10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-39442

WESBANCO, INC.

(Exact name of Registrant as specified in its charter)

West Virginia	55-0571723
(State of incorporation)	(IRS Employer Identification No.)
1 Bank Plaza, Wheeling, WV	26003
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: 304-234-9000

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock $2.0833 Par Value	WSBC	NASDAQ Global Select Market
Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A)	WSBCP	NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of April 27, 2022, there were 60,274,414 shares of Wesbanco, Inc. common stock, $2.0833 par value, outstanding.

WESBANCO, INC.

TABLE OF CONTENTS

Item No.	ITEM	Page No.
	PART I - FINANCIAL INFORMATION
1	Financial Statements	2
	Consolidated Balance Sheets at March 31, 2022 (unaudited) and December 31, 2021	2
	Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2022 and 2021 (unaudited)	3
	Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2022 and 2021 (unaudited)	4
	Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)	5
	Notes to Consolidated Financial Statements (unaudited)	6
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
3	Quantitative and Qualitative Disclosures About Market Risk	50
4	Controls and Procedures	52
	PART II – OTHER INFORMATION
1	Legal Proceedings	53
2	Unregistered Sales of Equity Securities and Use of Proceeds	53
6	Exhibits	54
	Signatures	55

1

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WESBANCO, INC. CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,
(unaudited, in thousands, except shares)	2022			2021
ASSETS
Cash and due from banks, including interest bearing amounts of $1,168,985 and $1,094,312, respectively	$	1,369,498		$	1,251,358
Securities:
Equity securities, at fair value		12,757			13,466
Available-for-sale debt securities, at fair value		2,911,373			3,013,462
Held-to-maturity debt securities (fair values of $1,092,993 and $1,028,452, respectively)		1,157,202			1,004,823
Allowance for credit losses, held-to-maturity debt securities		(285	)		(268	)
Net held-to-maturity debt securities		1,156,917			1,004,555
Total securities		4,081,047			4,031,483
Loans held for sale		15,959			25,277
Portfolio loans, net of unearned income		9,733,272			9,733,478
Allowance for credit losses - loans		(117,865	)		(121,622	)
Net portfolio loans		9,615,407			9,611,856
Premises and equipment, net		219,907			229,016
Accrued interest receivable		60,370			60,844
Goodwill and other intangible assets, net		1,149,035			1,151,634
Bank-owned life insurance		348,179			350,359
Other assets		244,613			215,298
Total Assets	$	17,104,015		$	16,927,125
LIABILITIES
Deposits:
Non-interest bearing demand	$	4,670,520		$	4,590,895
Interest bearing demand		3,405,610			3,380,056
Money market		1,831,683			1,739,750
Savings deposits		2,679,053			2,562,510
Certificates of deposit		1,211,008			1,292,652
Total deposits		13,797,874			13,565,863
Federal Home Loan Bank borrowings		123,898			183,920
Other short-term borrowings		158,538			141,893
Subordinated debt and junior subordinated debt		280,743			132,860
Total borrowings		563,179			458,673
Accrued interest payable		1,786			1,901
Other liabilities		193,860			207,522
Total Liabilities		14,556,699			14,233,959
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 1,000,000 shares authorized; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150,000,000, issued and outstanding at March 31, 2022 and December 31, 2021, respectively		144,484			144,484
Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 60,613,414 and 62,307,245 shares outstanding at March 31, 2022 and December 31, 2021, respectively		141,834			141,834
Capital surplus		1,636,705			1,635,642
Retained earnings		998,315			977,765
Treasury stock (7,467,892 and 5,774,061 shares - at cost, respectively)		(261,012	)		(199,759	)
Accumulated other comprehensive loss		(111,312	)		(5,120	)
Deferred benefits for directors		(1,698	)		(1,680	)
Total Shareholders' Equity		2,547,316			2,693,166
Total Liabilities and Shareholders' Equity	$	17,104,015		$	16,927,125

See Notes to Consolidated Financial Statements.

2

WESBANCO, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	For the Three Months Ended March 31,
(unaudited, in thousands, except shares and per share amounts)	2022			2021
INTEREST AND DIVIDEND INCOME
Loans, including fees	$	93,121		$	109,358
Interest and dividends on securities:
Taxable		14,112			11,127
Tax-exempt		4,344			3,910
Total interest and dividends on securities		18,456			15,037
Other interest income		597			659
Total interest and dividend income		112,174			125,054
INTEREST EXPENSE
Interest bearing demand deposits		811			1,043
Money market deposits		321			578
Savings deposits		264			264
Certificates of deposit		1,273			2,370
Total interest expense on deposits		2,669			4,255
Federal Home Loan Bank borrowings		575			2,414
Other short-term borrowings		48			118
Subordinated debt and junior subordinated debt		1,171			1,789
Total interest expense		4,463			8,576
NET INTEREST INCOME		107,711			116,478
Provision for credit losses		(3,438	)		(27,958	)
Net interest income after provision for credit losses		111,149			144,436
NON-INTEREST INCOME
Trust fees		7,835			7,631
Service charges on deposits		6,090			4,894
Electronic banking fees		5,345			4,365
Net securities brokerage revenue		2,220			1,524
Bank-owned life insurance		3,881			1,709
Mortgage banking income		1,923			4,264
Net securities (losses) gains		(650	)		279
Net (loss) gain on other real estate owned and other assets		(806	)		175
Other income		4,544			8,367
Total non-interest income		30,382			33,208
NON-INTEREST EXPENSE
Salaries and wages		38,937			36,890
Employee benefits		9,158			10,266
Net occupancy		7,234			7,177
Equipment and software		8,011			6,765
Marketing		2,421			2,384
FDIC insurance		1,522			1,282
Amortization of intangible assets		2,598			2,896
Restructuring and merger-related expense		1,593			851
Other operating expenses		16,074			17,816
Total non-interest expense		87,548			86,327
Income before provision for income taxes		53,983			91,317
Provision for income taxes		9,859			18,202
Net income		44,124			73,115
Preferred stock dividends		2,531			2,531
Net income available to common shareholders	$	41,593		$	70,584
EARNINGS PER COMMON SHARE
Basic	$	0.68		$	1.05
Diluted	$	0.68		$	1.05
AVERAGE COMMON SHARES OUTSTANDING
Basic		61,445,399			67,263,714
Diluted		61,593,365			67,355,418
DIVIDENDS DECLARED PER COMMON SHARE	$	0.34		$	0.33
COMPREHENSIVE (LOSS) INCOME	$	(62,068	)	$	51,559

See Notes to Consolidated Financial Statements.

3

WESBANCO, INC. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

	For the Three Months Ended March 31, 2022 and 2021
																	Accumulated
	Preferred		Common Stock														Other			Deferred
(unaudited, in thousands, except	Stock		Shares					Capital			Retained			Treasury			Comprehensive			Benefits for
shares and per share amounts)	Amount		Outstanding			Amount		Surplus			Earnings			Stock			Income (Loss)			Directors			Total
December 31, 2021	$	144,484		62,307,245		$	141,834	$	1,635,642		$	977,765		$	(199,759	)	$	(5,120	)	$	(1,680	)	$	2,693,166
Net income		—		—			—		—			44,124			—			—			—			44,124
Other comprehensive loss		—		—			—		—			—			—			(106,192	)		—			(106,192	)
Comprehensive loss		—		—			—		—			—			—			—			—			(62,068	)
Common dividends declared ($0.34 per share)		—		—			—		—			(20,538	)		—			—			—			(20,538	)
Preferred dividends declared ($16.875 per share)		—		—			—		—			(2,531	)		—			—			—			(2,531	)
Stock issued for dividend reinvestment		—		14,531			—		—			(505	)		505			—			—			—
Treasury shares acquired		—		(1,724,571	)		—		—			—			(62,323	)		—			—			(62,323	)
Stock options exercised		—		16,209			—		(192	)		—			565			—			—			373
Stock compensation expense		—		—			—		1,241			—			—			—			—			1,241
Deferred benefits for directors- net		—		—			—		14			—			—			—			(18	)		(4	)
March 31, 2022	$	144,484		60,613,414		$	141,834	$	1,636,705		$	998,315		$	(261,012	)	$	(111,312	)	$	(1,698	)	$	2,547,316
December 31, 2020	$	144,484		67,254,706		$	141,834	$	1,634,815		$	831,688		$	(25,949	)	$	31,359		$	(1,494	)	$	2,756,737
Net income		—		—			—		—			73,115			—			—			—			73,115
Other comprehensive loss		—		—			—		—			—			—			(21,556	)		—			(21,556	)
Comprehensive income		—		—			—		—			—			—			—			—			51,559
Common dividends declared ($0.33 per share)		—		—			—		—			(22,095	)		—			—			—			(22,095	)
Preferred dividends declared ($16.875 per share)		—		—			—		—			(2,531	)		—			—			—			(2,531	)
Stock issued for dividend reinvestment		—		11,720			—		—			(391	)		391			—			—			—
Treasury shares acquired		—		(5,135	)		—		183			—			(183	)		—			—			—
Stock options exercised		—		20,843			—		(183	)		—			752			—			—			569
Stock compensation expense		—		—			—		1,288			—			—			—			—			1,288
Deferred benefits for directors- net		—		—			—		—			—			—			—			(5	)		(5	)
March 31, 2021	$	144,484		67,282,134			141,834		1,636,103			879,786			(24,989	)		9,803			(1,499	)	$	2,785,522

See Notes to Consolidated Financial Statements.

4

WESBANCO, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

	For the Three Months Ended March 31,
(unaudited, in thousands)	2022			2021
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	47,741		$	52,004
INVESTING ACTIVITIES
Net decrease in loans held for investment		6,537			100,799
Available-for-sale debt securities:
Proceeds from maturities, prepayments and calls		180,092			239,259
Purchases of securities		(220,324	)		(1,068,526	)
Held-to-maturity debt securities:
Proceeds from maturities, prepayments and calls		21,801			27,147
Purchases of securities		(174,995	)		(110,298	)
Proceeds from bank owned life insurance		6,061			—
Purchases of premises and equipment – net		(559	)		(2,362	)
Net cash used in investing activities		(181,387	)		(813,981	)
FINANCING ACTIVITIES
Increase in deposits		232,640			858,853
Repayment of Federal Home Loan Bank borrowings		(60,048	)		(115,053	)
Increase (decrease) in other short-term borrowings		16,645			(104,732	)
Principal repayments of finance lease obligations		(115	)		(109	)
Issuance of subordinated debt, net of issuance costs		147,715			—
Dividends paid to common shareholders		(20,570	)		(21,419	)
Dividends paid to preferred shareholders		(2,531	)		(2,531	)
Treasury shares (purchased) sold - net		(61,950	)		569
Net cash provided by financing activities		251,786			615,578
Net increase in cash, cash equivalents and restricted cash		118,140			(146,399	)
Cash, cash equivalents and restricted cash at beginning of the period		1,251,358			905,447
Cash, cash equivalents and restricted cash at end of the period	$	1,369,498		$	759,048
SUPPLEMENTAL DISCLOSURES
Interest paid on deposits and other borrowings	$	5,014		$	10,719
Transfers of loans to other real estate owned		87			—

See Notes to Consolidated Financial Statements.

5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation — The accompanying unaudited interim financial statements of Wesbanco, Inc. and its consolidated subsidiaries (“Wesbanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021.

Wesbanco’s interim financial statements have been prepared following the significant accounting policies disclosed in Note 1 of the Notes to the Consolidated Financial Statements of its 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly Wesbanco’s financial position and results of operations for each of the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on Wesbanco’s net income and shareholders’ equity. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year.

Recent accounting pronouncements—The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) as noted below.

ASU 2022-02 Financial Instruments - Credit Losses (Topic 326)

In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)". The amendments in this ASU eliminate the accounting guidance for Troubled Debt Restructurings ("TDRs") by creditors in Subtopic 310-40, "Receivables - Troubled Debt Restructurings by Creditors," while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, for public business entities, the amendments in this Update require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, "Financial Instruments - Credit Losses - Measured at Amortized Cost." The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Wesbanco is currently assessing the impact of ASU 2022-02 on its Consolidated Financial Statements.

ASU 2022-01 Derivatives and Hedging (Topic 815)

In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (Topic 815)". The amendments in this ASU address several topics within ASU 2017-12, which was issued in August 2017 to improve the hedge accounting model. ASU 2022-01 expands the current last-of-layer method to allow multiple hedged layers of a single closed portfolio and renames the last-of-layer method as the portfolio layer method. Among other things, the ASU expands the scope of the portfolio layer method to include nonprepayable financial assets, provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method whether a single hedged layer or multiple hedge layers are designated and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The adoption of this pronouncement is not expected to have a material impact on Wesbanco's Consolidated Financial Statements.

ASU 2021-08 Business Combinations (Topic 805)

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805)." The amendments in this Update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, "Revenue Recognition." The amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities from the sale of nonfinancial assets within the scope of Subtopic 610-20, "Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets." For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this pronouncement is not expected to have a material impact on Wesbanco's Consolidated Financial Statements.

6

ASU 2020-04 and ASU 2021-01 Reference Rate Reform (Topic 848)

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. This ASU provided temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the London Interbank Offered Rate ("LIBOR") or other reference rate expected to be discontinued on financial reporting. The ASU also provides optional expedients for contract modifications that replace a reference rate affected by reference rate reform. The guidance is effective as of March 12, 2020 through December 31, 2022, and can be adopted at any time during this period. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. This ASU refines the scope of Topic 848 and addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued, but that use an interest rate for margining, discounting or contract price alignment that is expected to be modified as a result of reference rate reform. ASU 2021-01 is effective upon issuance through December 31, 2024, and can be adopted at any time during this period. Wesbanco has not offered LIBOR for any new contracts after December 31, 2021. Wesbanco has chosen the One Month Term Secured Overnight Financing Rate ("1M Term SOFR") as its alternative replacement rate for LIBOR on both back-to-back swaps and on one-month variable loans. A transition plan was implemented in 2021 to identify and modify Wesbanco's loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR, and Wesbanco continues to assess the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis, with no material impacts expected at this time.

NOTE 2. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:

	For the Three Months Ended March 31,
(unaudited, in thousands, except shares and per share amounts)	2022		2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	41,593	$	70,584
Denominator:
Total average basic common shares outstanding		61,445,399		67,263,714
Effect of dilutive stock options and other stock compensation		147,966		91,704
Total diluted average common shares outstanding		61,593,365		67,355,418
Earnings per common share - basic	$	0.68	$	1.05
Earnings per common share - diluted	$	0.68	$	1.05

As of March 31, 2022 and 2021, respectively, 384,761 and 393,961 options to purchase shares were not included in the diluted share computation for the three months ended March 31, 2022 and 2021, respectively, because the exercise price was greater than the average market price of a common share, and, therefore, the effect would be antidilutive.

As of March 31, 2022, 16,224 contingently issuable shares were estimated to be awarded under the 2022 total shareholder return ("TSR") plan, as stock performance targets had been met as of such date and therefore those shares were included in the diluted calculation. As of March 31, 2022, the shares related to the 2021 and 2020 TSR plans were not included in the calculation because the effect would be antidilutive. As of March 31, 2021, the shares related to the 2021, 2020 and 2019 TSR plans were not included in the calculation because the effect would be antidilutive.

In addition, performance-based restricted stock ("PBRS") compensation totaling 61,267 shares were estimated to be awarded as of March 31, 2022. No PBRS compensation was estimated to be awarded as of March 31, 2021.

7

NOTE 3. SECURITIES

The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:

	March 31, 2022									December 31, 2021
(unaudited, in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale debt securities
U.S. Government sponsored entities and agencies	$	253,475	$	549	$	(13,527	)	$	240,497	$	236,096	$	3,922	$	(3,040	)	$	236,978
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,289,780		1,777		(132,103	)		2,159,454		2,301,170		16,489		(32,446	)		2,285,213
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		397,233		500		(3,644	)		394,089		364,486		4,252		(1,245	)		367,493
Obligations of states and political subdivisions		100,029		1,310		(1,066	)		100,273		101,003		5,372		(35	)		106,340
Corporate debt securities		16,943		195		(78	)		17,060		16,940		507		(9	)		17,438
Total available-for-sale debt securities	$	3,057,460	$	4,331	$	(150,418	)	$	2,911,373	$	3,019,695	$	30,542	$	(36,775	)	$	3,013,462
Held-to-maturity debt securities
U.S. Government sponsored entities and agencies	$	5,731	$	8	$	(233	)	$	5,506	$	5,944	$	72	$	(8	)	$	6,008
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		53,989		114		(1,335	)		52,768		58,147		1,409		(16	)		59,540
Obligations of states and political subdivisions		1,067,214		5,719		(68,912	)		1,004,021		907,649		23,854		(3,500	)		928,003
Corporate debt securities		30,268		430		—			30,698		33,083		1,818		—			34,901
Total held-to-maturity debt securities (1)	$	1,157,202	$	6,271	$	(70,480	)	$	1,092,993	$	1,004,823	$	27,153	$	(3,524	)	$	1,028,452
Total debt securities	$	4,214,662	$	10,602	$	(220,898	)	$	4,004,366	$	4,024,518	$	57,695	$	(40,299	)	$	4,041,914

(1)Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.3 million at March 31, 2022 and December 31, 2021, respectively.

At March 31, 2022 and December 31, 2021, there were no holdings of any one issuer, other than U.S. government sponsored entities and its agencies, in an amount greater than 10% of Wesbanco’s shareholders’ equity. Equity securities, of which $10.0 million consist of investments in various mutual funds held in grantor trusts formed in connection with the Company’s deferred compensation plan, are recorded at fair value, and totaled $12.8 million and $13.5 million at March 31, 2022 and December 31, 2021, respectively.

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at March 31, 2022. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.

(unaudited, in thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities
Less than one year	$	13,971	$	14,020
1-5 years		168,985		169,008
5-10 years		444,587		437,643
Over 10 years		2,429,917		2,290,702
Total available-for-sale debt securities	$	3,057,460	$	2,911,373
Held-to-maturity debt securities
Less than one year	$	24,053	$	24,232
1-5 years		115,863		117,485
5-10 years		277,300		276,045
Over 10 years		739,986		675,231
Total held-to-maturity debt securities	$	1,157,202	$	1,092,993
Total debt securities	$	4,214,662	$	4,004,366

8

Securities with an aggregate fair value of $2.1 billion at March 31, 2022 and December 31, 2021 were pledged as security for public and trust funds, and securities sold under agreements to repurchase. There were no proceeds from the sale of available-for-sale securities for the three months ended March 31, 2022 and 2021. Net unrealized losses on available-for-sale securities included in accumulated other comprehensive income, net of tax, as of March 31, 2022 and December 31, 2021 were $111.0 million and $4.7 million, respectively.

The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three months ended March 31, 2022 and 2021, respectively. All gains and losses presented in the table below are included in the net securities (losses) gains line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense.

	For the Three Months Ended March 31,
(unaudited, in thousands)	2022			2021
Debt securities:
Gross realized gains	$	31		$	140
Gross realized losses		(2	)		(39	)
Net gains on debt securities	$	29		$	101
Equity securities:
Net unrealized (losses) gains recognized on securities still held	$	(679	)	$	178
Net realized gains (losses) recognized on securities sold		—			—
Net (losses) gains on equity securities	$	(679	)	$	178
Net securities (losses) gains	$	(650	)	$	279

The corporate and municipal bonds in Wesbanco’s held-to-maturity debt portfolio are analyzed quarterly to determine if an allowance for current expected credit losses is warranted. Wesbanco uses a database of historical financials of all corporate and municipal issuers and actual historic default and recovery rates on rated and non-rated transactions to estimate expected credit losses on an individual security basis. The expected credit losses are adjusted quarterly and are recorded in an allowance for expected credit losses on the balance sheet, which is deducted from the amortized cost basis of the held-to-maturity portfolio as a contra asset. The losses are recorded on the income statement in the provision for credit losses. Accrued interest receivable on held-to-maturity securities, which was $8.3 million and $7.0 million as of March 31, 2022 and December 31, 2021, respectively, is excluded from the estimate of credit losses. Held-to-maturity investments in U.S. Government sponsored entities and agencies as well as mortgage-backed securities and collateralized mortgage obligations, which are all either issued by a direct governmental entity or a government-sponsored entity, have no historical evidence supporting expected credit losses; therefore, Wesbanco has estimated these losses at zero, and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption.

The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the three months ended March 31, 2022 and 2021:

	Allowance for Credit Losses By Category
	For the Three Months Ended March 31, 2022 and 2021
			Residential mortgage
			-backed
			securities and
			collateralized
			mortgage obligations		Obligations of
	U.S. Government		of government		state and			Corporate
	sponsored		sponsored entities		political			debt
(unaudited, in thousands)	entities and agencies		and agencies		subdivisions			Securities			Total
Balance at December 31, 2021	$	—	$	—	$	174		$	94		$	268
Current period provision		—		—		(14	)		31			17
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at March 31, 2022	$	—	$	—	$	160		$	125		$	285
.
Balance at December 31, 2020	$	—	$	—	$	130		$	196		$	326
Current period provision		—		—		(12	)		(24	)		(36	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at March 31, 2021	$	—	$	—	$	118		$	172		$	290

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The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded, as of March 31, 2022 and December 31, 2021, respectively:

	March 31, 2022
	Less than 12 months							12 months or more							Total
(unaudited, dollars in thousands)	Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities
U.S. Government sponsored entities and agencies	$	152,701	$	(8,450	)		23	$	43,624	$	(5,077	)		5	$	196,325	$	(13,527	)		28
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,579,619		(91,718	)		359		410,877		(40,385	)		49		1,990,496		(132,103	)		408
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		264,064		(2,329	)		47		74,408		(1,315	)		8		338,472		(3,644	)		55
Obligations of state and political subdivisions		19,150		(1,066	)		27		—		—			—		19,150		(1,066	)		27
Corporate debt and other securities		7,922		(78	)		5		—		—			—		7,922		(78	)		5
Total	$	2,023,456	$	(103,641	)		461	$	528,909	$	(46,777	)		62	$	2,552,365	$	(150,418	)		523

	December 31, 2021
	Less than 12 months							12 months or more							Total
(dollars in thousands)	Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities
U.S. Government sponsored entities and agencies	$	114,486	$	(1,865	)		12	$	32,688	$	(1,175	)		4	$	147,174	$	(3,040	)		16
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,568,138		(29,060	)		143		141,681		(3,386	)		23		1,709,819		(32,446	)		166
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		131,970		(579	)		25		78,356		(666	)		8		210,326		(1,245	)		33
Obligations of states and political subdivisions		4,307		(35	)		2		—		—			—		4,307		(35	)		2
Corporate debt securities		6,990		(9	)		5		—		—			—		6,990		(9	)		5
Total	$	1,825,891	$	(31,548	)		187	$	252,725	$	(5,227	)		35	$	2,078,616	$	(36,775	)		222

Unrealized losses on debt securities in the table above represent temporary fluctuations resulting from changes in market rates in relation to fixed yields. Unrealized losses in the available-for-sale portfolio are accounted for as an adjustment, net of taxes, to other comprehensive income in shareholders’ equity. Wesbanco does not believe the securities presented above are impaired due to reasons of credit quality, as substantially all debt securities are rated above investment grade and all are paying principal and interest according to their contractual terms. Wesbanco does not intend to sell, nor is it more likely than not that it will be required to sell, loss position securities prior to recovery of their cost; therefore, management believes the unrealized losses detailed above do not require an allowance for credit losses relating to these securities to be recognized. Securities that do not have readily determinable fair values and for which Wesbanco does not exercise significant influence are carried at cost. Cost method investments consist primarily of Federal Home Loan Bank (“FHLB”) of Pittsburgh stock totaling $13.6 million and $15.9 million at March 31, 2022 and December 31, 2021, respectively, and are included in other assets in the Consolidated Balance Sheets. Cost method investments are evaluated for impairment whenever events or circumstances suggest that their carrying value may not be recoverable.

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NOTE 4. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES

The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan fee costs were $6.8 million and $3.3 million at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022 and December 31, 2021, respectively, the balance also included $2.9 million and $6.1 million of net deferred fee income from SBA Payroll Protection Program (“PPP”) loans. The un-accreted discount on purchased loans from acquisitions was $23.4 million at March 31, 2022 and $25.9 million at December 31, 2021.

	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	857,869	$	833,880
Improved property		4,722,213		4,705,088
Total commercial real estate		5,580,082		5,538,968
Commercial and industrial		1,436,543		1,427,645
Commercial and industrial - PPP		76,535		162,675
Residential real estate		1,767,064		1,721,378
Home equity		592,872		605,682
Consumer		280,176		277,130
Total portfolio loans		9,733,272		9,733,478
Loans held for sale		15,959		25,277
Total loans	$	9,749,231	$	9,758,755

The allowance for credit losses under the current expected credit losses methodology (“CECL”) is calculated utilizing the probability of default (“PD”) / loss given default (“LGD”), which is then discounted to net present value. PD is the probability the asset will default within a given time frame and LGD is the percentage of the asset not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rates, as well as modeling adjustments for changes in prepayment speeds, loan risk grades, portfolio mix, concentrations and loan growth. For the calculation as of March 31, 2022, the one-year forecast was based upon a blended rate from two nationally-recognized published economic forecasts through March 31, 2022, and is primarily driven by the national unemployment and interest rate spread forecasts. Wesbanco’s blended forecast of national unemployment at quarter end was projected to peak at 3.7% in the first quarter, and subsequently decrease to an average of 3.5% over the remainder of the forecast period. The calculation utilized a one-year reversion period back to the Company’s historical loss rate by loan classification. Included in the qualitative factors were COVID-19 pandemic factors related to the transient credit risk not covered by the traditional allowance process, adjusted to Wesbanco’s regional footprint, deferred interest on modified loans, and hospitality industry concentration. As of March 31, 2022, accrued interest receivable for loans was $45.0 million. Wesbanco made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses because the Company has a robust policy in place to reverse or write-off accrued interest when loans are placed on non-accrual. However, Wesbanco does have a $0.1 million reserve on the accrued interest related to loan modifications allowed under the CARES Act due to the timing and nature of these modifications. As of March 31, 2022, accrued interest receivable related to COVID-19 loan modifications as permitted under the CARES Act was $20.8 million.

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The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio:

	Allowance for Credit Losses By Category
	For the Three Months Ended March 31, 2022 and 2021
(unaudited, in thousands)	Commercial Real Estate - Land and Construction			Commercial Real Estate- Improved Property			Commercial & Industrial			Residential Real Estate			Home Equity			Consumer			Deposit Overdrafts			Total
Balance at December 31, 2021
Allowance for credit    losses - loans	$	7,310		$	65,355		$	26,875		$	15,401		$	724		$	3,737		$	2,220		$	121,622
Allowance for credit    losses - loan commitments		4,180			201			1,497			1,576			49			272			—			7,775
Total beginning allowance for credit    losses - loans and loan    commitments		11,490			65,556			28,372			16,977			773			4,009			2,220			129,397
Provision for credit losses:
Provision for loan losses		243			(469	)		(1,468	)		(1,737	)		(102	)		69			(266	)		(3,730	)
Provision for loan commitments		751			119			(827	)		164			9			59			—			275
Total provision for credit    losses - loans and loan    commitments		994			(350	)		(2,295	)		(1,573	)		(93	)		128			(266	)		(3,455	)
Charge-offs		—			(137	)		(208	)		(142	)		(86	)		(787	)		(435	)		(1,795	)
Recoveries		25			260			336			192			139			727			89			1,768
Net (charge-offs) recoveries		25			123			128			50			53			(60	)		(346	)		(27	)
Balance at March 31, 2022
Allowance for credit    losses - loans		7,578			65,009			25,535			13,714			675			3,746			1,608			117,865
Allowance for credit    losses - loan commitments		4,931			320			670			1,740			58			331			—			8,050
Total ending allowance for credit    losses - loans and loan    commitments	$	12,509		$	65,329		$	26,205		$	15,454		$	733		$	4,077		$	1,608		$	125,915
Balance at December 31, 2020
Allowance for credit    losses - loans	$	10,841		$	110,652		$	37,850		$	17,851		$	1,487		$	6,507		$	639		$	185,827
Allowance for credit    losses - loan commitments		6,508			712			1,275			955			45			19			—			9,514
Total beginning allowance for credit    losses - loans and loan    commitments		17,349			111,364			39,125			18,806			1,532			6,526			639			195,341
Provision for credit losses:
Provision for loan losses		(3,538	)		(11,420	)		(4,256	)		(4,177	)		(394	)		(1,510	)		156			(25,139	)
Provision for loan commitments		(2,508	)		(504	)		308			(86	)		5			2			—			(2,783	)
Total provision for credit    losses - loans and loan    commitments		(6,046	)		(11,924	)		(3,948	)		(4,263	)		(389	)		(1,508	)		156			(27,922	)
Charge-offs		(18	)		(19	)		(750	)		(371	)		(174	)		(927	)		(201	)		(2,460	)
Recoveries		55			528			440			135			79			462			113			1,812
Net (charge-offs) recoveries		37			509			(310	)		(236	)		(95	)		(465	)		(88	)		(648	)
Balance at March 31, 2021
Allowance for credit    losses - loans		7,340			99,741			33,284			13,438			998			4,532			707			160,040
Allowance for credit    losses - loan commitments		4,000			208			1,583			869			50			21			—			6,731
Total ending allowance for credit    losses - loans and loan    commitments	$	11,340		$	99,949		$	34,867		$	14,307		$	1,048		$	4,553		$	707		$	166,771

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The following tables present the allowance for credit losses and recorded investments in loans by category, as of each period-end:

	Allowance for Credit Losses and Recorded Investment in Loans
(unaudited, in thousands)	Commercial Real Estate- Land and Construction		Commercial Real Estate- Improved Property		Commercial and Industrial		Residential Real Estate		Home Equity		Consumer		Deposit Over- drafts		Total
March 31, 2022
Allowance for credit losses:
Loans individually-evaluated	$	342	$	11,686	$	266	$	—	$	—	$	—	$	—	$	12,294
Loans collectively-evaluated		7,236		53,323		25,269		13,714		675		3,746		1,608		105,571
Loan commitments		4,931		320		670		1,740		58		331		—		8,050
Total allowance for credit    losses - loans and commitments	$	12,509	$	65,329	$	26,205	$	15,454	$	733	$	4,077	$	1,608	$	125,915
Portfolio loans:
Individually-evaluated for credit    losses	$	1,174	$	52,308	$	540	$	—	$	—	$	—	$	—	$	54,022
Collectively-evaluated for credit    losses		856,695		4,669,905		1,512,538		1,767,064		592,872		280,176		—		9,679,250
Total portfolio loans	$	857,869	$	4,722,213	$	1,513,078	$	1,767,064	$	592,872	$	280,176	$	—	$	9,733,272
December 31, 2021
Allowance for credit losses:
Loans individually-evaluated	$	381	$	8,560	$	333	$	—	$	—	$	—	$	—	$	9,274
Loans collectively-evaluated		6,929		56,795		26,542		15,401		724		3,737		2,220		112,348
Loan commitments		4,180		201		1,497		1,576		49		272		—		7,775
Total allowance for credit    losses - loans and commitments	$	11,490	$	65,556	$	28,372	$	16,977	$	773	$	4,009	$	2,220	$	129,397
Portfolio loans:
Individually-evaluated for credit    losses	$	1,248	$	66,635	$	576	$	—	$	—	$	—	$	—	$	68,459
Collectively-evaluated for credit    losses		832,632		4,638,453		1,589,744		1,721,378		605,682		277,130		—		9,665,019
Total portfolio loans	$	833,880	$	4,705,088	$	1,590,320	$	1,721,378	$	605,682	$	277,130	$	—	$	9,733,478

Commercial loan risk grades are determined based on an evaluation of the relevant characteristics of each loan, assigned at inception and adjusted thereafter at any time to reflect changes in the risk profile throughout the life of each loan. The primary factors used to determine the risk grade are the sufficiency, reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. The rating system more heavily weights the debt service coverage, leverage and loan to value factors to derive the risk grade. Other factors that are considered at a lesser weighting include management, industry or property type risks, payment history, collateral or guarantees.

Commercial real estate – land and construction consists of loans to finance investments in vacant land, land development, construction of residential housing, and construction of commercial buildings. Commercial real estate – improved property consists of loans for the purchase or refinance of all types of improved owner-occupied and investment properties. Factors that are considered in assigning the risk grade vary depending on the type of property financed. The risk grade assigned to construction and development loans is based on the overall viability of the project, the experience and financial capacity of the developer or builder to successfully complete the project, project specific and market absorption rates and comparable property values, and the amount of pre-sales for residential housing construction or pre-leases for commercial investment property. The risk grade assigned to commercial investment property loans is based primarily on the adequacy of the net operating income generated by the property to service the debt (“debt service coverage”), the loan to appraised value, the type, quality, industry and mix of tenants, and the terms of leases. The risk grade assigned to owner-occupied commercial real estate is based primarily on global debt service coverage and the leverage of the business, but may also consider the industry in which the business operates, the business’ specific competitive advantages or disadvantages, collateral margins and the quality and experience of management.

Commercial and industrial (“C&I”) loans consist of revolving lines of credit to finance accounts receivable, inventory and other general business purposes; term loans to finance fixed assets other than real estate, and letters of credit to support trade, insurance or governmental requirements for a variety of businesses. Most C&I borrowers are privately-held companies with annual sales up to $100 million. Primary factors that are considered in risk rating C&I loans include debt service coverage and leverage. Other factors including operating trends, collateral coverage along with management experience are also considered.

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Pass loans are those that exhibit a history of positive financial results that are at least comparable to the average for their industry or type of real estate. The primary source of repayment is acceptable and these loans are expected to perform satisfactorily during most economic cycles. Pass loans typically have no significant external factors that are expected to adversely affect these borrowers more than others in the same industry or property type. Any minor unfavorable characteristics of these loans are outweighed or mitigated by other positive factors including but not limited to adequate secondary or tertiary sources of repayment.

Criticized loans, considered as compromised, have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the bank's credit position at some future date. Criticized loans are not adversely classified by the banking regulators and do not expose the bank to sufficient risk to warrant adverse classification.

Classified loans, considered as substandard and doubtful, are equivalent to the classifications used by banking regulators. Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. These loans may or may not be reported as non-accrual. Doubtful loans have all the weaknesses inherent in those classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. These loans are reported as non-accrual.

The following tables summarize commercial loans by their assigned risk grade:

	Commercial Loans by Internally Assigned Risk Grade
(unaudited, in thousands)	Commercial Real Estate- Land and Construction		Commercial Real Estate- Improved Property		Commercial & Industrial		Total Commercial Loans
As of March 31, 2022
Pass	$	847,525	$	4,424,340	$	1,463,315	$	6,735,180
Criticized - compromised		1,808		206,501		25,834		234,143
Classified - substandard		8,536		91,372		23,929		123,837
Classified - doubtful		—		—		—		—
Total	$	857,869	$	4,722,213	$	1,513,078	$	7,093,160
As of December 31, 2021
Pass	$	823,316	$	4,400,872	$	1,540,569	$	6,764,757
Criticized - compromised		7,955		222,830		17,733		248,518
Classified - substandard		2,609		81,386		32,018		116,013
Classified - doubtful		—		—		—		—
Total	$	833,880	$	4,705,088	$	1,590,320	$	7,129,288

Residential real estate, home equity and consumer loans are not assigned internal risk grades other than as required by regulatory guidelines that are based primarily on the age of past due loans. Wesbanco primarily evaluates the credit quality of residential real estate, home equity and consumer loans based on repayment performance and historical loss rates. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard in accordance with regulatory guidelines was $26.8 million at March 31, 2022 and $30.2 million at December 31, 2021, of which $5.5 million and $7.4 million were accruing, for each period, respectively. These loans are not included in the tables above. In addition, $21.3 million and $21.7 million of unfunded commercial loan commitments are also not included in the tables above at March 31, 2022 and December 31, 2021, respectively.

14

The following tables summarize the age analysis of all categories of loans:

	Age Analysis of Loans
(unaudited, in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Total Loans		90 Days or More Past Due and Accruing (1)
As of March 31, 2022
Commercial real estate:
Land and construction	$	857,796	$	—	$	—	$	73	$	73	$	857,869	$	—
Improved property		4,699,859		11,590		732		10,032		22,354		4,722,213		3,449
Total commercial real estate		5,557,655		11,590		732		10,105		22,427		5,580,082		3,449
Commercial and industrial		1,502,111		7,465		527		2,975		10,967		1,513,078		319
Residential real estate		1,751,895		3,091		2,630		9,448		15,169		1,767,064		1,229
Home equity		586,591		1,954		437		3,890		6,281		592,872		631
Consumer		277,213		1,386		884		693		2,963		280,176		514
Total portfolio loans		9,675,465		25,486		5,210		27,111		57,807		9,733,272		6,142
Loans held for sale		15,959		—		—		—		—		15,959		—
Total loans	$	9,691,424	$	25,486	$	5,210	$	27,111	$	57,807	$	9,749,231	$	6,142
Nonperforming loans included above are as follows:
Non-accrual loans	$	10,557	$	1,334	$	754	$	20,727	$	22,815	$	33,372
TDRs accruing interest		3,203		229		57		242		528		3,731
Total nonperforming loans	$	13,760	$	1,563	$	811	$	20,969	$	23,343	$	37,103
As of December 31, 2021
Commercial real estate:
Land and construction	$	833,755	$	—	$	—	$	125	$	125	$	833,880	$	51
Improved property		4,681,028		6,377		7,728		9,955		24,060		4,705,088		3,042
Total commercial real estate		5,514,783		6,377		7,728		10,080		24,185		5,538,968		3,093
Commercial and industrial		1,583,347		2,275		1,213		3,485		6,973		1,590,320		559
Residential real estate		1,702,587		2,331		3,254		13,206		18,791		1,721,378		2,840
Home equity		599,189		2,240		602		3,651		6,493		605,682		685
Consumer		273,577		1,532		1,208		813		3,553		277,130		627
Total portfolio loans		9,673,483		14,755		14,005		31,235		59,995		9,733,478		7,804
Loans held for sale		25,277		—		—		—		—		25,277		—
Total loans	$	9,698,760	$	14,755	$	14,005	$	31,235	$	59,995	$	9,758,755	$	7,804
Nonperforming loans included above are as follows:
Non-accrual loans	$	11,174	$	914	$	564	$	23,090	$	24,568	$	35,742
TDRs accruing interest		3,275		3		127		341		471		3,746
Total nonperforming loans	$	14,449	$	917	$	691	$	23,431	$	25,039	$	39,488

(1)Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest.

15

The following tables summarize nonperforming loans:

	Nonperforming Loans
	March 31, 2022						December 31, 2021
	Unpaid						Unpaid
	Principal		Recorded		Related		Principal		Recorded		Related
(unaudited, in thousands)	Balance (1)		Investment		Allowance		Balance (1)		Investment		Allowance
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	156	$	155	$	—	$	74	$	73	$	—
Improved property		9,599		7,758		—		9,846		8,089		—
Commercial and industrial		6,136		4,779		—		6,528		5,256		—
Residential real estate		23,443		18,309		—		25,492		20,065		—
Home equity		7,156		5,585		—		6,985		5,440		—
Consumer		847		517		—		869		565		—
Total nonperforming loans without a specific allowance		47,337		37,103		—		49,794		39,488		—
Total nonperforming loans with a specific allowance		—		—		—		—		—		—
Total nonperforming loans	$	47,337	$	37,103	$	—	$	49,794	$	39,488	$	—

(1)The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired nonperforming loans.

	Nonperforming Loans
	For the Three Months Ended
	March 31, 2022				March 31, 2021
	Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income
(unaudited, in thousands)	Investment		Recognized		Investment		Recognized
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	114	$	—	$	295	$	—
Improved property		7,924		—		7,702		9
Commercial and industrial		5,018		—		2,544		1
Residential real estate		19,187		—		20,847		39
Home equity		5,513		—		5,639		6
Consumer		541		—		358		—
Total nonperforming loans without a specific allowance		38,296		—		37,385		55
With a specific allowance recorded:
Commercial real estate:
Land and construction		—		—		—		—
Improved property		—		—		2,089		—
Total nonperforming loans with a specific allowance		—		—		2,089		—
Total nonperforming loans	$	38,296	$	—	$	39,474	$	55

The following tables present the recorded investment in non-accrual loans and TDRs:

	Non-accrual Loans (1)
	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	73	$	73
Improved property		7,391		7,715
Total commercial real estate		7,464		7,788
Commercial and industrial		4,592		5,064
Residential real estate		15,512		17,190
Home equity		5,319		5,163
Consumer		485		537
Total	$	33,372	$	35,742

(1)At March 31, 2022, there were three borrowers with a loan balance greater than $1.0 million totaling $3.7 million, as compared to three borrowers with a loan balance greater than $1.0 million totaling $4.1 million at December 31, 2021. Total non-accrual loans include loans that are also TDRs. Such loans are also set forth in the following table as non-accrual TDRs.

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	TDRs
	March 31, 2022						December 31, 2021
(unaudited, in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Commercial real estate:
Land and construction	$	82	$	—	$	82	$	—	$	—	$	—
Improved property		367		29		396		374		133		507
Total commercial real estate		449		29		478		374		133		507
Commercial and industrial		187		—		187		192		—		192
Residential real estate		2,797		1,076		3,873		2,875		1,156		4,031
Home equity		266		243		509		277		258		535
Consumer		32		—		32		28		—		28
Total	$	3,731	$	1,348	$	5,079	$	3,746	$	1,547	$	5,293

As of March 31, 2022 and December 31, 2021, there were no TDRs greater than $1.0 million. The concessions granted in the majority of loans reported as accruing and non-accrual TDRs are extensions of the maturity date or the amortization period, reductions in the interest rate below the prevailing market rate for loans with comparable characteristics, and/or permitting interest-only payments for longer than six months. Wesbanco had unfunded commitments to debtors whose loans were classified as nonperforming of $0.0 million and $0.1 million as of March 31, 2022 and December 31, 2021, respectively.

The following table presents details related to loans identified as TDRs during the three months ended March 31, 2022 and 2021, respectively:

	New TDRs (1)
	For the Three Months Ended
	March 31, 2022						March 31, 2021
			Pre-		Post-				Pre-		Post-
			Modification		Modification				Modification		Modification
			Outstanding		Outstanding				Outstanding		Outstanding
	Number of		Recorded		Recorded		Number of		Recorded		Recorded
(unaudited, dollars in thousands)	Modifications		Investment		Investment		Modifications		Investment		Investment
Commercial real estate:
Land and construction		1	$	84	$	82		—	$	—	$	—
Improved property		—		—		—		—		—		—
Total commercial real estate		1		84		82		—		—		—
Commercial and industrial		—		—		—		—		—		—
Residential real estate		—		—		—		—		—		—
Home equity		—		—		—		—		—		—
Consumer		—		—		—		—		—		—
Total		1	$	84	$	82		—	$	—	$	—

(1)Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end.

There have been no TDRs which defaulted (defined as past due 90 days) during the three months ended March 31, 2022 and 2021, respectively, that were restructured within the last twelve months prior to March 31, 2022 and 2021, respectively. TDRs that default are placed on non-accrual status unless they are both well-secured and in the process of collection.

Section 4013 of the CARES Act allows financial institutions the option to temporarily suspend certain requirements under GAAP related to TDRs for a limited period of time during the COVID-19 pandemic. These customers must meet certain criteria, such as they were in good standing and not more than 30 days past due either as of December 31, 2019, or as of the implementation of the modification program under the Interagency Statement, as well as other requirements noted in the regulatory agencies’ revised statement. Based on this guidance, Wesbanco does not classify the COVID-19 loan modifications as TDRs, nor are the customers considered past due with regard to their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Under the CARES Act, Wesbanco has modified approximately 3,553 loans totaling $2.2 billion, of which $51.5 million remain in their deferral period as of March 31, 2022. Wesbanco originally offered three to six months of deferred payments to commercial and retail customers impacted by the COVID-19 pandemic depending on the type of loan and the industry for commercial loans. In the fourth quarter of 2020, Wesbanco offered up to an additional twelve months of deferred payments to certain commercial loan customers, predominantly in the hospitality industry, based on specific criteria related to the borrower, the underlying property and the potential for guarantors or co-borrowers. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Economic Aid Act”) was signed into law and among other things, extended the relief granted by the CARES Act for TDRs, initially slated to end on December 31, 2020, by one year to December 31, 2021.

17

The following tables summarize amortized cost basis loan balances by year of origination and credit quality indicator:

	Loans As of March 31, 2022
	Amortized Cost Basis by Origination Year
(unaudited, in thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Commercial real estate: land and construction
Risk rating:
Pass	$	17,320	$	143,081	$	220,805	$	179,682	$	112,712	$	55,329	$	54,985	$	63,611	$	847,525
Criticized - compromised		—		266		409		—		32		214		674		213		1,808
Classified - substandard		—		82		5,894		—		73		1,231		—		1,256		8,536
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	17,320	$	143,429	$	227,108	$	179,682	$	112,817	$	56,774	$	55,659	$	65,080	$	857,869
Commercial real estate: improved property
Risk rating:
Pass	$	217,572	$	684,338	$	645,602	$	564,678	$	386,418	$	1,832,877	$	76,323	$	16,532	$	4,424,340
Criticized - compromised		192		1,529		15,432		46,049		11,836		130,510		809		144		206,501
Classified - substandard		—		—		1,800		13,349		11,526		64,663		34		—		91,372
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	217,764	$	685,867	$	662,834	$	624,076	$	409,780	$	2,028,050	$	77,166	$	16,676	$	4,722,213
Commercial and industrial
Risk rating:
Pass	$	68,510	$	287,195	$	144,757	$	94,290	$	129,505	$	296,576	$	431,270	$	11,212	$	1,463,315
Criticized - compromised		318		4,668		1,941		1,786		2,042		3,171		4,475		7,433		25,834
Classified - substandard		—		45		158		10,774		577		3,338		5,184		3,853		23,929
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	68,828	$	291,908	$	146,856	$	106,850	$	132,124	$	303,085	$	440,929	$	22,498	$	1,513,078
Residential real estate
Loan delinquency:
Current	$	102,025	$	616,206	$	249,313	$	107,883	$	59,865	$	554,845	$	—	$	61,758	$	1,751,895
30-59 days past due		—		—		—		—		121		2,970		—		—		3,091
60-89 days past due		—		—		—		515		—		2,115		—		—		2,630
90 days or more past due		—		—		—		66		45		9,288		—		49		9,448
Total	$	102,025	$	616,206	$	249,313	$	108,464	$	60,031	$	569,218	$	—	$	61,807	$	1,767,064
Home equity
Loan delinquency:
Current	$	11,418	$	459	$	634	$	621	$	869	$	18,485	$	553,083	$	1,022	$	586,591
30-59 days past due		—		—		—		26		—		800		1,104		24		1,954
60-89 days past due		—		29		—		81		14		252		—		61		437
90 days or more past due		—		—		35		34		204		3,199		—		418		3,890
Total	$	11,418	$	488	$	669	$	762	$	1,087	$	22,736	$	554,187	$	1,525	$	592,872
Consumer
Loan delinquency:
Current	$	23,210	$	53,593	$	38,442	$	42,643	$	16,104	$	37,934	$	65,114	$	173	$	277,213
30-59 days past due		—		613		208		197		45		305		18		—		1,386
60-89 days past due		—		266		151		154		45		268		—		—		884
90 days or more past due		—		222		99		124		44		200		4		—		693
Total	$	23,210	$	54,694	$	38,900	$	43,118	$	16,238	$	38,707	$	65,136	$	173	$	280,176

18

	Loans As of December 31, 2021
	Amortized Cost Basis by Origination Year
(unaudited, in thousands)	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Commercial real estate: land and construction
Risk rating:
Pass	$	135,179	$	217,389	$	198,974	$	117,157	$	27,186	$	29,696	$	35,059	$	62,676	$	823,316
Criticized - compromised		85		6,236		—		33		—		219		856		526		7,955
Classified - substandard		—		73		—		—		—		1,280		—		1,256		2,609
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	135,264	$	223,698	$	198,974	$	117,190	$	27,186	$	31,195	$	35,915	$	64,458	$	833,880
Commercial real estate: improved property
Risk rating:
Pass	$	713,697	$	660,856	$	589,674	$	405,689	$	404,241	$	1,539,275	$	58,933	$	28,507	$	4,400,872
Criticized - compromised		7,755		15,195		52,859		17,697		14,490		99,687		1,414		13,733		222,830
Classified - substandard		9,355		2,686		4,855		3,730		11,010		49,667		34		49		81,386
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	730,807	$	678,737	$	647,388	$	427,116	$	429,741	$	1,688,629	$	60,381	$	42,289	$	4,705,088
Commercial and industrial
Risk rating:
Pass	$	406,495	$	159,878	$	99,472	$	136,146	$	89,049	$	223,514	$	409,789	$	16,226	$	1,540,569
Criticized - compromised		590		551		693		2,558		1,645		1,278		5,389		5,029		17,733
Classified - substandard		134		236		18,465		766		2,139		1,419		3,723		5,136		32,018
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	407,219	$	160,665	$	118,630	$	139,470	$	92,833	$	226,211	$	418,901	$	26,391	$	1,590,320
Residential real estate
Loan delinquency:
Current	$	599,244	$	292,653	$	116,147	$	71,253	$	56,917	$	536,444	$	—	$	29,929	$	1,702,587
30-59 days past due		1,127		—		—		69		105		1,030		—		—		2,331
60-89 days past due		563		91		—		271		43		2,286		—		—		3,254
90 days or more past due		1,933		673		895		88		762		8,802		—		53		13,206
Total	$	602,867	$	293,417	$	117,042	$	71,681	$	57,827	$	548,562	$	—	$	29,982	$	1,721,378
Home equity
Loan delinquency:
Current	$	10,076	$	835	$	649	$	379	$	566	$	18,064	$	567,478	$	1,142	$	599,189
30-59 days past due		—		84		45		128		50		628		1,247		58		2,240
60-89 days past due		—		—		132		15		188		267		—		—		602
90 days or more past due		187		88		119		112		234		2,550		—		361		3,651
Total	$	10,263	$	1,007	$	945	$	634	$	1,038	$	21,509	$	568,725	$	1,561	$	605,682
Consumer
Loan delinquency:
Current	$	60,907	$	43,871	$	50,317	$	19,289	$	11,084	$	32,343	$	55,739	$	27	$	273,577
30-59 days past due		435		370		214		136		85		241		51		—		1,532
60-89 days past due		413		375		82		19		33		286		—		—		1,208
90 days or more past due		115		141		222		65		1		265		4		—		813
Total	$	61,870	$	44,757	$	50,835	$	19,509	$	11,203	$	33,135	$	55,794	$	27	$	277,130

The following table summarizes other real estate owned and repossessed assets included in other assets:

	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Other real estate owned	$	87	$	—
Repossessed assets		—		—
Total other real estate owned and repossessed assets	$	87	$	—

Residential real estate included in other real estate owned was $0.1 million at March 31, 2022. There were no other real estate owned or repossessed asset balances at December 31, 2021. At March 31, 2022 and December 31, 2021, formal foreclosure proceedings were in process on residential real estate loans totaling $4.8 million and $4.0 million, respectively. Previously, as a result of provisions of the CARES Act, certain residential real estate loans were temporarily suspended from entering foreclosure proceedings, which included $0.8 million of loans as of December 31, 2021. Since this moratorium had substantially ended as of March 31, 2022, there are currently no loans suspended from entering foreclosure proceedings.

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NOTE 5. DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

Wesbanco is exposed to certain risks arising from both its business operations and economic conditions. Wesbanco principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Wesbanco manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Wesbanco’s existing interest rate derivatives result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Wesbanco’s assets or liabilities. Wesbanco manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. A matched book is when Wesbanco Bank, Inc.’s (the “Bank”) assets and liabilities are equally distributed but also have similar maturities.

Loan Swaps

Wesbanco executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that Wesbanco executes with a third party, such that Wesbanco minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements of ASC 815, changes in the fair value of both the customer swaps and the offsetting third-party swaps are recognized directly in earnings. As of March 31, 2022, and December 31, 2021, Wesbanco had 134 and 135 customer interest rate swaps with an aggregate notional amount of $726.8 million and $730.6 million, respectively, related to this program. Wesbanco recognized income for the related swap fees of $0.2 million and $1.9 million for the three months ended March 31, 2022 and 2021.

Risk participation agreements are entered into as financial guarantees of performance on interest rate swap derivatives. The purchased asset or sold liability allows Wesbanco to participate-in (fee received) or participate-out (fee paid) the risk associated with certain derivative positions executed by the borrower of the lead bank in a loan syndication. As of March 31, 2022 and December 31, 2021, Wesbanco had 13 risk participation-in agreements with an aggregate notional amount of $127.1 million and $128.2 million, respectively. As of March 31, 2022 and December 31, 2021, Wesbanco had one risk participation-out agreement with an aggregate notional amount of $9.8 million.

Mortgage Loans Held for Sale and Loan Commitments

Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. These loans are classified as held for sale and carried at fair value as Wesbanco has elected the fair value option. Fair value is determined based on rates obtained from the secondary market for loans with similar characteristics. Wesbanco sells loans to the secondary market on either a mandatory or best efforts basis. The loans sold on a mandatory basis are not committed to an investor until the loan is closed with the borrower. Wesbanco enters into forward to be announced (“TBA”) contracts to manage the interest rate risk between the loan commitment and the closing of the loan. The total balance of forward TBA contracts entered into was $38.5 million and $48.5 million at March 31, 2022 and December 31, 2021, respectively. The loans sold on a best efforts basis are committed to an investor simultaneous to the interest rate commitment with the borrower, and as a result, the Company does not enter into a separate forward TBA contract to offset the fair value risk as the investor accepts such risk in exchange for paying a lower premium on sale.

Fair Values of Derivative Instruments on the Balance Sheet

All derivatives are carried on the consolidated balance sheet at fair value. Derivative assets are classified in the consolidated balance sheet under other assets, and derivative liabilities are classified in the consolidated balance sheet under other liabilities. Changes in fair value are recognized in earnings. None of Wesbanco’s derivatives are designated in a qualifying hedging relationship under ASC 815.

The table below presents the fair value of Wesbanco’s derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2022 and December 31, 2021:

	March 31, 2022						December 31, 2021
(unaudited, in thousands)	Notional or Contractual Amount		Asset Derivatives		Liability Derivatives		Notional or Contractual Amount		Asset Derivatives		Liability Derivatives
Derivatives
Loan Swaps:
Interest rate swaps	$	726,767	$	30,767	$	30,827	$	730,552	$	24,867	$	26,388
Other contracts:
Interest rate loan commitments		23,676		—		309		28,994		9		—
Forward TBA contracts		38,500		609		—		48,500	—			21
Total derivatives			$	31,376	$	31,136			$	24,876	$	26,409

20

Effect of Derivative Instruments on the Income Statement

The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within non-interest income on the consolidated income statement for the three months ended March 31, 2022 and 2021, respectively.

		For the Three Months Ended March 31,
(unaudited, in thousands)	Location of Gain/(Loss)	2022			2021
Interest rate swaps	Other income	$	1,461		$	2,761
Interest rate loan commitments	Mortgage banking income		(318	)		(1,016	)
Forward TBA contracts	Mortgage banking income		1,443			4,518
Total		$	2,586		$	6,263

Credit-risk-related Contingent Features

Wesbanco has agreements with its derivative counterparties that contain a provision, which provides that if Wesbanco defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Wesbanco could also be declared in default on its derivative obligations.

Wesbanco also has agreements with certain of its derivative counterparties that contain a provision where if Wesbanco fails to maintain its status as either a “well” or “adequately-capitalized” institution, then the counterparty could terminate the derivative positions and Wesbanco would be required to settle its obligations under the agreements.

Wesbanco had minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral with a market value of $6.3 million as of March 31, 2022. If Wesbanco had breached any of these provisions at March 31, 2022, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty.

NOTE 6. 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)	2022			2021
Service cost – benefits earned during year	$	540		$	616
Interest cost on projected benefit obligation		1,013			842
Expected return on plan assets		(2,853	)		(2,763	)
Amortization of prior service cost		(8	)		(8	)
Amortization of net loss		125			675
Net periodic pension income	$	(1,183	)	$	(638	)

The service cost of $0.5 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively, is included in salaries and wages, and periodic pension income of $1.7 million and $1.3 million for the three months ended March 31, 2022 and 2021, respectively, 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 is not required for 2022, and Wesbanco currently does not expect to make a voluntary contribution to the Plan in 2022.

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NOTE 7. FAIR VALUE MEASUREMENT

Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments.

Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities, and therefore the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows.

The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied:

Investment securities: The fair value of investment securities which are measured on a recurring basis are determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 1 or 2 in the fair value hierarchy. Positions that are not traded in active markets for which valuations are generated using assumptions not observable in the market or management’s best estimate are classified within level 3 of the fair value hierarchy. This includes certain specific municipal debt issues for which the credit quality and discount rate must be estimated.

Loans held for sale: Loans held for sale are carried, in aggregate, at fair value as Wesbanco previously elected the fair value option. The use of a valuation model using quoted prices of similar instruments are significant inputs in arriving at the fair value and therefore loans held for sale are classified within level 2 of the fair value hierarchy.

Derivatives: Wesbanco enters into interest rate swap agreements with qualifying commercial customers to meet their financing, interest rate and other risk management needs. These agreements provide the customer the ability to convert from variable to fixed interest rates. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. Those interest rate swaps are economically hedged by offsetting interest rate swaps that Wesbanco executes with derivative counterparties in order to offset its exposure on the fixed components of the customer interest rate swap agreements. The interest rate swap agreement with the loan customer and with the counterparty is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period earnings as other income and other expense.

Wesbanco enters into forward TBA contracts to manage the interest rate risk between the loan commitments to the customer and the closing of the loan for loans that will be sold on a mandatory basis to secondary market investors. The forward TBA contract is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period’s earnings as mortgage banking income.

Wesbanco determines the fair value for derivatives using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Wesbanco incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements.

We may be required from time to time to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or write-downs of individual assets and liabilities.

Individually-evaluated loans: Individually-evaluated loans are carried at the amortized cost basis less the specific allowance calculated under CECL. Individually-evaluated loans are calculated using a cost basis approach or collateral value approach.

Other real estate owned and repossessed assets: Other real estate owned and repossessed assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral, and therefore other real estate owned and repossessed assets are classified within level 3 of the fair value hierarchy.

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The fair value amounts presented in the table below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. 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 March 31, 2022 and December 31, 2021:

			March 31, 2022
			Fair Value Measurements Using:
	March 31,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(unaudited, in thousands)	2022		(level 1)		(level 2)		(level 3)
Recurring fair value measurements
Equity securities	$	12,757	$	12,757	$	—	$	—
Available-for-sale debt securities
U.S. Government sponsored entities and agencies		240,497		—		240,497		—
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,159,454		—		2,159,454		—
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		394,089		—		394,089		—
Obligations of states and political subdivisions		100,273		—		98,957		1,316
Corporate debt securities		17,060		—		17,060		—
Total available-for-sale debt securities	$	2,911,373	$	—	$	2,910,057	$	1,316
Loans held for sale		15,959		—		15,959		—
Other assets - interest rate swaps		30,767		—		30,767		—
Total assets recurring fair value measurements	$	2,970,856	$	12,757	$	2,956,783	$	1,316
Other liabilities - interest rate swaps	$	30,827	$	—	$	30,827	$	—
Total liabilities recurring fair value measurements	$	30,827	$	—	$	30,827	$	—
Nonrecurring fair value measurements
Individually-evaluated loans	$	21,346	$	—	$	—	$	21,346
Other real estate owned and repossessed assets		87		—		—		87
Total nonrecurring fair value measurements	$	21,433	$	—	$	—	$	21,433

			December 31, 2021
			Fair Value Measurements Using:
	December 31,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	2021		(level 1)		(level 2)		(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 states 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 swaps		24,867		—		24,867		—
Total assets recurring fair value measurements	$	3,077,072	$	13,466	$	3,062,113	$	1,493
Other liabilities - interest rate swaps	$	26,388	$	—	$	26,388	$	—
Total liabilities recurring fair value measurements	$	26,388	$	—	$	26,388	$	—
Nonrecurring fair value measurements
Individually-evaluated loans	$	13,558	$	—	$	—	$	13,558
Other real estate owned and repossessed assets		—		—		—		—
Total nonrecurring fair value measurements	$	13,558	$	—	$	—	$	13,558

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Wesbanco’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no significant transfers between level 1, 2 or 3 for the three months ended March 31, 2022 or for the year ended December 31, 2021.

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
	Fair Value		Valuation	Unobservable	Range (Weighted
(unaudited, in thousands)	Estimate		Techniques	Input	Average)
March 31, 2022
Individually-evaluated loans	$	21,346	Appraisal of collateral (1)	Appraisal adjustments (2)	(30.0%)/(30.0%)
				Liquidation expenses (2)	(5.6%) to (8.0%)/(6.9%)
Other real estate owned and repossessed assets	$	87	Appraisal of collateral (1), (3)
December 31, 2021
Individually-evaluated loans	$	13,558	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)

(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 expense are presented as a percent of the appraisal.

(3)Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management, which are not identifiable.

The estimated fair values of Wesbanco’s financial instruments are summarized below:

					Fair Value Measurements at
					March 31, 2022
	Carrying		Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(unaudited, in thousands)	Amount		Estimate		(level 1)		(level 2)		(level 3)
Financial Assets
Cash and due from banks	$	1,369,498	$	1,369,498	$	1,369,498	$	—	$	—
Equity securities		12,757		12,757		12,757		—		—
Available-for-sale debt securities		2,911,373		2,911,373		—		2,910,057		1,316
Net held-to-maturity debt securities		1,156,917		1,092,993		—		1,092,609		384
Net loans		9,615,407		9,015,392		—		—		9,015,392
Loans held for sale		15,959		15,959		—		15,959		—
Other assets - interest rate swaps		30,767		30,767		—		30,767		—
Accrued interest receivable		60,370		60,370		60,370		—		—
Financial Liabilities
Deposits		13,797,874		13,805,745		12,586,866		1,218,879		—
Federal Home Loan Bank borrowings		123,898		125,441		—		125,441		—
Other borrowings		158,538		144,160		144,160		—		—
Subordinated debt and junior subordinated debt		280,743		281,265		—		281,265		—
Other liabilities - interest rate swaps		30,827		30,827		—		30,827		—
Accrued interest payable		1,786		1,786		1,786		—		—

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					Fair Value Measurements at
					December 31, 2021
	Carrying		Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Amount		Estimate		(level 1)		(level 2)		(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
Net 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 swaps		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		—		—
Subordinated debt and junior subordinated debt		132,860		109,186		—		109,186		—
Other liabilities - interest rate swaps		26,388		26,388		—		26,388		—
Accrued interest payable		1,901		1,901		1,901		—		—

The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on Wesbanco’s consolidated balance sheets:

Cash and due from banks: The carrying amount for cash and due from banks is a reasonable estimate of fair value.

Held-to-maturity debt securities: Fair values for debt securities held-to-maturity are determined in the same manner as investment securities, which are described above.

Net loans: Fair values for loans are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and other market factors, including liquidity. Wesbanco believes the discount rates are consistent with transactions occurring in the marketplace for both performing and distressed loan types. The carrying value is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 of the fair value hierarchy.

Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value.

Deposits: The carrying amount is considered a reasonable estimate of fair value for demand, savings and other variable rate deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using rates currently offered for deposits of similar remaining maturities.

Federal Home Loan Bank borrowings: The fair value of FHLB borrowings is based on rates currently available to Wesbanco for borrowings with similar terms and remaining maturities.

Other borrowings: The carrying amount of federal funds purchased and overnight sweep accounts generally approximate fair value. Other repurchase agreements are based on quoted market prices if available. If market prices are not available, for certain fixed and adjustable rate repurchase agreements, then quoted market prices of similar instruments are used.

Subordinated debt and junior subordinated debt: The fair value of subordinated debt is determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 2 in the fair value hierarchy. Due to the pooled nature of junior subordinated debt owed to unconsolidated subsidiary trusts, which are not actively traded, estimated fair value is determined by using comparable corporate bond indices and swap rates from the financial services sector and factoring in the applicable credit spreads and optional early redemption provisions.

Accrued interest payable: The carrying amount of accrued interest payable approximates its fair value.

Off-balance sheet financial instruments: Off-balance sheet financial instruments consist of commitments to extend credit, including letters of credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit and letters of credit are insignificant and therefore are not presented in the above tables.

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NOTE 8. REVENUE RECOGNITION

Interest income, net securities gains (losses) and bank-owned life insurance are not in scope of ASC 606, Revenue from Contracts with Customers. For the revenue streams in scope of ASC 606 - trust fees, service charges on deposits, net securities brokerage revenue, debit card sponsorship income, payment processing fees, electronic banking fees, mortgage banking income and net gain or loss on sale of other real estate owned and other assets – there are no significant judgements related to the amount and timing of revenue recognition.

Trust fees: Fees are earned over a period of time between monthly and annually, per the related fee schedule. The fees are earned ratably over the period for investment, safekeeping and other services performed by Wesbanco. The fees are accrued when earned based on the daily asset value on the last day of the quarter. In most cases, the fees are directly debited from the customer account. WesMark fees consist of investment advisory fees and shareholder service fees and are paid to Wesbanco by the WesMark mutual funds on a monthly basis for Wesbanco’s involvement with the management of the funds.

Service charges on deposits: There are monthly service charges for both commercial and personal banking customers, which are earned over the month per the related fee schedule based on the customers’ deposits. There are also transaction-based fees, which are earned based on specific transactions or customer activity within the customers’ deposit accounts. These are earned at the time the transaction or customer activity occurs. The fees are debited from the customer account.

Net securities brokerage revenue: Commission income is earned based on customer transactions and management of investments. The commission income from customers’ transactions is recognized when the transaction is complete and approved. Annuity commissions are earned based upon the carrier’s commission rate for the annuity product chosen by the investing customer. The commission income from the management of investments over time is earned continuously over a quarterly period.

Debit card sponsorship income: The activity in this revenue stream concluded on March 31, 2021, with the sale of this program to another bank. Debit card sponsorship income was earned from Wesbanco’s sponsorship of its customers, which included independent service organizations, processors and other banks into different debit networks. For providing this service, the customers paid the bank a per transaction fee for each transaction processed through the network. In some cases, customers were also charged annual sponsorship fees and non-compliance fees as applicable. The fees were earned at the time the transaction or customer activity occurred. The fees were either directly debited from the customers' deposit accounts or were billed to the customer.

Payment processing fees: Payment processing fees are earned from the bill payment and electronic funds transfer (“EFT”) services provided under the name FirstNet. The fees are derived from both the individual consumer banking transactions and from businesses or service providers through monthly billing for total transactions occurring. These fees are earned at the time the transaction or customer activity occurs. The fees are debited from the customers’ deposit accounts or charged directly to the business or service provider.

Electronic banking fees: Interchange and ATM fees are earned based on customer and ATM transactions. Revenue is recognized when the transaction is settled.

Mortgage banking income: Income is earned when Wesbanco-originated loans are sold to an investor on the secondary market. The investor bids on the loans. If the price is accepted, Wesbanco delivers the loan documents to the investor. Once received and approved by the investor, revenue is recognized and the loans are derecognized from the Consolidated Balance Sheet. Prior to the loans being sold, they are classified as loans held for sale. Additionally, the changes in the fair value of the loans held for sale, loan commitments and related derivatives are included in mortgage banking income and are slightly offset by any deferred direct origination costs, such as mortgage loan officer commissions.

Net gain or loss on sale of other real estate owned and other assets: Net gain or loss on other real estate owned is recorded when the property is sold to a third party and the Bank collects substantially all of the consideration to which it is entitled in exchange for the transfer of the property. Net gain or loss on other assets can include, among other things, the sale of fixed assets, the change in fair value of the underlying investments funded by Wesbanco’s Community Development Corporation (“Wesbanco CDC”) and residual income earned from the sale of Wesbanco’s debit card sponsorship program. Gains or losses are recognized upon receipt of consideration and subsequent transfer of the property for fixed asset sales. The change in fair value of Wesbanco CDC investments occurs upon the change in the underlying investments as these are accounted for utilizing the equity method, and as such, are not within the scope of ASC 606. Residual income from the sale of the debit card sponsorship program is recognized over time per the signed agreement between Wesbanco and the buyer.

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The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three months ended March 31, 2022 and 2021, respectively:

	Point of Revenue	For the Three Months Ended March 31,
(unaudited, in thousands)	Recognition	2022			2021
Revenue Streams
Trust fees
Trust account fees	Over time	$	5,542		$	5,313
WesMark fees	Over time		2,293			2,318
Total trust fees			7,835			7,631
Service charges on deposits
Commercial banking fees	Over time		568			564
Personal service charges	At a point in time and over time		5,522			4,330
Total service charges on deposits			6,090			4,894
Net securities brokerage revenue
Annuity commissions	At a point in time		1,582			917
Equity and debt security trades	At a point in time		57			76
Managed money	Over time		327			283
Trail commissions	Over time		254			248
Total net securities brokerage revenue			2,220			1,524
Debit card sponsorship income (1)	At a point in time and over time		—			646
Payment processing fees (1)	At a point in time and over time		741			713
Electronic banking fees	At a point in time		5,345			4,365
Mortgage banking income	At a point in time		1,923			4,264
Net (loss) gain on other real estate owned and other assets (2)	At a point in time and over time		(806	)		175

(1)Debit card sponsorship income and payment processing fees are included in other non-interest income.

(2)The portion of this line item relating to the change in the fair value of the underlying investments funded by Wesbanco CDC is not within the scope of ASC 606, and totaled losses of $1.2 million and gains of $0.1 million for the three months ended March 31, 2022 and 2021, respectively.

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NOTE 9. COMPREHENSIVE INCOME/(LOSS)

The activity in accumulated other comprehensive income for the three months ended March 31, 2022 and 2021 is as follows:

	Accumulated Other Comprehensive Income/(Loss) (1)
(unaudited, in thousands)	Defined Benefit Plans			Unrealized Gains (Losses) on Debt Securities Available-for-Sale			Total
Balance at December 31, 2021	$	(398	)	$	(4,722	)	$	(5,120	)
Other comprehensive loss before reclassifications		—			(106,247	)		(106,247	)
Amounts reclassified from accumulated other comprehensive loss		54			1			55
Period change		54			(106,246	)		(106,192	)
Balance at March 31, 2022	$	(344	)	$	(110,968	)	$	(111,312	)
Balance at December 31, 2020	$	(15,502	)	$	46,861		$	31,359
Other comprehensive loss before reclassifications		—			(22,026	)		(22,026	)
Amounts reclassified from accumulated other comprehensive loss		472			(2	)		470
Period change		472			(22,028	)		(21,556	)
Balance at March 31, 2021	$	(15,030	)	$	24,833		$	9,803

(1)All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in both periods presented.

The following table provides details about amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2022 and 2021:

Details about Accumulated Other Comprehensive Income/(Loss) Components	For the Three Months Ended March 31,						Affected Line Item in the Statement of Comprehensive Income
(unaudited, in thousands)	2022			2021
Debt securities available-for-sale (1):
Net securities gains reclassified into earnings	$	2		$	(3	)	Net securities gains (Non-interest income)
Related income tax expense ⁽²⁾		(1	)		1		Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		1			(2	)
Defined benefit plans (3):
Amortization of net loss and prior service costs		72			622		Employee benefits (Non-interest expense)
Related income tax benefit ⁽²⁾		(18	)		(150	)	Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		54			472
Total reclassifications for the period	$	55		$	470

(1)For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income, see Note 3, “Securities.”

(2)Income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in both periods presented.

(3)Included in the computation of net periodic pension cost. See Note 6, “Benefit Plans” for additional detail.

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NOTE 10. COMMITMENTS AND CONTINGENT LIABILITIES

Commitments — In the normal course of business, Wesbanco offers off-balance sheet credit arrangements to enable its customers to meet their financing objectives. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Wesbanco’s exposure to credit losses in the event of non-performance by the other parties to the financial instruments for commitments to extend credit and standby letters of credit is limited to the contractual amount of those instruments. Wesbanco uses the same credit policies in making commitments and conditional obligations as for all other lending. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The allowance for credit losses associated with commitments was $8.1 million and $7.8 million at March 31, 2022 and December 31, 2021, respectively, and is included in other liabilities on the Consolidated Balance Sheets.

Letters of credit are conditional commitments issued by banks to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including normal business activities, bond financing and similar transactions. Letters of credit are considered guarantees. The liability associated with letters of credit was $0.2 million as of both March 31, 2022 and December 31, 2021.

Contingent obligations to purchase loans funded by other entities include credit card guarantees, loans sold with recourse as well as obligations to the FHLB. Credit card guarantees are credit card balances not owned by Wesbanco, whereby the Bank guarantees the performance of the cardholder.

The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding:

	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Lines of credit	$	3,196,487	$	2,954,147
Loans approved but not closed		625,607		472,810
Overdraft limits		392,193		370,439
Letters of credit		29,292		29,017
Contingent obligations and other guarantees		58,327		68,235

Contingent Liabilities — Wesbanco is a party to various legal and administrative proceedings and claims. While any litigation contains an element of uncertainty, management does not believe that a material loss related to such proceedings or claims pending or known to be threatened is reasonably possible.

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NOTE 11. BUSINESS SEGMENTS

Wesbanco operates two reportable segments: community banking and trust and investment services. Wesbanco’s community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. The market value of assets managed or held in custody by the trust and investment services segment was approximately $5.4 billion and $5.2 billion at March 31, 2022 and 2021, respectively. These assets are held by Wesbanco in fiduciary or agency capacities for their customers and therefore are not included as assets on Wesbanco’s Consolidated Balance Sheets.

Condensed financial information by business segment is presented below:

				Trust and
	Community			Investment
(unaudited, in thousands)	Banking			Services		Consolidated
For The Three Months Ended March 31, 2022
Interest and dividend income	$	112,174		$	—	$	112,174
Interest expense		4,463			—		4,463
Net interest income		107,711			—		107,711
Provision for credit losses		(3,438	)		—		(3,438	)
Net interest income after provision for credit losses		111,149			—		111,149
Non-interest income		22,547			7,835		30,382
Non-interest expense		83,225			4,323		87,548
Income before provision for income taxes		50,471			3,512		53,983
Provision for income taxes		9,121			738		9,859
Net income		41,350			2,774		44,124
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	38,819		$	2,774	$	41,593
For The Three Months Ended March 31, 2021
Interest and dividend income	$	125,054		$	—	$	125,054
Interest expense		8,576			—		8,576
Net interest income		116,478			—		116,478
Provision for credit losses		(27,958	)		—		(27,958	)
Net interest income after provision for credit losses		144,436			—		144,436
Non-interest income		25,577			7,631		33,208
Non-interest expense		82,011			4,316		86,327
Income before provision for income taxes		88,002			3,315		91,317
Provision for income taxes		17,506			696		18,202
Net income		70,496			2,619		73,115
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	67,965		$	2,619	$	70,584

Total non-fiduciary assets of the trust and investment services segment were $3.5 million (including $1.3 million of trust customer intangibles) and $3.9 million (including $1.7 million of trust customer intangibles) at March 31, 2022 and 2021, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis (“MD&A”) represents an overview of the results of operations and financial condition of Wesbanco for the three months ended March 31, 2022. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes thereto.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this report relating to Wesbanco’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained in this report should be read in conjunction with Wesbanco’s Form 10-K for the year ended December 31, 2021 and documents subsequently filed by Wesbanco with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website, www.sec.gov or at Wesbanco’s website, www.Wesbanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed in Wesbanco’s most recent Annual Report on Form 10-K filed with the SEC under “Risk Factors” in Part I, Item 1A. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, the effects of changing regional and national economic conditions including the effects of the COVID-19 pandemic; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to Wesbanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, the Consumer Financial Protection Bureau and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting Wesbanco’s operational and financial performance. Wesbanco does not assume any duty to update forward-looking statements.

OVERVIEW

Wesbanco is a multi-state bank holding company operating through 205 branches and 202 ATM machines in West Virginia, Ohio, western Pennsylvania, Kentucky, southern Indiana and Maryland, offering retail banking, corporate banking, personal and corporate trust services, brokerage services, mortgage banking and insurance. Wesbanco’s businesses are significantly impacted by economic factors such as market interest rates, federal monetary and regulatory policies, local and regional economic conditions and the competitive environment’s effect upon Wesbanco’s business volumes. Wesbanco’s deposit levels are affected by numerous factors including personal savings rates, personal income, and competitive rates on alternative investments, as well as competition from other financial institutions within the markets we serve and liquidity needs of Wesbanco. Loan levels are also subject to various factors including construction demand, business financing needs, consumer spending and interest rates, as well as loan terms offered by competing lenders.

APPLICATION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Wesbanco’s critical accounting policies involving the significant judgments and assumptions used in the preparation of the Consolidated Financial Statements as of March 31, 2022 have remained unchanged from the disclosures presented in Wesbanco’s Annual Report on Form 10-K for the year ended December 31, 2021 within the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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RESULTS OF OPERATIONS

EARNINGS SUMMARY

Net income available to common shareholders for the three months ended March 31, 2022 was $41.6 million, with diluted earnings per share of $0.68, compared to $70.6 million or $1.05 per diluted share, respectively, for the first quarter of 2021. Excluding after-tax restructuring and merger-related expenses (non-GAAP measure) in both periods, for the three months ended March 31, 2022, net income available to common shareholders was $42.9 million or $0.70 per diluted share, as compared to $71.3 million or $1.06 per diluted share, respectively.

	For the Three Months Ended March 31,
	2022						2021
(unaudited, dollars in thousands, except per share amounts)	Net Income			Diluted Earnings Per Share			Net Income			Diluted Earnings Per Share
Net income available to common shareholders (Non-GAAP)(1)	$	42,851		$	0.70		$	71,256		$	1.06
Less: After-tax restructuring and merger-related expenses		(1,258	)		(0.02	)		(672	)		(0.01	)
Net income available to common shareholders (GAAP)	$	41,593		$	0.68		$	70,584		$	1.05

(1)Non-GAAP net income excludes after-tax restructuring and merger-related expenses. The above non-GAAP financial measures used by Wesbanco provide information useful to investors in understanding Wesbanco’s operating performance and trends, and facilitate comparisons with the performance of Wesbanco’s peers.

Net interest income decreased $8.8 million or 7.5% in the first quarter of 2022 compared to the same quarter of 2021, reflecting lower loan yields, due to repricing of existing loans and new lower rates offered in the current market environment, lower purchase accounting related accretion and lower rates on investment securities, partially offset by lower interest on deposits and borrowings. As a result of the lower rates and a higher mix of securities versus loans to total assets, the net interest margin decreased by 32 basis points to 2.95% in the first quarter of 2022 as compared to the first quarter of 2021. Over the same time period, the yield on earning assets decreased by a total of 44 basis points and the cost of interest bearing liabilities decreased 18 basis points. Average loan balances decreased by 10.8% from the first quarter of 2021, mainly attributable to forgiveness of SBA Payroll Protection Program (“PPP”) loans and higher levels of commercial real estate loan payoffs, while average securities increased by 40.7% over the same time period due to excess liquidity on the balance sheet from increased customer deposits. Average deposits, excluding certificates of deposit, increased 11.0% over the same time period, due mostly to increased personal savings. Accretion from acquisitions benefited the first quarter 2022 net interest margin by 8 basis points, as compared to 13 basis points in the prior year period. Lastly, the accretion on both existing and forgiven PPP loans positively impacted the first quarter 2022 net interest margin by a net 7 basis points as compared to 11 basis points for the first quarter of 2021.

Improved macroeconomic forecasts utilized in the CECL calculation drove a net benefit of provision for credit losses and resulted in a negative provision of $3.4 million in the first quarter of 2022, as compared to a negative provision of $28.0 million in the first quarter of 2021. Annualized net charge-offs, as a percentage of average portfolio loans, were 0% and 0.02% for the first quarter of 2022 and 2021, respectively.

For the first quarter of 2022, non-interest income decreased $2.8 million or 8.5% compared to the first quarter of 2021, driven primarily by lower mortgage banking income, which decreased $2.3 million or 54.9% from the first quarter of 2021 and by lower swap fee income and the associated swap fair value adjustments, which decreased $3.0 million or 65.2% over the same time period. While mortgage loan originations decreased by 17.0% during the first quarter of 2022, the amount sold in the secondary market also decreased from approximately 60% in the first quarter of 2021 to approximately 25% in the first quarter of 2022, due to a continued effort to keep more 1-to-4 family residential mortgages on the balance sheet. Offsetting the decreases somewhat, electronic banking fees increased $1.0 million or 22.5% from last year’s first quarter and service charges on deposits increased $1.2 million or 24.4% over the same time period, due to increased consumer spending associated with the improving economy.

Non-interest expense, excluding restructuring and merger-related expenses in both periods, increased in the first quarter of 2022 by $0.5 million or 0.6%, to $86.0 million, compared to the first quarter of 2021. Salaries and wages increased $2.0 million or 5.5% from the first quarter of 2021 to the first quarter of 2022 due to lower loan contra-costs and higher salary expense related to normal merit increases last summer. Equipment and software expense for the first quarter of 2022 increased $1.2 million or 18.4% year-over-year, due primarily to the movement of online banking costs from other operating expenses. Offsetting these increases somewhat was a decrease in other operating expenses of $1.7 million or 9.8% due mostly to the aforementioned move of online banking costs as well as a reduction in ACH and ATM processing charges related to a change in providers, in conjunction with our core banking software system conversion last year.

During the first quarter of 2022, the effective tax rate was 18.3% as compared to 19.9% in last year’s first quarter, and the provision for income taxes decreased by $8.3 million over the same time period. Both of these decreases were primarily due to lower pre-tax income, heavily influenced by a reduced negative provision for credit losses in the first quarter of 2022 as compared to the first quarter of 2021.

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NET INTEREST INCOME

TABLE 1. NET INTEREST INCOME

	For the Three Months Ended March 31,
(unaudited, dollars in thousands)	2022			2021
Net interest income	$	107,711		$	116,478
Taxable equivalent adjustment to net interest income		1,155			1,039
Net interest income, fully taxable equivalent	$	108,866		$	117,517
Net interest spread, non-taxable equivalent		2.85	%		3.11	%
Benefit of net non-interest bearing liabilities		0.07	%		0.13	%
Net interest margin		2.92	%		3.24	%
Taxable equivalent adjustment		0.03	%		0.03	%
Net interest margin, fully taxable equivalent		2.95	%		3.27	%

Net interest income, which is Wesbanco’s largest source of revenue, is the difference between interest income on earning assets, primarily loans and securities, and interest expense on liabilities, primarily deposits and short and long-term borrowings. Net interest income is affected by the general level of, and changes in interest rates, the steepness and shape of the yield curve, changes in the amount and composition of interest earning assets and interest bearing liabilities, as well as the frequency of repricing of existing assets and liabilities. Net interest income decreased $8.8 million or 7.5% in the first quarter of 2022 compared to the first quarter of 2021, due to a 32 basis point decrease in the net interest margin to 2.95% resulting from the lower yield environment, as the yield on earning assets decreased at a faster rate than the rate on interest bearing liabilities, and investment securities became a greater percentage of total assets. The net interest margin decrease was slightly mitigated by a 2.5% increase in average earning asset balances from the first quarter of 2021, primarily from a 40.7% increase in average securities, which were purchased with liquidity from deposit growth. Interest and fee accretion income on PPP loans decreased $6.2 million in the first quarter of 2022 from a total of $9.9 million in the first quarter of 2021. This PPP loan income positively impacted the first quarter 2022 net interest margin by a net 7 basis points as compared to 11 basis points in the first quarter of 2021. Excluding PPP loans, portfolio loans decreased by 2.3% from March 31, 2021, due to lower new loan demand and high levels of commercial real estate loan payoffs. In addition, total purchase accounting accretion decreased by $1.6 million in the first quarter of 2022 as compared to the first quarter of 2021, and approximately 8 basis points of accretion from prior acquisitions was included in the first quarter 2022 net interest margin as compared to 13 basis points in the 2021 first quarter net interest margin. Total average deposits, excluding CDs, increased in the first quarter of 2022 by $1.2 billion or 11.0% compared to the first quarter of 2021, due to higher personal savings balances. The cost of interest bearing deposits decreased by 8 basis points and total liabilities decreased by 18 basis points from the first quarter of 2021 to the first quarter of 2022. The decrease in the cost is primarily due to rate decreases for interest bearing demand deposits, which include public funds, and lower rates for certificates of deposit, customer repurchase agreements, term Federal Home Loan Bank borrowings and junior subordinated debentures, in response to the general decrease in overall borrowing rates in the marketplace resulting from lower rates across the yield curve. In addition, the average balance of FHLB borrowings decreased by $308.4 million or 63.1% from the first quarter of 2021, as excess liquidity was used to pay off these borrowings as they matured.

Interest income decreased $12.9 million or 10.3% in the first quarter of 2022 compared to the same period of 2021 due to lower yields in each of the major earning asset categories. Earning asset yields continued to be influenced negatively due to the continuation of the low rate environment through the current period. Average loan balances decreased $1.2 billion or 10.8% in the first quarter of 2022 compared to the first quarter of 2021, due mostly to forgiveness of PPP loans that were originated in 2020 and 2021. Loan yields decreased by 18 basis points during this same period to 3.89% due to the previously mentioned lower rate environment and its effect on the repricing of portfolio loans, as well as lower offered rates on new loans. Loans provide the greatest impact on interest income and the yield on earning assets as they have the largest balance and the highest yield within major earning asset categories. In the first quarter of 2022, average loans represented 65.0% of average earning assets, a decrease from 74.7% in the first quarter of 2021. As liquidity from higher deposit balances was invested, average total securities balances increased $1.2 billion or 40.7% from the first quarter of 2021, and represented 27.2% of total earning assets in the first quarter of 2022. Taxable securities yields decreased by 24 basis points and tax-exempt securities yields decreased by 40 basis points in the first quarter of 2022 from the first quarter of 2021. The continuing lower rate environment has resulted in the yield decrease for all securities, as calls, prepayments and maturities of legacy higher-rate securities have been replaced with purchases at lower overall market yields. The average balance of tax-exempt securities, which have the highest yields within securities, have decreased from 20.1% of total average securities in the first quarter of 2021 to 18.0% of total average securities in the first quarter of 2022.

Commercial loans with floors currently average 3.80% on approximately $2.8 billion or 39% of total commercial loans at March 31, 2022, as compared to $2.6 billion averaging 3.83% or 36% of commercial loans at December 31, 2021. Approximately 54% or $1.5 billion of these loans are currently priced at their floor, as compared to 63% or $1.6 billion at December 31, 2021. These loans typically do not adjust as rapidly from their current floor level as compared to loans without floors, due to the amount of the rate change as compared to the floor rate or next repricing date.

Interest expense decreased $4.1 million or 48.0% in the first quarter of 2022 as compared to the same period in 2021, due to decreases in the cost of all interest bearing liability categories, as management reduced certain deposit rates, and due to a decrease in the balance of outstanding FHLB borrowings. The cost of interest bearing liabilities decreased by 18 basis points from the first quarter of 2021 to 0.19% in 2022. Interest bearing deposits increased $520.6 million or 6.1% from the first quarter of 2021, due mostly to customers’ increased personal savings and deposit balances. The rate on interest bearing deposits decreased 8 basis points to 0.12% from the first quarter of 2021, primarily from decreases in rates on interest bearing public funds and certificates of deposit in response to the lower market rates, which are currently near their floors. Average non-interest bearing demand deposit balances increased from the first quarter of 2021 to the first quarter of 2022 by $376.0 million or 8.9%, and were 33.5% of total average deposits at March 31, 2022, compared to 32.9% at March 31, 2021, reflecting the previously mentioned higher personal savings balances and ongoing checking

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account marketing strategies. The average balance of FHLB borrowings decreased $308.4 million from the first quarter of 2021 to 2022 due to the maturity of legacy higher-rate FHLB borrowings throughout the past twelve months being redeemed with excess liquidity. These maturities benefited the average rate paid, as it decreased by 70 basis points to 1.30% from the first quarter of 2021. Average repurchase agreements combined with subordinated debt and junior subordinated debt balances decreased $80.1 million or 20.9% from the first quarter of 2021 to 2022, and their average rates paid decreased by 13 and 55 basis points, respectively, over this same time period, due primarily to decreases in LIBOR, the index upon which this variable-rate type of borrowing is priced.

The increasing rate environment, which began in the second half of the first quarter, is expected to result in the core net interest margin stabilizing in the second quarter, and assuming further anticipated federal funds rate increases in 2022, the margin will likely begin to increase in the second half of 2022. Securities purchased toward the end of the first quarter will further positively impact the margin. Higher anticipated earning asset yields caused by loans repricing to higher rates, rates on new loan production being higher than existing loans and security cash flows being reinvested at higher rates will be slightly offset by decreasing purchase accounting accretion, price increases to deposit rates and higher wholesale funding costs. The subordinated debt issuance late in the first quarter of 2022 will further increase the cost of interest-bearing liabilities. In addition, as the remaining balance of outstanding PPP loans continues to be forgiven, the positive impact on the margin will lessen as lower net deferred fees are accreted into income at the date of loan payoff. At March 31, 2022, there were $2.9 million of remaining net deferred fees from PPP loans that will accrete into interest income as loans pay down or are forgiven by the SBA.

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TABLE 2. AVERAGE BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS

	For The Three Months Ended March 31,
	2022					2021
	Average		Average			Average		Average
(unaudited, dollars in thousands)	Balance		Rate			Balance		Rate
ASSETS
Due from banks - interest bearing	$	1,161,218		0.16	%	$	776,245		0.09	%
Loans, net of unearned income (1)		9,712,085		3.89	%		10,890,370		4.07	%
Securities: (2)
Taxable		3,333,379		1.72	%		2,306,320		1.96	%
Tax-exempt (3)		729,380		3.06	%		580,199		3.46	%
Total securities		4,062,759		1.96	%		2,886,519		2.26	%
Other earning assets		15,446		3.81	%		33,240		5.89	%
Total earning assets (3)		14,951,508		3.07	%		14,586,374		3.51	%
Other assets		2,041,090					2,049,884
Total Assets	$	16,992,598				$	16,636,258
LIABILITIES AND SHAREHOLDERS'    EQUITY
Interest bearing demand deposits	$	3,403,499		0.10	%	$	2,970,766		0.14	%
Money market accounts		1,806,719		0.07	%		1,725,561		0.14	%
Savings deposits		2,626,962		0.04	%		2,290,657		0.05	%
Certificates of deposit		1,254,603		0.41	%		1,584,152		0.61	%
Total interest bearing deposits		9,091,783		0.12	%		8,571,136		0.20	%
Federal Home Loan Bank borrowings		180,024		1.30	%		488,388		2.00	%
Repurchase agreements		156,167		0.12	%		191,676		0.25	%
Subordinated debt and junior subordinated debt		147,709		3.22	%		192,341		3.77	%
Total interest bearing liabilities (4)		9,575,683		0.19	%		9,443,541		0.37	%
Non-interest bearing demand deposits		4,576,749					4,200,793
Other liabilities		184,359					221,508
Shareholders’ equity		2,655,807					2,770,416
Total Liabilities and Shareholders’ Equity	$	16,992,598				$	16,636,258
Taxable equivalent net interest spread				2.88	%				3.14	%
Taxable equivalent net interest margin				2.95	%				3.27	%

(1)Gross of allowance for credit losses and net of unearned income. Includes non-accrual and loans held for sale. Loan fees included in interest income on loans were $4.1 million and $8.2 million for the three months ended March 31, 2022 and 2021, respectively. PPP loan fees, which are included as part of total loan fees, were $3.2 million and $7.9 million for the three months ended March 31, 2022 and 2021, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $2.5 million and $3.5 million for the three months ended March 31, 2022 and 2021, respectively.

(2)Average yields on available-for-sale debt securities are calculated based on amortized cost.

(3)Taxable equivalent basis is calculated on tax-exempt securities using a federal statutory rate of 21% for each period presented.

(4)Accretion on interest bearing liabilities acquired from prior acquisitions was $0.4 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively.

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TABLE 3. RATE/VOLUME ANALYSIS OF CHANGES IN INTEREST INCOME AND INTEREST EXPENSE

	For the Three Months Ended March 31, 2022
	Compared to March 31, 2021
(unaudited, in thousands)	Volume			Rate			Net Increase (Decrease)
Increase (decrease) in interest income:
Due from banks - interest bearing	$	113		$	163		$	276
Loans, net of unearned income		(11,455	)		(4,782	)		(16,237	)
Taxable securities		4,479			(1,494	)		2,985
Tax-exempt securities (1)		1,171			(621	)		550
Other earning assets		(203	)		(135	)		(338	)
Total interest income change (1)		(5,895	)		(6,869	)		(12,764	)
Increase (decrease) in interest expense:
Interest bearing demand deposits		137			(369	)		(232	)
Money market accounts		26			(283	)		(257	)
Savings deposits		36			(36	)		-
Certificates of deposit		(431	)		(666	)		(1,097	)
Federal Home Loan Bank borrowings		(1,179	)		(660	)		(1,839	)
Repurchase agreements		(19	)		(51	)		(70	)
Subordinated debt and junior subordinated debt		(378	)		(240	)		(618	)
Total interest expense change		(1,808	)		(2,305	)		(4,113	)
Net interest income decrease (1)	$	(4,087	)	$	(4,564	)	$	(8,651	)

(1)Taxable equivalent basis is calculated on tax-exempt securities using a federal statutory tax rate of 21%.

PROVISION FOR CREDIT LOSSES – LOANS AND LOAN COMMITMENTS

The provision for credit losses – loans is the amount to be added to the allowance for credit losses – loans after net (charge-offs) recoveries have been (deducted) added to bring the allowance to a level considered appropriate to absorb lifetime expected losses for all portfolio loans. The provision for credit losses – loan commitments is the amount to be added to the allowance for credit losses for loan commitments to bring that allowance to a level considered appropriate to absorb lifetime expected losses on unfunded loan commitments. The negative provision for credit losses - loans and loan commitments decreased to ($3.5) million in the first quarter of 2022 compared to a negative provision of ($27.9) million in the first quarter of 2021. While the negative provision decreased year-over-year, the ($3.5) million provision in the first quarter of 2022 was a result of continued improvement in the macroeconomic forecast and certain qualitative factors. Non-performing loans were 0.38% of total loans as of March 31, 2022, increasing from 0.36% of total loans at the end of the first quarter of 2021. Criticized and classified loans were 3.68% of total loans as of March 31, 2022, decreasing from 4.26% as of March 31, 2021, primarily due to improvements within the Company’s hospitality loan portfolio. Past due loans at March 31, 2022 were 0.35% of total loans, compared to 0.31% at March 31, 2021. Annualized net loan charge-offs decreased to 0% for the three months ended March 31, 2022 compared to 0.02% for the three months ended March 31, 2021. (Please see the Allowance for Credit Losses – Loans and Loan Commitments section of this MD&A for additional discussion).

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NON-INTEREST INCOME

TABLE 4. NON-INTEREST INCOME

	For The Three Months Ended March 31,
(unaudited, dollars in thousands)	2022			2021		$ Change			% Change
Trust fees	$	7,835		$	7,631	$	204			2.7
Service charges on deposits		6,090			4,894		1,196			24.4
Electronic banking fees		5,345			4,365		980			22.5
Net securities brokerage revenue		2,220			1,524		696			45.7
Bank-owned life insurance		3,881			1,709		2,172			127.1
Net securities (losses) gains		(650	)		279		(929	)		(333.0	)
Mortgage banking income		1,923			4,264		(2,341	)		(54.9	)
Net insurance services revenue		1,026			1,090		(64	)		(5.9	)
Debit card sponsorship income		—			646		(646	)		(100.0	)
Payment processing fees		742			713		29			4.1
Net (loss) gain on other real estate owned  and other assets		(806	)		175		(981	)		(560.6	)
Net swap fee and valuation income		1,617			4,650		(3,033	)		(65.2	)
Other		1,159			1,268		(109	)		(8.6	)
Total non-interest income	$	30,382		$	33,208	$	(2,826	)		(8.5	)

Non-interest income is a significant source of revenue and an important part of Wesbanco’s results of operations, as it represents 22.0% of total revenue for the three months ended March 31, 2022. Wesbanco offers its customers a wide range of retail, commercial, investment and electronic banking services, which are viewed as a vital component of Wesbanco’s ability to attract and maintain customers, as well as providing additional fee income beyond normal spread-related income to Wesbanco. For the first quarter of 2022, non-interest income decreased $2.8 million or 8.5% compared to the first quarter of 2021, primarily due to a $3.0 million decrease in net swap fee and valuation income, and a $2.3 million decrease in mortgage banking income. The decreases were somewhat offset by a $2.2 million increase in bank-owned life insurance, a $1.2 million increase in service charges on deposits and a $1.0 million increase in electronic banking fees.

Trust fees increased $0.2 million or 2.7% compared to the first quarter of 2021, due to market value appreciation and organic growth. Total trust assets were $5.4 billion at March 31, 2022 as compared to $5.2 billion at March 31, 2021. As of March 31, 2022, trust assets include managed assets of $4.3 billion and non-managed (custodial) assets of $1.1 billion. Assets managed for the WesMark Funds, a proprietary group of mutual funds that is advised by Wesbanco Trust and Investment Services, were $1.0 billion as of March 31, 2022 and March 31, 2021, respectively, and are included in managed assets.

Service charges on deposits increased $1.2 million or 24.4% to $6.1 million in the first quarter of 2022 as compared to the same period in 2021, as a result of increased general consumer spending over the prior period, due to higher customer demand for goods and services as business conditions improved from the pandemic, resulting in more eligible fee-generating transactions. In addition, electronic banking fees, which include debit card interchange fees, increased $1.0 million or 22.5% compared to the first quarter of 2021, also due to increased general consumer spending.

Bank-owned life insurance increased $2.2 million or 127.1% compared to the first quarter of 2021 due to an increase in mortality-related benefits received in the current period, as well as an increase in the cash surrender value from the purchase of an additional $40 million of bank-owned life insurance in the third quarter of 2021.

Net securities (losses) gains include both gains and losses on investment security transactions as well as market value adjustments on the Company's deferred compensation plan. For the three months ended March 31, 2022, net securities (losses) gains decreased $0.9 million or 333.0% compared to the same period of 2021, due to a $0.8 million decrease in market adjustments on the deferred compensation plan. These market adjustments had an offsetting effect in employee benefits expense. No investment security sales occurred in either period.

Mortgage banking income decreased $2.3 million or 54.9% in the first quarter of 2022 compared to the first quarter of 2021, as Wesbanco retained more 1-to-4 family mortgages on the balance sheet, and total originations were lower in the first quarter of 2022 as compared to the prior year period, reflecting the change in economic conditions. For the first quarter of 2022, mortgage production was $269.0 million, which was a decrease of 17.6% from the comparable 2021 period. For the three months ended March 31, 2022, $78.7 million in mortgages were sold into the secondary market at a net margin of 2.4% as compared to $214.6 million at a net margin of 2.0% in the comparable 2021 period. Included in mortgage banking income and the calculation of net margin noted above are gains of $0.8 million and losses of $1.4 million from the fair value adjustments on mortgage loan commitments and related derivatives for the three months ended March 31, 2022 and 2021, respectively.

Debit card sponsorship income, a non-essential revenue stream for Wesbanco that was acquired in the Old Line Bancshares, Inc. acquisition and generated $0.6 million of gross revenue in the first quarter of 2021, was sold as of March 31, 2021 to another bank. The all-cash purchase price, which is being paid out on a monthly basis over a two-year period up to a maximum of $2.8 million, is based on a 50% split of the monthly gross revenue earned by the purchasing bank. Wesbanco has recognized $0.4 million in revenue in the first three months of 2022 following the sale, which is recorded in net gain (loss) on the sale of other real estate owned and other assets.

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Net (loss) gain on other real estate owned and other assets decreased $1.0 million or 560.6% in the three months ended March 31, 2022 as compared to the same period in 2021, due to the market value decline on an investment made by Wesbanco’s Community Development Corporation in a start-up firm more than ten years ago that was acquired by a public company in 2021.

Net swap fee and valuation income, which includes fair value adjustments, decreased $3.0 million or 65.2% in the first quarter of 2022 compared to the first quarter of 2021, due to a reduced volume of new swaps originated, resulting in less fee income, as well as lower fair value adjustments. For the three months ended March 31, 2022, new swaps executed totaled $7.4 million in notional principal, resulting in $0.2 million of fee income, compared to new swaps executed of $65.1 million in notional principal resulting in $1.9 million of fee income for the three months ended March 31, 2021. Fair value adjustments on existing swaps for the three months ended March 31, 2022 were $1.5 million as compared to $2.8 million for the three months ended March 31, 2021.

NON-INTEREST EXPENSE

TABLE 5. NON-INTEREST EXPENSE

	For The Three Months Ended March 31,
(unaudited, dollars in thousands)	2022		2021		$ Change			% Change
Salaries and wages	$	38,937	$	36,890	$	2,047			5.5
Employee benefits		9,158		10,266		(1,108	)		(10.8	)
Net occupancy		7,234		7,177		57			0.8
Equipment and software		8,011		6,765		1,246			18.4
Marketing		2,421		2,384		37			1.6
FDIC insurance		1,522		1,282		240			18.7
Amortization of intangible assets		2,598		2,896		(298	)		(10.3	)
Restructuring and merger-related expenses		1,593		851		742			87.2
Franchise and other miscellaneous taxes		2,995		2,997		(2	)		(0.1	)
Consulting, regulatory, accounting and advisory fees		3,687		3,378		309			9.1
ATM and electronic banking interchange expenses		1,419		2,202		(783	)		(35.6	)
Postage and courier expenses		1,222		1,268		(46	)		(3.6	)
Legal fees		935		862		73			8.5
Communications		1,066		912		154			16.9
Supplies		866		1,019		(153	)		(15.0	)
Other real estate owned and foreclosure expenses		258		112		146			130.4
Other		3,626		5,066		(1,440	)		(28.4	)
Total non-interest expense	$	87,548	$	86,327	$	1,221			1.4

Non-interest expense in the first quarter of 2022 increased $1.2 million or 1.4% compared to the same quarter in 2021, principally from a $2.0 million increase in salaries and wages, a $1.2 million increase in equipment and software costs and a $0.7 million increase in restructuring and merger-related expenses. These increases were slightly offset by a $1.1 million decrease in employee benefits expense, a $0.8 million decrease in ATM and electronic banking interchange expenses and a $1.4 million decrease in other operating expenses. In the first quarter of 2022, there were $1.6 million of restructuring expenses related to the branch optimization strategy as compared to $0.9 million of restructuring expenses related to the branch optimization strategy and the core systems conversion in the first quarter of 2021. Excluding restructuring and merger-related expenses, non-interest expense increased $0.5 million or 0.6% from the first quarter of 2021 to the first quarter of 2022.

Salaries and wages increased $2.0 million or 5.5% in the first quarter of 2022 from the first quarter of 2021 due to decreases in loan-contra costs and higher salary expense related to the normal merit increases that occurred mid-year 2021. Loan contra-costs decreased by $1.1 million or 24.6% from the first quarter of 2021 to the first quarter of 2022 due to a reduction in loan volume. These increases to salary expense were mitigated by a 1.4% reduction in full time equivalent employees from the first quarter of 2021 as a result of the closure of branches at various points in 2021, as the branch optimization strategy was executed, and a temporary hiring freeze earlier in 2021.

Employee benefits expense decreased $1.1 million or 10.8% in the first quarter of 2022 from the first quarter of 2021 due primarily to a $0.5 million decrease in pension expense and a $0.9 reduction in deferred compensation plan expense, which mostly relate to the decline in the market value of the underlying investments. These decreases were slightly offset by increased recruiting expense and higher workers compensation expense, due to a premium refund received in the first quarter of 2021.

Equipment and software costs increased $1.2 million or 18.4% compared to the first quarter of 2021, due primarily to the movement of online banking costs following the core conversion in the third quarter of 2021 from other operating expenses.

Restructuring and merger-related expenses in the first quarter of 2022 totaled $1.6 million, an increase of $0.7 million from the first quarter of 2021. The expenses in the first quarter of 2022 consisted of fixed asset writedowns and lease termination expenses associated with the upcoming closure of eleven additional branches later in 2022 as a result of the continued execution of the branch optimization strategy. The restructuring and merger-related expenses in the first quarter of 2021 totaling $0.9 million were comprised of $0.7 million in core conversion-related expenses and $0.2 million in branch closure and severance expenses associated with the closure of 21 branches early in the first quarter of 2021.

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ATM and electronic banking interchange expenses decreased by $0.8 million or 35.6% in the first quarter of 2022 from the first quarter of 2021 due to a reduction in ACH and ATM processing charges related to a change in providers that occurred in conjunction with our core banking software system conversion in the third quarter of 2021.

Other operating expenses decreased by $1.4 million or 28.4% in the first quarter of 2022 from the first quarter of 2021 due mostly to the previously mentioned movement of online banking costs, following the core conversion in 2021, into equipment and software costs.

INCOME TAXES

The provision for income taxes was $9.9 million for the three months ended March 31, 2022, which is an $8.3 million decrease compared to $18.2 million for the three months ended March 31, 2021. The decrease in the provision for income taxes is due to a $37.3 million decrease in pre-tax income from the first quarter of 2021 and an accompanying decrease in the effective tax rate to 18.3% in the first quarter of 2022 compared to 19.9% in the first quarter of 2021. This lower pre-tax income was primarily due to a $28.0 million negative provision for credit losses recorded in the first quarter of 2021, as compared to a $3.4 million negative provision in the first quarter of 2022.

FINANCIAL CONDITION

Total assets and deposits increased 1.0% and 1.7%, respectively, while shareholders’ equity decreased 5.4%, compared to December 31, 2021. Total securities increased $49.6 million or 1.2% from December 31, 2021 to March 31, 2022, primarily driven by the purchase of mortgage-backed securities and municipal obligations. The securities’ increase was partially offset by a $139.9 million increase in unrealized losses in the available-for-sale portfolio. Total portfolio loans, excluding PPP loans, increased $85.9 million or 0.9% as new originations outpaced pay downs. Forgiveness related to the 2020 and 2021 PPP loan programs totaled $86.1 million through the first three months of 2022. Deposits increased $232.0 million from year-end, resulting from increases of 5.3%, 4.5%, and 1.3% in money market deposits, savings deposits, and demand deposits, respectively, which were partially offset by a 6.3% decrease in certificates of deposit. The growth in transaction-based accounts is primarily attributable to increased personal savings, focused retail and business strategies to obtain more account relationships and customers’ preferences for shorter-term maturities. Deposits were also somewhat impacted by bonus and royalty payments for Marcellus and Utica shale gas payments from energy companies in Wesbanco’s southwestern Pennsylvania, eastern Ohio, and northern West Virginia markets. The decrease in certificates of deposit is a result of lower overall rates and management periodically offering lower-than-median competitive rates for maturing certificates of deposit as well as customer preferences for other deposit types. Total borrowings increased 22.8% or $104.5 million during the first three months of 2022 primarily as the result of a $150.0 million issuance of subordinated debentures at the parent company as qualifying Tier 2 risk-based capital and a $16.6 million increase in other short-term borrowings, which were partially offset by the $60.0 million pay down of maturing FHLB advances. Total shareholders’ equity decreased approximately $145.9 million or 5.4%, compared to December 31, 2021, primarily due to a $106.2 million decrease in other comprehensive income and the repurchase of common shares totaling $62.3 million, which were partially offset by net income exceeding dividends for the period by $21.1 million.

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SECURITIES

TABLE 6. COMPOSITION OF SECURITIES (1)

	March 31,			December 31,
(unaudited, dollars in thousands)	2022			2021			Change ($)			Change (%)
Equity securities (at fair value)	$	12,757		$	13,466		$	(709	)		(5.3	)
Available-for-sale debt securities (at fair value)
U.S. Government sponsored entities and agencies		240,497			236,978			3,519			1.5
Residential mortgage-backed securities and    collateralized mortgage obligations of    government sponsored entities and agencies		2,159,454			2,285,213			(125,759	)		(5.5	)
Commercial mortgage-backed securities and    collateralized mortgage obligations of    government sponsored entities and agencies		394,089			367,493			26,596			7.2
Obligations of states and political subdivisions		100,273			106,340			(6,067	)		(5.7	)
Corporate debt securities		17,060			17,438			(378	)		(2.2	)
Total available-for-sale debt securities	$	2,911,373		$	3,013,462		$	(102,089	)		(3.4	)
Held-to-maturity debt securities (at amortized cost)
U.S. Government sponsored entities and agencies	$	5,731		$	5,944		$	(213	)		(3.6	)
Residential mortgage-backed securities and    collateralized mortgage obligations of    government sponsored entities and agencies		53,989			58,147			(4,158	)		(7.2	)
Obligations of states and political subdivisions		1,067,214			907,649			159,565			17.6
Corporate debt securities		30,268			33,083			(2,815	)		(8.5	)
Total held-to-maturity debt securities		1,157,202			1,004,823			152,379			15.2
Total securities	$	4,081,332		$	4,031,751		$	49,581			1.2
Available-for-sale and equity securities:
Weighted average yield at the respective period end (2)		1.69	%		1.55	%
As a % of total securities		71.6	%		75.1	%
Weighted average life (in years)		5.4			5.0
Held-to-maturity securities:
Weighted average yield at the respective period end (2)		2.86	%		2.92	%
As a % of total securities		28.4	%		24.9	%
Weighted average life (in years)		8.4			5.6
Total securities:
Weighted average yield at the respective period end (2)		2.01	%		1.89	%
As a % of total securities		100.0	%		100.0	%
Weighted average life (in years)		6.2			5.2

(1)At March 31, 2022 and December 31, 2021, there were no holdings of any one issuer, other than U.S. government sponsored entities and its agencies, in an amount greater than 10% of Wesbanco’s shareholders’ equity.

(2)Weighted average yields have been calculated on a taxable-equivalent basis using the federal statutory tax rate of 21%.

Total investment securities, which are a source of liquidity for Wesbanco as well as a contributor to interest income, increased by $49.6 million or 1.2% from December 31, 2021 to March 31, 2022. Through the first three months of the year, the available-for-sale portfolio decreased by $102.1 million or 3.4%, primarily due to the decrease in market prices as rates began to rise, particularly in the second half of the first quarter. The held-to-maturity portfolio increased by $152.4 million or 15.2% due to $177.0 million in purchases of municipal bonds. The weighted average yield of the portfolio increased 12 basis points from 1.89% at December 31, 2021 to 2.01% at March 31, 2022, primarily due to decreased prepayment speeds on mortgage-backed securities as a result of the market rate increase, increased purchases of higher yielding municipal bonds and increases in the indices tied to variable rate securities.

Total gross unrealized securities losses increased $180.6 million, from $40.3 million at December 31, 2021 to $220.9 million at March 31, 2022. The increase in unrealized losses from December 31, 2021 was due to an increase in market rates in 2022 to date, causing market prices to decrease on most securities purchased or acquired during the lower-yielding environment of the prior two years. Wesbanco did not allocate any allowance for credit losses to the unrealized losses on available-for-sale debt securities at March 31, 2022. Please refer to Note 4, “Securities,” of the Consolidated Financial Statements for additional information. Wesbanco does not have any investments in private mortgage-backed securities or those that are collateralized by sub-prime mortgages, nor does Wesbanco have any exposure to collateralized debt obligations or government-sponsored enterprise preferred stocks.

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Net unrealized losses on available-for-sale securities included in accumulated other comprehensive income, net of tax, as of March 31, 2022 and December 31, 2021 were $111.0 million and $4.7 million, respectively. These net unrealized pre-tax losses represent temporary fluctuations resulting from changes in market rates in relation to fixed yields in the available-for-sale portfolio, and on an after-tax basis are accounted for as an adjustment to other comprehensive income in shareholders’ equity. Net unrealized pre-tax (losses) gains in the held-to-maturity portfolio, which are not accounted for in other comprehensive income, were ($64.2) million at March 31, 2022, compared to $23.6 million at December 31, 2021. With approximately 28% of the investment portfolio in the held-to-maturity category, the recent volatility in interest rates does not have as much impact on other comprehensive income as if the entire portfolio were included in the available-for-sale category.

Equity securities, of which a portion consist of investments in various mutual funds held in grantor trusts formed in connection with a key officer and director deferred compensation plan, are recorded at fair value. Gains and losses due to fair value fluctuations on equity securities are included in net securities gains or losses. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the employee is recognized in employee benefits expense.

The corporate and municipal bonds in Wesbanco’s held-to-maturity debt portfolio are analyzed quarterly to determine if an allowance for current expected credit losses is warranted. Wesbanco uses a database of historical financials of all corporate and municipal issuers and actual historic default and recovery rates on rated and non-rated transactions to estimate expected credit losses on an individual security basis. The expected credit losses are adjusted quarterly and are recorded in an allowance for expected credit losses on the balance sheet, which is deducted from the amortized cost basis of the held-to-maturity portfolio as a contra asset. The losses are recorded on the income statement in the provision for credit losses. Accrued interest receivable on held-to-maturity securities, which was $8.3 million and $7.0 million as of March 31, 2022 and December 31, 2021, respectively, is excluded from the estimate of credit losses. Held-to-maturity investments in U.S. Government sponsored entities and agencies as well as mortgage-backed securities and collateralized mortgage obligations, which are all either issued by a direct governmental entity or a government-sponsored entity, have no historical evidence supporting expected credit losses; therefore, Wesbanco has estimated these losses at zero, and will monitor this assumption in the future for any economical or governmental policies that could affect this assumption.

Wesbanco uses prices from independent pricing services and, to a lesser extent, indicative (non-binding) quotes from independent brokers, to measure the fair value of its securities. Wesbanco validates prices received from pricing services or brokers using a variety of methods, including, but not limited to, comparison to secondary pricing services, corroboration of pricing by reference to other independent market data such as secondary broker quotes and relevant benchmark indices, review of pricing by personnel familiar with market liquidity and other market-related conditions, review of pricing service methodologies, review of independent auditor reports received from the pricing service regarding its internal controls, and through review of inputs and assumptions used in pricing certain securities thinly traded or with limited observable data points. The procedures in place provide management with a sufficient understanding of the valuation models, assumptions, inputs and pricing to reasonably measure the fair value of Wesbanco’s securities. For additional disclosure relating to fair value measurements, refer to Note 7, “Fair Value Measurement” in the Consolidated Financial Statements.

LOANS AND CREDIT RISK

Loans represent Wesbanco’s single largest balance sheet asset classification and the largest source of interest income. Business purpose loans consist of CRE loans and other C&I loans that are not secured by real estate. CRE loans are further segmented into land and construction loans, and loans for improved property. Consumer purpose loans consist of residential real estate loans, home equity lines of credit and other consumer loans. Loans held for sale generally consist of residential real estate loans originated for sale in the secondary market, but at times may also include other types of loans. The outstanding balance of each major category of the loan portfolio is summarized in Table 10.

The risk that borrowers will be unable or unwilling to repay their obligations and default on loans is inherent in all lending activities. Credit risk arises from many sources including general economic conditions, external events that impact businesses or industries, isolated events that impact a major employer, individual loss of employment or other personal hardships, as well as changes in interest rates or the value of collateral. Credit risk is also impacted by a concentration of exposure within a geographic market or to one or more borrowers, industries or collateral types. The primary goal in managing credit risk is to minimize the impact of default by an individual borrower or group of borrowers. Credit risk is managed through the initial underwriting process as well as through ongoing monitoring and administration of the portfolio that varies by the type of loan. The Bank’s credit policies establish standard underwriting guidelines for each type of loan and require an appropriate evaluation of the credit characteristics of each borrower. This evaluation includes the borrower’s primary source of repayment capacity; the adequacy of collateral, if any, to secure the loan; the potential value of personal guarantees as secondary sources of repayment; and other factors unique to each loan that may increase or mitigate its risk. Credit bureau scores are also considered when evaluating consumer purpose loans as well as guarantors of business purpose loans. However, the Bank does not periodically update credit bureau scores subsequent to when loans are made to determine changes in credit history.

Credit risk is mitigated for all types of loans by continuously monitoring delinquency levels and pursuing collection efforts at the earliest stage of delinquency. The Bank also monitors general economic conditions, including employment, housing activity and real estate values in its market. The Bank also periodically evaluates and changes its underwriting standards when warranted based on market conditions, the historical performance of a category of the portfolio, or other external factors. Credit risk is also regularly evaluated for the impact of adverse economic and other events, such as the current COVID-19 pandemic crisis, that increase the risk of default and the potential loss in the event of default, to understand the impact on the Bank’s earnings and capital.

Commercial loan risk grades are determined based on an evaluation of the relevant characteristics of each loan, assigned at inception and adjusted thereafter at any time to reflect changes in the risk profile throughout the life of each loan. The primary factors used to determine the risk grade are the sufficiency, reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. The rating system more heavily weights the debt service coverage, leverage and loan-to-value factors to derive the risk grade. Other factors that are considered at a lesser weighting include management, industry or property-type risks, payment history, collateral and personal guarantees.

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TABLE 10. COMPOSITION OF LOANS (1)

	March 31, 2022				December 31, 2021
(unaudited, dollars in thousands)	Amount		% of Loans		Amount		% of Loans
Commercial real estate:
Land and construction	$	857,869		8.8	$	833,880		8.5
Improved property		4,722,213		48.4		4,705,088		48.2
Total commercial real estate		5,580,082		57.2		5,538,968		56.7
Commercial and industrial		1,436,543		14.7		1,427,645		14.7
Commercial and industrial - PPP		76,535		0.8		162,675		1.7
Residential real estate		1,767,064		18.1		1,721,378		17.6
Home equity		592,872		6.1		605,682		6.2
Consumer		280,176		2.9		277,130		2.8
Total portfolio loans		9,733,272		99.8		9,733,478		99.7
Loans held for sale		15,959		0.2		25,277		0.3
Total loans	$	9,749,231		100.0	$	9,758,755		100.0

(1)Loans are presented gross of the allowance for loan credit losses – loans and net of unearned income, credit valuation adjustments, and unamortized net deferred loan fee income and loan origination costs.

Total portfolio loans decreased $0.2 million from December 31, 2021, while they decreased $970.0 million or 9.1% over the last twelve months. Most of the loan decrease was due to the forgiveness of $807.2 million of PPP loans over the last twelve months, of which $76.5 million remain in the portfolio as of March 31, 2022. Excluding PPP loans, total portfolio loans decreased over the last twelve months by 2.3%, reflecting continued low commercial line of credit utilization and the higher than anticipated payoffs of commercial real estate loans, which are down 2.3%, and commercial and industrial loans, which are down 10.2%. Larger payoffs have also caused a 6.5% decline in HELOC balances, and consumer loan demand has decreased slightly at 3.2%. While there have been year-over-year decreases in these loan segments, the most recent quarter is a promising start to 2022 with loan growth, excluding PPP loans, in all three commercial loan categories, consumer loans, and residential real estate. Excluding PPP loans, total portfolio loans increased 3.6% on an annualized basis from December 31, 2021. Residential real estate also provided a partial offset to the year-over-year decrease, as it increased 7.5% due to continued efforts to sell fewer loans into the secondary market. Land and construction loans have also improved year-over-year by 33.6% due to increased originations. Loan growth will continue to be enhanced through the opening of new loan production offices in the Nashville and Indianapolis areas in the first quarter.

Total loan commitments of $4.2 billion, including loans approved but not closed, increased $417.2 million or 10.9% from December 31, 2021 due primarily to increases in loans approved but not closed and availabilities under lines of credit. The line utilization percentage for the commercial portfolio was 35.7% at March 31, 2022 compared to 34.5% as of December 31, 2021.

The commercial portfolio is monitored for potential concentrations of credit risk by market, type of lending, CRE property type, C&I and owner-occupied CRE by industry, investment CRE dependence on common tenants and industries or property types that are similarly impacted by external factors.

Loans held for sale at both March 31, 2022 and December 31, 2021 are originated residential mortgages that are committed to be sold into the secondary market. Loans held for sale decreased by $9.3 million or 36.9% from December 31, 2021 due to continued efforts to keep more originations in the loan portfolio and lower originations.

Wesbanco has participated in the PPP loan program as originally established by the CARES Act. As of March 31, 2022, the Company has funded nearly 11,300 loans totaling $1.2 billion to qualifying small businesses, non-profits and organizations throughout our six-state footprint. The loans carry an interest rate of 1%, are generally for a two-year or five-year maturity, and were originated with a percentage fee paid by the SBA directly to the Bank depending on the size of the loan originated. At March 31, 2022, remaining unaccreted fees, net of deferred origination costs, were $2.9 million, substantially all of which is attributable to 2021 originated PPP loans. The loans are subject to forgiveness by the SBA under certain defined circumstances; a high percentage of such loans have met such requirements (as revised) in previous quarters, and most remaining PPP loans are anticipated to meet these requirements as well. The 2020-originated PPP loans totaling $850.9 million, or over 99% of those originations, and $298.8 million of 2021-originated PPP loans, or 80% of those originations, have been forgiven as of March 31, 2022.

Wesbanco met the needs of the communities it serves by providing appropriate relief tailored to the individual needs of the customer, ranging from three months of interest-only for those minimally impacted, up to and including full principal and interest deferral for six months for those significantly impacted, while also providing additional tailored relief to the hospitality industry where appropriate. The relief was provided in as many as three phases depending on the circumstances. Under the CARES Act, Wesbanco modified approximately 3,553 loans totaling $2.2 billion, of which a total of $51.5 million, representing 0.5% of total portfolio loans, remain in deferral as of March 31, 2022. As of March 31, 2022, an additional $96.4 million of commercial loans had various payment terms modified in exchange for enhancements beneficial to the Bank which were permanent improvements to the credit facility. Changes include an increase in floor rates, increase in guarantors and duration of guarantees and a change in covenants. None of the aforementioned loans were considered delinquent or on non-accrual status as of March 31, 2022.

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NON-PERFORMING ASSETS AND LOANS PAST DUE 90 DAYS OR MORE

Non-performing assets consist of non-accrual loans and TDRs, other real estate acquired through or in lieu of foreclosure, bank premises held for sale, and repossessed automobiles acquired to satisfy defaulted consumer loans.

TABLE 11. NON-PERFORMING ASSETS

(unaudited, dollars in thousands)	March 31, 2022			December 31, 2021
Non-accrual loans:
Commercial real estate - land and construction	$	73		$	73
Commercial real estate - improved property		7,391			7,715
Commercial and industrial		4,592			5,064
Residential real estate		15,512			17,190
Home equity		5,319			5,163
Consumer		485			537
Total non-accrual loans (1)		33,372			35,742
TDRs accruing interest:
Commercial real estate - land and construction		82			—
Commercial real estate - improved property		367			374
Commercial and industrial		187			192
Residential real estate		2,797			2,875
Home equity		266			277
Consumer		32			28
Total TDRs accruing interest (1)		3,731			3,746
Total non-performing loans	$	37,103		$	39,488
Other real estate owned and repossessed assets		87			—
Total non-performing assets	$	37,190		$	39,488
Non-performing loans/total portfolio loans		0.38	%		0.41	%
Non-accrual loans/total portfolio loans		0.34	%		0.37	%
Non-performing assets/total assets		0.22	%		0.23	%
Non-performing assets/total portfolio loans, other real estate and repossessed assets		0.38	%		0.41	%

(1)TDRs on non-accrual of $1.3 million as of March 31, 2022 and $1.5 million as of December 31, 2021, respectively, are included in total non-accrual loans.

Non-performing loans, which consist of non-accrual loans and TDRs, decreased $2.4 million or 6.0%, from December 31, 2021. Essentially all $2.4 million of the decrease is due to non-accrual loans, as there has been only one additional TDR since December 31, 2021. (Please see the Notes to the Consolidated Financial Statements for additional discussion.)

Section 4013 of the CARES Act allows financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time during the COVID-19 pandemic. These customers must meet certain criteria, such as they were in good standing and not more than 30 days past due as of December 31, 2019, as well as other requirements. Based on this guidance, Wesbanco did not classify the COVID-19 loan modifications as TDRs, nor are the customers considered past due with regards to their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Wesbanco has offered various deferred payment schedules to commercial and retail customers impacted by the COVID-19 pandemic, depending on the type of loan and the industry-type for commercial loans. Such deferrals primarily took place in 2020, with a few in late 2021. New loan deferrals are no longer available in 2022.

Other real estate owned and repossessed assets increased to $0.1 million from December 31, 2021. At March 31, 2022 and December 31, 2021, formal foreclosure proceedings were in process on residential real estate loans totaling $4.8 million and $4.0 million, respectively. Previously, as a result of provisions of the CARES Act, certain residential real estate loans were temporarily suspended from entering foreclosure proceedings, which included $0.8 million of loans as of December 31, 2021. Since this moratorium substantially ended in the first quarter, there are currently no loans suspended from entering foreclosure proceedings.

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The following table presents past due and accruing loans excluding non-accrual and TDRs:

TABLE 12. PAST DUE AND ACCRUING LOANS EXCLUDING NON-ACCRUAL AND TDRs

(unaudited, dollars in thousands)	March 31, 2022			December 31, 2021
Loans past due 90 days or more:
Commercial real estate - land and construction	$	—		$	51
Commercial real estate - improved property		3,449			3,042
Commercial and industrial		319			559
Residential real estate		1,229			2,840
Home equity		631			685
Consumer		514			627
Total loans past due 90 days or more		6,142			7,804
Loans past due 30 to 89 days:
Commercial real estate - land and construction		—			—
Commercial real estate - improved property		11,984			14,001
Commercial and industrial		7,934			3,442
Residential real estate		4,524			4,513
Home equity		1,729			2,528
Consumer		2,151			2,668
Total loans past due 30 to 89 days		28,322			27,152
Total loans 30 days or more past due	$	34,464		$	34,956
Loans past due 90 days or more and accruing to total portfolio loans		0.06	%		0.08	%
Loans past due 30-89 days and accruing to total portfolio loans		0.29	%		0.28	%

Loans past due 30 days or more and accruing interest, excluding non-accruals and TDRs, decreased $0.5 million or 1.4% from December 31, 2021. These loans continue to accrue interest because they are both well-secured and in the process of collection. Loans 90 days or more past due decreased $1.7 million and represented 0.06% and 0.08% of total portfolio loans at March 31, 2022 and December 31, 2021, respectively. The 30 – 89 days past due category represented 0.29% of total portfolio loans at March 31, 2022 and 0.28% at December 31, 2021. Loans currently modified as permitted by the regulatory authorities and the CARES Act are not included in Tables 13 or 14, as they are not considered past due.

ALLOWANCE FOR CREDIT LOSSES - LOANS AND LOAN COMMITMENTS

As of March 31, 2022, the total allowance for credit losses – loans and commitments was $125.9 million, of which $117.9 million related to loans and $8.0 million related to loan commitments. The allowance for credit losses – loans was 1.21% of total portfolio loans as of March 31, 2022, compared to 1.25% as of December 31, 2021. Excluding PPP loans of $76.5 million, the allowance for credit losses – loans was 1.22% of total portfolio loans as of March 31, 2022, as compared to 1.27% of total portfolio loans at December 31, 2021. As per regulatory guidance, there is no calculated allowance on PPP loans due to their government guarantees by the SBA.

The allowance for credit losses - loans individually-evaluated increased $3.0 million from December 31, 2021 to March 31, 2022. The population of individually-evaluated loans consisted primarily of eleven hotel loans, with a total outstanding loan balance of $39.5 million. The allowance for loans collectively-evaluated decreased from December 31, 2021 to March 31, 2022 by $6.8 million.

The allowance for credit losses - loan commitments was $8.0 million at March 31, 2022 as compared to $7.8 million as of December 31, 2021, and is included in other liabilities on the Consolidated Balance Sheets.

The allowance for credit losses by loan category, presented in Note 4, “Loans and the Allowance for Credit Losses” of the Consolidated Financial Statements, summarizes the impact of changes in various factors that affect the allowance for loan losses in each segment of the portfolio. The allowance for credit losses under CECL is calculated utilizing the PD/LGD, which is then discounted to net present value. PD is the probability the asset will default within a given time frame and LGD is the percentage of the asset not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rates, as well as modeling adjustments for changes in prepayment speeds, loan risk grades, portfolio mix, concentrations and loan growth. For the calculation as of March 31, 2022, the forecast was based upon a blend of two nationally-recognized published economic forecasts through March 31, 2022, and was primarily driven by national unemployment and interest rate spread forecasts. At quarter-end, national unemployment was projected to peak at 3.7%, and subsequently decrease to an average of 3.5% over the remainder of the forecast period. The improvement in the macroeconomic factors and COVID qualitative factors, including those specifically for the hospitality portfolio, caused the allowance to decrease from December 31, 2021 to March 31, 2022, by $3.5 million.

If forecasted projections of national unemployment remain consistent with the forecast utilized by Wesbanco as of March 31, 2022 throughout the rest of the year, this may result in additional, but less significant, future quarterly decreases in the allowance for credit losses, depending upon other model variables such as qualitative factors specifically for hotels and the COVID-19 pandemic.

Criticized and classified loans were 3.68% of total portfolio loans, decreasing from 3.75% at December 31, 2021. Criticized and classified loans decreased from $364.5 million at December 31, 2021 to $358.0 million at March 31, 2022. The $6.5 million quarterly decline is primarily due to upgrades on certain hospitality loans. See Footnote 4, “Loans and the Allowance for Credit Losses” for more information.

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Table 13 summarizes the allocation of the allowance for credit losses to each category of the loan portfolio.

TABLE 13. ALLOCATION OF THE ALLOWANCE FOR CREDIT LOSSES – LOANS AND LOAN COMMITMENTS

(unaudited, dollars in thousands)	March 31, 2022		Percent of Total		December 31, 2021		Percent of Total
Allowance for credit losses - loans:
Commercial real estate - land and construction	$	7,578		6.0	$	7,310		5.6
Commercial real estate - improved property		65,009		51.6		65,355		50.5
Commercial and industrial		25,535		20.3		26,875		20.8
Residential real estate		13,714		10.9		15,401		11.9
Home equity		675		0.5		724		0.6
Consumer		3,746		3.0		3,737		2.9
Deposit account overdrafts		1,608		1.3		2,220		1.7
Total allowance for credit losses - loans	$	117,865		93.6	$	121,622		94.0
Allowance for credit losses - loan commitments:
Commercial real estate - land and construction	$	4,931		3.9	$	4,180		3.2
Commercial real estate - improved property		320		0.3		201		0.2
Commercial and industrial		670		0.5		1,497		1.2
Residential real estate		1,740		1.4		1,576		1.2
Home equity		58		0.0		49		0.0
Consumer		331		0.3		272		0.2
Total allowance for credit losses - loan commitments		8,050		6.4		7,775		6.0
Total allowance for credit losses - loans and loan commitments	$	125,915		100.0	$	129,397		100.0

Although the allowance for credit losses is allocated as described in Table 13, the total allowance is available to absorb actual losses in any category of the loan portfolio. However, differences between management’s estimation of probable losses and actual net charge-offs in subsequent periods for any category may necessitate future adjustments to the allowance for credit losses applicable to the category. Management believes the allowance for credit losses is appropriate to absorb expected losses at March 31, 2022.

DEPOSITS

TABLE 14. DEPOSITS

(unaudited, dollars in thousands)	March 31, 2022		December 31, 2021		$ Change			% Change
Deposits
Non-interest bearing demand	$	4,670,520	$	4,590,895	$	79,625			1.7
Interest bearing demand		3,405,610		3,380,056		25,554			0.8
Money market		1,831,683		1,739,750		91,933			5.3
Savings deposits		2,679,053		2,562,510		116,543			4.5
Certificates of deposit		1,211,008		1,292,652		(81,644	)		(6.3	)
Total deposits	$	13,797,874	$	13,565,863	$	232,011			1.7

Deposits, which represent Wesbanco’s primary source of funds, are offered in various account forms at various rates through Wesbanco’s 205 financial centers. The FDIC insures deposits up to $250,000 per account owner.

Total deposits increased by $232.0 million or 1.7% during the first three months of 2022. Money market deposits, savings deposits, non-interest bearing demand deposits, interest bearing demand deposits increased 5.3%, 4.5%, 1.7%, and 0.8%, respectively. The growth in transaction-based accounts is primarily attributable to increased personal savings and focused retail and business strategies to obtain more account relationships as well as customers’ overall preferences for shorter-term maturities. Deposit balances were also impacted by bonus and royalty payments for Marcellus and Utica shale gas payments from energy companies in Wesbanco’s southwestern Pennsylvania, eastern Ohio and northern West Virginia markets. Money market deposits were influenced through Wesbanco’s participation in the Insured Cash Sweep (ICS®) money market deposit program. ICS® reciprocal balances totaled $660.0 million at March 31, 2022 compared to $641.1 million at December 31, 2021.

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Certificates of deposit decreased $81.6 million from December 31, 2021 to March 31, 2022 due primarily to the effects of an overall corporate strategy designed to increase and remix retail deposit relationships and reduce single-service customers with a focus on overall products that can be offered at a lower cost to Wesbanco. Wesbanco does not generally solicit brokered or other deposits out-of-market or over the internet, but does participate in the Certificate of Deposit Account Registry Services (CDARS®) program. CDARS® balances totaled $44.6 million in outstanding balances at March 31, 2022, compared to $45.9 million in total outstanding balances at December 31, 2021. Certificates of deposit greater than $250,000 were approximately $274.5 million at March 31, 2022 compared to $313.2 million at December 31, 2021. Certificates of deposit of $100,000 or more were approximately $612.0 million at March 31, 2022 compared to $666.2 million at December 31, 2021. Certificates of deposit totaling approximately $784.5 million at March 31, 2022 with a cost of 0.40% are scheduled to mature within the next 12 months. Wesbanco intends to continue to focus on its core deposit strategies and improving its overall mix of transaction accounts to total deposits. From time to time, the Bank may offer special promotions or match competitor rates on certain certificates of deposit maturities and savings products based on competition, sales strategies, liquidity needs and wholesale borrowing costs.

BORROWINGS

TABLE 15. BORROWINGS

(unaudited, dollars in thousands)	March 31, 2022		December 31, 2021		$ Change			% Change
Federal Home Loan Bank Borrowings	$	123,898	$	183,920	$	(60,022	)		(32.6	)
Other short-term borrowings		158,538		141,893		16,645			11.7
Subordinated debt and junior subordinated debt		280,743		132,860		147,883			111.3
Total	$	563,179	$	458,673	$	104,506			22.8

While borrowings are a significant source of funding for Wesbanco, they are less significant as compared to total deposits. During the first three months of 2022, $60.0 million in available liquidity was used for FHLB borrowings maturities and other principal pay-downs with an average cost of 1.13%. There were no new FHLB advances during the period.

Other short-term borrowings, which may consist of federal funds purchased, callable repurchase agreements, overnight sweep checking accounts, and borrowings on a revolving line of credit, were $158.5 million at March 31, 2022 compared to $141.9 million at December 31, 2021. There were no outstanding federal funds purchased at either March 31, 2022 or December 31, 2021.

Subordinated debt and junior subordinated debt balances increased by $147.9 million from December 31, 2021. The increase is due to the issuance of $150.0 million in aggregate principal amount of subordinated debentures by Wesbanco, Inc. 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 plus 1.787%. The subordinated debentures are callable after five years, mature on April 1, 2032 and count towards Tier 2 capital.

Wesbanco renewed a revolving line of credit in August 2021, which is a senior obligation of the parent company, with another financial institution. This line of credit, which accrues interest at an adjusted LIBOR rate, provides for aggregate unsecured borrowings of up to $30.0 million. There were no outstanding balances at either March 31, 2022 or December 31, 2021.

CAPITAL RESOURCES

Shareholders' equity decreased $145.9 million or 5.4% from $2.7 billion at December 31, 2021. The decrease resulted from the repurchase of common shares totaling $62.3 million, the declaration of common and preferred shareholder dividends totaling $20.5 million and $2.5 million, respectively, and a $106.2 million other comprehensive loss for the three months ended March 31, 2022 exceeding net income during the current three-month period of $44.1 million. Wesbanco also increased its quarterly dividend rate $0.01 per quarter to $0.34 per share in February, representing a 3.0% increase over the prior quarterly rate and a cumulative 143% increase since 2010.

Wesbanco purchased 1,724,571 shares of its common stock on the open market at a total cost of $62.3 million or $36.14 per share during the three-month period ended March 31, 2022 under current share repurchase authorizations. The Board of Directors approved an additional stock repurchase plan on February 24, 2022 for the purchase of up to 3.2 million shares, which was in addition to prior plans that were utilized during the quarter. At March 31, 2022, the remaining shares authorized to be purchased under the last approved repurchase plan totaled 2,867,046 shares.

Regulatory guidelines require bank holding companies and commercial banks to maintain certain minimum capital ratios and define companies as “well capitalized” that sufficiently exceed the minimum ratios. At March 31, 2022, regulatory capital levels for both the Bank and Wesbanco were substantially greater than the minimum amounts needed to be considered “well capitalized” under the regulations. There are various legal limitations under federal and state laws that limit the payment of dividends from the Bank to Wesbanco. As of March 31, 2022, under FDIC regulations, Wesbanco could receive, without prior regulatory approval, a dividend of approximately $91.2 million from the Bank.

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On March 26, 2020, regulators issued interim financial rule (“IFR”) “Regulatory Capital Rule: Revised Transition of the Current Expected Losses Methodology for Allowances” in response to the disrupted economic activity from the spread of COVID-19. The IFR provides financial institutions that adopt CECL during 2020 with the option to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided by the initial two-year delay (“five-year transition”). Wesbanco adopted CECL effective January 1, 2020 and elected to implement the five-year transition. Regulatory capital levels without the capital benefit at March 31, 2022 for both the Bank and Wesbanco would have continued to be greater than the amounts needed to be considered “well capitalized”, as the capital benefit approximated 17 to 26 basis points for three of the four regulatory ratios, while total risk-based capital would have been slightly higher without the transition.

The following table summarizes risk-based capital amounts and ratios for Wesbanco and the Bank for the periods indicated:

							March 31, 2022							December 31, 2021
	Minimum			Well-								Minimum							Minimum
(unaudited, dollars in thousands)	Value(1)			Capitalized(2)			Amount		Ratio			Amount(1)		Amount		Ratio			Amount(1)
Wesbanco, Inc.
Tier 1 leverage		4.00	%		5.00	%	$	1,539,123		9.67	%	$	636,446	$	1,586,165		10.02	%	$	633,089
Common equity Tier 1		4.50	%		6.50	%		1,394,639		12.01	%		522,538		1,441,681		12.77	%		507,893
Tier 1 capital to risk-weighted assets		6.00	%		8.00	%		1,539,123		13.25	%		696,717		1,586,165		14.05	%		677,190
Total capital to risk-weighted assets		8.00	%		10.00	%		1,895,163		16.32	%		928,957		1,795,661		15.91	%		902,920
Wesbanco Bank, Inc.
Tier 1 leverage		4.00	%		5.00	%	$	1,529,176		9.63	%	$	635,459	$	1,529,227		9.68	%	$	631,920
Common equity Tier 1		4.50	%		6.50	%		1,529,176		13.21	%		521,005		1,529,227		13.60	%		505,967
Tier 1 capital to risk-weighted assets		6.00	%		8.00	%		1,529,176		13.21	%		694,673		1,529,227		13.60	%		674,622
Total capital to risk-weighted assets		8.00	%		10.00	%		1,605,215		13.86	%		926,230		1,608,723		14.31	%		899,496

(1)Minimum requirements to remain adequately capitalized.

(2)Well-capitalized under prompt corrective action regulations.

LIQUIDITY RISK

Liquidity is defined as a financial institution’s capacity to meet its cash and collateral obligations at a reasonable cost. Liquidity risk is the risk that an institution’s financial condition or overall safety and soundness is adversely affected by an inability, or perceived inability, to meet its obligations. An institution’s obligations, and the funding sources to meet them, depend significantly on its business mix, balance sheet structure, and the cash flows of its on- and off-balance sheet obligations. Institutions confront various internal and external situations that can give rise to increased liquidity risk including funding mismatches, market constraints on funding sources, contingent liquidity events, changes in economic conditions, and exposure to credit, market, operation, legal and reputation risk. Wesbanco actively manages liquidity risk through its ability to provide adequate funds to meet changes in loan demand, unexpected outflows in deposits and other borrowings as well as to take advantage of market opportunities and meet operating cash needs. This is accomplished by maintaining liquid assets in the form of securities, sufficient borrowing capacity and a stable core deposit base. Liquidity is centrally monitored by Wesbanco’s Asset/Liability Committee (“ALCO”).

Wesbanco determines the degree of required liquidity by the relationship of total holdings of liquid assets to the possible need for funds to meet unexpected deposit losses and/or loan demands. The ability to quickly convert assets to cash at a minimal loss is a primary function of Wesbanco’s investment portfolio management. Wesbanco believes its cash flow from the loan portfolio, the investment portfolio, and other sources, adequately meet its liquidity requirements. Wesbanco’s net loans to assets ratio was 56.2% at March 31, 2022 and deposit balances funded 80.7% of assets.

The following table lists the sources of liquidity from assets at March 31, 2022 expected within the next year:

(unaudited, in thousands)
Cash and cash equivalents	$	1,369,498
Securities with a maturity date within the next year and callable securities		206,922
Projected payments and prepayments on mortgage-backed securities and collateralized mortgage obligations (1)		611,018
Loans held for sale		15,959
Accruing loans scheduled to mature		1,052,034
Normal loan repayments		1,542,875
Total sources of liquidity expected within the next year	$	4,798,306

(1)Projected prepayments are based on current prepayment speeds.

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Deposit flows are another principal factor affecting overall Wesbanco liquidity. Deposits totaled $13.8 billion at March 31, 2022. Deposit flows are impacted by current interest rates, products and rates offered by Wesbanco versus various forms of competition, as well as customer behavior. Certificates of deposit scheduled to mature within one year totaled $784.5 million at March 31, 2022, with a weighted average cost of 0.40%, which includes jumbo regular certificates of deposit totaling $381.7 million with a weighted-average cost of 0.50%, and jumbo CDARS® deposits of $38.0 million with a weighted-average cost of 0.35%.

Wesbanco maintains a line of credit with the FHLB as an additional funding source. Available credit with the FHLB approximated $3.8 billion at March 31, 2022 and December 31, 2021, respectively. The FHLB requires securities to be specifically pledged to the FHLB and maintained in a FHLB-approved custodial arrangement if the member wishes to include such securities in the maximum borrowing capacity calculation. Wesbanco has elected not to specifically pledge to the FHLB otherwise unpledged securities. At March 31, 2022, the Bank had unpledged available-for-sale securities with an amortized cost of $922.3 million, or 30.7% of the total available-for-sale portfolio. A portion of these securities could be sold for additional liquidity, or such securities could be pledged to secure additional FHLB borrowings. A significant portion of the portfolio is pledged to public deposit customers, as public deposit balances have increased significantly through the several acquisitions made since 2015, to a total of $1.6 billion at March 31, 2022. Wesbanco’s held-to-maturity portfolio currently contains $1.0 billion of unpledged securities. Most of these securities are tax-exempt municipal securities, which can only be pledged in limited circumstances. Generally, these securities cannot be sold without tainting the remainder of the held-to-maturity portfolio. If tainting occurs, all remaining securities with the held-to-maturity designation would be required to be reclassified as available-for-sale, and the held-to-maturity designation would not be available to Wesbanco for a period of time.

Wesbanco participates in the Federal Reserve Bank’s Borrower-in-Custody Program (“BIC”) whereby Wesbanco pledges certain consumer loans as collateral for borrowings. Wesbanco did not have any BIC borrowings outstanding at March 31, 2022. Alternative funding sources may include the utilization of existing overnight lines of credit with third party banks totaling $275.0 million, none of which was outstanding at March 31, 2022, along with seeking other lines of credit, borrowings under repurchase agreement lines, increasing deposit rates to attract additional funds, accessing brokered deposits, or selling securities available-for-sale or certain types of loans.

Other short-term borrowings of $158.5 million at March 31, 2022 consisted of callable repurchase agreements and overnight sweep checking accounts for large commercial customers. Other short-term borrowings may also include federal funds purchased. The overnight sweep checking accounts require U.S. Government securities to be pledged equal to or greater than the average deposit balance in the related customer accounts.

The principal sources of parent company liquidity are dividends from the Bank, $264.4 million in cash on hand, and a $30.0 million revolving line of credit with another bank, which did not have an outstanding balance at March 31, 2022. Wesbanco is in compliance with all applicable loan covenants. There are various legal limitations under federal and state laws that limit the payment of dividends from the Bank to the parent company. As of March 31, 2022, under FDIC and State of West Virginia regulations, Wesbanco could receive, without prior regulatory approval, dividends of approximately $91.2 million from the Bank. Management believes these are appropriate levels of cash for the parent company given the current environment. Management continuously monitors the adequacy of parent company cash levels and sources of liquidity through the use of metrics that relate current cash levels to historical and forecasted cash inflows and outflows.

Wesbanco had outstanding commitments to extend credit in the ordinary course of business approximating $4.2 billion and $3.8 billion at March 31, 2022 and December 31, 2021, respectively. On a historical basis, only a portion of these commitments will result in an outflow of funds. Please refer to Note 10, “Commitments and Contingent Liabilities” of the Consolidated Financial Statements and the “Loans and Credit Risk” section of this MD&A for additional information.

Federal financial regulatory agencies have previously issued guidance to provide for sound practices for managing funding and liquidity risk and strengthening liquidity risk management practices. Wesbanco maintains a comprehensive management process for identifying, measuring, monitoring, and controlling liquidity risk, which is fully integrated into its risk management process. Management believes Wesbanco has sufficient current liquidity to meet current obligations to borrowers, depositors and others and that Wesbanco’s current liquidity risk management policies and procedures, as periodically reviewed and adjusted, adequately address this guidance.

LIBOR TRANSITION

LIBOR is a widely used short-term reference interest rate benchmark for variable rate loans and securities, borrowings, and interest rate hedge/swap transactions. In July of 2017, the U.K. Financial Conduct Authority (“FCA”) announced the discontinuation of LIBOR after certain banks provided purported interest rate figures which did not truly reflect the rate at which they could borrow. In addition to FCA, as early as 2014, financial institution regulators and the Federal Financial Institutions Examination Council (“FFIEC”) began to work to develop a uniform approach to the phase-out of LIBOR because the continued reliance on LIBOR could present systematic risk to financial institutions. The Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York convened the Alternative Reference Rates Committee (“AARC”) to identify alternative reference rates to LIBOR. The AARC released consultations on contractual fallback language to prepare for the transition away for LIBOR and on June 22, 2017, identified SOFR as the recommended alternative to LIBOR.

On July 1, 2020, the FFIEC issued a Joint Statement on Managing the LIBOR Transition to further explain that new financial contracts should either utilize a reference rate other than LIBOR or have robust fallback language that defines an alternative reference rate after LIBOR’s discontinuation. The FFIEC statement encouraged supervised financial institutions to continue their efforts to prepare for the change and address the risks associated with the LIBOR transition.

On November 6, 2020, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) issued a statement providing that a financial institution may use any reference rate for its loans that the financial institution determines to be appropriate for its funding model and customer needs.

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Thereafter, on November 30, 2020, the Agencies issued an additional joint statement encouraging financial institutions to continue to transition away from LIBOR as soon as practicable, but no later than December 31, 2021. Given the risks associated with the use of LIBOR, the Agencies stated that entering into new contracts that use LIBOR as a reference rate after December 31, 2021, would create safety and soundness risks.

On March 5, 2021, the U.K. FCA and Intercontinental Exchange (“ICE”) Benchmark Administration announced that the publication of the overnight, as well as, the one, three, six, and twelve month LIBOR rates will continue through June 30, 2023, which will provide additional time to wind down or renegotiate existing contracts that reference LIBOR.

On October 20, 2021, the Agencies with the Consumer Financial Protection Bureau, National Credit Union Administration, and State Bank and Credit Union Regulators, issued an additional Joint Statement on Managing the LIBOR Transition to once again emphasize the expectation that supervised institutions with LIBOR exposure continue to progress toward an orderly transition away from LIBOR. The statement confirmed that entering into new contracts, including derivatives that use LIBOR as a reference rate after December 31, 2021, would create safety and soundness risks, including litigation, operational, and consumer protection risks.

As early as 2018, in anticipation of the potential discontinuance of LIBOR, Wesbanco established a LIBOR transition committee to effectively manage the Company’s transition away from LIBOR in two phases. The first phase included adding additional fallback language to loan documents to allow Wesbanco to replace LIBOR with an equivalent rate index plus the margin to ensure the resulting interest rate is the same as it previously was using LIBOR. Also, as part of the first phase, Wesbanco began quoting to the Treasury Rate published by the Federal Reserve Board instead of the ICE LIBOR Swap Index (which is tied to LIBOR) when repricing certain term loans and originating new loans. The second phase consists of working to continue to transition existing adjustable-rate loans that fluctuate monthly or periodically that are tied to LIBOR or the ICE LIBOR Swap Index. Wesbanco is tracking the dollar amount and number of loans tied to LIBOR or the ICE LIBOR Swap Index, monitoring current industry trends, and working with legal counsel to ensure the smooth transition away from LIBOR. As of March 31, 2022, Wesbanco had a total of $1.7 billion in loans tied to either LIBOR or the ICE LIBOR Swap index, of which $1.4 billion have a maturity date after June 30, 2023. As referenced above, the U.K. FCA and ICE Benchmark Administration has extended the date of publication of certain tenors of LIBOR through June 30, 2023, giving existing LIBOR based contracts time to mature. However, in compliance with and based upon the Agencies Joint Statements referenced above, Wesbanco has not offered LIBOR for new contracts after December 31, 2021. Accordingly, Wesbanco has initially chosen the 1M Term SOFR, which is published by the Chicago Mercantile Exchange, as an alternative replacement rate for LIBOR. Wesbanco may also continue to utilize the Wall Street Journal Prime Rate, the Treasury Rates, and other indexes as part of its lending program. At a date in the future, prior to the cessation of the publication of the one month LIBOR, Wesbanco will transition all remaining LIBOR based loans to the replacement index after notification to the impacted borrowers.

With respect to its back-to-back swap program, Wesbanco worked with its swap counterparty customers to institute and accept the International Swaps and Derivatives Association 2020 Interbank Offered Rate Fallbacks Protocol to address LIBOR cessation in swap transactions. Moreover, Wesbanco has initially chosen 1M Term SOFR as its replacement index for new loans in the bank’s back-to-back swap program, beginning on January 1, 2022.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The disclosures set forth in this item are qualified by the section captioned “Forward-Looking Statements” included in Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report.

MARKET RISK

The primary objective of the ALCO is to maximize net interest income within established policy parameters. This objective is accomplished through the management of balance sheet composition, market risk exposures arising from changing economic conditions and liquidity risk.

Market risk is defined as the risk of loss due to adverse changes in the fair value of financial instruments resulting from fluctuations in interest rates and bond prices. Management considers interest rate risk to be Wesbanco’s most significant market risk. Interest rate risk is the exposure to adverse changes in net interest income due to changes in interest rates. The consistency of Wesbanco’s net interest income is largely dependent on effective management of interest rate risk. As interest rates change in the market, rates earned on interest rate-sensitive assets and rates paid on interest rate-sensitive liabilities do not necessarily move concurrently. Differing rate sensitivities may arise because fixed rate assets and liabilities may not have the same maturities, or because variable rate assets and liabilities differ in the timing and/or the percentage of rate changes.

Wesbanco’s ALCO is an executive management committee with Board representation, responsible for monitoring and managing interest rate risk within approved policy limits, utilizing earnings sensitivity simulation and economic value-at-risk models. These models are highly dependent on various assumptions, which change regularly as the balance sheet and market interest rates change. The key assumptions and strategies employed are analyzed, reviewed and documented at least quarterly by the ALCO.

The earnings sensitivity simulation model projects changes in net interest income resulting from the effects of changes in interest rates. Forecasting changes in net interest income requires management to make certain assumptions regarding loan and security prepayment rates, call dates, changes to deposit product betas and non-maturity deposit decay rates, which may not necessarily reflect the manner in which actual cash flows, yields, and costs respond to changes in market interest rates. Assumptions are based on historical experience, current market rates and economic forecasts, and are internally back-tested and periodically reviewed by a third-party consultant. The net interest income sensitivity results presented in Table 1, “Net Interest Income Sensitivity,” assumes that the balance sheet composition of interest sensitive assets and liabilities existing at the end of the period remains constant over the period being measured and also assumes that a particular change in interest rates is reflected uniformly across the yield curve, regardless of the duration of the maturity or re-pricing of specific assets and liabilities. Since the assumptions used in the model relative to changes in interest rates are uncertain, the simulation analysis may not be indicative of actual results. In addition, this analysis does not consider actions that management might employ in response to changes in interest rates, as well as changes in earning asset and costing liability balances.

Interest rate risk policy limits are determined by measuring the anticipated change in net interest income over a twelve-month period, assuming immediate and sustained market interest rate increases and decreases of 100 - 300 basis points across the entire yield curve, as compared to a stable rate environment or base model. Wesbanco’s current policy limits this exposure for the noted interest rate changes to a reduction of between 7.5% - 15%, or less, of net interest income from the stable rate base model over a twelve-month period. The table below indicates Wesbanco’s interest rate sensitivity at March 31, 2022 and December 31, 2021, assuming the above-noted interest rate increases, as compared to a base model. In the current interest rate environment, particularly for short-term rates, the 100 – 300 basis points decreasing changes for March 31, 2022 and December 31, 2021 are not shown due to the unrealistic and/or negative yield nature of the results.

TABLE 1. NET INTEREST INCOME SENSITIVITY

Immediate Change in	Percentage Change in
Interest Rates	Net Interest Income from Base over One Year		ALCO
(basis points)	March 31, 2022	December 31, 2021	Guidelines
+300	16.3%	17.5%	(15.0%)
+200	10.7%	11.7%	(10.0%)
+100	5.3%	6.0%	(7.5%)

Adjustments to relative sensitivities are due to the impact of the current lower rate and yield curve environment on base case net interest income and the related calculation of parallel rate shock changes in rising and falling rate scenarios. Additional differences typically result from changes in the various earning assets and costing liabilities mix and growth rates, as well as adjustments for various modeling assumptions. Generally, deposit betas utilized in modeling are estimated at more conservative percentages for various rate scenarios than has been the Bank’s historical experience, as a result of both competitive factors in our markets and as public funds and institutional contract terms are renewed. Deposit betas, decay rates and loan prepayment speeds are adjusted periodically in our models for non-maturity deposits and loans. Indicated model asset sensitivity in rising rate scenarios may be less than anticipated due to slower prepayment speeds, rate floors, below forecast new loan yields, spread compression between new asset yields and funding costs, mortgage-related extension risk and other factors. In a decreasing rate environment, asset sensitivity may have greater impact on the margin than currently modeled as prepayment speeds increase, customers refinance or request rate reductions on existing loans, estimated deposit betas do not perform as modeled, or for other reasons.

50

In addition to the aforementioned parallel rate shock earnings sensitivity simulation model, the ALCO also reviews a “dynamic” forecast scenario to project net interest income over a rolling two-year time period. This forecast is updated at least quarterly, incorporating revisions and updated assumptions into the model for estimated loan and deposit growth, expected balance sheet re-mixing strategies, changes in forecasted rates for various maturities, competitive market spreads for various products and other assumptions. Such modeling is directionally consistent with typical parallel rate shock scenarios, and it assists in predicting changes in forecasted outcomes as well as suggesting potential adjustments to management plans to assist in achieving earnings goals.

Wesbanco also periodically measures the economic value of equity (“EVE”), which is defined as the market value of tangible equity in various rate scenarios. Generally, changes in the economic value of equity relate to changes in various assets and liabilities, changes in the yield curve, as well as changes in loan prepayment speeds and deposit decay rates. The following table presents these results and Wesbanco’s policy limits as of March 31, 2022 and December 31, 2021. Changes in EVE sensitivity since year-end 2021 relate to the increase in market interest rates and their impact upon the fair values of earning assets and costing liabilities.

Immediate Change in	Percentage Change in
Interest Rates	Economic Value of Equity from Base over One Year		ALCO
(basis points)	March 31, 2022	December 31, 2021	Guidelines
+300	1.5%	3.7%	(30.0%)
+200	(0.7%)	1.6%	(20.0%)
+100	(0.4%)	1.8%	(10.0%)

The Bank has significant additional borrowing capacity with the FHLB of Pittsburgh, the Federal Reserve Bank of Cleveland and various correspondent banks, and may utilize these funding sources or interest rate swap strategies as necessary to lengthen liabilities, offset mismatches in various asset maturities and manage liquidity. CDARS® and ICS® deposits also may be utilized for similar purposes for certain customers seeking higher-yielding instruments or maintaining deposit levels below FDIC insurance limits. Significant balance sheet strategies to assist in managing the net interest margin in the current interest rate environment include:

•increasing total loans, particularly commercial and home equity loans that have variable or adjustable features;

•selling a percentage of longer-term residential mortgage loan production into the secondary market;

•growing demand deposit account types to increase the relative portion of these account types to total deposits;

•employing back-to-back loan swaps for certain commercial loan customers desiring a term fixed-rate loan equivalent, with the Bank receiving a variable rate;

•adjusting terms for FHLB short-term maturing borrowings to balance asset/liability mismatches; or paying them off with excess liquidity

•using CDARS® and ICS® deposit programs to manage funding needs and overall liability mix, and

•adjusting the size, mix or duration of the investment portfolio as part of liquidity and balance sheet management strategies.

Management is aware of the significant effect that inflation or deflation has upon interest rates and ultimately upon financial performance. Wesbanco’s ability to cope with inflation or deflation is best determined by analyzing its capability to respond to changing market interest rates, as well as its ability to manage the various elements of non-interest income and expense during periods of increasing or decreasing inflation or deflation. Wesbanco monitors the level and mix of interest-rate sensitive assets and liabilities through ALCO in order to reduce the impact of inflation or deflation on net interest income. Management also controls the effects of inflation or deflation by conducting periodic reviews of the prices, costs and terms of its various products and services, as well as competitive factors, by approving new products and services or adjusting the terms and availability of existing products and services for both Wesbanco as well as its business loan customers. Over the last two quarters, inflation has been trending higher and has impacted the cost of labor and purchased goods and services. Wesbanco is also monitoring the potential impact that inflation is having on single family home construction and multifamily properties as proposed rental rate caps and controls are put in place in areas across Wesbanco’s footprint.

51

ITEM 4. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES— Wesbanco’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) have concluded that Wesbanco’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended), based on their evaluation of these controls and procedures as of the end of the period covered by this Form 10-Q, are effective to ensure that information required to be disclosed by Wesbanco in the reports it files under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to Wesbanco’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

LIMITATIONS ON THE EFFECTIVENESS OF CONTROLS— Wesbanco’s management, including the CEO and CFO, does not expect that Wesbanco’s disclosure controls and internal controls will prevent all errors and all fraud. While Wesbanco’s disclosure controls and procedures are designed to provide reasonable assurance of achieving their objective, no control system, no matter how well conceived and operated, can provide absolute assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls.

CHANGES IN INTERNAL CONTROLS— There were no changes in Wesbanco's internal control over financial reporting that occurred during our fiscal quarter ended March 31, 2022 as required to be reported by paragraph (d) of Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

52

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Wesbanco is involved in various lawsuits, claims, investigations and proceedings, which arise in the ordinary course of business. While any litigation contains an element of uncertainty, Wesbanco does not believe that a material loss related to such proceedings or claims pending or known to be threatened is reasonably possible.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

As of March 31, 2022, Wesbanco had one active stock repurchase plan. It was approved by the Board of Directors on February 24, 2022 for 3.2 million shares and provides for shares to be repurchased for general corporate purposes, which may include a subsequent resource for potential acquisitions, shareholder dividend reinvestment and employee benefit plans. The timing, price and quantity of purchases are at the discretion of Wesbanco, and the plan may be discontinued or suspended at any time.

Other repurchases in the first quarter included those for Wesbanco's Employee Stock Ownership and 401(k) Plan and dividend reinvestment plans.

The following table presents the monthly share purchase activity during the quarter ended March 31, 2022:

Period	Total Number  of Shares Purchased  (1)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans (2)		Maximum Number of Shares that May Yet Be Purchased Under the Plans (3)
Balance at December 31, 2021								1,391,617
January 1, 2022 to January 31, 2022		442,617	$	36.71		418,384		973,233
February 1, 2022 to February 28, 2022		895,699	$	36.30		893,933		3,279,300
March 1, 2022 to March 31, 2022		414,802	$	35.17		412,254		2,867,046
Total		1,753,118	$	36.14		1,724,571		2,867,046

(1)Total shares purchased consist of open market purchases transacted for employee benefit and dividend reinvestment plans and open market purchases for general corporate purposes.

(2)Represents only open market repurchases for general corporate purposes.

(3)Reflects the impact of an additional 3.2 million shares approved on February 24, 2022.

53

ITEM 6. EXHIBITS

4.1	Indenture, dated March 23, 2022, by and between Wesbanco, Inc. and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 of Form 8-K filed by the Registrant with the Securities and Exchange Commission on March 23, 2022).
4.2	First Supplemental Indenture, dated March 23, 2022, by and between Wesbanco, Inc. and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.2 of Form 8-K filed by the Registrant with the Securities and Exchange Commission on March 23, 2022).
4.3	Form of 3.75% Fixed-to-Floating Rate Subordinated Note due 2032 (included in Exhibit 4.2).
10.1	Employment Agreement, dated as of February 16, 2022, by and between Wesbanco, Inc., Wesbanco Bank, Inc. and Michael L. Perkins (incorporated by reference to Form 8-K filed by the Registrant with the Securities and Exchange Commission on February 22, 2022).
31.1	Certification of Chief Executive Officer of Periodic Report Pursuant to Rule 13a-15(e) or Rule 15d-15(e).
31.2	Certification of Chief Financial Officer of Periodic Report Pursuant to Rule 13a-15(e) or Rule 15d-15(e).
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

54

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	WESBANCO, INC.
Date: May 5, 2022	/s/ Todd F. Clossin
	Todd F. Clossin
	President and Chief Executive Officer (Principal Executive Officer)
Date: May 5, 2022	/s/ Daniel K. Weiss, Jr.
	Daniel K. Weiss, Jr.
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

55

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

OF PERIODIC REPORT PURSUANT TO RULE 13a-15(e) or RULE 15d-15(e)

I, Todd F. Clossin, certify that:

1. I have reviewed this Report on Form 10-Q of Wesbanco, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing similar functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 5, 2022	/s/ Todd F. Clossin
	Todd F. Clossin
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

OF PERIODIC REPORT PURSUANT TO RULE 13a-15(e) or RULE 15d-15(e)

I, Daniel K. Weiss, Jr., certify that:

1. I have reviewed this Report on Form 10-Q of Wesbanco, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing similar functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 5, 2022	/s/ Daniel K. Weiss, Jr.
	Daniel K. Weiss, Jr.
	Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Wesbanco, Inc. on Form 10-Q as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of Wesbanco, Inc.

Date: May 5, 2022	/s/ Todd F. Clossin
	Todd F. Clossin
	President and Chief Executive Officer
Date: May 5, 2022	/s/ Daniel K. Weiss, Jr.
	Daniel K. Weiss, Jr.
	Executive Vice President and Chief Financial Officer

The forgoing certifications are being furnished solely pursuant to Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code in accordance with Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	WESBANCO, INC.
Entity Central Index Key	0000203596
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		60,274,414
Entity Shell Company	false
Entity File Number	001-39442
Entity Incorporation, State or Country Code	WV
Entity Tax Identification Number	55-0571723
Entity Address, Address Line One	1 Bank Plaza
Entity Address, City or Town	Wheeling
Entity Address, State or Province	WV
Entity Address, Postal Zip Code	26003
City Area Code	304
Local Phone Number	234-9000
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document Information [Line Items]
Trading Symbol	WSBC
Title of 12(b) Security	Common Stock $2.0833 Par Value
Security Exchange Name	NASDAQ
Depositary Shares
Document Information [Line Items]
Trading Symbol	WSBCP
Title of 12(b) Security	Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A)
Security Exchange Name	NASDAQ

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks, including interest bearing amounts of $1,168,985 and $1,094,312, respectively	$ 1,369,498	$ 1,251,358
Securities:
Equity securities, at fair value	12,757	13,466
Available-for-sale debt securities, at fair value	2,911,373	3,013,462
Held-to-maturity debt securities (fair values of $1,092,993 and $1,028,452, respectively)	1,157,202	1,004,823
Allowance for credit losses, held-to-maturity debt securities	(285)	(268)
Net held-to-maturity debt securities	1,156,917	1,004,555
Total securities	4,081,047	4,031,483
Loans held for sale	15,959	25,277
Portfolio loans, net of unearned income	9,733,272	9,733,478
Allowance for credit losses - loans	(117,865)	(121,622)
Net portfolio loans	9,615,407	9,611,856
Premises and equipment, net	219,907	229,016
Accrued interest receivable	60,370	60,844
Goodwill and other intangible assets, net	1,149,035	1,151,634
Bank-owned life insurance	348,179	350,359
Other assets	244,613	215,298
Total Assets	17,104,015	16,927,125
Deposits:
Non-interest bearing demand	4,670,520	4,590,895
Interest bearing demand	3,405,610	3,380,056
Money market	1,831,683	1,739,750
Savings deposits	2,679,053	2,562,510
Certificates of deposit	1,211,008	1,292,652
Total deposits	13,797,874	13,565,863
Federal Home Loan Bank borrowings	123,898	183,920
Other short-term borrowings	158,538	141,893
Subordinated debt and junior subordinated debt	280,743	132,860
Total borrowings	563,179	458,673
Accrued interest payable	1,786	1,901
Other liabilities	193,860	207,522
Total Liabilities	14,556,699	14,233,959
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 1,000,000 shares authorized; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150,000,000, issued and outstanding at March 31, 2022 and December 31, 2021, respectively	144,484	144,484
Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 shares issued; 60,613,414 and 62,307,245 shares outstanding at March 31, 2022 and December 31, 2021, respectively	141,834	141,834
Capital surplus	1,636,705	1,635,642
Retained earnings	998,315	977,765
Treasury stock (7,467,892 and 5,774,061 shares - at cost, respectively)	(261,012)	(199,759)
Accumulated other comprehensive loss	(111,312)	(5,120)
Deferred benefits for directors	1,698	(1,680)
Total Shareholders' Equity	2,547,316	2,693,166
Total Liabilities and Shareholders' Equity	$ 17,104,015	$ 16,927,125

XML

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Interest bearing deposits, banks	$ 1,168,985,000	$ 1,094,312,000
Held-to-maturity securities, fair values	$ 1,092,993,000	$ 1,028,452,000
Preferred stock, no par value
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	150,000	150,000
Preferred stock, shares outstanding	150,000	150,000
6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference	$ 150,000,000	$ 150,000,000
Common stock, par value	$ 2.0833	$ 2.0833
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	68,081,306	68,081,306
Common stock, shares outstanding	60,613,414	62,307,245
Treasury stock, shares	7,467,892	5,774,061

XML

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INTEREST AND DIVIDEND INCOME
Loans, including fees	$ 93,121	$ 109,358
Interest and dividends on securities:
Taxable	14,112	11,127
Tax-exempt	4,344	3,910
Total interest and dividends on securities	18,456	15,037
Other interest income	597	659
Total interest and dividend income	112,174	125,054
INTEREST EXPENSE
Interest bearing demand deposits	811	1,043
Money market deposits	321	578
Savings deposits	264	264
Certificates of deposit	1,273	2,370
Total interest expense on deposits	2,669	4,255
Federal Home Loan Bank borrowings	575	2,414
Other short-term borrowings	48	118
Subordinated debt and junior subordinated debt	1,171	1,789
Total interest expense	4,463	8,576
NET INTEREST INCOME	107,711	116,478
Provision for credit losses	(3,438)	(27,958)
Net interest income after provision for credit losses	111,149	144,436
NON-INTEREST INCOME
Trust fees	7,835	7,631
Service charges on deposits	6,090	4,894
Electronic banking fees	5,345	4,365
Net securities brokerage revenue	2,220	1,524
Bank-owned life insurance	3,881	1,709
Mortgage banking income	1,923	4,264
Net securities (losses) gains	(650)	279
Net (loss) gain on other real estate owned and other assets	(806)	175
Other income	4,544	8,367
Total non-interest income	30,382	33,208
NON-INTEREST EXPENSE
Salaries and wages	38,937	36,890
Employee benefits	9,158	10,266
Net occupancy	7,234	7,177
Equipment and software	8,011	6,765
Marketing	2,421	2,384
FDIC insurance	1,522	1,282
Amortization of intangible assets	2,598	2,896
Restructuring and merger-related expense	1,593	851
Other operating expenses	16,074	17,816
Total non-interest expense	87,548	86,327
Income before provision for income taxes	53,983	91,317
Provision for income taxes	9,859	18,202
Net income	44,124	73,115
Preferred stock dividends	2,531	2,531
Net income available to common shareholders	$ 41,593	$ 70,584
EARNINGS PER COMMON SHARE
Basic	$ 0.68	$ 1.05
Diluted	$ 0.68	$ 1.05
AVERAGE COMMON SHARES OUTSTANDING
Basic	61,445,399	67,263,714
Diluted	61,593,365	67,355,418
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.34	$ 0.33
COMPREHENSIVE (LOSS) INCOME	$ (62,068)	$ 51,559

XML

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock	Capital Surplus [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Deferred Benefits for Directors [Member]
Beginning Balance at Dec. 31, 2020	$ 2,756,737	$ 144,484	$ 141,834	$ 1,634,815	$ 831,688	$ (25,949)	$ 31,359	$ (1,494)
Beginning Balance, shares at Dec. 31, 2020			67,254,706
Net income	73,115				73,115
Other comprehensive income (loss)	(21,556)						(21,556)
Comprehensive income (loss)	51,559
Common dividends declared	(22,095)				(22,095)
Preferred dividends declared	(2,531)				(2,531)
Stock issued for dividend reinvestment					(391)	391
Stock issued for dividend reinvestment, shares			11,720
Treasury shares acquired				183		(183)
Treasury shares acquired, shares			(5,135)
Stock options exercised	569			(183)		752
Stock options exercised, shares			20,843
Stock compensation expense	1,288			1,288
Deferred benefits for directors- net	(5)							(5)
Ending Balance at Mar. 31, 2021	2,785,522	144,484	$ 141,834	1,636,103	879,786	(24,989)	9,803	(1,499)
Ending Balance, shares at Mar. 31, 2021			67,282,134
Beginning Balance at Dec. 31, 2021	2,693,166	144,484	$ 141,834	1,635,642	977,765	(199,759)	(5,120)	(1,680)
Beginning Balance, shares at Dec. 31, 2021			62,307,245
Net income	44,124				44,124
Other comprehensive income (loss)	(106,192)						(106,192)
Comprehensive income (loss)	(62,068)
Common dividends declared	(20,538)				(20,538)
Preferred dividends declared	(2,531)				(2,531)
Stock issued for dividend reinvestment					(505)	505
Stock issued for dividend reinvestment, shares			14,531
Treasury shares acquired	(62,323)					(62,323)
Treasury shares acquired, shares			(1,724,571)
Stock options exercised	373			(192)		565
Stock options exercised, shares			16,209
Stock compensation expense	1,241			1,241
Deferred benefits for directors- net	(4)			14				(18)
Ending Balance at Mar. 31, 2022	$ 2,547,316	$ 144,484	$ 141,834	$ 1,636,705	$ 998,315	$ (261,012)	$ (111,312)	$ (1,698)
Ending Balance, shares at Mar. 31, 2022			60,613,414

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Consolidated Statements of Changes in Shareholders' Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2022 $ / shares
Statement Of Stockholders Equity [Abstract]
Common dividends declared, per share	$ 0.34
Preferred dividends declared, per share	$ 16.875

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Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 47,741	$ 52,004
INVESTING ACTIVITIES
Net decrease in loans held for investment	6,537	100,799
Available-for-sale debt securities:
Proceeds from maturities, prepayments and calls	180,092	239,259
Purchases of securities	(220,324)	(1,068,526)
Held-to-maturity debt securities:
Proceeds from maturities, prepayments and calls	21,801	27,147
Purchases of securities	(174,995)	(110,298)
Proceeds from bank owned life insurance	6,061
Purchases of premises and equipment – net	(559)	(2,362)
Net cash used in investing activities	(181,387)	(813,981)
FINANCING ACTIVITIES
Increase in deposits	232,640	858,853
Repayment of Federal Home Loan Bank borrowings	(60,048)	(115,053)
Increase (Decrease) in other short-term borrowings	16,645	(104,732)
Principal repayments of finance lease obligations	(115)	(109)
Issuance of subordinated debt, net of issuance costs	(147,715)
Dividends paid to common shareholders	(20,570)	(21,419)
Dividends paid to preferred shareholders	(2,531)	(2,531)
Treasury shares (purchased) sold - net	(61,950)	569
Net cash provided by financing activities	251,786	615,578
Net increase in cash, cash equivalents and restricted cash	118,140	(146,399)
Cash, cash equivalents and restricted cash at beginning of the period	1,251,358	905,447
Cash, cash equivalents and restricted cash at end of the period	1,369,498	759,048
SUPPLEMENTAL DISCLOSURES
Interest paid on deposits and other borrowings	5,014	10,719
Transfers of loans to other real estate owned	$ 87

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation — The accompanying unaudited interim financial statements of Wesbanco, Inc. and its consolidated subsidiaries (“Wesbanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021.

Wesbanco’s interim financial statements have been prepared following the significant accounting policies disclosed in Note 1 of the Notes to the Consolidated Financial Statements of its 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly Wesbanco’s financial position and results of operations for each of the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on Wesbanco’s net income and shareholders’ equity. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year.

Recent accounting pronouncements—The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) as noted below.

ASU 2022-02 Financial Instruments - Credit Losses (Topic 326)

In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)". The amendments in this ASU eliminate the accounting guidance for Troubled Debt Restructurings ("TDRs") by creditors in Subtopic 310-40, "Receivables - Troubled Debt Restructurings by Creditors," while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, for public business entities, the amendments in this Update require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, "Financial Instruments - Credit Losses - Measured at Amortized Cost." The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Wesbanco is currently assessing the impact of ASU 2022-02 on its Consolidated Financial Statements.

ASU 2022-01 Derivatives and Hedging (Topic 815)

In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (Topic 815)". The amendments in this ASU address several topics within ASU 2017-12, which was issued in August 2017 to improve the hedge accounting model. ASU 2022-01 expands the current last-of-layer method to allow multiple hedged layers of a single closed portfolio and renames the last-of-layer method as the portfolio layer method. Among other things, the ASU expands the scope of the portfolio layer method to include nonprepayable financial assets, provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method whether a single hedged layer or multiple hedge layers are designated and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The adoption of this pronouncement is not expected to have a material impact on Wesbanco's Consolidated Financial Statements.

ASU 2021-08 Business Combinations (Topic 805)

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805)." The amendments in this Update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, "Revenue Recognition." The amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities from the sale of nonfinancial assets within the scope of Subtopic 610-20, "Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets." For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this pronouncement is not expected to have a material impact on Wesbanco's Consolidated Financial Statements.

ASU 2020-04 and ASU 2021-01 Reference Rate Reform (Topic 848)

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. This ASU provided temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the London Interbank Offered Rate ("LIBOR") or other reference rate expected to be discontinued on financial reporting. The ASU also provides optional expedients for contract modifications that replace a reference rate affected by reference rate reform. The guidance is effective as of March 12, 2020 through December 31, 2022, and can be adopted at any time during this period. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. This ASU refines the scope of Topic 848 and addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued, but that use an interest rate for margining, discounting or contract price alignment that is expected to be modified as a result of reference rate reform. ASU 2021-01 is effective upon issuance through December 31, 2024, and can be adopted at any time during this period. Wesbanco has not offered LIBOR for any new contracts after December 31, 2021. Wesbanco has chosen the One Month Term Secured Overnight Financing Rate ("1M Term SOFR") as its alternative replacement rate for LIBOR on both back-to-back swaps and on one-month variable loans. A transition plan was implemented in 2021 to identify and modify Wesbanco's loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR, and Wesbanco continues to assess the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis, with no material impacts expected at this time.

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Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

NOTE 2. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:

	For the Three Months Ended March 31,
(unaudited, in thousands, except shares and per share amounts)	2022		2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	41,593	$	70,584
Denominator:
Total average basic common shares outstanding		61,445,399		67,263,714
Effect of dilutive stock options and other stock compensation		147,966		91,704
Total diluted average common shares outstanding		61,593,365		67,355,418
Earnings per common share - basic	$	0.68	$	1.05
Earnings per common share - diluted	$	0.68	$	1.05

As of March 31, 2022 and 2021, respectively, 384,761 and 393,961 options to purchase shares were not included in the diluted share computation for the three months ended March 31, 2022 and 2021, respectively, because the exercise price was greater than the average market price of a common share, and, therefore, the effect would be antidilutive.

As of March 31, 2022, 16,224 contingently issuable shares were estimated to be awarded under the 2022 total shareholder return ("TSR") plan, as stock performance targets had been met as of such date and therefore those shares were included in the diluted calculation. As of March 31, 2022, the shares related to the 2021 and 2020 TSR plans were not included in the calculation because the effect would be antidilutive. As of March 31, 2021, the shares related to the 2021, 2020 and 2019 TSR plans were not included in the calculation because the effect would be antidilutive.

In addition, performance-based restricted stock ("PBRS") compensation totaling 61,267 shares were estimated to be awarded as of March 31, 2022. No PBRS compensation was estimated to be awarded as of March 31, 2021.

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Securities

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Securities

NOTE 3. SECURITIES

The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:

	March 31, 2022									December 31, 2021
(unaudited, in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale debt securities
U.S. Government sponsored entities and agencies	$	253,475	$	549	$	(13,527	)	$	240,497	$	236,096	$	3,922	$	(3,040	)	$	236,978
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,289,780		1,777		(132,103	)		2,159,454		2,301,170		16,489		(32,446	)		2,285,213
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		397,233		500		(3,644	)		394,089		364,486		4,252		(1,245	)		367,493
Obligations of states and political subdivisions		100,029		1,310		(1,066	)		100,273		101,003		5,372		(35	)		106,340
Corporate debt securities		16,943		195		(78	)		17,060		16,940		507		(9	)		17,438
Total available-for-sale debt securities	$	3,057,460	$	4,331	$	(150,418	)	$	2,911,373	$	3,019,695	$	30,542	$	(36,775	)	$	3,013,462
Held-to-maturity debt securities
U.S. Government sponsored entities and agencies	$	5,731	$	8	$	(233	)	$	5,506	$	5,944	$	72	$	(8	)	$	6,008
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		53,989		114		(1,335	)		52,768		58,147		1,409		(16	)		59,540
Obligations of states and political subdivisions		1,067,214		5,719		(68,912	)		1,004,021		907,649		23,854		(3,500	)		928,003
Corporate debt securities		30,268		430		—			30,698		33,083		1,818		—			34,901
Total held-to-maturity debt securities (1)	$	1,157,202	$	6,271	$	(70,480	)	$	1,092,993	$	1,004,823	$	27,153	$	(3,524	)	$	1,028,452
Total debt securities	$	4,214,662	$	10,602	$	(220,898	)	$	4,004,366	$	4,024,518	$	57,695	$	(40,299	)	$	4,041,914

(1)Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.3 million at March 31, 2022 and December 31, 2021, respectively.

At March 31, 2022 and December 31, 2021, there were no holdings of any one issuer, other than U.S. government sponsored entities and its agencies, in an amount greater than 10% of Wesbanco’s shareholders’ equity. Equity securities, of which $10.0 million consist of investments in various mutual funds held in grantor trusts formed in connection with the Company’s deferred compensation plan, are recorded at fair value, and totaled $12.8 million and $13.5 million at March 31, 2022 and December 31, 2021, respectively.

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at March 31, 2022. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.

(unaudited, in thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities
Less than one year	$	13,971	$	14,020
1-5 years		168,985		169,008
5-10 years		444,587		437,643
Over 10 years		2,429,917		2,290,702
Total available-for-sale debt securities	$	3,057,460	$	2,911,373
Held-to-maturity debt securities
Less than one year	$	24,053	$	24,232
1-5 years		115,863		117,485
5-10 years		277,300		276,045
Over 10 years		739,986		675,231
Total held-to-maturity debt securities	$	1,157,202	$	1,092,993
Total debt securities	$	4,214,662	$	4,004,366

Securities with an aggregate fair value of $2.1 billion at March 31, 2022 and December 31, 2021 were pledged as security for public and trust funds, and securities sold under agreements to repurchase. There were no proceeds from the sale of available-for-sale securities for the three months ended March 31, 2022 and 2021. Net unrealized losses on available-for-sale securities included in accumulated other comprehensive income, net of tax, as of March 31, 2022 and December 31, 2021 were $111.0 million and $4.7 million, respectively.

The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three months ended March 31, 2022 and 2021, respectively. All gains and losses presented in the table below are included in the net securities (losses) gains line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense.

	For the Three Months Ended March 31,
(unaudited, in thousands)	2022			2021
Debt securities:
Gross realized gains	$	31		$	140
Gross realized losses		(2	)		(39	)
Net gains on debt securities	$	29		$	101
Equity securities:
Net unrealized (losses) gains recognized on securities still held	$	(679	)	$	178
Net realized gains (losses) recognized on securities sold		—			—
Net (losses) gains on equity securities	$	(679	)	$	178
Net securities (losses) gains	$	(650	)	$	279

The corporate and municipal bonds in Wesbanco’s held-to-maturity debt portfolio are analyzed quarterly to determine if an allowance for current expected credit losses is warranted. Wesbanco uses a database of historical financials of all corporate and municipal issuers and actual historic default and recovery rates on rated and non-rated transactions to estimate expected credit losses on an individual security basis. The expected credit losses are adjusted quarterly and are recorded in an allowance for expected credit losses on the balance sheet, which is deducted from the amortized cost basis of the held-to-maturity portfolio as a contra asset. The losses are recorded on the income statement in the provision for credit losses. Accrued interest receivable on held-to-maturity securities, which was $8.3 million and $7.0 million as of March 31, 2022 and December 31, 2021, respectively, is excluded from the estimate of credit losses. Held-to-maturity investments in U.S. Government sponsored entities and agencies as well as mortgage-backed securities and collateralized mortgage obligations, which are all either issued by a direct governmental entity or a government-sponsored entity, have no historical evidence supporting expected credit losses; therefore, Wesbanco has estimated these losses at zero, and will monitor this assumption in the future for any economic or governmental policies that could affect this assumption.

The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the three months ended March 31, 2022 and 2021:

	Allowance for Credit Losses By Category
	For the Three Months Ended March 31, 2022 and 2021
			Residential mortgage
			-backed
			securities and
			collateralized
			mortgage obligations		Obligations of
	U.S. Government		of government		state and			Corporate
	sponsored		sponsored entities		political			debt
(unaudited, in thousands)	entities and agencies		and agencies		subdivisions			Securities			Total
Balance at December 31, 2021	$	—	$	—	$	174		$	94		$	268
Current period provision		—		—		(14	)		31			17
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at March 31, 2022	$	—	$	—	$	160		$	125		$	285
.
Balance at December 31, 2020	$	—	$	—	$	130		$	196		$	326
Current period provision		—		—		(12	)		(24	)		(36	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at March 31, 2021	$	—	$	—	$	118		$	172		$	290

The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded, as of March 31, 2022 and December 31, 2021, respectively:

	March 31, 2022
	Less than 12 months							12 months or more							Total
(unaudited, dollars in thousands)	Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities
U.S. Government sponsored entities and agencies	$	152,701	$	(8,450	)		23	$	43,624	$	(5,077	)		5	$	196,325	$	(13,527	)		28
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,579,619		(91,718	)		359		410,877		(40,385	)		49		1,990,496		(132,103	)		408
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		264,064		(2,329	)		47		74,408		(1,315	)		8		338,472		(3,644	)		55
Obligations of state and political subdivisions		19,150		(1,066	)		27		—		—			—		19,150		(1,066	)		27
Corporate debt and other securities		7,922		(78	)		5		—		—			—		7,922		(78	)		5
Total	$	2,023,456	$	(103,641	)		461	$	528,909	$	(46,777	)		62	$	2,552,365	$	(150,418	)		523

	December 31, 2021
	Less than 12 months							12 months or more							Total
(dollars in thousands)	Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities
U.S. Government sponsored entities and agencies	$	114,486	$	(1,865	)		12	$	32,688	$	(1,175	)		4	$	147,174	$	(3,040	)		16
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,568,138		(29,060	)		143		141,681		(3,386	)		23		1,709,819		(32,446	)		166
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		131,970		(579	)		25		78,356		(666	)		8		210,326		(1,245	)		33
Obligations of states and political subdivisions		4,307		(35	)		2		—		—			—		4,307		(35	)		2
Corporate debt securities		6,990		(9	)		5		—		—			—		6,990		(9	)		5
Total	$	1,825,891	$	(31,548	)		187	$	252,725	$	(5,227	)		35	$	2,078,616	$	(36,775	)		222

Unrealized losses on debt securities in the table above represent temporary fluctuations resulting from changes in market rates in relation to fixed yields. Unrealized losses in the available-for-sale portfolio are accounted for as an adjustment, net of taxes, to other comprehensive income in shareholders’ equity. Wesbanco does not believe the securities presented above are impaired due to reasons of credit quality, as substantially all debt securities are rated above investment grade and all are paying principal and interest according to their contractual terms. Wesbanco does not intend to sell, nor is it more likely than not that it will be required to sell, loss position securities prior to recovery of their cost; therefore, management believes the unrealized losses detailed above do not require an allowance for credit losses relating to these securities to be recognized. Securities that do not have readily determinable fair values and for which Wesbanco does not exercise significant influence are carried at cost. Cost method investments consist primarily of Federal Home Loan Bank (“FHLB”) of Pittsburgh stock totaling $13.6 million and $15.9 million at March 31, 2022 and December 31, 2021, respectively, and are included in other assets in the Consolidated Balance Sheets. Cost method investments are evaluated for impairment whenever events or circumstances suggest that their carrying value may not be recoverable.

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Loans and the Allowance for Credit Losses

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Loans and the Allowance for Credit Losses

NOTE 4. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES

The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan fee costs were $6.8 million and $3.3 million at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022 and December 31, 2021, respectively, the balance also included $2.9 million and $6.1 million of net deferred fee income from SBA Payroll Protection Program (“PPP”) loans. The un-accreted discount on purchased loans from acquisitions was $23.4 million at March 31, 2022 and $25.9 million at December 31, 2021.

	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	857,869	$	833,880
Improved property		4,722,213		4,705,088
Total commercial real estate		5,580,082		5,538,968
Commercial and industrial		1,436,543		1,427,645
Commercial and industrial - PPP		76,535		162,675
Residential real estate		1,767,064		1,721,378
Home equity		592,872		605,682
Consumer		280,176		277,130
Total portfolio loans		9,733,272		9,733,478
Loans held for sale		15,959		25,277
Total loans	$	9,749,231	$	9,758,755

The allowance for credit losses under the current expected credit losses methodology (“CECL”) is calculated utilizing the probability of default (“PD”) / loss given default (“LGD”), which is then discounted to net present value. PD is the probability the asset will default within a given time frame and LGD is the percentage of the asset not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rates, as well as modeling adjustments for changes in prepayment speeds, loan risk grades, portfolio mix, concentrations and loan growth. For the calculation as of March 31, 2022, the one-year forecast was based upon a blended rate from two nationally-recognized published economic forecasts through March 31, 2022, and is primarily driven by the national unemployment and interest rate spread forecasts. Wesbanco’s blended forecast of national unemployment at quarter end was projected to peak at 3.7% in the first quarter, and subsequently decrease to an average of 3.5% over the remainder of the forecast period. The calculation utilized a one-year reversion period back to the Company’s historical loss rate by loan classification. Included in the qualitative factors were COVID-19 pandemic factors related to the transient credit risk not covered by the traditional allowance process, adjusted to Wesbanco’s regional footprint, deferred interest on modified loans, and hospitality industry concentration. As of March 31, 2022, accrued interest receivable for loans was $45.0 million. Wesbanco made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses because the Company has a robust policy in place to reverse or write-off accrued interest when loans are placed on non-accrual. However, Wesbanco does have a $0.1 million reserve on the accrued interest related to loan modifications allowed under the CARES Act due to the timing and nature of these modifications. As of March 31, 2022, accrued interest receivable related to COVID-19 loan modifications as permitted under the CARES Act was $20.8 million.

The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio:

	Allowance for Credit Losses By Category
	For the Three Months Ended March 31, 2022 and 2021
(unaudited, in thousands)	Commercial Real Estate - Land and Construction			Commercial Real Estate- Improved Property			Commercial & Industrial			Residential Real Estate			Home Equity			Consumer			Deposit Overdrafts			Total
Balance at December 31, 2021
Allowance for credit    losses - loans	$	7,310		$	65,355		$	26,875		$	15,401		$	724		$	3,737		$	2,220		$	121,622
Allowance for credit    losses - loan commitments		4,180			201			1,497			1,576			49			272			—			7,775
Total beginning allowance for credit    losses - loans and loan    commitments		11,490			65,556			28,372			16,977			773			4,009			2,220			129,397
Provision for credit losses:
Provision for loan losses		243			(469	)		(1,468	)		(1,737	)		(102	)		69			(266	)		(3,730	)
Provision for loan commitments		751			119			(827	)		164			9			59			—			275
Total provision for credit    losses - loans and loan    commitments		994			(350	)		(2,295	)		(1,573	)		(93	)		128			(266	)		(3,455	)
Charge-offs		—			(137	)		(208	)		(142	)		(86	)		(787	)		(435	)		(1,795	)
Recoveries		25			260			336			192			139			727			89			1,768
Net (charge-offs) recoveries		25			123			128			50			53			(60	)		(346	)		(27	)
Balance at March 31, 2022
Allowance for credit    losses - loans		7,578			65,009			25,535			13,714			675			3,746			1,608			117,865
Allowance for credit    losses - loan commitments		4,931			320			670			1,740			58			331			—			8,050
Total ending allowance for credit    losses - loans and loan    commitments	$	12,509		$	65,329		$	26,205		$	15,454		$	733		$	4,077		$	1,608		$	125,915
Balance at December 31, 2020
Allowance for credit    losses - loans	$	10,841		$	110,652		$	37,850		$	17,851		$	1,487		$	6,507		$	639		$	185,827
Allowance for credit    losses - loan commitments		6,508			712			1,275			955			45			19			—			9,514
Total beginning allowance for credit    losses - loans and loan    commitments		17,349			111,364			39,125			18,806			1,532			6,526			639			195,341
Provision for credit losses:
Provision for loan losses		(3,538	)		(11,420	)		(4,256	)		(4,177	)		(394	)		(1,510	)		156			(25,139	)
Provision for loan commitments		(2,508	)		(504	)		308			(86	)		5			2			—			(2,783	)
Total provision for credit    losses - loans and loan    commitments		(6,046	)		(11,924	)		(3,948	)		(4,263	)		(389	)		(1,508	)		156			(27,922	)
Charge-offs		(18	)		(19	)		(750	)		(371	)		(174	)		(927	)		(201	)		(2,460	)
Recoveries		55			528			440			135			79			462			113			1,812
Net (charge-offs) recoveries		37			509			(310	)		(236	)		(95	)		(465	)		(88	)		(648	)
Balance at March 31, 2021
Allowance for credit    losses - loans		7,340			99,741			33,284			13,438			998			4,532			707			160,040
Allowance for credit    losses - loan commitments		4,000			208			1,583			869			50			21			—			6,731
Total ending allowance for credit    losses - loans and loan    commitments	$	11,340		$	99,949		$	34,867		$	14,307		$	1,048		$	4,553		$	707		$	166,771

The following tables present the allowance for credit losses and recorded investments in loans by category, as of each period-end:

	Allowance for Credit Losses and Recorded Investment in Loans
(unaudited, in thousands)	Commercial Real Estate- Land and Construction		Commercial Real Estate- Improved Property		Commercial and Industrial		Residential Real Estate		Home Equity		Consumer		Deposit Over- drafts		Total
March 31, 2022
Allowance for credit losses:
Loans individually-evaluated	$	342	$	11,686	$	266	$	—	$	—	$	—	$	—	$	12,294
Loans collectively-evaluated		7,236		53,323		25,269		13,714		675		3,746		1,608		105,571
Loan commitments		4,931		320		670		1,740		58		331		—		8,050
Total allowance for credit    losses - loans and commitments	$	12,509	$	65,329	$	26,205	$	15,454	$	733	$	4,077	$	1,608	$	125,915
Portfolio loans:
Individually-evaluated for credit    losses	$	1,174	$	52,308	$	540	$	—	$	—	$	—	$	—	$	54,022
Collectively-evaluated for credit    losses		856,695		4,669,905		1,512,538		1,767,064		592,872		280,176		—		9,679,250
Total portfolio loans	$	857,869	$	4,722,213	$	1,513,078	$	1,767,064	$	592,872	$	280,176	$	—	$	9,733,272
December 31, 2021
Allowance for credit losses:
Loans individually-evaluated	$	381	$	8,560	$	333	$	—	$	—	$	—	$	—	$	9,274
Loans collectively-evaluated		6,929		56,795		26,542		15,401		724		3,737		2,220		112,348
Loan commitments		4,180		201		1,497		1,576		49		272		—		7,775
Total allowance for credit    losses - loans and commitments	$	11,490	$	65,556	$	28,372	$	16,977	$	773	$	4,009	$	2,220	$	129,397
Portfolio loans:
Individually-evaluated for credit    losses	$	1,248	$	66,635	$	576	$	—	$	—	$	—	$	—	$	68,459
Collectively-evaluated for credit    losses		832,632		4,638,453		1,589,744		1,721,378		605,682		277,130		—		9,665,019
Total portfolio loans	$	833,880	$	4,705,088	$	1,590,320	$	1,721,378	$	605,682	$	277,130	$	—	$	9,733,478

Commercial loan risk grades are determined based on an evaluation of the relevant characteristics of each loan, assigned at inception and adjusted thereafter at any time to reflect changes in the risk profile throughout the life of each loan. The primary factors used to determine the risk grade are the sufficiency, reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. The rating system more heavily weights the debt service coverage, leverage and loan to value factors to derive the risk grade. Other factors that are considered at a lesser weighting include management, industry or property type risks, payment history, collateral or guarantees.

Commercial real estate – land and construction consists of loans to finance investments in vacant land, land development, construction of residential housing, and construction of commercial buildings. Commercial real estate – improved property consists of loans for the purchase or refinance of all types of improved owner-occupied and investment properties. Factors that are considered in assigning the risk grade vary depending on the type of property financed. The risk grade assigned to construction and development loans is based on the overall viability of the project, the experience and financial capacity of the developer or builder to successfully complete the project, project specific and market absorption rates and comparable property values, and the amount of pre-sales for residential housing construction or pre-leases for commercial investment property. The risk grade assigned to commercial investment property loans is based primarily on the adequacy of the net operating income generated by the property to service the debt (“debt service coverage”), the loan to appraised value, the type, quality, industry and mix of tenants, and the terms of leases. The risk grade assigned to owner-occupied commercial real estate is based primarily on global debt service coverage and the leverage of the business, but may also consider the industry in which the business operates, the business’ specific competitive advantages or disadvantages, collateral margins and the quality and experience of management.

Commercial and industrial (“C&I”) loans consist of revolving lines of credit to finance accounts receivable, inventory and other general business purposes; term loans to finance fixed assets other than real estate, and letters of credit to support trade, insurance or governmental requirements for a variety of businesses. Most C&I borrowers are privately-held companies with annual sales up to $100 million. Primary factors that are considered in risk rating C&I loans include debt service coverage and leverage. Other factors including operating trends, collateral coverage along with management experience are also considered.

Pass loans are those that exhibit a history of positive financial results that are at least comparable to the average for their industry or type of real estate. The primary source of repayment is acceptable and these loans are expected to perform satisfactorily during most economic cycles. Pass loans typically have no significant external factors that are expected to adversely affect these borrowers more than others in the same industry or property type. Any minor unfavorable characteristics of these loans are outweighed or mitigated by other positive factors including but not limited to adequate secondary or tertiary sources of repayment.

Criticized loans, considered as compromised, have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the bank's credit position at some future date. Criticized loans are not adversely classified by the banking regulators and do not expose the bank to sufficient risk to warrant adverse classification.

Classified loans, considered as substandard and doubtful, are equivalent to the classifications used by banking regulators. Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. These loans may or may not be reported as non-accrual. Doubtful loans have all the weaknesses inherent in those classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. These loans are reported as non-accrual.

The following tables summarize commercial loans by their assigned risk grade:

	Commercial Loans by Internally Assigned Risk Grade
(unaudited, in thousands)	Commercial Real Estate- Land and Construction		Commercial Real Estate- Improved Property		Commercial & Industrial		Total Commercial Loans
As of March 31, 2022
Pass	$	847,525	$	4,424,340	$	1,463,315	$	6,735,180
Criticized - compromised		1,808		206,501		25,834		234,143
Classified - substandard		8,536		91,372		23,929		123,837
Classified - doubtful		—		—		—		—
Total	$	857,869	$	4,722,213	$	1,513,078	$	7,093,160
As of December 31, 2021
Pass	$	823,316	$	4,400,872	$	1,540,569	$	6,764,757
Criticized - compromised		7,955		222,830		17,733		248,518
Classified - substandard		2,609		81,386		32,018		116,013
Classified - doubtful		—		—		—		—
Total	$	833,880	$	4,705,088	$	1,590,320	$	7,129,288

Residential real estate, home equity and consumer loans are not assigned internal risk grades other than as required by regulatory guidelines that are based primarily on the age of past due loans. Wesbanco primarily evaluates the credit quality of residential real estate, home equity and consumer loans based on repayment performance and historical loss rates. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard in accordance with regulatory guidelines was $26.8 million at March 31, 2022 and $30.2 million at December 31, 2021, of which $5.5 million and $7.4 million were accruing, for each period, respectively. These loans are not included in the tables above. In addition, $21.3 million and $21.7 million of unfunded commercial loan commitments are also not included in the tables above at March 31, 2022 and December 31, 2021, respectively.

The following tables summarize the age analysis of all categories of loans:

	Age Analysis of Loans
(unaudited, in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Total Loans		90 Days or More Past Due and Accruing (1)
As of March 31, 2022
Commercial real estate:
Land and construction	$	857,796	$	—	$	—	$	73	$	73	$	857,869	$	—
Improved property		4,699,859		11,590		732		10,032		22,354		4,722,213		3,449
Total commercial real estate		5,557,655		11,590		732		10,105		22,427		5,580,082		3,449
Commercial and industrial		1,502,111		7,465		527		2,975		10,967		1,513,078		319
Residential real estate		1,751,895		3,091		2,630		9,448		15,169		1,767,064		1,229
Home equity		586,591		1,954		437		3,890		6,281		592,872		631
Consumer		277,213		1,386		884		693		2,963		280,176		514
Total portfolio loans		9,675,465		25,486		5,210		27,111		57,807		9,733,272		6,142
Loans held for sale		15,959		—		—		—		—		15,959		—
Total loans	$	9,691,424	$	25,486	$	5,210	$	27,111	$	57,807	$	9,749,231	$	6,142
Nonperforming loans included above are as follows:
Non-accrual loans	$	10,557	$	1,334	$	754	$	20,727	$	22,815	$	33,372
TDRs accruing interest		3,203		229		57		242		528		3,731
Total nonperforming loans	$	13,760	$	1,563	$	811	$	20,969	$	23,343	$	37,103
As of December 31, 2021
Commercial real estate:
Land and construction	$	833,755	$	—	$	—	$	125	$	125	$	833,880	$	51
Improved property		4,681,028		6,377		7,728		9,955		24,060		4,705,088		3,042
Total commercial real estate		5,514,783		6,377		7,728		10,080		24,185		5,538,968		3,093
Commercial and industrial		1,583,347		2,275		1,213		3,485		6,973		1,590,320		559
Residential real estate		1,702,587		2,331		3,254		13,206		18,791		1,721,378		2,840
Home equity		599,189		2,240		602		3,651		6,493		605,682		685
Consumer		273,577		1,532		1,208		813		3,553		277,130		627
Total portfolio loans		9,673,483		14,755		14,005		31,235		59,995		9,733,478		7,804
Loans held for sale		25,277		—		—		—		—		25,277		—
Total loans	$	9,698,760	$	14,755	$	14,005	$	31,235	$	59,995	$	9,758,755	$	7,804
Nonperforming loans included above are as follows:
Non-accrual loans	$	11,174	$	914	$	564	$	23,090	$	24,568	$	35,742
TDRs accruing interest		3,275		3		127		341		471		3,746
Total nonperforming loans	$	14,449	$	917	$	691	$	23,431	$	25,039	$	39,488

(1)Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest.

The following tables summarize nonperforming loans:

	Nonperforming Loans
	March 31, 2022						December 31, 2021
	Unpaid						Unpaid
	Principal		Recorded		Related		Principal		Recorded		Related
(unaudited, in thousands)	Balance (1)		Investment		Allowance		Balance (1)		Investment		Allowance
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	156	$	155	$	—	$	74	$	73	$	—
Improved property		9,599		7,758		—		9,846		8,089		—
Commercial and industrial		6,136		4,779		—		6,528		5,256		—
Residential real estate		23,443		18,309		—		25,492		20,065		—
Home equity		7,156		5,585		—		6,985		5,440		—
Consumer		847		517		—		869		565		—
Total nonperforming loans without a specific allowance		47,337		37,103		—		49,794		39,488		—
Total nonperforming loans with a specific allowance		—		—		—		—		—		—
Total nonperforming loans	$	47,337	$	37,103	$	—	$	49,794	$	39,488	$	—

(1)The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired nonperforming loans.

	Nonperforming Loans
	For the Three Months Ended
	March 31, 2022				March 31, 2021
	Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income
(unaudited, in thousands)	Investment		Recognized		Investment		Recognized
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	114	$	—	$	295	$	—
Improved property		7,924		—		7,702		9
Commercial and industrial		5,018		—		2,544		1
Residential real estate		19,187		—		20,847		39
Home equity		5,513		—		5,639		6
Consumer		541		—		358		—
Total nonperforming loans without a specific allowance		38,296		—		37,385		55
With a specific allowance recorded:
Commercial real estate:
Land and construction		—		—		—		—
Improved property		—		—		2,089		—
Total nonperforming loans with a specific allowance		—		—		2,089		—
Total nonperforming loans	$	38,296	$	—	$	39,474	$	55

The following tables present the recorded investment in non-accrual loans and TDRs:

	Non-accrual Loans (1)
	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	73	$	73
Improved property		7,391		7,715
Total commercial real estate		7,464		7,788
Commercial and industrial		4,592		5,064
Residential real estate		15,512		17,190
Home equity		5,319		5,163
Consumer		485		537
Total	$	33,372	$	35,742

(1)At March 31, 2022, there were three borrowers with a loan balance greater than $1.0 million totaling $3.7 million, as compared to three borrowers with a loan balance greater than $1.0 million totaling $4.1 million at December 31, 2021. Total non-accrual loans include loans that are also TDRs. Such loans are also set forth in the following table as non-accrual TDRs.

	TDRs
	March 31, 2022						December 31, 2021
(unaudited, in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Commercial real estate:
Land and construction	$	82	$	—	$	82	$	—	$	—	$	—
Improved property		367		29		396		374		133		507
Total commercial real estate		449		29		478		374		133		507
Commercial and industrial		187		—		187		192		—		192
Residential real estate		2,797		1,076		3,873		2,875		1,156		4,031
Home equity		266		243		509		277		258		535
Consumer		32		—		32		28		—		28
Total	$	3,731	$	1,348	$	5,079	$	3,746	$	1,547	$	5,293

As of March 31, 2022 and December 31, 2021, there were no TDRs greater than $1.0 million. The concessions granted in the majority of loans reported as accruing and non-accrual TDRs are extensions of the maturity date or the amortization period, reductions in the interest rate below the prevailing market rate for loans with comparable characteristics, and/or permitting interest-only payments for longer than six months. Wesbanco had unfunded commitments to debtors whose loans were classified as nonperforming of $0.0 million and $0.1 million as of March 31, 2022 and December 31, 2021, respectively.

The following table presents details related to loans identified as TDRs during the three months ended March 31, 2022 and 2021, respectively:

	New TDRs (1)
	For the Three Months Ended
	March 31, 2022						March 31, 2021
			Pre-		Post-				Pre-		Post-
			Modification		Modification				Modification		Modification
			Outstanding		Outstanding				Outstanding		Outstanding
	Number of		Recorded		Recorded		Number of		Recorded		Recorded
(unaudited, dollars in thousands)	Modifications		Investment		Investment		Modifications		Investment		Investment
Commercial real estate:
Land and construction		1	$	84	$	82		—	$	—	$	—
Improved property		—		—		—		—		—		—
Total commercial real estate		1		84		82		—		—		—
Commercial and industrial		—		—		—		—		—		—
Residential real estate		—		—		—		—		—		—
Home equity		—		—		—		—		—		—
Consumer		—		—		—		—		—		—
Total		1	$	84	$	82		—	$	—	$	—

(1)Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end.

There have been no TDRs which defaulted (defined as past due 90 days) during the three months ended March 31, 2022 and 2021, respectively, that were restructured within the last twelve months prior to March 31, 2022 and 2021, respectively. TDRs that default are placed on non-accrual status unless they are both well-secured and in the process of collection.

Section 4013 of the CARES Act allows financial institutions the option to temporarily suspend certain requirements under GAAP related to TDRs for a limited period of time during the COVID-19 pandemic. These customers must meet certain criteria, such as they were in good standing and not more than 30 days past due either as of December 31, 2019, or as of the implementation of the modification program under the Interagency Statement, as well as other requirements noted in the regulatory agencies’ revised statement. Based on this guidance, Wesbanco does not classify the COVID-19 loan modifications as TDRs, nor are the customers considered past due with regard to their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Under the CARES Act, Wesbanco has modified approximately 3,553 loans totaling $2.2 billion, of which $51.5 million remain in their deferral period as of March 31, 2022. Wesbanco originally offered three to six months of deferred payments to commercial and retail customers impacted by the COVID-19 pandemic depending on the type of loan and the industry for commercial loans. In the fourth quarter of 2020, Wesbanco offered up to an additional twelve months of deferred payments to certain commercial loan customers, predominantly in the hospitality industry, based on specific criteria related to the borrower, the underlying property and the potential for guarantors or co-borrowers. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Economic Aid Act”) was signed into law and among other things, extended the relief granted by the CARES Act for TDRs, initially slated to end on December 31, 2020, by one year to December 31, 2021.

The following tables summarize amortized cost basis loan balances by year of origination and credit quality indicator:

	Loans As of March 31, 2022
	Amortized Cost Basis by Origination Year
(unaudited, in thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Commercial real estate: land and construction
Risk rating:
Pass	$	17,320	$	143,081	$	220,805	$	179,682	$	112,712	$	55,329	$	54,985	$	63,611	$	847,525
Criticized - compromised		—		266		409		—		32		214		674		213		1,808
Classified - substandard		—		82		5,894		—		73		1,231		—		1,256		8,536
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	17,320	$	143,429	$	227,108	$	179,682	$	112,817	$	56,774	$	55,659	$	65,080	$	857,869
Commercial real estate: improved property
Risk rating:
Pass	$	217,572	$	684,338	$	645,602	$	564,678	$	386,418	$	1,832,877	$	76,323	$	16,532	$	4,424,340
Criticized - compromised		192		1,529		15,432		46,049		11,836		130,510		809		144		206,501
Classified - substandard		—		—		1,800		13,349		11,526		64,663		34		—		91,372
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	217,764	$	685,867	$	662,834	$	624,076	$	409,780	$	2,028,050	$	77,166	$	16,676	$	4,722,213
Commercial and industrial
Risk rating:
Pass	$	68,510	$	287,195	$	144,757	$	94,290	$	129,505	$	296,576	$	431,270	$	11,212	$	1,463,315
Criticized - compromised		318		4,668		1,941		1,786		2,042		3,171		4,475		7,433		25,834
Classified - substandard		—		45		158		10,774		577		3,338		5,184		3,853		23,929
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	68,828	$	291,908	$	146,856	$	106,850	$	132,124	$	303,085	$	440,929	$	22,498	$	1,513,078
Residential real estate
Loan delinquency:
Current	$	102,025	$	616,206	$	249,313	$	107,883	$	59,865	$	554,845	$	—	$	61,758	$	1,751,895
30-59 days past due		—		—		—		—		121		2,970		—		—		3,091
60-89 days past due		—		—		—		515		—		2,115		—		—		2,630
90 days or more past due		—		—		—		66		45		9,288		—		49		9,448
Total	$	102,025	$	616,206	$	249,313	$	108,464	$	60,031	$	569,218	$	—	$	61,807	$	1,767,064
Home equity
Loan delinquency:
Current	$	11,418	$	459	$	634	$	621	$	869	$	18,485	$	553,083	$	1,022	$	586,591
30-59 days past due		—		—		—		26		—		800		1,104		24		1,954
60-89 days past due		—		29		—		81		14		252		—		61		437
90 days or more past due		—		—		35		34		204		3,199		—		418		3,890
Total	$	11,418	$	488	$	669	$	762	$	1,087	$	22,736	$	554,187	$	1,525	$	592,872
Consumer
Loan delinquency:
Current	$	23,210	$	53,593	$	38,442	$	42,643	$	16,104	$	37,934	$	65,114	$	173	$	277,213
30-59 days past due		—		613		208		197		45		305		18		—		1,386
60-89 days past due		—		266		151		154		45		268		—		—		884
90 days or more past due		—		222		99		124		44		200		4		—		693
Total	$	23,210	$	54,694	$	38,900	$	43,118	$	16,238	$	38,707	$	65,136	$	173	$	280,176

	Loans As of December 31, 2021
	Amortized Cost Basis by Origination Year
(unaudited, in thousands)	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Commercial real estate: land and construction
Risk rating:
Pass	$	135,179	$	217,389	$	198,974	$	117,157	$	27,186	$	29,696	$	35,059	$	62,676	$	823,316
Criticized - compromised		85		6,236		—		33		—		219		856		526		7,955
Classified - substandard		—		73		—		—		—		1,280		—		1,256		2,609
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	135,264	$	223,698	$	198,974	$	117,190	$	27,186	$	31,195	$	35,915	$	64,458	$	833,880
Commercial real estate: improved property
Risk rating:
Pass	$	713,697	$	660,856	$	589,674	$	405,689	$	404,241	$	1,539,275	$	58,933	$	28,507	$	4,400,872
Criticized - compromised		7,755		15,195		52,859		17,697		14,490		99,687		1,414		13,733		222,830
Classified - substandard		9,355		2,686		4,855		3,730		11,010		49,667		34		49		81,386
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	730,807	$	678,737	$	647,388	$	427,116	$	429,741	$	1,688,629	$	60,381	$	42,289	$	4,705,088
Commercial and industrial
Risk rating:
Pass	$	406,495	$	159,878	$	99,472	$	136,146	$	89,049	$	223,514	$	409,789	$	16,226	$	1,540,569
Criticized - compromised		590		551		693		2,558		1,645		1,278		5,389		5,029		17,733
Classified - substandard		134		236		18,465		766		2,139		1,419		3,723		5,136		32,018
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	407,219	$	160,665	$	118,630	$	139,470	$	92,833	$	226,211	$	418,901	$	26,391	$	1,590,320
Residential real estate
Loan delinquency:
Current	$	599,244	$	292,653	$	116,147	$	71,253	$	56,917	$	536,444	$	—	$	29,929	$	1,702,587
30-59 days past due		1,127		—		—		69		105		1,030		—		—		2,331
60-89 days past due		563		91		—		271		43		2,286		—		—		3,254
90 days or more past due		1,933		673		895		88		762		8,802		—		53		13,206
Total	$	602,867	$	293,417	$	117,042	$	71,681	$	57,827	$	548,562	$	—	$	29,982	$	1,721,378
Home equity
Loan delinquency:
Current	$	10,076	$	835	$	649	$	379	$	566	$	18,064	$	567,478	$	1,142	$	599,189
30-59 days past due		—		84		45		128		50		628		1,247		58		2,240
60-89 days past due		—		—		132		15		188		267		—		—		602
90 days or more past due		187		88		119		112		234		2,550		—		361		3,651
Total	$	10,263	$	1,007	$	945	$	634	$	1,038	$	21,509	$	568,725	$	1,561	$	605,682
Consumer
Loan delinquency:
Current	$	60,907	$	43,871	$	50,317	$	19,289	$	11,084	$	32,343	$	55,739	$	27	$	273,577
30-59 days past due		435		370		214		136		85		241		51		—		1,532
60-89 days past due		413		375		82		19		33		286		—		—		1,208
90 days or more past due		115		141		222		65		1		265		4		—		813
Total	$	61,870	$	44,757	$	50,835	$	19,509	$	11,203	$	33,135	$	55,794	$	27	$	277,130

The following table summarizes other real estate owned and repossessed assets included in other assets:

	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Other real estate owned	$	87	$	—
Repossessed assets		—		—
Total other real estate owned and repossessed assets	$	87	$	—

Residential real estate included in other real estate owned was $0.1 million at March 31, 2022. There were no other real estate owned or repossessed asset balances at December 31, 2021. At March 31, 2022 and December 31, 2021, formal foreclosure proceedings were in process on residential real estate loans totaling $4.8 million and $4.0 million, respectively. Previously, as a result of provisions of the CARES Act, certain residential real estate loans were temporarily suspended from entering foreclosure proceedings, which included $0.8 million of loans as of December 31, 2021. Since this moratorium had substantially ended as of March 31, 2022, there are currently no loans suspended from entering foreclosure proceedings.

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Derivatives and Hedging Activities

3 Months Ended

Mar. 31, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

NOTE 5. DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

Wesbanco is exposed to certain risks arising from both its business operations and economic conditions. Wesbanco principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Wesbanco manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Wesbanco’s existing interest rate derivatives result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Wesbanco’s assets or liabilities. Wesbanco manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. A matched book is when Wesbanco Bank, Inc.’s (the “Bank”) assets and liabilities are equally distributed but also have similar maturities.

Loan Swaps

Wesbanco executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that Wesbanco executes with a third party, such that Wesbanco minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements of ASC 815, changes in the fair value of both the customer swaps and the offsetting third-party swaps are recognized directly in earnings. As of March 31, 2022, and December 31, 2021, Wesbanco had 134 and 135 customer interest rate swaps with an aggregate notional amount of $726.8 million and $730.6 million, respectively, related to this program. Wesbanco recognized income for the related swap fees of $0.2 million and $1.9 million for the three months ended March 31, 2022 and 2021.

Risk participation agreements are entered into as financial guarantees of performance on interest rate swap derivatives. The purchased asset or sold liability allows Wesbanco to participate-in (fee received) or participate-out (fee paid) the risk associated with certain derivative positions executed by the borrower of the lead bank in a loan syndication. As of March 31, 2022 and December 31, 2021, Wesbanco had 13 risk participation-in agreements with an aggregate notional amount of $127.1 million and $128.2 million, respectively. As of March 31, 2022 and December 31, 2021, Wesbanco had one risk participation-out agreement with an aggregate notional amount of $9.8 million.

Mortgage Loans Held for Sale and Loan Commitments

Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. These loans are classified as held for sale and carried at fair value as Wesbanco has elected the fair value option. Fair value is determined based on rates obtained from the secondary market for loans with similar characteristics. Wesbanco sells loans to the secondary market on either a mandatory or best efforts basis. The loans sold on a mandatory basis are not committed to an investor until the loan is closed with the borrower. Wesbanco enters into forward to be announced (“TBA”) contracts to manage the interest rate risk between the loan commitment and the closing of the loan. The total balance of forward TBA contracts entered into was $38.5 million and $48.5 million at March 31, 2022 and December 31, 2021, respectively. The loans sold on a best efforts basis are committed to an investor simultaneous to the interest rate commitment with the borrower, and as a result, the Company does not enter into a separate forward TBA contract to offset the fair value risk as the investor accepts such risk in exchange for paying a lower premium on sale.

Fair Values of Derivative Instruments on the Balance Sheet

All derivatives are carried on the consolidated balance sheet at fair value. Derivative assets are classified in the consolidated balance sheet under other assets, and derivative liabilities are classified in the consolidated balance sheet under other liabilities. Changes in fair value are recognized in earnings. None of Wesbanco’s derivatives are designated in a qualifying hedging relationship under ASC 815.

The table below presents the fair value of Wesbanco’s derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2022 and December 31, 2021:

	March 31, 2022						December 31, 2021
(unaudited, in thousands)	Notional or Contractual Amount		Asset Derivatives		Liability Derivatives		Notional or Contractual Amount		Asset Derivatives		Liability Derivatives
Derivatives
Loan Swaps:
Interest rate swaps	$	726,767	$	30,767	$	30,827	$	730,552	$	24,867	$	26,388
Other contracts:
Interest rate loan commitments		23,676		—		309		28,994		9		—
Forward TBA contracts		38,500		609		—		48,500	—			21
Total derivatives			$	31,376	$	31,136			$	24,876	$	26,409

Effect of Derivative Instruments on the Income Statement

The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within non-interest income on the consolidated income statement for the three months ended March 31, 2022 and 2021, respectively.

		For the Three Months Ended March 31,
(unaudited, in thousands)	Location of Gain/(Loss)	2022			2021
Interest rate swaps	Other income	$	1,461		$	2,761
Interest rate loan commitments	Mortgage banking income		(318	)		(1,016	)
Forward TBA contracts	Mortgage banking income		1,443			4,518
Total		$	2,586		$	6,263

Credit-risk-related Contingent Features

Wesbanco has agreements with its derivative counterparties that contain a provision, which provides that if Wesbanco defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Wesbanco could also be declared in default on its derivative obligations.

Wesbanco also has agreements with certain of its derivative counterparties that contain a provision where if Wesbanco fails to maintain its status as either a “well” or “adequately-capitalized” institution, then the counterparty could terminate the derivative positions and Wesbanco would be required to settle its obligations under the agreements.

Wesbanco had minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral with a market value of $6.3 million as of March 31, 2022. If Wesbanco had breached any of these provisions at March 31, 2022, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty

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Benefit Plans

3 Months Ended

Mar. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Benefit Plans

NOTE 6. 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)	2022			2021
Service cost – benefits earned during year	$	540		$	616
Interest cost on projected benefit obligation		1,013			842
Expected return on plan assets		(2,853	)		(2,763	)
Amortization of prior service cost		(8	)		(8	)
Amortization of net loss		125			675
Net periodic pension income	$	(1,183	)	$	(638	)

The service cost of $0.5 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively, is included in salaries and wages, and periodic pension income of $1.7 million and $1.3 million for the three months ended March 31, 2022 and 2021, respectively, 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 is not required for 2022, and Wesbanco currently does not expect to make a voluntary contribution to the Plan in 2022.

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Fair Value Measurement

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

NOTE 7. FAIR VALUE MEASUREMENT

Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments.

Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities, and therefore the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows.

The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied:

Investment securities: The fair value of investment securities which are measured on a recurring basis are determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 1 or 2 in the fair value hierarchy. Positions that are not traded in active markets for which valuations are generated using assumptions not observable in the market or management’s best estimate are classified within level 3 of the fair value hierarchy. This includes certain specific municipal debt issues for which the credit quality and discount rate must be estimated.

Loans held for sale: Loans held for sale are carried, in aggregate, at fair value as Wesbanco previously elected the fair value option. The use of a valuation model using quoted prices of similar instruments are significant inputs in arriving at the fair value and therefore loans held for sale are classified within level 2 of the fair value hierarchy.

Derivatives: Wesbanco enters into interest rate swap agreements with qualifying commercial customers to meet their financing, interest rate and other risk management needs. These agreements provide the customer the ability to convert from variable to fixed interest rates. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. Those interest rate swaps are economically hedged by offsetting interest rate swaps that Wesbanco executes with derivative counterparties in order to offset its exposure on the fixed components of the customer interest rate swap agreements. The interest rate swap agreement with the loan customer and with the counterparty is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period earnings as other income and other expense.

Wesbanco enters into forward TBA contracts to manage the interest rate risk between the loan commitments to the customer and the closing of the loan for loans that will be sold on a mandatory basis to secondary market investors. The forward TBA contract is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period’s earnings as mortgage banking income.

Wesbanco determines the fair value for derivatives using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Wesbanco incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements.

We may be required from time to time to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or write-downs of individual assets and liabilities.

Individually-evaluated loans: Individually-evaluated loans are carried at the amortized cost basis less the specific allowance calculated under CECL. Individually-evaluated loans are calculated using a cost basis approach or collateral value approach.

Other real estate owned and repossessed assets: Other real estate owned and repossessed assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral, and therefore other real estate owned and repossessed assets are classified within level 3 of the fair value hierarchy.

The fair value amounts presented in the table below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. 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 March 31, 2022 and December 31, 2021:

			March 31, 2022
			Fair Value Measurements Using:
	March 31,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(unaudited, in thousands)	2022		(level 1)		(level 2)		(level 3)
Recurring fair value measurements
Equity securities	$	12,757	$	12,757	$	—	$	—
Available-for-sale debt securities
U.S. Government sponsored entities and agencies		240,497		—		240,497		—
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,159,454		—		2,159,454		—
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		394,089		—		394,089		—
Obligations of states and political subdivisions		100,273		—		98,957		1,316
Corporate debt securities		17,060		—		17,060		—
Total available-for-sale debt securities	$	2,911,373	$	—	$	2,910,057	$	1,316
Loans held for sale		15,959		—		15,959		—
Other assets - interest rate swaps		30,767		—		30,767		—
Total assets recurring fair value measurements	$	2,970,856	$	12,757	$	2,956,783	$	1,316
Other liabilities - interest rate swaps	$	30,827	$	—	$	30,827	$	—
Total liabilities recurring fair value measurements	$	30,827	$	—	$	30,827	$	—
Nonrecurring fair value measurements
Individually-evaluated loans	$	21,346	$	—	$	—	$	21,346
Other real estate owned and repossessed assets		87		—		—		87
Total nonrecurring fair value measurements	$	21,433	$	—	$	—	$	21,433

			December 31, 2021
			Fair Value Measurements Using:
	December 31,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	2021		(level 1)		(level 2)		(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 states 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 swaps		24,867		—		24,867		—
Total assets recurring fair value measurements	$	3,077,072	$	13,466	$	3,062,113	$	1,493
Other liabilities - interest rate swaps	$	26,388	$	—	$	26,388	$	—
Total liabilities recurring fair value measurements	$	26,388	$	—	$	26,388	$	—
Nonrecurring fair value measurements
Individually-evaluated loans	$	13,558	$	—	$	—	$	13,558
Other real estate owned and repossessed assets		—		—		—		—
Total nonrecurring fair value measurements	$	13,558	$	—	$	—	$	13,558

Wesbanco’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no significant transfers between level 1, 2 or 3 for the three months ended March 31, 2022 or for the year ended December 31, 2021.

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
	Fair Value		Valuation	Unobservable	Range (Weighted
(unaudited, in thousands)	Estimate		Techniques	Input	Average)
March 31, 2022
Individually-evaluated loans	$	21,346	Appraisal of collateral (1)	Appraisal adjustments (2)	(30.0%)/(30.0%)
				Liquidation expenses (2)	(5.6%) to (8.0%)/(6.9%)
Other real estate owned and repossessed assets	$	87	Appraisal of collateral (1), (3)
December 31, 2021
Individually-evaluated loans	$	13,558	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)

(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 expense are presented as a percent of the appraisal.

(3)Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management, which are not identifiable.

The estimated fair values of Wesbanco’s financial instruments are summarized below:

					Fair Value Measurements at
					March 31, 2022
	Carrying		Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(unaudited, in thousands)	Amount		Estimate		(level 1)		(level 2)		(level 3)
Financial Assets
Cash and due from banks	$	1,369,498	$	1,369,498	$	1,369,498	$	—	$	—
Equity securities		12,757		12,757		12,757		—		—
Available-for-sale debt securities		2,911,373		2,911,373		—		2,910,057		1,316
Net held-to-maturity debt securities		1,156,917		1,092,993		—		1,092,609		384
Net loans		9,615,407		9,015,392		—		—		9,015,392
Loans held for sale		15,959		15,959		—		15,959		—
Other assets - interest rate swaps		30,767		30,767		—		30,767		—
Accrued interest receivable		60,370		60,370		60,370		—		—
Financial Liabilities
Deposits		13,797,874		13,805,745		12,586,866		1,218,879		—
Federal Home Loan Bank borrowings		123,898		125,441		—		125,441		—
Other borrowings		158,538		144,160		144,160		—		—
Subordinated debt and junior subordinated debt		280,743		281,265		—		281,265		—
Other liabilities - interest rate swaps		30,827		30,827		—		30,827		—
Accrued interest payable		1,786		1,786		1,786		—		—

					Fair Value Measurements at
					December 31, 2021
	Carrying		Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Amount		Estimate		(level 1)		(level 2)		(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
Net 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 swaps		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		—		—
Subordinated debt and junior subordinated debt		132,860		109,186		—		109,186		—
Other liabilities - interest rate swaps		26,388		26,388		—		26,388		—
Accrued interest payable		1,901		1,901		1,901		—		—

The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on Wesbanco’s consolidated balance sheets:

Cash and due from banks: The carrying amount for cash and due from banks is a reasonable estimate of fair value.

Held-to-maturity debt securities: Fair values for debt securities held-to-maturity are determined in the same manner as investment securities, which are described above.

Net loans: Fair values for loans are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and other market factors, including liquidity. Wesbanco believes the discount rates are consistent with transactions occurring in the marketplace for both performing and distressed loan types. The carrying value is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 of the fair value hierarchy.

Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value.

Deposits: The carrying amount is considered a reasonable estimate of fair value for demand, savings and other variable rate deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using rates currently offered for deposits of similar remaining maturities.

Federal Home Loan Bank borrowings: The fair value of FHLB borrowings is based on rates currently available to Wesbanco for borrowings with similar terms and remaining maturities.

Other borrowings: The carrying amount of federal funds purchased and overnight sweep accounts generally approximate fair value. Other repurchase agreements are based on quoted market prices if available. If market prices are not available, for certain fixed and adjustable rate repurchase agreements, then quoted market prices of similar instruments are used.

Subordinated debt and junior subordinated debt: The fair value of subordinated debt is determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 2 in the fair value hierarchy. Due to the pooled nature of junior subordinated debt owed to unconsolidated subsidiary trusts, which are not actively traded, estimated fair value is determined by using comparable corporate bond indices and swap rates from the financial services sector and factoring in the applicable credit spreads and optional early redemption provisions.

Accrued interest payable: The carrying amount of accrued interest payable approximates its fair value.

Off-balance sheet financial instruments: Off-balance sheet financial instruments consist of commitments to extend credit, including letters of credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit and letters of credit are insignificant and therefore are not presented in the above tables.

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Revenue Recognition

3 Months Ended

Mar. 31, 2022

Revenue Recognition [Abstract]

Revenue Recognition

NOTE 8. REVENUE RECOGNITION

Interest income, net securities gains (losses) and bank-owned life insurance are not in scope of ASC 606, Revenue from Contracts with Customers. For the revenue streams in scope of ASC 606 - trust fees, service charges on deposits, net securities brokerage revenue, debit card sponsorship income, payment processing fees, electronic banking fees, mortgage banking income and net gain or loss on sale of other real estate owned and other assets – there are no significant judgements related to the amount and timing of revenue recognition.

Trust fees: Fees are earned over a period of time between monthly and annually, per the related fee schedule. The fees are earned ratably over the period for investment, safekeeping and other services performed by Wesbanco. The fees are accrued when earned based on the daily asset value on the last day of the quarter. In most cases, the fees are directly debited from the customer account. WesMark fees consist of investment advisory fees and shareholder service fees and are paid to Wesbanco by the WesMark mutual funds on a monthly basis for Wesbanco’s involvement with the management of the funds.

Service charges on deposits: There are monthly service charges for both commercial and personal banking customers, which are earned over the month per the related fee schedule based on the customers’ deposits. There are also transaction-based fees, which are earned based on specific transactions or customer activity within the customers’ deposit accounts. These are earned at the time the transaction or customer activity occurs. The fees are debited from the customer account.

Net securities brokerage revenue: Commission income is earned based on customer transactions and management of investments. The commission income from customers’ transactions is recognized when the transaction is complete and approved. Annuity commissions are earned based upon the carrier’s commission rate for the annuity product chosen by the investing customer. The commission income from the management of investments over time is earned continuously over a quarterly period.

Debit card sponsorship income: The activity in this revenue stream concluded on March 31, 2021, with the sale of this program to another bank. Debit card sponsorship income was earned from Wesbanco’s sponsorship of its customers, which included independent service organizations, processors and other banks into different debit networks. For providing this service, the customers paid the bank a per transaction fee for each transaction processed through the network. In some cases, customers were also charged annual sponsorship fees and non-compliance fees as applicable. The fees were earned at the time the transaction or customer activity occurred. The fees were either directly debited from the customers' deposit accounts or were billed to the customer.

Payment processing fees: Payment processing fees are earned from the bill payment and electronic funds transfer (“EFT”) services provided under the name FirstNet. The fees are derived from both the individual consumer banking transactions and from businesses or service providers through monthly billing for total transactions occurring. These fees are earned at the time the transaction or customer activity occurs. The fees are debited from the customers’ deposit accounts or charged directly to the business or service provider.

Electronic banking fees: Interchange and ATM fees are earned based on customer and ATM transactions. Revenue is recognized when the transaction is settled.

Mortgage banking income: Income is earned when Wesbanco-originated loans are sold to an investor on the secondary market. The investor bids on the loans. If the price is accepted, Wesbanco delivers the loan documents to the investor. Once received and approved by the investor, revenue is recognized and the loans are derecognized from the Consolidated Balance Sheet. Prior to the loans being sold, they are classified as loans held for sale. Additionally, the changes in the fair value of the loans held for sale, loan commitments and related derivatives are included in mortgage banking income and are slightly offset by any deferred direct origination costs, such as mortgage loan officer commissions.

Net gain or loss on sale of other real estate owned and other assets: Net gain or loss on other real estate owned is recorded when the property is sold to a third party and the Bank collects substantially all of the consideration to which it is entitled in exchange for the transfer of the property. Net gain or loss on other assets can include, among other things, the sale of fixed assets, the change in fair value of the underlying investments funded by Wesbanco’s Community Development Corporation (“Wesbanco CDC”) and residual income earned from the sale of Wesbanco’s debit card sponsorship program. Gains or losses are recognized upon receipt of consideration and subsequent transfer of the property for fixed asset sales. The change in fair value of Wesbanco CDC investments occurs upon the change in the underlying investments as these are accounted for utilizing the equity method, and as such, are not within the scope of ASC 606. Residual income from the sale of the debit card sponsorship program is recognized over time per the signed agreement between Wesbanco and the buyer.

The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three months ended March 31, 2022 and 2021, respectively:

	Point of Revenue	For the Three Months Ended March 31,
(unaudited, in thousands)	Recognition	2022			2021
Revenue Streams
Trust fees
Trust account fees	Over time	$	5,542		$	5,313
WesMark fees	Over time		2,293			2,318
Total trust fees			7,835			7,631
Service charges on deposits
Commercial banking fees	Over time		568			564
Personal service charges	At a point in time and over time		5,522			4,330
Total service charges on deposits			6,090			4,894
Net securities brokerage revenue
Annuity commissions	At a point in time		1,582			917
Equity and debt security trades	At a point in time		57			76
Managed money	Over time		327			283
Trail commissions	Over time		254			248
Total net securities brokerage revenue			2,220			1,524
Debit card sponsorship income (1)	At a point in time and over time		—			646
Payment processing fees (1)	At a point in time and over time		741			713
Electronic banking fees	At a point in time		5,345			4,365
Mortgage banking income	At a point in time		1,923			4,264
Net (loss) gain on other real estate owned and other assets (2)	At a point in time and over time		(806	)		175

(1)Debit card sponsorship income and payment processing fees are included in other non-interest income.

(2)The portion of this line item relating to the change in the fair value of the underlying investments funded by Wesbanco CDC is not within the scope of ASC 606, and totaled losses of $1.2 million and gains of $0.1 million for the three months ended March 31, 2022 and 2021, respectively.

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Comprehensive Income/(Loss)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Comprehensive Income/(Loss)

NOTE 9. COMPREHENSIVE INCOME/(LOSS)

The activity in accumulated other comprehensive income for the three months ended March 31, 2022 and 2021 is as follows:

	Accumulated Other Comprehensive Income/(Loss) (1)
(unaudited, in thousands)	Defined Benefit Plans			Unrealized Gains (Losses) on Debt Securities Available-for-Sale			Total
Balance at December 31, 2021	$	(398	)	$	(4,722	)	$	(5,120	)
Other comprehensive loss before reclassifications		—			(106,247	)		(106,247	)
Amounts reclassified from accumulated other comprehensive loss		54			1			55
Period change		54			(106,246	)		(106,192	)
Balance at March 31, 2022	$	(344	)	$	(110,968	)	$	(111,312	)
Balance at December 31, 2020	$	(15,502	)	$	46,861		$	31,359
Other comprehensive loss before reclassifications		—			(22,026	)		(22,026	)
Amounts reclassified from accumulated other comprehensive loss		472			(2	)		470
Period change		472			(22,028	)		(21,556	)
Balance at March 31, 2021	$	(15,030	)	$	24,833		$	9,803

(1)All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in both periods presented.

The following table provides details about amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2022 and 2021:

Details about Accumulated Other Comprehensive Income/(Loss) Components	For the Three Months Ended March 31,						Affected Line Item in the Statement of Comprehensive Income
(unaudited, in thousands)	2022			2021
Debt securities available-for-sale (1):
Net securities gains reclassified into earnings	$	2		$	(3	)	Net securities gains (Non-interest income)
Related income tax expense ⁽²⁾		(1	)		1		Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		1			(2	)
Defined benefit plans (3):
Amortization of net loss and prior service costs		72			622		Employee benefits (Non-interest expense)
Related income tax benefit ⁽²⁾		(18	)		(150	)	Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		54			472
Total reclassifications for the period	$	55		$	470

(1)For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income, see Note 3, “Securities.”

(2)Income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in both periods presented.

(3)Included in the computation of net periodic pension cost. See Note 6, “Benefit Plans” for additional detail.

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Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

NOTE 10. COMMITMENTS AND CONTINGENT LIABILITIES

Commitments — In the normal course of business, Wesbanco offers off-balance sheet credit arrangements to enable its customers to meet their financing objectives. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Wesbanco’s exposure to credit losses in the event of non-performance by the other parties to the financial instruments for commitments to extend credit and standby letters of credit is limited to the contractual amount of those instruments. Wesbanco uses the same credit policies in making commitments and conditional obligations as for all other lending. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The allowance for credit losses associated with commitments was $8.1 million and $7.8 million at March 31, 2022 and December 31, 2021, respectively, and is included in other liabilities on the Consolidated Balance Sheets.

Letters of credit are conditional commitments issued by banks to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including normal business activities, bond financing and similar transactions. Letters of credit are considered guarantees. The liability associated with letters of credit was $0.2 million as of both March 31, 2022 and December 31, 2021.

Contingent obligations to purchase loans funded by other entities include credit card guarantees, loans sold with recourse as well as obligations to the FHLB. Credit card guarantees are credit card balances not owned by Wesbanco, whereby the Bank guarantees the performance of the cardholder.

The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding:

	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Lines of credit	$	3,196,487	$	2,954,147
Loans approved but not closed		625,607		472,810
Overdraft limits		392,193		370,439
Letters of credit		29,292		29,017
Contingent obligations and other guarantees		58,327		68,235

Contingent Liabilities — Wesbanco is a party to various legal and administrative proceedings and claims. While any litigation contains an element of uncertainty, management does not believe that a material loss related to such proceedings or claims pending or known to be threatened is reasonably possible.

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Business Segments

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Business Segments

NOTE 11. BUSINESS SEGMENTS

Wesbanco operates two reportable segments: community banking and trust and investment services. Wesbanco’s community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. The market value of assets managed or held in custody by the trust and investment services segment was approximately $5.4 billion and $5.2 billion at March 31, 2022 and 2021, respectively. These assets are held by Wesbanco in fiduciary or agency capacities for their customers and therefore are not included as assets on Wesbanco’s Consolidated Balance Sheets.

Condensed financial information by business segment is presented below:

				Trust and
	Community			Investment
(unaudited, in thousands)	Banking			Services		Consolidated
For The Three Months Ended March 31, 2022
Interest and dividend income	$	112,174		$	—	$	112,174
Interest expense		4,463			—		4,463
Net interest income		107,711			—		107,711
Provision for credit losses		(3,438	)		—		(3,438	)
Net interest income after provision for credit losses		111,149			—		111,149
Non-interest income		22,547			7,835		30,382
Non-interest expense		83,225			4,323		87,548
Income before provision for income taxes		50,471			3,512		53,983
Provision for income taxes		9,121			738		9,859
Net income		41,350			2,774		44,124
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	38,819		$	2,774	$	41,593
For The Three Months Ended March 31, 2021
Interest and dividend income	$	125,054		$	—	$	125,054
Interest expense		8,576			—		8,576
Net interest income		116,478			—		116,478
Provision for credit losses		(27,958	)		—		(27,958	)
Net interest income after provision for credit losses		144,436			—		144,436
Non-interest income		25,577			7,631		33,208
Non-interest expense		82,011			4,316		86,327
Income before provision for income taxes		88,002			3,315		91,317
Provision for income taxes		17,506			696		18,202
Net income		70,496			2,619		73,115
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	67,965		$	2,619	$	70,584

Total non-fiduciary assets of the trust and investment services segment were $3.5 million (including $1.3 million of trust customer intangibles) and $3.9 million (including $1.7 million of trust customer intangibles) at March 31, 2022 and 2021, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation — The accompanying unaudited interim financial statements of Wesbanco, Inc. and its consolidated subsidiaries (“Wesbanco”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021.

Wesbanco’s interim financial statements have been prepared following the significant accounting policies disclosed in Note 1 of the Notes to the Consolidated Financial Statements of its 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission. In the opinion of management, the accompanying interim financial information reflects all adjustments, including normal recurring adjustments, necessary to present fairly Wesbanco’s financial position and results of operations for each of the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on Wesbanco’s net income and shareholders’ equity. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year.

Recent accounting pronouncements

Recent accounting pronouncements—The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) as noted below.

ASU 2022-02 Financial Instruments - Credit Losses (Topic 326)

In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326)". The amendments in this ASU eliminate the accounting guidance for Troubled Debt Restructurings ("TDRs") by creditors in Subtopic 310-40, "Receivables - Troubled Debt Restructurings by Creditors," while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, for public business entities, the amendments in this Update require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, "Financial Instruments - Credit Losses - Measured at Amortized Cost." The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Wesbanco is currently assessing the impact of ASU 2022-02 on its Consolidated Financial Statements.

ASU 2022-01 Derivatives and Hedging (Topic 815)

In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (Topic 815)". The amendments in this ASU address several topics within ASU 2017-12, which was issued in August 2017 to improve the hedge accounting model. ASU 2022-01 expands the current last-of-layer method to allow multiple hedged layers of a single closed portfolio and renames the last-of-layer method as the portfolio layer method. Among other things, the ASU expands the scope of the portfolio layer method to include nonprepayable financial assets, provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method whether a single hedged layer or multiple hedge layers are designated and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The adoption of this pronouncement is not expected to have a material impact on Wesbanco's Consolidated Financial Statements.

ASU 2021-08 Business Combinations (Topic 805)

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805)." The amendments in this Update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, "Revenue Recognition." The amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities from the sale of nonfinancial assets within the scope of Subtopic 610-20, "Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets." For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this pronouncement is not expected to have a material impact on Wesbanco's Consolidated Financial Statements.

ASU 2020-04 and ASU 2021-01 Reference Rate Reform (Topic 848)

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. This ASU provided temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the London Interbank Offered Rate ("LIBOR") or other reference rate expected to be discontinued on financial reporting. The ASU also provides optional expedients for contract modifications that replace a reference rate affected by reference rate reform. The guidance is effective as of March 12, 2020 through December 31, 2022, and can be adopted at any time during this period. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. This ASU refines the scope of Topic 848 and addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued, but that use an interest rate for margining, discounting or contract price alignment that is expected to be modified as a result of reference rate reform. ASU 2021-01 is effective upon issuance through December 31, 2024, and can be adopted at any time during this period. Wesbanco has not offered LIBOR for any new contracts after December 31, 2021. Wesbanco has chosen the One Month Term Secured Overnight Financing Rate ("1M Term SOFR") as its alternative replacement rate for LIBOR on both back-to-back swaps and on one-month variable loans. A transition plan was implemented in 2021 to identify and modify Wesbanco's loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR, and Wesbanco continues to assess the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis, with no material impacts expected at this time.

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Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Summary of Earnings Per Common Share

Earnings per common share are calculated as follows:

	For the Three Months Ended March 31,
(unaudited, in thousands, except shares and per share amounts)	2022		2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	41,593	$	70,584
Denominator:
Total average basic common shares outstanding		61,445,399		67,263,714
Effect of dilutive stock options and other stock compensation		147,966		91,704
Total diluted average common shares outstanding		61,593,365		67,355,418
Earnings per common share - basic	$	0.68	$	1.05
Earnings per common share - diluted	$	0.68	$	1.05

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Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities

The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities:

	March 31, 2022									December 31, 2021
(unaudited, in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Available-for-sale debt securities
U.S. Government sponsored entities and agencies	$	253,475	$	549	$	(13,527	)	$	240,497	$	236,096	$	3,922	$	(3,040	)	$	236,978
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,289,780		1,777		(132,103	)		2,159,454		2,301,170		16,489		(32,446	)		2,285,213
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		397,233		500		(3,644	)		394,089		364,486		4,252		(1,245	)		367,493
Obligations of states and political subdivisions		100,029		1,310		(1,066	)		100,273		101,003		5,372		(35	)		106,340
Corporate debt securities		16,943		195		(78	)		17,060		16,940		507		(9	)		17,438
Total available-for-sale debt securities	$	3,057,460	$	4,331	$	(150,418	)	$	2,911,373	$	3,019,695	$	30,542	$	(36,775	)	$	3,013,462
Held-to-maturity debt securities
U.S. Government sponsored entities and agencies	$	5,731	$	8	$	(233	)	$	5,506	$	5,944	$	72	$	(8	)	$	6,008
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		53,989		114		(1,335	)		52,768		58,147		1,409		(16	)		59,540
Obligations of states and political subdivisions		1,067,214		5,719		(68,912	)		1,004,021		907,649		23,854		(3,500	)		928,003
Corporate debt securities		30,268		430		—			30,698		33,083		1,818		—			34,901
Total held-to-maturity debt securities (1)	$	1,157,202	$	6,271	$	(70,480	)	$	1,092,993	$	1,004,823	$	27,153	$	(3,524	)	$	1,028,452
Total debt securities	$	4,214,662	$	10,602	$	(220,898	)	$	4,004,366	$	4,024,518	$	57,695	$	(40,299	)	$	4,041,914

(1)Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.3 million at March 31, 2022 and December 31, 2021, respectively.

Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity

The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity date at March 31, 2022. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis.

(unaudited, in thousands)	Amortized Cost		Fair Value
Available-for-sale debt securities
Less than one year	$	13,971	$	14,020
1-5 years		168,985		169,008
5-10 years		444,587		437,643
Over 10 years		2,429,917		2,290,702
Total available-for-sale debt securities	$	3,057,460	$	2,911,373
Held-to-maturity debt securities
Less than one year	$	24,053	$	24,232
1-5 years		115,863		117,485
5-10 years		277,300		276,045
Over 10 years		739,986		675,231
Total held-to-maturity debt securities	$	1,157,202	$	1,092,993
Total debt securities	$	4,214,662	$	4,004,366

Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities

The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments, for the three months ended March 31, 2022 and 2021, respectively. All gains and losses presented in the table below are included in the net securities (losses) gains line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense.

	For the Three Months Ended March 31,
(unaudited, in thousands)	2022			2021
Debt securities:
Gross realized gains	$	31		$	140
Gross realized losses		(2	)		(39	)
Net gains on debt securities	$	29		$	101
Equity securities:
Net unrealized (losses) gains recognized on securities still held	$	(679	)	$	178
Net realized gains (losses) recognized on securities sold		—			—
Net (losses) gains on equity securities	$	(679	)	$	178
Net securities (losses) gains	$	(650	)	$	279

Schedule of Allowance for Credit Losses on Held-to-maturity Securities

The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the three months ended March 31, 2022 and 2021:

	Allowance for Credit Losses By Category
	For the Three Months Ended March 31, 2022 and 2021
			Residential mortgage
			-backed
			securities and
			collateralized
			mortgage obligations		Obligations of
	U.S. Government		of government		state and			Corporate
	sponsored		sponsored entities		political			debt
(unaudited, in thousands)	entities and agencies		and agencies		subdivisions			Securities			Total
Balance at December 31, 2021	$	—	$	—	$	174		$	94		$	268
Current period provision		—		—		(14	)		31			17
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at March 31, 2022	$	—	$	—	$	160		$	125		$	285
.
Balance at December 31, 2020	$	—	$	—	$	130		$	196		$	326
Current period provision		—		—		(12	)		(24	)		(36	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at March 31, 2021	$	—	$	—	$	118		$	172		$	290

Schedule of Unrealized Losses on Investment Securities

The following tables provide information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded, as of March 31, 2022 and December 31, 2021, respectively:

	March 31, 2022
	Less than 12 months							12 months or more							Total
(unaudited, dollars in thousands)	Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities
U.S. Government sponsored entities and agencies	$	152,701	$	(8,450	)		23	$	43,624	$	(5,077	)		5	$	196,325	$	(13,527	)		28
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,579,619		(91,718	)		359		410,877		(40,385	)		49		1,990,496		(132,103	)		408
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		264,064		(2,329	)		47		74,408		(1,315	)		8		338,472		(3,644	)		55
Obligations of state and political subdivisions		19,150		(1,066	)		27		—		—			—		19,150		(1,066	)		27
Corporate debt and other securities		7,922		(78	)		5		—		—			—		7,922		(78	)		5
Total	$	2,023,456	$	(103,641	)		461	$	528,909	$	(46,777	)		62	$	2,552,365	$	(150,418	)		523

	December 31, 2021
	Less than 12 months							12 months or more							Total
(dollars in thousands)	Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities		Fair Value		Unrealized Losses			# of Securities
U.S. Government sponsored entities and agencies	$	114,486	$	(1,865	)		12	$	32,688	$	(1,175	)		4	$	147,174	$	(3,040	)		16
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,568,138		(29,060	)		143		141,681		(3,386	)		23		1,709,819		(32,446	)		166
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		131,970		(579	)		25		78,356		(666	)		8		210,326		(1,245	)		33
Obligations of states and political subdivisions		4,307		(35	)		2		—		—			—		4,307		(35	)		2
Corporate debt securities		6,990		(9	)		5		—		—			—		6,990		(9	)		5
Total	$	1,825,891	$	(31,548	)		187	$	252,725	$	(5,227	)		35	$	2,078,616	$	(36,775	)		222

XML

Loans and the Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of Recorded Investment in Loans by Category

The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan fee costs were $6.8 million and $3.3 million at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022 and December 31, 2021, respectively, the balance also included $2.9 million and $6.1 million of net deferred fee income from SBA Payroll Protection Program (“PPP”) loans. The un-accreted discount on purchased loans from acquisitions was $23.4 million at March 31, 2022 and $25.9 million at December 31, 2021.

	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	857,869	$	833,880
Improved property		4,722,213		4,705,088
Total commercial real estate		5,580,082		5,538,968
Commercial and industrial		1,436,543		1,427,645
Commercial and industrial - PPP		76,535		162,675
Residential real estate		1,767,064		1,721,378
Home equity		592,872		605,682
Consumer		280,176		277,130
Total portfolio loans		9,733,272		9,733,478
Loans held for sale		15,959		25,277
Total loans	$	9,749,231	$	9,758,755

Summary of Changes in Allowance for Credit Losses

The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio:

	Allowance for Credit Losses By Category
	For the Three Months Ended March 31, 2022 and 2021
(unaudited, in thousands)	Commercial Real Estate - Land and Construction			Commercial Real Estate- Improved Property			Commercial & Industrial			Residential Real Estate			Home Equity			Consumer			Deposit Overdrafts			Total
Balance at December 31, 2021
Allowance for credit    losses - loans	$	7,310		$	65,355		$	26,875		$	15,401		$	724		$	3,737		$	2,220		$	121,622
Allowance for credit    losses - loan commitments		4,180			201			1,497			1,576			49			272			—			7,775
Total beginning allowance for credit    losses - loans and loan    commitments		11,490			65,556			28,372			16,977			773			4,009			2,220			129,397
Provision for credit losses:
Provision for loan losses		243			(469	)		(1,468	)		(1,737	)		(102	)		69			(266	)		(3,730	)
Provision for loan commitments		751			119			(827	)		164			9			59			—			275
Total provision for credit    losses - loans and loan    commitments		994			(350	)		(2,295	)		(1,573	)		(93	)		128			(266	)		(3,455	)
Charge-offs		—			(137	)		(208	)		(142	)		(86	)		(787	)		(435	)		(1,795	)
Recoveries		25			260			336			192			139			727			89			1,768
Net (charge-offs) recoveries		25			123			128			50			53			(60	)		(346	)		(27	)
Balance at March 31, 2022
Allowance for credit    losses - loans		7,578			65,009			25,535			13,714			675			3,746			1,608			117,865
Allowance for credit    losses - loan commitments		4,931			320			670			1,740			58			331			—			8,050
Total ending allowance for credit    losses - loans and loan    commitments	$	12,509		$	65,329		$	26,205		$	15,454		$	733		$	4,077		$	1,608		$	125,915
Balance at December 31, 2020
Allowance for credit    losses - loans	$	10,841		$	110,652		$	37,850		$	17,851		$	1,487		$	6,507		$	639		$	185,827
Allowance for credit    losses - loan commitments		6,508			712			1,275			955			45			19			—			9,514
Total beginning allowance for credit    losses - loans and loan    commitments		17,349			111,364			39,125			18,806			1,532			6,526			639			195,341
Provision for credit losses:
Provision for loan losses		(3,538	)		(11,420	)		(4,256	)		(4,177	)		(394	)		(1,510	)		156			(25,139	)
Provision for loan commitments		(2,508	)		(504	)		308			(86	)		5			2			—			(2,783	)
Total provision for credit    losses - loans and loan    commitments		(6,046	)		(11,924	)		(3,948	)		(4,263	)		(389	)		(1,508	)		156			(27,922	)
Charge-offs		(18	)		(19	)		(750	)		(371	)		(174	)		(927	)		(201	)		(2,460	)
Recoveries		55			528			440			135			79			462			113			1,812
Net (charge-offs) recoveries		37			509			(310	)		(236	)		(95	)		(465	)		(88	)		(648	)
Balance at March 31, 2021
Allowance for credit    losses - loans		7,340			99,741			33,284			13,438			998			4,532			707			160,040
Allowance for credit    losses - loan commitments		4,000			208			1,583			869			50			21			—			6,731
Total ending allowance for credit    losses - loans and loan    commitments	$	11,340		$	99,949		$	34,867		$	14,307		$	1,048		$	4,553		$	707		$	166,771

Allowance for Credit Losses and Recorded Investments in Loans

The following tables present the allowance for credit losses and recorded investments in loans by category, as of each period-end:

	Allowance for Credit Losses and Recorded Investment in Loans
(unaudited, in thousands)	Commercial Real Estate- Land and Construction		Commercial Real Estate- Improved Property		Commercial and Industrial		Residential Real Estate		Home Equity		Consumer		Deposit Over- drafts		Total
March 31, 2022
Allowance for credit losses:
Loans individually-evaluated	$	342	$	11,686	$	266	$	—	$	—	$	—	$	—	$	12,294
Loans collectively-evaluated		7,236		53,323		25,269		13,714		675		3,746		1,608		105,571
Loan commitments		4,931		320		670		1,740		58		331		—		8,050
Total allowance for credit    losses - loans and commitments	$	12,509	$	65,329	$	26,205	$	15,454	$	733	$	4,077	$	1,608	$	125,915
Portfolio loans:
Individually-evaluated for credit    losses	$	1,174	$	52,308	$	540	$	—	$	—	$	—	$	—	$	54,022
Collectively-evaluated for credit    losses		856,695		4,669,905		1,512,538		1,767,064		592,872		280,176		—		9,679,250
Total portfolio loans	$	857,869	$	4,722,213	$	1,513,078	$	1,767,064	$	592,872	$	280,176	$	—	$	9,733,272
December 31, 2021
Allowance for credit losses:
Loans individually-evaluated	$	381	$	8,560	$	333	$	—	$	—	$	—	$	—	$	9,274
Loans collectively-evaluated		6,929		56,795		26,542		15,401		724		3,737		2,220		112,348
Loan commitments		4,180		201		1,497		1,576		49		272		—		7,775
Total allowance for credit    losses - loans and commitments	$	11,490	$	65,556	$	28,372	$	16,977	$	773	$	4,009	$	2,220	$	129,397
Portfolio loans:
Individually-evaluated for credit    losses	$	1,248	$	66,635	$	576	$	—	$	—	$	—	$	—	$	68,459
Collectively-evaluated for credit    losses		832,632		4,638,453		1,589,744		1,721,378		605,682		277,130		—		9,665,019
Total portfolio loans	$	833,880	$	4,705,088	$	1,590,320	$	1,721,378	$	605,682	$	277,130	$	—	$	9,733,478

Summary of Commercial Loans by Risk Grade

The following tables summarize commercial loans by their assigned risk grade:

	Commercial Loans by Internally Assigned Risk Grade
(unaudited, in thousands)	Commercial Real Estate- Land and Construction		Commercial Real Estate- Improved Property		Commercial & Industrial		Total Commercial Loans
As of March 31, 2022
Pass	$	847,525	$	4,424,340	$	1,463,315	$	6,735,180
Criticized - compromised		1,808		206,501		25,834		234,143
Classified - substandard		8,536		91,372		23,929		123,837
Classified - doubtful		—		—		—		—
Total	$	857,869	$	4,722,213	$	1,513,078	$	7,093,160
As of December 31, 2021
Pass	$	823,316	$	4,400,872	$	1,540,569	$	6,764,757
Criticized - compromised		7,955		222,830		17,733		248,518
Classified - substandard		2,609		81,386		32,018		116,013
Classified - doubtful		—		—		—		—
Total	$	833,880	$	4,705,088	$	1,590,320	$	7,129,288

Summary of Age Analysis of Loan Categories

The following tables summarize the age analysis of all categories of loans:

	Age Analysis of Loans
(unaudited, in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Total Loans		90 Days or More Past Due and Accruing (1)
As of March 31, 2022
Commercial real estate:
Land and construction	$	857,796	$	—	$	—	$	73	$	73	$	857,869	$	—
Improved property		4,699,859		11,590		732		10,032		22,354		4,722,213		3,449
Total commercial real estate		5,557,655		11,590		732		10,105		22,427		5,580,082		3,449
Commercial and industrial		1,502,111		7,465		527		2,975		10,967		1,513,078		319
Residential real estate		1,751,895		3,091		2,630		9,448		15,169		1,767,064		1,229
Home equity		586,591		1,954		437		3,890		6,281		592,872		631
Consumer		277,213		1,386		884		693		2,963		280,176		514
Total portfolio loans		9,675,465		25,486		5,210		27,111		57,807		9,733,272		6,142
Loans held for sale		15,959		—		—		—		—		15,959		—
Total loans	$	9,691,424	$	25,486	$	5,210	$	27,111	$	57,807	$	9,749,231	$	6,142
Nonperforming loans included above are as follows:
Non-accrual loans	$	10,557	$	1,334	$	754	$	20,727	$	22,815	$	33,372
TDRs accruing interest		3,203		229		57		242		528		3,731
Total nonperforming loans	$	13,760	$	1,563	$	811	$	20,969	$	23,343	$	37,103
As of December 31, 2021
Commercial real estate:
Land and construction	$	833,755	$	—	$	—	$	125	$	125	$	833,880	$	51
Improved property		4,681,028		6,377		7,728		9,955		24,060		4,705,088		3,042
Total commercial real estate		5,514,783		6,377		7,728		10,080		24,185		5,538,968		3,093
Commercial and industrial		1,583,347		2,275		1,213		3,485		6,973		1,590,320		559
Residential real estate		1,702,587		2,331		3,254		13,206		18,791		1,721,378		2,840
Home equity		599,189		2,240		602		3,651		6,493		605,682		685
Consumer		273,577		1,532		1,208		813		3,553		277,130		627
Total portfolio loans		9,673,483		14,755		14,005		31,235		59,995		9,733,478		7,804
Loans held for sale		25,277		—		—		—		—		25,277		—
Total loans	$	9,698,760	$	14,755	$	14,005	$	31,235	$	59,995	$	9,758,755	$	7,804
Nonperforming loans included above are as follows:
Non-accrual loans	$	11,174	$	914	$	564	$	23,090	$	24,568	$	35,742
TDRs accruing interest		3,275		3		127		341		471		3,746
Total nonperforming loans	$	14,449	$	917	$	691	$	23,431	$	25,039	$	39,488

(1)Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest.

Summary of Nonperforming Loans

The following tables summarize nonperforming loans:

	Nonperforming Loans
	March 31, 2022						December 31, 2021
	Unpaid						Unpaid
	Principal		Recorded		Related		Principal		Recorded		Related
(unaudited, in thousands)	Balance (1)		Investment		Allowance		Balance (1)		Investment		Allowance
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	156	$	155	$	—	$	74	$	73	$	—
Improved property		9,599		7,758		—		9,846		8,089		—
Commercial and industrial		6,136		4,779		—		6,528		5,256		—
Residential real estate		23,443		18,309		—		25,492		20,065		—
Home equity		7,156		5,585		—		6,985		5,440		—
Consumer		847		517		—		869		565		—
Total nonperforming loans without a specific allowance		47,337		37,103		—		49,794		39,488		—
Total nonperforming loans with a specific allowance		—		—		—		—		—		—
Total nonperforming loans	$	47,337	$	37,103	$	—	$	49,794	$	39,488	$	—

(1)The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired nonperforming loans.

	Nonperforming Loans
	For the Three Months Ended
	March 31, 2022				March 31, 2021
	Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income
(unaudited, in thousands)	Investment		Recognized		Investment		Recognized
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	114	$	—	$	295	$	—
Improved property		7,924		—		7,702		9
Commercial and industrial		5,018		—		2,544		1
Residential real estate		19,187		—		20,847		39
Home equity		5,513		—		5,639		6
Consumer		541		—		358		—
Total nonperforming loans without a specific allowance		38,296		—		37,385		55
With a specific allowance recorded:
Commercial real estate:
Land and construction		—		—		—		—
Improved property		—		—		2,089		—
Total nonperforming loans with a specific allowance		—		—		2,089		—
Total nonperforming loans	$	38,296	$	—	$	39,474	$	55

Recorded Investment in Non-Accrual Loans and TDRs

The following tables present the recorded investment in non-accrual loans and TDRs:

	Non-accrual Loans (1)
	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	73	$	73
Improved property		7,391		7,715
Total commercial real estate		7,464		7,788
Commercial and industrial		4,592		5,064
Residential real estate		15,512		17,190
Home equity		5,319		5,163
Consumer		485		537
Total	$	33,372	$	35,742

(1)At March 31, 2022, there were three borrowers with a loan balance greater than $1.0 million totaling $3.7 million, as compared to three borrowers with a loan balance greater than $1.0 million totaling $4.1 million at December 31, 2021. Total non-accrual loans include loans that are also TDRs. Such loans are also set forth in the following table as non-accrual TDRs.

	TDRs
	March 31, 2022						December 31, 2021
(unaudited, in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Commercial real estate:
Land and construction	$	82	$	—	$	82	$	—	$	—	$	—
Improved property		367		29		396		374		133		507
Total commercial real estate		449		29		478		374		133		507
Commercial and industrial		187		—		187		192		—		192
Residential real estate		2,797		1,076		3,873		2,875		1,156		4,031
Home equity		266		243		509		277		258		535
Consumer		32		—		32		28		—		28
Total	$	3,731	$	1,348	$	5,079	$	3,746	$	1,547	$	5,293

Loans Identified as TDRs

The following table presents details related to loans identified as TDRs during the three months ended March 31, 2022 and 2021, respectively:

	New TDRs (1)
	For the Three Months Ended
	March 31, 2022						March 31, 2021
			Pre-		Post-				Pre-		Post-
			Modification		Modification				Modification		Modification
			Outstanding		Outstanding				Outstanding		Outstanding
	Number of		Recorded		Recorded		Number of		Recorded		Recorded
(unaudited, dollars in thousands)	Modifications		Investment		Investment		Modifications		Investment		Investment
Commercial real estate:
Land and construction		1	$	84	$	82		—	$	—	$	—
Improved property		—		—		—		—		—		—
Total commercial real estate		1		84		82		—		—		—
Commercial and industrial		—		—		—		—		—		—
Residential real estate		—		—		—		—		—		—
Home equity		—		—		—		—		—		—
Consumer		—		—		—		—		—		—
Total		1	$	84	$	82		—	$	—	$	—

(1)Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end.

There have been no TDRs which defaulted (defined as past due 90 days) during the three months ended March 31, 2022 and 2021, respectively, that were restructured within the last twelve months prior to March 31, 2022 and 2021, respectively.

Summary of Amortized Cost Basis Loan Balances by Year of Origination and Credit Quality Indicator

The following tables summarize amortized cost basis loan balances by year of origination and credit quality indicator:

	Loans As of March 31, 2022
	Amortized Cost Basis by Origination Year
(unaudited, in thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Commercial real estate: land and construction
Risk rating:
Pass	$	17,320	$	143,081	$	220,805	$	179,682	$	112,712	$	55,329	$	54,985	$	63,611	$	847,525
Criticized - compromised		—		266		409		—		32		214		674		213		1,808
Classified - substandard		—		82		5,894		—		73		1,231		—		1,256		8,536
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	17,320	$	143,429	$	227,108	$	179,682	$	112,817	$	56,774	$	55,659	$	65,080	$	857,869
Commercial real estate: improved property
Risk rating:
Pass	$	217,572	$	684,338	$	645,602	$	564,678	$	386,418	$	1,832,877	$	76,323	$	16,532	$	4,424,340
Criticized - compromised		192		1,529		15,432		46,049		11,836		130,510		809		144		206,501
Classified - substandard		—		—		1,800		13,349		11,526		64,663		34		—		91,372
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	217,764	$	685,867	$	662,834	$	624,076	$	409,780	$	2,028,050	$	77,166	$	16,676	$	4,722,213
Commercial and industrial
Risk rating:
Pass	$	68,510	$	287,195	$	144,757	$	94,290	$	129,505	$	296,576	$	431,270	$	11,212	$	1,463,315
Criticized - compromised		318		4,668		1,941		1,786		2,042		3,171		4,475		7,433		25,834
Classified - substandard		—		45		158		10,774		577		3,338		5,184		3,853		23,929
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	68,828	$	291,908	$	146,856	$	106,850	$	132,124	$	303,085	$	440,929	$	22,498	$	1,513,078
Residential real estate
Loan delinquency:
Current	$	102,025	$	616,206	$	249,313	$	107,883	$	59,865	$	554,845	$	—	$	61,758	$	1,751,895
30-59 days past due		—		—		—		—		121		2,970		—		—		3,091
60-89 days past due		—		—		—		515		—		2,115		—		—		2,630
90 days or more past due		—		—		—		66		45		9,288		—		49		9,448
Total	$	102,025	$	616,206	$	249,313	$	108,464	$	60,031	$	569,218	$	—	$	61,807	$	1,767,064
Home equity
Loan delinquency:
Current	$	11,418	$	459	$	634	$	621	$	869	$	18,485	$	553,083	$	1,022	$	586,591
30-59 days past due		—		—		—		26		—		800		1,104		24		1,954
60-89 days past due		—		29		—		81		14		252		—		61		437
90 days or more past due		—		—		35		34		204		3,199		—		418		3,890
Total	$	11,418	$	488	$	669	$	762	$	1,087	$	22,736	$	554,187	$	1,525	$	592,872
Consumer
Loan delinquency:
Current	$	23,210	$	53,593	$	38,442	$	42,643	$	16,104	$	37,934	$	65,114	$	173	$	277,213
30-59 days past due		—		613		208		197		45		305		18		—		1,386
60-89 days past due		—		266		151		154		45		268		—		—		884
90 days or more past due		—		222		99		124		44		200		4		—		693
Total	$	23,210	$	54,694	$	38,900	$	43,118	$	16,238	$	38,707	$	65,136	$	173	$	280,176

	Loans As of December 31, 2021
	Amortized Cost Basis by Origination Year
(unaudited, in thousands)	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Commercial real estate: land and construction
Risk rating:
Pass	$	135,179	$	217,389	$	198,974	$	117,157	$	27,186	$	29,696	$	35,059	$	62,676	$	823,316
Criticized - compromised		85		6,236		—		33		—		219		856		526		7,955
Classified - substandard		—		73		—		—		—		1,280		—		1,256		2,609
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	135,264	$	223,698	$	198,974	$	117,190	$	27,186	$	31,195	$	35,915	$	64,458	$	833,880
Commercial real estate: improved property
Risk rating:
Pass	$	713,697	$	660,856	$	589,674	$	405,689	$	404,241	$	1,539,275	$	58,933	$	28,507	$	4,400,872
Criticized - compromised		7,755		15,195		52,859		17,697		14,490		99,687		1,414		13,733		222,830
Classified - substandard		9,355		2,686		4,855		3,730		11,010		49,667		34		49		81,386
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	730,807	$	678,737	$	647,388	$	427,116	$	429,741	$	1,688,629	$	60,381	$	42,289	$	4,705,088
Commercial and industrial
Risk rating:
Pass	$	406,495	$	159,878	$	99,472	$	136,146	$	89,049	$	223,514	$	409,789	$	16,226	$	1,540,569
Criticized - compromised		590		551		693		2,558		1,645		1,278		5,389		5,029		17,733
Classified - substandard		134		236		18,465		766		2,139		1,419		3,723		5,136		32,018
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	407,219	$	160,665	$	118,630	$	139,470	$	92,833	$	226,211	$	418,901	$	26,391	$	1,590,320
Residential real estate
Loan delinquency:
Current	$	599,244	$	292,653	$	116,147	$	71,253	$	56,917	$	536,444	$	—	$	29,929	$	1,702,587
30-59 days past due		1,127		—		—		69		105		1,030		—		—		2,331
60-89 days past due		563		91		—		271		43		2,286		—		—		3,254
90 days or more past due		1,933		673		895		88		762		8,802		—		53		13,206
Total	$	602,867	$	293,417	$	117,042	$	71,681	$	57,827	$	548,562	$	—	$	29,982	$	1,721,378
Home equity
Loan delinquency:
Current	$	10,076	$	835	$	649	$	379	$	566	$	18,064	$	567,478	$	1,142	$	599,189
30-59 days past due		—		84		45		128		50		628		1,247		58		2,240
60-89 days past due		—		—		132		15		188		267		—		—		602
90 days or more past due		187		88		119		112		234		2,550		—		361		3,651
Total	$	10,263	$	1,007	$	945	$	634	$	1,038	$	21,509	$	568,725	$	1,561	$	605,682
Consumer
Loan delinquency:
Current	$	60,907	$	43,871	$	50,317	$	19,289	$	11,084	$	32,343	$	55,739	$	27	$	273,577
30-59 days past due		435		370		214		136		85		241		51		—		1,532
60-89 days past due		413		375		82		19		33		286		—		—		1,208
90 days or more past due		115		141		222		65		1		265		4		—		813
Total	$	61,870	$	44,757	$	50,835	$	19,509	$	11,203	$	33,135	$	55,794	$	27	$	277,130

Summary of Other Real Estate Owned and Repossessed Assets

The following table summarizes other real estate owned and repossessed assets included in other assets:

	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Other real estate owned	$	87	$	—
Repossessed assets		—		—
Total other real estate owned and repossessed assets	$	87	$	—

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Derivatives and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Fair Values of Derivative Instruments on Balance Sheets

The table below presents the fair value of Wesbanco’s derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2022 and December 31, 2021:

	March 31, 2022						December 31, 2021
(unaudited, in thousands)	Notional or Contractual Amount		Asset Derivatives		Liability Derivatives		Notional or Contractual Amount		Asset Derivatives		Liability Derivatives
Derivatives
Loan Swaps:
Interest rate swaps	$	726,767	$	30,767	$	30,827	$	730,552	$	24,867	$	26,388
Other contracts:
Interest rate loan commitments		23,676		—		309		28,994		9		—
Forward TBA contracts		38,500		609		—		48,500	—			21
Total derivatives			$	31,376	$	31,136			$	24,876	$	26,409

Summary of Effect of Derivative Instruments on Income Statement

The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within non-interest income on the consolidated income statement for the three months ended March 31, 2022 and 2021, respectively.

		For the Three Months Ended March 31,
(unaudited, in thousands)	Location of Gain/(Loss)	2022			2021
Interest rate swaps	Other income	$	1,461		$	2,761
Interest rate loan commitments	Mortgage banking income		(318	)		(1,016	)
Forward TBA contracts	Mortgage banking income		1,443			4,518
Total		$	2,586		$	6,263

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Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Schedule of Defined Benefit Pension Plan

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)	2022			2021
Service cost – benefits earned during year	$	540		$	616
Interest cost on projected benefit obligation		1,013			842
Expected return on plan assets		(2,853	)		(2,763	)
Amortization of prior service cost		(8	)		(8	)
Amortization of net loss		125			675
Net periodic pension income	$	(1,183	)	$	(638	)

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Fair Value Measurement (Tables)

3 Months Ended

Mar. 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 March 31, 2022 and December 31, 2021:

			March 31, 2022
			Fair Value Measurements Using:
	March 31,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(unaudited, in thousands)	2022		(level 1)		(level 2)		(level 3)
Recurring fair value measurements
Equity securities	$	12,757	$	12,757	$	—	$	—
Available-for-sale debt securities
U.S. Government sponsored entities and agencies		240,497		—		240,497		—
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,159,454		—		2,159,454		—
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		394,089		—		394,089		—
Obligations of states and political subdivisions		100,273		—		98,957		1,316
Corporate debt securities		17,060		—		17,060		—
Total available-for-sale debt securities	$	2,911,373	$	—	$	2,910,057	$	1,316
Loans held for sale		15,959		—		15,959		—
Other assets - interest rate swaps		30,767		—		30,767		—
Total assets recurring fair value measurements	$	2,970,856	$	12,757	$	2,956,783	$	1,316
Other liabilities - interest rate swaps	$	30,827	$	—	$	30,827	$	—
Total liabilities recurring fair value measurements	$	30,827	$	—	$	30,827	$	—
Nonrecurring fair value measurements
Individually-evaluated loans	$	21,346	$	—	$	—	$	21,346
Other real estate owned and repossessed assets		87		—		—		87
Total nonrecurring fair value measurements	$	21,433	$	—	$	—	$	21,433

			December 31, 2021
			Fair Value Measurements Using:
	December 31,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	2021		(level 1)		(level 2)		(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 states 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 swaps		24,867		—		24,867		—
Total assets recurring fair value measurements	$	3,077,072	$	13,466	$	3,062,113	$	1,493
Other liabilities - interest rate swaps	$	26,388	$	—	$	26,388	$	—
Total liabilities recurring fair value measurements	$	26,388	$	—	$	26,388	$	—
Nonrecurring fair value measurements
Individually-evaluated 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
	Fair Value		Valuation	Unobservable	Range (Weighted
(unaudited, in thousands)	Estimate		Techniques	Input	Average)
March 31, 2022
Individually-evaluated loans	$	21,346	Appraisal of collateral (1)	Appraisal adjustments (2)	(30.0%)/(30.0%)
				Liquidation expenses (2)	(5.6%) to (8.0%)/(6.9%)
Other real estate owned and repossessed assets	$	87	Appraisal of collateral (1), (3)
December 31, 2021
Individually-evaluated loans	$	13,558	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)

(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 expense 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
					March 31, 2022
	Carrying		Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(unaudited, in thousands)	Amount		Estimate		(level 1)		(level 2)		(level 3)
Financial Assets
Cash and due from banks	$	1,369,498	$	1,369,498	$	1,369,498	$	—	$	—
Equity securities		12,757		12,757		12,757		—		—
Available-for-sale debt securities		2,911,373		2,911,373		—		2,910,057		1,316
Net held-to-maturity debt securities		1,156,917		1,092,993		—		1,092,609		384
Net loans		9,615,407		9,015,392		—		—		9,015,392
Loans held for sale		15,959		15,959		—		15,959		—
Other assets - interest rate swaps		30,767		30,767		—		30,767		—
Accrued interest receivable		60,370		60,370		60,370		—		—
Financial Liabilities
Deposits		13,797,874		13,805,745		12,586,866		1,218,879		—
Federal Home Loan Bank borrowings		123,898		125,441		—		125,441		—
Other borrowings		158,538		144,160		144,160		—		—
Subordinated debt and junior subordinated debt		280,743		281,265		—		281,265		—
Other liabilities - interest rate swaps		30,827		30,827		—		30,827		—
Accrued interest payable		1,786		1,786		1,786		—		—

					Fair Value Measurements at
					December 31, 2021
	Carrying		Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Amount		Estimate		(level 1)		(level 2)		(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
Net 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 swaps		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		—		—
Subordinated debt and junior subordinated debt		132,860		109,186		—		109,186		—
Other liabilities - interest rate swaps		26,388		26,388		—		26,388		—
Accrued interest payable		1,901		1,901		1,901		—		—

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Revenue Recognition [Abstract]

Summary of Revenue Recognition

The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three months ended March 31, 2022 and 2021, respectively:

	Point of Revenue	For the Three Months Ended March 31,
(unaudited, in thousands)	Recognition	2022			2021
Revenue Streams
Trust fees
Trust account fees	Over time	$	5,542		$	5,313
WesMark fees	Over time		2,293			2,318
Total trust fees			7,835			7,631
Service charges on deposits
Commercial banking fees	Over time		568			564
Personal service charges	At a point in time and over time		5,522			4,330
Total service charges on deposits			6,090			4,894
Net securities brokerage revenue
Annuity commissions	At a point in time		1,582			917
Equity and debt security trades	At a point in time		57			76
Managed money	Over time		327			283
Trail commissions	Over time		254			248
Total net securities brokerage revenue			2,220			1,524
Debit card sponsorship income (1)	At a point in time and over time		—			646
Payment processing fees (1)	At a point in time and over time		741			713
Electronic banking fees	At a point in time		5,345			4,365
Mortgage banking income	At a point in time		1,923			4,264
Net (loss) gain on other real estate owned and other assets (2)	At a point in time and over time		(806	)		175

(1)Debit card sponsorship income and payment processing fees are included in other non-interest income.

(2)The portion of this line item relating to the change in the fair value of the underlying investments funded by Wesbanco CDC is not within the scope of ASC 606, and totaled losses of $1.2 million and gains of $0.1 million for the three months ended March 31, 2022 and 2021, respectively.

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Comprehensive Income/(Loss) (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Components of Accumulated Other Comprehensive Income

The activity in accumulated other comprehensive income for the three months ended March 31, 2022 and 2021 is as follows:

	Accumulated Other Comprehensive Income/(Loss) (1)
(unaudited, in thousands)	Defined Benefit Plans			Unrealized Gains (Losses) on Debt Securities Available-for-Sale			Total
Balance at December 31, 2021	$	(398	)	$	(4,722	)	$	(5,120	)
Other comprehensive loss before reclassifications		—			(106,247	)		(106,247	)
Amounts reclassified from accumulated other comprehensive loss		54			1			55
Period change		54			(106,246	)		(106,192	)
Balance at March 31, 2022	$	(344	)	$	(110,968	)	$	(111,312	)
Balance at December 31, 2020	$	(15,502	)	$	46,861		$	31,359
Other comprehensive loss before reclassifications		—			(22,026	)		(22,026	)
Amounts reclassified from accumulated other comprehensive loss		472			(2	)		470
Period change		472			(22,028	)		(21,556	)
Balance at March 31, 2021	$	(15,030	)	$	24,833		$	9,803

(1)All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in both periods presented.

Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income

The following table provides details about amounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2022 and 2021:

Details about Accumulated Other Comprehensive Income/(Loss) Components	For the Three Months Ended March 31,						Affected Line Item in the Statement of Comprehensive Income
(unaudited, in thousands)	2022			2021
Debt securities available-for-sale (1):
Net securities gains reclassified into earnings	$	2		$	(3	)	Net securities gains (Non-interest income)
Related income tax expense ⁽²⁾		(1	)		1		Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		1			(2	)
Defined benefit plans (3):
Amortization of net loss and prior service costs		72			622		Employee benefits (Non-interest expense)
Related income tax benefit ⁽²⁾		(18	)		(150	)	Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		54			472
Total reclassifications for the period	$	55		$	470

(1)For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income, see Note 3, “Securities.”

(2)Income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 24% in both periods presented.

(3)Included in the computation of net periodic pension cost. See Note 6, “Benefit Plans” for additional detail.

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Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding

The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding:

	March 31,		December 31,
(unaudited, in thousands)	2022		2021
Lines of credit	$	3,196,487	$	2,954,147
Loans approved but not closed		625,607		472,810
Overdraft limits		392,193		370,439
Letters of credit		29,292		29,017
Contingent obligations and other guarantees		58,327		68,235

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Business Segments (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Financial Information by Business Segment

Condensed financial information by business segment is presented below:

				Trust and
	Community			Investment
(unaudited, in thousands)	Banking			Services		Consolidated
For The Three Months Ended March 31, 2022
Interest and dividend income	$	112,174		$	—	$	112,174
Interest expense		4,463			—		4,463
Net interest income		107,711			—		107,711
Provision for credit losses		(3,438	)		—		(3,438	)
Net interest income after provision for credit losses		111,149			—		111,149
Non-interest income		22,547			7,835		30,382
Non-interest expense		83,225			4,323		87,548
Income before provision for income taxes		50,471			3,512		53,983
Provision for income taxes		9,121			738		9,859
Net income		41,350			2,774		44,124
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	38,819		$	2,774	$	41,593
For The Three Months Ended March 31, 2021
Interest and dividend income	$	125,054		$	—	$	125,054
Interest expense		8,576			—		8,576
Net interest income		116,478			—		116,478
Provision for credit losses		(27,958	)		—		(27,958	)
Net interest income after provision for credit losses		144,436			—		144,436
Non-interest income		25,577			7,631		33,208
Non-interest expense		82,011			4,316		86,327
Income before provision for income taxes		88,002			3,315		91,317
Provision for income taxes		17,506			696		18,202
Net income		70,496			2,619		73,115
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	67,965		$	2,619	$	70,584

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Earnings Per Common Share - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$ 41,593	$ 70,584
Denominator:
Total average basic common shares outstanding	61,445,399	67,263,714
Effect of dilutive stock options and other stock compensation	147,966	91,704
Total diluted average common shares outstanding	61,593,365	67,355,418
Earnings per common share - basic	$ 0.68	$ 1.05
Earnings per common share - diluted	$ 0.68	$ 1.05

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Earnings Per Common Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items]
Shares contingently issuable under shareholder return plan	16,224
Stock Option [Member]
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items]
Securities excluded from computation of net income per diluted shares	384,761	393,961
Restricted Stock [Member]
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items]
Shares contingently issuable under shareholder return plan	61,267	0

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Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-sale, Amortized Cost	$ 3,057,460	$ 3,019,695
Available-for-sale, Gross Unrealized Gains	4,331	30,542
Available-for-sale, Gross Unrealized Losses	(150,418)	(36,775)
Available-for-sale, Estimated Fair Value	2,911,373	3,013,462
Held-to-maturity, Amortized Cost	1,157,202	1,004,823
Held-to-maturity, Gross Unrealized Gains	6,271	27,153
Held-to-maturity, Gross Unrealized Losses	(70,480)	(3,524)
Held-to-maturity securities, Fair value	1,092,993	1,028,452
Total securities, Amortized Cost	4,214,662	4,024,518
Total securities, Gross Unrealized Gains	10,602	57,695
Total securities, Gross Unrealized Losses	(220,898)	(40,299)
Total securities, Estimated Fair Value	4,004,366	4,041,914
U.S. Government Sponsored Entities and Agencies [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-sale, Amortized Cost	253,475	236,096
Available-for-sale, Gross Unrealized Gains	549	3,922
Available-for-sale, Gross Unrealized Losses	(13,527)	(3,040)
Available-for-sale, Estimated Fair Value	240,497	236,978
Held-to-maturity, Amortized Cost	5,731	5,944
Held-to-maturity, Gross Unrealized Gains	8	72
Held-to-maturity, Gross Unrealized Losses	(233)	(8)
Held-to-maturity securities, Fair value	5,506	6,008
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-sale, Amortized Cost	2,289,780	2,301,170
Available-for-sale, Gross Unrealized Gains	1,777	16,489
Available-for-sale, Gross Unrealized Losses	(132,103)	(32,446)
Available-for-sale, Estimated Fair Value	2,159,454	2,285,213
Held-to-maturity, Amortized Cost	53,989	58,147
Held-to-maturity, Gross Unrealized Gains	114	1,409
Held-to-maturity, Gross Unrealized Losses	(1,335)	(16)
Held-to-maturity securities, Fair value	52,768	59,540
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-sale, Amortized Cost	397,233	364,486
Available-for-sale, Gross Unrealized Gains	500	4,252
Available-for-sale, Gross Unrealized Losses	(3,644)	(1,245)
Available-for-sale, Estimated Fair Value	394,089	367,493
Obligations of State and Political Subdivisions [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-sale, Amortized Cost	100,029	101,003
Available-for-sale, Gross Unrealized Gains	1,310	5,372
Available-for-sale, Gross Unrealized Losses	(1,066)	(35)
Available-for-sale, Estimated Fair Value	100,273	106,340
Held-to-maturity, Amortized Cost	1,067,214	907,649
Held-to-maturity, Gross Unrealized Gains	5,719	23,854
Held-to-maturity, Gross Unrealized Losses	(68,912)	(3,500)
Held-to-maturity securities, Fair value	1,004,021	928,003
Corporate Debt Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-sale, Amortized Cost	16,943	16,940
Available-for-sale, Gross Unrealized Gains	195	507
Available-for-sale, Gross Unrealized Losses	(78)	(9)
Available-for-sale, Estimated Fair Value	17,060	17,438
Held-to-maturity, Amortized Cost	30,268	33,083
Held-to-maturity, Gross Unrealized Gains	430	1,818
Held-to-maturity securities, Fair value	$ 30,698	$ 34,901

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Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments Debt And Equity Securities [Abstract]
Allowance for credit losses, held-to-maturity debt securities	$ 285	$ 268

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Securities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022 USD ($) Holding	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) Holding
Schedule Of Available For Sale Securities And Held To Maturity [Line Items]
Maximum percentage of equity of one issuer	10.00%
Number of holdings greater than specified percentage of equity | Holding	0		0
Equities securities	$ 12,757,000		$ 13,466,000
Securities with an aggregate fair value	2,100,000,000		2,100,000,000
Proceeds from sale of available-for-sale securities	0	$ 0
Net unrealized losses on available-for-sale securities included in AOCI	111,000,000.0		4,700,000
Accrued interest receivable	60,370,000		60,844,000
Federal home loan bank stock, Total	13,600,000		15,900,000
Us Government Securities and Mortgage Backed and Collateralized Securities Issued By Direct Governmental Entity or Government-Sponsored Entity [Member]
Schedule Of Available For Sale Securities And Held To Maturity [Line Items]
Estimated credit losses	0
Held-to-maturity Securities [Member]
Schedule Of Available For Sale Securities And Held To Maturity [Line Items]
Accrued interest receivable	8,300,000		$ 7,000,000.0
Grantor Trusts [Member]
Schedule Of Available For Sale Securities And Held To Maturity [Line Items]
Equities securities	$ 10,000,000.0

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Securities - Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost And Fair Value Debt Securities [Abstract]
Total available-for-sale debt securities, Amortized Cost, Less than one year	$ 13,971
Total available-for-sale debt securities, Amortized Cost, 1-5 years	168,985
Total available-for-sale debt securities, Amortized Cost, 5-10 years	444,587
Total available-for-sale debt securities, Amortized Cost, Over 10 years	2,429,917
Available-for-sale, Amortized Cost	3,057,460	$ 3,019,695
Total held-to-maturity debt securities, Amortized Cost, Less than one year	24,053
Total held-to-maturity debt securities, Amortized Cost, 1-5 years	115,863
Total held-to-maturity debt securities, Amortized Cost, 5-10 years	277,300
Total held-to-maturity debt securities, Amortized Cost, Over 10 years	739,986
Held-to-maturity, Amortized Cost	1,157,202	1,004,823
Total debt securities, Amortized Cost	4,214,662
Total available-for-sale debt securities, Fair Value, Less than one year	14,020
Total available-for-sale debt securities, Fair Value, 1-5 years	169,008
Total available-for-sale debt securities, Fair Value, 5-10 years	437,643
Total available-for-sale debt securities, Fair Value, Over 10 years	2,290,702
Total available-for-sale debt securities, Fair Value	2,911,373	3,013,462
Total held-to-maturity debt securities, Fair Value, Less than one year	24,232
Total held-to-maturity debt securities, Fair Value, 1-5 years	117,485
Total held-to-maturity debt securities, Fair Value, 5-10 years	276,045
Total held-to-maturity debt securities, Fair Value, Over 10 years	675,231
Total held-to-maturity debt securities, Fair Value	1,092,993	1,028,452
Total debt securities, Fair Value	$ 4,004,366	$ 4,041,914

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Securities - Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities as well as Gains and Losses on Equity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items]
Gross realized gains	$ 31	$ 140
Gross realized losses	(2)	(39)
Net gains on debt securities	29	101
Net Unrealized (losses) gains recognized on securities still held	(679)	178
Net (losses) gains on equity securities	(679)	178
Net securities (losses) gains	$ (650)	$ 279

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Securities - Schedule of Allowance for Credit Losses on Held-to-maturity Securities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items]
Beginning balance	$ 268
Ending balance	285
ASU 2016-13 [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items]
Beginning balance	268	$ 326
Current period provision	17	(36)
Ending balance	285	290
ASU 2016-13 [Member] | Obligations of State and Political Subdivisions [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items]
Beginning balance	174	130
Current period provision	(14)	(12)
Ending balance	160	118
ASU 2016-13 [Member] | Corporate Debt Securities [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items]
Beginning balance	94	196
Current period provision	31	(24)
Ending balance	$ 125	$ 172

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Securities - Schedule of Unrealized Losses on Investment Securities (Detail) $ in Thousands	Mar. 31, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Net Unrealized Gains And Losses On Investments [Line Items]
Less than 12 months, Fair Value	$ 2,023,456	$ 1,825,891
Less than 12 months, Unrealized Losses	$ (103,641)	$ (31,548)
Less than 12 months, Number of Securities | Security	461	187
12 months or more, Fair Value	$ 528,909	$ 252,725
12 months or more, Unrealized Losses	$ (46,777)	$ (5,227)
12 months or more, Number of Securities | Security	62	35
Fair Value, Total	$ 2,552,365	$ 2,078,616
Unrealized Losses, Total	$ (150,418)	$ (36,775)
Number of Securities Total | Security	523	222
U.S. Government Sponsored Entities and Agencies [Member]
Net Unrealized Gains And Losses On Investments [Line Items]
Less than 12 months, Fair Value	$ 152,701	$ 114,486
Less than 12 months, Unrealized Losses	$ (8,450)	$ (1,865)
Less than 12 months, Number of Securities | Security	23	12
12 months or more, Fair Value	$ 43,624	$ 32,688
12 months or more, Unrealized Losses	$ (5,077)	$ (1,175)
12 months or more, Number of Securities | Security	5	4
Fair Value, Total	$ 196,325	$ 147,174
Unrealized Losses, Total	$ (13,527)	$ (3,040)
Number of Securities Total | Security	28	16
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member]
Net Unrealized Gains And Losses On Investments [Line Items]
Less than 12 months, Fair Value	$ 1,579,619	$ 1,568,138
Less than 12 months, Unrealized Losses	$ (91,718)	$ (29,060)
Less than 12 months, Number of Securities | Security	359	143
12 months or more, Fair Value	$ 410,877	$ 141,681
12 months or more, Unrealized Losses	$ (40,385)	$ (3,386)
12 months or more, Number of Securities | Security	49	23
Fair Value, Total	$ 1,990,496	$ 1,709,819
Unrealized Losses, Total	$ (132,103)	$ (32,446)
Number of Securities Total | Security	408	166
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member]
Net Unrealized Gains And Losses On Investments [Line Items]
Less than 12 months, Fair Value	$ 264,064	$ 131,970
Less than 12 months, Unrealized Losses	$ (2,329)	$ (579)
Less than 12 months, Number of Securities | Security	47	25
12 months or more, Fair Value	$ 74,408	$ 78,356
12 months or more, Unrealized Losses	$ (1,315)	$ (666)
12 months or more, Number of Securities | Security	8	8
Fair Value, Total	$ 338,472	$ 210,326
Unrealized Losses, Total	$ (3,644)	$ (1,245)
Number of Securities Total | Security	55	33
Obligations of State and Political Subdivisions [Member]
Net Unrealized Gains And Losses On Investments [Line Items]
Less than 12 months, Fair Value	$ 19,150	$ 4,307
Less than 12 months, Unrealized Losses	$ (1,066)	$ (35)
Less than 12 months, Number of Securities | Security	27	2
Fair Value, Total	$ 19,150	$ 4,307
Unrealized Losses, Total	$ (1,066)	$ (35)
Number of Securities Total | Security	27	2
Corporate Debt and Other Securities [Member]
Net Unrealized Gains And Losses On Investments [Line Items]
Less than 12 months, Fair Value	$ 7,922	$ 6,990
Less than 12 months, Unrealized Losses	$ (78)	$ (9)
Less than 12 months, Number of Securities | Security	5	5
Fair Value, Total	$ 7,922	$ 6,990
Unrealized Losses, Total	$ (78)	$ (9)
Number of Securities Total | Security	5	5

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Loans and the Allowance for Credit Losses - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) Loan Contract	Mar. 31, 2021 Contract	Dec. 31, 2021 USD ($) Contract
Financing Receivable, Recorded Investment [Line Items]
Net deferred loan fee income (costs)	$ 6,800,000		$ 3,300,000
Un-accreted discount on purchased loans from acquisitions	$ 23,400,000		25,900,000
Percentage of national unemployment projection	3.70%
Expected average percentage of national unemployment in future	3.50%
Calculation period of reversion	1 year
Reserve on accrued interest related to CARES Act	$ 100,000
Accrued interest receivable for loans	45,000,000.0
Accrued interest receivable for loans related to CARES Act	20,800,000
Aggregate amount of residential real estate, home equity and consumer loans classified as substandard	26,800,000		30,200,000
Internally assigned loan grades to residential real estate, home equity and consumer loans	5,500,000		7,400,000
Unfunded commercial loan commitments	$ 21,300,000		$ 21,700,000
Number of restructured contracts greater than $1 million | Contract	0		0
Threshold for TDR	$ 1,000,000.0		$ 1,000,000.0
Accruing and non accrual TDR permitted interest-only payment period	6 months
Unfunded commitments to debtors for nonperforming loans	$ 0.0		100,000
Number Of restructured contracts defaulted | Contract	0	0
Number of loans modified | Loan	3,553
Total loan amount modified CARES Act	$ 2,200,000,000
Loan amount remaining in deferral period CARES Act	$ 51,500,000
Description of deferred payments to customers impacted by the COVID-19 pandemic	Wesbanco originally offered three to six months of deferred payments to commercial and retail customers impacted by the COVID-19 pandemic depending on the type of loan and the industry for commercial loans. In the fourth quarter of 2020, Wesbanco offered up to an additional twelve months of deferred payments to certain commercial loan customers, predominantly in the hospitality industry, based on specific criteria related to the borrower, the underlying property and the potential for guarantors or co-borrowers.
Other real estate owned	$ 87,000
Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Other real estate owned	100,000		0
Foreclosure proceedings in process on residential real estate loans	4,800,000		4,000,000.0
Foreclosure proceedings temporarily suspended on real estate loans	0		800,000
PPP Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Net deferred loan fee income (costs)	2,900,000		$ 6,100,000
Commercial and Industrial [Member] | Maximum [Member]
Financing Receivable, Recorded Investment [Line Items]
Annual sales of borrowers	$ 100,000,000

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Loans and the Allowance for Credit Losses - Schedule of Recorded Investment in Loans by Category (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	$ 9,733,272	$ 9,733,478
Loans held for sale	15,959	25,277
Total loans	9,749,231	9,758,755
Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	1,436,543	1,427,645
Commercial And Industrial - PPP [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	76,535	162,675
Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	5,580,082	5,538,968
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	857,869	833,880
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	4,722,213	4,705,088
Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	1,767,064	1,721,378
Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	280,176	277,130
Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	$ 592,872	$ 605,682

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Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses - loans, beginning balance	$ 121,622	$ 185,827
Allowance for credit losses - loan commitments, beginning balance	7,775	9,514
Total beginning allowance for credit losses - loans and loan commitments	129,397	195,341
Provision for loan losses	(3,730)	(25,139)
Provision for loan commitments	275	(2,783)
Total provision for credit losses - loans and loan commitments	(3,455)	(27,922)
Charge-offs	(1,795)	(2,460)
Recoveries	1,768	1,812
Net (charge-offs) recoveries	(27)	648
Allowance for credit losses - loans, ending balance	117,865	160,040
Allowance for credit losses - loan commitments, ending balance	8,050	6,731
Total ending allowance for credit losses - loans and loan commitments	125,915	166,771
Commercial and Industrial [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses - loans, beginning balance	26,875	37,850
Allowance for credit losses - loan commitments, beginning balance	1,497	1,275
Total beginning allowance for credit losses - loans and loan commitments	28,372	39,125
Provision for loan losses	(1,468)	(4,256)
Provision for loan commitments	(827)	308
Total provision for credit losses - loans and loan commitments	(2,295)	(3,948)
Charge-offs	(208)	(750)
Recoveries	336	440
Net (charge-offs) recoveries	128	310
Allowance for credit losses - loans, ending balance	25,535	33,284
Allowance for credit losses - loan commitments, ending balance	670	1,583
Total ending allowance for credit losses - loans and loan commitments	26,205	34,867
Deposit Overdrafts [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses - loans, beginning balance	2,220	639
Allowance for credit losses - loan commitments, beginning balance	0
Total beginning allowance for credit losses - loans and loan commitments	2,220	639
Provision for loan losses	(266)	156
Provision for loan commitments	0
Total provision for credit losses - loans and loan commitments	(266)	156
Charge-offs	(435)	(201)
Recoveries	89	113
Net (charge-offs) recoveries	(346)	88
Allowance for credit losses - loans, ending balance	1,608	707
Allowance for credit losses - loan commitments, ending balance	0	0
Total ending allowance for credit losses - loans and loan commitments	1,608	707
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses - loans, beginning balance	7,310	10,841
Allowance for credit losses - loan commitments, beginning balance	4,180	6,508
Total beginning allowance for credit losses - loans and loan commitments	11,490	17,349
Provision for loan losses	243	(3,538)
Provision for loan commitments	751	(2,508)
Total provision for credit losses - loans and loan commitments	994	(6,046)
Charge-offs	0	(18)
Recoveries	25	55
Net (charge-offs) recoveries	25	(37)
Allowance for credit losses - loans, ending balance	7,578	7,340
Allowance for credit losses - loan commitments, ending balance	4,931	4,000
Total ending allowance for credit losses - loans and loan commitments	12,509	11,340
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses - loans, beginning balance	65,355	110,652
Allowance for credit losses - loan commitments, beginning balance	201	712
Total beginning allowance for credit losses - loans and loan commitments	65,556	111,364
Provision for loan losses	(469)	(11,420)
Provision for loan commitments	119	(504)
Total provision for credit losses - loans and loan commitments	(350)	(11,924)
Charge-offs	(137)	(19)
Recoveries	260	528
Net (charge-offs) recoveries	123	(509)
Allowance for credit losses - loans, ending balance	65,009	99,741
Allowance for credit losses - loan commitments, ending balance	320	208
Total ending allowance for credit losses - loans and loan commitments	65,329	99,949
Residential Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses - loans, beginning balance	15,401	17,851
Allowance for credit losses - loan commitments, beginning balance	1,576	955
Total beginning allowance for credit losses - loans and loan commitments	16,977	18,806
Provision for loan losses	(1,737)	(4,177)
Provision for loan commitments	164	(86)
Total provision for credit losses - loans and loan commitments	(1,573)	(4,263)
Charge-offs	(142)	(371)
Recoveries	192	135
Net (charge-offs) recoveries	50	236
Allowance for credit losses - loans, ending balance	13,714	13,438
Allowance for credit losses - loan commitments, ending balance	1,740	869
Total ending allowance for credit losses - loans and loan commitments	15,454	14,307
Consumer [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses - loans, beginning balance	3,737	6,507
Allowance for credit losses - loan commitments, beginning balance	272	19
Total beginning allowance for credit losses - loans and loan commitments	4,009	6,526
Provision for loan losses	69	(1,510)
Provision for loan commitments	59	2
Total provision for credit losses - loans and loan commitments	128	(1,508)
Charge-offs	(787)	(927)
Recoveries	727	462
Net (charge-offs) recoveries	(60)	465
Allowance for credit losses - loans, ending balance	3,746	4,532
Allowance for credit losses - loan commitments, ending balance	331	21
Total ending allowance for credit losses - loans and loan commitments	4,077	4,553
Home Equity [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses - loans, beginning balance	724	1,487
Allowance for credit losses - loan commitments, beginning balance	49	45
Total beginning allowance for credit losses - loans and loan commitments	773	1,532
Provision for loan losses	(102)	(394)
Provision for loan commitments	9	5
Total provision for credit losses - loans and loan commitments	(93)	(389)
Charge-offs	(86)	(174)
Recoveries	139	79
Net (charge-offs) recoveries	53	95
Allowance for credit losses - loans, ending balance	675	998
Allowance for credit losses - loan commitments, ending balance	58	50
Total ending allowance for credit losses - loans and loan commitments	$ 733	$ 1,048

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Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans individually evaluated for impairment	$ 12,294	$ 9,274
Allowance for loans collectively evaluated for impairment	105,571	112,348
Allowance for loan commitments	8,050	7,775	$ 6,731	$ 9,514
Total allowance for credit losses - loans and commitments	125,915	129,397	166,771	195,341
Individually evaluated for credit loss	54,022	68,459
Collectively-evaluated for credit losses	9,679,250	9,665,019
Total loans	9,733,272	9,733,478
Commercial and Industrial [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans individually evaluated for impairment	266	333
Allowance for loans collectively evaluated for impairment	25,269	26,542
Allowance for loan commitments	670	1,497	1,583	1,275
Total allowance for credit losses - loans and commitments	26,205	28,372	34,867	39,125
Individually evaluated for credit loss	540	576
Collectively-evaluated for credit losses	1,512,538	1,589,744
Total loans	1,513,078	1,590,320
Deposit Overdrafts [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans collectively evaluated for impairment	1,608	2,220
Allowance for loan commitments	0	0	0
Total allowance for credit losses - loans and commitments	1,608	2,220	707	639
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Total loans	5,580,082	5,538,968
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans individually evaluated for impairment	342	381
Allowance for loans collectively evaluated for impairment	7,236	6,929
Allowance for loan commitments	4,931	4,180	4,000	6,508
Total allowance for credit losses - loans and commitments	12,509	11,490	11,340	17,349
Individually evaluated for credit loss	1,174	1,248
Collectively-evaluated for credit losses	856,695	832,632
Total loans	857,869	833,880
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans individually evaluated for impairment	11,686	8,560
Allowance for loans collectively evaluated for impairment	53,323	56,795
Allowance for loan commitments	320	201	208	712
Total allowance for credit losses - loans and commitments	65,329	65,556	99,949	111,364
Individually evaluated for credit loss	52,308	66,635
Collectively-evaluated for credit losses	4,669,905	4,638,453
Total loans	4,722,213	4,705,088
Residential Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans collectively evaluated for impairment	13,714	15,401
Allowance for loan commitments	1,740	1,576	869	955
Total allowance for credit losses - loans and commitments	15,454	16,977	14,307	18,806
Collectively-evaluated for credit losses	1,767,064	1,721,378
Total loans	1,767,064	1,721,378
Consumer [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans collectively evaluated for impairment	3,746	3,737
Allowance for loan commitments	331	272	21	19
Total allowance for credit losses - loans and commitments	4,077	4,009	4,553	6,526
Collectively-evaluated for credit losses	280,176	277,130
Total loans	280,176	277,130
Home Equity [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans collectively evaluated for impairment	675	724
Allowance for loan commitments	58	49	50	45
Total allowance for credit losses - loans and commitments	733	773	$ 1,048	$ 1,532
Collectively-evaluated for credit losses	592,872	605,682
Total loans	$ 592,872	$ 605,682

XML

Loans and the Allowance for Credit Losses - Summary of Commercial Loans by Risk Grade (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	$ 9,733,272	$ 9,733,478
Commercial and Industrial [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	1,513,078	1,590,320
Commercial and Industrial [Member] | Pass [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	1,463,315	1,540,569
Commercial and Industrial [Member] | Criticized [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	25,834	17,733
Commercial and Industrial [Member] | Classified - substandard [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	23,929	32,018
Commercial Portfolio Segment [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	7,093,160	7,129,288
Commercial Portfolio Segment [Member] | Pass [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	6,735,180	6,764,757
Commercial Portfolio Segment [Member] | Criticized [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	234,143	248,518
Commercial Portfolio Segment [Member] | Classified - substandard [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	123,837	116,013
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	857,869	833,880
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Pass [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	847,525	823,316
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Criticized [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	1,808	7,955
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Classified - substandard [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	8,536	2,609
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	4,722,213	4,705,088
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Pass [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	4,424,340	4,400,872
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Criticized [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	206,501	222,830
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Classified - substandard [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	91,372	81,386
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	1,513,078	1,590,320
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	1,463,315	1,540,569
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Criticized [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	25,834	17,733
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Classified - substandard [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	$ 23,929	$ 32,018

XML

Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	$ 9,733,272	$ 9,733,478
90 Days or More Past Due and Accruing	6,142	7,804
Loans held for sale	15,959	25,277
Total loans, current	9,691,424	9,698,760
Total loans	9,749,231	9,758,755
Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	37,103	39,488
Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	592,872	605,682
90 Days or More Past Due and Accruing	631	685
Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	5,580,082	5,538,968
90 Days or More Past Due and Accruing	3,449	3,093
Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,767,064	1,721,378
90 Days or More Past Due and Accruing	1,229	2,840
Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	280,176	277,130
90 Days or More Past Due and Accruing	514	627
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	857,869	833,880
90 Days or More Past Due and Accruing		51
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	4,722,213	4,705,088
90 Days or More Past Due and Accruing	3,449	3,042
Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,513,078	1,590,320
90 Days or More Past Due and Accruing	319	559
Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	33,372	35,742
TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	3,731	3,746
Current [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	9,675,465	9,673,483
Loans held for sale, current	15,959	25,277
Current [Member] | Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	13,760	14,449
Current [Member] | Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	586,591	599,189
Current [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	5,557,655	5,514,783
Current [Member] | Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,751,895	1,702,587
Current [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	277,213	273,577
Current [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	857,796	833,755
Current [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	4,699,859	4,681,028
Current [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,502,111	1,583,347
Current [Member] | Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	10,557	11,174
Current [Member] | TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	3,203	3,275
30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	25,486	14,755
30-59 Days Past Due [Member] | Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,563	917
30-59 Days Past Due [Member] | Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,954	2,240
30-59 Days Past Due [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	11,590	6,377
30-59 Days Past Due [Member] | Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	3,091	2,331
30-59 Days Past Due [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,386	1,532
30-59 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	11,590	6,377
30-59 Days Past Due [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	7,465	2,275
30-59 Days Past Due [Member] | Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,334	914
30-59 Days Past Due [Member] | TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	229	3
60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	5,210	14,005
60-89 Days Past Due [Member] | Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	811	691
60-89 Days Past Due [Member] | Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	437	602
60-89 Days Past Due [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	732	7,728
60-89 Days Past Due [Member] | Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	2,630	3,254
60-89 Days Past Due [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	884	1,208
60-89 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	732	7,728
60-89 Days Past Due [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	527	1,213
60-89 Days Past Due [Member] | Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	754	564
60-89 Days Past Due [Member] | TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	57	127
90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	27,111	31,235
90 Days or More Past Due [Member] | Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	20,969	23,431
90 Days or More Past Due [Member] | Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	3,890	3,651
90 Days or More Past Due [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	10,105	10,080
90 Days or More Past Due [Member] | Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	9,448	13,206
90 Days or More Past Due [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	693	813
90 Days or More Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	73	125
90 Days or More Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	10,032	9,955
90 Days or More Past Due [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	2,975	3,485
90 Days or More Past Due [Member] | Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	20,727	23,090
90 Days or More Past Due [Member] | TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	242	341
Total Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	57,807	59,995
Total Past Due [Member] | Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	23,343	25,039
Total Past Due [Member] | Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	6,281	6,493
Total Past Due [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	22,427	24,185
Total Past Due [Member] | Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	15,169	18,791
Total Past Due [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	2,963	3,553
Total Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	73	125
Total Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	22,354	24,060
Total Past Due [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	10,967	6,973
Total Past Due [Member] | Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	22,815	24,568
Total Past Due [Member] | TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	$ 528	$ 471

XML

Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Past due loans excluded TDRs past due and accruing	90 days

XML

Loans and the Allowance for Credit Losses - Summary of Nonperforming Loans (Detail) - Nonperforming Loans [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	$ 47,337		$ 49,794
Recorded Investment, With no specific allowance recorded	37,103		39,488
Total impaired loans, Unpaid principal balance	47,337		49,794
Total impaired loans, Recorded investment	37,103		39,488
Average recorded investment, with no related specific allowance	38,296	$ 37,385
Interest income recognized, With no related specific allowance		55
Average recorded investment, With a specific allowance recorded		2,089
Total impaired loans, Average recorded investment	38,296	39,474
Residential Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	23,443		25,492
Recorded Investment, With no specific allowance recorded	18,309		20,065
Average recorded investment, with no related specific allowance	19,187	20,847
Interest income recognized, With no related specific allowance		39
Consumer [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	847		869
Recorded Investment, With no specific allowance recorded	517		565
Average recorded investment, with no related specific allowance	541	358
Home Equity [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	7,156		6,985
Recorded Investment, With no specific allowance recorded	5,585		5,440
Average recorded investment, with no related specific allowance	5,513	5,639
Interest income recognized, With no related specific allowance		6
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	156		74
Recorded Investment, With no specific allowance recorded	155		73
Average recorded investment, with no related specific allowance	114	295
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	9,599		9,846
Recorded Investment, With no specific allowance recorded	7,758		8,089
Average recorded investment, with no related specific allowance	7,924	7,702
Interest income recognized, With no related specific allowance		9
Average recorded investment, With a specific allowance recorded		2,089
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	6,136		6,528
Recorded Investment, With no specific allowance recorded	4,779		$ 5,256
Average recorded investment, with no related specific allowance	$ 5,018	2,544
Interest income recognized, With no related specific allowance		$ (1)

XML

Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Impaired [Line Items]
Non-accrual loans	$ 33,372	$ 35,742
TDRs	5,079	5,293
Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	3,731	3,746
Non-Accrual TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	1,348	1,547
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	4,592	5,064
TDRs	187	192
Commercial and Industrial [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	187	192
Home Equity [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	5,319	5,163
TDRs	509	535
Home Equity [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	266	277
Home Equity [Member] | Non-Accrual TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	243	258
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	7,464	7,788
TDRs	478	507
Commercial Real Estate [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	449	374
Commercial Real Estate [Member] | Non-Accrual TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	29	133
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	73	73
TDRs	82
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	82
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	7,391	7,715
TDRs	396	507
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	367	374
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | Non-Accrual TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	29	133
Residential Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	15,512	17,190
TDRs	3,873	4,031
Residential Real Estate [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	2,797	2,875
Residential Real Estate [Member] | Non-Accrual TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	1,076	1,156
Consumer [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	485	537
TDRs	32	28
Consumer [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	$ 32	$ 28

XML

Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Parenthetical) (Detail)	Mar. 31, 2022 USD ($) Borrower	Dec. 31, 2021 USD ($) Borrower
Receivables [Abstract]
Number of borrowers with loan balance greater than one million | Borrower	3	3
Borrowers with large amount of loans outstanding, minimum amount of loans per borrower	$ 1,000,000.0	$ 1,000,000.0
Borrowers with large amount of loans outstanding, net	$ 3,700,000	$ 4,100,000

XML

Loans and the Allowance for Credit Losses - Loans Identified as TDRs (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) Contract
Financing Receivable, Modifications [Line Items]
Number of Modifications | Contract	1
Pre-Modification Outstanding Recorded Investment	$ 84
Post-Modification Outstanding Recorded Investment	$ 82
Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Modifications | Contract	1
Pre-Modification Outstanding Recorded Investment	$ 84
Post-Modification Outstanding Recorded Investment	$ 82
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member]
Financing Receivable, Modifications [Line Items]
Number of Modifications | Contract	1
Pre-Modification Outstanding Recorded Investment	$ 84
Post-Modification Outstanding Recorded Investment	$ 82

XML

Loans and the Allowance for Credit Losses - Summary of Amortized Cost Basis Loan Balances by Year of Origination and Credit Quality Indicator (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 9,733,272	$ 9,733,478
30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	25,486	14,755
60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	5,210	14,005
90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	27,111	31,235
Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	11,418	10,263
Amortized Cost Basis by Origination Year 2021	488	1,007
Amortized Cost Basis by Origination Year 2020	669	945
Amortized Cost Basis by Origination Year 2019	762	634
Amortized Cost Basis by Origination Year 2018	1,087	1,038
Amortized Cost Basis by Origination Year, Prior to 2018	22,736	21,509
Revolving Loans	554,187	568,725
Revolving Loans Converted to Term	1,525	1,561
Total loans	592,872	605,682
Home Equity [Member] | Current [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	11,418	10,076
Amortized Cost Basis by Origination Year 2021	459	835
Amortized Cost Basis by Origination Year 2020	634	649
Amortized Cost Basis by Origination Year 2019	621	379
Amortized Cost Basis by Origination Year 2018	869	566
Amortized Cost Basis by Origination Year, Prior to 2018	18,485	18,064
Revolving Loans	553,083	567,478
Revolving Loans Converted to Term	1,022	1,142
Total loans	586,591	599,189
Home Equity [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2021		84
Amortized Cost Basis by Origination Year 2020		45
Amortized Cost Basis by Origination Year 2019	26	128
Amortized Cost Basis by Origination Year 2018		50
Amortized Cost Basis by Origination Year, Prior to 2018	800	628
Revolving Loans	1,104	1,247
Revolving Loans Converted to Term	24	58
Total loans	1,954	2,240
Home Equity [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2021	29
Amortized Cost Basis by Origination Year 2020		132
Amortized Cost Basis by Origination Year 2019	81	15
Amortized Cost Basis by Origination Year 2018	14	188
Amortized Cost Basis by Origination Year, Prior to 2018	252	267
Revolving Loans Converted to Term	61
Total loans	437	602
Home Equity [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022		187
Amortized Cost Basis by Origination Year 2021		88
Amortized Cost Basis by Origination Year 2020	35	119
Amortized Cost Basis by Origination Year 2019	34	112
Amortized Cost Basis by Origination Year 2018	204	234
Amortized Cost Basis by Origination Year, Prior to 2018	3,199	2,550
Revolving Loans Converted to Term	418	361
Total loans	3,890	3,651
Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	5,580,082	5,538,968
Commercial Real Estate [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	11,590	6,377
Commercial Real Estate [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	732	7,728
Commercial Real Estate [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	10,105	10,080
Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	102,025	602,867
Amortized Cost Basis by Origination Year 2021	616,206	293,417
Amortized Cost Basis by Origination Year 2020	249,313	117,042
Amortized Cost Basis by Origination Year 2019	108,464	71,681
Amortized Cost Basis by Origination Year 2018	60,031	57,827
Amortized Cost Basis by Origination Year, Prior to 2018	569,218	548,562
Revolving Loans Converted to Term	61,807	29,982
Total loans	1,767,064	1,721,378
Residential Real Estate [Member] | Current [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	102,025	599,244
Amortized Cost Basis by Origination Year 2021	616,206	292,653
Amortized Cost Basis by Origination Year 2020	249,313	116,147
Amortized Cost Basis by Origination Year 2019	107,883	71,253
Amortized Cost Basis by Origination Year 2018	59,865	56,917
Amortized Cost Basis by Origination Year, Prior to 2018	554,845	536,444
Revolving Loans Converted to Term	61,758	29,929
Total loans	1,751,895	1,702,587
Residential Real Estate [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022		1,127
Amortized Cost Basis by Origination Year 2019		69
Amortized Cost Basis by Origination Year 2018	121	105
Amortized Cost Basis by Origination Year, Prior to 2018	2,970	1,030
Total loans	3,091	2,331
Residential Real Estate [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022		563
Amortized Cost Basis by Origination Year 2021		91
Amortized Cost Basis by Origination Year 2019	515	271
Amortized Cost Basis by Origination Year 2018		43
Amortized Cost Basis by Origination Year, Prior to 2018	2,115	2,286
Total loans	2,630	3,254
Residential Real Estate [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022		1,933
Amortized Cost Basis by Origination Year 2021		673
Amortized Cost Basis by Origination Year 2020		895
Amortized Cost Basis by Origination Year 2019	66	88
Amortized Cost Basis by Origination Year 2018	45	762
Amortized Cost Basis by Origination Year, Prior to 2018	9,288	8,802
Revolving Loans Converted to Term	49	53
Total loans	9,448	13,206
Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	23,210	61,870
Amortized Cost Basis by Origination Year 2021	54,694	44,757
Amortized Cost Basis by Origination Year 2020	38,900	50,835
Amortized Cost Basis by Origination Year 2019	43,118	19,509
Amortized Cost Basis by Origination Year 2018	16,238	11,203
Amortized Cost Basis by Origination Year, Prior to 2018	38,707	33,135
Revolving Loans	65,136	55,794
Revolving Loans Converted to Term	173	27
Total loans	280,176	277,130
Consumer [Member] | Current [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	23,210	60,907
Amortized Cost Basis by Origination Year 2021	53,593	43,871
Amortized Cost Basis by Origination Year 2020	38,442	50,317
Amortized Cost Basis by Origination Year 2019	42,643	19,289
Amortized Cost Basis by Origination Year 2018	16,104	11,084
Amortized Cost Basis by Origination Year, Prior to 2018	37,934	32,343
Revolving Loans	65,114	55,739
Revolving Loans Converted to Term	173	27
Total loans	277,213	273,577
Consumer [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022		435
Amortized Cost Basis by Origination Year 2021	613	370
Amortized Cost Basis by Origination Year 2020	208	214
Amortized Cost Basis by Origination Year 2019	197	136
Amortized Cost Basis by Origination Year 2018	45	85
Amortized Cost Basis by Origination Year, Prior to 2018	305	241
Revolving Loans	18	51
Total loans	1,386	1,532
Consumer [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022		413
Amortized Cost Basis by Origination Year 2021	266	375
Amortized Cost Basis by Origination Year 2020	151	82
Amortized Cost Basis by Origination Year 2019	154	19
Amortized Cost Basis by Origination Year 2018	45	33
Amortized Cost Basis by Origination Year, Prior to 2018	268	286
Total loans	884	1,208
Consumer [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022		115
Amortized Cost Basis by Origination Year 2021	222	141
Amortized Cost Basis by Origination Year 2020	99	222
Amortized Cost Basis by Origination Year 2019	124	65
Amortized Cost Basis by Origination Year 2018	44	1
Amortized Cost Basis by Origination Year, Prior to 2018	200	265
Revolving Loans	4	4
Total loans	693	813
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	17,320	135,264
Amortized Cost Basis by Origination Year 2021	143,429	223,698
Amortized Cost Basis by Origination Year 2020	227,108	198,974
Amortized Cost Basis by Origination Year 2019	179,682	117,190
Amortized Cost Basis by Origination Year 2018	112,817	27,186
Amortized Cost Basis by Origination Year, Prior to 2018	56,774	31,195
Revolving Loans	55,659	35,915
Revolving Loans Converted to Term	65,080	64,458
Total loans	857,869	833,880
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	73	125
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	17,320	135,179
Amortized Cost Basis by Origination Year 2021	143,081	217,389
Amortized Cost Basis by Origination Year 2020	220,805	198,974
Amortized Cost Basis by Origination Year 2019	179,682	117,157
Amortized Cost Basis by Origination Year 2018	112,712	27,186
Amortized Cost Basis by Origination Year, Prior to 2018	55,329	29,696
Revolving Loans	54,985	35,059
Revolving Loans Converted to Term	63,611	62,676
Total loans	847,525	823,316
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022		85
Amortized Cost Basis by Origination Year 2021	266	6,236
Amortized Cost Basis by Origination Year 2020	409
Amortized Cost Basis by Origination Year 2019		33
Amortized Cost Basis by Origination Year 2018	32
Amortized Cost Basis by Origination Year, Prior to 2018	214	219
Revolving Loans	674	856
Revolving Loans Converted to Term	213	526
Total loans	1,808	7,955
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Classified - substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2021	82	73
Amortized Cost Basis by Origination Year 2020	5,894
Amortized Cost Basis by Origination Year 2018	73
Amortized Cost Basis by Origination Year, Prior to 2018	1,231	1,280
Revolving Loans Converted to Term	1,256	1,256
Total loans	8,536	2,609
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	217,764	730,807
Amortized Cost Basis by Origination Year 2021	685,867	678,737
Amortized Cost Basis by Origination Year 2020	662,834	647,388
Amortized Cost Basis by Origination Year 2019	624,076	427,116
Amortized Cost Basis by Origination Year 2018	409,780	429,741
Amortized Cost Basis by Origination Year, Prior to 2018	2,028,050	1,688,629
Revolving Loans	77,166	60,381
Revolving Loans Converted to Term	16,676	42,289
Total loans	4,722,213	4,705,088
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	11,590	6,377
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	732	7,728
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	10,032	9,955
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	217,572	713,697
Amortized Cost Basis by Origination Year 2021	684,338	660,856
Amortized Cost Basis by Origination Year 2020	645,602	589,674
Amortized Cost Basis by Origination Year 2019	564,678	405,689
Amortized Cost Basis by Origination Year 2018	386,418	404,241
Amortized Cost Basis by Origination Year, Prior to 2018	1,832,877	1,539,275
Revolving Loans	76,323	58,933
Revolving Loans Converted to Term	16,532	28,507
Total loans	4,424,340	4,400,872
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	192	7,755
Amortized Cost Basis by Origination Year 2021	1,529	15,195
Amortized Cost Basis by Origination Year 2020	15,432	52,859
Amortized Cost Basis by Origination Year 2019	46,049	17,697
Amortized Cost Basis by Origination Year 2018	11,836	14,490
Amortized Cost Basis by Origination Year, Prior to 2018	130,510	99,687
Revolving Loans	809	1,414
Revolving Loans Converted to Term	144	13,733
Total loans	206,501	222,830
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Classified - substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022		9,355
Amortized Cost Basis by Origination Year 2021		2,686
Amortized Cost Basis by Origination Year 2020	1,800	4,855
Amortized Cost Basis by Origination Year 2019	13,349	3,730
Amortized Cost Basis by Origination Year 2018	11,526	11,010
Amortized Cost Basis by Origination Year, Prior to 2018	64,663	49,667
Revolving Loans	34	34
Revolving Loans Converted to Term		49
Total loans	91,372	81,386
Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	68,828	407,219
Amortized Cost Basis by Origination Year 2021	291,908	160,665
Amortized Cost Basis by Origination Year 2020	146,856	118,630
Amortized Cost Basis by Origination Year 2019	106,850	139,470
Amortized Cost Basis by Origination Year 2018	132,124	92,833
Amortized Cost Basis by Origination Year, Prior to 2018	303,085	226,211
Revolving Loans	440,929	418,901
Revolving Loans Converted to Term	22,498	26,391
Total loans	1,513,078	1,590,320
Commercial and Industrial [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	7,465	2,275
Commercial and Industrial [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	527	1,213
Commercial and Industrial [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,975	3,485
Commercial and Industrial [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	68,510	406,495
Amortized Cost Basis by Origination Year 2021	287,195	159,878
Amortized Cost Basis by Origination Year 2020	144,757	99,472
Amortized Cost Basis by Origination Year 2019	94,290	136,146
Amortized Cost Basis by Origination Year 2018	129,505	89,049
Amortized Cost Basis by Origination Year, Prior to 2018	296,576	223,514
Revolving Loans	431,270	409,789
Revolving Loans Converted to Term	11,212	16,226
Total loans	1,463,315	1,540,569
Commercial and Industrial [Member] | Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	318	590
Amortized Cost Basis by Origination Year 2021	4,668	551
Amortized Cost Basis by Origination Year 2020	1,941	693
Amortized Cost Basis by Origination Year 2019	1,786	2,558
Amortized Cost Basis by Origination Year 2018	2,042	1,645
Amortized Cost Basis by Origination Year, Prior to 2018	3,171	1,278
Revolving Loans	4,475	5,389
Revolving Loans Converted to Term	7,433	5,029
Total loans	25,834	17,733
Commercial and Industrial [Member] | Classified - substandard [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022		134
Amortized Cost Basis by Origination Year 2021	45	236
Amortized Cost Basis by Origination Year 2020	158	18,465
Amortized Cost Basis by Origination Year 2019	10,774	766
Amortized Cost Basis by Origination Year 2018	577	2,139
Amortized Cost Basis by Origination Year, Prior to 2018	3,338	1,419
Revolving Loans	5,184	3,723
Revolving Loans Converted to Term	3,853	5,136
Total loans	$ 23,929	$ 32,018

XML

Loans and the Allowance for Credit Losses - Summary of Other Real Estate Owned and Repossessed Assets (Detail) $ in Thousands	Mar. 31, 2022 USD ($)
Receivables [Abstract]
Other real estate owned	$ 87
Total other real estate owned and repossessed assets	$ 87

XML

Derivatives and Hedging Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022 USD ($) Derivative	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) Derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Collateral posted with market value on liability positions with credit risk-related contingent features	$ 6,300,000
Interest Rate Swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps | Derivative	134		135
Aggregate notional amount	$ 726,800,000		$ 730,600,000
Income (loss) on derivative instrument not designated hedges	$ 200,000	$ 1,900,000
Risk Participation in Agreements [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps | Derivative	13		13
Aggregate notional amount	$ 127,100,000		$ 128,200,000
Risk Participation out Agreement [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps | Derivative	1		1
Aggregate notional amount	$ 9,800,000		$ 9,800,000
Other Contract [Member] | Forward TBA Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 38,500,000		$ 48,500,000

XML

Derivatives and Hedging Activities - Summary of Fair Values of Derivative Instruments on Balance Sheets (Detail) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 31,376,000	$ 24,876,000
Liability Derivatives	31,136,000	26,409,000
Interest Rate Swaps [Member] | Loan Swaps [Member]
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	726,767,000	730,552,000
Asset Derivatives	30,767,000	24,867,000
Liability Derivatives	30,827,000	26,388,000
Interest Rate Loan Commitments [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	23,676,000	28,994,000
Asset Derivatives		9,000
Liability Derivatives	309,000
Forward TBA Contracts [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	38,500,000	48,500,000
Asset Derivatives	$ 609,000
Liability Derivatives		$ 21,000

XML

Derivatives and Hedging Activities - Summary of Effect of Derivative Instruments on Income Statement (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivatives, Fair Value [Line Items]
Total gain (loss) on derivative financial instruments	$ 2,586	$ 6,263
Interest Rate Swaps [Member] | Other Income [Member]
Derivatives, Fair Value [Line Items]
Total gain (loss) on derivative financial instruments	1,461	2,761
Interest Rate Loan Commitments [Member] | Mortgage Banking Income [Member]
Derivatives, Fair Value [Line Items]
Total gain (loss) on derivative financial instruments	(318)	(1,016)
Forward TBA Contracts [Member] | Mortgage Banking Income [Member]
Derivatives, Fair Value [Line Items]
Total gain (loss) on derivative financial instruments	$ 1,443	$ 4,518

XML

Benefit Plans - Defined Benefit Pension Plan (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Service cost – benefits earned during year	$ 540	$ 616
Interest cost on projected benefit obligation	1,013	842
Expected return on plan assets	(2,853)	(2,763)
Amortization of prior service cost	(8)	(8)
Amortization of net loss	125	675
Net periodic pension income	$ (1,183)	$ (638)

XML

Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Service cost	$ 540,000	$ 616,000
Periodic pension income	1,700,000	$ 1,300,000
Expected voluntary contribution for the year 2021	$ 0

XML

Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 12,757	$ 13,466
Available-for-sale debt securities	2,911,373	3,013,462
Loans held for sale	15,959	25,277
Other real estate owned and repossessed assets	87
Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	12,757	13,466
Available-for-sale debt securities	2,911,373	3,013,462
Loans held for sale	15,959	25,277
Other assets - interest rate swaps	30,767	24,867
Total assets	2,970,856	3,077,072
Other liabilities - interest rate swaps	30,827	26,388
Total liabilities recurring fair value measurements	30,827	26,388
Nonrecurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually-evaluated loans	21,346	13,558
Other real estate owned and repossessed assets	87
Total assets	21,433	13,558
U.S. Government Sponsored Entities and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	240,497	236,978
U.S. Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	240,497	236,978
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	2,159,454	2,285,213
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	2,159,454	2,285,213
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	394,089	367,493
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	394,089	367,493
Obligations of States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	100,273	106,340
Obligations of States and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	100,273	106,340
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	17,060	17,438
Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	17,060	17,438
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	12,757	13,466
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	12,757	13,466
Total assets	12,757	13,466
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	2,910,057	3,011,969
Loans held for sale	15,959	25,277
Other assets - interest rate swaps	30,767	24,867
Other liabilities - interest rate swaps	30,827	26,388
Significant Other Observable Inputs (Level 2) [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	2,910,057	3,011,969
Loans held for sale	15,959	25,277
Other assets - interest rate swaps	30,767	24,867
Total assets	2,956,783	3,062,113
Other liabilities - interest rate swaps	30,827	26,388
Total liabilities recurring fair value measurements	30,827	26,388
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	240,497	236,978
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	2,159,454	2,285,213
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	394,089	367,493
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	98,957	104,847
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	17,060	17,438
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	1,316	1,493
Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	1,316	1,493
Total assets	1,316	1,493
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Individually-evaluated loans	21,346	13,558
Other real estate owned and repossessed assets	87
Total assets	21,433	13,558
Significant Unobservable Inputs (Level 3) [Member] | Obligations of States and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	$ 1,316	$ 1,493

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Fair Value Measurement - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value transfer amount	$ 0	$ 0

XML

Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Inputs Asset Quantitative Information [Line Items]
Other real estate owned and repossessed assets	$ 87
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Individually-evaluated loans	21,346	$ 13,558
Other real estate owned and repossessed assets	87
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Individually-evaluated loans	21,346	$ 13,558
Other real estate owned and repossessed assets	$ 87
Individually-evaluated loans, Appraisal adjustments	(30.00%)	(0.00%)
Individually-evaluated loans, Liquidation expenses		(8.00%)
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Minimum [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Individually-evaluated loans, Liquidation expenses	(5.60%)
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Maximum [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Individually-evaluated loans, Liquidation expenses	(8.00%)
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Weighted Average [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Individually-evaluated loans, Appraisal adjustments	(30.00%)	(0.00%)
Individually-evaluated loans, Liquidation expenses	(6.90%)	(8.00%)

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Fair Value Measurement - Estimates Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Assets
Cash and due from banks	$ 1,369,498	$ 1,251,358
Equity securities	12,757	13,466
Available-for-sale debt securities	2,911,373	3,013,462
Net held-to-maturity debt securities	1,156,917	1,004,555
Loans held for sale	15,959	25,277
Accrued interest receivable	60,370	60,844
Financial Liabilities
Deposits	13,797,874	13,565,863
Federal Home Loan Bank borrowings	123,898	183,920
Other borrowings	158,538	141,893
Subordinated debt and junior subordinated debt	280,743	132,860
Accrued interest payable	1,786	1,901
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial Assets
Cash and due from banks	1,369,498	1,251,358
Equity securities	12,757	13,466
Accrued interest receivable	60,370	60,844
Financial Liabilities
Deposits	12,586,866	12,273,211
Other borrowings	144,160	134,288
Accrued interest payable	1,786	1,901
Significant Other Observable Inputs (Level 2) [Member]
Financial Assets
Available-for-sale debt securities	2,910,057	3,011,969
Net held-to-maturity debt securities	1,092,609	1,028,047
Loans held for sale	15,959	25,277
Other assets - interest rate swaps	30,767	24,867
Financial Liabilities
Deposits	1,218,879	1,302,266
Federal Home Loan Bank borrowings	125,441	185,684
Subordinated debt and junior subordinated debt	281,265	109,186
Other liabilities - interest rate swaps	30,827	26,388
Significant Unobservable Inputs (Level 3) [Member]
Financial Assets
Available-for-sale debt securities	1,316	1,493
Net held-to-maturity debt securities	384	405
Net loans	9,015,392	9,385,917
Financial Liabilities
Subordinated debt and junior subordinated debt
Carrying Amount [Member]
Financial Assets
Cash and due from banks	1,369,498	1,251,358
Equity securities	12,757	13,466
Available-for-sale debt securities	2,911,373	3,013,462
Net held-to-maturity debt securities	1,156,917	1,004,555
Net loans	9,615,407	9,611,856
Loans held for sale	15,959	25,277
Other assets - interest rate swaps	30,767	24,867
Accrued interest receivable	60,370	60,844
Financial Liabilities
Deposits	13,797,874	13,565,863
Federal Home Loan Bank borrowings	123,898	183,920
Other borrowings	158,538	141,893
Subordinated debt and junior subordinated debt	280,743	132,860
Other liabilities - interest rate swaps	30,827	26,388
Accrued interest payable	1,786	1,901
Fair Value Estimate [Member]
Financial Assets
Cash and due from banks	1,369,498	1,251,358
Equity securities	12,757	13,466
Available-for-sale debt securities	2,911,373	3,013,462
Net held-to-maturity debt securities	1,092,993	1,028,452
Net loans	9,015,392	9,385,917
Loans held for sale	15,959	25,277
Other assets - interest rate swaps	30,767	24,867
Accrued interest receivable	60,370	60,844
Financial Liabilities
Deposits	13,805,745	13,575,477
Federal Home Loan Bank borrowings	125,441	185,684
Other borrowings	144,160	134,288
Subordinated debt and junior subordinated debt	281,265	109,186
Other liabilities - interest rate swaps	30,827	26,388
Accrued interest payable	$ 1,786	$ 1,901

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Revenue Recognition - Summary of Revenue Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Revenue Recognition [Line Items]
Total net securities brokerage revenue	$ 2,220	$ 1,524
Debit card sponsorship income		646
Electronic banking fees	5,345	4,365
Mortgage banking income	1,923	4,264
Net (loss) gain on other real estate owned and other assets	(806)	175
Total Service Charges on Deposits [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	6,090	4,894
Trust Account fees [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	$ 5,542	5,313
Point of revenue recognition	Over time
WesMark Fees [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	$ 2,293	2,318
Point of revenue recognition	Over time
Total Trust Fees [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	$ 7,835	7,631
Commercial Banking Fees [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	$ 568	564
Point of revenue recognition	Over time
Personal Service Charges [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	$ 5,522	4,330
Point of revenue recognition	At a point in time and over time
Annuity Commissions [Member]
Schedule Of Revenue Recognition [Line Items]
Total net securities brokerage revenue	$ 1,582	917
Point of revenue recognition	At a point in time
Equity And Debt Security Trades [Member]
Schedule Of Revenue Recognition [Line Items]
Total net securities brokerage revenue	$ 57	76
Point of revenue recognition	At a point in time
Managed Money [Member]
Schedule Of Revenue Recognition [Line Items]
Total net securities brokerage revenue	$ 327	283
Point of revenue recognition	Over time
Trail Commissions [Member]
Schedule Of Revenue Recognition [Line Items]
Total net securities brokerage revenue	$ 254	248
Point of revenue recognition	Over time
Payment Processing Fees [Member]
Schedule Of Revenue Recognition [Line Items]
Payment Processing Fees	$ 741	$ 713
Point of revenue recognition	At a point in time and over time
Debit Card Sponsorship Income [Member]
Schedule Of Revenue Recognition [Line Items]
Point of revenue recognition	At a point in time and over time
Electronic Banking Fees [Member]
Schedule Of Revenue Recognition [Line Items]
Point of revenue recognition	At a point in time
Mortgage [Member]
Schedule Of Revenue Recognition [Line Items]
Point of revenue recognition	At a point in time
Other Real Estate Owned and Other Assets [Member]
Schedule Of Revenue Recognition [Line Items]
Point of revenue recognition	At a point in time and over time

XML

Revenue Recognition - Summary of Revenue Recognition (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue Recognition [Abstract]
Gain (loss) on change in fair value of other real estate owned and other assets not within scope of ASC 606	$ 1.2	$ 0.1

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Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 2,693,166	$ 2,756,737
Amounts reclassified from accumulated other comprehensive loss	55	470
Total other comprehensive gain (loss)	(106,192)	(21,556)
Ending Balance	2,547,316	2,785,522
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(398)	(15,502)
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	54	472
Total other comprehensive gain (loss)	54	472
Ending Balance	(344)	(15,030)
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4,722)	46,861
Other comprehensive loss before reclassifications	(106,247)	(22,026)
Amounts reclassified from accumulated other comprehensive loss	1	(2)
Total other comprehensive gain (loss)	(106,246)	(22,028)
Ending Balance	(110,968)	24,833
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(5,120)	31,359
Other comprehensive loss before reclassifications	(106,247)	(22,026)
Amounts reclassified from accumulated other comprehensive loss	55	470
Total other comprehensive gain (loss)	(106,192)	(21,556)
Ending Balance	$ (111,312)	$ 9,803

XML

Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Percentage of Federal and State income tax rate	24.00%	24.00%

XML

Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net securities gains reclassified into earnings	$ 650	$ (279)
Provision for income taxes	9,859	18,202
Employee benefits (Non-interest expense)	9,158	10,266
Interest and dividends on securities (Interest and dividend income)	(18,456)	(15,037)
Net effect on accumulated other comprehensive income/(loss) for the period	55	470
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net effect on accumulated other comprehensive income/(loss) for the period	1	(2)
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net effect on accumulated other comprehensive income/(loss) for the period	54	472
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net securities gains reclassified into earnings	2	(3)
Provision for income taxes	(1)	1
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	(18)	(150)
Employee benefits (Non-interest expense)	$ 72	$ 622

XML

Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Percentage of Federal and State income tax rate	24.00%	24.00%

XML

Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Allowance for credit losses associated with loan commitments	$ 8.1	$ 7.8
Liability associated with letters of credit	$ 0.2	$ 0.2

XML

Commitments and Contingent Liabilities - Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Lines of credit	$ 3,196,487	$ 2,954,147
Loans approved but not closed	625,607	472,810
Overdraft limits	392,193	370,439
Letters of credit	29,292	29,017
Contingent obligations and other guarantees	$ 58,327	$ 68,235

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Business Segments - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) Segment	Mar. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Operating segments | Segment	2
Trust and Investment Services [Member]
Segment Reporting Information [Line Items]
Market value of assets managed or held in custody by trust and investment services segment	$ 5,400.0	$ 5,200.0
Total non-fiduciary assets of the trust and investment services segment	3.5	3.9
Trust and Investment Services [Member] | Customer-Related Intangible Assets [Member]
Segment Reporting Information [Line Items]
Total non-fiduciary assets of the trust and investment services segment	$ 1.3	$ 1.7

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Business Segments - Financial Information by Business Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Interest and dividend income	$ 112,174	$ 125,054
Interest expense	4,463	8,576
Net interest income	107,711	116,478
Provision for credit losses	(3,438)	(27,958)
Net interest income after provision for credit losses	111,149	144,436
Non-interest income	30,382	33,208
Non-interest expense	87,548	86,327
Income before provision for income taxes	53,983	91,317
Provision for income taxes	9,859	18,202
Net income	44,124	73,115
Preferred stock dividends	2,531	2,531
Net income available to common shareholders	41,593	70,584
Community Banking [Member]
Segment Reporting Information [Line Items]
Interest and dividend income	112,174	125,054
Interest expense	4,463	8,576
Net interest income	107,711	116,478
Provision for credit losses	(3,438)	(27,958)
Net interest income after provision for credit losses	111,149	144,436
Non-interest income	22,547	25,577
Non-interest expense	83,225	82,011
Income before provision for income taxes	50,471	88,002
Provision for income taxes	9,121	17,506
Net income	41,350	70,496
Preferred stock dividends	2,531	2,531
Net income available to common shareholders	38,819	67,965
Trust and Investment Services [Member]
Segment Reporting Information [Line Items]
Non-interest income	7,835	7,631
Non-interest expense	4,323	4,316
Income before provision for income taxes	3,512	3,315
Provision for income taxes	738	696
Net income	2,774	2,619
Net income available to common shareholders	$ 2,774	$ 2,619