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.