Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 77

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 77
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 FHLB of Pittsburgh are secured by a blanket lien by the FHLB on certain residential mortgages and other loan types or securities with a market value in excess of the outstanding balances of the borrowings. As of December 31, 2024 and 2023, Wesbanco had FHLB borrowings of $1.0 billion and $1.4 billion, respectively, with a remaining weighted-average interest rate of 4.66% and 5.40%, respectively. The terms of the security agreement with the FHLB include a specific assignment of collateral that requires the maintenance of qualifying mortgage and other types of loans as pledged collateral with unpaid principal amounts in excess of the FHLB advances, when discounted at certain pre-established percentages of the loans’ unpaid principal balances. FHLB stock owned by Wesbanco totaling $48.2 million and $62.0 million at December 31, 2024 and 2023, respectively, is also pledged as collateral on these advances. The remaining maximum borrowing capacity by Wesbanco with the FHLB at December 31, 2024 and 2023 was estimated to be approximately $3.7 billion and $3.4 billion, respectively.The following table presents the aggregate annual maturities and weighted-average interest rates of FHLB borrowings at December 31, 2024 based on their contractual maturity dates and interest rates (dollars in thousands): 

        Year
         
        ScheduledMaturity

        WeightedAverage Rate

        2025
         
        $
        900,000

        4.68
        %

        2026

        50,000

        4.58
        %

        2027

        50,000

        4.38
        %

        Total
         
        $
        1,000,000

        4.66
        %
       
       Other short-term borrowings of $192.1 million and $105.9 million at December 31, 2024 and 2023, respectively, can consist in the aggregate of securities sold under agreements to repurchase and federal funds purchased. At December 31, 2024 and 2023, securities sold under agreements to repurchase were $192.1 million and $105.9 million, respectively, with a weighted average interest rate during the year of 3.15% and 2.20%, respectively. There were no federal funds purchased outstanding