Fourth Quarter 2025 Earnings Call Presentation 27 January 2026 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, 2024 and ...

Core Viewpoint WesBanco, Inc. reported strong financial performance for the fourth quarter and the full year of 2025, driven by solid loan and deposit growth, improved net interest margins, and successful integration of the Premier Financial Corp. acquisition. Financial Performance - Net income for Q4 2025 was $78.2 million, or $0.81 per diluted share, compared to $47.1 million and $0.70 per diluted share in Q4 2024 [1] - For the full year 2025, net income was $202.6 million, or $2.23 per diluted share, reflecting a day one provision for credit losses and expenses related to the PFC acquisition [1] - Adjusted earnings per diluted share for Q4 2025, excluding restructuring and merger-related expenses, was $0.84, up from $0.71 in the prior year [2] Loan and Deposit Growth - Total deposits increased 53.3% year-over-year to $21.7 billion, with $6.9 billion from PFC and organic growth of 4.7% [4] - Total loans increased 51.9% year-over-year to $19.2 billion, driven by organic growth of 5.2% and $5.9 billion from PFC [4] - The company experienced a 6.2% annualized increase in total loans from Q3 2025, despite $415 million in commercial real estate payoffs during the quarter [4] Net Interest Margin and Income - The net interest margin improved to 3.61%, an increase of 58 basis points year-over-year, due to higher earning asset yields and lower funding costs [4][10] - Net interest income for Q4 2025 was $222.3 million, a 75.7% increase year-over-year, attributed to the PFC acquisition and loan growth [11] Non-Interest Income - Non-interest income for Q4 2025 was $43.3 million, an 18.9% increase from the previous year, primarily due to the PFC acquisition [12] - Trust fees and service charges on deposits increased significantly, reflecting the addition of PFC clients and higher consumer spending [12] Non-Interest Expense - Non-interest expense for Q4 2025, excluding restructuring and merger-related costs, was $144.4 million, a 43.7% increase year-over-year, mainly due to the PFC expense base [14] - The efficiency ratio improved to 51.6%, benefiting from expense synergies from the PFC acquisition and a focus on cost control [4][5] Balance Sheet Strength - Total assets increased 48.2% year-over-year to $27.7 billion, reflecting both the PFC acquisition and organic growth [6] - The allowance for credit losses was 1.14% of total portfolio loans, amounting to $218.7 million [9] Capital Ratios - WesBanco maintained strong regulatory capital ratios, with a Tier I leverage ratio of 9.42% and a total risk-based capital ratio of 13.88% as of December 31, 2025 [17]

Core Insights - Zahid Afzal, a board member of WesBanco, purchased 3,321 shares on October 30, 2025, indicating confidence in the company's stock performance [1][9] - The transaction represents a 33.54% increase in Mr. Afzal's direct holdings, raising them from 9,902 to 13,223 shares [3] - The purchase was valued at approximately $100,000, bringing the total market value of his direct holdings to around $398,000 [2][4] Transaction Details - The shares were acquired at a weighted average price of $30.11, close to the closing price of $30.10 on October 31, 2025 [6] - This acquisition is the largest individual open-market transaction disclosed by Mr. Afzal to date [3] - The increase in direct ownership reflects an expansion of holdings rather than a reallocation among existing shares [5] Company Performance - WesBanco reported a net income of $81 million for Q3 2025, significantly up from $34.7 million in the previous year, resulting in diluted earnings per share of $0.84 compared to $0.54 in 2024 [10] - The company has seen a 54% year-over-year increase in deposits, totaling $21.3 billion, attributed to the acquisition of Premier Financial Corp. and organic growth [11] - Despite facing short-term challenges from the acquisition, WesBanco is expected to emerge as a stronger financial institution in the long run [12] Company Overview - WesBanco operates as a regional financial institution with a diversified product portfolio, including community banking and trust/investment services [8] - The company generates revenue from various sources, including loans, deposits, trust, brokerage, and insurance operations [8] - As of the latest report, WesBanco's revenue for the trailing twelve months (TTM) stands at $762.17 million, with a net income of $125.20 million and a dividend yield of 4.79% [7]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for the third quarter was $0.94, excluding merger-related charges, representing a 68% year-over-year increase [4][11] - Net income, excluding restructuring and merger-related expenses, was $90 million for the quarter, compared to $36.3 million in the prior year [11][12] - The net interest margin improved to 3.53%, up 58 basis points year-over-year [15][12] - Total assets increased to $27.5 billion, a 49% year-over-year growth [12] - Total deposits grew by 53.8% year-over-year to $21.3 billion [13] Business Line Data and Key Metrics Changes - Fee income grew by 52% year-over-year, driven by organic growth across various business segments, particularly wealth management [3][12] - Total portfolio loans increased by 52% year-over-year, including $5.9 billion from the Premier Financial Corp. acquisition and $594 million from organic growth [12][13] - Non-interest income reached $44.9 million, a 51.5% increase year-over-year, attributed mainly to the Premier Financial Corp. acquisition [16] Market Data and Key Metrics Changes - Customer satisfaction scores in new markets have rebounded to pre-conversion levels, with overall satisfaction in the upper 80% percentile [6] - The commercial loan pipeline stood at approximately $1.5 billion, with over 40% tied to new markets [7] Company Strategy and Development Direction - The company is focused on operational excellence to support long-term profitable growth and enhance shareholder value [3] - Plans to optimize the financial center network include closing 27 centers while opening new locations in Tennessee and Ohio [9][10] - The strategy emphasizes organic growth through loan production offices (LPOs) and expanding into new markets [9][76] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about future loan growth despite challenges from commercial real estate payoffs, projecting mid-single-digit loan growth for 2025 [8][13] - The company anticipates a rebound in net interest margin during the fourth quarter, reflecting improvements in funding costs and loan growth [20][21] - The effective tax rate is expected to be around 19.5% for the year [22] Other Important Information - The company raised $230 million in Series B preferred stock to redeem Series A preferred stock and fund general corporate purposes [19] - The planned closure of financial centers is expected to generate approximately $6 million in net pre-tax annual savings [10] Q&A Session Summary Question: Loan production and paydowns outlook - Management reported strong loan production with $2.3 billion in new production this year, up from $1.7 billion last year, and expects mid-single-digit loan growth for the remainder of the year [25][27] Question: Margin expectations - Management is confident in a 3 to 5 basis points quarterly expansion in net interest margin, despite potential Fed rate cuts [28][29] Question: Impact of branch closures on expenses - The closure of 27 branches is expected to provide a tailwind to expenses, allowing for reinvestment in technology and personnel [38][40] Question: Healthcare team growth potential - The healthcare team has closed about $250 million in loans and could potentially reach $300 to $500 million in loans annually [49] Question: Deposit competition - Deposit competition remains similar to previous quarters, with expectations of relief on deposit pricing due to commercial real estate payoffs [74] Question: Capital management and buyback plans - The company is focused on capital build and does not anticipate share buybacks in the near term [61][66]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q3 2025 was $0.94, excluding merger-related charges, representing a 68% increase year-over-year [4][11] - Net income, excluding restructuring and merger-related expenses, was $90 million for the quarter [4][11] - The net interest margin improved to 3.53%, up 58 basis points year-over-year [16] - Total assets increased by 49% year-over-year to $27.5 billion [12] - Total deposits grew by 53.8% year-over-year to $21.3 billion [14] Business Line Data and Key Metrics Changes - Fee income grew by 52% year-over-year, driven by organic growth across various business lines, particularly wealth management [4][12] - Non-interest income for Q3 was $44.9 million, a 51.5% increase year-over-year [17] - Commercial loan pipeline stood at approximately $1.5 billion, with over 40% tied to new markets [7] Market Data and Key Metrics Changes - Customer satisfaction scores in new markets rebounded to pre-conversion levels, with overall satisfaction in the upper 80% percentile [5] - Total portfolio loans increased by 52% year-over-year, driven by both acquired loans and organic growth [12] Company Strategy and Development Direction - The company is focused on operational excellence to support long-term profitable growth and enhance shareholder value [3] - Plans to optimize the financial center network include closing 27 centers and opening new ones in Tennessee and Ohio [9][10] - The strategy emphasizes organic growth through loan production offices (LPOs) and expanding into new markets [8][56] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about future loan growth despite challenges from commercial real estate payoffs, projecting mid-single-digit loan growth for 2025 [8][13] - The company anticipates a rebound in net interest margin during Q4 2025, reflecting improvements in funding costs and loan growth [21] - The effective tax rate is expected to be around 19.5% for the year [22] Other Important Information - The company raised $230 million in Series B preferred stock to redeem Series A preferred stock and subordinated debt [19] - The planned closure of financial centers is expected to generate approximately $6 million in net pre-tax annual savings [10] Q&A Session Summary Question: Loan growth and commercial real estate paydowns - Management reported strong loan production with a pipeline of $1.5 billion and expects mid-single-digit loan growth despite CRE paydowns [24][26] Question: Margin expectations - Management confirmed expectations for 3 to 5 basis points of quarterly margin expansion [27][28] Question: Impact of branch closures on expenses - Management indicated that branch closures will provide a tailwind to expenses, allowing for potential reinvestment in technology and personnel [35][37] Question: Healthcare team growth potential - The healthcare team has closed approximately $250 million in loans and could potentially reach $300 to $500 million in loans annually [43] Question: Deposit competition - Management noted that deposit competition remains similar to previous quarters, with no significant intensification [54] Question: Capital management and buyback plans - The company is focused on capital build and is less likely to pursue buybacks in the near term [49][51]

Financial Performance - Net income available to common shareholders was $90.0 million, resulting in diluted earnings per share of $0.94[6] - Net interest margin increased by 58 basis points year-over-year to 3.53%[6] - The efficiency ratio improved to 55.1% due to expense synergies from the PFC acquisition[6] - Return on average tangible equity was 17.48%, an increase of 802 basis points compared to the same quarter last year[7] Loan and Deposit Growth - Total loan growth increased by 52.0% year-over-year, reaching $18.9 billion[6, 9] - Total organic loan growth was 4.8% year-over-year and 2.2% quarter-over-quarter annualized[6, 10] - Total deposits increased by 53.8% year-over-year to $21.3 billion[14] - Average loans to average deposits were 89.4%[6] Capital and Asset Quality - Tangible common equity to tangible assets ratio was 7.92%[6] - Non-performing assets to total assets stood at 0.35%[6] - The allowance for credit losses on loans was $217.7 million, representing a coverage ratio of 1.15%[30]

Core Insights - WesBanco, Inc. reported a significant increase in net income for Q3 2025, reaching $81.0 million, compared to $34.7 million in Q3 2024, with diluted earnings per share rising to $0.84 from $0.54 [1][2][4] Financial Performance - For the nine months ended September 30, 2025, net income was $124.4 million, or $1.39 per diluted share, reflecting a day one provision for credit losses and expenses related to the acquisition of Premier Financial Corp. [1][2] - Excluding restructuring and merger-related expenses, adjusted earnings per diluted share for Q3 2025 was $0.94, up from $0.56 in the prior year [2][4] - Total deposits increased by 53.8% year-over-year to $21.3 billion, driven by $6.9 billion from the PFC acquisition and organic growth of 4.1% [5][7] - Total loans rose by 52.0% year-over-year to $18.9 billion, with organic growth of 4.8% and $5.9 billion from PFC [5][6] Operational Highlights - The net interest margin improved to 3.53%, an increase of 58 basis points year-over-year, attributed to higher earning asset yields and lower funding costs [5][10] - Non-interest income for Q3 2025 was $44.9 million, a 51.5% increase from the previous year, primarily due to the PFC acquisition [12][13] - The efficiency ratio improved to 55.1%, reflecting expense synergies from the PFC acquisition and a focus on cost management [5][14] Strategic Initiatives - The company is optimizing its financial center network, planning to close 27 locations, which is expected to yield approximately $6 million in pre-tax savings [4][5] - WesBanco's balance sheet as of September 30, 2025, showed total assets of $27.5 billion, a 48.6% increase year-over-year, including total portfolio loans of $18.9 billion [6][24] Credit Quality - Criticized and classified loans as a percentage of total portfolio loans decreased to 3.22%, indicating stable credit quality metrics [5][8] - The allowance for credit losses was 1.15% of total loans, amounting to $217.7 million, reflecting a decrease from the previous quarter [9][10] Capital Position - WesBanco maintains strong regulatory capital ratios, with a Tier I risk-based capital ratio of 11.83% and a common equity Tier 1 capital ratio of 10.1% as of September 30, 2025 [16][24]

Core Insights - WesBanco, Inc. has appointed Richard Laws as Senior Executive Vice President and Chief Legal Counsel, effective August 18, 2025, marking a strategic evolution in the company's legal leadership [1][2][4] - Laws brings over 25 years of legal experience, including his previous role as Chief Legal Officer at Northwest Bank, where he managed all legal activities for a $16 billion financial institution [2][4] - The appointment reflects WesBanco's commitment to building the necessary infrastructure to support long-term success, especially following its acquisition of Premier Financial Corp. [4][5] Company Overview - WesBanco, Inc. is a diversified, multi-state bank holding company with total assets of $27.6 billion as of June 30, 2025 [5] - The company offers a comprehensive range of financial services, including retail and commercial banking, trust, brokerage, wealth management, and insurance services [5] - WesBanco has received national recognition, including being named one of Forbes' Most Trusted Companies and Newsweek's America's Best Regional Banks [4]

Financial Performance - Net income available to common shareholders was $873 million, or $091 per share, excluding restructuring and merger-related expenses and day 1 provision for credit losses on acquired loans[6, 39] - Net interest margin improved to 359%, up 64 basis points year-over-year and 24 basis points quarter-over-quarter[6, 23] - Return on average tangible equity was 1716%, an increase of 838 basis points compared to the same quarter last year[8] - Efficiency ratio improved to 555%, driven by the benefits of the PFC acquisition and positive operating leverage[7] Loan and Deposit Growth - Total loans increased 536% year-over-year to $188 billion, reflecting $59 billion of loans from PFC and organic growth[6, 10, 11] - Total deposits increased 575% year-over-year to $212 billion, including $69 billion of deposits from PFC and organic growth[13, 15] - Year-over-year organic deposit growth was $850 million, or 63%, fully funding organic loan growth[15] Asset Quality and Capital - Non-performing assets to total assets ratio was 031%[6, 8] - Tangible common equity to tangible assets ratio was 760%[6, 19] - The allowance for credit losses on loans was $2239 million, providing a coverage ratio of 119%[31] Securities Portfolio - Total securities were $439 billion, representing 16% of total assets[17] - The securities portfolio had a weighted average yield of 321%[19]

Core Viewpoint - WesBanco, Inc. reported significant growth in net income and earnings per share for the second quarter of 2025, driven by the successful acquisition of Premier Financial Corp. and operational improvements. Financial Performance - Net income available to common shareholders for Q2 2025 was $54.9 million, with diluted earnings per share of $0.57, compared to $26.4 million and $0.44 per diluted share in Q2 2024 [1] - For the first half of 2025, net income was $43.4 million, or $0.50 per diluted share, down from $59.5 million, or $1.00 per diluted share, in the same period of 2024 [1] - Adjusted net income per diluted share, excluding certain items, was $0.91 for Q2 2025, up from $0.49 in the prior year [2] Loan and Deposit Growth - Total loans increased 53.6% year-over-year to $18.8 billion, reflecting $5.9 billion from Premier Financial Corp. and organic growth of 5.5% [3][4] - Deposits rose 57.5% year-over-year to $21.2 billion, driven by $6.9 billion from Premier Financial Corp. and organic growth of $0.8 billion [5] Net Interest Margin and Income - The net interest margin for Q2 2025 was 3.59%, an increase of 64 basis points year-over-year, attributed to higher loan yields and lower funding costs [8] - Net interest income for Q2 2025 was $216.8 million, an increase of 85.9% year-over-year, primarily due to the larger balance sheet from the acquisition [9] Non-Interest Income - Non-interest income for Q2 2025 was $44.0 million, a 40.2% increase from the previous year, largely due to the acquisition of Premier Financial Corp. [10] Non-Interest Expense - Non-interest expense, excluding restructuring and merger-related costs, was $145.5 million for Q2 2025, a 47.5% increase year-over-year, mainly due to the addition of Premier Financial Corp.'s expense base [14] Capital and Credit Quality - As of June 30, 2025, the allowance for credit losses was 1.19% of total loans, amounting to $223.9 million [7] - Credit quality metrics remained low, with criticized and classified loans at 3.63% of total portfolio loans, although this was an increase from the previous quarter [6] Efficiency and Operational Highlights - The efficiency ratio improved to 55.5%, more than 10 percentage points better year-over-year, reflecting the benefits of the acquisition and a focus on expense management [11] - The successful conversion of customer data systems for approximately 400,000 consumer and 50,000 business relationships from Premier Financial Corp. was achieved [3]