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Pension Plan
6 Months Ended
Jun. 30, 2013
Compensation And Retirement Disclosure [Abstract]  
Pension Plan

NOTE 6. PENSION PLAN

The following table presents the net periodic pension cost for WesBanco’s Defined Benefit Pension Plan (the “Plan”) and the related components:

 

     For the Three Months Ended
June 30,
    For the Six Months Ended
June 30,
 

(unaudited, in thousands)

   2013     2012     2013     2012  

Service cost - benefits earned during year

   $ 698      $ 680      $ 1,655      $ 1,361   

Interest cost on projected benefit obligation

     982        966        2,078        1,931   

Expected return on plan assets

     (1,437     (1,378     (3,040     (2,756

Amortization of prior service cost

     11        12        23        23   

Amortization of net loss

     897        568        1,720        1,137   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic pension cost

   $ 1,151      $ 848      $ 2,436      $ 1,696   
  

 

 

   

 

 

   

 

 

   

 

 

 

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 of $3.7 million is due for 2013 which will be partially funded by the Plan’s $23.6 million available credit balance. A contribution of $2.5 million was made in July 2013 and an additional $2.5 million is expected to be funded in December.