Exhibit 99.1

WesBanco Announces First Quarter 2020 Financial Results

Wheeling, WV, April 27, 2020 – WesBanco, Inc. (“WesBanco”) (Nasdaq: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three months ended March 31, 2020.

“While we are all experiencing unusual times, WesBanco is supporting its customers and its communities in many ways,” said Todd F. Clossin, President and Chief Executive Officer of WesBanco.  “Early on, we committed $350,000 to fund various non-profit agencies, throughout our footprint, who were impacted by the coronavirus.  Our employees also made the decision to cancel our company's 150^th anniversary celebration activities and reallocate those funds to provide an additional $200,000 in support to those same charities.  I am proud to say that the WesBanco team, as of April 24, 2020, has deferred loan payments on more than 2,800 customer loans to help our customers make ends meet and to help support their families and businesses cash flow needs.  Our employees have also made more than 2,300 loans, totaling approximately $570 million, under the Small Business Administration's Paycheck Protection Program. We are fortunate to be in a strong position to provide support to others during this unprecedented time. Our thoughts are with essential service providers across all industries and with the many people and families suffering from this virus.”

Net income for the three months ended March 31, 2020 was $23.4 million, with diluted earnings per share of $0.35, compared to $40.3 million and $0.74 per diluted share, respectively, for the first quarter of 2019.  Net income excluding after-tax merger-related expenses for the three months ended March 31, 2020, was $27.5 million, or $0.41 per diluted share, as compared to $42.8 million and $0.78 per diluted share, respectively, in the prior year quarter (non-GAAP measures).

On November 22, 2019, WesBanco consummated the merger with Old Line Bancshares, Inc. (“OLBK”), a bank holding company headquartered in Bowie, MD with approximately $3.0 billion in assets, excluding goodwill.  Financial results for OLBK have been included in WesBanco’s results from the merger consummation date.

Financial and operational highlights during the quarter ended March 31, 2020:

Mr. Clossin added, “For 150 years, we have been a source of stability, strength, and trust for all of our communities.  While no one anticipated the current operating environment, we believe we positioned the company well as we had proactively taken risk out of our loan portfolios during the last few years, developed appropriate long-term strategies to allow us to succeed regardless of the operating environment, and implemented initiatives during the early stages of the pandemic to help our customers, communities, and employees.  As we all work together in this current environment, we believe our sound credit and risk culture, combined with our community-first focus, will help us, our customers, and our communities to navigate these extraordinary times.”

COVID-19 Responses

As a responsible, community-based financial institution, we believe it is our duty to assist and help protect our communities, customers, and employees.  Thus, on March 18th, we were one of the first banks to launch a number of initiatives and precautionary measures intended to mitigate the impact of the COVID-19 virus outbreak by offering payment relief to affected borrowers through loan modifications, payment deferrals, and working capital facilities; adjusting branch operations to help protect the health and safety of our customers and employees while maintaining access to our services; and supporting local non-profit organizations through our grant programs.  Through April 24, we have assisted our residential mortgage customers with 532 loan modifications totaling $137 million, our consumer and home equity loan customers with 712 loan modifications totaling $28 million, and our commercial and business customers with more than 1,600 loan modifications totaling $1.8 billion, including most customers in our hotel loan portfolio.  In addition, we have been an active participant in the Small Business Administration’s Paycheck Protection Program, as established by the CARES Act.

Balance Sheet

Portfolio loans of $10.3 billion as of March 31, 2020 increased 35.0% when compared to the prior year period due to the OLBK acquisition.  Total organic loan growth was 2.0% year-over-year, driven by the C&I and residential real estate loan categories, which were partially offset by elevated levels of commercial real estate loans going to the secondary market.  Total deposits increased 23.9% year-over-year to $11.0 billion due primarily to the OLBK acquisition.  Total deposits, excluding the OLBK acquisition, decreased $291.9 million, or 3.3%, year-over-year due to a $346.0 million reduction in certificates of deposit, as higher cost CDs were allowed to runoff.  When excluding the impact of CD runoff, total deposit organic growth was 0.7% year-over-year driven by growth in demand deposits.

Credit Quality

Overall, we believe our credit quality ratios remained strong as we balanced disciplined loan origination in the current environment with prudent lending standards.  As of March 31, 2020, both non-performing loans and non-performing assets as percentages of the portfolio and total assets have remained relatively low and consistent throughout the last five quarters.  Criticized and classified loan balances decreased to 2.09% of total portfolio loans, as compared to 2.24% and 2.17% during the third and fourth quarters of 2019, respectively.  Reflecting the implementation of CECL during the first quarter of 2020, the provision for credit losses increased to $29.8 million and the allowance for loan losses increased to $114.3 million.

WesBanco adopted CECL on January 1, 2020, resulting in an initial adjustment to retained earnings of $26.6 million, and a corresponding increase in the allowance for credit losses specific to loans of $38.4 million, representing an allowance to total loans coverage ratio of 0.88%, or $90.8 million, upon adoption, compared to 0.51%, or $52.4 million, at December 31, 2019 under the incurred method.   The allowance for credit losses specific to loans at March 31, 2020 was $114.3 million, or 1.10% of total loans.  Excluded from the allowance for credit losses and related coverage ratio are fair market value adjustments on previously acquired loans representing 0.49% of total loans.  The increase in the allowance and related provision for credit losses was related to the significant deterioration in the macroeconomic forecast in late-March, primarily driven by the negative forecasted economic impacts of COVID-19.  The forecast, based upon nationally-recognized published economic data through March 31, 2020, is primarily driven by national unemployment and interest rate spreads. Other factors such as prepayment speeds, loan risk grades, portfolio mix, industry and property type concentrations, loan growth by class, and various other qualitative factors that are both mathematically and judgmentally determined also impact the CECL model’s calculated results .

Net Interest Margin and Income

The net interest margin of 3.54% for the first quarter of 2020 decreased 14 basis points year-over-year and 1 basis point from the fourth quarter of 2019.  Year-over-year, the net interest margin decreased primarily due to the lower interest rate environment from the five decreases in the Federal Reserve Board’s target federal funds rate, totaling 225 basis points, from July 2019 through March 2020, as well as a flattening of the yield curve.  Reflecting the significantly lower interest rate environment, we aggressively reduced our deposit rates during the second half of March, which helped to lower deposit funding costs 10 basis points year-over-year to 55 basis points for the first quarter of 2020.  In addition, we shortened the maturities and experienced lower rates, in our first quarter FHLB borrowings as compared to the prior year which helped to lower the cost of borrowings 19 basis points year-over-year.  Lastly, accretion from acquisitions benefited the first quarter net interest margin by 22 basis points, as compared to 19 basis points in the prior year period and 22 basis points during the fourth quarter of 2019.

Net interest income increased $21.8 million, or 22.2%, during the first quarter of 2020, as compared to the same quarter of 2019, due to a 26.0% increase in average total earning assets, primarily driven by the OLBK acquisition and related accretion from purchase

accounting, partially offset by the lower loan yields, reflecting repricing of existing loans and lower new offered rates in the current market environment.  

Non-Interest Income

For the first quarter of 2020, non-interest income of $28.0 million increased $0.2 million, or 0.8%, from the first quarter of 2019, driven by organic growth and the OLBK acquisition, which was partially offset by the limitation on interchange fees for debit card processing that resulted from the Durbin amendment in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), which took effect for WesBanco during the third quarter of 2019.  Net securities gains increased $0.8 million, or 126.9%, due to the sale of approximately $218 million of securities in March 2020 in order to take advantage of market conditions at the time and create additional liquidity for potential COVID-19 related needs, such as meeting demand for increased draws on commercial and home equity lines of credit.  Such gains were partially offset by a negative $1.3 million market adjustment in the deferred compensation plan, which had an offsetting reduction in employee benefits expense.   Other income increased $0.6 million, or 19.2%, primarily due to debit card sponsorship fees inherited from the OLBK acquisition.  Electronic banking fees decreased $1.6 million as compared to the prior year period reflecting an approximate $2.7 million impact from the limitation on interchange fees for debit card processing, partially offset by higher point-of-sale and ATM transactions by both legacy WesBanco and our new OLBK customers.  Fair value adjustments on loans held for sale and derivatives negatively impacted mortgage banking income, despite higher volumes, and loan swap fee income, accounted for in other income.

Non-Interest Expense

We believe that total operating expenses continued to be well-controlled during the three-month period ending March 31, 2020, as demonstrated by an efficiency ratio of 57.69%.  Excluding merger-related expenses, non-interest expense for the three months ended March 31, 2019 increased $14.8 million, or 20.8%, to $86.2 million compared to the prior year period, primarily reflecting the OLBK acquisition.  As previously disclosed, the anticipated cost savings associated with the OLBK acquisition began to be realized later in the first quarter, primarily reflecting the planned staff reductions after the February 21, 2020 signage and systems conversions.  This year-over-year increase is primarily due to higher salaries and wages, employee benefits, net occupancy, equipment, and other operating costs associated with additional staffing and financial center locations from the OLBK acquisition.  In addition, salaries and wages reflect the mid-2019 annual salary increases.  Employee benefits were positively impacted by the $1.3 million reduction in the deferred compensation plan obligations due to market declines and lower pension expense.  Lastly, FDIC insurance expense increased $0.8 million, or 56.2%, due to a higher assessment rate associated with our larger asset level.

Capital

WesBanco continues to maintain what we believe are strong regulatory capital ratios as both consolidated and bank-level regulatory capital ratios are well above the applicable “well-capitalized” standards promulgated by bank regulators and the BASEL III capital standards.  At March 31, 2020, Tier I leverage was 9.64%, Tier I risk-based capital was 12.51%, total risk-based capital was 14.83%, and the common equity Tier 1 capital ratio (“CET 1”) was 12.51%.  As compared to the prior year period, Tier 1 leverage and Tier 1 risk-based capital ratios were adversely impacted by the movement of $136.5 million of trust preferred securities (TruPS), during the fourth quarter of 2019, from Tier 1 to Tier 2 risk-based capital, as required by the Dodd-Frank Act for financial institutions with total assets greater than $15 billion.  Tangible common equity increased to 9.65% at period-end from 9.57% as of March 31, 2019, as an increase in other comprehensive income from the mark-to-market of the available-for-sale portion of the investment portfolio benefited this ratio, as well as increased retained earnings. WesBanco has elected to defer the CECL impact on capital ratios two years and then transition the adjustment over the three-year period allowed for by the federal joint regulatory agencies.  The impact on regulatory capital ratios approximated 30 basis points for this adjustment for three of the four regulatory ratios, while total risk-based capital would be slightly higher without the transition.

During the first quarter of 2020, WesBanco repurchased 786,012 shares of its outstanding common stock on the open market at a total cost of $25.0 million, or $31.77 per share, before suspending its share buyback program in early-March, in an abundance of caution related to the growing COVID-19 pandemic.  As of March 31, 2020, approximately 1.7 million shares remained under the previously announced plan.

Conference Call and Webcast

WesBanco will host a conference call to discuss the Company's financial results for the first quarter of 2020 at 10:00 a.m. ET on Tuesday, April 28, 2020.  Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.wesbanco.com.  Participants can also listen to the conference call by dialing 888-347-6607, 855-669-9657 for Canadian callers, or 412-902-4290 for international callers, and asking to be joined into the WesBanco call.  Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

A replay of the conference call will be available by dialing 877-344-7529, 855-669-9658 for Canadian callers, or 412-317-0088 for international callers, and providing the access code of 10136709.  The replay will begin at approximately 12:00 p.m. ET on April 28, and end at 12 a.m. ET on May 13.  An archive of the webcast will be available for one year on the Investor Relations section of the Company’s website (www.wesbanco.com).

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 be read in conjunction with WesBanco’s Form 10-K for the year ended December 31, 2019 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.  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 including the effects of the COVID-19 pandemic; 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, 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.

About WesBanco, Inc.

Founded in 1870, WesBanco, Inc. (www.wesbanco.com) is a diversified and balanced financial services company that delivers large bank capabilities with a community bank feel.  Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share.  Built upon our ‘Better Banking Pledge’, our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively.  In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, WesBanco provides trust, wealth management, securities brokerage, and private banking services through our century-old Trust and Investment Services department, with approximately $4.1 billion of assets under management (as of March 31, 2020).  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 236 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.  Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.

SOURCE:  WesBanco, Inc.

WesBanco Company Contact:

John H. Iannone

Senior Vice President, Investor and Public Relations

304-905-70

(1) See non-GAAP financial measures for additional information relating to the calculation of this item.

(2) Certain items excluded from the calculation consist of after-tax merger-related expenses.

Selected ratios

Loan fees included in interest income on loans are $0.5 million and $0.9 million for the three months ended December 31, 2019 and 2018 and $1.8 million and $3.4 million for the year ended December 31, 2019 and 2018, respectively.

Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $4.9 million and $8.1 million for the three months ended December 31, 2019 and 2018 and $17.9 million and $11.7 million for the year ended December 31, 2019 and 2018, respectively.

Accretion on interest bearing liabilities acquired from the prior acquisitions was $1.9 million and $0.5 million for the three months ended December 31, 2019 and 2018, respectively, and $2.8 million and $2.0 million for the year ended December 31, 2019 and 2018, respectively.