Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
The fair value amounts presented in the table below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The following tables set forth Wesbanco’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis by level within the fair value hierarchy as of March 31, 2024 and December 31, 2023:
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March 31, 2024 |
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|
|
|
|
|
Fair Value Measurements Using: |
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|
|
March 31, |
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|
Quoted Prices in Active Markets for Identical Assets |
|
|
Significant Other Observable Inputs |
|
|
Significant Unobservable Inputs |
|
(unaudited, in thousands) |
|
2024 |
|
|
(level 1) |
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|
(level 2) |
|
|
(level 3) |
|
Recurring fair value measurements |
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
$ |
13,074 |
|
|
$ |
13,074 |
|
|
$ |
— |
|
|
$ |
— |
|
Available-for-sale debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government sponsored entities and agencies |
|
|
201,709 |
|
|
|
— |
|
|
|
201,709 |
|
|
|
— |
|
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
|
|
1,572,619 |
|
|
|
— |
|
|
|
1,572,619 |
|
|
|
— |
|
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
|
|
259,847 |
|
|
|
— |
|
|
|
259,847 |
|
|
|
— |
|
Obligations of states and political subdivisions |
|
|
73,287 |
|
|
|
— |
|
|
|
72,144 |
|
|
|
1,143 |
|
Corporate debt securities |
|
|
11,810 |
|
|
|
— |
|
|
|
11,810 |
|
|
|
— |
|
Total available-for-sale debt securities |
|
$ |
2,119,272 |
|
|
$ |
— |
|
|
$ |
2,118,129 |
|
|
$ |
1,143 |
|
Loans held for sale |
|
|
12,472 |
|
|
|
— |
|
|
|
12,472 |
|
|
|
— |
|
Other assets - interest rate swaps |
|
|
78,211 |
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|
|
— |
|
|
|
78,211 |
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|
|
— |
|
Total assets recurring fair value measurements |
|
$ |
2,223,029 |
|
|
$ |
13,074 |
|
|
$ |
2,208,812 |
|
|
$ |
1,143 |
|
Other liabilities - interest rate swaps |
|
$ |
78,312 |
|
|
$ |
— |
|
|
$ |
78,312 |
|
|
$ |
— |
|
Total liabilities recurring fair value measurements |
|
$ |
78,312 |
|
|
$ |
— |
|
|
$ |
78,312 |
|
|
$ |
— |
|
Nonrecurring fair value measurements |
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|
|
|
|
|
|
|
|
|
|
|
Collateral dependent loans |
|
$ |
18,289 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,289 |
|
Other real estate owned and repossessed assets |
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|
1,474 |
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|
|
— |
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|
|
— |
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|
|
1,474 |
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Total nonrecurring fair value measurements |
|
$ |
19,763 |
|
|
$ |
— |
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|
$ |
— |
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|
$ |
19,763 |
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|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
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|
|
|
|
|
Fair Value Measurements Using: |
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|
|
December 31, |
|
|
Quoted Prices in Active Markets for Identical Assets |
|
|
Significant Other Observable Inputs |
|
|
Significant Unobservable Inputs |
|
(in thousands) |
|
2023 |
|
|
(level 1) |
|
|
(level 2) |
|
|
(level 3) |
|
Recurring fair value measurements |
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
$ |
12,320 |
|
|
$ |
12,320 |
|
|
$ |
— |
|
|
$ |
— |
|
Available-for-sale debt securities |
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|
|
|
|
|
|
|
|
|
|
|
U.S. Government sponsored entities and agencies |
|
|
208,366 |
|
|
|
— |
|
|
|
208,366 |
|
|
|
— |
|
Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
|
|
1,629,684 |
|
|
|
— |
|
|
|
1,629,684 |
|
|
|
— |
|
Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies |
|
|
268,307 |
|
|
|
— |
|
|
|
268,307 |
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|
|
— |
|
Obligations of states and political subdivisions |
|
|
76,125 |
|
|
|
— |
|
|
|
74,958 |
|
|
|
1,167 |
|
Corporate debt securities |
|
|
11,847 |
|
|
|
— |
|
|
|
11,847 |
|
|
|
— |
|
Total available-for-sale debt securities |
|
$ |
2,194,329 |
|
|
$ |
— |
|
|
$ |
2,193,162 |
|
|
$ |
1,167 |
|
Loans held for sale |
|
|
16,354 |
|
|
|
— |
|
|
|
16,354 |
|
|
|
— |
|
Other assets - interest rate swaps |
|
|
72,183 |
|
|
|
— |
|
|
|
72,183 |
|
|
|
— |
|
Total assets recurring fair value measurements |
|
$ |
2,295,186 |
|
|
$ |
12,320 |
|
|
$ |
2,281,699 |
|
|
$ |
1,167 |
|
Other liabilities - interest rate swaps |
|
$ |
73,083 |
|
|
$ |
— |
|
|
$ |
73,083 |
|
|
$ |
— |
|
Total liabilities recurring fair value measurements |
|
$ |
73,083 |
|
|
$ |
— |
|
|
$ |
73,083 |
|
|
$ |
— |
|
Nonrecurring fair value measurements |
|
|
|
|
|
|
|
|
|
|
|
|
Collateral dependent loans |
|
$ |
18,273 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,273 |
|
Other real estate owned and repossessed assets |
|
|
1,497 |
|
|
|
— |
|
|
|
— |
|
|
|
1,497 |
|
Total nonrecurring fair value measurements |
|
$ |
19,770 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,770 |
|
|
Estimates Fair Values of Financial Instruments |
The estimated fair values of Wesbanco’s financial instruments are summarized below:
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Fair Value Measurements at |
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|
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|
March 31, 2024 |
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|
|
Carrying |
|
|
Fair Value |
|
|
Quoted Prices in Active Markets for Identical Assets |
|
|
Significant Other Observable Inputs |
|
|
Significant Unobservable Inputs |
|
(unaudited, in thousands) |
|
Amount |
|
|
Estimate |
|
|
(level 1) |
|
|
(level 2) |
|
|
(level 3) |
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
509,669 |
|
|
$ |
509,669 |
|
|
$ |
509,669 |
|
|
$ |
— |
|
|
$ |
— |
|
Equity securities |
|
|
13,074 |
|
|
|
13,074 |
|
|
|
13,074 |
|
|
|
— |
|
|
|
— |
|
Available-for-sale debt securities |
|
|
2,119,272 |
|
|
|
2,119,272 |
|
|
|
— |
|
|
|
2,118,129 |
|
|
|
1,143 |
|
Net held-to-maturity debt securities |
|
|
1,189,827 |
|
|
|
1,052,444 |
|
|
|
— |
|
|
|
1,052,184 |
|
|
|
260 |
|
Net loans |
|
|
11,743,977 |
|
|
|
11,329,520 |
|
|
|
— |
|
|
|
— |
|
|
|
11,329,520 |
|
Loans held for sale |
|
|
12,472 |
|
|
|
12,472 |
|
|
|
— |
|
|
|
12,472 |
|
|
|
— |
|
Other assets - interest rate derivatives |
|
|
78,211 |
|
|
|
78,211 |
|
|
|
— |
|
|
|
78,211 |
|
|
|
— |
|
Accrued interest receivable |
|
|
78,564 |
|
|
|
78,564 |
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|
|
78,564 |
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|
|
— |
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|
|
— |
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|
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|
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|
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|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Deposits |
|
|
13,496,773 |
|
|
|
13,475,426 |
|
|
|
12,157,536 |
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|
|
1,317,890 |
|
|
|
— |
|
Federal Home Loan Bank borrowings |
|
|
1,100,000 |
|
|
|
1,098,495 |
|
|
|
— |
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|
|
1,098,495 |
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|
|
— |
|
Other borrowings |
|
|
72,935 |
|
|
|
68,622 |
|
|
|
68,622 |
|
|
|
— |
|
|
|
— |
|
Subordinated debt and junior subordinated debt |
|
|
279,136 |
|
|
|
230,188 |
|
|
|
— |
|
|
|
230,188 |
|
|
|
— |
|
Other liabilities - interest rate derivatives |
|
|
78,312 |
|
|
|
78,312 |
|
|
|
— |
|
|
|
78,312 |
|
|
|
— |
|
Accrued interest payable |
|
|
15,929 |
|
|
|
15,929 |
|
|
|
15,929 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at |
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Carrying |
|
|
Fair Value |
|
|
Quoted Prices in Active Markets for Identical Assets |
|
|
Significant Other Observable Inputs |
|
|
Significant Unobservable Inputs |
|
(in thousands) |
|
Amount |
|
|
Estimate |
|
|
(level 1) |
|
|
(level 2) |
|
|
(level 3) |
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
595,383 |
|
|
$ |
595,383 |
|
|
$ |
595,383 |
|
|
$ |
— |
|
|
$ |
— |
|
Equity securities |
|
|
12,320 |
|
|
|
12,320 |
|
|
|
12,320 |
|
|
|
— |
|
|
|
— |
|
Available-for-sale debt securities |
|
|
2,194,329 |
|
|
|
2,194,329 |
|
|
|
— |
|
|
|
2,193,162 |
|
|
|
1,167 |
|
Net held-to-maturity debt securities |
|
|
1,199,335 |
|
|
|
1,069,159 |
|
|
|
— |
|
|
|
1,068,896 |
|
|
|
263 |
|
Net loans |
|
|
11,507,786 |
|
|
|
11,134,250 |
|
|
|
— |
|
|
|
— |
|
|
|
11,134,250 |
|
Loans held for sale |
|
|
16,354 |
|
|
|
16,354 |
|
|
|
— |
|
|
|
16,354 |
|
|
|
— |
|
Other assets - interest rate derivatives |
|
|
72,183 |
|
|
|
72,183 |
|
|
|
— |
|
|
|
72,183 |
|
|
|
— |
|
Accrued interest receivable |
|
|
77,435 |
|
|
|
77,435 |
|
|
|
77,435 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
13,168,704 |
|
|
|
13,146,821 |
|
|
|
11,937,002 |
|
|
|
1,209,819 |
|
|
|
— |
|
Federal Home Loan Bank borrowings |
|
|
1,350,000 |
|
|
|
1,349,217 |
|
|
|
— |
|
|
|
1,349,217 |
|
|
|
— |
|
Other borrowings |
|
|
105,893 |
|
|
|
103,057 |
|
|
|
103,057 |
|
|
|
— |
|
|
|
— |
|
Subordinated debt and junior subordinated debt |
|
|
279,078 |
|
|
|
240,898 |
|
|
|
— |
|
|
|
240,898 |
|
|
|
— |
|
Other liabilities - interest rate derivatives |
|
|
73,083 |
|
|
|
73,083 |
|
|
|
— |
|
|
|
73,083 |
|
|
|
— |
|
Accrued interest payable |
|
|
11,121 |
|
|
|
11,121 |
|
|
|
11,121 |
|
|
|
— |
|
|
|
— |
|
|