WesBanco Announces First Quarter 2025 Financial Results

Rhea-AI Summary

WesBanco reported Q1 2025 financial results, highlighting the successful acquisition of Premier Financial. The bank posted a net loss of $11.5 million (-$0.15 per share), primarily due to acquisition-related expenses and credit loss provisions. However, adjusted net income reached $51.2 million ($0.66 per share), compared to $33.2 million ($0.56 per share) in Q1 2024.

Key highlights:

• Total assets increased 54.2% to $27.4 billion
• Organic loan growth: 7.8% year-over-year
• Total deposits grew 57.8% to $21.3 billion
• Net interest margin improved to 3.35%
• Trust assets under management reached record $7.0 billion

The merger expanded WesBanco's market presence, adding approximately 900 employees and 70 financial centers. Credit quality metrics remained strong, with non-performing assets at 0.30% of total assets. The bank maintains strong regulatory capital ratios, with Tier I leverage at 11.01% and CET 1 at 9.99%.

Positive

• Successful acquisition of Premier Financial, creating $27.4B asset institution
• Strong organic loan growth of 7.8% YoY and 4.4% QoQ annualized
• Total deposits increased 57.8% YoY to $21.3B
• Net interest margin improved to 3.35%, up 32 basis points QoQ
• Trust assets under management reached record $7.0B
• Efficiency ratio improved 803 basis points YoY to 58.6%
• Strong credit quality metrics remaining favorable to peer banks
• Organic deposit growth fully funded loan growth
• Net interest income increased 39.1% YoY to $158.5M

Negative

• Q1 2025 net loss of $11.5M ($0.15 per share) vs profit in Q1 2024
• Required day one provision for credit losses of $88.5M on acquired portfolio
• Higher operating costs from running two core systems until mid-May
• Increased FHLB borrowings by 47.7% QoQ to $1.5B
• Non-performing assets ratio increased 8 basis points
• Capital ratios modestly impacted by Premier Financial acquisition

Insights

Banking Financial Analyst

WesBanco's Q1 shows strength beneath acquisition costs with improved margins, strong organic growth, and solid capital position.

WesBanco's Q1 results demonstrate significant transformation following the Premier Financial Corp. acquisition, completed February 28th. The headline $11.5 million net loss ($0.15 per share) stems primarily from acquisition accounting requirements – specifically the $59.4 million day-one provision for credit losses under CECL rules. Adjusting for these one-time items, WesBanco delivered $51.2 million ($0.66 per share) in income, an 18% improvement from Q1 2024's $0.56.

The acquisition substantially increased WesBanco's scale, with total assets growing 54.2% to $27.4 billion. Beyond size alone, the bank demonstrated impressive organic growth with loan expansion of 7.8% year-over-year and deposit growth of 6.8%. The funding profile remains favorable with loans-to-deposits at 89.3%.

Net interest margin improvement to 3.35% (up 32 basis points sequentially) stands out in today's banking environment, with approximately 25 basis points attributed to acquisition benefits. Credit quality metrics remain favorable versus peers, with non-performing assets at just 0.30% of total assets.

The efficiency ratio improved dramatically to 58.6%, an 803 basis point year-over-year enhancement, suggesting effective expense management while growing revenue. This positions WesBanco for improved profitability as acquisition expenses normalize and systems conversion completes in May.

Investment Strategy Expert

WesBanco's Premier acquisition creates scale advantages with margin expansion and strong organic growth offsetting one-time accounting charges.

The Q1 results reveal a company successfully executing its regional banking expansion strategy. The Premier Financial integration created a $27.4 billion asset institution with enhanced scale economics and broader geographic presence. While GAAP results show a loss due to required acquisition accounting, the $0.66 adjusted EPS represents meaningful earnings power improvement.

What's particularly impressive is management's ability to drive organic growth while executing a major acquisition – 7.8% loan growth and 6.8% deposit growth year-over-year demonstrates operational excellence. The deposit composition remains favorable with non-interest bearing deposits comprising 25% of the total.

The margin expansion to 3.35% combined with the enlarged balance sheet drove net interest income up 39.1% year-over-year to $158.5 million. This revenue enhancement, alongside the significantly improved efficiency ratio of 58.6%, creates a clear path to sustained profitability improvement as integration costs dissipate.

Capital ratios remain solid with CET1 at 9.99% and tangible common equity at 7.47%, providing flexibility for future strategic initiatives. The record $7.0 billion in trust assets under management and $2.4 billion in broker-dealer account values adds valuable fee income diversification.

The upcoming systems conversion in May represents the final major integration milestone, after which the full synergy benefits should become increasingly apparent in quarterly results.

Successful acquisition of Premier Financial combined with strong organic loan and deposit growth

WHEELING, W.Va., April 29, 2025 /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, 2025, which included the closing of the previously announced Premier Financial Corp. ("PFC") acquisition. WesBanco reported a net loss available to common shareholders for the first quarter of 2025 of $11.5 million, or $(0.15) per share, which reflected the impact of a day one provision for credit losses and other expenses related to the acquisition, as compared to net income of $33.2 million, or $0.56 per share, for the first quarter of 2024. As noted in the following table, net income available to common shareholders, excluding after-tax day one provision for credit losses on acquired loans and restructuring and merger-related expenses, for the three months ended March 31, 2025 was $51.2 million, or $0.66 per share, as compared to $33.2 million, or $0.56 per share, in the prior year period (non-GAAP measures).

Under the Current Expected Credit Loss ("CECL") accounting standard, which ensures a forward-looking approach to credit risk, WesBanco was required to estimate and record expected credit losses over the life of the acquired PFC loans. At March 31, 2025, we recorded an allowance for credit losses of $88.5 million and a $59.4 million provision for the acquired loan portfolio. This required day one provision for credit losses on acquired loans is considered a non-recurring earnings impact as it is associated with the closing of the PFC acquisition and not indicative of operational or credit quality trends. The first quarter provision for credit losses was $68.9 million and the allowance for credit losses was $233.6 million at March 31^st, which provided a coverage ratio of 1.25%, as compared to 1.10% as of December 31, 2024. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 1.88% of total portfolio loans.

			For the Three Months Ended March 31,
			2025				2024
(unaudited, dollars in thousands, except per share amounts)			Net Income		Diluted Earnings Per Share		Net Income		Diluted Earnings Per Share
Net (loss)/income available to common shareholders (GAAP)			$       (11,523)		$           (0.15)		$        33,162		$             0.56
Add: After-tax day one provision for credit losses on acquired loans			46,926		0.60		-		-
Add: After-tax restructuring and merger-related expenses			15,808		0.21		-		-
Adjusted net income available to common shareholders (Non-GAAP) (1)			$        51,211		$             0.66		$        33,162		$             0.56
(1) See non-GAAP financial measures for additional information relating to the calculation of these items.

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

• Successfully closed the acquisition of PFC, on February 28^th, creating a regional financial services institution with $27.4 billion in assets, significant economies of scale, and strong pro forma profitability metrics
• Total organic loan growth was 7.8% year-over-year and 4.4% over the sequential quarter, annualized, and fully funded through deposit growth
  • Reflecting $5.9 billion of loans from PFC and organic growth, total loans increased 57.3% year-over-year to $18.7 billion
• Total organic deposit growth was 6.8% year-over-year and 8.1% over the sequential quarter, annualized
  • Organic deposit growth, excluding certificates of deposit, increased 4.8% year-over-year and 10.6% over the sequential quarter, annualized
  • Reflecting $6.9 billion of deposits from PFC and organic growth, total deposits increased 57.8% year-over-year to $21.3 billion
  • Average loans to average deposits were 89.3%, providing continued capacity to fund loan growth
• Net interest margin of 3.35% increased 32 basis points sequentially, as PFC benefited the margin by approximately 25 basis points through interest mark accretion and securities restructuring
• Reflecting the PFC acquisition and organic growth, Trust and Investment Services ("WTIS") assets under management increased to a record $7.0 billion and broker-dealer securities account values (including annuities) increased to a record $2.4 billion
• Efficiency ratio of 58.6% improved 803 basis points year-over-year and 261 basis points sequentially due to the benefits of the PFC acquisition, as well as a continued focus on expense management and driving positive operating leverage
• Key credit quality metrics continued to remain at low levels and favorable to peer bank averages (based upon the prior four quarters for banks with total assets between $20 billion and $50 billion)

"Our first quarter results demonstrate continued solid operational performance, as we again delivered strong organic loan and deposit growth while driving positive operating leverage. We also continued to strengthen our balance sheet and net interest margin by funding loan growth with deposits and reducing higher-cost borrowings," said Jeff Jackson, President and Chief Executive Officer, WesBanco. "This quarter also marked a significant milestone for WesBanco as we successfully completed our acquisition of Premier Financial Corp., a merger that expands and strengthens our market position and accelerates our long-term growth strategy. We are pleased to welcome Premier's talented team, loyal customers and strong community partners to WesBanco. As we move forward together, our teams are focused on executing a seamless integration and delivering on the full potential of the combined organization for all our stakeholders."

Balance Sheet
WesBanco's balance sheet, as of March 31, 2025, reflects both the PFC acquisition and organic growth. Total assets increased 54.2% year-over-year to $27.4 billion, including total portfolio loans of $18.7 billion and total securities of $4.3 billion. Total portfolio loans increased 57.3% year-over-year due to acquired PFC loans of $5.9 billion and organic growth of $0.9 billion, with $0.8 billion from the commercial teams. Commercial real estate payoffs totaled approximately $83 million during the first quarter of 2025. Securities, which represented 15.8% of total assets, increased $1 billion year-over-year due to the addition of PFC securities. In addition, approximately $775 million of lower coupon or variable rate PFC securities were sold and replaced with approximately $475 million of longer-term, higher coupon fixed rate securities.

Deposits of $21.3 billion increased 57.8% year-over-year due to acquired PFC deposits of $6.9 billion and organic growth. Total organic deposit growth was $922 million, or 6.8%, year-over-year and $285 million quarter-over-quarter which fully funded loan growth of $921 million and $138 million, respectively. 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%.

Federal Home Loan Bank ("FHLB") borrowings totaled $1.5 billion, of which approximately 93% have 2025 maturities, increased $476.5 million, or 47.7%, from December 31, 2024, due to the addition of borrowings from PFC.

Credit Quality
As of March 31, 2025, total loans past due, 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. Total loans past due as a percent of the loan portfolio decreased 4 basis points quarter-over-quarter to 0.43%, while non-performing assets as a percentage of total assets increased 8 basis points to 0.30%.

Net Interest Margin and Income
The first quarter margin of 3.35% improved 32 basis points compared to the fourth quarter and 43 basis points on a year-over-year basis, through a combination of higher loan and securities yields, lower funding costs, and higher purchase accounting accretion. Despite higher-cost certificates of deposit from PFC, deposit funding costs of 255 basis points for the first quarter of 2025 decreased as compared to 271 basis points in the fourth quarter of 2024 and 256 basis points in the prior year period. When including non-interest bearing deposits, deposit funding costs for the first quarter were 188 basis points. Interest rate mark accretion from the PFC acquisition, in addition to the securities restructuring, benefited the first quarter net interest margin by approximately 25 basis points.

Net interest income for the first quarter of 2025 was $158.5 million, an increase of $44.6 million, or 39.1% year-over-year, reflecting the impact of a larger balance sheet from the PFC acquisition, loan growth, higher loan and securities yields, lower FHLB borrowings, and $9.1 million of purchase accounting accretion from acquisitions.

Non-Interest Income
For the first quarter of 2025, non-interest income of $34.7 million increased $4.0 million, or 13.2%, from the first quarter of 2024 due primarily to the acquisition of PFC which drove higher service charges on deposits, bank-owned life insurance ("BOLI"), digital banking income, and trust fees. Service charges on deposits increased $1.8 million year-over-year, reflecting the addition of PFC, fee income from new products and services and treasury management, and increased general consumer spending. BOLI increased $1.4 million year-over-year due to a $0.9 million death benefit received and the addition of PFC. Gross swap fees were $2.0 million in the first quarter, compared to $0.8 million in the prior year period, while fair value adjustments were a loss of $1.0 million compared to a gain of $0.8 million, respectively.

Non-Interest Expense
Reflecting the closing of the PFC acquisition on February 28^th, non-interest expense, excluding restructuring and merger-related costs, for the three months ended March 31, 2025 was $114.0 million, a $16.8 million, or 17.2%, increase year-over-year primarily due to the addition of the PFC expense base associated with approximately 900 employees and 70 financial centers. Equipment and software expense of $13.1 million, includes the additional cost of operating two core systems until conversion to one platform in mid-May. Amortization of intangible assets of $4.2 million increased $2.1 million year-over-year due to the core deposit intangible asset that was created from the acquisition of PFC.

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. In conjunction with the February 28^th closing of the PFC acquisition, WesBanco issued 28.7 million shares of common stock to acquire the outstanding shares of PFC, which increased total capital by $1.0 billion and, as anticipated, modestly impacted capital ratios. At March 31, 2025, Tier I leverage was 11.01%, Tier I risk-based capital ratio was 10.69%, common equity Tier 1 capital ratio ("CET 1") was 9.99%, and total risk-based capital was 13.59%. In addition, the tangible common equity to tangible assets ratio was 7.47% due to strong earnings and the third quarter common equity raise.

Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2025 at 9:00 a.m. ET on Wednesday, April 30, 2025. 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, 855-669-9657 for Canadian callers, 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 877-344-7529, 855-669-9658 for Canadian callers, or 1-412-317-0088 for international callers, and providing the access code of 1119838. The replay will begin at approximately 12:00 p.m. ET on April 30, 2025 and end at 12 a.m. ET on May 14, 2025. 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"), 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, that the businesses of WesBanco and Premier may not be integrated successfully or such integration may take longer to accomplish than expected; 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 businesses of WesBanco and Premier may not be integrated successfully or such integration may take longer to accomplish than expected; 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 eight-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 $27.4 billion in total assets, with our Trust and Investment Services holding $7.0 billion of assets under management and securities account values (including annuities) of $2.4 billion through our broker/dealer, as of March 31, 2025. Learn more at www.wesbanco.com and follow @WesBanco on Facebook, LinkedIn and Instagram.

WESBANCO, INC.
Consolidated Selected Financial Highlights									Page 6
(unaudited, dollars in thousands, except shares and per share amounts)
					For the Three Months Ended
Statement of Income					March 31,
Interest and dividend income					2025		2024		% Change
	Loans, including fees				$         218,409		$         166,974		30.8
	Interest and dividends on securities:
		Taxable			22,247		17,404		27.8
		Tax-exempt			4,529		4,586		(1.2)
			Total interest and dividends on securities		26,776		21,990		21.8
	Other interest income				8,047		6,369		26.3
Total interest and dividend income					253,232		195,333		29.6
Interest expense
	Interest bearing demand deposits				29,377		25,590		14.8
	Money market deposits				21,134		16,114		31.2
	Savings deposits				7,359		7,667		(4.0)
	Certificates of deposit				18,558		10,247		81.1
			Total interest expense on deposits		76,428		59,618		28.2
	Federal Home Loan Bank borrowings				13,034		17,000		(23.3)
	Other short-term borrowings				1,122		674		66.5
	Subordinated debt and junior subordinated debt				4,129		4,075		1.3
			Total interest expense		94,713		81,367		16.4
Net interest income					158,519		113,966		39.1
	Provision for credit losses				68,883		4,014		NM
Net interest income after provision for credit losses					89,636		109,952		(18.5)
Non-interest income
	Trust fees				8,697		8,082		7.6
	Service charges on deposits				8,587		6,784		26.6
	Digital banking income				5,404		4,704		14.9
	Net swap fee and valuation income				961		1,563		(38.5)
	Net securities brokerage revenue				2,701		2,548		6.0
	Bank-owned life insurance				3,428		2,067		65.8
	Mortgage banking income				1,140		693		64.5
	Net securities (losses) / gains				(318)		537		(159.2)
	Net (losses) / gains on other real estate owned and other assets				(40)		154		(126.0)
	Other income				4,105		3,497		17.4
			Total non-interest income		34,665		30,629		13.2
Non-interest expense
	Salaries and wages				48,577		42,997		13.0
	Employee benefits				12,970		12,184		6.5
	Net occupancy				7,778		6,623		17.4
	Equipment and software				13,050		10,008		30.4
	Marketing				2,382		1,885		26.4
	FDIC insurance				4,187		3,448		21.4
	Amortization of intangible assets				4,223		2,092		101.9
	Restructuring and merger-related expense				20,010		-		100.0
	Other operating expenses				20,789		17,954		15.8
			Total non-interest expense		133,966		97,191		37.8
(Loss) / Income before provision for income taxes					(9,665)		43,390		(122.3)
	(Benefit) provision for income taxes				(673)		7,697		(108.7)
Net (Loss) / Income					(8,992)		35,693		(125.2)
Preferred stock dividends					2,531		2,531		-
Net (loss) / income available to common shareholders					$         (11,523)		$           33,162		(134.7)
Taxable equivalent net interest income					$        159,723		$        115,185		38.7
Per common share data
Net (loss) / income per common share - basic					$             (0.15)		$               0.56		(126.8)
Net (loss) / income per common share - diluted					(0.15)		0.56		(126.8)
Adjusted net income per common share - diluted, excluding certain items (1)(2)					0.66		0.56		17.9
Dividends declared					0.37		0.36		2.8
Book value (period end)					38.02		40.30		(5.7)
Tangible book value (period end) (1)					20.06		21.39		(6.2)
Average common shares outstanding - basic					76,830,460		59,382,758		29.4
Average common shares outstanding - diluted					77,020,592		59,523,679		29.4
Period end common shares outstanding					95,672,204		59,395,777		61.1
Period end preferred shares outstanding					150,000		150,000		-
(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 7
(unaudited, dollars in thousands, unless otherwise noted)
Selected ratios
						For the Three Months Ended
						March 31,
						2025		2024		% Change
Return on average assets						(0.22)	%	0.75	%	(129.33)	%
Return on average assets, excluding certain items (1)						0.96		0.75		28.00
Return on average equity						(1.45)		5.24		(127.67)
Return on average equity, excluding certain items (1)						6.45		5.24		23.09
Return on average tangible equity (1)						(1.74)		9.85		(117.66)
Return on average tangible equity, excluding certain items (1)						11.61		9.85		17.87
Return on average tangible common equity (1)						(1.89)		10.96		(117.24)
Return on average tangible common equity, excluding certain items (1)						12.56		10.96		14.60
Yield on earning assets (2)						5.33		4.98		7.03
Cost of interest bearing liabilities						2.78		2.98		(6.71)
Net interest spread (2)						2.55		2.00		27.50
Net interest margin (2)						3.35		2.92		14.73
Efficiency (1) (2)						58.62		66.65		(12.05)
Average loans to average deposits						89.32		88.67		0.73
Annualized net loan charge-offs/average loans						0.08		0.20		(60.00)
Effective income tax rate						(6.96)		17.74		(139.23)
						For the Three Months Ended
						Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
						2025		2024		2024		2024		2024
Return on average assets						(0.22)	%	1.01	%	0.76	%	0.59	%	0.75	%
Return on average assets, excluding certain items (1)						0.96		1.02		0.79		0.66		0.75
Return on average equity						(1.45)		6.68		5.09		4.17		5.24
Return on average equity, excluding certain items (1)						6.45		6.75		5.32		4.65		5.24
Return on average tangible equity (1)						(1.74)		11.49		9.07		7.93		9.85
Return on average tangible equity, excluding certain items (1)						11.61		11.61		9.46		8.78		9.85
Return on average tangible common equity (1)						(1.89)		12.56		9.97		8.83		10.96
Return on average tangible common equity, excluding certain items (1)						12.56		12.69		10.40		9.77		10.96
Yield on earning assets (2)						5.33		5.10		5.19		5.11		4.98
Cost of interest bearing liabilities						2.78		2.96		3.21		3.12		2.98
Net interest spread (2)						2.55		2.14		1.98		1.99		2.00
Net interest margin (2)						3.35		3.03		2.95		2.95		2.92
Efficiency (1) (2)						58.62		61.23		65.29		66.11		66.65
Average loans to average deposits						89.32		89.24		90.58		89.40		88.67
Annualized net loan charge-offs and recoveries /average loans						0.08		0.13		0.05		0.07		0.20
Effective income tax rate						(6.96)		19.87		16.75		17.42		17.74
Trust and Investment Services assets under management (3)						$            6,951		$            5,968		$            6,061		$            5,633		$            5,601
Broker-dealer securities account values (including annuities) (3)						$            2,359		$            1,852		$            1,853		$            1,780		$            1,751
(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 8
(unaudited, dollars in thousands, except shares)											% Change
Balance sheet					March 31,					December 31,	March 31, 2025
Assets					2025		2024		% Change	2024	to Dec. 31, 2024
Cash and due from banks					$         245,897		$         138,940		77.0	$           142,271	72.8
Due from banks - interest bearing					845,818		370,729		128.1	425,866	98.6
Securities:
	Equity securities, at fair value				28,217		13,074		115.8	13,427	110.2
	Available-for-sale debt securities, at fair value				3,149,043		2,119,272		48.6	2,246,072	40.2
	Held-to-maturity debt securities (fair values of $1,002,796, $1,052,444
	and $1,006,817, respectively)				1,143,376		1,190,010		(3.9)	1,152,906	(0.8)
		Allowance for credit losses, held-to-maturity debt securities			(137)		(183)		25.1	(146)	6.2
	Net held-to-maturity debt securities				1,143,239		1,189,827		(3.9)	1,152,760	(0.8)
		Total securities			4,320,499		3,322,173		30.1	3,412,259	26.6
Loans held for sale					243,281		12,472		NM	18,695	NM
Portfolio loans:
	Commercial real estate				10,501,846		6,754,933		55.5	7,326,681	43.3
	Commercial and industrial				2,781,728		1,683,172		65.3	1,787,277	55.6
	Residential real estate				3,930,667		2,469,357		59.2	2,520,086	56.0
	Home equity				1,020,929		740,973		37.8	821,110	24.3
	Consumer				438,578		224,732		95.2	201,275	117.9
Total portfolio loans, net of unearned income					18,673,748		11,873,167		57.3	12,656,429	47.5
Allowance for credit losses - loans					(233,617)		(129,190)		(80.8)	(138,766)	(68.4)
		Net portfolio loans			18,440,131		11,743,977		57.0	12,517,663	47.3
Premises and equipment, net					281,493		232,630		21.0	219,076	28.5
Accrued interest receivable					108,778		78,564		38.5	78,324	38.9
Goodwill and other intangible assets, net					1,754,703		1,130,175		55.3	1,124,016	56.1
Bank-owned life insurance					548,601		357,099		53.6	360,738	52.1
Other assets					623,182		385,976		61.5	385,390	61.7
Total Assets					$    27,412,383		$    17,772,735		54.2	$      18,684,298	46.7
Liabilities
Deposits:
	Non-interest bearing demand				$      5,318,619		$      3,938,610		35.0	$        3,842,758	38.4
	Interest bearing demand				5,000,881		3,529,691		41.7	3,771,314	32.6
	Money market				4,875,384		2,189,769		122.6	2,429,977	100.6
	Savings deposits				3,068,618		2,499,466		22.8	2,362,736	29.9
	Certificates of deposit				3,028,893		1,339,237		126.2	1,726,932	75.4
		Total deposits			21,292,395		13,496,773		57.8	14,133,717	50.6
Federal Home Loan Bank borrowings					1,476,511		1,100,000		34.2	1,000,000	47.7
Other short-term borrowings					147,804		72,935		102.7	192,073	(23.0)
Subordinated debt and junior subordinated debt					360,156		279,136		29.0	279,308	28.9
		Total borrowings			1,984,471		1,452,071		36.7	1,471,381	34.9
Accrued interest payable					26,570		15,929		66.8	14,228	86.7
Other liabilities					327,368		269,600		21.4	274,691	19.2
Total Liabilities					23,630,804		15,234,373		55.1	15,894,017	48.7
Shareholders' Equity
Preferred stock, no par value; 1,000,000 shares authorized; 150,000 shares
	6.75% non-cumulative perpetual preferred stock, Series A, liquidation
	preference $150.0 million, issued and outstanding, respectively				144,484		144,484		-	144,484	-
Common stock, $2.0833 par value; 200,000,000, 100,000,000 and 200,000,000
	shares authorized; 95,672,204, 68,081,306 and 75,354,034 shares issued;
	95,672,204, 59,395,777 and 66,919,805 shares outstanding, respectively				199,313		141,834		40.5	156,985	27.0
Capital surplus					2,485,223		1,636,964		51.8	1,809,679	37.3
Retained earnings					1,145,396		1,154,307		(0.8)	1,192,091	(3.9)
Treasury stock (0, 8,685,529 and 8,434,229 shares - at cost, respectively)					-		(302,264)		(100.0)	(292,244)	(100.0)
Accumulated other comprehensive loss					(190,710)		(234,922)		18.8	(218,632)	12.8
Deferred benefits for directors					(2,127)		(2,041)		(4.2)	(2,082)	(2.2)
Total Shareholders' Equity					3,781,579		2,538,362		49.0	2,790,281	35.5
Total Liabilities and Shareholders' Equity					$    27,412,383		$    17,772,735		54.2	$      18,684,298	46.7

 

WESBANCO, INC.
Consolidated Selected Financial Highlights													Page 9
(unaudited, dollars in thousands)
Average balance sheet and
net interest margin analysis							For the Three Months Ended March 31,
							2025				2024
							Average	Average			Average	Average
Assets							Balance	Rate			Balance	Rate
Due from banks - interest bearing							$        602,708	4.73	%		$        375,268	5.70	%
Loans, net of unearned income (1)							14,720,749	6.02			11,756,875	5.71
Securities: (2)
Taxable							3,237,372	2.79			2,928,867	2.39
Tax-exempt (3)							733,105	3.17			759,797	3.07
Total securities							3,970,477	2.86			3,688,664	2.53
Other earning assets							61,393	6.69			60,920	6.92
Total earning assets (3)							19,355,327	5.33	%		15,881,727	4.98	%
Other assets							2,303,025				1,822,538
Total Assets							$   21,658,352				$   17,704,265
Liabilities and Shareholders' Equity
Interest bearing demand deposits							$     4,166,005	2.86	%		$     3,501,049	2.94	%
Money market accounts							3,219,335	2.66			2,087,036	3.11
Savings deposits							2,605,145	1.15			2,480,710	1.24
Certificates of deposit							2,185,662	3.44			1,291,111	3.19
Total interest bearing deposits							12,176,147	2.55			9,359,906	2.56
Federal Home Loan Bank borrowings							1,168,981	4.52			1,243,407	5.50
Repurchase agreements							162,912	2.79			92,565	2.93
Subordinated debt and junior subordinated debt							305,309	5.48			279,103	5.87
Total interest bearing liabilities (4)							13,813,349	2.78	%		10,974,981	2.98	%
Non-interest bearing demand deposits							4,303,915				3,898,990
Other liabilities							322,449				284,453
Shareholders' equity							3,218,639				2,545,841
Total Liabilities and Shareholders' Equity							$   21,658,352				$   17,704,265
Taxable equivalent net interest spread								2.55	%			2.00	%
Taxable equivalent net interest margin								3.35	%			2.92	%
(1) Gross of the 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 $1.6 million and $0.3 million for the three months ended March 31, 2025 and 2024, respectively.  Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $6.9 million and $0.8 million for the three months ended March 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 $2.3 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively.

 

WESBANCO, INC.
Consolidated Selected Financial Highlights												Page 10
(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				2025		2024		2024		2024		2024
	Loans, including fees			$         218,409		$         183,251		$         184,215		$         175,361		$         166,974
	Interest and dividends on securities:
		Taxable		22,247		18,575		17,651		16,929		17,404
		Tax-exempt		4,529		4,449		4,498		4,556		4,586
			Total interest and dividends on securities	26,776		23,024		22,149		21,485		21,990
	Other interest income			8,047		7,310		7,365		6,147		6,369
Total interest and dividend income				253,232		213,585		213,729		202,993		195,333
Interest expense
	Interest bearing demand deposits			29,377		27,044		28,139		26,925		25,590
	Money market deposits			21,134		18,734		19,609		18,443		16,114
	Savings deposits			7,359		7,271		8,246		7,883		7,667
	Certificates of deposit			18,558		16,723		14,284		11,982		10,247
			Total interest expense on deposits	76,428		69,772		70,278		65,233		59,618
	Federal Home Loan Bank borrowings			13,034		12,114		17,147		16,227		17,000
	Other short-term borrowings			1,122		1,291		1,092		896		674
	Subordinated debt and junior subordinated debt			4,129		3,902		4,070		4,044		4,075
			Total interest expense	94,713		87,079		92,587		86,400		81,367
Net interest income				158,519		126,506		121,142		116,593		113,966
	Provision for credit losses			68,883		(147)		4,798		10,541		4,014
Net interest income after provision for credit losses				89,636		126,653		116,344		106,052		109,952
Non-interest income
	Trust fees			8,697		7,775		7,517		7,303		8,082
	Service charges on deposits			8,587		8,138		7,945		7,111		6,784
	Digital banking income			5,404		5,125		5,084		5,040		4,704
	Net swap fee and valuation income/ (loss)			961		3,230		(627)		1,776		1,563
	Net securities brokerage revenue			2,701		2,430		2,659		2,601		2,548
	Bank-owned life insurance			3,428		2,512		2,173		2,791		2,067
	Mortgage banking income			1,140		1,229		1,280		1,069		693
	Net securities (losses) / gains			(318)		61		675		135		537
	Net (losses) / gains on other real estate owned and other assets			(40)		193		(239)		34		154
	Other income			4,105		5,695		3,145		3,495		3,497
			Total non-interest income	34,665		36,388		29,612		31,355		30,629
Non-interest expense
	Salaries and wages			48,577		45,638		44,890		43,991		42,997
	Employee benefits			12,970		11,856		11,522		10,579		12,184
	Net occupancy			7,778		5,999		6,226		6,309		6,623
	Equipment and software			13,050		10,681		10,157		10,457		10,008
	Marketing			2,382		2,531		2,977		2,371		1,885
	FDIC insurance			4,187		3,640		3,604		3,523		3,448
	Amortization of intangible assets			4,223		2,034		2,053		2,072		2,092
	Restructuring and merger-related expense			20,010		646		1,977		3,777		-
	Other operating expenses			20,789		18,079		17,777		19,313		17,954
			Total non-interest expense	133,966		101,104		101,183		102,392		97,191
(Loss) / Income before provision for income taxes				(9,665)		61,937		44,773		35,015		43,390
	(Benefit) provision for income taxes			(673)		12,308		7,501		6,099		7,697
Net (Loss) / Income				(8,992)		49,629		37,272		28,916		35,693
Preferred stock dividends				2,531		2,531		2,531		2,531		2,531
Net (loss) / income available to common shareholders				$         (11,523)		$           47,098		$           34,741		$           26,385		$           33,162
Taxable equivalent net interest income				$        159,723		$        127,689		$        122,338		$        117,804		$        115,185
Per common share data
Net (loss) / income per common share - basic				$             (0.15)		$               0.70		$               0.54		$               0.44		$               0.56
Net (loss) / income per common share - diluted				(0.15)		0.70		0.54		0.44		0.56
Adjusted net income per common share - diluted, excluding certain items (1)(2)				0.66		0.71		0.56		0.49		0.56
Dividends declared				0.37		0.37		0.36		0.36		0.36
Book value (period end)				38.02		39.54		39.73		40.28		40.30
Tangible book value (period end) (1)				20.06		22.83		22.99		21.45		21.39
Average common shares outstanding - basic				76,830,460		66,895,834		64,488,962		59,521,872		59,382,758
Average common shares outstanding - diluted				77,020,592		66,992,009		64,634,208		59,656,429		59,523,679
Period end common shares outstanding				95,672,204		66,919,805		66,871,479		59,579,310		59,395,777
Period end preferred shares outstanding				150,000		150,000		150,000		150,000		150,000
Full time equivalent employees				3,205		2,262		2,277		2,370		2,331
(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 11
(unaudited, dollars in thousands)
				Quarter Ended
				Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
Asset quality data				2025		2024		2024		2024		2024
Non-performing assets:
	Total non-performing loans			$       81,489		$       39,752		$       30,421		$       35,468		$       32,919
	Other real estate and repossessed assets			1,854		852		906		1,328		1,474
	Total non-performing assets			$       83,343		$       40,604		$       31,327		$       36,796		$       34,393
Past due loans (1):
	Loans past due 30-89 days			$       69,755		$       45,926		$       33,762		$       20,237		$       18,515
	Loans past due 90 days or more			10,734		13,553		20,427		9,171		5,408
	Total past due loans			$       80,489		$       59,479		$       54,189		$       29,408		$       23,923
Criticized and classified loans (2):
	Criticized loans			$     470,619		$     242,000		$     200,540		$     179,621		$     171,536
	Classified loans			149,452		112,669		93,185		83,744		101,898
	Total criticized and classified loans			$     620,071		$     354,669		$     293,725		$     263,365		$     273,434
Loans past due 30-89 days / total portfolio loans				0.37	%	0.36	%	0.27	%	0.17	%	0.16	%
Loans past due 90 days or more / total portfolio loans				0.06		0.11		0.16		0.07		0.05
Non-performing loans / total portfolio loans				0.44		0.31		0.24		0.29		0.28
Non-performing assets / total portfolio loans, other
	real estate and repossessed assets			0.45		0.32		0.25		0.30		0.29
Non-performing assets / total assets				0.30		0.22		0.17		0.20		0.19
Criticized and classified loans / total portfolio loans				3.32		2.80		2.36		2.15		2.30
Allowance for credit losses
Allowance for credit losses - loans				$     233,617		$     138,766		$     140,872		$     136,509		$     129,190
Allowance for credit losses - loan commitments				6,459		6,120		8,225		9,194		8,175
Provision for credit losses				68,883		(147)		4,798		10,541		4,014
Net loan and deposit account overdraft charge-offs and recoveries				2,771		4,066		1,420		2,221		5,935
Annualized net loan charge-offs and recoveries / average loans				0.08	%	0.13	%	0.05	%	0.07	%	0.20	%
Allowance for credit losses - loans / total portfolio loans				1.25	%	1.10	%	1.13	%	1.11	%	1.09	%
Allowance for credit losses - loans / non-performing loans				2.87	x	3.49	x	4.63	x	3.85	x	3.92	x
Allowance for credit losses - loans / non-performing loans and
	loans past due			1.44	x	1.40	x	1.66	x	2.10	x	2.27	x
				Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
				2025		2024		2024		2024		2024
Capital ratios
Tier I leverage capital				11.01	%	10.68	%	10.69	%	9.72	%	9.79	%
Tier I risk-based capital				10.69		13.06		12.89		11.58		11.87
Total risk-based capital				13.59		15.88		15.74		14.45		14.76
Common equity tier 1 capital ratio (CET 1)				9.99		12.07		11.89		10.58		10.84
Average shareholders' equity to average assets				14.86		15.09		14.84		14.21		14.38
Tangible equity to tangible assets (3)				8.03		9.52		9.67		8.37		8.50
Tangible common equity to tangible assets (3)				7.47		8.70		8.84		7.52		7.63
(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 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)				2025		2024		2024		2024		2024
Return on average assets, excluding certain items:
	Net (loss) / income available to common shareholders			$        (11,523)		$          47,098		$          34,741		$          26,385		$         33,162
	Plus: after-tax restructuring and merger-related expenses  (1)			15,808		510		1,562		2,984		-
	Plus: after-tax day one provision for credit losses on acquired loans (1)			46,926		-		-		-		-
	Net income available to common shareholders, excluding certain items			51,211		47,608		36,303		29,369		33,162
	Average total assets			$   21,658,352		$   18,593,265		$   18,295,583		$   17,890,314		$  17,704,265
Return on average assets, excluding certain items (annualized)  (2)				0.96 %		1.02 %		0.79 %		0.66 %		0.75 %
Return on average equity, excluding certain items:
	Net (loss) / income available to common shareholders			$        (11,523)		$          47,098		$          34,741		$          26,385		$         33,162
	Plus: after-tax restructuring and merger-related expenses  (1)			15,808		510		1,562		2,984		-
	Plus: after-tax day one provision for credit losses on acquired loans (1)			46,926		-		-		-		-
	Net income available to common shareholders excluding certain items			51,211		47,608		36,303		29,369		33,162
	Average total shareholders' equity			$     3,218,639		$     2,806,079		$     2,715,461		$     2,542,948		$    2,545,841
Return on average equity, excluding certain items (annualized)  (2)				6.45 %		6.75 %		5.32 %		4.65 %		5.24 %
Return on average tangible equity:
	Net (loss) / income available to common shareholders			$        (11,523)		$          47,098		$          34,741		$          26,385		$         33,162
	Plus: amortization of intangibles (1)			3,336		1,607		1,622		1,637		1,653
	Net (loss) / income available to common shareholders before amortization of intangibles			(8,187)		48,705		36,363		28,022		34,815
	Average total shareholders' equity			3,218,639		2,806,079		2,715,461		2,542,948		2,545,841
	Less: average goodwill and other intangibles, net of def. tax liability			(1,312,855)		(1,119,060)		(1,120,662)		(1,122,264)		(1,123,938)
	Average tangible equity			$     1,905,784		$     1,687,019		$     1,594,799		$     1,420,684		$    1,421,903
Return on average tangible equity (annualized)  (2)				-1.74 %		11.49 %		9.07 %		7.93 %		9.85 %
	Average tangible common equity			$     1,761,300		$     1,542,535		$     1,450,315		$     1,276,200		$    1,277,419
Return on average tangible common equity (annualized)  (2)				-1.89 %		12.56 %		9.97 %		8.83 %		10.96 %
Return on average tangible equity, excluding certain items:
	Net (loss) / income available to common shareholders			$        (11,523)		$          47,098		$          34,741		$          26,385		$         33,162
	Plus: after-tax restructuring and merger-related expenses  (1)			15,808		510		1,562		2,984		-
	Plus: amortization of intangibles  (1)			3,336		1,607		1,622		1,637		1,653
	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			54,547		49,215		37,925		31,006		34,815
	Average total shareholders' equity			3,218,639		2,806,079		2,715,461		2,542,948		2,545,841
	Less: average goodwill and other intangibles, net of def. tax liability			(1,312,855)		(1,119,060)		(1,120,662)		(1,122,264)		(1,123,938)
	Average tangible equity			$     1,905,784		$     1,687,019		$     1,594,799		$     1,420,684		$    1,421,903
Return on average tangible equity, excluding certain items (annualized)  (2)				11.61 %		11.61 %		9.46 %		8.78 %		9.85 %
	Average tangible common equity			$     1,761,300		$     1,542,535		$     1,450,315		$     1,276,200		$    1,277,419
Return on average tangible common equity, excluding certain items (annualized)  (2)				12.56 %		12.69 %		10.40 %		9.77 %		10.96 %
Efficiency ratio:
	Non-interest expense			$        133,966		$        101,104		$        101,183		$        102,392		$         97,191
	Less: restructuring and merger-related expense			(20,010)		(646)		(1,977)		(3,777)		-
	Non-interest expense excluding restructuring and merger-related expense			113,956		100,458		99,206		98,615		97,191
	Net interest income on a fully taxable equivalent basis			159,723		127,689		122,338		117,804		115,185
	Non-interest income			34,665		36,388		29,612		31,355	0	30,629
	Net interest income on a fully taxable equivalent basis plus non-interest income			$        194,388		$        164,077		$        151,950		$        149,159	0	$       145,814
	Efficiency ratio			58.62 %		61.23 %		65.29 %		66.11 %		66.65 %
Adjusted net income available to common shareholders, excluding certain items:
	Net (loss) / income available to common shareholders			$        (11,523)		$          47,098		$          34,741		$          26,385		$         33,162
	Add: After-tax restructuring and merger-related expenses (1)			15,808		510		1,562		2,984		-
	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:				$          51,211		$          47,608		$          36,303		$          29,369		$         33,162
Adjusted net income per common share - diluted, excluding certain items:
	Net (loss) / income per common share - diluted			$            (0.15)		$              0.70		$              0.54		$              0.44		$             0.56
	Add: After-tax restructuring and merger-related expenses per common share - diluted (1)			0.21		0.01		0.02		0.05		-
	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:				$              0.66		$              0.71		$              0.56		$              0.49		$             0.56
				Period End
				Mar. 31,		Dec. 31,		Sept. 30,		June 30,		Mar. 31,
				2025		2024		2024		2024		2024
Tangible book value per share:
	Total shareholders' equity			$     3,781,579		$     2,790,281		$     2,801,585		$     2,544,279		$    2,538,362
	Less:  goodwill and other intangible assets, net of def. tax liability			(1,718,048)		(1,118,293)		(1,119,899)		(1,121,521)		(1,123,158)
	Less: preferred shareholder's equity			(144,484)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity			1,919,047		1,527,504		1,537,202		1,278,274		1,270,720
	Common shares outstanding			95,672,204		66,919,805		66,871,479		59,579,310		59,395,777
Tangible book value per share				$            20.06		$            22.83		$            22.99		$            21.45		$           21.39
Tangible common equity to tangible assets:
	Total shareholders' equity			$     3,781,579		$     2,790,281		$     2,801,585		$     2,544,279		$    2,538,362
	Less:  goodwill and other intangible assets, net of def. tax liability			(1,718,048)		(1,118,293)		(1,119,899)		(1,121,521)		(1,123,158)
	Tangible equity			2,063,531		1,671,988		1,681,686		1,422,758		1,415,204
	Less: preferred shareholder's equity			(144,484)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity			1,919,047		1,527,504		1,537,202		1,278,274		1,270,720
	Total assets			27,412,383		18,684,298		18,514,169		18,128,375		17,772,735
	Less:  goodwill and other intangible assets, net of def. tax liability			(1,718,048)		(1,118,293)		(1,119,899)		(1,121,521)		(1,123,158)
	Tangible assets			$   25,694,335		$   17,566,005		$   17,394,270		$   17,006,854		$  16,649,577
Tangible equity to tangible assets				8.03 %		9.52 %		9.67 %		8.37 %		8.50 %
Tangible common equity to tangible assets				7.47 %		8.70 %		8.84 %		7.52 %		7.63 %
(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 13
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)				2025		2024		2024		2024		2024
Pre-tax, pre-provision income:
	(Loss) / Income before (benefit) / provision for income taxes			$          (9,665)		$          61,937		$          44,773		$          35,015		$          43,390
	Add: provision for credit losses			68,883		(147)		4,798		10,541		4,014
Pre-tax, pre-provision income				$          59,218		$          61,790		$          49,571		$          45,556		$          47,404
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	(Loss) / Income before (benefit) / provision for income taxes			$          (9,665)		$          61,937		$          44,773		$          35,015		$          43,390
	Add: provision for credit losses			68,883		(147)		4,798		10,541		4,014
	Add: restructuring and merger-related expenses			20,010		646		1,977		3,777		-
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				$          79,228		$          62,436		$          51,548		$          49,333		$          47,404
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses:
	(Loss) / Income before (benefit) / provision for income taxes			$          (9,665)		$          61,937		$          44,773		$          35,015		$          43,390
	Add: provision for credit losses			68,883		(147)		4,798		10,541		4,014
	Add: restructuring and merger-related expenses			20,010		646		1,977	#	3,777		-
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				79,228		62,436		51,548	#	49,333		47,404
	Average total assets			$   21,658,352		$   18,593,265		$   18,295,583		$   17,890,314		$   17,704,265
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses (annualized) (2)				1.48 %		1.34 %		1.12 %		1.11 %		1.08 %
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses:
	(Loss) / Income before (benefit) / provision for income taxes			$          (9,665)		$          61,937		$          44,773		$          35,015		$          43,390
	Add: provision for credit losses			68,883		(147)		4,798		10,541		4,014
	Add: restructuring and merger-related expenses			20,010		646		1,977	#	3,777		-
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				79,228		62,436		51,548	#	49,333		47,404
	Average total shareholders' equity			$     3,218,639		$     2,806,079		$     2,715,461		$     2,542,948		$     2,545,841
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses (annualized) (2)				9.98 %		8.85 %		7.55 %		7.80 %		7.49 %
Pre-tax, pre-provision return on average tangible equity, excluding certain items (1):
	(Loss) / Income before (benefit) / provision for income taxes			$          (9,665)		$          61,937		$          44,773		$          35,015		$          43,390
	Add: provision for credit losses			68,883		(147)		4,798		10,541		4,014
	Add: amortization of intangibles			4,223		2,034		2,053		2,072		2,092
	Add: restructuring and merger-related expenses			20,010		646		1,977	#	3,777		-
Pre-tax, pre-provision income before restructuring and merger-related expenses and amortization of intangibles				83,451		64,470		53,601	#	51,405		49,496
	Average total shareholders' equity			3,218,639		2,806,079		2,715,461		2,542,948		2,545,841
	Less: average goodwill and other intangibles, net of def. tax liability			(1,312,855)		(1,119,060)		(1,120,662)		(1,122,264)		(1,123,938)
	Average tangible equity			$     1,905,784		$     1,687,019		$     1,594,799		$     1,420,684		$     1,421,903
Pre-tax, pre-provision return on average tangible equity, excluding certain items (annualized) (1) (2)				17.76 %		15.20 %		13.37 %		14.55 %		14.00 %
	Average tangible common equity			$     1,761,300		$     1,542,535		$     1,450,315		$     1,276,200		$     1,277,419
Pre-tax, pre-provision return on average tangible common equity, excluding certain items (annualized) (1) (2)				19.22 %		16.63 %		14.70 %		16.20 %		15.58 %
(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.

FAQ

What caused WesBanco (WSBC) to report a Q1 2025 net loss of $11.5 million?

WesBanco reported a Q1 2025 net loss due to a required day one provision for credit losses of $59.4 million and merger-related expenses from the Premier Financial acquisition. Excluding these one-time items, adjusted net income was $51.2 million.

How much did WesBanco's deposits grow after the Premier Financial merger in Q1 2025?

WesBanco's total deposits increased 57.8% year-over-year to $21.3 billion, including $6.9 billion from Premier Financial acquisition and 6.8% organic deposit growth.

What is WesBanco's loan-to-deposit ratio after the Premier Financial acquisition?

WesBanco maintained an average loans to average deposits ratio of 89.3% after the Premier Financial merger, providing continued capacity to fund loan growth.

How did WesBanco's net interest margin perform in Q1 2025?

WesBanco's net interest margin increased to 3.35%, up 32 basis points from the previous quarter, primarily benefiting from the Premier Financial acquisition which added approximately 25 basis points through interest mark accretion and securities restructuring.

What are WesBanco's key capital ratios following the Premier Financial merger in Q1 2025?

After the merger, WesBanco maintained strong capital ratios with Tier I leverage at 11.01%, CET 1 at 9.99%, and total risk-based capital at 13.59%, all well above regulatory requirements.