Company: WSBC
Filing Date: 2025-06-20
Form Type: 11-K
Source: 0000950170-25-088457
Chunk: 7

Company: WESBANCO INC
Filing Date: 2025-06-20
Form: 11-K
Chunk 7
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 Inc. KSOP

Notes to the Financial Statements

December 31, 2024 and 2023</div>

Note 2 – Summary of Significant Accounting Policies (continued)

Loans to Participants– Loans to participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans can either be charged a late fee or be called due to a default of payment in principal and interest, at which time the participant loan would be reclassified as a distribution based upon the terms of the Plan.

Contributions –Contributions from Plan participants and the matching contributions from the Employer are recorded in the year in which the employee contributions are withheld from compensation.

Note 3 – Party-in-Interest Transactions

Legal and accounting fees are paid at the discretion of the Plan Sponsor by the Plan or the Plan Sponsor.Administrative fees of the Plan for 2024 and 2023 were based on the Plan participating in a zero revenue sharing class of funds with a $52 annual fee per participant passed through to the participants on a quarterly basis. The per participant fees were included in other expense on the Statements of Changes in Net Assets Available for Benefits. Wesbanco Bank, Inc., a subsidiary of the Company, provides investment advisory services for the WesMark Funds, a mutual fund family. The Plan is administered by the Plan Sponsor. In addition, the Plan holds common shares of Wesbanco, Inc. that paid dividends to the Plan totaling $681,747 and $653,384 for the years ended December 31, 2024 and 2023, respectively. The Plan also invests in certain WesMark Funds that paid dividends to the Plan totaling $1,185,810 and $654,791 for the years ended December 31, 2024 and 2023, respectively.

Note 4 – Income Tax Status

The Internal Revenue Service (“IRS”) has determined and informed the sponsor of the pre-approved plan document adopted by the Company by a letter dated November 14, 2022 that the pre-approved plan document adopted by the Plan Sponsor is designed in accordance with applicable sections of the Internal Revenue Code (“IRC”). The Plan Administrator believes that the Plan is designed and is currently being operated in compliance with applicable requirements of the IRC and therefore believes the Plan is qualified and the related trust is tax-exempt.

Accounting principles generally accepted in the United States require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not