Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021			2020
Accumulated benefit obligation at end of year	$	152,232		$	157,328
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	168,433		$	153,960
Service cost		2,500			2,283
Interest cost		3,416			4,507
Actuarial (gain) loss		(4,688	)		14,376
Plan amendment		—			(313	)
Benefits paid		(5,742	)		(6,380	)
Projected benefit obligation at end of year	$	163,919		$	168,433
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	185,716		$	167,720
Actual return on plan assets		22,809			24,376
Employer contribution		—			—
Benefits paid		(5,742	)		(6,380	)
Fair value of plan assets at end of year	$	202,783		$	185,716
Amounts recognized in the statement of financial position:
Funded status	$	38,864		$	17,284
Net amounts recognized as receivable pension costs in the    consolidated balance sheets	$	38,864		$	17,284
Amounts recognized in accumulated other comprehensive    income consist of:
Unrecognized prior service credit	$	(193	)	$	(227	)
Unrecognized net loss		2,700			21,726
Net amounts recognized in accumulated other comprehensive    income (before tax)	$	2,507		$	21,499
Weighted average assumptions used to determine benefit obligations:
Discount rate		3.03	%		2.74	%
Rate of compensation increase		3.62	%		3.30	%
Expected long-term return on assets		5.74	%		6.11	%

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)	2021			2020			2019
Components of net periodic benefit cost:
Service cost—benefits earned during year	$	2,500		$	2,283		$	2,248
Interest cost on projected benefit obligation		3,416			4,507			5,266
Expected return on plan assets		(11,207	)		(10,433	)		(8,869	)
Amortization of prior service (credit) cost		(34	)		(34	)		26
Amortization of net loss		2,736			3,192			3,240
Net periodic pension (income) cost	$	(2,589	)	$	(485	)	$	1,911
Other changes in plan assets and benefit obligations recognized in other    comprehensive income:
Net (gain) loss for period	$	(16,290	)	$	432		$	2,946
Prior service credit		—			(313	)		—
Amortization of prior service credit (cost)		34			34			(26	)
Amortization of net loss		(2,736	)		(3,192	)		(3,240	)
Total recognized in other comprehensive (income) loss	$	(18,992	)	$	(3,039	)	$	(320	)
Total recognized in net periodic pension cost and other comprehensive    income	$	(21,581	)	$	(3,524	)	$	1,591
Weighted-average assumptions used to determine net periodic    pension cost:
Discount rate		2.74	%		3.38	%		4.48	%
Rate of compensation increase		3.30	%		3.53	%		3.62	%
Expected long-term return on assets		6.11	%		6.30	%		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 2021	2021			2020
Asset Category:
Equity securities	55-75%		55	%		69	%
Debt securities	25-55%		43	%		28	%
Cash and cash equivalents	0-5%		2	%		3	%
Total			100	%		100	%

Fair Values of the Wesbanco's Pension Plan Assets

The fair values of Wesbanco’s pension plan assets at December 31, 2021 and 2020, by asset category are as follows:

			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.

			December 31, 2020
			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	$	58,101	$	58,101	$	—	$	—
Equity securities		85,222		85,222		—		—
Corporate debt securities		21,170		—		21,170		—
Municipal obligations		2,382		—		2,382		—
Residential mortgage-backed securities and collateralized    mortgage obligations of government sponsored entities    and agencies		18,425		—		18,425		—
Total defined benefit pension plan assets (1)	$	185,300	$	143,323	$	41,977	$	—

(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 $186.3 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
2022	$	6,586
2023		6,698
2024		7,077
2025		7,461
2026		7,784
2027 and thereafter		269,911
Total	$	305,517

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,
	2021			2020			2019
Weighted-average life	5.2 years			5.7 years			5.6 years
Risk-free interest rate		0.87	%		0.41	%		2.18	%
Dividend yield		3.32	%		5.94	%		2.80	%
Volatility factor		31.81	%		28.38	%		21.97	%
Fair value of the grants	$	7.75		$	2.54		$	6.36

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, 2021
	Number of Options			Weighted Average Exercise Price Per Share
Outstanding at beginning of the year		774,749		$	32.87
Granted during the year		147,200			38.78
Exercised during the year		(130,273	)		35.51
Forfeited or expired during the year		(19,025	)		34.53
Outstanding at end of the year		772,651		$	34.70
Exercisable at year end		626,451		$	35.47

Summary of Average Remaining Life of the Stock Options

The following table shows the average remaining life of the stock options at December 31, 2021:

Year Issued	Exercisable at Year End		Exercise Price Range Per Share		Options Outstanding		Weighted Average Exercise Price		Weighted Avg. Remaining Contractual Life in Years
2012		5,490	10.20 to 13.96			5,490	$	12.89		0.55
2013		3,765		15.35		3,765		15.35		1.16
2014		4,705		21.37		4,705		21.37		2.16
2015		45,675	18.33 to 31.58			45,675		29.08		1.10
2016		56,005	22.63 to 32.37			56,005		31.55		1.63
2017		101,325		38.88		101,325		38.88		2.35
2018		162,436	36.97 to 45.65			162,436		43.25		4.22
2019		122,250		38.93		122,250		38.93		4.37
2020		124,800		21.55		124,800		21.55		5.40
2021		—		—		146,200		38.78		6.39
Total		626,451	$10.20 to $45.65			772,651	$	34.70		4.17

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, 2021	Restricted Stock			Weighted Average Grant Date Fair Value Per Share
Non-vested at January 1, 2021		480,044		$	32.90
Granted during the year		146,392			38.68
Vested during the year		(121,211	)		41.77
Forfeited or expired during the year		(16,481	)		38.94
Dividend reinvestment		16,124			33.45
Non-vested at end of the year		504,868		$	29.42

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)	2021			2020
Change in projected benefit obligation:
Projected benefit obligation	$	12,695		$	12,632
Interest cost		230			360
Actuarial (gain) loss		(1,096	)		302
Participant contributions		342			353
Benefits paid		(926	)		(952	)
Projected benefit obligation at end of year	$	11,245		$	12,695
Amounts recognized in the statement of financial position:
Funded status	$	(11,245	)	$	(12,695	)
Net amounts recognized as receivable pension costs in the consolidated balance sheets	$	(11,245	)	$	(12,695	)
Amounts recognized in accumulated other comprehensive income consist of:
Unrecognized net loss	$	249		$	1,388
Prior service cost		(2,568	)		(2,792	)
Net amounts recognized in accumulated other comprehensive income (before tax)	$	(2,319	)	$	(1,404	)
Weighted average assumptions used to determine benefit obligations:
Discount rate		2.96	%		2.65	%
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)	2021			2020
Components of net periodic benefit cost:
Interest cost on projected benefit obligation	$	230		$	360
Amortization of prior service credit		(224	)		(224	)
Amortization of net loss		43			67
Net periodic pension cost	$	49		$	203
Other changes in plan benefit obligations recognized in other comprehensive income:
Prior service cost for period	$	-		$	-
Net (gain) loss for the period		(1,097	)		302
Amortization of prior service credit		224			224
Amortization of net loss		(43	)		(67	)
Total recognized in other comprehensive income	$	(916	)	$	459
Total recognized in net periodic pension cost and other comprehensive income	$	(867	)	$	662
Weighted-average assumptions used to determine net periodic pension cost:
Discount rate		2.40	%		1.97	%
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
2022	$	599
2023		604
2024		606
2025		593
2026		598
2027 and thereafter		14,125
Total	$	17,125