Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Benefit Obligations and Funded Status of the Plan

The benefit obligations and funded status of the Plan are as follows:

	December 31,
(dollars in thousands)	2023			2022
Accumulated benefit obligation at end of year	$	124,377		$	120,241
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	127,127		$	163,919
Service cost		1,418			2,190
Interest cost		6,304			4,114
Actuarial loss (gain)		2,650			(36,981	)
Benefits paid		(6,425	)		(6,115	)
Projected benefit obligation at end of year	$	131,074		$	127,127
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	166,906		$	202,783
Actual return on plan assets		22,396			(29,762	)
Employer contribution		—			—
Benefits paid		(6,425	)		(6,115	)
Fair value of plan assets at end of year	$	182,877		$	166,906
Amounts recognized in the statement of financial position:
Funded status	$	51,803		$	39,779
Net amounts recognized as receivable pension costs in the    consolidated balance sheets	$	51,803		$	39,779
Amounts recognized in accumulated other comprehensive    income consist of:
Unrecognized prior service credit	$	(124	)	$	(159	)
Unrecognized net loss		(2,947	)		6,548
Net amounts recognized in accumulated other comprehensive    income (before tax)	$	(3,071	)	$	6,389
Weighted average assumptions used to determine benefit obligations:
Discount rate		5.04	%		5.23	%
Rate of compensation increase		3.78	%		3.84	%
Expected long-term return on assets		5.83	%		6.82	%

Components of and Weighted-Average Assumptions Used in Determining Net Periodic Benefit Costs

The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows:

	For the Years Ended December 31,
(dollars in thousands)	2023			2022			2021
Components of net periodic benefit cost:
Service cost—benefits earned during year	$	1,418		$	2,190		$	2,500
Interest cost on projected benefit obligation		6,304			4,114			3,416
Expected return on plan assets		(11,154	)		(11,572	)		(11,207	)
Amortization of prior service credit		(34	)		(34	)		(34	)
Amortization of net loss		903			506			2,736
Net periodic pension income	$	(2,563	)	$	(4,796	)	$	(2,589	)
Other changes in plan assets and benefit obligations recognized in other    comprehensive income:
Net loss (gain) for period	$	(8,592	)	$	4,353		$	(16,290	)
Prior service credit		—			—			—
Amortization of prior service credit		34			34			34
Amortization of net loss		(903	)		(505	)		(2,736	)
Total recognized in other comprehensive loss (income)	$	(9,461	)	$	3,882		$	(18,992	)
Total recognized in net periodic pension cost and other comprehensive    income	$	(12,024	)	$	(914	)	$	(21,581	)
Weighted-average assumptions used to determine net periodic    pension cost:
Discount rate		5.23	%		3.03	%		2.74	%
Rate of compensation increase		3.84	%		3.62	%		3.30	%
Expected long-term return on assets		6.82	%		5.74	%		6.11	%

Summary of Weighted-Average Asset Allocations by Asset Category

The following table sets forth the Plan’s weighted-average asset allocations by asset category:

	Target
	Allocation	December 31,
	for 2023	2023			2022
Asset Category:
Equity securities	15-25%		30	%		50	%
Debt securities	75-85%		69	%		48	%
Cash and cash equivalents	0-5%		1	%		2	%
Total			100	%		100	%

Fair Values of the Wesbanco's Pension Plan Assets

The fair values of Wesbanco’s pension plan assets at December 31, 2023 and 2022, by asset category are as follows:

			December 31, 2023
			Fair Value Measurements Using:
(in thousands)	Assets at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Defined benefit pension plan assets:
Registered investment companies	$	31,642	$	31,642	$	—	$	—
Equity securities		32,363		32,363		—		—
Corporate debt securities		79,718		—		79,718		—
Municipal obligations		1,787		—		1,787		—
Residential mortgage-backed securities and collateralized    mortgage obligations of government sponsored entities    and agencies		35,977		—		35,977		—
Total defined benefit pension plan assets (1)	$	181,487	$	64,005	$	117,482	$	—

(1)The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $182.9 million.

			December 31, 2022
			Fair Value Measurements Using:
(in thousands)	Assets at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Defined benefit pension plan assets:
Registered investment companies	$	42,622	$	42,622	$	—	$	—
Equity securities		52,914		52,914		—		—
Corporate debt securities		58,342		—		58,342		—
Municipal obligations		1,764		—		1,764		—
Residential mortgage-backed securities and collateralized    mortgage obligations of government sponsored entities    and agencies		10,102		—		10,102		—
Total defined benefit pension plan assets (1)	$	165,744	$	95,536	$	70,208	$	—

(1)The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $166.9 million.

Estimated Benefits to be Paid in Each of Next Five Years and in the Aggregate for the Five Years Thereafter

The following table presents estimated benefits to be paid in each of the next five years and in aggregate for all years thereafter (in thousands):

Year	Amount
2024	$	7,607
2025		7,571
2026		7,924
2027		8,211
2028		8,416
2029 and thereafter		256,362
Total	$	296,091

Significant Assumptions Used in Calculating the Fair Value of the Grants

The following table sets forth the significant assumptions used in calculating the fair value of the grants:

	For the Years Ended December 31,
	2023			2022			2021
Weighted-average life	4.4 years			5.1 years			5.2 years
Risk-free interest rate		3.95	%		2.89	%		0.87	%
Dividend yield		5.50	%		4.15	%		3.32	%
Volatility factor		35.56	%		32.28	%		31.81	%
Fair value of the grants	$	5.27		$	6.91		$	7.75

Summary of Activity for the Stock Option Component of the Incentive Plan

The following table shows the activity for the Stock Option component of the Incentive Plan:

	For the Year Ended December 31, 2023
	Number of Options			Weighted Average Exercise Price Per Share
Outstanding at beginning of the year		781,470		$	36.12
Granted during the year		154,600			24.91
Exercised during the year		(27,385	)		25.24
Forfeited or expired during the year		(86,200	)		36.91
Outstanding at end of the year		822,485		$	34.28
Exercisable at year end		669,985		$	36.42

Summary of Average Remaining Life of the Stock Options

The following table shows the average remaining life of the stock options at December 31, 2023:

Year Issued	Exercisable at Year End		Exercise Price Range Per Share		Options Outstanding		Weighted Average Exercise Price		Weighted Avg. Remaining Contractual Life in Years
2014		1,881	$	21.37		1,881	$	21.37		0.16
2015		2,823		18.33		2,823		18.33		1.16
2016		3,764		22.63		3,764		22.63		2.15
2017		80,750		38.88		80,750		38.88		0.35
2018		135,642	36.97 to 45.65			135,642		43.28		2.23
2019		102,750		38.93		102,750		38.93		2.37
2020		67,500		21.55		67,500		21.55		3.40
2021		135,575		38.78		135,575		38.78		4.39
2022		139,300		32.30		139,300		32.30		5.38
2023		—		—		152,500		24.91		6.40
Total		669,985	$18.33 to $45.65			822,485	$	34.28		3.81

Schedule of Activity for the Restricted Stock Component of the Plan

The following table shows the activity for the Restricted Stock component of the Incentive Plan:

For the Year Ended December 31, 2023	Restricted Stock			Weighted Average Grant Date Fair Value Per Share
Non-vested at January 1, 2023		596,780		$	28.67
Granted during the year		273,262			25.01
Vested during the year		(206,274	)		23.39
Forfeited or expired during the year		(8,024	)		23.95
Dividend reinvestment		26,746			28.57
Non-vested at end of the year		682,490		$	28.85

Farmers Capital Bank Corporation Postretirement Medical Benefit Plan [Member]

Summary of Benefit Obligations and Funded Status of the Plan

The benefit obligation and funded status of the plan are as follows:

	December 31,
(dollars in thousands)	2023			2022
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	7,119		$	11,245
Interest cost		332			266
Actuarial gain		(316	)		(3,881	)
Participant contributions		332			320
Benefits paid		(857	)		(831	)
Projected benefit obligation at end of year	$	6,610		$	7,119
Amounts recognized in the statement of financial position:
Funded status	$	6,610		$	7,119
Net amounts recognized as receivable pension costs in the consolidated balance sheets	$	6,610		$	7,119
Amounts recognized in accumulated other comprehensive income consist of:
Unrecognized net (gain) loss	$	(3,748	)	$	(3,676	)
Prior service cost		(2,119	)		(2,343	)
Net amounts recognized in accumulated other comprehensive income (before tax)	$	(5,867	)	$	(6,019	)
Weighted average assumptions used to determine benefit obligations:
Discount rate		5.01	%		5.20	%
Rate of compensation increase	NA			NA
Expected long-term return on assets	NA			NA

Components of and Weighted-Average Assumptions Used in Determining Net Periodic Benefit Costs

The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows:

	For the Years Ended December 31,
(dollars in thousands)	2023			2022
Components of net periodic benefit cost:
Interest cost on projected benefit obligation	$	332		$	266
Amortization of prior service credit		(224	)		(224	)
Amortization of net loss		(245	)		43
Net periodic pension cost	$	(137	)	$	85
Other changes in plan benefit obligations recognized in other comprehensive income:
Prior service cost for period	$	—		$	—
Net gain for the period		(316	)		(3,881	)
Amortization of prior service credit		224			224
Amortization of net loss		245			(43	)
Total recognized in other comprehensive income	$	153		$	(3,700	)
Total recognized in net periodic pension cost and other comprehensive income	$	16		$	(3,615	)
Weighted-average assumptions used to determine net periodic pension cost:
Discount rate		4.93	%		5.10	%
Rate of compensation increase	NA			NA
Expected long-term return on assets	NA			NA

Estimated Benefits to be Paid in Each of Next Five Years and in the Aggregate for the Five Years Thereafter

The following table presents estimated benefits to be paid in each of the next five years and in aggregate for all years thereafter (in thousands):

Year	Amount
2024	$	633
2025		576
2026		567
2027		515
2028		404
2029 and thereafter		9,332
Total	$	12,027