Highlighted by a net interest margin of 3.53% and deposit growth that fully funded loan growth
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.
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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, Net Income Diluted Net Income Diluted Net Income Diluted Net Income Dilutedexcept per share amounts) Earnings Earnings Earnings Earnings Per Share Per Share Per Share Per ShareNet income available to common shareholders (GAAP) $ 81,042 $ 0.84 $ 34,741 $ 0.54 $ 124,401 $ 1.39 $ 94,287 $ 1.54Add: 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 0.07Adjusted 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
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 fromPFC 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 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 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 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.
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 Nine Months EndedStatement of Income September 30, September 30,Interest and dividend income 2025 2024 % Change 2025 2024 % Change 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 50.3Total interest and dividend income 342,886 213,729 60.4 932,500 612,055 52.4Interest 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 30.8Net 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 19,352 283.3Net interest income after provision for credit losses 214,634 116,344 84.5 517,821 332,349 55.8Non-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 34.8Non-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 58.5Income 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 53.2Net Income 83,573 37,272 124.2 131,995 101,881 29.6Preferred 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 31.9Taxable equivalent net interest income $ 217,963 $ 122,338 78.2 $ 595,682 $ 355,327 67.6Per common share dataNet 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 58.4Dividends declared 0.37 0.36 2.8 1.11 1.08 2.8Book 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 46.5Average common shares outstanding – diluted 96,116,617 64,634,208 48.7 89,718,706 61,272,602 46.4Period end common shares outstanding 96,044,222 66,871,479 43.6 96,044,222 66,871,479 43.6Period 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
WESBANCO, INC.Consolidated Selected Financial Highlights Page 6(unaudited, dollars in thousands, unless otherwise noted)Selected ratios For the Nine Months Ended September 30, 2025 2024 % ChangeReturn on average assets 0.65 % 0.70 % (7.14) %Return on average assets, excluding certain items (1) 1.20 0.73 64.38Return on average equity 4.59 4.84 (5.17)Return on average equity, excluding certain items (1) 8.43 5.07 66.27Return on average tangible equity (1) 9.10 8.96 1.56Return on average tangible equity, excluding certain items (1) 15.79 9.37 68.52Return 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 64.45Yield on earning assets (2) 5.50 5.09 8.06Cost of interest bearing liabilities 2.75 3.10 (11.29)Net interest spread (2) 2.75 1.99 38.19Net interest margin (2) 3.50 2.94 19.05Efficiency (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 9.09Effective 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 2024Return 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 0.79Return on average equity 8.25 5.76 (1.45) 6.68 5.09Return on average equity, excluding certain items (1) 9.16 9.17 6.45 6.75 5.32Return on average tangible equity (1) 15.86 11.27 (1.74) 11.49 9.07Return on average tangible equity, excluding certain items (1) 17.48 17.16 11.61 11.61 9.46Return on average tangible common equity (1) 17.26 12.06 (1.89) 12.56 9.97Return on average tangible common equity, excluding certain items (1) 19.03 18.36 12.56 12.69 10.40Yield on earning assets (2) 5.58 5.56 5.33 5.10 5.19Cost of interest bearing liabilities 2.79 2.69 2.78 2.96 3.21Net interest spread (2) 2.79 2.87 2.55 2.14 1.98Net interest margin (2) 3.53 3.59 3.35 3.03 2.95Efficiency (1) (2) 55.10 55.54 58.62 61.23 65.29Average loans to average deposits 89.41 89.47 89.32 89.24 90.58Annualized net loan charge-offs and recoveries /average loans 0.19 0.09 0.08 0.13 0.05Effective income tax rate 19.10 19.10 (6.96) 19.87 16.75Trust and Investment Services assets under management (3) $ 7,688 $ 7,205 $ 6,951 $ 5,968 $ 6,061Broker-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 acquiredloans. 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 fullytaxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exemptloans and investments. WesBanco believes this measure to be the preferred industry measurement of net interest income andprovides a relevant comparison between taxable and non-taxable amounts.(3) Represents market value at period end, in millions.
WESBANCO, INC.Consolidated Selected Financial Highlights Page 7(unaudited, dollars in thousands, except shares) % ChangeBalance sheet September 30, December 31, December 31, 2024Assets 2025 2024 % Change 2024 to Sept. 30, 2025Cash and due from banks $ 231,814 $ 172,221 34.6 $ 142,271 62.9Due from banks – interest bearing 776,423 448,676 73.0 425,866 82.3Securities: 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 30.4Loans held for sale 125,971 22,127 469.3 18,695 573.8Portfolio 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 91.1Total portfolio loans, net of unearned income 18,932,074 12,451,430 52.0 12,656,429 49.6Allowance 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 49.5Premises and equipment, net 267,521 222,005 20.5 219,076 22.1Accrued interest receivable 108,865 79,465 37.0 78,324 39.0Goodwill and other intangible assets, net 1,736,073 1,126,050 54.2 1,124,016 54.5Bank-owned life insurance 555,104 358,701 54.8 360,738 53.9Other assets 553,134 370,273 49.4 385,390 43.5Total Assets $ 27,518,042 $ 18,514,169 48.6 $ 18,684,298 47.3LiabilitiesDeposits: 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 50.6Federal Home Loan Bank borrowings 1,275,000 1,175,000 8.5 1,000,000 27.5Other 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 18.7Accrued interest payable 25,472 16,406 55.3 14,228 79.0Other liabilities 344,907 263,943 30.7 274,691 25.6Total Liabilities 23,401,515 15,712,584 48.9 15,894,017 47.2Shareholders' EquityPreferred 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 – 100.0Common 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 27.5Capital surplus 2,487,564 1,808,272 37.6 1,809,679 37.5Retained earnings 1,210,823 1,169,808 3.5 1,192,091 1.6Treasury 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) 32.0Deferred 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 47.5Total Liabilities and Shareholders' Equity $ 27,518,042 $ 18,514,169 48.6 $ 18,684,298 47.3
WESBANCO, INC.Consolidated Selected Financial Highlights Page 8(unaudited, dollars in thousands, except shares)Balance sheet September 30, June 30,Assets 2025 2025 % ChangeCash and due from banks $ 231,814 $ 402,755 (42.4)Due from banks – interest bearing 776,423 754,275 2.9Securities: 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 debt securities (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 1.3Loans held for sale 125,971 123,019 2.4Portfolio 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 0.5Allowance for credit losses – loans (217,666) (223,866) 2.8 Net portfolio loans 18,714,408 18,604,760 0.6Premises and equipment, net 267,521 274,137 (2.4)Accrued interest receivable 108,865 106,410 2.3Goodwill and other intangible assets, net 1,736,073 1,745,170 (0.5)Bank-owned life insurance 555,104 552,051 0.6Other assets 553,134 619,038 (10.6)Total Assets $ 27,518,042 $ 27,571,576 (0.2)LiabilitiesDeposits: 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 0.6Federal Home Loan Bank borrowings 1,275,000 1,750,000 (27.1)Other short-term borrowings 113,501 103,666 9.5Subordinated 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' EquityPreferred 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 -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 June 30, 2025 224,383 – 100.0Common stock, $2.0833 par value; 200,000,000 shares authorized; 96,044,222 and 95,986,023 shares issued; 96,044,222 and 95,986,023 shares outstanding, respectively 200,088 199,967 0.1Capital surplus 2,487,564 2,485,458 0.1Retained earnings 1,210,823 1,165,058 3.9Treasury stock (0 and 0 shares – at cost, respectively) – – -Accumulated other comprehensive loss (148,669) (173,644) 14.4Deferred benefits for directors (2,146) (2,103) (2.0)Total Shareholders' Equity 4,116,527 3,819,220 7.8Total Liabilities and Shareholders' Equity $ 27,518,042 $ 27,571,576 (0.2)
WESBANCO, INC.Consolidated Selected Financial Highlights Page 9(unaudited, dollars in thousands)Average balance sheet andnet interest margin analysis For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Average Average Average Average Average Average Average AverageAssets Balance Rate Balance Rate Balance Rate Balance RateDue from banks – interest bearing $ 761,410 4.90 % $ 435,417 5.64 % $ 704,757 4.81 % $ 388,064 5.65 %Loans, net of unearned income (1) 18,990,507 6.17 12,355,547 5.93 17,553,879 6.12 12,057,841 5.83Securities: (2)Taxable 3,901,533 3.20 2,863,374 2.45 3,679,815 3.08 2,885,072 2.41Tax-exempt (3) 733,493 3.21 745,517 3.04 732,823 3.20 752,795 3.06Total securities 4,635,026 3.20 3,608,891 2.57 4,412,638 3.10 3,637,867 2.54Other earning assets 77,308 9.40 63,187 7.51 75,338 8.04 60,073 7.68Total earning assets (3) 24,464,251 5.58 % 16,463,042 5.19 % 22,746,612 5.50 % 16,143,845 5.09 %Other assets 2,955,475 1,832,541 2,710,747 1,820,755Total Assets $ 27,419,726 $ 18,295,583 $ 25,457,359 $ 17,964,600Liabilities and Shareholders' EquityInterest bearing demand deposits $ 4,963,468 2.51 % $ 3,624,061 3.09 % $ 4,676,955 2.61 % $ 3,551,076 3.03 %Money market accounts 4,905,387 3.09 2,295,192 3.40 4,322,300 2.96 2,203,768 3.28Savings deposits 3,152,927 1.21 2,403,806 1.36 2,962,302 1.16 2,442,015 1.30Certificates of deposit 2,928,961 3.19 1,500,816 3.79 2,694,587 3.15 1,388,115 3.51Total interest bearing deposits 15,950,743 2.56 9,823,875 2.85 14,656,144 2.52 9,584,974 2.72Federal Home Loan Bank borrowings 1,500,272 4.58 1,256,250 5.43 1,419,571 4.43 1,228,832 5.48Repurchase agreements 110,452 2.75 122,159 3.56 130,592 2.77 107,565 3.31Subordinated debt and junior subordinated debt 358,007 5.91 279,218 5.80 340,425 5.80 279,160 5.83Total interest bearing liabilities (4) 17,919,474 2.79 % 11,481,502 3.21 % 16,546,732 2.75 % 11,200,531 3.10 %Non-interest bearing demand deposits 5,289,568 3,817,184 4,975,638 3,878,063Other liabilities 312,542 281,436 309,656 284,172Shareholders' equity 3,898,142 2,715,461 3,625,333 2,601,834Total Liabilities and Shareholders' Equity $ 27,419,726 $ 18,295,583 $ 25,457,359 $ 17,964,600Taxable equivalent net interest spread 2.79 % 1.98 % 2.75 % 1.99 %Taxable equivalent net interest margin 3.53 % 2.95 % 3.50 % 2.94 %(1) Gross of the allowance for credit losses, net of unearned income and includes non-accrual loans and loans held for sale. Loan fees included in interest income on loans were $1.4 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and were $5.5 million and $1.8 million for the nine months ended September 30, 2025 and 2024. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $16.0 million and $0.8 million for the three months ended September 30, 2025 and 2024, respectively, and was $39.3 million and $2.3 million for the nine months ended September 30, 2025 and 2024.(2) Average yields on available-for-sale debt securities are calculated based on amortized cost.(3) Taxable equivalent basis is calculated on tax-exempt securities using the federal statutory tax rate of 21% for each period presented.(4) Accretion on interest bearing liabilities acquired from prior acquisitions was $1.7 million and $7 thousand for the three months ended September 30, 2025 and 2024, respectively, and was $9.6 million and $0.2 million for the nine months ended September 30, 2025 and 2024.
WESBANCO, INC.Consolidated Selected Financial Highlights Page 10(unaudited, dollars in thousands, except shares and per share amounts) Quarter EndedStatement of Income Sept. 30, June 30, March 31, Dec. 31, Sept. 30,Interest and dividend income 2025 2025 2025 2024 2024 Loans, including fees $ 295,482 $ 290,104 $ 218,409 $ 183,251 $ 184,215 Interest and dividends on securities: Taxable 31,483 31,066 22,247 18,575 17,651 Tax-exempt 4,692 4,616 4,529 4,449 4,498 Total interest and dividends on securities 36,175 35,682 26,776 23,024 22,149 Other interest income 11,229 10,596 8,047 7,310 7,365Total interest and dividend income 342,886 336,382 253,232 213,585 213,729Interest expense Interest bearing demand deposits 31,351 30,405 29,377 27,044 28,139 Money market deposits 38,249 36,287 21,134 18,734 19,609 Savings deposits 9,577 8,670 7,359 7,271 8,246 Certificates of deposit 23,554 21,442 18,558 16,723 14,284 Total interest expense on deposits 102,731 96,804 76,428 69,772 70,278 Federal Home Loan Bank borrowings 17,337 16,683 13,034 12,114 17,147 Other short-term borrowings 766 816 1,122 1,291 1,092 Subordinated debt and junior subordinated debt 5,336 5,310 4,129 3,902 4,070 Total interest expense 126,170 119,613 94,713 87,079 92,587Net interest income 216,716 216,769 158,519 126,506 121,142 Provision for credit losses 2,082 3,218 68,883 (147) 4,798Net interest income after provision for credit losses 214,634 213,551 89,636 126,653 116,344Non-interest income Trust fees 8,987 9,657 8,697 7,775 7,517 Service charges on deposits 11,163 10,484 8,587 8,138 7,945 Digital banking income 7,324 7,325 5,404 5,125 5,084 Net swap fee and valuation income/ (loss) 3,231 746 961 3,230 (627) Net securities brokerage revenue 2,961 3,348 2,701 2,430 2,659 Bank-owned life insurance 3,765 3,450 3,428 2,512 2,173 Mortgage banking income 1,898 2,364 1,140 1,229 1,280 Net securities gains / (losses) 1,210 1,410 (318) 61 675 Net gains / (losses) on other real estate owned and other assets 329 111 (40) 193 (239) Other income 3,996 5,062 4,105 5,695 3,145 Total non-interest income 44,864 43,957 34,665 36,388 29,612Non-interest expense Salaries and wages 60,583 60,153 48,577 45,638 44,890 Employee benefits 18,040 18,857 12,970 11,856 11,522 Net occupancy 8,819 8,119 7,778 5,999 6,226 Equipment and software 16,310 17,140 13,050 10,681 10,157 Marketing 2,979 1,864 2,382 2,531 2,977 FDIC insurance 5,820 5,479 4,187 3,640 3,604 Amortization of intangible assets 8,425 9,204 4,223 2,034 2,053 Restructuring and merger-related expense 11,383 41,056 20,010 646 1,977 Other operating expenses 23,829 24,663 20,789 18,079 17,777 Total non-interest expense 156,188 186,535 133,966 101,104 101,183Income / (loss) before provision for income taxes 103,310 70,973 (9,665) 61,937 44,773 Provision / (benefit) provision for income taxes 19,737 13,558 (673) 12,308 7,501Net Income /(loss) 83,573 57,415 (8,992) 49,629 37,272Preferred stock dividends 2,531 2,531 2,531 2,531 2,531Net income / (loss) available to common shareholders $ 81,042 $ 54,884 $ (11,523) $ 47,098 $ 34,741Taxable equivalent net interest income $ 217,963 $ 217,996 $ 159,723 $ 127,689 $ 122,338Per common share dataNet income / (loss) per common share – basic $ 0.84 $ 0.57 $ (0.15) $ 0.70 $ 0.54Net income / (loss) per common share – diluted 0.84 0.57 (0.15) 0.70 0.54Adjusted net income per common share – diluted, excluding certain items (1)(2) 0.94 0.91 0.66 0.71 0.56Dividends declared 0.37 0.37 0.37 0.37 0.36Book value (period end) 39.02 38.28 38.02 39.54 39.73Tangible book value (period end) (1) 21.29 20.48 20.06 22.83 22.99Average common shares outstanding – basic 95,995,174 95,744,980 76,830,460 66,895,834 64,488,962Average common shares outstanding – diluted 96,116,617 95,808,310 77,020,592 66,992,009 64,634,208Period end common shares outstanding 96,044,222 95,986,023 95,672,204 66,919,805 66,871,479Period end preferred shares outstanding 380,000 150,000 150,000 150,000 150,000Full time equivalent employees 3,064 3,253 3,205 2,262 2,277(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.
WESBANCO, INC.Consolidated Selected Financial Highlights Page 11(unaudited, dollars in thousands) Quarter Ended Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,Asset quality data 2025 2025 2025 2024 2024Non-performing assets: Total non-performing loans $ 94,463 $ 84,319 $ 81,489 $ 39,752 $ 30,421 Other real estate and repossessed assets 997 958 1,854 852 906 Total non-performing assets $ 95,460 $ 85,277 $ 83,343 $ 40,604 $ 31,327Past due loans (1): Loans past due 30-89 days $ 80,333 $ 65,401 $ 69,755 $ 45,926 $ 33,762 Loans past due 90 days or more 19,430 20,890 10,734 13,553 20,427 Total past due loans $ 99,763 $ 86,291 $ 80,489 $ 59,479 $ 54,189Criticized and classified loans (2): Criticized loans $ 433,320 $ 531,415 $ 470,619 $ 242,000 $ 200,540 Classified loans 175,648 151,849 149,452 112,669 93,185 Total criticized and classified loans $ 608,968 $ 683,264 $ 620,071 $ 354,669 $ 293,725Loans past due 30-89 days / total portfolio loans 0.42 % 0.35 % 0.37 % 0.36 % 0.27 %Loans past due 90 days or more / total portfolio loans 0.10 0.11 0.06 0.11 0.16Non-performing loans / total portfolio loans 0.50 0.45 0.44 0.31 0.24Non-performing assets / total portfolio loans, other real estate and repossessed assets 0.50 0.45 0.45 0.32 0.25Non-performing assets / total assets 0.35 0.31 0.30 0.22 0.17Criticized and classified loans / total portfolio loans 3.22 3.63 3.32 2.80 2.36Allowance for credit lossesAllowance for credit losses – loans $ 217,666 $ 223,866 $ 233,617 $ 138,766 $ 140,872Allowance for credit losses – loan commitments 7,628 6,168 6,459 6,120 8,225Provision for credit losses 2,082 3,218 68,883 (147) 4,798Net loan and deposit account overdraft charge-offs and recoveries 8,867 4,329 2,771 4,066 1,420Annualized net loan charge-offs and recoveries / average loans 0.19 % 0.09 % 0.08 % 0.13 % 0.05 %Allowance for credit losses – loans / total portfolio loans 1.15 % 1.19 % 1.25 % 1.10 % 1.13 %Allowance for credit losses – loans / non-performing loans 2.30 x 2.65 x 2.87 x 3.49 x 4.63 xAllowance for credit losses – loans / non-performing loans and loans past due 1.12 x 1.31 x 1.44 x 1.40 x 1.66 x Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, 2025 2025 2025 2024 2024Capital ratiosTier I leverage capital 9.72 % 8.66 % 11.01 % 10.68 % 10.69 %Tier I risk-based capital 11.83 10.59 10.69 13.06 12.89Total risk-based capital 14.58 13.40 13.59 15.88 15.74Common equity tier 1 capital ratio (CET 1) 10.10 9.90 9.99 12.07 11.89Average shareholders' equity to average assets 14.22 13.99 14.86 15.09 14.84Tangible equity to tangible assets (3) 9.35 8.16 8.03 9.52 9.67Tangible common equity to tangible assets (3) 7.92 7.60 7.47 8.70 8.84(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 12The 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 Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Sept. 30,(unaudited, dollars in thousands, except shares and per share amounts) 2025 2025 2025 2024 2024 2025 2024Return on average assets, excluding certain items: Net income / (loss) available to common shareholders $ 81,042 $ 54,884 $ (11,523) $ 47,098 $ 34,741 $ 124,401 $ 94,287 Plus: after-tax restructuring and merger-related expenses (1) 8,993 32,434 15,808 510 1,562 57,235 4,546 Plus: after-tax day one provision for credit losses on acquired loans (1) – – 46,926 – – 46,926 – Net income available to common shareholders, excluding certain items 90,035 87,318 51,211 47,608 36,303 228,562 98,833 Average total assets $ 27,419,726 $ 27,304,700 $ 21,658,352 $ 18,593,265 $ 18,295,583 $ 25,457,359 $ 17,964,600Return on average assets, excluding certain items (annualized) (2) 1.30% 1.28% 0.96% 1.02% 0.79% 1.20% 0.73%Return on average equity, excluding certain items: Net income / (loss) available to common shareholders $ 81,042 $ 54,884 $ (11,523) $ 47,098 $ 34,741 $ 124,401 $ 94,287 Plus: after-tax restructuring and merger-related expenses (1) 8,993 32,434 15,808 510 1,562 57,235 4,546 Plus: after-tax day one provision for credit losses on acquired loans (1) – – 46,926 – – 46,926 – Net income available to common shareholders excluding certain items 90,035 87,318 51,211 47,608 36,303 228,562 98,833 Average total shareholders' equity $ 3,898,142 $ 3,819,513 $ 3,218,639 $ 2,806,079 $ 2,715,461 $ 3,625,333 $ 2,601,834Return on average equity, excluding certain items (annualized) (2) 9.16% 9.17% 6.45% 6.75% 5.32% 8.43% 5.07%Return on average tangible equity: Net income / (loss) available to common shareholders $ 81,042 $ 54,884 $ (11,523) $ 47,098 $ 34,741 $ 124,401 $ 94,287 Plus: amortization of intangibles (1) 6,656 7,271 3,336 1,607 1,622 17,264 4,911 Net income / (loss) available to common shareholders before amortization of intangibles 87,698 62,155 (8,187) 48,705 36,363 141,665 99,198 Average total shareholders' equity 3,898,142 3,819,513 3,218,639 2,806,079 2,715,461 3,625,333 2,601,834 Less: average goodwill and other intangibles, net of def. tax liability (1,704,105) (1,608,358) (1,312,855) (1,119,060) (1,120,662) (1,543,552) (1,122,282) Average tangible equity $ 2,194,037 $ 2,211,155 $ 1,905,784 $ 1,687,019 $ 1,594,799 $ 2,081,781 $ 1,479,552Return on average tangible equity (annualized) (2) 15.86% 11.27% -1.74% 11.49% 9.07% 9.10% 8.96% Average tangible common equity $ 2,015,329 $ 2,066,671 $ 1,761,300 $ 1,542,535 $ 1,450,315 $ 1,925,764 $ 1,335,068Return on average tangible common equity (annualized) (2) 17.26% 12.06% -1.89% 12.56% 9.97% 9.84% 9.92%Return on average tangible equity, excluding certain items: Net income / (loss) available to common shareholders $ 81,042 $ 54,884 $ (11,523) $ 47,098 $ 34,741 $ 124,401 $ 94,287 Plus: after-tax restructuring and merger-related expenses (1) 8,993 32,434 15,808 510 1,562 57,235 4,546 Plus: amortization of intangibles (1) 6,656 7,271 3,336 1,607 1,622 17,264 4,911 Plus: after-tax day one provision for credit losses on acquired loans (1) – – 46,926 – – 46,926 – Net income available to common shareholders before amortization of intangibles and excluding certain items 96,691 94,589 54,547 49,215 37,925 245,826 103,744 Average total shareholders' equity 3,898,142 3,819,513 3,218,639 2,806,079 2,715,461 3,625,333 2,601,834 Less: average goodwill and other intangibles, net of def. tax liability (1,704,105) (1,608,358) (1,312,855) (1,119,060) (1,120,662) (1,543,552) (1,122,282) Average tangible equity $ 2,194,037 $ 2,211,155 $ 1,905,784 $ 1,687,019 $ 1,594,799 $ 2,081,781 $ 1,479,552Return on average tangible equity, excluding certain items (annualized) (2) 17.48% 17.16% 11.61% 11.61% 9.46% 15.79% 9.37% Average tangible common equity $ 2,015,329 $ 2,066,671 $ 1,761,300 $ 1,542,535 $ 1,450,315 $ 1,925,764 $ 1,335,068Return on average tangible common equity, excluding certain items (annualized) (2) 19.03% 18.36% 12.56% 12.69% 10.40% 17.07% 10.38%Efficiency ratio: Non-interest expense $ 156,188 $ 186,535 $ 133,966 # $ 101,104 0 $ 101,183 $ 476,689 $ 300,768 Less: restructuring and merger-related expense (11,383) (41,056) (20,010) # (646) 0 (1,977) (72,449) (5,755) Non-interest expense excluding restructuring and merger-related expense 144,805 145,479 113,956 # 100,458 0 99,206 404,240 295,013 Net interest income on a fully taxable equivalent basis 217,963 217,996 159,723 # 127,689 0 122,338 595,682 355,327 Non-interest income 44,864 43,957 34,665 # 36,388 0 29,612 123,486 91,596 Net interest income on a fully taxable equivalent basis plus non-interest income $ 262,827 $ 261,953 $ 194,388 # $ 164,077 0 $ 151,950 $ 719,168 $ 446,923 Efficiency ratio 55.10% 55.54% 58.62% 61.23% 65.29% 56.21% 66.01%Adjusted net income available to common shareholders, excluding certain items: Net income / (loss) available to common shareholders $ 81,042 $ 54,884 $ (11,523) $ 47,098 $ 34,741 $ 124,401 $ 94,287 Add: after-tax restructuring and merger-related expenses (1) 8,993 32,434 15,808 510 1,562 57,235 4,546 Add: after-tax day one provision for credit losses on acquired loans (1) – – 46,926 – – 46,926Adjusted net income available to common shareholders, excluding certain items: $ 90,035 $ 87,318 $ 51,211 $ 47,608 $ 36,303 $ 228,562 $ 98,833Adjusted net income per common share – diluted, excluding certain items: Net income / (loss) per common share – diluted $ 0.84 $ 0.57 $ (0.15) $ 0.70 $ 0.54 $ 1.39 $ 1.54 Add: after-tax restructuring and merger-related expenses per common share – diluted (1) 0.10 0.34 0.21 0.01 0.02 0.63 0.07 Add: after-tax day one provision for credit losses on acquired loans (1) – – 0.60 – – 0.53 -Adjusted net income per common share – diluted, excluding certain items: $ 0.94 $ 0.91 $ 0.66 $ 0.71 $ 0.56 $ 2.55 $ 1.61 Period End Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, 2025 2025 2025 2024 2024Tangible book value per share: Total shareholders' equity $ 4,116,527 $ 3,819,220 $ 3,781,579 $ 2,790,281 $ 2,801,585 Less: goodwill and other intangible assets, net of def. tax liability (1,702,916) (1,709,001) (1,718,048) (1,118,293) (1,119,899) Less: preferred shareholder's equity (368,867) (144,484) (144,484) (144,484) (144,484) Tangible common equity 2,044,744 1,965,735 1,919,047 1,527,504 1,537,202 Common shares outstanding 96,044,222 95,986,023 95,672,204 66,919,805 66,871,479Tangible book value per share $ 21.29 $ 20.48 $ 20.06 $ 22.83 $ 22.99Tangible common equity to tangible assets: Total shareholders' equity $ 4,116,527 $ 3,819,220 $ 3,781,579 $ 2,790,281 $ 2,801,585 Less: goodwill and other intangible assets, net of def. tax liability (1,702,916) (1,709,001) (1,718,048) (1,118,293) (1,119,899) Tangible equity 2,413,611 2,110,219 2,063,531 1,671,988 1,681,686 Less: preferred shareholder's equity (368,867) (144,484) (144,484) (144,484) (144,484) Tangible common equity 2,044,744 1,965,735 1,919,047 1,527,504 1,537,202 Total assets 27,518,042 27,571,576 27,412,383 18,684,298 18,514,169 Less: goodwill and other intangible assets, net of def. tax liability (1,702,916) (1,709,001) (1,718,048) (1,118,293) (1,119,899) Tangible assets $ 25,815,126 $ 25,862,575 $ 25,694,335 $ 17,566,005 $ 17,394,270Tangible equity to tangible assets 9.35% 8.16% 8.03% 9.52% 9.67%Tangible common equity to tangible assets 7.92% 7.60% 7.47% 8.70% 8.84%(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 13The following non-GAAP financial measures used by WesBanco provide information useful to investors in understanding WesBanco's operating performance and trends, and facilitate comparisonswith 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 Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Sept. 30,(unaudited, dollars in thousands, except shares and per share amounts) 2025 2025 2025 2024 2024 2025 2024Pre-tax, pre-provision income: Income / (loss) before provision / (benefit) for income taxes $ 103,310 $ 70,973 $ (9,665) $ 61,937 $ 44,773 $ 164,618 $ 123,177 Add: provision for credit losses 2,082 3,218 68,883 (147) 4,798 74,183 19,352Pre-tax, pre-provision income $ 105,392 $ 74,191 $ 59,218 $ 61,790 $ 49,571 $ 238,801 $ 142,529Pre-tax, pre-provision income, excluding restructuring and merger-related expenses: Income / (loss) before provision / (benefit) for income taxes $ 103,310 $ 70,973 $ (9,665) $ 61,937 $ 44,773 $ 164,618 $ 123,177 Add: provision for credit losses 2,082 3,218 68,883 (147) 4,798 74,183 19,352 Add: restructuring and merger-related expenses 11,383 41,056 20,010 646 1,977 72,449 5,755Pre-tax, pre-provision income, excluding restructuring and merger-related expenses $ 116,775 $ 115,247 $ 79,228 $ 62,436 $ 51,548 $ 311,250 $ 148,284Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses: Income / (loss) before provision / (benefit) for income taxes $ 103,310 $ 70,973 $ (9,665) $ 61,937 $ 44,773 $ 164,618 $ 123,177 Add: provision for credit losses 2,082 3,218 68,883 (147) 4,798 74,183 19,352 Add: restructuring and merger-related expenses 11,383 41,056 20,010 # 646 1,977 72,449 5,755Pre-tax, pre-provision income, excluding restructuring and merger-related expenses 116,775 115,247 79,228 # 62,436 51,548 311,250 148,284 Average total assets $ 27,419,726 $ 27,304,700 $ 21,658,352 $ 18,593,265 $ 18,295,583 $ 25,457,359 $ 17,964,600Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses (annualized) (2) 1.69% 1.69% 1.48% 1.34% 1.12% 1.63% 1.10%Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses: Income / (loss) before provision / (benefit) for income taxes $ 103,310 $ 70,973 $ (9,665) $ 61,937 $ 44,773 $ 164,618 $ 123,177 Add: provision for credit losses 2,082 3,218 68,883 (147) 4,798 74,183 19,352 Add: restructuring and merger-related expenses 11,383 41,056 20,010 # 646 1,977 72,449 5,755Pre-tax, pre-provision income, excluding restructuring and merger-related expenses 116,775 115,247 79,228 # 62,436 51,548 311,250 148,284 Average total shareholders' equity $ 3,898,142 $ 3,819,513 $ 3,218,639 $ 2,806,079 $ 2,715,461 $ 3,625,333 $ 2,601,834Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses (annualized) (2) 11.88% 12.10% 9.98% 8.85% 7.55% 11.48% 7.61%Pre-tax, pre-provision return on average tangible equity, excluding certain items (1): Income / (loss) before provision / (benefit) for income taxes $ 103,310 $ 70,973 $ (9,665) $ 61,937 $ 44,773 $ 164,618 $ 123,177 Add: provision for credit losses 2,082 3,218 68,883 (147) 4,798 74,183 19,352 Add: amortization of intangibles 8,425 9,204 4,223 2,034 2,053 21,853 6,217 Add: restructuring and merger-related expenses 11,383 41,056 20,010 # 646 1,977 72,449 5,755Pre-tax, pre-provision income before restructuring and merger-related expenses and amortization of intangibles 125,200 124,451 83,451 # 64,470 53,601 333,103 154,501 Average total shareholders' equity 3,898,142 3,819,513 3,218,639 2,806,079 2,715,461 3,625,333 2,601,834 Less: average goodwill and other intangibles, net of def. tax liability (1,704,105) (1,608,358) (1,312,855) (1,119,060) (1,120,662) (1,543,552) (1,122,282) Average tangible equity $ 2,194,037 $ 2,211,155 $ 1,905,784 $ 1,687,019 $ 1,594,799 $ 2,081,781 $ 1,479,552Pre-tax, pre-provision return on average tangible equity, excluding certain items (annualized) (1) (2) 22.64% 22.58% 17.76% 15.20% 13.37% 21.39% 13.95% Average tangible common equity $ 2,015,329 $ 2,066,671 $ 1,761,300 $ 1,542,535 $ 1,450,315 $ 1,925,764 $ 1,335,068Pre-tax, pre-provision return on average tangible common equity, excluding certain items (annualized) (1) (2) 24.65% 24.15% 19.22% 16.63% 14.70% 23.13% 15.46%(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.
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