WesBanco Announces Second Quarter 2025 Financial Results

Rhea-AI Summary

WesBanco (Nasdaq: WSBC) reported strong Q2 2025 financial results, with net income of $54.9 million and diluted EPS of $0.57, compared to $26.4 million and $0.44 per share in Q2 2024. The quarter was highlighted by a net interest margin of 3.59% and successful integration of Premier Financial Corp (PFC).

Key highlights include total loans increasing 53.6% year-over-year to $18.8 billion and total deposits growing 57.5% to $21.2 billion. The company achieved an improved efficiency ratio of 55.5% and maintained strong credit quality metrics. The acquisition of PFC added approximately 400,000 consumer and 50,000 business relationships, along with 70 financial centers.

Positive

• Net income increased 108% year-over-year to $54.9 million in Q2 2025
• Net interest margin improved to 3.59%, up 64 basis points year-over-year
• Total loans grew 53.6% year-over-year to $18.8 billion
• Total deposits increased 57.5% year-over-year to $21.2 billion
• Efficiency ratio improved by over 10 percentage points to 55.5%
• Trust and Investment Services assets reached record $7.2 billion

Negative

• Criticized and classified loans increased 31 points quarter-over-quarter to 3.63%
• Total deposits declined $138 million sequentially due to intentional runoff of higher cost deposits
• Restructuring and merger-related expenses of $41.1 million impacted earnings

Insights

Banking Sector Analyst

WesBanco delivered strong Q2 results following Premier acquisition with NIM expansion to 3.59% and solid operational performance despite integration costs.

WesBanco's Q2 2025 results demonstrate significant improvement following its February acquisition of Premier Financial. The company reported $54.9 million in net income ($0.57 per diluted share), more than doubling from $26.4 million ($0.44 per share) in Q2 2024. On an adjusted basis excluding merger-related expenses, earnings were $0.91 per share versus $0.49 last year.

The bank successfully completed Premier's systems conversion in mid-May, integrating approximately 400,000 consumer and 50,000 business relationships while transitioning roughly 70 financial centers to the WesBanco brand. This significant operational milestone was executed while maintaining strong customer retention.

The acquisition has meaningfully improved WesBanco's financial profile. Total assets increased 52.1% year-over-year to $27.6 billion, with loans up 53.6% to $18.8 billion and deposits growing 57.5% to $21.2 billion. The bank maintained an 89.5% loan-to-deposit ratio, providing capacity for continued lending growth.

A standout metric is the net interest margin (NIM) improvement to 3.59%, up 24 basis points sequentially and 64 basis points year-over-year. This expansion was driven by higher loan yields, lower funding costs, and approximately 37 basis points of purchase accounting accretion from the acquisition. The efficiency ratio improved to 55.5%, down more than 10 percentage points year-over-year.

Credit quality remains favorable compared to peer averages, though criticized and classified loans increased 31 basis points to 3.63% of total loans. The allowance for credit losses stands at 1.19% of total loans ($223.9 million), decreasing $9.8 million from Q1 due to PCD loan payoffs and portfolio mix changes.

Capital ratios remain strong with CET1 at 9.91% and total risk-based capital at 13.40%, despite the dilutive impact of issuing 28.7 million shares for the Premier acquisition. The tangible common equity to tangible assets ratio was 7.60%.

The wealth management business also benefited from the acquisition, with trust assets under management reaching a record $7.2 billion and broker-dealer securities accounts growing to $2.6 billion.

Highlighted by a net interest margin of 3.59% and successful customer data systems conversion of Premier Financial

WHEELING, W.Va., July 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 June 30, 2025. Net income available to common shareholders for the second quarter of 2025 was $54.9 million, with diluted earnings per share of $0.57, compared to $26.4 million and $0.44 per diluted share, respectively, for the second quarter of 2024. For the six months ended June 30, 2025, net income was $43.4 million, or $0.50 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^th, compared to $59.5 million, or $1.00 per diluted share, for the 2024 period.

As noted below, WesBanco reported $0.91 of earnings per diluted share, in the second quarter, as compared to $0.49 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 $1.60 per diluted share, for the six month period, as compared to $1.05 per diluted share last year (non-GAAP measures).

			For the Three Months Ended June 30,									For the Six Months Ended June 30,
			2025				2024					2025				2024
(unaudited, dollars in thousands, except per share amounts)			Net Income		Diluted Earnings Per Share		Net Income		Diluted Earnings Per Share			Net Income		Diluted Earnings Per Share		Net Income		Diluted Earnings Per Share
Net income available to common shareholders (GAAP)			$        54,884		$             0.57		$        26,385		$             0.44			$        43,360		$             0.50		$        59,546		$             1.00
Add: After-tax day one provision for credit losses on acquired loans			-		-		-		-			46,926		0.54		-		-
Add: After-tax restructuring and merger-related expenses			32,434		0.34		2,984		0.05			48,242		0.56		2,984		0.05
Adjusted net income available to common shareholders (Non-GAAP) (1)			$        87,318		$             0.91		$        29,369		$             0.49			$      138,528		$             1.60		$        62,530		$             1.05
(1) See non-GAAP financial measures for additional information relating to the calculation of these items.

Financial and operational highlights during the quarter ended June 30, 2025:

• Successfully converted the customer data systems for the bank and trust department of PFC
• Total loan growth was 3.3% annualized over the sequential quarter reflecting the strength of WesBanco's new and legacy markets
  • Reflecting $5.9 billion of loans from PFC and organic growth of 5.5%, total loans increased 53.6% year-over-year to $18.8 billion
• Reflecting $6.9 billion of deposits from PFC and organic growth of 6.3%, total deposits increased 57.5% year-over-year to $21.2 billion
  • Average loans to average deposits were 89.5%, providing continued capacity to fund loan growth
• Net interest margin of 3.59% increased 24 basis points sequentially, as PFC benefited the margin by approximately 37 basis points through interest mark accretion, the first quarter's securities restructuring, and lower funding costs
• Reflecting the PFC acquisition, market appreciation, and organic growth, WesBanco Trust and Investment Services assets under management increased to a record $7.2 billion and broker-dealer securities account values (including annuities) increased to a record $2.6 billion
• Efficiency ratio of 55.5% improved more than 10 percentage points year-over-year and 3 percentage 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 second quarter results demonstrate the success of our acquisition of Premier and strong operational performance. Our larger organization delivered solid sequential quarter loan growth while driving positive operating leverage. We also meaningfully improved both our net interest margin and efficiency ratio, further demonstrating our focus on operational excellence for our shareholders," said Jeff Jackson, President and Chief Executive Officer, WesBanco. "We marked another significant milestone this quarter as we successfully transitioned approximately 400,000 consumer and 50,000 business relationships, along with the branding and operations of approximately 70 financial centers from Premier to WesBanco. We are excited by the customer reception and retention and are focused on building even stronger relationships with our new customers, businesses, and communities."

Balance Sheet
WesBanco's balance sheet, as of June 30, 2025, reflects both the PFC acquisition and organic growth. Total assets increased 52.1% year-over-year to $27.6 billion, including total portfolio loans of $18.8 billion and total securities of $4.4 billion. Total portfolio loans increased 53.6% year-over-year due to acquired PFC loans of $5.9 billion and organic growth of $0.7 billion, with $0.6 billion from the commercial teams. Commercial real estate payoffs totaled approximately $170 million during the second quarter of 2025 and $255 million year-to-date.

Deposits of $21.2 billion increased 57.5% year-over-year due to acquired PFC deposits of $6.9 billion and organic growth of $0.8 billion, which fully funded year-over-year organic loan growth. On a sequential quarter basis, total deposits declined $138 million due to normal seasonality and the intentional runoff of higher cost certificates of deposit and less reliance on public funds from PFC. Reflecting the addition of PFC deposits, which included $1.3 billion of certificates of deposit, total demand deposits represented 48% of total deposits, with the non-interest bearing component representing 25%.

Credit Quality
As of June 30, 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. Criticized and classified loans as a percent of total portfolio loans increased 31 points quarter-over-quarter to 3.63% but remain below long-term historical levels.

The allowance for credit losses to total portfolio loans at June 30, 2025 was 1.19% of total loans, or $223.9 million. The decrease of $9.8 million from March 31, 2025 was driven by a reduction in PCD loan reserves from a couple of large payoffs and portfolio mix changes, which more than offset increases associated with slightly higher unemployment assumptions, loan growth, and other loan portfolio adjustments. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 1.74% of total portfolio loans.

Net Interest Margin and Income
The second quarter margin of 3.59% improved 24 basis points compared to the first quarter and 64 basis points on a year-over-year basis, through a combination of higher loan and securities yields, lower funding costs, and purchase accounting accretion. Deposit funding costs of 246 basis points for the second quarter of 2025 decreased 9 basis points from the first quarter and 28 basis points from the prior year period. When including non-interest bearing deposits, deposit funding costs for the second quarter were 184 basis points. Further, FHLB borrowing costs of 4.22% decreased 30 basis points quarter-over-quarter and 128 basis points year-over-year, as these short-term borrowings repriced downward upon maturity. Purchase accounting accretion benefited the second quarter net interest margin by approximately 37 basis points.

Net interest income for the second quarter of 2025 was $216.8 million, an increase of $100.2 million, or 85.9% year-over-year, reflecting the impact of a larger balance sheet from the PFC acquisition, loan growth, higher loan and securities yields, lower FHLB borrowing costs, and $22.5 million of purchase accounting accretion from acquisitions. For the six months ended June 30, 2025, net interest income of $375.3 million increased $144.7 million, or 62.8%, primarily due to the reasons discussed for the three-month period comparison.

Non-Interest Income
For the second quarter of 2025, non-interest income of $44.0 million increased $12.6 million, or 40.2%, from the second quarter of 2024 due primarily to the acquisition of PFC. Service charges on deposits increased $3.4 million year-over-year, reflecting the addition of PFC, fee income from new products and services and treasury management, and increased general consumer spending. Reflecting record asset levels, trust fees and net securities brokerage revenue increased $2.4 million and $0.7 million, respectively, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Digital banking fees increased $2.3 million from higher volumes primarily associated with our larger customer base. Mortgage Banking income increased $1.3 million due to an approximate 30% year-over-year increase in residential mortgage originations related to seasonality and our larger customer base. Net securities gains increased $1.3 million primarily due to market fluctuations of equity securities in the deferred compensation plan. Gross swap fees were $1.4 million in the second quarter, compared to $1.8 million in the prior year period, while fair value adjustments were a loss of $0.7 million compared to a negligible gain, respectively.

Primarily reflecting the items discussed above, as well as bank-owned life insurance ("BOLI"), non-interest income, for the six months ended June 30, 2025, increased $16.6 million, or 26.8%, year-over-year to $78.6 million. BOLI increased $2.0 million year-over-year due to the addition of PFC and a $0.9 million death benefit received during the first quarter.

Non-Interest Expense
Non-interest expense, excluding restructuring and merger-related costs, for the three months ended June 30, 2025 was $145.5 million, a $46.9 million, or 47.5%, increase year-over-year primarily due to the addition of the PFC expense base associated with approximately 900 employees and 70 financial centers. Employee benefits expense of $18.9 million increased $5.9 million linked quarter due to higher staffing levels, as well as higher deferred compensation expense of $1.5 million, with the offsetting gain located in net securities gains, and higher health insurance costs due to higher staffing levels from PFC, of which approximately $1.0 million is due to the timing of healthcare services and employee behaviors relative to deductibles. Equipment and software expense of $17.1 million, includes the additional cost of operating two core systems until the conversion to one platform in mid-May. Amortization of intangible assets of $9.2 million increased $7.1 million year-over-year due to the core deposit intangible asset that was created from the acquisition of PFC. FDIC insurance expense increased $2.0 million due to our larger asset size. Restructuring and merger-related expenses of $41.1 million are primarily related to costs associated with the systems conversion, severance, and other costs associated with the PFC merger.

Excluding restructuring and merger-related expenses, non-interest expense during the first half of 2025 of $259.4 million increased $63.6 million, or 32.5%, compared to the prior year period, due primarily to the expenses described above.

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. Reflecting the full quarter average of PFC's balance sheet, at June 30, 2025, Tier I leverage was 8.66%, Tier I risk-based capital ratio was 10.59%, common equity Tier 1 capital ratio ("CET 1") was 9.91%, and total risk-based capital was 13.40%. In addition, the tangible common equity to tangible assets ratio was 7.60%.

Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the second quarter of 2025 at 9:00 a.m. ET on Wednesday, July 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 5130124. The replay will begin at approximately 11:00 a.m. ET on July 30, 2025 and end at 12 a.m. ET on August 13, 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") including WesBanco's Form 10-Q for the quarter ended March 31, 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 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 $27.6 billion in total assets, with our Trust and Investment Services holding $7.2 billion of assets under management and securities account values (including annuities) of $2.6 billion through our broker/dealer, as of June 30, 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 Six Months Ended
Statement of Income				June 30,						June 30,
Interest and dividend income				2025		2024		% Change		2025		2024		% Change
	Loans, including fees			$         290,104		$         175,361		65.4		$         508,512		$         342,335		48.5
	Interest and dividends on securities:
		Taxable		31,066		16,929		83.5		53,314		34,334		55.3
		Tax-exempt		4,616		4,556		1.3		9,145		9,142		0.0
			Total interest and dividends on securities	35,682		21,485		66.1		62,459		43,476		43.7
	Other interest income			10,596		6,147		72.4		18,643		12,516		49.0
Total interest and dividend income				336,382		202,993		65.7		589,614		398,327		48.0
Interest expense
	Interest bearing demand deposits			30,405		26,925		12.9		59,782		52,516		13.8
	Money market deposits			36,287		18,443		96.8		57,422		34,557		66.2
	Savings deposits			8,670		7,883		10.0		16,029		15,549		3.1
	Certificates of deposit			21,442		11,982		79.0		39,999		22,229		79.9
			Total interest expense on deposits	96,804		65,233		48.4		173,232		124,851		38.8
	Federal Home Loan Bank borrowings			16,683		16,227		2.8		29,718		33,227		(10.6)
	Other short-term borrowings			816		896		(8.9)		1,938		1,570		23.4
	Subordinated debt and junior subordinated debt			5,310		4,044		31.3		9,438		8,119		16.2
			Total interest expense	119,613		86,400		38.4		214,326		167,767		27.8
Net interest income				216,769		116,593		85.9		375,288		230,560		62.8
	Provision for credit losses			3,218		10,541		(69.5)		72,101		14,555		395.4
Net interest income after provision for credit losses				213,551		106,052		101.4		303,187		216,005		40.4
Non-interest income
	Trust fees			9,657		7,303		32.2		18,355		15,385		19.3
	Service charges on deposits			10,484		7,111		47.4		19,070		13,895		37.2
	Digital banking income			7,325		5,040		45.3		12,730		9,745		30.6
	Net swap fee and valuation income			746		1,776		(58.0)		1,706		3,339		(48.9)
	Net securities brokerage revenue			3,348		2,601		28.7		6,049		5,149		17.5
	Bank-owned life insurance			3,450		2,791		23.6		6,878		4,859		41.6
	Mortgage banking income			2,364		1,069		121.1		3,504		1,762		98.9
	Net securities gains			1,410		135		944.4		1,092		672		62.5
	Net gains on other real estate owned and other assets			111		34		226.5		71		188		(62.2)
	Other income			5,062		3,495		44.8		9,167		6,990		31.1
			Total non-interest income	43,957		31,355		40.2		78,622		61,984		26.8
Non-interest expense
	Salaries and wages			60,153		43,991		36.7		108,730		86,988		25.0
	Employee benefits			18,857		10,579		78.2		31,827		22,763		39.8
	Net occupancy			8,119		6,309		28.7		15,897		12,932		22.9
	Equipment and software			17,140		10,457		63.9		30,190		20,465		47.5
	Marketing			1,864		2,371		(21.4)		4,246		4,256		(0.2)
	FDIC insurance			5,479		3,523		55.5		9,666		6,971		38.7
	Amortization of intangible assets			9,204		2,072		344.2		13,427		4,164		222.5
	Restructuring and merger-related expense			41,056		3,777		987.0		61,066		3,777		NM
	Other operating expenses			24,663		19,313		27.7		45,451		37,269		22.0
			Total non-interest expense	186,535		102,392		82.2		320,500		199,585		60.6
Income before provision for income taxes				70,973		35,015		102.7		61,309		78,404		(21.8)
	Provision for income taxes			13,558		6,099		122.3		12,886		13,795		(6.6)
Net Income				57,415		28,916		98.6		48,423		64,609		(25.1)
Preferred stock dividends				2,531		2,531		-		5,063		5,063		-
Net income available to common shareholders				$           54,884		$           26,385		108.0		$           43,360		$           59,546		(27.2)
			‌
Taxable equivalent net interest income				$        217,996		$        117,804		85.0		$        377,719		$        232,990		62.1
			‌
Per common share data
Net income per common share - basic				$               0.57		$               0.44		29.5		$               0.50		$               1.00		(50.0)
Net income per common share - diluted				0.57		0.44		29.5		0.50		1.00		(50.0)
Adjusted net income per common share - diluted, excluding certain items (1)(2)				0.91		0.49		85.7		1.60		1.05		52.4
Dividends declared				0.37		0.36		2.8		0.74		0.72		2.8
Book value (period end)				38.28		40.28		(5.0)		38.28		40.28		(5.0)
Tangible book value (period end) (1)				20.48		21.45		(4.5)		20.48		21.45		(4.5)
Average common shares outstanding - basic				95,744,980		59,521,872		60.9		86,339,970		59,452,315		45.2
Average common shares outstanding - diluted				95,808,310		59,656,429		60.6		86,466,701		59,592,960		45.1
Period end common shares outstanding				95,986,023		59,579,310		61.1		95,986,023		59,579,310		61.1
Period end preferred shares outstanding				150,000		150,000		-		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 6
(unaudited, dollars in thousands, unless otherwise noted)
‌
Selected ratios
						For the Six Months Ended
						June 30,
						2025		2024		% Change
‌
Return on average assets						0.36	%	0.67	%	(46.27)	%
Return on average assets, excluding certain items (1)						1.14		0.71		60.56
Return on average equity						2.51		4.71		(46.71)
Return on average equity, excluding certain items (1)						8.01		4.94		62.15
Return on average tangible equity (1)						5.38		8.89		(39.48)
Return on average tangible equity, excluding certain items (1)						14.85		9.31		59.51
Return on average tangible common equity (1)						5.79		9.90		(41.52)
Return on average tangible common equity, excluding certain items (1)						15.99		10.37		54.19
Yield on earning assets (2)						5.46		5.04		8.33
Cost of interest bearing liabilities						2.73		3.05		(10.49)
Net interest spread (2)						2.73		1.99		37.19
Net interest margin (2)						3.48		2.93		18.77
Efficiency (1) (2)						56.85		66.38		(14.36)
Average loans to average deposits						89.42		89.04		0.43
Annualized net loan charge-offs/average loans						0.09		0.14		(35.71)
Effective income tax rate						21.02		17.59		19.50
						‌
						For the Three Months Ended
						June 30,		Mar. 31,		Dec. 31,		Sept. 30,		June 30,
						2025		2025		2024		2024		2024
Return on average assets						0.81	%	(0.22)	%	1.01	%	0.76	%	0.59	%
Return on average assets, excluding certain items (1)						1.28		0.96		1.02		0.79		0.66
Return on average equity						5.76		(1.45)		6.68		5.09		4.17
Return on average equity, excluding certain items (1)						9.17		6.45		6.75		5.32		4.65
Return on average tangible equity (1)						11.27		(1.74)		11.49		9.07		7.93
Return on average tangible equity, excluding certain items (1)						17.16		11.61		11.61		9.46		8.78
Return on average tangible common equity (1)						12.06		(1.89)		12.56		9.97		8.83
Return on average tangible common equity, excluding certain items (1)						18.36		12.56		12.69		10.40		9.77
Yield on earning assets (2)						5.56		5.33		5.10		5.19		5.11
Cost of interest bearing liabilities						2.69		2.78		2.96		3.21		3.12
Net interest spread (2)						2.87		2.55		2.14		1.98		1.99
Net interest margin (2)						3.59		3.35		3.03		2.95		2.95
Efficiency (1) (2)						55.54		58.62		61.23		65.29		66.11
Average loans to average deposits						89.47		89.32		89.24		90.58		89.40
Annualized net loan charge-offs and recoveries /average loans						0.09		0.08		0.13		0.05		0.07
Effective income tax rate						19.10		(6.96)		19.87		16.75		17.42
Trust and Investment Services assets under management (3)						$            7,205		$            6,951		$            5,968		$            6,061		$            5,633
Broker-dealer securities account values (including annuities) (3)						$            2,554		$            2,359		$            1,852		$            1,853		$            1,780
‌
(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					June 30,					December 31,	December 31, 2024
Assets					2025		2024		% Change	2024	to June 30, 2025
Cash and due from banks					$             402,755		$         173,816		131.7	$           142,271	183.1
Due from banks - interest bearing					754,275		312,973		141.0	425,866	77.1
Securities:
	Equity securities, at fair value				29,538		13,091		125.6	13,427	120.0
	Available-for-sale debt securities, at fair value				3,222,819		2,102,123		53.3	2,246,072	43.5
	Held-to-maturity debt securities (fair values of $1,006,110, $1,028,432
	and $1,006,817, respectively)				1,137,782		1,179,684		(3.6)	1,152,906	(1.3)
		Allowance for credit losses, held-to-maturity debt securities			(178)		(163)		(9.2)	(146)	(21.9)
	Net held-to-maturity debt securities				1,137,604		1,179,521		(3.6)	1,152,760	(1.3)
		Total securities			4,389,961		3,294,735		33.2	3,412,259	28.7
Loans held for sale					123,019		25,433		383.7	18,695	558.0
Portfolio loans:
	Commercial real estate				10,600,210		6,998,888		51.5	7,326,681	44.7
	Commercial and industrial				2,819,096		1,760,479		60.1	1,787,277	57.7
	Residential real estate				3,939,796		2,506,957		57.2	2,520,086	56.3
	Home equity				1,052,334		770,599		36.6	821,110	28.2
	Consumer				417,190		220,588		89.1	201,275	107.3
Total portfolio loans, net of unearned income					18,828,626		12,257,511		53.6	12,656,429	48.8
Allowance for credit losses - loans					(223,866)		(136,509)		(64.0)	(138,766)	(61.3)
		Net portfolio loans			18,604,760		12,121,002		53.5	12,517,663	48.6
Premises and equipment, net					274,137		222,266		23.3	219,076	25.1
Accrued interest receivable					106,410		79,759		33.4	78,324	35.9
Goodwill and other intangible assets, net					1,745,170		1,128,103		54.7	1,124,016	55.3
Bank-owned life insurance					552,051		358,682		53.9	360,738	53.0
Other assets					619,038		411,606		50.4	385,390	60.6
Total Assets					$        27,571,576		$    18,128,375		52.1	$      18,684,298	47.6
			‌
Liabilities
Deposits:
	Non-interest bearing demand				$          5,328,181		$      3,826,249		39.3	$        3,842,758	38.7
	Interest bearing demand				4,865,091		3,505,651		38.8	3,771,314	29.0
	Money market				4,825,154		2,283,294		111.3	2,429,977	98.6
	Savings deposits				3,192,943		2,429,241		31.4	2,362,736	35.1
	Certificates of deposit				2,943,187		1,387,938		112.1	1,726,932	70.4
		Total deposits			21,154,556		13,432,373		57.5	14,133,717	49.7
Federal Home Loan Bank borrowings					1,750,000		1,475,000		18.6	1,000,000	75.0
Other short-term borrowings					103,666		105,757		(2.0)	192,073	(46.0)
Subordinated debt and junior subordinated debt					357,762		279,193		28.1	279,308	28.1
		Total borrowings			2,211,428		1,859,950		18.9	1,471,381	50.3
Accrued interest payable					25,967		15,393		68.7	14,228	82.5
Other liabilities					360,405		276,380		30.4	274,691	31.2
Total Liabilities					23,752,356		15,584,096		52.4	15,894,017	49.4
			‌
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; 95,986,023, 68,081,306 and 75,354,034 shares issued;
	95,986,023, 59,579,310 and 66,919,805 shares outstanding, respectively				199,967		141,834		41.0	156,985	27.4
Capital surplus					2,485,458		1,630,830		52.4	1,809,679	37.3
Retained earnings					1,165,058		1,159,217		0.5	1,192,091	(2.3)
Treasury stock (0, 8,501,996 and 8,434,229 shares - at cost, respectively)					-		(294,818)		(100.0)	(292,244)	(100.0)
Accumulated other comprehensive loss					(173,644)		(235,208)		26.2	(218,632)	20.6
Deferred benefits for directors					(2,103)		(2,060)		(2.1)	(2,082)	(1.0)
Total Shareholders' Equity					3,819,220		2,544,279		50.1	2,790,281	36.9
Total Liabilities and Shareholders' Equity					$        27,571,576		$    18,128,375		52.1	$      18,684,298	47.6

 

WESBANCO, INC.
Consolidated Selected Financial Highlights									Page 8
(unaudited, dollars in thousands, except shares)
Balance sheet					June 30,		March 31,
Assets					2025		2025		% Change
Cash and due from banks					$                  402,755		$             245,897		63.8
Due from banks - interest bearing					754,275		845,818		(10.8)
Securities:
	Equity securities, at fair value				29,538		28,217		4.7
	Available-for-sale debt securities, at fair value				3,222,819		3,149,043		2.3
	Held-to-maturity debt securities (fair values of $1,006,110;
	and $1,002,796, respectively)				1,137,782		1,143,376		(0.5)
		Allowance for credit losses, held-to-maturity debt securities			(178)		(137)		(29.9)
	Net held-to-maturity debt securities				1,137,604		1,143,239		(0.5)
		Total securities			4,389,961		4,320,499		1.6
Loans held for sale					123,019		243,281		(49.4)
Portfolio loans:
	Commercial real estate				10,600,210		10,501,846		0.9
	Commercial and industrial				2,819,096		2,781,728		1.3
	Residential real estate				3,939,796		3,930,667		0.2
	Home equity				1,052,334		1,020,929		3.1
	Consumer				417,190		438,578		(4.9)
Total portfolio loans, net of unearned income					18,828,626		18,673,748		0.8
Allowance for credit losses - loans					(223,866)		(233,617)		4.2
		Net portfolio loans			18,604,760		18,440,131		0.9
Premises and equipment, net					274,137		281,493		(2.6)
Accrued interest receivable					106,410		108,778		(2.2)
Goodwill and other intangible assets, net					1,745,170		1,754,703		(0.5)
Bank-owned life insurance					552,051		548,601		0.6
Other assets					619,038		623,182		(0.7)
Total Assets					$             27,571,576		$        27,412,383		0.6
			‌
Liabilities
Deposits:
	Non-interest bearing demand				$               5,328,181		$          5,318,619		0.2
	Interest bearing demand				4,865,091		5,000,881		(2.7)
	Money market				4,825,154		4,875,384		(1.0)
	Savings deposits				3,192,943		3,068,618		4.1
	Certificates of deposit				2,943,187		3,028,893		(2.8)
		Total deposits			21,154,556		21,292,395		(0.6)
Federal Home Loan Bank borrowings					1,750,000		1,476,511		18.5
Other short-term borrowings					103,666		147,804		(29.9)
Subordinated debt and junior subordinated debt					357,762		360,156		(0.7)
		Total borrowings			2,211,428		1,984,471		11.4
Accrued interest payable					25,967		26,570		(2.3)
Other liabilities					360,405		327,368		10.1
Total Liabilities					23,752,356		23,630,804		0.5
			‌
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		-
Common stock, $2.0833 par value; 200,000,000 shares authorized;
	95,986,023 and 95,672,204 shares issued; 95,986,023 and 95,672,204
	shares outstanding, respectively				199,967		199,313		0.3
Capital surplus					2,485,458		2,485,223		0.0
Retained earnings					1,165,058		1,145,396		1.7
Treasury stock (0 and 0 shares - at cost, respectively)					-		-		-
Accumulated other comprehensive loss					(173,644)		(190,710)		8.9
Deferred benefits for directors					(2,103)		(2,127)		1.1
Total Shareholders' Equity					3,819,220		3,781,579		1.0
Total Liabilities and Shareholders' Equity					$             27,571,576		$        27,412,383		0.6

 

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 June 30,							For the Six Months Ended June 30,
							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							$           746,583	4.79	%		$        352,986	5.62	%	$        675,962	4.76	%		$        364,127	5.66	%
Loans, net of unearned income (1)							18,903,459	6.16			12,057,831	5.85		16,823,658	6.10			11,907,353	5.78
Securities: (2)
Taxable							3,881,680	3.21			2,863,213	2.38		3,567,118	3.01			2,896,040	2.38
Tax-exempt (3)							731,866	3.20			753,151	3.08		732,482	3.19			756,474	3.08
Total securities							4,613,546	3.21			3,616,364	2.52		4,299,600	3.04			3,652,514	2.53
Other earning assets							87,138	7.75			56,077	8.71		74,336	7.31			58,499	7.78
Total earning assets (3)							24,350,726	5.56	%		16,083,258	5.11	%	21,873,556	5.46	%		15,982,493	5.04	%
Other assets							2,953,974				1,807,056			2,586,357				1,814,796
Total Assets							$      27,304,700				$   17,890,314			$   24,459,913				$   17,797,289
‌
Liabilities and Shareholders' Equity
Interest bearing demand deposits							$        4,885,687	2.50	%			3.07	%	$     4,531,324	2.66	%		$     3,514,182	3.01	%
											$     3,527,316
Money market accounts							4,830,592	3.01			2,228,070	3.33		4,025,925	2.88			2,157,553	3.22
Savings deposits							3,122,815	1.11			2,441,949	1.30		2,865,410	1.13			2,461,330	1.27
Certificates of deposit							2,960,970	2.90			1,371,179	3.51		2,575,458	3.13			1,331,145	3.36
Total interest bearing deposits							15,800,064	2.46			9,568,514	2.74		13,998,117	2.50			9,464,210	2.65
Federal Home Loan Bank borrowings							1,585,821	4.22			1,186,538	5.50		1,378,552	4.35			1,214,973	5.50
Repurchase agreements							118,988	2.75			107,811	3.34		140,829	2.78			100,188	3.15
Subordinated debt and junior subordinated debt							357,379	5.96			279,159	5.83		331,488	5.74			279,131	5.85
Total interest bearing liabilities (4)							17,862,252	2.69	%		11,142,022	3.12	%	15,848,986	2.73	%		11,058,502	3.05	%
Non-interest bearing demand deposits							5,328,576				3,918,685			4,816,070				3,908,837
Other liabilities							294,359				286,659			308,189				285,556
Shareholders' equity							3,819,513				2,542,948			3,486,668				2,544,394
Total Liabilities and Shareholders' Equity							$      27,304,700				$   17,890,314			$   24,459,913				$   17,797,289
Taxable equivalent net interest spread								2.87	%			1.99	%		2.73	%			1.99	%
Taxable equivalent net interest margin								3.59	%			2.95	%		3.48	%			2.93	%
‌
(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 $2.5 million and $0.9 million for the three months ended June 30, 2025 and 2024, respectively, and were $4.1 million and $1.2 million for the six months ended June 30, 2025 and 2024.   Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $16.5 million and $0.8 million for the three months ended June 30, 2025 and 2024, respectively, and was $23.3 million and $1.5 million for the six months ended June 30, 2025 and 2024, respectively.
(2) Average yields on available-for-sale debt securities are calculated based on amortized cost.
(3) Taxable equivalent basis is calculated on tax-exempt securities using the federal statutory tax rate of 21% for each period presented.
(4) Accretion on interest bearing liabilities acquired from prior acquisitions was $5.6 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively, and was $7.8 million and $0.2 million for the six months ended June 30, 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				June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
Interest and dividend income				2025		2025		2024		2024		2024
	Loans, including fees			$         290,104		$         218,409		$         183,251		$         184,215		$         175,361
	Interest and dividends on securities:
		Taxable		31,066		22,247		18,575		17,651		16,929
		Tax-exempt		4,616		4,529		4,449		4,498		4,556
			Total interest and dividends on securities	35,682		26,776		23,024		22,149		21,485
	Other interest income			10,596		8,047		7,310		7,365		6,147
Total interest and dividend income				336,382		253,232		213,585		213,729		202,993
Interest expense
	Interest bearing demand deposits			30,405		29,377		27,044		28,139		26,925
	Money market deposits			36,287		21,134		18,734		19,609		18,443
	Savings deposits			8,670		7,359		7,271		8,246		7,883
	Certificates of deposit			21,442		18,558		16,723		14,284		11,982
			Total interest expense on deposits	96,804		76,428		69,772		70,278		65,233
	Federal Home Loan Bank borrowings			16,683		13,034		12,114		17,147		16,227
	Other short-term borrowings			816		1,122		1,291		1,092		896
	Subordinated debt and junior subordinated debt			5,310		4,129		3,902		4,070		4,044
			Total interest expense	119,613		94,713		87,079		92,587		86,400
Net interest income				216,769		158,519		126,506		121,142		116,593
	Provision for credit losses			3,218		68,883		(147)		4,798		10,541
Net interest income after provision for credit losses				213,551		89,636		126,653		116,344		106,052
Non-interest income
	Trust fees			9,657		8,697		7,775		7,517		7,303
	Service charges on deposits			10,484		8,587		8,138		7,945		7,111
	Digital banking income			7,325		5,404		5,125		5,084		5,040
	Net swap fee and valuation income/ (loss)			746		961		3,230		(627)		1,776
	Net securities brokerage revenue			3,348		2,701		2,430		2,659		2,601
	Bank-owned life insurance			3,450		3,428		2,512		2,173		2,791
	Mortgage banking income			2,364		1,140		1,229		1,280		1,069
	Net securities gains / (losses)			1,410		(318)		61		675		135
	Net gains / (losses) on other real estate owned and other assets			111		(40)		193		(239)		34
	Other income			5,062		4,105		5,695		3,145		3,495
			Total non-interest income	43,957		34,665		36,388		29,612		31,355
Non-interest expense
	Salaries and wages			60,153		48,577		45,638		44,890		43,991
	Employee benefits			18,857		12,970		11,856		11,522		10,579
	Net occupancy			8,119		7,778		5,999		6,226		6,309
	Equipment and software			17,140		13,050		10,681		10,157		10,457
	Marketing			1,864		2,382		2,531		2,977		2,371
	FDIC insurance			5,479		4,187		3,640		3,604		3,523
	Amortization of intangible assets			9,204		4,223		2,034		2,053		2,072
	Restructuring and merger-related expense			41,056		20,010		646		1,977		3,777
	Other operating expenses			24,663		20,789		18,079		17,777		19,313
			Total non-interest expense	186,535		133,966		101,104		101,183		102,392
Income / (Loss) before provision for income taxes				70,973		(9,665)		61,937		44,773		35,015
	Provision / (benefit) provision for income taxes			13,558		(673)		12,308		7,501		6,099
Net Income /(loss)				57,415		(8,992)		49,629		37,272		28,916
Preferred stock dividends				2,531		2,531		2,531		2,531		2,531
Net income / (loss) available to common shareholders				$           54,884		$         (11,523)		$           47,098		$           34,741		$           26,385
Taxable equivalent net interest income				$        217,996		$        159,723		$        127,689		$        122,338		$        117,804
Per common share data
Net income / (loss) per common share - basic				$               0.57		$             (0.15)		$               0.70		$               0.54		$               0.44
Net income / (loss) per common share - diluted				0.57		(0.15)		0.70		0.54		0.44
Adjusted net income per common share - diluted, excluding certain items (1)(2)				0.91		0.66		0.71		0.56		0.49
Dividends declared				0.37		0.37		0.37		0.36		0.36
Book value (period end)				38.28		38.02		39.54		39.73		40.28
Tangible book value (period end) (1)				20.48		20.06		22.83		22.99		21.45
Average common shares outstanding - basic				95,744,980		76,830,460		66,895,834		64,488,962		59,521,872
Average common shares outstanding - diluted				95,808,310		77,020,592		66,992,009		64,634,208		59,656,429
Period end common shares outstanding				95,986,023		95,672,204		66,919,805		66,871,479		59,579,310
Period end preferred shares outstanding				150,000		150,000		150,000		150,000		150,000
Full time equivalent employees				3,253		3,205		2,262		2,277		2,370
			‌
(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
				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		June 30,
Asset quality data				2025		2025		2024		2024		2024
Non-performing assets:
	Total non-performing loans			$       84,319		$       81,489		$       39,752		$       30,421		$       35,468
	Other real estate and repossessed assets			958		1,854		852		906		1,328
	Total non-performing assets			$       85,277		$       83,343		$       40,604		$       31,327		$       36,796
Past due loans (1):
	Loans past due 30-89 days			$       65,401		$       69,755		$       45,926		$       33,762		$       20,237
	Loans past due 90 days or more			20,890		10,734		13,553		20,427		9,171
	Total past due loans			$       86,291		$       80,489		$       59,479		$       54,189		$       29,408
Criticized and classified loans (2):
	Criticized loans			$     531,415		$     470,619		$     242,000		$     200,540		$     179,621
	Classified loans			151,849		149,452		112,669		93,185		83,744
	Total criticized and classified loans			$     683,264		$     620,071		$     354,669		$     293,725		$     263,365
Loans past due 30-89 days / total portfolio loans				0.35	%	0.37	%	0.36	%	0.27	%	0.17	%
Loans past due 90 days or more / total portfolio loans				0.11		0.06		0.11		0.16		0.07
Non-performing loans / total portfolio loans				0.45		0.44		0.31		0.24		0.29
Non-performing assets / total portfolio loans, other
	real estate and repossessed assets			0.45		0.45		0.32		0.25		0.30
Non-performing assets / total assets				0.31		0.30		0.22		0.17		0.20
Criticized and classified loans / total portfolio loans				3.63		3.32		2.80		2.36		2.15
	‌
Allowance for credit losses
Allowance for credit losses - loans				$     223,866		$     233,617		$     138,766		$     140,872		$     136,509
Allowance for credit losses - loan commitments				6,168		6,459		6,120		8,225		9,194
Provision for credit losses				3,218		68,883		(147)		4,798		10,541
Net loan and deposit account overdraft charge-offs and recoveries				4,329		2,771		4,066		1,420		2,221
Annualized net loan charge-offs and recoveries / average loans				0.09	%	0.08	%	0.13	%	0.05	%	0.07	%
Allowance for credit losses - loans / total portfolio loans				1.19	%	1.25	%	1.10	%	1.13	%	1.11	%
Allowance for credit losses - loans / non-performing loans				2.65	x	2.87	x	3.49	x	4.63	x	3.85	x
Allowance for credit losses - loans / non-performing loans and
	loans past due			1.31	x	1.44	x	1.40	x	1.66	x	2.10	x
	‌
				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		June 30,
				2025		2025		2024		2024		2024
Capital ratios
Tier I leverage capital				8.66	%	11.01	%	10.68	%	10.69	%	9.72	%
Tier I risk-based capital				10.59		10.69		13.06		12.89		11.58
Total risk-based capital				13.40		13.59		15.88		15.74		14.45
Common equity tier 1 capital ratio (CET 1)				9.91		9.99		12.07		11.89		10.58
Average shareholders' equity to average assets				13.99		14.86		15.09		14.84		14.21
Tangible equity to tangible assets (3)				8.16		8.03		9.52		9.67		8.37
Tangible common equity to tangible assets (3)				7.60		7.47		8.70		8.84		7.52
	‌
(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										Year to Date
				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		June 30,		June 30,
(unaudited, dollars in thousands, except shares and per share amounts)				2025		2025		2024		2024		2024		2025	2024
Return on average assets, excluding certain items:
	Net income / (loss) available to common shareholders			$           54,884		$        (11,523)		$          47,098		$          34,741		$         26,385		$             43,360	$          59,546
	Plus: after-tax restructuring and merger-related expenses  (1)			32,434		15,808		510		1,562		2,984		48,242	2,984
	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			87,318		51,211		47,608		36,303		29,369		138,528	62,530
	Average total assets			$    27,304,700		$   21,658,352		$   18,593,265		$   18,295,583		$  17,890,314		$      24,459,913	$   17,797,289
Return on average assets, excluding certain items (annualized)  (2)				1.28 %		0.96 %		1.02 %		0.79 %		0.66 %		1.14 %	0.71 %
	‌
Return on average equity, excluding certain items:
	Net income / (loss) available to common shareholders			$           54,884		$        (11,523)		$          47,098		$          34,741		$         26,385		$             43,360	$          59,546
	Plus: after-tax restructuring and merger-related expenses  (1)			32,434		15,808		510		1,562		2,984		48,242	2,984
	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			87,318		51,211		47,608		36,303		29,369		138,528	62,530
	‌
	Average total shareholders' equity			$      3,819,513		$     3,218,639		$     2,806,079		$     2,715,461		$    2,542,948		$        3,486,668	$     2,544,394
	‌
Return on average equity, excluding certain items (annualized)  (2)				9.17 %		6.45 %		6.75 %		5.32 %		4.65 %		8.01 %	4.94 %
	‌
Return on average tangible equity:
	Net income / (loss) available to common shareholders			$           54,884		$        (11,523)		$          47,098		$          34,741		$         26,385		$             43,360	$          59,546
	Plus: amortization of intangibles (1)			7,271		3,336		1,607		1,622		1,637		10,607	3,290
	Net income / (loss) available to common shareholders before amortization of intangibles			62,155		(8,187)		48,705		36,363		28,022		53,967	62,836
	‌
	Average total shareholders' equity			3,819,513		3,218,639		2,806,079		2,715,461		2,542,948		3,486,668	2,544,394
	Less: average goodwill and other intangibles, net of def. tax liability			(1,608,358)		(1,312,855)		(1,119,060)		(1,120,662)		(1,122,264)		(1,461,946)	(1,123,101)
	Average tangible equity			$      2,211,155		$     1,905,784		$     1,687,019		$     1,594,799		$    1,420,684		$        2,024,722	$     1,421,293
	‌
Return on average tangible equity (annualized)  (2)				11.27 %		-1.74 %		11.49 %		9.07 %		7.93 %		5.37 %	8.89 %
	‌
	Average tangible common equity			$      2,066,671		$     1,761,300		$     1,542,535		$     1,450,315		$    1,276,200		$        1,880,238	$     1,276,809
Return on average tangible common equity (annualized)  (2)				12.06 %		-1.89 %		12.56 %		9.97 %		8.83 %		5.79 %	9.90 %
	‌
Return on average tangible equity, excluding certain items:
	Net income / (loss) available to common shareholders			$           54,884		$        (11,523)		$          47,098		$          34,741		$         26,385		$             43,360	$          59,546
	Plus: after-tax restructuring and merger-related expenses  (1)			32,434		15,808		510		1,562		2,984		48,242	2,984
	Plus: amortization of intangibles  (1)			7,271		3,336		1,607		1,622		1,637		10,607	3,290
	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			94,589		54,547		49,215		37,925		31,006		149,135	65,820
	‌
	Average total shareholders' equity			3,819,513		3,218,639		2,806,079		2,715,461		2,542,948		3,486,668	2,544,394
	Less: average goodwill and other intangibles, net of def. tax liability			(1,608,358)		(1,312,855)		(1,119,060)		(1,120,662)		(1,122,264)		(1,461,946)	(1,123,101)
	Average tangible equity			$      2,211,155		$     1,905,784		$     1,687,019		$     1,594,799		$    1,420,684		$        2,024,722	$     1,421,293
	‌
Return on average tangible equity, excluding certain items (annualized)  (2)				17.16 %		11.61 %		11.61 %		9.46 %		8.78 %		14.85 %	9.31 %
	Average tangible common equity			$      2,066,671		$     1,761,300		$     1,542,535		$     1,450,315		$    1,276,200		$        1,880,238	$     1,276,809
Return on average tangible common equity, excluding certain items (annualized)  (2)				18.36 %		12.56 %		12.69 %		10.40 %		9.77 %		15.99 %	10.37 %
	‌
Efficiency ratio:
	Non-interest expense			$         186,535		$        133,966		$        101,104		$        101,183		$       102,392		$           320,500	$        199,585
	Less: restructuring and merger-related expense			(41,056)		(20,010)		(646)		(1,977)		(3,777)		(61,066)	(3,777)
	Non-interest expense excluding restructuring and merger-related expense			145,479		113,956		100,458		99,206		98,615		259,434	195,808
		‌
	Net interest income on a fully taxable equivalent basis			217,996		159,723		127,689		122,338		117,804		377,719	232,990
	Non-interest income			43,957		34,665		36,388		29,612		31,355		78,622	61,984
	Net interest income on a fully taxable equivalent basis plus non-interest income			$         261,953		$        194,388		$        164,077		$        151,950		$       149,159		$           456,341	$        294,974
	Efficiency ratio			55.54 %		58.62 %		61.23 %		65.29 %		66.11 %		56.85 %	66.38 %
		‌
Adjusted net income available to common shareholders, excluding certain items:
	Net income / (loss) available to common shareholders			$           54,884		$        (11,523)		$          47,098		$          34,741		$         26,385		$             43,360	$          59,546
	Add: After-tax restructuring and merger-related expenses (1)			32,434		15,808		510		1,562		2,984		48,242	2,984
	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:				$           87,318		$          51,211		$          47,608		$          36,303		$         29,369		$           138,528	$          62,530
Adjusted net income per common share - diluted, excluding certain items:
	Net income / (loss) per common share - diluted			$               0.57		$            (0.15)		$              0.70		$              0.54		$             0.44		$                 0.50	$              1.00
	Add: After-tax restructuring and merger-related expenses per common share - diluted (1)			0.34		0.21		0.01		0.02		0.05		0.56	0.05
	Add: after-tax day one provision for credit losses on acquired loans (1)			-		0.60		-		-		-		0.54	-
Adjusted net income per common share - diluted, excluding certain items:				$               0.91		$              0.66		$              0.71		$              0.56		$             0.49		$                 1.60	$              1.05
		‌
				Period End
				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		June 30,
				2025		2025		2024		2024		2024
Tangible book value per share:
	Total shareholders' equity			$      3,819,220		$     3,781,579		$     2,790,281		$     2,801,585		$    2,544,279
	Less:  goodwill and other intangible assets, net of def. tax liability			(1,709,001)		(1,718,048)		(1,118,293)		(1,119,899)		(1,121,521)
	Less: preferred shareholder's equity			(144,484)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity			1,965,735		1,919,047		1,527,504		1,537,202		1,278,274
	Common shares outstanding			95,986,023		95,672,204		66,919,805		66,871,479		59,579,310
Tangible book value per share				$             20.48		$            20.06		$            22.83		$            22.99		$           21.45
Tangible common equity to tangible assets:
	Total shareholders' equity			$      3,819,220		$     3,781,579		$     2,790,281		$     2,801,585		$    2,544,279
	Less:  goodwill and other intangible assets, net of def. tax liability			(1,709,001)		(1,718,048)		(1,118,293)		(1,119,899)		(1,121,521)
	Tangible equity			2,110,219		2,063,531		1,671,988		1,681,686		1,422,758
	Less: preferred shareholder's equity			(144,484)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity			1,965,735		1,919,047		1,527,504		1,537,202		1,278,274
		‌
	Total assets			27,571,576		27,412,383		18,684,298		18,514,169		18,128,375
	Less:  goodwill and other intangible assets, net of def. tax liability			(1,709,001)		(1,718,048)		(1,118,293)		(1,119,899)		(1,121,521)
	Tangible assets			$    25,862,575		$   25,694,335		$   17,566,005		$   17,394,270		$  17,006,854
		‌
Tangible equity to tangible assets				8.16 %		8.03 %		9.52 %		9.67 %		8.37 %
Tangible common equity to tangible assets				7.60 %		7.47 %		8.70 %		8.84 %		7.52 %
		‌
(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										Year to Date
				June 30,		Mar. 31,		Dec. 31,		Sept. 30,		June 30,		June 30,
(unaudited, dollars in thousands, except shares and per share amounts)				2025		2025		2024		2024		2024		2025	2024
Pre-tax, pre-provision income:
	Income / (Loss) before Provision / (benefit) for income taxes			$          70,973		$          (9,665)		$          61,937		$          44,773		$          35,015		$          61,309	$          78,404
	Add: provision for credit losses			3,218		68,883		(147)		4,798		10,541		72,101	14,555
Pre-tax, pre-provision income				$          74,191		$          59,218		$          61,790		$          49,571		$          45,556		$        133,410	$          92,959
		‌
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income / (Loss) before Provision / (benefit) for income taxes			$          70,973		$          (9,665)		$          61,937		$          44,773		$          35,015		$          61,309	$          78,404
	Add: provision for credit losses			3,218		68,883		(147)		4,798		10,541		72,101	14,555
	Add: restructuring and merger-related expenses			41,056		20,010		646		1,977		3,777		61,066	3,777
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				$        115,247		$          79,228		$          62,436		$          51,548		$          49,333		$        194,476	$          96,736
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses:
	Income / (Loss) before Provision / (benefit) for income taxes			$          70,973		$          (9,665)		$          61,937		$          44,773		$          35,015		$          61,309	$          78,404
	Add: provision for credit losses			3,218		68,883		(147)		4,798		10,541		72,101	14,555
	Add: restructuring and merger-related expenses			41,056		20,010		646		1,977		3,777		61,066	3,777
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				115,247		79,228		62,436		51,548		49,333		194,476	96,736
		‌
	Average total assets			$   27,304,700		$   21,658,352		$   18,593,265		$   18,295,583		$   17,890,314		$   24,459,913	$   17,797,289
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses (annualized) (2)				1.69 %		1.48 %		1.34 %		1.12 %		1.11 %		1.60 %	1.09 %
		‌
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses:
	Income / (Loss) before Provision / (benefit) for income taxes			$          70,973		$          (9,665)		$          61,937		$          44,773		$          35,015		$          61,309	$          78,404
	Add: provision for credit losses			3,218		68,883		(147)		4,798		10,541		72,101	14,555
	Add: restructuring and merger-related expenses			41,056		20,010		646		1,977		3,777		61,066	3,777
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				115,247		79,228		62,436		51,548		49,333		194,476	96,736
		‌
	Average total shareholders' equity			$     3,819,513		$     3,218,639		$     2,806,079		$     2,715,461		$     2,542,948		$     3,486,668	$     2,544,394
		‌
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses (annualized) (2)				12.10 %		9.98 %		8.85 %		7.55 %		7.80 %		11.25 %	7.65 %
		‌
Pre-tax, pre-provision return on average tangible equity, excluding certain items (1):
	Income / (Loss) before Provision / (benefit) for income taxes			$          70,973		$          (9,665)		$          61,937		$          44,773		$          35,015		$          61,309	$          78,404
	Add: provision for credit losses			3,218		68,883		(147)		4,798		10,541		72,101	14,555
	Add: amortization of intangibles			9,204		4,223		2,034		2,053		2,072		13,427	4,164
	Add: restructuring and merger-related expenses			41,056		20,010		646		1,977		3,777		61,066	3,777
Pre-tax, pre-provision income before restructuring and merger-related expenses and amortization of intangibles				124,451		83,451		64,470		53,601		51,405		207,903	100,900
	Average total shareholders' equity			3,819,513		3,218,639		2,806,079		2,715,461		2,542,948		3,486,668	2,544,394
	Less: average goodwill and other intangibles, net of def. tax liability			(1,608,358)		(1,312,855)		(1,119,060)		(1,120,662)		(1,122,264)		(1,461,946)	(1,123,101)
	Average tangible equity			$     2,211,155		$     1,905,784		$     1,687,019		$     1,594,799		$     1,420,684		$     2,024,722	$     1,421,293
Pre-tax, pre-provision return on average tangible equity, excluding certain items (annualized) (1) (2)				22.58 %		17.76 %		15.20 %		13.37 %		14.55 %		20.71 %	14.28 %
	Average tangible common equity			$     2,066,671		$     1,761,300		$     1,542,535		$     1,450,315		$     1,276,200		$     1,880,238	$     1,276,809
Pre-tax, pre-provision return on average tangible common equity, excluding certain items (annualized) (1) (2)				24.15 %		19.22 %		16.63 %		14.70 %		16.20 %		22.30 %	15.89 %
		‌
(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 were WesBanco's (WSBC) Q2 2025 earnings per share?

WesBanco reported diluted earnings per share of $0.57 for Q2 2025, compared to $0.44 in Q2 2024. Excluding merger-related expenses, adjusted EPS was $0.91.

How did the Premier Financial acquisition impact WesBanco's balance sheet in Q2 2025?

The acquisition added $5.9 billion in loans and $6.9 billion in deposits, contributing to total assets increasing 52.1% year-over-year to $27.6 billion.

What was WesBanco's net interest margin in Q2 2025?

WesBanco's net interest margin was 3.59%, increasing 24 basis points sequentially and 64 basis points year-over-year.

How many new customers did WesBanco gain from the Premier Financial acquisition?

The acquisition added approximately 400,000 consumer relationships, 50,000 business relationships, and 70 financial centers to WesBanco's operations.

What were WesBanco's key credit quality metrics in Q2 2025?

The allowance for credit losses was 1.19% of total loans ($223.9 million), with criticized and classified loans at 3.63% of total portfolio loans.