WesBanco Announces Third Quarter 2025 Financial Results

Rhea-AI Summary

WesBanco (Nasdaq: WSBC) reported third-quarter 2025 results with net income $81.0M and diluted EPS $0.84, versus $34.7M and $0.54 in Q3 2024.

Key drivers: deposits $21.3B (+53.8% YoY), loans $18.9B (+52.0% YoY) (including Premier Financial acquisition), and a net interest margin 3.53% (up 58 bps YoY). Efficiency ratio improved to 55.1% and non-interest income rose 51.5% to $44.9M. WesBanco recognized approximately $7M of restructuring charges in Q3 related to approval to close 27 branches in early 2026 with expected pre-tax savings of $6M phased in H1 2026. Capital ratios remained strong (CET1 10.1%; Tier 1 leverage 9.72%).

Positive

• Net income $81.0M in Q3 2025
• Deposits +53.8% YoY to $21.3B
• Loans +52.0% YoY to $18.9B
• Net interest margin 3.53% (+58 bps YoY)
• Efficiency ratio improved to 55.1%

Negative

• Restructuring charges approximately $8M (total) with ~$7M recognized in Q3
• Commercial real estate payoffs ~$235M in Q3 and $490M YTD
• Non-interest expense (excl. restructuring) increased 46.0% YoY in Q3

Highlighted by a net interest margin of 3.53% and deposit growth that fully funded loan growth

WHEELING, W.Va., Oct. 22, 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 September 30, 2025. Net income available to common shareholders for the third quarter of 2025 was $81.0 million, with diluted earnings per share of $0.84, compared to $34.7 million and $0.54 per diluted share, respectively, for the third quarter of 2024. For the nine months ended September 30, 2025, net income was $124.4 million, or $1.39 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 $94.3 million, or $1.54 per diluted share, for the 2024 period.

As noted below, WesBanco reported $0.94 of earnings per diluted share, in the third quarter, as compared to $0.56 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 $2.55 per diluted share, for the nine month period, which was a 58.4% increase compared to $1.61 per diluted share last year (non-GAAP measures).

			For the Three Months Ended September 30,									For the Nine Months Ended September 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)			$        81,042		$             0.84		$        34,741		$             0.54			$      124,401		$             1.39		$        94,287		$             1.54
Add: After-tax day one provision for credit losses on acquired loans			-		-		-		-			46,926		0.53		-		-
Add: After-tax restructuring and merger-related expenses			8,993		0.10		1,562		0.02			57,235		0.63		4,546		0.07
Adjusted net income available to common shareholders (Non-GAAP) (1)			$        90,035		$             0.94		$        36,303		$             0.56			$      228,562		$             2.55		$        98,833		$             1.61

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

• Deposit growth fully funded loan growth both year-over-year and sequentially
  • Total deposits increased 53.8% year-over-year to $21.3 billion, reflecting $6.9 billion of deposits from PFC and organic growth of 4.1%, and increased 2.5% annualized over the sequential quarter
• Total loans increased 52.0% year-over-year to $18.9 billion, reflecting organic growth of 4.8% and $5.9 billion of loans from PFC
  • Commercial real estate payoffs have totaled approximately $490 million year-to-date and $235 million during the quarter
• Net interest margin of 3.53% increased 58 basis points year-over-year reflecting higher earning asset yields and lower funding costs
• Reflecting the PFC acquisition, market appreciation, and organic growth, WesBanco Trust and Investment Services ("WTIS") assets under management increased to a record $7.7 billion
• Efficiency ratio of 55.1% improved more than 10 percentage points year-over-year and 44 basis points sequentially due to expense synergies generated from the PFC acquisition, as well as a continued focus on expense management and driving positive operating leverage
• Criticized and classified loans as a percent of total portfolio loans decreased to 3.22%, while key credit quality metrics continued to remain at low levels and in a consistent range through the last five years
• Continuing its commitment to expense management and recognizing the market shift to digital delivery channels, WesBanco implemented the next phase of its financial center optimization strategy by approving the closure of 27 locations in early 2026, pending notification to the appropriate regulatory authorities and customers

"Our third quarter results demonstrate the successful integration of Premier and continued operational discipline. Despite elevated commercial real estate payoffs, we delivered strong loan growth, fully funded by deposit growth, while meaningfully expanding our net interest margin and fee income. Combined with our focus on cost control, these efforts drove positive operating leverage and an improved efficiency ratio in the mid-50s," said Jeff Jackson, President and CEO. "Consistent with our focus on operational efficiency and our commitment to supporting evolving customer banking preferences, we are continuing a strategic optimization of our financial center network. This optimization ensures we remain responsive to how customers choose to bank, while supporting long-term growth and value creation."

Financial Center Optimization Strategy
WesBanco's mission is to deliver financial solutions that empower our customers for success, and that starts with optimizing our financial center network to ensure it reflects where and how our customers want to bank. In addition to closures, this strategy also includes refreshing existing locations, opening new banking centers in select locations within our existing footprint, and continuing to enhance our digital banking offerings. After a careful review of numerous factors, WesBanco has made the decision to close 27 locations across its legacy markets, a similar number to those closed during the last three years. Based on customer migration to digital channels and proximity to existing centers, deposit attrition is anticipated to be minimal. Net pre-tax savings of approximately $6 million are expected to be phased-in during the first half of 2026. WesBanco anticipates incurring total non-recurring restructuring charges of approximately $8 million due to the disposition of assets, lease terminations, severance, and other costs associated with the closures, with approximately $7 million recognized during the third quarter. These closures, which are expected to be completed during January 2026, do not include any locations from WesBanco's acquisition of PFC.

Balance Sheet
WesBanco's balance sheet, as of September 30, 2025, reflects both the PFC acquisition and organic growth. Total assets increased 48.6% year-over-year to $27.5 billion, including total portfolio loans of $18.9 billion and total securities of $4.4 billion. Total portfolio loans increased 52.0% year-over-year due to acquired PFC loans of $5.9 billion and organic growth of $0.6 billion, driven by the commercial teams. Commercial real estate payoffs have continued to increase and totaled approximately $235 million during the third quarter of 2025 and $490 million year-to-date, more than 2.5 times the prior year-to-date period.

Deposits of $21.3 billion increased 53.8% year-over-year due to acquired PFC deposits of $6.9 billion and organic growth of $0.6 billion, which fully funded year-over-year organic loan growth. On a sequential quarter basis, total deposits increased $130 million due to the efforts of our consumer and business teams more than offsetting the intentional runoff of $50 million of higher cost brokered deposits 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 September 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. As expected, criticized and classified loans as a percent of total portfolio loans decreased 41 basis points from the sequential quarter to 3.22%. Charge-offs, across a variety of loan categories, industries and markets, increased to 0.19% of total loans.

The allowance for credit losses to total portfolio loans at September 30, 2025 was 1.15% of total loans, or $217.7 million. The decrease of $6.2 million from June 30, 2025 was driven by a reduction in PCD loan reserves from a couple of large payoffs and the $5.1 million run off of a qualitative factor established in 2023 to capture elevated interest rate risk, which more than offset increases associated with slightly higher unemployment assumptions and loan growth. Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 1.67% of total portfolio loans.

Net Interest Margin and Income
The third quarter margin of 3.53% improved 58 basis points on a year-over-year basis, through a combination of higher loan and securities yields and lower funding costs. Deposit funding costs of 256 basis points for the third quarter of 2025 decreased 29 basis points from the prior year period. When including non-interest bearing deposits, deposit funding costs for the third quarter were 192 basis points.

Net interest income for the third quarter of 2025 was $216.7 million, an increase of $95.6 million, or 78.9% year-over-year, reflecting the impact of the benefits from the PFC acquisition, loan growth, higher loan and securities yields, and lower FHLB borrowing costs. For the nine months ended September 30, 2025, net interest income of $592.0 million increased $240.3 million, or 68.3%, primarily due to the reasons discussed for the three-month period comparison.

Non-Interest Income
For the third quarter of 2025, non-interest income of $44.9 million increased $15.3 million, or 51.5%, from the third quarter of 2024 due primarily to the acquisition of PFC. Service charges on deposits increased $3.2 million year-over-year, reflecting the addition of PFC, fee income from new products and services and treasury management, and increased general consumer spending. Digital banking fees increased $2.2 million from higher volumes primarily associated with our larger customer base. Reflecting record asset levels, trust fees and net securities brokerage revenue increased $1.5 million and $0.3 million, respectively, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Bank-owned life insurance increased $1.6 million year-over-year due to the addition of PFC. Gross swap fees were $3.2 million in the third quarter, compared to $1.1 million in the prior year period, while fair value adjustments were a negligible gain as compared to negative adjustment of $1.7 million, respectively.

Primarily reflecting the items discussed above, as well as mortgage banking income, non-interest income, for the nine months ended September 30, 2025, increased $31.9 million, or 34.8%, year-over-year to $123.5 million. Mortgage Banking income increased due to an approximate 30% year-over-year increase in residential mortgage originations primarily related to our larger customer base.

Non-Interest Expense
Non-interest expense, excluding restructuring and merger-related costs, for the three months ended September 30, 2025 was $144.8 million, a $45.6 million, or 46.0%, increase year-over-year primarily due to the addition of the PFC expense base associated with approximately 900 employees and 70 financial centers. Salaries and wages of $60.6 million and employee benefits expense of $18.0 million increased due to higher staffing levels and higher health insurance costs. Amortization of intangible assets of $8.4 million increased $6.4 million year-over-year due to the core deposit intangible asset that was created from the acquisition of PFC. Restructuring and merger-related expenses of $11.4 million are primarily related to costs associated with the financial center optimization.

Excluding restructuring and merger-related expenses, non-interest expense during the first nine months of 2025 of $404.2 million increased $109.2 million, or 37.0%, compared to the prior year period, due primarily to the expenses described above. Equipment and software expense of $46.5 million reflects the addition of PFC and the additional cost of operating two core systems until the conversion to one platform in mid-May. FDIC insurance expense of $15.5 million increased due to our larger asset size.

Capital
WesBanco continues to maintain what we believe are strong regulatory capital ratios, as both consolidated and bank-level regulatory capital ratios are well above the applicable "well-capitalized" standards promulgated by bank regulators and the BASEL III capital standards. On September 10^th, WesBanco raised $230 million of Series B preferred stock, considered Tier 1 capital, through the issuance of 9,200,000 depositary shares, which are listed on the Nasdaq Global Select Market under the symbol "WSBCO". WesBanco expects to use approximately $150 million of the net proceeds from this offering to redeem in full its outstanding Series A Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock and approximately $50 million of the net proceeds to redeem in full its outstanding 4.0% Fixed-To-Floating Rate Subordinated Notes due September 30, 2030, which were assumed in connection with its acquisition of PFC. The remaining net proceeds will be used for general corporate purposes. At September 30, 2025, Tier I leverage was 9.72%, Tier I risk-based capital ratio was 11.83%, common equity Tier 1 capital ratio ("CET 1") was 10.1%, and total risk-based capital was 14.6%. In addition, the tangible common equity to tangible assets ratio was 7.92%.

Conference Call and Webcast
WesBanco will host a conference call to discuss the Company's financial results for the third quarter of 2025 at 3:00 p.m. ET on Thursday, October 23, 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 2433750. The replay will begin at approximately 5:00 p.m. ET on October 23, 2025 and end at 12 a.m. ET on November 6, 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 quarters ended March 31 and June 30, 2025, which are available at the SEC's website, www.sec.gov or at WesBanco's website, www.WesBanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in WesBanco's most recent Annual Report on Form 10-K filed with the SEC under "Risk Factors" in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the expected cost savings and any revenue synergies from the merger of WesBanco and Premier may not be fully realized within the expected timeframes; disruption from the merger of WesBanco and Premier may make it more difficult to maintain relationships with clients, associates, or suppliers; the effects of changing regional and national economic conditions, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to WesBanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting WesBanco's operational and financial performance. WesBanco does not assume any duty to update forward-looking statements.

While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those expressed in or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

Statements in this presentation with respect to the benefits of the merger between WesBanco and Premier, the parties' plans, obligations, expectations, and intentions, and the statements with respect to accretion, earn back of tangible book value, tangible book value dilution and internal rate of return, constitute forward-looking statements as defined by federal securities laws. Such statements are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected time frames; disruption from the merger may make it more difficult to maintain relationships with clients, associates, or suppliers; changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; extended disruption of vital infrastructure; and other factors described in WesBanco's 2024 Annual Report on Form 10-K and documents subsequently filed by WesBanco with the Securities and Exchange Commission.

Non-GAAP Financial Measures
In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), WesBanco's management uses, and this presentation contains or references, certain non-GAAP financial measures, such as pre-tax pre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses and excluding after-tax day one provision for credit losses on acquired loans; efficiency ratio; return on average assets; and return on average tangible equity. WesBanco believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although WesBanco believes that these non-GAAP financial measures enhance investors' understanding of WesBanco's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the Quarterly Reports on Forms 10-Q for WesBanco and its subsidiaries, as well as other filings that the company has made with the SEC.

About WesBanco, Inc.
With over 150 years as a community-focused, regional financial services partner, WesBanco Inc. (NASDAQ: WSBC) and its subsidiaries build lasting prosperity through relationships and solutions that empower our customers for success in their financial journeys. Customers across our nine-state footprint choose WesBanco for the comprehensive range and personalized delivery of our retail and commercial banking solutions, as well as trust, brokerage, wealth management and insurance services, all designed to advance their financial goals. Through the strength of our teams, we leverage large bank capabilities and local focus to help make every community we serve a better place for people and businesses to thrive. Headquartered in Wheeling, West Virginia, WesBanco has $27.5 billion in total assets, with our Trust and Investment Services holding $7.7 billion of assets under management and securities account values (including annuities) of $2.6 billion through our broker/dealer, as of September 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 Nine Months Ended
Statement of Income				September 30,						September 30,
Interest and dividend income				2025		2024		% Change		2025		2024		% Change
	Loans, including fees			$         295,482		$         184,215		60.4		$         803,994		$         526,550		52.7
	Interest and dividends on securities:
		Taxable		31,483		17,651		78.4		84,797		51,984		63.1
		Tax-exempt		4,692		4,498		4.3		13,837		13,640		1.4
			Total interest and dividends on securities	36,175		22,149		63.3		98,634		65,624		50.3
	Other interest income			11,229		7,365		52.5		29,872		19,881		50.3
Total interest and dividend income				342,886		213,729		60.4		932,500		612,055		52.4
Interest expense
	Interest bearing demand deposits			31,351		28,139		11.4		91,132		80,654		13.0
	Money market deposits			38,249		19,609		95.1		95,672		54,166		76.6
	Savings deposits			9,577		8,246		16.1		25,606		23,796		7.6
	Certificates of deposit			23,554		14,284		64.9		63,553		36,513		74.1
			Total interest expense on deposits	102,731		70,278		46.2		275,963		195,129		41.4
	Federal Home Loan Bank borrowings			17,337		17,147		1.1		47,056		50,374		(6.6)
	Other short-term borrowings			766		1,092		(29.9)		2,703		2,662		1.5
	Subordinated debt and junior subordinated debt			5,336		4,070		31.1		14,774		12,189		21.2
			Total interest expense	126,170		92,587		36.3		340,496		260,354		30.8
Net interest income				216,716		121,142		78.9		592,004		351,701		68.3
	Provision for credit losses			2,082		4,798		(56.6)		74,183		19,352		283.3
Net interest income after provision for credit losses				214,634		116,344		84.5		517,821		332,349		55.8
Non-interest income
	Trust fees			8,987		7,517		19.6		27,342		22,902		19.4
	Service charges on deposits			11,163		7,945		40.5		30,233		21,841		38.4
	Digital banking income			7,324		5,084		44.1		20,053		14,828		35.2
	Net swap fee and valuation income/(loss)			3,231		(627)		615.3		4,937		2,712		82.0
	Net securities brokerage revenue			2,961		2,659		11.4		9,010		7,808		15.4
	Bank-owned life insurance			3,765		2,173		73.3		10,643		7,032		51.4
	Mortgage banking income			1,898		1,280		48.3		5,402		3,042		77.6
	Net securities gains			1,210		675		79.3		2,302		1,347		70.9
	Net gains/losses on other real estate owned and other assets			329		(239)		237.7		400		(51)		884.3
	Other income			3,996		3,145		27.1		13,164		10,135		29.9
			Total non-interest income	44,864		29,612		51.5		123,486		91,596		34.8
Non-interest expense
	Salaries and wages			60,583		44,890		35.0		169,314		131,879		28.4
	Employee benefits			18,040		11,522		56.6		49,867		34,284		45.5
	Net occupancy			8,819		6,226		41.6		24,716		19,158		29.0
	Equipment and software			16,310		10,157		60.6		46,500		30,622		51.9
	Marketing			2,979		2,977		0.1		7,225		7,233		(0.1)
	FDIC insurance			5,820		3,604		61.5		15,487		10,576		46.4
	Amortization of intangible assets			8,425		2,053		310.4		21,853		6,217		251.5
	Restructuring and merger-related expense			11,383		1,977		475.8		72,449		5,755		NM
	Other operating expenses			23,829		17,777		34.0		69,278		55,044		25.9
			Total non-interest expense	156,188		101,183		54.4		476,689		300,768		58.5
Income before provision for income taxes				103,310		44,773		130.7		164,618		123,177		33.6
	Provision for income taxes			19,737		7,501		163.1		32,623		21,296		53.2
Net Income				83,573		37,272		124.2		131,995		101,881		29.6
Preferred stock dividends				2,531		2,531		-		7,594		7,594		-
Net income available to common shareholders				$           81,042		$           34,741		133.3		$         124,401		$           94,287		31.9
Taxable equivalent net interest income				$        217,963		$        122,338		78.2		$        595,682		$        355,327		67.6
Per common share data
Net income per common share - basic				$               0.84		$               0.54		55.6		$               1.39		$               1.54		(9.7)
Net income per common share - diluted				0.84		0.54		55.6		1.39		1.54		(9.7)
Adjusted net income per common share - diluted, excluding certain items (1)(2)				0.94		0.56		67.9		2.55		1.61		58.4
Dividends declared				0.37		0.36		2.8		1.11		1.08		2.8
Book value (period end)				39.02		39.73		(1.8)		39.02		39.73		(1.8)
Tangible book value (period end) (1)				21.29		22.99		(7.4)		21.29		22.99		(7.4)
Average common shares outstanding - basic				95,995,174		64,488,962		48.9		89,593,739		61,143,452		46.5
Average common shares outstanding - diluted				96,116,617		64,634,208		48.7		89,718,706		61,272,602		46.4
Period end common shares outstanding				96,044,222		66,871,479		43.6		96,044,222		66,871,479		43.6
Period end preferred shares outstanding				380,000		150,000		153.3		380,000		150,000		153.3
(1) See non-GAAP financial measures for additional information relating to the calculation of this item.
(2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses and the after-tax day one provision for credit losses on acquired loans.
NM = Not Meaningful

 

WESBANCO, INC.
Consolidated Selected Financial Highlights																	Page 6
(unaudited, dollars in thousands, unless otherwise noted)
Selected ratios
						For the Nine Months Ended
						September 30,
						2025		2024		% Change
Return on average assets						0.65	%	0.70	%	(7.14)	%
Return on average assets, excluding certain items (1)						1.20		0.73		64.38
Return on average equity						4.59		4.84		(5.17)
Return on average equity, excluding certain items (1)						8.43		5.07		66.27
Return on average tangible equity (1)						9.10		8.96		1.56
Return on average tangible equity, excluding certain items (1)						15.79		9.37		68.52
Return on average tangible common equity (1)						9.84		9.93		(0.91)
Return on average tangible common equity, excluding certain items (1)						17.07		10.38		64.45
Yield on earning assets (2)						5.50		5.09		8.06
Cost of interest bearing liabilities						2.75		3.10		(11.29)
Net interest spread (2)						2.75		1.99		38.19
Net interest margin (2)						3.50		2.94		19.05
Efficiency (1) (2)						56.21		66.01		(14.85)
Average loans to average deposits						89.42		89.56		(0.16)
Annualized net loan charge-offs/average loans						0.12		0.11		9.09
Effective income tax rate						19.82		17.29		14.63
						For the Three Months Ended
						Sept. 30,		June 30,		Mar. 31,		Dec. 31,		Sept. 30,
						2025		2025		2025		2024		2024
Return on average assets						1.17	%	0.81	%	(0.22)	%	1.01	%	0.76	%
Return on average assets, excluding certain items (1)						1.30		1.28		0.96		1.02		0.79
Return on average equity						8.25		5.76		(1.45)		6.68		5.09
Return on average equity, excluding certain items (1)						9.16		9.17		6.45		6.75		5.32
Return on average tangible equity (1)						15.86		11.27		(1.74)		11.49		9.07
Return on average tangible equity, excluding certain items (1)						17.48		17.16		11.61		11.61		9.46
Return on average tangible common equity (1)						17.26		12.06		(1.89)		12.56		9.97
Return on average tangible common equity, excluding certain items (1)						19.03		18.36		12.56		12.69		10.40
Yield on earning assets (2)						5.58		5.56		5.33		5.10		5.19
Cost of interest bearing liabilities						2.79		2.69		2.78		2.96		3.21
Net interest spread (2)						2.79		2.87		2.55		2.14		1.98
Net interest margin (2)						3.53		3.59		3.35		3.03		2.95
Efficiency (1) (2)						55.10		55.54		58.62		61.23		65.29
Average loans to average deposits						89.41		89.47		89.32		89.24		90.58
Annualized net loan charge-offs and recoveries /average loans						0.19		0.09		0.08		0.13		0.05
Effective income tax rate						19.10		19.10		(6.96)		19.87		16.75
Trust and Investment Services assets under management (3)						$            7,688		$            7,205		$            6,951		$            5,968		$            6,061
Broker-dealer securities account values (including annuities) (3)						$            2,588		$            2,554		$            2,359		$            1,852		$            1,853
(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					September 30,					December 31,	December 31, 2024
Assets					2025		2024		% Change	2024	to Sept. 30, 2025
Cash and due from banks					$             231,814		$         172,221		34.6	$           142,271	62.9
Due from banks - interest bearing					776,423		448,676		73.0	425,866	82.3
Securities:
	Equity securities, at fair value				30,374		13,355		127.4	13,427	126.2
	Available-for-sale debt securities, at fair value				3,268,016		2,228,527		46.6	2,246,072	45.5
	Held-to-maturity debt securities (fair values of $1,042,503, $1,052,781
	and $1,006,817, respectively)				1,150,520		1,162,359		(1.0)	1,152,906	(0.2)
		Allowance for credit losses, held-to-maturity debt securities			(181)		(148)		(22.3)	(146)	(24.0)
	Net held-to-maturity debt securities				1,150,339		1,162,211		(1.0)	1,152,760	(0.2)
		Total securities			4,448,729		3,404,093		30.7	3,412,259	30.4
Loans held for sale					125,971		22,127		469.3	18,695	573.8
Portfolio loans:
	Commercial real estate				10,755,370		7,206,271		49.3	7,326,681	46.8
	Commercial and industrial				2,771,906		1,717,369		61.4	1,787,277	55.1
	Residential real estate				3,928,469		2,519,089		55.9	2,520,086	55.9
	Home equity				1,091,636		796,594		37.0	821,110	32.9
	Consumer				384,693		212,107		81.4	201,275	91.1
Total portfolio loans, net of unearned income					18,932,074		12,451,430		52.0	12,656,429	49.6
Allowance for credit losses - loans					(217,666)		(140,872)		(54.5)	(138,766)	(56.9)
		Net portfolio loans			18,714,408		12,310,558		52.0	12,517,663	49.5
Premises and equipment, net					267,521		222,005		20.5	219,076	22.1
Accrued interest receivable					108,865		79,465		37.0	78,324	39.0
Goodwill and other intangible assets, net					1,736,073		1,126,050		54.2	1,124,016	54.5
Bank-owned life insurance					555,104		358,701		54.8	360,738	53.9
Other assets					553,134		370,273		49.4	385,390	43.5
Total Assets					$        27,518,042		$    18,514,169		48.6	$      18,684,298	47.3
Liabilities
Deposits:
	Non-interest bearing demand				$          5,285,740		$      3,777,781		39.9	$        3,842,758	37.6
	Interest bearing demand				5,025,216		3,667,082		37.0	3,771,314	33.2
	Money market				4,901,863		2,347,444		108.8	2,429,977	101.7
	Savings deposits				3,141,075		2,381,542		31.9	2,362,736	32.9
	Certificates of deposit				2,930,368		1,663,494		76.2	1,726,932	69.7
		Total deposits			21,284,262		13,837,343		53.8	14,133,717	50.6
Federal Home Loan Bank borrowings					1,275,000		1,175,000		8.5	1,000,000	27.5
Other short-term borrowings					113,501		140,641		(19.3)	192,073	(40.9)
Subordinated debt and junior subordinated debt					358,373		279,251		28.3	279,308	28.3
		Total borrowings			1,746,874		1,594,892		9.5	1,471,381	18.7
Accrued interest payable					25,472		16,406		55.3	14,228	79.0
Other liabilities					344,907		263,943		30.7	274,691	25.6
Total Liabilities					23,401,515		15,712,584		48.9	15,894,017	47.2
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	-
Preferred stock, no par value, 1,000,000 shares authorized; 230,000 shares
	7.375% non-cumulative perpetual preferred stock, Series B, liquidation
	preference $230.0 million, issued and outstanding at September 30, 2025
	and 0 shares issued and outstanding at December 31, 2024				224,383		-		100.0	-	100.0
Common stock, $2.0833 par value; 200,000,000, 100,000,000 and 200,000,000
	shares authorized; 96,044,222, 75,354,034 and 75,354,034 shares issued;
	96,044,222, 68,871,479 and 66,919,805 shares outstanding, respectively				200,088		156,985		27.5	156,985	27.5
Capital surplus					2,487,564		1,808,272		37.6	1,809,679	37.5
Retained earnings					1,210,823		1,169,808		3.5	1,192,091	1.6
Treasury stock (0, 8,482,555 and 8,434,229 shares - at cost, respectively)					-		(294,079)		(100.0)	(292,244)	(100.0)
Accumulated other comprehensive loss					(148,669)		(181,804)		18.2	(218,632)	32.0
Deferred benefits for directors					(2,146)		(2,081)		(3.1)	(2,082)	(3.1)
Total Shareholders' Equity					4,116,527		2,801,585		46.9	2,790,281	47.5
Total Liabilities and Shareholders' Equity					$        27,518,042		$    18,514,169		48.6	$      18,684,298	47.3

 

WESBANCO, INC.
Consolidated Selected Financial Highlights									Page 8
(unaudited, dollars in thousands, except shares)
Balance sheet					September 30,		June 30,
Assets					2025		2025		% Change
Cash and due from banks					$                  231,814		$             402,755		(42.4)
Due from banks - interest bearing					776,423		754,275		2.9
Securities:
	Equity securities, at fair value				30,374		29,538		2.8
	Available-for-sale debt securities, at fair value				3,268,016		3,222,819		1.4
	Held-to-maturity debt securities (fair values of $1,042,503;
	and $1,006,110, respectively)				1,150,520		1,137,782		1.1
		Allowance for credit losses, held-to-maturity debt securities			(181)		(178)		(1.7)
	Net held-to-maturity debt securities				1,150,339		1,137,604		1.1
		Total securities			4,448,729		4,389,961		1.3
Loans held for sale					125,971		123,019		2.4
Portfolio loans:
	Commercial real estate				10,755,370		10,600,210		1.5
	Commercial and industrial				2,771,906		2,819,096		(1.7)
	Residential real estate				3,928,469		3,939,796		(0.3)
	Home equity				1,091,636		1,052,334		3.7
	Consumer				384,693		417,190		(7.8)
Total portfolio loans, net of unearned income					18,932,074		18,828,626		0.5
Allowance for credit losses - loans					(217,666)		(223,866)		2.8
		Net portfolio loans			18,714,408		18,604,760		0.6
Premises and equipment, net					267,521		274,137		(2.4)
Accrued interest receivable					108,865		106,410		2.3
Goodwill and other intangible assets, net					1,736,073		1,745,170		(0.5)
Bank-owned life insurance					555,104		552,051		0.6
Other assets					553,134		619,038		(10.6)
Total Assets					$             27,518,042		$        27,571,576		(0.2)
Liabilities
Deposits:
	Non-interest bearing demand				$               5,285,740		$          5,328,181		(0.8)
	Interest bearing demand				5,025,216		4,865,091		3.3
	Money market				4,901,863		4,825,154		1.6
	Savings deposits				3,141,075		3,192,943		(1.6)
	Certificates of deposit				2,930,368		2,943,187		(0.4)
		Total deposits			21,284,262		21,154,556		0.6
Federal Home Loan Bank borrowings					1,275,000		1,750,000		(27.1)
Other short-term borrowings					113,501		103,666		9.5
Subordinated debt and junior subordinated debt					358,373		357,762		0.2
		Total borrowings			1,746,874		2,211,428		(21.0)
Accrued interest payable					25,472		25,967		(1.9)
Other liabilities					344,907		360,405		(4.3)
Total Liabilities					23,401,515		23,752,356		(1.5)
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		-
Preferred stock, no par value, 1,000,000 shares authorized; 230,000 shares
	7.375% non-cumulative perpetual preferred stock, Series B, liquidation
	preference $230.0 million, issued and outstanding at September 30, 2025
	and 0 shares issued and outstanding at June 30, 2025				224,383		-		100.0
Common stock, $2.0833 par value; 200,000,000 shares authorized;
	96,044,222 and 95,986,023 shares issued; 96,044,222 and 95,986,023
	shares outstanding, respectively				200,088		199,967		0.1
Capital surplus					2,487,564		2,485,458		0.1
Retained earnings					1,210,823		1,165,058		3.9
Treasury stock (0 and 0 shares - at cost, respectively)					-		-		-
Accumulated other comprehensive loss					(148,669)		(173,644)		14.4
Deferred benefits for directors					(2,146)		(2,103)		(2.0)
Total Shareholders' Equity					4,116,527		3,819,220		7.8
Total Liabilities and Shareholders' Equity					$             27,518,042		$        27,571,576		(0.2)

 

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 September 30,							For the Nine Months Ended September 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							$           761,410	4.90	%		$        435,417	5.64	%	$        704,757	4.81	%		$        388,064	5.65	%
Loans, net of unearned income (1)							18,990,507	6.17			12,355,547	5.93		17,553,879	6.12			12,057,841	5.83
Securities: (2)
Taxable							3,901,533	3.20			2,863,374	2.45		3,679,815	3.08			2,885,072	2.41
Tax-exempt (3)							733,493	3.21			745,517	3.04		732,823	3.20			752,795	3.06
Total securities							4,635,026	3.20			3,608,891	2.57		4,412,638	3.10			3,637,867	2.54
Other earning assets							77,308	9.40			63,187	7.51		75,338	8.04			60,073	7.68
Total earning assets (3)							24,464,251	5.58	%		16,463,042	5.19	%	22,746,612	5.50	%		16,143,845	5.09	%
Other assets							2,955,475				1,832,541			2,710,747				1,820,755
Total Assets							$      27,419,726				$   18,295,583			$   25,457,359				$   17,964,600
Liabilities and Shareholders' Equity
Interest bearing demand deposits							$        4,963,468	2.51	%		$     3,624,061	3.09	%	$     4,676,955	2.61	%		$     3,551,076	3.03	%
Money market accounts							4,905,387	3.09			2,295,192	3.40		4,322,300	2.96			2,203,768	3.28
Savings deposits							3,152,927	1.21			2,403,806	1.36		2,962,302	1.16			2,442,015	1.30
Certificates of deposit							2,928,961	3.19			1,500,816	3.79		2,694,587	3.15			1,388,115	3.51
Total interest bearing deposits							15,950,743	2.56			9,823,875	2.85		14,656,144	2.52			9,584,974	2.72
Federal Home Loan Bank borrowings							1,500,272	4.58			1,256,250	5.43		1,419,571	4.43			1,228,832	5.48
Repurchase agreements							110,452	2.75			122,159	3.56		130,592	2.77			107,565	3.31
Subordinated debt and junior subordinated debt							358,007	5.91			279,218	5.80		340,425	5.80			279,160	5.83
Total interest bearing liabilities (4)							17,919,474	2.79	%		11,481,502	3.21	%	16,546,732	2.75	%		11,200,531	3.10	%
Non-interest bearing demand deposits							5,289,568				3,817,184			4,975,638				3,878,063
Other liabilities							312,542				281,436			309,656				284,172
Shareholders' equity							3,898,142				2,715,461			3,625,333				2,601,834
Total Liabilities and Shareholders' Equity							$      27,419,726				$   18,295,583			$   25,457,359				$   17,964,600
Taxable equivalent net interest spread								2.79	%			1.98	%		2.75	%			1.99	%
Taxable equivalent net interest margin								3.53	%			2.95	%		3.50	%			2.94	%
(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 $1.4 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and were $5.5 million and $1.8 million for the nine months ended September 30, 2025 and 2024.   Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $16.0 million and $0.8 million for the three months ended September 30, 2025 and 2024, respectively, and was  $39.3 million and $2.3 million for the nine months ended September 30, 2025 and 2024.
(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 $1.7 million  and $7 thousand for the three months ended September 30, 2025 and 2024, respectively, and was $9.6 million and $0.2 million for the nine months ended September 30, 2025 and 2024.

 

WESBANCO, INC.
Consolidated Selected Financial Highlights												Page 10
(unaudited, dollars in thousands, except shares and per share amounts)
				Quarter Ended
Statement of Income				Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
Interest and dividend income				2025		2025		2025		2024		2024
	Loans, including fees			$         295,482		$         290,104		$         218,409		$         183,251		$         184,215
	Interest and dividends on securities:
		Taxable		31,483		31,066		22,247		18,575		17,651
		Tax-exempt		4,692		4,616		4,529		4,449		4,498
			Total interest and dividends on securities	36,175		35,682		26,776		23,024		22,149
	Other interest income			11,229		10,596		8,047		7,310		7,365
Total interest and dividend income				342,886		336,382		253,232		213,585		213,729
Interest expense
	Interest bearing demand deposits			31,351		30,405		29,377		27,044		28,139
	Money market deposits			38,249		36,287		21,134		18,734		19,609
	Savings deposits			9,577		8,670		7,359		7,271		8,246
	Certificates of deposit			23,554		21,442		18,558		16,723		14,284
			Total interest expense on deposits	102,731		96,804		76,428		69,772		70,278
	Federal Home Loan Bank borrowings			17,337		16,683		13,034		12,114		17,147
	Other short-term borrowings			766		816		1,122		1,291		1,092
	Subordinated debt and junior subordinated debt			5,336		5,310		4,129		3,902		4,070
			Total interest expense	126,170		119,613		94,713		87,079		92,587
Net interest income				216,716		216,769		158,519		126,506		121,142
	Provision for credit losses			2,082		3,218		68,883		(147)		4,798
Net interest income after provision for credit losses				214,634		213,551		89,636		126,653		116,344
Non-interest income
	Trust fees			8,987		9,657		8,697		7,775		7,517
	Service charges on deposits			11,163		10,484		8,587		8,138		7,945
	Digital banking income			7,324		7,325		5,404		5,125		5,084
	Net swap fee and valuation income/ (loss)			3,231		746		961		3,230		(627)
	Net securities brokerage revenue			2,961		3,348		2,701		2,430		2,659
	Bank-owned life insurance			3,765		3,450		3,428		2,512		2,173
	Mortgage banking income			1,898		2,364		1,140		1,229		1,280
	Net securities gains / (losses)			1,210		1,410		(318)		61		675
	Net gains / (losses) on other real estate owned and other assets			329		111		(40)		193		(239)
	Other income			3,996		5,062		4,105		5,695		3,145
			Total non-interest income	44,864		43,957		34,665		36,388		29,612
Non-interest expense
	Salaries and wages			60,583		60,153		48,577		45,638		44,890
	Employee benefits			18,040		18,857		12,970		11,856		11,522
	Net occupancy			8,819		8,119		7,778		5,999		6,226
	Equipment and software			16,310		17,140		13,050		10,681		10,157
	Marketing			2,979		1,864		2,382		2,531		2,977
	FDIC insurance			5,820		5,479		4,187		3,640		3,604
	Amortization of intangible assets			8,425		9,204		4,223		2,034		2,053
	Restructuring and merger-related expense			11,383		41,056		20,010		646		1,977
	Other operating expenses			23,829		24,663		20,789		18,079		17,777
			Total non-interest expense	156,188		186,535		133,966		101,104		101,183
Income / (loss) before provision for income taxes				103,310		70,973		(9,665)		61,937		44,773
	Provision / (benefit) provision for income taxes			19,737		13,558		(673)		12,308		7,501
Net Income /(loss)				83,573		57,415		(8,992)		49,629		37,272
Preferred stock dividends				2,531		2,531		2,531		2,531		2,531
Net income / (loss) available to common shareholders				$           81,042		$           54,884		$         (11,523)		$           47,098		$           34,741
Taxable equivalent net interest income				$        217,963		$        217,996		$        159,723		$        127,689		$        122,338
Per common share data
Net income / (loss) per common share - basic				$               0.84		$               0.57		$             (0.15)		$               0.70		$               0.54
Net income / (loss) per common share - diluted				0.84		0.57		(0.15)		0.70		0.54
Adjusted net income per common share - diluted, excluding certain items (1)(2)				0.94		0.91		0.66		0.71		0.56
Dividends declared				0.37		0.37		0.37		0.37		0.36
Book value (period end)				39.02		38.28		38.02		39.54		39.73
Tangible book value (period end) (1)				21.29		20.48		20.06		22.83		22.99
Average common shares outstanding - basic				95,995,174		95,744,980		76,830,460		66,895,834		64,488,962
Average common shares outstanding - diluted				96,116,617		95,808,310		77,020,592		66,992,009		64,634,208
Period end common shares outstanding				96,044,222		95,986,023		95,672,204		66,919,805		66,871,479
Period end preferred shares outstanding				380,000		150,000		150,000		150,000		150,000
Full time equivalent employees				3,064		3,253		3,205		2,262		2,277
(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
				Sept. 30,		June 30,		Mar. 31,		Dec. 31,		Sept. 30,
Asset quality data				2025		2025		2025		2024		2024
Non-performing assets:
	Total non-performing loans			$       94,463		$       84,319		$       81,489		$       39,752		$       30,421
	Other real estate and repossessed assets			997		958		1,854		852		906
	Total non-performing assets			$       95,460		$       85,277		$       83,343		$       40,604		$       31,327
Past due loans (1):
	Loans past due 30-89 days			$       80,333		$       65,401		$       69,755		$       45,926		$       33,762
	Loans past due 90 days or more			19,430		20,890		10,734		13,553		20,427
	Total past due loans			$       99,763		$       86,291		$       80,489		$       59,479		$       54,189
Criticized and classified loans (2):
	Criticized loans			$     433,320		$     531,415		$     470,619		$     242,000		$     200,540
	Classified loans			175,648		151,849		149,452		112,669		93,185
	Total criticized and classified loans			$     608,968		$     683,264		$     620,071		$     354,669		$     293,725
Loans past due 30-89 days / total portfolio loans				0.42	%	0.35	%	0.37	%	0.36	%	0.27	%
Loans past due 90 days or more / total portfolio loans				0.10		0.11		0.06		0.11		0.16
Non-performing loans / total portfolio loans				0.50		0.45		0.44		0.31		0.24
Non-performing assets / total portfolio loans, other
	real estate and repossessed assets			0.50		0.45		0.45		0.32		0.25
Non-performing assets / total assets				0.35		0.31		0.30		0.22		0.17
Criticized and classified loans / total portfolio loans				3.22		3.63		3.32		2.80		2.36
Allowance for credit losses
Allowance for credit losses - loans				$     217,666		$     223,866		$     233,617		$     138,766		$     140,872
Allowance for credit losses - loan commitments				7,628		6,168		6,459		6,120		8,225
Provision for credit losses				2,082		3,218		68,883		(147)		4,798
Net loan and deposit account overdraft charge-offs and recoveries				8,867		4,329		2,771		4,066		1,420
Annualized net loan charge-offs and recoveries / average loans				0.19	%	0.09	%	0.08	%	0.13	%	0.05	%
Allowance for credit losses - loans / total portfolio loans				1.15	%	1.19	%	1.25	%	1.10	%	1.13	%
Allowance for credit losses - loans / non-performing loans				2.30	x	2.65	x	2.87	x	3.49	x	4.63	x
Allowance for credit losses - loans / non-performing loans and
	loans past due			1.12	x	1.31	x	1.44	x	1.40	x	1.66	x
				Sept. 30,		June 30,		Mar. 31,		Dec. 31,		Sept. 30,
				2025		2025		2025		2024		2024
Capital ratios
Tier I leverage capital				9.72	%	8.66	%	11.01	%	10.68	%	10.69	%
Tier I risk-based capital				11.83		10.59		10.69		13.06		12.89
Total risk-based capital				14.58		13.40		13.59		15.88		15.74
Common equity tier 1 capital ratio (CET 1)				10.10		9.90		9.99		12.07		11.89
Average shareholders' equity to average assets				14.22		13.99		14.86		15.09		14.84
Tangible equity to tangible assets (3)				9.35		8.16		8.03		9.52		9.67
Tangible common equity to tangible assets (3)				7.92		7.60		7.47		8.70		8.84
(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
				Sept. 30,		June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,
(unaudited, dollars in thousands, except shares and per share amounts)				2025		2025		2025		2024		2024		2025	2024
Return on average assets, excluding certain items:
	Net income / (loss) available to common shareholders			$           81,042		$          54,884		$        (11,523)		$          47,098		$         34,741		$           124,401	$          94,287
	Plus: after-tax restructuring and merger-related expenses  (1)			8,993		32,434		15,808		510		1,562		57,235	4,546
	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			90,035		87,318		51,211		47,608		36,303		228,562	98,833
	Average total assets			$    27,419,726		$   27,304,700		$   21,658,352		$   18,593,265		$  18,295,583		$      25,457,359	$   17,964,600
Return on average assets, excluding certain items (annualized)  (2)				1.30 %		1.28 %		0.96 %		1.02 %		0.79 %		1.20 %	0.73 %
Return on average equity, excluding certain items:
	Net income / (loss) available to common shareholders			$           81,042		$          54,884		$        (11,523)		$          47,098		$         34,741		$           124,401	$          94,287
	Plus: after-tax restructuring and merger-related expenses  (1)			8,993		32,434		15,808		510		1,562		57,235	4,546
	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			90,035		87,318		51,211		47,608		36,303		228,562	98,833
	Average total shareholders' equity			$      3,898,142		$     3,819,513		$     3,218,639		$     2,806,079		$    2,715,461		$        3,625,333	$     2,601,834
Return on average equity, excluding certain items (annualized)  (2)				9.16 %		9.17 %		6.45 %		6.75 %		5.32 %		8.43 %	5.07 %
Return on average tangible equity:
	Net income / (loss) available to common shareholders			$           81,042		$          54,884		$        (11,523)		$          47,098		$         34,741		$           124,401	$          94,287
	Plus: amortization of intangibles (1)			6,656		7,271		3,336		1,607		1,622		17,264	4,911
	Net income / (loss) available to common shareholders before amortization of intangibles			87,698		62,155		(8,187)		48,705		36,363		141,665	99,198
	Average total shareholders' equity			3,898,142		3,819,513		3,218,639		2,806,079		2,715,461		3,625,333	2,601,834
	Less: average goodwill and other intangibles, net of def. tax liability			(1,704,105)		(1,608,358)		(1,312,855)		(1,119,060)		(1,120,662)		(1,543,552)	(1,122,282)
	Average tangible equity			$      2,194,037		$     2,211,155		$     1,905,784		$     1,687,019		$    1,594,799		$        2,081,781	$     1,479,552
Return on average tangible equity (annualized)  (2)				15.86 %		11.27 %		-1.74 %		11.49 %		9.07 %		9.10 %	8.96 %
	Average tangible common equity			$      2,015,329		$     2,066,671		$     1,761,300		$     1,542,535		$    1,450,315		$        1,925,764	$     1,335,068
Return on average tangible common equity (annualized)  (2)				17.26 %		12.06 %		-1.89 %		12.56 %		9.97 %		9.84 %	9.92 %
Return on average tangible equity, excluding certain items:
	Net income / (loss) available to common shareholders			$           81,042		$          54,884		$        (11,523)		$          47,098		$         34,741		$           124,401	$          94,287
	Plus: after-tax restructuring and merger-related expenses  (1)			8,993		32,434		15,808		510		1,562		57,235	4,546
	Plus: amortization of intangibles  (1)			6,656		7,271		3,336		1,607		1,622		17,264	4,911
	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			96,691		94,589		54,547		49,215		37,925		245,826	103,744
	Average total shareholders' equity			3,898,142		3,819,513		3,218,639		2,806,079		2,715,461		3,625,333	2,601,834
	Less: average goodwill and other intangibles, net of def. tax liability			(1,704,105)		(1,608,358)		(1,312,855)		(1,119,060)		(1,120,662)		(1,543,552)	(1,122,282)
	Average tangible equity			$      2,194,037		$     2,211,155		$     1,905,784		$     1,687,019		$    1,594,799		$        2,081,781	$     1,479,552
Return on average tangible equity, excluding certain items (annualized)  (2)				17.48 %		17.16 %		11.61 %		11.61 %		9.46 %		15.79 %	9.37 %
	Average tangible common equity			$      2,015,329		$     2,066,671		$     1,761,300		$     1,542,535		$    1,450,315		$        1,925,764	$     1,335,068
Return on average tangible common equity, excluding certain items (annualized)  (2)				19.03 %		18.36 %		12.56 %		12.69 %		10.40 %		17.07 %	10.38 %
Efficiency ratio:
	Non-interest expense			$         156,188		$        186,535		$        133,966	#	$        101,104	0	$       101,183		$           476,689	$        300,768
	Less: restructuring and merger-related expense			(11,383)		(41,056)		(20,010)	#	(646)	0	(1,977)		(72,449)	(5,755)
	Non-interest expense excluding restructuring and merger-related expense			144,805		145,479		113,956	#	100,458	0	99,206		404,240	295,013
	Net interest income on a fully taxable equivalent basis			217,963		217,996		159,723	#	127,689	0	122,338		595,682	355,327
	Non-interest income			44,864		43,957		34,665	#	36,388	0	29,612		123,486	91,596
	Net interest income on a fully taxable equivalent basis plus non-interest income			$         262,827		$        261,953		$        194,388	#	$        164,077	0	$       151,950		$           719,168	$        446,923
	Efficiency ratio			55.10 %		55.54 %		58.62 %		61.23 %		65.29 %		56.21 %	66.01 %
Adjusted net income available to common shareholders, excluding certain items:
	Net income / (loss) available to common shareholders			$           81,042		$          54,884		$        (11,523)		$          47,098		$         34,741		$           124,401	$          94,287
	Add: after-tax restructuring and merger-related expenses (1)			8,993		32,434		15,808		510		1,562		57,235	4,546
	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:				$           90,035		$          87,318		$          51,211		$          47,608		$         36,303		$           228,562	$          98,833
Adjusted net income per common share - diluted, excluding certain items:
	Net income / (loss) per common share - diluted			$               0.84		$              0.57		$            (0.15)		$              0.70		$             0.54		$                 1.39	$              1.54
	Add: after-tax restructuring and merger-related expenses per common share - diluted (1)			0.10		0.34		0.21		0.01		0.02		0.63	0.07
	Add: after-tax day one provision for credit losses on acquired loans (1)			-		-		0.60		-		-		0.53	-
Adjusted net income per common share - diluted, excluding certain items:				$               0.94		$              0.91		$              0.66		$              0.71		$             0.56		$                 2.55	$              1.61
				Period End
				Sept. 30,		June 30,		Mar. 31,		Dec. 31,		Sept. 30,
				2025		2025		2025		2024		2024
Tangible book value per share:
	Total shareholders' equity			$      4,116,527		$     3,819,220		$     3,781,579		$     2,790,281		$    2,801,585
	Less:  goodwill and other intangible assets, net of def. tax liability			(1,702,916)		(1,709,001)		(1,718,048)		(1,118,293)		(1,119,899)
	Less: preferred shareholder's equity			(368,867)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity			2,044,744		1,965,735		1,919,047		1,527,504		1,537,202
	Common shares outstanding			96,044,222		95,986,023		95,672,204		66,919,805		66,871,479
Tangible book value per share				$             21.29		$            20.48		$            20.06		$            22.83		$           22.99
Tangible common equity to tangible assets:
	Total shareholders' equity			$      4,116,527		$     3,819,220		$     3,781,579		$     2,790,281		$    2,801,585
	Less:  goodwill and other intangible assets, net of def. tax liability			(1,702,916)		(1,709,001)		(1,718,048)		(1,118,293)		(1,119,899)
	Tangible equity			2,413,611		2,110,219		2,063,531		1,671,988		1,681,686
	Less: preferred shareholder's equity			(368,867)		(144,484)		(144,484)		(144,484)		(144,484)
	Tangible common equity			2,044,744		1,965,735		1,919,047		1,527,504		1,537,202
	Total assets			27,518,042		27,571,576		27,412,383		18,684,298		18,514,169
	Less:  goodwill and other intangible assets, net of def. tax liability			(1,702,916)		(1,709,001)		(1,718,048)		(1,118,293)		(1,119,899)
	Tangible assets			$    25,815,126		$   25,862,575		$   25,694,335		$   17,566,005		$  17,394,270
Tangible equity to tangible assets				9.35 %		8.16 %		8.03 %		9.52 %		9.67 %
Tangible common equity to tangible assets				7.92 %		7.60 %		7.47 %		8.70 %		8.84 %
(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
				Sept. 30,		June 30,		Mar. 31,		Dec. 31,		Sept. 30,		Sept. 30,
(unaudited, dollars in thousands, except shares and per share amounts)				2025		2025		2025		2024		2024		2025	2024
Pre-tax, pre-provision income:
	Income / (loss) before provision / (benefit) for income taxes			$        103,310		$          70,973		$          (9,665)		$          61,937		$          44,773		$        164,618	$        123,177
	Add: provision for credit losses			2,082		3,218		68,883		(147)		4,798		74,183	19,352
Pre-tax, pre-provision income				$        105,392		$          74,191		$          59,218		$          61,790		$          49,571		$        238,801	$        142,529
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses:
	Income / (loss) before provision / (benefit) for income taxes			$        103,310		$          70,973		$          (9,665)		$          61,937		$          44,773		$        164,618	$        123,177
	Add: provision for credit losses			2,082		3,218		68,883		(147)		4,798		74,183	19,352
	Add: restructuring and merger-related expenses			11,383		41,056		20,010		646		1,977		72,449	5,755
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				$        116,775		$        115,247		$          79,228		$          62,436		$          51,548		$        311,250	$        148,284
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses:
	Income / (loss) before provision / (benefit) for income taxes			$        103,310		$          70,973		$          (9,665)		$          61,937		$          44,773		$        164,618	$        123,177
	Add: provision for credit losses			2,082		3,218		68,883		(147)		4,798		74,183	19,352
	Add: restructuring and merger-related expenses			11,383		41,056		20,010	#	646		1,977		72,449	5,755
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				116,775		115,247		79,228	#	62,436		51,548		311,250	148,284
	Average total assets			$   27,419,726		$   27,304,700		$   21,658,352		$   18,593,265		$   18,295,583		$   25,457,359	$   17,964,600
Pre-tax, pre-provision return on average assets, excluding restructuring and merger-related expenses (annualized) (2)				1.69 %		1.69 %		1.48 %		1.34 %		1.12 %		1.63 %	1.10 %
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses:
	Income / (loss) before provision / (benefit) for income taxes			$        103,310		$          70,973		$          (9,665)		$          61,937		$          44,773		$        164,618	$        123,177
	Add: provision for credit losses			2,082		3,218		68,883		(147)		4,798		74,183	19,352
	Add: restructuring and merger-related expenses			11,383		41,056		20,010	#	646		1,977		72,449	5,755
Pre-tax, pre-provision income, excluding restructuring and merger-related expenses				116,775		115,247		79,228	#	62,436		51,548		311,250	148,284
	Average total shareholders' equity			$     3,898,142		$     3,819,513		$     3,218,639		$     2,806,079		$     2,715,461		$     3,625,333	$     2,601,834
Pre-tax, pre-provision return on average equity, excluding restructuring and merger-related expenses (annualized) (2)				11.88 %		12.10 %		9.98 %		8.85 %		7.55 %		11.48 %	7.61 %
Pre-tax, pre-provision return on average tangible equity, excluding certain items (1):
	Income / (loss) before provision / (benefit) for income taxes			$        103,310		$          70,973		$          (9,665)		$          61,937		$          44,773		$        164,618	$        123,177
	Add: provision for credit losses			2,082		3,218		68,883		(147)		4,798		74,183	19,352
	Add: amortization of intangibles			8,425		9,204		4,223		2,034		2,053		21,853	6,217
	Add: restructuring and merger-related expenses			11,383		41,056		20,010	#	646		1,977		72,449	5,755
Pre-tax, pre-provision income before restructuring and merger-related expenses and amortization of intangibles				125,200		124,451		83,451	#	64,470		53,601		333,103	154,501
	Average total shareholders' equity			3,898,142		3,819,513		3,218,639		2,806,079		2,715,461		3,625,333	2,601,834
	Less: average goodwill and other intangibles, net of def. tax liability			(1,704,105)		(1,608,358)		(1,312,855)		(1,119,060)		(1,120,662)		(1,543,552)	(1,122,282)
	Average tangible equity			$     2,194,037		$     2,211,155		$     1,905,784		$     1,687,019		$     1,594,799		$     2,081,781	$     1,479,552
Pre-tax, pre-provision return on average tangible equity, excluding certain items (annualized) (1) (2)				22.64 %		22.58 %		17.76 %		15.20 %		13.37 %		21.39 %	13.95 %
	Average tangible common equity			$     2,015,329		$     2,066,671		$     1,761,300		$     1,542,535		$     1,450,315		$     1,925,764	$     1,335,068
Pre-tax, pre-provision return on average tangible common equity, excluding certain items (annualized) (1) (2)				24.65 %		24.15 %		19.22 %		16.63 %		14.70 %		23.13 %	15.46 %
(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 (WSBC) Q3 2025 net income and EPS on October 22, 2025?

WesBanco reported net income $81.0M and diluted EPS $0.84 for Q3 2025.

How did the Premier Financial acquisition affect WesBanco's deposits and loans in Q3 2025?

The acquisition added approximately $6.9B of deposits and $5.9B of loans, driving YoY totals of $21.3B and $18.9B respectively.

What change occurred to WesBanco's net interest margin (NIM) in Q3 2025?

Net interest margin increased to 3.53%, up 58 basis points year-over-year.

Why is WesBanco closing 27 branches and what are the expected savings?

WesBanco approved closing 27 locations to optimize its network; expected net pre-tax savings are about $6M phased in during H1 2026.

How did WesBanco's efficiency ratio and non-interest income perform in Q3 2025?

Efficiency ratio improved to 55.1%, and non-interest income rose 51.5% to $44.9M.

What capital actions did WesBanco complete in September 2025?

WesBanco issued $230M of Series B preferred stock (Tier 1) via depositary shares to support redemptions and general corporate purposes.