WesBanco,WesBanco, Inc.Inc. 2020 AnnualAnnual ReportReport 1870Years 2020 FINANCIAL HIGHLIGHTS (in thousands, except shares and per share amounts) December 31, 2020 2019 % Change FOR THE YEAR Earnings per common share—diluted $ 1.77 $ 2.83 (37.5) Earnings per common share—diluted, excluding certain items (1)(2) $ 1.88 $ 3.06 (38.6) Dividends declared per common share $ 1.28 $ 1.24 3.2 Net income available to common shareholders $ 119,400 $ 158,873 (24.8) Net income available to common shareholders, excluding certain items (1)(2) $ 127,083 $ 171,827 (26.0) Average common shares outstanding—diluted 67,310,584 56,214,364 19.7 Period end common shares outstanding 67,254,706 67,824,428 (0.8) Period end preferred shares outstanding 150,000 — 100.0 AT YEAR END Securities $ 2,722,069 $ 3,257,654 (16.4) Net portfolio loans 10,603,406 10,215,556 3.8 Total assets 16,425,610 15,720,112 4.5 Deposits 12,429,373 11,004,006 13.0 Total FHLB and other borrowings 790,953 1,697,977 (53.4) Subordinated and junior subordinated debt 192,291 199,869 (3.8) Shareholders’ equity 2,756,737 2,593,921 6.3 TRUST ASSETS AT MARKET VALUE (3) $ 5,025,565 $ 4,719,966 6.5 KEY RATIOS Return on average assets 0.73% 1.24% (41.1) Return on average assets, excluding certain items (1)(2) 0.77 1.34 (42.5) Return on average tangible assets (1) 0.85 1.40 (39.3) Return on average tangible assets, excluding certain items (1)(2) 0.90 1.51 (40.4) Return on average equity 4.50 7.49 (39.9) Return on average equity, excluding certain items (1)(2) 4.79 8.11 (40.9) Return on average tangible equity (1) 8.61 14.01 (38.5) Return on average tangible equity, excluding certain items (1)(2) 9.12 15.10 (39.6) Return on average tangible common equity (1) 8.94 14.01 (36.2) Return on average tangible common equity, excluding certain items (1)(2) 9.47 15.10 (37.3) Average loans to average deposits 91.66 88.59 3.5 Allowance for loan losses to total loans 1.72 0.51 237.3 Allowance for loan losses to total non-performing loans 455.38 104.14 337.3 Non-performing assets to total assets 0.25 0.35 (28.6) Net loan charge-offs to average loans 0.06 0.09 (33.3) Dividend payout ratio 72.32 43.82 65.0 Dividend payout ratio, excluding certain items (1)(2) 68.09 40.52 68.0 Non-interest income as a percentage of total revenues 21.10 22.59 (6.6) Efficiency ratio (1)(4) 56.38 56.68 (0.5) Net interest margin (4) 3.37 3.62 (6.9) CAPITAL RATIOS AT YEAR END Shareholders’ equity to total assets 16.78% 16.50% 1.7 Tangible equity to tangible assets (1) 10.52 10.02 5.0 Tangible common equity to tangible assets (1) 9.58 10.02 (4.4) Tier 1 leverage ratio 10.51 11.30 (7.0) Tier 1 capital to risk-weighted assets 14.72 12.89 14.2 Total capital to risk-weighted assets 17.58 15.12 16.3 Common equity tier 1 capital ratio 13.40 12.89 4.0 PER COMMON SHARE Closing common stock price $ 29.96 $ 37.79 (20.7) Book value at year end 38.84 38.24 1.6 Tangible book value at year end (1) 21.75 21.55 0.9 (1) See non-GAAP financial measures for additional information relating to the calculation of this ratio. (2) Certain items excluded from the calculation consist of after-tax restructuring and merger-related expenses. (3) These assets are held by Wesbanco in fiduciary or agency capacities for its customers and therefore are not included as assets on Wesbanco’s Consolidated Balance Sheets. (4) Taxable-equivalent basis. TO OUR SHAREHOLDERS: In addition to being our 150th anniversary, 2020 was another successful year for WesBanco. From a financial standpoint, solid execution of our well-defined strategies allowed us to generate record annual pre-tax, pre-provision earnings, while remaining a well-capitalized financial institution with solid liquidity and a strong balance sheet. But, most importantly, the year was successful when measured from a community action standpoint. During 2020, we directly assisted nearly 15,000 individuals, families, businesses, and non-profit organizations as they navigated through the pandemic. We are extremely proud of how our employees have responded this past year, from keeping our financial centers available to our customers, working around the clock closing Small Business Administration Payroll Protection Program loans to our commercial and small business customers, and providing charitable donations to support those in need. These actions speak loudly to our community bank roots. For the twelve months ended December 31, 2020, reflecting the impact from the adoption of the new Current Expected Credit Losses (“CECL”) accounting standard, net income available to common shareholders was $119 million, or $1.77 per diluted share, and, when excluding after-tax merger-related expenses, net income was $127 million, with earnings per diluted share of $1.88 [1]. Deterioration in the macroeconomic forecasts utilized in CECL modeling, primarily driven by the negative forecasted economic impact of the COVID-19 pandemic, drove significant increases in both the allowance for credit losses and provision for credit losses during 2020, which negatively impacted year-over-year earnings comparisons. Therefore, we believe that pre-tax, pre-provision income provides a more comparable year- over-year measure as it removes the impact of CECL. For the twelve months ended December 31, 2020, pre-tax, pre-provision income, excluding restructuring and merger-related expenses, increased 19% year-over-year to a record $263 million compared to $221 million last year [1]. In addition, on the same basis, returns on average assets and average tangible equity were 1.6% and 18.3%, respectively [1]. Our approach is not to sacrifice long-term shareholder value for near-term gains as we remain focused on long-term, sustainable, and profitable growth while making appropriate strategic decisions that enhance the Corporation. On August 4th, we raised $150 million of capital by offering non-cumulative perpetual preferred stock, which essentially replaces the movement of our trust preferred securities from Tier 1 to Tier 2 risk-based capital late last year, as required by the Dodd-Frank Act for financial institutions with total assets greater than $15 billion. Further, it provides us with very strong, and peer-leading, capital ratios. While we initially viewed this as a more defensive measure due to the economic uncertainty from the pandemic earlier in 2020, the improved environment at year-end provides us more flexibility on the potential uses of this capital to maximize the benefit to our shareholders, over time. During 2020, we continued to see strength in our underlying credit fundamentals, as most of our key credit quality metrics remained at low levels and comparable to peer banks with total assets between $10 and $25 billion, while we also maintained strong regulatory capital ratios. At December 31, 2020, Tier I Leverage Capital was 10.5%, Tier I Risk-Based Capital was 14.7%, Total Risk-Based Capital was 17.6%, and the Common Equity Tier 1 Capital Ratio (“CET 1”) was 13.4%. Both consolidated and bank-level regulatory capital ratios were well above the applicable “well-capitalized” standards promulgated by bank regulators and the BASEL III capital standards. Based in part on the Company’s improving net income and capital position, we declared, on February 25, 2021, a $0.01 quarterly dividend rate increase to $0.33 per share. This increase represents a 3.1% increase in the quarterly dividend compared to the fourth quarter of 2020, an annualized cash dividend of $1.32, and the fourteenth increase in the last 11 years, for a cumulative increase of 136%. WesBanco offers a current dividend yield of approximately 4.0% based upon the market price of WesBanco common stock on February 24, 2021. Following are our accomplishments and milestones achieved during 2020 that contributed to, or resulted from, our strong performance, and which also position us for long-term success. • Happy 150th anniversary, WesBanco! During our 150 years, we have maintained strong community banking roots, as well as a commitment to the success of the communities in which we live and do business. We pride ourselves on delivering large bank capabilities with a community bank feel, and are honored to have been part of our communities for the last 150 years. Our 150 years of success would not have been possible without a history of integrity, dedication, and passion by all our employees and our Boards of Directors. • We successfully expanded into the Mid-Atlantic region through our merger with Old Line Bank, and on February 21st, completed the signage and systems conversions, with everything going as planned prior to the start of the pandemic. In fact, the conversion and integration went so well, we realized positive net checking account growth in our new Mid-Atlantic market during the year. • Throughout 2020, WesBanco supported its customers, communities, and employees through the implementation of a number of programs, initiatives, and safety protocols. WesBanco was one of the first financial institutions to launch special lending programs to help businesses and consumers financially navigate the pandemic. Early on, we committed $350,000 to assist various non-profit agencies, throughout our footprint, who were impacted by the coronavirus. In addition, our employees made the decision to cancel our company’s 150th anniversary celebration activities and reallocate those funds to provide an additional $200,000 in support to those same charities.