Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Summary of Benefit Obligations and Funded Status of the Plan

The benefit obligations and funded status of the Plan are as follows:


	December 31,
*(dollars in thousands)*	2016			2015
Accumulated benefit obligation at end of year	$	104,775		$	99,312

Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	109,400		$	118,261
Service cost		2,799			3,355
Interest cost		5,094			4,870
Actuarial (gain) loss		2,569			(13,413	)
Acquisition		1,392			—
Benefits paid		(5,796	)		(3,673	)

Projected benefit obligation at end of year	$	115,458		$	109,400

Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	113,292		$	110,037
Actual return on plan assets		7,125			(572	)
Employer contribution		5,750			7,500
Acquisition		1,226			—
Benefits paid		(5,796	)		(3,673	)

Fair value of plan assets at end of year	$	121,597		$	113,292

Amounts recognized in the statement of financial position:
Funded status	$	6,139		$	3,892

Net amounts recognized as receivable pension costs in the consolidated balance sheets	$	6,139		$	3,892

Amounts recognized in accumulated other comprehensive income consist of:
Unrecognized prior service cost	$	130		$	156
Unrecognized net loss		27,857			27,549

Net amounts recognized in accumulated other comprehensive income (before tax)	$	27,987		$	27,705

Weighted average assumptions used to determine benefit obligations:
Discount rate		4.46	%		4.74	%
Rate of compensation increase		3.74	%		3.82	%
Expected long-term return on assets		6.30	%		6.79	%

Components of and Weighted-Average Assumptions Used in Determining Net Periodic Benefit Costs

The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows:


	For the years ended December 31,
*(dollars in thousands)*	2016			2015			2014
Components of net periodic benefit cost:
Service cost—benefits earned during year	$	2,799		$	3,355		$	2,909
Interest cost on projected benefit obligation		5,094			4,870			4,745
Expected return on plan assets		(7,719	)		(7,735	)		(7,229	)
Amortization of prior service cost		26			26			45
Amortization of net loss		3,020			3,179			1,471

Net periodic pension cost	$	3,220		$	3,695		$	1,941

Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss for period	$	3,329		$	(5,106	)	$	24,934
Amortization of prior service cost		(26	)		(26	)		(45	)
Amortization of net loss		(3,020	)		(3,179	)		(1,471	)

Total recognized in other comprehensive income	$	283		$	(8,311	)	$	23,418

Total recognized in net periodic pension cost and other comprehensive income	$	3,503		$	(4,616	)	$	25,359

Weighted-average assumptions used to determine net periodic pension cost:
Discount rate		4.74	%		4.33	%		5.17	%
Rate of compensation increase		3.82	%		3.77	%		3.97	%
Expected long-term return on assets		6.79	%		7.00	%		7.25	%

Summary of Weighted-Average Asset Allocations by Asset Category

The following table sets forth the Plan’s weighted-average asset allocations by asset category:


	Target Allocation for 2016
				December 31,
				2016			2015
Asset Category:
Equity securities		55-75	%		62	%		61	%
Debt securities		25-55	%		35	%		34	%
Cash and cash equivalents		0-5	%		3	%		5	%

Total					100	%		100	%

Fair Values of the WesBanco's Pension Plan Assets

The fair values of WesBanco’s pension plan assets at December 31, 2016 and 2015, by asset category are as follows:

December 31, 2016
Fair Value Measurements Using:

(in thousands)

Assets at Fair
Value

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Defined benefit pension plan assets:

Registered investment companies

21,935

—

Equity securities

60,144

—

Corporate debt securities

18,110

—

18,110

—

Municipal obligations

2,998

—

2,998

—

Residential mortgage-backed securities and collateralized mortgage obligations of government agencies

17,176

—

17,176

—

Total defined benefit pension plan assets (1)

120,363

82,079

38,284

—

(1)	The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $121.6 million.


			December 31, 2015 Fair Value Measurements Using:
*(in thousands)*	Assets at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Defined benefit pension plan assets:
Registered investment companies	$	23,741	$	23,741	$	—	$	—
Equity securities		56,098		56,098		—		—
Corporate debt securities		16,802		—		16,802		—
Municipal obligations		3,034		—		3,034		—
Residential mortgage-backed securities and collateralized mortgage obligations of government agencies		15,386		—		15,386		—

Total defined benefit pension plan assets (1)	$	115,061	$	79,839	$	35,222	$	—

(1)	The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $113.3 million.

Estimated Benefits to be Paid in Each of Next Five Years and in the Aggregate for the Five Years Thereafter

The following table presents estimated benefits to be paid in each of the next five years and in the aggregate for the five years thereafter (in thousands):


Year	Amount
2017	$	3,903
2018		4,150
2019		4,409
2020		4,748
2021		5,212
2022 to 2026		31,684

Significant Assumptions Used in Calculating the Fair Value of the Grants

The following table sets forth the significant assumptions used in calculating the fair value of the grants:


	For the years ended December 31,
	2016			2015			2014
Weighted-average life		5.1 years			4.9 years			4.8 years
Risk-free interest rate		1.43	%		1.54	%		1.37	%
Dividend yield		2.97	%		2.91	%		3.06	%
Volatility factor		23.92	%		26.27	%		28.82	%
Fair value of the grants	$	5.09		$	5.57		$	5.41

Summary of Activity for the Stock Option Component of the Incentive Plan

The following table shows the activity for the Stock Option component of the Incentive Plan:


	For the year ended December 31, 2016
	Number of Options			Weighted Average Exercise Price Per Share
Outstanding at beginning of the year		287,500		$	27.02
Granted during the year		96,600			32.37
Exercised during the year		(101,190	)		24.58
Forfeited or expired during the year		(6,788	)		30.09

Outstanding at end of the year		276,122		$	29.71

Exercisable at year end		228,272		$	29.15

Summary of Average Remaining Life of the Stock Options

The following table shows the average remaining life of the stock options at December 31, 2016:

Year Issued

Exercisable
at
Year End

Exercise
Price Range Per
Share

Options
Outstanding

Weighted
Average
Exercise
Price

Weighted Avg.
Remaining
Contractual
Life in Years

2010

3,234

19.27

3,234

19.27

0.38

2011

6,250

19.76

6,250

19.76

1.38

2012

12,000

20.02

12,000

20.02

2.37

2013

30,750

25.00

30,750

25.00

3.37

2014

49,550

28.79

49,550

28.79

4.39

2015

78,638

31.58

78,638

31.58

5.42

2016

47,850

32.37

95,700

32.37

6.40

Total

228,272

19.27 to $32.37

276,122

29.71

5.06

Schedule of Activity for the Restricted Stock Component of the Plan

The following table shows the activity for the Restricted Stock component of the Incentive Plan:


For the year ended December 31, 2016	Restricted Stock			Weighted Average Grant Date Fair Value Per Share
Non-vested at January 1, 2016		143,456		$	28.92
Granted during the year		76,400			32.45
Vested during the year		(52,485	)		26.35
Forfeited or expired during the year		(1,725	)		30.92
Dividend reinvestment		4,836			33.43

Non-vested at end of the year		170,482		$	31.40