Benefit Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [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 June 30,						For the Six Months Ended June 30,
(unaudited, in thousands)	2022			2021			2022			2021
Service cost – benefits earned during year	$	546		$	623		$	1,086		$	1,239
Interest cost on projected benefit obligation		1,026			852			2,039			1,694
Expected return on plan assets		(2,885	)		(2,794	)		(5,738	)		(5,557	)
Amortization of prior service cost		(9	)		(9	)		(17	)		(17	)
Amortization of net loss		126			682			251			1,357
Net periodic pension income	$	(1,196	)	$	(646	)	$	(2,379	)	$	(1,284	)

The service cost of $1.1 million and $1.2 million for the six months ended June 30, 2022 and 2021, respectively, is included in salaries and wages, and periodic pension income of $3.5 million and $2.5 million for the six months ended June 30, 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.