XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.22.4

Subordinated Debt and Junior Subordinated Debt | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
Subordinated Debt and Junior Subordinated Debt | NOTE 10. SUBORDINATED DEBT AND JUNIOR SUBORDINATED DEBT Wesbanco completed the issuance of $150.0 million in aggregate principal amount of subordinated debentures on March 23, 2022. The subordinated debentures have a fixed rate of 3.75% for the first five years and a floating rate for the next five years at Three Month Term Secured Overnight Financing Rate ("SOFR") plus a spread of 1.787%. The subordinated debentures are callable after five years, mature on April 1, 2032 and count towards Tier 2 Capital. Certain trusts, consisting of Wesbanco Capital Trust II, Wesbanco Capital Statutory Trust III, Wesbanco Capital Trusts IV, V and VI, Oak Hill Capital Trusts 2, 3 and 4, Community Bank Shares Statutory Trusts I and II and First Federal Statutory Trust II are all wholly-owned trust subsidiaries of Wesbanco formed for the purpose of issuing Trust Preferred Securities (“Trust Preferred Securities”) into a pool of other financial services entity trust preferred securities, and lending the proceeds to Wesbanco. The Trust Preferred Securities were issued and sold in private placement offerings. The proceeds from the sale of the securities and the issuance of common stock by the Trusts were invested in Junior Subordinated Deferrable Interest Debentures (“Junior Subordinated Debt”) issued by Wesbanco and former acquired banks, which are the sole assets of the Trusts. The Trusts pay dividends on the Trust Preferred Securities at the same rate as the distributions paid by Wesbanco on the Junior Subordinated Debt held by the Trusts. The Trusts provide Wesbanco with the option to defer payment of interest on the Junior Subordinated Debt for an aggregate of 20 consecutive quarterly periods. Should any of these options be utilized, Wesbanco may not declare or pay dividends on its common stock during any such period. Undertakings made by Wesbanco with respect to the Trust Preferred Securities for the Trusts constitute a full and unconditional guarantee by Wesbanco of the obligations of these Trust Preferred Securities. The Junior Subordinated Debt is presented as a separate category of long-term debt on the Consolidated Balance Sheets. For regulatory purposes, at December 31, 2022, all such securities are counted as Tier 2 capital subject to limits. The Trust Preferred Securities provide the issuer with a unique capital instrument that has a tax-deductible interest feature not normally associated with the equity of a corporation. The following table shows Wesbanco’s trust subsidiaries with outstanding Trust Preferred Securities as of December 31, 2022:
(in thousands) |  | Trust Preferred Securities |  |  | Common Securities |  |  | Junior Subordinated Debt |  |  | Stated Maturity Date |  | Optional Redemption Date
Wesbanco Capital Trust II (1) |  | $ | 13,000 |  |  | $ | 410 |  |  | $ | 13,410 |  |  | 6/30/2033 |  | 6/30/2008
Wesbanco Capital Statutory Trust III (2) |  |  | 17,000 |  |  |  | 526 |  |  |  | 17,526 |  |  | 6/26/2033 |  | 6/26/2008
Wesbanco Capital Trust IV (3) |  |  | 20,000 |  |  |  | 619 |  |  |  | 20,619 |  |  | 6/17/2034 |  | 6/17/2009
Wesbanco Capital Trust V (3) |  |  | 20,000 |  |  |  | 619 |  |  |  | 20,619 |  |  | 6/17/2034 |  | 6/17/2009
Wesbanco Capital Trust VI (4) |  |  | 15,000 |  |  |  | 464 |  |  |  | 15,464 |  |  | 3/17/2035 |  | 3/17/2010
Oak Hill Capital Trust 2 (5) |  |  | 5,000 |  |  |  | 155 |  |  |  | 5,155 |  |  | 10/18/2034 |  | 10/18/2009
Oak Hill Capital Trust 3 (6) |  |  | 8,000 |  |  |  | 248 |  |  |  | 8,248 |  |  | 10/18/2034 |  | 10/18/2009
Oak Hill Capital Trust 4 (7) |  |  | 5,000 |  |  |  | 155 |  |  |  | 5,155 |  |  | 6/30/2035 |  | 6/30/2015
Community Bank Shares Statutory Trust I (3) |  |  | 6,902 |  |  |  | 217 |  |  |  | 7,119 |  |  | 6/17/2034 |  | 6/17/2014
Community Bank Shares Statutory Trust II (8) |  |  | 9,801 |  |  |  | 310 |  |  |  | 10,111 |  |  | 6/15/2036 |  | 6/15/2016
First Federal Statutory Trust II (9) |  |  | 9,794 |  |  |  | 310 |  |  |  | 10,104 |  |  | 3/22/2037 |  | 3/15/2017
Total |  | $ | 129,497 |  |  | $ | 4,033 |  |  | $ | 133,530 |  |  |  |  |
(1) Variable rate based on the three-month LIBOR plus 3.15% with a current rate of 7.88% through March 30, 2023, adjustable quarterly. (2) Variable rate based on the three-month LIBOR plus 3.10% with a current rate of 7.82% through March 26, 2023, adjustable quarterly. (3) Variable rate based on the three-month LIBOR plus 2.65 % with a current rate of 7.39% through March 17, 2023, adjustable quarterly. (4) Variable rate based on the three-month LIBOR plus 1.77% with a current rate of 6.51% through March 17, 2023, adjustable quarterly. (5) Variable rate based on the three-month LIBOR plus 2.40% with a current rate of 6.59% through January 18, 2023, adjustable quarterly. (6) Variable rate based on the three-month LIBOR plus 2.30% with a current rate of 6.49% through January 18, 2023, adjustable quarterly. (7) Variable rate based on the three-month LIBOR plus 1.60% with a current rate of 6.33% through March 30, 2023, adjustable quarterly. (8) Variable rate based on the three-month LIBOR plus 1.70% with a current rate of 6.47% through March 15, 2023, adjustable quarterly. (9) Variable rate based on the three-month LIBOR plus 1.60% with a current rate of 6.37% through March 15, 2023, adjustable quarterly.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Subordinated and junior subordinated debt. + References No definition available. + Details
Name: | wsbc_SubordinatedAndJuniorSubordinatedDebtTextBlock
Namespace Prefix: | wsbc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration