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Fair Value Measurement (Tables)

12 Months Ended

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				—				—

X

- 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.

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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.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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