Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

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)	2019			2018
Accumulated benefit obligation at end of year	$	142,980		$	120,445
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	128,758		$	130,307
Service cost		2,248			2,835
Interest cost		5,266			4,517
Actuarial loss (gain)		22,395			(12,458	)
Acquisition		—			8,560
Benefits paid		(4,707	)		(5,003	)
Projected benefit obligation at end of year	$	153,960		$	128,758
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	141,108		$	142,422
Actual return on plan assets		28,319			(5,587	)
Employer contribution		3,000			2,500
Acquisition		—			6,776
Benefits paid		(4,707	)		(5,003	)
Fair value of plan assets at end of year	$	167,720		$	141,108
Amounts recognized in the statement of financial position:
Funded status	$	13,760		$	12,351
Net amounts recognized as receivable pension costs in the    consolidated balance sheets	$	13,760		$	12,351
Amounts recognized in accumulated other comprehensive    income consist of:
Unrecognized prior service cost	$	52		$	78
Unrecognized net loss		24,486			24,780
Net amounts recognized in accumulated other comprehensive    income (before tax)	$	24,538		$	24,858
Weighted average assumptions used to determine benefit obligations:
Discount rate		3.38	%		4.48	%
Rate of compensation increase		3.53	%		3.62	%
Expected long-term return on assets		6.30	%		6.30	%

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)	2019			2018			2017
Components of net periodic benefit cost:
Service cost—benefits earned during year	$	2,248		$	2,835		$	2,578
Interest cost on projected benefit obligation		5,266			4,517			4,393
Expected return on plan assets		(8,869	)		(8,939	)		(7,647	)
Amortization of prior service cost		26			26			26
Amortization of net loss		3,240			3,053			3,221
Net periodic pension cost	$	1,911		$	1,492		$	2,571
Other changes in plan assets and benefit obligations recognized in other    comprehensive income:
Net loss (gain)  for period	$	2,946		$	2,068		$	(300	)
Unrecognized loss on merged plan		—			1,429			—
Amortization of prior service cost		(26	)		(26	)		(26	)
Amortization of net loss		(3,240	)		(3,053	)		(3,221	)
Total recognized in other comprehensive income	$	(320	)	$	418		$	(3,547	)
Total recognized in net periodic pension cost and other comprehensive    income	$	1,591		$	1,910		$	(976	)
Weighted-average assumptions used to determine net periodic    pension cost:
Discount rate		4.48	%		3.81	%		4.46	%
Rate of compensation increase		3.62	%		3.70	%		3.74	%
Expected long-term return on assets		6.30	%		6.30	%		6.30	%

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	December 31,
	for 2019	2019			2018
Asset Category:
Equity securities	55-75%		65	%		62	%
Debt securities	25-55%		31	%		35	%
Cash and cash equivalents	0-5%		4	%		3	%
Total			100	%		100	%

Fair Values of the Wesbanco's Pension Plan Assets

The fair values of Wesbanco’s pension plan assets at December 31, 2019 and 2018, by asset category are as follows:

			December 31, 2019
			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	$	47,699	$	47,699	$	—	$	—
Equity securities		75,807		75,807		—		—
Corporate debt securities		16,122		—		16,122		—
Municipal obligations		3,313		—		3,313		—
Residential mortgage-backed securities and collateralized    mortgage obligations of government agencies		26,320		—		26,320		—
Total defined benefit pension plan assets (1)	$	169,261	$	123,506	$	45,755	$	—

(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 $167.9 million.

			December 31, 2018
			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	$	39,021	$	39,021	$	-	$	-
Equity securities		60,127		60,127		-		-
Corporate debt securities		16,980		-		16,980		-
Municipal obligations		2,930		-		2,930		-
Residential mortgage-backed securities and collateralized    mortgage obligations of government agencies		22,050		-		22,050		-
Total defined benefit pension plan assets (1)	$	141,108	$	99,148	$	41,960	$	-

(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 $141.4 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
2020	$	5,644
2021		5,940
2022		6,287
2023		6,679
2024		7,039
2025 to 2029		40,102

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,
	2019			2018			2017
Weighted-average life	5.6 years			5.2 years			5.2 years
Risk-free interest rate		2.18	%		2.95	%		1.91	%
Dividend yield		2.80	%		2.54	%		2.67	%
Volatility factor		21.97	%		21.27	%		21.47	%
Fair value of the grants	$	6.36		$	8.54		$	6.02

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, 2019
	Number of Options			Weighted Average Exercise Price Per Share
Outstanding at beginning of the year		393,625		$	37.15
Granted during the year		129,850			38.93
Assumed in acquisition		220,615			21.99
Exercised during the year		(7,375	)		21.31
Forfeited or expired during the year		(3,275	)		38.82
Outstanding at end of the year		733,440		$	33.06
Exercisable at year end		668,640		$	32.49

Summary of Average Remaining Life of the Stock Options

The following table shows the average remaining life of the stock options at December 31, 2019:

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		9,274	$	9.09		9,274	$	9.09		0.08
2011		8,296		9.97		8,296	$	9.97		1.08
2012		29,622	10.20 to 20.02			29,622	$	10.70		2.25
2013		42,608	15.35 to 25.00			42,608	$	19.80		1.98
2014		59,681	21.37 to 28.79			59,681	$	25.36		2.67
2015		84,126	18.33 to 31.58			84,126	$	26.04		3.65
2016		96,597	22.63 to 32.37			96,597	$	28.84		4.40
2017		106,175		38.88		106,175	$	38.88		4.35
2018		167,461	36.97 to 45.65			167,461	$	43.32		6.20
2019		64,800		38.93		129,600	$	38.93		6.38
Total		668,640	$ 9.09 to $45.65			733,440	$	33.06		4.59

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, 2019	Restricted Stock			Weighted Average Grant Date Fair Value Per Share
Non-vested at January 1, 2019		263,457		$	40.21
Granted during the year		161,503			38.51
Vested during the year		(75,646	)		34.13
Forfeited or expired during the year		(5,123	)		35.33
Dividend reinvestment		8,059			37.82
Non-vested at end of the year		352,250		$	40.75

Farmers Capital Bank Corporation Postretirement Medical Benefit Plan [Member]

Summary of Benefit Obligations and Funded Status of the Plan

The benefit obligation and funded status of the plan are as follows:

	December 31,
(dollars in thousands)	2019			2018
Change in projected benefit obligation:
Projected benefit obligation at acquisition	$	11,514		$	9,518
Interest cost		460			138
Plan amendment		-			2,135
Actuarial loss (gain)		1,304			(151	)
Participant contributions		392			73
Benefits paid		(1,038	)		(199	)
Projected benefit obligation at end of year	$	12,632		$	11,514
Amounts recognized in the statement of financial position:
Funded status	$	(12,632	)	$	(11,514	)
Net amounts recognized as receivable pension costs in the consolidated balance sheets	$	(12,632	)	$	(11,514	)
Amounts recognized in accumulated other comprehensive income consist of:
Unrecognized net loss (gain)	$	1,153		$	(151	)
Prior service cost		(3,016	)		(3,240	)
Net amounts recognized in accumulated other comprehensive income (before tax)	$	(1,863	)	$	(3,391	)
Weighted average assumptions used to determine benefit obligations:
Discount rate		3.35	%		4.09	%
Rate of compensation increase	NA			NA
Expected long-term return on assets	NA			NA

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)	2019			2018
Components of net periodic benefit cost:
Interest cost on projected benefit obligation	$	460		$	138
Amortization of prior service cost		(224	)		(121	)
Net periodic pension cost	$	236		$	17
Other changes in plan benefit obligations recognized in other comprehensive income:
Prior service cost for period	$	-		$	2,135
Net (gain) loss for the period		1,304			(151	)
Amortization of prior service cost		224			121
Total recognized in other comprehensive income	$	1,528		$	2,105
Total recognized in net periodic pension cost and other comprehensive income	$	1,764		$	2,122
Weighted-average assumptions used to determine net periodic pension cost:
Discount rate		2.96	%		4.05	%
Rate of compensation increase	NA			NA
Expected long-term return on assets	NA			NA

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 aggregate for the five years thereafter (in thousands):

Year	Amount
2020	$	508
2021		538
2022		564
2023		574
2024		598
2025 to 2029		3,161