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Pension Plan
6 Months Ended
Jun. 30, 2016
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      For the Six Months Ended  
     June 30,      June 30,  

(unaudited, in thousands)

   2016      2015      2016      2015  

Service cost – benefits earned during year

   $ 696       $ 836       $ 1,392       $ 1,663   

Interest cost on projected benefit obligation

     1,209         1,214         2,533         2,415   

Expected return on plan assets

     (1,919      (1,928      (3,838      (3,835

Amortization of prior service cost

     6         6         12         12   

Amortization of net loss

     808         793         1,502         1,577   
  

 

 

    

 

 

    

 

 

    

 

 

 

Net periodic pension cost

   $ 800       $ 921       $ 1,601       $ 1,832   
  

 

 

    

 

 

    

 

 

    

 

 

 

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 $0.6 million is due for 2016 which could be all or partially offset by the Plan’s $39.1 million available credit balance. A voluntary contribution of $3.8 million was made in June 2016.