WesBanco Announces First Quarter 2023 Financial Results

WesBanco Announces First Quarter 2023 Financial Results

WHEELING, W.Va., April 24, 2023 /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 months ended March 31, 2023. Net income available to common shareholders for the first quarter of 2023 was $39.8 million, with diluted earnings per share of $0.67, compared to $41.6 million and $0.68 per diluted share, respectively, for the first quarter of 2022. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended March 31, 2023, was $42.3 million, or $0.71 per diluted share, as compared to $42.9 million and $0.70 per diluted share, respectively, in the prior year quarter (non-GAAP measures).

			For the Three Months Ended March 31,
			2023				2022
			Net Income		Diluted Earnings Per Share		Net Income		Diluted Earnings Per Share
(1)			$ 42,301		$ 0.71		$ 42,851		$ 0.70
Less: After-tax restructuring and merger-related expenses			(2,491)		(0.04)		(1,258)		(0.02)
Net income available to common shareholders (GAAP)			$ 39,810		$ 0.67		$ 41,593		$ 0.68
(1)

Financial and operational highlights during the quarter ended March 31, 2023:

• Generated solid growth in pre-tax, pre-provision income (excluding restructuring and merger-related expenses) of 13.2% year-over-year (non-GAAP)

• Total loan growth was 11.9% year-over-year and 7.0% annualized when compared to December 31, 2022, reflecting the strength of our markets and lending teams

• 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, those with total assets between $10 billion and $25 billion (based upon the prior four quarters)

• WesBanco remains well-capitalized with solid liquidity and a strong balance sheet with capacity to fund loan growth

  • Returns on average assets and tangible equity were 1.01% and 13.48%, respectively (non-GAAP)

  • Average loans to average deposits were 83.5%

• Strong new commercial swap fee income, excluding fair market value adjustments, increased $1.7 million year-over-year

• Controlled discretionary expenses, while continuing to make important long-term growth investments

• WesBanco continues to be acknowledged for its soundness, profitability, employee focus, and customer service as it continued to receive numerous national accolades the last few months

  • For the 13th time since 2010, named one of America's Best Banks for strong capital, credit quality, and profitability

  • For the third consecutive year, voted one of America's Best Midsize Employers by our employees

  • For the fifth year in a row, recognized by our customers as one of the World's Best Banks

"WesBanco demonstrated the earnings power, capital, and liquidity to perform well during a quarter of industry volatility," said Todd F. Clossin, President and Chief Executive Officer of WesBanco. "I am pleased with both the company's performance and our employees continued commitment to serving the needs of our customers and communities. The recent naming of our company as One of America's Best Banks, and One of America's Best Midsize Employers by Forbes is a testament to the dedicated efforts of our teams."

Jeffrey H. Jackson, Senior Executive Vice President and Chief Operating Officer added, "We continued to effectively execute our strategic business plans, during the quarter, as evidenced by our solid loan growth across all markets, disciplined expense management, and excellent credit quality. Our deposit granularity, as evidenced by our average deposit account size of $27,000, reflects the trust our customers have in our 153-year heritage as a community bank. Our current loan to deposit ratio of 83% also provides us with ample lending capacity to support our customers as they grow."

Balance Sheet
Loan growth for the first quarter of 2023 continues to reflect strong performance by our commercial and consumer lending teams, as well as more 1-to-4 family residential mortgages retained on the balance sheet. As of March 31, 2023, total portfolio loans were $10.9 billion, which increased 7.0% annualized, when compared to December 31, 2022, driven by strong growth across our markets, and the total commercial pipeline was $1.1 billion. Further, commercial real estate payoffs during the first quarter remained in the historical range of approximately $90 million.

Total deposits, as of March 31, 2023, were $12.9 billion, down 2.0%, when compared to December 31, 2022, reflecting the impact of rate and inflationary pressures and rising costs across the economy. Further, the Federal Reserve's tightening actions to control inflation have resulted in industry-wide deposit contraction. Deposits declined approximately $360 million early during the quarter and remained flat through February and March. Despite the decrease in deposits, early in the quarter, the average loans to average deposits ratio remained relatively low at 83.5% for the first quarter of 2023.

Credit Quality
As of March 31, 2023, total loans past due, 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 decreased 4 basis points from the fourth quarter and 19 basis points from the prior year, while criticized and classified loans as a percent of the loan portfolio decreased 74 and 208 basis points, respectively, to 1.60%. For the first quarter, net loan charge-offs totaled $1.9 million, mostly related to one long-term care facility credit. During the first quarter of 2023, we recorded a provision for credit losses of $3.6 million, as compared to a release of provision in the prior year period of $3.4 million. Reflecting the current recorded provision and loan growth, as well as changes in prepayment assumptions, the allowance for credit losses to total portfolio loans at March 31, 2023 was $118.7 million, or 1.09% of total loans.

Net Interest Margin and Income
The net interest margin of 3.36% for the first quarter of 2023 increased 41 basis points year-over-year, which reflects the 425 basis point increase in the federal fund rate since March 2022, as well as our successful deployment of excess cash into higher-yielding loans. However, the net interest margin decreased 13 basis points from the fourth quarter of 2022 primarily due to higher funding costs as lower cost deposits were replaced with higher cost wholesale borrowings. While our robust legacy deposit base provides a pricing advantage, we are not immune to the impact of rising interest rates on our funding sources, including rising competitive rates for public funds, which totaled approximately $1.4 billion at March 31, 2023. Total deposit funding costs of 100 basis points for the first quarter of 2023 increased 88 basis points year-over-year and 43 quarter-over-quarter, or 57 and 28 basis points, respectively, when including non-interest bearing deposits. This reflects a total deposit beta of 13%, when compared to the 425 basis point increase in the federal fund rate from May 2022 through February 2023. Accretion from acquisitions benefited the first quarter net interest margin by 4 basis points, as compared to 8 basis points in the prior year period.

Net interest income increased $16.6 million, or 15.4%, during the first quarter of 2023, as compared to the same quarter of 2022, reflecting loan growth and the benefit of rising rates on loan and securities yields, which more than offset higher funding costs.

Non-Interest Income
For the first quarter of 2023, non-interest income of $27.7 million decreased $2.7 million, or 9.0%, from the first quarter of 2022, driven primarily by lower bank-owned life insurance and mortgage banking income. Bank-owned life insurance decreased $1.9 million year-over-year due to $1.9 million of higher death benefits received in the prior year period. Mortgage banking income decreased $1.5 million year-over-year due to a reduction in residential mortgage originations, primarily driven by the higher interest rate environment, and our retention of more residential mortgages on the balance sheet as production continues to migrate towards shorter-term adjustable rate mortgage products. First quarter mortgage originations decreased 40% year-over-year to $162 million, with approximately 70% retained, as compared to 75% last year. New commercial swap fees, which are recorded in other income, increased $1.7 million from the prior year period to $1.8 million, while associated fair market value adjustments totaled negative $1.0 million during the first quarter, as compared to a positive $1.5 million last year.

Non-Interest Expense
Excluding restructuring and merger-related expenses, non-interest expense for the three months ended March 31, 2023 totaled $93.0 million, an increase of 8.2% year-over-year, reflecting increased salaries and wages, benefits, FDIC insurance, and equipment expense, partially offset by discretionary cost control. Salaries and wages increased $3.0 million, or 7.7%, compared to the prior year period due to higher salary expense related to higher staffing levels, mainly revenue-producing positions, and merit increases. Employee benefits increased $2.9 million from last year due to higher staffing levels, increased pension expense, and higher health insurance contributions. FDIC insurance expense increased $1.4 million year-over-year due to the 2 basis point increase in the minimum rate for all banks. Equipment and software expense increased $1.1 million due to the planned upgrade to one-third of our ATM fleet with the latest technology and general inflationary cost increases for existing service agreements. Lastly, restructuring charges of $3.2 million during the quarter reflect the associated write-downs of leases and fixed assets related to five properties, two of which are larger back-office facilities, to be closed later this year.

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 March 31, 2023, Tier I leverage was 9.82%, Tier I risk-based capital ratio was 12.22%, common equity Tier 1 capital ratio ("CET 1") was 11.11%, and total risk-based capital was 14.97%. In addition, tangible common equity to tangible assets improved 16 basis points on a sequential quarter basis to 7.44%.

Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2023 at 10:00 a.m. ET on Tuesday, April 25, 2023. 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 7397505. The replay will begin at approximately 12:00 p.m. ET on April 25, 2023 and end at 12 a.m. ET on May 9, 2023. 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"), 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. 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. Furthermore, our strong financial performance and employee focus has earned us recognition by Forbes as both one of America's Best Banks and Best Midsize Employers. In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, WesBanco provides trust, wealth management, securities brokerage, and private banking services through our century-old Trust and Investment Services department, with approximately $5.0 billion of assets under management (as of March 31, 2023). WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 194 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc. Learn more at www.wesbanco.com. Follow @WesBanco on Facebook, LinkedIn, and Twitter.

WESBANCO, INC.
Consolidated Selected Financial Highlights									Page 5
(unaudited, dollars in thousands, except shares and per share amounts)
					For the Three Months Ended
Statement of Income					March 31,
Interest and dividend income					2023		2022		% Change
	Loans, including fees				$ 133,406		$ 93,121		43.3
	Interest and dividends on securities:
		Taxable			19,086		14,112		35.2
		Tax-exempt			4,790		4,344		10.3
			Total interest and dividends on securities		23,876		18,456		29.4
	Other interest income				3,273		597		448.2
Total interest and dividend income					160,555		112,174		43.1
Interest expense
	Interest bearing demand deposits				11,106		811		NM
	Money market deposits				4,252		321		NM
	Savings deposits				4,000		264		NM
	Certificates of deposit				1,203		1,273		(5.5)
			Total interest expense on deposits		20,561		2,669		670.4
	Federal Home Loan Bank borrowings				11,300		575		NM
	Other short-term borrowings				418		48		770.8
	Subordinated debt and junior subordinated debt				3,944		1,171		236.8
			Total interest expense		36,223		4,463		711.6
Net interest income					124,332		107,711		15.4
	Provision for credit losses				3,577		(3,438)		204.0
Net interest income after provision for credit losses					120,755		111,149		8.6
Non-interest income
	Trust fees				7,494		7,835		(4.4)
	Service charges on deposits				6,170		6,090		1.3
	Electronic banking fees				4,605		5,345		(13.8)
	Net securities brokerage revenue				2,576		2,220		16.0
	Bank-owned life insurance				1,959		3,881		(49.5)
	Mortgage banking income				426		1,923		(77.8)
	Net securities gains/(losses)				145		(650)		122.3
	Net gain/(loss) on other real estate owned and other assets				232		(806)		128.8
	Other income				4,046		4,544		(11.0)
			Total non-interest income		27,653		30,382		(9.0)
Non-interest expense
	Salaries and wages				41,952		38,937		7.7
	Employee benefits				12,060		9,158		31.7
	Net occupancy				6,643		7,234		(8.2)
	Equipment and software				9,063		8,011		13.1
	Marketing				2,325		2,421		(4.0)
	FDIC insurance				2,884		1,522		89.5
	Amortization of intangible assets				2,301		2,598		(11.4)
	Restructuring and merger-related expense				3,153		1,593		97.9
	Other operating expenses				15,744		16,074		(2.1)
			Total non-interest expense		96,125		87,548		9.8
Income before provision for income taxes					52,283		53,983		(3.1)
	Provision for income taxes				9,942		9,859		0.8
Net Income					42,341		44,124		(4.0)
Preferred stock dividends					2,531		2,531		-
Net income available to common shareholders					$ 39,810		$ 41,593		(4.3)
Taxable equivalent net interest income					$ 125,605		$ 108,866		15.4
Per common share data
Net income per common share - basic					$ 0.67		$ 0.68		(1.5)
Net income per common share - diluted					0.67		0.68		(1.5)
Net income per common share - diluted, excluding certain items (1)(2)					0.71		0.70		1.4
Dividends declared					0.35		0.34		2.9
Book value (period end)					39.34		39.64		(0.8)
Tangible book value (period end) (1)					20.27		20.87		(2.9)
Average common shares outstanding - basic					59,217,711		61,445,399		(3.6)
Average common shares outstanding - diluted					59,375,053		61,593,365		(3.6)
Period end common shares outstanding					59,246,569		60,613,414		(2.3)
Period end preferred shares outstanding					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 Three Months Ended
						March 31,
						2023		2022		% Change
Return on average assets						0.95	%	0.99	%	(4.04)	%
Return on average assets, excluding
after-tax restructuring and merger-related expenses (1)						1.01		1.02		(0.98)
Return on average equity						6.57		6.35		3.46
Return on average equity, excluding
after-tax restructuring and merger-related expenses (1)						6.98		6.54		6.73
Return on average tangible equity (1)						12.72		11.67		9.00
Return on average tangible equity, excluding
after-tax restructuring and merger-related expenses (1)						13.48		12.01		12.24
Return on average tangible common equity (1)						14.28		12.90		10.70
Return on average tangible common equity, excluding
after-tax restructuring and merger-related expenses (1)						15.13		13.27		14.02
Yield on earning assets (2)						4.32		3.07		40.72
Cost of interest bearing liabilities						1.52		0.19		700.00
Net interest spread (2)						2.80		2.88		(2.78)
Net interest margin (2)						3.36		2.95		13.90
Efficiency (1) (2)						60.66		61.73		(1.73)
Average loans to average deposits						83.46		71.05		17.47
Annualized net loan charge-offs/average loans						0.07		0.00		100.00
Effective income tax rate						19.02		18.26		4.16
						For the Three Months Ended
						Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
						2023		2022		2022		2022		2022
Return on average assets						0.95	%	1.18	%	1.19	%	0.95	%	0.99	%
Return on average assets, excluding
after-tax restructuring and merger-related expenses (1)						1.01		1.18		1.19		0.95		1.02
Return on average equity						6.57		8.18		8.05		6.43		6.35
Return on average equity, excluding
after-tax restructuring and merger-related expenses (1)						6.98		8.18		8.06		6.43		6.54
Return on average tangible equity (1)						12.72		16.05		15.39		12.35		11.67
Return on average tangible equity, excluding
after-tax restructuring and merger-related expenses (1)						13.48		16.05		15.41		12.36		12.01
Return on average tangible common equity (1)						14.28		18.09		17.23		13.80		12.90
Return on average tangible common equity, excluding
after-tax restructuring and merger-related expenses (1)						15.13		18.10		17.25		13.82		13.27
Yield on earning assets (2)						4.32		4.00		3.59		3.20		3.07
Cost of interest bearing liabilities						1.52		0.82		0.41		0.26		0.19
Net interest spread (2)						2.80		3.18		3.18		2.94		2.88
Net interest margin (2)						3.36		3.49		3.33		3.03		2.95
Efficiency (1) (2)						60.66		56.91		58.13		61.91		61.73
Average loans to average deposits						83.46		78.43		75.01		72.36		71.05
Annualized net loan charge-offs and recoveries /average loans						0.07		0.02		0.04		0.00		0.00
Effective income tax rate						19.02		18.51		18.85		19.35		18.26
Trust assets, market value at period end						$ 5,026,631		$ 4,878,479		$ 4,622,878		$ 4,803,043		$ 5,412,342
(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					March 31,					December 31,	December 31, 2022
Assets					2023		2022		% Change	2022	to March 31, 2023
Cash and due from banks					$ 152,756		$ 200,513		(23.8)	$ 166,182	(8.1)
Due from banks - interest bearing					444,747		1,168,985		(62.0)	242,229	83.6
Securities:
	Equity securities, at fair value				11,843		12,757		(7.2)	11,506	2.9
	Available-for-sale debt securities, at fair value				2,465,996		2,911,373		(15.3)	2,529,140	(2.5)
	Held-to-maturity debt securities (fair values of $1,107,685; $1,092,993
	and $1,084,390, respectively)				1,239,247		1,157,202		7.1	1,248,629	(0.8)
		Allowance for credit losses, held-to-maturity debt securities			(212)		(285)		25.6	(220)	3.6
	Net held-to-maturity debt securities				1,239,035		1,156,917		7.1	1,248,409	(0.8)
		Total securities			3,716,874		4,081,047		(8.9)	3,789,055	(1.9)
Loans held for sale					12,722		15,959		(20.3)	8,249	54.2
Portfolio loans:
	Commercial real estate				6,197,844		5,580,082		11.1	6,061,344	2.3
	Commercial and industrial				1,519,808		1,513,078		0.4	1,579,395	(3.8)
	Residential real estate				2,251,423		1,767,064		27.4	2,140,584	5.2
	Home equity				692,001		592,872		16.7	695,065	(0.4)
	Consumer				227,612		280,176		(18.8)	226,340	0.6
Total portfolio loans, net of unearned income					10,888,688		9,733,272		11.9	10,702,728	1.7
Allowance for credit losses - loans					(118,698)		(117,865)		(0.7)	(117,790)	(0.8)
		Net portfolio loans			10,769,990		9,615,407		12.0	10,584,938	1.7
Premises and equipment, net					224,940		219,907		2.3	220,892	1.8
Accrued interest receivable					69,232		60,370		14.7	68,522	1.0
Goodwill and other intangible assets, net					1,139,054		1,149,035		(0.9)	1,141,355	(0.2)
Bank-owned life insurance					354,320		348,179		1.8	352,361	0.6
Other assets					389,991		244,613		59.4	358,122	8.9
Total Assets					$ 17,274,626		$ 17,104,015		1.0	$ 16,931,905	2.0
Liabilities
Deposits:
	Non-interest bearing demand				$ 4,478,954		$ 4,670,520		(4.1)	$ 4,700,438	(4.7)
	Interest bearing demand				3,107,112		3,405,610		(8.8)	3,119,807	(0.4)
	Money market				1,618,204		1,831,683		(11.7)	1,684,023	(3.9)
	Savings deposits				2,784,780		2,679,053		3.9	2,741,004	1.6
	Certificates of deposit				884,146		1,211,008		(27.0)	885,818	(0.2)
		Total deposits			12,873,196		13,797,874		(6.7)	13,131,090	(2.0)
Federal Home Loan Bank borrowings					1,280,000		123,898		933.1	705,000	81.6
Other short-term borrowings					111,176		158,538		(29.9)	135,069	(17.7)
Subordinated debt and junior subordinated debt					281,629		280,743		0.3	281,404	0.1
		Total borrowings			1,672,805		563,179		197.0	1,121,473	49.2
Accrued interest payable					7,669		1,786		329.4	4,593	67.0
Other liabilities					245,499		193,860		26.6	248,087	(1.0)
Total Liabilities					14,799,169		14,556,699		1.7	14,505,243	2.0
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 , 60,613,414 and 59,198,963
	shares outstanding, respectively				141,834		141,834		-	141,834	-
Capital surplus					1,636,061		1,636,705		-	1,635,877	-
Retained earnings					1,096,924		998,315		9.9	1,077,675	1.8
Treasury stock (8,834,737, 7,467,892 and 8,882,343 shares - at cost, respectively)					(307,507)		(261,012)		(17.8)	(308,964)	0.5
Accumulated other comprehensive loss					(234,399)		(111,312)		(110.6)	(262,416)	10.7
Deferred benefits for directors					(1,940)		(1,698)		(14.3)	(1,828)	(6.1)
Total Shareholders' Equity					2,475,457		2,547,316		(2.8)	2,426,662	2.0
Total Liabilities and Shareholders' Equity					$ 17,274,626		$ 17,104,015		1.0	$ 16,931,905	2.0

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 March 31,
						2023				2022
						Average	Average			Average	Average
Assets						Balance	Rate			Balance	Rate
Due from banks - interest bearing						$ 279,448	4.29	%		$ 1,161,218	0.16	%
Loans, net of unearned income (1)						10,750,132	5.03			9,712,085	3.89
Securities: (2)
Taxable						3,302,081	2.34			3,333,379	1.72
Tax-exempt (3)						800,804	3.07			729,380	3.06
Total securities						4,102,885	2.49			4,062,759	1.96
Other earning assets						45,879	2.82			15,446	3.81
Total earning assets (3)						15,178,344	4.32	%		14,951,508	3.07	%
Other assets						1,792,210				2,041,090
Total Assets						$ 16,970,554				$ 16,992,598
Liabilities and Shareholders' Equity
Interest bearing demand deposits						$ 3,029,944	1.49	%		$ 3,403,499	0.10	%
Money market accounts						1,632,738	1.06			1,806,719	0.07
Savings deposits						2,774,741	0.58			2,626,962	0.04
Certificates of deposit						862,703	0.57			1,254,603	0.41
Total interest bearing deposits						8,300,126	1.00			9,091,783	0.12
Federal Home Loan Bank borrowings						970,000	4.72			180,024	1.30
Repurchase agreements						131,186	1.29			156,167	0.12
Subordinated debt and junior subordinated debt						281,483	5.68			147,709	3.22
Total interest bearing liabilities (4)						9,682,795	1.52	%		9,575,683	0.19	%
Non-interest bearing demand deposits						4,580,164				4,576,749
Other liabilities						249,528				184,359
Shareholders' equity						2,458,067				2,655,807
Total Liabilities and Shareholders' Equity						$ 16,970,554				$ 16,992,598
Taxable equivalent net interest spread							2.80	%			2.88	%
Taxable equivalent net interest margin							3.36	%			2.95	%
(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 $0.4 million and $4.1 million for the three months ended March 31, 2023 and 2022, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $1.3 million and $2.5 million for the three months ended March 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 and $0.4 million for the three months ended March 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				Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
Interest and dividend income				2023		2022		2022		2022		2022
	Loans, including fees			$ 133,406		$ 123,307		$ 109,562		$ 96,412		$ 93,121
	Interest and dividends on securities:
		Taxable		19,086		18,655		17,531		15,825		14,112
		Tax-exempt		4,790		4,853		4,916		4,706		4,344
			Total interest and dividends on securities	23,876		23,508		22,447		20,531		18,456
	Other interest income			3,273		2,103		2,108		1,504		597
Total interest and dividend income				160,555		148,918		134,117		118,447		112,174
Interest expense
	Interest bearing demand deposits			11,106		7,264		2,953		1,153		811
	Money market deposits			4,252		1,890		968		383		321
	Savings deposits			4,000		2,454		1,067		330		264
	Certificates of deposit			1,203		742		958		1,116		1,273
			Total interest expense on deposits	20,561		12,350		5,946		2,982		2,669
	Federal Home Loan Bank borrowings			11,300		2,634		348		411		575
	Other short-term borrowings			418		324		147		48		48
	Subordinated debt and junior subordinated debt			3,944		3,736		3,175		2,778		1,171
			Total interest expense	36,223		19,044		9,616		6,219		4,463
Net interest income				124,332		129,874		124,501		112,228		107,711
	Provision for credit losses			3,577		3,123		(535)		(812)		(3,438)
Net interest income after provision for credit losses				120,755		126,751		125,036		113,040		111,149
Non-interest income
	Trust fees			7,494		6,672		6,517		6,527		7,835
	Service charges on deposits			6,170		6,762		6,942		6,487		6,090
	Electronic banking fees			4,605		4,695		4,808		5,154		5,345
	Net securities brokerage revenue			2,576		2,556		2,491		2,258		2,220
	Bank-owned life insurance			1,959		2,464		1,999		2,384		3,881
	Mortgage banking income			426		621		1,257		1,328		1,923
	Net securities gains/(losses)			145		(600)		656		(1,183)		(650)
	Net gain/(loss) on other real estate owned and other assets			232		550		2,040		(1,302)		(806)
	Other income			4,046		4,050		5,546		5,330		4,544
			Total non-interest income	27,653		27,770		32,256		26,983		30,382
Non-interest expense
	Salaries and wages			41,952		42,606		44,271		41,213		38,937
	Employee benefits			12,060		9,198		10,693		8,722		9,158
	Net occupancy			6,643		6,262		6,489		6,119		7,234
	Equipment and software			9,063		8,712		8,083		7,702		8,011
	Marketing			2,325		1,788		2,377		2,749		2,421
	FDIC insurance			2,884		2,051		2,391		1,937		1,522
	Amortization of intangible assets			2,301		2,541		2,560		2,579		2,598
	Restructuring and merger-related expense			3,153		11		66		52		1,593
	Other operating expenses			15,744		17,286		15,011		15,946		16,074
			Total non-interest expense	96,125		90,455		91,941		87,019		87,548
Income before provision for income taxes				52,283		64,066		65,351		53,004		53,983
	Provision for income taxes			9,942		11,856		12,318		10,256		9,859
Net Income				42,341		52,210		53,033		42,748		44,124
Preferred stock dividends				2,531		2,531		2,531		2,531		2,531
Net income available to common shareholders				$ 39,810		$ 49,679		$ 50,502		$ 40,217		$ 41,593
Taxable equivalent net interest income				$ 125,605		$ 131,164		$ 125,808		$ 113,479		$ 108,866
Per common share data
Net income per common share - basic				$ 0.67		$ 0.84		$ 0.85		$ 0.67		$ 0.68
Net income per common share - diluted				0.67		0.84		0.85		0.67		0.68
Net income per common share - diluted, excluding certain items (1)(2)				0.71		0.84		0.85		0.67		0.70
Dividends declared				0.35		0.35		0.34		0.34		0.34
Book value (period end)				39.34		38.55		37.96		38.92		39.64
Tangible book value (period end) (1)				20.27		19.43		18.84		19.89		20.87
Average common shares outstanding - basic				59,217,711		59,188,238		59,549,244		60,036,103		61,445,399
Average common shares outstanding - diluted				59,375,053		59,374,204		59,697,676		60,185,207		61,593,365
Period end common shares outstanding				59,246,569		59,198,963		59,304,505		59,698,788		60,613,414
Period end preferred shares outstanding				150,000		150,000		150,000		150,000		150,000
Full time equivalent employees				2,501		2,495		2,480		2,509		2,456
(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
				Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
Asset quality data				2023		2022		2022		2022		2022
Non-performing assets:
	Troubled debt restructurings - accruing (1)			$ -		$ 3,230		$ 4,583		$ 3,579		$ 3,731
	Non-accrual loans:
		Troubled debt restructurings		-		1,711		1,756		2,120		1,348
		Other non-accrual loans		39,216		36,474		26,428		29,594		32,024
		Total non-accrual loans		39,216		38,185		28,184		31,714		33,372
		Total non-performing loans		39,216		41,415		32,767		35,293		37,103
	Other real estate and repossessed assets			1,554		1,486		1,595		31		87
		Total non-performing assets		$ 40,770		$ 42,901		$ 34,362		$ 35,324		$ 37,190
Past due loans (2):
	Loans past due 30-89 days			$ 12,920		$ 15,439		$ 21,836		$ 31,388		$ 28,322
	Loans past due 90 days or more			4,570		5,443		24,311		9,560		6,142
		Total past due loans		$ 17,490		$ 20,882		$ 46,147		$ 40,948		$ 34,464
Criticized and classified loans (3):
	Criticized loans			$ 116,608		$ 147,945		$ 163,176		$ 193,871		$ 234,143
	Classified loans			57,222		102,555		86,861		126,257		123,837
		Total criticized and classified loans		$ 173,830		$ 250,500		$ 250,037		$ 320,128		$ 357,980
Loans past due 30-89 days / total portfolio loans				0.12	%	0.14	%	0.21	%	0.31	%	0.29	%
Loans past due 90 days or more / total portfolio loans				0.04		0.05		0.24		0.09		0.06
Non-performing loans / total portfolio loans				0.36		0.39		0.32		0.35		0.38
Non-performing assets / total portfolio loans, other
	real estate and repossessed assets			0.37		0.40		0.33		0.35		0.38
Non-performing assets / total assets				0.24		0.25		0.21		0.21		0.22
Criticized and classified loans / total portfolio loans				1.60		2.34		2.43		3.14		3.68
Allowance for credit losses
Allowance for credit losses - loans				$ 118,698		$ 117,790		$ 114,584		$ 117,403		$ 117,865
Allowance for credit losses - loan commitments				9,127		8,368		8,938		7,718		8,050
Provision for credit losses				3,577		3,123		(535)		(812)		(3,438)
Net loan and deposit account overdraft charge-offs and recoveries				1,919		493		1,102		2		27
Annualized net loan charge-offs and recoveries / average loans				0.07	%	0.02	%	0.04	%	0.00	%	0.00	%
Allowance for credit losses - loans / total portfolio loans				1.09	%	1.10	%	1.11	%	1.15	%	1.21	%
Allowance for credit losses - loans / non-performing loans				3.03	x	2.84	x	3.50	x	3.33	x	3.18	x
Allowance for credit losses - loans / non-performing loans and
	loans past due			2.09	x	1.89	x	1.45	x	1.54	x	1.65	x
				Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
				2023		2022		2022		2022		2022
Capital ratios
Tier I leverage capital				9.82	%	9.90	%	9.68	%	9.51	%	9.67	%
Tier I risk-based capital				12.22		12.33		12.51		12.49		13.25
Total risk-based capital				14.97		15.11		15.37		15.40		16.32
Common equity tier 1 capital ratio (CET 1)				11.11		11.20		11.35		11.31		12.01
Average shareholders' equity to average assets				14.48		14.45		14.75		14.79		15.63
Tangible equity to tangible assets (4)				8.33		8.19		8.16		8.50		8.83
Tangible common equity to tangible assets (4)				7.44		7.28		7.22		7.58		7.92
(1) Troubled debt restructurings no longer exist with Wesbanco's adoption of ASU 2022-02 on January 1, 2023.
(2) Excludes non-performing loans.
(3) Criticized and classified commercial loans may include loans that are also reported as non-performing or past due.
(4) See non-GAAP financial measures for additional information relating to the calculation of this ratio.

WESBANCO, INC.
Non-GAAP Financial Measures												Page 11
				Three Months Ended
				Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts)				2023		2022		2022		2022		2022
Return on average assets, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders			$ 39,810		$ 49,679		$ 50,502		$ 40,217		$ 41,593
	Plus: after-tax restructuring and merger-related expenses (1)			2,491		9		52		41		1,258
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses			42,301		49,688		50,554		40,258		42,851
	Average total assets			$ 16,970,554		$ 16,685,930		$ 16,871,655		$ 16,971,452		$ 16,992,598
Return on average assets, excluding after-tax restructuring and merger-related expenses (annualized) (2)				1.01 %		1.18 %		1.19 %		0.95 %		1.02 %
Return on average equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders			$ 39,810		$ 49,679		$ 50,502		$ 40,217		$ 41,593
	Plus: after-tax restructuring and merger-related expenses (1)			2,491		9		52		41		1,258
	Net income available to common shareholders excluding after-tax restructuring and merger-related expenses			42,301		49,688		50,554		40,258		42,851
	Average total shareholders' equity			$ 2,458,067		$ 2,410,761		$ 2,488,938		$ 2,509,439		$ 2,655,807
Return on average equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)				6.98 %		8.18 %		8.06 %		6.43 %		6.54 %
Return on average tangible equity:
	Net income available to common shareholders			$ 39,810		$ 49,679		$ 50,502		$ 40,217		$ 41,593
	Plus: amortization of intangibles (1)			1,818		2,007		2,022		2,037		2,052
	Net income available to common shareholders before amortization of intangibles			41,628		51,686		52,524		42,254		43,645
	Average total shareholders' equity			2,458,067		2,410,761		2,488,938		2,509,439		2,655,807
	Less: average goodwill and other intangibles, net of def. tax liability			(1,131,027)		(1,132,894)		(1,135,007)		(1,137,187)		(1,139,242)
	Average tangible equity			$ 1,327,040		$ 1,277,867		$ 1,353,931		$ 1,372,252		$ 1,516,565
Return on average tangible equity (annualized) (2)				12.72 %		16.05 %		15.39 %		12.35 %		11.67 %
	Average tangible common equity			$ 1,182,556		$ 1,133,383		$ 1,209,447		$ 1,227,768		$ 1,372,081
Return on average tangible common equity (annualized) (2)				14.28 %		18.09 %		17.23 %		13.80 %		12.90 %
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders			$ 39,810		$ 49,679		$ 50,502		$ 40,217		$ 41,593
	Plus: after-tax restructuring and merger-related expenses (1)			2,491		9		52		41		1,258
	Plus: amortization of intangibles (1)			1,818		2,007		2,022		2,037		2,052
	Net income available to common shareholders before amortization of intangibles
	and excluding after-tax restructuring and merger-related expenses			44,119		51,695		52,576		42,295		44,903
	Average total shareholders' equity			2,458,067		2,410,761		2,488,938		2,509,439		2,655,807
	Less: average goodwill and other intangibles, net of def. tax liability			(1,131,027)		(1,132,894)		(1,135,007)		(1,137,187)		(1,139,242)
	Average tangible equity			$ 1,327,040		$ 1,277,867		$ 1,353,931		$ 1,372,252		$ 1,516,565
Return on average tangible equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)				13.48 %		16.05 %		15.41 %		12.36 %		12.01 %
	Average tangible common equity			$ 1,182,556		$ 1,133,383		$ 1,209,447		$ 1,227,768		$ 1,372,081
Return on average tangible common equity, excluding after-tax restructuring and merger-related expenses (annualized) (2)				15.13 %		18.10 %		17.25 %		13.82 %		13.27 %
Efficiency ratio:
	Non-interest expense			$ 96,125		$ 90,455		$ 91,941		$ 87,019		$ 87,548
	Less: restructuring and merger-related expense			(3,153)		(11)		(66)		(52)		(1,593)
	Non-interest expense excluding restructuring and merger-related expense			92,972		90,444		91,875		86,967		85,955
	Net interest income on a fully taxable equivalent basis			125,605		131,164		125,808		113,479		108,866
	Non-interest income			27,653		27,770		32,256		26,983		30,382
	Net interest income on a fully taxable equivalent basis plus non-interest income			$ 153,258		$ 158,934		$ 158,064		$ 140,462		$ 139,248
	Efficiency ratio			60.66 %		56.91 %		58.13 %		61.91 %		61.73 %
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses:
	Net income available to common shareholders			$ 39,810		$ 49,679		$ 50,502		$ 40,217		$ 41,593
	Add: After-tax restructuring and merger-related expenses (1)			2,491		9		52		41		1,258
Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses				$ 42,301		$ 49,688		$ 50,554		$ 40,258		$ 42,851
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses:
	Net income per common share - diluted			$ 0.67		$ 0.84		$ 0.85		$ 0.67		$ 0.68
	Add: After-tax restructuring and merger-related expenses per common share - diluted (1)			0.04		-		-		-		0.02
Net income per common share - diluted, excluding after-tax restructuring and merger-related expenses				$ 0.71		$ 0.84		$ 0.85		$ 0.67		$ 0.70
				Period End
				Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
				2023		2022		2022		2022		2022
Tangible book value per share:
	Total shareholders' equity			$ 2,475,457		$ 2,426,662		$ 2,395,652		$ 2,467,951		$ 2,547,316
	Less: goodwill and other intangible assets, net of def. tax liability			(1,130,172)		(1,131,990)		(1,133,998)		(1,136,020)		(1,138,057)
	Less: preferred shareholder's equity			(144,484)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity			1,200,801		1,150,188		1,117,170		1,187,447		1,264,775
	Common shares outstanding			59,246,569		59,198,963		59,304,505		59,698,788		60,613,414
Tangible book value per share				$ 20.27		$ 19.43		$ 18.84		$ 19.89		$ 20.87
Tangible common equity to tangible assets:
	Total shareholders' equity			$ 2,475,457		$ 2,426,662		$ 2,395,652		$ 2,467,951		$ 2,547,316
	Less: goodwill and other intangible assets, net of def. tax liability			(1,130,172)		(1,131,990)		(1,133,998)		(1,136,020)		(1,138,057)
	Tangible equity			1,345,285		1,294,672		1,261,654		1,331,931		1,409,259
	Less: preferred shareholder's equity			(144,484)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity			1,200,801		1,150,188		1,117,170		1,187,447		1,264,775
	Total assets			17,274,626		16,931,905		16,604,747		16,799,624		17,104,015
	Less: goodwill and other intangible assets, net of def. tax liability			(1,130,172)		(1,131,990)		(1,133,998)		(1,136,020)		(1,138,057)
	Tangible assets			$ 16,144,454		$ 15,799,915		$ 15,470,749		$ 15,663,604		$ 15,965,958
Tangible equity to tangible assets				8.33 %		8.19 %		8.16 %		8.50 %		8.83 %
Tangible common equity to tangible assets				7.44 %		7.28 %		7.22 %		7.58 %		7.92 %
(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
				Three Months Ended
				Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts)				2023		2022		2022		2022		2022
Pre-tax, pre-provision income:
	Income before provision for income taxes			$ 52,283		$ 64,066		$ 65,351		$ 53,004		$ 53,983
	Add: provision for credit losses			3,577		3,123		(535)		(812)		(3,438)
Pre-tax, pre-provision income				$ 55,860		$ 67,189		$ 64,816		$ 52,192		$ 50,545
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income before provision for income taxes			$ 52,283		$ 64,066		$ 65,351		$ 53,004		$ 53,983
	Add: provision for credit losses			3,577		3,123		(535)		(812)		(3,438)
	Add: restructuring and merger-related expenses			3,153		11		66		52		1,593
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				$ 59,013		$ 67,200		$ 64,882		$ 52,244		$ 52,138
Return on average assets, excluding certain items (1):
	Income before provision for income taxes			$ 52,283		$ 64,066		$ 65,351		$ 53,004		$ 53,983
	Add: provision for credit losses			3,577		3,123		(535)		(812)		(3,438)
	Add: restructuring and merger-related expenses			3,153		11		66		52		1,593
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				59,013		67,200		64,882		52,244		52,138
	Average total assets			$ 16,970,554		$ 16,685,930		$ 16,871,655		$ 16,971,452		$ 16,992,598
Return on average assets, excluding certain items (annualized) (1) (2)				1.41 %		1.60 %		1.53 %		1.23 %		1.24 %
Return on average equity, excluding certain items (1):
	Income before provision for income taxes			$ 52,283		$ 64,066		$ 65,351		$ 53,004		$ 53,983
	Add: provision for credit losses			3,577		3,123		(535)		(812)		(3,438)
	Add: restructuring and merger-related expenses			3,153		11		66		52		1,593
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				59,013		67,200		64,882		52,244		52,138
	Average total shareholders' equity			$ 2,458,067		$ 2,410,761		$ 2,488,938		$ 2,509,439		$ 2,655,807
Return on average equity, excluding certain items (annualized) (1) (2)				9.74 %		11.06 %		10.34 %		8.35 %		7.96 %
Return on average tangible equity, excluding certain items (1):
	Income before provision for income taxes			$ 52,283		$ 64,066		$ 65,351		$ 53,004		$ 53,983
	Add: provision for credit losses			3,577		3,123		(535)		(812)		(3,438)
	Add: amortization of intangibles			2,301		2,541		2,560		2,579		2,598
	Add: restructuring and merger-related expenses			3,153		11		66		52		1,593
Income before provision, restructuring and merger-related expenses and amortization of intangibles				61,314		69,741		67,442		54,823		54,736
	Average total shareholders' equity			2,458,067		2,410,761		2,488,938		2,509,439		2,655,807
	Less: average goodwill and other intangibles, net of def. tax liability			(1,131,027)		(1,132,894)		(1,135,007)		(1,137,187)		(1,139,242)
	Average tangible equity			$ 1,327,040		$ 1,277,867		$ 1,353,931		$ 1,372,252		$ 1,516,565
Return on average tangible equity, excluding certain items (annualized) (1) (2)				18.74 %		21.65 %		19.76 %		16.02 %		14.64 %
	Average tangible common equity			$ 1,182,556		$ 1,133,383		$ 1,209,447		$ 1,227,768		$ 1,372,081
Return on average tangible common equity, excluding certain items (annualized) (1) (2)				21.03 %		24.41 %		22.12 %		17.91 %		16.18 %
(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.