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WesBanco Inc

WesBanco Announces Fourth Quarter 2025 Financial Results

Solid loan growth fully funded by deposit growth; net interest margin of 3.61% improved 58 basis points year-over-year

WHEELING, W.Va. , Jan. 27, 2026 /PRNewswire/ -- 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 December 31, 2025. Net income available to common shareholders for the fourth quarter of 2025 was $78.2 million, with diluted earnings per share of $0.81, compared to $47.1 million and $0.70 per diluted share, respectively, for the fourth quarter of 2024. The fourth quarter of 2025 included dividends and redemption premium totaling $8.0 million, or $0.08 per share, related to the Series A preferred stock, which was redeemed on November 15, 2025. For the twelve months ended December 31, 2025, net income was $202.6 million, or $2.23 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 28, 2025, compared to $141.4 million, or $2.26 per diluted share, for the 2024 period.

As noted below, WesBanco reported $0.84 of earnings per diluted share, in the fourth quarter, as compared to $0.71 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 $3.40 per diluted share, for the twelve month period, which was a 45.3% increase compared to $2.34 per diluted share last year (non-GAAP measures).

For the Three Months Ended December 31,



For the Twelve Months Ended December 31,




2025


2024



2025


2024

(unaudited, dollars in thousands,
except per share amounts)


Net Income


Diluted
Earnings
Per Share


Net Income


Diluted
Earnings
Per Share



Net Income


Diluted
Earnings
Per Share


Net Income


Diluted
Earnings
Per Share

Net income available to common shareholders (GAAP)


$    78,162


$        0.81


$    47,098


$        0.70



$  202,564


$        2.23


$  141,385


$        2.26

Add: After-tax restructuring and merger-related expenses


2,752


0.03


510


0.01



59,987


0.66


5,056


0.08

Add: After-tax day one provision for credit losses on acquired loans


-


-


-


-



46,926


0.51


-


-

Adjusted net income available to common shareholders (Non-GAAP) (1)


$    80,914


$        0.84


$    47,608


$        0.71



$  309,477


$        3.40


$  146,441


$        2.34

(1) See non-GAAP financial measures for additional information relating to the calculation of these items.

Financial and operational highlights during the quarter ended December 31, 2025:

  • Deposit growth fully funded loan growth both year-over-year and quarter-over-quarter
  • Total deposits increased 7.2% annualized from the third quarter driven by demand and money market deposits
    • Total deposits increased 53.3% year-over-year to $21.7 billion, reflecting $6.9 billion of deposits from PFC and organic growth of 4.7%
  • Total loans increased 6.2% annualized from the third quarter despite commercial real estate ("CRE") payoffs of approximately $415 million in the quarter
    • Total loans increased 51.9% year-over-year to $19.2 billion, reflecting organic growth of 5.2% and $5.9 billion of loans from PFC
    • CRE payoffs totaled approximately $905 million for the year
  • Net interest margin of 3.61% increased 58 basis points year-over-year and 8 basis points quarter-over-quarter 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 $7.9 billion
  • Efficiency ratio of 51.6% improved more than 8 percentage points year-over-year due to expense synergies generated from the PFC acquisition, as well as a continued focus on expense management and driving positive operating leverage
  • Successful execution of WesBanco's financial center optimization strategy with the closure of 27 locations on January 23rd

"2025 was another year of disciplined growth and strong execution for WesBanco as we continued our transformation into a regional financial services partner through our successful acquisition and integration of Premier Financial and its customers," said Jeff Jackson, President and Chief Executive Officer. "We delivered strong total and organic loan growth fully funded by deposits, strengthened our balance sheet, and improved our net interest margin. We achieved record levels of fee income and wealth management assets, while our focus on cost control drove our efficiency ratio into the low 50 percent range. Together, these underscore the strength of our organic growth-oriented business model and position us well to continue delivering value for our customers and stakeholders."

Balance Sheet
 WesBanco's balance sheet, as of December 31, 2025, reflects both the PFC acquisition and organic growth. Total assets increased 48.2% year-over-year to $27.7 billion, including total portfolio loans of $19.2 billion and total securities of $4.5 billion. Total portfolio loans increased 51.9% year-over-year due to acquired PFC loans of $5.9 billion and organic growth of $657 million, driven by the commercial teams. CRE payoffs have continued to increase and totaled approximately $415 million during the fourth quarter of 2025 and $905 million for the year, more than 2.5 times the prior year-to-date period.

Deposits of $21.7 billion increased 53.3% year-over-year due to acquired PFC deposits of $6.9 billion and organic growth of $662 million, which fully funded year-over-year organic loan growth. On a sequential quarter basis, total deposits increased $385 million, also fully funding quarter-over-quarter loan growth, due to the efforts of our consumer and business teams more than offsetting the intentional runoff of $55 million of higher cost certificates of deposit. Reflecting the addition of PFC deposits, which included $1.3 billion of certificates of deposit, total demand deposits represented 49% of total deposits, with the non-interest bearing component representing 25%.

Credit Quality
 As of December 31, 2025, 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 7 basis points from the sequential quarter to 3.15%. Net charge-offs for the fourth quarter were 0.06% of total loans.

The allowance for credit losses to total portfolio loans at December 31, 2025 was 1.14% of total loans, or $218.7 million. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 1.57% of total portfolio loans.

Net Interest Margin and Income
 The fourth quarter margin of 3.61% improved 58 basis points year-over-year through a combination of higher loan and securities yields and lower funding costs, and improved 8 basis points sequentially. Deposit funding costs of 245 basis points for the fourth quarter of 2025 decreased 26 basis points from the prior year period. When including non-interest bearing deposits, deposit funding costs for the fourth quarter were 184 basis points.

Net interest income for the fourth quarter of 2025 was $222.3 million, an increase of $95.8 million, or 75.7% year-over-year, reflecting the impact of the benefits from the PFC acquisition, loan growth, higher loan and securities yields, and lower deposit and FHLB borrowing costs. For the twelve months ended December 31, 2025, net interest income of $814.3 million increased $336.1 million, or 70.3%, primarily due to the reasons discussed for the three-month period comparison.

Non-Interest Income
 For the fourth quarter of 2025, non-interest income of $43.3 million increased $6.9 million, or 18.9%, from the fourth quarter of 2024 due primarily to the acquisition of PFC. Service charges on deposits increased $3.0 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 $1.3 million from higher volumes primarily associated with our larger customer base. Reflecting record asset levels, trust fees and net securities brokerage revenue increased $2.0 million and $0.4 million, respectively, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Bank-owned life insurance increased $1.9 million year-over-year due to the addition of PFC. Other income decreased $2.0 million due to a $2.3 million gain in the prior year from the transfer of certain liabilities for future pension payments to a third-party insurance company. Gross swap fees were $3.4 million in the fourth quarter, compared to $1.3 million in the prior year period, while fair value adjustments were $0.5 million as compared to $1.9 million, respectively.

Primarily reflecting the items discussed above, as well as mortgage banking income, non-interest income, for the twelve months ended December 31, 2025, increased $38.8 million, or 30.3%, year-over-year to $166.8 million. Mortgage Banking income increased due to an approximate 43% 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 December 31, 2025 was $144.4 million, a $43.9 million, or 43.7%, increase year-over-year primarily due to the addition of the PFC expense base associated with approximately 900 employees and 70 financial centers, but were down slightly as compared to the third quarter, reflecting expense management. Salaries and wages of $61.7 million and employee benefits expense of $17.1 million increased due to higher staffing levels and higher health insurance costs. Amortization of intangible assets of $7.2 million increased $5.2 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 $3.5 million are primarily related to costs associated with the financial center optimization.

Excluding restructuring and merger-related expenses, non-interest expense during the first twelve months of 2025 of $548.6 million increased $153.2 million, or 38.7%, compared to the prior year period, due primarily to the expenses described above. Equipment and software expense of $62.6 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 $20.9 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. At December 31, 2025, Tier I leverage was 9.42%, Tier I risk-based capital ratio was 11.38%, common equity Tier 1 capital ratio ("CET 1") was 10.34%, and total risk-based capital was 13.88%. In addition, the tangible common equity to tangible assets ratio was 8.13%.

Fourth quarter 2025 preferred stock dividends totaled $12.9 million, reflecting the $2.5 million dividend and $5.5 million redemption premium on the Series A preferred stock, which was redeemed on November 15th, and a $4.9 million dividend on the new Series B preferred stock. 

Conference Call and Webcast
 WesBanco will host a conference call to discuss the Company's financial results for the fourth quarter of 2025 at 9:00 a.m. ET on Wednesday, January 28, 2026.  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, 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 855-669-9658, or 1-412-317-0088 for international callers, and providing the access code of 6442178. The replay will begin at approximately 11:00 a.m. ET on January 28, 2026, and end at 12 a.m. ET on February 11, 2026. 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, June 30 and September 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 $27.7 billion in total assets, with our Trust and Investment Services holding $7.9 billion of assets under management and securities account values (including annuities) of $2.5 billion through our broker/dealer, as of December 31, 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 Twelve Months Ended

Statement of Income

December 31,


December 31,

Interest and dividend income

2025


2024


% Change


2025


2024


% Change


Loans, including fees

$        293,208


$          183,251


60.0


$    1,097,203


$          709,802


54.6


Interest and dividends on securities:














Taxable 

31,546


18,575


69.8


116,342


70,559


64.9



Tax-exempt

4,865


4,449


9.4


18,702


18,089


3.4




Total interest and dividends on securities

36,411


23,024


58.1


135,044


88,648


52.3


Other interest income 

9,821


7,310


34.4


39,693


27,191


46.0

          Total interest and dividend income

339,440


213,585


58.9


1,271,940


825,641


54.1

Interest expense













Interest bearing demand deposits

29,821


27,044


10.3


120,953


107,700


12.3


Money market deposits

36,166


18,734


93.1


131,839


72,899


80.9


Savings deposits

9,570


7,271


31.6


35,176


31,066


13.2


Certificates of deposit

24,235


16,723


44.9


87,788


53,236


64.9




Total interest expense on deposits

99,792


69,772


43.0


375,756


264,901


41.8


Federal Home Loan Bank borrowings

11,378


12,114


(6.1)


58,434


62,489


(6.5)


Other short-term borrowings

730


1,291


(43.5)


3,433


3,953


(13.2)


Subordinated debt and junior subordinated debt 

5,243


3,902


34.4


20,017


16,090


24.4




Total interest expense

117,143


87,079


34.5


457,640


347,433


31.7

Net interest income 

222,297


126,506


75.7


814,300


478,208


70.3


Provision for credit losses

3,059


(147)


 NM 


77,242


19,206


302.2

Net interest income after provision for credit losses

219,238


126,653


73.1


737,058


459,002


60.6

Non-interest income













Trust fees

9,745


7,775


25.3


37,087


30,676


20.9


Service charges on deposits

11,159


8,138


37.1


41,392


29,979


38.1


Digital banking income

6,422


5,125


25.3


26,475


19,953


32.7


Net swap fee and valuation income

3,959


3,230


22.6


8,896


5,941


49.7


Net securities brokerage revenue

2,836


2,430


16.7


11,846


10,238


15.7


Bank-owned life insurance

4,458


2,512


77.5


15,101


9,544


58.2


Mortgage banking income

791


1,229


(35.6)


6,194


4,270


45.1


Net securities gains

1,077


61


 NM 


3,379


1,408


140.0


Net (losses)/gains on other real estate owned and other assets

(824)


193


(526.9)


(424)


142


(398.6)


Other income

3,647


5,695


(36.0)


16,809


15,832


6.2




Total non-interest income

43,270


36,388


18.9


166,755


127,983


30.3

Non-interest expense













Salaries and wages

61,664


45,638


35.1


230,977


177,516


30.1


Employee benefits

17,148


11,856


44.6


67,015


46,141


45.2


Net occupancy

8,522


5,999


42.1


33,237


25,157


32.1


Equipment and software

16,110


10,681


50.8


62,612


41,303


51.6


Marketing

2,636


2,531


4.1


9,861


9,764


1.0


FDIC insurance 

5,411


3,640


48.7


20,897


14,215


47.0


Amortization of intangible assets

7,217


2,034


254.8


29,070


8,251


252.3


Restructuring and merger-related expense

3,483


646


439.2


75,933


6,400


 NM 


Other operating expenses  

25,697


18,079


42.1


94,973


73,124


29.9




Total non-interest expense

147,888


101,104


46.3


624,575


401,871


55.4

Income before provision for income taxes

114,620


61,937


85.1


279,238


185,114


50.8


 Provision for income taxes 

23,510


12,308


91.0


56,133


33,604


67.0

Net Income

91,110


49,629


83.6


223,105


151,510


47.3

Preferred stock dividends

12,948


2,531


411.6


20,541


10,125


102.9

Net income available to common shareholders

$          78,162


$            47,098


66.0


$        202,564


$          141,385


43.3































Taxable equivalent net interest income

$        223,590


$          127,689


75.1


$        819,271


$          483,016


69.6
















Per common share data












Net income per common share - basic

$              0.81


$                0.70


15.7


$             2.23


$                2.26


(1.3)

Net income per common share - diluted

0.81


0.70


15.7


2.23


2.26


(1.3)

Adjusted net income per common share - diluted, excluding certain items (1)(2)

0.84


0.71


18.3


3.40


2.34


45.3

Dividends declared

0.38


0.37


2.7


1.49


1.45


2.8

Book value (period end)

39.64


39.54


0.3


39.64


39.54


0.3

Tangible book value (period end) (1)

22.01


22.83


(3.6)


22.01


22.83


(3.6)

Average common shares outstanding - basic

96,053,336


66,895,834


43.6


90,896,991


62,589,406


45.2

Average common shares outstanding - diluted

96,226,845


66,992,009


43.6


91,034,094


62,653,557


45.3

Period end common shares outstanding

96,067,559


66,919,805


43.6


96,067,559


66,919,805


43.6

Period end preferred shares outstanding

230,000


150,000


53.3


230,000


150,000


53.3
















(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 Twelve Months Ended










December 31,










2025


2024


% Change


























Return on average assets





0.78

%

0.78

%

-

%







Return on average assets, excluding certain items (1)




1.19


0.81


46.91








Return on average equity





5.41


5.33


1.50








Return on average equity, excluding certain items (1)




8.27


5.52


49.82








Return on average tangible equity (1)




10.45


9.66


8.18








Return on average tangible equity, excluding certain items (1)



15.40


9.99


54.15








Return on average tangible common equity (1)




11.46


10.66


7.50








Return on average tangible common equity, excluding certain items (1)



16.89


11.03


53.13








Yield on earning assets (2) 





5.50


5.10


7.84








Cost of interest bearing liabilities





2.72


3.07


(11.40)








Net interest spread (2)






2.78


2.03


36.95








Net interest margin (2)






3.53


2.96


19.26








Efficiency (1) (2)






52.87


63.52


(16.77)








Average loans to average deposits





89.24


89.48


(0.27)








Annualized net loan charge-offs/average loans




0.10


0.11


(9.09)








Effective income tax rate 





20.10


18.15


10.74






















































































For the Three Months Ended










Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,










2025


2025


2025


2025


2024






















Return on average assets





1.13

%

1.17

%

0.81

%

(0.22)

%

1.01

%



Return on average assets, excluding certain items (1)




1.17


1.30


1.28


0.96


1.02




Return on average equity





7.58


8.25


5.76


(1.45)


6.68




Return on average equity, excluding certain items (1)




7.85


9.16


9.17


6.45


6.75




Return on average tangible equity (1)




13.93


15.86


11.27


(1.74)


11.49




Return on average tangible equity, excluding certain items (1)



14.39


17.48


17.16


11.61


11.61




Return on average tangible common equity (1)




15.87


17.26


12.06


(1.89)


12.56




Return on average tangible common equity, excluding certain items (1)



16.39


19.03


18.36


12.56


12.69




Yield on earning assets (2) 





5.51


5.58


5.56


5.33


5.10




Cost of interest bearing liabilities





2.62


2.79


2.69


2.78


2.96




Net interest spread (2)






2.88


2.79


2.87


2.55


2.14




Net interest margin (2)






3.61


3.53


3.59


3.35


3.03




Efficiency (1) (2) 






51.62


52.13


52.30


56.36


60.01




Average loans to average deposits





88.78


89.41


89.47


89.32


89.24




Annualized net loan charge-offs and recoveries /average loans



0.06


0.19


0.09


0.08


0.13




Effective income tax rate 





20.51


19.10


19.10


(6.96)


19.87




Trust and Investment Services assets under management (3)



$           7,886


$             7,688


$             7,205


$             6,951


$             5,968




Broker-dealer securities account values (including annuities) (3)



$           2,481


$             2,588


$             2,554


$             2,359


$             1,852






















(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 acquired

       loans.  See non-GAAP financial measures for additional information relating to the calculation of this item.










(2) The yield on earning assets, net interest margin, net interest spread and efficiency ratios are presented on a fully 









       taxable-equivalent (FTE) and annualized basis. The FTE basis adjusts for the tax benefit of income on certain tax-exempt 








       loans and investments.   WesBanco believes this measure to be the preferred industry measurement of net interest income and








       provides a relevant comparison between taxable and non-taxable amounts.













(3) Represents market value at period end, in millions.

 

WESBANCO, INC.









Consolidated Selected Financial Highlights








Page 7

(unaudited, dollars in thousands, except shares)








% Change

Balance sheet


December 31,



September 30,

September 30, 2025

Assets




2025


2024


% Change

2025

to Dec. 31, 2025

Cash and due from banks


$             204,860


$          142,271


44.0

$             231,814

(11.6)

Due from banks - interest bearing


751,249


425,866


76.4

776,423

(3.2)

Securities:











Equity securities, at fair value


30,809


13,427


129.5

30,374

1.4


Available-for-sale debt securities, at fair value


3,288,332


2,246,072


46.4

3,268,016

0.6


Held-to-maturity debt securities (fair values of $1,035,957, $1,006,817










and $1,042,503, respectively)


1,132,114


1,152,906


(1.8)

1,150,520

(1.6)


       Allowance for credit losses, held-to-maturity debt securities


(168)


(146)


(15.1)

(181)

7.2


Net held-to-maturity debt securities


1,131,946


1,152,760


(1.8)

1,150,339

(1.6)


       Total securities


4,451,087


3,412,259


30.4

4,448,729

0.1

Loans held for sale


87,454


18,695


367.8

125,971

(30.6)

Portfolio loans:










Commercial real estate


10,938,834


7,326,681


49.3

10,755,370

1.7


Commercial and industrial


2,863,893


1,787,277


60.2

2,771,906

3.3


Residential real estate 


3,938,585


2,520,086


56.3

3,928,469

0.3


Home equity


1,129,394


821,110


37.5

1,091,636

3.5


Consumer 


355,726


201,275


76.7

384,693

(7.5)

Total portfolio loans, net of unearned income


19,226,432


12,656,429


51.9

18,932,074

1.6

Allowance for credit losses - loans 


(218,749)


(138,766)


(57.6)

(217,666)

(0.5)


       Net portfolio loans


19,007,683


12,517,663


51.8

18,714,408

1.6

Premises and equipment, net


263,240


219,076


20.2

267,521

(1.6)

Accrued interest receivable


106,651


78,324


36.2

108,865

(2.0)

Goodwill and other intangible assets, net


1,723,385


1,124,016


53.3

1,736,073

(0.7)

Bank-owned life insurance


557,512


360,738


54.5

555,104

0.4

Other assets


543,212


385,390


41.0

553,134

(1.8)

Total Assets


$       27,696,333


$     18,684,298


48.2

$        27,518,042

0.6













Liabilities










Deposits:











Non-interest bearing demand


$         5,376,767


$       3,842,758


39.9

$          5,285,740

1.7


Interest bearing demand


5,186,880


3,771,314


37.5

5,025,216

3.2


Money market


5,072,039


2,429,977


108.7

4,901,863

3.5


Savings deposits


3,157,782


2,362,736


33.6

3,141,075

0.5


Certificates of deposit


2,875,372


1,726,932


66.5

2,930,368

(1.9)


       Total deposits


21,668,840


14,133,717


53.3

21,284,262

1.8

Federal Home Loan Bank borrowings


1,200,000


1,000,000


20.0

1,275,000

(5.9)

Other short-term borrowings


110,679


192,073


(42.4)

113,501

(2.5)

Subordinated debt and junior subordinated debt 


308,529


279,308


10.5

358,373

(13.9)


       Total borrowings


1,619,208


1,471,381


10.0

1,746,874

(7.3)

Accrued interest payable


19,150


14,228


34.6

25,472

(24.8)

Other liabilities


357,222


274,691


30.0

344,907

3.6

Total Liabilities


23,664,420


15,894,017


48.9

23,401,515

1.1













Shareholders' Equity









Preferred stock, no par value; 1,000,000 shares authorized; 0, 150,000 and 150,000










shares of 6.75% non-cumulative perpetual preferred stock, Series A, liquidation










preference $150.0 million, issued and outstanding, respectively


-


144,484


(100.0)

144,484

(100.0)

Preferred stock, no par value, 1,000,000 shares authorized; 230,000, 0 and 230,000










shares of 7.375% non-cumulative perpetual preferred stock, Series B, liquidation











preference $230.0 million, issued and outstanding, respectively


224,187


-


100.0

224,383

(0.1)

Common stock, $2.0833 par value; 200,000,000, 200,000,000 and 200,000,000










shares authorized; 96,067,559, 75,354,034 and 96,044,222 shares issued;










96,067,559, 66,919,805 and 96,044,222 shares outstanding, respectively


200,137


156,985


27.5

200,088

0.0

Capital surplus


2,490,440


1,809,679


37.6

2,487,564

0.1

Retained earnings


1,252,765


1,192,091


5.1

1,210,823

3.5

Treasury stock (0, 8,434,229 and 0 shares - at cost, respectively)


-


(292,244)


(100.0)

-

-

Accumulated other comprehensive loss


(133,320)


(218,632)


39.0

(148,669)

10.3

Deferred benefits for directors


(2,296)


(2,082)


(10.3)

(2,146)

(7.0)

Total Shareholders' Equity


4,031,913


2,790,281


44.5

4,116,527

(2.1)

Total Liabilities and Shareholders' Equity


$       27,696,333


$     18,684,298


48.2

$        27,518,042

0.6

























 

WESBANCO, INC.



















Consolidated Selected Financial Highlights















Page 8

(unaudited, dollars in thousands)


















Average balance sheet and


















net interest margin analysis




For the Three Months Ended December 31,


For the Twelve Months Ended December 31, 







2025


2024


2025



2024







Average 

Average



Average 

Average


Average 

Average



Average 

Average


Assets





Balance

Rate



Balance

Rate


Balance

Rate



Balance

Rate


Due from banks - interest bearing




$          762,245

4.26

%


$          474,933

5.05

%

$       719,247

4.66

%


$         409,900

5.48

%

Loans, net of unearned income (1)




19,100,442

6.09



12,565,244

5.80


17,943,698

6.11



12,185,386

5.83


Securities: (2)



















    Taxable





3,875,915

3.23



2,924,539

2.53


3,729,244

3.12



2,894,993

2.44


    Tax-exempt (3)





749,388

3.26



734,929

3.05


736,998

3.21



748,304

3.06


        Total securities





4,625,303

3.23



3,659,468

2.63


4,466,242

3.13



3,643,297

2.57


Other earning assets 





57,695

11.28



51,208

9.99


70,891

8.70



57,845

8.20


         Total earning assets (3)




24,545,685

5.51

%


16,750,853

5.10

%

23,200,078

5.50

%


16,296,428

5.10

%

Other assets





2,936,278




1,842,412



2,767,592




1,826,197



Total Assets





$     27,481,963




$     18,593,265



$ 25,967,670




$    18,122,625






















Liabilities and Shareholders' Equity

















Interest bearing demand deposits




$       5,082,842

2.33

%


$       3,763,465

2.86

%

$   4,779,261

2.53

%


$      3,604,463

2.99

%

Money market accounts 




5,052,312

2.84



2,427,005

3.07


4,506,303

2.93



2,259,882

3.23


Savings deposits





3,144,470

1.21



2,365,805

1.22


3,008,218

1.17



2,422,859

1.28


Certificates of deposit





2,907,019

3.31



1,704,878

3.90


2,748,131

3.19



1,467,738

3.63


    Total interest bearing deposits




16,186,643

2.45



10,261,153

2.71


15,041,913

2.50



9,754,942

2.72


Federal Home Loan Bank borrowings



1,047,826

4.31



972,283

4.96


1,325,871

4.41



1,164,344

5.37


Repurchase agreements




115,255

2.51



179,052

2.87


126,726

2.71



125,534

3.15


Subordinated debt and junior subordinated debt 


357,353

5.82



279,277

5.56


344,691

5.81



279,189

5.76


      Total interest bearing liabilities (4)



17,707,077

2.62

%


11,691,765

2.96

%

16,839,201

2.72

%


11,324,009

3.07

%

Non-interest bearing demand deposits



5,328,423




3,819,593



5,064,560




3,863,366



Other liabilities





358,007




275,828



321,844




282,076



Shareholders' equity





4,088,456




2,806,079



3,742,065




2,653,174



Total Liabilities and Shareholders' Equity



$     27,481,963




$     18,593,265



$ 25,967,670




$    18,122,625



Taxable equivalent net interest spread




2.88

%



2.14

%


2.78

%



2.03

%

Taxable equivalent net interest margin 




3.61

%



3.03

%


3.53

%



2.96

%







































(1) Gross of 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 $1.5 million and $1.1 million for the three months ended December 31, 2025 and 2024, respectively, and were $7.0 million and $2.9 million for the twelve months ended December 31, 2025 and 2024, respectively.  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 December 31, 2025 and 2024, respectively, and $55.3 million and $3.1 million for the twelve months ended December 31, 2025 and 2024, respectively. 




(2) Average yields on available-for-sale securities are calculated based on amortized cost.





















(3) Taxable equivalent basis is calculated on tax-exempt securities using a rate of 21% for each period presented.





















(4) Accretion on interest bearing liabilities acquired from prior acquisitions was $0.8 million for the three months ended December 31, 2025, and $10.3 million and $0.2 million for the twelve months ended December 31, 2025 and 2024, respectively.  There was no accretion on interest bearing liabilities recorded for the three months ended December 31, 2024.


 

WESBANCO, INC.










Consolidated Selected Financial Highlights









 Page 9 

(unaudited, dollars in thousands, except shares and per share amounts)














Quarter Ended

Statement of Income

Dec. 31,


Sept. 30,


June 30,


March 31,


Dec. 31,

Interest and dividend income

2025


2025


2025


2025


2024


Loans, including fees

$        293,208


$          295,482


$          290,104


$          218,409


$          183,251


Interest and dividends on securities:












Taxable 

31,546


31,483


31,066


22,247


18,575



Tax-exempt

4,865


4,692


4,616


4,529


4,449




Total interest and dividends on securities

36,411


36,175


35,682


26,776


23,024


Other interest income 

9,821


11,229


10,596


8,047


7,310

          Total interest and dividend income

339,440


342,886


336,382


253,232


213,585

Interest expense











Interest bearing demand deposits

29,821


31,351


30,405


29,377


27,044


Money market deposits

36,166


38,249


36,287


21,134


18,734


Savings deposits

9,570


9,577


8,670


7,359


7,271


Certificates of deposit

24,235


23,554


21,442


18,558


16,723




Total interest expense on deposits

99,792


102,731


96,804


76,428


69,772


Federal Home Loan Bank borrowings

11,378


17,337


16,683


13,034


12,114


Other short-term borrowings

730


766


816


1,122


1,291


Subordinated debt and junior subordinated debt

5,243


5,336


5,310


4,129


3,902




Total interest expense

117,143


126,170


119,613


94,713


87,079

Net interest income 

222,297


216,716


216,769


158,519


126,506


Provision for credit losses

3,059


2,082


3,218


68,883


(147)

Net interest income after provision for credit losses

219,238


214,634


213,551


89,636


126,653

Non-interest income











Trust fees

9,745


8,987


9,657


8,697


7,775


Service charges on deposits

11,159


11,163


10,484


8,587


8,138


Digital banking income

6,422


7,324


7,325


5,404


5,125


Net swap fee and valuation income

3,959


3,231


746


961


3,230


Net securities brokerage revenue

2,836


2,961


3,348


2,701


2,430


Bank-owned life insurance

4,458


3,765


3,450


3,428


2,512


Mortgage banking income

791


1,898


2,364


1,140


1,229


Net securities gains / (losses) 

1,077


1,210


1,410


(318)


61


Net (losses)/gains on other real estate owned and other assets

(824)


329


111


(40)


193


Other income

3,647


3,996


5,062


4,105


5,695




Total non-interest income

43,270


44,864


43,957


34,665


36,388

Non-interest expense











Salaries and wages

61,664


60,583


60,153


48,577


45,638


Employee benefits

17,148


18,040


18,857


12,970


11,856


Net occupancy

8,522


8,819


8,119


7,778


5,999


Equipment and software

16,110


16,310


17,140


13,050


10,681


Marketing

2,636


2,979


1,864


2,382


2,531


FDIC insurance 

5,411


5,820


5,479


4,187


3,640


Amortization of intangible assets

7,217


8,425


9,204


4,223


2,034


Restructuring and merger-related expense

3,483


11,383


41,056


20,010


646


Other operating expenses  

25,697


23,829


24,663


20,789


18,079




Total non-interest expense

147,888


156,188


186,535


133,966


101,104

Income / (loss) before provision for income taxes

114,620


103,310


70,973


(9,665)


61,937


Provision / (benefit) provision for income taxes 

23,510


19,737


13,558


(673)


12,308

Net Income /(loss)

91,110


83,573


57,415


(8,992)


49,629

Preferred stock dividends

12,948


2,531


2,531


2,531


2,531

Net income / (loss) available to common shareholders

$          78,162


$            81,042


$            54,884


$          (11,523)


$            47,098














Taxable equivalent net interest income

$        223,590


$          217,963


$          217,996


$         159,723


$          127,689














Per common share data










Net income / (loss) per common share - basic

$              0.81


$                0.84


$                0.57


$              (0.15)


$                0.70

Net income / (loss) per common share - diluted

0.81


0.84


0.57


(0.15)


0.70

Adjusted net income per common share - diluted, excluding certain items (1)(2)

0.84


0.94


0.91


0.66


0.71

Dividends declared

0.38


0.37


0.37


0.37


0.37

Book value (period end)

39.64


39.02


38.28


38.02


39.54

Tangible book value (period end) (1)

22.01


21.29


20.48


20.06


22.83

Average common shares outstanding - basic

96,053,336


95,995,174


95,744,980


76,830,460


66,895,834

Average common shares outstanding - diluted

96,226,845


96,116,617


95,808,310


77,020,592


66,992,009

Period end common shares outstanding

96,067,559


96,044,222


95,986,023


95,672,204


66,919,805

Period end preferred shares outstanding

230,000


380,000


150,000


150,000


150,000

Full time equivalent employees

3,030


3,064


3,253


3,205


2,262














(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 10 

(unaudited, dollars in thousands)
















Quarter Ended






Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Asset quality data


2025


2025


2025


2025


2024


Non-performing assets:













Total non-performing loans 



$       91,584


$         94,463


$         84,319


$         81,489


$         39,752



Other real estate and repossessed assets

907


997


958


1,854


852



       Total non-performing assets


$       92,491


$         95,460


$         85,277


$         83,343


$         40,604
















Past due loans (1):













Loans past due 30-89 days


$       91,199


$         80,333


$         65,401


$         69,755


$         45,926



Loans past due 90 days or more


37,783


19,430


20,890


10,734


13,553



       Total past due loans


$     128,982


$         99,763


$         86,291


$         80,489


$         59,479
















Criticized and classified loans (2):













Criticized loans


$     413,068


$       433,320


$       531,415


$       470,619


$       242,000



Classified loans


191,860


175,648


151,849


149,452


112,669



       Total criticized and classified loans

$     604,928


$       608,968


$       683,264


$       620,071


$       354,669
















Loans past due 30-89 days / total portfolio loans 

0.47

%

0.42

%

0.35

%

0.37

%

0.36

%

Loans past due 90 days or more / total portfolio loans

0.20


0.10


0.11


0.06


0.11


Non-performing loans / total portfolio loans

0.48


0.50


0.45


0.44


0.31


Non-performing assets / total portfolio loans, other












real estate and repossessed assets


0.48


0.50


0.45


0.45


0.32


Non-performing assets / total assets


0.33


0.35


0.31


0.30


0.22


Criticized and classified loans / total portfolio loans

3.15


3.22


3.63


3.32


2.80
















Allowance for credit losses












Allowance for credit losses - loans


$     218,749


$       217,666


$       223,866


$       233,617


$       138,766


Allowance for credit losses - loan commitments

6,950


7,628


6,168


6,459


6,120


Provision for credit losses


3,059


2,082


3,218


68,883


(147)


Net loan and deposit account overdraft charge-offs and recoveries

2,666


8,867


4,329


2,771


4,066
















Annualized net loan charge-offs and recoveries / average loans

0.06

%

0.19

%

0.09

%

0.08

%

0.13

%

Allowance for credit losses - loans / total portfolio loans

1.14

%

1.15

%

1.19

%

1.25

%

1.10

%

Allowance for credit losses - loans / non-performing loans

2.39

x

2.30

x

2.65

x

2.87

x

3.49

x

Allowance for credit losses - loans / non-performing loans and












loans past due 


0.99

x

1.12

x

1.31

x

1.44

x

1.40

x















































Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,






2025


2025


2025


2025


2024


Capital ratios












Tier I leverage capital


9.42

%

9.72

%

8.66

%

11.01

%

10.68

%

Tier I risk-based capital


11.38


11.83


10.59


10.69


13.06


Total risk-based capital


13.88


14.58


13.40


13.59


15.88


Common equity tier 1 capital ratio (CET 1)

10.34


10.10


9.90


9.99


12.07


Average shareholders' equity to average assets

14.88


14.22


13.99


14.86


15.09


Tangible equity to tangible assets (3)


8.99


9.35


8.16


8.03


9.52


Tangible common equity to tangible assets (3)

8.13


7.92


7.60


7.47


8.70






























(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 11

The 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 





Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Dec. 31,

(unaudited, dollars in thousands, except shares and per share amounts)

2025


2025


2025


2025


2024


2025

2024

Return on average assets, excluding certain items:














Net income / (loss) available to common shareholders

$          78,162


$           81,042


$           54,884


$         (11,523)


$           47,098


$           202,564

$         141,385


Plus: after-tax restructuring and merger-related expenses  (1)

2,752


8,993


32,434


15,808


510


59,987

5,056


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

80,914


90,035


87,318


51,211


47,608


309,477

146,441


















Average total assets


$  27,481,963


$    27,419,726


$    27,304,700


$    21,658,352


$    18,593,265


$     25,967,670

$    18,122,625

















Return on average assets, excluding certain items (annualized)  (2)

1.17 %


1.30 %


1.28 %


0.96 %


1.02 %


1.19 %

0.81 %

















Return on average equity, excluding certain items:














Net income / (loss) available to common shareholders

$          78,162


$           81,042


$           54,884


$         (11,523)


$           47,098


$           202,564

$         141,385


Plus: after-tax restructuring and merger-related expenses  (1)

2,752


8,993


32,434


15,808


510


59,987

5,056


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 

80,914


90,035


87,318


51,211


47,608


309,477

146,441


















Average total shareholders' equity

$     4,088,456


$      3,898,142


$      3,819,513


$      3,218,639


$      2,806,079


$       3,742,065

$      2,653,174

















Return on average equity, excluding certain items (annualized)  (2)

7.85 %


9.16 %


9.17 %


6.45 %


6.75 %


8.27 %

5.52 %

















Return on average tangible equity:














Net income / (loss) available to common shareholders

$          78,162


$           81,042


$           54,884


$         (11,523)


$           47,098


$           202,564

$         141,385


Plus: amortization of intangibles (1)

5,701


6,656


7,271


3,336


1,607


22,965

6,518


Net income / (loss) available to common shareholders before amortization of intangibles 

83,863


87,698


62,155


(8,187)


48,705


225,529

147,903


















Average total shareholders' equity

4,088,456


3,898,142


3,819,513


3,218,639


2,806,079


3,742,065

2,653,174


Less: average goodwill and other intangibles, net of def. tax liability

(1,700,188)


(1,704,105)


(1,608,358)


(1,312,855)


(1,119,060)


(1,583,033)

(1,121,472)


Average tangible equity

$     2,388,268


$      2,194,037


$      2,211,155


$      1,905,784


$      1,687,019


$       2,159,032

$      1,531,702

















Return on average tangible equity (annualized)  (2)

13.93 %


15.86 %


11.27 %


-1.74 %


11.49 %


10.45 %

9.66 %


















Average tangible common equity

$     2,096,528


$      2,015,329


$      2,066,671


$      1,761,300


$      1,542,535


$       1,968,805

$      1,387,218

Return on average tangible common equity (annualized)  (2)

15.87 %


17.26 %


12.06 %


-1.89 %


12.56 %


11.46 %

10.66 %

















Return on average tangible equity, excluding certain items:














Net income / (loss) available to common shareholders

$          78,162


$           81,042


$           54,884


$         (11,523)


$           47,098


$           202,564

$         141,385


Plus: after-tax restructuring and merger-related expenses  (1)

2,752


8,993


32,434


15,808


510


59,987

5,056


Plus: amortization of intangibles  (1)

5,701


6,656


7,271


3,336


1,607


22,965

6,518


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

86,615


96,691


94,589


54,547


49,215


332,442

152,959


















Average total shareholders' equity

4,088,456


3,898,142


3,819,513


3,218,639


2,806,079


3,742,065

2,653,174


Less: average goodwill and other intangibles, net of def. tax liability

(1,700,188)


(1,704,105)


(1,608,358)


(1,312,855)


(1,119,060)


(1,583,033)

(1,121,472)


Average tangible equity

$     2,388,268


$      2,194,037


$      2,211,155


$      1,905,784


$      1,687,019


$       2,159,032

$      1,531,702

















Return on average tangible equity, excluding certain items (annualized)  (2)

14.39 %


17.48 %


17.16 %


11.61 %


11.61 %


15.40 %

9.99 %


















Average tangible common equity

$     2,096,528


$      2,015,329


$      2,066,671


$      1,761,300


$      1,542,535


$       1,968,805

$      1,387,218

Return on average tangible common equity, excluding certain items (annualized)  (2)

16.39 %


19.03 %


18.36 %


12.56 %


12.69 %


16.89 %

11.03 %

















Efficiency ratio:
















Non-interest expense


$        147,888


$         156,188


$         186,535


$         133,966


$         101,104


$           624,575

$         401,871


Less: amortization of intangibles

(7,217)


(8,425)


(9,204)


(4,223)


(2,034)


(29,070)

(8,251)


Less: restructuring and merger-related expense

(3,483)


(11,383)


(41,056)


(20,010)


(646)


(75,933)

(6,400)


Non-interest expense excluding restructuring and merger-related expense

137,188


136,380


136,275


109,733


98,424


519,572

387,220


















Net interest income on a fully taxable equivalent basis

223,590


217,963


217,996


159,723


127,689


819,271

483,016


Non-interest income, excluding net securities gains (losses)

42,193


43,654


42,547


34,983


36,327


163,376

126,575


Net interest income on a fully taxable equivalent basis plus non-interest income

$        265,783


$         261,617


$         260,543


$         194,706


$         164,016


$           982,647

$         609,591


Efficiency ratio


51.62 %


52.13 %


52.30 %


56.36 %


60.01 %


52.87 %

63.52 %

































Adjusted net income available to common shareholders, excluding certain items:














Net income / (loss) available to common shareholders

$          78,162


$           81,042


$           54,884


$         (11,523)


$           47,098


$           202,564

$         141,385


Add: after-tax restructuring and merger-related expenses (1)

2,752


8,993


32,434


15,808


510


59,987

5,056


Add: after-tax day one provision for credit losses on acquired loans (1)

-


-


-


46,926


-


46,926

-

Adjusted net income available to common shareholders, excluding certain items:

$          80,914


$           90,035


$           87,318


$           51,211


$           47,608


$           309,477

$         146,441

















Adjusted net income per common share - diluted, excluding certain items:














Net income / (loss) per common share - diluted

$              0.81


$               0.84


$               0.57


$             (0.15)


$               0.70


$                  2.23

$               2.26


Add: after-tax restructuring and merger-related expenses per common share - diluted (1)

0.03


0.10


0.34


0.21


0.01


0.66

0.08


Add: after-tax day one provision for credit losses on acquired loans (1)

-


-


-


0.60


-


0.51

-

Adjusted net income per common share - diluted, excluding certain items:

$              0.84


$               0.94


$               0.91


$               0.66


$               0.71


$                  3.40

$               2.34





































Period End








Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,








2025


2025


2025


2025


2024




Tangible book value per share:














Total shareholders' equity

$     4,031,913


$      4,116,527


$      3,819,220


$      3,781,579


$      2,790,281





Less:  goodwill and other intangible assets, net of def. tax liability

(1,693,755)


(1,702,916)


(1,709,001)


(1,718,048)


(1,118,293)





Less: preferred shareholder's equity

(224,187)


(368,867)


(144,484)


(144,484)


(144,484)





Tangible common equity

2,113,971


2,044,744


1,965,735


1,919,047


1,527,504





















Common shares outstanding

96,067,559


96,044,222


95,986,023


95,672,204


66,919,805




















Tangible book value per share

$            22.01


$             21.29


$             20.48


$             20.06


$             22.83




















Tangible common equity to tangible assets:














Total shareholders' equity

$     4,031,913


$      4,116,527


$      3,819,220


$      3,781,579


$      2,790,281





Less:  goodwill and other intangible assets, net of def. tax liability

(1,693,755)


(1,702,916)


(1,709,001)


(1,718,048)


(1,118,293)





Tangible equity


2,338,158


2,413,611


2,110,219


2,063,531


1,671,988





Less: preferred shareholder's equity

(224,187)


(368,867)


(144,484)


(144,484)


(144,484)





Tangible common equity

2,113,971


2,044,744


1,965,735


1,919,047


1,527,504





















Total assets


27,696,333


27,518,042


27,571,576


27,412,383


18,684,298





Less:  goodwill and other intangible assets, net of def. tax liability

(1,693,755)


(1,702,916)


(1,709,001)


(1,718,048)


(1,118,293)





Tangible assets


$  26,002,578


$    25,815,126


$    25,862,575


$    25,694,335


$    17,566,005




















Tangible equity to tangible assets

8.99 %


9.35 %


8.16 %


8.03 %


9.52 %




















Tangible common equity to tangible assets

8.13 %


7.92 %


7.60 %


7.47 %


8.70 %




































(1) Tax effected at 21% for all periods presented.













(2) The ratios are annualized by utilizing actual numbers of days in the quarter versus the year.












 

WESBANCO, INC.














Additional Non-GAAP Financial Measures












Page 12

The 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 





Dec. 31,


Sept. 30,


June 30,


Mar. 31,


Dec. 31,


Dec. 31,

(unaudited, dollars in thousands, except shares and per share amounts)

2025


2025


2025


2025


2024


2025

2024

Pre-tax, pre-provision income:














Income / (loss) before provision / (benefit) for income taxes

$       114,620


$         103,310


$           70,973


$            (9,665)


$           61,937


$       279,238

$         185,114


Add: provision for credit losses

3,059


2,082


3,218


68,883


(147)


77,242

19,206

Pre-tax, pre-provision income


$       117,679


$         105,392


$           74,191


$           59,218


$           61,790


$       356,480

$         204,320

















Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:














Income / (loss) before provision / (benefit) for income taxes

$       114,620


$         103,310


$           70,973


$            (9,665)


$           61,937


$       279,238

$         185,114


Add: provision for credit losses

3,059


2,082


3,218


68,883


(147)


77,242

19,206


Add: restructuring and merger-related expenses

3,483


11,383


41,056


20,010


646


75,933

6,400

Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

$       121,162


$         116,775


$         115,247


$           79,228


$           62,436


$       432,413

$         210,720

















Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses:














Income / (loss) before provision / (benefit) for income taxes

$       114,620


$         103,310


$           70,973


$            (9,665)


$           61,937


$       279,238

$         185,114


Add: provision for credit losses

3,059


2,082


3,218


68,883


(147)


77,242

19,206


Add: restructuring and merger-related expenses

3,483


11,383


41,056


20,010


646


75,933

6,400

Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

121,162


116,775


115,247


79,228


62,436


432,413

210,720


















Average total assets


$ 27,481,963


$    27,419,726


$    27,304,700


$    21,658,352


$    18,593,265


$ 25,967,670

$    18,122,625

















Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses (annualized) (2)

1.75 %


1.69 %


1.69 %


1.48 %


1.34 %


1.67 %

1.16 %

















Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses:














Income / (loss) before provision / (benefit) for income taxes

$       114,620


$         103,310


$           70,973


$            (9,665)


$           61,937


$       279,238

$         185,114


Add: provision for credit losses

3,059


2,082


3,218


68,883


(147)


77,242

19,206


Add: restructuring and merger-related expenses

3,483


11,383


41,056


20,010


646


75,933

6,400

Pre-tax, pre-provision income, excluding restructuring and merger-related expenses

121,162


116,775


115,247


79,228


62,436


432,413

210,720


















Average total shareholders' equity

$   4,088,456


$      3,898,142


$      3,819,513


$      3,218,639


$      2,806,079


$   3,742,065

$      2,653,174

















Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses (annualized) (2)

11.76 %


11.88 %


12.10 %


9.98 %


8.85 %


11.56 %

7.94 %

















Pre-tax, pre-provision return on average tangible equity, excluding certain items (1):














Income / (loss) before provision / (benefit) for income taxes

$       114,620


$         103,310


$           70,973


$            (9,665)


$           61,937


$       279,238

$         185,114


Add: provision for credit losses

3,059


2,082


3,218


68,883


(147)


77,242

19,206


Add: amortization of intangibles

7,217


8,425


9,204


4,223


2,034


29,070

8,251


Add: restructuring and merger-related expenses

3,483


11,383


41,056


20,010


646


75,933

6,400

Pre-tax, pre-provision income before restructuring and merger-related expenses and amortization of intangibles

128,379


125,200


124,451


83,451


64,470


461,483

218,971


















Average total shareholders' equity

4,088,456


3,898,142


3,819,513


3,218,639


2,806,079


3,742,065

2,653,174


Less: average goodwill and other intangibles, net of def. tax liability

(1,700,188)


(1,704,105)


(1,608,358)


(1,312,855)


(1,119,060)


(1,583,033)

(1,121,472)


Average tangible equity

$   2,388,268


$      2,194,037


$      2,211,155


$      1,905,784


$      1,687,019


$   2,159,032

$      1,531,702

















Pre-tax, pre-provision return on average tangible equity, excluding certain items (annualized) (1) (2)

21.33 %


22.64 %


22.58 %


17.76 %


15.20 %


21.37 %

14.30 %


















Average tangible common equity

$   2,096,528


$      2,015,329


$      2,066,671


$      1,761,300


$      1,542,535


$   1,968,805

$      1,387,218

Pre-tax, pre-provision return on average tangible common equity, excluding certain items (annualized) (1) (2)

24.29 %


24.65 %


24.15 %


19.22 %


16.63 %


23.44 %

15.78 %

















































(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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SOURCE WesBanco, Inc.