Fourth Quarter 2021 Earnings Call Presentation 25 January 2022 Forward-Looking Statements and Non-GAAP Financial Measures 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, 2020 and ...

WesBanco, Inc. (NASDAQ:WSBC) Q4 2021 Earnings Conference Call January 26, 2022 10:00 AM ET Company Participants Todd Clossin – President and Chief Executive Officer John Iannone – Senior Vice President of Investor Relations Dan Weiss – Executive Vice President and Chief Financial Officer Conference Call Participants Russell Gunther – D.A. Davidson Casey Whitman – Piper Sandler Broderick Preston – Stephens Steve Moss – B Riley, FBR Stuart Lotz – KBW Operator Good morning and welcome to the WesBanco Fourth Qu ...

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents the unaudited interim financial information and management's analysis for Wesbanco, Inc [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Wesbanco's unaudited interim consolidated financial statements for Q3 and nine months ended September 30, 2021, covering balance sheets, income, equity, and cash flows [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2021, total assets increased to $16.89 billion from $16.43 billion at year-end 2020, driven by a significant rise in securities funded by strong deposit growth Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$16,892,111** | **$16,425,610** | | Total Securities | $3,953,917 | $2,722,069 | | Net Portfolio Loans | $9,776,560 | $10,603,406 | | Goodwill and other intangible assets, net | $1,154,468 | $1,163,091 | | **Total Liabilities** | **$14,168,128** | **$13,668,873** | | Total Deposits | $13,423,314 | $12,429,373 | | Total Borrowings | $529,197 | $983,244 | | **Total Shareholders' Equity** | **$2,723,983** | **$2,756,737** | [Consolidated Statements of Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Net income for Q3 2021 slightly increased to $41.9 million, driven by a negative provision for credit losses, while nine-month net income surged to $180.5 million due to a significant negative provision Q3 and Nine Months Performance (in thousands, except per share data) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $115,275 | $120,593 | $347,607 | $359,768 | | Provision for credit losses | ($1,730) | $16,288 | ($50,714) | $107,949 | | Non-Interest Income | $32,755 | $34,612 | $102,076 | $95,481 | | Non-Interest Expense | $94,701 | $89,943 | $264,840 | $266,779 | | Net Income | $44,408 | $41,305 | $188,112 | $69,189 | | Diluted EPS | $0.64 | $0.61 | $2.71 | $1.03 | [Consolidated Statements of Changes in Shareholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) For the nine months ended September 30, 2021, total shareholders' equity decreased by $32.8 million to $2.72 billion, primarily due to treasury stock acquisitions and other comprehensive loss - Key drivers for the change in shareholders' equity in the first nine months of 2021 include net income of **$188.1M**, common dividends of **$65.1M**, preferred dividends of **$7.6M**, treasury share acquisitions of **$128.0M**, and an other comprehensive loss of **$26.9M**[11](index=11&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2021, net cash provided by operating activities was $276.1 million, while investing activities used $404.0 million, and financing activities provided $343.5 million, resulting in a net cash increase of $215.7 million Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $276,138 | $20,628 | | Net Cash from Investing Activities | ($403,997) | ($228,162) | | Net Cash from Financing Activities | $343,528 | $733,004 | | **Net Increase in Cash** | **$215,669** | **$525,470** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on significant accounting policies and specific financial statement items, including securities, loans, credit losses, derivatives, fair value, revenue, and segment performance [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Wesbanco's Q3 and nine-month 2021 financial performance, highlighting net income drivers, balance sheet changes, capital, and liquidity [Results of Operations](index=38&type=section&id=Results%20of%20Operations) For Q3 2021, net income available to common shareholders was $41.9 million, primarily due to a negative provision for credit losses offsetting a decrease in net interest income, while non-interest income and expense also saw changes GAAP to Non-GAAP Reconciliation (in thousands, except per share) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (Non-GAAP)** | **$45,406** | **$44,155** | **$185,685** | **$76,489** | | Diluted EPS (Non-GAAP) | $0.70 | $0.66 | $2.79 | $1.14 | | Less: After-tax restructuring expenses | ($3,529) | ($2,850) | ($5,167) | ($7,300) | | **Net Income (GAAP)** | **$41,877** | **$41,305** | **$180,518** | **$69,189** | | Diluted EPS (GAAP) | $0.64 | $0.61 | $2.71 | $1.03 | - The negative provision for credit losses of **$1.7 million** in Q3 2021, compared to a **$16.3 million** provision in Q3 2020, was a key driver of earnings, resulting from improved macroeconomic forecasts[125](index=125&type=chunk) - Non-interest income decreased by **$1.9 million** (**5.4%**) in Q3 2021, primarily due to a **$3.9 million** (**46.2%**) drop in mortgage banking income from record 2020 levels[126](index=126&type=chunk) [Financial Condition](index=46&type=section&id=Financial%20Condition) As of September 30, 2021, total assets grew 2.8% to $16.9 billion, driven by a 45.3% increase in securities funded by an 8.0% rise in deposits, while total portfolio loans decreased 8.1% mainly due to PPP loan forgiveness - Total assets increased by **2.8%** since year-end 2020, driven by a **$1.2 billion** (**45.3%**) increase in the securities portfolio, funded by a **$993.9 million** (**8.0%**) increase in deposits[160](index=160&type=chunk) - Total portfolio loans decreased by **$876.1 million** (**8.1%**) from year-end, primarily due to **$939.7 million** in PPP loan forgiveness during the first nine months of 2021[160](index=160&type=chunk)[179](index=179&type=chunk) - Total borrowings decreased by **$454.0 million** (**46.2%**) in the first nine months of 2021, as excess liquidity was used to pay down maturing FHLB advances and other debt[160](index=160&type=chunk) [Capital Resources](index=55&type=section&id=Capital%20Resources) Shareholders' equity decreased by $32.8 million (1.2%) from year-end 2020, primarily due to common stock repurchases and other comprehensive loss, while regulatory capital ratios remained well above 'well-capitalized' thresholds - Wesbanco repurchased **3.64 million** shares for **$128.0 million** during the first nine months of 2021. A new **3.2 million** share repurchase plan was approved in August 2021[211](index=211&type=chunk) - The quarterly dividend was increased by **$0.01** to **$0.33** per share in February 2021, a **3.1%** increase[210](index=210&type=chunk) Regulatory Capital Ratios (Wesbanco, Inc.) | Ratio | Sep 30, 2021 | Dec 31, 2020 | Well-Capitalized Minimum | | :--- | :--- | :--- | :--- | | Tier 1 leverage | 10.10% | 10.51% | 5.00% | | Common equity Tier 1 | 12.91% | 13.40% | 6.50% | | Tier 1 capital to risk-weighted assets | 14.18% | 14.72% | 8.00% | | Total capital to risk-weighted assets | 16.38% | 17.58% | 10.00% | [LIBOR Transition](index=58&type=section&id=LIBOR%20TRANSITION) Wesbanco is managing its transition from LIBOR, which will cease for new contracts after December 31, 2021, by adopting the One Month Term Secured Overnight Financing Rate (1M Term SOFR) as its initial replacement - As of September 30, 2021, Wesbanco had **$1.9 billion** in loans tied to LIBOR or the ICE LIBOR Swap Index, with **$1.5 billion** maturing after the June 30, 2023 cessation date[236](index=236&type=chunk) - Wesbanco has selected the One Month Term Secured Overnight Financing Rate (1M Term SOFR) as its initial alternative replacement rate for LIBOR and will not offer LIBOR for new contracts after December 31, 2021[236](index=236&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details Wesbanco's management of market risk, primarily interest rate risk, using earnings sensitivity simulation and economic value-at-risk models, showing asset-sensitivity within policy limits Net Interest Income Sensitivity Analysis | Immediate Change in Interest Rates (bps) | % Change in NII from Base (Sep 30, 2021) | % Change in NII from Base (Dec 31, 2020) | | :--- | :--- | :--- | | +300 | 15.9% | 15.3% | | +200 | 10.7% | 10.3% | | +100 | 5.7% | 5.5% | - Management employs several strategies to manage the net interest margin, including increasing variable-rate loans, selling longer-term mortgages, growing demand deposits, and using back-to-back loan swaps[250](index=250&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that Wesbanco's disclosure controls and procedures were effective, despite a significant change in internal controls over financial reporting due to a core banking system conversion - Management concluded that disclosure controls and procedures are effective as of September 30, 2021[251](index=251&type=chunk) - During Q3 2021, the company completed a core banking system conversion, which materially affected internal controls over financial reporting related to loans, deposits, digital banking, and the general ledger[253](index=253&type=chunk) [PART II – OTHER INFORMATION](index=57&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section provides information on legal proceedings, equity security sales, and required exhibits for Wesbanco, Inc [Item 1. Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) Wesbanco is involved in various legal proceedings that arise in the ordinary course of business, with management not expecting any material loss from pending or threatened claims - The company is involved in various lawsuits and claims in the ordinary course of business but does not believe a material loss is reasonably possible[257](index=257&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Wesbanco has an active stock repurchase plan, with a new authorization for 3.2 million shares approved in August 2021, and repurchased over 2.1 million shares in Q3 2021 Share Repurchase Activity (Q3 2021) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Plan | | :--- | :--- | :--- | :--- | | July 2021 | 591,830 | $34.47 | 566,474 | | August 2021 | 811,192 | $33.75 | 808,196 | | September 2021 | 765,009 | $32.19 | 763,745 | | **Total** | **2,168,031** | **$33.40** | **2,138,415** | - A new stock repurchase plan for **3.2 million** shares was approved on August 26, 2021. As of September 30, 2021, **2,960,801** shares remained authorized for repurchase[258](index=258&type=chunk)[260](index=260&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including a consulting agreement and certifications by the CEO and CFO, along with Inline XBRL documents - Exhibits filed include a consulting agreement with Robert H. Young, CEO and CFO certifications (**31.1, 31.2, 32.1**), and Inline XBRL data files[264](index=264&type=chunk)

Financial Data and Key Metrics Changes - For Q3 2021, the company reported net income available to common shareholders of $45.4 million and diluted earnings per share of $0.70, excluding merger and restructuring charges [8] - GAAP net income for the three months ended September 30, 2021, was $41.9 million, with earnings per diluted share of $0.64, compared to $0.66 last year [20] - Total assets increased by 2.1% year-over-year to $16.9 billion, primarily due to growth in the securities portfolio [20][22] - Total portfolio loans decreased by 9.8% year-over-year to $9.9 billion, largely due to the forgiveness of $940 million in SBA Payroll Protection Program loans [21] - Total deposits increased by 10% year-over-year to $13.4 billion, driven by stimulus-related funds and higher personal savings [22] Business Line Data and Key Metrics Changes - The commercial loan production for the year reached nearly $1.3 billion, with 35% generated in Q3 [9] - The residential mortgage pipeline remains strong, contributing to solid originations expected in the upcoming quarters [10] - Noninterest income for Q3 was $32.8 million, a decrease of 5.4% year-over-year, primarily due to lower mortgage banking income [25] - Wealth management businesses saw organic growth, with trust up 13.4% and securities brokerage up 13.9% for the quarter [26] Market Data and Key Metrics Changes - Commercial line of credit utilization remains about 12 percentage points below historical averages due to excess liquidity among companies [10] - The company experienced significant commercial real estate project payoffs, totaling over $630 million for the first nine months of the year, surpassing previous years [11] Company Strategy and Development Direction - The company is focused on expense management while making strategic hires to enhance growth opportunities [7] - Plans to hire an additional 20 commercial lenders over the next year to strengthen market presence [13] - The company aims for mid-to-upper single-digit loan growth in the long term [13] Management's Comments on Operating Environment and Future Outlook - Management noted that the low interest rate environment continues to negatively impact margins, but strong residential mortgage origination volumes are helping mitigate this [19] - The company anticipates continued improvements in macroeconomic factors, which should lead to a reduction in the allowance for credit losses over time [33] - Management expressed confidence in the company's ability to leverage its competitive advantages for future growth [18] Other Important Information - The company completed the conversion of its core banking software system to FIS's IBS platform, enhancing operational efficiencies and capabilities for growth [17] - The company repurchased approximately 2.1 million shares of common stock for a total cost of $71.3 million during the third quarter [29] Q&A Session Summary Question: Can you provide additional color on the C&I paydowns? - Management indicated that the C&I line usage was up slightly, with commercial real estate loans categorized under C&I impacting the numbers [38] Question: How do you see core loan yields trending? - Management expects the core loan yield delta to decrease, with new loans targeting a range of 3% to 3.25% [41] Question: What is the outlook for core expenses going forward? - Management suggested that the current expense level of around $88 million may be a reasonable run rate, with potential for slight reductions [46][50] Question: What is the timeline for getting reserves back to day one levels? - Management anticipates that as credit continues to improve, reserves will trend downward, potentially returning to day one levels by the end of 2022 or 2023 [78]

FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-08467 WESBANCO, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Exact name of Registrant as specified in its charter) 1 Bank Plaza, Wheeling, WV 26003 (Address of principal exe ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-08467 WESBANCO, INC. (Exact name of Registrant as specified in its charter) WEST VIRGINIA 55-0571723 (State of incorporation) (IRS Em ...

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First Quarter 2021 Earnings Call Presentation 27 April 2021 Forward-Looking Statements and Non-GAAP Financial Measures 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, 2020 and do ...