| Components of Accumulated Other Comprehensive Income |
The activity in accumulated other comprehensive income for the years ended December 31, 2019, 2018 and 2017 is as follows:
|
|
|
Accumulated Other Comprehensive Income/(Loss) (1) |
|
|
(in thousands) |
|
Defined
Benefit
Plans |
|
|
Unrealized Gains
(Losses) on Debt
Securities
Available-for-
Sale |
|
|
Unrealized Gains
on Debt Securities
Transferred from
Available-for-
Sale
to Held-to-
Maturity |
|
|
Total |
|
|
Balance at December 31, 2018 |
|
$ |
(16,542 |
) |
|
$ |
(21,522 |
) |
|
$ |
193 |
|
|
$ |
(37,871 |
) |
|
Other comprehensive income/(loss) before
reclassifications |
|
|
(3,239 |
) |
|
|
40,341 |
|
|
|
— |
|
|
|
37,102 |
|
|
Amounts reclassified from accumulated other
comprehensive income/(loss) |
|
|
2,313 |
|
|
|
(175 |
) |
|
|
(168 |
) |
|
|
1,970 |
|
|
Period change |
|
|
(926 |
) |
|
|
40,166 |
|
|
|
(168 |
) |
|
|
39,072 |
|
|
Balance at December 31, 2019 |
|
$ |
(17,468 |
) |
|
$ |
18,644 |
|
|
$ |
25 |
|
|
$ |
1,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2017 |
|
$ |
(18,626 |
) |
|
$ |
(13,250 |
) |
|
$ |
381 |
|
|
$ |
(31,495 |
) |
|
Other comprehensive income/(loss) before
reclassifications |
|
|
(4,277 |
) |
|
|
(7,220 |
) |
|
|
— |
|
|
|
(11,497 |
) |
|
Acquired FFKT post-retirement medical benefit plan |
|
|
4,235 |
|
|
|
— |
|
|
|
— |
|
|
|
4,235 |
|
|
Amounts reclassified from accumulated other
comprehensive income/(loss) |
|
|
2,126 |
|
|
|
11 |
|
|
|
(188 |
) |
|
|
1,949 |
|
|
Period change |
|
|
2,084 |
|
|
|
(7,209 |
) |
|
|
(188 |
) |
|
|
(5,313 |
) |
|
Adoption of Accounting Standard ASU 2016-01 (2) |
|
|
- |
|
|
|
(1,063 |
) |
|
|
- |
|
|
|
(1,063 |
) |
|
Balance at December 31, 2018 |
|
$ |
(16,542 |
) |
|
$ |
(21,522 |
) |
|
$ |
193 |
|
|
$ |
(37,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2016 |
|
$ |
(17,758 |
) |
|
$ |
(9,890 |
) |
|
$ |
522 |
|
|
$ |
(27,126 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income/(loss) before
reclassifications |
|
|
239 |
|
|
|
(985 |
) |
|
|
— |
|
|
|
(746 |
) |
|
Amounts reclassified from accumulated
other comprehensive income/(loss) |
|
|
2,194 |
|
|
|
(27 |
) |
|
|
(209 |
) |
|
|
1,958 |
|
|
Period change |
|
|
2,433 |
|
|
|
(1,012 |
) |
|
|
(209 |
) |
|
|
1,212 |
|
|
Adoption of accounting standard ASU 2018-02 |
|
|
(3,301 |
) |
|
|
(2,348 |
) |
|
|
68 |
|
|
|
(5,581 |
) |
|
Balance at December 31, 2017 |
|
$ |
(18,626 |
) |
|
$ |
(13,250 |
) |
|
$ |
381 |
|
|
$ |
(31,495 |
) |
|
(1) |
All amounts are net of tax. Related income tax expense or benefit is calculated using a combined Federal and State income tax rate approximating 23% in 2019 and 2018 and 37% for 2017. |
|
(2) |
See Note 1, Summary of Significant Policies for additional information about Wesbanco’s adoption of ASU 2016-01. |
|
| Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income/(Loss) |
|
Details about Accumulated Other Comprehensive
Income/(Loss) Components |
|
Amounts Reclassified from
Accumulated Other
Comprehensive Income/
(Loss) For the Years Ended
December 31, |
|
|
Affected Line Item in the Statement of Net
Income |
|
(in thousands) |
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
|
|
Securities available-for-sale (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net securities (gains) losses reclassified into
earnings |
|
$ |
(227 |
) |
|
$ |
15 |
|
|
$ |
(42 |
) |
|
Net securities gains (Non-interest income) |
|
Related income tax expense (benefit) |
|
|
52 |
|
|
|
(4 |
) |
|
|
15 |
|
|
Provision for income taxes |
|
Net effect on accumulated other comprehensive
income/(loss) for the period |
|
|
(175 |
) |
|
|
11 |
|
|
|
(27 |
) |
|
|
|
Securities held-to-maturity (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of unrealized gain transferred
from available-for-sale |
|
|
(222 |
) |
|
|
(244 |
) |
|
|
(326 |
) |
|
Interest and dividends on securities (Interest and
dividend income) |
|
Related income tax expense |
|
|
54 |
|
|
|
56 |
|
|
|
117 |
|
|
Provision for income taxes |
|
Net effect on accumulated other comprehensive
income/(loss) for the period |
|
|
(168 |
) |
|
|
(188 |
) |
|
|
(209 |
) |
|
|
|
Defined benefit plans (2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of net loss and prior service
costs |
|
|
3,042 |
|
|
|
2,948 |
|
|
|
3,247 |
|
|
Employee benefits (Non-interest expense) |
|
Related income tax benefit |
|
|
(729 |
) |
|
|
(822 |
) |
|
|
(1,053 |
) |
|
Provision for income taxes |
|
Net effect on accumulated other comprehensive
income/(loss) for the period |
|
|
2,313 |
|
|
|
2,126 |
|
|
|
2,194 |
|
|
|
|
Total reclassifications for the period |
|
$ |
1,970 |
|
|
$ |
1,949 |
|
|
$ |
1,958 |
|
|
|
|
(1) |
For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income see Note 4, “Securities.” |
|
(2) |
Included in the computation of net periodic pension cost. See Note 13, “Employee Benefit Plans” for additional detail. |
|