Financial Performance - For the twelve months ended December 31, 2023, net income available to common shareholders was $148.9 million, or $2.51 per diluted share, down from $182.0 million, or $3.02 per diluted share in 2022[194]. - Net income available to common shareholders was $148.91 million in 2023, down from $181.99 million in 2022, a decline of 18.2%[204]. - Earnings per common share—basic decreased to $2.51 in 2023 from $3.03 in 2022, representing a decline of 17.2%[198]. - Return on average assets fell to 0.86% in 2023, down from 1.08% in 2022, a decrease of 20.4%[198]. - Interest income increased by $197.9 million, or 38.5%, to $711.5 million in 2023 compared to 2022[194]. - Non-interest income increased by $3.1 million, or 2.6%, driven by net securities gains and gains on other real estate owned[194]. - The provision for credit losses was recorded in 2023, contrasting with a benefit from a release of provision in the prior year[194]. - Interest expense increased by $190.8 million in 2023 compared to 2022 due to higher costs across all interest-bearing liability categories[214]. - The cost of interest-bearing liabilities rose by 183 basis points to 2.25% in 2023[214]. - The cost of interest-bearing deposits increased by 148 basis points from 2022 to 2023, reflecting the impact of rising federal funds rates[212]. Assets and Capital - As of December 31, 2023, Wesbanco's total assets approximated $17.7 billion, with a market value of assets under management in the trust and investment services segment at approximately $5.4 billion[16]. - Total assets as of December 31, 2023, were $17.7 billion, an increase of 4.6% compared to December 31, 2022[195]. - Wesbanco's Common Equity Tier 1 (CET1) ratio was 10.99%, Tier 1 capital ratio was 12.05%, and total capital ratio was 14.91%, all exceeding minimum requirements[58]. - Wesbanco Bank's CET1, Tier 1, and total capital to risk-adjusted assets ratios were 12.13%, 12.13%, and 12.97%, respectively, as of December 31, 2023[58]. - Wesbanco's leverage ratio was 9.87% and the Bank's leverage ratio was 9.93% as of December 31, 2023[60]. - Wesbanco's capital levels met the "well-capitalized" standards under the Federal Deposit Insurance Corporation Improvement Act as of December 31, 2023[64]. - Common equity tier 1 capital ratio (CET 1) decreased to 10.99% in 2023 from 11.20% in 2022, a decline of 1.9%[198]. Loans and Securities - Total portfolio loans rose to $11.6 billion, reflecting an 8.7% increase year-over-year[195]. - As of December 31, 2023, approximately 21% of Wesbanco's loan portfolio was comprised of residential real estate loans, and 56% was comprised of commercial real estate loans[114]. - Approximately 36% of Wesbanco's total securities portfolio was invested in municipal bonds as of December 31, 2023[117]. - Criticized and classified loan balances decreased to 2.22% of total portfolio loans, down from 2.34% at December 31, 2022[195]. Dividends and Shareholder Returns - For the year ended December 31, 2023, Wesbanco declared cash dividends of approximately $10.1 million to preferred shareholders and $82.9 million to common shareholders[43]. - The quarterly dividend was increased to $0.36 per share in Q4 2023, marking the seventeenth increase over the last thirteen years[197]. - Dividends declared per common share increased to $1.41 in 2023 from $1.37 in 2022, a growth of 2.9%[198]. - The cumulative total shareholder return for Wesbanco was 105.70 as of December 31, 2023, compared to 118.62 in 2022[172]. Employee and Corporate Culture - Wesbanco employed 2,321 full-time equivalent employees as of December 31, 2023, with an average tenure of approximately 10 years for all employees and over 16 years for executive officers[27]. - The turnover rate for Wesbanco in 2023 was 19%, while the turnover rate for officers was 15%[28]. - Wesbanco's corporate culture emphasizes customer and employee satisfaction, with initiatives focused on diversity and inclusion[29][31]. - The company has engaged in leadership training and talent development programs, contributing to its recognition as one of the best workplaces in several markets[32]. Community Engagement and Philanthropy - In 2023, Wesbanco provided philanthropic donations totaling $0.9 million and employees contributed 11,500 volunteer hours[33]. - The Wesbanco CDC has made over 231 loans totaling over $178 million, benefiting businesses in low-income communities and creating over 6,800 jobs[88]. - Wesbanco has been recognized with the "America Saves Designation of Savings Excellence for Banks" for eight consecutive years, highlighting its efforts to encourage savings during America Saves Week 2023[88]. - Wesbanco originated over $2 billion in community development loans in the past five years, supporting local communities[89]. Regulatory and Compliance - The company is subject to enhanced supervision due to exceeding the $10 billion asset threshold, impacting its regulatory compliance requirements[35]. - The USA PATRIOT Act imposes significant compliance obligations on Wesbanco, which could have legal and reputational consequences if not adhered to[95]. - The new Community Reinvestment Act amendments will be effective January 1, 2026, with Wesbanco categorized as a "large bank" under these rules[90]. Risks and Challenges - The company has faced intense competition from various financial institutions, which may impact its market share and profit potential[34]. - Increased competition from various financial institutions and fintech companies may hinder Wesbanco's ability to attract and retain customers[126]. - Changes in economic or political policies could adversely impact Wesbanco's business and its customers[101]. - The implementation of Basel III capital standards may negatively impact Wesbanco's capital requirements and overall financial condition[106]. - Wesbanco's ability to cope with inflation and manage non-interest income and expenses could significantly impact profitability[113]. - Significant declines in U.S. and global markets could negatively impact Wesbanco's earnings and credit quality of investment securities[111]. - The current expected credit losses accounting standard (CECL) could result in significant volatility in the estimation of credit losses, affecting financial results[120]. - The financial services industry is undergoing rapid technological change, and failure to keep pace could negatively affect Wesbanco's growth and profitability[146]. Operational Aspects - Wesbanco operates 192 branches and 183 ATMs across several states, including West Virginia, Ohio, and Kentucky[16]. - The company relies on third-party vendors for processing transactions, which could lead to disruptions if those vendors fail to maintain adequate controls[145]. - Wesbanco's growth may be hindered by the loss of key employees, which could adversely impact its business and financial condition[134]. - The company faces operational risks, including reputational risk and the risk of fraud or theft, which could materially affect its operations[133]. - Wesbanco's liquidity could be negatively impacted if it faces limitations on borrowings from the Federal Home Loan Bank system[135]. Cybersecurity - Cybersecurity risks continue to evolve, with no material impact from incidents involving third-party service providers in the last year[156]. - Wesbanco maintains a comprehensive cybersecurity program integrated into its enterprise risk management framework[153]. - The Enterprise Risk Management Committee includes directors with extensive experience in banking and cybersecurity, overseeing the bank's information security strategy[158].

Financial Performance - Net income for the three months ended September 30, 2023, was $36,842 thousand, a decline of 30.5% from $53,033 thousand in the same period of 2022[11]. - Basic earnings per common share for the three months ended September 30, 2023, was $0.58, down from $0.85 in the same period of 2022, a decrease of 31.8%[11]. - Net income available to common shareholders for the three months ended September 30, 2023, was $34.3 million, a decrease of 32% from $50.5 million in the same period of 2022[40]. - For the nine months ended September 30, 2023, net income was $116.5 million or $1.96 per diluted share, compared to $132.3 million or $2.19 per diluted share for the same period in 2022[143]. - The total comprehensive loss for the nine months ended September 30, 2023, was $297.906 million, compared to a loss of $266.640 million for the same period in 2022[128]. Asset and Deposit Changes - Total assets increased to $17,344,377 thousand as of September 30, 2023, compared to $16,931,905 thousand at December 31, 2022, reflecting a growth of 2.4%[9]. - Total deposits decreased slightly to $13,090,228 thousand as of September 30, 2023, from $13,131,090 thousand at December 31, 2022, a decrease of 0.3%[9]. - Cash, cash equivalents, and restricted cash at the end of the period stood at $495,082,000, up from $378,556,000 in 2022[18]. - The total amount of unfunded commercial loan commitments was $13.8 million as of September 30, 2023, down from $25.0 million as of December 31, 2022, a decrease of approximately 44.0%[67]. Loan and Credit Quality - The recorded investment in total loans increased to $11,333,550,000 at September 30, 2023, from $10,710,977,000 at December 31, 2022, representing a growth of approximately 5.8%[55]. - The total portfolio loans, including loans held for sale, reached $11,315,873,000 at September 30, 2023, compared to $10,702,728,000 at December 31, 2022, marking a significant increase[55]. - Non-performing loans decreased to 0.26% of total portfolio loans as of September 30, 2023, down from 0.32% at the end of Q3 2022[160]. - The total allowance for credit losses for loans and loan commitments at September 30, 2023, is $136.344 million, a decrease from $126.158 million at December 31, 2022[58]. - The provision for credit losses was $6.3 million in Q3 2023, compared to a negative provision of $0.5 million in Q3 2022[146]. Income and Expense Trends - Net interest income after provision for credit losses for the three months ended September 30, 2023, was $111,355 thousand, down from $125,036 thousand in the same period of 2022, a decrease of 10.9%[11]. - Total non-interest expense for the three months ended September 30, 2023, was $97,939 thousand, an increase of 6.5% from $91,941 thousand in the same period of 2022[11]. - Non-interest income decreased by $1.4 million or 4.3% in Q3 2023 compared to Q3 2022, largely due to a prior year's gain on the sale of equity investments[147]. - Non-interest expense increased by $6.0 million or 6.5% in Q3 2023 compared to Q3 2022, primarily due to increases in salaries and wages, employee benefits, equipment and software expenses, and FDIC insurance expenses[170]. Securities and Investments - Total available-for-sale debt securities amounted to $2.6 billion as of September 30, 2023, with unrealized losses of $392.9 million[44]. - The fair value of available-for-sale debt securities decreased from $2,529,140,000 on December 31, 2022, to $2,196,141,000 by September 30, 2023[117]. - The total gross unrealized securities losses increased by $94.3 million from $510.7 million at December 31, 2022, to $605.0 million at September 30, 2023[181]. - The total amount of commercial and industrial loans classified as "Pass" was $281.5 million in 2022, up from $189.2 million in 2021, reflecting a growth of 48.8%[86]. Derivatives and Interest Rate Swaps - Wesbanco had 210 customer interest rate swaps and caps with an aggregate notional amount of $1.4 billion as of September 30, 2023, up from 159 swaps with $0.9 billion in the previous year[89]. - Income from swap and cap fees for the three months ended September 30, 2023, was $2.5 million, an increase from $1.6 million in the same period of 2022[89]. - Wesbanco's total derivatives had a fair value of $97.424 million in assets and $95.644 million in liabilities, compared to $75.893 million in assets and $74.726 million in liabilities as of December 31, 2022[93]. Regulatory and Compliance - The company has adopted ASU 2022-02, which eliminates the accounting guidance for Troubled Debt Restructurings, effective January 1, 2023, impacting how loan modifications are reported[22]. - The allowance for credit losses methodology incorporates macroeconomic factors, with national unemployment projected to be 4.3% at quarter-end, expected to rise to an average of 4.7% over the forecast period[56].

Financial Performance - Net interest income for the three months ended June 30, 2023, was $121,567 thousand, up 8.3% from $112,228 thousand in the same period of 2022 [11]. - Net income for the six months ended June 30, 2023, was $87,221 thousand, slightly increasing from $86,870 thousand in the same period of 2022 [11]. - Earnings per common share for the three months ended June 30, 2023, was $0.71, an increase from $0.67 in the same period of 2022 [11]. - Comprehensive income for the six months ended June 30, 2023, was $85,010 thousand, compared to a loss of $84,071 thousand in the same period of 2022 [13]. - For the three months ended June 30, 2023, net income was $44.88 million, compared to $42.75 million for the same period in 2022, representing a year-over-year increase of 5.0% [14]. - Net income available to common shareholders for the three months ended June 30, 2023, was $42,349 thousand, an increase from $40,217 thousand in 2022, representing a growth of 5.3% [35]. - Net income available to common shareholders for Q2 2023 was $42.3 million, with diluted earnings per share of $0.71, compared to $40.2 million or $0.67 per diluted share in Q2 2022, representing a 5.2% increase in net income [134]. Asset and Deposit Changes - Total assets increased to $17,356,954 thousand as of June 30, 2023, compared to $16,931,905 thousand at December 31, 2022, reflecting a growth of 2.5% [10]. - Total deposits decreased to $12,861,434 thousand as of June 30, 2023, from $13,131,090 thousand at December 31, 2022, a decline of 2.1% [10]. - Total shareholders' equity decreased to $2.46 billion as of June 30, 2023, down from $2.55 billion at the end of March 2022, indicating a decline of approximately 3.2% [14]. - Total available-for-sale debt securities as of June 30, 2023, amounted to $2,329,222 thousand, down from $2,529,140 thousand as of December 31, 2022, indicating a decrease of 7.9% [39]. - Total liabilities measured at fair value remained stable at $77,458,000 as of June 30, 2023, consistent with the previous period [106]. Income and Expense Analysis - Total non-interest income rose to $31,841 thousand for the three months ended June 30, 2023, compared to $26,983 thousand in the same period of 2022, marking a growth of 18.5% [11]. - Non-interest expense, excluding restructuring and merger-related expenses, increased by $9.4 million or 10.8% to $96.4 million in Q2 2023 compared to Q2 2022 [139]. - Interest expense increased by $48.3 million in Q2 2023 compared to Q2 2022, reflecting the impact of federal funds rate increases [144]. - The provision for credit losses was $3,028 thousand for the three months ended June 30, 2023, compared to a reversal of $812 thousand in the same period of 2022 [11]. - The provision for loan losses for the six months ended June 30, 2023, is $4.876 million, compared to a provision of $(4.190) million for the same period in 2022, indicating a significant increase in provisions [52]. Loan and Credit Quality - The total recorded investment in loans increased to $11,158,934,000 at June 30, 2023, from $10,710,977,000 at December 31, 2022, representing a growth of approximately 4.2% [50]. - Non-performing loans decreased to 0.28% of total portfolio loans as of June 30, 2023, down from 0.35% in the previous year, showing improved loan quality [151]. - The allowance for credit losses on loans decreased to $120.166 million as of June 30, 2023, from $117.790 million at the end of 2022 [52]. - The total allowance for credit losses for loans and loan commitments as of June 30, 2023, is $130.29 million, a decrease from $126.16 million at the end of 2022 [52]. - Criticized and classified loans decreased to 1.68% of total portfolio loans as of June 30, 2023, down from 3.14% in the previous year, indicating improved risk ratings [151]. Capital and Regulatory Compliance - Shareholders' equity increased by $38.3 million or 1.6% to $2.5 billion at June 30, 2023, driven by net income of $87.2 million [205]. - Regulatory capital levels for Wesbanco were substantially above the minimum required to be considered "well capitalized" as of June 30, 2023 [207]. - Tier 1 capital to risk-weighted assets ratio was 12.12% for Wesbanco, compared to 12.33% at December 31, 2022 [209]. - Total capital to risk-weighted assets ratio was 14.83% for Wesbanco, down from 15.11% at December 31, 2022 [209]. Market and Economic Factors - Average deposits decreased by 6.1% over the same period due to interest rate and inflationary pressures [136]. - The company operates through 194 branches and 183 ATM machines across multiple states, significantly impacted by economic factors such as market interest rates and regional economic conditions [132]. - The effective tax rate for the first half of 2023 was 17.9%, down from 18.8% in the same period of 2022 [140].

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, 2023 ☐ 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 001-39442 WESBANCO, INC. (Exact name of Registrant as specified in its charter) 1 Bank Plaza, Wheeling, WV 26003 (Address of principal ex ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ 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 001-39442 WESBANCO, INC. (Exact name of Registrant as specified in its charter) | | | (State or other jurisdiction of incorporation or organiz ...