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Pension Plan
3 Months Ended
Mar. 31, 2015
Compensation and Retirement Disclosure [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)

   2015      2014  

Service cost - benefits earned during year

   $ 827       $ 717   

Interest cost on projected benefit obligation

     1,201         1,170   

Expected return on plan assets

     (1,907      (1,783

Amortization of prior service cost

     6         11   

Amortization of net loss

     784         363   
  

 

 

    

 

 

 

Net periodic pension cost

   $ 911       $ 478   
  

 

 

    

 

 

 

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 $3.1 million is due for 2015 which could be all or partially offset by the Plan’s $34.9 million available credit balance. WesBanco expects to make a voluntary contribution of $7.5 million to the Plan in 2015.