Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 86

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 86
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 Prior service cost for period
         
        $
        —

        $
        —

        Net loss (gain) for the period

        165

        (316
        )

        Amortization of prior service credit

        224

        224

        Amortization of net loss

        232

        245

        Total recognized in other comprehensive income
         
        $
        621

        $
        153

        Total recognized in net periodic pension cost and other comprehensive income
         
        $
        481

        $
        16

        Weighted-average assumptions used to determine net periodic pension cost:

        Discount rate

        5.36
        %

        4.93
        %

        Rate of compensation increase
         
        NA

        NA

        Expected long-term return on assets
         
        NA

        NA

       The following table presents estimated benefits to be paid in each of the next five years and in aggregate for all years thereafter (in thousands): 

        Year
         
        Amount

        2025
         
        $
        637

        2026

        612

        2027

        558

        2028

        435

        2029

        453

        2030 and thereafter

        10,001

        Total
         
        $
        12,696

       401(k) Plan — Wesbanco sponsors a 401(k) plan consisting of a contributory 401(k) profit sharing plan covering substantially all of its employees. Under the provisions of the 401(k) plan, Wesbanco matches a portion of eligible employee contributions based on rates established and approved by the Board of Directors. For each of the past three years, Wesbanco matched 100% of the first 3% and 50% of the next 2% of eligible employee contributions.  Total expense for the 401(k) was $5.6 million, $5.9 million and $5.5 million in 2024, 2023 and 2022, respectively.As of December 31, 2024, the 401(k) held 434,334 shares of Wesbanco common stock of which all shares were allocated to specific employee accounts.  These shares relate in large part to the plan's prior inclusion of an employee stock ownership plan component.  Dividends on shares are either distributed to employee accounts