Company: WSBC
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000950170-25-039418
Chunk: 32

Company: WESBANCO INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 32
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 and other factors the Committee believes are relevant.

For the 2024 fiscal year, the Corporation did meet the overall corporate goal on both a GAAP basis and non‑GAAP (excluding merger-related expenses) basis as adjusted for the capital raise (discussed below). The Committee reviewed the results using both GAAP and non‑GAAP earnings and elected to use non-GAAP earnings in its analysis and determination. The Committee determined that the use of non-GAAP earnings was the appropriate benchmark for incentive bonuses for the year as there were one-time merger related expenses included in GAAP earnings. The EPS goal may be adjusted by the Committee, in its sole discretion, for items attributed to non-GAAP operating events impacting the Corporation’s operating results, such as mergers and acquisitions, unusual gains or losses, significant asset sales or other out-of-the ordinary or one-time events which significantly impact the normal operations, such as the recent capital raise. In August of 2024, the Corporation raised $200 Million in common equity through the issuance of 7.3 Million shares in a private placement to strengthen capital in anticipation of the acquisition of Premier. The target EPS for the “overall corporate goal” in 2024 was $2.17, which the Corporation did meet under GAAP ($2.26) and under the non‑GAAP measure ($2.40). The Corporation also did meet the threshold of 85% of its “overall corporate goal” under each measure to satisfy the minimum in each category.

Core earnings per share is net income available to common shareholders, excluding after-tax restructuring and merger related expenses divided by diluted average shares outstanding adjusted for the capital raise of $200 million, which added approximately 7.3 million shares. GAAP EPS for 2024 was $1.92 at threshold, $2.26 at target and $2.60 at maximum.

Pre-tax Pre-Provision EPS is income before provision for income taxes less restructuring and merger-related expenses and provision for credit losses divided by diluted average shares outstanding adjusted for the capital raise of $20 million, which added approximately 7.3 million shares.

If the minimum overall corporate goal is not satisfied in a fiscal year, the Compensation Committee has the discretion to grant annual incentive awards for named executive officers and may adjust individual performance targets, which are discussed below, and determine the amount of an incentive award, accordingly. The Compensation Committee did not exercise discretion for the 2024 incentive bonus since the actual result was $2.40.

Determination of Incentive Award