			2.55		1.61			58.4
	Dividends declared		0.37		0.36			2.8			1.11		1.08			2.8
	Book value (period end)		39.02		39.73			(1.8	)		39.02		39.73			(1.8	)
	Tangible book value (period end) (1)		21.29		22.99			(7.4	)		21.29		22.99			(7.4	)
	Average common shares outstanding - basic		95,995,174		64,488,962			48.9			89,593,739		61,143,452			46.5
	Average common shares outstanding - diluted		96,116,617		64,634,208			48.7			89,718,706		61,272,602			46.4
	Period end common shares outstanding		96,044,222		66,871,479			43.6			96,044,222		66,871,479			43.6
	Period end preferred shares outstanding		380,000		150,000			153.3			380,000		150,000			153.3

	(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 and the after-tax day one provision for credit losses on acquired loans.
	NM - Not Meaningful

7


WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, unless otherwise noted)

	Selected ratios
		For the Nine Months Ended
		September 30,
		2025			2024			% Change
	Return on average assets		0.65	%		0.70	%		(7.14	)	%
	Return on average assets, excluding certain items (1)		1.20			0.73			64.38
	Return on average equity		4.59			4.84			(5.17	)
	Return on average equity, excluding certain items (1)		8.43			5.07			66.27
	Return on average tangible equity (1)		9.10			8.96			1.56
	Return on average tangible equity, excluding certain items (1)		15.79			9.37			68.52
	Return on average tangible common equity (1)		9.84			9.93			(0.91	)
	Return on average tangible common equity, excluding certain items (1)		17.07			10.38			64.45
	Yield on earning assets (2)		5.50			5.09			8.06
	Cost of interest bearing liabilities		2.75			3.10			(11.29	)
	Net interest spread (2)		2.75			1.99			38.19
	Net interest margin (2)		3.50			2.94			19.05
	Efficiency (1) (2)		56.21			66.01			(14.85	)
	Average loans to average deposits		89.42			89.56			(0.16	)
	Annualized net loan charge-offs/average loans		0.12			0.11			9.09
	Effective income tax rate		19.82			17.29			14.63


	For the Three Months Ended
	Sept. 30,			June 30,			Mar. 31,				Dec. 31,			Sept. 30,
	2025			2025			2025				2024			2024
Return on average assets		1.17	%		0.81	%		(0.22	)	%		1.01	%		0.76	%
Return on average assets, excluding certain items (1)		1.30			1.28			0.96				1.02			0.79
Return on average equity		8.25			5.76			(1.45	)			6.68			5.09
Return on average equity, excluding certain items (1)		9.16			9.17			6.45				6.75			5.32
Return on average tangible equity (1)		15.86			11.27			(1.74	)			11.49			9.07
Return on average tangible equity, excluding certain items (1)		17.48			17.16			11.61				11.61			9.46
Return on average tangible common equity (1)		17.26			12.06			(1.89	)			12.56			9.97
Return on average tangible common equity, excluding certain items (1)		19.03			18.36			12.56				12.69			10.40
Yield on earning assets (2)		5.58			5.56			5.33				5.10			5.19
Cost of interest bearing liabilities		2.79			2.69			2.78				2.96			3.21
Net interest spread (2)		2.79			2.87			2.55				2.14			1.98
Net interest margin (2)		3.53			3.59			3.35				3.03			2.95
Efficiency (1) (2)		55.10			55.54			58.62				61.23			65.29
Average loans to average deposits		89.41			89.47			89.32				89.24			90.58
Annualized net loan charge-offs and recoveries /average loans		0.19			0.09			0.08				0.13			0.05
Effective income tax rate		19.10			19.10			(6.96	)			19.87			16.75
Trust and Investment Services assets under management (3)	$	7,688		$	7,205		$	6,951			$	5,968		$	6,061
Broker-dealer securities account values (including annuities) (3)	$	2,588		$	2,554		$	2,359			$	1,852		$	1,853

(1) Certain items excluded from the calculation can consist of after-tax restructuring and merger-related expenses and the after-tax day one provision for credit losses on acquired loans. 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.

8


WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares)
														% Change
		September 30,									December 31,			December 31, 2024
	Balance sheets	2025			2024			% Change			2024			to September 30, 2025
	Assets
	Cash and due from banks	$	231,814		$	172,221			34.6		$	142,271			62.9
	Due from banks - interest bearing		776,423			448,676			73.0			425,866			82.3
	Securities:
	Equity securities, at fair value		30,374			13,355			127.4			13,427			126.2
	Available-for-sale debt securities, at fair value		3,268,016			2,228,527			46.6			2,246,072			45.5
	Held-to-maturity debt securities (fair values of $1,042,503, $1,052,781 and $1,006,817 respectively)		1,150,520			1,162,359			(1.0	)		1,152,906			(0.2	)
	Allowance for credit losses - held-to-maturity debt securities		(181	)		(148	)		(22.3	)		(146	)		(24.0	)
	Net held-to-maturity debt securities		1,150,339			1,162,211			(1.0	)		1,152,760			(0.2	)
	Total securities		4,448,729			3,404,093			30.7			3,412,259			30.4
	Loans held for sale		125,971			22,127			469.3			18,695			573.8
	Portfolio loans:
	Commercial real estate		10,755,370			7,206,271			49.3			7,326,681			46.8
	Commercial and industrial		2,771,906			1,717,369			61.4			1,787,277			55.1
	Residential real estate		3,928,469			2,519,089			55.9			2,520,086			55.9
	Home equity		1,091,636			796,594			37.0			821,110			32.9
	Consumer		384,693			212,107			81.4			201,275			91.1
	Total portfolio loans, net of unearned income		18,932,074			12,451,430			52.0			12,656,429			49.6
	Allowance for credit losses - loans		(217,666	)		(140,872	)		(54.5	)		(138,766	)		(56.9	)
	Net portfolio loans		18,714,408			12,310,558			52.0			12,517,663			49.5
	Premises and equipment, net		267,521			222,005			20.5			219,076			22.1
	Accrued interest receivable		108,865			79,465			37.0			78,324			39.0
	Goodwill and other intangible assets, net		1,736,073			1,126,050			54.2			1,124,016			54.5
	Bank-owned life insurance		555,104			358,701			54.8			360,738			53.9
	Other assets		553,134			370,273			49.4			385,390			43.5
	Total Assets	$	27,518,042		$	18,514,169			48.6		$	18,684,298			47.3
	Liabilities
	Deposits:
	Non-interest bearing demand	$	5,285,740		$	3,777,781			39.9		$	3,842,758			37.6
	Interest bearing demand		5,025,216			3,667,082			37.0			3,771,314			33.2
	Money market		4,901,863			2,347,444			108.8			2,429,977			101.7
	Savings deposits		3,141,075			2,381,542			31.9			2,362,736			32.9
	Certificates of deposit		2,930,368			1,663,494			76.2			1,726,932			69.7
	Total deposits		21,284,262			13,837,343			53.8			14,133,717			50.6
	Federal Home Loan Bank borrowings		1,275,000			1,175,000			8.5			1,000,000			27.5
	Other short-term borrowings		113,501			140,641			(19.3	)		192,073			(40.9	)
	Subordinated debt and junior subordinated debt		358,373			279,251			28.3			279,308			28.3
	Total borrowings		1,746,874			1,594,892			9.5			1,471,381			18.7
	Accrued interest payable		25,472			16,406			55.3			14,228			79.0
	Other liabilities		344,907			263,943			30.7			274,691			25.6
	Total Liabilities		23,401,515			15,712,584			48.9			15,894,017			47.2
	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			-
	Preferred stock, no par value; 1,000,000 shares authorized; 230,000 shares 7.375% non-cumulative perpetual preferred stock, Series B, liquidation preference $230.0 million, issued and outstanding at September 30, 2025, and 0 shares issued and outstanding at December 31,2024		224,383			-			100.0			-			100.0
	Common stock, $2.0833 par value; 200,000,000, 100,000,000, and 200,000,000 shares authorized; 96,044,222, 75,354,034 and 75,354,034 shares issued; 96,044,222, 68,871,479 and 66,919,805 shares outstanding, respectively		200,088			156,985			27.5			156,985			27.5
	Capital surplus		2,487,564			1,808,272			37.6			1,809,679			37.5
	Retained earnings		1,210,823			1,169,808			3.5			1,192,091			1.6
	Treasury stock (0, 8,482,555 and 8,434,229 shares - at cost, respectively)		-			(294,079	)		(100.0	)		(292,244	)		(100.0	)
	Accumulated other comprehensive loss		(148,669	)		(181,804	)		18.2			(218,632	)		32.0
	Deferred benefits for directors		(2,146	)		(2,081	)		(3.1	)		(2,082	)		(3.1	)
	Total Shareholders' Equity		4,116,527			2,801,585			46.9			2,790,281			47.5
	Total Liabilities and Shareholders' Equity	$	27,518,042		$	18,514,169			48.6		$	18,684,298			47.3

9


WESBANCO, INC.
Consolidated Selected Financial Highlights
(unaudited, dollars in thousands, except shares)

		September 30,			June 30,
	Balance sheets	2025			2025			% Change
	Assets
	Cash and due from banks	$	231,814		$	402,755			(42.4	)
	Due from banks - interest bearing		776,423			754,275			2.9
	Securities:
	Equity securities, at fair value		30,374			29,538			2.8
	Available-for-sale debt securities, at fair value		3,268,016			3,222,819			1.4
	Held-to-maturity (fair values of $1,042,503; and $1,006,110 respectively)		1,150,520			1,137,782			1.1
	Allowance for credit losses - held-to-maturity debt securities		(181	)		(178	)		(1.7	)
	Net held-to-maturity debt securities		1,150,339			1,137,604			1.1
	Total securities		4,448,729			4,389,961			1.3
	Loans held for sale		125,971			123,019			2.4
	Portfolio loans:
	Commercial real estate		10,755,370			10,600,210			1.5
	Commercial and industrial		2,771,906			2,819,096			(1.7	)
	Residential real estate		3,928,469			3,939,796			(0.3	)
	Home equity		1,091,636			1,052,334			3.7
	Consumer		384,693			417,190			(7.8	)
	Total portfolio loans, net of unearned income		18,932,074			18,828,626			0.5
	Allowance for credit losses - loans		(217,666	)		(223,866	)		2.8
	Net portfolio loans		18,714,408			18,604,760			0.6
	Premises and equipment, net		267,521			274,137			(2.4	)
	Accrued interest receivable		108,865			106,410			2.3
	Goodwill and other intangible assets, net		1,736,073			1,745,170			(0.5	)
	Bank-owned life insurance		555,104			552,051			0.6
	Other assets		553,134			619,038			(10.6	)
	Total Assets	$	27,518,042		$	27,571,576			(0.2	)
	Liabilities
	Deposits:
	Non-interest bearing demand	$	5,285,740		$	5,328,181			(0.8	)
	Interest bearing demand		5,025,216			4,865,091			3.3
	Money market		4,901,863			4,825,154			1.6
	Savings deposits		3,141,075			3,192,943			(1.6	)
	Certificates of deposit		2,930,368			2,943,187			(0.4	)
	Total deposits		21,284,262			21,154,556			0.6
	Federal Home Loan Bank borrowings		1,275,000			1,750,000			(27.1	)
	Other short-term borrowings		113,501			103,666			9.5
	Subordinated debt and junior subordinated debt		358,373			357,762			0.2
	Total borrowings		1,746,874			2,211,428			(21.0	)
	Accrued interest payable		25,472			25,967			(1.9	)
	Other liabilities		344,907			360,405			(4.3	)
	Total Liabilities		23,401,515			23,752,356			(1.5	)
	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			-

WESBANCO INC 8-K