v3.26.1
Benefit Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Benefit Plans

NOTE 7. BENEFIT PLANS

The following table presents the net periodic pension income for Wesbanco’s Defined Benefit Pension Plan (the “Plan”) and the related components:

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

(unaudited, in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service cost – benefits earned during year

 

$

230

 

 

$

267

 

 

$

458

 

 

$

531

 

Interest cost on projected benefit obligation

 

 

750

 

 

 

766

 

 

 

1,491

 

 

 

1,524

 

Expected return on plan assets

 

 

(1,682

)

 

 

(1,603

)

 

 

(3,345

)

 

 

(3,188

)

Amortization of prior service cost

 

 

(8

)

 

 

(8

)

 

 

(17

)

 

 

(17

)

Amortization of net (gain) loss

 

 

(163

)

 

 

(48

)

 

 

(324

)

 

 

(96

)

Net periodic pension income

 

$

(873

)

 

$

(626

)

 

$

(1,737

)

 

$

(1,246

)

 

The service cost of $0.5 million for each of the six months ended June 30, 2026 and 2025 is included in salaries and wages, and periodic pension income of $2.2 million and $1.8 million for the six months ended June 30, 2026 and 2025, respectively, is included in employee benefits.

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 $2.9 million is due in 2026, which can be offset in whole or in part by the Plan's $67.4 million available credit balance. Wesbanco currently does not expect to make a voluntary contribution to the Plan in 2026.

 

On June 22, 2026, Wesbanco adopted an amendment to the Plan to freeze future benefit accruals. Effective December 31, 2026, all future benefit accruals for active participants under the Plan will discontinue. Participants will no longer earn additional benefits for future service rendered after the effective date. Benefits earned by participants up to the effective date are fully vested and preserved in accordance with the Plan provisions and applicable law.

 

The freeze of the Plan constitutes a curtailment under ASC 715, "Compensation - Retirement Benefits." As a result of the Plan amendment, Wesbanco remeasured the Plan obligations as of June 30, 2026. The remeasurement reduced the projected benefit obligation to $53.2 million due to the elimination of future salary progression. Wesbanco recorded a pre-tax curtailment gain of $4.8 million for the three and six months ended June 30, 2026. The gain is included in other operating income.