Wesbanco, Inc. · NASDAQ:WSBC

Wesbanco — Boenning & Scattergood One-on-One Meetings (June 2015)

49 slides from Wesbanco's conference presentation, Jun 10, 2015

1. Slide 1: WesBanco – By all accounts, better

   WesBanco By all accounts, better. Boenning & Scattergood One-on-One Meetings Boston, MA June 11, 2015

2. Slide 2: Forward-looking statements

   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

3. Slide 3: Mid-Atlantic Bank headquartered in Wheeling, West Virginia

   Mid-Atlantic Bank Headquartered in Wheeling, West Virginia Assets: $8.2 billion Founded in 1870 34 banks/24 companies acquired in 26 years Geographic Loan Distribution: West Virginia (40%), Ohio (34%) and Western Pennsylvania (26%) 142 Financial Centers and 130 ATMs Wealth management, securit

4. Slide 4: Executive management

   Years in Years w/ Executive Position Banking WSBC James Gardill Chairman of the Board 43* 43 Todd Clossin President & CEO 31 2 Robert Young EVP & CFO 29 14 Peter Jaworski EVP & Chief Credit Officer 31 20 Jonathan Dargusch EVP – Trust & Investments 34 5 Jay Zatta EVP – Chief Lending Officer 29 7 Lynn

5. Slide 5: Recent accomplishments

    Completed acquisition of ESB Financial Corporation (February 2015).  Completed President/CEO Succession Plan (May 2014).  Increased dividends to shareholders 8 times in last 4 ½ years representing a 64.3% increase.  Earned five consecutive “Outstanding” CRA ratings.  Outperformed the S&P 500 o

6. Slide 6: First quarter 2015 core operating results

   For the For the Quarter Quarter Ended Ended ($ in thousands, except diluted earnings per share)00’s except March March per share data) 2014 2015 % Change Core Operating Net Income* $16,421 $20,213 23.1% Diluted Core Operating Earnings Per $ 0.56 $ 0.59 5.4% Share* Provision for Credit Losses $2,199

7. Slide 7: Annual results 2010-2014

   YTD YTD YTD YTD YTD ($ in thousands, except diluted earnings per share)00’s except per share December December December December December data) 2010 2011 2012 2013 2014 Net Income $35,611 $43,809 $49,544 $63,925 $69,974 Diluted Earnings Per Share $ 1.34 $ 1.65 $ 1.84 $ 2.18 $ 2.39 Provision for Cred

8. Slide 8: ROATCE and ROAA versus peers

   1.40% 18.00% 16.00% 1.20% 14.00% 1.00% 12.00% 0.80% 10.00% 0.60% 8.00% 6.00% 0.40% 4.00% 0.20% 2.00% 0.00% 0.00% 2011 2012 2013 2014 1Q’15 ROATCE - WSBC* ROATCE - PEER ROAA - WSBC* ROAA - PEER Peer Group source: SNL Financial *WSBC on a Core Basis, See non-GAAP measures for additional information re

9. Slide 9: Efficiency ratio versus peers

   64.00% 63.00% 62.00% 61.00% 60.00% 59.00% 58.00% 57.00% 56.00% 55.00% 2011 2012 2013 2014 1Q'15 Efficiency Ratio - WSBC Efficiency Ratio - PEER Peer Group source: SNL Financial 9

10. Slide 10: Organic Growth Opportunities

    10 Organic Growth Opportunities

11. Slide 11: WesBanco and ESB Financial branches

    WesBanco Inc. 120 Branches ESB Financial Corp. 23 Branches 11

12. Slide 12: Trust, securities brokerage and private banking

     $3.9B of trust assets under management/custody; over $200 million in private banking assets.  Over 5,000 trust and 1,100 private banking relationships.  Combined Trust, Securities Brokerage and Private Banking under one executive team.  10 locations in WV, OH & PA.  Improving performance as as

13. Slide 13: Increased productivity and enhancement of the commercial team

    Increased Productivity, Improvement & Enhancement of the Commercial Team ¢ Dedicated C&l and Business Banking teams in our urban markets with dedicated management. ¢ New product capabilities in SWAP, Treasury Management and Government leasing. ¢ Realignment of resources from lower growth to higher g

14. Slide 14: Retail sales/service distribution strategies

    & Retail Sales/Service Distribution Strategies All financial centers within 4 hour drive of headquarters, efficient and tight network distribution (talent/marketing). Centralized Wheeling-based back office support functions. Installation of instant issue debit card machines in all branches. Electron

15. Slide 15: Full suite of e-services

     Full suite of E-Services  Internet banking – Retail and Commercial  Mobile Application – Alerts/text  Mobile Deposits  TM Services  Bill Pay  Payment via Debit Cards  Retail  Business  Private Banking  Instant Issue  Working towards E.M.V.  Partnering with Apple Pay  Business Remote C

16. Slide 16: Debit card transactions and items processed

    38,800 35,000 30,000 33,800 25,000 28,800 20,000 23,800 15,000 18,800 10,000 13,800 5,000 8,800 - 2011 2012 2013 2014 2015 Debit Card Transactions Items Processed 16

17. Slide 17: Internet, IVR and mobile banking users

    53,800 120,000 48,800 100,000 43,800 38,800 80,000 33,800 60,000 28,800 23,800 40,000 18,800 20,000 13,800 8,800 - 2011 2012 2013 2014 2015 Internet Banking Users IVR Users Mobile Banking Users E-Statement Users 17

18. Slide 18: Loan category growth

    Loan Category Growth % Loan Growth since 2011 120% 100% 80% 60% 40% 20% 0% -20% 2011 2012 2013 2014 1Q'15 Comm. RE C&I Res RE HE Lines Consumer 18

19. Slide 19: Loan, deposit and capital growth

    $ 2450 1950 1450 950 450 (50) Loan Growth Deposit Growth Capital Growth 19 2/10/15 acquisition of ESB Financial. 11/30/12 acquisition of Fidelity Bancorp.

20. Slide 20: Non-interest income

    Gain Mort. Loan Sales Other Inc.  Non-interest income contributed Insurance Securities brokerage 25% of net revenue YTD 2015. Trust Service charges & Fees  Non-bank offerings (trust, ($MM) $73.2 insurance, securities) contributed $68.7 $68.6 $9.0 million to YTD 2015 revenue. $60.2 $62.6  Securiti

21. Slide 21: Preparing for $10 billion Dodd-Frank threshold

     Preparing for $10 billion Dodd-Frank threshold.  A schedule of key regulatory requirements that are applicable at the $10 billion mark has been developed and management is tracking progress and providing updates to the Board of Directors.  Staffing analysis, talent reviews and technology assessm

22. Slide 22: Scalable technology infrastructure

     Scalable technology infrastructure permitting organic and acquisition related growth without significant additional investment.  Use technology to reduce travel cost and enhance communication through video conferencing capabilities across expanding footprint.  Reduced communication cost by 43% f

23. Slide 23: Acquisition history and M&A focus

     History of successful acquisitions which have provided improved earnings.  WesBanco is focused on targeted M & A opportunities in existing markets and new higher-growth metro areas within a 5 hour driving radius.  Ability to execute merger transactions quickly (Fidelity and ESB mergers completed

24. Slide 24: Currency valuation and shareholder returns

     Currency valuation provides upside for seller’s shareholders.  Community bank look and feel.  Long-term focus on shareholder returns.  Our total return has exceeded the S&P 500 index total return over the last 38 years. 24

25. Slide 25: ESB acquisition makes WSBC top 10 in Pittsburgh MSA

    Acquisition of ESB Makes WSBC Top 10 Player in Pittsburgh MSA WesBanco Deposit Market Share Over Time in the Pittsburgh MSA Deposits Market  Pittsburgh expansion is key is to WesBanco’s Rank Institution Branches ($MM) Share continued transformation 1 PNC Financial Services Group 152 49,740 50.6% 2

26. Slide 26: Financial Information

    26 Financial Information By all accounts, better.

27. Slide 27: NIM, yield on earning assets and cost of funds

    NIM Yield on Earning Assets Cost of Funds 4.31% 4.20% 4.09% 4.08% 4.06% 4.13% 3.98% 3.96% 3.93% 3.64% 3.63% 3.64% 3.58% 3.60% 3.59% 3.56% 3.52% 3.58% 0.81% 0.77% 0.73% 0.63% 0.52% 0.51% 0.47% 0.43% 0.56% 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 27

28. Slide 28: Total risk based capital and tangible equity to tangible assets

    Total Risk Based Capital Tangible Equity to Tangible Assets * 16.00% 14.56% 14.62% 14.81% 14.92% 14.40% 14.00% 12.00% 10.00% 7.49% 7.74% 7.91% 7.88% 7.78% 8.00% 6.00% 4.00% 2.00% 0.00% 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 *See non-GAAP financial measures for additional information relating to the calculati

29. Slide 29: Securities portfolio

    Securities = $2.4 B  Average tax-equivalent ~29.1% of total assets portfolio yield of 2.76%. US Govt.  WAL approx. 4.4 years; Agencies modified duration 4.0%. 3.4%  Over 53% unpledged.  Net unrealized AFS Municipals, securities gains of $12.1 Agency 29.4% million at 3/31/15; total Mortgage- net

30. Slide 30: Loan portfolio composition

    Total Loans = $4.9 B Comm. Real Estate = Comm. & $2.2 B Ind., 14.5% LHFS, 0.1% Const & Dev. 13.1% Consumer, 7.5% Comm. Investor- HELOC, Real owned 7.4% Estate, 63.7% 45.0% Owner- Res. Real occupied Estate, 25.5% 23.2% 30

31. Slide 31: NPAs and criticized and classified loans

    10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 NPA's as a % of total Loans Criticized & Classified Loans as a % of total Loans 31

32. Slide 32: Provision, ALL and non-performing loans

    1.80% $3,500 1.60% $3,000 1.40% $2,500 1.20% $2,000 1.00% 0.80% $1,500 0.60% $1,000 0.40% $500 0.20% 0.00% $- 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 ($000) Provision for credit losses ALL as a % of total loans Non performing loans as a % of total loans 32

33. Slide 33: Interest rate sensitivity

    % Change in Net Interest Income from Immediate Change in Base Over One Year Interest Rates March 31, 2015 December 31, 2014 Up 1% Rate Shock +1.8% +1.9% Up 2% Rate Shock +1.9% +2.1% Up 3% Rate Shock +0.9% +0.9% Up 2% Rate Ramp +2.0% +1.9% Down 1% Rate Shock -2.4% -1.8% EVE Up 2% Rate Shock * 2.6% 6.

34. Slide 34: Stock Price and Dividend Information

    34 Stock Price and Dividend Information

35. Slide 35: Dividend history and payout ratio

    $0.25 December 2014 Dividend Payout Ratio = 36.82% as of 12/31/14 $0.20 $0.15 $0.10 $0.05 $0.00 1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 WesBanco dividend yield is 2.88% compared to SNL Banks 35 $5B-10B peer group of 2.30%.

36. Slide 36: Investment highlights

     Strong regulatory capital.  Proven acquisition-oriented growth strategy.  Liquidity to fund additional lending capacity.  Asset quality compares favorably with regional and national peers.  Diversity of earnings stream.  Potential upside market appreciation due to lower than peer P/E ratio. 3

37. Slide 37: Appendix

    37 Appendix wN By all accounts, better.

38. Slide 38: Core operating net income reconciliation

    3 months ended 3 months ended ($ in thousands except earnings per share amounts) 3/31/14 3/31/15 Net income $ 16,421 $ 13,887 Plus: Restructuring and merger-related 0 6,326 expense (net of tax) Core operating net income $ 16,421 $ 20,213 Average common shares - diluted 29,262,680 34,478,335 Core ope

39. Slide 39: Efficiency ratio reconciliation (quarter)

    3 months ended 3 months ended ($ in thousands) 3/31/14 3/31/15 Non-interest expense $ 40,095 $ 53,441 Less: restructuring and merger related expense (0) (9,733) Less: amortization of intangibles (495) (566) Non-interest expense excluding restructuring and $ 39,600 $ 43,142 merger related expense Net

40. Slide 40: Efficiency ratio reconciliation (annual)

    ($ in thousands) 2010 2011 2012 2013 2014 Non-interest expense $ 141,152 $ 140,295 $ 150,120 $ 160,998 $ 161,633 Less: restructuring and merger related expense (175) (3,888) (1,310) (1,309) Non-interest expense excluding restructuring and merger related expense 140,977 140,295 146,232 159,688 160,32

41. Slide 41: Tangible equity to tangible assets (annual)

    ($ in thousands) 2010 2011 2012 2013 2014 Total shareholder’s equity $ 606,863 $ 633,790 $ 714,184 $ 746,595 $ 788,190 Less: goodwill & other intangible assets, net of def. tax liabilities (281,534) (279,967) (320,399) (318,161) (316,914) Tangible equity $ 325,329 $ 353,823 $ 393,785 $ 428,434 $ 471

42. Slide 42: Tangible equity to tangible assets (quarterly)

    ($ in thousands) 1Q’14 2Q’14 3Q’14 4Q’14 1Q’15 Total shareholder’s equity $ 761,117 $ 778,625 $ 788,784 $ 788,190 $ 1,091,384 Less: goodwill & other intangible assets, net of def. tax liabilities (317,840) (317,527) (317,217) (316,914) (488,911) Tangible equity $ 443,277 $ 461,098 $ 471,567 $ 471,27

43. Slide 43: Net operating non-interest income

    ($ in thousands) 2011 2012 2013 2014 2015* Non-interest income $ 59,888 $ 64,775 $ 69,285 $ 68,504 $ 73,771 Less: Net securities gains 963 2,463 684 903 89 Less: net gains/losses on other real estate owned and other assets (1,290) (305) (81) (1,006) 495 Net operating non-interest income $ 60,215 $ 6

44. Slide 44: Return on average tangible assets (quarter)

    ($ in thousands) 3/31/14 QTD 3/31/15 QTD Net income $ 66,596 $ 56,319 Plus: amortization of intangibles* (tax effected at 35%) 1,305 1,491 Plus: merger related items (tax effected at 35%) 0 25,655 Net income before amortization of intangibles* $ 67,901 $ 83,465 Average assets $6,186,498 $7,531,095 L

45. Slide 45: Return on average tangible equity (quarter)

    ($ in thousands) 3/31/14 QTD 3/31/15 QTD Net income $ 66,596 $ 56,319 Plus: amortization of intangibles* (tax effected at 35%) 1,305 1,491 Plus: merger related items (tax effected at 35%) 0 25,655 Net income before amortization of intangibles* $ 67,901 $ 83,465 Average total shareholders’ equity $ 7

46. Slide 46: Return on average tangible equity 2011-1Q15

    ($ in thousands) 2011 2012 2013 2014 1Q’15 Net income $ 43,809 $ 49,544 $ 63,925 $ 69,974 $ 56,320 Plus: amortization of intangibles* (tax effected at 35%) 1,566 1,398 1,487 1,248 1,492 Plus: merger related items (tax effected at 35%) 0 2,527 852 851 25,655 Net income before amortization of intangib

47. Slide 47: Return on average tangible equity 2010-2014

    ($ in thousands) 2010 2011 2012 2013 2014 Net income $ 35,611 $ 43,809 $ 49,544 $ 63,925 $ 69,974 Plus: amortization of intangibles* (tax effected at 35%) 1,774 1,566 1,398 1,487 1,248 Net income before amortization of intangibles* 37,385 45,375 50,942 65,412 71,222 Average total shareholders’ equit

48. Slide 48: Return on average tangible assets 2011-1Q15

    ($ in thousands) 2011 2012 2013 2014 1Q’15 Net income $ 43,809 $ 49,544 $ 63,925 $ 69,974 $ 56,320 Plus: amortization of intangibles* (tax effected at 35%) 1,566 1,398 1,487 1,248 1,492 Plus: merger related items (tax effected at 35%) 0 2,527 852 851 25,655 Net income before amortization of intangib

49. Slide 49: WesBanco – By all accounts, better

    49 WesBanco By all accounts, better.

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