Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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:

			March 31, 2024
			Fair Value Measurements Using:
	March 31,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(unaudited, in thousands)	2024		(level 1)		(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		—		78,211		—
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
Collateral dependent loans	$	18,289	$	—	$	—	$	18,289
Other real estate owned and repossessed assets		1,474		—		—		1,474
Total nonrecurring fair value measurements	$	19,763	$	—	$	—	$	19,763

			December 31, 2023
			Fair Value Measurements Using:
	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
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		—
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

Schedule of Assets Measured at Fair Value on Nonrecurring Basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Wesbanco has utilized level 3 inputs to determine fair value:

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value		Valuation	Unobservable	Range (Weighted
(unaudited, in thousands)	Estimate		Techniques	Input	Average)
March 31, 2024
Collateral dependent loans	$	18,289	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)
Other real estate owned and repossessed assets	$	1,474	Appraisal of collateral (1), (3)
December 31, 2023
Collateral dependent loans	$	18,273	Appraisal of collateral (1)	Appraisal adjustments (2)	(0.0%)/(0.0%)
				Liquidation expenses (2)	(8.0%)/(8.0%)
Other real estate owned and repossessed assets	$	1,497	Appraisal of collateral (1), (3)

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs, which are not identifiable.

(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal.

(3)Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management, which are not identifiable.

Estimates Fair Values of Financial Instruments

The estimated fair values of Wesbanco’s financial instruments are summarized below:

					Fair Value Measurements at
					March 31, 2024
	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		78,564		—		—
Financial Liabilities
Deposits		13,496,773		13,475,426		12,157,536		1,317,890		—
Federal Home Loan Bank borrowings		1,100,000		1,098,495		—		1,098,495		—
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		—		—