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Benefit Plans
9 Months Ended
Sep. 30, 2019
Compensation And Retirement Disclosure [Abstract]  
Benefit Plans

NOTE 8. BENEFIT PLANS

The following table presents the net periodic pension cost for WesBanco’s Defined Benefit Pension Plan (the “Plan”) and the related components:

 

 

 

For the Three Months

Ended September 30,

 

 

For the Nine Months

Ended September 30,

 

(unaudited, in thousands)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Service cost – benefits earned during year

 

$

567

 

 

$

715

 

 

$

1,681

 

 

$

2,121

 

Interest cost on projected benefit obligation

 

 

1,327

 

 

 

1,242

 

 

 

3,938

 

 

 

3,684

 

Expected return on plan assets

 

 

(2,235

)

 

 

(2,416

)

 

 

(6,633

)

 

 

(7,169

)

Amortization of prior service cost

 

 

7

 

 

 

6

 

 

 

20

 

 

 

19

 

Amortization of net loss

 

 

817

 

 

 

766

 

 

 

2,424

 

 

 

2,274

 

Net periodic pension cost

 

$

483

 

 

$

313

 

 

$

1,430

 

 

$

929

 

 

The Plan covers all employees of WesBanco and its subsidiaries who were hired on or before August 1, 2007 who satisfy minimum age and length of service requirements, and is not available to employees hired after such date.

A minimum required contribution of $4.8 million is due for 2019, which can be offset in whole or in part by the Plan’s $52.5 million available credit balance. WesBanco made a voluntary contribution of $3.0 million to the Plan in June 2019 .