Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis |
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
December 31, 2014 and 2013:
|
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|
|
|
December 31,
2014
Fair Value
Measurements Using: |
|
(in
thousands)
|
|
December 31,
2014 |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level
1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
Recurring fair value
measurements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities—available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of government
agencies
|
|
$ |
87,736 |
|
|
$ |
— |
|
|
$ |
87,736 |
|
|
$ |
— |
|
Residential
mortgage-backed securities and collateralized mortgage obligations
of government agencies
|
|
|
701,113 |
|
|
|
— |
|
|
|
701,113 |
|
|
|
— |
|
Obligations of state and
political subdivisions
|
|
|
91,433 |
|
|
|
— |
|
|
|
91,433 |
|
|
|
— |
|
Corporate debt
securities
|
|
|
25,996 |
|
|
|
— |
|
|
|
25,996 |
|
|
|
— |
|
Equity
securities
|
|
|
11,146 |
|
|
|
8,440 |
|
|
|
2,706 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
securities—available-for-sale
|
|
$ |
917,424 |
|
|
$ |
8,440 |
|
|
$ |
908,984 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total recurring fair
value measurements
|
|
$ |
917,424 |
|
|
$ |
8,440 |
|
|
$ |
908,984 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonrecurring fair
value measurements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans
|
|
$ |
6,024 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,024 |
|
Other real estate owned
and repossessed assets
|
|
|
5,082 |
|
|
|
— |
|
|
|
— |
|
|
|
5,082 |
|
Loans held for
sale
|
|
|
5,865 |
|
|
|
— |
|
|
|
5,865 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonrecurring fair
value measurements
|
|
$ |
16,971 |
|
|
$ |
— |
|
|
$ |
5,865 |
|
|
$ |
11,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2013
Fair Value
Measurements Using: |
|
(in
thousands)
|
|
December 31,
2013 |
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level
1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
Recurring fair value
measurements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities—available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of government
agencies
|
|
$ |
73,232 |
|
|
$ |
— |
|
|
$ |
73,232 |
|
|
$ |
— |
|
Residential
mortgage-backed securities and collateralized mortgage obligations
of government agencies
|
|
|
694,267 |
|
|
|
— |
|
|
|
694,267 |
|
|
|
— |
|
Obligations of state and
political subdivisions
|
|
|
116,346 |
|
|
|
— |
|
|
|
116,346 |
|
|
|
— |
|
Corporate debt
securities
|
|
|
38,481 |
|
|
|
— |
|
|
|
38,481 |
|
|
|
— |
|
Equity
securities
|
|
|
12,060 |
|
|
|
9,962 |
|
|
|
2,098 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
securities—available-for-sale
|
|
$ |
934,386 |
|
|
$ |
9,962 |
|
|
$ |
924,424 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total recurring fair
value measurements
|
|
$ |
934,386 |
|
|
$ |
9,962 |
|
|
$ |
924,424 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonrecurring fair
value measurements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans
|
|
$ |
1,543 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,543 |
|
Other real estate owned
and repossessed assets
|
|
|
4,860 |
|
|
|
— |
|
|
|
— |
|
|
|
4,860 |
|
Loans held for
sale
|
|
|
5,855 |
|
|
|
— |
|
|
|
5,855 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonrecurring fair
value measurements
|
|
$ |
12,258 |
|
|
$ |
— |
|
|
$ |
5,855 |
|
|
$ |
6,403 |
|
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|
Estimates Fair Values of Financial Instruments |
The estimated
fair values of WesBanco’s financial instruments are
summarized below:
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|
|
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|
(in
thousands)
|
|
Carrying
Amount |
|
|
Fair Value
Estimate |
|
|
Fair Value
Measurements |
|
|
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level
1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
December 31,
2014
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
Financial
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Cash and due from
banks
|
|
$ |
94,002 |
|
|
$ |
94,002 |
|
|
$ |
94,002 |
|
|
$ |
— |
|
|
$ |
— |
|
Securities
available-for-sale
|
|
|
917,424 |
|
|
|
917,424 |
|
|
|
8,440 |
|
|
|
908,984 |
|
|
|
— |
|
Securities
held-to-maturity
|
|
|
593,670 |
|
|
|
619,617 |
|
|
|
— |
|
|
|
618,895 |
|
|
|
722 |
|
Net loans
|
|
|
4,042,112 |
|
|
|
4,047,648 |
|
|
|
— |
|
|
|
— |
|
|
|
4,047,648 |
|
Loans held for
sale
|
|
|
5,865 |
|
|
|
5,865 |
|
|
|
— |
|
|
|
5,865 |
|
|
|
— |
|
Accrued interest
receivable
|
|
|
18,481 |
|
|
|
18,481 |
|
|
|
18,481 |
|
|
|
— |
|
|
|
— |
|
Bank-owned life
insurance
|
|
|
123,298 |
|
|
|
123,298 |
|
|
|
123,298 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Financial
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
5,048,983 |
|
|
|
5,056,828 |
|
|
|
3,743,887 |
|
|
|
1,312,941 |
|
|
|
— |
|
Federal Home Loan Bank
borrowings
|
|
|
223,126 |
|
|
|
225,456 |
|
|
|
— |
|
|
|
225,456 |
|
|
|
— |
|
Other
borrowings
|
|
|
80,690 |
|
|
|
80,696 |
|
|
|
77,534 |
|
|
|
3,162 |
|
|
|
— |
|
Junior subordinated
debt
|
|
|
106,176 |
|
|
|
79,212 |
|
|
|
— |
|
|
|
79,212 |
|
|
|
— |
|
Accrued interest
payable
|
|
|
1,620 |
|
|
|
1,620 |
|
|
|
1,620 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
December 31,
2013
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$ |
95,551 |
|
|
$ |
95,551 |
|
|
$ |
95,551 |
|
|
$ |
— |
|
|
$ |
— |
|
Securities
available-for-sale
|
|
|
934,386 |
|
|
|
934,386 |
|
|
|
9,962 |
|
|
|
924,424 |
|
|
|
— |
|
Securities
held-to-maturity
|
|
|
598,520 |
|
|
|
596,308 |
|
|
|
— |
|
|
|
595,581 |
|
|
|
727 |
|
Net loans
|
|
|
3,847,549 |
|
|
|
3,754,465 |
|
|
|
— |
|
|
|
— |
|
|
|
3,754,465 |
|
Loans held for
sale
|
|
|
5,855 |
|
|
|
5,855 |
|
|
|
— |
|
|
|
5,855 |
|
|
|
— |
|
Accrued interest
receivable
|
|
|
18,960 |
|
|
|
18,960 |
|
|
|
18,960 |
|
|
|
— |
|
|
|
— |
|
Bank-owned life
insurance
|
|
|
121,390 |
|
|
|
121,390 |
|
|
|
121,390 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Financial
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
5,062,530 |
|
|
|
5,076,207 |
|
|
|
3,551,052 |
|
|
|
1,525,155 |
|
|
|
— |
|
Federal Home Loan Bank
borrowings
|
|
|
39,508 |
|
|
|
42,314 |
|
|
|
— |
|
|
|
42,314 |
|
|
|
— |
|
Other
borrowings
|
|
|
150,536 |
|
|
|
153,015 |
|
|
|
104,196 |
|
|
|
48,819 |
|
|
|
— |
|
Junior subordinated
debt
|
|
|
106,137 |
|
|
|
74,038 |
|
|
|
— |
|
|
|
74,038 |
|
|
|
— |
|
Accrued interest
payable
|
|
|
2,354 |
|
|
|
2,354 |
|
|
|
2,354 |
|
|
|
— |
|
|
|
— |
|