WesBanco : Q4 2021 Earnings Call Presentation

Fourth Quarter 2021

Earnings Call Presentation

25 January 2022

Forward-Looking Statements and Non-GAAP Financial Measures

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, 2020 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, 2021, June 30, 2021 and September 30, 2021, 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 effects of changing regional and national economic conditions including the effects of the COVID-19 pandemic; 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 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.

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-taxpre-provision income, tangible common equity/tangible assets; net income excluding after-tax restructuring and merger-related expenses; 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.

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Q4 2021 Financial and Operational Highlights

• Solid pre-tax,pre-provision income and net
  income (excluding restructuring & merger-related expenses)
• Continued emphasis on expense management
• Trust assets reached a record $5.6 billion from both market appreciation and organic growth
• Residential mortgage originations during the year increased 7% year-over-year to a record $1.4 billion, reflecting strong organic growth
• Key credit quality metrics remained at low levels and favorable to peer bank averages
• Strong deposit growth, excluding certificates of deposit, driven by growth in demand deposits
• WesBanco remains well-capitalized with solid liquidity and a strong balance sheet
• • Continued to return capital to shareholders through the repurchase of ~1.6 million shares of WesBanco common stock during the quarter, and ~5.2 million for all of 2021

Pre-Tax,Pre-Provision Income(1)

$52.7 million

Net Income Available to Common Shareholders and Diluted EPS(1)

$51.8 million; $0.82/diluted share

YTD Efficiency Ratio(1)

58.22%

Deposit Growth (x-CDs)

+13.5% YoY

Non-Performing Assets to Total

Assets

0.23%

YTD Annualized Net Loan

Charge-offs to Average Loans

0.02%

Note: financial and operational highlights during the quarter ended December 31, 2021	2
(1) Non-GAAP measure - please see reconciliation in appendix

Q4 2021 Key Metrics

	Quarter Ending	H / (L)	H / (L)	Year-to-Date	H / (L)
	12/31/21	12/31/20	09/30/21	12/31/21	12/31/20
Return on Average Assets (1)(2)	1.21%	(1bp)	15bp	1.40%	63bp
PTPP Return on Average Assets (1)(2)	1.24%	(32bp)	(10bp)	1.44%	(16bp)
Return on Average Tangible Equity (1)(2)	13.66%	38bp	209bp	15.22%	610bp
PTPP Return on Average Tangible Equity (1)(2)	14.10%	(290bp)	(63bp)	15.79%	(249bp)
Tangible Book Value per Share ($) (1)	$22.61	4.0%	0.4%	$22.61	4.0%
Efficiency Ratio (1)(2)(3)	61.99%	493bp	147bp	58.22%	184bp
Net Interest Margin	2.97%	(34bp)	(11bp)	3.11%	(26bp)
Non-Performing Assets to Total Assets	0.23%	(2bp)	(1bp)	0.23%	(2bp)
Net Loan Charge-offs to Average Loans (annualized)	0.04%	2bp	1bp	0.02%	(4bp)

Note: PTPP = pre-tax,pre-provision

(1)	Non-GAAP measure - please see reconciliation in appendix
(2)	Excludes restructuring and merger-related expenses	3
(3)	Q3 2021 non-interest expense includes $2.6 million of pre-tax settlement costs with respect to the pending resolution of a lawsuit, excluding these costs Q3 2021 efficiency
	ratio would have been 58.77%

(as of 12/31/2021)

Q4 2021 Total Portfolio Loans ($MM)

 Loan growth for Q4 2021 reflects the continuation of both SBA PPP loan forgiveness and elevated commercial real estate payoffs

 ~1,950 SBA PPP loans remaining total ~$163 million

 During Q4 2021, ~1,240 customers received forgiveness of SBA PPP loans totaling $109 million (net of

deferred fees)

 Q4 2021 commercial real estate payoffs were $160 million

 While these payoffs were down ~$100 million sequentially, they remained above our historical level of ~$85 million per quarter

 This higher run-rate negatively impacted total loan growth by approximately one percentage point (non-annualized)

 C&I loans (x-SBA PPP) continue to be influenced by excess customer liquidity and supply chain and labor constraints

Note: commercial loan average payoff and new yields exclude loans funded through the Small Business Administration's Paycheck Protection Program ("SBA PPP"), as	4
established by the CARES Act