Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020			2019
Accumulated benefit obligation at end of year	$	157,328		$	142,980
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	153,960		$	128,758
Service cost		2,283			2,248
Interest cost		4,507			5,266
Actuarial loss		14,376			22,395
Plan amendment		(313	)		—
Benefits paid		(6,380	)		(4,707	)
Projected benefit obligation at end of year	$	168,433		$	153,960
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	167,720		$	141,108
Actual return on plan assets		24,376			28,319
Employer contribution		—			3,000
Benefits paid		(6,380	)		(4,707	)
Fair value of plan assets at end of year	$	185,716		$	167,720
Amounts recognized in the statement of financial position:
Funded status	$	17,284		$	13,760
Net amounts recognized as receivable pension costs in the    consolidated balance sheets	$	17,284		$	13,760
Amounts recognized in accumulated other comprehensive    income consist of:
Unrecognized prior service (credit) cost	$	(227	)	$	52
Unrecognized net loss		21,726			24,486
Net amounts recognized in accumulated other comprehensive    income (before tax)	$	21,499		$	24,538
Weighted average assumptions used to determine benefit obligations:
Discount rate		2.74	%		3.38	%
Rate of compensation increase		3.30	%		3.53	%
Expected long-term return on assets		6.11	%		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)	2020			2019			2018
Components of net periodic benefit cost:
Service cost—benefits earned during year	$	2,283		$	2,248		$	2,835
Interest cost on projected benefit obligation		4,507			5,266			4,517
Expected return on plan assets		(10,433	)		(8,869	)		(8,939	)
Amortization of prior service (credit) cost		(34	)		26			26
Amortization of net loss		3,192			3,240			3,053
Net periodic pension (income) cost	$	(485	)	$	1,911		$	1,492
Other changes in plan assets and benefit obligations recognized in other    comprehensive income:
Net loss (gain)  for period	$	432		$	2,946		$	2,068
Prior service credit		(313	)		—			—
Unrecognized loss on merged plan		—			—			1,429
Amortization of prior service credit (cost)		34			(26	)		(26	)
Amortization of net loss		(3,192	)		(3,240	)		(3,053	)
Total recognized in other comprehensive (income) loss	$	(3,039	)	$	(320	)	$	418
Total recognized in net periodic pension cost and other comprehensive    income	$	(3,524	)	$	1,591		$	1,910
Weighted-average assumptions used to determine net periodic    pension cost:
Discount rate		3.38	%		4.48	%		3.81	%
Rate of compensation increase		3.53	%		3.62	%		3.70	%
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 2020	2020			2019
Asset Category:
Equity securities	55-75%		69	%		65	%
Debt securities	25-55%		28	%		31	%
Cash and cash equivalents	0-5%		3	%		4	%
Total			100	%		100	%

Fair Values of the Wesbanco's Pension Plan Assets

The fair values of Wesbanco’s pension plan assets at December 31, 2020 and 2019, by asset category are as follows:

			December 31, 2020
			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	$	58,101	$	58,101	$	—	$	—
Equity securities		85,222		85,222		—		—
Corporate debt securities		21,170		—		21,170		—
Municipal obligations		2,382		—		2,382		—
Residential mortgage-backed securities and collateralized    mortgage obligations of government sponsored entities    and agencies		18,425		—		18,425		—
Total defined benefit pension plan assets (1)	$	185,300	$	143,323	$	41,977	$	—

(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 $186.3 million.

			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 sponsored entities    and 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.

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
2021	$	6,105
2022		6,313
2023		6,669
2024		7,027
2025		7,416
2026 to 2030		41,262

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,
	2020			2019			2018
Weighted-average life	5.7 years			5.6 years			5.2 years
Risk-free interest rate		0.41	%		2.18	%		2.95	%
Dividend yield		5.94	%		2.80	%		2.54	%
Volatility factor		28.38	%		21.97	%		21.27	%
Fair value of the grants	$	2.54		$	6.36		$	8.54

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, 2020
	Number of Options			Weighted Average Exercise Price Per Share
Outstanding at beginning of the year		733,440		$	33.06
Granted during the year		142,600			21.55
Exercised during the year		(61,623	)		15.93
Forfeited or expired during the year		(39,668	)		22.03
Outstanding at end of the year		774,749		$	32.87
Exercisable at year end		703,636		$	34.01

Summary of Average Remaining Life of the Stock Options

The following table shows the average remaining life of the stock options at December 31, 2020:

Year Issued	Exercisable at Year End		Exercise Price Range Per Share		Options Outstanding		Weighted Average Exercise Price		Weighted Avg. Remaining Contractual Life in Years
2011		393	$	9.97		393	$	9.97		0.07
2012		5,490	10.20 to 13.96			5,490	$	12.89		1.55
2013		18,745		15.35		18,745	$	15.35		2.16
2014		53,925	21.37 to 28.79			53,925	$	25.77		1.51
2015		72,522	18.33 to 31.58			72,522	$	27.19		2.43
2016		84,988	22.63 to 32.37			84,988	$	29.62		3.18
2017		104,475		38.88		104,475	$	38.88		3.35
2018		166,486	36.97 to 45.65			166,486	$	43.31		5.20
2019		125,500		38.93		125,500	$	38.93		5.37
2020		71,112		21.55		142,225	$	21.55		6.40
Total		703,636	$ 9.97 to $45.65			774,749	$	32.87		4.36

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, 2020	Restricted Stock			Weighted Average Grant Date Fair Value Per Share
Non-vested at January 1, 2020		352,250		$	40.75
Granted during the year		207,222			21.58
Vested during the year		(89,954	)		36.34
Forfeited or expired during the year		(6,328	)		24.29
Dividend reinvestment		16,854			23.18
Non-vested at end of the year		480,044		$	32.90

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)	2020			2019
Change in projected benefit obligation:
Projected benefit obligation	$	12,632		$	11,514
Interest cost		360			460
Actuarial loss (gain)		302			1,304
Participant contributions		353			392
Benefits paid		(952	)		(1,038	)
Projected benefit obligation at end of year	$	12,695		$	12,632
Amounts recognized in the statement of financial position:
Funded status	$	(12,695	)	$	(12,632	)
Net amounts recognized as receivable pension costs in the consolidated balance sheets	$	(12,695	)	$	(12,632	)
Amounts recognized in accumulated other comprehensive income consist of:
Unrecognized net loss	$	1,388		$	1,153
Prior service cost		(2,792	)		(3,016	)
Net amounts recognized in accumulated other comprehensive income (before tax)	$	(1,404	)	$	(1,863	)
Weighted average assumptions used to determine benefit obligations:
Discount rate		2.65	%		3.35	%
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)	2020			2019
Components of net periodic benefit cost:
Interest cost on projected benefit obligation	$	360		$	460
Amortization of prior service credit		(224	)		(224	)
Amortization of net loss		67			-
Net periodic pension cost	$	203		$	236
Other changes in plan benefit obligations recognized in other comprehensive income:
Prior service cost for period	$	-		$	-
Net (gain) loss for the period		302			1,304
Amortization of prior service credit		224			224
Amortization of net loss		(67	)		-
Total recognized in other comprehensive income	$	459		$	1,528
Total recognized in net periodic pension cost and other comprehensive income	$	662		$	1,764
Weighted-average assumptions used to determine net periodic pension cost:
Discount rate		1.97	%		2.96	%
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
2021	$	599
2022		621
2023		623
2024		627
2025		616
2026 to 2030		3,011