Benefit Plans

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Benefit Plans

NOTE 6. BENEFIT PLANS

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(unaudited, in thousands)	2021			2020			2021			2020
Service cost – benefits earned during year	$	623		$	568		$	1,239		$	1,136
Interest cost on projected benefit obligation		852			1,121			1,694			2,242
Expected return on plan assets		(2,794	)		(2,594	)		(5,557	)		(5,188	)
Amortization of prior service cost		(9	)		(9	)		(17	)		(18	)
Amortization of net loss		682			794			1,357			1,587
Net periodic pension income	$	(646	)	$	(120	)	$	(1,284	)	$	(241	)

The service cost of $1.2 million and $1.1 million for both the six months ended June 30, 2021 and 2020, respectively, is included in salaries and wages, and the periodic pension income of $2.5 million and $1.4 million for the six months ended June 30, 2021 and 2020, 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 of $5.2 million is due for 2021, which can be offset in whole or in part by the Plan’s $64.2 million available credit balance. Wesbanco currently does not expect to make a voluntary contribution to the Plan in 2021.