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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis | 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 December 31, 2022 and December 31, 2021:
|  |  |  |  | December 31, 2022 |
|  |  |  |  | Fair Value Measurements Using: |
(in thousands) |  | December 31, 2022 |  |  | Quoted Prices in Active Markets for Identical Assets (level 1) |  |  | Significant Other Observable Inputs (level 2) |  |  | Significant Unobservable Inputs (level 3) |
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 11,506 |  |  | $ | 11,506 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities and agencies |  |  | 225,970 |  |  |  | — |  |  |  | 225,970 |  |  |  | — |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 1,846,053 |  |  |  | — |  |  |  | 1,846,053 |  |  |  | — |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 349,731 |  |  |  | — |  |  |  | 349,731 |  |  |  | — |
Obligations of state and political subdivisions |  |  | 92,228 |  |  |  | — |  |  |  | 91,049 |  |  |  | 1,179 |
Corporate debt securities |  |  | 15,158 |  |  |  | — |  |  |  | 15,158 |  |  |  | — |
Total available-for-sale debt securities |  | $ | 2,529,140 |  |  | $ | — |  |  | $ | 2,527,961 |  |  | $ | 1,179 |
Loans held for sale |  |  | 8,249 |  |  |  | — |  |  |  | 8,249 |  |  |  | — |
Other assets—interest rate derivatives agreements |  |  | 75,840 |  |  |  | — |  |  |  | 75,840 |  |  |  | — |
Total assets recurring fair value measurements |  | $ | 2,624,735 |  |  | $ | 11,506 |  |  | $ | 2,612,050 |  |  | $ | 1,179 |
Other liabilities—interest rate derivatives agreements |  |  | 74,683 |  |  |  | — |  |  |  | 74,683 |  |  |  | — |
Total liabilities recurring fair value measurements |  | $ | 74,683 |  |  | $ | — |  |  | $ | 74,683 |  |  | $ | — |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |
Collateral dependent loans |  | $ | 878 |  |  | $ | — |  |  | $ | — |  |  | $ | 878 |
Other real estate owned and repossessed assets |  |  | 1,486 |  |  |  | — |  |  |  | — |  |  |  | 1,486 |
Total nonrecurring fair value measurements |  | $ | 2,364 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,364 |
|  | December 31, 2021 |
|  | Fair Value Measurements Using: |
(in thousands) |  | December 31, 2021 |  |  | Quoted Prices in Active Markets for Identical Assets (level 1) |  |  | Significant Other Observable Inputs (level 2) |  |  | Significant Unobservable Inputs (level 3) |
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 13,466 |  |  | $ | 13,466 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government sponsored entities and agencies |  |  | 236,978 |  |  |  | — |  |  |  | 236,978 |  |  |  | — |
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 2,285,213 |  |  |  | — |  |  |  | 2,285,213 |  |  |  | — |
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |  |  | 367,493 |  |  |  | — |  |  |  | 367,493 |  |  |  | — |
Obligations of state and political subdivisions |  |  | 106,340 |  |  |  | — |  |  |  | 104,847 |  |  |  | 1,493 |
Corporate debt securities |  |  | 17,438 |  |  |  | — |  |  |  | 17,438 |  |  |  | — |
Total available-for-sale debt securities |  | $ | 3,013,462 |  |  | $ | — |  |  | $ | 3,011,969 |  |  | $ | 1,493 |
Loans held for sale |  |  | 25,277 |  |  |  | — |  |  |  | 25,277 |  |  |  | — |
Other assets—interest rate derivatives agreements |  |  | 24,867 |  |  |  | — |  |  |  | 24,867 |  |  |  | — |
Total assets recurring fair value measurements |  | $ | 3,077,072 |  |  | $ | 13,466 |  |  | $ | 3,062,113 |  |  | $ | 1,493 |
Other liabilities—interest rate derivatives agreements |  |  | 26,388 |  |  |  | — |  |  |  | 26,388 |  |  |  | — |
Total liabilities recurring fair value measurements |  | $ | 26,388 |  |  | $ | — |  |  | $ | 26,388 |  |  | $ | — |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |
Collateral dependent loans |  | $ | 13,558 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,558 |
Other real estate owned and repossessed assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total nonrecurring fair value measurements |  | $ | 13,558 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,558 |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | 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:
|  | Quantitative Information about Level 3 Fair Value Measurements
(in thousands) |  | Fair Value Estimate |  |  | Valuation Techniques |  | Unobservable Input |  | Range / Weighted Average
December 31, 2022: |  |  |  |  |  |  |  |  |
Collateral dependent loans |  | $ | 878 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments (2) |  | 0.0%/0.0%
|  |  |  |  |  |  | Liquidation expenses (2) |  | (8.0%)/(8.0%)
Other real estate owned and repossessed assets |  |  | 1,486 |  |  | Appraisal of collateral (1) (3) |  |  |  |
December 31, 2021: |  |  |  |  |  |  |  |  |
Collateral dependent loans |  | $ | 13,558 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments (2) |  | 0.0%/0.0%
|  |  |  |  |  |  | Liquidation expenses (2) |  | (8.0%)/(8.0%)
Other real estate owned and repossessed assets |  |  | — |  |  | 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, which 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 expenses are presented as a percent of the appraisal. (3) Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management which are not identifiable.
Estimates Fair Values of Financial Instruments | The estimated fair values of Wesbanco’s financial instruments are summarized below:
|  |  |  |  |  |  |  | Fair Value Measurements at December 31, 2022 |
(in thousands) |  | Carrying Amount |  |  | Fair Value Estimate |  |  | Quoted Prices in Active Markets for Identical Assets (level 1) |  |  | Significant Other Observable Inputs (level 2) |  |  | Significant Unobservable Inputs (level 3) |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 408,411 |  |  | $ | 408,411 |  |  | $ | 408,411 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  | 11,506 |  |  |  | 11,506 |  |  |  | 11,506 |  |  |  | — |  |  |  | — |
Available-for-sale debt securities |  |  | 2,529,140 |  |  |  | 2,529,140 |  |  |  | — |  |  |  | 2,527,961 |  |  |  | 1,179 |
Held-to-maturity debt securities |  |  | 1,248,409 |  |  |  | 1,084,390 |  |  |  | — |  |  |  | 1,084,071 |  |  |  | 319 |
Net loans |  |  | 10,584,938 |  |  |  | 9,487,038 |  |  |  | — |  |  |  | — |  |  |  | 9,487,038 |
Loans held for sale |  |  | 8,249 |  |  |  | 8,249 |  |  |  | — |  |  |  | 8,249 |  |  |  | — |
Other assets—interest rate derivatives |  |  | 75,840 |  |  |  | 75,840 |  |  |  | — |  |  |  | 75,840 |  |  |  | — |
Accrued interest receivable |  |  | 68,522 |  |  |  | 68,522 |  |  |  | 68,522 |  |  |  | — |  |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 13,131,090 |  |  |  | 13,142,943 |  |  |  | 12,245,272 |  |  |  | 897,671 |  |  |  | — |
Federal Home Loan Bank borrowings |  |  | 705,000 |  |  |  | 705,094 |  |  |  | — |  |  |  | 705,094 |  |  |  | — |
Other borrowings |  |  | 135,069 |  |  |  | 122,926 |  |  |  | 122,926 |  |  |  | — |  |  |  | — |
Subordinated debt and junior subordinated debt |  |  | 281,404 |  |  |  | 258,631 |  |  |  | — |  |  |  | 258,631 |  |  |  | — |
Other liabilities—interest rate derivatives |  |  | 74,683 |  |  |  | 74,683 |  |  |  | — |  |  |  | 74,683 |  |  |  | — |
Accrued interest payable |  |  | 4,593 |  |  |  | 4,593 |  |  |  | 4,593 |  |  |  | — |  |  |  | — |
|  |  |  |  |  |  |  | Fair Value Measurements at December 31, 2021 |
(in thousands) |  | Carrying Amount |  |  | Fair Value Estimate |  |  | Quoted Prices in Active Markets for Identical Assets (level 1) |  |  | Significant Other Observable Inputs (level 2) |  |  | Significant Unobservable Inputs (level 3) |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 1,251,358 |  |  | $ | 1,251,358 |  |  | $ | 1,251,358 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  | 13,466 |  |  |  | 13,466 |  |  |  | 13,466 |  |  |  | — |  |  |  | — |
Available-for-sale debt securities |  |  | 3,013,462 |  |  |  | 3,013,462 |  |  |  | — |  |  |  | 3,011,969 |  |  |  | 1,493 |
Held-to-maturity debt securities |  |  | 1,004,555 |  |  |  | 1,028,452 |  |  |  | — |  |  |  | 1,028,047 |  |  |  | 405 |
Net loans |  |  | 9,611,856 |  |  |  | 9,385,917 |  |  |  | — |  |  |  | — |  |  |  | 9,385,917 |
Loans held for sale |  |  | 25,277 |  |  |  | 25,277 |  |  |  | — |  |  |  | 25,277 |  |  |  | — |
Other assets—interest rate derivatives |  |  | 24,867 |  |  |  | 24,867 |  |  |  | — |  |  |  | 24,867 |  |  |  | — |
Accrued interest receivable |  |  | 60,844 |  |  |  | 60,844 |  |  |  | 60,844 |  |  |  | — |  |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 13,565,863 |  |  |  | 13,575,477 |  |  |  | 12,273,211 |  |  |  | 1,302,266 |  |  |  | — |
Federal Home Loan Bank borrowings |  |  | 183,920 |  |  |  | 185,684 |  |  |  | — |  |  |  | 185,684 |  |  |  | — |
Other borrowings |  |  | 141,893 |  |  |  | 134,288 |  |  |  | 134,288 |  |  |  | — |  |  |  | — |
Junior subordinated debt |  |  | 132,860 |  |  |  | 109,186 |  |  |  | — |  |  |  | 109,186 |  |  |  | — |
Other liabilities—interest rate derivatives |  |  | 26,388 |  |  |  | 26,388 |  |  |  | — |  |  |  | 26,388 |  |  |  | — |
Accrued interest payable |  |  | 1,901 |  |  |  | 1,901 |  |  |  | 1,901 |  |  |  | — |  |  |  | — |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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