WESBANCO INC

Previous wording

Management’s Discussion and Analysis (“MD&A”) represents an overview of the results of operations and financial condition of Wesbanco for the three and nine months ended September 30, 2025. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes thereto.

Current wording

Management’s Discussion and Analysis (“MD&A”) represents an overview of the results of operations and financial condition of Wesbanco for the three months ended March 31, 2026. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes thereto.

Previous wording

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 ending March 31, 2025 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 and in Part II, Item 1A of this Form 10-Q. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, that the expected cost savings and any revenue synergies from the merger of Wesbanco and PFC may not be fully realized within the expected timeframes; disruption from the merger of Wesbanco and PFC 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 SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, the Consumer Financial Protection Bureau 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.

Current wording

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, 2025 and documents subsequently filed by Wesbanco with the Securities and Exchange Commission (“SEC”), 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 and in Part II, Item 1A of this Form 10-Q. 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 SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, the Consumer Financial Protection Bureau 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.

Previous wording

Wesbanco is a multi-state bank holding company operating through 251 branches and 267 ATMs in West Virginia, Ohio, western Pennsylvania, Kentucky, Indiana, Michigan and Maryland, offering retail banking, corporate banking, personal and corporate trust services, brokerage services, mortgage banking and insurance. Wesbanco’s businesses are significantly impacted by economic factors such as market interest rates, federal monetary and regulatory policies, local and regional economic conditions and the competitive environment’s effect upon Wesbanco’s business volumes. Wesbanco’s deposit levels are affected by numerous factors including personal savings rates, personal income, and competitive rates on alternative investments, as well as competition from other financial institutions within the markets we serve and liquidity needs of Wesbanco. Loan levels are also subject to various factors including construction demand, business financing needs, consumer spending and interest rates, as well as loan terms offered by competing lenders.

Current wording

Wesbanco is a multi-state bank holding company operating through 226 branches and 242 ATMs in West Virginia, Ohio, western Pennsylvania, Kentucky, Indiana, Michigan, Maryland, Tennessee, Virginia and Florida offering retail banking, corporate banking, personal and corporate trust services, brokerage services, mortgage banking and insurance. Wesbanco’s businesses are significantly impacted by economic factors such as market interest rates, federal monetary and regulatory policies, local and regional economic conditions and the competitive environment’s effect upon Wesbanco’s business volumes. Wesbanco’s deposit levels are affected by numerous factors including personal savings rates, personal income, and competitive rates on alternative investments, as well as competition from other financial institutions within the markets we serve and liquidity needs of Wesbanco. Loan levels are also subject to various factors including construction demand, business financing needs, consumer spending and interest rates, as well as loan terms offered by competing lenders.

Previous wording

Wesbanco reported net income available to common shareholders for the third quarter of 2025 of $81.0 million or $0.84 per diluted share, compared to net income of $34.7 million or $0.54 per diluted share, for the third quarter of 2024. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses for the three months ended September 30, 2025, was $90.0 million or $0.94 per diluted share, as compared to $36.3 million or $0.56 per diluted share in the prior year's third quarter (non-GAAP measures). On a similar basis and also excluding the after-tax day one provision for credit losses on acquired loans, Wesbanco reported $228.6 million or $2.55 per diluted share, for the nine months ended September 30, 2025, as compared to $98.8 million or $1.61 per diluted share for the nine months ended September 30, 2024 (non-GAAP measures).

Current wording

Wesbanco reported net income available to common shareholders for the first quarter of 2026 of $84.4 million or $0.88 per diluted share, compared to a net loss of $11.5 million or ($0.15) per diluted share, for the first quarter of 2025. The first quarter of 2025 includes 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 28, 2025. As noted in the following table, net income available to common shareholders, excluding after-tax restructuring and merger-related expenses for the three months ended March 31, 2026, was $87.3 million or $0.91 per diluted share, as compared to $51.2 million or $0.66 per diluted share in the prior year's first quarter, which also excludes the after-tax day one provision for credit losses on acquired loans (non-GAAP measures).

Previous wording

Net interest income increased $95.6 million or 78.9% in the third quarter of 2025 compared to the same quarter of 2024, reflecting the impact of a larger balance sheet from the PFC acquisition, organic loan growth, higher loan and securities yields, lower FHLB borrowing costs and purchase accounting accretion from acquisitions. The yield on earning assets increased by a total of 39 basis points while the cost of interest bearing liabilities decreased by 42 basis points from the third quarter of 2024 to the third quarter of 2025. Average loan balances increased by 53.7% from the third quarter of 2024, mainly attributable to the PFC acquisition and organic commercial loan growth, while average securities increased by 28.4% over the same time period. Average deposits increased 55.7% over the same time period as a result of the PFC acquisition and deposit gathering and retention efforts by the retail and commercial teams producing organic deposit growth.

Current wording

Net interest income increased $56.9 million or 35.9% in the first quarter of 2026 compared to the same quarter of 2025, reflecting the impact of a larger balance sheet from the PFC acquisition, organic loan growth, higher securities yields, and lower deposit and FHLB borrowing costs. The yield on earning assets increased by a total of five basis points while the cost of interest bearing liabilities decreased by 28 basis points from the first quarter of 2025 to the first quarter of 2026. Average loan balances increased by 30.4% from the first quarter of 2025, mainly attributable to the PFC acquisition and organic commercial loan growth, while average securities increased by 17.0% over the same time period. Average deposits also increased 30.8% over the same time period as a result of the PFC acquisition and deposit gathering and retention efforts by the retail and commercial teams producing organic deposit growth.

Previous wording

Loan growth and adjustments in regional macroeconomic factors and loan concentrations resulted in a total provision for credit losses of $2.1 million in the third quarter of 2025, as compared to a provision of $4.8 million in the third quarter of 2024. Annualized net loan charge-offs, as a percentage of average portfolio loans, were 0.19% and 0.05% for the third quarters of 2025 and 2024, respectively.

Current wording

A decrease in loan balances as compared to December 31, 2025 resulted in a negative provision for credit losses of $0.9 million in the first quarter of 2026, as compared to a provision of $68.9 million in the first quarter of 2025, which was heavily influenced by the day one provision on acquired PFC loans. Annualized net loan charge-offs, as a percentage of average portfolio loans, were 0.16% and 0.08% for the first quarters of 2026 and 2025, respectively.

Previous wording

For the third quarter of 2025, non-interest income increased $15.3 million, or 51.5% compared to 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. For the nine months ended September 30, 2025, non-interest income increased $31.9 million, or 34.8%, year-over-year to $123.5 million for the same reasons as that for the three months ended, as well as increases in mortgage banking income. Mortgage banking income increased due to an approximate 30% year-over-year increase in residential mortgage originations primarily related to our larger customer base.

Current wording

For the first quarter of 2026, non-interest income of $41.8 million increased $7.2 million, or 20.7%, from the first quarter of 2025 due primarily to the acquisition of PFC on February 28 of last year. Service charges on deposits increased $2.4 million and digital banking fees increased $1.2 million year-over-year due to increased general spending and higher transaction volumes from our larger customer base, as well as organic growth from our treasury management products and services. Reflecting record asset levels, trust fees and net securities brokerage revenue increased $1.7 million and $0.8 million, respectively, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Gross swap fees were $1.2 million in the first quarter, compared to $2.0 million in the prior year period, while fair value adjustments were losses of $0.1 million and $1.0 million, respectively.

Previous wording

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 73 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 related to costs associated with the financial center optimization and merger-related expenses associated with the PFC merger. 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 the larger asset size post-acquisition.

Current wording

Non-interest expense, excluding restructuring and merger-related costs, for the three months ended March 31, 2026 was $143.0 million, a $29.0 million, or 25.5%, increase year-over-year primarily due to the addition of the PFC expense base, which was only in the Wesbanco expense base for one month in the prior year period, but were down as compared to the fourth quarter, reflecting expense management. Salaries and wages of $64.0 million and employee benefits expense of $17.6 million increased due to a full quarter of salaries as compared to the prior year. Amortization of intangible assets of $7.2 million increased $2.9 million year-over-year due to the core deposit intangible asset that was created from the acquisition of PFC. Equipment and software expense of $15.7 million, consistent with the last several quarters, increased $2.6 million due to the acquisition of PFC. Restructuring and merger-related expenses of $3.7 million are primarily related to costs associated with the 10 financial centers that are planned to close during May.

Previous wording

For the first nine months of 2025, the effective tax rate was 19.8% as compared to 17.3% for the first nine months of 2024, and the provision for income taxes increased from $21.3 million for the first nine months of 2024 to $32.6 million for the first nine months of 2025. These changes were the result of increased pretax income in 2025 as compared to 2024.

Current wording

For the first three months of 2026, the effective tax rate was 20.5% as compared to (7.0%) for the first three months of 2025, and the provision for income taxes increased to $22.8 million from ($0.7) million during the same time period. These changes were the result of increased pretax income in 2026 as compared to 2025 due to the day one provision for credit losses on acquired loans recorded in the first quarter of 2025.

Previous wording

Net interest income, which is Wesbanco’s largest source of revenue, is the difference between interest income on earning assets, primarily loans and securities, and interest expense on liabilities, primarily deposits and short and long-term borrowings. Net interest income is affected by the general level of, and changes in interest rates, the steepness and shape of the yield curve, changes in the amount and composition of interest earning assets and interest bearing liabilities, as well as the frequency of repricing of existing assets and liabilities. Net interest income increased $129.2 million or 60.4% in the third quarter of 2025 compared to the third quarter of 2024. The increase is primarily due to an increase in average loans of 53.7% in the third quarter of 2025 as compared to the third quarter of 2024, due to the acquisition of PFC, strong new organic loan growth, strategic loan production offices and lender hiring initiatives. Total average deposits increased by $7.6 billion or 55.7% in the third quarter of 2025 as compared to the third quarter of 2024. The cost of interest bearing deposits decreased by 29 basis points and the cost of total interest bearing liabilities decreased by 42 basis points from the third quarter of 2024 to the third quarter of 2025. The decrease in the cost is primarily due to rate decreases for interest bearing deposits in response to the general decrease in overall deposit rates in the marketplace as well as purchase accounting accretion on certificates of deposit.

Current wording

Net interest income, which is Wesbanco’s largest source of revenue, is the difference between interest income on earning assets, primarily loans and securities, and interest expense on liabilities, primarily deposits and short and long-term borrowings. Net interest income is affected by the general level of, and changes in interest rates, the steepness and shape of the yield curve, changes in the amount and composition of interest earning assets and interest bearing liabilities, as well as the frequency of repricing of existing assets and liabilities. Net interest income increased $56.9 million or 35.9% in the first quarter of 2026 compared to the first quarter of 2025. The increase is primarily due to the impact of the benefits from the acquisition of PFC, loan growth, higher securities yields and lower deposit and FHLB borrowing costs. Total average deposits increased by $5.1 billion or 30.8% in the first quarter of 2026 as compared to the first quarter of 2025. The cost of interest bearing deposits decreased by 20 basis points and the cost of total interest bearing liabilities decreased by 28 basis points from the first quarter of 2025 to the first quarter of 2026. The decrease in the cost is primarily due to rate decreases for interest bearing deposits in response to the general decrease in overall deposit rates in the marketplace.

Previous wording

Interest income increased $129.2 million or 60.4% in the third quarter of 2025 compared to the same period of 2024. Average loan balances increased $6.6 billion or 53.7% in the third quarter of 2025 compared to the third quarter of 2024, while loan yields increased by 24 basis points during this same period to 6.17% due to the previously mentioned acquisition of PFC and accompanying loan growth of higher yielding loans. Loans provide the greatest impact on interest income and the yield on earning assets as they have the largest balance and the highest yield within major earning asset categories. In the third quarter of 2025, average loans represented 77.6% of average earning assets, an increase from 75.1% in the third quarter of 2024. Average total securities balances increased $1.0 billion or 28.4% from the third quarter of 2024 and represented 18.9% of total earning assets in the third quarter of 2025. Taxable securities yields, which are the highest yields within total securities, increased by 75 basis points in the third quarter of 2025 from the third quarter of 2024. Tax-exempt securities yields increased 17 basis points from the third quarter of 2024.

Current wording

Interest income increased $72.4 million or 28.6% in the first quarter of 2026 compared to the same period of 2025, primarily due to realizing a full quarter of benefit from the PFC acquisition. Average loan balances increased $4.5 billion or 30.4% in the first quarter of 2026 compared to the first quarter of 2025, while loan yields decreased by eight basis points during this same period to 5.94% due to the previously mentioned general decrease in market rates. Loans provide the greatest impact on interest income and the yield on earning assets as they have the largest balance and the highest yield within major earning asset categories. In the first quarter of 2026, average loans represented 77.9% of average earning assets, an increase from 76.1% in the first quarter of 2025. Average total securities balances increased $673.2 million or 17.0% from the first quarter of 2025 and represented 18.8% of total earning assets in the first quarter of 2026. Taxable securities yields increased by 48 basis points in the first quarter of 2026 from the first quarter of 2025, while tax-exempt securities yields increased 18 basis points during the same time period.

Previous wording

Interest expense increased $33.6 million in the third quarter of 2025 as compared to the same period in 2024, due primarily to the acquisition of PFC. The cost of interest bearing liabilities decreased by 42 basis points from the third quarter of 2024 to 2.79% in the third quarter of 2025. Average interest bearing deposits increased $6.1 billion or 62.4% from the third quarter of 2024. The rate on interest bearing deposits decreased 29 basis points to 2.56% from the third quarter of 2024. Average non-interest bearing demand deposit balances increased from the third quarter of 2024 to the third quarter of 2025 by $1.5 billion or 38.6%, and were 24.9% of total average deposits at September 30, 2025, compared to 28.0% at September 30, 2024, due to the PFC acquisition and reflecting customers' preferences in the current interest rate environment. For the third quarter of 2025, Wesbanco's average loans to average deposits ratio was 89.4%, reflecting additional capacity to lend. The average balance of FHLB borrowings increased $244.0 million from the third quarter of 2024 to the third quarter of 2025. The average balance of repurchase agreements and subordinated and junior subordinated debt balances increased $67.1 million from the third quarter of 2024 to the third quarter of 2025.

Current wording

Interest expense increased $15.5 million in the first quarter of 2026 as compared to the same period in 2025, due primarily to the acquisition of PFC. The cost of interest bearing liabilities decreased by 28 basis points from the first quarter of 2025 to 2.50% in the first quarter of 2026. Average interest bearing deposits increased $4.1 billion or 34.0% from the first quarter of 2025. The rate on interest bearing deposits decreased 20 basis points to 2.35% from the first quarter of 2025. Average non-interest bearing demand deposit balances increased from the first quarter of 2025 to the first quarter of 2026 by $1.0 billion or 22.1%, and were 24.4% of total average deposits at March 31, 2026, compared to 26.1% at March 31, 2025, due to the PFC acquisition and reflecting customers' preferences in the current interest rate environment. For the first quarter of 2026, Wesbanco's average loans to average deposits ratio was 89.1%, reflecting additional capacity to lend. The average balance of FHLB borrowings was virtually flat from the first quarter of 2025 to the first quarter of 2026, while the average rate on FHLB borrowings decreased by 55 basis points. The average balance of repurchase agreements decreased by $55.5 million or 34.1% over the same time period due to changes in customer preferences.

Previous wording

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, respectively. 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, respectively.

Current wording

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 $1.8 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $13.3 million and $6.9 million for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

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, respectively.

Current wording

Accretion on interest bearing liabilities acquired from prior acquisitions was $0.3 million and $2.3 million for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

The provision for credit losses – loans is the amount to be added to the allowance for credit losses – loans after net charge-offs have been deducted to bring the allowance to a level considered appropriate to absorb lifetime expected losses for all portfolio loans. The provision for credit losses – loan commitments is the amount to be added to the allowance for credit losses for loan commitments to bring that allowance to a level considered appropriate to absorb lifetime expected losses on unfunded loan commitments. For the nine months ended September 30, 2025, Wesbanco recorded a provision for credit losses of $74.2 million, which was an increase of $54.8 million, compared to the provision for credit losses of $19.4 million recorded for the nine months ended September 30, 2024, primarily due to the $59.4 million in initial provision expense recorded for the PFC acquired loans. As compared to the same period in the prior year, the increase in provision for credit losses for the nine months ended September 30, 2025, outside of the initial provision expense recorded for the PFC non-PCD acquired loans, primarily reflects an increase in the reserve for individually evaluated loans, the impact of continued uncertainty in the economic outlook on certain commercial portfolios, and an increase in the Bank’s percentage of criticized and classified loans.

Current wording

The provision for credit losses – loans is the amount to be added to the allowance for credit losses – loans after net charge-offs have been deducted to bring the allowance to a level considered appropriate to absorb lifetime expected losses for all portfolio loans. The provision for credit losses – loan commitments is the amount to be added to the allowance for credit losses for loan commitments to bring that allowance to a level considered appropriate to absorb lifetime expected losses on unfunded loan commitments. For the three months ended March 31, 2026, Wesbanco recorded a provision for credit losses of $(0.9) million, a decrease of $69.8 million compared to the $68.9 million provision recorded for the three months ended March 31, 2025. The decrease was primarily attributable to the $59.4 million of initial provision expense recorded in the prior-year period related to the PFC acquired loans. Excluding the initial provision expense recorded for the PFC non‑PCD acquired loans, the remainder of the change in the provision was primarily driven by prepayment speed fluctuations, interest rate driven model assumptions, which reduced the quantitative reserve, and improvements in the office qualitative factor.

Previous wording

Non-performing loans were 0.50% of total portfolio loans as of September 30, 2025, increasing from 0.24% of total portfolio loans at September 30, 2024. Criticized and classified loans were 3.22% of total portfolio loans as of September 30, 2025, increasing from 2.36% as of September 30, 2024, due to downgrades within the loan portfolio. Past due loans at September 30, 2025 were 0.53% of total portfolio loans, compared to 0.44% at September 30, 2024. Annualized net loan charge-offs were 0.12% for the nine months ended September 30, 2025, compared to 0.11% for the nine months ended September 30, 2024. Please see the Allowance for Credit Losses – Loans and Loan Commitments section of this MD&A for additional discussion.

Current wording

Non-performing loans were 0.76% of total portfolio loans as of March 31, 2026, increasing from 0.44% of total portfolio loans at March 31, 2025, primarily due to three CRE loans across different markets and property types, none of which were office. Criticized and classified loans were 2.91% of total portfolio loans as of March 31, 2026, decreasing from 3.32% as of March 31, 2025, due to upgrades within the loan portfolio. Past due loans at March 31, 2026 were 0.56% of total portfolio loans, compared to 0.43% at March 31, 2025. Annualized net loan charge-offs were 0.16% for the three months ended March 31, 2026, compared to 0.08% for the three months ended March 31, 2025. Please see the Allowance for Credit Losses – Loans and Loan Commitments section of this MD&A for additional discussion.

Previous wording

Non-interest income is a significant source of revenue and an important part of Wesbanco’s results of operations, as it represents 17.2% of total revenue for the three months ended September 30, 2025. Wesbanco offers its customers a wide range of retail, commercial, investment and digital banking services, which are viewed as a vital component of Wesbanco’s ability to attract and maintain customers, as well as providing additional fee income beyond normal spread-related income to Wesbanco. For the third quarter of 2025, non-interest income increased $15.3 million or 51.5% compared to the third quarter of 2024, primarily due to a $3.9 million increase in net swap fee and valuation income, a $3.2 million increase in service charges on deposits, a $2.2 million increase in digital banking income, a $1.6 million increase in bank-owned life insurance, a $1.5 million increase in trust fees, a $0.8 million increase in other income, and a $0.6 million increase in mortgage banking income.

Current wording

Non-interest income is a significant source of revenue and an important part of Wesbanco’s results of operations, as it represents 16.3% of total revenue for the three months ended March 31, 2026. Wesbanco offers its customers a wide range of retail, commercial, investment and digital banking services, which are viewed as a vital component of Wesbanco’s ability to attract and maintain customers, as well as providing additional fee income beyond normal spread-related income to Wesbanco. For the first quarter of 2026, non-interest income increased $7.2 million or 20.7% compared to the first quarter of 2025, primarily due to a $2.4 million increase in service charges on deposits, a $1.7 million increase in trust fees, $1.2 million increase in digital banking income, a $0.8 million increase in net securities brokerage revenue, a $0.6 million increase in net gains on other real estate owned and other assets, and a $0.4 million increase in bank-owned life insurance.

Previous wording

Trust fees increased $1.5 million or 19.6% compared to the third quarter of 2024, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Total trust assets were $7.7 billion as of September 30, 2025 as compared to $6.1 billion at September 30, 2024. As of September 30, 2025, trust assets include managed assets of $6.0 billion and non-managed (custodial) assets of $1.7 billion. Assets managed for the WesMark Funds, a proprietary group of mutual funds that is advised by Wesbanco Trust and Investment Services, were $0.9 billion as of September 30, 2025 and September 30, 2024, and are included in managed assets. Trust fees increased $4.4 million or 19.4% in the first nine months of 2025 as compared to the first nine months of 2024 for similar reasons as that for the three months ended.

Current wording

Trust fees increased $1.7 million or 20.1% in the first quarter of 2026 as compared to the first quarter of 2025, due to the addition of PFC wealth clients, market value appreciation, and organic growth. Trust assets of $7.8 billion on March 31, 2026, increased from $7.0 billion on March 31, 2025. As of March 31, 2026, trust assets include managed assets of $6.1 billion and non-managed (custodial) assets of $1.7 billion. Assets managed for the WesMark Funds, a proprietary group of mutual funds that is advised by Wesbanco Trust and Investment Services, were $0.9 billion as of March 31, 2026 and $0.8 billion as of March 31, 2025, and are included in managed assets.

Previous wording

Service charges on deposits increased $3.2 million or 40.5% in the third quarter of 2025 compared to the third quarter of 2024, due to the addition of PFC, fee income from new products and services, including treasury management services, and increased general consumer spending. Service charges on deposits increased $8.4 million or 38.4% in the first nine months of 2025 as compared to the same period in 2024 for similar reason as that for the three months ended.

Current wording

Service charges on deposits increased $2.4 million or 27.6% in the first quarter of 2026 as compared to the first quarter of 2025, due to the addition of PFC, organic growth from our treasury management products and services, and increased general spending.

Previous wording

Digital banking income increased $2.2 million or 44.1% in the third quarter of 2025 compared to the third quarter of 2024, due to higher volumes primarily associated with our larger customer base. Digital banking income increased $5.2 million or 35.2% in the first nine months of 2025 as compared to the same period in 2024 for similar reason as that for the three months ended.

Current wording

Digital banking income increased $1.2 million or 22.1% in the first quarter of 2026 as compared to the first quarter of 2025, due to higher transaction volumes primarily associated with our larger customer base.

Previous wording

Non-interest expense in the third quarter of 2025 increased $55.0 million or 54.4% as compared to the same quarter in 2024, principally from a $15.7 million increase in salaries and wages, a $9.4 million increase in restructuring and merger-related expenses, a $6.5 million increase in employee benefits, a $6.4 million increase in amortization of intangible assets, a $6.2 million increase in equipment and software expense, a $2.6 million increase in net occupancy, a $2.2 million increase in FDIC insurance, and a $2.1 million increase in professional fees.

Current wording

Non-interest expense in the first quarter of 2026 increased $12.7 million or 9.5% as compared to the same quarter in 2025, principally from a $15.4 million increase in salaries and wages, a $4.6 million increase in employee benefits, a $2.9 million increase in amortization of intangible assets, a $2.6 million increase in equipment and software expense, a $1.8 million increase in professional fees, a $0.8 million increase in net occupancy, and a $0.6 million increase in FDIC insurance. These were partially offset by a $16.3 million decrease in restructuring and merger-related expenses.

Previous wording

Employee benefits increased $6.5 million or 56.6% in the third quarter of 2025 as compared to the third quarter of 2024 due to higher staffing levels and higher health insurance costs. Similarly, employee benefits expense increased $15.6 million or 45.5% in the first nine months of 2025 as compared to the first nine months of 2024.

Current wording

Employee benefits increased $4.6 million or 35.8% in the first quarter of 2026 as compared to the first quarter of 2025 due to higher staffing levels and higher health insurance costs from the inclusion of PFC employees.

Previous wording

Net occupancy increased $2.6 million or 41.7% in the third quarter of 2025 as compared to the third quarter of 2024 due to an increase in general building maintenance, lease payments, utilities, and depreciation primarily from the acquisition of PFC which added 73 branches. Similarly, net occupancy increased $5.6 million or 29.0% in the first nine months of 2025 as compared to the first nine months of 2024.

Current wording

Net occupancy increased $0.8 million or 9.7% in the first quarter of 2026 as compared to the first quarter of 2025 due to an increase in lease payments, utilities, and depreciation primarily from the acquisition of PFC. Expense increases have been partially offset by lower expenses related to branch optimization efforts that resulted in the closure of 27 legacy Wesbanco branches.

Previous wording

FDIC insurance increased $2.2 million or 61.5% in the third quarter of 2025 as compared to the third quarter of 2024 due to our larger asset size from the PFC acquisition. Similarly, FDIC insurance increased $4.9 million or 46.4% in the first nine months of 2025 as compared to the first nine months of 2024.

Current wording

FDIC insurance increased $0.6 million or 14.3% in the first quarter of 2026 as compared to the first quarter of 2025, due to our larger asset size from the PFC acquisition.

Previous wording

Amortization of intangible assets increased $6.4 million in the third quarter of 2025 as compared to the third quarter of 2024 due to the core deposit intangible asset and the trust relationship intangible asset that was created from the acquisition of PFC. Similarly, amortization of intangible assets increased $15.6 million in the first nine months of 2025 as compared to the first nine months of 2024.

Current wording

Amortization of intangible assets increased $2.9 million or 69.5% in the first quarter of 2026 as compared to the first quarter of 2025 due to the core deposit intangible asset and the trust relationship intangible asset that were created from the acquisition of PFC.

Previous wording

On July 4, 2025, new tax legislation referred to as the One Big Beautiful Bill Act ("OBBBA") was enacted into law by the federal government. The tax provisions of the OBBBA did not have a material impact on Wesbanco's income tax expense. The provision for income taxes was $19.7 million for the three months ended September 30, 2025, as compared to a provision of $7.5 million for the three months ended September 30, 2024. The increase in the provision for income taxes is due to pretax income for the three months ended September 30, 2025, exceeding that for the three months ended September 30, 2024 by $58.5 million. For similar reasons, the provision for income taxes for the nine months ended September 30, 2025, was $32.6 million, which increased $11.3 million from the $21.3 million provision for the nine months ended September 30, 2024.

Current wording

The provision for income taxes was $22.8 million for the three months ended March 31, 2026, as compared to a benefit of $0.7 million for the three months ended March 31, 2025. The increase in the provision for income taxes is due to pretax income for the three months ended March 31, 2026, exceeding that for the three months ended March 31, 2025 by $121.1 million.

Previous wording

Total investment securities, which are a source of liquidity for Wesbanco as well as a contributor to interest income, increased by $1.0 billion or 30.4% from December 31, 2024 to September 30, 2025. Through the first nine months of the year, the available-for-sale portfolio increased by $1.0 billion or 45.5%, primarily due to $1.2 billion in securities acquired in the PFC acquisition and $1.1 billion in purchases, offset by $876.9 million in sales, $431.0 million in paydowns, maturities and calls and a decrease of $92.7 million in unrealized losses. The held-to-maturity portfolio decreased by $2.4 million or 0.2% due primarily to maturities and calls of municipal securities. The weighted average yield of the portfolio increased 65 basis points from 2.67% at December 31, 2024 to 3.32% at September 30, 2025, primarily due to the acquired PFC securities at higher yields and purchases at current higher market rates.

Current wording

Total investment securities, which are a source of liquidity for Wesbanco as well as a contributor to interest income, decreased by $2.2 million from December 31, 2025 to March 31, 2026. Throughout the first three months of the year, the available-for-sale portfolio increased by $9.9 million or 0.3%, primarily due to $224.2 million in purchases, and was offset by $141.6 million in paydowns, $58.6 million in maturities and calls and an increase of $17.4 million in unrealized losses. The held-to-maturity portfolio decreased by $11.5 million or 1.0% due primarily to maturities and calls of municipal securities. The weighted average yield of the portfolio increased 1 basis point from 3.28% at December 31, 2025 to 3.29% at March 31, 2026, primarily due to security purchases during the quarter at higher market rates.

Previous wording

Total gross unrealized securities losses decreased $115.8 million from $441.7 million at December 31, 2024 to $325.9 million at September 30, 2025. The decrease in unrealized losses from December 31, 2024 was due to a decrease in market rates in 2025 to date, causing market prices to increase. Wesbanco believes that none of the unrealized losses on available-for-sale securities at September 30, 2025 require an allowance for credit losses. Please refer to Note 4, “Securities,” of the Consolidated Financial Statements for additional information. Wesbanco does not have any investments in private mortgage-backed securities or those that are collateralized by sub-prime mortgages, nor does Wesbanco have any exposure to collateralized debt obligations or government-sponsored enterprise preferred stocks.

Current wording

Total gross unrealized securities losses increased $22.4 million, from $300.2 million as of December 31, 2025 to $322.6 million at March 31, 2026. The increase in unrealized losses from December 31, 2025 was due to an increase in market rates through the first three months of 2026 causing market prices to decrease on the investment portfolio. Wesbanco believes that none of the unrealized losses on available-for-sale debt securities at March 31, 2026 require an allowance for credit losses. Please refer to Note 4, “Securities,” of the Consolidated Financial Statements for additional information. Wesbanco does not have any investments in private mortgage-backed securities or those that are collateralized by sub-prime mortgages, nor does Wesbanco have any exposure to collateralized debt obligations or government-sponsored enterprise preferred stocks.

Previous wording

Net unrealized losses on available-for-sale securities included in accumulated other comprehensive income, net of tax, as of September 30, 2025 and December 31, 2024 were $153.4 million and $223.8 million, respectively. These net unrealized pre-tax losses represent temporary fluctuations resulting from changes in market rates in relation to fixed yields in the available-for-sale portfolio, and on an after-tax basis are accounted for as an adjustment to other comprehensive income in shareholders’ equity. Net unrealized pre-tax losses in the held-to-maturity portfolio, which are not accounted for in other comprehensive income, were $108.0 million at September 30, 2025, compared to $146.1 million at December 31, 2024. With approximately 25% of the investment portfolio in the held-to-maturity category, the recent volatility in interest rates does not have as much impact on other comprehensive income as if the entire portfolio were included in the available-for-sale category.

Current wording

Net unrealized losses on available-for-sale securities included in accumulated other comprehensive income, net of tax, as of March 31, 2026, and December 31, 2025 were $153.5 million and $139.5 million, respectively. These net unrealized pre-tax losses represent temporary fluctuations resulting from changes in market rates in relation to fixed yields in the available-for-sale portfolio, and on an after-tax basis are accounted for as an adjustment to other comprehensive income in shareholders’ equity. Net unrealized pre-tax losses in the held-to-maturity portfolio, which are not accounted for in other comprehensive income, were $109.3 million at March 31, 2026, compared to $96.2 million at December 31, 2025. With approximately 25% of the investment portfolio in the held-to-maturity category, the recent volatility in interest rates does not have as much of an impact on other comprehensive income as if the entire portfolio were included in the available-for-sale category.

Previous wording

The corporate and municipal bonds in Wesbanco’s held-to-maturity debt portfolio are analyzed quarterly to determine if an allowance for current expected credit losses is warranted. Wesbanco uses a database of historical financials of all corporate and municipal issuers and actual historic default and recovery rates on rated and non-rated transactions to estimate expected credit losses on an individual security basis. The expected credit losses are adjusted quarterly and are recorded in an allowance for expected credit losses on the balance sheet, which is deducted from the amortized cost basis of the held-to-maturity portfolio as a contra asset. The losses are recorded on the consolidated income statement in the provision for credit losses. Accrued interest receivable on held-to-maturity securities, which was $8.3 million and $8.4 million as of September 30, 2025 and December 31, 2024, respectively, is excluded from the estimate of credit losses. Held-to-maturity investments in U.S. Government sponsored entities and agencies as well as mortgage-backed securities and collateralized mortgage obligations, which are all either issued by a direct governmental entity or a government-sponsored entity, have no historical evidence supporting expected credit losses; therefore, Wesbanco has estimated these losses at zero, and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption.

Current wording

The corporate and municipal bonds in Wesbanco’s held-to-maturity debt portfolio are analyzed quarterly to determine if an allowance for current expected credit losses is warranted. Wesbanco uses a database of historical financials of all corporate and municipal issuers and actual historic default and recovery rates on rated and non-rated transactions to estimate expected credit losses on an individual security basis. The expected credit losses are adjusted quarterly and are recorded in an allowance for expected credit losses on the balance sheet, which is deducted from the amortized cost basis of the held-to-maturity portfolio as a contra asset. The losses are recorded on the income statement in the provision for credit losses. Accrued interest receivable on held-to-maturity securities, which was $8.0 million and $8.2 million as of March 31, 2026 and December 31, 2025, respectively, is excluded from the estimate of credit losses. Held-to-maturity investments in U.S. Government sponsored entities and agencies as well as mortgage-backed securities and collateralized mortgage obligations, which are all either issued by a direct governmental entity or a government-sponsored entity, have no historical evidence supporting expected credit losses; therefore, Wesbanco has estimated these losses at zero, and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption. Wesbanco recorded an allowance on held-to-maturity debt securities of $0.2 million as of March 31, 2026 and December 31, 2025, respectively.

Previous wording

Total loan commitments of $6.4 billion, including loans approved but not closed, increased $1.7 billion or 35.2% from December 31, 2024 due primarily to increased lines of credit from the PFC acquisition. The average line utilization percentage for the commercial portfolio was 38.3% for the three months ended September 30, 2025 compared to 35.2% for the three months ended December 31, 2024.

Current wording

Total loan commitments of $6.5 billion, including loans approved but not closed, increased $219.7 million or 3.5% from December 31, 2025. The average line utilization percentage for the commercial portfolio was 37.1% for the three months ended March 31, 2026 compared to 36.5% for the three months ended December 31, 2025.

Previous wording

The commercial portfolio is monitored for potential concentrations of credit risk by market, type of lending, CRE property type, C&I and owner-occupied CRE by industry, investment CRE dependence on common tenants and industries or property types that are similarly impacted by external factors. The breakdown for all CRE – improved property is 29% owner-occupied and 71% investor-owned. The Bank has instituted additional monitoring of the office building portfolio, as remote work has put pressure on the need for dedicated office space in certain markets. The office portfolio breakdown within CRE – improved property is 35% owner-occupied and 65% investor-owned. Investor-owned office buildings represent 3.0% of the total loan portfolio.

Current wording

The commercial portfolio is monitored for potential concentrations of credit risk by market, type of lending, CRE property type, C&I and owner-occupied CRE by industry, investment CRE dependence on common tenants and industries or property types that are similarly impacted by external factors. The breakdown for all CRE – improved property is 38% owner-occupied and 62% investor-owned. The Bank has instituted additional monitoring of the office building portfolio, as remote work has put pressure on the need for dedicated office space in certain markets. The office portfolio breakdown within CRE – improved property is 31% owner-occupied and 69% investor-owned. Investor-owned office buildings represent 2.9% of the total loan portfolio.

Previous wording

Loans held for sale at both September 30, 2025 and December 31, 2024 include originated residential mortgages that are committed to be sold into the secondary market and also include residential construction loans as of September 30, 2025. Loans held for sale were $126.0 million at September 30, 2025, an increase of $107.3 million from December 31, 2024.

Current wording

Loans held for sale at both March 31, 2026 and December 31, 2025 include originated residential mortgages and residential construction loans that are committed to be sold into the secondary market. Loans held for sale were $59.3 million at March 31, 2026, a decrease of $28.2 million from December 31, 2025.

Previous wording

Non-performing assets consist of non-accrual loans, other real estate acquired through or in lieu of foreclosure, bank premises held for sale, and repossessed automobiles acquired to satisfy defaulted consumer loans.

Current wording

Non-performing assets consist of non-accrual loans, other real estate acquired through or in lieu of foreclosure, and repossessed automobiles acquired to satisfy defaulted consumer loans.

Previous wording

Non-performing loans consist only of non-accrual loans. Non-performing loans increased $54.7 million or 137.6% from December 31, 2024. (Please see the Notes to the Consolidated Financial Statements for additional discussion).

Current wording

Non-performing loans consist only of non-accrual loans. Non-performing loans increased $53.4 million or 58.3% from December 31, 2025, primarily due to three CRE loans across different markets and property types, none of which were office. (Please see the Notes to the Consolidated Financial Statements for additional discussion).

Previous wording

Loans past due 30 days or more and accruing interest, excluding non-accruals, increased $40.3 million or 67.7% and represented 0.53% of total portfolio loans, compared to 0.47% of total portfolio loans at December 31, 2024. These loans continue to accrue interest because they are both well-secured and in the process of collection. Loans 90 days or more past due increased $5.9 million and represented 0.10% of total portfolio loans at September 30, 2025 as compared to 0.11% at December 31, 2024.

Current wording

Loans past due 30 days or more and accruing interest, excluding non-accruals, decreased $22.9 million or 17.8% and represented 0.56% of total portfolio loans, compared to 0.67% of total portfolio loans at December 31, 2025. These loans continue to accrue interest because they are both well-secured and in the process of collection. Loans 90 days or more past due, excluding non-accruals, decreased $21.6 million and represented 0.08% of total portfolio loans at March 31, 2026 as compared to 0.20% at December 31, 2025.

Previous wording

As of September 30, 2025, the total allowance for credit losses – loans and commitments was $225.3 million, of which $217.7 million related to loans and $7.6 million related to loan commitments. The allowance for credit losses – loans was 1.15% of total portfolio loans as of September 30, 2025, compared to 1.10% as of December 31, 2024. The allowance for credit losses – loans individually-evaluated increased $7.1 million from December 31, 2024 to September 30, 2025. At September 30, 2025, the population of individually-evaluated loans consisted of eight relationships, with a total outstanding loan balance of $56.7 million. The allowance for loans collectively-evaluated increased from December 31, 2024 to September 30, 2025 by $71.8 million, primarily due to the total allowance for credit losses related to the PFC acquisition. As of September 30, 2025, PCD loans from the PFC acquisition accounted for $8.3 million of the allowance for loans collectively-evaluated. The allowance for credit losses- loan commitments was $7.6 million at September 30, 2025 as compared to $6.1 million as of December 31, 2024, and is included in other liabilities on the Consolidated Balance Sheets.

Current wording

As of March 31, 2026, the total allowance for credit losses – loans and commitments were $217.2 million, of which $210.0 million related to loans and $7.2 million related to loan commitments. The allowance for credit losses – loans was 1.10% of total portfolio loans as of March 31, 2026, compared to 1.14% as of December 31, 2025. The allowance for credit losses – loans individually-evaluated increased $1.7 million from December 31, 2025 to March 31, 2026. On March 31, 2026, the population of individually-evaluated loans consisted of eight relationships, with a total outstanding loan balance of $67.7 million. The allowance for loans collectively-evaluated decreased from December 31, 2025 to March 31, 2026 by $10.4 million, primarily due to changes in macroeconomic conditions over the one‑year forecast period and improvements in qualitative factors. As of March 31, 2026, PCD loans from the PFC acquisition accounted for $6.6 million of the allowance for loans collectively-evaluated. The allowance for credit losses- loan commitments was $7.2 million at March 31, 2026 as compared to $7.0 million as of December 31, 2025, and is included in other liabilities on the Consolidated Balance Sheets.

Previous wording

The allowance for credit losses by loan category, presented in Note 5, “Loans and the Allowance for Credit Losses” of the Consolidated Financial Statements, summarizes the impact of changes in various factors that affect the allowance for loan losses in each segment of the portfolio. The allowance for credit losses under the current expected credit losses ("CECL") methodology is calculated utilizing the probability of default (“PD”) divided by the loss given default (“LGD”), which is then discounted to net present value. PD is the probability the asset will default within a given time frame and LGD is the percentage of the asset not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rates, as well as modeling adjustments for changes in prepayment speeds, portfolio mix, concentrations and loan growth. For the calculation as of September 30, 2025, the forecast was based upon a probability weighted approach which is designed to incorporate loss projections from a baseline, upside and downside economy. Due to the nonlinearity of credit losses to the economy, the asymmetry is best captured by evaluating multiple economic scenarios through a probability weighted approach. At quarter-end, national unemployment was projected to be 4.7% and subsequently increase to an average of 5.3% over the remainder of the forecast period. From December 31, 2024 to September 30, 2025, the allowance for credit losses – loans increased by $78.9 million. The increase was primarily driven by the PFC acquisition. Additional factors which contributed to the increase include quarterly changes to the economic drivers of the quantitative model, including changes to the portfolio mix.

Current wording

The allowance for credit losses by loan category, presented in Note 4, “Loans and the Allowance for Credit Losses” of the Consolidated Financial Statements, summarizes the impact of changes in various factors that affect the allowance for loan losses in each segment of the portfolio. The allowance for credit losses under the current expected credit losses ("CECL") methodology is calculated utilizing the probability of default (“PD”) and loss given default (“LGD”) approach, which is then discounted to net present value. PD is the probability the asset will default within a given time frame and LGD is the percentage of the asset not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rates, as well as modeling adjustments for changes in prepayment speeds, portfolio mix, concentrations and loan growth. At March 31, 2026, the primary drivers of the allowance were changes in macroeconomic conditions over the one year forecast period and improvements in certain qualitative factors. The unemployment forecast was based upon a probability weighted approach which is designed to incorporate economic forecasts from a baseline, upside and downside economy in the loss projection. At March 31, 2026, Wesbanco applied a one-year forecast and immediately reverted to historical losses. The national unemployment rate was projected to be 4.8% as of March 31, 2026 and subsequently increase to an average of 5.2% over the remainder of the one-year forecast period.

Previous wording

Deposits, which represent Wesbanco’s primary source of funds, are offered in various account forms at various rates through Wesbanco’s 251 financial centers. The FDIC insures deposits up to $250,000 per account owner.

Current wording

Deposits, which represent Wesbanco’s primary source of funds, are offered in various account forms at various rates through Wesbanco’s 226 financial centers. The FDIC insures deposits up to $250,000 per account owner.

Previous wording

Total deposits increased $7.2 billion or 50.6% during the first nine months of 2025. Money market deposit accounts, demand deposits, and savings deposits increased 101.7%, 35.4%, and 32.9%, respectively. The net increase in deposits is attributable to acquired PFC deposits totaling $6.9 billion and reflects the benefit of deposit gathering and retention efforts by both retail and commercial teams. Deposit balances were also impacted by bonus and royalty payments for Marcellus and Utica shale gas payments from energy companies in Wesbanco’s southwestern Pennsylvania, eastern Ohio and northern West Virginia markets. In addition, Wesbanco also participates in the Insured Cash Sweep ("ICS®") deposit program. ICS® reciprocal balances totaled $2.0 billion and $1.3 billion at September 30, 2025 and December 31, 2024, respectively. In addition, ICS® one-way buys totaled $150.4 million and $200.6 million at September 30, 2025 and December 31, 2024, respectively.

Current wording

Total deposits were virtually unchanged during the first three months of 2026. Savings deposits and demand deposits increased 4.7% and 1.6%, respectively, which were partially offset by a 3.3% decrease in money market deposits. Deposit balances were impacted by bonus and royalty payments for Marcellus and Utica shale gas payments from energy companies in Wesbanco’s southwestern Pennsylvania, eastern Ohio and northern West Virginia markets. In addition, Wesbanco also participates in the Insured Cash Sweep ("ICS®") deposit program. ICS® reciprocal balances totaled $2.4 billion and $2.2 billion at March 31, 2026 and December 31, 2025, respectively. In addition, ICS® one-way buys totaled $50.1 million and $100.2 million at March 31, 2026 and December 31, 2025, respectively.