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, Net Income Diluted Net Income Diluted Net Income Diluted Net Income Diluted
except per share amounts) Earnings Earnings Earnings Earnings
Per Share Per Share Per Share 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,
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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
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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
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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
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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.
WesBanco Company Contact: John H. Iannone, Senior Vice President, Investor Relations, 304-905-7021