WesBanco Announces Third Quarter 2025 Financial Results

PR Newswire

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 28th, 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 10th, 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.