WesBanco, Inc. (WSBC) Earnings

Management highlights

• Delivered solid year-over-year financial results with net income and EPS growth, improved margins and efficiency. • Exceeded year one financial targets for Premier acquisitions with core EPS growth 49%, ROAA 1.3%, CET1 ratio exceeded, tangible book value per share above targets. • Continues to invest in digital capabilities and products like WestBanco One Account and Treasury Management Services, optimizes physical branch network, has loan production offices in high-growth markets with strong results, recently expanded into South Florida with seasoned team and built initial $400 million pipeline, commercial pipeline at record levels with South Florida expansion not yet reflected in pipeline. • Closing 10 financial centers in May with annual savings of ~$2 million, opening Tennessee Financial Center from LPO momentum, Florida expansion provides organic growth opportunities for healthcare banking vertical and will evaluate additional services

Guidance

• Anticipate second quarter net interest margins to rebound into low 360s and improve into mid to high 360s in second half of year, assuming stable competition for loans and deposits. • Quarterly fee income expected to grow 3% - 5% year-over-year remainder of 2026. • Closing 10 financial centers in May with annual savings ~$2 million realized midway through second quarter, salaries and wages increase for South Florida expansion and mid-year merit increases, occupancy expense flat to slightly down offset by branch expansion, equipment and software expenses increase as invest in products, services, tech. • Marketing expected to increase to ~$4 million per quarter. • Expense run rate in second quarter approaching $150 million, third quarter to increase couple of percentage points. • Provision for credit losses depends on macroeconomic forecast, credit quality metrics. • Full-year effective tax rate between 20% - 21%. • Florida team expects to close first deal this month, ~$100 million closed this quarter, ~$300 - $500 million closed by end of year. • Basel III proposal preliminary estimates indicate benefit to CET1 of ~5% - 6%, freeing up capital for buyback or growth

Segment performance

For the quarter ended March 31st, 2026, net income available to common shareholders was $87 million, diluted earnings per share was $0.91 (up 38% year-over-year). Pre-tax, pre-provision earnings were $114 million (up 44% year-over-year). Returns on average assets and tangible common equity were 1.3% and 17.4% respectively. CET1 ratio was 10.7%. Loan growth was 2.2% year-over-year driven by commercial real estate and home equity lending but had a headwind from CRE payoffs. Deposit growth funded loan growth. Commercial pipeline reached record levels, with South Florida expansion building $400 million pipeline. First quarter net income excluding restructuring and merger-related expenses was $87 million, or $0.91 per share. Pre-tax, pre-provision core earnings grew 44%, core EPS grew 38%, net interest margin improved 22 basis points, efficiency ratio reduced nearly 4 percentage points to 52.5%. Total assets $27.5 billion, total portfolio loans $19.1 billion, securities $4.4 billion. Deposits increased 2% year-over-year. Criticized and classified loans as a percentage of total portfolio loans decreased 24 basis points to 2.9%. Non-performing loans increased but were well collateralized. Non-interest income increased 21% year-over-year. Non-interest expense increased due to addition of Premier expense base but operating expenses down slightly sequentially. CET1 ratio 10.7% and expected to build 5 - 10 basis points per quarter for remainder of year to reach 11% target by year-end

Risks & headwinds

• Elevated commercial real estate project payoffs creating headwind to loan growth, with CRE payoffs expected to remain slightly elevated in second quarter but lower than first quarter before returning to normal level. • Geopolitical events could influence operating environment. • Credit quality risks with non-performing loans increase due to three legacy premier credits, though well collateralized and reserved for. • Competition for loans and deposits could impact net interest margin. • Macroeconomic factors could affect provision for credit losses

Analyst Q&A

• Q: What are the funding expectations around the South Florida commercial lending team and potential to add to that team?

  A: Expect them to provide significant funding for their own loan growth, opening two offices in Palm Beach and Broward, with plans to open two branches by end of year, looking to add additional people in other Florida markets, current pipeline ~$400 million.

• Q: Diving into NIM outlook, components driving improvement?

  A: Repricing of ~$400 million fixed rate commercial loans maturing in next 12 months from 4.25% to low 6s, ~$400 million variable rate loans repricing, securities cash flow ticking up, downward repricing of CD book, paying down broker deposits.

• Q: If there are rate cuts, impact on progression?

  A: Neutral, commercial loan portfolio 50% variable rate reprices within three months, deposits and FHLB borings can reprice downward.

• Q: Uptick in NPAs, details on the credits?

  A: Legacy premier credits, three in different markets, two multifamily, well collateralized and reserved, CNC ticked down to normal range.

• Q: Expectations for Florida pipeline closing?

  A: First deal this month, ~$100 million closed this quarter, ~$300 - $500 million closed by end of year including fees and treasury management services.

• Q: Pipeline mix, yield, pull-through rates?

  A: Likely 60 - 40 CRE to CNI, loan yield low to mid sixes, pull-through rate not different from past with new markets.

• Q: Impact of Basel III proposal on RWAs and CET1, appetite for repurchases?

  A: Preliminary estimates benefit CET1 by ~5% - 6%, freeing up ~$120 million in capital, 900,000 shares available for repurchase, expect to accelerate buyback view.

• Q: Expense run rate details, non-competes for new hires?

  A: Second quarter approaching $150 million, third quarter ~$152 - $153 million, new hires have standard non-solicitation agreements, no non-competes, Southeast Florida team expected to have significant progress by end of year.

• Q: Deposits trending for rest of year?

  A: Typically seasonal with first quarter drop, second quarter start building, expect to fund loan growth majority with deposit growth, increasing incentives on driving deposits, getting Florida branches up and running to take deposits