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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Summary of Benefit Obligations and Funded Status of the Plan | The benefit obligations and funded status of the Plan are as follows:
|  | December 31, |
(dollars in thousands) |  | 2022 |  |  | 2021 |
Accumulated benefit obligation at end of year |  | $ | 120,241 |  |  | $ | 152,232 |
Change in projected benefit obligation: |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 163,919 |  |  | $ | 168,433 |
Service cost |  |  | 2,190 |  |  |  | 2,500 |
Interest cost |  |  | 4,114 |  |  |  | 3,416 |
Actuarial (gain) loss |  |  | (36,981 | ) |  |  | (4,688 | )
Benefits paid |  |  | (6,115 | ) |  |  | (5,742 | )
Projected benefit obligation at end of year |  | $ | 127,127 |  |  | $ | 163,919 |
Change in fair value of plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 202,783 |  |  | $ | 185,716 |
Actual return on plan assets |  |  | (29,762 | ) |  |  | 22,809 |
Employer contribution |  |  | — |  |  |  | — |
Benefits paid |  |  | (6,115 | ) |  |  | (5,742 | )
Fair value of plan assets at end of year |  | $ | 166,906 |  |  | $ | 202,783 |
Amounts recognized in the statement of financial position: |  |  |  |  |  |
Funded status |  | $ | 39,779 |  |  | $ | 38,864 |
Net amounts recognized as receivable pension costs in the consolidated balance sheets |  | $ | 39,779 |  |  | $ | 38,864 |
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |  |  |
Unrecognized prior service credit |  | $ | (159 | ) |  | $ | (193 | )
Unrecognized net loss |  |  | 6,548 |  |  |  | 2,700 |
Net amounts recognized in accumulated other comprehensive income (before tax) |  | $ | 6,389 |  |  | $ | 2,507 |
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |
Discount rate |  |  | 5.23 | % |  |  | 3.03 | %
Rate of compensation increase |  |  | 3.84 | % |  |  | 3.62 | %
Expected long-term return on assets |  |  | 6.82 | % |  |  | 5.74 | %
Components of and Weighted-Average Assumptions Used in Determining Net Periodic Benefit Costs | The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows:
|  | For the Years Ended December 31, |
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |
Service cost—benefits earned during year |  | $ | 2,190 |  |  | $ | 2,500 |  |  | $ | 2,283 |
Interest cost on projected benefit obligation |  |  | 4,114 |  |  |  | 3,416 |  |  |  | 4,507 |
Expected return on plan assets |  |  | (11,572 | ) |  |  | (11,207 | ) |  |  | (10,433 | )
Amortization of prior service credit |  |  | (34 | ) |  |  | (34 | ) |  |  | (34 | )
Amortization of net loss |  |  | 506 |  |  |  | 2,736 |  |  |  | 3,192 |
Net periodic pension income |  | $ | (4,796 | ) |  | $ | (2,589 | ) |  | $ | (485 | )
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |
Net loss (gain) for period |  | $ | 4,353 |  |  | $ | (16,290 | ) |  | $ | 432 |
Prior service credit |  |  | — |  |  |  | — |  |  |  | (313 | )
Amortization of prior service credit |  |  | 34 |  |  |  | 34 |  |  |  | 34 |
Amortization of net loss |  |  | (505 | ) |  |  | (2,736 | ) |  |  | (3,192 | )
Total recognized in other comprehensive loss (income) |  | $ | 3,882 |  |  | $ | (18,992 | ) |  | $ | (3,039 | )
Total recognized in net periodic pension cost and other comprehensive income |  | $ | (914 | ) |  | $ | (21,581 | ) |  | $ | (3,524 | )
Weighted-average assumptions used to determine net periodic pension cost: |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.03 | % |  |  | 2.74 | % |  |  | 3.38 | %
Rate of compensation increase |  |  | 3.62 | % |  |  | 3.30 | % |  |  | 3.53 | %
Expected long-term return on assets |  |  | 5.74 | % |  |  | 6.11 | % |  |  | 6.30 | %
Summary of Weighted-Average Asset Allocations by Asset Category | The following table sets forth the Plan’s weighted-average asset allocations by asset category:
|  | Target |  |  |  |  |  |
|  | Allocation |  | December 31, |
|  | for 2022 |  | 2022 |  |  | 2021 |
Asset Category: |  |  |  |  |  |  |  |
Equity securities |  | 55-75% |  |  | 50 | % |  |  | 55 | %
Debt securities |  | 25-55% |  |  | 48 | % |  |  | 43 | %
Cash and cash equivalents |  | 0-5% |  |  | 2 | % |  |  | 2 | %
Total |  |  |  |  | 100 | % |  |  | 100 | %
Fair Values of the Wesbanco's Pension Plan Assets | The fair values of Wesbanco’s pension plan assets at December 31, 2022 and 2021, by asset category are as follows:
|  |  |  |  | December 31, 2022 |
|  |  |  |  | Fair Value Measurements Using: |
(in thousands) |  | Assets at Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Defined benefit pension plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Registered investment companies |  | $ | 42,622 |  |  | $ | 42,622 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  | 52,914 |  |  |  | 52,914 |  |  |  | — |  |  |  | — |
Corporate debt securities |  |  | 58,342 |  |  |  | — |  |  |  | 58,342 |  |  |  | — |
Municipal obligations |  |  | 1,764 |  |  |  | — |  |  |  | 1,764 |  |  |  | — |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 10,102 |  |  |  | — |  |  |  | 10,102 |  |  |  | — |
Total defined benefit pension plan assets (1) |  | $ | 165,744 |  |  | $ | 95,536 |  |  | $ | 70,208 |  |  | $ | — |
(1) The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $166.9 million.
|  |  |  |  | December 31, 2021 |
|  |  |  |  | Fair Value Measurements Using: |
(in thousands) |  | Assets at Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Defined benefit pension plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Registered investment companies |  | $ | 54,737 |  |  | $ | 54,737 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  | 74,445 |  |  |  | 74,445 |  |  |  | — |  |  |  | — |
Corporate debt securities |  |  | 57,404 |  |  |  | — |  |  |  | 57,404 |  |  |  | — |
Municipal obligations |  |  | 2,124 |  |  |  | — |  |  |  | 2,124 |  |  |  | — |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 14,073 |  |  |  | — |  |  |  | 14,073 |  |  |  | — |
Total defined benefit pension plan assets (1) |  | $ | 202,783 |  |  | $ | 129,182 |  |  | $ | 73,601 |  |  | $ | — |
(1) The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $204.8 million.
Estimated Benefits to be Paid in Each of Next Five Years and in the Aggregate for the Five Years Thereafter | The following table presents estimated benefits to be paid in each of the next five years and in aggregate for all years thereafter (in thousands):
Year |  | Amount |
2023 |  | $ | 7,244 |
2024 |  |  | 7,190 |
2025 |  |  | 7,556 |
2026 |  |  | 7,856 |
2027 |  |  | 8,153 |
2028 and thereafter |  |  | 265,360 |
Total |  | $ | 303,359 |
Significant Assumptions Used in Calculating the Fair Value of the Grants | The following table sets forth the significant assumptions used in calculating the fair value of the grants:
|  | For the Years Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Weighted-average life |  | 5.1 years |  |  | 5.2 years |  |  | 5.7 years |
Risk-free interest rate |  |  | 2.89 | % |  |  | 0.87 | % |  |  | 0.41 | %
Dividend yield |  |  | 4.15 | % |  |  | 3.32 | % |  |  | 5.94 | %
Volatility factor |  |  | 32.28 | % |  |  | 31.81 | % |  |  | 28.38 | %
Fair value of the grants |  | $ | 6.91 |  |  | $ | 7.75 |  |  | $ | 2.54 |
Summary of Activity for the Stock Option Component of the Incentive Plan | The following table shows the activity for the Stock Option component of the Incentive Plan:
|  | For the Year Ended December 31, 2022 |
|  | Number of Options |  |  | Weighted Average Exercise Price Per Share |
Outstanding at beginning of the year |  |  | 772,651 |  |  | $ | 34.70 |
Granted during the year |  |  | 146,900 |  |  |  | 32.30 |
Exercised during the year |  |  | (111,050 | ) |  |  | 27.46 |
Forfeited or expired during the year |  |  | (27,031 | ) |  |  | 32.37 |
Outstanding at end of the year |  |  | 781,470 |  |  | $ | 36.12 |
Exercisable at year end |  |  | 637,670 |  |  | $ | 36.98 |
Summary of Average Remaining Life of the Stock Options | The following table shows the average remaining life of the stock options at December 31, 2022:
Year Issued |  | Exercisable at Year End |  |  | Exercise Price Range Per Share |  |  | Options Outstanding |  |  | Weighted Average Exercise Price |  |  | Weighted Avg. Remaining Contractual Life in Years |
2013 |  |  | 2,824 |  |  |  | 15.35 |  |  |  | 2,824 |  |  | $ | 15.35 |  |  |  | 0.16 |
2014 |  |  | 4,705 |  |  |  | 21.37 |  |  |  | 4,705 |  |  |  | 21.37 |  |  |  | 1.16 |
2015 |  |  | 9,725 |  |  | 18.33 to 20.18 |  |  |  | 9,725 |  |  |  | 19.82 |  |  |  | 2.62 |
2016 |  |  | 36,405 |  |  | 22.63 to 32.37 |  |  |  | 36,405 |  |  |  | 31.11 |  |  |  | 0.75 |
2017 |  |  | 96,325 |  |  |  | 38.88 |  |  |  | 96,325 |  |  |  | 38.88 |  |  |  | 1.35 |
2018 |  |  | 160,186 |  |  | 36.97 to 45.65 |  |  |  | 160,186 |  |  |  | 43.21 |  |  |  | 3.23 |
2019 |  |  | 114,000 |  |  |  | 38.93 |  |  |  | 114,000 |  |  |  | 38.93 |  |  |  | 3.37 |
2020 |  |  | 73,800 |  |  |  | 21.55 |  |  |  | 73,800 |  |  |  | 21.55 |  |  |  | 4.40 |
2021 |  |  | 139,700 |  |  |  | 38.78 |  |  |  | 139,700 |  |  |  | 38.78 |  |  |  | 5.39 |
2022 |  |  | — |  |  |  | — |  |  |  | 143,800 |  |  |  | 32.30 |  |  |  | 6.38 |
Total |  |  | 637,670 |  |  | $15.35 to $45.65 |  |  |  | 781,470 |  |  | $ | 36.12 |  |  |  | 3.95 |
Schedule of Activity for the Restricted Stock Component of the Plan | The following table shows the activity for the Restricted Stock component of the Incentive Plan:
For the Year Ended December 31, 2022 |  | Restricted Stock |  |  | Weighted Average Grant Date Fair Value Per Share |
Non-vested at January 1, 2022 |  |  | 504,868 |  |  | $ | 29.42 |
Granted during the year |  |  | 201,147 |  |  |  | 32.33 |
Vested during the year |  |  | (127,532 | ) |  |  | 38.12 |
Forfeited or expired during the year |  |  | (900 | ) |  |  | 34.04 |
Dividend reinvestment |  |  | 19,197 |  |  |  | 33.83 |
Non-vested at end of the year |  |  | 596,780 |  |  | $ | 28.67 |
Farmers Capital Bank Corporation Postretirement Medical Benefit Plan [Member] |
Summary of Benefit Obligations and Funded Status of the Plan | The benefit obligation and funded status of the plan are as follows:
|  | December 31, |
(dollars in thousands) |  | 2022 |  |  | 2021 |
Change in projected benefit obligation: |  |  |  |  |  |
Projected benefit obligation |  | $ | 11,245 |  |  | $ | 12,695 |
Interest cost |  |  | 266 |  |  |  | 230 |
Actuarial gain |  |  | (3,881 | ) |  |  | (1,096 | )
Participant contributions |  |  | 320 |  |  |  | 342 |
Benefits paid |  |  | (831 | ) |  |  | (926 | )
Projected benefit obligation at end of year |  | $ | 7,119 |  |  | $ | 11,245 |
Amounts recognized in the statement of financial position: |  |  |  |  |  |
Funded status |  | $ | 7,119 |  |  | $ | (11,245 | )
Net amounts recognized as receivable pension costs in the consolidated balance sheets |  | $ | 7,119 |  |  | $ | (11,245 | )
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |  |  |
Unrecognized net (gain) loss |  | $ | (3,676 | ) |  | $ | 249 |
Prior service cost |  |  | (2,343 | ) |  |  | (2,568 | )
Net amounts recognized in accumulated other comprehensive income (before tax) |  | $ | (6,019 | ) |  | $ | (2,319 | )
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |
Discount rate |  |  | 5.20 | % |  |  | 2.96 | %
Rate of compensation increase |  | NA |  |  | NA |
Expected long-term return on assets |  | NA |  |  | NA |
Components of and Weighted-Average Assumptions Used in Determining Net Periodic Benefit Costs | The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows:
|  | For the Years Ended December 31, |
(dollars in thousands) |  | 2022 |  |  | 2021 |
Components of net periodic benefit cost: |  |  |  |  |  |
Interest cost on projected benefit obligation |  | $ | 266 |  |  | $ | 230 |
Amortization of prior service credit |  |  | (224 | ) |  |  | (224 | )
Amortization of net loss |  |  | 43 |  |  |  | 43 |
Net periodic pension cost |  | $ | 85 |  |  | $ | 49 |
Other changes in plan benefit obligations recognized in other comprehensive income: |  |  |  |  |  |
Prior service cost for period |  | $ | — |  |  | $ | — |
Net gain for the period |  |  | (3,881 | ) |  |  | (1,097 | )
Amortization of prior service credit |  |  | 224 |  |  |  | 224 |
Amortization of net loss |  |  | (43 | ) |  |  | (43 | )
Total recognized in other comprehensive income |  | $ | (3,700 | ) |  | $ | (916 | )
Total recognized in net periodic pension cost and other comprehensive income |  | $ | (3,615 | ) |  | $ | (867 | )
Weighted-average assumptions used to determine net periodic pension cost: |  |  |  |  |  |
Discount rate |  |  | 5.10 | % |  |  | 2.40 | %
Rate of compensation increase |  | NA |  |  | NA |
Expected long-term return on assets |  | NA |  |  | NA |
Estimated Benefits to be Paid in Each of Next Five Years and in the Aggregate for the Five Years Thereafter | The following table presents estimated benefits to be paid in each of the next five years and in aggregate for all years thereafter (in thousands):
Year |  | Amount |
2023 |  | $ | 684 |
2024 |  |  | 668 |
2025 |  |  | 603 |
2026 |  |  | 588 |
2027 |  |  | 536 |
2028 and thereafter |  |  | 10,138 |
Total |  | $ | 13,217 |

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