Improved net interest margin 22 basis points year-over-year; advanced organic growth with expansion into South Florida
WHEELING, W.Va., April 21, 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 March 31, 2026. Net income available to common shareholders for the first quarter of 2026 was $84.4 million, with diluted earnings per share of $0.88, compared to a loss of $11.5 million and $(0.15) per diluted share, respectively, for the first quarter of 2025. The first quarter of 2025 includes 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.
As noted below, WesBanco reported $0.91 of earnings per diluted share, in the first quarter, as compared to $0.66 in the prior year period, when excluding after-tax restructuring and merger-related expenses and after-tax day one provision for credit losses on acquired loans (non-GAAP measures).
For the Three Months Ended March 31,
2026 2025
(unaudited, dollars in thousands, Net Income Diluted Net Income Diluted
except per share amounts) Earnings Earnings
Per Share Per Share
Net income (loss) available to common shareholders (GAAP) $84,395 $0.88 $(11,523) $(0.15)
Add: After-tax restructuring and merger-related expenses 2,933 0.03 15,808 0.21
Add: After-tax day one provision for credit losses on acquired loans 46,926 0.60
Adjusted net income available to common shareholders (Non-GAAP) (1) $87,328 $0.91 $51,211 $0.66
(1) See non-GAAP financial measures for additional information relating to the calculation of these items.
Financial and operational highlights for the quarter ended March 31, 2026:
- Achieved or exceeded year one financial targets outlined in the PFC acquisition model, including a 1.3% return on average assets, 10.7% CET1 ratio, and tangible book value per share of $22.45 (non-GAAP measures)
- Advanced organic growth model with commercial banking expansion into high-growth South Florida markets
- Increased net interest margin 22 basis points year-over-year to 3.57%, driven by lower funding costs and higher earning asset yields
- Improved efficiency ratio nearly 4 percentage points year-over-year to 52.5%, primarily due to expense synergies from the PFC acquisition and the focus on positive operating leverage
- Executed next phase of financial center optimization with planned closure of 10 financial centers in May 2026
- Built record commercial loan pipeline totaling $1.6 billion as of March 31, 2026
- Increased total deposits 1.8% year-over-year on an organic basis to $21.7 billion; flat compared to the fourth quarter
- Increased total loans 2.2% year-over-year as organic growth more than offset higher commercial real estate ("CRE") payoffs of $340 million
- CRE payoffs impacted year-over-year loan growth by 1.4%
"Our first quarter results demonstrate sound fundamentals and the benefits of our disciplined approach to growth and expense management," said Jeff Jackson, President and Chief Executive Officer, WesBanco. "We continued to drive organic loan and deposit growth, improved our net interest margin and efficiency ratio year-over-year, and exceeded our year one financial targets for the Premier acquisition - underscoring the strength of our operating model and our ability to deliver on strategic commitments. During the quarter, we took additional steps to position the Company for long-term success - expanding our commercial banking presence to high-growth South Florida markets and further optimizing our financial center network to align with customer behavior and drive operating efficiency. We remain focused on disciplined investment and execution to deliver consistent, sustainable value for our shareholders."
Balance Sheet
WesBanco's balance sheet, as of March 31, 2026, reflects organic growth and the impact of elevated CRE payoffs. Total assets increased 0.3% year-over-year to $27.5 billion, including total portfolio loans of $19.1 billion and total securities of $4.4 billion. Total portfolio loans increased 2.2% year-over-year due to organic growth of $667 million offset by higher CRE payoffs of $258 million. As anticipated, CRE payoffs continued to remain elevated and totaled approximately $340 million during the first quarter of 2026, consistent with the elevated quarterly levels incurred during the second half of 2025. The commercial loan pipeline has grown 35% since year-end to a record $1.6 billion, as of March 31, 2026, and does not yet include the benefit of the South Florida expansion.
Deposits of $21.7 billion increased 1.8% year-over-year due to organic growth that more than offset the decline in higher cost certificates of deposit. On a sequential quarter basis, total deposits were essentially flat. Total demand deposits represented 50% of total deposits, with the non-interest bearing component representing 24%.
Credit Quality
As of March 31, 2026, credit quality measures have remained low, from a historical perspective, and favorable to all banks with assets between $20 and $50 billion for at least the last 5 quarters. Criticized and classified loans as a percent of total portfolio loans decreased $49 million, or 24 basis points, from the sequential quarter to 2.91%. Non-performing loans increased $53 million sequentially primarily due to three CRE loans across different markets and property types, none of which were office. Net charge-offs for the first quarter were 0.16% of total loans.
The allowance for credit losses to total portfolio loans at March 31, 2026 was 1.10% of total loans, or $210.0 million. The first quarter provision for credit losses was negative primarily due to lower loan balances and higher prepayment speeds. Excluded from the allowance for credit losses and the related coverage ratio is a remaining unaccreted discount on purchased loans from acquisitions representing 1.51% of total portfolio loans.
Net Interest Margin and Income
The first quarter margin of 3.57% improved 22 basis points year-over-year through a combination of lower funding costs and higher securities yields but declined 4 basis points sequentially. This decrease resulted from lower net loan growth, as well as modestly higher seasonal deposit contraction in the first two months of the quarter which fully recovered by March 31, 2026. Deposit funding costs of 235 basis points for the first quarter of 2026 decreased 20 basis points from the prior year period. When including non-interest bearing deposits, deposit funding costs for the first quarter were 177 basis points.
Net interest income for the first quarter of 2026 was $215.4 million, an increase of $56.9 million, or 35.9% year-over-year, reflecting the impact of the benefits from the PFC acquisition, loan growth, higher securities yields, and lower deposit and FHLB borrowing costs.
Non-Interest Income
For the first quarter of 2026, non-interest income of $41.8 million increased $7.2 million, or 20.7%, from the first quarter of 2025 due primarily to the acquisition of PFC on February 28 of last year. Service charges on deposits increased $2.4 million and digital banking fees increased $1.2 million year-over-year due to increased general spending and higher transaction volumes from our larger customer base, as well as organic growth from our treasury management products and services. Reflecting record asset levels, trust fees and net securities brokerage revenue increased $1.7 million and $0.8 million, respectively, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Gross swap fees were $1.2 million in the first quarter, compared to $2.0 million in the prior year period, while fair value adjustments were losses of $0.1 million and $1.0 million, respectively.
Non-Interest Expense
Non-interest expense, excluding restructuring and merger-related costs, for the three months ended March 31, 2026 was $143.0 million, a $29.0 million, or 25.5%, increase year-over-year primarily due to the addition of the PFC expense base, which was only in the WesBanco expense base for one month in the prior year period, but were down as compared to the fourth quarter, reflecting expense management. Salaries and wages of $64.0 million and employee benefits expense of $17.6 million increased due to a full quarter of salaries as compared to the prior year. Amortization of intangible assets of $7.2 million increased $2.9 million year-over-year due to the core deposit intangible asset that was created from the acquisition of PFC. Equipment and software of $15.7 million, consistent with the last several quarters, increased $2.6 million due to the acquisition of PFC. Restructuring and merger-related expenses of $3.7 million are primarily related to costs associated with the 10 financial centers that are planned to close during May.
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 March 31, 2026, Tier I leverage was 9.63%, Tier I risk-based capital ratio was 11.72%, common equity Tier 1 capital ratio ("CET 1") was 10.67%, and total risk-based capital was 14.19%. In addition, the tangible common equity to tangible assets ratio was 8.37%.
Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2026 at 9:00 a.m. ET on Wednesday, April 22, 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 4494073. The replay will begin at approximately 11:00 a.m. ET on April 22, 2026, and end at 12 a.m. ET on May 6, 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, 2025 and documents subsequently filed by WesBanco with the Securities and Exchange Commission ("SEC"), 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, 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: 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 2025 Annual Report on Form 10-K and documents subsequently filed by WesBanco with the SEC.
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 ten-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia, WesBanco has $27.5 billion in total assets, with our Trust and Investment Services holding $7.8 billion of assets under management and securities account values (including annuities) of $2.6 billion through our broker/dealer, as of March 31, 2026. 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
Statement of Income March 31,
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Interest and dividend income 2026 2025 % Change
Loans, including fees $280,989 $218,409 28.7
Interest and dividends on securities:
Taxable 31,443 22,247 41.3
Tax-exempt 4,824 4,529 6.5
Total interest and dividends on securities 36,267 26,776 35.4
Other interest income 8,368 8,047 4.0
Total interest and dividend income 325,624 253,232 28.6
Interest expense
Interest bearing demand deposits 29,368 29,377 (0.0)
Money market deposits 32,151 21,134 52.1
Savings deposits 10,119 7,359 37.5
Certificates of deposit 22,591 18,558 21.7
Total interest expense on deposits 94,229 76,428 23.3
Federal Home Loan Bank borrowings 11,316 13,034 (13.2)
Other short-term borrowings 598 1,122 (46.7)
Subordinated debt and junior subordinated debt 4,080 4,129 (1.2)
Total interest expense 110,223 94,713 16.4
Net interest income 215,401 158,519 35.9
Provision for credit losses (897) 68,883 (101.3)
Net interest income after provision for credit losses 216,298 89,636 141.3
Non-interest income
Trust fees 10,442 8,697 20.1
Service charges on deposits 10,961 8,587 27.6
Digital banking income 6,599 5,404 22.1
Net swap fee and valuation income 1,062 961 10.5
Net securities brokerage revenue 3,472 2,701 28.5
Bank-owned life insurance 3,811 3,428 11.2
Mortgage banking income 919 1,140 (19.4)
Net securities losses (13) (318) 95.9
Net gains/(losses) on other real estate owned and other assets 546 (40) NM
Other income 4,032 4,105 (1.8)
Total non-interest income 41,831 34,665 20.7
Non-interest expense
Salaries and wages 63,964 48,577 31.7
Employee benefits 17,611 12,970 35.8
Net occupancy 8,529 7,778 9.7
Equipment and software 15,678 13,050 20.1
Marketing 1,526 2,382 (35.9)
FDIC insurance 4,784 4,187 14.3
Amortization of intangible assets 7,160 4,223 69.5
Restructuring and merger-related expense 3,713 20,010 (81.4)
Other operating expenses 23,740 20,789 14.2
Total non-interest expense 146,705 133,966 9.5
Income / (loss) before provision for income taxes 111,424 (9,665) NM
Provision / (benefit) for income taxes 22,789 (673) NM
Net Income / (loss) 88,635 (8,992) NM
Preferred stock dividends 4,240 2,531 67.5
Net income /(loss) available to common shareholders $84,395 $(11,523) 832.4
Taxable equivalent net interest income $216,683 $159,723 35.7
Per common share data
Net income /(loss) per common share - basic $0.88 $(0.15) 686.7
Net income /(loss) per common share - diluted 0.88 (0.15) 686.7
Adjusted net income per common share - diluted, excluding certain items (1)(2) 0.91 0.66 37.9
Dividends declared 0.38 0.37 2.7
Book value (period end) 40.01 38.02 5.2
Tangible book value (period end) (1) 22.45 20.06 11.9
Average common shares outstanding - basic 96,103,497 76,830,460 25.1
Average common shares outstanding - diluted 96,309,352 77,020,592 25.0
Period end common shares outstanding 96,134,158 95,672,204 0.5
Period end preferred shares outstanding 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
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For the Three Months Ended
March 31,
2026 2025 % Change
Return on average assets 1.24 (0.22)
% %
% 663.64
Return on average assets, excluding certain items (1) 1.29 0.96 34.38
Return on average equity 8.38 (1.45) 677.93
Return on average equity, excluding certain items (1) 8.67 6.45 34.42
Return on average tangible equity (1) 15.25 (1.74) 976.44
Return on average tangible equity, excluding certain items (1) 15.74 11.61 35.57
Return on average tangible common equity (1) 16.82 (1.89) 989.95
Return on average tangible common equity, excluding certain items (1) 17.37 12.56 38.30
Yield on earning assets (2) 5.38 5.33 0.94
Cost of interest bearing liabilities 2.50 2.78 (10.07)
Net interest spread (2) 2.88 2.55 12.94
Net interest margin (2) 3.57 3.35 6.57
Efficiency (1) (2) 52.54 56.36 (6.78)
Average loans to average deposits 89.05 89.32 (0.30)
Annualized net loan charge-offs/average loans 0.16 0.08 100.00
Effective income tax rate 20.45 (6.96) 393.82
For the Three Months Ended
Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
2026 2025 2025 2025 2025
Return on average assets 1.24 1.13 1.17 0.81 (0.22)
% % % % %
Return on average assets, excluding certain items (1) 1.29 1.17 1.30 1.28 0.96
Return on average equity 8.38 7.58 8.25 5.76 (1.45)
Return on average equity, excluding certain items (1) 8.67 7.85 9.16 9.17 6.45
Return on average tangible equity (1) 15.25 13.93 15.86 11.27 (1.74)
Return on average tangible equity, excluding certain items (1) 15.74 14.39 17.48 17.16 11.61
Return on average tangible common equity (1) 16.82 15.87 17.26 12.06 (1.89)
Return on average tangible common equity, excluding certain items (1) 17.37 16.39 19.03 18.36 12.56
Yield on earning assets (2) 5.38 5.51 5.58 5.56 5.33
Cost of interest bearing liabilities 2.50 2.62 2.79 2.69 2.78
Net interest spread (2) 2.88 2.88 2.79 2.87 2.55
Net interest margin (2) 3.57 3.61 3.53 3.59 3.35
Efficiency (1) (2) 52.54 51.62 52.13 52.30 56.36
Average loans to average deposits 89.05 88.78 89.41 89.47 89.32
Annualized net loan charge-offs and recoveries /average loans 0.16 0.06 0.19 0.09 0.08
Effective income tax rate 20.45 20.51 19.10 19.10 (6.96)
Trust and Investment Services assets under management (3) $7,810 $7,886 $7,688 $7,205 $6,951
Broker-dealer securities account values (including annuities) (3) $2,574 $2,481 $2,588 $2,554 $2,359
(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 March 31, December 31, March 31, 2026
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Assets 2026 2025 % Change 2025 to Dec. 31,
2025
Cash and due from banks $214,453 $245,897 (12.8) $204,860 4.7
Due from banks - interest bearing 745,957 845,818 (11.8) 751,249 (0.7)
Securities:
Equity securities, at fair value 30,256 28,217 7.2 30,809 (1.8)
Available-for-sale debt securities, at fair value 3,298,237 3,149,043 4.7 3,288,332 0.3
Held-to-maturity debt securities (fair values of $1,011,303,
$1,002,796
and $1,035,957, respectively) 1,120,597 1,143,376 (2.0) 1,132,114 (1.0)
Allowance for credit losses, held-to-maturity debt securities (151) (137) (10.2) (168) 10.1
Net held-to-maturity debt securities 1,120,446 1,143,239 (2.0) 1,131,946 (1.0)
Total securities 4,448,939 4,320,499 3.0 4,451,087 (0.0)
Loans held for sale 59,281 243,281 (75.6) 87,454 (32.2)
Portfolio loans:
Commercial real estate 10,902,275 10,501,846 3.8 10,938,834 (0.3)
Commercial and industrial 2,785,440 2,781,728 0.1 2,863,893 (2.7)
Residential real estate 3,920,209 3,930,667 (0.3) 3,938,585 (0.5)
Home equity 1,149,878 1,020,929 12.6 1,129,394 1.8
Consumer 324,879 438,578 (25.9) 355,726 (8.7)
Total portfolio loans, net of unearned income 19,082,681 18,673,748 2.2 19,226,432 (0.7)
Allowance for credit losses - loans (210,023) (233,617) 10.1 (218,749) 4.0
Net portfolio loans 18,872,658 18,440,131 2.3 19,007,683 (0.7)
Premises and equipment, net 251,325 281,493 (10.7) 263,240 (4.5)
Accrued interest receivable 105,288 108,778 (3.2) 106,651 (1.3)
Goodwill and other intangible assets, net 1,716,225 1,754,703 (2.2) 1,723,385 (0.4)
Bank-owned life insurance 560,773 548,601 2.2 557,512 0.6
Other assets 507,556 623,182 (18.6) 543,212 (6.6)
Total Assets $27,482,455 $27,412,383 0.3 $27,696,333 (0.8)
Liabilities
Deposits:
Non-interest bearing demand $5,223,034 $5,318,619 (1.8) $5,376,767 (2.9)
Interest bearing demand 5,505,382 5,000,881 10.1 5,186,880 6.1
Money market 4,904,510 4,875,384 0.6 5,072,039 (3.3)
Savings deposits 3,306,044 3,068,618 7.7 3,157,782 4.7
Certificates of deposit 2,729,304 3,028,893 (9.9) 2,875,372 (5.1)
Total deposits 21,668,274 21,292,395 1.8 21,668,840 (0.0)
Federal Home Loan Bank borrowings 975,000 1,476,511 (34.0) 1,200,000 (18.8)
Other short-term borrowings 114,068 147,804 (22.8) 110,679 3.1
Subordinated debt and junior subordinated debt 308,683 360,156 (14.3) 308,529 0.0
Total borrowings 1,397,751 1,984,471 (29.6) 1,619,208 (13.7)
Accrued interest payable 19,917 26,570 (25.0) 19,150 4.0
Other liabilities 325,905 327,368 (0.4) 357,222 (8.8)
Total Liabilities 23,411,847 23,630,804 (0.9) 23,664,420 (1.1)
Shareholders' Equity
Preferred stock, no par value; 1,000,000 shares authorized; 0, 150,000 and 0
shares of 6.75% non-cumulative perpetual preferred stock, Series
A, liquidation
preference $150.0 million, issued and outstanding, respectively 144,484 (100.0) (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 224,187 100.0 224,187
Common stock, $2.0833 par value; 200,000,000, 200,000,000 and 200,000,000
shares authorized; 96,134,158, 95,672,204 and 96,067,559 shares
issued;
96,134,158, 95,672,204 and 96,067,559 shares outstanding,
respectively 200,276 199,313 0.5 200,137 0.1
Capital surplus 2,495,091 2,485,223 0.4 2,490,440 0.2
Retained earnings 1,300,628 1,145,396 13.6 1,252,765 3.8
Accumulated other comprehensive loss (147,195) (190,710) 22.8 (133,320) (10.4)
Deferred benefits for directors (2,379) (2,127) (11.8) (2,296) (3.6)
Total Shareholders' Equity 4,070,608 3,781,579 7.6 4,031,913 1.0
Total Liabilities and Shareholders' Equity $27,482,455 $27,412,383 0.3 $27,696,333 (0.8)
WESBANCO, INC.
Consolidated Selected Financial Highlights Page 8
(unaudited, dollars in thousands)
Average balance sheet and
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net interest margin analysis For the Three Months Ended March 31,
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2026 2025
Average Average Average Average
Assets Balance Rate Balance Rate
Due from banks - interest bearing $745,711 3.91
%
% $602,708 4.73
Loans, net of unearned income (1) 19,188,906 5.94 14,720,749 6.02
Securities: (2)
Taxable 3,904,167 3.27 3,237,372 2.79
Tax-exempt (3) 739,469 3.35 733,105 3.17
Total securities 4,643,636 3.28 3,970,477 2.86
Other earning assets 62,274 7.69 61,393 6.69
Total earning assets (3) 24,640,527 5.38
%
% 19,355,327 5.33
Other assets 2,890,093 2,303,025
Total Assets $27,530,620 $21,658,352
Liabilities and Shareholders' Equity
Interest bearing demand deposits $5,327,178 2.24
%
% $4,166,005 2.86
Money market accounts 4,901,058 2.66 3,219,335 2.66
Savings deposits 3,237,453 1.27 2,605,145 1.15
Certificates of deposit 2,827,655 3.24 2,185,662 3.44
Total interest bearing deposits 16,293,344 2.35 12,176,147 2.55
Federal Home Loan Bank borrowings 1,155,278 3.97 1,168,981 4.52
Repurchase agreements 107,383 2.26 162,912 2.79
Subordinated debt and junior subordinated debt 308,585 5.36 305,309 5.48
Total interest bearing liabilities (4) 17,864,590 2.50
%
% 13,813,349 2.78
Non-interest bearing demand deposits 5,255,480 4,303,915
Other liabilities 323,933 322,449
Shareholders' equity 4,086,617 3,218,639
Total Liabilities and Shareholders' Equity $27,530,620 $21,658,352
Taxable equivalent net interest spread 2.88
%
% 2.55
Taxable equivalent net interest margin 3.57
%
% 3.35
(1) Gross of allowance for credit losses, net of unearned income and includes non-accrual and loans held for sale. Loan fees included in interest income on loans were $1.8
million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively. Additionally, loan accretion included in interest income on loans acquired from
prior acquisitions was $13.3 million and $6.9 million for the three months ended March 31, 2026 and 2025, 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 $0.3 million and $2.3 million for the three months ended March 31, 2026 and 2025, respectively.
WESBANCO, INC.
Consolidated Selected Financial Highlights Page 9
(unaudited, dollars in thousands, except shares and per share amounts)
Quarter Ended
Statement of Income Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
---
Interest and dividend income 2026 2025 2025 2025 2025
Loans, including fees $280,989 $293,208 $295,482 $290,104 $218,409
Interest and dividends on securities:
Taxable 31,443 31,546 31,483 31,066 22,247
Tax-exempt 4,824 4,865 4,692 4,616 4,529
Total interest and dividends on securities 36,267 36,411 36,175 35,682 26,776
Other interest income 8,368 9,821 11,229 10,596 8,047
Total interest and dividend income 325,624 339,440 342,886 336,382 253,232
Interest expense
Interest bearing demand deposits 29,368 29,821 31,351 30,405 29,377
Money market deposits 32,151 36,166 38,249 36,287 21,134
Savings deposits 10,119 9,570 9,577 8,670 7,359
Certificates of deposit 22,591 24,235 23,554 21,442 18,558
Total interest expense on deposits 94,229 99,792 102,731 96,804 76,428
Federal Home Loan Bank borrowings 11,316 11,378 17,337 16,683 13,034
Other short-term borrowings 598 730 766 816 1,122
Subordinated debt and junior subordinated debt 4,080 5,243 5,336 5,310 4,129
Total interest expense 110,223 117,143 126,170 119,613 94,713
Net interest income 215,401 222,297 216,716 216,769 158,519
Provision for credit losses (897) 3,059 2,082 3,218 68,883
Net interest income after provision for credit losses 216,298 219,238 214,634 213,551 89,636
Non-interest income
Trust fees 10,442 9,745 8,987 9,657 8,697
Service charges on deposits 10,961 11,159 11,163 10,484 8,587
Digital banking income 6,599 6,422 7,324 7,325 5,404
Net swap fee and valuation income 1,062 3,959 3,231 746 961
Net securities brokerage revenue 3,472 2,836 2,961 3,348 2,701
Bank-owned life insurance 3,811 4,458 3,765 3,450 3,428
Mortgage banking income 919 791 1,898 2,364 1,140
Net securities (losses) / gains (13) 1,077 1,210 1,410 (318)
Net gains /(losses) on other real estate owned and other
assets 546 (824) 329 111 (40)
Other income 4,032 3,647 3,996 5,062 4,105
Total non-interest income 41,831 43,270 44,864 43,957 34,665
Non-interest expense
Salaries and wages 63,964 61,664 60,583 60,153 48,577
Employee benefits 17,611 17,148 18,040 18,857 12,970
Net occupancy 8,529 8,522 8,819 8,119 7,778
Equipment and software 15,678 16,110 16,310 17,140 13,050
Marketing 1,526 2,636 2,979 1,864 2,382
FDIC insurance 4,784 5,411 5,820 5,479 4,187
Amortization of intangible assets 7,160 7,217 8,425 9,204 4,223
Restructuring and merger-related expense 3,713 3,483 11,383 41,056 20,010
Other operating expenses 23,740 25,697 23,829 24,663 20,789
Total non-interest expense 146,705 147,888 156,188 186,535 133,966
Income / (loss) before provision for income taxes 111,424 114,620 103,310 70,973 (9,665)
Provision / (benefit) provision for income taxes 22,789 23,510 19,737 13,558 (673)
Net Income /(loss) 88,635 91,110 83,573 57,415 (8,992)
Preferred stock dividends 4,240 12,948 2,531 2,531 2,531
Net income / (loss) available to common shareholders $84,395 $78,162 $81,042 $54,884 $(11,523)
Taxable equivalent net interest income $216,683 $223,590 $217,963 $217,996 $159,723
Per common share data
---
Net income / (loss) per common share - basic $0.88 $0.81 $0.84 $0.57 $(0.15)
Net income / (loss) per common share - diluted 0.88 0.81 0.84 0.57 (0.15)
Adjusted net income per common share - diluted, excluding certain items (1)(2) 0.91 0.84 0.94 0.91 0.66
Dividends declared 0.38 0.38 0.37 0.37 0.37
Book value (period end) 40.01 39.64 39.02 38.28 38.02
Tangible book value (period end) (1) 22.45 22.01 21.29 20.48 20.06
Average common shares outstanding - basic 96,103,497 96,053,336 95,995,174 95,744,980 76,830,460
Average common shares outstanding - diluted 96,309,352 96,226,845 96,116,617 95,808,310 77,020,592
Period end common shares outstanding 96,134,158 96,067,559 96,044,222 95,986,023 95,672,204
Period end preferred shares outstanding 230,000 230,000 380,000 150,000 150,000
Full time equivalent employees 2,973 3,030 3,064 3,253 3,205
(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
Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
Asset quality data 2026 2025 2025 2025 2025
Non-performing assets:
Total non-performing loans $145,008 $91,584 $94,463 $84,319 $81,489
Other real estate and repossessed assets 1,323 907 997 958 1,854
Total non-performing assets $146,331 $92,491 $95,460 $85,277 $83,343
Past due loans (1):
Loans past due 30-89 days $89,877 $91,199 $80,333 $65,401 $69,755
Loans past due 90 days or more 16,210 37,783 19,430 20,890 10,734
Total past due loans $106,087 $128,982 $99,763 $86,291 $80,489
Criticized and classified loans (2):
Criticized loans $326,853 $413,068 $433,320 $531,415 $470,619
Classified loans 228,606 191,860 175,648 151,849 149,452
Total criticized and classified loans $555,459 $604,928 $608,968 $683,264 $620,071
Loans past due 30-89 days / total portfolio loans 0.47
% % % %
% 0.47 0.42 0.35 0.37
Loans past due 90 days or more / total portfolio loans 0.08 0.20 0.10 0.11 0.06
Non-performing loans / total portfolio loans 0.76 0.48 0.50 0.45 0.44
Non-performing assets / total portfolio loans, other
real estate and repossessed assets 0.77 0.48 0.50 0.45 0.45
Non-performing assets / total assets 0.53 0.33 0.35 0.31 0.30
Criticized and classified loans / total portfolio loans 2.91 3.15 3.22 3.63 3.32
Allowance for credit losses
Allowance for credit losses - loans $210,023 $218,749 $217,666 $223,866 $233,617
Allowance for credit losses - loan commitments 7,212 6,950 7,628 6,168 6,459
Provision for credit losses (897) 3,059 2,082 3,218 68,883
Net loan and deposit account overdraft charge-offs and recoveries 7,584 2,666 8,867 4,329 2,771
Annualized net loan charge-offs and recoveries / average loans 0.16
% % % %
% 0.06 0.19 0.09 0.08
Allowance for credit losses - loans / total portfolio loans 1.10
% % % %
% 1.14 1.15 1.19 1.25
Allowance for credit losses - loans / non-performing loans 1.45 x 2.39 x 2.30 x 2.65 x 2.87 x
Allowance for credit losses - loans / non-performing loans and
loans past due 0.84 x 0.99 x 1.12 x 1.31 x 1.44 x
Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
2026 2025 2025 2025 2025
Capital ratios
Tier I leverage capital 9.63
% % % %
% 9.42 9.72 8.66 11.01
Tier I risk-based capital 11.72 11.42 11.83 10.59 10.69
Total risk-based capital 14.19 13.92 14.58 13.40 13.59
Common equity tier 1 capital ratio (CET 1) 10.67 10.37 10.10 9.90 9.99
Average shareholders' equity to average assets 14.84 14.88 14.22 13.99 14.86
Tangible equity to tangible assets (3) 9.24 8.99 9.35 8.16 8.03
Tangible common equity to tangible assets (3) 8.37 8.13 7.92 7.60 7.47
(1) Excludes non-performing loans.
(2) Criticized and classified commercial loans 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
Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts) 2026 2025 2025 2025 2025
Return on average assets, excluding certain items:
Net income / (loss) available to common shareholders $84,395 $78,162 $81,042 $54,884 $(11,523)
Plus: after-tax restructuring and merger-related expenses (1) 2,933 2,752 8,993 32,434 15,808
Plus: after-tax day one provision for credit losses on acquired loans
(1) 46,926
Net income available to common shareholders, excluding certain items 87,328 80,914 90,035 87,318 51,211
Average total assets $27,530,620 $27,481,963 $27,419,726 $27,304,700 $21,658,352
Return on average assets, excluding certain items (annualized) (2) 1.29 % 1.17 % 1.30 % 1.28 % 0.96 %
Return on average equity, excluding certain items:
Net income / (loss) available to common shareholders $84,395 $78,162 $81,042 $54,884 $(11,523)
Plus: after-tax restructuring and merger-related expenses (1) 2,933 2,752 8,993 32,434 15,808
Plus: after-tax day one provision for credit losses on acquired loans
(1) 46,926
Net income available to common shareholders excluding certain items 87,328 80,914 90,035 87,318 51,211
Average total shareholders' equity $4,086,617 $4,088,456 $3,898,142 $3,819,513 $3,218,639
Return on average equity, excluding certain items (annualized) (2) 8.67 % 7.85 % 9.16 % 9.17 % 6.45 %
Return on average tangible equity:
Net income / (loss) available to common shareholders $84,395 $78,162 $81,042 $54,884 $(11,523)
Plus: amortization of intangibles (1) 5,656 5,701 6,656 7,271 3,336
Net income /(loss) available to common shareholders before amortization
of intangibles 90,051 83,863 87,698 62,155 (8,187)
Average total shareholders' equity 4,086,617 4,088,456 3,898,142 3,819,513 3,218,639
Less: average goodwill and other intangibles, net of def. tax liability (1,691,156) (1,700,188) (1,704,105) (1,608,358) (1,312,855)
Average tangible equity $2,395,461 $2,388,268 $2,194,037 $2,211,155 $1,905,784
Return on average tangible equity (annualized) (2) 15.25 % 13.93 % 15.86 % 11.27 % -1.74 %
Average tangible common equity $2,171,274 $2,096,528 $2,015,329 $2,066,671 $1,761,300
Return on average tangible common equity (annualized) (2) 16.82 % 15.87 % 17.26 % 12.06 % -1.89 %
Return on average tangible equity, excluding certain items:
Net income / (loss) available to common shareholders $84,395 $78,162 $81,042 $54,884 $(11,523)
Plus: after-tax restructuring and merger-related expenses (1) 2,933 2,752 8,993 32,434 15,808
Plus: amortization of intangibles (1) 5,656 5,701 6,656 7,271 3,336
Plus: after-tax day one provision for credit losses on acquired loans
(1) 46,926
Net income available to common shareholders before amortization of
intangibles
and excluding certain items 92,984 86,615 96,691 94,589 54,547
Average total shareholders' equity 4,086,617 4,088,456 3,898,142 3,819,513 3,218,639
Less: average goodwill and other intangibles, net of def. tax liability (1,691,156) (1,700,188) (1,704,105) (1,608,358) (1,312,855)
Average tangible equity $2,395,461 $2,388,268 $2,194,037 $2,211,155 $1,905,784
Return on average tangible equity, excluding certain items (annualized) (2) 15.74 % 14.39 % 17.48 % 17.16 % 11.61 %
Average tangible common equity $2,171,274 $2,096,528 $2,015,329 $2,066,671 $1,761,300
Return on average tangible common equity, excluding certain items (annualized) (2) 17.37 % 16.39 % 19.03 % 18.36 % 12.56 %
Efficiency ratio:
Non-interest expense $146,705 $147,888 $156,188 $186,535 $133,966
Less: amortization of intangibles (7,160) (7,217) (8,245) (9,204) (4,223)
Less: restructuring and merger-related expense (3,713) (3,483) (11,383) (41,056) (20,010)
Non-interest expense excluding restructuring and merger-related
expense 135,832 137,188 136,380 136,275 109,733
Net interest income on a fully taxable equivalent basis 216,683 223,590 217,963 217,996 159,723
Non-interest income, excluding net securities gains (losses) 41,844 42,193 43,654 42,547 34,983
Net interest income on a fully taxable equivalent basis plus non-
interest income $258,527 $265,783 $261,617 $260,543 $194,706
Efficiency ratio 52.54 % 51.62 % 52.13 % 52.30 % 56.36 %
Adjusted net income available to common shareholders, excluding certain items:
Net income / (loss) available to common shareholders $84,395 $78,162 $81,042 $54,884 $(11,523)
Add: after-tax restructuring and merger-related expenses (1) 2,933 2,752 8,993 32,434 15,808
Add: after-tax day one provision for credit losses on acquired loans
(1) 46,926
Adjusted net income available to common shareholders, excluding certain items: $87,328 $80,914 $90,035 $87,318 $51,211
Adjusted net income per common share - diluted, excluding certain items:
Net income / (loss) per common share - diluted $0.88 $0.81 $0.84 $0.57 $(0.15)
Add: after-tax restructuring and merger-related expenses per common
share - diluted (1) 0.03 0.03 0.10 0.34 0.21
Add: after-tax day one provision for credit losses on acquired loans
(1) 0.60
Adjusted net income per common share - diluted, excluding certain items: $0.91 $0.84 $0.94 $0.91 $0.66
Period End
Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
2026 2025 2025 2025 2025
Tangible book value per share:
Total shareholders' equity $4,070,608 $4,031,913 $4,116,527 $3,819,220 $3,781,579
Less: goodwill and other intangible assets, net of def. tax liability (1,688,098) (1,693,755) (1,702,916) (1,709,001) (1,718,048)
Less: preferred shareholder's equity (224,187) (224,187) (368,867) (144,484) (144,484)
Tangible common equity 2,158,323 2,113,971 2,044,744 1,965,735 1,919,047
Common shares outstanding 96,134,158 96,067,559 96,044,222 95,986,023 95,672,204
Tangible book value per share $22.45 $22.01 $21.29 $20.48 $20.06
Tangible common equity to tangible assets:
Total shareholders' equity $4,070,608 $4,031,913 $4,116,527 $3,819,220 $3,781,579
Less: goodwill and other intangible assets, net of def. tax liability (1,688,098) (1,693,755) (1,702,916) (1,709,001) (1,718,048)
Tangible equity 2,382,510 2,338,158 2,413,611 2,110,219 2,063,531
Less: preferred shareholder's equity (224,187) (224,187) (368,867) (144,484) (144,484)
Tangible common equity 2,158,323 2,113,971 2,044,744 1,965,735 1,919,047
Total assets 27,482,455 27,696,333 27,518,042 27,571,576 27,412,383
Less: goodwill and other intangible assets, net of def. tax liability (1,688,098) (1,693,755) (1,702,916) (1,709,001) (1,718,048)
Tangible assets $25,794,357 $26,002,578 $25,815,126 $25,862,575 $25,694,335
Tangible equity to tangible assets 9.24 % 8.99 % 9.35 % 8.16 % 8.03 %
Tangible common equity to tangible assets 8.37 % 8.13 % 7.92 % 7.60 % 7.47 %
(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
Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
(unaudited, dollars in thousands, except shares and per share amounts) 2026 2025 2025 2025 2025
Pre-tax, pre-provision income:
Income / (loss) before provision / (benefit) for income taxes $111,424 $114,620 $103,310 $70,973 $(9,665)
Add: provision for credit losses (897) 3,059 2,082 3,218 68,883
Pre-tax, pre-provision income $110,527 $117,679 $105,392 $74,191 $59,218
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
Income / (loss) before provision / (benefit) for income taxes $111,424 $114,620 $103,310 $70,973 $(9,665)
Add: provision for credit losses (897) 3,059 2,082 3,218 68,883
Add: restructuring and merger-related expenses 3,713 3,483 11,383 41,056 20,010
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses $114,240 $121,162 $116,775 $115,247 $79,228
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses:
Income / (loss) before provision / (benefit) for income taxes $111,424 $114,620 $103,310 $70,973 $(9,665)
Add: provision for credit losses (897) 3,059 2,082 3,218 68,883
Add: restructuring and merger-related expenses 3,713 3,483 11,383 41,056 20,010
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses 114,240 121,162 116,775 115,247 79,228
Average total assets $27,530,620 $27,481,963 $27,419,726 $27,304,700 $21,658,352
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses (annualized) (2) 1.68 % 1.75 % 1.69 % 1.69 % 1.48 %
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses:
Income / (loss) before provision / (benefit) for income taxes $111,424 $114,620 $103,310 $70,973 $(9,665)
Add: provision for credit losses (897) 3,059 2,082 3,218 68,883
Add: restructuring and merger-related expenses 3,713 3,483 11,383 41,056 20,010
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses 114,240 121,162 116,775 115,247 79,228
Average total shareholders' equity $4,086,617 $4,088,456 $3,898,142 $3,819,513 $3,218,639
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses (annualized) (2) 11.34 % 11.76 % 11.88 % 12.10 % 9.98 %
Pre-tax, pre-provision return on average tangible equity, excluding certain items (1):
Income / (loss) before provision / (benefit) for income taxes $111,424 $114,620 $103,310 $70,973 $(9,665)
Add: provision for credit losses (897) 3,059 2,082 3,218 68,883
Add: amortization of intangibles 7,160 7,217 8,425 9,204 4,223
Add: restructuring and merger-related expenses 3,713 3,483 11,383 41,056 20,010
Pre-tax, pre-provision income before restructuring and merger-related expenses and amortization of intangibles 121,400 128,379 125,200 124,451 83,451
Average total shareholders' equity 4,086,617 4,088,456 3,898,142 3,819,513 3,218,639
Less: average goodwill and other intangibles, net of def. tax liability (1,691,156) (1,700,188) (1,704,105) (1,608,358) (1,312,855)
Average tangible equity $2,395,461 $2,388,268 $2,194,037 $2,211,155 $1,905,784
Pre-tax, pre-provision return on average tangible equity, excluding certain items (annualized) (1) (2) 20.55 % 21.33 % 22.64 % 22.58 % 17.76 %
Average tangible common equity $2,171,274 $2,096,528 $2,015,329 $2,066,671 $1,761,300
Pre-tax, pre-provision return on average tangible common equity, excluding certain items (annualized) (1) (2) 22.68 % 24.29 % 24.65 % 24.15 % 19.22 %
(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.
John H. Iannone, Senior Vice President, Investor Relations, 304-905-7021