WesBanco : Q4 2023 WesBanco, Inc. Investor Presentation

Investor Presentation

(Q4 2023)

(WSBC financials as of the three months ended 30 September 2023

John Iannone

Senior Vice President, Investor Relations

304-905-7021

Forward-Looking Statements and Non-GAAP Financial Measures

Forward-looking statements in this report relating to adequacy of resources, are made pursuant to the safe The information contained in this report should be read

WesBanco's plans, strategies, objectives, expectations, intentions and harbor provisions of the Private Securities Litigation Reform Act of 1995. in conjunction with WesBanco's Form 10-K for the year ended December

31, 2022 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, 2023 and June 30, 2023, 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, 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.

©2023 WesBanco Inc. | All rights reserved

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Evolving Regional Financial Services Institution

Strong market presence with broad and balanced distribution

• Strong market presence

across legacy and major

metropolitan markets

• Balanced loan and

deposit distribution

across diverse regional

footprint

• Diversified revenue

generation engines

Strong Market Presence in Major Markets

						#10 Pgh
	#15 in OH
				MSA
							#14 in MD
				#3 in WV
#12 in KY

Broad and Balanced Market Distribution

supported by unique

long-term advantages

• Well-executedlong-term

growth strategies

IN

5%

WV	KY/TN
16%
27%

Deposits

MD

18%

PA 13%

OH

21%

IN

WV7%

16%KY/TN

11%

PA 10%

Loans

MD

26%

OH 30%

Note: loan and deposit data as of 9/30/2023; location data as of 10/25/2023 (LPOs indicated by red dots); market share based on ©2023 WesBanco Inc. | All rights reserved 3

2023 state deposit rankings (except Pittsburgh which is MSA) (exclusions: Pittsburgh MSA - BNY Mellon, Raymond James; MD -

Forbright, Capital Funding; OH - National Consumer Cooperative Bank) (source: S&P Capital IQ as of 10/13/2023)

Investment Rationale

Unique advantages, sustainable growth, shareholder focus

Balanced and Diversified with Unique Long-Term Advantages

• Balanced loan and deposit distribution across footprint
• Diversified earnings streams built for long-term success, led by century-old, $5.0B trust and wealth management business
• Strong presence in economically diverse, major markets supported by positive demographic trends
• Robust legacy deposit base provides pricing advantage

Distinct and

Well-Executed

Long-Term Growth

Strategies

Legacy of Credit

Quality, Risk

Management, and

Shareholder Focus

• Emphasis on digital capabilities and customer service to ensure relationship value that meets customer needs efficiently and effectively
• Established lending and wealth management teams
• Focus on positive operating leverage built upon a culture of expense management, enhanced by consolidated back-office functions in lower cost markets
• Well-capitalizedwith solid liquidity and strong credit quality and regulatory compliance
• Eight consecutive "outstanding" CRA ratings since 2003
• Critical, long-term focus on shareholder return through earnings growth and effective capital management

Note: trust assets under management as of 9/30/2023

©2023 WesBanco Inc. | All rights reserved

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Strategies for Long-Term

Success

©2023 WesBanco Inc. | All rights reserved

Long-Term Growth Strategies

Strategic pillars focused on driving shareholder return

Diversified	Long History	Digital	Franchise-
Loan	Banking
of Strong	Enhancing
Portfolio	Service
Wealth	Expansion
with a	Strategies
Management	within
Relationship	and Core
Capabilities	Contiguous
Lending	Funding
	Markets
Focus		Advantage

Focus on Delivering Positive Operating Leverage

Strong Legacy of Credit Quality, Risk Management, and Compliance

©2023 WesBanco Inc. | All rights reserved

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Diversified Loan Portfolio

Focus on balanced loan growth with strong underwriting standards

• Focus on strategic diversification, growth, and credit quality
• • Balance disciplined loan origination with prudent underwriting standards
  • Focus on relationship lending, especially for C&I
  • Key offerings include loan swaps, treasury management, foreign exchange, cyber security, and lockbox services
  • Strong residential mortgage program, including home equity lending
  • Loan production office strategy

$11.3 Billion Loan Portfolio

	Comm'l &
Comm'l R/E:	Industrial
14%
Improved	Consumer
Property		2%
37%		HELOC
		6%
		Residential
		R/E
		21%
Comm'l R/E:	Comm'l R/E:
Owner
Land,
Occupied
Construction
12%
8%

• Average loans to average deposits ratio of 86.8% provides opportunity for continued loan growth
• • Robust legacy deposit base provides a competitive advantage, especially in the typical higher cost Mid-Atlantic and other major metro markets
• Manageable lending exposures
• • De-emphasizedconsumer and several CRE categories in recent years
  • Office investment loan portfolio $386 million, representing 3% of the total loan portfolio
  • • Geographically diverse (no Tier 1 cities); >98% "pass" risk grade classifications
    • Average loan-to-value ~62%; average debt service coverage ratio ~1.7x

Note: loan and deposit data as of quarter ending 9/30/2023; loan-to-value and debt service coverage as of 6/30/2023; office	©2023 WesBanco Inc. | All rights reserved	7
investment portfolio includes just one high-pass rated office investment loan within Washington D.C. and excludes owner-occupied

Wealth Management

Strong capabilities built on a century of expertise

Trust & Investments

• $5.0B of trust and mutual fund assets under management
• 6,700+ relationships
• Legacy market private wealth management growth opportunities
• Expansion opportunities in the Mid-Atlantic market
• WesMark Funds - six proprietary funds across equities, bonds, and tactical assets

Securities Brokerage

• Securities investment sales
• Licensed banker program
• Investment advisory services
• Regional player/coach program
• Expand external business development opportunities
• Expansion opportunities in KY, IN, and Mid-Atlantic

		Trust Assets
	(Market Value as of 12/31) ($B)
			$4.3	$5.0
		$3.2	CAGR
$2.3	$2.4		4.0%
2002	2008	2012	2018	2023
				9/30

Private Banking Loans and Deposits
		(as of 12/31) ($MM)
					$1,320
				$1,050
		$770		CAGR
	$365				30%
$100
2013	2016	2019	2022	2023
	Loans	Deposits	9/30

Insurance

• Personal, commercial, title, health, and life
• Expand title business in all markets
• Digital insurance agency for both personal and commercial property & casualty
• Third-partyadministrator (TPA) services for small business healthcare plans

Private Banking

• $1.3B in private client loans and deposits
• 4,800+ relationships
• Private wealth management growth opportunities across all markets

Note: assets, loans, deposits, and clients as of 9/30/2023; chart financials as of 12/31 unless otherwise stated

©2023 WesBanco Inc. | All rights reserved

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Robust Digital Capabilities

Driving enhanced customer service and enterprise efficiency

• Digital banking utilization
• • ~72% of retail customers utilize online digital banking services
  • ~4.5 million web and mobile logins per month
  • Mobile ~50% of total, with an average of 17 monthly logins per customer
  • >170,000 mobile wallet transactions, ~30,000 mobile deposits, and >30,000 Zelle® payments per month
• Digital acquisition
• • ~51% of residential mortgage applications submitted via online portal
  • ~270 deposit accounts opened online per month
  • WesBanco Insurance Services launched white-label insurance capabilities with a web-basedterm-life insurance platform, and a fully-integrated digital property and casualty insurance for consumers and small businesses
• State-of-the-artcore banking software system
• • Omni-channelpresence - real-time account activity across all channels
  • Improved customer service through reduced manual activities
  • More efficient processing cost structure
• Cloud-basedarchitecture utilization
• • Early adoption to leverage modernized data and application platforms, combined with significant expense and performance benefits
  • Actively harnessing advanced artificial intelligence (AI) and robotic process automation (RPA) technologies to automate business processes

Note: digital statistics as of 3Q2023 year-to-date ("YTD"); Zelle® payment service added August 2021; online residential mortgage ©2023 WesBanco Inc. | All rights reserved 9 applications and deposit account opening capabilities launched July 2019; WesBanco Insurance Services online term-life and P&C

insurance capabilities launched November 2020 and January 2021, respectively; core banking software system upgraded 8/2/2021

Strong Deposit Base

Benefits of Core Deposit Funding Advantage

• Granular core deposit funding base supports diversified commercial and retail strategy
• Robust legacy deposit base provides competitive funding advantage, especially in the typical higher cost Mid-Atlantic and major metro markets
• During the last five years:
• • Total deposits (excluding CDs) have grown organically at a 7% CAGR
  • Total demand deposits have grown organically at a 7% CAGR to represent ~57% of total deposits
  • Non-interestbearing demand deposits have grown organically at a 8% CAGR

Average Deposits as of 9/30/2018

Average Deposits as of 9/30/2022

Average Deposits as of 9/30/2023

CDs	Non-Int
17%
	Bearing
	Demand
	27%
Savings
18%	Total
	DD
	52%

	CDs
	8%
Savings	Non-Int
Bearing
20%	Demand
	35%

CDs
8%	Non-Int
	Bearing
Savings	Demand
33%
20%

Total

DD 59%

Total DD 58%

Money	Int Bearing
Demand
Market
25%
13%

Funding Cost

Interest-Bearing = 0.56%

Total Deposits = 0.41%

[Peer Avg Int-Bearing Deposit Cost = 0.91%]

Money
Market	Int Bearing
13%
Demand
	24%

Funding Cost

Interest-Bearing = 0.27%

Total Deposits = 0.17%

[Peer Avg Int-Bearing Deposit Cost = 0.56%]

Money
Market	Int Bearing
14%	Demand
	25%

Funding Cost

Interest-Bearing = 2.01%

Total Deposits = 1.36%

[Peer Avg Int-Bearing Deposit Cost = 2.58%]

Note: text reflects period-end data and pie charts reflect quarterly averages; peer bank group includes all U.S. banks with total assets of $10B to $25B (as of most recent period) from S&P Capital IQ (as of 10/31/2023) and represent simple averages

©2023 WesBanco Inc. | All rights reserved

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