Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 85

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 85
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       (1)The defined benefit pension plan statement of net assets also includes cash, accrued interest and dividends, and due to/from brokers resulting in net assets available for benefits of $182.9 million.Registered investment companies and equity securities: Valued at the closing price reported on the active market on which the individual securities are traded.Corporate debt securities, municipal obligations, and U.S. government sponsored entities and agency securities: Valued at fair value based on models that consider criteria such as dealer quotes, available trade data, issuer creditworthiness, market movements, sector news, and bond and swap yield curves.Cash Flows— Wesbanco has no required minimum contribution to the Plan for 2025 and as of December 31, 2024 does not expect to make a voluntary contribution in 2025. Wesbanco did not make a contribution to the Plan in 2022, 2023 or 2024.

113

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
         
        $
        1,113

        2026

        1,592

        2027

        1,969

        2028

        2,291

        2029

        2,590

        2030 and thereafter

        145,419

        Total
         
        $
        154,974

        FFKT Postretirement Medical Benefit Plan— Wesbanco assumed FFKT’s postretirement medical benefit plan upon acquisition, which had a liability totaling $15.0 million at the acquisition date. The plan covers FFKT employees who were hired before January 1, 2016 and meet certain age and length of full-time service requirements. The plan was modified in August 2018, which reduced the number of eligible employees. The modification resulted in a $5.5 million unrealized gain, which was recorded in accumulated other comprehensive income, net of tax, and will be recognized over the life of the plan participants estimated to be approximately 17 years. Benefits provided under this plan are unfunded, and payments to the plan participants are made by Wesbanco.The benefit obligation and funded status of the plan are as follows: 

        December 31,

        (dollars in thousands)
         
        2024

        202