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FHLB And Other Short-Term Borrowings
12 Months Ended
Dec. 31, 2014
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FHLB And Other Short-Term Borrowings

NOTE 9. FHLB AND OTHER SHORT-TERM BORROWINGS

WesBanco is a member of the FHLB system. WesBanco’s FHLB borrowings, which consist of borrowings from both the FHLB of Pittsburgh and the FHLB of Cincinnati, are secured by a blanket lien by the FHLB on certain residential mortgages and other loan types or securities with a market value in excess of the outstanding balances of the borrowings. At December 31, 2014 and 2013, WesBanco had FHLB borrowings of $223.1 million and $39.5 million, with a remaining weighted-average interest rate of 0.91% and 3.81%, respectively, with $150.9 million representing short-term borrowings at December 31, 2014. The terms of the security agreement with the FHLB include a specific assignment of collateral that requires the maintenance of qualifying mortgage and other types of loans as pledged collateral with unpaid principal amounts in excess of the FHLB advances, when discounted at certain pre-established percentages of the loans’ unpaid principal balances. FHLB stock owned by WesBanco totaling $11.6 million at December 31, 2014 and 2013, respectively, is also pledged as collateral on these advances. The remaining maximum borrowing capacity by WesBanco with the FHLB at December 31, 2014 and 2013 was estimated to be approximately $1.5 billion and $1.6 billion, respectively.

Other short-term borrowings of $80.7 million and $150.5 million at December 31, 2014, and 2013, respectively, may consist of securities sold under agreements to repurchase, federal funds purchased, and outstanding borrowings on a revolving line of credit. At December 31, 2014 and 2013, securities sold under agreements to repurchase were $80.7 million and $130.5 million, with a weighted average interest rate during the year of 1.36% and 1.87%, respectively. There were $20.0 million of federal funds purchased with an interest rate of 0.70% as of December 31, 2013. There were no outstanding balances of federal funds purchased at December 31, 2014.

The parent company revolving line of credit matures September 4, 2015. The revolving line of credit, which accrues interest at an adjusted LIBOR rate, and includes certain covenants that WesBanco was in compliance with at December 31, 2014, provides for aggregate outstanding borrowings of up to $25.0 million. There were no outstanding balances as of either December 31, 2014 or 2013.