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 September 30, 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 October 26, 2022, there were 59,155,772 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 September 30, 2022 (unaudited) and December 31, 2021	2
	Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 (unaudited)	3
	Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2022 and 2021 (unaudited)	4
	Consolidated Condensed Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (unaudited)	6
	Notes to Consolidated Financial Statements (unaudited)	7
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
3	Quantitative and Qualitative Disclosures About Market Risk	53
4	Controls and Procedures	55
	PART II – OTHER INFORMATION
1	Legal Proceedings	56
2	Unregistered Sales of Equity Securities and Use of Proceeds	56
6	Exhibits	57
	Signatures	58

1

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

WESBANCO, INC. CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
(unaudited, in thousands, except shares)	2022			2021
ASSETS
Cash and due from banks, including interest bearing amounts of $166,215 and $1,094,312, respectively	$	378,556		$	1,251,358
Securities:
Equity securities, at fair value		11,964			13,466
Available-for-sale debt securities, at fair value		2,645,748			3,013,462
Held-to-maturity debt securities (fair values of $1,065,833 and $1,028,452 respectively)		1,262,467			1,004,823
Allowance for credit losses, held-to-maturity debt securities		(225	)		(268	)
Net held-to-maturity debt securities		1,262,242			1,004,555
Total securities		3,919,954			4,031,483
Loans held for sale		12,887			25,277
Portfolio loans, net of unearned income		10,277,662			9,733,478
Allowance for credit losses - loans		(114,584	)		(121,622	)
Net portfolio loans		10,163,078			9,611,856
Premises and equipment, net		221,355			229,016
Accrued interest receivable		63,375			60,844
Goodwill and other intangible assets, net		1,143,896			1,151,634
Bank-owned life insurance		350,806			350,359
Other assets		350,840			215,298
Total Assets	$	16,604,747		$	16,927,125
LIABILITIES
Deposits:
Non-interest bearing demand	$	4,736,722		$	4,590,895
Interest bearing demand		3,201,714			3,380,056
Money market		1,772,481			1,739,750
Savings deposits		2,741,937			2,562,510
Certificates of deposit		991,512			1,292,652
Total deposits		13,444,366			13,565,863
Federal Home Loan Bank borrowings		56,998			183,920
Other short-term borrowings		127,983			141,893
Subordinated debt and junior subordinated debt		281,179			132,860
Total borrowings		466,160			458,673
Accrued interest payable		4,358			1,901
Other liabilities		294,211			207,522
Total Liabilities		14,209,095			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 September 30, 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; 59,304,505 and 62,307,245 shares outstanding at September 30, 2022 and December 31, 2021, respectively		141,834			141,834
Capital surplus		1,634,280			1,635,642
Retained earnings		1,048,532			977,765
Treasury stock (8,776,801 and 5,774,061 shares - at cost, respectively)		(305,033	)		(199,759	)
Accumulated other comprehensive loss		(266,640	)		(5,120	)
Deferred benefits for directors		(1,805	)		(1,680	)
Total Shareholders' Equity		2,395,652			2,693,166
Total Liabilities and Shareholders' Equity	$	16,604,747		$	16,927,125

See Notes to Consolidated Financial Statements.

2

WESBANCO, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(unaudited, in thousands, except shares and per share amounts)	2022			2021			2022			2021
INTEREST AND DIVIDEND INCOME
Loans, including fees	$	109,562		$	103,206		$	299,094		$	318,532
Interest and dividends on securities:
Taxable		17,531			13,481			47,468			37,467
Tax-exempt		4,916			4,063			13,965			11,925
Total interest and dividends on securities		22,447			17,544			61,433			49,392
Other interest income		2,108			628			4,211			1,836
Total interest and dividend income		134,117			121,378			364,738			369,760
INTEREST EXPENSE
Interest bearing demand deposits		2,953			815			4,917			2,859
Money market deposits		968			350			1,672			1,488
Savings deposits		1,067			244			1,662			769
Certificates of deposit		958			1,726			3,347			6,122
Total interest expense on deposits		5,946			3,135			11,598			11,238
Federal Home Loan Bank borrowings		348			1,192			1,334			5,387
Other short-term borrowings		147			33			244			192
Subordinated debt and junior subordinated debt		3,175			1,743			7,123			5,336
Total interest expense		9,616			6,103			20,299			22,153
NET INTEREST INCOME		124,501			115,275			344,439			347,607
Provision for credit losses		(535	)		(1,730	)		(4,785	)		(50,714	)
Net interest income after provision for credit losses		125,036			117,005			349,224			398,321
NON-INTEREST INCOME
Trust fees		6,517			7,289			20,879			22,069
Service charges on deposits		6,942			6,050			19,520			15,820
Electronic banking fees		4,808			5,427			15,307			14,853
Net securities brokerage revenue		2,491			1,965			6,969			5,318
Bank-owned life insurance		1,999			2,656			8,263			6,072
Mortgage banking income		1,257			4,563			4,508			16,656
Net securities gains (losses)		656			(15	)		(1,176	)		740
Net gain (loss) on other real estate owned and other assets		2,040			785			(68	)		4,974
Other income		5,546			4,035			15,420			15,574
Total non-interest income		32,256			32,755			89,622			102,076
NON-INTEREST EXPENSE
Salaries and wages		44,271			39,497			124,421			113,822
Employee benefits		10,693			10,658			28,574			30,191
Net occupancy		6,489			6,825			19,843			20,430
Equipment and software		8,083			7,609			23,795			21,654
Marketing		2,377			1,848			7,546			6,033
FDIC insurance		2,391			1,227			5,850			2,690
Amortization of intangible assets		2,560			2,854			7,738			8,622
Restructuring and merger-related expense		66			4,467			1,712			6,540
Other operating expenses		15,011			19,716			47,032			54,858
Total non-interest expense		91,941			94,701			266,511			264,840
Income before provision for income taxes		65,351			55,059			172,335			235,557
Provision for income taxes		12,318			10,651			32,432			47,445
Net income		53,033			44,408			139,903			188,112
Preferred stock dividends		2,531			2,531			7,594			7,594
Net income available to common shareholders	$	50,502		$	41,877		$	132,309		$	180,518
EARNINGS PER COMMON SHARE
Basic	$	0.85		$	0.64		$	2.19		$	2.72
Diluted	$	0.85		$	0.64		$	2.19		$	2.71
AVERAGE COMMON SHARES OUTSTANDING
Basic		59,549,244			64,931,764			60,336,637			66,354,750
Diluted		59,697,676			65,065,848			60,489,248			66,510,357
DIVIDENDS DECLARED PER COMMON SHARE	$	0.34		$	0.33		$	1.02		$	0.99
COMPREHENSIVE (LOSS) INCOME	$	(37,546	)	$	36,285		$	(121,617	)	$	161,216

See Notes to Consolidated Financial Statements.

3

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

	For the Three Months Ended September 30, 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
June 30, 2022	$	144,484		59,698,788		$	141,834	$	1,632,617		$	1,018,209		$	(291,337	)	$	(176,061	)	$	(1,795	)	$	2,467,951
Net income		—		—			—		—			53,033			—			—			—			53,033
Other comprehensive loss		—		—			—		—			—			—			(90,579	)		—			(90,579	)
Comprehensive loss		—		—			—		—			—			—			—			—			(37,546	)
Common dividends declared ($0.34 per share)		—		—			—		—			(20,024	)		—			—			—			(20,024	)
Preferred dividends declared ($16.875 per share)		—		—			—		—			(2,531	)		—			—			—			(2,531	)
Stock issued for dividend reinvestment		—		4,832			—		—			(155	)		155			—			—			—
Treasury shares acquired		—		(409,340	)		—		—			—			(14,180	)		—			—			(14,180	)
Stock options exercised		—		10,225			—		(78	)		—			329			—			—			251
Restricted stock granted		—		—			—		—			—			—			—			—			—
Stock compensation expense		—		—			—		1,727			—			—			—			—			1,727
Deferred benefits for directors- net		—		—			—		14			—			—			—			(10	)		4
September 30, 2022	$	144,484		59,304,505		$	141,834	$	1,634,280		$	1,048,532		$	(305,033	)	$	(266,640	)	$	(1,805	)	$	2,395,652
June 30, 2021	$	144,484		65,970,149		$	141,834	$	1,632,460		$	925,977		$	(74,996	)	$	12,586		$	(1,509	)	$	2,780,836
Net income		—	—			—		—				44,408		—			—			—				44,408
Other comprehensive income		—	—			—		—			—			—				(8,123	)	—				(8,123	)
Comprehensive income		—	—			—		—				—		—			—			—				36,285
Common dividends declared ($0.33 per share)		—	—			—		—				(21,108	)	—			—			—				(21,108	)
Preferred dividends declared ($16.875 per share)		—		—			—		—			(2,531	)		—			—			—			(2,531	)
Treasury shares acquired		—		(2,138,515	)	—			—		—				(71,346	)	—			—				(71,346	)
Stock options exercised		—		750			—		(10	)		—			26			—			—			16
Restricted stock granted		—		6,165		—			(214	)	—				214		—			—				—
Stock compensation expense		—	—			—			1,836		—			—			—			—				1,836
Deferred benefits for directors- net		—	—			—			14		—			—			—				(19	)		(5	)
September 30, 2021	$	144,484		63,838,549		$	141,834	$	1,634,086		$	946,746		$	(146,102	)	$	4,463		$	(1,528	)	$	2,723,983

4

	For the Nine Months Ended September 30, 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		—		—			—		—			139,903			—			—			—			139,903
Other comprehensive loss		—		—			—		—			—			—			(261,520	)		—			(261,520	)
Comprehensive loss		—		—			—		—			—			—			—			—			(121,617	)
Common dividends declared ($1.02 per share)		—		—			—		—			(60,750	)		—			—			—			(60,750	)
Preferred dividends declared ($16.875 per share)		—		—			—		—			(7,594	)		—			—			—			(7,594	)
Stock issued for dividend reinvestment		—		23,478			—		—			(792	)		792			—			—			—
Treasury shares acquired		—		(3,250,383	)		—		—			—			(113,600	)		—			—			(113,600	)
Stock options exercised		—		59,959			—		(384	)		—			2,013			—			—			1,629
Restricted stock granted		—		164,206			—		(5,521	)		—			5,521			—			—			—
Stock compensation expense		—		—			—		4,519			—			—			—			—			4,519
Deferred benefits for directors- net		—		—			—		24			—			—			—			(125	)		(101	)
September 30, 2022	$	144,484		59,304,505		$	141,834	$	1,634,280		$	1,048,532		$	(305,033	)	$	(266,640	)	$	(1,805	)	$	2,395,652
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		—		—			—		—			188,112			—			—			—			188,112
Other comprehensive loss		—		—			—		—			—			—			(26,896	)		—			(26,896	)
Comprehensive income		—		—			—		—			—			—			—			—			161,216
Common dividends declared ($0.99 per share)		—		—			—		—			(65,069	)		—			—			—			(65,069	)
Preferred dividends declared ($16.875 per share)		—		—			—		—			(7,594	)		—			—			—			(7,594	)
Stock issued for dividend reinvestment		—		11,720			—		—			(391	)		391			—			—			—
Treasury shares acquired		—		(3,649,091	)		—		191			—			(128,197	)		—			—			(128,006	)
Stock options exercised		—		92,393			—		(867	)		—			3,167			—			—			2,300
Restricted stock granted		—		128,821			—		(4,486	)		—			4,486			—			—			—
Stock compensation expense		—		—			—		4,415			—			—			—			—			4,415
Deferred benefits for directors- net		—		—			—		18			—			—			—			(34	)		(16	)
September 30, 2021	$	144,484	$	63,838,549		$	141,834	$	1,634,086		$	946,746		$	(146,102	)	$	4,463		$	(1,528	)	$	2,723,983

See Notes to Consolidated Financial Statements.

5

WESBANCO, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

	For the Nine Months Ended September 30,
(unaudited, in thousands)	2022			2021
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	196,674		$	276,138
INVESTING ACTIVITIES
Net (increase) decrease in loans held for investment		(533,917	)		919,999
Available-for-sale debt securities:
Proceeds from maturities, prepayments and calls		484,434			636,120
Purchases of securities		(468,399	)		(1,691,731	)
Held-to-maturity debt securities:
Proceeds from maturities, prepayments and calls		75,247			77,806
Purchases of securities		(335,042	)		(302,710	)
Purchases of bank owned life insurance		—			(40,000	)
Proceeds from bank owned life insurance		7,816			2,375
Purchases of premises and equipment – net		(5,281	)		(5,856	)
Net cash used in investing activities		(775,142	)		(403,997	)
FINANCING ACTIVITIES
(Decrease) increase in deposits		(119,900	)		997,027
Repayment of Federal Home Loan Bank borrowings		(126,980	)		(340,153	)
Decrease in other short-term borrowings		(13,910	)		(89,404	)
Principal repayments of finance lease obligations		(389	)		(331	)
Issuance of subordinated debt, net of issuance costs		147,702			—
Repayment of subordinated and junior subordinated debt		—			(25,000	)
Dividends paid to common shareholders		(61,292	)		(65,311	)
Dividends paid to preferred shareholders		(7,594	)		(7,594	)
Treasury shares purchased - net		(111,971	)		(125,706	)
Net cash (used in) provided by financing activities		(294,334	)		343,528
Net (decrease) increase in cash, cash equivalents and restricted cash		(872,802	)		215,669
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	$	378,556		$	1,121,116
SUPPLEMENTAL DISCLOSURES
Interest paid on deposits and other borrowings	$	18,763		$	26,547
Income taxes paid		21,820			34,595
Transfers of loans to other real estate owned		1,554			526

See Notes to Consolidated Financial Statements.

6

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 2022-04 Liabilities – Supplier Finance Programs (Sub-topic 405-50)

In September 2022, the FASB issued ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50).” The amendments in this ASU require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Wesbanco is currently assessing the impact of ASU 2022-04 on its Consolidated Financial Statements.

ASU 2022-03 Fair Value Measurement (Topic 820)

In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820).” The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered in measuring fair value. Furthermore, the amendments to this ASU clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update to this ASU requires the following disclosures for equity securities: (1) The fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; (2) The nature and remaining duration of the restriction(s) and; (3) The circumstances that could cause a lapse in the restriction(s). The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Wesbanco is currently assessing the impact of ASU 2022-03 on its Consolidated Financial Statements.

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.

7

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.

NOTE 2. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(unaudited, in thousands, except shares and per share amounts)	2022		2021		2022		2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	50,502	$	41,877	$	132,309	$	180,518
Denominator:
Total average basic common shares outstanding		59,549,244		64,931,764		60,336,637		66,354,750
Effect of dilutive stock options and other stock compensation		148,432		134,084		152,611		155,607
Total diluted average common shares outstanding		59,697,676		65,065,848		60,489,248		66,510,357
Earnings per common share - basic	$	0.85	$	0.64	$	2.19	$	2.72
Earnings per common share - diluted	$	0.85	$	0.64	$	2.19	$	2.71

As of September 30, 2022 and 2021, 522,711 and 534,961 options to purchase shares were not included in the diluted share computation for the three and nine months ended September 30, 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 September 30, 2022, an aggregate of 36,000 contingently issuable shares were estimated to be awarded under the 2022 and 2021 total shareholder return ("TSR") plans, as stock performance targets had been met as of such date and therefore those shares were included in the diluted calculation. As of September 30, 2022, no shares related to the 2020 TSR plan were included in the calculation because the effect would be antidilutive. As of September 30, 2021, no shares related to the 2021, 2020 and 2019 TSR plans were included in the calculation because the effect would be antidilutive.

In addition, performance-based restricted stock ("PBRS") compensation totaling 55,230 and 61,267 shares were estimated to be awarded as of September 30, 2022 and September 30, 2021, respectively, and are included in the diluted calculation for both the three and nine months then ended.

8

NOTE 3. SECURITIES

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

	September 30, 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	$	263,336	$	1	$	(34,491	)	$	228,846	$	236,096	$	3,922	$	(3,040	)	$	236,978
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,210,727		20		(301,086	)		1,909,661		2,301,170		16,489		(32,446	)		2,285,213
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		407,299		3		(9,004	)		398,298		364,486		4,252		(1,245	)		367,493
Obligations of states and political subdivisions		99,643		69		(5,886	)		93,826		101,003		5,372		(35	)		106,340
Corporate debt securities		15,448		1		(332	)		15,117		16,940		507		(9	)		17,438
Total available-for-sale debt securities	$	2,996,453	$	94	$	(350,799	)	$	2,645,748	$	3,019,695	$	30,542	$	(36,775	)	$	3,013,462
Held-to-maturity debt securities
U.S. Government sponsored entities and agencies	$	4,871	$	—	$	(474	)	$	4,397	$	5,944	$	72	$	(8	)	$	6,008
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		47,973		—		(4,213	)		43,760		58,147		1,409		(16	)		59,540
Obligations of states and political subdivisions		1,189,219		204		(191,468	)		997,955		907,649		23,854		(3,500	)		928,003
Corporate debt securities		20,404		—		(683	)		19,721		33,083		1,818		—			34,901
Total held-to-maturity debt securities (1)	$	1,262,467	$	204	$	(196,838	)	$	1,065,833	$	1,004,823	$	27,153	$	(3,524	)	$	1,028,452
Total debt securities	$	4,258,920	$	298	$	(547,637	)	$	3,711,581	$	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 $0.2 million at September 30, 2022 and $0.3 million at December 31, 2021.

At September 30, 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 $9.4 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 $12.0 million and $13.5 million at September 30, 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 September 30, 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
Within one year	$	31,190	$	30,874
After 1 year through 5 years		153,759		149,576
After 5 years through 10 years		474,806		452,056
After 10 years		2,336,698		2,013,242
Total available-for-sale debt securities	$	2,996,453	$	2,645,748
Held-to-maturity debt securities
Within one year	$	26,906	$	26,820
After 1 year through 5 years		99,676		97,773
After 5 years through 10 years		350,392		321,926
After 10 years		785,493		619,314
Total held-to-maturity debt securities	$	1,262,467	$	1,065,833
Total debt securities	$	4,258,920	$	3,711,581

9

Securities with an aggregate fair value of $2.0 billion and $2.1 billion at September 30, 2022 and December 31, 2021, respectively, were pledged as security for public and trust funds, and securities sold under agreements to repurchase. There were no sales of available-for-sale securities during the nine months ended September 30, 2022 and 2021. Net unrealized losses on available-for-sale securities included in accumulated other comprehensive income, net of tax, as of September 30, 2022 and December 31, 2021 were $266.4 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 and nine months ended September 30, 2022 and 2021, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) 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 September 30,						For the Nine Months Ended September 30,
(unaudited, in thousands)	2022			2021			2022			2021
Debt securities:
Gross realized gains	$	30		$	22		$	168		$	222
Gross realized losses		(1	)		(2	)		(12	)		(41	)
Net gains on debt securities		29			20			156			181
Equity securities:
Net unrealized gains (losses) recognized on securities still held		627			(35	)		(1,332	)		559
Net securities gains (losses)	$	656		$	(15	)	$	(1,176	)	$	740

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 $9.5 million and $7.0 million as of September 30, 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 nine months ended September 30, 2022 and 2021:

	Allowance for Credit Losses By Category
	For the Nine Months Ended September 30, 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		—		—		(2	)		(41	)		(43	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at September 30, 2022	$	—	$	—	$	172		$	53		$	225
.
Balance at December 31, 2020	$	—	$	—	$	130		$	196		$	326
Current period provision		—		—		35			(104	)		(69	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at September 30, 2021	$	—	$	—	$	165		$	92		$	257

10

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 September 30, 2022 and December 31, 2021, respectively:

	September 30, 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	$	110,981	$	(9,122	)		36	$	117,687	$	(25,369	)		12	$	228,668	$	(34,491	)		48
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		802,738		(79,719	)		374		1,104,411		(221,367	)		128		1,907,149		(301,086	)		502
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		254,304		(5,485	)		50		143,797		(3,519	)		26		398,101		(9,004	)		76
Obligations of state and political subdivisions		79,251		(4,725	)		149		3,171		(1,161	)		2		82,422		(5,886	)		151
Corporate debt and other securities		14,129		(319	)		6		487		(13	)		1		14,616		(332	)		7
Total	$	1,261,403	$	(99,370	)		615	$	1,369,553	$	(251,429	)		169	$	2,630,956	$	(350,799	)		784

	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 $11.4 million and $15.9 million at September 30, 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 costs were $9.9 million and $3.3 million at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, respectively, the balance also included $0.5 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 $19.7 million at September 30, 2022 and $25.9 million at December 31, 2021.

	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	955,644	$	833,880
Improved property		4,875,740		4,705,088
Total commercial real estate		5,831,384		5,538,968
Commercial and industrial		1,503,848		1,427,645
Commercial and industrial - PPP		13,008		162,675
Residential real estate		2,010,344		1,721,378
Home equity		609,765		605,682
Consumer		309,313		277,130
Total portfolio loans		10,277,662		9,733,478
Loans held for sale		12,887		25,277
Total loans	$	10,290,549	$	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 September 30, 2022, the one-year forecast was based upon a blended rate from three nationally-recognized published economic forecasts through September 30, 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 at 4.2% in the first quarter of the one-year forecast period, with subsequent increases to an average of 4.7% over the remainder of the forecast period. The calculation utilized an immediate reversion 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 September 30, 2022, accrued interest receivable for loans was $46.5 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 $0.2 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 September 30, 2022, accrued interest related to COVID-19 loan modifications as permitted under the CARES Act was $18.8 million.

12

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 Nine Months Ended September 30, 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		1,369			(12,082	)		2,160			1,133			37			1,216			260			(5,907	)
Provision for loan commitments		1,618			(201	)		(1,214	)		788			7			165			—			1,163
Total provision for credit    losses - loans and loan    commitments		2,987			(12,283	)		946			1,921			44			1,381			260			(4,744	)
Charge-offs		(73	)		(642	)		(983	)		(282	)		(266	)		(2,511	)		(1,215	)		(5,972	)
Recoveries		25			899			871			483			293			1,992			278			4,841
Net (charge-offs) recoveries		(48	)		257			(112	)		201			27			(519	)		(937	)		(1,131	)
Balance at September 30, 2022
Allowance for credit    losses - loans		8,631			53,530			28,923			16,735			788			4,434			1,543			114,584
Allowance for credit    losses - loan commitments		5,798			—			283			2,364			56			437			—			8,938
Total ending allowance for credit    losses - loans and loan    commitments	$	14,429		$	53,530		$	29,206		$	19,099		$	844		$	4,871		$	1,543		$	123,522
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		(3,665	)		(29,171	)		(10,669	)		(3,481	)		(877	)		(2,268	)		1,709			(48,422	)
Provision for loan commitments		(2,829	)		(394	)		451			254			7			287			—			(2,224	)
Total provision for credit    losses - loans and loan    commitments		(6,494	)		(29,565	)		(10,218	)		(3,227	)		(870	)		(1,981	)		1,709			(50,646	)
Charge-offs		(22	)		(933	)		(1,717	)		(842	)		(382	)		(2,210	)		(932	)		(7,038	)
Recoveries		110			1,053			1,737			885			471			1,718			264			6,238
Net (charge-offs) recoveries		88			120			20			43			89			(492	)		(668	)		(800	)
Balance at September 30, 2021
Allowance for credit    losses - loans		7,264			81,601			27,201			14,413			699			3,747			1,680			136,605
Allowance for credit    losses - loan commitments		3,679			318			1,726			1,209			52			306			—			7,290
Total ending allowance for credit    losses - loans and loan    commitments	$	10,943		$	81,919		$	28,927		$	15,622		$	751		$	4,053		$	1,680		$	143,895

13

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
September 30, 2022
Allowance for credit losses:
Loans individually-evaluated	$	297	$	3,940	$	184	$	—	$	—	$	—	$	—	$	4,421
Loans collectively-evaluated		8,334		49,590		28,739		16,735		788		4,434		1,543		110,163
Loan commitments		5,798		—		283		2,364		56		437		—		8,938
Total allowance for credit    losses - loans and commitments	$	14,429	$	53,530	$	29,206	$	19,099	$	844	$	4,871	$	1,543	$	123,522
Portfolio loans:
Individually-evaluated for credit    losses	$	1,115	$	30,732	$	437	$	—	$	—	$	—	$	—	$	32,284
Collectively-evaluated for credit    losses		954,529		4,845,008		1,516,419		2,010,344		609,765		309,313		—		10,245,378
Total portfolio loans	$	955,644	$	4,875,740	$	1,516,856	$	2,010,344	$	609,765	$	309,313	$	—	$	10,277,662
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.

14

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, including guarantees.

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 September 30, 2022
Pass	$	923,333	$	4,698,327	$	1,476,543	$	7,098,203
Criticized - compromised		25,180		113,584		24,412		163,176
Classified - substandard		7,131		63,829		15,901		86,861
Classified - doubtful		—		—		—		—
Total	$	955,644	$	4,875,740	$	1,516,856	$	7,348,240
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 $26.5 million at September 30, 2022 and $30.2 million at December 31, 2021, of which $7.0 million and $7.4 million were accruing, for each period, respectively. These loans are not included in the tables above. In addition, $27.3 million and $21.7 million of unfunded commercial loan commitments are also not included in the tables above at September 30, 2022 and December 31, 2021, respectively.

15

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 September 30, 2022
Commercial real estate:
Land and construction	$	955,075	$	134	$	140	$	295	$	569	$	955,644	$	295
Improved property		4,852,702		2,473		2,143		18,422		23,038		4,875,740		13,913
Total commercial real estate		5,807,777		2,607		2,283		18,717		23,607		5,831,384		14,208
Commercial and industrial		1,500,637		4,717		3,486		8,016		16,219		1,516,856		6,082
Residential real estate		1,998,214		1,079		2,758		8,293		12,130		2,010,344		2,456
Home equity		603,115		2,571		782		3,297		6,650		609,765		1,006
Consumer		305,452		2,288		895		678		3,861		309,313		559
Total portfolio loans		10,215,195		13,262		10,204		39,001		62,467		10,277,662		24,311
Loans held for sale		12,887		—		—		—		—		12,887		—
Total loans	$	10,228,082	$	13,262	$	10,204	$	39,001	$	62,467	$	10,290,549	$	24,311
Nonperforming loans included above are as follows:
Non-accrual loans	$	12,189	$	721	$	882	$	14,392	$	15,995	$	28,184
TDRs accruing interest		4,258		27		-		298		325		4,583
Total nonperforming loans	$	16,447	$	748	$	882	$	14,690	$	16,320	$	32,767
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.

16

The following tables summarize nonperforming loans:

	Nonperforming Loans
	September 30, 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	$	—	$	—	$	—	$	74	$	73	$	—
Improved property		8,424		6,767		—		9,846		8,089		—
Commercial and industrial		4,489		3,562		—		6,528		5,256		—
Residential real estate		22,264		17,125		—		25,492		20,065		—
Home equity		6,486		4,928		—		6,985		5,440		—
Consumer		698		385		—		869		565		—
Total nonperforming loans without a specific allowance		42,361		32,767		—		49,794		39,488		—
Total nonperforming loans with a specific allowance		—		—		—		—		—		—
Total nonperforming loans	$	42,361	$	32,767	$	—	$	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										For the Nine Months Ended
	September 30, 2022					September 30, 2021					September 30, 2022				September 30, 2021
	Average		Interest			Average		Interest			Average		Interest		Average		Interest
	Recorded		Income			Recorded		Income			Recorded		Income		Recorded		Income
(unaudited, in thousands)	Investment		Recognized			Investment		Recognized			Investment		Recognized		Investment		Recognized
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	27	$	(2	)	$	110	$	—		$	70	$	—	$	202	$	—
Improved property		7,086		57			6,271		6			7,505		71		6,987		23
Commercial and industrial		4,010		5			5,021		(2	)		4,514		8		3,783		1
Residential real estate		17,467		24			21,549		(15	)		18,327		96		21,198		125
Home equity		5,046		14			5,544		—			5,279		20		5,591		9
Consumer		396		1			411		1			468		3		384		2
Total nonperforming loans without a specific allowance		34,030		99			38,906		(10	)		36,163		198		38,145		160
With a specific allowance recorded:
Commercial real estate:
Land and construction		—		—			—		—			—		—		—		—
Improved property		—		—			2,084		—			—		—		2,087		—
Total nonperforming loans with a specific allowance		—		—			2,084		—			—		—		2,087		—
Total nonperforming loans	$	34,030	$	99		$	40,990	$	(10	)	$	36,163	$	198	$	40,232	$	160

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

	Non-accrual Loans (1)
	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	—	$	73
Improved property		5,339		7,715
Total commercial real estate		5,339		7,788
Commercial and industrial		3,388		5,064
Residential real estate		14,470		17,190
Home equity		4,642		5,163
Consumer		345		537
Total	$	28,184	$	35,742

(1)At September 30, 2022, there was one borrower with a loan balance greater than $1.0 million, which totaled $1.1 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.

17

	TDRs
	September 30, 2022						December 31, 2021
(unaudited, in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Commercial real estate:
Land and construction	$	—	$	—	$	—	$	—	$	—	$	—
Improved property		1,428		29		1,457		374		133		507
Total commercial real estate		1,428		29		1,457		374		133		507
Commercial and industrial		174		—		174		192		—		192
Residential real estate		2,655		1,503		4,158		2,875		1,156		4,031
Home equity		286		224		510		277		258		535
Consumer		40		—		40		28		—		28
Total	$	4,583	$	1,756	$	6,339	$	3,746	$	1,547	$	5,293

As of September 30, 2022, there was one TDR greater than $1.0 million, which totaled $1.1 million; there were no such TDRs as of December 31, 2021. 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 $0.1 million as of both September 30, 2022 and December 31, 2021.

The following table presents details related to loans identified as TDRs during the three and nine months ended September 30, 2022 and 2021, respectively:

	New TDRs (1)
	For the Three Months Ended
	September 30, 2022						September 30, 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		—	$	—	$	—		—	$	—	$	—
Improved property		1		1,097		1,075		—		—		—
Total commercial real estate		1		1,097		1,075		—		—		—
Commercial and industrial		—		—		—		—		—		—
Residential real estate		—		—		—		1		102		101
Home equity		—		—		—		—		—		—
Consumer		—		—		—		—		—		—
Total		1	$	1,097	$	1,075		1	$	102	$	101
	New TDRs (1)
	For the Nine Months Ended
	September 30, 2022						September 30, 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	$	—		—	$	—	$	—
Improved property		2		1,286		1,075		—		—		—
Total commercial real estate		3		1,370		1,075		—		—		—
Commercial and industrial		—		—		—		—		—		—
Residential real estate		—		—		—		1		103		101
Home equity		—		—		—		1		57		55
Consumer		—		—		—		—		—		—
Total		3	$	1,370	$	1,075		2	$	160	$	156

(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.

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The following table summarizes TDRs which defaulted (defined as past due 90 days) during the nine months ended September 30, 2022 and 2021, respectively, that were restructured within the last twelve months prior to September 30, 2022 and 2021, respectively.

	Defaulted TDRs (1)
	For the Nine Months Ended
	September 30, 2022				September 30, 2021
	Number of		Recorded		Number of		Recorded
(unaudited, dollars in thousands)	Defaults		Investment		Defaults		Investment
Commercial real estate:
Land and construction		—	$	—		—	$	—
Improved property		—		—		—		—
Total commercial real estate		—		—		—		—
Commercial and industrial		—		—		—		—
Residential real estate		—		—		1		234
Home equity		—		—		—		—
Consumer		—		—		—		—
Total		—	$	—		1	$	234

(1)Excludes loans that were either charged-off or cured by period end. The recorded investment is as of September 30, 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. The loans in the table above were not accruing interest.

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 $32.6 million remain in their deferral period as of September 30, 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.

19

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

	Loans As of September 30, 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	$	129,030	$	155,816	$	164,359	$	182,096	$	92,973	$	54,518	$	93,043	$	51,498	$	923,333
Criticized - compromised		—		393		—		—		24,448		339		—		—		25,180
Classified - substandard		—		—		6,001		—		—		1,130		—		—		7,131
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	129,030	$	156,209	$	170,360	$	182,096	$	117,421	$	55,987	$	93,043	$	51,498	$	955,644
Commercial real estate: improved property
Risk rating:
Pass	$	799,090	$	617,653	$	619,263	$	539,169	$	359,321	$	1,654,366	$	82,767	$	26,698	$	4,698,327
Criticized - compromised		134		989		2,602		6,153		13,343		89,320		1,043		—		113,584
Classified - substandard		—		—		402		16,951		9,911		36,531		34		—		63,829
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	799,224	$	618,642	$	622,267	$	562,273	$	382,575	$	1,780,217	$	83,844	$	26,698	$	4,875,740
Commercial and industrial
Risk rating:
Pass	$	193,429	$	203,882	$	124,640	$	79,989	$	109,885	$	260,849	$	492,838	$	11,031	$	1,476,543
Criticized - compromised		297		728		298		8,695		199		2,359		7,592		4,244		24,412
Classified - substandard		—		3,383		1,001		2,388		405		2,585		558		5,581		15,901
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	193,726	$	207,993	$	125,939	$	91,072	$	110,489	$	265,793	$	500,988	$	20,856	$	1,516,856
Residential real estate
Loan delinquency:
Current	$	393,074	$	640,158	$	238,285	$	99,970	$	61,470	$	500,020	$	—	$	65,237	$	1,998,214
30-59 days past due		—		—		—		—		—		1,079		—		—		1,079
60-89 days past due		—		365		—		282		101		2,010		—		—		2,758
90 days or more past due		—		—		—		287		120		7,840		—		46		8,293
Total	$	393,074	$	640,523	$	238,285	$	100,539	$	61,691	$	510,949	$	—	$	65,283	$	2,010,344
Home equity
Loan delinquency:
Current	$	14,454	$	874	$	575	$	1,146	$	888	$	17,428	$	567,035	$	715	$	603,115
30-59 days past due		39		—		—		93		77		908		1,454		—		2,571
60-89 days past due		175		—		376		26		115		90		—		—		782
90 days or more past due		—		66		117		85		199		2,091		—		739		3,297
Total	$	14,668	$	940	$	1,068	$	1,350	$	1,279	$	20,517	$	568,489	$	1,454	$	609,765
Consumer
Loan delinquency:
Current	$	68,756	$	40,850	$	29,033	$	30,726	$	10,761	$	28,804	$	96,352	$	170	$	305,452
30-59 days past due		661		653		346		71		75		330		152		—		2,288
60-89 days past due		267		280		118		37		47		146		—		—		895
90 days or more past due		118		178		95		40		16		214		17		—		678
Total	$	69,802	$	41,961	$	29,592	$	30,874	$	10,899	$	29,494	$	96,521	$	170	$	309,313

20

	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:

	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Other real estate owned	$	1,467	$	—
Repossessed assets		128		—
Total other real estate owned and repossessed assets	$	1,595	$	—

Residential real estate included in other real estate owned was $0.1 million and $0 at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, formal foreclosure proceedings were in process on residential real estate loans totaling $3.7 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 during the first quarter of 2022, there are currently no loans suspended from entering foreclosure proceedings.

21

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 the Bank's 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 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 September 30, 2022 and December 31, 2021, Wesbanco had 147 and 135 customer interest rate swaps with an aggregate notional amount of $816.2 million and $730.6 million, respectively, related to this program. Wesbanco recognized income for the related swap fees of $1.6 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively, and $2.7 million and $3.3 million for the nine months ended September 30, 2022 and 2021, respectively.

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 September 30, 2022 and December 31, 2021, Wesbanco had 14 and 13 risk participation-in agreements with an aggregate notional amount of $152.3 million and $128.2 million, respectively. As of September 30, 2022 and December 31, 2021, Wesbanco had one risk participation-out agreement with an aggregate notional amount of $9.6 million and $9.8 million, respectively.

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 $32.0 million and $48.5 million at September 30, 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 September 30, 2022 and December 31, 2021:

	September 30, 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	$	816,188	$	76,381	$	74,514	$	730,552	$	24,867	$	26,388
Other contracts:
Interest rate loan commitments		16,936		—		438		28,994		9		—
Forward TBA contracts		32,000		1,074		—		48,500	—			21
Total derivatives			$	77,455	$	74,952			$	24,876	$	26,409

22

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 and nine months ended September 30, 2022 and 2021, respectively.

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(unaudited, in thousands)	Location of Gain/(Loss)	2022			2021			2022			2021
Interest rate swaps	Other income	$	786		$	378		$	3,389		$	2,106
Interest rate loan commitments	Mortgage banking income		(491	)		(226	)		(447	)		(678	)
Forward TBA contracts	Mortgage banking income		1,147			(278	)		3,195			2,621
Total		$	1,442		$	(126	)	$	6,137		$	4,049

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.

Dependent upon the net present value of the underlying swaps, Wesbanco has minimum collateral posting thresholds with certain of its derivative counterparties. If Wesbanco had breached any of these provisions at September 30, 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 counterparties. In certain market situations, Wesbanco can also request collateral from the derivative counterparties. Due to the current rise in interest rates, as of September 30, 2022, Wesbanco is holding collateral from various derivative counterparties with a market value of $44.6 million.

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 September 30,						For the Nine Months Ended September 30,
(unaudited, in thousands)	2022			2021			2022			2021
Service cost – benefits earned during year	$	552		$	630		$	1,638		$	1,869
Interest cost on projected benefit obligation		1,037			861			3,076			2,555
Expected return on plan assets		(2,917	)		(2,825	)		(8,655	)		(8,382	)
Amortization of prior service cost		(9	)		(9	)		(26	)		(26	)
Amortization of net loss		128			690			379			2,047
Net periodic pension income	$	(1,209	)	$	(653	)	$	(3,588	)	$	(1,937	)

The service cost of $1.6 million and $1.9 million for the nine months ended September 30, 2022 and 2021, respectively, is included in salaries and wages, and periodic pension income of $5.2 million and $3.8 million for the nine months ended September 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.

23

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.

Collateral dependent loans: Collateral dependent loans are carried at the amortized cost basis less the specific allowance calculated under CECL. Collateral dependent 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.

24

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 September 30, 2022 and December 31, 2021:

			September 30, 2022
			Fair Value Measurements Using:
	September 30,		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	$	11,964	$	11,964	$	—	$	—
Available-for-sale debt securities
U.S. Government sponsored entities and agencies		228,846		—		228,846		—
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,909,661		—		1,909,661		—
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		398,298		—		398,298		—
Obligations of states and political subdivisions		93,826		—		92,651		1,175
Corporate debt securities		15,117		—		15,117		—
Total available-for-sale debt securities	$	2,645,748	$	—	$	2,644,573	$	1,175
Loans held for sale		12,887		—		12,887		—
Other assets - interest rate swaps		76,381		—		76,381		—
Total assets recurring fair value measurements	$	2,746,980	$	11,964	$	2,733,841	$	1,175
Other liabilities - interest rate swaps	$	74,514	$	—	$	74,514	$	—
Total liabilities recurring fair value measurements	$	74,514	$	—	$	74,514	$	—
Nonrecurring fair value measurements
Collateral dependent loans	$	5,186	$	—	$	—	$	5,186
Other real estate owned and repossessed assets		1,595		—		—		1,595
Total nonrecurring fair value measurements	$	6,781	$	—	$	—	$	6,781

			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
Collateral dependent loans	$	13,558	$	—	$	—	$	13,558
Other real estate owned and repossessed assets		—		—		—		—
Total nonrecurring fair value measurements	$	13,558	$	—	$	—	$	13,558

25

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 and nine months ended September 30, 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)
September 30, 2022
Collateral dependent loans	$	5,186	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)
Other real estate owned and repossessed assets	$	1,595	Appraisal of collateral (1), (3)
December 31, 2021
Collateral dependent loans	$	13,558	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)

(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
					September 30, 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	$	378,556	$	378,556	$	378,556	$	—	$	—
Equity securities		11,964		11,964		11,964		—		—
Available-for-sale debt securities		2,645,748		2,645,748		—		2,644,573		1,175
Net held-to-maturity debt securities		1,262,242		1,065,833		—		1,065,490		343
Net loans		10,163,078		9,026,768		—		—		9,026,768
Loans held for sale		12,887		12,887		—		12,887		—
Other assets - interest rate swaps		76,381		76,381		—		76,381		—
Accrued interest receivable		63,375		63,375		63,375		—		—
Financial Liabilities
Deposits		13,444,366		13,460,664		12,452,854		1,007,810		—
Federal Home Loan Bank borrowings		56,998		56,574		—		56,574		—
Other borrowings		127,983		114,067		114,067		—		—
Subordinated debt and junior subordinated debt		281,179		259,546		—		259,546		—
Other liabilities - interest rate swaps		74,514		74,514		—		74,514		—
Accrued interest payable		4,358		4,358		4,358		—		—

26

					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 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 and nine months ended September 30, 2022 and 2021, respectively:

	Point of Revenue	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(unaudited, in thousands)	Recognition	2022		2021		2022			2021
Revenue Streams
Trust fees
Trust account fees	Over time	$	4,456	$	4,768	$	14,413		$	14,792
WesMark fees	Over time		2,061		2,521		6,466			7,277
Total trust fees			6,517		7,289		20,879			22,069
Service charges on deposits
Commercial banking fees	Over time		606		464		1,776			1,629
Personal service charges	At a point in time and over time		6,336		5,586		17,744			14,191
Total service charges on deposits			6,942		6,050		19,520			15,820
Net securities brokerage revenue
Annuity commissions	At a point in time		1,932		1,169		5,193			3,237
Equity and debt security trades	At a point in time		29		73		94			206
Managed money	Over time		290		311		944			885
Trail commissions	Over time		240		412		738			990
Total net securities brokerage revenue			2,491		1,965		6,969			5,318
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		818		773		2,436			2,234
Electronic banking fees	At a point in time		4,808		5,427		15,307			14,853
Mortgage banking income	At a point in time		1,257		4,563		4,508			16,656
Net gain (loss) on other real estate owned and other assets (2)	At a point in time and over time		2,040		785		(68	)		4,974

(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 gains of $1.5 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively, and (losses) gains of ($1.0) million and $4.2 million for the nine months ended September 30, 2022 and 2021, respectively.

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NOTE 9. COMPREHENSIVE INCOME/(LOSS)

The activity in accumulated other comprehensive income/(loss) for the nine months ended September 30, 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		—			(261,693	)		(261,693	)
Amounts reclassified from accumulated other comprehensive loss		165			8			173
Period change		165			(261,685	)		(261,520	)
Balance at September 30, 2022	$	(233	)	$	(266,407	)	$	(266,640	)
Balance at December 31, 2020	$	(15,502	)	$	46,861		$	31,359
Other comprehensive loss before reclassifications		—			(28,292	)		(28,292	)
Amounts reclassified from accumulated other comprehensive loss		1,431			(35	)		1,396
Period change		1,431			(28,327	)		(26,896	)
Balance at September 30, 2021	$	(14,071	)	$	18,534		$	4,463

(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 and nine months ended September 30, 2022 and 2021:

Details about Accumulated Other Comprehensive Income/(Loss) Components	For the Three Months Ended September 30,						For the Nine Months Ended September 30,						Affected Line Item in the Statement of Comprehensive Income
(unaudited, in thousands)	2022			2021			2022			2021
Debt securities available-for-sale (1):
Net securities gains reclassified into earnings	$	—		$	(12	)	$	10		$	(46	)	Net securities gains (Non-interest income)
Related income tax expense ⁽²⁾		—			3			(2	)		11		Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		—			(9	)		8			(35	)
Defined benefit plans (3):
Amortization of net loss and prior service costs		73			635			218			1,886		Employee benefits (Non-interest expense)
Related income tax benefit ⁽²⁾		(18	)		(153	)		(53	)		(455	)	Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		55			482			165			1,431
Total reclassifications for the period	$	55		$	473		$	173		$	1,396

(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 $8.9 million and $7.8 million at September 30, 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 September 30, 2022 and December 31, 2021, respectively.

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:

	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Lines of credit	$	3,548,242	$	2,954,147
Loans approved but not closed		419,150		472,810
Overdraft limits		386,972		370,439
Letters of credit		30,011		29,017
Contingent obligations and other guarantees		32,472		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.

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 $4.6 billion and $5.5 billion at September 30, 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.

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Condensed financial information by business segment is presented below:

				Trust and
	Community			Investment
(unaudited, in thousands)	Banking			Services		Consolidated
For The Three Months Ended September 30, 2022
Interest and dividend income	$	134,117		$	—	$	134,117
Interest expense		9,616			—		9,616
Net interest income		124,501			—		124,501
Provision for credit losses		(535	)		—		(535	)
Net interest income after provision for credit losses		125,036			—		125,036
Non-interest income		25,739			6,517		32,256
Non-interest expense		88,144			3,797		91,941
Income before provision for income taxes		62,631			2,720		65,351
Provision for income taxes		11,747			571		12,318
Net income		50,884			2,149		53,033
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	48,353		$	2,149	$	50,502
For The Three Months Ended September 30, 2021
Interest and dividend income	$	121,378		$	—	$	121,378
Interest expense		6,103			—		6,103
Net interest income		115,275			—		115,275
Provision for credit losses		(1,730	)		—		(1,730	)
Net interest income after provision for credit losses		117,005			—		117,005
Non-interest income		25,466			7,289		32,755
Non-interest expense		90,599			4,102		94,701
Income before provision for income taxes		51,872			3,187		55,059
Provision for income taxes		9,982			669		10,651
Net income		41,890			2,518		44,408
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	39,359		$	2,518	$	41,877
For the Nine Months Ended September 30, 2022
Interest and dividend income	$	364,738		$	—	$	364,738
Interest expense		20,299			—		20,299
Net interest income		344,439			—		344,439
Provision for credit losses		(4,785	)		—		(4,785	)
Net interest income after provision for credit losses		349,224			—		349,224
Non-interest income		68,743			20,879		89,622
Non-interest expense		254,484			12,027		266,511
Income before provision for income taxes		163,483			8,852		172,335
Provision for income taxes		30,573			1,859		32,432
Net income		132,910			6,993		139,903
Preferred stock dividends		7,594			—		7,594
Net income available to common shareholders	$	125,316		$	6,993	$	132,309
For the Nine Months Ended September 30, 2021
Interest and dividend income	$	369,760		$	—	$	369,760
Interest expense		22,153			—		22,153
Net interest income		347,607			—		347,607
Provision for credit losses		(50,714	)		—		(50,714	)
Net interest income after provision for credit losses		398,321			—		398,321
Non-interest income		80,007			22,069		102,076
Non-interest expense		252,428			12,412		264,840
Income before provision for income taxes		225,900			9,657		235,557
Provision for income taxes		45,417			2,028		47,445
Net income		180,483			7,629		188,112
Preferred stock dividends		7,594			—		7,594
Net income available to common shareholders	$	172,889		$	7,629	$	180,518

Total non-fiduciary assets of the trust and investment services segment were $3.5 million (including $1.2 million of trust customer intangibles) and $3.9 million (including $1.5 million of trust customer intangibles) at September 30, 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 and nine months ended September 30, 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”), including Wesbanco's Form 10-Q for the quarters ended March 31 and June 30, 2022, 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 194 branches and 189 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 September 30, 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 third quarter of 2022 was $50.5 million, with diluted earnings per share of $0.85, compared to $41.9 million or $0.64 per diluted share, respectively, for the third quarter of 2021. For the nine months ended September 30, 2022, net income was $132.3 million, or $2.19 per diluted share, compared to $180.5 million, or $2.71 per diluted share, for the 2021 period, which included a release of provision for credit losses of $50.7 million, or $40.5 million net of tax. Net income available to common shareholders, excluding after-tax restructuring and merger-related expenses, for the three months ended September 30, 2022, was $50.6 million, or $0.85 per diluted share, as compared to $45.4 million, or $0.70 per diluted share, respectively, in the prior year quarter (non-GAAP measures). On the same basis, net income available to common shareholders for the nine months ended September 30, 2022 was $133.7 million, or $2.21 per diluted share, as compared to $185.7 million, or $2.79 per diluted share, in the prior year period (non-GAAP measures).

	For the Three Months Ended September 30,											For the Nine Months Ended September 30,
	2022					2021						2022						2021
(unaudited, dollars in thousands, except per share amounts)	Net Income			Diluted Earnings Per Share		Net Income			Diluted Earnings Per Share			Net Income			Diluted Earnings Per Share			Net Income			Diluted Earnings Per Share
Net income available to common shareholders (Non-GAAP)(1)	$	50,554		$	0.85	$	45,406		$	0.70		$	133,661		$	2.21		$	185,685		$	2.79
Less: After-tax restructuring and merger-related expenses		(52	)		0.00		(3,529	)		(0.06	)		(1,352	)		(0.02	)		(5,167	)		(0.08	)
Net income available to common shareholders (GAAP)	$	50,502		$	0.85	$	41,877		$	0.64		$	132,309		$	2.19		$	180,518		$	2.71

(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 increased $9.2 million or 8.0% in the third quarter of 2022 compared to the same quarter of 2021, due to the 225 basis point increase in the federal funds rate from March through July 2022. Higher yields in most major earning asset categories, due to the repricing of existing loans and higher investment rates offered in the current market environment, resulted in a 25 basis point increase in the net interest margin in the third quarter of 2022 as compared to the third quarter of 2021. Partially offsetting these increases somewhat was lower purchase accounting related accretion and lower SBA Payroll Protection Program (“PPP”) interest and accretion related income. Over the same time period, the yield on earning assets increased by a total of 25 basis points while the cost of interest bearing liabilities increased 16 basis points. Average loan balances increased by 0.6% from the third quarter of 2021, mainly attributable to higher new loan demand during 2022, partially offset by forgiveness of PPP loans and higher levels of commercial real estate loan payoffs, while average securities increased by 13.2% over the same time period due to excess liquidity on the balance sheet from increased customer deposits. Average deposits, excluding certificates of deposit, increased 4.3% over the same time period, due mostly to increased personal savings. Accretion from acquisitions benefited the third quarter 2022 net interest margin by 5 basis points, as compared to 10 basis points in the prior year period. Lastly, the accretion on both existing and forgiven PPP loans positively impacted the third quarter 2022 net interest margin by 1 basis point as compared to 14 basis points for the third quarter of 2021.

Improved macroeconomic forecasts in the hospitality sector utilized in the CECL calculation resulted in a negative provision of $0.5 million in the third quarter of 2022, as compared to a negative provision of $1.7 million in the third quarter of 2021. Annualized net loan charge-offs, as a percentage of average portfolio loans, were 0.04% and 0.03% for the third quarter of 2022 and 2021, respectively.

For the third quarter of 2022, non-interest income decreased $0.5 million or 1.5% compared to the third quarter of 2021, driven primarily by lower mortgage banking income, which decreased $3.3 million or 72.5% from the third quarter of 2021. Total mortgage loan originations decreased by 39% from the third quarter of 2021 and the amount retained on the balance sheet increased to approximately 73% as compared to 63% in the third quarter of 2021, due to an effort to keep more 1-to-4 family residential mortgages on the balance sheet. Offsetting the mortgage banking income decrease somewhat, net gain/(loss) on other assets increased by $1.3 million or 159.9% from the third quarter of 2021 due to the gain on sale of equity investments held by Wesbanco Community Development Corporation. In addition, other income increased by $1.5 million or 37.4% due to increased new loan swap fee income and positive fair value adjustments on the existing loan swap portfolio in the third quarter of 2022 as compared to the third quarter of 2021.

Non-interest expense, excluding restructuring and merger-related expenses in both periods, increased in the third quarter of 2022 by $1.6 million or 1.8%, to $91.9 million, compared to the third quarter of 2021. Salaries and wages increased $4.8 million or 12.1% from the third quarter of 2021 to the third quarter of 2022 due to hiring of additional commercial and residential lenders, normal merit increases, lower deferred loan origination costs and the hourly wage increase that was implemented in the third quarter of 2021. FDIC insurance expense of $2.4 million in the third quarter of 2022 increased by $1.2 million or 94.9% from the third quarter of 2021 due primarily to the benefit to last year's FDIC insurance calculation from the large negative provision during 2021.

During the third quarter of 2022, the effective tax rate was 18.9% as compared to 19.3% in last year’s third quarter, and the provision for income taxes increased by $1.7 million over the same time period. The increase in the provision for income taxes is due to higher pretax income for the three months ended September 30, 2022, while the decrease in the effective tax rate is attributable to lower pretax income for the nine months ended September 30, 2022 as compared to the same period in the prior year, which was heavily influenced by a negative provision for credit losses of $50.7 million.

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NET INTEREST INCOME

TABLE 1. NET INTEREST INCOME

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(unaudited, dollars in thousands)	2022			2021			2022			2021
Net interest income	$	124,501		$	115,275		$	344,439		$	347,607
Taxable equivalent adjustment to net interest income		1,307			1,080			3,712			3,170
Net interest income, fully taxable equivalent	$	125,808		$	116,355		$	348,151		$	350,777
Net interest spread, non-taxable equivalent		3.15	%		2.96	%		2.97	%		3.02	%
Benefit of net non-interest bearing liabilities		0.15	%		0.09	%		0.11	%		0.11	%
Net interest margin		3.30	%		3.05	%		3.08	%		3.13	%
Taxable equivalent adjustment		0.03	%		0.03	%		0.03	%		0.03	%
Net interest margin, fully taxable equivalent		3.33	%		3.08	%		3.11	%		3.16	%

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 increased $9.2 million or 8.0% in the third quarter of 2022 compared to the third quarter of 2021, due to a 25 basis point increase in the net interest margin to 3.33% resulting from the 225 basis point increase in the federal funds rate from March through July, as the yield on earning assets increased at a faster rate than the rate on interest bearing liabilities, slightly offset by lower purchase accounting accretion and lower PPP loan income. Conversely, net interest income decreased $3.2 million or 0.9% in the first nine months of 2022, compared to the first nine months of 2021 due to the timing of the previously mentioned federal funds rate increases not having a full effect on the entire nine month time period in 2022. Interest and fee accretion income on PPP loans decreased $7.5 million in the third quarter of 2022 from a total of $8.2 million in the third quarter of 2021. This PPP loan income positively impacted the third quarter 2022 net interest margin by only 1 basis point as compared to 14 basis points in the third quarter of 2021. Excluding PPP loans, portfolio loans increased by 6.5% from September 30, 2021, due to higher new loan demand and internal initiatives to improve lending efficiencies. Total purchase accounting accretion continued to decrease in the third quarter of 2022 as compared to the third quarter of 2021, as approximately 5 basis points of accretion from prior acquisitions was included in the third quarter 2022 net interest margin as compared to 10 basis points in the 2021 third quarter net interest margin. Total average deposits, excluding CDs, increased in the third quarter of 2022 by $515.5 million or 4.3% compared to the third quarter of 2021, due to higher personal savings balances. The cost of interest bearing deposits increased by 13 basis points and total liabilities increased by 16 basis points from the third quarter of 2021 to the third quarter of 2022. The increase in the cost is primarily due to rate increases for interest bearing deposits in response to the general increase in overall borrowing rates in the marketplace resulting from the previously mentioned federal fund rate increases in 2022. In addition, the average balance of FHLB borrowings decreased by $175.8 million or 60.8% from the third quarter of 2021, as excess liquidity was used to pay off these borrowings as they matured.

Interest income increased $12.7 million or 10.5% in the third quarter of 2022 and decreased $5.0 million or 1.4% in the first nine months of 2022 compared to the same periods of 2021 due to the timing of the 225 basis point federal funds rate increases occurring between March and July of 2022. Earning asset yields were influenced positively as market rates started to increase in the second and third quarters of 2022. Average loan balances increased $60.2 million or 0.6% in the third quarter of 2022 compared to the third quarter of 2021, due to higher new loan demand, offset somewhat by PPP loan forgiveness and commercial loan payoffs. Loan yields increased by 22 basis points during this same period to 4.25% due to the previously mentioned rising rate environment and its effect on the repricing of portfolio loans, as well as higher 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 third quarter of 2022, average loans represented 68.2% of average earning assets, an increase from 67.8% in the third quarter of 2021. As liquidity from higher deposit balances was invested, average total securities balances increased $510.1 million or 13.2% from the third quarter of 2021, and represented 29.2% of total earning assets in the third quarter of 2022. Taxable securities yields increased by 29 basis points in the third quarter of 2022 from the third quarter of 2021 due to increased purchases of this security type during 2022 as rates began to rise. Tax-exempt securities yields, which are the highest yields within total securities, decreased by 14 basis points from the third quarter of 2021 to the third quarter of 2022. This decrease is due to calls and maturities of legacy higher-rate securities. The average balance of tax-exempt securities increased to 18.8% of total average securities in the third quarter of 2022 from 16.8% of total average securities in the third quarter of 2021.

Commercial loans with floors currently average 3.93% on approximately $3.1 billion or 42% of total commercial loans at September 30, 2022, as compared to $2.6 billion averaging 3.83% or 36% of commercial loans at December 31, 2021. Approximately 31% or $1.0 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.

35

Interest expense increased $3.5 million or 57.6% in the third quarter of 2022 and decreased $1.9 million or 8.4% in the first nine months of 2022 as compared to the same periods in 2021, due to the timing of the previously mentioned federal funds rate increases and their effect on the costs of deposits and borrowings. The cost of interest bearing liabilities increased by 16 basis points from the third quarter of 2021 to 0.41% in the third quarter of 2022. Average interest bearing deposits decreased $113.5 million or 1.3% from the third quarter of 2021, due specifically to a decrease in average certificates of deposit of $354.1 million or 25.2%. The rate on interest bearing deposits increased 13 basis points to 0.27% from the third quarter of 2021, primarily from increases in rates on interest bearing public funds, money market funds and savings deposits, which were previously near their floors. Average non-interest bearing demand deposit balances increased from the third quarter of 2021 to the third quarter of 2022 by $274.9 million or 6.1%, and were 35.1% of total average deposits at September 30, 2022, compared to 33.4% at September 30, 2021, reflecting customers’ preferences and ongoing checking account marketing strategies. The average balance of FHLB borrowings decreased $175.8 million from the third 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 41 basis points to 1.22% from the third quarter of 2021. Average repurchase agreements combined with subordinated debt and junior subordinated debt balances increased $104.9 million or 32.3% from the third quarter of 2021 to 2022, due primarily to the subordinated debt issuance late in the first quarter of 2022. In addition, their average rates paid increased by 29 and 81 basis points, respectively, over this same time period, due primarily to increases in SOFR and LIBOR, the indices upon which these variable-rate type of borrowings are priced.

The increasing rate environment, which began late in the first quarter of 2022 and continued more rapidly through the second and third quarters, is expected to result in the core net interest margin increasing further in the remainder of 2022, and assuming anticipated federal funds rate increases in the fourth quarter of 2022 and the first quarter of 2023, the margin will likely continue to increase throughout 2023. Securities purchased in the second and third quarters and variable rate securities 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. 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 September 30, 2022, there were $0.5 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.

36

TABLE 2. AVERAGE BALANCE SHEETS AND NET INTEREST MARGIN ANALYSIS

	For The Three Months Ended September 30,										For the Nine Months Ended September 30,
	2022					2021					2022					2021
	Average		Average			Average		Average			Average		Average			Average		Average
(unaudited, dollars in thousands)	Balance		Rate			Balance		Rate			Balance		Rate			Balance		Rate
ASSETS
Due from banks - interest bearing	$	375,136		2.09	%	$	936,084		0.16	%	$	757,325		0.67	%	$	803,713		0.12	%
Loans, net of unearned income (1)		10,224,494		4.25	%		10,164,279		4.03	%		9,958,318		4.02	%		10,562,879		4.03	%
Securities: (2)
Taxable		3,548,271		1.96	%		3,210,878		1.67	%		3,472,211		1.83	%		2,856,041		1.75	%
Tax-exempt (3)		823,133		3.00	%		650,397		3.14	%		782,141		3.02	%		610,449		3.31	%
Total securities		4,371,404		2.16	%		3,861,275		1.91	%		4,254,352		2.05	%		3,466,490		2.03	%
Other earning assets		12,808		4.05	%		23,646		4.23	%		13,840		3.89	%		28,494		5.11	%
Total earning assets (3)		14,983,842		3.59	%		14,985,284		3.24	%		14,983,835		3.29	%		14,861,576		3.36	%
Other assets		1,887,813					2,072,509					1,960,951					2,060,312
Total Assets	$	16,871,655				$	17,057,793				$	16,944,786				$	16,921,888
LIABILITIES AND SHAREHOLDERS'    EQUITY
Interest bearing demand deposits	$	3,306,339		0.35	%	$	3,297,702		0.10	%	$	3,363,152		0.20	%	$	3,139,992		0.12	%
Money market accounts		1,780,338		0.22	%		1,791,494		0.08	%		1,785,703		0.13	%		1,764,462		0.11	%
Savings deposits		2,714,684		0.16	%		2,471,593		0.04	%		2,681,084		0.08	%		2,393,066		0.04	%
Certificates of deposit		1,049,694		0.36	%		1,403,812		0.49	%		1,154,812		0.39	%		1,501,857		0.54	%
Total interest bearing deposits		8,851,055		0.27	%		8,964,601		0.14	%		8,984,751		0.17	%		8,799,377		0.17	%
Federal Home Loan Bank borrowings		113,530		1.22	%		289,334		1.63	%		138,766		1.29	%		388,518		1.85	%
Repurchase agreements		148,179		0.39	%		136,028		0.10	%		150,126		0.22	%		152,450		0.17	%
Subordinated debt and junior subordinated debt		281,002		4.48	%		188,276		3.67	%		237,046		4.02	%		191,018		3.73	%
Total interest bearing liabilities (4)		9,393,766		0.41	%		9,578,239		0.25	%		9,510,689		0.29	%		9,531,363		0.31	%
Non-interest bearing demand deposits		4,779,216					4,504,332					4,690,218					4,402,487
Other liabilities		209,735					197,916					193,070					205,309
Shareholders’ equity		2,488,938					2,777,306					2,550,809					2,782,729
Total Liabilities and Shareholders’ Equity	$	16,871,655				$	17,057,793				$	16,944,786				$	16,921,888
Taxable equivalent net interest spread				3.18	%				2.99	%				3.00	%				3.05	%
Taxable equivalent net interest margin				3.33	%				3.08	%				3.11	%				3.16	%

(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 $1.4 million and $6.8 million for the three months ended September 30, 2022 and 2021, respectively, and were $8.0 million and $21.5 million for the nine months ended September 30, 2022 and 2021, respectively. PPP loan fees, which are included as part of total loan fees, were $0.6 million and $7.1 million for the three months ended September 30, 2022 and 2021, respectively, and $5.7 million and $21.0 million for the nine months ended September 30, 2022 and 2021, respectively. Additionally, loan accretion included in interest income on loans acquired from prior acquisitions was $1.7 million and $3.0 million for the three months ended September 30, 2022 and 2021, respectively, and $6.2 million and $10.3 million for the nine months ended September 30, 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 $0.2 million and $0.7 million for the three months ended September 30, 2022 and 2021, respectively, and $0.9 million and $2.6 million for the nine months ended September 30, 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 September 30, 2022									For the Nine Months Ended September 30, 2022
	Compared to September 30, 2021									Compared to September 30, 2021
(unaudited, in thousands)	Volume			Rate			Net Increase (Decrease)			Volume			Rate			Net Increase (Decrease)
Increase (decrease) in interest income:
Due from banks - interest bearing	$	(354	)	$	1,955		$	1,601		$	(46	)	$	3,108		$	3,062
Loans, net of unearned income		615			5,741			6,356			(18,163	)		(1,275	)		(19,438	)
Taxable securities		1,510			2,540			4,050			8,368			1,633			10,001
Tax-exempt securities (1)		1,314			(234	)		1,080			3,966			(1,384	)		2,582
Other earning assets		(111	)		(10	)		(121	)		(468	)		(219	)		(687	)
Total interest income change (1)		2,974			9,992			12,966			(6,343	)		1,863			(4,480	)
Increase (decrease) in interest expense:
Interest bearing demand deposits		2			2,136			2,138			216			1,842			2,058
Money market accounts		(2	)		620			618			18			166			184
Savings deposits		26			797			823			102			791			893
Certificates of deposit		(380	)		(388	)		(768	)		(1,233	)		(1,542	)		(2,775	)
Federal Home Loan Bank borrowings		(594	)		(250	)		(844	)		(2,744	)		(1,309	)		(4,053	)
Repurchase agreements		3			111			114			(3	)		55			52
Subordinated debt and junior subordinated debt		989			443			1,432			1,360			427			1,787
Total interest expense change		44			3,469			3,513			(2,284	)		430			(1,854	)
Net interest income change (1)	$	2,930		$	6,523		$	9,453		$	(4,059	)	$	1,433		$	(2,626	)

(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 ($0.5) million in the third quarter of 2022 compared to a negative provision of ($1.7) million in the third quarter of 2021. While the negative provision decreased year-over-year, the ($0.5) million provision in the third quarter of 2022 was a result of continued improvement in COVID qualitative factors, which were offset by an increase to the quantitative results, most notably an increase to the macroeconomic variables. Non-performing loans were 0.32% of total loans as of September 30, 2022, decreasing from 0.40% of total loans at the end of the third quarter of 2021. Criticized and classified loans were 2.43% of total loans as of September 30, 2022, decreasing from 4.21% as of September 30, 2021, primarily due to improvements within the Company’s hospitality loan portfolio. Past due loans at September 30, 2022 were 0.45% of total loans, compared to 0.44% at September 30, 2021. Annualized net loan charge-offs increased to 0.04% for the three months ended September 30, 2022 compared to 0.03% for the three months ended September 30, 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 September 30,											For the Nine Months Ended September 30,
(unaudited, dollars in thousands)	2022		2021			$ Change			% Change			2022			2021		$ Change			% Change
Trust fees	$	6,517	$	7,289		$	(772	)		(10.6	)	$	20,879		$	22,069	$	(1,190	)		(5.4	)
Service charges on deposits		6,942		6,050			892			14.7			19,520			15,820		3,700			23.4
Electronic banking fees		4,808		5,427			(619	)		(11.4	)		15,307			14,853		454			3.1
Net securities brokerage revenue		2,491		1,965			526			26.8			6,969			5,318		1,651			31.0
Bank-owned life insurance		1,999		2,656			(657	)		(24.7	)		8,263			6,072		2,191			36.1
Net securities gains (losses)		656		(15	)		671		NM				(1,176	)		740		(1,916	)		(258.9	)
Mortgage banking income		1,257		4,563			(3,306	)		(72.5	)		4,508			16,656		(12,148	)		(72.9	)
Net insurance services revenue		1,004		909			95			10.5			2,955			3,044		(89	)		(2.9	)
Debit card sponsorship income		—		—			—			—			—			646		(646	)		(100.0	)
Payment processing fees		818		773			45			5.8			2,436			2,234		202			9.0
Net gain (loss) on other real estate owned and other assets		2,040		785			1,255			159.9			(68	)		4,974		(5,042	)		(101.4	)
Net swap fee and valuation income		2,430		776			1,654			213.1			6,053			5,386		667			12.4
Other		1,294		1,577			(283	)		(17.9	)		3,976			4,264		(288	)		(6.8	)
Total non-interest income	$	32,256	$	32,755		$	(499	)		(1.5	)	$	89,622		$	102,076	$	(12,454	)		(12.2	)

NM = not meaningful

Non-interest income is a significant source of revenue and an important part of Wesbanco’s results of operations, as it represents 20.6% of total revenue for the three months ended September 30, 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 third quarter of 2022, non-interest income decreased $0.5 million or 1.5% compared to the third quarter of 2021, primarily due to a $3.3 million decrease in mortgage banking income, a $0.8 million decrease in trust fees, a $0.7 million decrease in bank-owned life insurance and a $0.6 million decrease in electronic banking fees. The decreases were somewhat offset by a $1.7 million increase in net swap fee and valuation income, a $1.3 million increase in net gain (loss) on other real estate owned and other assets, a $0.9 million increase in service charges on deposits and a $0.7 million increase in net securities gains (losses).

Trust fees decreased $0.8 million or 10.6% compared to the third quarter of 2021, due to market value declines. Total trust assets were $4.6 billion at September 30, 2022 as compared to $5.5 billion at September 30, 2021. As of September 30, 2022, trust assets include managed assets of $3.7 billion and non-managed (custodial) assets of $0.9 billion. Assets managed for the WesMark Funds, a proprietary group of mutual funds that is advised by Wesbanco Trust and Investment Services, were $0.8 billion and $1.0 billion as of September 30, 2022 and September 30, 2021, respectively, and are included in managed assets. Trust fees decreased $1.2 million or 5.4% in the first nine months of 2022 as compared to the first nine months of 2021.

Service charges on deposits increased $0.9 million or 14.7% to $6.9 million in the third 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. For the nine months ended September 30, 2022, service charges on deposits increased $3.7 million or 23.4% from the first nine months of 2021.

Bank-owned life insurance decreased $0.7 million or 24.7% compared to the third quarter of 2021 due to a decrease in mortality-related benefits received in the third quarter of 2022. Bank-owned life insurance increased $2.2 million or 36.1% in the first nine months of 2022 as compared to the first nine months of 2021 due partially to an increase in mortality related benefits, received in the first two quarters of 2022, as well as an increase in the cash surrender value, due to the purchase of an additional $40 million of bank-owned life insurance in the third quarter of 2021.

Net securities gains (losses) 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 September 30, 2022, net securities gains (losses) increased $0.7 million compared to the same period of 2021, due to a $0.8 million increase in market adjustments on the deferred compensation plan. These market adjustments had an offsetting effect in employee benefits expense. There were no investment security sales in either 2022 or 2021. Net securities gains (losses) decreased by $2.0 million or 258.9% in the first nine months of 2022 as compared to the first nine months of 2021 due to a $1.6 million decrease in market adjustments on the deferred compensation plan in the first and second quarters of 2022.

Mortgage banking income decreased $3.3 million or 72.5% in the third quarter of 2022 compared to the third quarter of 2021, as mortgage originations decreased due to the current market environment and Wesbanco retained more 1-to-4 family mortgages on the balance sheet. For the third quarter of 2022, mortgage production was $235.1 million, which decreased by 38.5% from the third quarter of 2021. For the three months ended September 30, 2022, $66.6 million in mortgages were sold into the secondary market at a net margin of 1.9% as compared to $149.6 million at a net margin of 3.1% in the comparable 2021 period. Included in mortgage banking income and the calculation of net margin noted above are gains of $0.3 million and losses of $0.6 million from the fair value adjustments on mortgage loan commitments and related derivatives for the three months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022, mortgage banking income decreased $12.1 million or 72.9% from the first nine months of 2021 for the same reasons as mentioned above.

39

Net gain (loss) on other real estate owned and other assets increased $1.3 million or 159.9% in the three months ended September 30, 2022 as compared to the same period in 2021, due to a gain on sale recorded on an investment made by Wesbanco’s CDC in a start-up firm more than ten years ago that was acquired by a public company in 2021. For the nine months ended September 30, 2022, net gain (loss) on other real estate owned and other assets decreased $5.0 million or 101.4% from the first nine months of 2021 due to negative market value adjustments on the same investment recorded in the first and second quarters of 2022 prior to its sale in the third quarter.

Net swap fee and valuation income, which includes fair value adjustments, increased $1.7 million in the third quarter of 2022 compared to the third quarter of 2021, due to an increase in new swaps originated and greater positive fair value adjustments on the swap portfolio in 2022 as compared to 2021. For the three months ended September 30, 2022, new swaps executed totaled $82.3 million in notional principal, resulting in $1.6 million of fee income, compared to new swaps executed of $9.3 million in notional principal resulting in $0.4 million of fee income for the three months ended September 30, 2021. Fair value adjustments on existing swaps for the three months ended September 30, 2022 were $0.8 million as compared to $0.4 million for the three months ended September 30, 2021. For the nine months ended September 30, 2022, net swap fee and valuation income increased by $0.7 million or 12.4% from the first nine months of 2021 due to increased positive fair value adjustments in the current year.

NON-INTEREST EXPENSE

TABLE 5. NON-INTEREST EXPENSE

	For the Three Months Ended September 30,										For the Nine Months Ended September 30,
(unaudited, dollars in thousands)	2022		2021		$ Change			% Change			2022		2021		$ Change			% Change
Salaries and wages	$	44,271	$	39,497	$	4,774			12.1		$	124,421	$	113,822	$	10,599			9.3
Employee benefits		10,693		10,658		35			0.3			28,574		30,191		(1,617	)		(5.4	)
Net occupancy		6,489		6,825		(336	)		(4.9	)		19,843		20,430		(587	)		(2.9	)
Equipment and software		8,083		7,609		474			6.2			23,795		21,654		2,141			9.9
Marketing		2,377		1,848		529			28.6			7,546		6,033		1,513			25.1
FDIC insurance		2,391		1,227		1,164			94.9			5,850		2,690		3,160			117.5
Amortization of intangible assets		2,560		2,854		(294	)		(10.3	)		7,738		8,622		(884	)		(10.3	)
Restructuring and merger-related expenses		66		4,467		(4,401	)		(98.5	)		1,712		6,540		(4,828	)		(73.8	)
Franchise and other miscellaneous taxes		2,414		2,369		45			1.9			8,359		7,462		897			12.0
Consulting, regulatory, accounting and advisory fees		2,742		3,161		(419	)		(13.3	)		9,953		9,173		780			8.5
ATM and electronic banking interchange expenses		1,510		2,300		(790	)		(34.3	)		4,460		6,985		(2,525	)		(36.1	)
Postage and courier expenses		1,120		1,131		(11	)		(1.0	)		3,598		3,714		(116	)		(3.1	)
Legal fees		977		1,132		(155	)		(13.7	)		2,648		2,928		(280	)		(9.6	)
Communications		1,212		1,051		161			15.3			3,427		3,071		356			11.6
Supplies		884		1,039		(155	)		(14.9	)		2,765		2,915		(150	)		(5.1	)
Other real estate owned and foreclosure expenses		204		180		24			13.3			710		148		562			379.7
Other		3,948		7,353		(3,405	)		(46.3	)		11,112		18,462		(7,350	)		(39.8	)
Total non-interest expense	$	91,941	$	94,701	$	(2,760	)		(2.9	)	$	266,511	$	264,840	$	1,671			0.6

Non-interest expense in the third quarter of 2022 decreased $2.8 million or 2.9% as compared to the same quarter in 2021, principally from a $4.4 million decrease in restructuring and merger related expenses, a $3.4 million decrease in other expense and a $0.8 million decrease in ATM and electronic banking interchange expenses. These decreases were slightly offset by a $4.8 million increase in salaries and wages and a $1.2 million increase in FDIC insurance expense. Excluding restructuring and merger-related expenses, non-interest expense increased $1.6 million or 1.8% from the third quarter of 2021 to the third quarter of 2022.

Salaries and wages increased $4.7 million or 12.1% in the third quarter of 2022 as compared to the third quarter of 2021 due to higher salary expense related to normal merit increases, higher staffing levels, an hourly wage increase implemented during the third quarter and lower deferred loan contra origination costs. Average full time equivalent employees increased by 1.5% from the third quarter of 2021 to the third quarter of 2022 due to targeted hiring of loan officers. Salaries and wages increased by $10.6 million or 9.3% in the first nine months of 2022 as compared to the first nine months of 2021 for the same reasons.

Employee benefits expense remained flat in the third quarter of 2022 as compared to the third quarter of 2021 but decreased by $1.6 million or 5.4% in the first nine months of 2022 as compared to the same period in 2021. This decrease was due to a $1.7 million decrease in deferred compensation plan expense, which relates to the decline in the market value of the underlying investments and also due to a $1.4 million decrease in pension expense. These decreases were slightly offset by increased recruiting expense and higher social security contribution expense.

Equipment and software costs increased $0.5 million or 6.2% in the third quarter of 2022 as compared to the third 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. Equipment and software costs increased $2.1 million or 9.9% in the first nine months of 2022 as compared to the first nine months of 2021 for the same reasons.

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FDIC insurance expense increased $1.2 million or 94.9% in the third quarter of 2022 as compared to the third quarter of 2021 due primarily to the benefit to last year's FDIC insurance calculation from the large negative provision during 2021. FDIC insurance expense increased $3.2 million or 117.5% in the first nine months of 2022 as compared to the same period of 2021 for the same reasons.

Restructuring and merger-related expenses in the third quarter of 2022 totaled $0.1 million, a decrease of $4.4 million as compared to the third quarter of 2021. The expenses in the third quarter of 2022 consisted of fixed asset writedowns and lease termination expenses associated with the closure of eleven branches in the second quarter of 2022 as a result of the continued execution of the branch optimization strategy. The restructuring and merger-related expenses in the third quarter of 2021 totaling $4.5 million were comprised of $3.7 million in core conversion-related expenses and $0.8 million in accrued branch closure and severance expenses associated with the closure of six branches in the third quarter of 2021.

ATM and electronic banking interchange expenses decreased by $0.8 million or 34.3% in the third quarter of 2022 as compared to the third 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. ATM and electronic banking interchange expenses decreased by $2.5 million or 36.1% in the first nine months of 2022 as compared to the first nine months of 2021 for the same reasons.

Other operating expenses decreased by $3.4 million or 46.3% in the third quarter of 2022 as compared to the third quarter of 2021 due mostly to lower legal costs associated with the resolution of a lawsuit in the third quarter of 2021. Also contributing to the decrease was the previously mentioned movement of online banking costs, following the core conversion in 2021, into equipment and software costs. Other operating expenses decreased $7.4 million or 39.8% in the first nine months of 2022 as compared to the first nine months of 2021 for the same reasons.

INCOME TAXES

The provision for income taxes was $12.3 million for the three months ended September 30, 2022, which is a $1.7 million increase compared to the provision for the three months ended September 30, 2021. The increase in the provision for income taxes is due to a $10.3 million increase in pre-tax income from the third quarter of 2021, due mostly to the federal funds rate increases during 2022, while the effective tax rate decreased slightly from 19.3% in the third quarter of 2021 to 18.9% in the third quarter of 2022. The provision for income taxes decreased by $15.0 million or 31.6% from the first nine months of 2021 to the first nine months of 2022 due to a $63.2 million decrease in pretax income and an accompanying decrease in the effective tax rate from 20.1% in the first nine months of 2021 as compared to 18.9% in the same period of 2022.

FINANCIAL CONDITION

Total assets, deposits, and shareholders’ equity decreased 1.9%, 0.9%, and 11.0%, respectively, compared to December 31, 2021. Total securities decreased $111.5 million or 2.8% from December 31, 2021 to September 30, 2022, primarily driven by a $344.5 million increase in unrealized losses in the available-for-sale securities portfolio. The securities decrease was partially offset by the purchase of mortgage-backed securities and municipal obligations. Total portfolio loans, excluding PPP loans, increased $693.9 million or 7.2% as new originations outpaced pay downs. Forgiveness related to the 2020 and 2021 PPP loan programs totaled $149.7 million through the first nine months of 2022. Deposits decreased $121.5 million, or 0.9% from December 31, 2021, as decreases of 23.3% and 0.4% in certificates of deposit and demand deposits, respectively, were partially offset by increases of 7.0% and 1.9% in savings deposits and money market deposits, respectively. 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 1.6% or $7.5 million during the first nine 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, which was partially offset by the $126.9 million pay down of maturing FHLB advances and a $13.9 million decrease in other short-term borrowings. Total shareholders’ equity decreased approximately $297.5 million or 11.0%, compared to December 31, 2021, primarily due to a $261.5 million decrease in other comprehensive income and the repurchase of common shares totaling $113.6 million, which were partially offset by net income exceeding cash dividends for the period by $71.6 million.

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SECURITIES

TABLE 6. COMPOSITION OF SECURITIES (1)

	September 30,			December 31,
(unaudited, dollars in thousands)	2022			2021			Change ($)			Change (%)
Equity securities (at fair value)	$	11,964		$	13,466		$	(1,502	)		(11.2	)
Available-for-sale debt securities (at fair value)
U.S. Government sponsored entities and agencies		228,846			236,978			(8,132	)		(3.4	)
Residential mortgage-backed securities and    collateralized mortgage obligations of    government sponsored entities and agencies		1,909,661			2,285,213			(375,552	)		(16.4	)
Commercial mortgage-backed securities and    collateralized mortgage obligations of    government sponsored entities and agencies		398,298			367,493			30,805			8.4
Obligations of states and political subdivisions		93,826			106,340			(12,514	)		(11.8	)
Corporate debt securities		15,117			17,438			(2,321	)		(13.3	)
Total available-for-sale debt securities	$	2,645,748		$	3,013,462		$	(367,714	)		(12.2	)
Held-to-maturity debt securities (at amortized cost)
U.S. Government sponsored entities and agencies	$	4,871		$	5,944		$	(1,073	)		(18.1	)
Residential mortgage-backed securities and    collateralized mortgage obligations of    government sponsored entities and agencies		47,973			58,147			(10,174	)		(17.5	)
Obligations of states and political subdivisions		1,189,219			907,649			281,570			31.0
Corporate debt securities		20,404			33,083			(12,679	)		(38.3	)
Total held-to-maturity debt securities		1,262,467			1,004,823			257,644			25.6
Total securities	$	3,920,179		$	4,031,751		$	(111,572	)		(2.8	)
Available-for-sale and equity securities:
Weighted average yield at the respective period end (2)		2.00	%		1.55	%
As a % of total securities		67.8	%		75.1	%
Weighted average life (in years)		6.2			5.0
Held-to-maturity securities:
Weighted average yield at the respective period end (2)		2.97	%		2.92	%
As a % of total securities		32.2	%		24.9	%
Weighted average life (in years)		9.9			5.6
Total securities:
Weighted average yield at the respective period end (2)		2.29	%		1.89	%
As a % of total securities		100.0	%		100.0	%
Weighted average life (in years)		7.3			5.2

(1)At September 30, 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, decreased by $111.6 million or 2.8% from December 31, 2021 to September 30, 2022. Through the first nine months of the year, the available-for-sale portfolio decreased by $367.7 million or 12.2%, primarily due to the decrease in market prices as rates began to rise, particularly in the second half of the first quarter and continuing through the third quarter. The held-to-maturity portfolio increased by $257.6 million or 25.6% due to $337.5 million in purchases of municipal bonds. The weighted average yield of the portfolio increased 40 basis points from 1.89% at December 31, 2021 to 2.29% at September 30, 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 $507.3 million from $40.3 million at December 31, 2021 to $547.6 million at September 30, 2022. The increase in unrealized losses from December 31, 2021 was due to the 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 September 30, 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 September 30, 2022 and December 31, 2021 were $266.4 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 ($196.6) million at September 30, 2022, compared to $23.6 million at December 31, 2021. With approximately 32% 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 consists 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 $9.5 million and $7.0 million as of September 30, 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.

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)

	September 30, 2022				December 31, 2021
(unaudited, dollars in thousands)	Amount		% of Loans		Amount		% of Loans
Commercial real estate:
Land and construction	$	955,644		9.3	$	833,880		8.5
Improved property		4,875,740		47.5		4,705,088		48.2
Total commercial real estate		5,831,384		56.8		5,538,968		56.7
Commercial and industrial		1,503,848		14.6		1,427,645		14.7
Commercial and industrial - PPP		13,008		0.1		162,675		1.7
Residential real estate		2,010,344		19.5		1,721,378		17.6
Home equity		609,765		5.9		605,682		6.2
Consumer		309,313		3.0		277,130		2.8
Total portfolio loans		10,277,662		99.9		9,733,478		99.7
Loans held for sale		12,887		0.1		25,277		0.3
Total loans	$	10,290,549		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 increased $544.2 million from December 31, 2021, and have increased $364.5 million or 3.7% over the last twelve months. The year-over-year increase is lower than the year-to-date increase due to the forgiveness of $269.0 million in PPP loans over the last twelve months, of which $13.0 million remain in the portfolio as of September 30, 2022. Excluding PPP loans, total portfolio loans increased over the last twelve months by 6.5%, driven by a 15.9% growth in land and construction loans due to increased originations and 21.5% higher residential real estate balances, which stems from continued efforts to sell fewer loans into the secondary market. Increased originations also provided 8.5% growth in consumer loans over the 12 month period. Loans that had year-over-year decreases as of June 30, 2022 have all now improved due to these increased originations. Since September 2021, commercial and industrial loans are up 4.8%, commercial real estate loans are up 0.9%, consumer loans are up 8.5%, and HELOCs are up 0.3%, resulting in year-over-year increases in all categories of loans. Excluding PPP loans, total portfolio loans increased 9.5% on an annualized basis from December 31, 2021.

Total loan commitments of $4.4 billion, including loans approved but not closed, increased $558.0 million or 14.6% from December 31, 2021 due primarily to increased availabilities under lines of credit. The average line utilization percentage for the commercial portfolio was 36.3% for the three months ended September 30, 2022 compared to 35.1% for the three months ended 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 September 30, 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 $12.4 million or 49.0% from December 31, 2021 due to continued efforts to keep more originations in the loan portfolio as well as lower originations in general.

Wesbanco has participated in the PPP loan program as originally established by the CARES Act. As of September 30, 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 September 30, 2022, remaining unaccreted fees, net of deferred origination costs, were $0.5 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. As of September 30, 2022, $851.8 million, or 99.9%, of 2020-originated PPP loans and $361.4 million, or 96.8%, of 2021-originated PPP loans have been forgiven.

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 3,600 loans totaling $2.2 billion, of which a total of $32.6 million, representing 0.3% of total portfolio loans, remain in deferral as of September 30, 2022. As of September 30, 2022, an additional $72.5 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. Two of the aforementioned loans were considered delinquent as of September 30, 2022, totaling $0.1 million, while none of the loans were on non-accrual status.

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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)	September 30, 2022			December 31, 2021
Non-accrual loans:
Commercial real estate - land and construction	$	—		$	73
Commercial real estate - improved property		5,339			7,715
Commercial and industrial		3,388			5,064
Residential real estate		14,470			17,190
Home equity		4,642			5,163
Consumer		345			537
Total non-accrual loans (1)		28,184			35,742
TDRs accruing interest:
Commercial real estate - land and construction		—			—
Commercial real estate - improved property		1,428			374
Commercial and industrial		174			192
Residential real estate		2,655			2,875
Home equity		286			277
Consumer		40			28
Total TDRs accruing interest (1)		4,583			3,746
Total non-performing loans	$	32,767		$	39,488
Other real estate owned and repossessed assets		1,595			—
Total non-performing assets	$	34,362		$	39,488
Non-performing loans/total portfolio loans		0.32	%		0.41	%
Non-accrual loans/total portfolio loans		0.27	%		0.37	%
Non-performing assets/total assets		0.21	%		0.23	%
Non-performing assets/total portfolio loans, other real estate and repossessed assets		0.33	%		0.41	%

(1)TDRs on non-accrual of $1.8 million as of September 30, 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 $6.7 million or 17.0%, from December 31, 2021. This consists of a $7.6 million decrease in non-accrual loans and a $0.8 million increase in TDRs. (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 exceedingly rare in 2022.

At September 30, 2022 and December 31, 2021, formal foreclosure proceedings were in process on residential real estate loans totaling $3.7 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 during the first quarter of 2022, 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)	September 30, 2022			December 31, 2021
Loans past due 90 days or more:
Commercial real estate - land and construction	$	295		$	51
Commercial real estate - improved property		13,913			3,042
Commercial and industrial		6,082			559
Residential real estate		2,456			2,840
Home equity		1,006			685
Consumer		559			627
Total loans past due 90 days or more		24,311			7,804
Loans past due 30 to 89 days:
Commercial real estate - land and construction		273			—
Commercial real estate - improved property		4,419			14,001
Commercial and industrial		8,203			3,442
Residential real estate		2,865			4,513
Home equity		2,905			2,528
Consumer		3,171			2,668
Total loans past due 30 to 89 days		21,836			27,152
Total loans 30 days or more past due	$	46,147		$	34,956
Loans past due 90 days or more and accruing to total portfolio loans		0.24	%		0.08	%
Loans past due 30-89 days and accruing to total portfolio loans		0.21	%		0.28	%

Loans past due 30 days or more and accruing interest, excluding non-accruals and TDRs, increased $11.2 million or 32.0% 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 increased $16.5 million and represented 0.24% and 0.08% of total portfolio loans at September 30, 2022 and December 31, 2021, respectively. Loans 30 to 89 days past due represented 0.21% of total portfolio loans at September 30, 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 11 or 12, as they are not considered past due.

ALLOWANCE FOR CREDIT LOSSES - LOANS AND LOAN COMMITMENTS

As of September 30, 2022, the total allowance for credit losses – loans and commitments was $123.5 million, of which $114.6 million related to loans and $8.9 million related to loan commitments. The allowance for credit losses – loans was 1.12% of total portfolio loans as of September 30, 2022, compared to 1.25% as of December 31, 2021. Excluding PPP loans, the allowance for credit losses – loans was 1.12% of total portfolio loans as of September 30, 2022, as compared to 1.27% of total portfolio loans at December 31, 2021. There is no calculated allowance on PPP loans due to their government guarantees by the SBA.

The allowance for credit losses - loans individually-evaluated decreased $4.9 million from December 31, 2021 to September 30, 2022. The population of individually-evaluated loans consisted primarily of three hotel loans, with a total outstanding loan balance of $19.2 million. The allowance for loans collectively-evaluated decreased from December 31, 2021 to September 30, 2022 by $2.2 million. The allowance for credit losses - loan commitments was $8.9 million at September 30, 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 September 30, 2022, the forecast was based upon a probability weighted approach which is designed to incorporate loss projections from a baseline, upside and downside economy. Due to the nonlinearity of credit losses to the economy, the asymmetry is best captured by evaluating multiple economic scenarios through a probability weighted approach. At quarter-end, national unemployment was projected to be 4.2%, and subsequently increase to an average of 4.7% over the remainder of the forecast period. The improvement in the COVID qualitative factors, including those specifically for the hospitality portfolio, caused the allowance for credit losses - loans to decrease from December 31, 2021 to September 30, 2022, by $7.0 million.

Criticized and classified loans were 2.43% of total portfolio loans at September 30, 2022, decreasing from 3.75% at December 31, 2021. Criticized and classified loans decreased from $364.5 million at December 31, 2021 to $250.0 million at September 30, 2022. The $114.5 million 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)	September 30, 2022		Percent of Total		December 31, 2021		Percent of Total
Allowance for credit losses - loans:
Commercial real estate - land and construction	$	8,631		7.0	$	7,310		5.6
Commercial real estate - improved property		53,530		43.4		65,355		50.5
Commercial and industrial		28,923		23.5		26,875		20.8
Residential real estate		16,735		13.5		15,401		11.9
Home equity		788		0.6		724		0.6
Consumer		4,434		3.6		3,737		2.9
Deposit account overdrafts		1,543		1.2		2,220		1.7
Total allowance for credit losses - loans	$	114,584		92.8	$	121,622		94.0
Allowance for credit losses - loan commitments:
Commercial real estate - land and construction	$	5,798		4.7	$	4,180		3.2
Commercial real estate - improved property		—		—		201		0.2
Commercial and industrial		283		0.2		1,497		1.2
Residential real estate		2,364		1.9		1,576		1.2
Home equity		56		0.0		49		0.0
Consumer		437		0.4		272		0.2
Total allowance for credit losses - loan commitments		8,938		7.2		7,775		6.0
Total allowance for credit losses - loans and loan commitments	$	123,522		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 September 30, 2022.

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DEPOSITS

TABLE 14. DEPOSITS

(unaudited, dollars in thousands)	September 30, 2022		December 31, 2021		$ Change			% Change
Deposits
Non-interest bearing demand	$	4,736,722	$	4,590,895	$	145,827			3.2
Interest bearing demand		3,201,714		3,380,056		(178,342	)		(5.3	)
Money market		1,772,481		1,739,750		32,731			1.9
Savings deposits		2,741,937		2,562,510		179,427			7.0
Certificates of deposit		991,512		1,292,652		(301,140	)		(23.3	)
Total deposits	$	13,444,366	$	13,565,863	$	(121,497	)		(0.9	)

Deposits, which represent Wesbanco’s primary source of funds, are offered in various account forms at various rates through Wesbanco’s 194 financial centers. The FDIC insures deposits up to $250,000 per account owner.

Total deposits decreased $121.5 million or 0.9% during the first nine months of 2022. Savings deposits and money market deposit accounts increased 7.0% and 1.9%, respectively, while demand deposits decreased 0.4%. The overall 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 $639.0 million at September 30, 2022 compared to $641.1 million at December 31, 2021.

Certificates of deposit decreased $301.1 million from December 31, 2021 to September 30, 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 $28.5 million in outstanding balances at September 30, 2022, compared to $45.9 million in total outstanding balances at December 31, 2021. Certificates of deposit greater than $250,000 were approximately $173.8 million at September 30, 2022 compared to $313.2 million at December 31, 2021. Certificates of deposit of $100,000 or more were approximately $448.3 million at September 30, 2022 compared to $666.2 million at December 31, 2021. Certificates of deposit totaling approximately $636.6 million at September 30, 2022 with a cost of 0.39% 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)	September 30, 2022		December 31, 2021		$ Change			% Change
Federal Home Loan Bank Borrowings	$	56,998	$	183,920	$	(126,922	)		(69.0	)
Other short-term borrowings		127,983		141,893		(13,910	)		(9.8	)
Subordinated debt and junior subordinated debt		281,179		132,860		148,319			111.6
Total	$	466,160	$	458,673	$	7,487			1.6

While borrowings are a significant source of funding for Wesbanco, they are less significant as compared to total deposits. During the first nine months of 2022, $126.9 million in available liquidity was used for FHLB borrowings maturities and other principal pay-downs with an average cost of 1.22%. 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 $128.0 million at September 30, 2022 compared to $141.9 million at December 31, 2021. There were no outstanding federal funds purchased at either September 30, 2022 or December 31, 2021.

Subordinated debt and junior subordinated debt balances increased by $148.3 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 ("SOFR") 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 2022, which is a senior obligation of the parent company, with another financial institution. This line of credit, with each advance accruing interest at the borrower selected rate of either an adjusted base rate, Daily SOFR, or Term SOFR, provides for aggregate unsecured borrowings of up to $30.0 million. There were no outstanding balances at either September 30, 2022 or December 31, 2021.

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CAPITAL RESOURCES

Shareholders' equity decreased $0.3 billion or 11.0% to $2.4 billion at September 30, 2022 from $2.7 billion at December 31, 2021. The decrease resulted from the repurchase of common shares totaling $113.6 million, the declaration of common and preferred shareholder dividends totaling $60.8 million and $7.6 million, respectively, and a $261.5 million other comprehensive loss for the nine months ended September 30, 2022, exceeding net income during the current nine-month period of $139.9 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 3,250,383 shares of its common stock on the open market at a total cost of $113.6 million or $34.95 per share during the nine-month period ended September 30, 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 September 30, 2022, the remaining shares authorized to be purchased under the last approved repurchase plan totaled 1,341,234 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 September 30, 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 September 30, 2022, under FDIC regulations, Wesbanco could receive, without prior regulatory approval, a dividend of approximately $106.3 million from the Bank.

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 September 30, 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 25 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:

							September 30, 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	%	$	1,546,953		9.68	%	$	639,274	$	1,586,165		10.02	%	$	633,089
Common equity Tier 1		4.50	%		6.50	%		1,402,468		11.35	%		556,268		1,441,681		12.77	%		507,893
Tier 1 capital to risk-weighted assets		6.00	%		8.00	%		1,546,953		12.51	%		741,691		1,586,165		14.05	%		677,190
Total capital to risk-weighted assets		8.00	%		10.00	%		1,900,569		15.37	%		988,922		1,795,661		15.91	%		902,920
Wesbanco Bank, Inc.
Tier 1 leverage		4.00	%		5.00	%	$	1,548,018		9.71	%	$	638,004	$	1,529,227		9.68	%	$	631,920
Common equity Tier 1		4.50	%		6.50	%		1,548,018		12.56	%		554,528		1,529,227		13.60	%		505,967
Tier 1 capital to risk-weighted assets		6.00	%		8.00	%		1,548,018		12.56	%		739,371		1,529,227		13.60	%		674,622
Total capital to risk-weighted assets		8.00	%		10.00	%		1,621,634		13.16	%		985,828		1,608,723		14.31	%		899,496

(1)Minimum requirements to remain adequately capitalized.

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

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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 61.2% at September 30, 2022 and deposit balances funded 81.0% of assets.

The following table lists the sources of liquidity from assets at September 30, 2022 expected within the next year:

(unaudited, in thousands)
Cash and cash equivalents	$	378,556
Securities with a maturity date within the next year and callable securities		231,632
Projected payments and prepayments on mortgage-backed securities and collateralized mortgage obligations (1)		411,778
Loans held for sale		12,887
Accruing loans scheduled to mature		998,478
Normal loan repayments		1,039,107
Total sources of liquidity expected within the next year	$	3,072,438

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

Deposit flows are another principal factor affecting overall Wesbanco liquidity. Deposits totaled $13.4 billion at September 30, 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 $636.6 million at September 30, 2022, with a weighted average cost of 0.39%, which includes jumbo regular certificates of deposit totaling $288.3 million with a weighted-average cost of 0.50%, and jumbo CDARS® deposits of $22.5 million with a weighted-average cost of 0.80%.

Wesbanco maintains a line of credit with the FHLB as an additional funding source. Available credit with the FHLB approximated $4.1 billion and $3.8 billion at September 30, 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 September 30, 2022, the Bank had unpledged available-for-sale securities with an amortized cost of $707.5 million, or 24.1% 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 September 30, 2022. Wesbanco’s held-to-maturity portfolio currently contains $1.2 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 September 30, 2022. Alternative funding sources may include the utilization of existing overnight lines of credit with third party banks totaling $235.0 million, none of which was outstanding at September 30, 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 $128.0 million at September 30, 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, $254.3 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 September 30, 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 September 30, 2022, under FDIC and State of West Virginia regulations, Wesbanco could receive, without prior regulatory approval, dividends of approximately $106.3 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.

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Wesbanco had outstanding commitments to extend credit in the ordinary course of business approximating $4.7 billion and $3.8 billion at September 30, 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 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.

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.

On March 15, 2022, President Biden signed the Adjustable Interest Rate (LIBOR) Act into law (the “LIBOR Act”). The LIBOR Act provides a clear and uniform federal solution for transitioning legacy contracts that either lack or contain insufficient contractual provisions addressing the permanent cessation of LIBOR by providing for the transition from LIBOR to a replacement rate and avoiding related litigation.

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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 September 30, 2022, Wesbanco had a total of $1.4 billion in loans tied to either LIBOR or the ICE LIBOR Swap index, of which $1.2 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. This transition will be aided by the passage of the LIBOR Act. 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 chose 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 September 30, 2022 and December 31, 2021, assuming the above-noted interest rate changes, as compared to a base model. The 100 – 200 basis points decreasing changes for 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)	September 30, 2022	December 31, 2021	Guidelines
+300	9.7%	17.5%	(15.0%)
+200	6.5%	11.7%	(10.0%)
+100	3.3%	6.0%	(7.5%)
-100	(4.8%)	N/A	(7.5%)
-200	(12.2%)	N/A	(10.0%)

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.

53

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 September 30, 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)	September 30, 2022	December 31, 2021	Guidelines
+300	(5.5%)	3.7%	(30.0%)
+200	(3.6%)	1.6%	(20.0%)
+100	(1.5%)	1.8%	(10.0%)
-100	(6.1%)	N/A	(10.0%)
-200	(13.8%)	N/A	(20.0%)

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 few 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.

54

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 September 30, 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.

55

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 September 30, 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 third 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 September 30, 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
Balance at June 30, 2022								1,750,574
July 1, 2022 to July 31, 2022		28,143	$	32.26		—		1,750,574
August 1, 2022 to August 31, 2022		201,160	$	34.92		200,000		1,550,574
September 1, 2022 to September 30, 2022		211,999	$	34.38		209,340		1,341,234
Total		441,302	$	34.49		409,340		1,341,234

(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.

56

ITEM 6. EXHIBITS

10.1	Amendment to Loan Documents between Wesbanco, Inc. and PNC Bank, National Association (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Registrant with the Securities and Exchange Commission on August 29, 2022)
10.2	Amended and Restated Revolving Line of Credit Note between Wesbanco, Inc. and PNC Bank, National Association (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Registrant with the Securities and Exchange Commission on August 29, 2022)
10.3	Employment Agreement, dated July 5, 2022, by and among Wesbanco, Inc., Wesbanco Bank, Inc. and Jeffrey H. Jackson (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Registrant with the Securities and Exchange Commission on July 5, 2022).
10.4	Change in Control Agreement, dated July 5, 2022, by and among Wesbanco, Inc., Wesbanco Bank, Inc. and Jeffrey H. Jackson (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Registrant with the Securities and Exchange Commission on July 5, 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).

57

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: November 3, 2022	/s/ Todd F. Clossin
	Todd F. Clossin
	President and Chief Executive Officer (Principal Executive Officer)
Date: November 3, 2022	/s/ Daniel K. Weiss, Jr.
	Daniel K. Weiss, Jr.
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

58

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: November 3, 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: November 3, 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: November 3, 2022	/s/ Todd F. Clossin
	Todd F. Clossin
	President and Chief Executive Officer
Date: November 3, 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	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		59,155,772
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	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and due from banks, including interest bearing amounts of $166,215 and $1,094,312, respectively	$ 378,556	$ 1,251,358
Securities:
Equity securities, at fair value	11,964	13,466
Available-for-sale debt securities, at fair value	2,645,748	3,013,462
Held-to-maturity debt securities (fair values of $1,065,833 and $1,028,452 respectively)	1,262,467	1,004,823
Allowance for credit losses, held-to-maturity debt securities	(225)	(268)
Net held-to-maturity debt securities	1,262,242	1,004,555
Total securities	3,919,954	4,031,483
Loans held for sale	12,887	25,277
Portfolio loans, net of unearned income	10,277,662	9,733,478
Allowance for credit losses - loans	(114,584)	(121,622)
Net portfolio loans	10,163,078	9,611,856
Premises and equipment, net	221,355	229,016
Accrued interest receivable	63,375	60,844
Goodwill and other intangible assets, net	1,143,896	1,151,634
Bank-owned life insurance	350,806	350,359
Other assets	350,840	215,298
Total Assets	16,604,747	16,927,125
Deposits:
Non-interest bearing demand	4,736,722	4,590,895
Interest bearing demand	3,201,714	3,380,056
Money market	1,772,481	1,739,750
Savings deposits	2,741,937	2,562,510
Certificates of deposit	991,512	1,292,652
Total deposits	13,444,366	13,565,863
Federal Home Loan Bank borrowings	56,998	183,920
Other short-term borrowings	127,983	141,893
Subordinated debt and junior subordinated debt	281,179	132,860
Total borrowings	466,160	458,673
Accrued interest payable	4,358	1,901
Other liabilities	294,211	207,522
Total Liabilities	14,209,095	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 September 30, 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; 59,304,505 and 62,307,245 shares outstanding at September 30, 2022 and December 31, 2021, respectively	141,834	141,834
Capital surplus	1,634,280	1,635,642
Retained earnings	1,048,532	977,765
Treasury stock (8,776,801 and 5,774,061 shares - at cost, respectively)	(305,033)	(199,759)
Accumulated other comprehensive loss	(266,640)	(5,120)
Deferred benefits for directors	(1,805)	(1,680)
Total Shareholders' Equity	2,395,652	2,693,166
Total Liabilities and Shareholders' Equity	$ 16,604,747	$ 16,927,125

XML

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Interest bearing deposits, banks	$ 166,215,000	$ 1,094,312,000
Held-to-maturity securities, fair values	$ 1,065,833,000	$ 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	59,304,505	62,307,245
Treasury stock, shares	8,776,801	5,774,061

XML

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INTEREST AND DIVIDEND INCOME
Loans, including fees	$ 109,562	$ 103,206	$ 299,094	$ 318,532
Interest and dividends on securities:
Taxable	17,531	13,481	47,468	37,467
Tax-exempt	4,916	4,063	13,965	11,925
Total interest and dividends on securities	22,447	17,544	61,433	49,392
Other interest income	2,108	628	4,211	1,836
Total interest and dividend income	134,117	121,378	364,738	369,760
INTEREST EXPENSE
Interest bearing demand deposits	2,953	815	4,917	2,859
Money market deposits	968	350	1,672	1,488
Savings deposits	1,067	244	1,662	769
Certificates of deposit	958	1,726	3,347	6,122
Total interest expense on deposits	5,946	3,135	11,598	11,238
Federal Home Loan Bank borrowings	348	1,192	1,334	5,387
Other short-term borrowings	147	33	244	192
Subordinated debt and junior subordinated debt	3,175	1,743	7,123	5,336
Total interest expense	9,616	6,103	20,299	22,153
NET INTEREST INCOME	124,501	115,275	344,439	347,607
Provision for credit losses	(535)	(1,730)	(4,785)	(50,714)
Net interest income after provision for credit losses	125,036	117,005	349,224	398,321
NON-INTEREST INCOME
Trust fees	6,517	7,289	20,879	22,069
Service charges on deposits	6,942	6,050	19,520	15,820
Electronic banking fees	4,808	5,427	15,307	14,853
Net securities brokerage revenue	2,491	1,965	6,969	5,318
Bank-owned life insurance	1,999	2,656	8,263	6,072
Mortgage banking income	1,257	4,563	4,508	16,656
Net securities gains (losses)	656	(15)	(1,176)	740
Net gain (loss) on other real estate owned and other assets	2,040	785	(68)	4,974
Other income	5,546	4,035	15,420	15,574
Total non-interest income	32,256	32,755	89,622	102,076
NON-INTEREST EXPENSE
Salaries and wages	44,271	39,497	124,421	113,822
Employee benefits	10,693	10,658	28,574	30,191
Net occupancy	6,489	6,825	19,843	20,430
Equipment and software	8,083	7,609	23,795	21,654
Marketing	2,377	1,848	7,546	6,033
FDIC insurance	2,391	1,227	5,850	2,690
Amortization of intangible assets	2,560	2,854	7,738	8,622
Restructuring and merger-related expense	66	4,467	1,712	6,540
Other operating expenses	15,011	19,716	47,032	54,858
Total non-interest expense	91,941	94,701	266,511	264,840
Income before provision for income taxes	65,351	55,059	172,335	235,557
Provision for income taxes	12,318	10,651	32,432	47,445
Net income	53,033	44,408	139,903	188,112
Preferred stock dividends	2,531	2,531	7,594	7,594
Net income available to common shareholders	$ 50,502	$ 41,877	$ 132,309	$ 180,518
EARNINGS PER COMMON SHARE
Basic	$ 0.85	$ 0.64	$ 2.19	$ 2.72
Diluted	$ 0.85	$ 0.64	$ 2.19	$ 2.71
AVERAGE COMMON SHARES OUTSTANDING
Basic	59,549,244	64,931,764	60,336,637	66,354,750
Diluted	59,697,676	65,065,848	60,489,248	66,510,357
DIVIDENDS DECLARED PER COMMON SHARE	$ 0.34	$ 0.33	$ 1.02	$ 0.99
COMPREHENSIVE (LOSS) INCOME	$ (37,546)	$ 36,285	$ (121,617)	$ 161,216

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	188,112				188,112
Other comprehensive income (loss)	(26,896)						(26,896)
Comprehensive income (loss)	161,216
Common dividends declared	(65,069)				(65,069)
Preferred dividends declared	(7,594)
Stock issued for dividend reinvestment					(391)	391
Stock issued for dividend reinvestment, shares			11,720
Treasury shares acquired	(128,006)			191		(128,197)
Treasury shares acquired, shares			(3,649,091)
Stock options exercised	2,300			(867)		3,167
Stock options exercised, shares			92,393
Restricted stock granted				(4,486)		4,486
Restricted stock granted, shares			128,821
Stock compensation expense	4,415			4,415
Deferred benefits for directors- net	(16)			18				(34)
Ending Balance at Sep. 30, 2021	2,723,983	144,484	$ 141,834	1,634,086	946,746	(146,102)	4,463	(1,528)
Ending Balance, shares at Sep. 30, 2021			63,838,549
Beginning Balance at Jun. 30, 2021	2,780,836	144,484	$ 141,834	1,632,460	925,977	(74,996)	12,586	(1,509)
Beginning Balance, shares at Jun. 30, 2021			65,970,149
Net income	44,408				44,408
Other comprehensive income (loss)	(8,123)						(8,123)
Comprehensive income (loss)	36,285
Common dividends declared	(21,108)				(21,108)
Preferred dividends declared	(2,531)				(2,531)
Treasury shares acquired	(71,346)					(71,346)
Treasury shares acquired, shares			(2,138,515)
Stock options exercised	16			(10)		26
Stock options exercised, shares			750
Restricted stock granted				(214)		214
Restricted stock granted, shares			6,165
Stock compensation expense	1,836			1,836
Deferred benefits for directors- net	(5)			14				(19)
Ending Balance at Sep. 30, 2021	2,723,983	144,484	$ 141,834	1,634,086	946,746	(146,102)	4,463	(1,528)
Ending Balance, shares at Sep. 30, 2021			63,838,549
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	139,903				139,903
Other comprehensive income (loss)	(261,520)						(261,520)
Comprehensive income (loss)	(121,617)
Common dividends declared	(60,750)				(60,750)
Preferred dividends declared	(7,594)				(7,594)
Stock issued for dividend reinvestment					(792)	792
Stock issued for dividend reinvestment, shares			23,478
Treasury shares acquired	(113,600)					(113,600)
Treasury shares acquired, shares			(3,250,383)
Stock options exercised	1,629			(384)		2,013
Stock options exercised, shares			59,959
Restricted stock granted				(5,521)		5,521
Restricted stock granted, shares			164,206
Stock compensation expense	4,519			4,519
Deferred benefits for directors- net	(101)			24				(125)
Ending Balance at Sep. 30, 2022	2,395,652	144,484	$ 141,834	1,634,280	1,048,532	(305,033)	(266,640)	(1,805)
Ending Balance, shares at Sep. 30, 2022			59,304,505
Beginning Balance at Jun. 30, 2022	2,467,951	144,484	$ 141,834	1,632,617	1,018,209	(291,337)	(176,061)	(1,795)
Beginning Balance, shares at Jun. 30, 2022			59,698,788
Net income	53,033				53,033
Other comprehensive income (loss)	(90,579)						(90,579)
Comprehensive income (loss)	(37,546)
Common dividends declared	(20,024)				(20,024)
Preferred dividends declared	(2,531)				(2,531)
Stock issued for dividend reinvestment					(155)	155
Stock issued for dividend reinvestment, shares			4,832
Treasury shares acquired	(14,180)					(14,180)
Treasury shares acquired, shares			(409,340)
Stock options exercised	251			(78)		329
Stock options exercised, shares			10,225
Stock compensation expense	1,727			1,727
Deferred benefits for directors- net	4			14				(10)
Ending Balance at Sep. 30, 2022	$ 2,395,652	$ 144,484	$ 141,834	$ 1,634,280	$ 1,048,532	$ (305,033)	$ (266,640)	$ (1,805)
Ending Balance, shares at Sep. 30, 2022			59,304,505

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Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common dividends declared, per share	$ 0.34	$ 0.33	$ 1.02	$ 0.99
Preferred dividends declared, per share	$ 16.875	$ 16.875	$ 16.875	$ 16.875

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Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 196,674	$ 276,138
INVESTING ACTIVITIES
Net (increase) decrease in loans held for investment	(533,917)	919,999
Available-for-sale debt securities:
Proceeds from maturities, prepayments and calls	484,434	636,120
Purchases of securities	(468,399)	(1,691,731)
Held-to-maturity debt securities:
Proceeds from maturities, prepayments and calls	75,247	77,806
Purchases of securities	(335,042)	(302,710)
Purchases of bank owned life insurance		(40,000)
Proceeds from bank owned life insurance	7,816	2,375
Purchases of premises and equipment – net	(5,281)	(5,856)
Net cash used in investing activities	(775,142)	(403,997)
FINANCING ACTIVITIES
(Decrease) increase in deposits	(119,900)	997,027
Repayment of Federal Home Loan Bank borrowings	(126,980)	(340,153)
Decrease in other short-term borrowings	(13,910)	(89,404)
Principal repayments of finance lease obligations	(389)	(331)
Issuance of subordinated debt, net of issuance costs	147,702
Repayment of subordinated and junior subordinated debt		(25,000)
Dividends paid to common shareholders	(61,292)	(65,311)
Dividends paid to preferred shareholders	(7,594)	(7,594)
Treasury shares purchased - net	(111,971)	(125,706)
Net cash (used in) provided by financing activities	(294,334)	343,528
Net (decrease) increase in cash, cash equivalents and restricted cash	(872,802)	215,669
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	378,556	1,121,116
SUPPLEMENTAL DISCLOSURES
Interest paid on deposits and other borrowings	18,763	26,547
Income taxes paid	21,820	34,595
Transfers of loans to other real estate owned	$ 1,554	$ 526

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 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 2022-04 Liabilities – Supplier Finance Programs (Sub-topic 405-50)

In September 2022, the FASB issued ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50).” The amendments in this ASU require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Wesbanco is currently assessing the impact of ASU 2022-04 on its Consolidated Financial Statements.

ASU 2022-03 Fair Value Measurement (Topic 820)

In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820).” The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered in measuring fair value. Furthermore, the amendments to this ASU clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update to this ASU requires the following disclosures for equity securities: (1) The fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; (2) The nature and remaining duration of the restriction(s) and; (3) The circumstances that could cause a lapse in the restriction(s). The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Wesbanco is currently assessing the impact of ASU 2022-03 on its Consolidated Financial Statements.

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

9 Months Ended

Sep. 30, 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 September 30,				For the Nine Months Ended September 30,
(unaudited, in thousands, except shares and per share amounts)	2022		2021		2022		2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	50,502	$	41,877	$	132,309	$	180,518
Denominator:
Total average basic common shares outstanding		59,549,244		64,931,764		60,336,637		66,354,750
Effect of dilutive stock options and other stock compensation		148,432		134,084		152,611		155,607
Total diluted average common shares outstanding		59,697,676		65,065,848		60,489,248		66,510,357
Earnings per common share - basic	$	0.85	$	0.64	$	2.19	$	2.72
Earnings per common share - diluted	$	0.85	$	0.64	$	2.19	$	2.71

As of September 30, 2022 and 2021, 522,711 and 534,961 options to purchase shares were not included in the diluted share computation for the three and nine months ended September 30, 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 September 30, 2022, an aggregate of 36,000 contingently issuable shares were estimated to be awarded under the 2022 and 2021 total shareholder return ("TSR") plans, as stock performance targets had been met as of such date and therefore those shares were included in the diluted calculation. As of September 30, 2022, no shares related to the 2020 TSR plan were included in the calculation because the effect would be antidilutive. As of September 30, 2021, no shares related to the 2021, 2020 and 2019 TSR plans were included in the calculation because the effect would be antidilutive.

In addition, performance-based restricted stock ("PBRS") compensation totaling 55,230 and 61,267 shares were estimated to be awarded as of September 30, 2022 and September 30, 2021, respectively, and are included in the diluted calculation for both the three and nine months then ended.

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Securities

9 Months Ended

Sep. 30, 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:

	September 30, 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	$	263,336	$	1	$	(34,491	)	$	228,846	$	236,096	$	3,922	$	(3,040	)	$	236,978
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,210,727		20		(301,086	)		1,909,661		2,301,170		16,489		(32,446	)		2,285,213
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		407,299		3		(9,004	)		398,298		364,486		4,252		(1,245	)		367,493
Obligations of states and political subdivisions		99,643		69		(5,886	)		93,826		101,003		5,372		(35	)		106,340
Corporate debt securities		15,448		1		(332	)		15,117		16,940		507		(9	)		17,438
Total available-for-sale debt securities	$	2,996,453	$	94	$	(350,799	)	$	2,645,748	$	3,019,695	$	30,542	$	(36,775	)	$	3,013,462
Held-to-maturity debt securities
U.S. Government sponsored entities and agencies	$	4,871	$	—	$	(474	)	$	4,397	$	5,944	$	72	$	(8	)	$	6,008
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		47,973		—		(4,213	)		43,760		58,147		1,409		(16	)		59,540
Obligations of states and political subdivisions		1,189,219		204		(191,468	)		997,955		907,649		23,854		(3,500	)		928,003
Corporate debt securities		20,404		—		(683	)		19,721		33,083		1,818		—			34,901
Total held-to-maturity debt securities (1)	$	1,262,467	$	204	$	(196,838	)	$	1,065,833	$	1,004,823	$	27,153	$	(3,524	)	$	1,028,452
Total debt securities	$	4,258,920	$	298	$	(547,637	)	$	3,711,581	$	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 $0.2 million at September 30, 2022 and $0.3 million at December 31, 2021.

At September 30, 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 $9.4 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 $12.0 million and $13.5 million at September 30, 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 September 30, 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
Within one year	$	31,190	$	30,874
After 1 year through 5 years		153,759		149,576
After 5 years through 10 years		474,806		452,056
After 10 years		2,336,698		2,013,242
Total available-for-sale debt securities	$	2,996,453	$	2,645,748
Held-to-maturity debt securities
Within one year	$	26,906	$	26,820
After 1 year through 5 years		99,676		97,773
After 5 years through 10 years		350,392		321,926
After 10 years		785,493		619,314
Total held-to-maturity debt securities	$	1,262,467	$	1,065,833
Total debt securities	$	4,258,920	$	3,711,581

Securities with an aggregate fair value of $2.0 billion and $2.1 billion at September 30, 2022 and December 31, 2021, respectively, were pledged as security for public and trust funds, and securities sold under agreements to repurchase. There were no sales of available-for-sale securities during the nine months ended September 30, 2022 and 2021. Net unrealized losses on available-for-sale securities included in accumulated other comprehensive income, net of tax, as of September 30, 2022 and December 31, 2021 were $266.4 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 and nine months ended September 30, 2022 and 2021, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) 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 September 30,						For the Nine Months Ended September 30,
(unaudited, in thousands)	2022			2021			2022			2021
Debt securities:
Gross realized gains	$	30		$	22		$	168		$	222
Gross realized losses		(1	)		(2	)		(12	)		(41	)
Net gains on debt securities		29			20			156			181
Equity securities:
Net unrealized gains (losses) recognized on securities still held		627			(35	)		(1,332	)		559
Net securities gains (losses)	$	656		$	(15	)	$	(1,176	)	$	740

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 $9.5 million and $7.0 million as of September 30, 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 nine months ended September 30, 2022 and 2021:

	Allowance for Credit Losses By Category
	For the Nine Months Ended September 30, 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		—		—		(2	)		(41	)		(43	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at September 30, 2022	$	—	$	—	$	172		$	53		$	225
.
Balance at December 31, 2020	$	—	$	—	$	130		$	196		$	326
Current period provision		—		—		35			(104	)		(69	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at September 30, 2021	$	—	$	—	$	165		$	92		$	257

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 September 30, 2022 and December 31, 2021, respectively:

	September 30, 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	$	110,981	$	(9,122	)		36	$	117,687	$	(25,369	)		12	$	228,668	$	(34,491	)		48
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		802,738		(79,719	)		374		1,104,411		(221,367	)		128		1,907,149		(301,086	)		502
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		254,304		(5,485	)		50		143,797		(3,519	)		26		398,101		(9,004	)		76
Obligations of state and political subdivisions		79,251		(4,725	)		149		3,171		(1,161	)		2		82,422		(5,886	)		151
Corporate debt and other securities		14,129		(319	)		6		487		(13	)		1		14,616		(332	)		7
Total	$	1,261,403	$	(99,370	)		615	$	1,369,553	$	(251,429	)		169	$	2,630,956	$	(350,799	)		784

	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 $11.4 million and $15.9 million at September 30, 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

9 Months Ended

Sep. 30, 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 costs were $9.9 million and $3.3 million at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, respectively, the balance also included $0.5 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 $19.7 million at September 30, 2022 and $25.9 million at December 31, 2021.

	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	955,644	$	833,880
Improved property		4,875,740		4,705,088
Total commercial real estate		5,831,384		5,538,968
Commercial and industrial		1,503,848		1,427,645
Commercial and industrial - PPP		13,008		162,675
Residential real estate		2,010,344		1,721,378
Home equity		609,765		605,682
Consumer		309,313		277,130
Total portfolio loans		10,277,662		9,733,478
Loans held for sale		12,887		25,277
Total loans	$	10,290,549	$	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 September 30, 2022, the one-year forecast was based upon a blended rate from three nationally-recognized published economic forecasts through September 30, 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 at 4.2% in the first quarter of the one-year forecast period, with subsequent increases to an average of 4.7% over the remainder of the forecast period. The calculation utilized an immediate reversion 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 September 30, 2022, accrued interest receivable for loans was $46.5 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 $0.2 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 September 30, 2022, accrued interest related to COVID-19 loan modifications as permitted under the CARES Act was $18.8 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 Nine Months Ended September 30, 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		1,369			(12,082	)		2,160			1,133			37			1,216			260			(5,907	)
Provision for loan commitments		1,618			(201	)		(1,214	)		788			7			165			—			1,163
Total provision for credit    losses - loans and loan    commitments		2,987			(12,283	)		946			1,921			44			1,381			260			(4,744	)
Charge-offs		(73	)		(642	)		(983	)		(282	)		(266	)		(2,511	)		(1,215	)		(5,972	)
Recoveries		25			899			871			483			293			1,992			278			4,841
Net (charge-offs) recoveries		(48	)		257			(112	)		201			27			(519	)		(937	)		(1,131	)
Balance at September 30, 2022
Allowance for credit    losses - loans		8,631			53,530			28,923			16,735			788			4,434			1,543			114,584
Allowance for credit    losses - loan commitments		5,798			—			283			2,364			56			437			—			8,938
Total ending allowance for credit    losses - loans and loan    commitments	$	14,429		$	53,530		$	29,206		$	19,099		$	844		$	4,871		$	1,543		$	123,522
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		(3,665	)		(29,171	)		(10,669	)		(3,481	)		(877	)		(2,268	)		1,709			(48,422	)
Provision for loan commitments		(2,829	)		(394	)		451			254			7			287			—			(2,224	)
Total provision for credit    losses - loans and loan    commitments		(6,494	)		(29,565	)		(10,218	)		(3,227	)		(870	)		(1,981	)		1,709			(50,646	)
Charge-offs		(22	)		(933	)		(1,717	)		(842	)		(382	)		(2,210	)		(932	)		(7,038	)
Recoveries		110			1,053			1,737			885			471			1,718			264			6,238
Net (charge-offs) recoveries		88			120			20			43			89			(492	)		(668	)		(800	)
Balance at September 30, 2021
Allowance for credit    losses - loans		7,264			81,601			27,201			14,413			699			3,747			1,680			136,605
Allowance for credit    losses - loan commitments		3,679			318			1,726			1,209			52			306			—			7,290
Total ending allowance for credit    losses - loans and loan    commitments	$	10,943		$	81,919		$	28,927		$	15,622		$	751		$	4,053		$	1,680		$	143,895

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
September 30, 2022
Allowance for credit losses:
Loans individually-evaluated	$	297	$	3,940	$	184	$	—	$	—	$	—	$	—	$	4,421
Loans collectively-evaluated		8,334		49,590		28,739		16,735		788		4,434		1,543		110,163
Loan commitments		5,798		—		283		2,364		56		437		—		8,938
Total allowance for credit    losses - loans and commitments	$	14,429	$	53,530	$	29,206	$	19,099	$	844	$	4,871	$	1,543	$	123,522
Portfolio loans:
Individually-evaluated for credit    losses	$	1,115	$	30,732	$	437	$	—	$	—	$	—	$	—	$	32,284
Collectively-evaluated for credit    losses		954,529		4,845,008		1,516,419		2,010,344		609,765		309,313		—		10,245,378
Total portfolio loans	$	955,644	$	4,875,740	$	1,516,856	$	2,010,344	$	609,765	$	309,313	$	—	$	10,277,662
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, including guarantees.

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 September 30, 2022
Pass	$	923,333	$	4,698,327	$	1,476,543	$	7,098,203
Criticized - compromised		25,180		113,584		24,412		163,176
Classified - substandard		7,131		63,829		15,901		86,861
Classified - doubtful		—		—		—		—
Total	$	955,644	$	4,875,740	$	1,516,856	$	7,348,240
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 $26.5 million at September 30, 2022 and $30.2 million at December 31, 2021, of which $7.0 million and $7.4 million were accruing, for each period, respectively. These loans are not included in the tables above. In addition, $27.3 million and $21.7 million of unfunded commercial loan commitments are also not included in the tables above at September 30, 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 September 30, 2022
Commercial real estate:
Land and construction	$	955,075	$	134	$	140	$	295	$	569	$	955,644	$	295
Improved property		4,852,702		2,473		2,143		18,422		23,038		4,875,740		13,913
Total commercial real estate		5,807,777		2,607		2,283		18,717		23,607		5,831,384		14,208
Commercial and industrial		1,500,637		4,717		3,486		8,016		16,219		1,516,856		6,082
Residential real estate		1,998,214		1,079		2,758		8,293		12,130		2,010,344		2,456
Home equity		603,115		2,571		782		3,297		6,650		609,765		1,006
Consumer		305,452		2,288		895		678		3,861		309,313		559
Total portfolio loans		10,215,195		13,262		10,204		39,001		62,467		10,277,662		24,311
Loans held for sale		12,887		—		—		—		—		12,887		—
Total loans	$	10,228,082	$	13,262	$	10,204	$	39,001	$	62,467	$	10,290,549	$	24,311
Nonperforming loans included above are as follows:
Non-accrual loans	$	12,189	$	721	$	882	$	14,392	$	15,995	$	28,184
TDRs accruing interest		4,258		27		-		298		325		4,583
Total nonperforming loans	$	16,447	$	748	$	882	$	14,690	$	16,320	$	32,767
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
	September 30, 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	$	—	$	—	$	—	$	74	$	73	$	—
Improved property		8,424		6,767		—		9,846		8,089		—
Commercial and industrial		4,489		3,562		—		6,528		5,256		—
Residential real estate		22,264		17,125		—		25,492		20,065		—
Home equity		6,486		4,928		—		6,985		5,440		—
Consumer		698		385		—		869		565		—
Total nonperforming loans without a specific allowance		42,361		32,767		—		49,794		39,488		—
Total nonperforming loans with a specific allowance		—		—		—		—		—		—
Total nonperforming loans	$	42,361	$	32,767	$	—	$	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										For the Nine Months Ended
	September 30, 2022					September 30, 2021					September 30, 2022				September 30, 2021
	Average		Interest			Average		Interest			Average		Interest		Average		Interest
	Recorded		Income			Recorded		Income			Recorded		Income		Recorded		Income
(unaudited, in thousands)	Investment		Recognized			Investment		Recognized			Investment		Recognized		Investment		Recognized
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	27	$	(2	)	$	110	$	—		$	70	$	—	$	202	$	—
Improved property		7,086		57			6,271		6			7,505		71		6,987		23
Commercial and industrial		4,010		5			5,021		(2	)		4,514		8		3,783		1
Residential real estate		17,467		24			21,549		(15	)		18,327		96		21,198		125
Home equity		5,046		14			5,544		—			5,279		20		5,591		9
Consumer		396		1			411		1			468		3		384		2
Total nonperforming loans without a specific allowance		34,030		99			38,906		(10	)		36,163		198		38,145		160
With a specific allowance recorded:
Commercial real estate:
Land and construction		—		—			—		—			—		—		—		—
Improved property		—		—			2,084		—			—		—		2,087		—
Total nonperforming loans with a specific allowance		—		—			2,084		—			—		—		2,087		—
Total nonperforming loans	$	34,030	$	99		$	40,990	$	(10	)	$	36,163	$	198	$	40,232	$	160

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

	Non-accrual Loans (1)
	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	—	$	73
Improved property		5,339		7,715
Total commercial real estate		5,339		7,788
Commercial and industrial		3,388		5,064
Residential real estate		14,470		17,190
Home equity		4,642		5,163
Consumer		345		537
Total	$	28,184	$	35,742

(1)At September 30, 2022, there was one borrower with a loan balance greater than $1.0 million, which totaled $1.1 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
	September 30, 2022						December 31, 2021
(unaudited, in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Commercial real estate:
Land and construction	$	—	$	—	$	—	$	—	$	—	$	—
Improved property		1,428		29		1,457		374		133		507
Total commercial real estate		1,428		29		1,457		374		133		507
Commercial and industrial		174		—		174		192		—		192
Residential real estate		2,655		1,503		4,158		2,875		1,156		4,031
Home equity		286		224		510		277		258		535
Consumer		40		—		40		28		—		28
Total	$	4,583	$	1,756	$	6,339	$	3,746	$	1,547	$	5,293

As of September 30, 2022, there was one TDR greater than $1.0 million, which totaled $1.1 million; there were no such TDRs as of December 31, 2021. 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 $0.1 million as of both September 30, 2022 and December 31, 2021.

The following table presents details related to loans identified as TDRs during the three and nine months ended September 30, 2022 and 2021, respectively:

	New TDRs (1)
	For the Three Months Ended
	September 30, 2022						September 30, 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		—	$	—	$	—		—	$	—	$	—
Improved property		1		1,097		1,075		—		—		—
Total commercial real estate		1		1,097		1,075		—		—		—
Commercial and industrial		—		—		—		—		—		—
Residential real estate		—		—		—		1		102		101
Home equity		—		—		—		—		—		—
Consumer		—		—		—		—		—		—
Total		1	$	1,097	$	1,075		1	$	102	$	101
	New TDRs (1)
	For the Nine Months Ended
	September 30, 2022						September 30, 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	$	—		—	$	—	$	—
Improved property		2		1,286		1,075		—		—		—
Total commercial real estate		3		1,370		1,075		—		—		—
Commercial and industrial		—		—		—		—		—		—
Residential real estate		—		—		—		1		103		101
Home equity		—		—		—		1		57		55
Consumer		—		—		—		—		—		—
Total		3	$	1,370	$	1,075		2	$	160	$	156

(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.

The following table summarizes TDRs which defaulted (defined as past due 90 days) during the nine months ended September 30, 2022 and 2021, respectively, that were restructured within the last twelve months prior to September 30, 2022 and 2021, respectively.

	Defaulted TDRs (1)
	For the Nine Months Ended
	September 30, 2022				September 30, 2021
	Number of		Recorded		Number of		Recorded
(unaudited, dollars in thousands)	Defaults		Investment		Defaults		Investment
Commercial real estate:
Land and construction		—	$	—		—	$	—
Improved property		—		—		—		—
Total commercial real estate		—		—		—		—
Commercial and industrial		—		—		—		—
Residential real estate		—		—		1		234
Home equity		—		—		—		—
Consumer		—		—		—		—
Total		—	$	—		1	$	234

(1)Excludes loans that were either charged-off or cured by period end. The recorded investment is as of September 30, 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. The loans in the table above were not accruing interest.

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 $32.6 million remain in their deferral period as of September 30, 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 September 30, 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	$	129,030	$	155,816	$	164,359	$	182,096	$	92,973	$	54,518	$	93,043	$	51,498	$	923,333
Criticized - compromised		—		393		—		—		24,448		339		—		—		25,180
Classified - substandard		—		—		6,001		—		—		1,130		—		—		7,131
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	129,030	$	156,209	$	170,360	$	182,096	$	117,421	$	55,987	$	93,043	$	51,498	$	955,644
Commercial real estate: improved property
Risk rating:
Pass	$	799,090	$	617,653	$	619,263	$	539,169	$	359,321	$	1,654,366	$	82,767	$	26,698	$	4,698,327
Criticized - compromised		134		989		2,602		6,153		13,343		89,320		1,043		—		113,584
Classified - substandard		—		—		402		16,951		9,911		36,531		34		—		63,829
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	799,224	$	618,642	$	622,267	$	562,273	$	382,575	$	1,780,217	$	83,844	$	26,698	$	4,875,740
Commercial and industrial
Risk rating:
Pass	$	193,429	$	203,882	$	124,640	$	79,989	$	109,885	$	260,849	$	492,838	$	11,031	$	1,476,543
Criticized - compromised		297		728		298		8,695		199		2,359		7,592		4,244		24,412
Classified - substandard		—		3,383		1,001		2,388		405		2,585		558		5,581		15,901
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	193,726	$	207,993	$	125,939	$	91,072	$	110,489	$	265,793	$	500,988	$	20,856	$	1,516,856
Residential real estate
Loan delinquency:
Current	$	393,074	$	640,158	$	238,285	$	99,970	$	61,470	$	500,020	$	—	$	65,237	$	1,998,214
30-59 days past due		—		—		—		—		—		1,079		—		—		1,079
60-89 days past due		—		365		—		282		101		2,010		—		—		2,758
90 days or more past due		—		—		—		287		120		7,840		—		46		8,293
Total	$	393,074	$	640,523	$	238,285	$	100,539	$	61,691	$	510,949	$	—	$	65,283	$	2,010,344
Home equity
Loan delinquency:
Current	$	14,454	$	874	$	575	$	1,146	$	888	$	17,428	$	567,035	$	715	$	603,115
30-59 days past due		39		—		—		93		77		908		1,454		—		2,571
60-89 days past due		175		—		376		26		115		90		—		—		782
90 days or more past due		—		66		117		85		199		2,091		—		739		3,297
Total	$	14,668	$	940	$	1,068	$	1,350	$	1,279	$	20,517	$	568,489	$	1,454	$	609,765
Consumer
Loan delinquency:
Current	$	68,756	$	40,850	$	29,033	$	30,726	$	10,761	$	28,804	$	96,352	$	170	$	305,452
30-59 days past due		661		653		346		71		75		330		152		—		2,288
60-89 days past due		267		280		118		37		47		146		—		—		895
90 days or more past due		118		178		95		40		16		214		17		—		678
Total	$	69,802	$	41,961	$	29,592	$	30,874	$	10,899	$	29,494	$	96,521	$	170	$	309,313

	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:

	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Other real estate owned	$	1,467	$	—
Repossessed assets		128		—
Total other real estate owned and repossessed assets	$	1,595	$	—

Residential real estate included in other real estate owned was $0.1 million and $0 at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, formal foreclosure proceedings were in process on residential real estate loans totaling $3.7 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 during the first quarter of 2022, there are currently no loans suspended from entering foreclosure proceedings.

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Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 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 the Bank's 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 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 September 30, 2022 and December 31, 2021, Wesbanco had 147 and 135 customer interest rate swaps with an aggregate notional amount of $816.2 million and $730.6 million, respectively, related to this program. Wesbanco recognized income for the related swap fees of $1.6 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively, and $2.7 million and $3.3 million for the nine months ended September 30, 2022 and 2021, respectively.

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 September 30, 2022 and December 31, 2021, Wesbanco had 14 and 13 risk participation-in agreements with an aggregate notional amount of $152.3 million and $128.2 million, respectively. As of September 30, 2022 and December 31, 2021, Wesbanco had one risk participation-out agreement with an aggregate notional amount of $9.6 million and $9.8 million, respectively.

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 $32.0 million and $48.5 million at September 30, 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 September 30, 2022 and December 31, 2021:

	September 30, 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	$	816,188	$	76,381	$	74,514	$	730,552	$	24,867	$	26,388
Other contracts:
Interest rate loan commitments		16,936		—		438		28,994		9		—
Forward TBA contracts		32,000		1,074		—		48,500	—			21
Total derivatives			$	77,455	$	74,952			$	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 and nine months ended September 30, 2022 and 2021, respectively.

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(unaudited, in thousands)	Location of Gain/(Loss)	2022			2021			2022			2021
Interest rate swaps	Other income	$	786		$	378		$	3,389		$	2,106
Interest rate loan commitments	Mortgage banking income		(491	)		(226	)		(447	)		(678	)
Forward TBA contracts	Mortgage banking income		1,147			(278	)		3,195			2,621
Total		$	1,442		$	(126	)	$	6,137		$	4,049

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.

Dependent upon the net present value of the underlying swaps, Wesbanco has minimum collateral posting thresholds with certain of its derivative counterparties. If Wesbanco had breached any of these provisions at September 30, 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 counterparties. In certain market situations, Wesbanco can also request collateral from the derivative counterparties. Due to the current rise in interest rates, as of September 30, 2022, Wesbanco is holding collateral from various derivative counterparties with a market value of $44.6 million.

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Benefit Plans

9 Months Ended

Sep. 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 September 30,						For the Nine Months Ended September 30,
(unaudited, in thousands)	2022			2021			2022			2021
Service cost – benefits earned during year	$	552		$	630		$	1,638		$	1,869
Interest cost on projected benefit obligation		1,037			861			3,076			2,555
Expected return on plan assets		(2,917	)		(2,825	)		(8,655	)		(8,382	)
Amortization of prior service cost		(9	)		(9	)		(26	)		(26	)
Amortization of net loss		128			690			379			2,047
Net periodic pension income	$	(1,209	)	$	(653	)	$	(3,588	)	$	(1,937	)

The service cost of $1.6 million and $1.9 million for the nine months ended September 30, 2022 and 2021, respectively, is included in salaries and wages, and periodic pension income of $5.2 million and $3.8 million for the nine months ended September 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.

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Fair Value Measurement

9 Months Ended

Sep. 30, 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.

Collateral dependent loans: Collateral dependent loans are carried at the amortized cost basis less the specific allowance calculated under CECL. Collateral dependent 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 September 30, 2022 and December 31, 2021:

			September 30, 2022
			Fair Value Measurements Using:
	September 30,		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	$	11,964	$	11,964	$	—	$	—
Available-for-sale debt securities
U.S. Government sponsored entities and agencies		228,846		—		228,846		—
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,909,661		—		1,909,661		—
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		398,298		—		398,298		—
Obligations of states and political subdivisions		93,826		—		92,651		1,175
Corporate debt securities		15,117		—		15,117		—
Total available-for-sale debt securities	$	2,645,748	$	—	$	2,644,573	$	1,175
Loans held for sale		12,887		—		12,887		—
Other assets - interest rate swaps		76,381		—		76,381		—
Total assets recurring fair value measurements	$	2,746,980	$	11,964	$	2,733,841	$	1,175
Other liabilities - interest rate swaps	$	74,514	$	—	$	74,514	$	—
Total liabilities recurring fair value measurements	$	74,514	$	—	$	74,514	$	—
Nonrecurring fair value measurements
Collateral dependent loans	$	5,186	$	—	$	—	$	5,186
Other real estate owned and repossessed assets		1,595		—		—		1,595
Total nonrecurring fair value measurements	$	6,781	$	—	$	—	$	6,781

			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
Collateral dependent 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 and nine months ended September 30, 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)
September 30, 2022
Collateral dependent loans	$	5,186	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)
Other real estate owned and repossessed assets	$	1,595	Appraisal of collateral (1), (3)
December 31, 2021
Collateral dependent loans	$	13,558	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)

(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
					September 30, 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	$	378,556	$	378,556	$	378,556	$	—	$	—
Equity securities		11,964		11,964		11,964		—		—
Available-for-sale debt securities		2,645,748		2,645,748		—		2,644,573		1,175
Net held-to-maturity debt securities		1,262,242		1,065,833		—		1,065,490		343
Net loans		10,163,078		9,026,768		—		—		9,026,768
Loans held for sale		12,887		12,887		—		12,887		—
Other assets - interest rate swaps		76,381		76,381		—		76,381		—
Accrued interest receivable		63,375		63,375		63,375		—		—
Financial Liabilities
Deposits		13,444,366		13,460,664		12,452,854		1,007,810		—
Federal Home Loan Bank borrowings		56,998		56,574		—		56,574		—
Other borrowings		127,983		114,067		114,067		—		—
Subordinated debt and junior subordinated debt		281,179		259,546		—		259,546		—
Other liabilities - interest rate swaps		74,514		74,514		—		74,514		—
Accrued interest payable		4,358		4,358		4,358		—		—

					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

9 Months Ended

Sep. 30, 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 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 and nine months ended September 30, 2022 and 2021, respectively:

	Point of Revenue	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(unaudited, in thousands)	Recognition	2022		2021		2022			2021
Revenue Streams
Trust fees
Trust account fees	Over time	$	4,456	$	4,768	$	14,413		$	14,792
WesMark fees	Over time		2,061		2,521		6,466			7,277
Total trust fees			6,517		7,289		20,879			22,069
Service charges on deposits
Commercial banking fees	Over time		606		464		1,776			1,629
Personal service charges	At a point in time and over time		6,336		5,586		17,744			14,191
Total service charges on deposits			6,942		6,050		19,520			15,820
Net securities brokerage revenue
Annuity commissions	At a point in time		1,932		1,169		5,193			3,237
Equity and debt security trades	At a point in time		29		73		94			206
Managed money	Over time		290		311		944			885
Trail commissions	Over time		240		412		738			990
Total net securities brokerage revenue			2,491		1,965		6,969			5,318
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		818		773		2,436			2,234
Electronic banking fees	At a point in time		4,808		5,427		15,307			14,853
Mortgage banking income	At a point in time		1,257		4,563		4,508			16,656
Net gain (loss) on other real estate owned and other assets (2)	At a point in time and over time		2,040		785		(68	)		4,974

(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 gains of $1.5 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively, and (losses) gains of ($1.0) million and $4.2 million for the nine months ended September 30, 2022 and 2021, respectively.

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Comprehensive Income/(Loss)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Comprehensive Income/(Loss)

NOTE 9. COMPREHENSIVE INCOME/(LOSS)

The activity in accumulated other comprehensive income/(loss) for the nine months ended September 30, 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		—			(261,693	)		(261,693	)
Amounts reclassified from accumulated other comprehensive loss		165			8			173
Period change		165			(261,685	)		(261,520	)
Balance at September 30, 2022	$	(233	)	$	(266,407	)	$	(266,640	)
Balance at December 31, 2020	$	(15,502	)	$	46,861		$	31,359
Other comprehensive loss before reclassifications		—			(28,292	)		(28,292	)
Amounts reclassified from accumulated other comprehensive loss		1,431			(35	)		1,396
Period change		1,431			(28,327	)		(26,896	)
Balance at September 30, 2021	$	(14,071	)	$	18,534		$	4,463

(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 and nine months ended September 30, 2022 and 2021:

Details about Accumulated Other Comprehensive Income/(Loss) Components	For the Three Months Ended September 30,						For the Nine Months Ended September 30,						Affected Line Item in the Statement of Comprehensive Income
(unaudited, in thousands)	2022			2021			2022			2021
Debt securities available-for-sale (1):
Net securities gains reclassified into earnings	$	—		$	(12	)	$	10		$	(46	)	Net securities gains (Non-interest income)
Related income tax expense ⁽²⁾		—			3			(2	)		11		Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		—			(9	)		8			(35	)
Defined benefit plans (3):
Amortization of net loss and prior service costs		73			635			218			1,886		Employee benefits (Non-interest expense)
Related income tax benefit ⁽²⁾		(18	)		(153	)		(53	)		(455	)	Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		55			482			165			1,431
Total reclassifications for the period	$	55		$	473		$	173		$	1,396

(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

9 Months Ended

Sep. 30, 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 $8.9 million and $7.8 million at September 30, 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 September 30, 2022 and December 31, 2021, respectively.

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:

	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Lines of credit	$	3,548,242	$	2,954,147
Loans approved but not closed		419,150		472,810
Overdraft limits		386,972		370,439
Letters of credit		30,011		29,017
Contingent obligations and other guarantees		32,472		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

9 Months Ended

Sep. 30, 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 $4.6 billion and $5.5 billion at September 30, 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 September 30, 2022
Interest and dividend income	$	134,117		$	—	$	134,117
Interest expense		9,616			—		9,616
Net interest income		124,501			—		124,501
Provision for credit losses		(535	)		—		(535	)
Net interest income after provision for credit losses		125,036			—		125,036
Non-interest income		25,739			6,517		32,256
Non-interest expense		88,144			3,797		91,941
Income before provision for income taxes		62,631			2,720		65,351
Provision for income taxes		11,747			571		12,318
Net income		50,884			2,149		53,033
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	48,353		$	2,149	$	50,502
For The Three Months Ended September 30, 2021
Interest and dividend income	$	121,378		$	—	$	121,378
Interest expense		6,103			—		6,103
Net interest income		115,275			—		115,275
Provision for credit losses		(1,730	)		—		(1,730	)
Net interest income after provision for credit losses		117,005			—		117,005
Non-interest income		25,466			7,289		32,755
Non-interest expense		90,599			4,102		94,701
Income before provision for income taxes		51,872			3,187		55,059
Provision for income taxes		9,982			669		10,651
Net income		41,890			2,518		44,408
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	39,359		$	2,518	$	41,877
For the Nine Months Ended September 30, 2022
Interest and dividend income	$	364,738		$	—	$	364,738
Interest expense		20,299			—		20,299
Net interest income		344,439			—		344,439
Provision for credit losses		(4,785	)		—		(4,785	)
Net interest income after provision for credit losses		349,224			—		349,224
Non-interest income		68,743			20,879		89,622
Non-interest expense		254,484			12,027		266,511
Income before provision for income taxes		163,483			8,852		172,335
Provision for income taxes		30,573			1,859		32,432
Net income		132,910			6,993		139,903
Preferred stock dividends		7,594			—		7,594
Net income available to common shareholders	$	125,316		$	6,993	$	132,309
For the Nine Months Ended September 30, 2021
Interest and dividend income	$	369,760		$	—	$	369,760
Interest expense		22,153			—		22,153
Net interest income		347,607			—		347,607
Provision for credit losses		(50,714	)		—		(50,714	)
Net interest income after provision for credit losses		398,321			—		398,321
Non-interest income		80,007			22,069		102,076
Non-interest expense		252,428			12,412		264,840
Income before provision for income taxes		225,900			9,657		235,557
Provision for income taxes		45,417			2,028		47,445
Net income		180,483			7,629		188,112
Preferred stock dividends		7,594			—		7,594
Net income available to common shareholders	$	172,889		$	7,629	$	180,518

Total non-fiduciary assets of the trust and investment services segment were $3.5 million (including $1.2 million of trust customer intangibles) and $3.9 million (including $1.5 million of trust customer intangibles) at September 30, 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)

9 Months Ended

Sep. 30, 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 2022-04 Liabilities – Supplier Finance Programs (Sub-topic 405-50)

In September 2022, the FASB issued ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50).” The amendments in this ASU require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Wesbanco is currently assessing the impact of ASU 2022-04 on its Consolidated Financial Statements.

ASU 2022-03 Fair Value Measurement (Topic 820)

In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820).” The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered in measuring fair value. Furthermore, the amendments to this ASU clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update to this ASU requires the following disclosures for equity securities: (1) The fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet; (2) The nature and remaining duration of the restriction(s) and; (3) The circumstances that could cause a lapse in the restriction(s). The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Wesbanco is currently assessing the impact of ASU 2022-03 on its Consolidated Financial Statements.

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)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Earnings Per Common Share

Earnings per common share are calculated as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(unaudited, in thousands, except shares and per share amounts)	2022		2021		2022		2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$	50,502	$	41,877	$	132,309	$	180,518
Denominator:
Total average basic common shares outstanding		59,549,244		64,931,764		60,336,637		66,354,750
Effect of dilutive stock options and other stock compensation		148,432		134,084		152,611		155,607
Total diluted average common shares outstanding		59,697,676		65,065,848		60,489,248		66,510,357
Earnings per common share - basic	$	0.85	$	0.64	$	2.19	$	2.72
Earnings per common share - diluted	$	0.85	$	0.64	$	2.19	$	2.71

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Securities (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 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	$	263,336	$	1	$	(34,491	)	$	228,846	$	236,096	$	3,922	$	(3,040	)	$	236,978
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		2,210,727		20		(301,086	)		1,909,661		2,301,170		16,489		(32,446	)		2,285,213
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		407,299		3		(9,004	)		398,298		364,486		4,252		(1,245	)		367,493
Obligations of states and political subdivisions		99,643		69		(5,886	)		93,826		101,003		5,372		(35	)		106,340
Corporate debt securities		15,448		1		(332	)		15,117		16,940		507		(9	)		17,438
Total available-for-sale debt securities	$	2,996,453	$	94	$	(350,799	)	$	2,645,748	$	3,019,695	$	30,542	$	(36,775	)	$	3,013,462
Held-to-maturity debt securities
U.S. Government sponsored entities and agencies	$	4,871	$	—	$	(474	)	$	4,397	$	5,944	$	72	$	(8	)	$	6,008
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		47,973		—		(4,213	)		43,760		58,147		1,409		(16	)		59,540
Obligations of states and political subdivisions		1,189,219		204		(191,468	)		997,955		907,649		23,854		(3,500	)		928,003
Corporate debt securities		20,404		—		(683	)		19,721		33,083		1,818		—			34,901
Total held-to-maturity debt securities (1)	$	1,262,467	$	204	$	(196,838	)	$	1,065,833	$	1,004,823	$	27,153	$	(3,524	)	$	1,028,452
Total debt securities	$	4,258,920	$	298	$	(547,637	)	$	3,711,581	$	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 $0.2 million at September 30, 2022 and $0.3 million at December 31, 2021.

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 September 30, 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
Within one year	$	31,190	$	30,874
After 1 year through 5 years		153,759		149,576
After 5 years through 10 years		474,806		452,056
After 10 years		2,336,698		2,013,242
Total available-for-sale debt securities	$	2,996,453	$	2,645,748
Held-to-maturity debt securities
Within one year	$	26,906	$	26,820
After 1 year through 5 years		99,676		97,773
After 5 years through 10 years		350,392		321,926
After 10 years		785,493		619,314
Total held-to-maturity debt securities	$	1,262,467	$	1,065,833
Total debt securities	$	4,258,920	$	3,711,581

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 and nine months ended September 30, 2022 and 2021, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) 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 September 30,						For the Nine Months Ended September 30,
(unaudited, in thousands)	2022			2021			2022			2021
Debt securities:
Gross realized gains	$	30		$	22		$	168		$	222
Gross realized losses		(1	)		(2	)		(12	)		(41	)
Net gains on debt securities		29			20			156			181
Equity securities:
Net unrealized gains (losses) recognized on securities still held		627			(35	)		(1,332	)		559
Net securities gains (losses)	$	656		$	(15	)	$	(1,176	)	$	740

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 nine months ended September 30, 2022 and 2021:

	Allowance for Credit Losses By Category
	For the Nine Months Ended September 30, 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		—		—		(2	)		(41	)		(43	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at September 30, 2022	$	—	$	—	$	172		$	53		$	225
.
Balance at December 31, 2020	$	—	$	—	$	130		$	196		$	326
Current period provision		—		—		35			(104	)		(69	)
Write-offs		—		—		—			—			—
Recoveries		—		—		—			—			—
Balance at September 30, 2021	$	—	$	—	$	165		$	92		$	257

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 September 30, 2022 and December 31, 2021, respectively:

	September 30, 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	$	110,981	$	(9,122	)		36	$	117,687	$	(25,369	)		12	$	228,668	$	(34,491	)		48
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		802,738		(79,719	)		374		1,104,411		(221,367	)		128		1,907,149		(301,086	)		502
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		254,304		(5,485	)		50		143,797		(3,519	)		26		398,101		(9,004	)		76
Obligations of state and political subdivisions		79,251		(4,725	)		149		3,171		(1,161	)		2		82,422		(5,886	)		151
Corporate debt and other securities		14,129		(319	)		6		487		(13	)		1		14,616		(332	)		7
Total	$	1,261,403	$	(99,370	)		615	$	1,369,553	$	(251,429	)		169	$	2,630,956	$	(350,799	)		784

	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

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Loans and the Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 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 costs were $9.9 million and $3.3 million at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, respectively, the balance also included $0.5 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 $19.7 million at September 30, 2022 and $25.9 million at December 31, 2021.

	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	955,644	$	833,880
Improved property		4,875,740		4,705,088
Total commercial real estate		5,831,384		5,538,968
Commercial and industrial		1,503,848		1,427,645
Commercial and industrial - PPP		13,008		162,675
Residential real estate		2,010,344		1,721,378
Home equity		609,765		605,682
Consumer		309,313		277,130
Total portfolio loans		10,277,662		9,733,478
Loans held for sale		12,887		25,277
Total loans	$	10,290,549	$	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 Nine Months Ended September 30, 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		1,369			(12,082	)		2,160			1,133			37			1,216			260			(5,907	)
Provision for loan commitments		1,618			(201	)		(1,214	)		788			7			165			—			1,163
Total provision for credit    losses - loans and loan    commitments		2,987			(12,283	)		946			1,921			44			1,381			260			(4,744	)
Charge-offs		(73	)		(642	)		(983	)		(282	)		(266	)		(2,511	)		(1,215	)		(5,972	)
Recoveries		25			899			871			483			293			1,992			278			4,841
Net (charge-offs) recoveries		(48	)		257			(112	)		201			27			(519	)		(937	)		(1,131	)
Balance at September 30, 2022
Allowance for credit    losses - loans		8,631			53,530			28,923			16,735			788			4,434			1,543			114,584
Allowance for credit    losses - loan commitments		5,798			—			283			2,364			56			437			—			8,938
Total ending allowance for credit    losses - loans and loan    commitments	$	14,429		$	53,530		$	29,206		$	19,099		$	844		$	4,871		$	1,543		$	123,522
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		(3,665	)		(29,171	)		(10,669	)		(3,481	)		(877	)		(2,268	)		1,709			(48,422	)
Provision for loan commitments		(2,829	)		(394	)		451			254			7			287			—			(2,224	)
Total provision for credit    losses - loans and loan    commitments		(6,494	)		(29,565	)		(10,218	)		(3,227	)		(870	)		(1,981	)		1,709			(50,646	)
Charge-offs		(22	)		(933	)		(1,717	)		(842	)		(382	)		(2,210	)		(932	)		(7,038	)
Recoveries		110			1,053			1,737			885			471			1,718			264			6,238
Net (charge-offs) recoveries		88			120			20			43			89			(492	)		(668	)		(800	)
Balance at September 30, 2021
Allowance for credit    losses - loans		7,264			81,601			27,201			14,413			699			3,747			1,680			136,605
Allowance for credit    losses - loan commitments		3,679			318			1,726			1,209			52			306			—			7,290
Total ending allowance for credit    losses - loans and loan    commitments	$	10,943		$	81,919		$	28,927		$	15,622		$	751		$	4,053		$	1,680		$	143,895

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
September 30, 2022
Allowance for credit losses:
Loans individually-evaluated	$	297	$	3,940	$	184	$	—	$	—	$	—	$	—	$	4,421
Loans collectively-evaluated		8,334		49,590		28,739		16,735		788		4,434		1,543		110,163
Loan commitments		5,798		—		283		2,364		56		437		—		8,938
Total allowance for credit    losses - loans and commitments	$	14,429	$	53,530	$	29,206	$	19,099	$	844	$	4,871	$	1,543	$	123,522
Portfolio loans:
Individually-evaluated for credit    losses	$	1,115	$	30,732	$	437	$	—	$	—	$	—	$	—	$	32,284
Collectively-evaluated for credit    losses		954,529		4,845,008		1,516,419		2,010,344		609,765		309,313		—		10,245,378
Total portfolio loans	$	955,644	$	4,875,740	$	1,516,856	$	2,010,344	$	609,765	$	309,313	$	—	$	10,277,662
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 September 30, 2022
Pass	$	923,333	$	4,698,327	$	1,476,543	$	7,098,203
Criticized - compromised		25,180		113,584		24,412		163,176
Classified - substandard		7,131		63,829		15,901		86,861
Classified - doubtful		—		—		—		—
Total	$	955,644	$	4,875,740	$	1,516,856	$	7,348,240
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 September 30, 2022
Commercial real estate:
Land and construction	$	955,075	$	134	$	140	$	295	$	569	$	955,644	$	295
Improved property		4,852,702		2,473		2,143		18,422		23,038		4,875,740		13,913
Total commercial real estate		5,807,777		2,607		2,283		18,717		23,607		5,831,384		14,208
Commercial and industrial		1,500,637		4,717		3,486		8,016		16,219		1,516,856		6,082
Residential real estate		1,998,214		1,079		2,758		8,293		12,130		2,010,344		2,456
Home equity		603,115		2,571		782		3,297		6,650		609,765		1,006
Consumer		305,452		2,288		895		678		3,861		309,313		559
Total portfolio loans		10,215,195		13,262		10,204		39,001		62,467		10,277,662		24,311
Loans held for sale		12,887		—		—		—		—		12,887		—
Total loans	$	10,228,082	$	13,262	$	10,204	$	39,001	$	62,467	$	10,290,549	$	24,311
Nonperforming loans included above are as follows:
Non-accrual loans	$	12,189	$	721	$	882	$	14,392	$	15,995	$	28,184
TDRs accruing interest		4,258		27		-		298		325		4,583
Total nonperforming loans	$	16,447	$	748	$	882	$	14,690	$	16,320	$	32,767
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
	September 30, 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	$	—	$	—	$	—	$	74	$	73	$	—
Improved property		8,424		6,767		—		9,846		8,089		—
Commercial and industrial		4,489		3,562		—		6,528		5,256		—
Residential real estate		22,264		17,125		—		25,492		20,065		—
Home equity		6,486		4,928		—		6,985		5,440		—
Consumer		698		385		—		869		565		—
Total nonperforming loans without a specific allowance		42,361		32,767		—		49,794		39,488		—
Total nonperforming loans with a specific allowance		—		—		—		—		—		—
Total nonperforming loans	$	42,361	$	32,767	$	—	$	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										For the Nine Months Ended
	September 30, 2022					September 30, 2021					September 30, 2022				September 30, 2021
	Average		Interest			Average		Interest			Average		Interest		Average		Interest
	Recorded		Income			Recorded		Income			Recorded		Income		Recorded		Income
(unaudited, in thousands)	Investment		Recognized			Investment		Recognized			Investment		Recognized		Investment		Recognized
With no related specific allowance recorded:
Commercial real estate:
Land and construction	$	27	$	(2	)	$	110	$	—		$	70	$	—	$	202	$	—
Improved property		7,086		57			6,271		6			7,505		71		6,987		23
Commercial and industrial		4,010		5			5,021		(2	)		4,514		8		3,783		1
Residential real estate		17,467		24			21,549		(15	)		18,327		96		21,198		125
Home equity		5,046		14			5,544		—			5,279		20		5,591		9
Consumer		396		1			411		1			468		3		384		2
Total nonperforming loans without a specific allowance		34,030		99			38,906		(10	)		36,163		198		38,145		160
With a specific allowance recorded:
Commercial real estate:
Land and construction		—		—			—		—			—		—		—		—
Improved property		—		—			2,084		—			—		—		2,087		—
Total nonperforming loans with a specific allowance		—		—			2,084		—			—		—		2,087		—
Total nonperforming loans	$	34,030	$	99		$	40,990	$	(10	)	$	36,163	$	198	$	40,232	$	160

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)
	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Commercial real estate:
Land and construction	$	—	$	73
Improved property		5,339		7,715
Total commercial real estate		5,339		7,788
Commercial and industrial		3,388		5,064
Residential real estate		14,470		17,190
Home equity		4,642		5,163
Consumer		345		537
Total	$	28,184	$	35,742

(1)At September 30, 2022, there was one borrower with a loan balance greater than $1.0 million, which totaled $1.1 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
	September 30, 2022						December 31, 2021
(unaudited, in thousands)	Accruing		Non-Accrual		Total		Accruing		Non-Accrual		Total
Commercial real estate:
Land and construction	$	—	$	—	$	—	$	—	$	—	$	—
Improved property		1,428		29		1,457		374		133		507
Total commercial real estate		1,428		29		1,457		374		133		507
Commercial and industrial		174		—		174		192		—		192
Residential real estate		2,655		1,503		4,158		2,875		1,156		4,031
Home equity		286		224		510		277		258		535
Consumer		40		—		40		28		—		28
Total	$	4,583	$	1,756	$	6,339	$	3,746	$	1,547	$	5,293

Loans Identified as TDRs

The following table presents details related to loans identified as TDRs during the three and nine months ended September 30, 2022 and 2021, respectively:

	New TDRs (1)
	For the Three Months Ended
	September 30, 2022						September 30, 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		—	$	—	$	—		—	$	—	$	—
Improved property		1		1,097		1,075		—		—		—
Total commercial real estate		1		1,097		1,075		—		—		—
Commercial and industrial		—		—		—		—		—		—
Residential real estate		—		—		—		1		102		101
Home equity		—		—		—		—		—		—
Consumer		—		—		—		—		—		—
Total		1	$	1,097	$	1,075		1	$	102	$	101
	New TDRs (1)
	For the Nine Months Ended
	September 30, 2022						September 30, 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	$	—		—	$	—	$	—
Improved property		2		1,286		1,075		—		—		—
Total commercial real estate		3		1,370		1,075		—		—		—
Commercial and industrial		—		—		—		—		—		—
Residential real estate		—		—		—		1		103		101
Home equity		—		—		—		1		57		55
Consumer		—		—		—		—		—		—
Total		3	$	1,370	$	1,075		2	$	160	$	156

(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.

The following table summarizes TDRs which defaulted (defined as past due 90 days) during the nine months ended September 30, 2022 and 2021, respectively, that were restructured within the last twelve months prior to September 30, 2022 and 2021, respectively.

	Defaulted TDRs (1)
	For the Nine Months Ended
	September 30, 2022				September 30, 2021
	Number of		Recorded		Number of		Recorded
(unaudited, dollars in thousands)	Defaults		Investment		Defaults		Investment
Commercial real estate:
Land and construction		—	$	—		—	$	—
Improved property		—		—		—		—
Total commercial real estate		—		—		—		—
Commercial and industrial		—		—		—		—
Residential real estate		—		—		1		234
Home equity		—		—		—		—
Consumer		—		—		—		—
Total		—	$	—		1	$	234

(1)Excludes loans that were either charged-off or cured by period end. The recorded investment is as of September 30, 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 September 30, 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	$	129,030	$	155,816	$	164,359	$	182,096	$	92,973	$	54,518	$	93,043	$	51,498	$	923,333
Criticized - compromised		—		393		—		—		24,448		339		—		—		25,180
Classified - substandard		—		—		6,001		—		—		1,130		—		—		7,131
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	129,030	$	156,209	$	170,360	$	182,096	$	117,421	$	55,987	$	93,043	$	51,498	$	955,644
Commercial real estate: improved property
Risk rating:
Pass	$	799,090	$	617,653	$	619,263	$	539,169	$	359,321	$	1,654,366	$	82,767	$	26,698	$	4,698,327
Criticized - compromised		134		989		2,602		6,153		13,343		89,320		1,043		—		113,584
Classified - substandard		—		—		402		16,951		9,911		36,531		34		—		63,829
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	799,224	$	618,642	$	622,267	$	562,273	$	382,575	$	1,780,217	$	83,844	$	26,698	$	4,875,740
Commercial and industrial
Risk rating:
Pass	$	193,429	$	203,882	$	124,640	$	79,989	$	109,885	$	260,849	$	492,838	$	11,031	$	1,476,543
Criticized - compromised		297		728		298		8,695		199		2,359		7,592		4,244		24,412
Classified - substandard		—		3,383		1,001		2,388		405		2,585		558		5,581		15,901
Classified - doubtful		—		—		—		—		—		—		—		—		—
Total	$	193,726	$	207,993	$	125,939	$	91,072	$	110,489	$	265,793	$	500,988	$	20,856	$	1,516,856
Residential real estate
Loan delinquency:
Current	$	393,074	$	640,158	$	238,285	$	99,970	$	61,470	$	500,020	$	—	$	65,237	$	1,998,214
30-59 days past due		—		—		—		—		—		1,079		—		—		1,079
60-89 days past due		—		365		—		282		101		2,010		—		—		2,758
90 days or more past due		—		—		—		287		120		7,840		—		46		8,293
Total	$	393,074	$	640,523	$	238,285	$	100,539	$	61,691	$	510,949	$	—	$	65,283	$	2,010,344
Home equity
Loan delinquency:
Current	$	14,454	$	874	$	575	$	1,146	$	888	$	17,428	$	567,035	$	715	$	603,115
30-59 days past due		39		—		—		93		77		908		1,454		—		2,571
60-89 days past due		175		—		376		26		115		90		—		—		782
90 days or more past due		—		66		117		85		199		2,091		—		739		3,297
Total	$	14,668	$	940	$	1,068	$	1,350	$	1,279	$	20,517	$	568,489	$	1,454	$	609,765
Consumer
Loan delinquency:
Current	$	68,756	$	40,850	$	29,033	$	30,726	$	10,761	$	28,804	$	96,352	$	170	$	305,452
30-59 days past due		661		653		346		71		75		330		152		—		2,288
60-89 days past due		267		280		118		37		47		146		—		—		895
90 days or more past due		118		178		95		40		16		214		17		—		678
Total	$	69,802	$	41,961	$	29,592	$	30,874	$	10,899	$	29,494	$	96,521	$	170	$	309,313

	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:

	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Other real estate owned	$	1,467	$	—
Repossessed assets		128		—
Total other real estate owned and repossessed assets	$	1,595	$	—

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Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021:

	September 30, 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	$	816,188	$	76,381	$	74,514	$	730,552	$	24,867	$	26,388
Other contracts:
Interest rate loan commitments		16,936		—		438		28,994		9		—
Forward TBA contracts		32,000		1,074		—		48,500	—			21
Total derivatives			$	77,455	$	74,952			$	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 and nine months ended September 30, 2022 and 2021, respectively.

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(unaudited, in thousands)	Location of Gain/(Loss)	2022			2021			2022			2021
Interest rate swaps	Other income	$	786		$	378		$	3,389		$	2,106
Interest rate loan commitments	Mortgage banking income		(491	)		(226	)		(447	)		(678	)
Forward TBA contracts	Mortgage banking income		1,147			(278	)		3,195			2,621
Total		$	1,442		$	(126	)	$	6,137		$	4,049

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Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [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 September 30,						For the Nine Months Ended September 30,
(unaudited, in thousands)	2022			2021			2022			2021
Service cost – benefits earned during year	$	552		$	630		$	1,638		$	1,869
Interest cost on projected benefit obligation		1,037			861			3,076			2,555
Expected return on plan assets		(2,917	)		(2,825	)		(8,655	)		(8,382	)
Amortization of prior service cost		(9	)		(9	)		(26	)		(26	)
Amortization of net loss		128			690			379			2,047
Net periodic pension income	$	(1,209	)	$	(653	)	$	(3,588	)	$	(1,937	)

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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis

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 September 30, 2022 and December 31, 2021:

			September 30, 2022
			Fair Value Measurements Using:
	September 30,		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	$	11,964	$	11,964	$	—	$	—
Available-for-sale debt securities
U.S. Government sponsored entities and agencies		228,846		—		228,846		—
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		1,909,661		—		1,909,661		—
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies		398,298		—		398,298		—
Obligations of states and political subdivisions		93,826		—		92,651		1,175
Corporate debt securities		15,117		—		15,117		—
Total available-for-sale debt securities	$	2,645,748	$	—	$	2,644,573	$	1,175
Loans held for sale		12,887		—		12,887		—
Other assets - interest rate swaps		76,381		—		76,381		—
Total assets recurring fair value measurements	$	2,746,980	$	11,964	$	2,733,841	$	1,175
Other liabilities - interest rate swaps	$	74,514	$	—	$	74,514	$	—
Total liabilities recurring fair value measurements	$	74,514	$	—	$	74,514	$	—
Nonrecurring fair value measurements
Collateral dependent loans	$	5,186	$	—	$	—	$	5,186
Other real estate owned and repossessed assets		1,595		—		—		1,595
Total nonrecurring fair value measurements	$	6,781	$	—	$	—	$	6,781

			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
Collateral dependent loans	$	13,558	$	—	$	—	$	13,558
Other real estate owned and repossessed assets		—		—		—		—
Total nonrecurring fair value measurements	$	13,558	$	—	$	—	$	13,558

Schedule of Assets Measured at Fair Value on Nonrecurring Basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Wesbanco has utilized level 3 inputs to determine fair value:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value		Valuation	Unobservable	Range (Weighted
(unaudited, in thousands)	Estimate		Techniques	Input	Average)
September 30, 2022
Collateral dependent loans	$	5,186	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)
Other real estate owned and repossessed assets	$	1,595	Appraisal of collateral (1), (3)
December 31, 2021
Collateral dependent loans	$	13,558	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)

(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
					September 30, 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	$	378,556	$	378,556	$	378,556	$	—	$	—
Equity securities		11,964		11,964		11,964		—		—
Available-for-sale debt securities		2,645,748		2,645,748		—		2,644,573		1,175
Net held-to-maturity debt securities		1,262,242		1,065,833		—		1,065,490		343
Net loans		10,163,078		9,026,768		—		—		9,026,768
Loans held for sale		12,887		12,887		—		12,887		—
Other assets - interest rate swaps		76,381		76,381		—		76,381		—
Accrued interest receivable		63,375		63,375		63,375		—		—
Financial Liabilities
Deposits		13,444,366		13,460,664		12,452,854		1,007,810		—
Federal Home Loan Bank borrowings		56,998		56,574		—		56,574		—
Other borrowings		127,983		114,067		114,067		—		—
Subordinated debt and junior subordinated debt		281,179		259,546		—		259,546		—
Other liabilities - interest rate swaps		74,514		74,514		—		74,514		—
Accrued interest payable		4,358		4,358		4,358		—		—

					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)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021, respectively:

	Point of Revenue	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(unaudited, in thousands)	Recognition	2022		2021		2022			2021
Revenue Streams
Trust fees
Trust account fees	Over time	$	4,456	$	4,768	$	14,413		$	14,792
WesMark fees	Over time		2,061		2,521		6,466			7,277
Total trust fees			6,517		7,289		20,879			22,069
Service charges on deposits
Commercial banking fees	Over time		606		464		1,776			1,629
Personal service charges	At a point in time and over time		6,336		5,586		17,744			14,191
Total service charges on deposits			6,942		6,050		19,520			15,820
Net securities brokerage revenue
Annuity commissions	At a point in time		1,932		1,169		5,193			3,237
Equity and debt security trades	At a point in time		29		73		94			206
Managed money	Over time		290		311		944			885
Trail commissions	Over time		240		412		738			990
Total net securities brokerage revenue			2,491		1,965		6,969			5,318
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		818		773		2,436			2,234
Electronic banking fees	At a point in time		4,808		5,427		15,307			14,853
Mortgage banking income	At a point in time		1,257		4,563		4,508			16,656
Net gain (loss) on other real estate owned and other assets (2)	At a point in time and over time		2,040		785		(68	)		4,974

(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 gains of $1.5 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively, and (losses) gains of ($1.0) million and $4.2 million for the nine months ended September 30, 2022 and 2021, respectively.

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Comprehensive Income/(Loss) (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The activity in accumulated other comprehensive income/(loss) for the nine months ended September 30, 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		—			(261,693	)		(261,693	)
Amounts reclassified from accumulated other comprehensive loss		165			8			173
Period change		165			(261,685	)		(261,520	)
Balance at September 30, 2022	$	(233	)	$	(266,407	)	$	(266,640	)
Balance at December 31, 2020	$	(15,502	)	$	46,861		$	31,359
Other comprehensive loss before reclassifications		—			(28,292	)		(28,292	)
Amounts reclassified from accumulated other comprehensive loss		1,431			(35	)		1,396
Period change		1,431			(28,327	)		(26,896	)
Balance at September 30, 2021	$	(14,071	)	$	18,534		$	4,463

(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 and nine months ended September 30, 2022 and 2021:

Details about Accumulated Other Comprehensive Income/(Loss) Components	For the Three Months Ended September 30,						For the Nine Months Ended September 30,						Affected Line Item in the Statement of Comprehensive Income
(unaudited, in thousands)	2022			2021			2022			2021
Debt securities available-for-sale (1):
Net securities gains reclassified into earnings	$	—		$	(12	)	$	10		$	(46	)	Net securities gains (Non-interest income)
Related income tax expense ⁽²⁾		—			3			(2	)		11		Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		—			(9	)		8			(35	)
Defined benefit plans (3):
Amortization of net loss and prior service costs		73			635			218			1,886		Employee benefits (Non-interest expense)
Related income tax benefit ⁽²⁾		(18	)		(153	)		(53	)		(455	)	Provision for income taxes
Net effect on accumulated other comprehensive    income for the period		55			482			165			1,431
Total reclassifications for the period	$	55		$	473		$	173		$	1,396

(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)

9 Months Ended

Sep. 30, 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:

	September 30,		December 31,
(unaudited, in thousands)	2022		2021
Lines of credit	$	3,548,242	$	2,954,147
Loans approved but not closed		419,150		472,810
Overdraft limits		386,972		370,439
Letters of credit		30,011		29,017
Contingent obligations and other guarantees		32,472		68,235

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Business Segments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022
Interest and dividend income	$	134,117		$	—	$	134,117
Interest expense		9,616			—		9,616
Net interest income		124,501			—		124,501
Provision for credit losses		(535	)		—		(535	)
Net interest income after provision for credit losses		125,036			—		125,036
Non-interest income		25,739			6,517		32,256
Non-interest expense		88,144			3,797		91,941
Income before provision for income taxes		62,631			2,720		65,351
Provision for income taxes		11,747			571		12,318
Net income		50,884			2,149		53,033
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	48,353		$	2,149	$	50,502
For The Three Months Ended September 30, 2021
Interest and dividend income	$	121,378		$	—	$	121,378
Interest expense		6,103			—		6,103
Net interest income		115,275			—		115,275
Provision for credit losses		(1,730	)		—		(1,730	)
Net interest income after provision for credit losses		117,005			—		117,005
Non-interest income		25,466			7,289		32,755
Non-interest expense		90,599			4,102		94,701
Income before provision for income taxes		51,872			3,187		55,059
Provision for income taxes		9,982			669		10,651
Net income		41,890			2,518		44,408
Preferred stock dividends		2,531			—		2,531
Net income available to common shareholders	$	39,359		$	2,518	$	41,877
For the Nine Months Ended September 30, 2022
Interest and dividend income	$	364,738		$	—	$	364,738
Interest expense		20,299			—		20,299
Net interest income		344,439			—		344,439
Provision for credit losses		(4,785	)		—		(4,785	)
Net interest income after provision for credit losses		349,224			—		349,224
Non-interest income		68,743			20,879		89,622
Non-interest expense		254,484			12,027		266,511
Income before provision for income taxes		163,483			8,852		172,335
Provision for income taxes		30,573			1,859		32,432
Net income		132,910			6,993		139,903
Preferred stock dividends		7,594			—		7,594
Net income available to common shareholders	$	125,316		$	6,993	$	132,309
For the Nine Months Ended September 30, 2021
Interest and dividend income	$	369,760		$	—	$	369,760
Interest expense		22,153			—		22,153
Net interest income		347,607			—		347,607
Provision for credit losses		(50,714	)		—		(50,714	)
Net interest income after provision for credit losses		398,321			—		398,321
Non-interest income		80,007			22,069		102,076
Non-interest expense		252,428			12,412		264,840
Income before provision for income taxes		225,900			9,657		235,557
Provision for income taxes		45,417			2,028		47,445
Net income		180,483			7,629		188,112
Preferred stock dividends		7,594			—		7,594
Net income available to common shareholders	$	172,889		$	7,629	$	180,518

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Earnings Per Common Share - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator for both basic and diluted earnings per common share:
Net income available to common shareholders	$ 50,502	$ 41,877	$ 132,309	$ 180,518
Denominator:
Total average basic common shares outstanding	59,549,244	64,931,764	60,336,637	66,354,750
Effect of dilutive stock options and other stock compensation	148,432	134,084	152,611	155,607
Total diluted average common shares outstanding	59,697,676	65,065,848	60,489,248	66,510,357
Earnings per common share - basic	$ 0.85	$ 0.64	$ 2.19	$ 2.72
Earnings per common share - diluted	$ 0.85	$ 0.64	$ 2.19	$ 2.71

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Earnings Per Common Share - Additional Information (Detail) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items]
Shares contingently issuable under shareholder return plan		36,000	0	0	0
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	534,961	522,711
Restricted Stock [Member]
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items]
Shares contingently issuable under shareholder return plan		55,230	61,267
2020 TSR Plan [Member]
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items]
Shares contingently issuable under shareholder return plan		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	Sep. 30, 2022	Dec. 31, 2021
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-sale, Amortized Cost	$ 2,996,453	$ 3,019,695
Available-for-sale, Gross Unrealized Gains	94	30,542
Available-for-sale, Gross Unrealized Losses	(350,799)	(36,775)
Available-for-sale, Estimated Fair Value	2,645,748	3,013,462
Held-to-maturity, Amortized Cost	1,262,467	1,004,823
Held-to-maturity, Gross Unrealized Gains	204	27,153
Held-to-maturity, Gross Unrealized Losses	(196,838)	(3,524)
Held-to-maturity securities, Fair value	1,065,833	1,028,452
Total securities, Amortized Cost	4,258,920	4,024,518
Total securities, Gross Unrealized Gains	298	57,695
Total securities, Gross Unrealized Losses	(547,637)	(40,299)
Total securities, Estimated Fair Value	3,711,581	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	263,336	236,096
Available-for-sale, Gross Unrealized Gains	1	3,922
Available-for-sale, Gross Unrealized Losses	(34,491)	(3,040)
Available-for-sale, Estimated Fair Value	228,846	236,978
Held-to-maturity, Amortized Cost	4,871	5,944
Held-to-maturity, Gross Unrealized Gains		72
Held-to-maturity, Gross Unrealized Losses	(474)	(8)
Held-to-maturity securities, Fair value	4,397	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	2,210,727	2,301,170
Available-for-sale, Gross Unrealized Gains	20	16,489
Available-for-sale, Gross Unrealized Losses	(301,086)	(32,446)
Available-for-sale, Estimated Fair Value	1,909,661	2,285,213
Held-to-maturity, Amortized Cost	47,973	58,147
Held-to-maturity, Gross Unrealized Gains		1,409
Held-to-maturity, Gross Unrealized Losses	(4,213)	(16)
Held-to-maturity securities, Fair value	43,760	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	407,299	364,486
Available-for-sale, Gross Unrealized Gains	3	4,252
Available-for-sale, Gross Unrealized Losses	(9,004)	(1,245)
Available-for-sale, Estimated Fair Value	398,298	367,493
Obligations of State and Political Subdivisions [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-sale, Amortized Cost	99,643	101,003
Available-for-sale, Gross Unrealized Gains	69	5,372
Available-for-sale, Gross Unrealized Losses	(5,886)	(35)
Available-for-sale, Estimated Fair Value	93,826	106,340
Held-to-maturity, Amortized Cost	1,189,219	907,649
Held-to-maturity, Gross Unrealized Gains	204	23,854
Held-to-maturity, Gross Unrealized Losses	(191,468)	(3,500)
Held-to-maturity securities, Fair value	997,955	928,003
Corporate Debt Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-sale, Amortized Cost	15,448	16,940
Available-for-sale, Gross Unrealized Gains	1	507
Available-for-sale, Gross Unrealized Losses	(332)	(9)
Available-for-sale, Estimated Fair Value	15,117	17,438
Held-to-maturity, Amortized Cost	20,404	33,083
Held-to-maturity, Gross Unrealized Gains		1,818
Held-to-maturity, Gross Unrealized Losses	(683)
Held-to-maturity securities, Fair value	$ 19,721	$ 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	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Allowance for credit losses, held-to-maturity debt securities	$ 225	$ 268

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Securities - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2022 USD ($) Holding	Sep. 30, 2021 USD ($)	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	$ 11,964,000		$ 13,466,000
Other assets	350,840,000		215,298,000
Proceeds from sale of available-for-sale securities	0	$ 0
Net unrealized losses on available-for-sale securities included in AOCI	266,400		4,700,000
Accrued interest receivable	63,375,000		60,844,000
Federal home loan bank stock, Total	11,400,000		15,900,000
Asset Pledged as Security
Schedule Of Available For Sale Securities And Held To Maturity [Line Items]
Other assets	2,000,000,000.0		2,100,000,000
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	9,500,000		$ 7,000,000.0
Grantor Trusts [Member]
Schedule Of Available For Sale Securities And Held To Maturity [Line Items]
Equities securities	$ 9,400,000

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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	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost And Fair Value Debt Securities [Abstract]
Total available-for-sale debt securities, Amortized Cost, Within one year	$ 31,190
Total available-for-sale debt securities, Amortized Cost, After 1 year through 5 years	153,759
Total available-for-sale debt securities, Amortized Cost, After 5 years through 10 years	474,806
Total available-for-sale debt securities, Amortized Cost, After 10 years	2,336,698
Available-for-sale, Amortized Cost	2,996,453	$ 3,019,695
Total held-to-maturity debt securities, Amortized Cost, Within one year	26,906
Total held-to-maturity debt securities, Amortized Cost, After 1 year through 5 years	99,676
Total held-to-maturity debt securities, Amortized Cost, After 5 years through 10 years	350,392
Total held-to-maturity debt securities, Amortized Cost, After 10 years	785,493
Held-to-maturity, Amortized Cost	1,262,467	1,004,823
Total debt securities, Amortized Cost	4,258,920
Total available-for-sale debt securities, Fair Value, Within one year	30,874
Total available-for-sale debt securities, Fair Value, After 1 year through 5 years	149,576
Total available-for-sale debt securities, Fair Value, After 5 years through 10 years	452,056
Total available-for-sale debt securities, Fair Value, After 10 years	2,013,242
Total available-for-sale debt securities, Fair Value	2,645,748	3,013,462
Total held-to-maturity debt securities, Fair Value, Within one year	26,820
Total held-to-maturity debt securities, Fair Value, After 1 year through 5 years	97,773
Total held-to-maturity debt securities, Fair Value, After 5 years through 10 years	321,926
Total held-to-maturity debt securities, Fair Value, After 10 years	619,314
Total held-to-maturity debt securities, Fair Value	1,065,833	1,028,452
Total debt securities, Fair Value	$ 3,711,581	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items]
Gross realized gains	$ 30	$ 22	$ 168	$ 222
Gross realized losses	(1)	(2)	(12)	(41)
Net gains on debt securities	29	20	156	181
Net Unrealized gains (losses) recognized on securities still held	(627)	(35)	1,332	559
Net securities gains (losses)	$ 656	$ (15)	$ (1,176)	$ 740

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Securities - Schedule of Allowance for Credit Losses on Held-to-maturity Securities (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items]
Beginning balance	$ 268
Ending balance	225
ASU 2016-13 [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items]
Beginning balance	268	$ 326
Current period provision	(43)	(69)
Ending balance	225	257
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	(2)	35
Ending balance	172	165
ASU 2016-13 [Member] | Corporate Debt Securities [Member]
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items]
Beginning balance	94	196
Current period provision	(41)	(104)
Ending balance	$ 53	$ 92

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Securities - Schedule of Unrealized Losses on Investment Securities (Detail) $ in Thousands	Sep. 30, 2022 USD ($) Security	Dec. 31, 2021 USD ($) Security
Net Unrealized Gains And Losses On Investments [Line Items]
Less than 12 months, Fair Value	$ 1,261,403	$ 1,825,891
Less than 12 months, Unrealized Losses	$ (99,370)	$ (31,548)
Less than 12 months, Number of Securities | Security	615	187
12 months or more, Fair Value	$ 1,369,553	$ 252,725
12 months or more, Unrealized Losses	$ (251,429)	$ (5,227)
12 months or more, Number of Securities | Security	169	35
Fair Value, Total	$ 2,630,956	$ 2,078,616
Unrealized Losses, Total	$ (350,799)	$ (36,775)
Number of Securities Total | Security	784	222
U.S. Government Sponsored Entities and Agencies [Member]
Net Unrealized Gains And Losses On Investments [Line Items]
Less than 12 months, Fair Value	$ 110,981	$ 114,486
Less than 12 months, Unrealized Losses	$ (9,122)	$ (1,865)
Less than 12 months, Number of Securities | Security	36	12
12 months or more, Fair Value	$ 117,687	$ 32,688
12 months or more, Unrealized Losses	$ (25,369)	$ (1,175)
12 months or more, Number of Securities | Security	12	4
Fair Value, Total	$ 228,668	$ 147,174
Unrealized Losses, Total	$ (34,491)	$ (3,040)
Number of Securities Total | Security	48	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	$ 802,738	$ 1,568,138
Less than 12 months, Unrealized Losses	$ (79,719)	$ (29,060)
Less than 12 months, Number of Securities | Security	374	143
12 months or more, Fair Value	$ 1,104,411	$ 141,681
12 months or more, Unrealized Losses	$ (221,367)	$ (3,386)
12 months or more, Number of Securities | Security	128	23
Fair Value, Total	$ 1,907,149	$ 1,709,819
Unrealized Losses, Total	$ (301,086)	$ (32,446)
Number of Securities Total | Security	502	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	$ 254,304	$ 131,970
Less than 12 months, Unrealized Losses	$ (5,485)	$ (579)
Less than 12 months, Number of Securities | Security	50	25
12 months or more, Fair Value	$ 143,797	$ 78,356
12 months or more, Unrealized Losses	$ (3,519)	$ (666)
12 months or more, Number of Securities | Security	26	8
Fair Value, Total	$ 398,101	$ 210,326
Unrealized Losses, Total	$ (9,004)	$ (1,245)
Number of Securities Total | Security	76	33
Obligations of State and Political Subdivisions [Member]
Net Unrealized Gains And Losses On Investments [Line Items]
Less than 12 months, Fair Value	$ 79,251	$ 4,307
Less than 12 months, Unrealized Losses	$ (4,725)	$ (35)
Less than 12 months, Number of Securities | Security	149	2
12 months or more, Fair Value	$ 3,171
12 months or more, Unrealized Losses	$ 1,161
12 months or more, Number of Securities | Security	2
Fair Value, Total	$ 82,422	$ 4,307
Unrealized Losses, Total	$ (5,886)	$ (35)
Number of Securities Total | Security	151	2
Corporate Debt and Other Securities [Member]
Net Unrealized Gains And Losses On Investments [Line Items]
Less than 12 months, Fair Value	$ 14,129	$ 6,990
Less than 12 months, Unrealized Losses	$ (319)	$ (9)
Less than 12 months, Number of Securities | Security	6	5
12 months or more, Fair Value	$ 487
12 months or more, Unrealized Losses	$ 13
12 months or more, Number of Securities | Security	1
Fair Value, Total	$ 14,616	$ 6,990
Unrealized Losses, Total	$ (332)	$ (9)
Number of Securities Total | Security	7	5

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Loans and the Allowance for Credit Losses - Additional Information (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) Contract Loan	Dec. 31, 2021 USD ($) Contract	Mar. 31, 2022
Financing Receivable, Recorded Investment [Line Items]
Net deferred loan fee income (costs)	$ 9,900,000	$ 3,300,000
Un-accreted discount on purchased loans from acquisitions	$ 19,700,000	25,900,000
Percentage of national unemployment projection			4.20%
Expected average percentage of national unemployment in future	4.70%
Reserve on accrued interest related to CARES Act	$ 200,000
Accrued interest receivable for loans	46,500,000
Accrued interest receivable for loans related to CARES Act	18,800,000
Aggregate amount of residential real estate, home equity and consumer loans classified as substandard	26,500,000	30,200,000
Internally assigned loan grades to residential real estate, home equity and consumer loans	7,000,000.0	7,400,000
Unfunded commercial loan commitments	$ 27,300,000	$ 21,700,000
Number of restructured contracts greater than $1 million | Contract	1	0
Threshold for TDR	$ 1,000,000.0
Threshold for TDR, net	$ 1,100,000
Accruing and non accrual TDR permitted interest-only payment period	6 months
Unfunded commitments to debtors for nonperforming loans	$ 100,000	$ 100,000
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	$ 32,600,000
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	$ 1,467,000
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	3,700,000	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)	500,000	$ 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	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	$ 10,277,662	$ 9,733,478
Loans held for sale	12,887	25,277
Total loans	10,290,549	9,758,755
Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	1,503,848	1,427,645
Commercial And Industrial - PPP [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	13,008	162,675
Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	5,831,384	5,538,968
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	955,644	833,880
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	4,875,740	4,705,088
Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	2,010,344	1,721,378
Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	309,313	277,130
Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Total portfolio loans	$ 609,765	$ 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	9 Months Ended
	Sep. 30, 2022	Sep. 30, 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	(5,907)	(48,422)
Provision for loan commitments	1,163	(2,224)
Total provision for credit losses - loans and loan commitments	(4,744)	(50,646)
Charge-offs	(5,972)	(7,038)
Recoveries	4,841	6,238
Net (charge-offs) recoveries	1,131	(800)
Allowance for credit losses - loans, ending balance	114,584	136,605
Allowance for credit losses - loan commitments, ending balance	8,938	7,290
Total ending allowance for credit losses - loans and loan commitments	123,522	143,895
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	2,160	(10,669)
Provision for loan commitments	(1,214)	451
Total provision for credit losses - loans and loan commitments	946	(10,218)
Charge-offs	(983)	(1,717)
Recoveries	871	1,737
Net (charge-offs) recoveries	112	20
Allowance for credit losses - loans, ending balance	28,923	27,201
Allowance for credit losses - loan commitments, ending balance	283	1,726
Total ending allowance for credit losses - loans and loan commitments	29,206	28,927
Deposit Overdrafts [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for credit losses - loans, beginning balance	2,220	639
Total beginning allowance for credit losses - loans and loan commitments	2,220	639
Provision for loan losses	260	1,709
Total provision for credit losses - loans and loan commitments	260	1,709
Charge-offs	(1,215)	(932)
Recoveries	278	264
Net (charge-offs) recoveries	937	(668)
Allowance for credit losses - loans, ending balance	1,543	1,680
Total ending allowance for credit losses - loans and loan commitments	1,543	1,680
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	1,369	(3,665)
Provision for loan commitments	1,618	(2,829)
Total provision for credit losses - loans and loan commitments	2,987	(6,494)
Charge-offs	(73)	(22)
Recoveries	25	110
Net (charge-offs) recoveries	48	(88)
Allowance for credit losses - loans, ending balance	8,631	7,264
Allowance for credit losses - loan commitments, ending balance	5,798	3,679
Total ending allowance for credit losses - loans and loan commitments	14,429	10,943
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	(12,082)	(29,171)
Provision for loan commitments	(201)	(394)
Total provision for credit losses - loans and loan commitments	(12,283)	(29,565)
Charge-offs	(642)	(933)
Recoveries	899	1,053
Net (charge-offs) recoveries	(257)	120
Allowance for credit losses - loans, ending balance	53,530	81,601
Allowance for credit losses - loan commitments, ending balance		318
Total ending allowance for credit losses - loans and loan commitments	53,530	81,919
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	1,133	(3,481)
Provision for loan commitments	788	254
Total provision for credit losses - loans and loan commitments	1,921	(3,227)
Charge-offs	(282)	(842)
Recoveries	483	885
Net (charge-offs) recoveries	(201)	43
Allowance for credit losses - loans, ending balance	16,735	14,413
Allowance for credit losses - loan commitments, ending balance	2,364	1,209
Total ending allowance for credit losses - loans and loan commitments	19,099	15,622
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	1,216	(2,268)
Provision for loan commitments	165	287
Total provision for credit losses - loans and loan commitments	1,381	(1,981)
Charge-offs	(2,511)	(2,210)
Recoveries	1,992	1,718
Net (charge-offs) recoveries	519	(492)
Allowance for credit losses - loans, ending balance	4,434	3,747
Allowance for credit losses - loan commitments, ending balance	437	306
Total ending allowance for credit losses - loans and loan commitments	4,871	4,053
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	37	(877)
Provision for loan commitments	7	7
Total provision for credit losses - loans and loan commitments	44	(870)
Charge-offs	(266)	(382)
Recoveries	293	471
Net (charge-offs) recoveries	(27)	89
Allowance for credit losses - loans, ending balance	788	699
Allowance for credit losses - loan commitments, ending balance	56	52
Total ending allowance for credit losses - loans and loan commitments	$ 844	$ 751

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Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans individually evaluated for impairment	$ 4,421	$ 9,274
Allowance for loans collectively evaluated for impairment	110,163	112,348
Allowance for loan commitments	8,938	7,775	$ 7,290	$ 9,514
Total allowance for credit losses - loans and commitments	123,522	129,397	143,895	195,341
Individually evaluated for credit loss	32,284	68,459
Collectively-evaluated for credit losses	10,245,378	9,665,019
Total loans	10,277,662	9,733,478
Commercial and Industrial [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans individually evaluated for impairment	184	333
Allowance for loans collectively evaluated for impairment	28,739	26,542
Allowance for loan commitments	283	1,497	1,726	1,275
Total allowance for credit losses - loans and commitments	29,206	28,372	28,927	39,125
Individually evaluated for credit loss	437	576
Collectively-evaluated for credit losses	1,516,419	1,589,744
Total loans	1,516,856	1,590,320
Deposit Overdrafts [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans collectively evaluated for impairment	1,543	2,220
Total allowance for credit losses - loans and commitments	1,543	2,220	1,680	639
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Total loans	5,831,384	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	297	381
Allowance for loans collectively evaluated for impairment	8,334	6,929
Allowance for loan commitments	5,798	4,180	3,679	6,508
Total allowance for credit losses - loans and commitments	14,429	11,490	10,943	17,349
Individually evaluated for credit loss	1,115	1,248
Collectively-evaluated for credit losses	954,529	832,632
Total loans	955,644	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	3,940	8,560
Allowance for loans collectively evaluated for impairment	49,590	56,795
Allowance for loan commitments		201	318	712
Total allowance for credit losses - loans and commitments	53,530	65,556	81,919	111,364
Individually evaluated for credit loss	30,732	66,635
Collectively-evaluated for credit losses	4,845,008	4,638,453
Total loans	4,875,740	4,705,088
Residential Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans collectively evaluated for impairment	16,735	15,401
Allowance for loan commitments	2,364	1,576	1,209	955
Total allowance for credit losses - loans and commitments	19,099	16,977	15,622	18,806
Collectively-evaluated for credit losses	2,010,344	1,721,378
Total loans	2,010,344	1,721,378
Consumer [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans collectively evaluated for impairment	4,434	3,737
Allowance for loan commitments	437	272	306	19
Total allowance for credit losses - loans and commitments	4,871	4,009	4,053	6,526
Collectively-evaluated for credit losses	309,313	277,130
Total loans	309,313	277,130
Home Equity [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for loans collectively evaluated for impairment	788	724
Allowance for loan commitments	56	49	52	45
Total allowance for credit losses - loans and commitments	844	773	$ 751	$ 1,532
Collectively-evaluated for credit losses	609,765	605,682
Total loans	$ 609,765	$ 605,682

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Loans and the Allowance for Credit Losses - Summary of Commercial Loans by Risk Grade (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	$ 10,277,662	$ 9,733,478
Commercial and Industrial [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	1,516,856	1,590,320
Commercial and Industrial [Member] | Pass [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	1,476,543	1,540,569
Commercial and Industrial [Member] | Criticized [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	24,412	17,733
Commercial and Industrial [Member] | Classified - substandard [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	15,901	32,018
Commercial Portfolio Segment [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	7,348,240	7,129,288
Commercial Portfolio Segment [Member] | Pass [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	7,098,203	6,764,757
Commercial Portfolio Segment [Member] | Criticized [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	163,176	248,518
Commercial Portfolio Segment [Member] | Classified - substandard [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income	86,861	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	955,644	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	923,333	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	25,180	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	7,131	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	4,875,740	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	4,698,327	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	113,584	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	$ 63,829	81,386
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income		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		1,540,569
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Criticized [Member]
Summary of commercial loans by risk grade
Portfolio loans, net of unearned income		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		$ 32,018

XML

Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	$ 10,277,662	$ 9,733,478
90 Days or More Past Due and Accruing	24,311	7,804
Loans held for sale	12,887	25,277
Total loans, current	10,228,082	9,698,760
Total loans	10,290,549	9,758,755
Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	32,767	39,488
Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	609,765	605,682
90 Days or More Past Due and Accruing	1,006	685
Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	5,831,384	5,538,968
90 Days or More Past Due and Accruing	14,208	3,093
Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	2,010,344	1,721,378
90 Days or More Past Due and Accruing	2,456	2,840
Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	309,313	277,130
90 Days or More Past Due and Accruing	559	627
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	955,644	833,880
90 Days or More Past Due and Accruing	295	51
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	4,875,740	4,705,088
90 Days or More Past Due and Accruing	13,913	3,042
Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,516,856	1,590,320
90 Days or More Past Due and Accruing	6,082	559
Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	28,184	35,742
TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	4,583	3,746
Current [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	10,215,195	9,673,483
Loans held for sale, current	12,887	25,277
Current [Member] | Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	16,447	14,449
Current [Member] | Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	603,115	599,189
Current [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	5,807,777	5,514,783
Current [Member] | Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,998,214	1,702,587
Current [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	305,452	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	955,075	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	4,852,702	4,681,028
Current [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,500,637	1,583,347
Current [Member] | Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	12,189	11,174
Current [Member] | TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	4,258	3,275
30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	13,262	14,755
30-59 Days Past Due [Member] | Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	748	917
30-59 Days Past Due [Member] | Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	2,571	2,240
30-59 Days Past Due [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	2,607	6,377
30-59 Days Past Due [Member] | Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	1,079	2,331
30-59 Days Past Due [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	2,288	1,532
30-59 Days 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	134
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	2,473	6,377
30-59 Days Past Due [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	4,717	2,275
30-59 Days Past Due [Member] | Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	721	914
30-59 Days Past Due [Member] | TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	27	3
60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	10,204	14,005
60-89 Days Past Due [Member] | Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	882	691
60-89 Days Past Due [Member] | Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	782	602
60-89 Days Past Due [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	2,283	7,728
60-89 Days Past Due [Member] | Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	2,758	3,254
60-89 Days Past Due [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	895	1,208
60-89 Days 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	140
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	2,143	7,728
60-89 Days Past Due [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	3,486	1,213
60-89 Days Past Due [Member] | Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	882	564
60-89 Days Past Due [Member] | TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income		127
90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	39,001	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	14,690	23,431
90 Days or More Past Due [Member] | Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	3,297	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	18,717	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	8,293	13,206
90 Days or More Past Due [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	678	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	295	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	18,422	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	8,016	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	14,392	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	298	341
Total Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	62,467	59,995
Total Past Due [Member] | Total Non-performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	16,320	25,039
Total Past Due [Member] | Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	6,650	6,493
Total Past Due [Member] | Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	23,607	24,185
Total Past Due [Member] | Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	12,130	18,791
Total Past Due [Member] | Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	3,861	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	569	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	23,038	24,060
Total Past Due [Member] | Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	16,219	6,973
Total Past Due [Member] | Non-Accrual Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	15,995	24,568
Total Past Due [Member] | TDRs Accruing Interest [Member]
Financing Receivable, Recorded Investment [Line Items]
Portfolio loans, net of unearned income	$ 325	$ 471

XML

Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	$ 42,361		$ 42,361		$ 49,794
Recorded Investment, With no specific allowance recorded	32,767		32,767		39,488
Total impaired loans, Unpaid principal balance	42,361		42,361		49,794
Total impaired loans, Recorded investment	32,767		32,767		39,488
Average recorded investment, with no related specific allowance	34,030	$ 38,906	36,163	$ 38,145
Interest income recognized, With no related specific allowance	99	(10)	198	160
Average recorded investment, With a specific allowance recorded		2,084		2,087
Total impaired loans, Average recorded investment	34,030	40,990	36,163	40,232
Residential Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	22,264		22,264		25,492
Recorded Investment, With no specific allowance recorded	17,125		17,125		20,065
Average recorded investment, with no related specific allowance	17,467	21,549	18,327	21,198
Interest income recognized, With no related specific allowance	24	(15)	96	125
Consumer [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	698		698		869
Recorded Investment, With no specific allowance recorded	385		385		565
Average recorded investment, with no related specific allowance	396	411	468	384
Interest income recognized, With no related specific allowance	1	1	3	2
Home Equity [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	6,486		6,486		6,985
Recorded Investment, With no specific allowance recorded	4,928		4,928		5,440
Average recorded investment, with no related specific allowance	5,046	5,544	5,279	5,591
Interest income recognized, With no related specific allowance	14		20	9
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded					74
Recorded Investment, With no specific allowance recorded					73
Average recorded investment, with no related specific allowance	27	110	70	202
Interest income recognized, With no related specific allowance	(2)
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	8,424		8,424		9,846
Recorded Investment, With no specific allowance recorded	6,767		6,767		8,089
Average recorded investment, with no related specific allowance	7,086	6,271	7,505	6,987
Interest income recognized, With no related specific allowance	57	6	71	23
Average recorded investment, With a specific allowance recorded		2,084		2,087
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
Unpaid Principal Balance, With no specific allowance recorded	4,489		4,489		6,528
Recorded Investment, With no specific allowance recorded	3,562		3,562		$ 5,256
Average recorded investment, with no related specific allowance	4,010	5,021	4,514	3,783
Interest income recognized, With no related specific allowance	$ 5	$ (2)	$ 8	$ 1

XML

Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Impaired [Line Items]
Non-accrual loans	$ 28,184	$ 35,742
TDRs	6,339	5,293
Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	4,583	3,746
Non-Accrual TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	1,756	1,547
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	3,388	5,064
TDRs	174	192
Commercial and Industrial [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	174	192
Home Equity [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	4,642	5,163
TDRs	510	535
Home Equity [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	286	277
Home Equity [Member] | Non-Accrual TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	224	258
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	5,339	7,788
TDRs	1,457	507
Commercial Real Estate [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	1,428	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
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	5,339	7,715
TDRs	1,457	507
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	1,428	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	14,470	17,190
TDRs	4,158	4,031
Residential Real Estate [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	2,655	2,875
Residential Real Estate [Member] | Non-Accrual TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	1,503	1,156
Consumer [Member]
Financing Receivable, Impaired [Line Items]
Non-accrual loans	345	537
TDRs	40	28
Consumer [Member] | Accruing TDRs [Member]
Financing Receivable, Impaired [Line Items]
TDRs	$ 40	$ 28

XML

Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Parenthetical) (Detail)	Sep. 30, 2022 USD ($) Borrower	Dec. 31, 2021 USD ($) Borrower
Receivables [Abstract]
Number of borrowers with loan balance greater than one million | Borrower	1	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	$ 1,100,000	$ 4,100,000

XML

Loans and the Allowance for Credit Losses - Loans Identified as TDRs (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) Contract	Sep. 30, 2021 USD ($) Contract	Sep. 30, 2022 USD ($) Contract	Sep. 30, 2021 USD ($) Contract
Financing Receivable, Modifications [Line Items]
Number of Modifications | Contract	1	1	3	2
Pre-Modification Outstanding Recorded Investment	$ 1,097	$ 102	$ 1,370	$ 160
Post-Modification Outstanding Recorded Investment	$ 1,075	$ 101	$ 1,075	$ 156
Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Modifications | Contract	1		3
Pre-Modification Outstanding Recorded Investment	$ 1,097		$ 1,370
Post-Modification Outstanding Recorded Investment	$ 1,075		$ 1,075
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
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member]
Financing Receivable, Modifications [Line Items]
Number of Modifications | Contract	1		2
Pre-Modification Outstanding Recorded Investment	$ 1,097		$ 1,286
Post-Modification Outstanding Recorded Investment	$ 1,075		$ 1,075
Residential Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Modifications | Contract		1		1
Pre-Modification Outstanding Recorded Investment		$ 102		$ 103
Post-Modification Outstanding Recorded Investment		$ 101		$ 101
Home Equity [Member]
Financing Receivable, Modifications [Line Items]
Number of Modifications | Contract				1
Pre-Modification Outstanding Recorded Investment				$ 57
Post-Modification Outstanding Recorded Investment				$ 55

XML

Loans and the Allowance for Credit Losses - TDRs Defaulted Later Restructured (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) Contract
Financing Receivable, Modifications [Line Items]
Number of Defaults | Contract	1
Recorded Investment | $	$ 234
Home Equity [Member]
Financing Receivable, Modifications [Line Items]
Number of Defaults | Contract	1
Recorded Investment | $	$ 234

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	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 10,277,662	$ 9,733,478
30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	13,262	14,755
60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	10,204	14,005
90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	39,001	31,235
Home Equity [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	14,668	10,263
Amortized Cost Basis by Origination Year 2021	940	1,007
Amortized Cost Basis by Origination Year 2020	1,068	945
Amortized Cost Basis by Origination Year 2019	1,350	634
Amortized Cost Basis by Origination Year 2018	1,279	1,038
Amortized Cost Basis by Origination Year, Prior to 2018	20,517	21,509
Revolving Loans	568,489	568,725
Revolving Loans Converted to Term	1,454	1,561
Total loans	609,765	605,682
Home Equity [Member] | Current [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	14,454	10,076
Amortized Cost Basis by Origination Year 2021	874	835
Amortized Cost Basis by Origination Year 2020	575	649
Amortized Cost Basis by Origination Year 2019	1,146	379
Amortized Cost Basis by Origination Year 2018	888	566
Amortized Cost Basis by Origination Year, Prior to 2018	17,428	18,064
Revolving Loans	567,035	567,478
Revolving Loans Converted to Term	715	1,142
Total loans	603,115	599,189
Home Equity [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	39
Amortized Cost Basis by Origination Year 2021		84
Amortized Cost Basis by Origination Year 2020		45
Amortized Cost Basis by Origination Year 2019	93	128
Amortized Cost Basis by Origination Year 2018	77	50
Amortized Cost Basis by Origination Year, Prior to 2018	908	628
Revolving Loans	1,454	1,247
Revolving Loans Converted to Term		58
Total loans	2,571	2,240
Home Equity [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	175
Amortized Cost Basis by Origination Year 2020	376	132
Amortized Cost Basis by Origination Year 2019	26	15
Amortized Cost Basis by Origination Year 2018	115	188
Amortized Cost Basis by Origination Year, Prior to 2018	90	267
Total loans	782	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	66	88
Amortized Cost Basis by Origination Year 2020	117	119
Amortized Cost Basis by Origination Year 2019	85	112
Amortized Cost Basis by Origination Year 2018	199	234
Amortized Cost Basis by Origination Year, Prior to 2018	2,091	2,550
Revolving Loans Converted to Term	739	361
Total loans	3,297	3,651
Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	5,831,384	5,538,968
Commercial Real Estate [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,607	6,377
Commercial Real Estate [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	2,283	7,728
Commercial Real Estate [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	18,717	10,080
Residential Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	393,074	602,867
Amortized Cost Basis by Origination Year 2021	640,523	293,417
Amortized Cost Basis by Origination Year 2020	238,285	117,042
Amortized Cost Basis by Origination Year 2019	100,539	71,681
Amortized Cost Basis by Origination Year 2018	61,691	57,827
Amortized Cost Basis by Origination Year, Prior to 2018	510,949	548,562
Revolving Loans Converted to Term	65,283	29,982
Total loans	2,010,344	1,721,378
Residential Real Estate [Member] | Current [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	393,074	599,244
Amortized Cost Basis by Origination Year 2021	640,158	292,653
Amortized Cost Basis by Origination Year 2020	238,285	116,147
Amortized Cost Basis by Origination Year 2019	99,970	71,253
Amortized Cost Basis by Origination Year 2018	61,470	56,917
Amortized Cost Basis by Origination Year, Prior to 2018	500,020	536,444
Revolving Loans Converted to Term	65,237	29,929
Total loans	1,998,214	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		105
Amortized Cost Basis by Origination Year, Prior to 2018	1,079	1,030
Total loans	1,079	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	365	91
Amortized Cost Basis by Origination Year 2019	282	271
Amortized Cost Basis by Origination Year 2018	101	43
Amortized Cost Basis by Origination Year, Prior to 2018	2,010	2,286
Total loans	2,758	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	287	88
Amortized Cost Basis by Origination Year 2018	120	762
Amortized Cost Basis by Origination Year, Prior to 2018	7,840	8,802
Revolving Loans Converted to Term	46	53
Total loans	8,293	13,206
Consumer [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	69,802	61,870
Amortized Cost Basis by Origination Year 2021	41,961	44,757
Amortized Cost Basis by Origination Year 2020	29,592	50,835
Amortized Cost Basis by Origination Year 2019	30,874	19,509
Amortized Cost Basis by Origination Year 2018	10,899	11,203
Amortized Cost Basis by Origination Year, Prior to 2018	29,494	33,135
Revolving Loans	96,521	55,794
Revolving Loans Converted to Term	170	27
Total loans	309,313	277,130
Consumer [Member] | Current [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	68,756	60,907
Amortized Cost Basis by Origination Year 2021	40,850	43,871
Amortized Cost Basis by Origination Year 2020	29,033	50,317
Amortized Cost Basis by Origination Year 2019	30,726	19,289
Amortized Cost Basis by Origination Year 2018	10,761	11,084
Amortized Cost Basis by Origination Year, Prior to 2018	28,804	32,343
Revolving Loans	96,352	55,739
Revolving Loans Converted to Term	170	27
Total loans	305,452	273,577
Consumer [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	661	435
Amortized Cost Basis by Origination Year 2021	653	370
Amortized Cost Basis by Origination Year 2020	346	214
Amortized Cost Basis by Origination Year 2019	71	136
Amortized Cost Basis by Origination Year 2018	75	85
Amortized Cost Basis by Origination Year, Prior to 2018	330	241
Revolving Loans	152	51
Total loans	2,288	1,532
Consumer [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	267	413
Amortized Cost Basis by Origination Year 2021	280	375
Amortized Cost Basis by Origination Year 2020	118	82
Amortized Cost Basis by Origination Year 2019	37	19
Amortized Cost Basis by Origination Year 2018	47	33
Amortized Cost Basis by Origination Year, Prior to 2018	146	286
Total loans	895	1,208
Consumer [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	118	115
Amortized Cost Basis by Origination Year 2021	178	141
Amortized Cost Basis by Origination Year 2020	95	222
Amortized Cost Basis by Origination Year 2019	40	65
Amortized Cost Basis by Origination Year 2018	16	1
Amortized Cost Basis by Origination Year, Prior to 2018	214	265
Revolving Loans	17	4
Total loans	678	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	129,030	135,264
Amortized Cost Basis by Origination Year 2021	156,209	223,698
Amortized Cost Basis by Origination Year 2020	170,360	198,974
Amortized Cost Basis by Origination Year 2019	182,096	117,190
Amortized Cost Basis by Origination Year 2018	117,421	27,186
Amortized Cost Basis by Origination Year, Prior to 2018	55,987	31,195
Revolving Loans	93,043	35,915
Revolving Loans Converted to Term	51,498	64,458
Total loans	955,644	833,880
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	134
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	140
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	295	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	129,030	135,179
Amortized Cost Basis by Origination Year 2021	155,816	217,389
Amortized Cost Basis by Origination Year 2020	164,359	198,974
Amortized Cost Basis by Origination Year 2019	182,096	117,157
Amortized Cost Basis by Origination Year 2018	92,973	27,186
Amortized Cost Basis by Origination Year, Prior to 2018	54,518	29,696
Revolving Loans	93,043	35,059
Revolving Loans Converted to Term	51,498	62,676
Total loans	923,333	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	393	6,236
Amortized Cost Basis by Origination Year 2019		33
Amortized Cost Basis by Origination Year 2018	24,448
Amortized Cost Basis by Origination Year, Prior to 2018	339	219
Revolving Loans		856
Revolving Loans Converted to Term		526
Total loans	25,180	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		73
Amortized Cost Basis by Origination Year 2020	6,001
Amortized Cost Basis by Origination Year, Prior to 2018	1,130	1,280
Revolving Loans Converted to Term		1,256
Total loans	7,131	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	799,224	730,807
Amortized Cost Basis by Origination Year 2021	618,642	678,737
Amortized Cost Basis by Origination Year 2020	622,267	647,388
Amortized Cost Basis by Origination Year 2019	562,273	427,116
Amortized Cost Basis by Origination Year 2018	382,575	429,741
Amortized Cost Basis by Origination Year, Prior to 2018	1,780,217	1,688,629
Revolving Loans	83,844	60,381
Revolving Loans Converted to Term	26,698	42,289
Total loans	4,875,740	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	2,473	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	2,143	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	18,422	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	799,090	713,697
Amortized Cost Basis by Origination Year 2021	617,653	660,856
Amortized Cost Basis by Origination Year 2020	619,263	589,674
Amortized Cost Basis by Origination Year 2019	539,169	405,689
Amortized Cost Basis by Origination Year 2018	359,321	404,241
Amortized Cost Basis by Origination Year, Prior to 2018	1,654,366	1,539,275
Revolving Loans	82,767	58,933
Revolving Loans Converted to Term	26,698	28,507
Total loans	4,698,327	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	134	7,755
Amortized Cost Basis by Origination Year 2021	989	15,195
Amortized Cost Basis by Origination Year 2020	2,602	52,859
Amortized Cost Basis by Origination Year 2019	6,153	17,697
Amortized Cost Basis by Origination Year 2018	13,343	14,490
Amortized Cost Basis by Origination Year, Prior to 2018	89,320	99,687
Revolving Loans	1,043	1,414
Revolving Loans Converted to Term		13,733
Total loans	113,584	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	402	4,855
Amortized Cost Basis by Origination Year 2019	16,951	3,730
Amortized Cost Basis by Origination Year 2018	9,911	11,010
Amortized Cost Basis by Origination Year, Prior to 2018	36,531	49,667
Revolving Loans	34	34
Revolving Loans Converted to Term		49
Total loans	63,829	81,386
Commercial and Industrial [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	193,726	407,219
Amortized Cost Basis by Origination Year 2021	207,993	160,665
Amortized Cost Basis by Origination Year 2020	125,939	118,630
Amortized Cost Basis by Origination Year 2019	91,072	139,470
Amortized Cost Basis by Origination Year 2018	110,489	92,833
Amortized Cost Basis by Origination Year, Prior to 2018	265,793	226,211
Revolving Loans	500,988	418,901
Revolving Loans Converted to Term	20,856	26,391
Total loans	1,516,856	1,590,320
Commercial and Industrial [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	4,717	2,275
Commercial and Industrial [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	3,486	1,213
Commercial and Industrial [Member] | 90 Days or More Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	8,016	3,485
Commercial and Industrial [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	193,429	406,495
Amortized Cost Basis by Origination Year 2021	203,882	159,878
Amortized Cost Basis by Origination Year 2020	124,640	99,472
Amortized Cost Basis by Origination Year 2019	79,989	136,146
Amortized Cost Basis by Origination Year 2018	109,885	89,049
Amortized Cost Basis by Origination Year, Prior to 2018	260,849	223,514
Revolving Loans	492,838	409,789
Revolving Loans Converted to Term	11,031	16,226
Total loans	1,476,543	1,540,569
Commercial and Industrial [Member] | Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Amortized Cost Basis by Origination Year 2022	297	590
Amortized Cost Basis by Origination Year 2021	728	551
Amortized Cost Basis by Origination Year 2020	298	693
Amortized Cost Basis by Origination Year 2019	8,695	2,558
Amortized Cost Basis by Origination Year 2018	199	1,645
Amortized Cost Basis by Origination Year, Prior to 2018	2,359	1,278
Revolving Loans	7,592	5,389
Revolving Loans Converted to Term	4,244	5,029
Total loans	24,412	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	3,383	236
Amortized Cost Basis by Origination Year 2020	1,001	18,465
Amortized Cost Basis by Origination Year 2019	2,388	766
Amortized Cost Basis by Origination Year 2018	405	2,139
Amortized Cost Basis by Origination Year, Prior to 2018	2,585	1,419
Revolving Loans	558	3,723
Revolving Loans Converted to Term	5,581	5,136
Total loans	$ 15,901	$ 32,018

XML

Loans and the Allowance for Credit Losses - Summary of Other Real Estate Owned and Repossessed Assets (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Receivables [Abstract]
Other real estate owned	$ 1,467
Repossessed assets	128
Total other real estate owned and repossessed assets	$ 1,595

XML

Derivatives and Hedging Activities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) Derivative	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Derivative	Sep. 30, 2021 USD ($)	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	$ 44,600,000		$ 44,600,000
Interest Rate Swaps [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps | Derivative	147		147		135
Aggregate notional amount	$ 816,200,000		$ 816,200,000		$ 730,600,000
Income (loss) on derivative instrument not designated hedges	$ 1,600,000	$ 400,000	$ 2,700,000	$ 3,300,000
Risk Participation in Agreements [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps | Derivative	14		14		13
Aggregate notional amount	$ 152,300,000		$ 152,300,000		$ 128,200,000
Risk Participation out Agreement [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps | Derivative	1		1		1
Aggregate notional amount	$ 9,600,000		$ 9,600,000		$ 9,800,000
Other Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	32,000,000.0		32,000,000.0
Other Contract [Member] | Forward TBA Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate notional amount	$ 32,000,000		$ 32,000,000		$ 48,500,000

XML

Derivatives and Hedging Activities - Summary of Fair Values of Derivative Instruments on Balance Sheets (Detail) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 77,455,000	$ 24,876,000
Liability Derivatives	74,952,000	26,409,000
Other Contract [Member]
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	32,000,000.0
Interest Rate Swaps [Member] | Loan Swaps [Member]
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	816,188,000	730,552,000
Asset Derivatives	76,381,000	24,867,000
Liability Derivatives	74,514,000	26,388,000
Interest Rate Loan Commitments [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	16,936,000	28,994,000
Asset Derivatives		9,000
Liability Derivatives	438,000
Forward TBA Contracts [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives
Forward TBA Contracts [Member] | Other Contract [Member]
Derivatives, Fair Value [Line Items]
Notional or Contractual Amount	32,000,000	48,500,000
Asset Derivatives	$ 1,074,000
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivatives, Fair Value [Line Items]
Total gain (loss) on derivative financial instruments	$ 1,442	$ (126)	$ 6,137	$ 4,049
Interest Rate Swaps [Member]
Derivatives, Fair Value [Line Items]
Total gain (loss) on derivative financial instruments	$ 786	$ 378	$ 3,389	$ 2,106
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Income, Other Operating Income	Noninterest Income, Other Operating Income	Noninterest Income, Other Operating Income	Noninterest Income, Other Operating Income
Interest Rate Loan Commitments [Member]
Derivatives, Fair Value [Line Items]
Total gain (loss) on derivative financial instruments	$ (491)	$ (226)	$ (447)	$ (678)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Non Interest Income Derived From Mortgage Banking Activities	Non Interest Income Derived From Mortgage Banking Activities	Non Interest Income Derived From Mortgage Banking Activities	Non Interest Income Derived From Mortgage Banking Activities
Forward TBA Contracts [Member]
Derivatives, Fair Value [Line Items]
Total gain (loss) on derivative financial instruments	$ 1,147	$ (278)	$ 3,195	$ 2,621
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Non Interest Income Derived From Mortgage Banking Activities	Non Interest Income Derived From Mortgage Banking Activities	Non Interest Income Derived From Mortgage Banking Activities	Non Interest Income Derived From Mortgage Banking Activities

XML

Benefit Plans - Defined Benefit Pension Plan (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Service cost – benefits earned during year	$ 552	$ 630	$ 1,638	$ 1,869
Interest cost on projected benefit obligation	1,037	861	3,076	2,555
Expected return on plan assets	(2,917)	(2,825)	(8,655)	(8,382)
Amortization of prior service cost	(9)	(9)	(26)	(26)
Amortization of net loss	128	690	379	2,047
Net periodic pension income	$ (1,209)	$ (653)	$ (3,588)	$ (1,937)

XML

Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Service cost	$ 552,000	$ 630,000	$ 1,638,000	$ 1,869,000
Periodic pension income			5,200,000	$ 3,800,000
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	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 11,964	$ 13,466
Available-for-sale debt securities	2,645,748	3,013,462
Loans held for sale	12,887	25,277
Other real estate owned and repossessed assets	1,595
Recurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	11,964	13,466
Available-for-sale debt securities	2,645,748	3,013,462
Loans held for sale	12,887	25,277
Other assets - interest rate swaps	76,381	24,867
Total assets	2,746,980	3,077,072
Other liabilities - interest rate swaps	74,514	26,388
Total liabilities recurring fair value measurements	74,514	26,388
Nonrecurring Fair Value Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans	5,186	13,558
Other real estate owned and repossessed assets	1,595
Total assets	6,781	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	228,846	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	228,846	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	1,909,661	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	1,909,661	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	398,298	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	398,298	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	93,826	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	93,826	106,340
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities	15,117	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	15,117	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	11,964	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	11,964	13,466
Total assets	11,964	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	2,644,573	3,011,969
Loans held for sale	12,887	25,277
Other assets - interest rate swaps	76,381	24,867
Other liabilities - interest rate swaps	74,514	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	2,644,573	3,011,969
Loans held for sale	12,887	25,277
Other assets - interest rate swaps	76,381	24,867
Total assets	2,733,841	3,062,113
Other liabilities - interest rate swaps		26,388
Total liabilities recurring fair value measurements	74,514	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	228,846	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	1,909,661	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	398,298	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	92,651	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	15,117	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	1,175	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	1,175	1,493
Total assets	1,175	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]
Collateral dependent loans	5,186	13,558
Other real estate owned and repossessed assets	1,595
Total assets	6,781	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	$ 1,175	$ 1,493

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Fair Value Measurement - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value transfer amount	$ 0	$ 0	$ 0

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Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value Inputs Asset Quantitative Information [Line Items]
Other real estate owned and repossessed assets	$ 1,595
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Collateral dependent loans	5,186	$ 13,558
Other real estate owned and repossessed assets	1,595
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Collateral dependent loans	5,186	$ 13,558
Other real estate owned and repossessed assets	$ 1,595
Collateral dependent loans, Appraisal adjustments	(0.00%)	(0.00%)
Collateral dependent loans, Liquidation expenses	(8.00%)	(8.00%)
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Weighted Average [Member]
Fair Value Inputs Asset Quantitative Information [Line Items]
Collateral dependent loans, Appraisal adjustments	(0.00%)	(0.00%)
Collateral dependent loans, Liquidation expenses	(8.00%)	(8.00%)

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Fair Value Measurement - Estimates Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial Assets
Cash and due from banks	$ 378,556	$ 1,251,358
Equity securities	11,964	13,466
Available-for-sale debt securities	2,645,748	3,013,462
Net held-to-maturity debt securities	1,262,242	1,004,555
Loans held for sale	12,887	25,277
Accrued interest receivable	63,375	60,844
Financial Liabilities
Deposits	13,444,366	13,565,863
Federal Home Loan Bank borrowings	56,998	183,920
Other borrowings	127,983	141,893
Subordinated debt and junior subordinated debt	281,179	132,860
Accrued interest payable	4,358	1,901
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial Assets
Cash and due from banks	378,556	1,251,358
Equity securities	11,964	13,466
Accrued interest receivable	63,375	60,844
Financial Liabilities
Deposits	12,452,854	12,273,211
Other borrowings	114,067	134,288
Accrued interest payable	4,358	1,901
Significant Other Observable Inputs (Level 2) [Member]
Financial Assets
Available-for-sale debt securities	2,644,573	3,011,969
Net held-to-maturity debt securities	1,065,490	1,028,047
Loans held for sale	12,887	25,277
Other assets - interest rate swaps	76,381	24,867
Financial Liabilities
Deposits	1,007,810	1,302,266
Federal Home Loan Bank borrowings	56,574	185,684
Subordinated debt and junior subordinated debt	259,546	109,186
Other liabilities - interest rate swaps	74,514	26,388
Significant Unobservable Inputs (Level 3) [Member]
Financial Assets
Available-for-sale debt securities	1,175	1,493
Net held-to-maturity debt securities	343	405
Net loans	9,026,768	9,385,917
Carrying Amount [Member]
Financial Assets
Cash and due from banks	378,556	1,251,358
Equity securities	11,964	13,466
Available-for-sale debt securities	2,645,748	3,013,462
Net held-to-maturity debt securities	1,262,242	1,004,555
Net loans	10,163,078	9,611,856
Loans held for sale	12,887	25,277
Other assets - interest rate swaps	76,381	24,867
Accrued interest receivable	63,375	60,844
Financial Liabilities
Deposits	13,444,366	13,565,863
Federal Home Loan Bank borrowings	56,998	183,920
Other borrowings	127,983	141,893
Subordinated debt and junior subordinated debt	281,179	132,860
Other liabilities - interest rate swaps	74,514	26,388
Accrued interest payable	4,358	1,901
Fair Value Estimate [Member]
Financial Assets
Cash and due from banks	378,556	1,251,358
Equity securities	11,964	13,466
Available-for-sale debt securities	2,645,748	3,013,462
Net held-to-maturity debt securities	1,065,833	1,028,452
Net loans	9,026,768	9,385,917
Loans held for sale	12,887	25,277
Other assets - interest rate swaps	76,381	24,867
Accrued interest receivable	63,375	60,844
Financial Liabilities
Deposits	13,460,664	13,575,477
Federal Home Loan Bank borrowings	56,574	185,684
Other borrowings	114,067	134,288
Subordinated debt and junior subordinated debt	259,546	109,186
Other liabilities - interest rate swaps	74,514	26,388
Accrued interest payable	$ 4,358	$ 1,901

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Revenue Recognition - Summary of Revenue Recognition (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule Of Revenue Recognition [Line Items]
Total net securities brokerage revenue	$ 2,491,000	$ 1,965,000	$ 6,969,000	$ 5,318,000
Debit card sponsorship income	0	0	0	646,000
Electronic banking fees	4,808,000	5,427,000	15,307,000	14,853,000
Mortgage banking income	1,257,000	4,563,000	4,508,000	16,656,000
Net gain (loss) on other real estate owned and other assets	2,040,000	785,000	(68,000)	4,974,000
Total Service Charges on Deposits [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	6,942,000	6,050,000	19,520,000	15,820,000
Trust Account fees [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	4,456,000	4,768,000	$ 14,413,000	14,792,000
Point of revenue recognition			Over time
WesMark Fees [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	2,061,000	2,521,000	$ 6,466,000	7,277,000
Point of revenue recognition			Over time
Total Trust Fees [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	6,517,000	7,289,000	$ 20,879,000	22,069,000
Commercial Banking Fees [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	606,000	464,000	$ 1,776,000	1,629,000
Point of revenue recognition			Over time
Personal Service Charges [Member]
Schedule Of Revenue Recognition [Line Items]
Total trust fees/Total service charges on deposits	6,336,000	5,586,000	$ 17,744,000	14,191,000
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	1,932,000	1,169,000	$ 5,193,000	3,237,000
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	29,000	73,000	$ 94,000	206,000
Point of revenue recognition			At a point in time
Managed Money [Member]
Schedule Of Revenue Recognition [Line Items]
Total net securities brokerage revenue	290,000	311,000	$ 944,000	885,000
Point of revenue recognition			Over time
Trail Commissions [Member]
Schedule Of Revenue Recognition [Line Items]
Total net securities brokerage revenue	240,000	412,000	$ 738,000	990,000
Point of revenue recognition			Over time
Payment Processing Fees [Member]
Schedule Of Revenue Recognition [Line Items]
Payment Processing Fees	$ 818,000	$ 773,000	$ 2,436,000	$ 2,234,000
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

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Revenue Recognition - Summary of Revenue Recognition (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue Recognition [Abstract]
Gain (losses) on change in fair value of other real estate owned and other assets not within scope of ASC 606	$ 1.5	$ 0.4	$ (1.0)	$ 4.2

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Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 2,467,951	$ 2,780,836	$ 2,693,166	$ 2,756,737
Amounts reclassified from accumulated other comprehensive loss	55	473	173	1,396
Total other comprehensive gain (loss)	(90,579)	(8,123)	(261,520)	(26,896)
Ending Balance	2,395,652	2,723,983	2,395,652	2,723,983
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance			(398)	(15,502)
Other comprehensive loss before reclassifications				0
Amounts reclassified from accumulated other comprehensive loss	55	482	165	1,431
Total other comprehensive gain (loss)			165	1,431
Ending Balance	(233)	(14,071)	(233)	(14,071)
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			(261,693)	(28,292)
Amounts reclassified from accumulated other comprehensive loss		(9)	8	(35)
Total other comprehensive gain (loss)			(261,685)	(28,327)
Ending Balance	(266,407)	18,534	(266,407)	18,534
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(176,061)	12,586	(5,120)	31,359
Other comprehensive loss before reclassifications			(261,693)	(28,292)
Amounts reclassified from accumulated other comprehensive loss			173	1,396
Total other comprehensive gain (loss)	(90,579)	(8,123)	(261,520)	(26,896)
Ending Balance	$ (266,640)	$ 4,463	$ (266,640)	$ 4,463

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Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Percentage of Federal and State income tax rate	24.00%	24.00%	24.00%	24.00%

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Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net securities gains reclassified into earnings	$ (656)	$ 15	$ 1,176	$ (740)
Provision for income taxes	12,318	10,651	32,432	47,445
Employee benefits (Non-interest expense)	10,693	10,658	28,574	30,191
Net effect on accumulated other comprehensive income/(loss) for the period	55	473	173	1,396
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		(9)	8	(35)
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	55	482	165	1,431
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		(12)	(10)	(46)
Provision for income taxes		3	(2)	11
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)	(153)	(53)	(455)
Employee benefits (Non-interest expense)	$ 73	$ 635	$ 218	$ 1,886

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Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (Parenthetical) (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Percentage of Federal and State income tax rate	24.00%	24.00%	24.00%	24.00%

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Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Allowance for credit losses associated with loan commitments	$ 8.9	$ 7.8
Liability associated with letters of credit	$ 0.2	$ 0.2

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Commitments and Contingent Liabilities - Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Lines of credit	$ 3,548,242	$ 2,954,147
Loans approved but not closed	419,150	472,810
Overdraft limits	386,972	370,439
Letters of credit	30,011	29,017
Contingent obligations and other guarantees	$ 32,472	$ 68,235

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Business Segments - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2021 USD ($)
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	$ 4,600.0	$ 5,500.0
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	$ 1.2	$ 1.5

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Business Segments - Financial Information by Business Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Interest and dividend income	$ 134,117	$ 121,378	$ 364,738	$ 369,760
Interest expense	9,616	6,103	20,299	22,153
NET INTEREST INCOME	124,501	115,275	344,439	347,607
Provision for credit losses	(535)	(1,730)	(4,785)	(50,714)
Net interest income after provision for credit losses	125,036	117,005	349,224	398,321
Non-interest income	32,256	32,755	89,622	102,076
Non-interest expense	91,941	94,701	266,511	264,840
Income before provision for income taxes	65,351	55,059	172,335	235,557
Provision for income taxes	12,318	10,651	32,432	47,445
Net income	53,033	44,408	139,903	188,112
Preferred stock dividends	2,531	2,531	7,594	7,594
Net income available to common shareholders	50,502	41,877	132,309	180,518
Community Banking [Member]
Segment Reporting Information [Line Items]
Interest and dividend income	134,117	121,378	364,738	369,760
Interest expense	9,616	6,103	20,299	22,153
NET INTEREST INCOME	124,501	115,275	344,439	347,607
Provision for credit losses	(535)	(1,730)	(4,785)	(50,714)
Net interest income after provision for credit losses	125,036	117,005	349,224	398,321
Non-interest income	25,739	25,466	68,743	80,007
Non-interest expense	88,144	90,599	254,484	252,428
Income before provision for income taxes	62,631	51,872	163,483	225,900
Provision for income taxes	11,747	9,982	30,573	45,417
Net income	50,884	41,890	132,910	180,483
Preferred stock dividends	2,531	2,531	7,594	7,594
Net income available to common shareholders	48,353	39,359	125,316	172,889
Trust and Investment Services [Member]
Segment Reporting Information [Line Items]
Non-interest income	6,517	7,289	20,879	22,069
Non-interest expense	3,797	4,102	12,027	12,412
Income before provision for income taxes	2,720	3,187	8,852	9,657
Provision for income taxes	571	669	1,859	2,028
Net income	2,149	2,518	6,993	7,629
Net income available to common shareholders	$ 2,149	$ 2,518	$ 6,993	$ 7,629