WesBanco : Q4 2022 WesBanco, Inc. Earnings Presentation

Fourth Quarter 2022

Earnings Call Presentation

24 January 2023

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, 2021 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, 2022, June 30, 2022 and September 30, 2022, 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 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.

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 2022 Financial and Operational Highlights

• Solid pre-tax,pre-provision income and net
  income (excluding restructuring & merger-related expenses)
• Strong, broad-basedyear-over-year and

sequential quarter total loan growth (excluding Small

Business Administration Payroll Protection Program ("SBA PPP") loans)

• Key credit quality metrics remained at low levels and favorable to peer bank averages
• Net interest margin increased to 3.49%, reflecting benefit of higher-yielding loans and securities
• Deposits (excluding CDs) roughly flat year-over-year as growth in non-interest bearing demand deposit and savings accounts offset a decline in interest- bearing demand deposit balances
• Demonstrated strong discretionary expense control in an inflationary environment, as non- interest expenses increased just 2.6% year-over-
  year (excluding restructuring & merger-related expenses)
• WesBanco remains well-capitalized with solid liquidity and a strong balance sheet

Pre-Tax,Pre-Provision Income(1)

$67.2 million

+27.0% YoY; +3.6% QoQ

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

$49.7 million; $0.84/diluted share

Total Loan Growth (x-SBAPPP)

YoY and QoQ (annualized)

+11.7% and +16.8%, respectively

Efficiency Ratio(1)

56.91%

Non-Performing Assets to Total

Assets

0.25%

Returns on Average Assets and

Tangible Equity(1)

1.18% and 16.05%, respectively

Note: financial and operational highlights during the quarter ended December 31, 2022	2
(1) Non-GAAP measure - please see reconciliation in appendix; excludes restructuring and merger-related expenses

Q4 2022 Key Metrics

	Quarter Ending	H / (L)	H / (L)	Year-to-Date	H / (L)
	12/31/22	12/31/21	09/30/22	12/31/22	12/31/21
Return on Average Assets (1)(2)	1.18%	(3bp)	(1bp)	1.09%	(31bp)
PTPP Return on Average Assets (1)(2)	1.60%	36bp	7bp	1.40%	(4bp)
Return on Average Equity (1)(2)	8.18%	60bp	12bp	7.29%	(130bp)
PTPP Return on Average Equity (1)(2)	11.06%	331bp	72bp	9.40%	56bp
Return on Average Tangible Equity (1)(2)	16.05%	239bp	64bp	13.88%	(134bp)
PTPP Return on Average Tangible Equity (1)(2)	21.65%	755bp	189bp	17.89%	210bp
Tangible Book Value per Share ($) (1)	$19.43	(14.1%)	3.1%	$19.43	(14.1%)
Efficiency Ratio (1)(2)	56.91%	(508bp)	(122bp)	59.53%	131bp
Net Interest Margin	3.49%	52bp	16bp	3.20%	9bp
Average Loans to Average Deposits	78.43%	582bp	342bp	74.21%	(390bp)
Non-Performing Assets to Total Assets	0.25%	2bp	4bp	0.25%	2bp
Net Loan Charge-offs to Average Loans (annualized)	0.02%	(2bp)	(2bp)	0.02%	0bp

Note: PTPP = pre-tax,pre-provision
(1)	Non-GAAP measure - please see reconciliation in appendix	3
(2)	Excludes restructuring and merger-related expenses

(as of 12/31/2022)

Q4 2022 Total Portfolio Loans ($MM)

 Loan growth continues to demonstrate the successful execution of our expansion into higher-growth markets and ability to hire top-tier commercial and mortgage loan officers across our footprint

 Total loan growth (excluding SBA PPP) was broad-based across our markets

 +11.7% year-over-year and +4.2% (or +16.8% annualized) quarter- over-quarter

 CRE loan payoffs moderated during Q4 2022 to ~$63 million, as compared to $173 million during Q3 2022 and a more normalized quarterly run-rate of ~$90 million

 ~$8 million of SBA PPP loans remaining

 Q4 2022 included forgiveness of ~$5 million of SBA PPP loans (net of

deferred fees)

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