Benefit Plans

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Benefit Plans

NOTE 7. 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 March 31,
(unaudited, in thousands)	2024			2023
Service cost – benefits earned during year	$	330		$	350
Interest cost on projected benefit obligation		1,603			1,554
Expected return on plan assets		(2,599	)		(2,750	)
Amortization of prior service cost		(9	)		(9	)
Amortization of net loss		21			223
Net periodic pension income	$	(654	)	$	(632	)

The service cost of $0.3 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively, is included in salaries and wages, and periodic pension income of $1.0 million and $1.0 million for the three months ended March 31, 2024 and 2023, 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 $2.6 million is due in 2024, 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 2024.