Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 84

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 84
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 approved the development of a glide path that adjusts the target allocations as the Plan’s funded status changes.  Given the United States pension regulations and demographics of the Plan, a more risk averse investment approach is deemed appropriate to reduce the funded status volatility.  Thus, modifications were made to the return seeking portfolio and the liability hedging portfolio as detailed in the plan.  The revised Plan notes that return seeking assets generally consist of investments that focus on price appreciation with returns that, over the long term, are above the interest costs of the Plan.  Thus, the policy set target allocations to return seeking assets and rebalanced the ranges for the same.  Additionally, the investment policy statement was changed to note that liability hedging assets will be investment grade fixed income investments and are expected to generally behave like the Plan’s liabilities.  Since these assets focus mainly on current income, their expected long-term returns will generally be lower than return seeking assets.  The policy provides that based on the hedge path, the mix of short term, intermediate term, and long term fixed income holdings will vary.  As a result, there will not be set target allocations and ranges for each maturity category, but rather to the hedge path target.  Changes to the Plan’s holdings, as noted in the chart below, reflect the changes implemented pursuant to the change in the investment policy statement. At December 31, 2024 and 2023, the Plan’s equity securities included 55,300 shares of Wesbanco common stock with a fair market value of $1.8 million and $1.7 million, respectively.

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

        Target

        Allocation
         
        December 31,

        for 2024
         
        2024

        2023

        Asset Category:

        Equity securities
         
        15-25%

        26
        %

        30
        %

        Debt securities
         
        75-85%

        73
        %

        69
        %

        Cash and cash equivalents
         
        0-5%

        1
        %

        1
        %

        Total

        100
        %

        100
        %
       
       The fair values of Wesbanco’s pension plan assets at December 31, 2024 and 2023, by asset category are as follows: 

        December 31, 202