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Pension Plan
6 Months Ended
Jun. 30, 2014
Compensation And Retirement Disclosure [Abstract]  
Pension Plan

NOTE 5. 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
June 30,
    For the Six Months  Ended
June 30,
 

(unaudited, in thousands)

   2014     2013     2014     2013  

Service cost - benefits earned during year

   $ 725      $ 698      $ 1,442      $ 1,655   

Interest cost on projected benefit obligation

     1,183        982        2,353        2,078   

Expected return on plan assets

     (1,802     (1,437     (3,585     (3,040

Amortization of prior service cost

     11        11        22        23   

Amortization of net loss

     367        897       730       1,720   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic pension cost

   $ 484      $ 1,151     $ 962     $ 2,436   
  

 

 

   

 

 

   

 

 

   

 

 

 

The Plan covers all employees of WesBanco 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 $5.3 million is due for 2014 which will be partially funded by the Plan’s $29.2 million available credit balance. A contribution of $2.5 million was made in June 2014 and an additional $2.5 million is expected to be funded in December.