Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 67

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 67
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,285

        (5,924
        )

        61

        Obligations of states and    political subdivisions

        10,387

        (86
        )

        19

        49,002

        (2,775
        )

        79

        59,389

        (2,861
        )

        98

        Corporate debt securities

        4,482

        (18
        )

        3

        7,365

        (97
        )

        3

        11,847

        (115
        )

        6

        Total temporarily impaired   securities
         
        $
        20,407

        $
        (136
        )

        24

        $
        2,141,624

        $
        (306,948
        )

        654

        $
        2,162,031

        $
        (307,084
        )

        678

       Unrealized losses on debt securities in the tables above represent temporary fluctuations resulting from changes in market rates in relation to fixed yields. Unrealized losses in the available-for-sale portfolio are accounted for as an adjustment, net of taxes, to other comprehensive income in shareholders’ equity.  Wesbanco does not believe the securities presented above are impaired due to reasons of credit quality, as substantially all debt securities are rated above investment grade and all are paying principal and interest according to their contractual terms. Wesbanco does not intend to sell, nor is it more likely than not that it will be required to sell, loss position securities prior to recovery of their cost, and therefore, management believes the unrealized losses detailed above do not require an allowance for credit losses relating to these securities to be recognized.Securities that do not have readily determinable fair values and for which Wesbanco does not exercise significant influence are carried at cost. Cost method investments consist primarily of FHLB stock totaling $48.2 million and $62.0 million at December 31, 2024 and 2023, respectively, and are included in other assets in the Consolidated Balance Sheets. Cost method investments are evaluated for impairment whenever events or circumstances suggest that their carrying value may not be recoverable.

90

NOTE 5. LOANS AND THE ALLOWANCE FOR CREDIT LOSSESThe recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and