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Employee Benefit Plans (Tables)

12 Months Ended

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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