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Pension Plan
3 Months Ended
Mar. 31, 2013
Pension Plan [Abstract]  
PENSION PLAN

NOTE 6. PENSION PLAN

The following table presents the net periodic pension cost for WesBanco’s Defined Benefit Pension Plan (the “Plan”) and the related components:

 

                 
     For the Three Months Ended
March 31,
 

(unaudited, in thousands)

      2013             2012      

Service cost – benefits earned during year

  $ 958     $ 681  

Interest cost on projected benefit obligation

    1,096       965  

Expected return on plan assets

    (1,603     (1,378

Amortization of prior service cost

    12       11  

Amortization of net loss

    822       569  
   

 

 

   

 

 

 

Net periodic pension cost

  $ 1,285     $ 848  
   

 

 

   

 

 

 

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 $3.7 million is due for 2013 which will be partially funded by the Plan’s $23.6 million available credit balance. No decision has been made as of March 31, 2013 relative to the level of contribution in excess of the required minimum that will be made to the Plan, if any.