Benefit Plans

9 Months Ended

Sep. 30, 2023

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)	2023			2022			2023			2022
Service cost – benefits earned during year	$	357		$	552		$	1,061		$	1,638
Interest cost on projected benefit obligation		1,589			1,037			4,715			3,076
Expected return on plan assets		(2,811	)		(2,917	)		(8,342	)		(8,655	)
Amortization of prior service cost		(9	)		(9	)		(27	)		(26	)
Amortization of net loss		227			128			675			379
Net periodic pension income	$	(647	)	$	(1,209	)	$	(1,918	)	$	(3,588	)

The service cost of $1.1 million and $1.6 million for the nine months ended September 30, 2023 and 2022, respectively, is included in salaries and wages, and periodic pension income of $3.0 million and $5.2 million for the nine months ended September 30, 2023 and 2022, 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 2023, and Wesbanco currently does not expect to make a voluntary contribution to the Plan in 2023.