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Benefit Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Benefit Plans

NOTE 9. BENEFIT PLANS

The following table presents the net periodic pension income for Wesbanco’s Defined Benefit Pension Plan (the “Plan”) and the related components:

 

 

 

For the Three Months
Ended March 31,

 

(unaudited, in thousands)

 

2025

 

 

2024

 

Service cost – benefits earned during year

 

$

264

 

 

$

330

 

Interest cost on projected benefit obligation

 

 

758

 

 

 

1,603

 

Expected return on plan assets

 

 

(1,585

)

 

 

(2,599

)

Amortization of prior service cost

 

 

(9

)

 

 

(9

)

Amortization of net (gain) loss

 

 

(48

)

 

 

21

 

Net periodic pension income

 

$

(620

)

 

$

(654

)

 

The service cost of $0.3 million for both the three months ended March 31, 2025 and 2024, respectively, is included in salaries and wages, and periodic pension income of $0.9 million and $1.0 million for the three months ended March 31, 2025 and 2024, is included in employee benefits.

The Plan covers all employees of Wesbanco and its subsidiaries who were hired on or before August 1, 2007 who satisfy minimum age and length of service requirements, and is not available to employees hired after such date.

 

A minimum required contribution of $3.3 million is due in 2025, which can be offset in whole or in part by the Plan's $64.7 million available credit balance. Wesbanco currently does not expect to make a voluntary contribution to the Plan in 2025.