Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments.

Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities, and therefore the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows.

The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied:

Investment securities: The fair value of investment securities which are measured on a recurring basis are determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 1 or 2 in the fair value hierarchy. Positions that are not traded in active markets for which valuations are generated using assumptions not observable in the market or management’s best estimate are classified within level 3 of the fair value hierarchy. This includes certain specific municipal debt issues for which the credit quality and discount rate must be estimated.

Loans held for sale: Loans HFS are generally carried, in aggregate, at fair value as Wesbanco previously elected the fair value option. The use of a valuation model using quoted prices of similar instruments are significant inputs in arriving at the fair value and therefore loans HFS are classified within level 2 of the fair value hierarchy.

At September 30, 2026, loans HFS also included one commercial loan for which the fair value option was not elected upon acquisition. Consequently, the loan is measured at amortized cost under the lower-of-cost-or-market model and is disclosed as a Level 3 fair value estimate in the fair value of other instruments, Table 26, but is not included in the recurring fair value hierarchy disclosures, Table 24.

Derivatives: Wesbanco enters into interest rate swap agreements with qualifying commercial customers to meet their financing, interest rate and other risk management needs. These agreements provide the customer the ability to convert from variable to fixed interest rates. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. Those interest rate swaps are economically hedged by offsetting interest rate swaps that Wesbanco executes with derivative counterparties in order to offset its exposure on the fixed components of the customer interest rate swap agreements. The interest rate swap agreement with the loan customer and with the counterparty is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period earnings as other income and other expense.

Wesbanco enters into forward TBA contracts to manage the interest rate risk between the loan commitments to the customer and the closing of the loan for loans that will be sold on a mandatory basis to secondary market investors. The forward TBA contract is reported at fair value in other assets and other liabilities on the Consolidated Balance Sheet with any resulting gain or loss recorded in current period’s earnings as mortgage banking income.

Wesbanco determines the fair value for derivatives using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Wesbanco incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements, and therefore both the derivative asset and derivative liability are classified within level 2 of the fair value hierarchy.

We may be required from time to time to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or write-downs of individual assets and liabilities.

Collateral dependent loans: Collateral dependent loans are carried at the amortized cost basis less the specific allowance calculated under CECL. Collateral dependent loans are calculated using a cost basis approach or collateral value approach, and therefore are classified within level 3 of the fair value hierarchy.

Other real estate owned and repossessed assets: OREO and repossessed assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral, and therefore OREO and repossessed assets are classified within level 3 of the fair value hierarchy.

The fair value amounts presented in the tables below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The following tables set forth Wesbanco’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis by level within the fair value hierarchy as of September 30, 2026 and December 31, 2025:

Table 24: Recurring and Nonrecurring Fair Value Measurements


			September 30, 2026
			Fair Value Measurements Using:
	September 30,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(unaudited, in thousands)	2026		(level 1)		(level 2)		(level 3)
Recurring fair value measurements
Equity securities	$	18,303	$	18,303	$	—	$	—
Available-for-sale debt securities
U.S. Treasury		196,710		196,710		—		—
U.S. Government sponsored entities and agencies		197,728		—		197,728		—
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,729,247		—		2,729,247		—
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		52,650		—		52,650		—
Asset backed securities		63,601		—		63,601		—
Obligations of states and political subdivisions		74,077		—		71,971		2,106
Corporate debt securities		39,679		—		39,679		—
Total available-for-sale debt securities	$	3,353,692	$	196,710	$	3,154,876	$	2,106
Loans held for sale (1)		37,545		—		37,545		—
Other assets—interest rate derivatives agreements		99,078		—		99,078		—
Total assets recurring fair value measurements	$	3,508,618	$	215,013	$	3,291,499	$	2,106
Other liabilities—interest rate derivatives agreements	$	97,876	$	—	$	97,876	$	—
Total liabilities recurring fair value measurements	$	97,876	$	—	$	97,876	$	—
Nonrecurring fair value measurements
Collateral dependent loans	$	27,643	$	—	$	—	$	27,643
Other real estate owned and repossessed assets		1,784		—		—		1,784
Total nonrecurring fair value measurements	$	29,427	$	—	$	—	$	29,427

(1) At September 30, 2026, loans HFS included one commercial loan, which is carried at its amortized cost of $19.2 million. Because it is carried at its amortized cost rather than its fair value, it is not included in the table above.


			December 31, 2025
			Fair Value Measurements Using:
	December 31,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	2025		(level 1)		(level 2)		(level 3)
Recurring fair value measurements
Equity securities	$	30,809	$	30,809	$	—	$	—
Available-for-sale debt securities:
U.S. Treasury		196,857		196,857		—		—
U.S. Government sponsored entities and agencies		222,997		—		222,997		—
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,610,448		—		2,610,448		—
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		63,615		—		63,615		—
Asset backed securities		68,935		—		68,935		—
Obligations of state and political subdivisions		73,188		—		70,903		2,285
Corporate debt securities		52,292		—		52,292		—
Total available-for-sale debt securities	$	3,288,332	$	196,857	$	3,089,190	$	2,285
Loans held for sale		87,454		—		87,454		—
Other assets—interest rate derivatives agreements		63,144		—		63,144		—
Total assets recurring fair value measurements	$	3,469,739	$	227,666	$	3,239,788	$	2,285
Other liabilities—interest rate derivatives agreements	$	64,181	$	—	$	64,181	$	—
Total liabilities recurring fair value measurements	$	64,181	$	—	$	64,181	$	—
Nonrecurring fair value measurements
Collateral dependent loans	$	20,400	$	—	$	—	$	20,400
Other real estate owned and repossessed assets		907		—		—		907
Total nonrecurring fair value measurements	$	21,307	$	—	$	—	$	21,307

Wesbanco’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers between level 1, 2 or 3 for the three and nine months ended September 30, 2026 or for the year ended December 31, 2025.

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Wesbanco has utilized level 3 inputs to determine fair value:

Table 25: Quantitative Information about Level 3 Fair Value Measurements


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value		Valuation	Unobservable	Range (Weighted
(unaudited, in thousands)	Estimate		Techniques	Input	Average)
September 30, 2026
Collateral dependent loans	$	27,643	Appraisal of collateral (1)	Appraisal adjustments (2)	0.0%-(27.8%)/(5.2%)
				Liquidation expenses (2)	(3.6%)-(10.5%)/(9.8%)
Other real estate owned and repossessed assets	$	1,784	Appraisal of collateral (1), (3)
December 31, 2025
Collateral dependent loans	$	20,400	Appraisal of collateral (1)	Appraisal adjustments (2)	0.0%-(20.8%)/(7.3%)
				Liquidation expenses (2)	(8.2%)-(10.5%)/(9.7%)
Other real estate owned and repossessed assets	$	907	Appraisal of collateral (1), (3)

(1)

Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs that are not identifiable.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal.

(3) Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management, which are not identifiable.

The following tables present the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of other financial instruments on the Consolidated Balance Sheet:

Table 26: Fair Value of Other Financial Instruments


					Fair Value Measurements at
					September 30, 2026
	Carrying		Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(unaudited, in thousands)	Amount		Estimate		(level 1)		(level 2)		(level 3)
Financial Assets
Cash and due from banks	$	978,860	$	978,860	$	978,860	$	—	$	—
Net held-to-maturity debt securities		1,093,970		924,203		—		924,101		102
Net loans		19,685,993		19,332,186		—		—		19,332,186
Loans held for sale (1)		19,162		20,440		—		—		20,440
Accrued interest receivable		106,182		106,182		106,182		—		—

Financial Liabilities
Deposits		21,612,503		21,593,040		19,105,584		2,487,456		—
Federal Home Loan Bank borrowings		1,950,000		1,942,923		—		1,942,923		—
Other borrowings		113,800		104,171		104,171		—		—
Subordinated debt and junior subordinated debt		308,991		301,104		—		301,104		—
Accrued interest payable		21,363		21,363		21,363		—		—

(1) This line represents one commercial loan HFS on the balance sheet at its amortized cost of $19.2 million. This loan is not included in the $37.5 million of loans HFS detailed in Table 24.


					Fair Value Measurements at
					December 31, 2025
	Carrying		Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Amount		Estimate		(level 1)		(level 2)		(level 3)
Financial Assets
Cash and due from banks	$	956,109	$	956,109	$	956,109	$	—	$	—
Net held-to-maturity debt securities		1,131,946		1,035,957		—		1,035,821		136
Net loans		19,007,683		18,563,341		—		—		18,563,341
Accrued interest receivable		106,651		106,651		106,651		—		—

Financial Liabilities
Deposits		21,668,840		21,657,121		18,793,468		2,863,653		—
Federal Home Loan Bank borrowings		1,200,000		1,200,761		—		1,200,761		—
Other borrowings		110,679		105,240		105,240		—		—
Subordinated debt and junior subordinated debt		308,529		298,974		—		298,974		—
Accrued interest payable		19,150		19,150		19,150		—		—

The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on Wesbanco’s Consolidated Balance Sheet:

Cash and due from banks: The carrying amount for cash and due from banks is a reasonable estimate of fair value.

Held-to-maturity debt securities: Fair values for debt securities HTM are determined in the same manner as investment securities, which are described above. The carrying value is net of the ACL on HTM debt securities.

Net loans: Fair values for loans are estimated in a valuation model using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and other market factors, including liquidity. Wesbanco believes the discount rates are consistent with transactions occurring in the marketplace for both performing and distressed loan types. The carrying value is net of the ACL and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 of the fair value hierarchy.

Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value.

Deposits: The carrying amount is considered a reasonable estimate of fair value for demand, savings and other variable rate deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using rates currently offered for deposits of similar remaining maturities.

Federal Home Loan Bank borrowings: The fair value of FHLB borrowings is based on rates currently available to Wesbanco for borrowings with similar terms and remaining maturities.

Other borrowings: The carrying amount of federal funds purchased and overnight sweep accounts generally approximate fair value. Other repurchase agreements are based on quoted market prices if available. If market prices are not available, for certain fixed and adjustable rate repurchase agreements, then quoted market prices of similar instruments are used.

Subordinated debt and junior subordinated debt: The fair value of subordinated debt is determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 2 in the fair value hierarchy. Due to the pooled nature of junior subordinated debt owed to unconsolidated subsidiary trusts, which are not actively traded, estimated fair value is determined by using comparable corporate bond indices and swap rates from the financial services sector and factoring in the applicable credit spreads and optional early redemption provisions.

Accrued interest payable: The carrying amount of accrued interest payable approximates its fair value.

Off-balance sheet financial instruments: Off-balance sheet financial instruments consist of commitments to extend credit, including letters of credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit and letters of credit are insignificant and therefore are not presented in the above tables.