Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 17, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | WESBANCO, INC. | ||
Entity Central Index Key | 0000203596 | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding | 67,258,727 | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity File Number | 000-08467 | ||
Entity Incorporation, State or Country Code | WV | ||
Entity Tax Identification Number | 55-0571723 | ||
Entity Address, Address Line One | 1 Bank Plaza | ||
Entity Address, City or Town | Wheeling | ||
Entity Address, State or Province | WV | ||
Entity Address, Postal Zip Code | 26003 | ||
City Area Code | 304 | ||
Local Phone Number | 234-9000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Public Float | $ 1,299,795,869 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Certain specifically designated portions of Wesbanco, Inc.’s definitive proxy statement which will be filed by April 30, 2021 for its Annual Meeting of Shareholders (the “Proxy Statement”) to be held in 2021 are incorporated by reference into Part III of this Form 10-K. | ||
Common Stock | |||
Document Information [Line Items] | |||
Trading Symbol | WSBC | ||
Title of 12(b) Security | Common Stock $2.0833 Par Value | ||
Security Exchange Name | NASDAQ | ||
Trading Symbol | WSBC | ||
Depositary Shares | |||
Document Information [Line Items] | |||
Trading Symbol | WSBCP | ||
Title of 12(b) Security | Depositary Shares (each representing 1/40th interest in a share of 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A) | ||
Security Exchange Name | NASDAQ | ||
Trading Symbol | WSBCP |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks, including interest bearing amounts of $721,086 and $51,891, respectively | $ 905,447 | $ 234,796 |
Securities: | ||
Equity securities, at fair value | 13,047 | 12,343 |
Available-for-sale debt securities, at fair value | 1,978,136 | 2,393,558 |
Held-to-maturity debt securities (fair values of $768,183 and $874,523, respectively) | 731,212 | 851,753 |
Allowance for credit losses, held-to-maturity debt securities | (326) | |
Net held-to-maturity debt securities | 730,886 | 851,753 |
Total securities | 2,722,069 | 3,257,654 |
Loans held for sale | 168,378 | 43,013 |
Portfolio loans, net of unearned income | 10,789,233 | 10,267,985 |
Allowance for credit losses - loans | (185,827) | (52,429) |
Net portfolio loans | 10,603,406 | 10,215,556 |
Premises and equipment, net | 249,421 | 261,014 |
Accrued interest receivable | 66,790 | 43,648 |
Goodwill and other intangible assets, net | 1,163,091 | 1,149,153 |
Bank-owned life insurance | 306,038 | 299,516 |
Other assets | 240,970 | 215,762 |
Total Assets | 16,425,610 | 15,720,112 |
Deposits: | ||
Non-interest bearing demand | 4,070,835 | 3,178,270 |
Interest bearing demand | 2,839,536 | 2,316,855 |
Money market | 1,685,927 | 1,518,314 |
Savings deposits | 2,214,565 | 1,934,647 |
Certificates of deposit | 1,618,510 | 2,055,920 |
Total deposits | 12,429,373 | 11,004,006 |
Federal Home Loan Bank borrowings | 549,003 | 1,415,615 |
Other short-term borrowings | 241,950 | 282,362 |
Subordinated debt and junior subordinated debt | 192,291 | 199,869 |
Total borrowings | 983,244 | 1,897,846 |
Accrued interest payable | 4,314 | 8,077 |
Other liabilities | 251,942 | 216,262 |
Total Liabilities | 13,668,873 | 13,126,191 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, no par value; 1,000,000 shares authorized in 2020 and 2019, respectively; 150,000 shares 6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference $150,000,000, issued and outstanding at December 31, 2020 and 0 shares issued and outstanding at December 31, 2019, respectively | 144,484 | |
Common stock, $2.0833 par value; 100,000,000 shares authorized; 68,081,306 and 68,078,116 shares issued in 2020 and 2019, respectively; 67,254,706 and 67,824,428 shares outstanding in 2020 and 2019, respectively | 141,834 | 141,827 |
Capital surplus | 1,634,815 | 1,636,966 |
Retained earnings | 831,688 | 824,694 |
Treasury stock (826,600 and 253,688 shares in 2020 and 2019, respectively, at cost) | (25,949) | (9,463) |
Accumulated other comprehensive income | 31,359 | 1,201 |
Deferred benefits for directors | (1,494) | (1,304) |
Total Shareholders’ Equity | 2,756,737 | 2,593,921 |
Total Liabilities and Shareholders’ Equity | $ 16,425,610 | $ 15,720,112 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Interest bearing deposits, banks | $ 721,086,000 | $ 51,891,000 |
Held-to-maturity securities, fair values | $ 768,183,000 | $ 874,523,000 |
Preferred stock, no par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 150,000 | 0 |
Preferred stock, shares outstanding | 150,000 | 0 |
6.75% non-cumulative perpetual preferred stock, Series A, liquidation preference | $ 150,000,000 | |
Common stock, par value | $ 2.0833 | $ 2.0833 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 68,081,306 | 68,078,116 |
Common stock, shares outstanding | 67,254,706 | 67,824,428 |
Treasury stock, shares | 826,600 | 253,688 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INTEREST AND DIVIDEND INCOME | |||
Loans, including fees | $ 465,677 | $ 393,166 | $ 331,961 |
Interest and dividends on securities: | |||
Taxable | 53,594 | 65,648 | 56,898 |
Tax-exempt | 16,999 | 20,006 | 20,778 |
Total interest and dividends on securities | 70,593 | 85,654 | 77,676 |
Other interest income | 5,007 | 5,433 | 5,320 |
Total interest and dividend income | 541,277 | 484,253 | 414,957 |
INTEREST EXPENSE | |||
Interest bearing demand deposits | 7,069 | 16,805 | 13,144 |
Money market deposits | 4,616 | 8,024 | 5,016 |
Savings deposits | 1,802 | 2,995 | 1,225 |
Certificates of deposit | 13,562 | 15,631 | 12,450 |
Total interest expense on deposits | 27,049 | 43,455 | 31,835 |
Federal Home Loan Bank borrowings | 24,701 | 26,548 | 23,333 |
Other short-term borrowings | 1,729 | 5,401 | 3,717 |
Subordinated debt and junior subordinated debt | 8,318 | 8,945 | 8,836 |
Total interest expense | 61,797 | 84,349 | 67,721 |
NET INTEREST INCOME | 479,480 | 399,904 | 347,236 |
Provision for credit losses | 107,741 | 11,198 | 7,764 |
Net interest income after provision for credit losses | 371,739 | 388,706 | 339,472 |
NON-INTEREST INCOME | |||
Electronic banking fees | 17,524 | 22,634 | 23,300 |
Net securities brokerage revenue | 6,189 | 6,990 | 7,186 |
Bank-owned life insurance | 7,359 | 5,913 | 6,427 |
Mortgage banking income | 22,736 | 8,219 | 5,840 |
Net securities gains (losses) | 4,268 | 4,320 | (900) |
Net gains on other real estate owned and other assets | 103 | 732 | 524 |
Other income | 21,728 | 14,355 | 9,606 |
Total non-interest income | 128,185 | 116,716 | 100,276 |
NON-INTEREST EXPENSE | |||
Salaries and wages | 153,166 | 132,485 | 114,602 |
Employee benefits | 41,723 | 39,313 | 30,079 |
Net occupancy | 27,580 | 22,505 | 19,165 |
Equipment | 24,801 | 20,494 | 17,207 |
Marketing | 5,957 | 6,062 | 5,368 |
FDIC insurance | 7,734 | 1,956 | 3,242 |
Amortization of intangible assets | 13,411 | 10,340 | 6,980 |
Restructuring and merger-related expense | 9,725 | 16,397 | 17,860 |
Other operating expenses | 70,748 | 62,656 | 50,721 |
Total non-interest expense | 354,845 | 312,208 | 265,224 |
Income before provision for income taxes | 145,079 | 193,214 | 174,524 |
Provision for income taxes | 23,035 | 34,341 | 31,412 |
NET INCOME | 122,044 | 158,873 | 143,112 |
Preferred stock dividends | 2,644 | ||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 119,400 | $ 158,873 | $ 143,112 |
EARNINGS PER COMMON SHARE | |||
Basic | $ 1.78 | $ 2.83 | $ 2.93 |
Diluted | $ 1.77 | $ 2.83 | $ 2.92 |
AVERAGE COMMON SHARES OUTSTANDING | |||
Basic | 67,260,796 | 56,108,084 | 48,889,041 |
Diluted | 67,310,584 | 56,214,364 | 49,022,990 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 1.28 | $ 1.24 | $ 1.16 |
Total Trust Fees [Member] | |||
NON-INTEREST INCOME | |||
NON-INTEREST INCOME | $ 26,335 | $ 26,579 | $ 24,623 |
Service Charges on Deposits [Member] | |||
NON-INTEREST INCOME | |||
NON-INTEREST INCOME | $ 21,943 | $ 26,974 | $ 23,670 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 122,044 | $ 158,873 | $ 143,112 |
Debt securities available-for-sale: | |||
Net change in unrealized gains (losses) on debt securities available-for-sale | 39,880 | 52,299 | (9,228) |
Related income tax (expense) benefit | (9,727) | (11,958) | 2,008 |
Net securities (gains) losses reclassified into earnings | (2,540) | (227) | 15 |
Related income tax expense (benefit) | 604 | 52 | (4) |
Net effect on other comprehensive income for the period | 28,217 | 40,166 | (7,209) |
Debt securities held-to-maturity: | |||
Amortization of unrealized gain transferred from debt securities available-for-sale | (32) | (222) | (244) |
Related income tax expense | 7 | 54 | 56 |
Net effect on other comprehensive income for the period | (25) | (168) | (188) |
Defined benefit plans: | |||
Amortization of net loss and prior service costs | 3,000 | 3,042 | 2,948 |
Related income tax benefit | (714) | (729) | (822) |
Recognition of unrealized loss | (420) | (4,250) | (54) |
Related income tax benefit | 100 | 1,011 | 12 |
Net effect on other comprehensive income for the period | 1,966 | (926) | 2,084 |
Total other comprehensive gain (loss) | 30,158 | 39,072 | (5,313) |
Comprehensive income | $ 152,202 | $ 197,945 | $ 137,799 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Farmers Capital Bank Corporation [Member] | First Sentry Bancshares, Inc. [Member] | Old Line Bancshares, Inc. [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock | Common StockFarmers Capital Bank Corporation [Member] | Common StockFirst Sentry Bancshares, Inc. [Member] | Common StockOld Line Bancshares, Inc. [Member] | Capital Surplus [Member] | Capital Surplus [Member]Farmers Capital Bank Corporation [Member] | Capital Surplus [Member]First Sentry Bancshares, Inc. [Member] | Capital Surplus [Member]Old Line Bancshares, Inc. [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | Treasury Stock [Member]First Sentry Bancshares, Inc. [Member] | Accumulated Other Comprehensive Gain (Loss) [Member] | Accumulated Other Comprehensive Gain (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Deferred Benefits for Directors [Member] |
Beginning Balance at Dec. 31, 2017 | $ 1,395,321 | $ 91,756 | $ 684,730 | $ 651,357 | $ 1,063 | $ (31,495) | $ (1,063) | $ (1,027) | |||||||||||||
Beginning Balance, shares at Dec. 31, 2017 | 44,043,244 | ||||||||||||||||||||
Net income | 143,112 | 143,112 | |||||||||||||||||||
Other comprehensive income (loss) | (5,313) | (5,313) | |||||||||||||||||||
Comprehensive income | 137,799 | ||||||||||||||||||||
Common dividends declared | $ (57,951) | (57,951) | |||||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201601Member | ||||||||||||||||||||
Shares issued for acquisition | $ 107,347 | $ 391,267 | $ 5,206 | $ 16,487 | $ 102,141 | $ 374,464 | $ 316 | ||||||||||||||
Shares issued for acquisition, shares | 2,498,761 | 7,920,387 | |||||||||||||||||||
Treasury shares acquired | $ (697) | 292 | $ (989) | ||||||||||||||||||
Treasury shares acquired, shares | (21,322) | ||||||||||||||||||||
Stock options exercised | 1,849 | $ 104 | 1,346 | 399 | |||||||||||||||||
Stock options exercised, shares | 58,763 | ||||||||||||||||||||
Restricted stock granted | $ 205 | (205) | |||||||||||||||||||
Restricted stock granted, shares | 98,301 | ||||||||||||||||||||
Stock compensation expense | 4,361 | 4,361 | |||||||||||||||||||
Deferred benefits for directors- net | (469) | (428) | (41) | ||||||||||||||||||
Ending Balance at Dec. 31, 2018 | 1,978,827 | $ 113,758 | 1,166,701 | 737,581 | (274) | (37,871) | (1,068) | ||||||||||||||
Ending Balance, shares at Dec. 31, 2018 | 54,598,134 | ||||||||||||||||||||
Net income | 158,873 | 158,873 | |||||||||||||||||||
Other comprehensive income (loss) | 39,072 | 39,072 | |||||||||||||||||||
Comprehensive income | 197,945 | ||||||||||||||||||||
Common dividends declared | (71,760) | (71,760) | |||||||||||||||||||
Shares issued for acquisition | $ 493,935 | $ 27,815 | $ 466,120 | ||||||||||||||||||
Shares issued for acquisition, shares | 13,351,837 | ||||||||||||||||||||
Treasury shares acquired | (10,298) | 181 | (10,479) | ||||||||||||||||||
Treasury shares acquired, shares | (281,365) | ||||||||||||||||||||
Stock options exercised | 159 | $ 8 | 151 | ||||||||||||||||||
Stock options exercised, shares | 7,375 | ||||||||||||||||||||
Restricted stock granted | $ 246 | (1,385) | 1,139 | ||||||||||||||||||
Restricted stock granted, shares | 148,447 | ||||||||||||||||||||
Stock compensation expense | 5,321 | 5,321 | |||||||||||||||||||
Deferred benefits for directors- net | (208) | 28 | (236) | ||||||||||||||||||
Ending Balance at Dec. 31, 2019 | 2,593,921 | $ (26,591) | $ 141,827 | 1,636,966 | 824,694 | $ (26,591) | (9,463) | 1,201 | (1,304) | ||||||||||||
Ending Balance, shares at Dec. 31, 2019 | 67,824,428 | ||||||||||||||||||||
Net income | 122,044 | 122,044 | |||||||||||||||||||
Other comprehensive income (loss) | 30,158 | 30,158 | |||||||||||||||||||
Comprehensive income | 152,202 | ||||||||||||||||||||
Common dividends declared | (85,815) | (85,815) | |||||||||||||||||||
Preferred dividends declared ($17.625 per share) | $ (2,644) | (2,644) | |||||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||||||||
Issuance of preferred stock, net of issuance costs | $ 144,484 | $ 144,484 | |||||||||||||||||||
Treasury shares acquired | (25,296) | 118 | (25,414) | ||||||||||||||||||
Treasury shares acquired, shares | (813,108) | ||||||||||||||||||||
Stock options exercised | $ 976 | $ 7 | (1,206) | 2,175 | |||||||||||||||||
Stock options exercised, shares | 61,623 | 61,623 | |||||||||||||||||||
Restricted stock granted | (6,753) | 6,753 | |||||||||||||||||||
Restricted stock granted, shares | 181,763 | ||||||||||||||||||||
Stock compensation expense | $ 5,653 | 5,653 | |||||||||||||||||||
Deferred benefits for directors- net | (153) | 37 | (190) | ||||||||||||||||||
Ending Balance at Dec. 31, 2020 | $ 2,756,737 | $ 144,484 | $ 141,834 | $ 1,634,815 | $ 831,688 | $ (25,949) | $ 31,359 | $ (1,494) | |||||||||||||
Ending Balance, shares at Dec. 31, 2020 | 67,254,706 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2020$ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Common dividends declared, per share | $ 1.28 |
Preferred dividends declared, per share | $ 17.625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
Net income | $ 122,044 | $ 158,873 | $ 143,112 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of premises and equipment | 14,131 | 11,567 | 10,451 |
Other net (accretion) amortization | (9,890) | 996 | 3,932 |
Provision for credit losses | 107,741 | 11,198 | 7,764 |
Net securities (gains) losses | (4,268) | (4,320) | 900 |
Mortgage banking income | (22,736) | (8,219) | (5,840) |
Stock compensation expense | 5,653 | 5,321 | 4,361 |
(Increase) decrease in deferred income tax assets, net | (10,518) | 8,466 | 7,163 |
Increase in cash surrender value of bank-owned life insurance | (7,359) | (5,913) | (6,427) |
Contribution to pension plan | (3,000) | (2,700) | |
Loans originated for sale | (910,155) | (328,319) | (215,540) |
Proceeds from the sale of loans originated for sale | 786,352 | 308,856 | 227,100 |
Net change in equity securities | 344 | (104) | (700) |
Net change in: accrued interest receivable and other assets | (30,280) | (33,400) | 19,895 |
Net change in: accrued interest payable and other liabilities | 16,189 | 41,500 | (1,347) |
Other—net | 2,358 | (139) | (233) |
Net cash provided by operating activities | 59,606 | 163,363 | 191,891 |
INVESTING ACTIVITIES | |||
Net (increase) decrease in loans held for investment | (538,688) | (61,804) | 121,504 |
Available-for-sale debt securities: | |||
Proceeds from sales | 226,099 | 125,839 | 82,134 |
Proceeds from maturities, prepayments and calls | 803,006 | 438,259 | 267,936 |
Purchases of securities | (585,930) | (573,729) | (841,696) |
Held-to-maturity debt securities: | |||
Proceeds from maturities, prepayments and calls | 200,100 | 163,667 | 78,938 |
Purchases of securities | (82,695) | (41,516) | (89,933) |
Equity securities: | |||
Proceeds from sales | 203 | 4,090 | 1,511 |
Net cash received from business acquisitions | 60,025 | 278,654 | |
Proceeds from bank owned life insurance | 832 | 1,156 | 4,772 |
Purchases of premises and equipment—net | (7,551) | (12,201) | (4,669) |
Sale of portfolio loans | 42,416 | 48,990 | |
Net cash provided by (used in) investing activities | 57,792 | 103,786 | (51,859) |
FINANCING ACTIVITIES | |||
Increase (decrease) in deposits | 1,435,497 | (199,771) | (129,878) |
Proceeds from Federal Home Loan Bank borrowings | 475,000 | 1,035,000 | 640,000 |
Repayment of Federal Home Loan Bank borrowings | (1,341,814) | (888,862) | (589,546) |
(Decrease) increase in other short-term borrowings | (32,912) | (44,788) | 86,284 |
Principal repayments of finance lease obligations | (422) | (402) | (334) |
(Decrease) increase in federal funds purchased | (7,500) | 7,500 | (25,000) |
Repayment of junior subordinated debt | (6,702) | (33,506) | (17,519) |
Dividends paid to common shareholders | (85,253) | (66,571) | (53,577) |
Dividends paid to preferred shareholders | (2,644) | ||
Issuance of common stock | 59 | 72 | 1,578 |
Issuance of preferred stock, net of issuance costs | 144,484 | ||
Treasury shares purchased—net | (24,540) | (10,211) | (426) |
Net cash provided by (used in) financing activities | 553,253 | (201,539) | (88,418) |
Net increase in cash, cash equivalents and restricted cash | 670,651 | 65,610 | 51,614 |
Cash, cash equivalents and restricted cash at beginning of the year | 234,796 | 169,186 | 117,572 |
Cash, cash equivalents and restricted cash at end of the year | 905,447 | 234,796 | 169,186 |
SUPPLEMENTAL DISCLOSURES | |||
Interest paid on deposits and other borrowings | 75,082 | 87,145 | 68,618 |
Income taxes paid | 36,975 | 31,375 | 18,700 |
Transfers of loans to other real estate owned | 263 | 1,015 | 1,275 |
Transfers of portfolio loans to loans held for sale | $ 42,416 | 48,990 | |
Non-cash transactions related to OLBK, FFKT and FTSB acquisitions | 493,935 | $ 498,614 | |
Transfers of held-to-maturity debt securities to available-for-sale debt securities | 67,393 | ||
Right of use assets obtained in exchange for lease obligations | $ 19,827 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations— Wesbanco, Inc. (“Wesbanco” or the “Company”) is a bank holding company offering a full range of financial services, including trust and investment services, mortgage banking, insurance and brokerage services. Wesbanco’s defined business segments are community banking and trust and investment services. As of December 31, 2020, Wesbanco’s banking subsidiary, Wesbanco Bank, Inc. (“Wesbanco Bank” or the “Bank”), headquartered in Wheeling, West Virginia, operates through 233 branches and 226 ATM machines in West Virginia, Ohio, western Pennsylvania, Kentucky, southern Indiana and Maryland. In addition, Wesbanco operates an insurance brokerage company, Wesbanco Insurance Services, Inc., and a full service broker/dealer, Wesbanco Securities, Inc. Use of Estimates— The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation— The Consolidated Financial Statements include the accounts of Wesbanco and those entities in which Wesbanco has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Wesbanco determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Wesbanco consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. Business Combinations— Business combinations are accounted for by applying the acquisition method. As of acquisition date, the identifiable assets acquired and liabilities assumed are measured at fair value and recognized separately from goodwill. Results of operations of the acquired entities are included in the consolidated statement of income from the date of acquisition. Variable Interest Entities— Variable interest entities (“VIE”) are entities that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. Wesbanco uses VIEs in various legal forms to conduct normal business activities. Wesbanco reviews the structure and activities of VIEs for possible consolidation. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits of the VIE that could potentially be significant to the VIE. A VIE often holds financial assets, including loans or receivables, real estate or other property. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. Wesbanco has eleven wholly-owned trust subsidiaries (collectively, the “Trusts”), for which it does not have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance nor the obligation to absorb losses or the right to receive a benefits from the VIE that could be potentially significant to the VIE. Accordingly, the Trusts and their net assets are not included in the Consolidated Financial Statements. However, the junior subordinated deferrable interest debentures issued by Wesbanco to the Trusts (refer to Note 11, “Subordinated Debt and Junior Subordinated Debt”) and the common stock issued by the Trusts is included in the Consolidated Balance Sheets. Wesbanco also owns non-controlling variable interests in certain limited partnerships for which it does not have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance nor the obligation to absorb losses or the right to receive a benefit from the VIE that could be potentially significant to the VIE. These VIEs are not consolidated into Wesbanco’s financial statements because Wesbanco is not considered the primary beneficiary. These investments are accounted for using the equity method of accounting and are included in other assets in the Consolidated Balance Sheets. Refer to Note 8, “Investments in Limited Partnerships” for further detail. Revenue Recognition— Interest and dividend income, loan fees, trust fees, fees and charges on deposit accounts, insurance commissions and other ancillary income related to the Bank’s deposits, lending and other activities, as well as income at Wesbanco’s other subsidiary companies, are accrued as contractually earned. Refer to Note 14, “Revenue Recognition” for further detail. Cash and Cash Equivalents— Cash and cash equivalents include cash and due from banks, due from banks – interest bearing and federal funds sold. Generally, federal funds are sold for one-day periods. Securities— Equity securities: Equity securities, which include investments in various mutual funds held in grantor trusts formed in connection with the Company’s deferred compensation plan, are reported at fair value with the gains and losses included in non-interest income. Available-for-sale debt securities: Debt securities not classified as held-to-maturity are classified as available-for-sale. These securities may be sold at any time based upon management’s assessment of changes in economic or financial market conditions, interest rate or prepayment risks, liquidity considerations and other factors. These securities are stated at fair value, with the fair value adjustment, net of tax, reported as a separate component of accumulated other comprehensive income. Held-to-maturity debt securities: Securities that are purchased with the positive intent and ability to be held until their maturity are stated at cost and adjusted for amortization of premiums and accretion of discounts. Transfers of debt securities into the held-to-maturity category from the available-for-sale category are made at fair value at the date of transfer. The unrealized gain or loss at the date of transfer is retained in other comprehensive income and in the carrying value of the held-to-maturity securities. Such amounts are amortized over the remaining life of the security. Certain securities with less than 15% of their original purchase price remaining or that have experienced measurable credit deterioration may be sold. Cost method investments: 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 Federal Home Loan Bank (“FHLB”) stock 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. Securities acquired in acquisitions are recorded at fair value with the premium or discount derived from the fair market value adjustment recognized into interest income on a level yield basis over the remaining life of the security. Gains and losses: Net realized gains and losses on sales of securities are included in non-interest income. The cost of securities sold is based on the specific identification method. The gain or loss is determined as of the trade date. Unrealized gains and losses on available-for-sale securities are recorded through other comprehensive income. Amortization and accretion: Generally, premiums are amortized to call date and discounts are accreted to maturity, on a level yield basis. Current expected credit losses (“CECL”): The corporate and municipal bonds in Wesbanco’s held-to-maturity debt portfolio are analyzed quarterly for CECL. Wesbanco uses a database of historical financials of all corporate and municipal issuers and actual historic default and recovery rates on rated and non-rated transactions to estimate CECL on an individual security basis. The CECL calculated amount is adjusted quarterly and is recorded in an allowance for expected credit losses on the balance sheet that is deducted from the amortized cost basis of the held-to-maturity portfolio as a contra asset, with the losses recorded on the income statement within the provision for credit losses. Because Wesbanco’s held-to-maturity investments in mortgage-backed securities and collateralized mortgage obligations are all either issued by a direct governmental entity or a government-sponsored entity, there is no historical evidence supporting the establishment of a CECL reserve; therefore, Wesbanco has estimated these losses at zero, and will monitor this assumption in the future for any economical or governmental policies that could affect this assumption Available-for-sale debt security impairment: An available-for-sale debt security is considered impaired if its fair value is less than its amortized cost basis. If Wesbanco intends to sell or will be required to sell the investment prior to recovery of cost, the entire impairment will be recognized immediately in the Consolidated Statements of Income. If Wesbanco does not intend to sell, nor is it more likely than not that it will be required to sell, impaired securities prior to the recovery of their cost, a review is conducted each quarter to determine if any portion of the impairment is due to credit losses. In estimating credit losses, Wesbanco first considers the financial condition and near-term prospects of the issuer, evaluating any credit downgrades or other indicators of a potential credit problem, the type of security, either fixed or equity, and the receipt of principal and interest according to the contractual terms. If there are no indications that the impairment is credit-related, the impairment is recognized in other comprehensive income in the Consolidated Balance Sheet. If the impairment is considered to be credit-related based on management’s review of the various factors that indicate credit impairment, the amount of credit impairment is calculated using the present value of future expected cash flows. If the present value of future expected cash flows is less than the amortized cost basis of the security, a credit loss exists and an allowance for expected credit losses is recorded, limited by the total unrealized loss on the security, and is recognized in the Consolidated Statements of Income. The non-credit portion is calculated as the difference between the total unrealized loss and the credit portion of that loss and is recognized in other comprehensive income. Loans and Loans Held for Sale — Loans originated by Wesbanco are reported at the principal amount outstanding, net of unearned income including credit valuation adjustments, unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned on loans except where doubt exists as to collectability, in which case accrual of income is discontinued. Loans originated and intended for sale are carried, in aggregate, at their estimated market value, as Wesbanco elected the fair value option on October 1, 2017. Loan origination fees and direct costs are deferred and accreted or amortized into interest income, as an adjustment to the yield, over the life of the loan using the level yield method, or an approximation thereof. When a loan is paid off, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income. Loans are generally placed on non-accrual when they are 90 days past due, unless the loan is well-secured and in the process of collection. Loans may be returned to accrual status when a borrower has resumed paying principal and interest for a sustained period of at least six months and Wesbanco is reasonably assured of collecting the remaining contractual principal and interest. Loans are returned to accrual status at an amount equal to the principal balance of the loan at the time of non-accrual status less any payments applied to principal during the non-accrual period. Loans are reported as a troubled debt restructuring when Wesbanco, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. Refer to the “Troubled Debt Restructurings” policy below for additional detail. A loan is considered non-performing, based on current information and events, if it is probable that Wesbanco will be unable to collect the payments of principal and interest when due according to the original contractual terms of the loan agreement. Non-performing loans include all non-accrual loans and troubled debt restructurings. Wesbanco recognizes interest income on non-accrual loans on the cash basis only if recovery of principal is reasonably assured. Consumer loans are charged down to the net realizable value at 120 days past due for closed-end loans and 180 days past due for open-end revolving lines of credit. Residential real estate loans are charged down to the net realizable value of the collateral at 180 days past due. Commercial loans are charged down to the net realizable value when it is determined that Wesbanco will be unable to collect the principal amount in full. Loans are reclassified to other assets at the net realizable value when foreclosure or repossession of the collateral occurs. Refer to the “Other Real Estate Owned and Repossessed Assets” policy below for additional detail. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law, which, in part, established a loan program administered through the U.S. Small Business Administration ("SBA"), referred to as the Paycheck Protection Program ("PPP"). Under the PPP, small businesses, sole proprietorships, independent contractors, non-profit organizations and self-employed individuals could apply for loans from existing SBA lenders and other approved regulated lenders that enrolled in the program, subject to numerous limitations and eligibility criteria. Wesbanco has participated as a lender in the PPP program. All loans have a 1% interest rate and Wesbanco earns a fee that is based upon a tiered schedule corresponding with the amount of the loan to the borrower, which is deferred and recognized over the life of the loan. Based upon the borrower meeting certain criteria as defined by the CARES act, the loan may be forgiven by the SBA. Wesbanco reports these loans at their principal amount outstanding, net of unearned income, unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned and loan origination fees and direct costs are deferred and accreted or amortized into interest income, as an adjustment to the yield, over the life of the loan using the level yield method, or an approximation thereof. When a PPP loan is paid off or forgiven by the SBA, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Economic Aid Act”) was signed into law in response to the continuing effects of the pandemic on the economy and provided for extensions and amendments to many features of the CARES Act. In particular, the Economic Aid Act further reauthorized PPP lending, providing for a new pool of available funds under the PPP through March 31, 2021, and among other things, modified the provisions related to making PPP loans and the forgiveness of such loans. The Economic Aid Act also authorized second draw PPP loans for borrowers that previously received a PPP loan under CARES Act provisions, subject to certain conditions. Troubled Debt Restructurings (“TDR”)— A restructuring of a loan constitutes a TDR if the creditor, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider. The determination of whether a concession has been granted includes an evaluation of the debtor’s ability to access funds at a market rate for debt with similar risk characteristics and among other things, the significance of the modification relative to unpaid principal or collateral value of the debt, and/or the significance of a delay in the timing of payments relative to the frequency of payments, original maturity date, or the expected duration of the loan. The most common concessions granted generally include one or more modifications to the terms of the debt such as a reduction in the interest rate below the prevailing market rate for the remaining life of the debt, an extension of the maturity date at an interest rate lower than the prevailing market rate for new debt with similar risk, or reduction of the unpaid principal or interest. Additionally, all consumer bankruptcies are considered TDR; all TDRs are considered nonperforming loans. When determining whether a debtor is experiencing financial difficulties, consideration is given to any known default on any of its debt or whether it is probable that the debtor would be in payment default in the foreseeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal & interest) in accordance with the contractual terms for the foreseeable future, without a modification. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of that collateral is considered in determining whether the principal will be paid. The restructuring of a loan does not increase the allowance or provision for credit losses unless the loan is extended or the loans are commercial loans that are individually evaluated for impairment, in which case a specific reserve is established pursuant to GAAP. Portfolio segment loss history is the primary factor for establishing the allowance for residential real estate, home equity and consumer TDRs. Non-accrual loans that are restructured remain on non-accrual, but may move to accrual status after they have performed according to the restructured terms for a period of time. TDRs on accrual status generally remain on accrual as long as they continue to perform in accordance with their modified terms. TDRs may also be placed on non-accrual if they do not perform in accordance with the restructured terms. Loans may be removed from TDR status after they have performed according to the renegotiated terms for a period of time if the interest rate under the modified terms is at or above market, is restructured or refinanced at market or if the loan returns to its original terms. Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” allows financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time during the COVID-19 pandemic. On April 7, 2020, the joint federal regulatory agencies issued a statement, “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)” (“Interagency Statement”), which further discusses loan modifications related to COVID-19. Wesbanco has extended up to a 180 day delay in loan principal and/or interest payments for customers affected by the COVID-19 pandemic. These customers must meet certain criteria, such as they were in good standing and not more than 30 days past due either as of December 31, 2019, or as of the implementation of the modification program under the Interagency Statement, as well as other requirements noted in the regulatory agencies’ revised statement. Based on the CARES Act provisions and the guidance noted above, Wesbanco does not classify the COVID-19 loan modifications as TDRs, nor are the customers considered past due with regards to their delayed payments to the extent they meet the criteria. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. On August 3, 2020, the joint federal regulatory agencies issued a statement, “Joint Statement on Additional Loan Accommodations Related to COVID-19”. This statement provides financial institutions with considerations for certain customers nearing the end of their COVID-19 loan deferral period noted above. As per this guidance and in accordance with the CARES Act noted above, Wesbanco developed a plan to assist certain customers with additional deferrals of principal and/or interest. This plan, relating to existing commercial loans in the hospitality sector, may provide certain relief to these portfolio loans if they meet certain criteria regarding the borrower, underlying property and potential guarantors / co-borrowers. If a loan were to meet the criteria, they would be eligible to have twelve months of interest payments deferred or three months of principal and interest payments plus nine months of interest-only payments. There are predetermined contractual re-evaluation triggers reviewed throughout the deferred period to determine if a borrower should return to a normal amortization schedule prior to the completion of the twelve month period. The Economic Aid Act further extends relief granted by the CARES Act for TDRs, initially slated to end on December 31, 2020, by one year to December 31, 2021. Acquired Loans— Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value with no carryover of related allowance for credit losses. Acquired loans are classified into two categories; purchased financial instruments with more than insignificant credit deterioration (“PCD”) loans, and loans with insignificant credit deterioration (“non-PCD”). PCD loans are defined as a loan or group of loans that have experienced more than insignificant credit deterioration since origination. Non-PCD loans will have an allowance established on acquisition date, which is recognized in the current period provision for credit losses. For PCD loans, an allowance is recognized on day 1 by adding it to the fair value of the loan, which is the “Day 1 amortized cost”. There is no credit loss expense recognized on PCD loans because the initial allowance is established by grossing-up the amortized cost of the PCD loan. Determining the fair value of the acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life of the acquired loans, delinquency status, estimated prepayments, payment options and other loan features, internal risk grade, estimated value of the underlying collateral and interest rate environment. PCD loans are accounted for in accordance with Accounting Standards Codification (“ASC”) 326-20, Financial Instruments – Credit Losses – Measure at Amortized Cost Under ASC 326-20, a group of loans with similar risk characteristics can be assessed to determine if the pool of loans is PCD. However, if a loan does not have similar risk characteristics as any other acquired loan, the loan is individually assessed to determine if it is PCD. In addition, the initial allowance related to acquired loans can be estimated for a pool of loans if the loans have similar risk characteristics. Even if the loans were individually assessed to determine if they were PCD, they can be grouped together in the initial allowance calculation if they share similar risk characteristics. Since Wesbanco uses the discounted cash flow (DCF) approach, the initial allowance calculation for PCD loans is calculated as the expected contractual cash shortfalls, discounted at the rate that equals the net present value of estimated future cash flows expected to be collected with the purchase price of the loan(s). If a PCD loan has an unfunded commitment at acquisition, the initial allowance for credit losses calculation reflects only the expected credit losses associated with the funded portion of the PCD loan. Expected credit losses associated with the unfunded commitment are included in the initial measurement of the commitment. For PCD loans, the non-credit discount or premium is allocated to individual loans as determined by the difference between the loan’s amortized cost basis and the unpaid principal balance. The non-credit premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. For non-PCD loans, the interest and credit discount or premium is allocated to individual loans as determined by the difference between the loan’s amortized cost basis and the unpaid principal balance. The premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. Allowance for Credit Losses— The allowance for credit losses specific to loans under CECL, which Wesbanco implemented on January 1, 2020, reduces the loan portfolio to the net amount expected to be collected, representing the lifetime expected losses at the initial origination date. Similarly, an allowance for unfunded loan commitments, which is recorded in other liabilities, represents expected losses on unfunded commitments. Fluctuations in the allowance for credit losses specific to loans, the allowance for unfunded loan commitments, and the allowance for held-to-maturity debt securities are recognized in the provision for credit losses on the consolidated statement of operations. The allowance incorporates forward-looking information and applies a reversion methodology beyond the reasonable and supportable forecast. The allowance is increased by a provision charged to operating expense and reduced by charge-offs, net of recoveries. Management evaluates the appropriateness of the allowance at least quarterly. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change from period to period. The allowance for credit loss calculation specific to loans is based on the loan’s amortized cost basis, which is comprised of the unpaid principal balance of the loan, deferred loan fees (costs) and acquired premium (discount) minus any write-downs. Wesbanco made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses because the Company has a robust policy in place to reverse or write-off accrued interest when a loan is placed on non-accrual, and also Wesbanco made an accounting policy election to reverse accrued interest deemed uncollectible as a reversal of interest income. However, Wesbanco is reserving, as part of the allowance for credit losses, for accrued interest on loan modifications under the CARES Act due to the nature and timing of these deferrals. The allowance for credit losses reflects the risk of loss on the loan portfolio. To appropriately measure expected credit losses, management disaggregates the loan portfolio into pools of similar risk characteristics. The Company utilizes the probability of default (“PD”) / loss given default (“LGD”) approach to calculate the expected loss for each segment, which is then discounted to net present value. PD is the probability the asset will default within a given timeframe and LGD is the percentage of the assets not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rate spreads. Management relies on macroeconomic forecasts obtained from various reputable sources, which may include the Federal Open Market Committee (FOMC) forecast and other publicly available forecasts from well recognized, leading economists. These forecasts can range from one to two years, depending upon the facts and circumstances of the current state of the economy, portfolio segment and management’s judgement of what can be reasonably supported. The model reversion period ranges from one to three years. The allowance for credit losses is calculated over the loan’s contractual life. For term loans, the contractual life is calculated based on the maturity date. For commercial and industrial (“C&I”) revolving loans with no stated maturity date, the contractual life is calculated based on the internal review date. For all other revolving loans, the contractual life is based on either the estimated maturity date or a default date. The contractual term does not include expected extensions, renewals or modifications unless management has a reasonable expectation as of the reporting period that Wesbanco will execute a TDR with the borrower. Management assumes a loan will become a TDR if a consumer loan has matured, has a principal balance, and has previously been partially charged-off. This assumption extends the maturity of these loans to the six months beyond maturity date. The loan portfolio is segmented based on the risk profiles of the loans. Commercial loans are segmented between commercial real estate (“CRE”), which are collateralized by real estate, and C&I, which are typically utilized for general business purposes. CRE is further segmented between land and construction (“LCD”) and improved property, which are generally loans to purchase or refinance owner occupied or non-owner occupied investment properties. LCD loans have a unique risk that the developer or builder may not complete the project or not complete it on time or within budget. Improved property loans are reviewed for risk based on the underlying real estate property such as rental or owner income, appraisal value and other current lease terms, which affect debt service coverage and loan to value. Retail loans are a homogenous group, generally consisting of standardized products that are smaller in amount and distributed over a large number of individual borrowers. The group is segmented into three categories – residential real estate, HELOC and consumer. Contractual terms are adjusted for estimated prepayments to arrive at expected cash flows. Wesbanco models term loans with an annualized “prepayment” rate. When Wesbanco has a specific expectation of differing payment behavior for a given loan, the loan may be evaluated individually. For revolving loans that do not have a principal payment schedule, a curtailment rate is factored into the cash flow. The evaluation also considers qualitative factors such as economic trends and conditions, which includes levels of regional unemployment, real estate values and the impact on specific industries and geographical markets, changes in lending policies and underwriting standards, delinquency and other credit quality trends, concentrations of credit risk, if any, the results of internal loan reviews and examinations by bank regulatory agencies pertaining to the allowance for credit losses. Management relies on observable data from internal and external sources to the extent it is available to evaluate each of these factors and adjusts the model’s quantitative results to reflect the impact these factors may have on probable losses in the portfolio. As a result of the COVID-19 pandemic, there is concern within the banking industry that deferrals are delaying the overall impact of COVID-19 on the loan portfolio. As such, temporary COVID-19 qualitative factors have been incorporated to recognize increased risk within the portfolio that is not captured by the quantitative output including COVID-19 pandemic factors related to the transient credit risk not covered by the traditional allowance process, adjusted to Wesbanco’s regional footprint, deferred interest on modified loans, and hospitality industry concentration. Commercial loans, including CRE and C&I, greater than |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | NOTE 2. MERGERS AND ACQUISITIONS Old Line Bancshares, Inc. (“OLBK”) On November 22, 2019, Wesbanco completed its acquisition of OLBK, a bank holding company headquartered in Bowie, MD. On the acquisition date, OLBK had approximately $3.0 billion in assets, excluding goodwill, which included approximately $2.5 billion in loans and $182.2 million in securities. The OLBK acquisition was valued at $494.0 million, based on Wesbanco’s closing stock price on November 22, 2019, of $36.75 and resulted in Wesbanco issuing 13,351,837 shares of its common stock in exchange for all of the outstanding shares of OLBK common stock including stock options of which the fair value is $3.3 million. The assets and liabilities of OLBK were recorded on Wesbanco’s Balance Sheet at their fair values as of November 22, 2019, the acquisition date, and OLBK’s results of operations have been included in Wesbanco’s Consolidated Statements of Income since that date. Based on the final purchase price allocation, Wesbanco recorded $231.8 million in goodwill and $32.9 million in core deposit intangibles in its Community Banking segment. None of the goodwill is deductible for income tax purposes, as the acquisition is accounted for as a tax-free exchange for tax purposes. As a result of the integration of the operations of OLBK, it is not practicable to determine revenue or net income included in Wesbanco’s operating results relating to OLBK since the date of acquisition, as OLBK’s results cannot be separately identified. Wesbanco recorded merger-related expenses through the income statement of $6.5 million and $13.2 million associated with the OLBK acquisition for the years ended December 31, 2020 and December 31, 2019, respectively. The final purchase price of the OLBK acquisition and resulting goodwill is summarized as follows: (in thousands) November 22, 2019 Purchase Price: Fair value of Wesbanco shares issued $ 493,936 Cash consideration for outstanding OLBK shares 16 Total purchase price $ 493,952 Fair value of: Tangible assets acquired $ 2,891,363 Core deposit and other intangible assets acquired 32,899 Liabilities assumed (2,722,165 ) Net cash received in the acquisition 60,041 Fair value of net assets acquired 262,138 Goodwill recognized $ 231,814 The following table presents the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition: (in thousands) November 22, 2019 Assets acquired Cash and due from banks $ 60,041 Securities 182,171 Loans 2,514,061 Goodwill and other intangible assets 264,713 Accrued income and other assets 195,131 Total assets acquired $ 3,216,117 Liabilities assumed Deposits $ 2,375,574 Borrowings 286,047 Accrued expenses and other liabilities 60,544 Total liabilities assumed $ 2,722,165 Net assets acquired $ 493,952 The following table presents the changes in the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition previously reported as of December 31, 2019: (in thousands) November 22, 2019 Goodwill recognized as of December 31, 2019 $ 203,774 Change in fair value of net assets acquired: Assets Investment securities (349 ) Loans (31,532 ) Intangible assets (692 ) Deferred tax assets 8,166 Premises and equipment (3,067 ) Accrued income and other assets (1,314 ) Liabilities Borrowings 1,283 Accrued expenses and other liabilities (535 ) Fair value of net assets acquired $ (28,040 ) Increase in goodwill recognized 28,040 Goodwill recognized as of December 31, 2020 $ 231,814 Farmers Capital Bank Corporation (“FFKT”) On August 20, 2018, Wesbanco completed its acquisition of FFKT, a bank holding company headquartered in Frankfort, KY. On the acquisition date, FFKT had approximately $1.6 billion in assets, excluding goodwill, which included approximately $1.0 billion in loans and $239.3 million in securities. The FFKT acquisition was valued at $428.9 million, based on Wesbanco’s closing stock price on August 20, 2018 of $49.40, and resulted in Wesbanco issuing 7,920,387 shares of its common stock and $37.6 million in cash in exchange for all of the outstanding shares of FFKT common stock. The assets and liabilities of FFKT were recorded on Wesbanco’s Balance Sheet at their fair values as of August 20, 2018, the acquisition date, and FFKT’s results of operations have been included in Wesbanco’s Consolidated Statements of Income since that date. Based on the final purchase price allocation, Wesbanco recorded $223.3 million in goodwill and $37.4 million in core deposit intangibles in its Community Banking segment and $2.6 million in trust customer relationship intangibles in its trust and investment services segment. None of the goodwill is deductible for income tax purposes, as the acquisition is accounted for as a tax-free exchange for tax purposes. As a result of the full integration of the operations of FFKT, it is not practicable to determine revenue or net income included in Wesbanco’s operating results relating to FFKT since the date of acquisition, as FFKT’s results cannot be separately identified. Wesbanco recorded merger-related expenses through the income statement of $3.2 million and $12.4 million associated with the FFKT acquisition for the years ended December 31, 2019 and 2018, respectively. The final purchase price of the FFKT acquisition and resulting goodwill is summarized as follows: (in thousands) August 20, 2018 Purchase Price: Fair value of Wesbanco shares issued $ 391,267 Cash consideration for outstanding FFKT shares 37,634 Total purchase price $ 428,901 Fair value of: Tangible assets acquired $ 1,370,245 Core deposit and other intangible assets acquired 39,992 Liabilities assumed (1,434,779 ) Net cash received in the acquisition 230,139 Fair value of net assets acquired 205,597 Goodwill recognized $ 223,304 The following table presents the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition: (in thousands) August 20, 2018 Assets acquired Cash and due from banks $ 230,139 Securities 239,321 Loans 1,025,800 Goodwill and other intangible assets 263,296 Accrued income and other assets 105,124 Total assets acquired $ 1,863,680 Liabilities assumed Deposits $ 1,330,328 Borrowings 71,780 Accrued expenses and other liabilities 32,671 Total liabilities assumed $ 1,434,779 Net assets acquired $ 428,901 First Sentry Bancshares, Inc. (“FTSB”) On April 5, 2018, Wesbanco completed its acquisition of FTSB, a bank holding company headquartered in Huntington, WV. On the acquisition date, FTSB had approximately $704.8 million in assets, excluding goodwill, which included approximately $447.3 million in loans and $142.9 million in securities. The FTSB acquisition was valued at $108.3 million, based on Wesbanco’s closing stock price on April 5, 2018 of $42.96, and resulted in Wesbanco issuing 2,498,761 shares of its common stock and $1.0 million in cash in exchange for all of the outstanding shares of FTSB common stock including stock options. The assets and liabilities of FTSB were recorded on Wesbanco’s Balance Sheet at their fair values as of April 5, 2018, the acquisition date, and FTSB’s results of operations have been included in Wesbanco’s Consolidated Statements of Income since that date. Based on the final purchase price allocation, Wesbanco recorded $67.7 million in goodwill and $8.1 million in core deposit intangibles in its Community Banking segment. None of the goodwill is deductible for income tax purposes, as the acquisition is accounted for as a tax-free exchange for tax purposes. As a result of the full integration of the operations of FTSB, it is not practicable to determine revenue or net income included in Wesbanco’s operating results relating to FTSB since the date of acquisition, as FTSB’s results cannot be separately identified. For the year ended December 31, 2018, Wesbanco recorded merger-related expenses through the income statement of $5.5 million associated with the FTSB acquisition. The final purchase price of the FTSB acquisition and resulting goodwill is summarized as follows: (in thousands) April 5, 2018 Purchase Price: Fair value of Wesbanco shares issued $ 107,347 Cash consideration for outstanding FTSB shares 975 Total purchase price $ 108,322 Fair value of: Tangible assets acquired $ 609,593 Core deposit and other intangible assets acquired 8,078 Liabilities assumed (664,172 ) Net cash received in the acquisition 87,124 Fair value of net assets acquired 40,623 Goodwill recognized $ 67,699 The following table presents the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition. (in thousands) April 5, 2018 Assets acquired Cash and due from banks $ 87,124 Securities 142,903 Loans 447,279 Goodwill and other intangible assets 75,777 Accrued income and other assets 19,411 Total assets acquired $ 772,494 Liabilities assumed Deposits $ 590,065 Borrowings 70,710 Accrued expenses and other liabilities 3,397 Total liabilities assumed $ 664,172 Net assets acquired $ 108,322 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 3. EARNINGS PER COMMON SHARE Earnings per common share are calculated as follows: For the Years Ended December 31, (in thousands, except shares and per share amounts) 2020 2019 2018 Numerator for both basic and diluted earnings per common share: Net income available to common shareholders $ 119,400 $ 158,873 $ 143,112 Denominator: Total average basic common shares outstanding 67,260,796 56,108,084 48,889,041 Effect of dilutive stock options and other stock compensation 49,788 106,280 133,949 Total diluted average common shares outstanding 67,310,584 56,214,364 49,022,990 Earnings per common share—basic $ 1.78 $ 2.83 $ 2.93 Earnings per common share—diluted 1.77 2.83 2.92 As of December 31, 2020, 2019 and 2018, respectively, 497,540, 364,391 and 117,600 options to purchase shares were excluded in the diluted shares computation because the exercise price was greater than the average market price of the common shares and, therefore, the effect would be antidilutive. As of December 31, 2020 and 2019, shares related to the total shareholder return plans were not included in the calculation because the effect would be antidilutive. As of December 31, 2018, contingently issuable shares totaling 42,864 were estimated to be awarded under the 2018 and 2017 total shareholder return plans as stock performance targets were met to date and were included in the diluted calculation. The shares related to the 2017 total shareholder return plan were not included in the calculation because the effect would be antidilutive. No performance-based restricted stock compensation was estimated to be awarded as of December 31, 2020. Performance-based restricted stock compensation totaling 25,616 and 17,081 shares were estimated to be awarded as of December 31, 2019 and 2018, respectively. On November 22, 2019, Wesbanco issued 13,351,837 shares of common stock to complete its acquisition of OLBK and granted 34,998 shares of restricted stock to certain OLBK employees. These shares are included in average shares outstanding beginning on that date. For additional information relating to the OLBK acquisition, refer to Note 2, “Mergers and Acquisitions.” On August 20, 2018, Wesbanco issued 7,920,387 shares of common stock, 6,690 of which were from treasury stock, to complete its acquisition of FFKT and granted 18,685 shares of restricted stock to certain FFKT employees of which 4,922 shares were forfeited prior to vesting in 2020. These shares are included in average shares outstanding beginning on that date. For additional information relating to the FFKT acquisition, refer to Note 2, “Mergers and Acquisitions.” On April 5, 2018, Wesbanco issued 2,498,761 shares of common stock to complete its acquisition of FTSB and granted 9,465 shares of restricted stock to certain FTSB employees. These shares are included in average shares outstanding beginning on that date. For additional information relating to the FTSB acquisition, refer to Note 2, “Mergers and Acquisitions.” |
Securities
Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 4. SECURITIES The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities: December 31, 2020 December 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale debt securities U.S. Treasury $ 39,975 $ 7 $ — $ 39,982 $ 32,790 $ 47 $ (1 ) $ 32,836 U.S. Government sponsored entities and agencies 204,109 7,715 (142 ) 211,682 157,088 2,862 (322 ) 159,628 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,230,106 35,979 (1,348 ) 1,264,737 1,803,268 18,850 (6,131 ) 1,815,987 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 308,903 11,464 (269 ) 320,098 187,268 3,270 (129 ) 190,409 Obligations of states and political subdivisions 108,602 7,160 — 115,762 140,357 5,253 (1 ) 145,609 Corporate debt securities 24,963 912 — 25,875 48,645 581 (137 ) 49,089 Total available-for-sale debt securities $ 1,916,658 $ 63,237 $ (1,759 ) $ 1,978,136 $ 2,369,416 $ 30,863 $ (6,721 ) $ 2,393,558 Held-to-maturity debt securities U.S. Government sponsored entities and agencies $ 7,779 $ 265 $ — $ 8,044 $ 9,216 $ 30 $ (116 ) $ 9,130 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 89,151 3,251 — 92,402 122,937 1,031 (261 ) 123,707 Obligations of states and political subdivisions 601,128 30,173 (59 ) 631,242 686,376 20,475 (258 ) 706,593 Corporate debt securities 33,154 3,341 — 36,495 33,224 1,869 — 35,093 Total held-to-maturity debt securities $ 731,212 $ 37,030 $ (59 ) $ 768,183 $ 851,753 $ 23,405 $ (635 ) $ 874,523 Total debt securities $ 2,647,870 $ 100,267 $ (1,818 ) $ 2,746,319 $ 3,221,169 $ 54,268 $ (7,356 ) $ 3,268,081 (1) Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.3 million at December 31, 2020. At December 31, 2020 and 2019 there were no holdings of any one issuer, other than U.S. government sponsored entities and its agencies, in an amount greater than 10% of Wesbanco’s shareholders’ equity. Equity securities, of which $10.1 million consist of investments in various mutual funds held in grantor trusts formed in connection with the Company’s deferred compensation plan, are recorded at fair value and totaled $13.0 and $12.3 million at December 31, 2020 and 2019, respectively. Wesbanco adopted ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities” on January 1, 2019. Upon adoption, Wesbanco reclassified $67.3 million of callable held-to-maturity municipal debt securities to available-for-sale debt securities. The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at December 31, 2020. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis. (in thousands) Amortized Cost Fair Value Available-for-sale debt securities Less than one year $ 52,867 $ 52,943 1-5 years 159,663 167,823 5-10 years 367,366 380,117 Over 10 years 1,336,762 1,377,253 Total available-for-sale debt securities $ 1,916,658 $ 1,978,136 Held-to-maturity debt securities Less than one year $ 8,051 $ 8,110 1-5 years 116,033 122,589 5-10 years 235,993 248,079 Over 10 years 371,135 389,405 Total held-to-maturity debt securities $ 731,212 $ 768,183 Total debt securities $ 2,647,870 $ 2,746,319 Securities with an aggregate fair value of $1.8 billion and $2.0 billion at December 31, 2020 and 2019, respectively, were pledged as security for public and trust funds, and securities sold under agreements to repurchase. Proceeds from the sale of available-for-sale securities were $226.1 million, $125.8 million and $82.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Net unrealized gains (losses) on available-for-sale securities included in accumulated other comprehensive income, net of tax, as December 31, 2020, 2019, and 2018 were $46.9 million, $20.7 million and ($21.5) million, respectively. The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments resulting from the adoption of ASU 2016-01 effective January 1, 2018 for the years ended December 31, 2020, 2019 and 2018, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense. For the Years Ended December 31, (in thousands) 2020 2019 2018 Debt securities: Gross realized gains $ 3,816 $ 1,497 $ 128 Gross realized losses (1,083 ) (981 ) (46 ) Net gains on debt securities $ 2,733 $ 516 $ 82 Equity securities: Unrealized gains (losses) recognized on securities still held $ 1,541 $ 1,226 $ (986 ) Net realized (losses) gains recognized on securities sold (6 ) 2,578 4 Net gains (losses) on equity securities $ 1,535 $ 3,804 $ (982 ) Net securities gains (losses) $ 4,268 $ 4,320 $ (900 ) On January 1, 2020, Wesbanco adopted CECL. Upon adoption, the Company recognized $0.2 million to opening retained earnings, which represents the CECL allowance as of January 1, 2020. The corporate and municipal bonds in Wesbanco’s held-to-maturity debt portfolio are analyzed quarterly to determine if an allowance for current expected credit losses is warranted. Wesbanco uses a database of historical financials of all corporate and municipal issuers and actual historic default and recovery rates on rated and non-rated transactions to estimate expected credit losses on an individual security basis. The expected credit losses are adjusted quarterly and are recorded in an allowance for expected credit losses on the balance sheet, which is deducted from the amortized cost basis of the held-to-maturity portfolio as a contra asset. The losses are recorded on the income statement in the provision for credit losses. Accrued interest receivable on held-to-maturity securities, which was $5.3 million as of December 31, 2020, is excluded from the estimate of credit losses. Held-to-maturity investments in U.S. Government sponsored entities and agencies as well as mortgage-backed securities and collateralized mortgage obligations, which are all either issued by a direct governmental entity or a government-sponsored entity, have no historical evidence supporting expected credit losses; therefore, Wesbanco has estimated these losses at zero, and will monitor this assumption in the future for any economical or governmental policies that could affect this assumption. The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the year ended December 31, 2020: Allowance for Credit Losses By Category For the Year Ended December 31, 2020 Residential mortgage -backed securities and collateralized mortgage obligations Obligations of U.S. Government of government state and Corporate sponsored sponsored entities political debt (in thousands) entities and agencies and agencies subdivisions Securities Total Beginning balance at January 1, 2020 $ — $ — $ 96 $ 133 $ 229 Current period provision — — 34 63 97 Write-offs — — — — — Recoveries — — — — — Ending balance at December 31, 2020 $ — $ — $ 130 $ 196 $ 326 The following table provides information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded as of December 31, 2020: December 31, 2020 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S. Treasury $ — $ — — $ — $ — — $ — $ — — U.S. Government sponsored entities and agencies 18,308 (142 ) 2 — — — 18,308 (142 ) 2 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 224,448 (1,227 ) 41 4,136 (121 ) 3 228,584 (1,348 ) 44 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 97,266 (269 ) 10 — — — 97,266 (269 ) 10 Obligations of states and political subdivisions — — — — — — — — — Corporate debt securities — — — — — — — — — Total temporarily impaired securities $ 340,022 $ (1,638 ) 53 $ 4,136 $ (121 ) 3 $ 344,158 $ (1,759 ) 56 Unrealized losses on debt securities in the table 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. 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 of Pittsburgh, Cincinnati and Indianapolis stock totaling $34.0 million and $66.8 million at December 31, 2020 and 2019, 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. The following table provides information on unrealized losses on held-to-maturity and available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of December 31, 2019, prior to the date of adoption of the credit loss standard, and as defined by the previous accounting guidance in effect at that time: December 31, 2019 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S Treasury $ 1,499 $ (1 ) 1 $ — $ — — $ 1,499 $ (1 ) 1 U.S. Government sponsored entities and agencies 57,650 (274 ) 25 6,593 (164 ) 2 64,243 (438 ) 27 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 544,692 (3,725 ) 116 272,884 (2,667 ) 122 817,576 (6,392 ) 238 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 43,123 (124 ) 7 3,704 (5 ) 2 46,827 (129 ) 9 Obligations of states and political subdivisions 17,876 (122 ) 22 4,413 (137 ) 8 22,289 (259 ) 30 Corporate debt securities 4,120 (44 ) 1 4,926 (93 ) 2 9,046 (137 ) 3 Total temporarily impaired securities $ 668,960 $ (4,290 ) 172 $ 292,520 $ (3,066 ) 136 $ 961,480 $ (7,356 ) 308 |
Loans and the Allowance for Cre
Loans and the Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans and the Allowance for Credit Losses | NOTE 5. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan income (costs) were $6.2 million and ($4.8) million at December 31, 2020 and 2019, respectively. The December 31, 2020 balance included $13.8 million of net deferred income from PPP loans. The un-accreted discount on purchased loans from acquisitions was $39.4 million at December 31, 2020, including $2.4 million related to FTSB, $9.8 million related to FFKT and $22.1 million related to OLBK. The unaccreted discount was $51.9 million at December 31, 2019. December 31, December 31, (in thousands) 2020 2019 Commercial real estate: Land and construction $ 668,277 $ 777,151 Improved property 5,037,115 4,947,857 Total commercial real estate 5,705,392 5,725,008 Commercial and industrial 1,681,182 1,644,699 Commercial and industrial - PPP 726,256 — Residential real estate 1,720,961 1,873,647 Home equity 646,387 649,678 Consumer 309,055 374,953 Total portfolio loans 10,789,233 10,267,985 Loans held for sale 168,378 43,013 Total loans $ 10,957,611 $ 10,310,998 On January 1, 2020, Wesbanco adopted ASU 2016-13 (Topic 326), Measurement of Credit Losses on Financial Instruments The allowance for credit losses under CECL is calculated utilizing the PD / LGD, which is then discounted to net present value. PD is the probability the asset will default within a given time frame and LGD is the percentage of the asset not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rates, as well as modeling adjustments for changes in prepayment speeds, loan risk grades, portfolio mix, concentrations and loan growth. For the calculation as of December 31, 2020, the one-year forecast was based upon a blended rate from two nationally-recognized published economic forecasts through December 31, 2020, and is primarily driven by the national unemployment and interest rate spread forecasts. Wesbanco’s blended forecast of national unemployment, at year end, was projected to peak at 6.6 % in the first quarter, and subsequently decrease to an average of 6.2 % over the remainder of the forecast period. The calculation utilized a one-year reversion period back to the Company’s historical loss rate by loan classification. Included in the qualitative factors were COVID-19 pandemic factors related to the transient credit risk not covered by the traditional allowance process, adjusted to Wesbanco’s regional footprint, deferred interest on modified loans, and hospitality industry concentration. Wesbanco made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses because the Company has a robust policy in place to reverse or write-off accrued interest when loans are placed on non-accrual. However, Wesbanco does have a $ million reserve on the accrued interest related to loan modifications allowed under the CARES Act due to the timing and nature of these modifications. As of December 31, 2020, accrued interest receivable for loans was $ million, including $ million related to COVID-19 loan modifications as permitted under the CARES Act. The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio: For the Year Ended December 31, 2020 (in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Residential Real Estate Home Equity Consumer Deposit Overdraft Total Balance at beginning of year: Allowance for credit losses - loans $ 4,949 $ 20,293 $ 14,116 $ 4,311 $ 4,422 $ 2,951 $ 1,387 $ 52,429 Allowance for credit losses - loan commitments 235 22 311 15 250 41 — 874 Total beginning allowance for credit losses - loans and loan commitments 5,184 20,315 14,427 4,326 4,672 2,992 1,387 53,303 Impact of adopting ASC 326 1,524 13,078 22,357 5,630 (3,936 ) 2,576 213 41,442 Provision for credit losses: Provision for loan losses 6,929 78,210 3,918 9,065 1,234 2,980 (376 ) 101,960 Provision for loan commitments 3,671 712 693 560 30 19 — 5,685 Total provision for credit losses - loans and loan commitments 10,600 78,922 4,611 9,625 1,264 2,999 (376 ) 107,645 Charge-offs (51 ) (1,747 ) (3,727 ) (1,415 ) (969 ) (3,615 ) (1,011 ) (12,535 ) Recoveries 92 796 1,457 640 501 1,574 426 5,486 Net recoveries (charge-offs) 41 (951 ) (2,270 ) (775 ) (468 ) (2,041 ) (585 ) (7,049 ) Balance at end of period: Allowance for credit losses - loans 10,841 110,652 37,850 17,851 1,487 6,507 639 185,827 Allowance for credit losses - loan commitments 6,508 712 1,275 955 45 19 — 9,514 Total ending allowance for credit losses - loans and loan commitments $ 17,349 $ 111,364 $ 39,125 $ 18,806 $ 1,532 $ 6,526 $ 639 $ 195,341 For the Year Ended December 31, 2019 (in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Residential Real Estate Home Equity Consumer Deposit Overdraft Total Balance at beginning of year: Allowance for loan losses $ 4,039 $ 20,848 $ 12,114 $ 3,822 $ 4,356 $ 2,797 $ 972 $ 48,948 Allowance for loan commitments 169 33 262 12 226 39 — 741 Total beginning allowance for credit losses 4,208 20,881 12,376 3,834 4,582 2,836 972 49,689 Provision for credit losses: Provision for loan losses 746 2,560 2,714 1,400 851 1,130 1,664 11,065 Provision for loan commitments 66 (11 ) 49 3 24 2 — 133 Total provision for credit losses 812 2,549 2,763 1,403 875 1,132 1,664 11,198 Charge-offs (107 ) (3,867 ) (1,816 ) (1,276 ) (1,213 ) (2,719 ) (1,659 ) (12,657 ) Recoveries 271 752 1,104 365 428 1,743 410 5,073 Net recoveries (charge-offs) 164 (3,115 ) (712 ) (911 ) (785 ) (976 ) (1,249 ) (7,584 ) Balance at end of period: Allowance for loan losses 4,949 20,293 14,116 4,311 4,422 2,951 1,387 52,429 Allowance for loan commitments 235 22 311 15 250 41 — 874 Total ending allowance for credit losses $ 5,184 $ 20,315 $ 14,427 $ 4,326 $ 4,672 $ 2,992 $ 1,387 $ 53,303 For the Year Ended December 31, 2018 (in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Residential Real Estate Home Equity Consumer Deposit Overdraft Total Balance at beginning of year: Allowance for loan losses $ 3,117 $ 21,166 $ 9,414 $ 3,206 $ 4,497 $ 3,063 $ 821 $ 45,284 Allowance for loan commitments 119 26 173 7 212 37 — 574 Total beginning allowance for credit losses 3,236 21,192 9,587 3,213 4,709 3,100 821 45,858 Provision for credit losses: Provision for loan losses 650 (521 ) 3,430 1,612 138 1,142 1,146 7,597 Provision for loan commitments 50 7 89 5 14 2 — 167 Total provision for credit losses 700 (514 ) 3,519 1,617 152 1,144 1,146 7,764 Charge-offs (137 ) (1,090 ) (1,830 ) (1,435 ) (1,193 ) (3,508 ) (1,374 ) (10,567 ) Recoveries 409 1,293 1,100 439 914 2,100 379 6,634 Net recoveries (charge-offs) 272 203 (730 ) (996 ) (279 ) (1,408 ) (995 ) (3,933 ) Balance at end of period: Allowance for loan losses 4,039 20,848 12,114 3,822 4,356 2,797 972 48,948 Allowance for loan commitments 169 33 262 12 226 39 — 741 Total ending allowance for credit losses $ 4,208 $ 20,881 $ 12,376 $ 3,834 $ 4,582 $ 2,836 $ 972 $ 49,689 The following tables present the allowance for credit losses and recorded investments in loans by category, as of each period-end: Allowance for Credit Losses and Recorded Investment in Loans (in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial and Industrial Residential Real Estate Home Equity Consumer Deposit Overdrafts Total December 31, 2020 Allowance for credit losses: Loans individually-evaluated $ 602 $ 4,196 $ 1,484 $ — $ — $ — $ — $ 6,282 Loans collectively-evaluated 10,239 106,456 36,366 17,851 1,487 6,507 639 179,545 Loan commitments 6,508 712 1,275 955 45 19 — 9,514 Total allowance for credit losses - loans and commitments $ 17,349 $ 111,364 $ 39,125 $ 18,806 $ 1,532 $ 6,526 $ 639 $ 195,341 Portfolio loans: Individually-evaluated for credit losses (1) $ 1,455 $ 40,372 $ 2,863 $ — $ — $ — $ — $ 44,690 Collectively-evaluated for credit losses 666,822 4,996,743 2,404,575 1,720,961 646,387 309,055 — 10,744,543 Total portfolio loans $ 668,277 $ 5,037,115 $ 2,407,438 $ 1,720,961 $ 646,387 $ 309,055 $ — $ 10,789,233 December 31, 2019 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 93 $ 10 $ 14 $ 6 $ 1 $ — $ 124 Allowance for loans collectively evaluated for impairment 4,949 20,200 14,106 4,297 4,416 2,950 1,387 52,305 Allowance for loan commitments 235 22 311 15 250 41 - 874 Total allowance for credit losses $ 5,184 $ 20,315 $ 14,427 $ 4,326 $ 4,672 $ 2,992 $ 1,387 $ 53,303 Portfolio loans: Individually evaluated for impairment (1) $ — $ 3,907 $ 11,961 $ 4,392 $ 704 $ 53 $ — $ 21,017 Collectively evaluated for impairment 777,033 4,935,383 1,631,855 1,865,151 648,221 374,812 — 10,232,455 Acquired with deteriorated credit quality 118 8,567 883 4,104 753 88 — 14,513 Total portfolio loans $ 777,151 $ 4,947,857 $ 1,644,699 $ 1,873,647 $ 649,678 $ 374,953 $ — $ 10,267,985 (1) Commercial loans greater than $1 million that are reported as non-accrual or as a TDR are individually evaluated due to differences in risk factors. Commercial loan risk grades are determined based on an evaluation of the relevant characteristics of each loan, assigned at inception and adjusted thereafter at any time to reflect changes in the risk profile throughout the life of each loan. The primary factors used to determine the risk grade are the sufficiency, reliability and sustainability of the primary source of repayment and overall financial strength of the borrower. The rating system more heavily weights the debt service coverage, leverage and loan to value factors to derive the risk grade. Other factors that are considered at a lesser weighting include management, industry or property type risks, payment history, collateral or guarantees. Commercial real estate – land and construction consists of loans to finance investments in vacant land, land development, construction of residential housing, and construction of commercial buildings. Commercial real estate – improved property consists of loans for the purchase or refinance of all types of improved owner-occupied and investment properties. Factors that are considered in assigning the risk grade vary depending on the type of property financed. The risk grade assigned to construction and development loans is based on the overall viability of the project, the experience and financial capacity of the developer or builder to successfully complete the project, project specific and market absorption rates and comparable property values, and the amount of pre-sales for residential housing construction or pre-leases for commercial investment property. The risk grade assigned to commercial investment property loans is based primarily on the adequacy of the net operating income generated by the property to service the debt (“debt service coverage”), the loan to appraised value, the type, quality, industry and mix of tenants, and the terms of leases. The risk grade assigned to owner-occupied commercial real estate is based primarily on global debt service coverage and the leverage of the business, but may also consider the industry in which the business operates, the business’ specific competitive advantages or disadvantages, collateral margins and the quality and experience of management. Commercial and industrial (“C&I”) loans consist of revolving lines of credit to finance accounts receivable, inventory and other general business purposes; term loans to finance fixed assets other than real estate, and letters of credit to support trade, insurance or governmental requirements for a variety of businesses. Most C&I borrowers are privately-held companies with annual sales up to $ 100 million. Primary factors that are considered in risk rating C&I loans include debt service coverage and leverage. Other factors including operating trends, collateral coverage along with management experience are also considered . Pass loans are those that exhibit a history of positive financial results that are at least comparable to the average for their industry or type of real estate. The primary source of repayment is acceptable and these loans are expected to perform satisfactorily during most economic cycles. Pass loans typically have no significant external factors that are expected to adversely affect these borrowers more than others in the same industry or property type. Any minor unfavorable characteristics of these loans are outweighed or mitigated by other positive factors including but not limited to adequate secondary or tertiary sources of repayment. Criticized loans, considered as compromised, have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the bank's credit position at some future date. Criticized loans are not adversely classified by the banking regulators and do not expose the bank to sufficient risk to warrant adverse classification. Classified loans, considered as substandard and doubtful, are equivalent to the classifications used by banking regulators. Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. These loans may or may not be reported as non-accrual. Doubtful loans have all the weaknesses inherent in those classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. These loans are reported as non-accrual. The following tables summarize commercial loans by their assigned risk grade: Commercial Loans by Internally Assigned Risk Grade (in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Total Commercial Loans As of December 31, 2020 Pass $ 657,435 $ 4,609,726 $ 2,350,724 $ 7,617,885 Criticized—compromised 7,397 320,301 34,597 362,295 Classified—substandard 3,445 107,088 22,117 132,650 Classified—doubtful — — — — Total $ 668,277 $ 5,037,115 $ 2,407,438 $ 8,112,830 As of December 31, 2019 Pass $ 769,537 $ 4,807,003 $ 1,570,689 $ 7,147,229 Criticized—compromised 4,338 65,612 49,009 118,959 Classified—substandard 3,276 75,242 13,231 91,749 Classified—doubtful — — 11,770 11,770 Total $ 777,151 $ 4,947,857 $ 1,644,699 $ 7,369,707 Residential real estate, home equity and consumer loans are not assigned internal risk grades other than as required by regulatory guidelines that are based primarily on the age of past due loans. Wesbanco primarily evaluates the credit quality of residential real estate, home equity and consumer loans based on repayment performance and historical loss rates. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard in accordance with regulatory guidelines were $27.7 million at December 31, 2020 and $28.3 million at December 31, 2019, of which $4.1 million and $5.1 million were accruing, for each period, respectively. The aggregate amount of residential real estate, home equity and consumer loans classified as substandard, as well as $28.7 million and $15.6 million of unfunded commercial loan commitments are not included in the tables above for December 31, 2020 and 2019, respectively. Acquired OLBK Loans —In conjunction with the OLBK acquisition, Wesbanco acquired loans with a book value of $2,570.0 million as of November 22, 2019. These loans were recorded at the preliminary fair value of $2,514.1 million, with $2,544.4 million categorized as ASC 310-20 loans, of which $56.6 million of loans were sold during the first quarter of 2020 for $36.4 million. For the loans sold, the acquisition date fair value was adjusted to the sale price resulting in no recognized gain or loss. The fair market value adjustment on these retained loans of $28.9 million at acquisition date will be recognized into interest income on a level yield basis over the remaining expected life of the loans. Loans acquired with deteriorated credit quality (ASC 310-30) with a book value of $ 25.6 million were recorded at a fair value of $ million, of which $ 4.0 million were accounted for under the cost recovery method as cash flows could not be reasonably estimated, and therefore they are categorized as non-accrual . Upon adoption of CECL on January 1, 2020, $ 6.1 million of credit mark on OLBK PCD loans was reclassified to allowance for credit losses. At December 31, 2020, the remaining allowance for credit losses on individually analyzed OLBK-acquired loans was $ million. The carrying amount of loans acquired with deteriorated credit quality at December 31, 2020 was $ 18.4 million, while the outstanding customer balance was $ 18.7 million , and included $ 1.4 million of non-performing loans. Acquired FFKT Loans —In conjunction with the FFKT acquisition, Wesbanco acquired loans with a book value of $1,064.8 million as of August 20, 2018. These loans were recorded at the preliminary fair value of $1,025.8 million, with $988.3 million categorized as ASC 310-20 loans. The fair market value adjustment on these loans of $26.0 million at the acquisition date will be recognized into interest income on a level yield basis over the remaining expected life of the loans. Loans acquired with deteriorated credit quality with a book value of $5.3 million were recorded at a fair value of $4.6 million, of which $2.4 million were accounted for under the cost recovery method in accordance with ASC 310-30 as cash flows cannot be reasonably estimated, and categorized as non-accrual. At December 31, 2020, the remaining allowance for credit losses on individually analyzed FFKT-acquired loans was $0.3 million. The carrying amount of loans acquired with deteriorated credit quality at December 31, 2020 was $2.4 million, while the outstanding customer balance was $2.8 million, and included $0.3 million of non-performing loans. Certain acquired underperforming loans with an acquired book value of $45.2 million were sold during the fourth quarter of 2018 for $32.9 million. The acquisition date fair value of the acquired loans was adjusted to the sale price resulting in no recognized gain or loss. Acquired FTSB Loans – In conjunction with the FTSB acquisition, Wesbanco acquired loans with a book value of $465.9 million as of April 5, 2018. These loans were recorded at the fair value of $447.3 million, with $429.3 million categorized as ASC 310-20 loans. The fair market value adjustment on these loans of $9.7 million at acquisition date will be recognized into interest income on a level yield basis over the remaining expected life of the loans. Loans acquired with deteriorated credit quality with a book value of $5.1 million were recorded at a fair value of $2.3 million, of which $0.7 million were accounted for under the cost recovery method in accordance with ASC 310-30 as cash flows cannot be reasonably estimated, and categorized as non-accrual. Upon adoption of CECL on January 1, 2020, $0.6 million of credit mark on FTSB PCD loans was reclassified to allowance for credit losses. At December 31, 2020, the remaining allowance for credit losses on individually analyzed FTSB-acquired loans was $0.5 million. The carrying amount of loans acquired with deteriorated credit quality at December 31, 2020 was $0.9 million, while the outstanding customer balance was $1.0 million, and included $0.2 million of non-performing loans. Certain acquired underperforming loans with an acquired book value of $21.7 million were sold during the second and fourth quarters of 2018 for $15.7 million. The acquisition date fair value of the acquired loans was adjusted to the sale price resulting in no recognized gain or loss The following tables summarize the age analysis of all categories of loans. Age Analysis of Loans (in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans 90 Days or More Past Due and Accruing (1) As of December 31, 2020 Commercial real estate: Land and construction $ 664,990 $ 582 $ 2,276 $ 429 $ 3,287 $ 668,277 $ 288 Improved property 5,016,812 4,876 4,118 11,309 20,303 5,037,115 2,713 Total commercial real estate 5,681,802 5,458 6,394 11,738 23,590 5,705,392 3,001 Commercial and industrial 2,395,844 4,372 2,197 5,025 11,594 2,407,438 1,899 Residential real estate 1,698,636 2,614 5,654 14,057 22,325 1,720,961 2,863 Home equity 639,319 2,414 775 3,879 7,068 646,387 706 Consumer 305,483 1,998 1,031 543 3,572 309,055 377 Total portfolio loans 10,721,084 16,856 16,051 35,242 68,149 10,789,233 8,846 Loans held for sale 168,378 — — — — 168,378 — Total loans $ 10,889,462 $ 16,856 $ 16,051 $ 35,242 $ 68,149 $ 10,957,611 $ 8,846 Nonperforming loans included above are as follows: Non-accrual loans $ 9,560 $ 630 $ 466 $ 26,224 27,320 $ 36,880 TDRs accruing interest (1) 3,540 63 152 172 387 3,927 Total non-performing $ 13,100 $ 693 $ 618 $ 26,396 $ 27,707 $ 40,807 As of December 31, 2019 Commercial real estate: Land and construction $ 776,153 $ 529 $ 121 $ 348 $ 998 $ 777,151 $ 26 Improved property 4,921,721 10,207 5,639 10,290 26,136 4,947,857 4,709 Total commercial real estate 5,697,874 10,736 5,760 10,638 27,134 5,725,008 4,735 Commercial and industrial 1,635,232 2,519 2,813 4,135 9,467 1,644,699 1,793 Residential real estate 1,850,806 4,421 5,372 13,048 22,841 1,873,647 3,643 Home equity 641,026 3,323 621 4,708 8,652 649,678 985 Consumer 370,934 2,537 965 517 4,019 374,953 457 Total portfolio loans 10,195,872 23,536 15,531 33,046 72,113 10,267,985 11,613 Loans held for sale 43,013 — — — — 43,013 — Total loans $ 10,238,885 $ 23,536 $ 15,531 $ 33,046 $ 72,113 $ 10,310,998 $ 11,613 Impaired loans included above are as follows: Non-accrual loans $ 21,061 $ 897 $ 1,559 $ 21,396 23,852 $ 44,913 TDRs accruing interest (1) 5,113 151 130 37 318 5,431 Total impaired $ 26,174 $ 1,048 $ 1,689 $ 21,433 $ 24,170 $ 50,344 (1) Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest. The following tables summarize nonperforming loans: Nonperforming Loans December 31, 2020 December 31, 2019 (in thousands) Unpaid Principal Balance (1) Recorded Investment Related Allowance Unpaid Principal Balance (1) Recorded Investment Related Allowance With no related specific allowance recorded: Commercial real estate: Land and construction $ 469 $ 469 $ — $ 616 $ 580 $ — Improved property 9,597 8,055 — 5,097 4,229 — Commercial and industrial 4,401 3,413 — 15,182 14,313 — Residential real estate 23,055 20,704 — 17,753 15,952 — Home equity 6,635 5,708 — 6,523 5,610 — Consumer 602 364 — 546 413 — Total nonperforming loans without a specific allowance 44,759 38,713 — 45,717 41,097 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 2,094 2,094 136 4,207 3,907 93 Commercial and industrial — — — 193 191 10 Residential real estate — — — 4,772 4,392 14 Home equity — — — 724 704 6 Consumer — — — 104 53 1 Total nonperforming loans with a specific allowance 2,094 2,094 136 10,000 9,247 124 Total nonperforming loans $ 46,853 $ 40,807 $ 136 $ 55,717 $ 50,344 $ 124 (1) The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired nonperforming loans. Nonperforming Loans For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related specific allowance recorded: Commercial real estate: Land and construction $ 571 $ — $ 343 $ — $ 208 $ — Improved property 7,193 61 7,216 84 10,658 381 Commercial and industrial 5,256 7 5,207 15 3,076 12 Residential real estate 19,651 168 14,192 211 19,026 240 Home equity 5,806 22 4,930 28 5,005 25 Consumer 377 2 423 3 808 7 Total nonperforming loans without a specific allowance 38,854 260 32,311 341 38,781 665 With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 2,672 — 3,317 — 842 — Commercial and industrial 38 — 175 — — — Residential real estate 878 — 3,811 — — — Home equity 141 — 634 — — — Consumer 11 — 58 — — — Total nonperforming loans with a specific allowance 3,740 — 7,995 — 842 — Total nonperforming loans $ 42,594 $ 260 $ 40,306 $ 341 $ 39,623 $ 665 The following tables present the recorded investment in non-accrual loans and TDRs: Non-accrual Loans (1) (in thousands) December 31, 2020 December 31, 2019 Commercial real estate: Land and construction $ 469 $ 580 Improved property 9,494 6,815 Total commercial real estate 9,963 7,395 Commercial and industrial 3,302 14,313 Residential real estate 17,925 16,867 Home equity 5,345 5,903 Consumer 345 435 Total $ 36,880 $ 44,913 (1) At December 31, 2020, there was one borrower with a loan balance greater than $1.0 million totaling $2.1 million, as compared to two borrowers with a loan balance greater than $1.0 million totaling $14.2 million at December 31, 2019. Total non-accrual loans include loans that are also restructured. Such loans are also set forth in the following table as non-accrual TDRs. TDRs December 31, 2020 December 31, 2019 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Commercial real estate: Land and construction $ — $ — $ — $ — $ — $ — Improved property 655 165 820 1,321 191 1,512 Total commercial real estate 655 165 820 1,321 191 1,512 Commercial and industrial 111 — 111 191 — 191 Residential real estate 2,779 1,354 4,133 3,477 909 4,386 Home equity 363 300 663 411 293 704 Consumer 19 9 28 31 29 60 Total $ 3,927 $ 1,828 $ 5,755 $ 5,431 $ 1,422 $ 6,853 As of December 31, 2020 and December 31, 2019, there were no TDRs greater than $1.0 million. The concessions granted in the majority of loans reported as accruing and non-accrual TDRs are extensions of the maturity date or the amortization period, reductions in the interest rate below the prevailing market rate for loans with comparable characteristics, and/or permitting interest-only payments for longer than six months. Wesbanco had unfunded commitments to debtors whose loans were classified as impaired of $0.9 million and $3.3 million as of December 31, 2020 and 2019, respectively. The following table presents details related to loans identified as TDRs during the years ended December 31, 2020 and 2019: New TDRs (1) For the Year Ended December 31, 2020 New TDRs (1) For the Year Ended December 31, 2019 (dollars in thousands) Number of Modifications Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Modifications Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved property — — — 1 610 603 Total commercial real estate — — — 1 610 603 Commercial and industrial — — — 2 57 48 Residential real estate 3 360 350 4 194 177 Home equity 4 93 86 2 187 181 Consumer 1 7 7 2 45 28 Total 8 $ 460 $ 443 11 $ 1,093 $ 1,037 (1) Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end. The following table summarizes TDRs which defaulted (defined as past due 90 days) during the years ended December 31, 2020 and 2019 that were restructured within the last twelve months prior to December 31, 2020 and 2019 : Defaulted TDRs (1) For the Year Ended December 31, 2020 Defaulted TDRs (1) For the Year Ended December 31, 2019 (dollars in thousands) Number of Defaults Recorded Investment Number of Defaults Recorded Investment Commercial real estate: Land and construction — $ — — $ — Improved property — — — — Total commercial real estate — — — — Commercial and industrial — — — — Residential real estate 1 155 1 95 Home equity — — 1 97 Consumer — — 1 12 Total 1 $ 155 3 $ 204 (1) Excludes loans that were either charged-off or cured by period end. The recorded investment is as of December 31, 2020 and 2019. TDRs that default are placed on non-accrual status unless they are both well-secured and in the process of collection. The loans in the table above were not accruing interest. Section 4013 of the CARES Act allows financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time during the COVID-19 pandemic. These customers must meet certain criteria, such as they were in good standing and not more than 30 days past due either as of December 31, 2019, or as of the implementation of the modification program under the Interagency Statement, as well as other requirements noted in the regulatory agencies’ revised statement. Based on this guidance, Wesbanco does not classify the COVID-19 loan modifications as TDRs, nor are the customers considered past due with regards to their delayed payments. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. Under the CARES Act, Wesbanco has modified approximately 3,553 loans totaling $2.2 billion, of which $0.2 billion remain in their deferral period as of December 31, 2020. Wesbanco originally offered three to six months of deferred payments to commercial and retail customers impacted by the COVID-19 pandemic depending on the type of loan and the industry for commercial loans. In the fourth quarter, Wesbanco offered up to an additional twelve months of deferred payments to certain commercial loan customers, predominantly in the hospitality industry, based on specific criteria related to the borrower, the underlying property and the potential for guarantors / co-borrowers. The following table summarizes the recognition of interest income on nonperforming loans: For the years ended December 31, (in thousands) 2020 2019 2018 Average nonperforming loans $ 42,594 $ 40,306 $ 39,623 Amount of contractual interest income on nonperforming loans 2,827 3,047 2,631 Amount of interest income recognized on nonperforming loans 260 341 665 The following table summarizes amortized cost basis loan balances by year of origination and credit quality indicator. Loans As of December 31, 2020 Amortized Cost Basis by Origination Year (unaudited, in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Commercial real estate: land and construction Risk rating: Pass $ 133,720 $ 314,614 $ 109,232 $ 27,483 $ 16,404 $ 29,685 $ 26,297 $ — $ 657,435 Criticized - compromised 459 — 1,532 233 79 3,778 1,316 — 7,397 Classified - substandard — — 403 58 291 2,693 — — 3,445 Classified - doubtful — — — — — — — — — Total commercial real estate: land and construction $ 134,179 $ 314,614 $ 111,167 $ 27,774 $ 16,774 $ 36,156 $ 27,613 $ — $ 668,277 Current-period net charge-offs $ — $ — $ — $ 61 $ (50 ) $ 30 $ — $ — $ 41 Commercial real estate: improved property Risk rating: Pass $ 809,516 $ 670,554 $ 646,629 $ 474,622 $ 572,733 $ 1,346,552 $ 89,120 $ — $ 4,609,726 Criticized - compromised 2,693 67,261 16,793 59,251 42,284 130,247 1,772 — 320,301 Classified - substandard 102 16,366 4,946 11,647 18,460 55,567 — — 107,088 Classified - doubtful — — — — — — — — — Total commercial real estate: improved property $ 812,311 $ 754,181 $ 668,368 $ 545,520 $ 633,477 $ 1,532,366 $ 90,892 $ — $ 5,037,115 Current-period net charge-offs $ — $ — $ (38 ) $ 13 $ (1,617 ) $ 691 $ — $ — $ (951 ) Commercial and industrial Risk rating: Pass $ 977,085 $ 240,262 $ 193,712 $ 160,924 $ 85,379 $ 265,890 $ 427,336 $ 136 $ 2,350,724 Criticized - compromised 453 2,726 4,206 2,795 324 11,640 12,453 — 34,597 Classified - substandard — 3,817 1,947 3,7 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | NOTE 6. PREMISES AND EQUIPMENT Premises and equipment include: December 31, (in thousands) 2020 2019 Land and improvements $ 62,131 $ 66,609 Buildings and improvements 224,942 221,139 Furniture and equipment 106,501 102,171 Total cost 393,574 389,919 Accumulated depreciation and amortization (200,214 ) (187,437 ) Right of use assets 56,061 58,532 Total premises and equipment, net $ 249,421 $ 261,014 Depreciation and amortization expense of premises and equipment charged to operations for the years ended December 31, 2020, 2019 and 2018 was $14.1 million, $11.5 million and $10.5 million, respectively. Operating leases are recorded as a right of use (“ROU”) asset and operating lease liability, included in premises and equipment, net and other liabilities, respectively, on the consolidated balance sheet beginning January 1, 2019 when Wesbanco adopted ASU 2016-02 (Leases-Topic 842) prospectively. Operating lease ROU assets represent the right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate at the lease commencement date. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded primarily in net occupancy expense in the consolidated statements of comprehensive income. Wesbanco initially capitalized $20 million upon adoption for right-of-use assets and lease liabilities, net of existing straight-line lease liabilities and unfavorable acquired lease liabilities. Operating leases relate primarily to bank branches, office space and license agreements with remaining lease terms of generally 1 to 30 years, which include options for multiple five- and ten- year extensions, with a weighted-average lease term of 15.7 years. As of December 31, 2020, operating lease ROU assets and liabilities were $51.5 million and $56.0 million, respectively, and as of December 31, 2019, operating lease ROU assets and liabilities were $53.6 million and $56.5 million, respectively, of which $37.2 million of operating ROU assets and liabilities were acquired from OLBK. The lease expense for operating leases was $5.8 million, $5.4 million and $4.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. The weighted average discount rate was 2.81% as of December 31, 2020. Finance leases relate primarily to bank branches and office space with remaining lease terms of generally 5 to 20 years, which include options for multiple five-and ten-year Future minimum lease payments under non-cancellable leases with initial or remaining lease terms in excess of one year at December 31, 2020 are as follows ( in thousands Year Operating Leases Finance Leases Total 2021 $ 6,358 $ 855 $ 7,213 2022 5,566 873 6,439 2023 5,010 885 5,895 2024 4,526 890 5,416 2025 4,365 861 5,226 2026 and thereafter 45,676 3,778 49,454 Total lease payments $ 71,501 $ 8,142 $ 79,643 Less: capitalized interest (15,465 ) (2,962 ) (18,427 ) Present value of lease liabilities $ 56,036 $ 5,180 $ 61,216 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS Wesbanco’s Consolidated Balance Sheets include goodwill of $1.1 billion The following table shows Wesbanco’s capitalized other intangible assets and related accumulated amortization: December 31, (in thousands) 2020 2019 Other intangible assets: Gross carrying amount $ 118,495 $ 119,387 Accumulated amortization (52,166 ) (38,954 ) Net carrying amount of other intangible assets $ 66,329 $ 80,433 The following table shows the amortization on Wesbanco’s other intangible assets for each of the next five years ( in thousands Year Amount 2021 $ 11,457 2022 10,278 2023 9,088 2024 8,251 2025 7,475 2026 and thereafter 19,780 Total $ 66,329 |
Investments in Limited Partners
Investments in Limited Partnerships | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Investments in Limited Partnerships | NOTE 8. INVESTMENTS IN LIMITED PARTNERSHIPS Wesbanco is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved low-income housing investment tax credit projects. These investments are accounted for using the equity method of accounting and are included in other assets in the Consolidated Balance Sheets. The limited partnerships are considered to be VIEs as they generally do not have equity investors with voting rights or have equity investors that do not provide sufficient financial resources to support their activities. The VIEs have not been consolidated because Wesbanco is not considered the primary beneficiary. All of Wesbanco’s investments Wesbanco is also a limited partner in seven other limited partnerships, which provide seed money and capital to startup companies, and financing to low-income housing projects. At December 31, 2020 and 2019, Wesbanco had $5.8 million and $7.1 million, respectively, invested in these partnerships, which are recorded in other assets using the equity method. Wesbanco included in operations under the equity method of accounting its share of the partnerships’ net (expense) income of $(603) thousand, $618 thousand and $712 thousand for the years ended December 31, 2020, 2019 and 2018, respectively. |
Certificates of Deposit
Certificates of Deposit | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Certificates of Deposit | NOTE 9. CERTIFICATES OF DEPOSIT Certificates of deposit in denominations of $100 thousand or more were $843.2 million and $1.2 billion as of December 31, 2020 and 2019, respectively. Interest expense on certificates of deposit of $100 thousand or more was $6.4 million, $8.0 million and $8.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 2020, the scheduled maturities of total certificates of deposit are as follows (in thousands) Year Amount 2021 $ 1,000,380 2022 266,077 2023 134,647 2024 91,984 2025 67,226 2026 and thereafter 58,196 Total $ 1,618,510 |
FHLB and Other Short-Term Borro
FHLB and Other Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
FHLB and Other Short-Term Borrowings | NOTE 10. FHLB AND OTHER SHORT-TERM BORROWINGS Wesbanco is a member of the FHLB system. Wesbanco’s FHLB borrowings, which consist of borrowings from the 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. At December 31, 2020 and 2019, Wesbanco had FHLB borrowings of $0.5 billion and $1.4 billion, respectively, with a remaining weighted-average interest rate of 2.05% and 2.27%, 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 $34.0 million and $66.8 million at December 31, 2020 and 2019, respectively, is also pledged as collateral on these advances. The remaining maximum borrowing capacity by Wesbanco with the FHLB at December 31, 2020 and 2019 was estimated to be approximately $4.1 billion and $3.2 billion, respectively. The following table presents the aggregate annual maturities and weighted-average interest rates of FHLB borrowings at December 31, 2020 based on their contractual maturity dates and interest rates (dollars in thousands) Year Scheduled Maturity Weighted Average Rate 2021 $ 365,002 2.44 % 2022 128,050 1.33 % 2023 55,000 1.17 % 2024 — — 2025 882 1.45 % 2026 and thereafter 69 2.89 % Total $ 549,003 2.05 % Other short-term borrowings of $242.0 million and $282.4 million at December 31, 2020 and 2019, respectively, can consist in the aggregate of securities sold under agreements to repurchase, federal funds purchased, and outstanding borrowings on a revolving line of credit. At December 31, 2020 and 2019, securities sold under agreements to repurchase were $242.0 million and $274.9 million, respectively, with a weighted average interest rate during the year of 0.60% and 2.10%, respectively. There were no federal funds purchased outstanding at December 31, 2020. There were $7.5 million in federal funds purchased outstanding as of December 31, 2019, with an interest rate of 1.55%. In August 2020 |
Subordinated Debt and Junior Su
Subordinated Debt and Junior Subordinated Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Subordinated Debt and Junior Subordinated Debt | NOTE 11. SUBORDINATED DEBT AND JUNIOR SUBORDINATED DEBT Wesbanco had $60.1 million of subordinated debt outstanding at December 31, 2020. YCB, acquired by Wesbanco in 2016 and OLBK, acquired by Wesbanco in 2019, issued $25.0 million and $35.1 million in subordinated debt, respectively. The YCB notes were issued at a fixed rate of 6.25%, mature on December 15, 2025, and became callable on December 15, 2020. Beginning on the call date, the interest rate became a variable rate equal to 3-month LIBOR plus 4.59% with a current rate of 4.81%. The OLBK notes have a fixed rate of 5.625%, mature on August 15, 2026, and are callable on August 15, 2021. The interest rate will become a variable rate equal to 3-month LIBOR plus 4.502% on the call date. The YCB notes are considered Tier 2 regulatory capital for Wesbanco and Wesbanco Bank as they were initially issued by the Bank, while the OLBK notes are considered Tier 2 regulatory capital for Wesbanco. Certain trusts, consisting of Wesbanco Capital Trust II, Wesbanco Capital Statutory Trust III, Wesbanco Capital Trusts IV, V and VI, Oak Hill Capital Trusts 2, 3 and 4, Community Bank Shares Statutory Trusts I and II and First Federal Statutory Trust II are all wholly-owned trust subsidiaries of Wesbanco formed for the purpose of issuing Trust Preferred Securities (“Trust Preferred Securities”) into a pool of other financial services entity trust preferred securities, and lending the proceeds to Wesbanco. The Trust Preferred Securities were issued and sold in private placement offerings. The proceeds from the sale of the securities and the issuance of common stock by the Trusts were invested in Junior Subordinated Deferrable Interest Debentures (“Junior Subordinated Debt”) issued by Wesbanco and former acquired banks, which are the sole assets of the Trusts. The Trusts pay dividends on the Trust Preferred Securities at the same rate as the distributions paid by Wesbanco on the Junior Subordinated Debt held by the Trusts. The Trusts provide Wesbanco with the option to defer payment of interest on the Junior Subordinated Debt for an aggregate of 20 consecutive quarterly periods. Should any of these options be utilized, Wesbanco may not declare or pay dividends on its common stock during any such period. Undertakings made by Wesbanco with respect to the Trust Preferred Securities for the Trusts constitute a full and unconditional guarantee by Wesbanco of the obligations of these Trust Preferred Securities. The Junior Subordinated Debt is presented as a separate category of long-term debt on the Consolidated Balance Sheets. For regulatory purposes, the Federal Reserve Board has allowed bank holding companies to include trust preferred securities in Tier 1 capital up to a certain limit. Provisions in the Dodd-Frank Act require the Federal Reserve Board to generally exclude trust preferred securities from Tier 1 capital, but a grandfather provision permitted bank holding companies with consolidated assets of less than $15 billion to continue counting existing trust preferred securities as Tier 1 capital until they matured. At December 31, 2020, Wesbanco's assets were greater than $15 billion; therefore, all such securities are no longer counted as Tier 1 capital but instead are counted as Tier 2 capital subject to limits. In connection with the OLBK acquisition in 2019, Wesbanco acquired Regal MD Statutory Trusts I and II, Delaware trusts established in 2003 and 2005, respectively, inherited by OLBK as part of their acquisition of Regal Bancorp. The Trusts owned Junior Subordinated Debt issued by Regal Bancorp. The trust preferred securities and junior subordinated debt were redeemed at an aggregate redemption price, excluding accrued interest, of $6.7 million in March 2020. The following table shows Wesbanco’s trust subsidiaries with outstanding Trust Preferred Securities as of December 31, 2020: (in thousands) Trust Preferred Securities Common Securities Junior Subordinated Debt Stated Maturity Date Optional Redemption Date Wesbanco Capital Trust II (1) $ 13,000 $ 410 $ 13,410 6/30/2033 6/30/2008 Wesbanco Capital Statutory Trust III (2) 17,000 526 17,526 6/26/2033 6/26/2008 Wesbanco Capital Trust IV (3) 20,000 619 20,619 6/17/2034 6/17/2009 Wesbanco Capital Trust V (3) 20,000 619 20,619 6/17/2034 6/17/2009 Wesbanco Capital Trust VI (4) 15,000 464 15,464 3/17/2035 3/17/2010 Oak Hill Capital Trust 2 (5) 5,000 155 5,155 10/18/2034 10/18/2009 Oak Hill Capital Trust 3 (6) 8,000 248 8,248 10/18/2034 10/18/2009 Oak Hill Capital Trust 4 (7) 5,000 155 5,155 6/30/2035 6/30/2015 Community Bank Shares Statutory Trust I (3) 6,642 217 6,859 6/17/2034 6/17/2014 Community Bank Shares Statutory Trust II (8) 9,271 310 9,581 6/15/2036 6/15/2016 First Federal Statutory Trust II (9) 9,244 310 9,554 3/22/2037 3/15/2017 Total $ 128,157 $ 4,033 $ 132,190 (1) Variable rate based on the three-month LIBOR plus 3.15% with a current rate of 3.39% through March 30, 2021, adjustable quarterly. (2) Variable rate based on the three-month LIBOR plus 3.10% with a current rate of 3.35% through March 26, 2021, adjustable quarterly. (3) Variable rate based on the three-month LIBOR plus 2.65 % with a current rate of 2.88 % through March 17, 2021, adjustable quarterly. (4) Variable rate based on the three-month LIBOR plus 1.77 % with a current rate of 2.00% through March 17, 2021, adjustable quarterly. (5) Variable rate based on the three-month LIBOR plus 2.40% with a current rate of 2.62% through January 18, 2021, adjustable quarterly. (6) Variable rate based on the three-month LIBOR plus 2.30% with a current rate of 2.52% through January 18, 2021, adjustable quarterly. (7) Variable rate based on the three-month LIBOR plus 1.60% with a current rate of 1.84% through March 30, 2021, adjustable quarterly. (8) Variable rate based on the three-month LIBOR plus 1.70% with a current rate of 1.92% through March 15, 2021, adjustable quarterly. (9) Variable rate based on the three-month LIBOR plus 1.60% with a current rate of 1.82% through March 15, 2021, adjustable quarterly. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | NOTE 12. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives Wesbanco is exposed to certain risks arising from both its business operations and economic conditions. Wesbanco principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. Wesbanco manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Wesbanco’s existing interest rate derivatives result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in Wesbanco’s assets or liabilities. Wesbanco manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. A matched book is when the Bank’s assets and liabilities are equally distributed but also have similar maturities. Loan Swaps Wesbanco executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously economically hedged by offsetting interest rate swaps that Wesbanco executes with a third party, such that Wesbanco minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements of ASC 815, changes in the fair value of both the customer swaps and the offsetting third-party swaps are recognized directly in earnings. As of December 31, 2020 and 2019, Wesbanco had 112 and 65, respectively, interest rate swaps with an aggregate notional amount of $649.9 million and $399.9 million, respectively, related to this program. During the years ended December 31, 2020, 2019 and 2018, Wesbanco recognized net losses of $2.0 million, $1.1 million and $0.4 million, respectively, related to the changes in fair value of these swaps. Additionally, Wesbanco recognized $8.1 million, $4.5 million and $2.1 million of income for the related swap fees for the years ended December 31, 2020, 2019 and 2018, respectively. Risk participation agreements are entered into as financial guarantees of performance on interest rate swap derivatives. The purchased asset or sold liability allows Wesbanco to participate-in (fee received) or participate-out (fee paid) the risk associated with certain derivative positions executed by the borrower of the lead bank in a loan syndication. As of December 31, 2020 and December 31, 2019, Wesbanco had 12 and 10, respectively, risk participation-in agreements with an aggregate notional amount of $101.1 million and $96.5 million, respectively. As of December 31, 2020 and December 31, 2019, Wesbanco had one risk participation-out agreement with an aggregate notional amount of $10.0 million and $7.0 million, respectively. Mortgage Loans Held for Sale and Loan Commitments Certain residential mortgage loans are originated for sale in the secondary mortgage loan market. These loans are classified as held for sale and carried at fair value as Wesbanco has elected the fair value option. Fair value is determined based on rates obtained from the secondary market for loans with similar characteristics. Wesbanco sells loans to the secondary market on either a mandatory or best efforts basis. The loans sold on a mandatory basis are not committed to an investor until the loan is closed with the borrower. Wesbanco enters into forward to be announced (“TBA”) contracts to manage the interest rate risk between the loan commitment and the closing of the loan. The total balance of forward TBA contracts entered into was $183.5 million and $50.0 million at December 31, 2020 and December 31, 2019, respectively. Additionally, Wesbanco recognized losses of $7.4 million and $1.4 million, and a gain of $0.4 million, respectively, for the years ended December 31, 2020, 2019 and 2018, respectively, related to the changes in fair value of these contracts. The loans sold on a best efforts basis are committed to an investor simultaneous to the interest rate commitment with the borrower, and as a result, the Company does not enter into a separate forward TBA contract to offset the fair value risk as the investor accepts such risk in exchange for a lower premium on sale. Fair Values of Derivative Instruments on the Balance Sheet All derivatives are carried on the consolidated balance sheet at fair value. Derivative assets are classified in the consolidated balance sheet under other assets, and derivative liabilities are classified in the consolidated balance sheet under other liabilities. Changes in fair value are recognized in earnings. None of Wesbanco’s derivatives are designated in qualifying hedging relationships under ASC 815. The table below presents the fair value of Wesbanco’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 (in thousands) Notional or Contractual Amount Asset Derivatives Liability Derivatives Notional or Contractual Amount Asset Derivatives Liability Derivatives Derivatives Loan Swaps: Interest rate swaps $ 649,857 $ 46,418 $ 49,917 $ 399,860 $ 14,585 $ 16,117 Other contracts: Interest rate loan commitments 112,119 702 — 34,236 44 — Forward TBA contracts 183,500 — 1,161 50,000 — 88 Total derivatives $ 47,120 $ 51,078 $ 14,629 $ 16,205 Effect of Derivative Instruments on the Income Statement The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within the other non-interest income line item of the consolidated income statement for the years ended December 31, 2020, 2019 and 2018, respectively. For the Years Ended December 31, (in thousands) Location of Gain/(Loss) 2020 2019 2018 Interest rate swaps Other income $ (1,966 ) $ (1,101 ) $ (437 ) Interest rate loan commitments Mortgage banking income 658 (81 ) 125 Forward TBA contracts Mortgage banking income (7,442 ) (1,354 ) 443 Total $ (8,750 ) $ (2,536 ) $ 131 Credit Risk Related Contingent Features Wesbanco has agreements with its derivative counterparties that contain a provision where if Wesbanco defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Wesbanco could also be declared in default on its derivative obligations. Wesbanco also has agreements with certain of its derivative counterparties that contain a provision where if Wesbanco fails to maintain its status as either a “well-“ or “adequately-capitalized” institution, then the counterparty could terminate the derivative positions and Wesbanco would be required to settle its obligations under the agreements. Wesbanco has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral with a market value of $84.6 million as of December 31, 2020. If Wesbanco had breached any of these provisions at December 31, 2020, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 13. EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plan— The Wesbanco, Inc. Defined Benefit Pension Plan (“the Plan”) established on January 1, 1985, is a non-contributory, defined benefit pension plan. The Plan covers all employees of Wesbanco and its subsidiaries who were hired on or before August 1, 2007 who satisfy minimum age and length of service requirements. Benefits of the Plan are generally based on years of service and the employee’s compensation during the last five years of employment. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. Wesbanco uses a December 31 measurement date for the Plan. The benefit obligations and funded status of the Plan are as follows: December 31, (dollars in thousands) 2020 2019 Accumulated benefit obligation at end of year $ 157,328 $ 142,980 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 153,960 $ 128,758 Service cost 2,283 2,248 Interest cost 4,507 5,266 Actuarial loss 14,376 22,395 Plan amendment (313 ) — Benefits paid (6,380 ) (4,707 ) Projected benefit obligation at end of year $ 168,433 $ 153,960 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 167,720 $ 141,108 Actual return on plan assets 24,376 28,319 Employer contribution — 3,000 Benefits paid (6,380 ) (4,707 ) Fair value of plan assets at end of year $ 185,716 $ 167,720 Amounts recognized in the statement of financial position: Funded status $ 17,284 $ 13,760 Net amounts recognized as receivable pension costs in the consolidated balance sheets $ 17,284 $ 13,760 Amounts recognized in accumulated other comprehensive income consist of: Unrecognized prior service (credit) cost $ (227 ) $ 52 Unrecognized net loss 21,726 24,486 Net amounts recognized in accumulated other comprehensive income (before tax) $ 21,499 $ 24,538 Weighted average assumptions used to determine benefit obligations: Discount rate 2.74 % 3.38 % Rate of compensation increase 3.30 % 3.53 % Expected long-term return on assets 6.11 % 6.30 % The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows: For the Years Ended December 31, (dollars in thousands) 2020 2019 2018 Components of net periodic benefit cost: Service cost—benefits earned during year $ 2,283 $ 2,248 $ 2,835 Interest cost on projected benefit obligation 4,507 5,266 4,517 Expected return on plan assets (10,433 ) (8,869 ) (8,939 ) Amortization of prior service (credit) cost (34 ) 26 26 Amortization of net loss 3,192 3,240 3,053 Net periodic pension (income) cost $ (485 ) $ 1,911 $ 1,492 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net loss (gain) for period $ 432 $ 2,946 $ 2,068 Prior service credit (313 ) — — Unrecognized loss on merged plan — — 1,429 Amortization of prior service credit (cost) 34 (26 ) (26 ) Amortization of net loss (3,192 ) (3,240 ) (3,053 ) Total recognized in other comprehensive (income) loss $ (3,039 ) $ (320 ) $ 418 Total recognized in net periodic pension cost and other comprehensive income $ (3,524 ) $ 1,591 $ 1,910 Weighted-average assumptions used to determine net periodic pension cost: Discount rate 3.38 % 4.48 % 3.81 % Rate of compensation increase 3.53 % 3.62 % 3.70 % Expected long-term return on assets 6.30 % 6.30 % 6.30 % As permitted under ASC 715-30-35-13, the amortization of any prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the Plan. The expected long-term rate of return for the Plan’s total assets is based on the expected return of each of the Plan asset categories, weighted based on the median of the target allocation for each class. Pension Plan Investment Policy and Strategy— The investment policy as established by the Pension and Post-Retirement Plan Committee, to be followed by the Trustee, which is Wesbanco’s Trust and Investment Services department, is to invest assets based on the target allocations shown in the table below. Assets are reallocated periodically by the Trustee based on the ranges set forth by the Retirement Plans Committee to meet the target allocations. The investment policy is also subject to review periodically to determine if the policy should be changed. Plan assets are to be invested with the principal objective of maximizing long-term total return without exposing Plan assets to undue risk, taking into account the Plan’s funding needs and benefit obligations. Assets are to be invested in a balanced portfolio composed primarily of equities, fixed income, alternative asset funds and cash or cash equivalent money market investments. A maximum of 5% may be invested in any one stock. Foreign stocks may be included, either through direct investment or by the purchase of mutual funds, which invest in foreign stock. Wesbanco common stock can represent up to 5% of the total market value. Corporate bonds selected for purchase must be rated Baa1 by Moody’s or BBB+ by Standard and Poor’s or higher. No more than 5% shall be invested in bonds or notes issued by the same corporation with a maximum term of twenty years. There is no limit on the holdings of U.S. Treasury or Federal Agency Securities. At December 31, 2020 and 2019, the Plan’s equity securities included 55,300 shares of Wesbanco common stock with a fair market value of $1.7 million and $2.1 million, respectively. The following table sets forth the Plan’s weighted-average asset allocations by asset category: Target Allocation December 31, for 2020 2020 2019 Asset Category: Equity securities 55-75% 69 % 65 % Debt securities 25-55% 28 % 31 % Cash and cash equivalents 0-5% 3 % 4 % Total 100 % 100 % The fair values of Wesbanco’s pension plan assets at December 31, 2020 and 2019, by asset category are as follows: December 31, 2020 Fair Value Measurements Using: (in thousands) Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Defined benefit pension plan assets: Registered investment companies $ 58,101 $ 58,101 $ — $ — Equity securities 85,222 85,222 — — Corporate debt securities 21,170 — 21,170 — Municipal obligations 2,382 — 2,382 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 18,425 — 18,425 — Total defined benefit pension plan assets (1) $ 185,300 $ 143,323 $ 41,977 $ — (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 $186.3 million. December 31, 2019 Fair Value Measurements Using: (in thousands) Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Defined benefit pension plan assets: Registered investment companies $ 47,699 $ 47,699 $ — $ — Equity securities 75,807 75,807 — — Corporate debt securities 16,122 — 16,122 — Municipal obligations 3,313 — 3,313 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 26,320 — 26,320 — Total defined benefit pension plan assets (1) $ 169,261 $ 123,506 $ 45,755 $ — (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 $167.9 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 2021 and as of December 31, 2020 does not expect to make a voluntary contribution in 2021. Wesbanco contributed $3.0 million and $2.5 million for the years ended December 31, 2019 and December 31, 2018, respectively. Wesbanco did not make a contribution to the Plan in 2020. The following table presents estimated benefits to be paid in each of the next five years and in the aggregate for the five years thereafter ( in thousands Year Amount 2021 $ 6,105 2022 6,313 2023 6,669 2024 7,027 2025 7,416 2026 to 2030 41,262 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 The benefit obligation and funded status of the plan are as follows: December 31, (dollars in thousands) 2020 2019 Change in projected benefit obligation: Projected benefit obligation $ 12,632 $ 11,514 Interest cost 360 460 Actuarial loss (gain) 302 1,304 Participant contributions 353 392 Benefits paid (952 ) (1,038 ) Projected benefit obligation at end of year $ 12,695 $ 12,632 Amounts recognized in the statement of financial position: Funded status $ (12,695 ) $ (12,632 ) Net amounts recognized as receivable pension costs in the consolidated balance sheets $ (12,695 ) $ (12,632 ) Amounts recognized in accumulated other comprehensive income consist of: Unrecognized net loss $ 1,388 $ 1,153 Prior service cost (2,792 ) (3,016 ) Net amounts recognized in accumulated other comprehensive income (before tax) $ (1,404 ) $ (1,863 ) Weighted average assumptions used to determine benefit obligations: Discount rate 2.65 % 3.35 % Rate of compensation increase NA NA Expected long-term return on assets NA NA The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows: For the Years Ended December 31, (dollars in thousands) 2020 2019 Components of net periodic benefit cost: Interest cost on projected benefit obligation $ 360 $ 460 Amortization of prior service credit (224 ) (224 ) Amortization of net loss 67 - Net periodic pension cost $ 203 $ 236 Other changes in plan benefit obligations recognized in other comprehensive income: Prior service cost for period $ - $ - Net (gain) loss for the period 302 1,304 Amortization of prior service credit 224 224 Amortization of net loss (67 ) - Total recognized in other comprehensive income $ 459 $ 1,528 Total recognized in net periodic pension cost and other comprehensive income $ 662 $ 1,764 Weighted-average assumptions used to determine net periodic pension cost: Discount rate 1.97 % 2.96 % 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 the five years thereafter (in thousands) Year Amount 2021 $ 599 2022 621 2023 623 2024 627 2025 616 2026 to 2030 3,011 Employee Stock Ownership and 401(k) Plan (“KSOP”) — Wesbanco sponsors a KSOP plan consisting of a non-contributory leveraged ESOP and 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. No ESOP contribution has been made for any of the past three years. As of December 31, 2020, the KSOP held 483,734 shares of Wesbanco common stock of which all shares were allocated to specific employee accounts. Dividends on shares are either distributed to employee accounts or paid in cash to the participant. Total expense for the KSOP was $5.3 million, $4.4 million and $3.7 million in 2020, 2019 and 2018, respectively. Wesbanco had 246,769 and 343,107 shares registered on Form S-8 remaining for future issuance under the KSOP plan at December 31, 2020 and 2019, respectively. Incentive Bonus, Option and Restricted Stock Plan— The Incentive Bonus, Option and Restricted Stock Plan (the “Incentive Plan”), is a non-qualified plan that includes the following components: an Annual Bonus and a Long-Term Incentive, which included a Total Shareholder Return Plan, a Stock Option component, and a Restricted Stock component for certain key officers of the Company. The components allow for payments of cash, a mixture of cash and stock, granting of stock options, or granting of restricted stock, depending upon the component of the Incentive Plan in which the award is earned, through the attainment of certain performance goals for a time-based vesting requirements. Performance goals or service vesting requirements are established by Wesbanco’s Compensation Committee. On April 20, 2017, Wesbanco registered an additional 1,000,000 shares of Wesbanco common stock for issuance under the Incentive Plan. Wesbanco had 35,711 and 408,466 shares registered on Form S-8 remaining for future issuance under equity compensation plans at December 31, 2020 and 2019, respectively. As of December 31, 2020, all restricted shares available for issuance have been exhausted. Annual Bonus Compensation expense for key officers for the Annual Bonus was $1.7 million, $2.1 million and $2.0 million for 2020, 2019, and 2018, respectively. Stock Options On May 26, 2020, Wesbanco granted 142,600 stock options to selected participants, including certain named executive officers at an exercise price of $21.55 per share. The options granted in 2020 are service-based and vest in two equal installments on December 31, 2020 and December 31, 2021, and expire seven years from the date of grant. Compensation expense for the stock option component of the Incentive Plan was $0.6 million, $0.9 million and $0.6 million for 2020, 2019 and 2018, respectively. At December 31, 2020, the total unrecognized compensation expense related to non-vested stock option grants totaled $0.2 million with an expense recognition period of one year remaining. The maximum term of options granted under Wesbanco’s stock option plan is ten years from the original grant date; however, options granted in 2020 had a term of seven years. The total intrinsic value of options exercised was $45 thousand and $132 thousand for the years ended December 31, 2020 and 2019, respectively. The cash received and related tax benefit realized from stock options exercised was $153 thousand and $11 thousand in 2020 and was $157 thousand and $30 thousand in 2019. Shares issued in connection with options exercised are issued from treasury shares acquired under Wesbanco’s share repurchase plans or from issuance of authorized but unissued shares, subject to prior SEC registration. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that might otherwise have a significant effect on the value of stock options granted that are not considered by the model. The following table sets forth the significant assumptions used in calculating the fair value of the grants: For the Years Ended December 31, 2020 2019 2018 Weighted-average life 5.7 years 5.6 years 5.2 years Risk-free interest rate 0.41 % 2.18 % 2.95 % Dividend yield 5.94 % 2.80 % 2.54 % Volatility factor 28.38 % 21.97 % 21.27 % Fair value of the grants $ 2.54 $ 6.36 $ 8.54 The weighted-average life assumption is an estimate of the length of time that an employee might hold an option before option exercise, option expiration or employment termination. The weighted-average life assumption was developed using historical experience. Wesbanco used a weighted historical volatility of its common stock price over the weighted average life prior to each issuance as the volatility factor assumption, adjusted for abnormal volatility during certain periods, and current and future dividend payment expectations for the dividend assumption. The following table shows the activity for the Stock Option component of the Incentive Plan: For the Year Ended December 31, 2020 Number of Options Weighted Average Exercise Price Per Share Outstanding at beginning of the year 733,440 $ 33.06 Granted during the year 142,600 21.55 Exercised during the year (61,623 ) 15.93 Forfeited or expired during the year (39,668 ) 22.03 Outstanding at end of the year 774,749 $ 32.87 Exercisable at year end 703,636 $ 34.01 The aggregate intrinsic value of the outstanding shares and the shares exercisable at year-end was $2.2 million and $1.6 million, respectively. The following table shows the average remaining life of the stock options at December 31, 2020: Year Issued Exercisable at Year End Exercise Price Range Per Share Options Outstanding Weighted Average Exercise Price Weighted Avg. Remaining Contractual Life in Years 2011 393 $ 9.97 393 $ 9.97 0.07 2012 5,490 10.20 to 13.96 5,490 $ 12.89 1.55 2013 18,745 15.35 18,745 $ 15.35 2.16 2014 53,925 21.37 to 28.79 53,925 $ 25.77 1.51 2015 72,522 18.33 to 31.58 72,522 $ 27.19 2.43 2016 84,988 22.63 to 32.37 84,988 $ 29.62 3.18 2017 104,475 38.88 104,475 $ 38.88 3.35 2018 166,486 36.97 to 45.65 166,486 $ 43.31 5.20 2019 125,500 38.93 125,500 $ 38.93 5.37 2020 71,112 21.55 142,225 $ 21.55 6.40 Total 703,636 $ 9.97 to $45.65 774,749 $ 32.87 4.36 Restricted Stock During 2020, Wesbanco granted 176,924 shares of service-based restricted stock to certain officers and directors, which cliff vest 36 months from the date of grant. The weighted average fair value of the restricted stock granted was $21.58 per share. The restricted stock grant provides the recipient with voting rights from the date of issuance. Dividends paid on these restricted shares during the restriction period are converted into additional shares of restricted stock on the date the cash dividend would have otherwise been paid, but do not vest until the related grant of the restricted shares complete their vesting. The Compensation Committee has discretion to elect to pay such dividends in cash to participants. Voting rights accrue from date of issuance of these shares. Wesbanco also granted 30,298 shares of performance-based restricted stock to select officers. These shares have a three-year Dividends accrue on the restricted shares once the performance objective is achieved and then are converted into additional shares of restricted stock on the date the cash dividend would have otherwise been paid, but do not vest until the related grant of the restricted shares complete their vesting. The Compensation Committee has discretion to elect to pay such dividends in cash to participants. Voting rights accrue upon achievement of the performance objective. Compensation expense relating to all restricted stock was $4.6 million, $4.2 million and $3.0 million in 2020, 2019 and 2018, respectively. At December 31, 2020, the total unrecognized compensation expense related to non-vested restricted stock grants totaled $7.0 million with a weighted average expense recognition period of 1.5 years remaining. The following table shows the activity for the Restricted Stock component of the Incentive Plan: For the Year Ended December 31, 2020 Restricted Stock Weighted Average Grant Date Fair Value Per Share Non-vested at January 1, 2020 352,250 $ 40.75 Granted during the year 207,222 21.58 Vested during the year (89,954 ) 36.34 Forfeited or expired during the year (6,328 ) 24.29 Dividend reinvestment 16,854 23.18 Non-vested at end of the year 480,044 $ 32.90 Total Shareholder Return Plan On November 18, 2015, Wesbanco’s Compensation Committee adopted Administrative Rules for a Total Shareholder Return Plan (“TSRP”). The TSRP measures the TSR on Wesbanco common stock over a three-year three-year Based on the calculation of shareholder return over the measurement period beginning January 1, 2018 and ending December 31, 2020, Wesbanco stock performance did not equal or exceed the 50th percentile when compared to peer calculations of shareholder return. Therefore, none of the 12,000 shares granted in 2018 will vest. Compensation expense relating to the TSR plans was $0.4 million, $0.4 million, and $0.5 million in 2020, 2019 and 2018, respectively. The grant date fair value of the 2020 TSR award was $24.46 per share. At December 31, 2020, the total unrecognized compensation expense related to non-vested TSR awards totaled $0.4 million with a weighted average expense recognition period of 2.4 years remaining. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 14. REVENUE RECOGNITION Interest income, net securities gains (losses) and bank-owned life insurance are not in scope of ASC 606, Revenue from Contracts with Customers Trust fees: Fees are earned over a period of time between monthly and annually, per the related fee schedule. The fees are earned ratably over the period for investment, safekeeping and other services performed by Wesbanco. The fees are accrued when earned based on the daily asset value on the last day of the quarter. In most cases, the fees are directly debited from the customer account. WesMark fees consist of investment advisory fees and shareholder service fees and are paid to Wesbanco by the WesMark mutual funds on a monthly basis for Wesbanco’s involvement with the management of the funds. Service charges on deposits: There are monthly service charges for both commercial and personal banking customers, which are earned over the month per the related fee schedule based on the customers’ deposits. There are also transaction-based fees, which are earned based on specific transactions or customer activity within the customers’ deposit accounts. These are earned at the time the transaction or customer activity occurs. The fees are debited from the customer account. Net securities brokerage revenue: Commission income is earned based on customer transactions and management of investments. The commission income from customers’ transactions is recognized when the transaction is complete and approved. Annuity commissions are earned based upon the carrier’s commission rate for the annuity product chosen by the investing customer. The commission income from the management of investments over time is earned continuously over a quarterly period. Debit card sponsorship income: Debit card sponsorship income is earned from Wesbanco’s sponsorship of its customers, which include independent service organizations, processors and other banks into different debit networks. For providing this service, the customers pay the bank a per transaction fee for each transaction processed through the network. In some cases, customers are also charged annual sponsorship fees and non-compliance fees as applicable. The fees are earned at the time the transaction or customer activity occurs. The fees are either directly debited from the customers' deposit accounts or are billed to the customer. Payment processing fees: Payment processing fees are earned from the bill payment and electronic funds transfer (“EFT”) services provided under the name FirstNet. The fees are derived from both the individual consumer banking transactions and from businesses or service providers through monthly billing for total transactions occurring. These fees are earned at the time the transaction or customer activity occurs. The fees are debited from the customers’ deposit accounts or charged directly to the business or service provider. Electronic banking fees: Interchange and ATM fees are earned based on customer and ATM transactions. Revenue is recognized when the transaction is settled. Mortgage banking income: Income is earned when Wesbanco-originated loans are sold to an investor on the secondary market. The investor bids on the loans. If the price is accepted, Wesbanco delivers the loan documents to the investor. Once received and approved by the investor, revenue is recognized and the loans are derecognized from the Consolidated Balance Sheet. Prior to the loans being sold, they are classified as loans held for sale. Additionally, the changes in the fair value of the loans held for sale, loan commitments and related derivatives are included in mortgage banking income and are slightly offset by any deferred direct origination costs, such as mortgage loan officer commissions. Net gain or loss on sale of other real estate owned: Net gain or loss is recorded when other real estate is sold to a third party and the Bank collects substantially all of the consideration to which Wesbanco is entitled in exchange for the transfer of the property. The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams: For the Years Ended December 31, (in thousands) Point of Revenue Recognition 2020 2019 2018 Revenue Streams Trust fees Trust account fees Over time $ 17,753 $ 18,059 $ 15,833 WesMark fees Over time 8,582 8,520 8,790 Total trust fees 26,335 26,579 24,623 Service charges on deposits Commercial banking fees Over time 2,337 2,033 1,733 Personal service charges At a point in time and over time 19,606 24,941 21,937 Total service charges on deposits 21,943 26,974 23,670 Net securities brokerage revenue Annuity commissions At a point in time 3,906 4,829 5,178 Equity and debt security trades At a point in time 349 434 429 Managed money Over time 952 738 647 Trail commissions Over time 982 989 932 Total net securities brokerage revenue 6,189 6,990 7,186 Debit card sponsorship income (1) At a point in time and over time 2,792 328 - Payment processing fees (1) At a point in time and over time 3,010 3,002 1,028 Electronic banking fees At a point in time 17,524 22,634 23,300 Mortgage banking income At a point in time 22,736 8,219 5,840 Net gain on other real estate owned and other assets At a point in time 103 732 524 (1) Debit card sponsorship income and payment processing fees are included in other non-interest income. |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Other Operating Expenses | NOTE 15. OTHER OPERATING EXPENSES Other operating expenses consist of miscellaneous taxes, consulting fees, ATM expenses, postage, supplies, legal fees, communications, other real estate owned and foreclosure expenses, and other expenses. Other operating expenses are presented below: For the Years Ended December 31, (in thousands) 2020 2019 2018 Franchise and other miscellaneous taxes $ 14,112 $ 12,813 $ 9,847 Consulting, regulatory and advisory fees 11,717 8,993 6,976 ATM and electronic banking interchange expenses 8,365 6,931 5,718 Postage and courier expenses 5,028 5,334 4,143 Supplies 4,561 4,499 3,180 Legal fees 3,307 3,054 2,778 Communications 4,292 3,720 2,569 Other real estate owned and foreclosure expenses (108 ) 397 831 Other 19,474 16,915 14,679 Total other operating expenses $ 70,748 $ 62,656 $ 50,721 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 16. INCOME TAXES On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The Act provided for the opportunity to carryback certain federal net operating losses up to five years. Wesbanco’s net operating losses had previously been recorded at the current statutory rate of 21%. As a result of the CARES Act, Wesbanco recorded an income tax benefit of $0.2 million in recognition of the rate differential between the current statutory rate and the rate in effect for which year the net operating loss will be carried back. Reconciliation from the federal statutory income tax rate to the effective tax rate is as follows: For the Years Ended December 31, 2020 2019 2018 Federal statutory tax rate 21.0 % 21.0 % 21.0 % Net tax-exempt interest income on securities and loans of state and political subdivisions (4.2 %) (3.3 %) (3.2 %) State income taxes, net of federal tax effect 1.9 % 1.7 % 1.7 % Bank-owned life insurance (1.1 %) (0.6 %) (0.8 %) General business credits (3.7 %) (2.2 %) (1.6 %) All other—net 2.0 % 1.2 % 0.9 % Effective tax rate 15.9 % 17.8 % 18.0 % The provision for income taxes applicable to income before taxes consists of the following: For the Years Ended December 31, (in thousands) 2020 2019 2018 Current: Federal $ 27,924 $ 22,540 $ 20,707 State 5,629 3,977 3,542 Deferred: Federal (8,418 ) 7,736 6,864 State (2,100 ) 88 299 Total $ 23,035 $ 34,341 $ 31,412 The following income tax amounts were recorded in shareholders’ equity as elements of other comprehensive income: (in thousands) 2020 2019 2018 Securities and defined benefit pension plan unrecognized items $ 9,730 $ 11,570 $ (1,250 ) Deferred tax assets and liabilities consist of the following: December 31, (in thousands) 2020 2019 2018 Deferred tax assets: Allowance for loan losses $ 44,859 $ 12,788 $ 11,207 Compensation and benefits 6,894 7,144 5,851 Security gains 2,113 3,031 3,707 Non-accrual interest income 1,135 1,297 1,388 Tax credit carryforwards — 149 — Net operating loss carryforwards 5,472 6,923 4,854 Fair value adjustments on securities available-for-sale — — 6,345 Lease accrual 13,530 13,787 — Other 5,441 2,314 2,125 Gross deferred tax assets 79,444 47,433 35,477 Deferred tax liabilities: Depreciation and amortization (3,414 ) (4,014 ) (1,020 ) Accretion on securities (274 ) (339 ) (461 ) Deferred fees and costs (3,018 ) (2,388 ) (1,641 ) Purchase accounting adjustments (8,669 ) (2,787 ) (1,003 ) Fair value adjustments on securities available-for-sale (14,865 ) (5,749 ) — Partnership adjustments (555 ) (521 ) (680 ) Lease - right of use assets (12,438 ) (13,064 ) — Other (168 ) (40 ) (367 ) Gross deferred tax liabilities (43,401 ) (28,902 ) (5,172 ) Net deferred tax assets $ 36,043 $ 18,531 $ 30,305 No valuation allowance was established for any deferred tax assets, since management believes that deferred tax assets are likely to be realized through future reversals of existing taxable temporary differences and future taxable income. As a result of the acquisition of YCB in 2016 and OLBK in 2019, Wesbanco has federal net operating loss (“NOL”) carryforwards of $25.7 million, which expire beginning in 2033 and 2036; respectively. Wesbanco has Maryland NOL carryforwards of $18.0 million, which begin expiring in 2035. The use of the federal NOL and other carryforwards are limited by Internal Revenue Code Section 382, but they are expected to be utilized before their respective expiration dates. As a result of the previous acquisitions of YCB, ESB Financial Corporation, Fidelity Bancorp, Inc., Western Ohio Financial Corporation, Winton Financial Corporation and Oak Hill Financial, Inc., retained earnings at both December 31, 2020 and 2019 included $45.9 million of qualifying and non-qualifying tax bad debt reserves existing as of December 31, 1987, upon which no provision for income taxes has been recorded. The related amount of unrecognized deferred tax liability is $10.8 million for both 2020 and 2019. If this portion of retained earnings is used in the future for any purpose other than to absorb bad debts, it would be added to future taxable income. Federal and state income taxes applicable to securities transactions totaled $1.0 million, $1.0 million and $(0.2) million for the years ended December 31, 2020, 2019 and 2018, respectively. Wesbanco had $0.3 million and $0.4 million of unrecognized tax benefits and interest as of December 31, 2020 and 2019, respectively. As of December 31, 2020, $0.3 million of these tax benefits would affect the effective tax rate if recognized. At December 31, 2020 and December 31, 2019, accrued interest related to uncertain tax positions was immaterial. Wesbanco provides for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. Wesbanco is subject to U.S. federal income tax as well as to tax in various state income tax jurisdictions. Wesbanco and its prior acquired companies are no longer subject to any income tax examinations for years prior to 2017. Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and the federal income tax benefit of unrecognized state tax benefits) is as follows: For the Years Ended December 31, (in thousands) 2020 2019 2018 Balance at beginning of year $ 434 $ 465 $ 467 Additions based on tax positions related to the current year — 58 68 Reductions for tax positions of prior years — — — Reductions due to the statute of limitations (110 ) (89 ) (70 ) Settlements — — — Balance at end of year $ 324 $ 434 $ 465 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 17. FAIR VALUE MEASUREMENT Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair value estimates may not be substantiated by comparison to independent markets and are not intended to reflect the proceeds that may be realizable in an immediate settlement of the instruments. Fair value is determined at one point in time and is not representative of future value. These amounts do not reflect the total value of a going concern organization. Management does not have the intention to dispose of a significant portion of its assets and liabilities, and therefore the unrealized gains or losses should not be interpreted as a forecast of future earnings and cash flows. The following is a discussion of assets and liabilities measured at fair value on a recurring basis and valuation techniques applied: Investment securities: The fair value of investment securities which are measured on a recurring basis are determined primarily by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other similar securities. These securities are classified within level 1 or 2 in the fair value hierarchy. Positions that are not traded in active markets for which valuations are generated using assumptions not observable in the market or management’s best estimate are classified within level 3 of the fair value hierarchy. This includes certain specific municipal debt issues for which the credit quality and discount rate must be estimated. Loans held for sale: Loans held for sale are carried, in aggregate, at fair value as Wesbanco previously elected the fair value option. The use of a valuation model using quoted prices of similar instruments are significant observable inputs in arriving at the fair value and therefore loans held for sale are classified within level 2 of the fair value hierarchy. Derivatives: Wesbanco enters into interest rate swap agreements with qualifying commercial customers to meet their financing, interest rate and other risk management needs. These agreements provide the customer the ability to convert from variable to fixed interest rates. The credit risk associated with derivatives executed with customers is essentially the same as that involved in extending loans and is subject to normal credit policies and monitoring. Those interest rate swaps are economically hedged by offsetting interest rate swaps that Wesbanco executes with derivative counterparties in order to offset its exposure on the fixed components of the customer interest rate swap agreements. The interest rate swap agreement with the loan customer and with the counterparty is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period earnings as other income and other expense. Wesbanco enters into forward TBA contracts to manage the interest rate risk between the loan commitments to the customer and the closing of the loan for loans that will be sold on a mandatory basis to secondary market investors. The forward TBA contract is reported at fair value in other assets and other liabilities on the consolidated balance sheet with any resulting gain or loss recorded in current period’s earnings as mortgage banking income. Wesbanco determines the fair value for derivatives using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Wesbanco incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. We may be required from time to time to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or write-downs of individual assets and liabilities. Individually-evaluated nonperforming loans: Individually-evaluated non-performing loans are carried at the amortized cost basis less the specific allowance calculated with the CECL. Since these loans are nonperforming, cash flows could not be estimated and thus are calculated using a cost basis approach or collateral value approach. Other real estate owned and repossessed assets: Other real estate owned and repossessed assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral, and therefore other real estate owned and repossessed assets are classified within level 3 of the fair value hierarchy. The fair value amounts presented in the table below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. The following tables set forth Wesbanco’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2020 and December 31, 2019: December 31, 2020 Fair Value Measurements Using: (in thousands) December 31, 2020 Quoted Prices in Active Markets for Identical Assets (level 1) Significant Other Observable Inputs (level 2) Significant Unobservable Inputs (level 3) Recurring fair value measurements Equity securities $ 13,047 $ 13,047 $ — $ — Available-for-sale debt securities: U.S. Treasury 39,982 — 39,982 — U.S. Government sponsored entities and agencies 211,682 — 211,682 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,264,737 — 1,264,737 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 320,098 — 320,098 — Obligations of state and political subdivisions 115,762 — 114,227 1,535 Corporate debt securities 25,875 — 25,875 — Total available-for-sale debt securities $ 1,978,136 $ — $ 1,976,601 $ 1,535 Loans held for sale 168,378 — 168,378 — Other assets—interest rate derivatives agreements 46,418 — 46,418 — Total assets recurring fair value measurements $ 2,205,979 $ 13,047 $ 2,191,397 $ 1,535 Other liabilities—interest rate derivatives agreements 49,917 — 49,917 — Total liabilities recurring fair value measurements $ 49,917 $ — $ 49,917 $ — Nonrecurring fair value measurements Individually-evaluated nonperforming loans $ 1,958 $ — $ — $ 1,958 Other real estate owned and repossessed assets 549 — — 549 Total nonrecurring fair value measurements $ 2,507 $ — $ — $ 2,507 December 31, 2019 Fair Value Measurements Using: (in thousands) December 31, 2019 Quoted Prices in Active Markets for Identical Assets (level 1) Significant Other Observable Inputs (level 2) Significant Unobservable Inputs (level 3) Recurring fair value measurements Equity securities $ 12,343 $ 12,343 $ — $ — Available-for-sale debt securities: U.S. Treasury 32,836 — 32,836 — U.S. Government sponsored entities and agencies 159,628 — 159,628 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,815,987 — 1,815,987 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 190,409 — 190,409 — Obligations of state and political subdivisions 145,609 — 144,004 1,605 Corporate debt securities 49,089 — 49,089 — Total available-for-sale debt securities $ 2,393,558 $ — $ 2,391,953 $ 1,605 Loans held for sale 43,013 — 43,013 — Other assets—interest rate derivatives agreements 14,585 — 14,585 — Total assets recurring fair value measurements $ 2,463,499 $ 12,343 $ 2,449,551 $ 1,605 Other liabilities—interest rate derivatives agreements 16,117 — 16,117 — Total liabilities recurring fair value measurements $ 16,117 $ — $ 16,117 $ — Nonrecurring fair value measurements Impaired loans $ 2,362 $ — $ — $ 2,362 Other real estate owned and repossessed assets 4,178 — — 4,178 Total nonrecurring fair value measurements $ 6,540 $ — $ — $ 6,540 Wesbanco’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no significant transfers between levels 1, 2, or 3 for the years ended December 31, 2020 and 2019. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Wesbanco has utilized level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range / Weighted Average December 31, 2020: Individually-evaluated nonperforming loans $ 1,958 Appraisal of collateral (1) Appraisal adjustments (2) (30.0%)/(30.0%) Liquidation expenses (2) (5.6%)/(5.6%) Other real estate owned and repossessed assets 549 Appraisal of collateral (1)(3) December 31, 2019: Impaired loans $ 2,362 Appraisal of collateral (1) Appraisal adjustments (2) (29.8%)/(29.8%) Liquidation expenses (2) (5.3%)/(5.3%) Other real estate owned and repossessed assets 4,178 Appraisal of collateral (1)(3) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expenses are presented as a percent of the appraisal. (3) Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management which are not identifiable. The estimated fair values of Wesbanco’s financial instruments are summarized below: Fair Value Measurements at December 31, 2020 (in thousands) Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (level 1) Significant Other Observable Inputs (level 2) Significant Unobservable Inputs (level 3) Financial Assets Cash and due from banks $ 905,447 $ 905,447 $ 905,447 $ — $ — Equity securities 13,047 13,047 13,047 — — Available-for-sale debt securities 1,978,136 1,978,136 — 1,976,601 1,535 Held-to-maturity debt securities 730,886 768,183 — 767,720 463 Net loans 10,603,406 10,802,883 — — 10,802,883 Loans held for sale 168,378 168,378 — 168,378 — Other assets—interest rate derivatives 46,418 46,418 — 46,418 — Accrued interest receivable 66,790 66,790 66,790 — — Financial Liabilities Deposits 12,429,373 12,439,981 10,810,863 1,629,118 — Federal Home Loan Bank borrowings 549,003 555,375 — 555,375 — Other borrowings 241,950 235,796 235,796 — — Subordinated debt and junior subordinated debt 192,291 174,452 — 105,768 68,684 Other liabilities—interest rate derivatives 49,917 49,917 — 49,917 — Accrued interest payable 4,314 4,314 4,314 — — Fair Value Measurements at December 31, 2019 (in thousands) Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (level 1) Significant Other Observable Inputs (level 2) Significant Unobservable Inputs (level 3) Financial Assets Cash and due from banks $ 234,796 $ 234,796 $ 234,796 $ — $ — Equity securities 12,343 12,343 12,343 — — Available-for-sale debt securities 2,393,558 2,393,558 — 2,391,953 1,605 Held-to-maturity debt securities 851,753 874,523 — 873,995 528 Net loans 10,215,556 10,297,989 — — 10,297,989 Loans held for sale 43,013 43,013 — 43,013 — Other assets—interest rate derivatives 14,585 14,585 — 14,585 — Accrued interest receivable 43,648 43,648 43,648 — — Financial Liabilities Deposits 11,004,006 10,989,818 8,948,086 2,041,732 — Federal Home Loan Bank borrowings 1,415,615 1,420,302 — 1,420,302 — Other borrowings 282,362 282,691 279,345 3,346 — Subordinated debt and junior subordinated debt 199,869 188,349 — 122,934 65,415 Other liabilities—interest rate derivatives 16,117 16,117 — 16,117 — Accrued interest payable 8,077 8,077 8,077 — — The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on Wesbanco’s consolidated balance sheets: Cash and due from banks: The carrying amount for cash and due from banks is a reasonable estimate of fair value. Held-to-maturity debt securities: Fair values for debt securities held-to-maturity are determined in the same manner as investment securities, which are described above. Net loans: Fair values for loans are estimated using a discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and other market factors, including liquidity. Wesbanco believes the discount rates are consistent with transactions occurring in the marketplace for both performing and distressed loan types. The carrying value is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 of the fair value hierarchy. Accrued interest receivable: The carrying amount of accrued interest receivable approximates its fair value . Deposits: The carrying amount is considered a reasonable estimate of fair value for demand, savings and other variable rate deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank borrowings: The fair value of FHLB borrowings is based on rates currently available to Wesbanco for borrowings with similar terms and remaining maturities. Other borrowings: The carrying amount of federal funds purchased and overnight sweep accounts generally approximate fair value. Other repurchase agreements are based on quoted market prices if available. If market prices are not available, for certain fixed and adjustable rate repurchase agreements, then quoted market prices of similar instruments are used. Subordinated debt and junior subordinated debt: The fair value of subordinated debt is estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements. Due to the pooled nature of junior subordinated debt owed to unconsolidated subsidiary trusts, which are not actively traded, estimated fair value is based on recent similar transactions of single-issuer trust preferred securities. Accrued interest payable: The carrying amount of accrued interest payable approximates its fair value. Off-balance sheet financial instruments: Off-balance sheet financial instruments consist of commitments to extend credit, including letters of credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit and letters of credit are insignificant and therefore are not presented in the above tables. |
Comprehensive Income_(Loss)
Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Comprehensive Income/(Loss) | NOTE 18. COMPREHENSIVE INCOME/(LOSS) The activity in accumulated other comprehensive income for the years ended December 31, 2020, 2019 and 2018 is as follows: Accumulated Other Comprehensive Income/(Loss) (1) (in thousands) Defined Benefit Plans Unrealized Gains (Losses) on Debt Securities Available-for- Sale Unrealized Gains on Debt Securities Transferred from Available-for- Sale to Held-to- Maturity Total Balance at December 31, 2019 $ (17,468 ) $ 18,644 $ 25 $ 1,201 Other comprehensive income/(loss) before reclassifications (320 ) 30,153 — 29,833 Amounts reclassified from accumulated other comprehensive income/(loss) 2,286 (1,936 ) (25 ) 325 Period change 1,966 28,217 (25 ) 30,158 Balance at December 31, 2020 $ (15,502 ) $ 46,861 $ — $ 31,359 Balance at December 31, 2018 $ (16,542 ) $ (21,522 ) $ 193 $ (37,871 ) Other comprehensive income/(loss) before reclassifications (3,239 ) 40,341 — 37,102 Amounts reclassified from accumulated other comprehensive income/(loss) 2,313 (175 ) (168 ) 1,970 Period change (926 ) 40,166 (168 ) 39,072 Balance at December 31, 2019 $ (17,468 ) $ 18,644 $ 25 $ 1,201 Balance at December 31, 2017 $ (18,626 ) $ (13,250 ) $ 381 $ (31,495 ) Other comprehensive income/(loss) before reclassifications (4,277 ) (7,220 ) — (11,497 ) Acquired FFKT post-retirement medical benefit plan 4,235 — — 4,235 Amounts reclassified from accumulated other comprehensive income/(loss) 2,126 11 (188 ) 1,949 Period change 2,084 (7,209 ) (188 ) (5,313 ) Adoption of ASU 2016-01 (2) — (1,063 ) — (1,063 ) Balance at December 31, 2018 $ (16,542 ) $ (21,522 ) $ 193 $ (37,871 ) (1) All amounts are net of tax. Related income tax expense (2) See Note 4, “Securities”, for additional information about Wesbanco’s adoption of ASU 2016-01. Details about Accumulated Other Comprehensive Income/(Loss) Components Amounts Reclassified from Accumulated Other Comprehensive Income/ (Loss) For the Years Ended December 31, Affected Line Item in the Statement of Net Income (in thousands) 2020 2019 2018 Securities available-for-sale (1): Net securities (gains) losses reclassified into earnings $ (2,540 ) $ (227 ) $ 15 Net securities gains (Non-interest income) Related income tax expense (benefit) 604 52 (4 ) Provision for income taxes Net effect on accumulated other comprehensive income/(loss) for the period (1,936 ) (175 ) 11 Securities held-to-maturity (1): Amortization of unrealized gain transferred from available-for-sale (32 ) (222 ) (244 ) Interest and dividends on securities (Interest and dividend income) Related income tax expense 7 54 56 Provision for income taxes Net effect on accumulated other comprehensive income/(loss) for the period (25 ) (168 ) (188 ) Defined benefit plans (2): Amortization of net loss and prior service costs 3,000 3,042 2,948 Employee benefits (Non-interest expense) Related income tax benefit (714 ) (729 ) (822 ) Provision for income taxes Net effect on accumulated other comprehensive income/(loss) for the period 2,286 2,313 2,126 Total reclassifications for the period $ 325 $ 1,970 $ 1,949 (1) For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income see Note 4, “Securities.” (2) Included in the computation of net periodic pension cost. See Note 13, “Employee Benefit Plans” for additional detail. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE 19. COMMITMENTS AND CONTINGENT LIABILITIES Commitments— In the normal course of business, Wesbanco offers off-balance sheet credit arrangements to enable its customers to meet their financing objectives. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Wesbanco’s exposure to credit losses in the event of non-performance by the other parties to the financial instruments for commitments to extend credit and standby letters of credit is limited to the contractual amount of those instruments. Wesbanco uses the same credit policies in making commitments and conditional obligations as for all other lending. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The allowance for credit losses associated with commitments was $9.5 million and $0.9 million as of December 31, 2020 and 2019, respectively, and is included in other liabilities on the Consolidated Balance Sheets Letters of credit are conditional commitments issued by banks to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including normal business activities, bond financing and similar transactions. Letters of credit are considered guarantees. The liability associated with letters of credit was $ 0.2 million Contingent obligations to purchase loans funded by other entities include affordable housing plan guarantees, credit card guarantees, loans sold with recourse as well as obligations to the FHLB. Affordable housing plan guarantees are performance guarantees for various building project loans. The guarantee amortizes as the loan balances decrease. Credit card guarantees are credit card balances not owned by Wesbanco, whereby the Bank guarantees the performance of the cardholder. The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding: December 31, (in thousands) 2020 2019 Lines of credit $ 2,510,011 $ 2,469,676 Loans approved but not closed 381,180 504,623 Overdraft limits 154,322 149,519 Letters of credit 53,788 57,205 Contingent obligations and other guarantees 126,984 81,551 Contingent Liabilities— Wesbanco is a party to various legal and administrative proceedings and claims. While any litigation contains an element of uncertainty, management does not believe that a material loss related to such proceedings or claims pending or known to be threatened is reasonably possible. |
Wesbanco Bank Community Develop
Wesbanco Bank Community Development Corporation | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Wesbanco Bank Community Development Corporation | NOTE 20. WESBANCO BANK COMMUNITY DEVELOPMENT CORPORATION Wesbanco Bank Community Development Corporation (“WBCDC”), a consolidated subsidiary of Wesbanco Bank, is a Certified Development Entity (“CDE”) with $125.0 million of New Markets Tax Credits (“NMTC”) of which $100.0 million had been invested in WBCDC at December 31, 2020. The remaining $25.0 million of NMTC, which had not been invested as of December 31, 2020 was awarded The credit provided to the investor totals 39% of each QEI in a CDE and is claimed over a seven-year Wesbanco Bank recognized $2.0 million, $1.6 million and $0.7 million in NMTC in its income tax provision for the years ended December 31, 2020, 2019 and 2018, respectively. These tax credits are subject to certain general business tax credit limitations and are therefore limited in deductibility on Wesbanco’s federal income tax return. As of December 31, 2020, no prior NMTC has been carried forward to future tax years. The NMTC claimed by Wesbanco Bank with respect to each QEI remain subject to recapture over each QEI’s credit allowance period upon the occurrence of any of the following: • if less than substantially all (generally defined as 85%) of the QEI proceeds are not used by WBCDC to make qualified low income community investments; • WBCDC ceases to be a CDE; or • WBCDC redeems its QEI investment prior to the end of the current credit allowance periods. At December 31, 2020, 2019 and 2018, none of the above recapture events had occurred, nor in the opinion of management are such events anticipated to occur in the foreseeable future. Approximately half of the tax credits are no longer subject to recapture. The following condensed financial statements summarize the financial position of WBCDC as of December 31, 2020, and the results of its operations and cash flows for the year ended December 31, 2020: BALANCE SHEET (in thousands) December 31, 2020 Assets Cash and due from banks $ 65,282 Loans, net of allowance for loan losses of $1.0 million 46,951 Investments 1,634 Other assets 794 Total Assets $ 114,661 Liabilities $ 246 Shareholder Equity 114,415 Total Liabilities and Shareholder Equity $ 114,661 STATEMENT OF INCOME (in thousands) For the Year Ended December 31, 2020 Interest income Loans $ 1,378 Other 26 Total interest income 1,404 Provision for loan losses 714 Net interest income after provision for loan losses 690 Loss on investments (58 ) Non-interest expense 603 Income before provision for income taxes 29 Provision for income taxes 9 Net income $ 20 STATEMENT OF CASH FLOWS (in thousands) For the Year Ended December 31, 2020 Operating Activities Net income $ 20 Provision for loan losses 714 Loss on investments 58 Net change in other assets (767 ) Net change in other liabilities (73 ) Net cash used in operating activities (48 ) Investing Activities Increase in loans (10,999 ) Net cash used in investing activities (10,999 ) Financing Activities Qualified equity investment by parent company 15,000 Net cash provided by financing activities 15,000 Net increase in cash and cash equivalents 3,953 Cash and cash equivalents at beginning of year 61,329 Cash and cash equivalents at end of year $ 65,282 |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | NOTE 21. TRANSACTIONS WITH RELATED PARTIES Certain directors and officers (including their affiliates, families and entities in which they are principal owners) of Wesbanco and its subsidiaries are customers of, or suppliers to, those subsidiaries and have had, and are expected to have, transactions with the subsidiaries in the ordinary course of business. In addition, certain directors are also directors or officers of corporations that are customers of, or suppliers to, the Bank and have had, and are expected to have, transactions with the Bank in the ordinary course of business. In the opinion of management, such transactions are consistent with prudent banking practices and are within applicable banking regulations. Indebtedness of related parties aggregated approximately $12.4 million, $8.9 million and $10.6 million as of December 31, 2020, 2019, and 2018, respectively. During 2020, $11.8 million in related party loans were funded and $8.3 million were repaid or no longer related. At December 31, 2020, 2019 and 2018, none of the outstanding related party loans were past due 90 days or more, on non-accrual, or considered to be a TDR. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Banking And Thrift Other Disclosures [Abstract] | |
Regulatory Matters | NOTE 22. REGULATORY MATTERS The Federal Reserve Bank is the primary regulator for the parent company, Wesbanco. Wesbanco Bank is a state non-member bank jointly regulated by the FDIC and the West Virginia Division of Financial Institutions. Wesbanco is a legal entity separate and distinct from its subsidiaries and is dependent upon dividends from its subsidiary bank, Wesbanco Bank, to provide funds for the payment of dividends to shareholders, fund its current stock repurchase plan and to provide for other cash requirements. The payment of dividends by Wesbanco Bank to Wesbanco is subject to state and federal banking regulations. Under applicable law, bank regulatory agency approval is required if the total of all dividends declared by a bank in any calendar year exceeds the available retained earnings or exceeds the aggregate of the bank’s net profits (as defined by regulatory agencies) for that year and its retained net profits for the preceding two years. As of December 31, 2020, under FDIC regulations, Wesbanco could receive, without prior regulatory approval, a dividend of up to $306.3 million from Wesbanco Bank. Wesbanco and Wesbanco Bank are also required to maintain non-interest bearing reserve balances with the Federal Reserve Bank. The average required reserve balance was $0.5 million during 2019. Wesbanco did not have a reserve requirement during 2020. Additionally, Wesbanco and Wesbanco Bank are subject to various regulatory capital requirements (risk-based capital ratios) administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a material adverse effect on Wesbanco’s financial results. All bank holding companies and banking subsidiaries are required to have common equity Tier 1 (“CET1”) of at least 4.5%, core capital (“Tier 1”) of at least 6% of risk-weighted assets, total capital of at least 8% of risk-weighted assets, and a minimum Tier 1 leverage ratio of 4%. Tier 1 capital consists principally of shareholders’ equity; excluding items recorded in accumulated other comprehensive income, less goodwill and other intangibles. Total capital consists of Tier 1 capital plus the allowance for loan losses subject to limitation and trust preferred securities. The regulations also define “well-capitalized” levels of CET1, Tier 1 risk-based capital, total risk-based capital, and Tier 1 leverage capital as 6.5%, 8%, 10%, and 5%, respectively. Wesbanco and Wesbanco Bank were categorized as “well-capitalized” under the Federal Deposit Insurance Corporation Improvement Act at December 31, 2020 and 2019. There are no conditions or events since December 31, 2020 that management believes have changed Wesbanco’s “well-capitalized” category. The Basel III capital standards, effective January 1, 2015 with a phase-in period ending January 1, 2019, establishes the minimum capital levels required under the Dodd-Frank Act, permanently grandfathers trust preferred securities as Tier 1 capital issued before May 19, 2010 for bank holding companies under $15 billion, and increases the capital required for certain categories of assets. A capital conservation buffer is also added to minimum capital standards that is required to be met to avoid restrictions on dividends, share repurchases, certain incentives and other restrictions. Including this capital conservation buffer, minimum levels of CET1, Tier 1 risk-based capital and total risk-based capital are defined as 7.0%, 8.5% and 10.5%, respectively. Wesbanco currently has $132.2 million in junior subordinated debt in its Consolidated Balance Sheets presented as a separate category of long-term debt. For regulatory purposes, trust preferred securities totaling $130.0 million, issued by unconsolidated trust subsidiaries of Wesbanco underlying such junior subordinated debt, are considered Tier 2 capital in accordance with current regulatory reporting requirements. On March 26, 2020, regulators issued interim financial rule (“IFR”) “Regulatory Capital Rule: Revised Transition of the Current Expected Losses Methodology for Allowances” in response to the disrupted economic activity from the spread of COVID-19. The IFR provides financial institutions that adopt CECL during 2020 with the option to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year The following table summarizes risk-based capital amounts and ratios for Wesbanco and the Bank: December 31, 2020 December 31, 2019 (dollars in thousands) Minimum Value (1) Well Capitalized (2) Amount Ratio Minimum Amount (1) Amount Ratio Minimum Amount (1) Wesbanco, Inc. Tier 1 leverage 4.00 % 5.00 % $ 1,617,413 10.51 % $ 615,814 $ 1,441,738 11.30 % $ 510,306 Tier 1 capital to risk-weighted assets 6.00 % 8.00 % 1,617,413 14.72 % 659,372 1,441,738 12.89 % 671,314 Total capital to risk-weighted assets 8.00 % 10.00 % 1,931,414 17.58 % 879,162 1,691,764 15.12 % 895,086 Common equity Tier 1 4.50 % 6.50 % 1,472,929 13.40 % 494,529 1,441,738 12.89 % 503,486 Wesbanco Bank, Inc. Tier 1 leverage 4.00 % 5.00 % $ 1,536,609 10.00 % $ 614,792 $ 1,419,968 11.12 % $ 510,591 Tier 1 capital to risk-weighted assets 6.00 % 8.00 % 1,536,609 14.04 % 656,732 1,419,968 12.74 % 668,951 Total capital to risk-weighted assets 8.00 % 10.00 % 1,685,610 15.40 % 875,643 1,498,494 13.44 % 891,935 Common equity Tier 1 4.50 % 6.50 % 1,536,609 14.04 % 492,549 1,419,968 12.74 % 501,713 (1) Minimum requirements to remain adequately capitalized. (2) Well-capitalized under prompt corrective action regulations. |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Financial Statements | NOTE 23. CONDENSED PARENT COMPANY FINANCIAL STATEMENTS Presented below are the Condensed Balance Sheets, Statements of Income and Statements of Cash Flows for the parent company: BALANCE SHEETS December 31, (in thousands) 2020 2019 ASSETS Cash and due from banks $ 223,224 $ 170,854 Investment in subsidiaries—Bank 2,675,923 2,572,915 Investment in subsidiaries—Nonbank 9,731 9,170 Securities available-for-sale, at fair value — 225 Other assets 38,194 38,393 Total Assets $ 2,947,072 $ 2,791,557 LIABILITIES Junior subordinated debt owed to unconsolidated subsidiary trusts $ 167,290 $ 174,660 Dividends payable and other liabilities 23,045 22,976 Total Liabilities 190,335 197,636 SHAREHOLDERS’ EQUITY 2,756,737 2,593,921 Total Liabilities and Shareholders’ Equity $ 2,947,072 $ 2,791,557 STATEMENTS OF INCOME For the years ended December 31, (in thousands) 2020 2019 2018 Dividends from subsidiaries—Bank $ 64,000 $ 102,000 $ 86,000 Dividends from subsidiaries—Nonbank 1,200 4,471 486 Income from securities (22 ) 15 24 Other income 485 1,433 900 Total income 65,663 107,919 87,410 Interest expense 6,964 7,660 7,551 Other expense 5,415 8,807 7,940 Total expense 12,379 16,467 15,491 Income before income tax benefit and undistributed net income of subsidiaries 53,284 91,452 71,919 Income tax benefit (2,471 ) (3,207 ) (3,739 ) Income before undistributed net income of subsidiaries 55,755 94,659 75,658 Equity in undistributed net income of subsidiaries 66,289 64,214 67,454 Net Income 122,044 158,873 143,112 Preferred stock dividends 2,644 — - NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 119,400 $ 158,873 $ 143,112 The details of other comprehensive income and accumulated other comprehensive income are included in the consolidated financial statements. STATEMENTS OF CASH FLOWS For the years ended December 31, (in thousands) 2020 2019 2018 OPERATING ACTIVITIES Net income $ 122,044 $ 158,873 $ 143,112 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income (66,289 ) (64,214 ) (67,454 ) Decrease (increase) in other assets 121 (5,443 ) (3,612 ) Net securities losses (gains) 22 (19 ) 36 Other—net 5,865 6,898 4,988 Net cash provided by operating activities 61,763 96,095 77,070 INVESTING ACTIVITIES Proceeds from sales—securities available-for-sale 203 1,007 1,511 Acquisitions and additional capitalization of subsidiaries, net of cash acquired (35,000 ) 62,112 37,309 Net cash (used in) provided by investing activities (34,797 ) 63,119 38,820 FINANCING ACTIVITIES Repayment of junior subordinated debt (6,702 ) (33,506 ) (17,519 ) Issuance of common stock 59 72 1,578 Issuance of preferred stock 144,484 — — Treasury shares purchased—net (24,540 ) (10,211 ) (426 ) Dividends paid to common and preferred shareholders (87,897 ) (66,572 ) (53,577 ) Net cash provided by (used in) financing activities 25,404 (110,217 ) (69,944 ) Net increase in cash and cash equivalents 52,370 48,997 45,946 Cash and cash equivalents at beginning of year 170,854 121,857 75,911 Cash and cash equivalents at end of year $ 223,224 $ 170,854 $ 121,857 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 24. BUSINESS SEGMENTS Wesbanco operates two reportable segments: (i) Community Banking and (ii) Trust and Investment Services. Wesbanco’s community banking segment offers services traditionally offered by full-service commercial banks, including commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services. The trust and investment services segment offers trust services as well as various alternative investment products including mutual funds. The market value of assets of the trust and investment services segment was approximately $5.0 billion, $4.7 billion and $4.3 billion at December 31, 2020, 2019 and 2018, respectively. These assets are held by Wesbanco, in fiduciary or agency capacities for their customers and therefore are not included as assets on Wesbanco’s Consolidated Balance Sheets. Condensed financial information by business segment is presented below: (in thousands) Community Banking Trust and Investment Services Consolidated For the Year Ended December 31, 2020 Interest and dividend income $ 541,277 $ — $ 541,277 Interest expense 61,797 — 61,797 Net interest income 479,480 — 479,480 Provision for credit losses 107,741 — 107,741 Net interest income after provision for credit losses 371,739 — 371,739 Non-interest income 101,850 26,335 128,185 Non-interest expense 338,526 16,319 354,845 Income before provision for income taxes 135,063 10,016 145,079 Provision for income taxes 20,932 2,103 23,035 Net income 114,131 7,913 122,044 Preferred stock dividends 2,644 — 2,644 Net income available to common shareholders $ 111,487 $ 7,913 $ 119,400 For the Year Ended December 31, 2019 Interest and dividend income $ 484,253 $ — $ 484,253 Interest expense 84,349 — 84,349 Net interest income 399,904 — 399,904 Provision for credit losses 11,198 — 11,198 Net interest income after provision for credit losses 388,706 — 388,706 Non-interest income 90,137 26,579 116,716 Non-interest expense 295,747 16,461 312,208 Income before provision for income taxes 183,096 10,118 193,214 Provision for income taxes 32,216 2,125 34,341 Net income available to common shareholders $ 150,880 $ 7,993 $ 158,873 For the Year Ended December 31, 2018 Interest and dividend income $ 414,957 $ — $ 414,957 Interest expense 67,721 — 67,721 Net interest income 347,236 — 347,236 Provision for credit losses 7,764 — 7,764 Net interest income after provision for credit losses 339,472 — 339,472 Non-interest income 75,653 24,623 100,276 Non-interest expense 250,338 14,886 265,224 Income before provision for income taxes 164,787 9,737 174,524 Provision for income taxes 29,367 2,045 31,412 Net income available to common shareholders $ 135,420 $ 7,692 $ 143,112 Total non-fiduciary assets of the trust and investment services segment were $4.1 million (including $1.8 million of trust customer intangibles), $4.2 million, and $4.6 million at December 31, 2020, 2019, and 2018, respectively. All other assets, including goodwill and the remainder of other intangible assets, were allocated to the Community Banking segment. |
Condensed Quarterly Statements
Condensed Quarterly Statements of Income (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Condensed Quarterly Statements of Income (Unaudited) | NOTE 25. CONDENSED QUARTERLY STATEMENTS OF INCOME (UNAUDITED) The following tables set forth unaudited consolidated selected quarterly statements of income for the years ended December 31, 2020 and 2019. 2020 Quarter Ended (dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, Annual Total Interest and dividend income $ 142,448 $ 134,694 $ 133,657 $ 130,478 $ 541,277 Interest expense 22,286 15,681 13,064 10,766 61,797 Net interest income 120,162 119,013 120,593 119,712 479,480 Provision for credit losses 29,821 61,841 16,288 (209 ) 107,741 Net interest income after provision for credit losses 90,341 57,172 104,305 119,921 371,739 Non-interest income 26,518 31,561 33,825 32,014 123,917 Net securities gains 1,491 1,299 787 691 4,268 Non-interest expense 91,333 85,502 89,943 88,069 354,845 Income before provision for income taxes 27,017 4,530 48,974 64,557 145,079 Provision for income taxes 3,621 42 7,669 11,703 23,035 Net income 23,396 4,488 41,305 52,854 122,044 Preferred stock dividends — — — 2,644 2,644 Net income available to common shareholders $ 23,396 $ 4,488 $ 41,305 $ 50,210 $ 119,400 Earnings per common share—basic $ 0.34 $ 0.07 $ 0.61 $ 0.75 $ 1.78 Earnings per common share—diluted $ 0.34 $ 0.07 $ 0.61 $ 0.75 $ 1.77 2019 Quarter Ended (dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, Annual Total Interest and dividend income $ 119,053 $ 119,543 $ 117,348 $ 128,309 $ 484,253 Interest expense 20,692 21,083 21,228 21,345 84,349 Net interest income 98,361 98,460 96,120 106,964 399,904 Provision for credit losses 2,507 2,747 4,121 1,824 11,198 Net interest income after provision for credit losses 95,854 95,713 91,999 105,140 388,706 Non-interest income 27,116 28,247 26,715 30,318 112,396 Net securities gains 657 2,909 235 520 4,320 Non-interest expense 74,432 71,952 73,268 92,556 312,208 Income before provision for income taxes 49,195 54,917 45,681 43,422 193,214 Provision for income taxes 8,858 10,103 8,334 7,046 34,341 Net income $ 40,337 $ 44,814 $ 37,347 $ 36,376 $ 158,873 Earnings per common share—basic $ 0.74 $ 0.82 $ 0.68 $ 0.60 $ 2.83 Earnings per common share—diluted $ 0.74 $ 0.82 $ 0.68 $ 0.60 $ 2.83 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations— Wesbanco, Inc. (“Wesbanco” or the “Company”) is a bank holding company offering a full range of financial services, including trust and investment services, mortgage banking, insurance and brokerage services. Wesbanco’s defined business segments are community banking and trust and investment services. As of December 31, 2020, Wesbanco’s banking subsidiary, Wesbanco Bank, Inc. (“Wesbanco Bank” or the “Bank”), headquartered in Wheeling, West Virginia, operates through 233 branches and 226 ATM machines in West Virginia, Ohio, western Pennsylvania, Kentucky, southern Indiana and Maryland. In addition, Wesbanco operates an insurance brokerage company, Wesbanco Insurance Services, Inc., and a full service broker/dealer, Wesbanco Securities, Inc. |
Use of Estimates | Use of Estimates— The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation— The Consolidated Financial Statements include the accounts of Wesbanco and those entities in which Wesbanco has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Wesbanco determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. Wesbanco consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. |
Business Combinations | Business Combinations— Business combinations are accounted for by applying the acquisition method. As of acquisition date, the identifiable assets acquired and liabilities assumed are measured at fair value and recognized separately from goodwill. Results of operations of the acquired entities are included in the consolidated statement of income from the date of acquisition. |
Variable Interest Entities | Variable Interest Entities— Variable interest entities (“VIE”) are entities that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. Wesbanco uses VIEs in various legal forms to conduct normal business activities. Wesbanco reviews the structure and activities of VIEs for possible consolidation. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits of the VIE that could potentially be significant to the VIE. A VIE often holds financial assets, including loans or receivables, real estate or other property. The company with a controlling financial interest, known as the primary beneficiary, is required to consolidate the VIE. Wesbanco has eleven wholly-owned trust subsidiaries (collectively, the “Trusts”), for which it does not have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance nor the obligation to absorb losses or the right to receive a benefits from the VIE that could be potentially significant to the VIE. Accordingly, the Trusts and their net assets are not included in the Consolidated Financial Statements. However, the junior subordinated deferrable interest debentures issued by Wesbanco to the Trusts (refer to Note 11, “Subordinated Debt and Junior Subordinated Debt”) and the common stock issued by the Trusts is included in the Consolidated Balance Sheets. Wesbanco also owns non-controlling variable interests in certain limited partnerships for which it does not have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance nor the obligation to absorb losses or the right to receive a benefit from the VIE that could be potentially significant to the VIE. These VIEs are not consolidated into Wesbanco’s financial statements because Wesbanco is not considered the primary beneficiary. These investments are accounted for using the equity method of accounting and are included in other assets in the Consolidated Balance Sheets. Refer to Note 8, “Investments in Limited Partnerships” for further detail. |
Revenue Recognition | Revenue Recognition— Interest and dividend income, loan fees, trust fees, fees and charges on deposit accounts, insurance commissions and other ancillary income related to the Bank’s deposits, lending and other activities, as well as income at Wesbanco’s other subsidiary companies, are accrued as contractually earned. Refer to Note 14, “Revenue Recognition” for further detail. |
Cash and Cash Equivalents | Cash and Cash Equivalents— Cash and cash equivalents include cash and due from banks, due from banks – interest bearing and federal funds sold. Generally, federal funds are sold for one-day periods. |
Securities | Securities— Equity securities: Equity securities, which include investments in various mutual funds held in grantor trusts formed in connection with the Company’s deferred compensation plan, are reported at fair value with the gains and losses included in non-interest income. Available-for-sale debt securities: Debt securities not classified as held-to-maturity are classified as available-for-sale. These securities may be sold at any time based upon management’s assessment of changes in economic or financial market conditions, interest rate or prepayment risks, liquidity considerations and other factors. These securities are stated at fair value, with the fair value adjustment, net of tax, reported as a separate component of accumulated other comprehensive income. Held-to-maturity debt securities: Securities that are purchased with the positive intent and ability to be held until their maturity are stated at cost and adjusted for amortization of premiums and accretion of discounts. Transfers of debt securities into the held-to-maturity category from the available-for-sale category are made at fair value at the date of transfer. The unrealized gain or loss at the date of transfer is retained in other comprehensive income and in the carrying value of the held-to-maturity securities. Such amounts are amortized over the remaining life of the security. Certain securities with less than 15% of their original purchase price remaining or that have experienced measurable credit deterioration may be sold. Cost method investments: 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 Federal Home Loan Bank (“FHLB”) stock 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. Securities acquired in acquisitions are recorded at fair value with the premium or discount derived from the fair market value adjustment recognized into interest income on a level yield basis over the remaining life of the security. Gains and losses: Net realized gains and losses on sales of securities are included in non-interest income. The cost of securities sold is based on the specific identification method. The gain or loss is determined as of the trade date. Unrealized gains and losses on available-for-sale securities are recorded through other comprehensive income. Amortization and accretion: Generally, premiums are amortized to call date and discounts are accreted to maturity, on a level yield basis. Current expected credit losses (“CECL”): The corporate and municipal bonds in Wesbanco’s held-to-maturity debt portfolio are analyzed quarterly for CECL. Wesbanco uses a database of historical financials of all corporate and municipal issuers and actual historic default and recovery rates on rated and non-rated transactions to estimate CECL on an individual security basis. The CECL calculated amount is adjusted quarterly and is recorded in an allowance for expected credit losses on the balance sheet that is deducted from the amortized cost basis of the held-to-maturity portfolio as a contra asset, with the losses recorded on the income statement within the provision for credit losses. Because Wesbanco’s held-to-maturity investments in mortgage-backed securities and collateralized mortgage obligations are all either issued by a direct governmental entity or a government-sponsored entity, there is no historical evidence supporting the establishment of a CECL reserve; therefore, Wesbanco has estimated these losses at zero, and will monitor this assumption in the future for any economical or governmental policies that could affect this assumption Available-for-sale debt security impairment: An available-for-sale debt security is considered impaired if its fair value is less than its amortized cost basis. If Wesbanco intends to sell or will be required to sell the investment prior to recovery of cost, the entire impairment will be recognized immediately in the Consolidated Statements of Income. If Wesbanco does not intend to sell, nor is it more likely than not that it will be required to sell, impaired securities prior to the recovery of their cost, a review is conducted each quarter to determine if any portion of the impairment is due to credit losses. In estimating credit losses, Wesbanco first considers the financial condition and near-term prospects of the issuer, evaluating any credit downgrades or other indicators of a potential credit problem, the type of security, either fixed or equity, and the receipt of principal and interest according to the contractual terms. If there are no indications that the impairment is credit-related, the impairment is recognized in other comprehensive income in the Consolidated Balance Sheet. If the impairment is considered to be credit-related based on management’s review of the various factors that indicate credit impairment, the amount of credit impairment is calculated using the present value of future expected cash flows. If the present value of future expected cash flows is less than the amortized cost basis of the security, a credit loss exists and an allowance for expected credit losses is recorded, limited by the total unrealized loss on the security, and is recognized in the Consolidated Statements of Income. The non-credit portion is calculated as the difference between the total unrealized loss and the credit portion of that loss and is recognized in other comprehensive income. |
Loans and Loans Held for Sale | Loans and Loans Held for Sale — Loans originated by Wesbanco are reported at the principal amount outstanding, net of unearned income including credit valuation adjustments, unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned on loans except where doubt exists as to collectability, in which case accrual of income is discontinued. Loans originated and intended for sale are carried, in aggregate, at their estimated market value, as Wesbanco elected the fair value option on October 1, 2017. Loan origination fees and direct costs are deferred and accreted or amortized into interest income, as an adjustment to the yield, over the life of the loan using the level yield method, or an approximation thereof. When a loan is paid off, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income. Loans are generally placed on non-accrual when they are 90 days past due, unless the loan is well-secured and in the process of collection. Loans may be returned to accrual status when a borrower has resumed paying principal and interest for a sustained period of at least six months and Wesbanco is reasonably assured of collecting the remaining contractual principal and interest. Loans are returned to accrual status at an amount equal to the principal balance of the loan at the time of non-accrual status less any payments applied to principal during the non-accrual period. Loans are reported as a troubled debt restructuring when Wesbanco, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. Refer to the “Troubled Debt Restructurings” policy below for additional detail. A loan is considered non-performing, based on current information and events, if it is probable that Wesbanco will be unable to collect the payments of principal and interest when due according to the original contractual terms of the loan agreement. Non-performing loans include all non-accrual loans and troubled debt restructurings. Wesbanco recognizes interest income on non-accrual loans on the cash basis only if recovery of principal is reasonably assured. Consumer loans are charged down to the net realizable value at 120 days past due for closed-end loans and 180 days past due for open-end revolving lines of credit. Residential real estate loans are charged down to the net realizable value of the collateral at 180 days past due. Commercial loans are charged down to the net realizable value when it is determined that Wesbanco will be unable to collect the principal amount in full. Loans are reclassified to other assets at the net realizable value when foreclosure or repossession of the collateral occurs. Refer to the “Other Real Estate Owned and Repossessed Assets” policy below for additional detail. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law, which, in part, established a loan program administered through the U.S. Small Business Administration ("SBA"), referred to as the Paycheck Protection Program ("PPP"). Under the PPP, small businesses, sole proprietorships, independent contractors, non-profit organizations and self-employed individuals could apply for loans from existing SBA lenders and other approved regulated lenders that enrolled in the program, subject to numerous limitations and eligibility criteria. Wesbanco has participated as a lender in the PPP program. All loans have a 1% interest rate and Wesbanco earns a fee that is based upon a tiered schedule corresponding with the amount of the loan to the borrower, which is deferred and recognized over the life of the loan. Based upon the borrower meeting certain criteria as defined by the CARES act, the loan may be forgiven by the SBA. Wesbanco reports these loans at their principal amount outstanding, net of unearned income, unamortized deferred loan fee income and loan origination costs. Interest is accrued as earned and loan origination fees and direct costs are deferred and accreted or amortized into interest income, as an adjustment to the yield, over the life of the loan using the level yield method, or an approximation thereof. When a PPP loan is paid off or forgiven by the SBA, the remaining unaccreted or unamortized net origination fees or costs are immediately recognized into income. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Economic Aid Act”) was signed into law in response to the continuing effects of the pandemic on the economy and provided for extensions and amendments to many features of the CARES Act. In particular, the Economic Aid Act further reauthorized PPP lending, providing for a new pool of available funds under the PPP through March 31, 2021, and among other things, modified the provisions related to making PPP loans and the forgiveness of such loans. The Economic Aid Act also authorized second draw PPP loans for borrowers that previously received a PPP loan under CARES Act provisions, subject to certain conditions. |
Troubled Debt Restructurings ("TDR") | Troubled Debt Restructurings (“TDR”)— A restructuring of a loan constitutes a TDR if the creditor, for economic or legal reasons related to the debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider. The determination of whether a concession has been granted includes an evaluation of the debtor’s ability to access funds at a market rate for debt with similar risk characteristics and among other things, the significance of the modification relative to unpaid principal or collateral value of the debt, and/or the significance of a delay in the timing of payments relative to the frequency of payments, original maturity date, or the expected duration of the loan. The most common concessions granted generally include one or more modifications to the terms of the debt such as a reduction in the interest rate below the prevailing market rate for the remaining life of the debt, an extension of the maturity date at an interest rate lower than the prevailing market rate for new debt with similar risk, or reduction of the unpaid principal or interest. Additionally, all consumer bankruptcies are considered TDR; all TDRs are considered nonperforming loans. When determining whether a debtor is experiencing financial difficulties, consideration is given to any known default on any of its debt or whether it is probable that the debtor would be in payment default in the foreseeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal & interest) in accordance with the contractual terms for the foreseeable future, without a modification. If the payment of principal at original maturity is primarily dependent on the value of collateral, the current value of that collateral is considered in determining whether the principal will be paid. The restructuring of a loan does not increase the allowance or provision for credit losses unless the loan is extended or the loans are commercial loans that are individually evaluated for impairment, in which case a specific reserve is established pursuant to GAAP. Portfolio segment loss history is the primary factor for establishing the allowance for residential real estate, home equity and consumer TDRs. Non-accrual loans that are restructured remain on non-accrual, but may move to accrual status after they have performed according to the restructured terms for a period of time. TDRs on accrual status generally remain on accrual as long as they continue to perform in accordance with their modified terms. TDRs may also be placed on non-accrual if they do not perform in accordance with the restructured terms. Loans may be removed from TDR status after they have performed according to the renegotiated terms for a period of time if the interest rate under the modified terms is at or above market, is restructured or refinanced at market or if the loan returns to its original terms. Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” allows financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time during the COVID-19 pandemic. On April 7, 2020, the joint federal regulatory agencies issued a statement, “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)” (“Interagency Statement”), which further discusses loan modifications related to COVID-19. Wesbanco has extended up to a 180 day delay in loan principal and/or interest payments for customers affected by the COVID-19 pandemic. These customers must meet certain criteria, such as they were in good standing and not more than 30 days past due either as of December 31, 2019, or as of the implementation of the modification program under the Interagency Statement, as well as other requirements noted in the regulatory agencies’ revised statement. Based on the CARES Act provisions and the guidance noted above, Wesbanco does not classify the COVID-19 loan modifications as TDRs, nor are the customers considered past due with regards to their delayed payments to the extent they meet the criteria. Upon exiting the loan modification deferral program, the measurement of loan delinquency will resume where it left off upon entry into the program. On August 3, 2020, the joint federal regulatory agencies issued a statement, “Joint Statement on Additional Loan Accommodations Related to COVID-19”. This statement provides financial institutions with considerations for certain customers nearing the end of their COVID-19 loan deferral period noted above. As per this guidance and in accordance with the CARES Act noted above, Wesbanco developed a plan to assist certain customers with additional deferrals of principal and/or interest. This plan, relating to existing commercial loans in the hospitality sector, may provide certain relief to these portfolio loans if they meet certain criteria regarding the borrower, underlying property and potential guarantors / co-borrowers. If a loan were to meet the criteria, they would be eligible to have twelve months of interest payments deferred or three months of principal and interest payments plus nine months of interest-only payments. There are predetermined contractual re-evaluation triggers reviewed throughout the deferred period to determine if a borrower should return to a normal amortization schedule prior to the completion of the twelve month period. The Economic Aid Act further extends relief granted by the CARES Act for TDRs, initially slated to end on December 31, 2020, by one year to December 31, 2021. |
Acquired Loans | Acquired Loans— Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value with no carryover of related allowance for credit losses. Acquired loans are classified into two categories; purchased financial instruments with more than insignificant credit deterioration (“PCD”) loans, and loans with insignificant credit deterioration (“non-PCD”). PCD loans are defined as a loan or group of loans that have experienced more than insignificant credit deterioration since origination. Non-PCD loans will have an allowance established on acquisition date, which is recognized in the current period provision for credit losses. For PCD loans, an allowance is recognized on day 1 by adding it to the fair value of the loan, which is the “Day 1 amortized cost”. There is no credit loss expense recognized on PCD loans because the initial allowance is established by grossing-up the amortized cost of the PCD loan. Determining the fair value of the acquired loans involves estimating the principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life of the acquired loans, delinquency status, estimated prepayments, payment options and other loan features, internal risk grade, estimated value of the underlying collateral and interest rate environment. PCD loans are accounted for in accordance with Accounting Standards Codification (“ASC”) 326-20, Financial Instruments – Credit Losses – Measure at Amortized Cost Under ASC 326-20, a group of loans with similar risk characteristics can be assessed to determine if the pool of loans is PCD. However, if a loan does not have similar risk characteristics as any other acquired loan, the loan is individually assessed to determine if it is PCD. In addition, the initial allowance related to acquired loans can be estimated for a pool of loans if the loans have similar risk characteristics. Even if the loans were individually assessed to determine if they were PCD, they can be grouped together in the initial allowance calculation if they share similar risk characteristics. Since Wesbanco uses the discounted cash flow (DCF) approach, the initial allowance calculation for PCD loans is calculated as the expected contractual cash shortfalls, discounted at the rate that equals the net present value of estimated future cash flows expected to be collected with the purchase price of the loan(s). If a PCD loan has an unfunded commitment at acquisition, the initial allowance for credit losses calculation reflects only the expected credit losses associated with the funded portion of the PCD loan. Expected credit losses associated with the unfunded commitment are included in the initial measurement of the commitment. For PCD loans, the non-credit discount or premium is allocated to individual loans as determined by the difference between the loan’s amortized cost basis and the unpaid principal balance. The non-credit premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. For non-PCD loans, the interest and credit discount or premium is allocated to individual loans as determined by the difference between the loan’s amortized cost basis and the unpaid principal balance. The premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. |
Allowance for Credit Losses | Allowance for Credit Losses— The allowance for credit losses specific to loans under CECL, which Wesbanco implemented on January 1, 2020, reduces the loan portfolio to the net amount expected to be collected, representing the lifetime expected losses at the initial origination date. Similarly, an allowance for unfunded loan commitments, which is recorded in other liabilities, represents expected losses on unfunded commitments. Fluctuations in the allowance for credit losses specific to loans, the allowance for unfunded loan commitments, and the allowance for held-to-maturity debt securities are recognized in the provision for credit losses on the consolidated statement of operations. The allowance incorporates forward-looking information and applies a reversion methodology beyond the reasonable and supportable forecast. The allowance is increased by a provision charged to operating expense and reduced by charge-offs, net of recoveries. Management evaluates the appropriateness of the allowance at least quarterly. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change from period to period. The allowance for credit loss calculation specific to loans is based on the loan’s amortized cost basis, which is comprised of the unpaid principal balance of the loan, deferred loan fees (costs) and acquired premium (discount) minus any write-downs. Wesbanco made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses because the Company has a robust policy in place to reverse or write-off accrued interest when a loan is placed on non-accrual, and also Wesbanco made an accounting policy election to reverse accrued interest deemed uncollectible as a reversal of interest income. However, Wesbanco is reserving, as part of the allowance for credit losses, for accrued interest on loan modifications under the CARES Act due to the nature and timing of these deferrals. The allowance for credit losses reflects the risk of loss on the loan portfolio. To appropriately measure expected credit losses, management disaggregates the loan portfolio into pools of similar risk characteristics. The Company utilizes the probability of default (“PD”) / loss given default (“LGD”) approach to calculate the expected loss for each segment, which is then discounted to net present value. PD is the probability the asset will default within a given timeframe and LGD is the percentage of the assets not expected to be collected due to default. The primary macroeconomic drivers of the quantitative model include forecasts of national unemployment and interest rate spreads. Management relies on macroeconomic forecasts obtained from various reputable sources, which may include the Federal Open Market Committee (FOMC) forecast and other publicly available forecasts from well recognized, leading economists. These forecasts can range from one to two years, depending upon the facts and circumstances of the current state of the economy, portfolio segment and management’s judgement of what can be reasonably supported. The model reversion period ranges from one to three years. The allowance for credit losses is calculated over the loan’s contractual life. For term loans, the contractual life is calculated based on the maturity date. For commercial and industrial (“C&I”) revolving loans with no stated maturity date, the contractual life is calculated based on the internal review date. For all other revolving loans, the contractual life is based on either the estimated maturity date or a default date. The contractual term does not include expected extensions, renewals or modifications unless management has a reasonable expectation as of the reporting period that Wesbanco will execute a TDR with the borrower. Management assumes a loan will become a TDR if a consumer loan has matured, has a principal balance, and has previously been partially charged-off. This assumption extends the maturity of these loans to the six months beyond maturity date. The loan portfolio is segmented based on the risk profiles of the loans. Commercial loans are segmented between commercial real estate (“CRE”), which are collateralized by real estate, and C&I, which are typically utilized for general business purposes. CRE is further segmented between land and construction (“LCD”) and improved property, which are generally loans to purchase or refinance owner occupied or non-owner occupied investment properties. LCD loans have a unique risk that the developer or builder may not complete the project or not complete it on time or within budget. Improved property loans are reviewed for risk based on the underlying real estate property such as rental or owner income, appraisal value and other current lease terms, which affect debt service coverage and loan to value. Retail loans are a homogenous group, generally consisting of standardized products that are smaller in amount and distributed over a large number of individual borrowers. The group is segmented into three categories – residential real estate, HELOC and consumer. Contractual terms are adjusted for estimated prepayments to arrive at expected cash flows. Wesbanco models term loans with an annualized “prepayment” rate. When Wesbanco has a specific expectation of differing payment behavior for a given loan, the loan may be evaluated individually. For revolving loans that do not have a principal payment schedule, a curtailment rate is factored into the cash flow. The evaluation also considers qualitative factors such as economic trends and conditions, which includes levels of regional unemployment, real estate values and the impact on specific industries and geographical markets, changes in lending policies and underwriting standards, delinquency and other credit quality trends, concentrations of credit risk, if any, the results of internal loan reviews and examinations by bank regulatory agencies pertaining to the allowance for credit losses. Management relies on observable data from internal and external sources to the extent it is available to evaluate each of these factors and adjusts the model’s quantitative results to reflect the impact these factors may have on probable losses in the portfolio. As a result of the COVID-19 pandemic, there is concern within the banking industry that deferrals are delaying the overall impact of COVID-19 on the loan portfolio. As such, temporary COVID-19 qualitative factors have been incorporated to recognize increased risk within the portfolio that is not captured by the quantitative output including COVID-19 pandemic factors related to the transient credit risk not covered by the traditional allowance process, adjusted to Wesbanco’s regional footprint, deferred interest on modified loans, and hospitality industry concentration. Commercial loans, including CRE and C&I, greater than $1 million in balance that are reported as non-accrual, troubled debt restructuring or that have other unique characteristics are tested individually for estimated credit losses. Specific reserves are established when appropriate for such loans based on the net present value of expected future cash flows of the loan or the estimated realizable value of the collateral, if any. Management may also adjust its assumptions to account for differences between expected and actual losses from period to period. The variability of management’s assumptions could alter the level of the allowance for credit losses and may have a material impact on future results of operations and financial condition. The loss estimation models and methods used to determine the allowance for credit losses are continually refined and enhanced. For periods ended December 31, 2019 and prior, which preceded the implementation of CECL, the allowance for credit losses represented management’s estimate of probable losses inherent in the loan portfolio and in future advances against loan commitments. Determining the amount of the allowance required significant judgment about the collectability of loans and the factors that deserved consideration in estimating probable credit losses. The allowance was increased by a provision charged to operating expense and reduced by charge-offs, net of recoveries . Management evaluated the appropriateness of the allowance at lea st quarterly. This evaluation was inherently subjective as it require d material estimates that may be susceptible to significant change from period to period. The evaluation included an assessment of quantitative factors such as actual loss experience within each category of loans and testing of certain commercial loans for impairment. The evaluation also considered qualitative factors such as economic trends and conditions, which included levels of unemployment, real estate values and the impact on specific industries and geographical markets, changes in lending policies and underwriting standards, delinquency and other credit quality trends, concentrations of credit risk, if any, the results of internal loan reviews and examinations by bank regulatory agencies, the volatility of historical loss rates and the velocity of changes in historical loss rates pertaining to the allowance for credit losses. Management relied on observable data from internal and external sources to the extent it was available to evaluate each of these factors and adjusted the actual historical loss rates to reflect the impact these factors may have on probable losses in the portfolio. Commercial real estate and commercial and industrial loans greater than $1 million that were reported as non-accrual or as a troubled debt restructuring were tested individually for impairment. Specific reserves were established when appropriate for such loans based on the present value of expected future cash flows of the loan or the estimated realizable value of the collateral, if any. General reserves were established for loans that were not individually tested for impairment based on historical loss rates adjusted for the impact of the qualitative factors discussed above. Historical loss rates for commercial real estate and commercial and industrial loans were determined for each internal risk grade or group of pass grades using a migration analysis. Residential real estate, home equity and consumer loans were not risk graded, so historical loss rates were utilized to determine the total of each category of loans. Historical loss rates for deposit account overdrafts were based on actual losses in relation to average overdrafts for the period. Management also qualitatively adjusted its assumptions to account for differences between estimated and actual incurred losses from period to period. The variability of management’s assumptions could have altered the level of the allowance for credit losses and may have had a material impact on future results of operations and financial condition. The loss estimation models and methods used to determine the allowance for credit losses were continually refined and enhanced. |
Premises and Equipment | Premises and Equipment— Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the estimated economic useful lives of the leased assets or the remaining terms of the underlying leases. Useful lives range from 3 to 10 years for furniture and equipment, 15 to 39 years for buildings and building improvements, and 15 years for land improvements. Maintenance and repairs are expensed as incurred while major improvements that extend the useful life of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. Operating leases are recorded as a right of use (“ROU”) asset and operating lease liability, included in premises and equipment, net and other liabilities, respectively. Operating lease ROU assets represent the right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate at the lease commencement date. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded primarily in net occupancy expense in the consolidated statements of comprehensive income. |
Other Real Estate Owned and Repossessed Assets | Other Real Estate Owned and Repossessed Assets— Other real estate owned and repossessed assets, which are considered available-for-sale and are reported in other assets, are carried at the lower of cost or their estimated current fair value, less estimated costs to sell. Other real estate owned consists primarily of properties acquired through, or in lieu of, foreclosure. Repossessed collateral primarily consists of automobiles and other types of collateral acquired to satisfy defaulted consumer loans. Subsequent declines in fair value, if any, income and expense associated with the management of the collateral, and gains or losses on the disposition of these assets are recognized in the Consolidated Statements of Income in non-interest income. Refer to Note 14, “Revenue Recognition” for further detail. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets— Wesbanco accounts for business combinations using the acquisition method of accounting. Accordingly, the identifiable assets acquired, the liabilities assumed, and any non-controlling interest of an acquired business are recorded at their estimated fair values as of the date of acquisition with any excess of the cost of the acquisition over the fair value recorded as goodwill. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. Goodwill is not amortized but is evaluated for impairment annually, or more often if events or circumstances indicate it may be impaired. Finite-lived intangible assets, which consist primarily of core deposit and customer list intangibles (long-term customer-relationship intangible assets) are amortized using straight-line and accelerated methods over their weighted-average estimated useful lives, ranging from ten to sixteen years in total, and are tested for impairment whenever events or circumstances indicate that their carrying amount may not be recoverable. Non-compete agreements are recognized in other assets on the balance sheet and are amortized on a straight-line basis over the life of the respective agreements, ranging from one to four years. Goodwill is evaluated for impairment by either assessing qualitative factors to determine whether it is necessary to perform the goodwill impairment test, or Wesbanco may elect to perform a quantitative goodwill impairment test. Under the qualitative assessment, Wesbanco assesses qualitative factors to determine whether it is more likely than not that the fair value of its reporting units are less than their carrying amounts, including goodwill. If it is more likely than not, the goodwill impairment test is used to identify potential goodwill impairment and measure the amount of a goodwill impairment loss to be recognized, if any. The estimated fair value of each reporting unit is compared to its carrying value, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying amount, the goodwill of that reporting unit is not considered impaired, and no impairment loss is recognized. However, if the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized based on the excess of a reporting unit’s carrying value over its fair value. Intangible assets with finite useful lives are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized when the carrying amount of an intangible asset with a finite useful life is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and the fair value of the asset. Wesbanco does not have any indefinite-lived intangible assets. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance— Wesbanco has purchased life insurance policies on certain executive and other officers. Wesbanco receives the cash surrender value of each policy upon its termination or benefits are payable upon the death of the insured. These policies are recorded in the Consolidated Balance Sheets at their net cash surrender value. Changes in net cash surrender value are recognized in non-interest income in the Consolidated Statements of Income. Adjustments to cash surrender value and death benefits received, if recognized as income, are currently tax-exempt. |
Interest Rate Lock Commitments | Interest Rate Lock Commitments— In order to attract potential home borrowers, Wesbanco offers interest rate lock commitments (“IRLC”) to such potential borrowers. IRLC are generally for sixty days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some IRLC expire prior to the funding of the related loan. For IRLC issued in connection with potential loans intended for sale, which consist primarily of originated longer-term fixed rate residential home mortgage loans that qualify for secondary market sale, the Bank enters into positions of forward month mortgage-backed securities to be announced (“TBA”) contracts on a mandatory basis or on a one-to-one forward sales contract on a best efforts basis. A mortgage loan sold on a mandatory basis is sold to the secondary market when the mortgage loan is funded. Wesbanco enters into TBA contracts in order to control interest rate risk during the period between the IRLC and the sale of the mortgage loan. The IRLC is executed between the mortgagee and Wesbanco, and the forward TBA contract is executed between Wesbanco and a counterparty. Both the IRLC and the forward TBA contract are considered derivatives. A mortgage loan sold on a best efforts basis is locked into a forward sales contract on the same day as the IRLC to control interest rate risk during the period between the IRLC and the sale of the mortgage loan. The IRLC is executed between the mortgagee and Wesbanco, and the forward sales contract is executed between Wesbanco and a counterparty. Both the IRLC and the forward sales contract are considered derivatives. Both types of derivatives are recorded at fair value and are not designated in a qualified hedged accounting program. The changes in fair value are recorded in current earnings within mortgage banking income in the Consolidated Statements of Income. The fair value of IRLC is the gain or loss that would be realized on the underlying loans assuming exercise of the commitments under current market rates versus the rate incorporated in the commitments, taking into consideration loans cancelled prior to closing. The fair value of forward sales contracts is based on quoted market prices. Since loans typically close before receipt of funding from an investor, they are accounted for at fair value as “Loans Held for Sale” in the Consolidated Balance Sheets. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities— Wesbanco records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether Wesbanco has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Wesbanco enters into back-to-back interest rate swaps with commercial banking customers and then with counterparties for the offsetting interest rate swap. Currently, none of Wesbanco’s derivatives are designated in qualifying hedging relationships, as the derivatives are not used to manage risks within Wesbanco’s assets or liabilities. As such, all changes in fair value of Wesbanco’s derivatives are recognized directly in earnings. |
Income Taxes | Income Taxes— The provision for income taxes included in the Consolidated Statements of Income includes both federal and state income taxes and is based on income in the financial statements, rather than amounts reported on Wesbanco’s income tax returns. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases at which rates they are expected to turnaround. A test of the anticipated realizability of deferred tax assets is performed at least annually. |
Fair Value | Fair Value— Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are not adjusted for transaction costs. The ASC also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are described below: Level 1—Quoted prices in active markets for the same security that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market; Level 3—Valuation is generated from model-based techniques where one or more significant assumptions are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques may include use of discounted cash flow models and similar techniques. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. |
Earnings Per Common Share | Earnings Per Common Share— Basic earnings per common share (“EPS”) is calculated by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. For diluted EPS, the weighted-average number of shares for the period is increased by the number of shares, which would be issued assuming the exercise of in-the-money common stock options and any outstanding warrants. Time-based restricted stock shares are recorded as issued and outstanding upon their grant, rather than upon vesting, and therefore are included in the weighted-average shares outstanding due to voting rights granted at the time restricted stock is granted. Performance and market-based restricted stock shares are recorded as issued and outstanding upon their achieving the required performance or market factors. These restricted shares are included in the number of shares outstanding for diluted EPS if their performance or market factors are expected to be achieved as of the reporting date. |
Trust Assets | Trust Assets— Assets held by the Bank in fiduciary or agency capacities for its customers are not included as assets in the Consolidated Balance Sheets. Certain money market trust assets are held on deposit at the Bank and are accounted for as such. |
Stock-Based Compensation | Stock-Based Compensation— Stock-based compensation awards granted, comprised of stock options, performance and time-based restricted stock, and total shareholder return (“TSR”) awards are valued at fair value and compensation cost is recognized on a straight-line basis over the requisite service or performance period of each award. For service-based awards with graded vesting schedules, compensation expense is divided among the vesting periods with each separately vested portion of the award recognized in compensation expense on a straight-line basis over the requisite service period. For performance-based awards and TSR awards, compensation expense is recognized evenly over the performance period, based on the probability of the achievements of the performance or market conditions set forth in the plans. Upon adoption of Accounting Standards Update (“ASU”) 2016-09, “Compensation-Stock Compensation (Topic 718)”, Wesbanco recognizes forfeitures as they occur rather than estimating them over the life of the award. |
Defined Benefit Pension Plan | Defined Benefit Pension Plan— Wesbanco recognizes in the statement of financial position an asset for the plan’s overfunded status or a liability for the plan’s underfunded status. Wesbanco recognizes fluctuations in the funded status in the year in which the changes occur through other comprehensive income. Plan assets are determined based on fair value generally representing observable market prices. The projected benefit obligation is determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on a fitted yield curve approach whereby the yield curve compares the expected stream of future benefit payments for the plan to high quality corporate bonds available in the marketplace to determine an equivalent discount rate. Periodic pension expense includes service costs, interest costs based on an assumed discount rate, an expected return on plan assets based on an actuarially-derived market-related value, an assumed rate of annual compensation increase, and amortization or accretion of actuarial gains and losses as well as other actuarial assumptions. The service cost component is recognized in salaries and wages and the remaining costs are recognized in employee benefits within the Company’s Consolidated Statement of Income. Wesbanco utilizes a full yield curve approach in the estimation of service and interest components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The plan has been closed to new entrants since August 2007; however, benefits are still earned for those plan participants with continuing employment after August 2007. Refer to Note 13, “Employee Benefit Plans” for further detail. |
Post-retirement Medical Benefit Plan | Post-retirement Medical Benefit Plan— Wesbanco acquired a non-qualified supplemental retirement plan for certain key employees from Farmers Capital Bank Corp. (“FFKT”). The Plan provides lifetime medical and dental benefits upon retirement for certain employees meeting the eligibility requirement, which were amended by Wesbanco upon acquisition. Wesbanco recognizes a liability for the projected benefit obligation in the Consolidated Balance Sheets in other liabilities as this plan is unfunded until period payments are made. Wesbanco recognizes fluctuations in the projected benefit obligation through other comprehensive income. The projected benefit obligation is based on the present value of projected medical and dental obligations at an assumed discount rate. Periodic benefit expense includes service cost, interest cost based on an assumed discount rate, and amortization or accretion of actuarial gains and losses, as well as other actuarial assumptions. Refer to Note 13, “Employee Benefit Plans” for further detail. |
Recent accounting pronouncements | Recent accounting pronouncements— The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) as noted below. ASU 2020-04 Reference Rate Reform (Topic 848) In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”. Due to the potential discontinuance of the London Interbank Offered Rate (LIBOR), regulators have undertaken reference rate initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The ASU also provides optional expedients for contract modifications that replace a reference rate affected by reference rate reform. The guidance is effective as of March 12, 2020 through December 31, 2022. Wesbanco is assessing the impact of adopting the new guidance on the consolidated financial statements on an ongoing basis with no material impacts expected at this time. ASU 2018-15 Intangibles – Goodwill and Other Internal-Use Software In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” This ASU specifically aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The ASU does not affect the accounting for the service element of a hosting arrangement that is a service contract. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For Wesbanco, this update was effective January 1, 2020. The adoption of this pronouncement did not have a material impact on Wesbanco’s Consolidated Financial Statements. ASU 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20) In August 2018, the FASB issued ASU 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU modifies Accounting Standards Codification (“ASC”) 715-20 to improve disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance is effective for fiscal years ending after December 15, 2020. For Wesbanco, this update was effective January 1, 2020. The adoption of this pronouncement did not have a material impact on Wesbanco’s Consolidated Financial Statements. ASU 2018-13 Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU modifies the disclosure objective paragraphs of ASC 820 to eliminate (1) “at a minimum” from the phrase “an entity shall disclose at a minimum” and (2) other similar “open ended” disclosure requirements to promote the appropriate exercise of discretion of entities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For Wesbanco, this update was effective January 1, 2020. The adoption of this pronouncement did not have a material impact on Wesbanco’s Consolidated Financial Statements. ASU 2016-13 Financial Instruments – Credit Losses (Topic 326) In September 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326),” which require entities to use a new forward-looking “expected loss” model also referred to as the current expected credit loss model (“CECL”) on trade and other receivables, held-to-maturity debt securities, loans and other instruments that generally will result in the earlier recognition of allowances for credit losses. For available-for-sale debt securities with unrealized losses, entities measure credit losses in a manner similarly to current procedures, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. Entities will have to disclose significantly more information, including information they use to track credit quality by year of origination for most financing receivables. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments” and in May 2019 the FASB issued ASU 2019-05, “Financial Instruments – Credit Losses (Topic 326), Targeted Transition Relief. Public business entities must apply the new requirements for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which for Wesbanco was effective January 1, 2020. In December 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of Comptroller of the Currency (“OCC”) approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ adoption of the CECL methodology. The final rule provides banking organizations the option to phase-in, over a three-year period, the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In response to the COVID-19 pandemic, the joint federal bank regulatory agencies issued an optional extension of the regulatory capital transition, which allows for a two-year three-year two-year three-year Under CECL, acquired loans or pools of loans that have experienced more-than-insignificant credit deterioration are deemed to be PCD loans, and are grossed-up on day 1 by the initial credit estimate through the allowance as opposed to a reduction in the loan’s amortized cost. The credit mark on acquired loans deemed not to be PCD loans are reflected as a reduction in the loan’s amortized cost, with an allowance and corresponding provision for credit losses recorded in the first reporting period after acquisition through current period earnings, while the loan mark will accrete through interest income over the life of such loans. At acquisition, Wesbanco will consider several factors as indicators that an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. These factors may include loans 30 days or more past due, loans with an internal risk grade of below average or lower, loans classified as non-accrual by the acquired institution, materiality of the credit and loans that have been previously modified in a TDR. Upon adoption of this standard, acquired loans from prior acquisitions that met the guidelines under ASC 310-30 (formerly known as “purchased credit-impaired”) were reclassified as PCD loans. The accretable portion of the loan mark as of adoption date continues to accrete into interest income. However, the non-accretable portion of the loan mark was added to the allowance upon adoption, and any reversals of such mark will flow through the allowance in future periods. The loan mark on ASC 310-20 loans (“non-purchased credit-impaired”) from prior acquisitions continues to accrete through interest income over the life of such loans. Wesbanco began planning in 2016 for the implementation of CECL and completed parallel runs in 2019 to ensure the various forecasting and modeling assumptions were reasonable and supportable, including certain qualitative factors that were developed to estimate the initial current expected credit loss allowance. Wesbanco engaged a third-party to validate the data inputs and the models utilized in the CECL calculation. In addition, the Company prepared documentation of the accounting policy decisions, changes to the business processes and procedures, and the control environment under the adoption of this standard. The day 1 impact on the allowance for credit losses was $41.4 million, which included a $6.7 million adjustment for PCD loans and a $3.0 million adjustment related to loan commitments. The after-tax effect on retained earnings was $26.6 million as of January 1, 2020. The day 1 CECL calculation was derived from the selected assumption of a one-year reasonable and supportable forecast, which was obtained from a third-party vendor. After the forecast period, Wesbanco reverts back over a one year period to historical loss rates adjusting for prepayments and curtailments, to estimate losses over the remaining life of loans. The most sensitive assumptions include the length of the forecast and reversion periods, forecast of unemployment and interest rate spreads and prepayment speeds. See Note 5, “Loans and the Allowance for Credit Losses” for further detail. Wesbanco recognized an allowance for credit losses for held-to-maturity (“HTM”) debt securities of $0.2 million as of January 1, 2020 upon adoption of this standard. See Note 4, “Securities” for further detail. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Old Line Bancshares, Inc. [Member] | |
Summary of Purchase Price of Acquisition and Resulting Goodwill | The final purchase price of the OLBK acquisition and resulting goodwill is summarized as follows: (in thousands) November 22, 2019 Purchase Price: Fair value of Wesbanco shares issued $ 493,936 Cash consideration for outstanding OLBK shares 16 Total purchase price $ 493,952 Fair value of: Tangible assets acquired $ 2,891,363 Core deposit and other intangible assets acquired 32,899 Liabilities assumed (2,722,165 ) Net cash received in the acquisition 60,041 Fair value of net assets acquired 262,138 Goodwill recognized $ 231,814 |
Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table presents the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition: (in thousands) November 22, 2019 Assets acquired Cash and due from banks $ 60,041 Securities 182,171 Loans 2,514,061 Goodwill and other intangible assets 264,713 Accrued income and other assets 195,131 Total assets acquired $ 3,216,117 Liabilities assumed Deposits $ 2,375,574 Borrowings 286,047 Accrued expenses and other liabilities 60,544 Total liabilities assumed $ 2,722,165 Net assets acquired $ 493,952 |
Old Line Bancshares, Inc. [Member] | Purchase Price Allocation Adjustment [Member] | |
Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table presents the changes in the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition previously reported as of December 31, 2019: (in thousands) November 22, 2019 Goodwill recognized as of December 31, 2019 $ 203,774 Change in fair value of net assets acquired: Assets Investment securities (349 ) Loans (31,532 ) Intangible assets (692 ) Deferred tax assets 8,166 Premises and equipment (3,067 ) Accrued income and other assets (1,314 ) Liabilities Borrowings 1,283 Accrued expenses and other liabilities (535 ) Fair value of net assets acquired $ (28,040 ) Increase in goodwill recognized 28,040 Goodwill recognized as of December 31, 2020 $ 231,814 |
Farmers Capital Bank Corporation [Member] | |
Summary of Purchase Price of Acquisition and Resulting Goodwill | The final purchase price of the FFKT acquisition and resulting goodwill is summarized as follows: (in thousands) August 20, 2018 Purchase Price: Fair value of Wesbanco shares issued $ 391,267 Cash consideration for outstanding FFKT shares 37,634 Total purchase price $ 428,901 Fair value of: Tangible assets acquired $ 1,370,245 Core deposit and other intangible assets acquired 39,992 Liabilities assumed (1,434,779 ) Net cash received in the acquisition 230,139 Fair value of net assets acquired 205,597 Goodwill recognized $ 223,304 |
Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table presents the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition: (in thousands) August 20, 2018 Assets acquired Cash and due from banks $ 230,139 Securities 239,321 Loans 1,025,800 Goodwill and other intangible assets 263,296 Accrued income and other assets 105,124 Total assets acquired $ 1,863,680 Liabilities assumed Deposits $ 1,330,328 Borrowings 71,780 Accrued expenses and other liabilities 32,671 Total liabilities assumed $ 1,434,779 Net assets acquired $ 428,901 |
First Sentry Bancshares, Inc. [Member] | |
Summary of Purchase Price of Acquisition and Resulting Goodwill | The final purchase price of the FTSB acquisition and resulting goodwill is summarized as follows: (in thousands) April 5, 2018 Purchase Price: Fair value of Wesbanco shares issued $ 107,347 Cash consideration for outstanding FTSB shares 975 Total purchase price $ 108,322 Fair value of: Tangible assets acquired $ 609,593 Core deposit and other intangible assets acquired 8,078 Liabilities assumed (664,172 ) Net cash received in the acquisition 87,124 Fair value of net assets acquired 40,623 Goodwill recognized $ 67,699 |
Allocation of Purchase Price of Assets Acquired and Liabilities Assumed | The following table presents the allocation of the purchase price of the assets acquired and the liabilities assumed at the date of acquisition. (in thousands) April 5, 2018 Assets acquired Cash and due from banks $ 87,124 Securities 142,903 Loans 447,279 Goodwill and other intangible assets 75,777 Accrued income and other assets 19,411 Total assets acquired $ 772,494 Liabilities assumed Deposits $ 590,065 Borrowings 70,710 Accrued expenses and other liabilities 3,397 Total liabilities assumed $ 664,172 Net assets acquired $ 108,322 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Common Share | Earnings per common share are calculated as follows: For the Years Ended December 31, (in thousands, except shares and per share amounts) 2020 2019 2018 Numerator for both basic and diluted earnings per common share: Net income available to common shareholders $ 119,400 $ 158,873 $ 143,112 Denominator: Total average basic common shares outstanding 67,260,796 56,108,084 48,889,041 Effect of dilutive stock options and other stock compensation 49,788 106,280 133,949 Total diluted average common shares outstanding 67,310,584 56,214,364 49,022,990 Earnings per common share—basic $ 1.78 $ 2.83 $ 2.93 Earnings per common share—diluted 1.77 2.83 2.92 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities | The following table presents the fair value and amortized cost of available-for-sale and held-to-maturity debt securities: December 31, 2020 December 31, 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale debt securities U.S. Treasury $ 39,975 $ 7 $ — $ 39,982 $ 32,790 $ 47 $ (1 ) $ 32,836 U.S. Government sponsored entities and agencies 204,109 7,715 (142 ) 211,682 157,088 2,862 (322 ) 159,628 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,230,106 35,979 (1,348 ) 1,264,737 1,803,268 18,850 (6,131 ) 1,815,987 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 308,903 11,464 (269 ) 320,098 187,268 3,270 (129 ) 190,409 Obligations of states and political subdivisions 108,602 7,160 — 115,762 140,357 5,253 (1 ) 145,609 Corporate debt securities 24,963 912 — 25,875 48,645 581 (137 ) 49,089 Total available-for-sale debt securities $ 1,916,658 $ 63,237 $ (1,759 ) $ 1,978,136 $ 2,369,416 $ 30,863 $ (6,721 ) $ 2,393,558 Held-to-maturity debt securities U.S. Government sponsored entities and agencies $ 7,779 $ 265 $ — $ 8,044 $ 9,216 $ 30 $ (116 ) $ 9,130 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 89,151 3,251 — 92,402 122,937 1,031 (261 ) 123,707 Obligations of states and political subdivisions 601,128 30,173 (59 ) 631,242 686,376 20,475 (258 ) 706,593 Corporate debt securities 33,154 3,341 — 36,495 33,224 1,869 — 35,093 Total held-to-maturity debt securities $ 731,212 $ 37,030 $ (59 ) $ 768,183 $ 851,753 $ 23,405 $ (635 ) $ 874,523 Total debt securities $ 2,647,870 $ 100,267 $ (1,818 ) $ 2,746,319 $ 3,221,169 $ 54,268 $ (7,356 ) $ 3,268,081 (1) Total held-to-maturity debt securities are presented on the balance sheet net of their allowance for credit losses totaling $0.3 million at December 31, 2020. |
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity | The following table presents the amortized cost and fair value of available-for-sale and held-to-maturity debt securities by contractual maturity at December 31, 2020. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay debt obligations with or without prepayment penalties. Mortgage-backed securities and collateralized mortgage obligations are classified in the table below based on their contractual maturity date; however, regular principal payments and prepayments of principal are received on a monthly basis. (in thousands) Amortized Cost Fair Value Available-for-sale debt securities Less than one year $ 52,867 $ 52,943 1-5 years 159,663 167,823 5-10 years 367,366 380,117 Over 10 years 1,336,762 1,377,253 Total available-for-sale debt securities $ 1,916,658 $ 1,978,136 Held-to-maturity debt securities Less than one year $ 8,051 $ 8,110 1-5 years 116,033 122,589 5-10 years 235,993 248,079 Over 10 years 371,135 389,405 Total held-to-maturity debt securities $ 731,212 $ 768,183 Total debt securities $ 2,647,870 $ 2,746,319 |
Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities | The following table presents the gross realized gains and losses on sales and calls of available-for-sale and held-to-maturity debt securities, as well as gains and losses on equity securities from both sales and market adjustments resulting from the adoption of ASU 2016-01 effective January 1, 2018 for the years ended December 31, 2020, 2019 and 2018, respectively. All gains and losses presented in the table below are included in the net securities gains (losses) line item of the income statement. For those equity securities relating to the key officer and director deferred compensation plan, the corresponding change in the obligation to the participant is recognized in employee benefits expense. For the Years Ended December 31, (in thousands) 2020 2019 2018 Debt securities: Gross realized gains $ 3,816 $ 1,497 $ 128 Gross realized losses (1,083 ) (981 ) (46 ) Net gains on debt securities $ 2,733 $ 516 $ 82 Equity securities: Unrealized gains (losses) recognized on securities still held $ 1,541 $ 1,226 $ (986 ) Net realized (losses) gains recognized on securities sold (6 ) 2,578 4 Net gains (losses) on equity securities $ 1,535 $ 3,804 $ (982 ) Net securities gains (losses) $ 4,268 $ 4,320 $ (900 ) |
Schedule of Allowance for Credit Losses on Held-to-maturity Securities | The following table provides a roll-forward of the allowance for credit losses on held-to-maturity securities for the year ended December 31, 2020: Allowance for Credit Losses By Category For the Year Ended December 31, 2020 Residential mortgage -backed securities and collateralized mortgage obligations Obligations of U.S. Government of government state and Corporate sponsored sponsored entities political debt (in thousands) entities and agencies and agencies subdivisions Securities Total Beginning balance at January 1, 2020 $ — $ — $ 96 $ 133 $ 229 Current period provision — — 34 63 97 Write-offs — — — — — Recoveries — — — — — Ending balance at December 31, 2020 $ — $ — $ 130 $ 196 $ 326 |
Schedule of Unrealized Losses on Investment Securities | The following table provides information on unrealized losses on available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more, for which an allowance for credit losses has not been recorded as of December 31, 2020: December 31, 2020 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S. Treasury $ — $ — — $ — $ — — $ — $ — — U.S. Government sponsored entities and agencies 18,308 (142 ) 2 — — — 18,308 (142 ) 2 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 224,448 (1,227 ) 41 4,136 (121 ) 3 228,584 (1,348 ) 44 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 97,266 (269 ) 10 — — — 97,266 (269 ) 10 Obligations of states and political subdivisions — — — — — — — — — Corporate debt securities — — — — — — — — — Total temporarily impaired securities $ 340,022 $ (1,638 ) 53 $ 4,136 $ (121 ) 3 $ 344,158 $ (1,759 ) 56 The following table provides information on unrealized losses on held-to-maturity and available-for-sale debt securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of December 31, 2019, prior to the date of adoption of the credit loss standard, and as defined by the previous accounting guidance in effect at that time: December 31, 2019 Less than 12 months 12 months or more Total (dollars in thousands) Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities U.S Treasury $ 1,499 $ (1 ) 1 $ — $ — — $ 1,499 $ (1 ) 1 U.S. Government sponsored entities and agencies 57,650 (274 ) 25 6,593 (164 ) 2 64,243 (438 ) 27 Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 544,692 (3,725 ) 116 272,884 (2,667 ) 122 817,576 (6,392 ) 238 Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 43,123 (124 ) 7 3,704 (5 ) 2 46,827 (129 ) 9 Obligations of states and political subdivisions 17,876 (122 ) 22 4,413 (137 ) 8 22,289 (259 ) 30 Corporate debt securities 4,120 (44 ) 1 4,926 (93 ) 2 9,046 (137 ) 3 Total temporarily impaired securities $ 668,960 $ (4,290 ) 172 $ 292,520 $ (3,066 ) 136 $ 961,480 $ (7,356 ) 308 |
Loans and the Allowance for C_2
Loans and the Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Recorded Investment in Loans by Category | The recorded investment in loans is presented in the Consolidated Balance Sheets net of deferred loan fees and costs, and discounts on purchased loans. Net deferred loan income (costs) were $6.2 million and ($4.8) million at December 31, 2020 and 2019, respectively. The December 31, 2020 balance included $13.8 million of net deferred income from PPP loans. The un-accreted discount on purchased loans from acquisitions was $39.4 million at December 31, 2020, including $2.4 million related to FTSB, $9.8 million related to FFKT and $22.1 million related to OLBK. The unaccreted discount was $51.9 million at December 31, 2019. December 31, December 31, (in thousands) 2020 2019 Commercial real estate: Land and construction $ 668,277 $ 777,151 Improved property 5,037,115 4,947,857 Total commercial real estate 5,705,392 5,725,008 Commercial and industrial 1,681,182 1,644,699 Commercial and industrial - PPP 726,256 — Residential real estate 1,720,961 1,873,647 Home equity 646,387 649,678 Consumer 309,055 374,953 Total portfolio loans 10,789,233 10,267,985 Loans held for sale 168,378 43,013 Total loans $ 10,957,611 $ 10,310,998 |
Summary of Changes in Allowance for Credit Losses | The following tables summarize changes in the allowance for credit losses applicable to each category of the loan portfolio: For the Year Ended December 31, 2020 (in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Residential Real Estate Home Equity Consumer Deposit Overdraft Total Balance at beginning of year: Allowance for credit losses - loans $ 4,949 $ 20,293 $ 14,116 $ 4,311 $ 4,422 $ 2,951 $ 1,387 $ 52,429 Allowance for credit losses - loan commitments 235 22 311 15 250 41 — 874 Total beginning allowance for credit losses - loans and loan commitments 5,184 20,315 14,427 4,326 4,672 2,992 1,387 53,303 Impact of adopting ASC 326 1,524 13,078 22,357 5,630 (3,936 ) 2,576 213 41,442 Provision for credit losses: Provision for loan losses 6,929 78,210 3,918 9,065 1,234 2,980 (376 ) 101,960 Provision for loan commitments 3,671 712 693 560 30 19 — 5,685 Total provision for credit losses - loans and loan commitments 10,600 78,922 4,611 9,625 1,264 2,999 (376 ) 107,645 Charge-offs (51 ) (1,747 ) (3,727 ) (1,415 ) (969 ) (3,615 ) (1,011 ) (12,535 ) Recoveries 92 796 1,457 640 501 1,574 426 5,486 Net recoveries (charge-offs) 41 (951 ) (2,270 ) (775 ) (468 ) (2,041 ) (585 ) (7,049 ) Balance at end of period: Allowance for credit losses - loans 10,841 110,652 37,850 17,851 1,487 6,507 639 185,827 Allowance for credit losses - loan commitments 6,508 712 1,275 955 45 19 — 9,514 Total ending allowance for credit losses - loans and loan commitments $ 17,349 $ 111,364 $ 39,125 $ 18,806 $ 1,532 $ 6,526 $ 639 $ 195,341 For the Year Ended December 31, 2019 (in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Residential Real Estate Home Equity Consumer Deposit Overdraft Total Balance at beginning of year: Allowance for loan losses $ 4,039 $ 20,848 $ 12,114 $ 3,822 $ 4,356 $ 2,797 $ 972 $ 48,948 Allowance for loan commitments 169 33 262 12 226 39 — 741 Total beginning allowance for credit losses 4,208 20,881 12,376 3,834 4,582 2,836 972 49,689 Provision for credit losses: Provision for loan losses 746 2,560 2,714 1,400 851 1,130 1,664 11,065 Provision for loan commitments 66 (11 ) 49 3 24 2 — 133 Total provision for credit losses 812 2,549 2,763 1,403 875 1,132 1,664 11,198 Charge-offs (107 ) (3,867 ) (1,816 ) (1,276 ) (1,213 ) (2,719 ) (1,659 ) (12,657 ) Recoveries 271 752 1,104 365 428 1,743 410 5,073 Net recoveries (charge-offs) 164 (3,115 ) (712 ) (911 ) (785 ) (976 ) (1,249 ) (7,584 ) Balance at end of period: Allowance for loan losses 4,949 20,293 14,116 4,311 4,422 2,951 1,387 52,429 Allowance for loan commitments 235 22 311 15 250 41 — 874 Total ending allowance for credit losses $ 5,184 $ 20,315 $ 14,427 $ 4,326 $ 4,672 $ 2,992 $ 1,387 $ 53,303 For the Year Ended December 31, 2018 (in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Residential Real Estate Home Equity Consumer Deposit Overdraft Total Balance at beginning of year: Allowance for loan losses $ 3,117 $ 21,166 $ 9,414 $ 3,206 $ 4,497 $ 3,063 $ 821 $ 45,284 Allowance for loan commitments 119 26 173 7 212 37 — 574 Total beginning allowance for credit losses 3,236 21,192 9,587 3,213 4,709 3,100 821 45,858 Provision for credit losses: Provision for loan losses 650 (521 ) 3,430 1,612 138 1,142 1,146 7,597 Provision for loan commitments 50 7 89 5 14 2 — 167 Total provision for credit losses 700 (514 ) 3,519 1,617 152 1,144 1,146 7,764 Charge-offs (137 ) (1,090 ) (1,830 ) (1,435 ) (1,193 ) (3,508 ) (1,374 ) (10,567 ) Recoveries 409 1,293 1,100 439 914 2,100 379 6,634 Net recoveries (charge-offs) 272 203 (730 ) (996 ) (279 ) (1,408 ) (995 ) (3,933 ) Balance at end of period: Allowance for loan losses 4,039 20,848 12,114 3,822 4,356 2,797 972 48,948 Allowance for loan commitments 169 33 262 12 226 39 — 741 Total ending allowance for credit losses $ 4,208 $ 20,881 $ 12,376 $ 3,834 $ 4,582 $ 2,836 $ 972 $ 49,689 |
Allowance for Credit Losses and Recorded Investments in Loans | The following tables present the allowance for credit losses and recorded investments in loans by category, as of each period-end: Allowance for Credit Losses and Recorded Investment in Loans (in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial and Industrial Residential Real Estate Home Equity Consumer Deposit Overdrafts Total December 31, 2020 Allowance for credit losses: Loans individually-evaluated $ 602 $ 4,196 $ 1,484 $ — $ — $ — $ — $ 6,282 Loans collectively-evaluated 10,239 106,456 36,366 17,851 1,487 6,507 639 179,545 Loan commitments 6,508 712 1,275 955 45 19 — 9,514 Total allowance for credit losses - loans and commitments $ 17,349 $ 111,364 $ 39,125 $ 18,806 $ 1,532 $ 6,526 $ 639 $ 195,341 Portfolio loans: Individually-evaluated for credit losses (1) $ 1,455 $ 40,372 $ 2,863 $ — $ — $ — $ — $ 44,690 Collectively-evaluated for credit losses 666,822 4,996,743 2,404,575 1,720,961 646,387 309,055 — 10,744,543 Total portfolio loans $ 668,277 $ 5,037,115 $ 2,407,438 $ 1,720,961 $ 646,387 $ 309,055 $ — $ 10,789,233 December 31, 2019 Allowance for credit losses: Allowance for loans individually evaluated for impairment $ — $ 93 $ 10 $ 14 $ 6 $ 1 $ — $ 124 Allowance for loans collectively evaluated for impairment 4,949 20,200 14,106 4,297 4,416 2,950 1,387 52,305 Allowance for loan commitments 235 22 311 15 250 41 - 874 Total allowance for credit losses $ 5,184 $ 20,315 $ 14,427 $ 4,326 $ 4,672 $ 2,992 $ 1,387 $ 53,303 Portfolio loans: Individually evaluated for impairment (1) $ — $ 3,907 $ 11,961 $ 4,392 $ 704 $ 53 $ — $ 21,017 Collectively evaluated for impairment 777,033 4,935,383 1,631,855 1,865,151 648,221 374,812 — 10,232,455 Acquired with deteriorated credit quality 118 8,567 883 4,104 753 88 — 14,513 Total portfolio loans $ 777,151 $ 4,947,857 $ 1,644,699 $ 1,873,647 $ 649,678 $ 374,953 $ — $ 10,267,985 (1) Commercial loans greater than $1 million that are reported as non-accrual or as a TDR are individually evaluated due to differences in risk factors. |
Summary of Commercial Loans by Risk Grade | The following tables summarize commercial loans by their assigned risk grade: Commercial Loans by Internally Assigned Risk Grade (in thousands) Commercial Real Estate- Land and Construction Commercial Real Estate- Improved Property Commercial & Industrial Total Commercial Loans As of December 31, 2020 Pass $ 657,435 $ 4,609,726 $ 2,350,724 $ 7,617,885 Criticized—compromised 7,397 320,301 34,597 362,295 Classified—substandard 3,445 107,088 22,117 132,650 Classified—doubtful — — — — Total $ 668,277 $ 5,037,115 $ 2,407,438 $ 8,112,830 As of December 31, 2019 Pass $ 769,537 $ 4,807,003 $ 1,570,689 $ 7,147,229 Criticized—compromised 4,338 65,612 49,009 118,959 Classified—substandard 3,276 75,242 13,231 91,749 Classified—doubtful — — 11,770 11,770 Total $ 777,151 $ 4,947,857 $ 1,644,699 $ 7,369,707 |
Summary of Age Analysis of Loan Categories | The following tables summarize the age analysis of all categories of loans. Age Analysis of Loans (in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans 90 Days or More Past Due and Accruing (1) As of December 31, 2020 Commercial real estate: Land and construction $ 664,990 $ 582 $ 2,276 $ 429 $ 3,287 $ 668,277 $ 288 Improved property 5,016,812 4,876 4,118 11,309 20,303 5,037,115 2,713 Total commercial real estate 5,681,802 5,458 6,394 11,738 23,590 5,705,392 3,001 Commercial and industrial 2,395,844 4,372 2,197 5,025 11,594 2,407,438 1,899 Residential real estate 1,698,636 2,614 5,654 14,057 22,325 1,720,961 2,863 Home equity 639,319 2,414 775 3,879 7,068 646,387 706 Consumer 305,483 1,998 1,031 543 3,572 309,055 377 Total portfolio loans 10,721,084 16,856 16,051 35,242 68,149 10,789,233 8,846 Loans held for sale 168,378 — — — — 168,378 — Total loans $ 10,889,462 $ 16,856 $ 16,051 $ 35,242 $ 68,149 $ 10,957,611 $ 8,846 Nonperforming loans included above are as follows: Non-accrual loans $ 9,560 $ 630 $ 466 $ 26,224 27,320 $ 36,880 TDRs accruing interest (1) 3,540 63 152 172 387 3,927 Total non-performing $ 13,100 $ 693 $ 618 $ 26,396 $ 27,707 $ 40,807 As of December 31, 2019 Commercial real estate: Land and construction $ 776,153 $ 529 $ 121 $ 348 $ 998 $ 777,151 $ 26 Improved property 4,921,721 10,207 5,639 10,290 26,136 4,947,857 4,709 Total commercial real estate 5,697,874 10,736 5,760 10,638 27,134 5,725,008 4,735 Commercial and industrial 1,635,232 2,519 2,813 4,135 9,467 1,644,699 1,793 Residential real estate 1,850,806 4,421 5,372 13,048 22,841 1,873,647 3,643 Home equity 641,026 3,323 621 4,708 8,652 649,678 985 Consumer 370,934 2,537 965 517 4,019 374,953 457 Total portfolio loans 10,195,872 23,536 15,531 33,046 72,113 10,267,985 11,613 Loans held for sale 43,013 — — — — 43,013 — Total loans $ 10,238,885 $ 23,536 $ 15,531 $ 33,046 $ 72,113 $ 10,310,998 $ 11,613 Impaired loans included above are as follows: Non-accrual loans $ 21,061 $ 897 $ 1,559 $ 21,396 23,852 $ 44,913 TDRs accruing interest (1) 5,113 151 130 37 318 5,431 Total impaired $ 26,174 $ 1,048 $ 1,689 $ 21,433 $ 24,170 $ 50,344 (1) Loans 90 days or more past due and accruing interest exclude TDRs 90 days or more past due and accruing interest. |
Summary of Nonperforming Loans | The following tables summarize nonperforming loans: Nonperforming Loans December 31, 2020 December 31, 2019 (in thousands) Unpaid Principal Balance (1) Recorded Investment Related Allowance Unpaid Principal Balance (1) Recorded Investment Related Allowance With no related specific allowance recorded: Commercial real estate: Land and construction $ 469 $ 469 $ — $ 616 $ 580 $ — Improved property 9,597 8,055 — 5,097 4,229 — Commercial and industrial 4,401 3,413 — 15,182 14,313 — Residential real estate 23,055 20,704 — 17,753 15,952 — Home equity 6,635 5,708 — 6,523 5,610 — Consumer 602 364 — 546 413 — Total nonperforming loans without a specific allowance 44,759 38,713 — 45,717 41,097 — With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 2,094 2,094 136 4,207 3,907 93 Commercial and industrial — — — 193 191 10 Residential real estate — — — 4,772 4,392 14 Home equity — — — 724 704 6 Consumer — — — 104 53 1 Total nonperforming loans with a specific allowance 2,094 2,094 136 10,000 9,247 124 Total nonperforming loans $ 46,853 $ 40,807 $ 136 $ 55,717 $ 50,344 $ 124 (1) The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off and fair market value adjustments on acquired nonperforming loans. Nonperforming Loans For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related specific allowance recorded: Commercial real estate: Land and construction $ 571 $ — $ 343 $ — $ 208 $ — Improved property 7,193 61 7,216 84 10,658 381 Commercial and industrial 5,256 7 5,207 15 3,076 12 Residential real estate 19,651 168 14,192 211 19,026 240 Home equity 5,806 22 4,930 28 5,005 25 Consumer 377 2 423 3 808 7 Total nonperforming loans without a specific allowance 38,854 260 32,311 341 38,781 665 With a specific allowance recorded: Commercial real estate: Land and construction — — — — — — Improved property 2,672 — 3,317 — 842 — Commercial and industrial 38 — 175 — — — Residential real estate 878 — 3,811 — — — Home equity 141 — 634 — — — Consumer 11 — 58 — — — Total nonperforming loans with a specific allowance 3,740 — 7,995 — 842 — Total nonperforming loans $ 42,594 $ 260 $ 40,306 $ 341 $ 39,623 $ 665 |
Recorded Investment in Non-Accrual Loans and TDRs | The following tables present the recorded investment in non-accrual loans and TDRs: Non-accrual Loans (1) (in thousands) December 31, 2020 December 31, 2019 Commercial real estate: Land and construction $ 469 $ 580 Improved property 9,494 6,815 Total commercial real estate 9,963 7,395 Commercial and industrial 3,302 14,313 Residential real estate 17,925 16,867 Home equity 5,345 5,903 Consumer 345 435 Total $ 36,880 $ 44,913 (1) At December 31, 2020, there was one borrower with a loan balance greater than $1.0 million totaling $2.1 million, as compared to two borrowers with a loan balance greater than $1.0 million totaling $14.2 million at December 31, 2019. Total non-accrual loans include loans that are also restructured. Such loans are also set forth in the following table as non-accrual TDRs. TDRs December 31, 2020 December 31, 2019 (in thousands) Accruing Non-Accrual Total Accruing Non-Accrual Total Commercial real estate: Land and construction $ — $ — $ — $ — $ — $ — Improved property 655 165 820 1,321 191 1,512 Total commercial real estate 655 165 820 1,321 191 1,512 Commercial and industrial 111 — 111 191 — 191 Residential real estate 2,779 1,354 4,133 3,477 909 4,386 Home equity 363 300 663 411 293 704 Consumer 19 9 28 31 29 60 Total $ 3,927 $ 1,828 $ 5,755 $ 5,431 $ 1,422 $ 6,853 |
Loans Identified as TDRs | The following table presents details related to loans identified as TDRs during the years ended December 31, 2020 and 2019: New TDRs (1) For the Year Ended December 31, 2020 New TDRs (1) For the Year Ended December 31, 2019 (dollars in thousands) Number of Modifications Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Modifications Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate: Land and construction — $ — $ — — $ — $ — Improved property — — — 1 610 603 Total commercial real estate — — — 1 610 603 Commercial and industrial — — — 2 57 48 Residential real estate 3 360 350 4 194 177 Home equity 4 93 86 2 187 181 Consumer 1 7 7 2 45 28 Total 8 $ 460 $ 443 11 $ 1,093 $ 1,037 (1) Excludes loans that were either paid off or charged-off by period end. The pre-modification balance represents the balance outstanding at the beginning of the period. The post-modification balance represents the outstanding balance at period end. The following table summarizes TDRs which defaulted (defined as past due 90 days) during the years ended December 31, 2020 and 2019 that were restructured within the last twelve months prior to December 31, 2020 and 2019 : Defaulted TDRs (1) For the Year Ended December 31, 2020 Defaulted TDRs (1) For the Year Ended December 31, 2019 (dollars in thousands) Number of Defaults Recorded Investment Number of Defaults Recorded Investment Commercial real estate: Land and construction — $ — — $ — Improved property — — — — Total commercial real estate — — — — Commercial and industrial — — — — Residential real estate 1 155 1 95 Home equity — — 1 97 Consumer — — 1 12 Total 1 $ 155 3 $ 204 (1) Excludes loans that were either charged-off or cured by period end. The recorded investment is as of December 31, 2020 and 2019. |
Recognition of Interest Income on Nonperforming Loans | The following table summarizes the recognition of interest income on nonperforming loans: For the years ended December 31, (in thousands) 2020 2019 2018 Average nonperforming loans $ 42,594 $ 40,306 $ 39,623 Amount of contractual interest income on nonperforming loans 2,827 3,047 2,631 Amount of interest income recognized on nonperforming loans 260 341 665 |
Summary of Amortized Cost Basis Loan Balances by Year of Origination and Credit Quality Indicator | The following table summarizes amortized cost basis loan balances by year of origination and credit quality indicator. Loans As of December 31, 2020 Amortized Cost Basis by Origination Year (unaudited, in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total Commercial real estate: land and construction Risk rating: Pass $ 133,720 $ 314,614 $ 109,232 $ 27,483 $ 16,404 $ 29,685 $ 26,297 $ — $ 657,435 Criticized - compromised 459 — 1,532 233 79 3,778 1,316 — 7,397 Classified - substandard — — 403 58 291 2,693 — — 3,445 Classified - doubtful — — — — — — — — — Total commercial real estate: land and construction $ 134,179 $ 314,614 $ 111,167 $ 27,774 $ 16,774 $ 36,156 $ 27,613 $ — $ 668,277 Current-period net charge-offs $ — $ — $ — $ 61 $ (50 ) $ 30 $ — $ — $ 41 Commercial real estate: improved property Risk rating: Pass $ 809,516 $ 670,554 $ 646,629 $ 474,622 $ 572,733 $ 1,346,552 $ 89,120 $ — $ 4,609,726 Criticized - compromised 2,693 67,261 16,793 59,251 42,284 130,247 1,772 — 320,301 Classified - substandard 102 16,366 4,946 11,647 18,460 55,567 — — 107,088 Classified - doubtful — — — — — — — — — Total commercial real estate: improved property $ 812,311 $ 754,181 $ 668,368 $ 545,520 $ 633,477 $ 1,532,366 $ 90,892 $ — $ 5,037,115 Current-period net charge-offs $ — $ — $ (38 ) $ 13 $ (1,617 ) $ 691 $ — $ — $ (951 ) Commercial and industrial Risk rating: Pass $ 977,085 $ 240,262 $ 193,712 $ 160,924 $ 85,379 $ 265,890 $ 427,336 $ 136 $ 2,350,724 Criticized - compromised 453 2,726 4,206 2,795 324 11,640 12,453 — 34,597 Classified - substandard — 3,817 1,947 3,771 1,603 5,073 5,906 — 22,117 Classified - doubtful — — — — — — — — — Total commercial and industrial $ 977,538 $ 246,805 $ 199,865 $ 167,490 $ 87,306 $ 282,603 $ 445,695 $ 136 $ 2,407,438 Current-period net charge-offs $ — $ (50 ) $ (1,843 ) $ (272 ) $ (108 ) $ 303 $ (300 ) $ — $ (2,270 ) Residential real estate Loan delinquency: Current $ 385,541 $ 242,770 $ 149,603 $ 108,090 $ 170,967 $ 641,665 $ — $ — $ 1,698,636 30-59 days past due — — 320 533 — 1,761 — — 2,614 60-89 days past due — — 823 — 185 4,646 — — 5,654 90 days or more past due — 483 166 761 819 11,828 — — 14,057 Total residential real estate $ 385,541 $ 243,253 $ 150,912 $ 109,384 $ 171,971 $ 659,900 $ — $ — $ 1,720,961 Current-period net charge-offs $ — $ (24 ) $ (8 ) $ (11 ) $ (110 ) $ (622 ) $ — $ — $ (775 ) Home equity Loan delinquency: Current $ 18,191 $ 3,611 $ 3,334 $ 975 $ 1,110 $ 16,477 $ 583,486 $ 12,135 $ 639,319 30-59 days past due 124 — 34 — — 882 1,247 127 2,414 60-89 days past due — — — — — 14 749 12 775 90 days or more past due — — 8 156 88 1,786 1,075 766 3,879 Total home equity $ 18,315 $ 3,611 $ 3,376 $ 1,131 $ 1,198 $ 19,159 $ 586,557 $ 13,040 $ 646,387 Current-period net charge-offs $ — $ — $ (10 ) $ (2 ) $ (1 ) $ (92 ) $ (356 ) $ (7 ) $ (468 ) Consumer Loan delinquency: Current $ 72,847 $ 89,637 $ 39,584 $ 22,118 $ 13,144 $ 45,735 $ 22,253 $ 165 $ 305,483 30-59 days past due 481 408 210 311 194 379 15 — 1,998 60-89 days past due 273 147 84 100 163 253 11 — 1,031 90 days or more past due 113 72 73 31 12 242 — — 543 Total consumer $ 73,714 $ 90,264 $ 39,951 $ 22,560 $ 13,513 $ 46,609 $ 22,279 $ 165 $ 309,055 Current-period net charge-offs $ (273 ) $ (731 ) $ (589 ) $ (486 ) $ (59 ) $ 97 $ — $ — $ (2,041 ) |
Summary of Other Real Estate Owned and Repossessed Assets | The following table summarizes other real estate owned and repossessed assets included in other assets: December 31, (in thousands) 2020 2019 Other real estate owned $ 504 $ 4,062 Repossessed assets 45 116 Total other real estate owned and repossessed assets $ 549 $ 4,178 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment include: December 31, (in thousands) 2020 2019 Land and improvements $ 62,131 $ 66,609 Buildings and improvements 224,942 221,139 Furniture and equipment 106,501 102,171 Total cost 393,574 389,919 Accumulated depreciation and amortization (200,214 ) (187,437 ) Right of use assets 56,061 58,532 Total premises and equipment, net $ 249,421 $ 261,014 |
Future Minimum Lease Payments Under Non-cancellable Leases | Future minimum lease payments under non-cancellable leases with initial or remaining lease terms in excess of one year at December 31, 2020 are as follows ( in thousands Year Operating Leases Finance Leases Total 2021 $ 6,358 $ 855 $ 7,213 2022 5,566 873 6,439 2023 5,010 885 5,895 2024 4,526 890 5,416 2025 4,365 861 5,226 2026 and thereafter 45,676 3,778 49,454 Total lease payments $ 71,501 $ 8,142 $ 79,643 Less: capitalized interest (15,465 ) (2,962 ) (18,427 ) Present value of lease liabilities $ 56,036 $ 5,180 $ 61,216 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Wesbanco's Capitalized Other Intangible Assets and Related Accumulated Amortization | The following table shows Wesbanco’s capitalized other intangible assets and related accumulated amortization: December 31, (in thousands) 2020 2019 Other intangible assets: Gross carrying amount $ 118,495 $ 119,387 Accumulated amortization (52,166 ) (38,954 ) Net carrying amount of other intangible assets $ 66,329 $ 80,433 |
Schedule of Future Amortization on Intangible Assets | The following table shows the amortization on Wesbanco’s other intangible assets for each of the next five years ( in thousands Year Amount 2021 $ 11,457 2022 10,278 2023 9,088 2024 8,251 2025 7,475 2026 and thereafter 19,780 Total $ 66,329 |
Certificates of Deposit (Tables
Certificates of Deposit (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Schedule of Maturities of Total Certificates of Deposit | At December 31, 2020, the scheduled maturities of total certificates of deposit are as follows (in thousands) Year Amount 2021 $ 1,000,380 2022 266,077 2023 134,647 2024 91,984 2025 67,226 2026 and thereafter 58,196 Total $ 1,618,510 |
FHLB and Other Short-Term Bor_2
FHLB and Other Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Aggregate Annual Maturities and Weighted-Average Interest Rates of FHLB Borrowing | The following table presents the aggregate annual maturities and weighted-average interest rates of FHLB borrowings at December 31, 2020 based on their contractual maturity dates and interest rates (dollars in thousands) Year Scheduled Maturity Weighted Average Rate 2021 $ 365,002 2.44 % 2022 128,050 1.33 % 2023 55,000 1.17 % 2024 — — 2025 882 1.45 % 2026 and thereafter 69 2.89 % Total $ 549,003 2.05 % |
Subordinated Debt and Junior _2
Subordinated Debt and Junior Subordinated Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Junior Subordinated Debt by Trust | The following table shows Wesbanco’s trust subsidiaries with outstanding Trust Preferred Securities as of December 31, 2020: (in thousands) Trust Preferred Securities Common Securities Junior Subordinated Debt Stated Maturity Date Optional Redemption Date Wesbanco Capital Trust II (1) $ 13,000 $ 410 $ 13,410 6/30/2033 6/30/2008 Wesbanco Capital Statutory Trust III (2) 17,000 526 17,526 6/26/2033 6/26/2008 Wesbanco Capital Trust IV (3) 20,000 619 20,619 6/17/2034 6/17/2009 Wesbanco Capital Trust V (3) 20,000 619 20,619 6/17/2034 6/17/2009 Wesbanco Capital Trust VI (4) 15,000 464 15,464 3/17/2035 3/17/2010 Oak Hill Capital Trust 2 (5) 5,000 155 5,155 10/18/2034 10/18/2009 Oak Hill Capital Trust 3 (6) 8,000 248 8,248 10/18/2034 10/18/2009 Oak Hill Capital Trust 4 (7) 5,000 155 5,155 6/30/2035 6/30/2015 Community Bank Shares Statutory Trust I (3) 6,642 217 6,859 6/17/2034 6/17/2014 Community Bank Shares Statutory Trust II (8) 9,271 310 9,581 6/15/2036 6/15/2016 First Federal Statutory Trust II (9) 9,244 310 9,554 3/22/2037 3/15/2017 Total $ 128,157 $ 4,033 $ 132,190 (1) Variable rate based on the three-month LIBOR plus 3.15% with a current rate of 3.39% through March 30, 2021, adjustable quarterly. (2) Variable rate based on the three-month LIBOR plus 3.10% with a current rate of 3.35% through March 26, 2021, adjustable quarterly. (3) Variable rate based on the three-month LIBOR plus 2.65 % with a current rate of 2.88 % through March 17, 2021, adjustable quarterly. (4) Variable rate based on the three-month LIBOR plus 1.77 % with a current rate of 2.00% through March 17, 2021, adjustable quarterly. (5) Variable rate based on the three-month LIBOR plus 2.40% with a current rate of 2.62% through January 18, 2021, adjustable quarterly. (6) Variable rate based on the three-month LIBOR plus 2.30% with a current rate of 2.52% through January 18, 2021, adjustable quarterly. (7) Variable rate based on the three-month LIBOR plus 1.60% with a current rate of 1.84% through March 30, 2021, adjustable quarterly. (8) Variable rate based on the three-month LIBOR plus 1.70% with a current rate of 1.92% through March 15, 2021, adjustable quarterly. (9) Variable rate based on the three-month LIBOR plus 1.60% with a current rate of 1.82% through March 15, 2021, adjustable quarterly. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments on Balance Sheets | The table below presents the fair value of Wesbanco’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 (in thousands) Notional or Contractual Amount Asset Derivatives Liability Derivatives Notional or Contractual Amount Asset Derivatives Liability Derivatives Derivatives Loan Swaps: Interest rate swaps $ 649,857 $ 46,418 $ 49,917 $ 399,860 $ 14,585 $ 16,117 Other contracts: Interest rate loan commitments 112,119 702 — 34,236 44 — Forward TBA contracts 183,500 — 1,161 50,000 — 88 Total derivatives $ 47,120 $ 51,078 $ 14,629 $ 16,205 |
Summary of Effect of Derivative Instruments on Income Statement | The table below presents the change in the fair value of the Company’s derivative financial instruments reflected within the other non-interest income line item of the consolidated income statement for the years ended December 31, 2020, 2019 and 2018, respectively. For the Years Ended December 31, (in thousands) Location of Gain/(Loss) 2020 2019 2018 Interest rate swaps Other income $ (1,966 ) $ (1,101 ) $ (437 ) Interest rate loan commitments Mortgage banking income 658 (81 ) 125 Forward TBA contracts Mortgage banking income (7,442 ) (1,354 ) 443 Total $ (8,750 ) $ (2,536 ) $ 131 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Benefit Obligations and Funded Status of the Plan | The benefit obligations and funded status of the Plan are as follows: December 31, (dollars in thousands) 2020 2019 Accumulated benefit obligation at end of year $ 157,328 $ 142,980 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 153,960 $ 128,758 Service cost 2,283 2,248 Interest cost 4,507 5,266 Actuarial loss 14,376 22,395 Plan amendment (313 ) — Benefits paid (6,380 ) (4,707 ) Projected benefit obligation at end of year $ 168,433 $ 153,960 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 167,720 $ 141,108 Actual return on plan assets 24,376 28,319 Employer contribution — 3,000 Benefits paid (6,380 ) (4,707 ) Fair value of plan assets at end of year $ 185,716 $ 167,720 Amounts recognized in the statement of financial position: Funded status $ 17,284 $ 13,760 Net amounts recognized as receivable pension costs in the consolidated balance sheets $ 17,284 $ 13,760 Amounts recognized in accumulated other comprehensive income consist of: Unrecognized prior service (credit) cost $ (227 ) $ 52 Unrecognized net loss 21,726 24,486 Net amounts recognized in accumulated other comprehensive income (before tax) $ 21,499 $ 24,538 Weighted average assumptions used to determine benefit obligations: Discount rate 2.74 % 3.38 % Rate of compensation increase 3.30 % 3.53 % Expected long-term return on assets 6.11 % 6.30 % |
Components of and Weighted-Average Assumptions Used in Determining Net Periodic Benefit Costs | The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows: For the Years Ended December 31, (dollars in thousands) 2020 2019 2018 Components of net periodic benefit cost: Service cost—benefits earned during year $ 2,283 $ 2,248 $ 2,835 Interest cost on projected benefit obligation 4,507 5,266 4,517 Expected return on plan assets (10,433 ) (8,869 ) (8,939 ) Amortization of prior service (credit) cost (34 ) 26 26 Amortization of net loss 3,192 3,240 3,053 Net periodic pension (income) cost $ (485 ) $ 1,911 $ 1,492 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net loss (gain) for period $ 432 $ 2,946 $ 2,068 Prior service credit (313 ) — — Unrecognized loss on merged plan — — 1,429 Amortization of prior service credit (cost) 34 (26 ) (26 ) Amortization of net loss (3,192 ) (3,240 ) (3,053 ) Total recognized in other comprehensive (income) loss $ (3,039 ) $ (320 ) $ 418 Total recognized in net periodic pension cost and other comprehensive income $ (3,524 ) $ 1,591 $ 1,910 Weighted-average assumptions used to determine net periodic pension cost: Discount rate 3.38 % 4.48 % 3.81 % Rate of compensation increase 3.53 % 3.62 % 3.70 % Expected long-term return on assets 6.30 % 6.30 % 6.30 % |
Summary of Weighted-Average Asset Allocations by Asset Category | The following table sets forth the Plan’s weighted-average asset allocations by asset category: Target Allocation December 31, for 2020 2020 2019 Asset Category: Equity securities 55-75% 69 % 65 % Debt securities 25-55% 28 % 31 % Cash and cash equivalents 0-5% 3 % 4 % Total 100 % 100 % |
Fair Values of the Wesbanco's Pension Plan Assets | The fair values of Wesbanco’s pension plan assets at December 31, 2020 and 2019, by asset category are as follows: December 31, 2020 Fair Value Measurements Using: (in thousands) Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Defined benefit pension plan assets: Registered investment companies $ 58,101 $ 58,101 $ — $ — Equity securities 85,222 85,222 — — Corporate debt securities 21,170 — 21,170 — Municipal obligations 2,382 — 2,382 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 18,425 — 18,425 — Total defined benefit pension plan assets (1) $ 185,300 $ 143,323 $ 41,977 $ — (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 $186.3 million. December 31, 2019 Fair Value Measurements Using: (in thousands) Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Defined benefit pension plan assets: Registered investment companies $ 47,699 $ 47,699 $ — $ — Equity securities 75,807 75,807 — — Corporate debt securities 16,122 — 16,122 — Municipal obligations 3,313 — 3,313 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 26,320 — 26,320 — Total defined benefit pension plan assets (1) $ 169,261 $ 123,506 $ 45,755 $ — (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 $167.9 million. |
Estimated Benefits to be Paid in Each of Next Five Years and in the Aggregate for the Five Years Thereafter | The following table presents estimated benefits to be paid in each of the next five years and in the aggregate for the five years thereafter ( in thousands Year Amount 2021 $ 6,105 2022 6,313 2023 6,669 2024 7,027 2025 7,416 2026 to 2030 41,262 |
Significant Assumptions Used in Calculating the Fair Value of the Grants | The following table sets forth the significant assumptions used in calculating the fair value of the grants: For the Years Ended December 31, 2020 2019 2018 Weighted-average life 5.7 years 5.6 years 5.2 years Risk-free interest rate 0.41 % 2.18 % 2.95 % Dividend yield 5.94 % 2.80 % 2.54 % Volatility factor 28.38 % 21.97 % 21.27 % Fair value of the grants $ 2.54 $ 6.36 $ 8.54 |
Summary of Activity for the Stock Option Component of the Incentive Plan | The following table shows the activity for the Stock Option component of the Incentive Plan: For the Year Ended December 31, 2020 Number of Options Weighted Average Exercise Price Per Share Outstanding at beginning of the year 733,440 $ 33.06 Granted during the year 142,600 21.55 Exercised during the year (61,623 ) 15.93 Forfeited or expired during the year (39,668 ) 22.03 Outstanding at end of the year 774,749 $ 32.87 Exercisable at year end 703,636 $ 34.01 |
Summary of Average Remaining Life of the Stock Options | The following table shows the average remaining life of the stock options at December 31, 2020: Year Issued Exercisable at Year End Exercise Price Range Per Share Options Outstanding Weighted Average Exercise Price Weighted Avg. Remaining Contractual Life in Years 2011 393 $ 9.97 393 $ 9.97 0.07 2012 5,490 10.20 to 13.96 5,490 $ 12.89 1.55 2013 18,745 15.35 18,745 $ 15.35 2.16 2014 53,925 21.37 to 28.79 53,925 $ 25.77 1.51 2015 72,522 18.33 to 31.58 72,522 $ 27.19 2.43 2016 84,988 22.63 to 32.37 84,988 $ 29.62 3.18 2017 104,475 38.88 104,475 $ 38.88 3.35 2018 166,486 36.97 to 45.65 166,486 $ 43.31 5.20 2019 125,500 38.93 125,500 $ 38.93 5.37 2020 71,112 21.55 142,225 $ 21.55 6.40 Total 703,636 $ 9.97 to $45.65 774,749 $ 32.87 4.36 |
Schedule of Activity for the Restricted Stock Component of the Plan | The following table shows the activity for the Restricted Stock component of the Incentive Plan: For the Year Ended December 31, 2020 Restricted Stock Weighted Average Grant Date Fair Value Per Share Non-vested at January 1, 2020 352,250 $ 40.75 Granted during the year 207,222 21.58 Vested during the year (89,954 ) 36.34 Forfeited or expired during the year (6,328 ) 24.29 Dividend reinvestment 16,854 23.18 Non-vested at end of the year 480,044 $ 32.90 |
Farmers Capital Bank Corporation Postretirement Medical Benefit Plan [Member] | |
Summary of Benefit Obligations and Funded Status of the Plan | The benefit obligation and funded status of the plan are as follows: December 31, (dollars in thousands) 2020 2019 Change in projected benefit obligation: Projected benefit obligation $ 12,632 $ 11,514 Interest cost 360 460 Actuarial loss (gain) 302 1,304 Participant contributions 353 392 Benefits paid (952 ) (1,038 ) Projected benefit obligation at end of year $ 12,695 $ 12,632 Amounts recognized in the statement of financial position: Funded status $ (12,695 ) $ (12,632 ) Net amounts recognized as receivable pension costs in the consolidated balance sheets $ (12,695 ) $ (12,632 ) Amounts recognized in accumulated other comprehensive income consist of: Unrecognized net loss $ 1,388 $ 1,153 Prior service cost (2,792 ) (3,016 ) Net amounts recognized in accumulated other comprehensive income (before tax) $ (1,404 ) $ (1,863 ) Weighted average assumptions used to determine benefit obligations: Discount rate 2.65 % 3.35 % Rate of compensation increase NA NA Expected long-term return on assets NA NA |
Components of and Weighted-Average Assumptions Used in Determining Net Periodic Benefit Costs | The components of and weighted-average assumptions used to determine net periodic benefit costs are as follows: For the Years Ended December 31, (dollars in thousands) 2020 2019 Components of net periodic benefit cost: Interest cost on projected benefit obligation $ 360 $ 460 Amortization of prior service credit (224 ) (224 ) Amortization of net loss 67 - Net periodic pension cost $ 203 $ 236 Other changes in plan benefit obligations recognized in other comprehensive income: Prior service cost for period $ - $ - Net (gain) loss for the period 302 1,304 Amortization of prior service credit 224 224 Amortization of net loss (67 ) - Total recognized in other comprehensive income $ 459 $ 1,528 Total recognized in net periodic pension cost and other comprehensive income $ 662 $ 1,764 Weighted-average assumptions used to determine net periodic pension cost: Discount rate 1.97 % 2.96 % Rate of compensation increase NA NA Expected long-term return on assets NA NA |
Estimated Benefits to be Paid in Each of Next Five Years and in the Aggregate for the Five Years Thereafter | The following table presents estimated benefits to be paid in each of the next five years and in aggregate for the five years thereafter (in thousands) Year Amount 2021 $ 599 2022 621 2023 623 2024 627 2025 616 2026 to 2030 3,011 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Summary of Revenue Recognition | The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams: For the Years Ended December 31, (in thousands) Point of Revenue Recognition 2020 2019 2018 Revenue Streams Trust fees Trust account fees Over time $ 17,753 $ 18,059 $ 15,833 WesMark fees Over time 8,582 8,520 8,790 Total trust fees 26,335 26,579 24,623 Service charges on deposits Commercial banking fees Over time 2,337 2,033 1,733 Personal service charges At a point in time and over time 19,606 24,941 21,937 Total service charges on deposits 21,943 26,974 23,670 Net securities brokerage revenue Annuity commissions At a point in time 3,906 4,829 5,178 Equity and debt security trades At a point in time 349 434 429 Managed money Over time 952 738 647 Trail commissions Over time 982 989 932 Total net securities brokerage revenue 6,189 6,990 7,186 Debit card sponsorship income (1) At a point in time and over time 2,792 328 - Payment processing fees (1) At a point in time and over time 3,010 3,002 1,028 Electronic banking fees At a point in time 17,524 22,634 23,300 Mortgage banking income At a point in time 22,736 8,219 5,840 Net gain on other real estate owned and other assets At a point in time 103 732 524 (1) Debit card sponsorship income and payment processing fees are included in other non-interest income. |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income And Expenses [Abstract] | |
Schedule of Other Operating Expenses | Other operating expenses consist of miscellaneous taxes, consulting fees, ATM expenses, postage, supplies, legal fees, communications, other real estate owned and foreclosure expenses, and other expenses. Other operating expenses are presented below: For the Years Ended December 31, (in thousands) 2020 2019 2018 Franchise and other miscellaneous taxes $ 14,112 $ 12,813 $ 9,847 Consulting, regulatory and advisory fees 11,717 8,993 6,976 ATM and electronic banking interchange expenses 8,365 6,931 5,718 Postage and courier expenses 5,028 5,334 4,143 Supplies 4,561 4,499 3,180 Legal fees 3,307 3,054 2,778 Communications 4,292 3,720 2,569 Other real estate owned and foreclosure expenses (108 ) 397 831 Other 19,474 16,915 14,679 Total other operating expenses $ 70,748 $ 62,656 $ 50,721 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Reconciliation from Federal Statutory Income Tax Rate to Effective Tax Rate | Reconciliation from the federal statutory income tax rate to the effective tax rate is as follows: For the Years Ended December 31, 2020 2019 2018 Federal statutory tax rate 21.0 % 21.0 % 21.0 % Net tax-exempt interest income on securities and loans of state and political subdivisions (4.2 %) (3.3 %) (3.2 %) State income taxes, net of federal tax effect 1.9 % 1.7 % 1.7 % Bank-owned life insurance (1.1 %) (0.6 %) (0.8 %) General business credits (3.7 %) (2.2 %) (1.6 %) All other—net 2.0 % 1.2 % 0.9 % Effective tax rate 15.9 % 17.8 % 18.0 % |
Provision for Income Taxes Applicable to Income Before Taxes | The provision for income taxes applicable to income before taxes consists of the following: For the Years Ended December 31, (in thousands) 2020 2019 2018 Current: Federal $ 27,924 $ 22,540 $ 20,707 State 5,629 3,977 3,542 Deferred: Federal (8,418 ) 7,736 6,864 State (2,100 ) 88 299 Total $ 23,035 $ 34,341 $ 31,412 |
Schedule of Income Tax Amounts were Recorded in Shareholder's Equity as Elements of Other Comprehensive Income | The following income tax amounts were recorded in shareholders’ equity as elements of other comprehensive income: (in thousands) 2020 2019 2018 Securities and defined benefit pension plan unrecognized items $ 9,730 $ 11,570 $ (1,250 ) |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consist of the following: December 31, (in thousands) 2020 2019 2018 Deferred tax assets: Allowance for loan losses $ 44,859 $ 12,788 $ 11,207 Compensation and benefits 6,894 7,144 5,851 Security gains 2,113 3,031 3,707 Non-accrual interest income 1,135 1,297 1,388 Tax credit carryforwards — 149 — Net operating loss carryforwards 5,472 6,923 4,854 Fair value adjustments on securities available-for-sale — — 6,345 Lease accrual 13,530 13,787 — Other 5,441 2,314 2,125 Gross deferred tax assets 79,444 47,433 35,477 Deferred tax liabilities: Depreciation and amortization (3,414 ) (4,014 ) (1,020 ) Accretion on securities (274 ) (339 ) (461 ) Deferred fees and costs (3,018 ) (2,388 ) (1,641 ) Purchase accounting adjustments (8,669 ) (2,787 ) (1,003 ) Fair value adjustments on securities available-for-sale (14,865 ) (5,749 ) — Partnership adjustments (555 ) (521 ) (680 ) Lease - right of use assets (12,438 ) (13,064 ) — Other (168 ) (40 ) (367 ) Gross deferred tax liabilities (43,401 ) (28,902 ) (5,172 ) Net deferred tax assets $ 36,043 $ 18,531 $ 30,305 |
Schedule of Unrecognized Tax Benefits (Excluding Interest and Federal Income Tax Benefit of Unrecognized State Tax Benefits) | A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and the federal income tax benefit of unrecognized state tax benefits) is as follows: For the Years Ended December 31, (in thousands) 2020 2019 2018 Balance at beginning of year $ 434 $ 465 $ 467 Additions based on tax positions related to the current year — 58 68 Reductions for tax positions of prior years — — — Reductions due to the statute of limitations (110 ) (89 ) (70 ) Settlements — — — Balance at end of year $ 324 $ 434 $ 465 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis | . The following tables set forth Wesbanco’s financial assets and liabilities that were accounted for at fair value on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2020 and December 31, 2019: December 31, 2020 Fair Value Measurements Using: (in thousands) December 31, 2020 Quoted Prices in Active Markets for Identical Assets (level 1) Significant Other Observable Inputs (level 2) Significant Unobservable Inputs (level 3) Recurring fair value measurements Equity securities $ 13,047 $ 13,047 $ — $ — Available-for-sale debt securities: U.S. Treasury 39,982 — 39,982 — U.S. Government sponsored entities and agencies 211,682 — 211,682 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,264,737 — 1,264,737 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 320,098 — 320,098 — Obligations of state and political subdivisions 115,762 — 114,227 1,535 Corporate debt securities 25,875 — 25,875 — Total available-for-sale debt securities $ 1,978,136 $ — $ 1,976,601 $ 1,535 Loans held for sale 168,378 — 168,378 — Other assets—interest rate derivatives agreements 46,418 — 46,418 — Total assets recurring fair value measurements $ 2,205,979 $ 13,047 $ 2,191,397 $ 1,535 Other liabilities—interest rate derivatives agreements 49,917 — 49,917 — Total liabilities recurring fair value measurements $ 49,917 $ — $ 49,917 $ — Nonrecurring fair value measurements Individually-evaluated nonperforming loans $ 1,958 $ — $ — $ 1,958 Other real estate owned and repossessed assets 549 — — 549 Total nonrecurring fair value measurements $ 2,507 $ — $ — $ 2,507 December 31, 2019 Fair Value Measurements Using: (in thousands) December 31, 2019 Quoted Prices in Active Markets for Identical Assets (level 1) Significant Other Observable Inputs (level 2) Significant Unobservable Inputs (level 3) Recurring fair value measurements Equity securities $ 12,343 $ 12,343 $ — $ — Available-for-sale debt securities: U.S. Treasury 32,836 — 32,836 — U.S. Government sponsored entities and agencies 159,628 — 159,628 — Residential mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 1,815,987 — 1,815,987 — Commercial mortgage-backed securities and collateralized mortgage obligations of government sponsored entities and agencies 190,409 — 190,409 — Obligations of state and political subdivisions 145,609 — 144,004 1,605 Corporate debt securities 49,089 — 49,089 — Total available-for-sale debt securities $ 2,393,558 $ — $ 2,391,953 $ 1,605 Loans held for sale 43,013 — 43,013 — Other assets—interest rate derivatives agreements 14,585 — 14,585 — Total assets recurring fair value measurements $ 2,463,499 $ 12,343 $ 2,449,551 $ 1,605 Other liabilities—interest rate derivatives agreements 16,117 — 16,117 — Total liabilities recurring fair value measurements $ 16,117 $ — $ 16,117 $ — Nonrecurring fair value measurements Impaired loans $ 2,362 $ — $ — $ 2,362 Other real estate owned and repossessed assets 4,178 — — 4,178 Total nonrecurring fair value measurements $ 6,540 $ — $ — $ 6,540 |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Wesbanco has utilized level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range / Weighted Average December 31, 2020: Individually-evaluated nonperforming loans $ 1,958 Appraisal of collateral (1) Appraisal adjustments (2) (30.0%)/(30.0%) Liquidation expenses (2) (5.6%)/(5.6%) Other real estate owned and repossessed assets 549 Appraisal of collateral (1)(3) December 31, 2019: Impaired loans $ 2,362 Appraisal of collateral (1) Appraisal adjustments (2) (29.8%)/(29.8%) Liquidation expenses (2) (5.3%)/(5.3%) Other real estate owned and repossessed assets 4,178 Appraisal of collateral (1)(3) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expenses are presented as a percent of the appraisal. (3) Includes estimated liquidation expenses and numerous dissimilar qualitative adjustments by management which are not identifiable. |
Estimates Fair Values of Financial Instruments | Fair Value Measurements at December 31, 2020 (in thousands) Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (level 1) Significant Other Observable Inputs (level 2) Significant Unobservable Inputs (level 3) Financial Assets Cash and due from banks $ 905,447 $ 905,447 $ 905,447 $ — $ — Equity securities 13,047 13,047 13,047 — — Available-for-sale debt securities 1,978,136 1,978,136 — 1,976,601 1,535 Held-to-maturity debt securities 730,886 768,183 — 767,720 463 Net loans 10,603,406 10,802,883 — — 10,802,883 Loans held for sale 168,378 168,378 — 168,378 — Other assets—interest rate derivatives 46,418 46,418 — 46,418 — Accrued interest receivable 66,790 66,790 66,790 — — Financial Liabilities Deposits 12,429,373 12,439,981 10,810,863 1,629,118 — Federal Home Loan Bank borrowings 549,003 555,375 — 555,375 — Other borrowings 241,950 235,796 235,796 — — Subordinated debt and junior subordinated debt 192,291 174,452 — 105,768 68,684 Other liabilities—interest rate derivatives 49,917 49,917 — 49,917 — Accrued interest payable 4,314 4,314 4,314 — — Fair Value Measurements at December 31, 2019 (in thousands) Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (level 1) Significant Other Observable Inputs (level 2) Significant Unobservable Inputs (level 3) Financial Assets Cash and due from banks $ 234,796 $ 234,796 $ 234,796 $ — $ — Equity securities 12,343 12,343 12,343 — — Available-for-sale debt securities 2,393,558 2,393,558 — 2,391,953 1,605 Held-to-maturity debt securities 851,753 874,523 — 873,995 528 Net loans 10,215,556 10,297,989 — — 10,297,989 Loans held for sale 43,013 43,013 — 43,013 — Other assets—interest rate derivatives 14,585 14,585 — 14,585 — Accrued interest receivable 43,648 43,648 43,648 — — Financial Liabilities Deposits 11,004,006 10,989,818 8,948,086 2,041,732 — Federal Home Loan Bank borrowings 1,415,615 1,420,302 — 1,420,302 — Other borrowings 282,362 282,691 279,345 3,346 — Subordinated debt and junior subordinated debt 199,869 188,349 — 122,934 65,415 Other liabilities—interest rate derivatives 16,117 16,117 — 16,117 — Accrued interest payable 8,077 8,077 8,077 — — |
Comprehensive Income_(Loss) (Ta
Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The activity in accumulated other comprehensive income for the years ended December 31, 2020, 2019 and 2018 is as follows: Accumulated Other Comprehensive Income/(Loss) (1) (in thousands) Defined Benefit Plans Unrealized Gains (Losses) on Debt Securities Available-for- Sale Unrealized Gains on Debt Securities Transferred from Available-for- Sale to Held-to- Maturity Total Balance at December 31, 2019 $ (17,468 ) $ 18,644 $ 25 $ 1,201 Other comprehensive income/(loss) before reclassifications (320 ) 30,153 — 29,833 Amounts reclassified from accumulated other comprehensive income/(loss) 2,286 (1,936 ) (25 ) 325 Period change 1,966 28,217 (25 ) 30,158 Balance at December 31, 2020 $ (15,502 ) $ 46,861 $ — $ 31,359 Balance at December 31, 2018 $ (16,542 ) $ (21,522 ) $ 193 $ (37,871 ) Other comprehensive income/(loss) before reclassifications (3,239 ) 40,341 — 37,102 Amounts reclassified from accumulated other comprehensive income/(loss) 2,313 (175 ) (168 ) 1,970 Period change (926 ) 40,166 (168 ) 39,072 Balance at December 31, 2019 $ (17,468 ) $ 18,644 $ 25 $ 1,201 Balance at December 31, 2017 $ (18,626 ) $ (13,250 ) $ 381 $ (31,495 ) Other comprehensive income/(loss) before reclassifications (4,277 ) (7,220 ) — (11,497 ) Acquired FFKT post-retirement medical benefit plan 4,235 — — 4,235 Amounts reclassified from accumulated other comprehensive income/(loss) 2,126 11 (188 ) 1,949 Period change 2,084 (7,209 ) (188 ) (5,313 ) Adoption of ASU 2016-01 (2) — (1,063 ) — (1,063 ) Balance at December 31, 2018 $ (16,542 ) $ (21,522 ) $ 193 $ (37,871 ) (1) All amounts are net of tax. Related income tax expense (2) See Note 4, “Securities”, for additional information about Wesbanco’s adoption of ASU 2016-01. |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income/(Loss) | Details about Accumulated Other Comprehensive Income/(Loss) Components Amounts Reclassified from Accumulated Other Comprehensive Income/ (Loss) For the Years Ended December 31, Affected Line Item in the Statement of Net Income (in thousands) 2020 2019 2018 Securities available-for-sale (1): Net securities (gains) losses reclassified into earnings $ (2,540 ) $ (227 ) $ 15 Net securities gains (Non-interest income) Related income tax expense (benefit) 604 52 (4 ) Provision for income taxes Net effect on accumulated other comprehensive income/(loss) for the period (1,936 ) (175 ) 11 Securities held-to-maturity (1): Amortization of unrealized gain transferred from available-for-sale (32 ) (222 ) (244 ) Interest and dividends on securities (Interest and dividend income) Related income tax expense 7 54 56 Provision for income taxes Net effect on accumulated other comprehensive income/(loss) for the period (25 ) (168 ) (188 ) Defined benefit plans (2): Amortization of net loss and prior service costs 3,000 3,042 2,948 Employee benefits (Non-interest expense) Related income tax benefit (714 ) (729 ) (822 ) Provision for income taxes Net effect on accumulated other comprehensive income/(loss) for the period 2,286 2,313 2,126 Total reclassifications for the period $ 325 $ 1,970 $ 1,949 (1) For additional detail related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income see Note 4, “Securities.” (2) Included in the computation of net periodic pension cost. See Note 13, “Employee Benefit Plans” for additional detail. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding | The following table presents total commitments to extend credit, guarantees and various letters of credit outstanding: December 31, (in thousands) 2020 2019 Lines of credit $ 2,510,011 $ 2,469,676 Loans approved but not closed 381,180 504,623 Overdraft limits 154,322 149,519 Letters of credit 53,788 57,205 Contingent obligations and other guarantees 126,984 81,551 |
Wesbanco Bank Community Devel_2
Wesbanco Bank Community Development Corporation (Tables) - WBCDC [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Condensed Balance Sheet | (in thousands) December 31, 2020 Assets Cash and due from banks $ 65,282 Loans, net of allowance for loan losses of $1.0 million 46,951 Investments 1,634 Other assets 794 Total Assets $ 114,661 Liabilities $ 246 Shareholder Equity 114,415 Total Liabilities and Shareholder Equity $ 114,661 |
Schedule of Condensed Income Statement | (in thousands) For the Year Ended December 31, 2020 Interest income Loans $ 1,378 Other 26 Total interest income 1,404 Provision for loan losses 714 Net interest income after provision for loan losses 690 Loss on investments (58 ) Non-interest expense 603 Income before provision for income taxes 29 Provision for income taxes 9 Net income $ 20 |
Schedule of Condensed Cash Flow Statement | (in thousands) For the Year Ended December 31, 2020 Operating Activities Net income $ 20 Provision for loan losses 714 Loss on investments 58 Net change in other assets (767 ) Net change in other liabilities (73 ) Net cash used in operating activities (48 ) Investing Activities Increase in loans (10,999 ) Net cash used in investing activities (10,999 ) Financing Activities Qualified equity investment by parent company 15,000 Net cash provided by financing activities 15,000 Net increase in cash and cash equivalents 3,953 Cash and cash equivalents at beginning of year 61,329 Cash and cash equivalents at end of year $ 65,282 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Banking And Thrift Other Disclosures [Abstract] | |
Summary of Risk-Based Capital Amounts and Ratios | The following table summarizes risk-based capital amounts and ratios for Wesbanco and the Bank: December 31, 2020 December 31, 2019 (dollars in thousands) Minimum Value (1) Well Capitalized (2) Amount Ratio Minimum Amount (1) Amount Ratio Minimum Amount (1) Wesbanco, Inc. Tier 1 leverage 4.00 % 5.00 % $ 1,617,413 10.51 % $ 615,814 $ 1,441,738 11.30 % $ 510,306 Tier 1 capital to risk-weighted assets 6.00 % 8.00 % 1,617,413 14.72 % 659,372 1,441,738 12.89 % 671,314 Total capital to risk-weighted assets 8.00 % 10.00 % 1,931,414 17.58 % 879,162 1,691,764 15.12 % 895,086 Common equity Tier 1 4.50 % 6.50 % 1,472,929 13.40 % 494,529 1,441,738 12.89 % 503,486 Wesbanco Bank, Inc. Tier 1 leverage 4.00 % 5.00 % $ 1,536,609 10.00 % $ 614,792 $ 1,419,968 11.12 % $ 510,591 Tier 1 capital to risk-weighted assets 6.00 % 8.00 % 1,536,609 14.04 % 656,732 1,419,968 12.74 % 668,951 Total capital to risk-weighted assets 8.00 % 10.00 % 1,685,610 15.40 % 875,643 1,498,494 13.44 % 891,935 Common equity Tier 1 4.50 % 6.50 % 1,536,609 14.04 % 492,549 1,419,968 12.74 % 501,713 (1) Minimum requirements to remain adequately capitalized. (2) Well-capitalized under prompt corrective action regulations. |
Condensed Parent Company Fina_2
Condensed Parent Company Financial Statements (Tables) - Parent Company [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Condensed Balance Sheet | BALANCE SHEETS December 31, (in thousands) 2020 2019 ASSETS Cash and due from banks $ 223,224 $ 170,854 Investment in subsidiaries—Bank 2,675,923 2,572,915 Investment in subsidiaries—Nonbank 9,731 9,170 Securities available-for-sale, at fair value — 225 Other assets 38,194 38,393 Total Assets $ 2,947,072 $ 2,791,557 LIABILITIES Junior subordinated debt owed to unconsolidated subsidiary trusts $ 167,290 $ 174,660 Dividends payable and other liabilities 23,045 22,976 Total Liabilities 190,335 197,636 SHAREHOLDERS’ EQUITY 2,756,737 2,593,921 Total Liabilities and Shareholders’ Equity $ 2,947,072 $ 2,791,557 |
Schedule of Condensed Income Statement | STATEMENTS OF INCOME For the years ended December 31, (in thousands) 2020 2019 2018 Dividends from subsidiaries—Bank $ 64,000 $ 102,000 $ 86,000 Dividends from subsidiaries—Nonbank 1,200 4,471 486 Income from securities (22 ) 15 24 Other income 485 1,433 900 Total income 65,663 107,919 87,410 Interest expense 6,964 7,660 7,551 Other expense 5,415 8,807 7,940 Total expense 12,379 16,467 15,491 Income before income tax benefit and undistributed net income of subsidiaries 53,284 91,452 71,919 Income tax benefit (2,471 ) (3,207 ) (3,739 ) Income before undistributed net income of subsidiaries 55,755 94,659 75,658 Equity in undistributed net income of subsidiaries 66,289 64,214 67,454 Net Income 122,044 158,873 143,112 Preferred stock dividends 2,644 — - NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 119,400 $ 158,873 $ 143,112 |
Schedule of Condensed Cash Flow Statement | The details of other comprehensive income and accumulated other comprehensive income are included in the consolidated financial statements. STATEMENTS OF CASH FLOWS For the years ended December 31, (in thousands) 2020 2019 2018 OPERATING ACTIVITIES Net income $ 122,044 $ 158,873 $ 143,112 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income (66,289 ) (64,214 ) (67,454 ) Decrease (increase) in other assets 121 (5,443 ) (3,612 ) Net securities losses (gains) 22 (19 ) 36 Other—net 5,865 6,898 4,988 Net cash provided by operating activities 61,763 96,095 77,070 INVESTING ACTIVITIES Proceeds from sales—securities available-for-sale 203 1,007 1,511 Acquisitions and additional capitalization of subsidiaries, net of cash acquired (35,000 ) 62,112 37,309 Net cash (used in) provided by investing activities (34,797 ) 63,119 38,820 FINANCING ACTIVITIES Repayment of junior subordinated debt (6,702 ) (33,506 ) (17,519 ) Issuance of common stock 59 72 1,578 Issuance of preferred stock 144,484 — — Treasury shares purchased—net (24,540 ) (10,211 ) (426 ) Dividends paid to common and preferred shareholders (87,897 ) (66,572 ) (53,577 ) Net cash provided by (used in) financing activities 25,404 (110,217 ) (69,944 ) Net increase in cash and cash equivalents 52,370 48,997 45,946 Cash and cash equivalents at beginning of year 170,854 121,857 75,911 Cash and cash equivalents at end of year $ 223,224 $ 170,854 $ 121,857 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Financial Information by Business Segment | Condensed financial information by business segment is presented below: (in thousands) Community Banking Trust and Investment Services Consolidated For the Year Ended December 31, 2020 Interest and dividend income $ 541,277 $ — $ 541,277 Interest expense 61,797 — 61,797 Net interest income 479,480 — 479,480 Provision for credit losses 107,741 — 107,741 Net interest income after provision for credit losses 371,739 — 371,739 Non-interest income 101,850 26,335 128,185 Non-interest expense 338,526 16,319 354,845 Income before provision for income taxes 135,063 10,016 145,079 Provision for income taxes 20,932 2,103 23,035 Net income 114,131 7,913 122,044 Preferred stock dividends 2,644 — 2,644 Net income available to common shareholders $ 111,487 $ 7,913 $ 119,400 For the Year Ended December 31, 2019 Interest and dividend income $ 484,253 $ — $ 484,253 Interest expense 84,349 — 84,349 Net interest income 399,904 — 399,904 Provision for credit losses 11,198 — 11,198 Net interest income after provision for credit losses 388,706 — 388,706 Non-interest income 90,137 26,579 116,716 Non-interest expense 295,747 16,461 312,208 Income before provision for income taxes 183,096 10,118 193,214 Provision for income taxes 32,216 2,125 34,341 Net income available to common shareholders $ 150,880 $ 7,993 $ 158,873 For the Year Ended December 31, 2018 Interest and dividend income $ 414,957 $ — $ 414,957 Interest expense 67,721 — 67,721 Net interest income 347,236 — 347,236 Provision for credit losses 7,764 — 7,764 Net interest income after provision for credit losses 339,472 — 339,472 Non-interest income 75,653 24,623 100,276 Non-interest expense 250,338 14,886 265,224 Income before provision for income taxes 164,787 9,737 174,524 Provision for income taxes 29,367 2,045 31,412 Net income available to common shareholders $ 135,420 $ 7,692 $ 143,112 |
Condensed Quarterly Statement_2
Condensed Quarterly Statements of Income (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Consolidated Selected Quarterly Statements of Income | The following tables set forth unaudited consolidated selected quarterly statements of income for the years ended December 31, 2020 and 2019. 2020 Quarter Ended (dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, Annual Total Interest and dividend income $ 142,448 $ 134,694 $ 133,657 $ 130,478 $ 541,277 Interest expense 22,286 15,681 13,064 10,766 61,797 Net interest income 120,162 119,013 120,593 119,712 479,480 Provision for credit losses 29,821 61,841 16,288 (209 ) 107,741 Net interest income after provision for credit losses 90,341 57,172 104,305 119,921 371,739 Non-interest income 26,518 31,561 33,825 32,014 123,917 Net securities gains 1,491 1,299 787 691 4,268 Non-interest expense 91,333 85,502 89,943 88,069 354,845 Income before provision for income taxes 27,017 4,530 48,974 64,557 145,079 Provision for income taxes 3,621 42 7,669 11,703 23,035 Net income 23,396 4,488 41,305 52,854 122,044 Preferred stock dividends — — — 2,644 2,644 Net income available to common shareholders $ 23,396 $ 4,488 $ 41,305 $ 50,210 $ 119,400 Earnings per common share—basic $ 0.34 $ 0.07 $ 0.61 $ 0.75 $ 1.78 Earnings per common share—diluted $ 0.34 $ 0.07 $ 0.61 $ 0.75 $ 1.77 2019 Quarter Ended (dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, Annual Total Interest and dividend income $ 119,053 $ 119,543 $ 117,348 $ 128,309 $ 484,253 Interest expense 20,692 21,083 21,228 21,345 84,349 Net interest income 98,361 98,460 96,120 106,964 399,904 Provision for credit losses 2,507 2,747 4,121 1,824 11,198 Net interest income after provision for credit losses 95,854 95,713 91,999 105,140 388,706 Non-interest income 27,116 28,247 26,715 30,318 112,396 Net securities gains 657 2,909 235 520 4,320 Non-interest expense 74,432 71,952 73,268 92,556 312,208 Income before provision for income taxes 49,195 54,917 45,681 43,422 193,214 Provision for income taxes 8,858 10,103 8,334 7,046 34,341 Net income $ 40,337 $ 44,814 $ 37,347 $ 36,376 $ 158,873 Earnings per common share—basic $ 0.74 $ 0.82 $ 0.68 $ 0.60 $ 2.83 Earnings per common share—diluted $ 0.74 $ 0.82 $ 0.68 $ 0.60 $ 2.83 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Mar. 27, 2020 | Jan. 01, 2020USD ($) | Dec. 31, 2020USD ($)BranchPropertyPortfolio | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of branches | Branch | 233 | ||||
Number of ATM | Property | 226 | ||||
Wholly-owned trust subsidiaries | Property | 11 | ||||
Held for sale securities, percentage of purchase price as condition for sale | 15.00% | ||||
Allowance for credit losses, held-to-maturity debt securities | $ 326,000 | ||||
Non-accrual status period | 90 days | ||||
Loans returned to accrual status, performance period | 6 months | ||||
Consumer loan TDR extended maturity period | 6 months | ||||
Number of categories of loan portfolio | Portfolio | 3 | ||||
Minimum loan balance individually tested for impairment | $ 1,000,000 | $ 1,000,000 | |||
Indefinite - lived intangible assets | $ 0 | ||||
Period of interest rate lock commitments | 60 days | ||||
Recognition on retained earnings | $ 101,960,000 | 11,065,000 | $ 7,597,000 | ||
Recognition after tax for retained earnings | 831,688,000 | 824,694,000 | |||
ASU 2016-13 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Allowance for credit losses, held-to-maturity debt securities | $ 200,000 | $ 326,000 | 229,000 | ||
Regulatory capital transition adoption, delay period | 2 years | ||||
Regulatory capital transition adoption, transition period | 3 years | ||||
Regulatory capital transition period, start date | Jan. 1, 2022 | ||||
Regulatory capital transition period, end date | Dec. 31, 2024 | ||||
Percentage of change in allowance for credit loss upon adjustment of regulatory capital transition | 25.00% | ||||
Adjustment for loan credit losses | 6,700,000 | $ 6,700,000 | |||
Adjustment for loan commitments | $ 3,000,000 | ||||
Regulatory capital impact period | 1 year | ||||
ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Recognition on retained earnings | $ 41,400,000 | $ 41,442,000 | |||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Recognition after tax for retained earnings | $ 26,600,000 | ||||
Land Improvements [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, Useful life | 15 years | ||||
Commercial [Member] | Hospitality Sector [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Description of extension period for loan principal and interest payments under the plan | If a loan were to meet the criteria, they would be eligible to have twelve months of interest payments deferred or three months of principal and interest payments plus nine months of interest-only payments. There are predetermined contractual re-evaluation triggers reviewed throughout the deferred period to determine if a borrower should return to a normal amortization schedule prior to the completion of the twelve month period. | ||||
CARES Act, Paycheck Protection Program [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Loans receivable, Interest rate | 1.00% | ||||
Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Allowance for credit losses, held-to-maturity debt securities | $ 0 | ||||
Consumer Loan [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Period of closed end loans loans charged down to net realizable value | 120 days | ||||
Home Equity [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Period of closed end loans loans charged down to net realizable value | 180 days | ||||
Recognition on retained earnings | $ 1,234,000 | $ 851,000 | $ 138,000 | ||
Home Equity [Member] | ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Recognition on retained earnings | $ (3,936,000) | ||||
Residential Real Estate Loans [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Period of closed end loans loans charged down to net realizable value | 180 days | ||||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of voting interest | 50.00% | ||||
Forecast period to measure expected credit losses on loan portfolio | 1 year | ||||
Model reversion period to measure expected credit losses on loan portfolio | 1 year | ||||
Weighted-average estimated useful lives | 10 years | ||||
Non-compete agreements, amortization period | 1 year | ||||
Minimum [Member] | Furniture and Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, Useful life | 3 years | ||||
Minimum [Member] | Building and Building Improvements [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, Useful life | 15 years | ||||
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Forecast period to measure expected credit losses on loan portfolio | 2 years | ||||
Model reversion period to measure expected credit losses on loan portfolio | 3 years | ||||
Weighted-average estimated useful lives | 16 years | ||||
Non-compete agreements, amortization period | 4 years | ||||
Maximum [Member] | Furniture and Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, Useful life | 10 years | ||||
Maximum [Member] | Building and Building Improvements [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, Useful life | 39 years | ||||
Maximum [Member] | CARES Act, Paycheck Protection Program [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Extension period for loan principal and interest payments | 180 days | ||||
Loans receivable, threshold period past due | 30 days |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 22, 2019 | Aug. 20, 2018 | Apr. 05, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||||
Total Assets | $ 16,425,610 | $ 15,720,112 | ||||
Old Line [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total Assets | $ 3,000,000 | |||||
Portfolio loans, net of unearned income | 2,500,000 | |||||
Securities | 182,171 | |||||
Value of acquisition | $ 493,952 | |||||
Closing stock price | $ 36.75 | |||||
Number of shares issued for acquisition | 13,351,837 | |||||
Business acquisition, fair value | $ 3,300 | |||||
Goodwill acquired | 231,814 | 231,800 | ||||
Purchase price allocation in core deposit intangible | 32,899 | |||||
Merger related expense | $ 6,500 | 13,200 | ||||
Cash consideration for outstanding shares | 16 | |||||
Farmers Capital Bank Corporation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total Assets | $ 1,600,000 | |||||
Portfolio loans, net of unearned income | 1,000,000 | |||||
Securities | 239,321 | |||||
Value of acquisition | $ 428,901 | |||||
Closing stock price | $ 49.40 | |||||
Number of shares issued for acquisition | 7,920,387 | |||||
Goodwill acquired | $ 223,304 | |||||
Purchase price allocation in core deposit intangible | 39,992 | |||||
Merger related expense | $ 3,200 | $ 12,400 | ||||
Cash consideration for outstanding shares | 37,634 | |||||
First Sentry Bancshares, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total Assets | $ 704,800 | |||||
Portfolio loans, net of unearned income | 447,300 | |||||
Securities | 142,903 | |||||
Value of acquisition | $ 108,322 | |||||
Closing stock price | $ 42.96 | |||||
Number of shares issued for acquisition | 2,498,761 | |||||
Goodwill acquired | $ 67,699 | |||||
Purchase price allocation in core deposit intangible | 8,078 | |||||
Merger related expense | $ 5,500 | |||||
Cash consideration for outstanding shares | 975 | |||||
Community Banking [Member] | Old Line [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation in core deposit intangible | $ 32,900 | |||||
Community Banking [Member] | Farmers Capital Bank Corporation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation in core deposit intangible | 37,400 | |||||
Community Banking [Member] | First Sentry Bancshares, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation in core deposit intangible | $ 8,100 | |||||
Trust And Investment Services [Member] | Farmers Capital Bank Corporation [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price allocation in core deposit intangible | $ 2,600 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Purchase Price of Acquisition and Resulting Goodwill (Detail) - USD ($) $ in Thousands | Nov. 22, 2019 | Aug. 20, 2018 | Apr. 05, 2018 | Dec. 31, 2020 |
Old Line [Member] | ||||
Purchase Price: | ||||
Fair value of Wesbanco shares issued | $ 493,936 | |||
Cash consideration for outstanding shares | 16 | |||
Total purchase price | 493,952 | |||
Fair value of: | ||||
Tangible assets acquired | 2,891,363 | |||
Core deposit and other intangible assets acquired | 32,899 | |||
Liabilities assumed | (2,722,165) | |||
Net cash received in the acquisition | 60,041 | |||
Fair value of net assets acquired | 262,138 | |||
Goodwill recognized | $ 231,814 | $ 231,800 | ||
Farmers Capital Bank Corporation [Member] | ||||
Purchase Price: | ||||
Fair value of Wesbanco shares issued | $ 391,267 | |||
Cash consideration for outstanding shares | 37,634 | |||
Total purchase price | 428,901 | |||
Fair value of: | ||||
Tangible assets acquired | 1,370,245 | |||
Core deposit and other intangible assets acquired | 39,992 | |||
Liabilities assumed | (1,434,779) | |||
Net cash received in the acquisition | 230,139 | |||
Fair value of net assets acquired | 205,597 | |||
Goodwill recognized | $ 223,304 | |||
First Sentry Bancshares, Inc. [Member] | ||||
Purchase Price: | ||||
Fair value of Wesbanco shares issued | $ 107,347 | |||
Cash consideration for outstanding shares | 975 | |||
Total purchase price | 108,322 | |||
Fair value of: | ||||
Tangible assets acquired | 609,593 | |||
Core deposit and other intangible assets acquired | 8,078 | |||
Liabilities assumed | (664,172) | |||
Net cash received in the acquisition | 87,124 | |||
Fair value of net assets acquired | 40,623 | |||
Goodwill recognized | $ 67,699 |
Mergers and Acquisitions - Allo
Mergers and Acquisitions - Allocation of Purchase Price of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Nov. 22, 2019 | Aug. 20, 2018 | Apr. 05, 2018 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,100,000 | |||
Liabilities assumed | ||||
Goodwill recognized | 1,100,000 | |||
Old Line [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and due from banks | $ 60,041 | |||
Securities | 182,171 | |||
Loans | 2,514,061 | |||
Intangible assets | 32,899 | |||
Goodwill and other intangible assets | 264,713 | |||
Accrued income and other assets | 195,131 | |||
Total assets acquired | 3,216,117 | |||
Liabilities assumed | ||||
Deposits | 2,375,574 | |||
Borrowings | 286,047 | |||
Accrued expenses and other liabilities | 60,544 | |||
Total liabilities assumed | 2,722,165 | |||
Fair value of net assets acquired | 262,138 | |||
Net assets acquired | $ 493,952 | |||
Old Line [Member] | Purchase Price Allocation Adjustment [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 203,774 | |||
Securities | (349) | |||
Loans | (31,532) | |||
Intangible assets | (692) | |||
Deferred tax assets | 8,166 | |||
Premises and equipment | (3,067) | |||
Accrued income and other assets | (1,314) | |||
Liabilities assumed | ||||
Borrowings | 1,283 | |||
Accrued expenses and other liabilities | (535) | |||
Fair value of net assets acquired | (28,040) | |||
Increase in goodwill recognized | 28,040 | |||
Goodwill recognized | $ 231,814 | |||
Farmers Capital Bank Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and due from banks | $ 230,139 | |||
Securities | 239,321 | |||
Loans | 1,025,800 | |||
Intangible assets | 39,992 | |||
Goodwill and other intangible assets | 263,296 | |||
Accrued income and other assets | 105,124 | |||
Total assets acquired | 1,863,680 | |||
Liabilities assumed | ||||
Deposits | 1,330,328 | |||
Borrowings | 71,780 | |||
Accrued expenses and other liabilities | 32,671 | |||
Total liabilities assumed | 1,434,779 | |||
Fair value of net assets acquired | 205,597 | |||
Net assets acquired | $ 428,901 | |||
First Sentry Bancshares, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and due from banks | $ 87,124 | |||
Securities | 142,903 | |||
Loans | 447,279 | |||
Intangible assets | 8,078 | |||
Goodwill and other intangible assets | 75,777 | |||
Accrued income and other assets | 19,411 | |||
Total assets acquired | 772,494 | |||
Liabilities assumed | ||||
Deposits | 590,065 | |||
Borrowings | 70,710 | |||
Accrued expenses and other liabilities | 3,397 | |||
Total liabilities assumed | 664,172 | |||
Fair value of net assets acquired | 40,623 | |||
Net assets acquired | $ 108,322 |
Earnings Per Common Share - Sum
Earnings Per Common Share - Summary of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator for both basic and diluted earnings per common share: | |||||||||||
Net income available to common shareholders | $ 50,210 | $ 41,305 | $ 4,488 | $ 23,396 | $ 119,400 | $ 158,873 | $ 143,112 | ||||
Denominator: | |||||||||||
Total average basic common shares outstanding | 67,260,796 | 56,108,084 | 48,889,041 | ||||||||
Effect of dilutive stock options and other stock compensation | 49,788 | 106,280 | 133,949 | ||||||||
Total diluted average common shares outstanding | 67,310,584 | 56,214,364 | 49,022,990 | ||||||||
Earnings per common share—basic | $ 0.75 | $ 0.61 | $ 0.07 | $ 0.34 | $ 0.60 | $ 0.68 | $ 0.82 | $ 0.74 | $ 1.78 | $ 2.83 | $ 2.93 |
Earnings per common share—diluted | $ 0.75 | $ 0.61 | $ 0.07 | $ 0.34 | $ 0.60 | $ 0.68 | $ 0.82 | $ 0.74 | $ 1.77 | $ 2.83 | $ 2.92 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | Nov. 22, 2019 | Aug. 20, 2018 | Apr. 05, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||||
Shares contingently issuable under shareholder return plan | 42,864 | |||||
Old Line Bancshares, Inc. [Member] | ||||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||||
Number of shares issued for acquisition | 13,351,837 | |||||
Old Line Bancshares, Inc. [Member] | Treasury Stock [Member] | ||||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||||
Shares issued for acquisition, shares | 34,998 | |||||
Farmers Capital Bank Corporation [Member] | ||||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||||
Shares issued for acquisition, shares | 18,685 | |||||
Number of shares issued for acquisition | 7,920,387 | |||||
Number of shares options, forfeited prior to vesting. | 4,922 | |||||
Farmers Capital Bank Corporation [Member] | Treasury Stock [Member] | ||||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||||
Shares issued for acquisition, shares | 6,690 | |||||
First Sentry Bancshares, Inc. [Member] | ||||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||||
Shares issued for acquisition, shares | 9,465 | |||||
Number of shares issued for acquisition | 2,498,761 | |||||
Stock Option [Member] | ||||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||||
Securities excluded from computation of net income per diluted shares | 497,540 | 364,391 | 117,600 | |||
Restricted Stock [Member] | ||||||
Schedule Of Antidilutive Securities Included In Computation Of Earnings Per Share [Line Items] | ||||||
Shares contingently issuable under shareholder return plan | 0 | 25,616 | 17,081 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | $ 1,916,658 | $ 2,369,416 |
Available-for-sale, Gross Unrealized Gains | 63,237 | 30,863 |
Available-for-sale, Gross Unrealized Losses | (1,759) | (6,721) |
Available-for-sale, Estimated Fair Value | 1,978,136 | 2,393,558 |
Held-to-maturity, Amortized Cost | 731,212 | 851,753 |
Held-to-maturity, Gross Unrealized Gains | 37,030 | 23,405 |
Held-to-maturity, Gross Unrealized Losses | (59) | (635) |
Held-to-maturity securities, Fair value | 768,183 | 874,523 |
Total securities, Amortized Cost | 2,647,870 | 3,221,169 |
Total securities, Gross Unrealized Gains | 100,267 | 54,268 |
Total securities, Gross Unrealized Losses | (1,818) | (7,356) |
Total securities, Estimated Fair Value | 2,746,319 | 3,268,081 |
US Treasury Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 39,975 | 32,790 |
Available-for-sale, Gross Unrealized Gains | 7 | 47 |
Available-for-sale, Gross Unrealized Losses | (1) | |
Available-for-sale, Estimated Fair Value | 39,982 | 32,836 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 204,109 | 157,088 |
Available-for-sale, Gross Unrealized Gains | 7,715 | 2,862 |
Available-for-sale, Gross Unrealized Losses | (142) | (322) |
Available-for-sale, Estimated Fair Value | 211,682 | 159,628 |
Held-to-maturity, Amortized Cost | 7,779 | 9,216 |
Held-to-maturity, Gross Unrealized Gains | 265 | 30 |
Held-to-maturity, Gross Unrealized Losses | (116) | |
Held-to-maturity securities, Fair value | 8,044 | 9,130 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 1,230,106 | 1,803,268 |
Available-for-sale, Gross Unrealized Gains | 35,979 | 18,850 |
Available-for-sale, Gross Unrealized Losses | (1,348) | (6,131) |
Available-for-sale, Estimated Fair Value | 1,264,737 | 1,815,987 |
Held-to-maturity, Amortized Cost | 89,151 | 122,937 |
Held-to-maturity, Gross Unrealized Gains | 3,251 | 1,031 |
Held-to-maturity, Gross Unrealized Losses | (261) | |
Held-to-maturity securities, Fair value | 92,402 | 123,707 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 308,903 | 187,268 |
Available-for-sale, Gross Unrealized Gains | 11,464 | 3,270 |
Available-for-sale, Gross Unrealized Losses | (269) | (129) |
Available-for-sale, Estimated Fair Value | 320,098 | 190,409 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 108,602 | 140,357 |
Available-for-sale, Gross Unrealized Gains | 7,160 | 5,253 |
Available-for-sale, Gross Unrealized Losses | (1) | |
Available-for-sale, Estimated Fair Value | 115,762 | 145,609 |
Held-to-maturity, Amortized Cost | 601,128 | 686,376 |
Held-to-maturity, Gross Unrealized Gains | 30,173 | 20,475 |
Held-to-maturity, Gross Unrealized Losses | (59) | (258) |
Held-to-maturity securities, Fair value | 631,242 | 706,593 |
Corporate Debt Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Available-for-sale, Amortized Cost | 24,963 | 48,645 |
Available-for-sale, Gross Unrealized Gains | 912 | 581 |
Available-for-sale, Gross Unrealized Losses | (137) | |
Available-for-sale, Estimated Fair Value | 25,875 | 49,089 |
Held-to-maturity, Amortized Cost | 33,154 | 33,224 |
Held-to-maturity, Gross Unrealized Gains | 3,341 | 1,869 |
Held-to-maturity securities, Fair value | $ 36,495 | $ 35,093 |
Securities - Schedule of Fair_2
Securities - Schedule of Fair Value and Amortized Cost of Available-for-sale and Held-to-maturity Securities (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Allowance for credit losses, held-to-maturity debt securities | $ 326 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($)Holding | Dec. 31, 2019USD ($)Holding | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2017USD ($) | |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||||||
Maximum percentage of equity of one issuer | 10.00% | |||||
Number of holdings greater than specified percentage of equity | Holding | 0 | 0 | ||||
Equities securities | $ 13,047 | $ 12,343 | ||||
Securities with aggregate fair value | 1,800,000 | 2,000,000 | $ 2,000,000 | |||
Proceeds from sale of available-for-sale securities | 226,099 | 125,839 | 82,134 | |||
Net unrealized gains (losses) on available-for-sale securities included in AOCI | 46,900 | 20,700 | (21,500) | |||
Current expected credit losses to opening retained earnings | 2,756,737 | 2,593,921 | 1,978,827 | $ 1,395,321 | ||
Accrued interest receivable | 66,790 | 43,648 | ||||
Federal home loan bank stock, Total | 34,000 | 66,800 | ||||
Held-to-maturity Securities [Member] | ||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||||||
Accrued interest receivable | 5,300 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||||||
Current expected credit losses to opening retained earnings | (26,591) | |||||
Retained Earnings [Member] | ||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||||||
Current expected credit losses to opening retained earnings | 831,688 | 824,694 | $ 737,581 | 651,357 | ||
Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||||||
Current expected credit losses to opening retained earnings | $ (26,591) | $ 1,063 | ||||
Us Government Securities and Mortgage Backed and Collateralized Securities Issued By Direct Governmental Entity or Government-Sponsored Entity [Member] | ||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||||||
Estimated credit losses | 0 | |||||
Accounting Standards Update 2017-12 [Member] | Municipal Debt Securities [Member] | ||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||||||
Reclassification of callable held-to-maturity securities | $ 67,300 | |||||
ASU 2016-13 [Member] | ||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||||||
Estimated credit losses | (97) | |||||
ASU 2016-13 [Member] | Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||||||
Current expected credit losses to opening retained earnings | $ 200 | |||||
Grantor Trusts [Member] | ||||||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||||||
Equities securities | $ 10,100 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ||
Total available-for-sale debt securities, Amortized Cost, Less than one year | $ 52,867 | |
Total available-for-sale debt securities, Amortized Cost, 1-5 years | 159,663 | |
Total available-for-sale debt securities, Amortized Cost, 5-10 years | 367,366 | |
Total available-for-sale debt securities, Amortized Cost, Over 10 years | 1,336,762 | |
Available-for-sale, Amortized Cost | 1,916,658 | $ 2,369,416 |
Total held-to-maturity debt securities, Amortized Cost, Less than one year | 8,051 | |
Total held-to-maturity debt securities, Amortized Cost, 1-5 years | 116,033 | |
Total held-to-maturity debt securities, Amortized Cost, 5-10 years | 235,993 | |
Total held-to-maturity debt securities, Amortized Cost, Over 10 years | 371,135 | |
Held-to-maturity, Amortized Cost | 731,212 | 851,753 |
Total debt securities, Amortized Cost | 2,647,870 | |
Total available-for-sale debt securities, Fair Value, Less than one year | 52,943 | |
Total available-for-sale debt securities, Fair Value, 1-5 years | 167,823 | |
Total available-for-sale debt securities, Fair Value, 5-10 years | 380,117 | |
Total available-for-sale debt securities, Fair Value, Over 10 years | 1,377,253 | |
Total available-for-sale debt securities, Fair Value | 1,978,136 | 2,393,558 |
Total held-to-maturity debt securities, Fair Value, Less than one year | 8,110 | |
Total held-to-maturity debt securities, Fair Value, 1-5 years | 122,589 | |
Total held-to-maturity debt securities, Fair Value, 5-10 years | 248,079 | |
Total held-to-maturity debt securities, Fair Value, Over 10 years | 389,405 | |
Total held-to-maturity debt securities, Fair Value | 768,183 | 874,523 |
Total debt securities, Fair Value | $ 2,746,319 | $ 3,268,081 |
Securities - Schedule of Gross
Securities - Schedule of Gross Realized Gains and Losses on the Sales and Calls of Securities as well as Gains and Losses on Equity Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items] | |||
Net securities gains (losses) | $ 4,268 | $ 4,320 | $ (900) |
Debt Securities [Member] | |||
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items] | |||
Gross realized gains | 3,816 | 1,497 | 128 |
Gross realized losses | (1,083) | (981) | (46) |
Net gains on debt securities | 2,733 | 516 | 82 |
Equity Securities [Member] | |||
Available-for-Sale Securities, Gross Unrealized Gain (Loss) [Line Items] | |||
Unrealized gains (losses) recognized on securities still held | 1,541 | 1,226 | (986) |
Net realized (losses) gains recognized on securities sold | (6) | 2,578 | 4 |
Net gains (losses) on equity securities | $ 1,535 | $ 3,804 | $ (982) |
Securities - Schedule of Allowa
Securities - Schedule of Allowance for Credit Losses on Held-to-maturity Securities (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Ending balance at December 31, 2020 | $ 326,000 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Ending balance at December 31, 2020 | 0 |
ASU 2016-13 [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Beginning balance at January 1, 2020 | 229,000 |
Current period provision | 97,000 |
Ending balance at December 31, 2020 | 326,000 |
ASU 2016-13 [Member] | Obligations of State and Political Subdivisions [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Beginning balance at January 1, 2020 | 96,000 |
Current period provision | 34,000 |
Ending balance at December 31, 2020 | 130,000 |
ASU 2016-13 [Member] | Corporate Debt Securities [Member] | |
Debt Securities Heldtomaturity Allowance For Credit Loss [Line Items] | |
Beginning balance at January 1, 2020 | 133,000 |
Current period provision | 63,000 |
Ending balance at December 31, 2020 | $ 196,000 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Losses on Investment Securities (Detail) $ in Thousands | Dec. 31, 2020USD ($)Security | Dec. 31, 2019USD ($)Security |
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 340,022 | $ 668,960 |
Less than 12 months, Unrealized Losses | $ (1,638) | $ (4,290) |
Less than 12 months, Number of Securities | Security | 53 | 172 |
12 months or more, Fair Value | $ 4,136 | $ 292,520 |
12 months or more, Unrealized Losses | $ (121) | $ (3,066) |
12 months or more, Number of Securities | Security | 3 | 136 |
Fair Value, Total | $ 344,158 | $ 961,480 |
Unrealized Losses, Total | $ (1,759) | $ (7,356) |
Number of Securities Total | Security | 56 | 308 |
US Treasury Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 1,499 | |
Less than 12 months, Unrealized Losses | $ (1) | |
Less than 12 months, Number of Securities | Security | 1 | |
Fair Value, Total | $ 1,499 | |
Unrealized Losses, Total | $ (1) | |
Number of Securities Total | Security | 1 | |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 18,308 | $ 57,650 |
Less than 12 months, Unrealized Losses | $ (142) | $ (274) |
Less than 12 months, Number of Securities | Security | 2 | 25 |
12 months or more, Fair Value | $ 6,593 | |
12 months or more, Unrealized Losses | $ (164) | |
12 months or more, Number of Securities | Security | 2 | |
Fair Value, Total | $ 18,308 | $ 64,243 |
Unrealized Losses, Total | $ (142) | $ (438) |
Number of Securities Total | Security | 2 | 27 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 224,448 | $ 544,692 |
Less than 12 months, Unrealized Losses | $ (1,227) | $ (3,725) |
Less than 12 months, Number of Securities | Security | 41 | 116 |
12 months or more, Fair Value | $ 4,136 | $ 272,884 |
12 months or more, Unrealized Losses | $ (121) | $ (2,667) |
12 months or more, Number of Securities | Security | 3 | 122 |
Fair Value, Total | $ 228,584 | $ 817,576 |
Unrealized Losses, Total | $ (1,348) | $ (6,392) |
Number of Securities Total | Security | 44 | 238 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 97,266 | $ 43,123 |
Less than 12 months, Unrealized Losses | $ (269) | $ (124) |
Less than 12 months, Number of Securities | Security | 10 | 7 |
12 months or more, Fair Value | $ 3,704 | |
12 months or more, Unrealized Losses | $ (5) | |
12 months or more, Number of Securities | Security | 2 | |
Fair Value, Total | $ 97,266 | $ 46,827 |
Unrealized Losses, Total | $ (269) | $ (129) |
Number of Securities Total | Security | 10 | 9 |
Obligations of State and Political Subdivisions [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 17,876 | |
Less than 12 months, Unrealized Losses | $ (122) | |
Less than 12 months, Number of Securities | Security | 22 | |
12 months or more, Fair Value | $ 4,413 | |
12 months or more, Unrealized Losses | $ (137) | |
12 months or more, Number of Securities | Security | 8 | |
Fair Value, Total | $ 22,289 | |
Unrealized Losses, Total | $ (259) | |
Number of Securities Total | Security | 30 | |
Corporate Debt Securities [Member] | ||
Net Unrealized Gains And Losses On Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 4,120 | |
Less than 12 months, Unrealized Losses | $ (44) | |
Less than 12 months, Number of Securities | Security | 1 | |
12 months or more, Fair Value | $ 4,926 | |
12 months or more, Unrealized Losses | $ (93) | |
12 months or more, Number of Securities | Security | 2 | |
Fair Value, Total | $ 9,046 | |
Unrealized Losses, Total | $ (137) | |
Number of Securities Total | Security | 3 |
Loans and the Allowance for C_3
Loans and the Allowance for Credit Losses - Additional Information (Detail) | Jan. 01, 2020USD ($) | Nov. 22, 2019USD ($) | Aug. 20, 2018USD ($) | Apr. 05, 2018USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)ContractLoan | Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($) |
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Net deferred loan income (costs) | $ 6,200,000 | $ (4,800,000) | ||||||||
Un-accreted discount on purchased loans from acquisitions | 39,400,000 | 51,900,000 | ||||||||
Recognition on retained earnings | $ 101,960,000 | 11,065,000 | $ 7,597,000 | |||||||
Percentage of national unemployment projection | 6.60% | |||||||||
Expected average percentage of national unemployment in future | 6.20% | |||||||||
Calculation period of reversion | 1 year | |||||||||
Reserve on accrued interest related to CARES Act | $ 300,000 | |||||||||
Accrued interest receivable for loans | 54,700,000 | |||||||||
Accrued interest receivable for loans related to CARES Act | 25,600,000 | |||||||||
Aggregate amount of residential real estate, home equity and consumer loans classified as substandard | 27,700,000 | 28,300,000 | ||||||||
Internally assigned loan grades to residential real estate, home equity and consumer loans | 4,100,000 | 5,100,000 | ||||||||
Unfunded commercial loan commitments | $ 28,700,000 | 15,600,000 | ||||||||
Loans acquired with deteriorated credit quality | $ 14,513,000 | |||||||||
Number of restructured contracts greater than $0 million | Contract | 0 | 0 | ||||||||
Threshold for TDR | $ 1,000,000 | $ 1,000,000 | ||||||||
Accruing and non accrual TDR permitted interest-only payment period | 6 months | |||||||||
Unfunded commitments to debtors for impaired loans | $ 900,000 | 3,300,000 | ||||||||
Number of loans modified | Loan | 3,553 | |||||||||
Total loan amount modified CARES Act | $ 2,200,000,000 | |||||||||
Loan amount remaining in deferral period CARES Act | $ 200,000,000 | |||||||||
Description of deferred payments to customers impacted by the COVID-19 pandemic | Wesbanco originally offered three to six months of deferred payments to commercial and retail customers impacted by the COVID-19 pandemic depending on the type of loan and the industry for commercial loans. In the fourth quarter, Wesbanco offered up to an additional twelve months of deferred payments to certain commercial loan customers, predominantly in the hospitality industry, based on specific criteria related to the borrower, the underlying property and the potential for guarantors / co-borrowers. | |||||||||
Other real estate owned | $ 504,000 | 4,062,000 | ||||||||
Residential Real Estate [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Recognition on retained earnings | 9,065,000 | 1,400,000 | 1,612,000 | |||||||
Loans acquired with deteriorated credit quality | 4,104,000 | |||||||||
Other real estate owned | 100,000 | 600,000 | ||||||||
Foreclosure proceedings in process on residential real estate loans | 4,100,000 | 8,100,000 | ||||||||
ASU 2016-13 [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Adjustment for loan credit losses | $ 6,700,000 | 6,700,000 | ||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ASU 2016-13 [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Recognition on retained earnings | 41,400,000 | 41,442,000 | ||||||||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ASU 2016-13 [Member] | Residential Real Estate [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Recognition on retained earnings | 5,630,000 | |||||||||
Farmers Capital Bank Corporation [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Un-accreted discount on purchased loans from acquisitions | 9,800,000 | |||||||||
Portfolio loans, net of unearned income | $ 1,064,800,000 | |||||||||
Preliminary fair value of acquired loans | 1,025,800,000 | |||||||||
Book Value of 310-20 loans | 988,300,000 | |||||||||
Fair market value adjustment of acquired retained loans | 26,000,000 | |||||||||
Loans acquired with deteriorated credit quality | 5,300,000 | 2,400,000 | ||||||||
Loans acquired with deteriorated credit quality, fair value | 4,600,000 | |||||||||
Loans acquired with deteriorated credit quality outstanding customer balance | 2,800,000 | |||||||||
Acquired impaired loans allowances for credit losses | 300,000 | |||||||||
Acquired loans, sold book value | $ 45,200,000 | |||||||||
Acquired loans, sold | $ 32,900,000 | |||||||||
Farmers Capital Bank Corporation [Member] | Cost Recovery Method [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Loans acquired with deteriorated credit quality, fair value | $ 2,400,000 | |||||||||
Farmers Capital Bank Corporation [Member] | Nonperforming Loans [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Loans acquired with deteriorated credit quality outstanding customer balance | 300,000 | |||||||||
Old Line Bancshares, Inc. [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Un-accreted discount on purchased loans from acquisitions | 22,100,000 | |||||||||
Portfolio loans, net of unearned income | $ 2,570,000,000 | |||||||||
Preliminary fair value of acquired loans | 2,514,061,000 | |||||||||
Book Value of 310-20 loans | 2,544,400,000 | |||||||||
Fair market value adjustment of acquired retained loans | 28,900,000 | |||||||||
Loans acquired with deteriorated credit quality | 25,600,000 | 18,400,000 | ||||||||
Loans acquired with deteriorated credit quality, fair value | 18,700,000 | |||||||||
Loans acquired with deteriorated credit quality outstanding customer balance | 18,700,000 | |||||||||
Acquired impaired loans allowances for credit losses | 6,100,000 | 5,500,000 | ||||||||
Acquired loans, sold book value | $ 56,600,000 | |||||||||
Acquired loans, sold | $ 36,400,000 | |||||||||
Old Line Bancshares, Inc. [Member] | Cost Recovery Method [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Loans acquired with deteriorated credit quality, fair value | $ 4,000,000 | |||||||||
Old Line Bancshares, Inc. [Member] | Nonperforming Loans [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Loans acquired with deteriorated credit quality outstanding customer balance | 1,400,000 | |||||||||
First Sentry Bancshares, Inc. [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Un-accreted discount on purchased loans from acquisitions | 2,400,000 | |||||||||
Portfolio loans, net of unearned income | $ 465,900,000 | |||||||||
Preliminary fair value of acquired loans | 447,279,000 | |||||||||
Book Value of 310-20 loans | 429,300,000 | |||||||||
Fair market value adjustment of acquired retained loans | 9,700,000 | |||||||||
Loans acquired with deteriorated credit quality | 5,100,000 | 900,000 | ||||||||
Loans acquired with deteriorated credit quality, fair value | 2,300,000 | |||||||||
Loans acquired with deteriorated credit quality outstanding customer balance | 1,000,000 | |||||||||
Acquired impaired loans allowances for credit losses | $ 600,000 | 500,000 | ||||||||
Acquired loans, sold book value | $ 21,700,000 | |||||||||
Acquired loans, sold | $ 15,700,000 | |||||||||
First Sentry Bancshares, Inc. [Member] | Cost Recovery Method [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Loans acquired with deteriorated credit quality, fair value | $ 700,000 | |||||||||
First Sentry Bancshares, Inc. [Member] | Nonperforming Loans [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Loans acquired with deteriorated credit quality outstanding customer balance | 200,000 | |||||||||
PPP Loans [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Net deferred loan income (costs) | 13,800,000 | |||||||||
Commercial and Industrial [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Recognition on retained earnings | 3,918,000 | 2,714,000 | $ 3,430,000 | |||||||
Loans acquired with deteriorated credit quality | $ 883,000 | |||||||||
Commercial and Industrial [Member] | Maximum [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Annual sales of borrowers | 100,000,000 | |||||||||
Commercial and Industrial [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ASU 2016-13 [Member] | ||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||
Recognition on retained earnings | $ 22,357,000 |
Loans and the Allowance for C_4
Loans and the Allowance for Credit Losses - Schedule of Recorded Investment in Loans by Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 10,789,233 | $ 10,267,985 |
Loans held for sale | 168,378 | 43,013 |
Total loans | 10,957,611 | 10,310,998 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,681,182 | 1,644,699 |
Commercial And Industrial - PPP [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 726,256 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 5,705,392 | 5,725,008 |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 668,277 | 777,151 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 5,037,115 | 4,947,857 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 1,720,961 | 1,873,647 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | 309,055 | 374,953 |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total portfolio loans | $ 646,387 | $ 649,678 |
Loans and the Allowance for C_5
Loans and the Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses - loans, beginning balance | $ 52,429 | $ 52,429 | $ 48,948 | $ 45,284 |
Allowance for credit losses - loan commitments, beginning balance | 874 | 874 | 741 | 574 |
Total beginning allowance for credit losses - loans and loan commitments | 53,303 | 53,303 | 49,689 | 45,858 |
Provision for loan losses | 101,960 | 11,065 | 7,597 | |
Provision for loan commitments | 5,685 | 133 | 167 | |
Total provision for credit losses - loans and loan commitments | 107,645 | 11,198 | 7,764 | |
Charge-offs | (12,535) | (12,657) | (10,567) | |
Recoveries | 5,486 | 5,073 | 6,634 | |
Net recoveries (charge-offs) | (7,049) | (7,584) | (3,933) | |
Allowance for credit losses - loans, ending balance | 185,827 | 52,429 | 48,948 | |
Allowance for credit losses - loan commitments, ending balance | 9,514 | 874 | 741 | |
Total ending allowance for credit losses - loans and loan commitments | 195,341 | 53,303 | 49,689 | |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses - loans, beginning balance | 14,116 | 14,116 | 12,114 | 9,414 |
Allowance for credit losses - loan commitments, beginning balance | 311 | 311 | 262 | 173 |
Total beginning allowance for credit losses - loans and loan commitments | 14,427 | 14,427 | 12,376 | 9,587 |
Provision for loan losses | 3,918 | 2,714 | 3,430 | |
Provision for loan commitments | 693 | 49 | 89 | |
Total provision for credit losses - loans and loan commitments | 4,611 | 2,763 | 3,519 | |
Charge-offs | (3,727) | (1,816) | (1,830) | |
Recoveries | 1,457 | 1,104 | 1,100 | |
Net recoveries (charge-offs) | (2,270) | (712) | (730) | |
Allowance for credit losses - loans, ending balance | 37,850 | 14,116 | 12,114 | |
Allowance for credit losses - loan commitments, ending balance | 1,275 | 311 | 262 | |
Total ending allowance for credit losses - loans and loan commitments | 39,125 | 14,427 | 12,376 | |
Deposit Overdraft [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses - loans, beginning balance | 1,387 | 1,387 | 972 | 821 |
Total beginning allowance for credit losses - loans and loan commitments | 1,387 | 1,387 | 972 | 821 |
Provision for loan losses | (376) | 1,664 | 1,146 | |
Total provision for credit losses - loans and loan commitments | (376) | 1,664 | 1,146 | |
Charge-offs | (1,011) | (1,659) | (1,374) | |
Recoveries | 426 | 410 | 379 | |
Net recoveries (charge-offs) | (585) | (1,249) | (995) | |
Allowance for credit losses - loans, ending balance | 639 | 1,387 | 972 | |
Total ending allowance for credit losses - loans and loan commitments | 639 | 1,387 | 972 | |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses - loans, beginning balance | 4,949 | 4,949 | 4,039 | 3,117 |
Allowance for credit losses - loan commitments, beginning balance | 235 | 235 | 169 | 119 |
Total beginning allowance for credit losses - loans and loan commitments | 5,184 | 5,184 | 4,208 | 3,236 |
Provision for loan losses | 6,929 | 746 | 650 | |
Provision for loan commitments | 3,671 | 66 | 50 | |
Total provision for credit losses - loans and loan commitments | 10,600 | 812 | 700 | |
Charge-offs | (51) | (107) | (137) | |
Recoveries | 92 | 271 | 409 | |
Net recoveries (charge-offs) | 41 | 164 | 272 | |
Allowance for credit losses - loans, ending balance | 10,841 | 4,949 | 4,039 | |
Allowance for credit losses - loan commitments, ending balance | 6,508 | 235 | 169 | |
Total ending allowance for credit losses - loans and loan commitments | 17,349 | 5,184 | 4,208 | |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses - loans, beginning balance | 20,293 | 20,293 | 20,848 | 21,166 |
Allowance for credit losses - loan commitments, beginning balance | 22 | 22 | 33 | 26 |
Total beginning allowance for credit losses - loans and loan commitments | 20,315 | 20,315 | 20,881 | 21,192 |
Provision for loan losses | 78,210 | 2,560 | (521) | |
Provision for loan commitments | 712 | (11) | 7 | |
Total provision for credit losses - loans and loan commitments | 78,922 | 2,549 | (514) | |
Charge-offs | (1,747) | (3,867) | (1,090) | |
Recoveries | 796 | 752 | 1,293 | |
Net recoveries (charge-offs) | (951) | (3,115) | 203 | |
Allowance for credit losses - loans, ending balance | 110,652 | 20,293 | 20,848 | |
Allowance for credit losses - loan commitments, ending balance | 712 | 22 | 33 | |
Total ending allowance for credit losses - loans and loan commitments | 111,364 | 20,315 | 20,881 | |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses - loans, beginning balance | 4,311 | 4,311 | 3,822 | 3,206 |
Allowance for credit losses - loan commitments, beginning balance | 15 | 15 | 12 | 7 |
Total beginning allowance for credit losses - loans and loan commitments | 4,326 | 4,326 | 3,834 | 3,213 |
Provision for loan losses | 9,065 | 1,400 | 1,612 | |
Provision for loan commitments | 560 | 3 | 5 | |
Total provision for credit losses - loans and loan commitments | 9,625 | 1,403 | 1,617 | |
Charge-offs | (1,415) | (1,276) | (1,435) | |
Recoveries | 640 | 365 | 439 | |
Net recoveries (charge-offs) | (775) | (911) | (996) | |
Allowance for credit losses - loans, ending balance | 17,851 | 4,311 | 3,822 | |
Allowance for credit losses - loan commitments, ending balance | 955 | 15 | 12 | |
Total ending allowance for credit losses - loans and loan commitments | 18,806 | 4,326 | 3,834 | |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses - loans, beginning balance | 2,951 | 2,951 | 2,797 | 3,063 |
Allowance for credit losses - loan commitments, beginning balance | 41 | 41 | 39 | 37 |
Total beginning allowance for credit losses - loans and loan commitments | 2,992 | 2,992 | 2,836 | 3,100 |
Provision for loan losses | 2,980 | 1,130 | 1,142 | |
Provision for loan commitments | 19 | 2 | 2 | |
Total provision for credit losses - loans and loan commitments | 2,999 | 1,132 | 1,144 | |
Charge-offs | (3,615) | (2,719) | (3,508) | |
Recoveries | 1,574 | 1,743 | 2,100 | |
Net recoveries (charge-offs) | (2,041) | (976) | (1,408) | |
Allowance for credit losses - loans, ending balance | 6,507 | 2,951 | 2,797 | |
Allowance for credit losses - loan commitments, ending balance | 19 | 41 | 39 | |
Total ending allowance for credit losses - loans and loan commitments | 6,526 | 2,992 | 2,836 | |
ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision for loan losses | 41,400 | 41,442 | ||
ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision for loan losses | 22,357 | |||
ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Deposit Overdraft [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision for loan losses | 213 | |||
ASU 2016-13 [Member] | Commercial Real Estate [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision for loan losses | 1,524 | |||
ASU 2016-13 [Member] | Commercial Real Estate [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision for loan losses | 13,078 | |||
ASU 2016-13 [Member] | Residential Real Estate [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision for loan losses | 5,630 | |||
ASU 2016-13 [Member] | Consumer [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision for loan losses | 2,576 | |||
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit losses - loans, beginning balance | 4,422 | 4,422 | 4,356 | 4,497 |
Allowance for credit losses - loan commitments, beginning balance | 250 | 250 | 226 | 212 |
Total beginning allowance for credit losses - loans and loan commitments | $ 4,672 | 4,672 | 4,582 | 4,709 |
Provision for loan losses | 1,234 | 851 | 138 | |
Provision for loan commitments | 30 | 24 | 14 | |
Total provision for credit losses - loans and loan commitments | 1,264 | 875 | 152 | |
Charge-offs | (969) | (1,213) | (1,193) | |
Recoveries | 501 | 428 | 914 | |
Net recoveries (charge-offs) | (468) | (785) | (279) | |
Allowance for credit losses - loans, ending balance | 1,487 | 4,422 | 4,356 | |
Allowance for credit losses - loan commitments, ending balance | 45 | 250 | 226 | |
Total ending allowance for credit losses - loans and loan commitments | 1,532 | $ 4,672 | $ 4,582 | |
Home Equity [Member] | ASU 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Provision for loan losses | $ (3,936) |
Loans and the Allowance for C_6
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | $ 6,282 | $ 124 | ||
Allowance for loans collectively evaluated for impairment | 179,545 | 52,305 | ||
Allowance for loan commitments | 9,514 | 874 | $ 741 | $ 574 |
Total allowance for credit losses - loans and commitments | 195,341 | 53,303 | 49,689 | 45,858 |
Individually evaluated for credit loss | 44,690 | 21,017 | ||
Collectively-evaluated for credit losses | 10,744,543 | 10,232,455 | ||
Acquired with deteriorated credit quality | 14,513 | |||
Total loans | 10,789,233 | 10,267,985 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 1,484 | 10 | ||
Allowance for loans collectively evaluated for impairment | 36,366 | 14,106 | ||
Allowance for loan commitments | 1,275 | 311 | 262 | 173 |
Total allowance for credit losses - loans and commitments | 39,125 | 14,427 | 12,376 | 9,587 |
Individually evaluated for credit loss | 2,863 | 11,961 | ||
Collectively-evaluated for credit losses | 2,404,575 | 1,631,855 | ||
Acquired with deteriorated credit quality | 883 | |||
Total loans | 2,407,438 | 1,644,699 | ||
Deposit Overdraft [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans collectively evaluated for impairment | 639 | 1,387 | ||
Total allowance for credit losses - loans and commitments | 639 | 1,387 | 972 | 821 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 5,705,392 | 5,725,008 | ||
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 602 | |||
Allowance for loans collectively evaluated for impairment | 10,239 | 4,949 | ||
Allowance for loan commitments | 6,508 | 235 | 169 | 119 |
Total allowance for credit losses - loans and commitments | 17,349 | 5,184 | 4,208 | 3,236 |
Individually evaluated for credit loss | 1,455 | |||
Collectively-evaluated for credit losses | 666,822 | 777,033 | ||
Acquired with deteriorated credit quality | 118 | |||
Total loans | 668,277 | 777,151 | ||
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 4,196 | 93 | ||
Allowance for loans collectively evaluated for impairment | 106,456 | 20,200 | ||
Allowance for loan commitments | 712 | 22 | 33 | 26 |
Total allowance for credit losses - loans and commitments | 111,364 | 20,315 | 20,881 | 21,192 |
Individually evaluated for credit loss | 40,372 | 3,907 | ||
Collectively-evaluated for credit losses | 4,996,743 | 4,935,383 | ||
Acquired with deteriorated credit quality | 8,567 | |||
Total loans | 5,037,115 | 4,947,857 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 14 | |||
Allowance for loans collectively evaluated for impairment | 17,851 | 4,297 | ||
Allowance for loan commitments | 955 | 15 | 12 | 7 |
Total allowance for credit losses - loans and commitments | 18,806 | 4,326 | 3,834 | 3,213 |
Individually evaluated for credit loss | 4,392 | |||
Collectively-evaluated for credit losses | 1,720,961 | 1,865,151 | ||
Acquired with deteriorated credit quality | 4,104 | |||
Total loans | 1,720,961 | 1,873,647 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 1 | |||
Allowance for loans collectively evaluated for impairment | 6,507 | 2,950 | ||
Allowance for loan commitments | 19 | 41 | 39 | 37 |
Total allowance for credit losses - loans and commitments | 6,526 | 2,992 | 2,836 | 3,100 |
Individually evaluated for credit loss | 53 | |||
Collectively-evaluated for credit losses | 309,055 | 374,812 | ||
Acquired with deteriorated credit quality | 88 | |||
Total loans | 309,055 | 374,953 | ||
Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loans individually evaluated for impairment | 6 | |||
Allowance for loans collectively evaluated for impairment | 1,487 | 4,416 | ||
Allowance for loan commitments | 45 | 250 | 226 | 212 |
Total allowance for credit losses - loans and commitments | 1,532 | 4,672 | $ 4,582 | $ 4,709 |
Individually evaluated for credit loss | 704 | |||
Collectively-evaluated for credit losses | 646,387 | 648,221 | ||
Acquired with deteriorated credit quality | 753 | |||
Total loans | $ 646,387 | $ 649,678 |
Loans and the Allowance for C_7
Loans and the Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
Troubled debt restructuring threshold | $ 1 | $ 1 |
Loans and the Allowance for C_8
Loans and the Allowance for Credit Losses - Summary of Commercial Loans by Risk Grade (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | $ 10,789,233 | $ 10,267,985 |
Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 2,407,438 | 1,644,699 |
Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 2,350,724 | |
Commercial and Industrial [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 34,597 | |
Commercial and Industrial [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 22,117 | |
Commercial Portfolio Segment [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 8,112,830 | 7,369,707 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 7,617,885 | 7,147,229 |
Commercial Portfolio Segment [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 362,295 | 118,959 |
Commercial Portfolio Segment [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 132,650 | 91,749 |
Commercial Portfolio Segment [Member] | Classified - doubtful [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 11,770 | |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 668,277 | 777,151 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 657,435 | 769,537 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 7,397 | 4,338 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Land and Construction [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 3,445 | 3,276 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 5,037,115 | 4,947,857 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 4,609,726 | 4,807,003 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 320,301 | 65,612 |
Commercial Portfolio Segment [Member] | Commercial Real Estate - Improved Property [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 107,088 | 75,242 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 2,407,438 | 1,644,699 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 2,350,724 | 1,570,689 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Criticized [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | 34,597 | 49,009 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Classified - substandard [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | $ 22,117 | 13,231 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Classified - doubtful [Member] | ||
Summary of commercial loans by risk grade | ||
Portfolio loans, net of unearned income | $ 11,770 |
Loans and the Allowance for C_9
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $ 10,721,084 | $ 10,195,872 |
Total Past Due | 68,149 | 72,113 |
Total loans | 10,789,233 | 10,267,985 |
90 Days or More Past Due and Accruing | 8,846 | 11,613 |
Loans held for sale, current | 168,378 | 43,013 |
Loans held for sale | 168,378 | 43,013 |
Total loans, current | 10,889,462 | 10,238,885 |
Total loans | 10,957,611 | 10,310,998 |
Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 13,100 | |
Total Past Due | 27,707 | |
Total loans | 40,807 | |
Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 26,174 | |
Total Past Due | 24,170 | |
Total loans | 50,344 | |
Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 639,319 | 641,026 |
Total Past Due | 7,068 | 8,652 |
Total loans | 646,387 | 649,678 |
90 Days or More Past Due and Accruing | 706 | 985 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 5,681,802 | 5,697,874 |
Total Past Due | 23,590 | 27,134 |
Total loans | 5,705,392 | 5,725,008 |
90 Days or More Past Due and Accruing | 3,001 | 4,735 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,698,636 | 1,850,806 |
Total Past Due | 22,325 | 22,841 |
Total loans | 1,720,961 | 1,873,647 |
90 Days or More Past Due and Accruing | 2,863 | 3,643 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 305,483 | 370,934 |
Total Past Due | 3,572 | 4,019 |
Total loans | 309,055 | 374,953 |
90 Days or More Past Due and Accruing | 377 | 457 |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 664,990 | 776,153 |
Total Past Due | 3,287 | 998 |
Total loans | 668,277 | 777,151 |
90 Days or More Past Due and Accruing | 288 | 26 |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 5,016,812 | 4,921,721 |
Total Past Due | 20,303 | 26,136 |
Total loans | 5,037,115 | 4,947,857 |
90 Days or More Past Due and Accruing | 2,713 | 4,709 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 2,395,844 | 1,635,232 |
Total Past Due | 11,594 | 9,467 |
Total loans | 2,407,438 | 1,644,699 |
90 Days or More Past Due and Accruing | 1,899 | 1,793 |
Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 9,560 | 21,061 |
Total Past Due | 27,320 | 23,852 |
Total loans | 36,880 | 44,913 |
TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 3,540 | 5,113 |
Total Past Due | 387 | 318 |
Total loans | 3,927 | 5,431 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 16,856 | 23,536 |
30-59 Days Past Due [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 693 | |
30-59 Days Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,048 | |
30-59 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,414 | 3,323 |
Total loans | 2,414 | |
30-59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 5,458 | 10,736 |
30-59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,614 | 4,421 |
Total loans | 2,614 | |
30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,998 | 2,537 |
Total loans | 1,998 | |
30-59 Days Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 582 | 529 |
30-59 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 4,876 | 10,207 |
30-59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 4,372 | 2,519 |
30-59 Days Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 630 | 897 |
30-59 Days Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 63 | 151 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 16,051 | 15,531 |
60-89 Days Past Due [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 618 | |
60-89 Days Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,689 | |
60-89 Days Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 775 | 621 |
Total loans | 775 | |
60-89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 6,394 | 5,760 |
60-89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 5,654 | 5,372 |
Total loans | 5,654 | |
60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 1,031 | 965 |
Total loans | 1,031 | |
60-89 Days Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,276 | 121 |
60-89 Days Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 4,118 | 5,639 |
60-89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 2,197 | 2,813 |
60-89 Days Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 466 | 1,559 |
60-89 Days Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 152 | 130 |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 35,242 | 33,046 |
90 Days or More Past Due [Member] | Total Non-performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 26,396 | |
90 Days or More Past Due [Member] | Total Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 21,433 | |
90 Days or More Past Due [Member] | Home Equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 3,879 | 4,708 |
Total loans | 3,879 | |
90 Days or More Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 11,738 | 10,638 |
90 Days or More Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 14,057 | 13,048 |
Total loans | 14,057 | |
90 Days or More Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 543 | 517 |
Total loans | 543 | |
90 Days or More Past Due [Member] | Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 429 | 348 |
90 Days or More Past Due [Member] | Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 11,309 | 10,290 |
90 Days or More Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 5,025 | 4,135 |
90 Days or More Past Due [Member] | Non-Accrual Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | 26,224 | 21,396 |
90 Days or More Past Due [Member] | TDRs Accruing Interest [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Past Due | $ 172 | $ 37 |
Loans and the Allowance for _10
Loans and the Allowance for Credit Losses - Summary of Age Analysis of Loan Categories (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Past due loans excluded TDRs past due and accruing | 90 days |
Loans and the Allowance for _11
Loans and the Allowance for Credit Losses - Summary of Nonperforming Loans (Detail) - Nonperforming Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | $ 44,759 | $ 45,717 | |
Recorded Investment, With no specific allowance recorded | 38,713 | 41,097 | |
Unpaid Principal Balance, With a specific allowance recorded | 2,094 | 10,000 | |
Recorded Investment, With a specific allowance recorded | 2,094 | 9,247 | |
Related Allowance, With a specific allowance recorded | 136 | 124 | |
Total impaired loans, Unpaid principal balance | 46,853 | 55,717 | |
Total impaired loans, Recorded investment | 40,807 | 50,344 | |
Total impaired loans, Related Allowance | 136 | 124 | |
Average recorded investment, with no related specific allowance | 38,854 | 32,311 | $ 38,781 |
Interest income recognized, With no related specific allowance | 260 | 341 | 665 |
Average recorded investment, With a specific allowance recorded | 3,740 | 7,995 | 842 |
Total impaired loans, Average recorded investment | 42,594 | 40,306 | 39,623 |
Total impaired loans, Interest income recognized | 260 | 341 | 665 |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 23,055 | 17,753 | |
Recorded Investment, With no specific allowance recorded | 20,704 | 15,952 | |
Unpaid Principal Balance, With a specific allowance recorded | 4,772 | ||
Recorded Investment, With a specific allowance recorded | 4,392 | ||
Related Allowance, With a specific allowance recorded | 14 | ||
Average recorded investment, with no related specific allowance | 19,651 | 14,192 | 19,026 |
Interest income recognized, With no related specific allowance | 168 | 211 | 240 |
Average recorded investment, With a specific allowance recorded | 878 | 3,811 | |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 602 | 546 | |
Recorded Investment, With no specific allowance recorded | 364 | 413 | |
Unpaid Principal Balance, With a specific allowance recorded | 104 | ||
Recorded Investment, With a specific allowance recorded | 53 | ||
Related Allowance, With a specific allowance recorded | 1 | ||
Average recorded investment, with no related specific allowance | 377 | 423 | 808 |
Interest income recognized, With no related specific allowance | 2 | 3 | 7 |
Average recorded investment, With a specific allowance recorded | 11 | 58 | |
Home Equity [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 6,635 | 6,523 | |
Recorded Investment, With no specific allowance recorded | 5,708 | 5,610 | |
Unpaid Principal Balance, With a specific allowance recorded | 724 | ||
Recorded Investment, With a specific allowance recorded | 704 | ||
Related Allowance, With a specific allowance recorded | 6 | ||
Average recorded investment, with no related specific allowance | 5,806 | 4,930 | 5,005 |
Interest income recognized, With no related specific allowance | 22 | 28 | 25 |
Average recorded investment, With a specific allowance recorded | 141 | 634 | |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 469 | 616 | |
Recorded Investment, With no specific allowance recorded | 469 | 580 | |
Average recorded investment, with no related specific allowance | 571 | 343 | 208 |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 9,597 | 5,097 | |
Recorded Investment, With no specific allowance recorded | 8,055 | 4,229 | |
Unpaid Principal Balance, With a specific allowance recorded | 2,094 | 4,207 | |
Recorded Investment, With a specific allowance recorded | 2,094 | 3,907 | |
Related Allowance, With a specific allowance recorded | 136 | 93 | |
Average recorded investment, with no related specific allowance | 7,193 | 7,216 | 10,658 |
Interest income recognized, With no related specific allowance | 61 | 84 | 381 |
Average recorded investment, With a specific allowance recorded | 2,672 | 3,317 | 842 |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Principal Balance, With no specific allowance recorded | 4,401 | 15,182 | |
Recorded Investment, With no specific allowance recorded | 3,413 | 14,313 | |
Unpaid Principal Balance, With a specific allowance recorded | 193 | ||
Recorded Investment, With a specific allowance recorded | 191 | ||
Related Allowance, With a specific allowance recorded | 10 | ||
Average recorded investment, with no related specific allowance | 5,256 | 5,207 | 3,076 |
Interest income recognized, With no related specific allowance | 7 | 15 | $ 12 |
Average recorded investment, With a specific allowance recorded | $ 38 | $ 175 |
Loans and the Allowance for _12
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | $ 36,880 | $ 44,913 |
TDRs | 5,755 | 6,853 |
Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 3,927 | 5,431 |
Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,828 | 1,422 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 3,302 | 14,313 |
TDRs | 111 | 191 |
Commercial and Industrial [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 111 | 191 |
Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 5,345 | 5,903 |
TDRs | 663 | 704 |
Home Equity [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 363 | 411 |
Home Equity [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 300 | 293 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 9,963 | 7,395 |
TDRs | 820 | 1,512 |
Commercial Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 655 | 1,321 |
Commercial Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 165 | 191 |
Commercial Real Estate [Member] | Commercial Real Estate - Land and Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 469 | 580 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 9,494 | 6,815 |
TDRs | 820 | 1,512 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 655 | 1,321 |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 165 | 191 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 17,925 | 16,867 |
TDRs | 4,133 | 4,386 |
Residential Real Estate [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 2,779 | 3,477 |
Residential Real Estate [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 1,354 | 909 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Non-accrual loans | 345 | 435 |
TDRs | 28 | 60 |
Consumer [Member] | Accruing TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | 19 | 31 |
Consumer [Member] | Non-Accrual TDRs [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
TDRs | $ 9 | $ 29 |
Loans and the Allowance for _13
Loans and the Allowance for Credit Losses - Recorded Investment in Non-Accrual Loans and TDRs (Parenthetical) (Detail) | Dec. 31, 2020USD ($)Borrower | Dec. 31, 2019USD ($)Borrower |
Receivables [Abstract] | ||
Number of borrowers with loan balance greater than one million | Borrower | 1 | 2 |
Borrowers with large amount of loans outstanding, minimum amount of loans per borrower | $ 1,000,000 | $ 1,000,000 |
Borrowers with large amount of loans outstanding, net | $ 2,100,000 | $ 14,200,000 |
Loans and the Allowance for _14
Loans and the Allowance for Credit Losses - Loans Identified as TDRs (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Contract | Dec. 31, 2019USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | Contract | 8 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 460 | $ 1,093 |
Post-Modification Outstanding Recorded Investment | $ 443 | $ 1,037 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | Contract | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 57 | |
Post-Modification Outstanding Recorded Investment | $ 48 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | Contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 610 | |
Post-Modification Outstanding Recorded Investment | $ 603 | |
Commercial Real Estate [Member] | Commercial Real Estate - Improved Property [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | Contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 610 | |
Post-Modification Outstanding Recorded Investment | $ 603 | |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | Contract | 3 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 360 | $ 194 |
Post-Modification Outstanding Recorded Investment | $ 350 | $ 177 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | Contract | 4 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 93 | $ 187 |
Post-Modification Outstanding Recorded Investment | $ 86 | $ 181 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Modifications | Contract | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 7 | $ 45 |
Post-Modification Outstanding Recorded Investment | $ 7 | $ 28 |
Loans and the Allowance for _15
Loans and the Allowance for Credit Losses - TDRs Defaulted Later Restructured (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Default | Dec. 31, 2019USD ($)Default | |
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | 3 |
Recorded Investment | $ | $ 155 | $ 204 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | 1 |
Recorded Investment | $ | $ 155 | $ 95 |
Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | |
Recorded Investment | $ | $ 97 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Defaults | Default | 1 | |
Recorded Investment | $ | $ 12 |
Loans and the Allowance for _16
Loans and the Allowance for Credit Losses - Recognition of Interest Income on Nonperforming Loans (Detail) - Nonperforming Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||
Average nonperforming loans | $ 42,594 | $ 40,306 | $ 39,623 |
Amount of contractual interest income on nonperforming loans | 2,827 | 3,047 | 2,631 |
Amount of interest income recognized on nonperforming loans | $ 260 | $ 341 | $ 665 |
Loans and the Allowance for _17
Loans and the Allowance for Credit Losses - Summary of Amortized Cost Basis Loan Balances by Year of Origination and Credit Quality Indicator (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Portfolio loans, net of unearned income | $ 10,789,233 | $ 10,267,985 | |
Current-period gross write-offs | (12,535) | (12,657) | $ (10,567) |
Current-period recoveries | 5,486 | 5,073 | 6,634 |
Net charge-offs | (7,049) | (7,584) | (3,933) |
Home Equity [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 18,315 | ||
Amortized Cost Basis by Origination Year 2019 | 3,611 | ||
Amortized Cost Basis by Origination Year 2018 | 3,376 | ||
Amortized Cost Basis by Origination Year 2017 | 1,131 | ||
Amortized Cost Basis by Origination Year 2016 | 1,198 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 19,159 | ||
Revolving Loans | 586,557 | ||
Revolving Loans Converted to Term | 13,040 | ||
Portfolio loans, net of unearned income | 646,387 | 649,678 | |
Current-period gross write-offs | (969) | (1,213) | (1,193) |
Current-period recoveries | 501 | 428 | 914 |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2018 | (10) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | (2) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (1) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | (92) | ||
Revolving Loans, Current period net charge-offs | (356) | ||
Revolving Loans Converted to Term, Current-period net charge-offs | (7) | ||
Net charge-offs | (468) | (785) | (279) |
Home Equity [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 18,191 | ||
Amortized Cost Basis by Origination Year 2019 | 3,611 | ||
Amortized Cost Basis by Origination Year 2018 | 3,334 | ||
Amortized Cost Basis by Origination Year 2017 | 975 | ||
Amortized Cost Basis by Origination Year 2016 | 1,110 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 16,477 | ||
Revolving Loans | 583,486 | ||
Revolving Loans Converted to Term | 12,135 | ||
Portfolio loans, net of unearned income | 639,319 | ||
Home Equity [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 124 | ||
Amortized Cost Basis by Origination Year 2018 | 34 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 882 | ||
Revolving Loans | 1,247 | ||
Revolving Loans Converted to Term | 127 | ||
Portfolio loans, net of unearned income | 2,414 | ||
Home Equity [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year, Prior to 2016 | 14 | ||
Revolving Loans | 749 | ||
Revolving Loans Converted to Term | 12 | ||
Portfolio loans, net of unearned income | 775 | ||
Home Equity [Member] | 90 Days or More Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2018 | 8 | ||
Amortized Cost Basis by Origination Year 2017 | 156 | ||
Amortized Cost Basis by Origination Year 2016 | 88 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,786 | ||
Revolving Loans | 1,075 | ||
Revolving Loans Converted to Term | 766 | ||
Portfolio loans, net of unearned income | 3,879 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Portfolio loans, net of unearned income | 5,705,392 | 5,725,008 | |
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 385,541 | ||
Amortized Cost Basis by Origination Year 2019 | 243,253 | ||
Amortized Cost Basis by Origination Year 2018 | 150,912 | ||
Amortized Cost Basis by Origination Year 2017 | 109,384 | ||
Amortized Cost Basis by Origination Year 2016 | 171,971 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 659,900 | ||
Portfolio loans, net of unearned income | 1,720,961 | 1,873,647 | |
Current-period gross write-offs | (1,415) | (1,276) | (1,435) |
Current-period recoveries | 640 | 365 | 439 |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2019 | (24) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2018 | (8) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | (11) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (110) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | (622) | ||
Net charge-offs | (775) | (911) | (996) |
Residential Real Estate [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 385,541 | ||
Amortized Cost Basis by Origination Year 2019 | 242,770 | ||
Amortized Cost Basis by Origination Year 2018 | 149,603 | ||
Amortized Cost Basis by Origination Year 2017 | 108,090 | ||
Amortized Cost Basis by Origination Year 2016 | 170,967 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 641,665 | ||
Portfolio loans, net of unearned income | 1,698,636 | ||
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2018 | 320 | ||
Amortized Cost Basis by Origination Year 2017 | 533 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,761 | ||
Portfolio loans, net of unearned income | 2,614 | ||
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2018 | 823 | ||
Amortized Cost Basis by Origination Year 2016 | 185 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 4,646 | ||
Portfolio loans, net of unearned income | 5,654 | ||
Residential Real Estate [Member] | 90 Days or More Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2019 | 483 | ||
Amortized Cost Basis by Origination Year 2018 | 166 | ||
Amortized Cost Basis by Origination Year 2017 | 761 | ||
Amortized Cost Basis by Origination Year 2016 | 819 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 11,828 | ||
Portfolio loans, net of unearned income | 14,057 | ||
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 73,714 | ||
Amortized Cost Basis by Origination Year 2019 | 90,264 | ||
Amortized Cost Basis by Origination Year 2018 | 39,951 | ||
Amortized Cost Basis by Origination Year 2017 | 22,560 | ||
Amortized Cost Basis by Origination Year 2016 | 13,513 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 46,609 | ||
Revolving Loans | 22,279 | ||
Revolving Loans Converted to Term | 165 | ||
Portfolio loans, net of unearned income | 309,055 | 374,953 | |
Current-period gross write-offs | (3,615) | (2,719) | (3,508) |
Current-period recoveries | 1,574 | 1,743 | 2,100 |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2020 | (273) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2019 | (731) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2018 | (589) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | (486) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (59) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | 97 | ||
Net charge-offs | (2,041) | (976) | (1,408) |
Consumer [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 72,847 | ||
Amortized Cost Basis by Origination Year 2019 | 89,637 | ||
Amortized Cost Basis by Origination Year 2018 | 39,584 | ||
Amortized Cost Basis by Origination Year 2017 | 22,118 | ||
Amortized Cost Basis by Origination Year 2016 | 13,144 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 45,735 | ||
Revolving Loans | 22,253 | ||
Revolving Loans Converted to Term | 165 | ||
Portfolio loans, net of unearned income | 305,483 | ||
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 481 | ||
Amortized Cost Basis by Origination Year 2019 | 408 | ||
Amortized Cost Basis by Origination Year 2018 | 210 | ||
Amortized Cost Basis by Origination Year 2017 | 311 | ||
Amortized Cost Basis by Origination Year 2016 | 194 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 379 | ||
Revolving Loans | 15 | ||
Portfolio loans, net of unearned income | 1,998 | ||
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 273 | ||
Amortized Cost Basis by Origination Year 2019 | 147 | ||
Amortized Cost Basis by Origination Year 2018 | 84 | ||
Amortized Cost Basis by Origination Year 2017 | 100 | ||
Amortized Cost Basis by Origination Year 2016 | 163 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 253 | ||
Revolving Loans | 11 | ||
Portfolio loans, net of unearned income | 1,031 | ||
Consumer [Member] | 90 Days or More Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 113 | ||
Amortized Cost Basis by Origination Year 2019 | 72 | ||
Amortized Cost Basis by Origination Year 2018 | 73 | ||
Amortized Cost Basis by Origination Year 2017 | 31 | ||
Amortized Cost Basis by Origination Year 2016 | 12 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 242 | ||
Portfolio loans, net of unearned income | 543 | ||
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 134,179 | ||
Amortized Cost Basis by Origination Year 2019 | 314,614 | ||
Amortized Cost Basis by Origination Year 2018 | 111,167 | ||
Amortized Cost Basis by Origination Year 2017 | 27,774 | ||
Amortized Cost Basis by Origination Year 2016 | 16,774 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 36,156 | ||
Revolving Loans | 27,613 | ||
Portfolio loans, net of unearned income | 668,277 | 777,151 | |
Current-period gross write-offs | (51) | (107) | (137) |
Current-period recoveries | 92 | 271 | 409 |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | 61 | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (50) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | 30 | ||
Net charge-offs | 41 | 164 | 272 |
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 133,720 | ||
Amortized Cost Basis by Origination Year 2019 | 314,614 | ||
Amortized Cost Basis by Origination Year 2018 | 109,232 | ||
Amortized Cost Basis by Origination Year 2017 | 27,483 | ||
Amortized Cost Basis by Origination Year 2016 | 16,404 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 29,685 | ||
Revolving Loans | 26,297 | ||
Portfolio loans, net of unearned income | 657,435 | ||
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Criticized [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 459 | ||
Amortized Cost Basis by Origination Year 2018 | 1,532 | ||
Amortized Cost Basis by Origination Year 2017 | 233 | ||
Amortized Cost Basis by Origination Year 2016 | 79 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 3,778 | ||
Revolving Loans | 1,316 | ||
Portfolio loans, net of unearned income | 7,397 | ||
Commercial Real Estate - Land and Construction [Member] | Commercial Real Estate [Member] | Classified - substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2018 | 403 | ||
Amortized Cost Basis by Origination Year 2017 | 58 | ||
Amortized Cost Basis by Origination Year 2016 | 291 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 2,693 | ||
Portfolio loans, net of unearned income | 3,445 | ||
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 812,311 | ||
Amortized Cost Basis by Origination Year 2019 | 754,181 | ||
Amortized Cost Basis by Origination Year 2018 | 668,368 | ||
Amortized Cost Basis by Origination Year 2017 | 545,520 | ||
Amortized Cost Basis by Origination Year 2016 | 633,477 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,532,366 | ||
Revolving Loans | 90,892 | ||
Portfolio loans, net of unearned income | 5,037,115 | 4,947,857 | |
Current-period gross write-offs | (1,747) | (3,867) | (1,090) |
Current-period recoveries | 796 | 752 | 1,293 |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2018 | (38) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | 13 | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (1,617) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | 691 | ||
Net charge-offs | (951) | (3,115) | 203 |
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 809,516 | ||
Amortized Cost Basis by Origination Year 2019 | 670,554 | ||
Amortized Cost Basis by Origination Year 2018 | 646,629 | ||
Amortized Cost Basis by Origination Year 2017 | 474,622 | ||
Amortized Cost Basis by Origination Year 2016 | 572,733 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 1,346,552 | ||
Revolving Loans | 89,120 | ||
Portfolio loans, net of unearned income | 4,609,726 | ||
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Criticized [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 2,693 | ||
Amortized Cost Basis by Origination Year 2019 | 67,261 | ||
Amortized Cost Basis by Origination Year 2018 | 16,793 | ||
Amortized Cost Basis by Origination Year 2017 | 59,251 | ||
Amortized Cost Basis by Origination Year 2016 | 42,284 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 130,247 | ||
Revolving Loans | 1,772 | ||
Portfolio loans, net of unearned income | 320,301 | ||
Commercial Real Estate - Improved Property [Member] | Commercial Real Estate [Member] | Classified - substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 102 | ||
Amortized Cost Basis by Origination Year 2019 | 16,366 | ||
Amortized Cost Basis by Origination Year 2018 | 4,946 | ||
Amortized Cost Basis by Origination Year 2017 | 11,647 | ||
Amortized Cost Basis by Origination Year 2016 | 18,460 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 55,567 | ||
Portfolio loans, net of unearned income | 107,088 | ||
Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 977,538 | ||
Amortized Cost Basis by Origination Year 2019 | 246,805 | ||
Amortized Cost Basis by Origination Year 2018 | 199,865 | ||
Amortized Cost Basis by Origination Year 2017 | 167,490 | ||
Amortized Cost Basis by Origination Year 2016 | 87,306 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 282,603 | ||
Revolving Loans | 445,695 | ||
Revolving Loans Converted to Term | 136 | ||
Portfolio loans, net of unearned income | 2,407,438 | 1,644,699 | |
Current-period gross write-offs | (3,727) | (1,816) | (1,830) |
Current-period recoveries | 1,457 | 1,104 | 1,100 |
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2019 | (50) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2018 | (1,843) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2017 | (272) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs 2016 | (108) | ||
Amortized Cost Basis by Origination Year, Current-period net charge-offs Prior to 2016 | 303 | ||
Revolving Loans, Current period net charge-offs | (300) | ||
Net charge-offs | (2,270) | $ (712) | $ (730) |
Commercial and Industrial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 977,085 | ||
Amortized Cost Basis by Origination Year 2019 | 240,262 | ||
Amortized Cost Basis by Origination Year 2018 | 193,712 | ||
Amortized Cost Basis by Origination Year 2017 | 160,924 | ||
Amortized Cost Basis by Origination Year 2016 | 85,379 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 265,890 | ||
Revolving Loans | 427,336 | ||
Revolving Loans Converted to Term | 136 | ||
Portfolio loans, net of unearned income | 2,350,724 | ||
Commercial and Industrial [Member] | Criticized [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2020 | 453 | ||
Amortized Cost Basis by Origination Year 2019 | 2,726 | ||
Amortized Cost Basis by Origination Year 2018 | 4,206 | ||
Amortized Cost Basis by Origination Year 2017 | 2,795 | ||
Amortized Cost Basis by Origination Year 2016 | 324 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 11,640 | ||
Revolving Loans | 12,453 | ||
Portfolio loans, net of unearned income | 34,597 | ||
Commercial and Industrial [Member] | Classified - substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Amortized Cost Basis by Origination Year 2019 | 3,817 | ||
Amortized Cost Basis by Origination Year 2018 | 1,947 | ||
Amortized Cost Basis by Origination Year 2017 | 3,771 | ||
Amortized Cost Basis by Origination Year 2016 | 1,603 | ||
Amortized Cost Basis by Origination Year, Prior to 2016 | 5,073 | ||
Revolving Loans | 5,906 | ||
Portfolio loans, net of unearned income | $ 22,117 |
Loans and the Allowance for _18
Loans and the Allowance for Credit Losses - Summary of Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Other real estate owned | $ 504 | $ 4,062 |
Repossessed assets | 45 | 116 |
Total other real estate owned and repossessed assets | $ 549 | $ 4,178 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Abstract] | ||
Land and improvements | $ 62,131 | $ 66,609 |
Buildings and improvements | 224,942 | 221,139 |
Furniture and equipment | 106,501 | 102,171 |
Total cost | 393,574 | 389,919 |
Accumulated depreciation and amortization | (200,214) | (187,437) |
Right of use assets | 56,061 | 58,532 |
Total premises and equipment, net | $ 249,421 | $ 261,014 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization expense charged | $ 14,100 | $ 11,500 | $ 10,500 |
Capitalized right of use asset and lease liabilities to be regcognize upon adoption of ASU | $ 20,000 | ||
Weighted-average lease term | 15 years 8 months 12 days | ||
Operating lease ROU assets | $ 51,500 | 53,600 | |
Operating lease ROU liabilities | $ 56,036 | $ 56,500 | |
Operating Lease Liability Statement Of Financial Position Extensible List | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | |
Operating lease, expense | $ 5,800 | $ 5,400 | 4,500 |
Weighted average discount rate | 2.81% | ||
Weighted-average finance lease term | 13 years 6 months | ||
Finance lease ROU assets | $ 4,500 | 5,000 | |
Finance lease ROU liabilities | $ 5,180 | $ 5,600 | |
Weighted average finance lease discount rate | 3.78% | 3.77% | |
Amortization cost related to finance lease ROU assets | $ 400 | $ 400 | 400 |
Interest expense related to finance lease ROU assets | $ 200 | 200 | $ 200 |
Old Line Bancshares, Inc. [Member] | |||
Property Plant And Equipment [Line Items] | |||
Operating lease ROU assets | 37,200 | ||
Operating lease ROU liabilities | $ 37,200 | ||
Maximum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Operating lease terms | 30 years | ||
Operating lease term extensions | 10 years | ||
Finance lease terms | 20 years | ||
Finance lease term extensions | 10 years | ||
Minimum [Member] | |||
Property Plant And Equipment [Line Items] | |||
Operating lease terms | 1 year | ||
Operating lease term extensions | 5 years | ||
Finance lease terms | 5 years | ||
Finance lease term extensions | 5 years |
Premises and Equipment - Future
Premises and Equipment - Future Minimum Lease Payments Under Non-cancellable Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Abstract] | ||
Operating Leases, 2021 | $ 6,358 | |
Operating Leases, 2022 | 5,566 | |
Operating Leases, 2023 | 5,010 | |
Operating Leases, 2024 | 4,526 | |
Operating Leases, 2025 | 4,365 | |
Operating Leases, 2026 and thereafter | 45,676 | |
Operating Leases, Total lease payments | 71,501 | |
Operating Leases, Less: capitalized interest | (15,465) | |
Operating Leases, Present value of lease liabilities | $ 56,036 | $ 56,500 |
Operating Lease Liability Statement Of Financial Position Extensible List | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Finance Leases, 2021 | $ 855 | |
Finance Leases, 2022 | 873 | |
Finance Leases, 2023 | 885 | |
Finance Leases, 2024 | 890 | |
Finance Leases, 2025 | 861 | |
Finance Leases, 2026 and thereafter | 3,778 | |
Finance Leases, Total lease payments | 8,142 | |
Finance Leases, Less: capitalized interest | (2,962) | |
Finance Leases, Present value of lease liabilities | 5,180 | $ 5,600 |
2021 | 7,213 | |
2022 | 6,439 | |
2023 | 5,895 | |
2024 | 5,416 | |
2025 | 5,226 | |
2026 and thereafter | 49,454 | |
Total lease payments | 79,643 | |
Less: capitalized interest | (18,427) | |
Present value of lease liabilities | $ 61,216 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | Nov. 22, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible Assets Goodwill And Other Assets [Line Items] | ||||
Goodwill | $ 1,100,000,000 | $ 1,100,000,000 | ||
Other intangible assets | 66,329,000 | 80,433,000 | ||
Amortization of core deposit and customer list intangible assets | 13,400,000 | $ 10,100,000 | $ 6,400,000 | |
Goodwill, impairment loss | 0 | |||
Old Line Bancshares, Inc. [Member] | ||||
Intangible Assets Goodwill And Other Assets [Line Items] | ||||
Goodwill acquired | $ 231,814,000 | 231,800,000 | ||
Old Line Bancshares, Inc. [Member] | Core Deposits [Member] | ||||
Intangible Assets Goodwill And Other Assets [Line Items] | ||||
Intangible assets acquired | $ 32,900,000 | |||
Minimum [Member] | ||||
Intangible Assets Goodwill And Other Assets [Line Items] | ||||
Intangible asset, useful life | 10 years | |||
Maximum [Member] | ||||
Intangible Assets Goodwill And Other Assets [Line Items] | ||||
Intangible asset, useful life | 16 years |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Wesbanco's Capitalized Other Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other intangible assets: | ||
Gross carrying amount | $ 118,495 | $ 119,387 |
Accumulated amortization | (52,166) | (38,954) |
Net carrying amount of other intangible assets | $ 66,329 | $ 80,433 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Future Amortization on Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2021 | $ 11,457 | |
2022 | 10,278 | |
2023 | 9,088 | |
2024 | 8,251 | |
2025 | 7,475 | |
2026 and thereafter | 19,780 | |
Net carrying amount of other intangible assets | $ 66,329 | $ 80,433 |
Investments in Limited Partne_2
Investments in Limited Partnerships - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Partnership | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Schedule of Investments [Line Items] | |||||||||||
Unfunded equity commitments in other liabilities | $ 13,668,873 | $ 13,126,191 | $ 13,668,873 | $ 13,126,191 | |||||||
Tax benefits including low-income housing and historic tax credits | 11,703 | $ 7,669 | $ 42 | $ 3,621 | 7,046 | $ 8,334 | $ 10,103 | $ 8,858 | 23,035 | 34,341 | $ 31,412 |
Partnerships losses and impairment | $ 3,300 | 2,600 | 2,100 | ||||||||
Number of limited partnerships held | Partnership | 7 | ||||||||||
Equity Method Investments [Member] | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Tax benefits including low-income housing and historic tax credits | $ 3,200 | 2,500 | 2,100 | ||||||||
Limited Liability Company [Member] | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Amount invested in partnerships | 5,800 | 7,100 | 5,800 | 7,100 | |||||||
Limited Liability Company [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Partnership gains (losses) under equity method | (603) | 618 | $ 712 | ||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Assets [Member] | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Amount invested in partnerships | 31,400 | 25,700 | 31,400 | 25,700 | |||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Other Liabilities [Member] | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Unfunded equity commitments in other liabilities | $ 19,900 | $ 15,600 | $ 19,900 | $ 15,600 |
Certificates of Deposit - Addit
Certificates of Deposit - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deposits [Abstract] | |||
Certificates of deposit in denominations of $100 thousand or more | $ 843.2 | $ 1,200 | |
Interest expense on certificates of deposit of $100 thousand or more | $ 6.4 | $ 8 | $ 8.3 |
Certificates of Deposit - Sched
Certificates of Deposit - Schedule of Maturities of Total Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Time Deposits By Maturity [Abstract] | ||
2021 | $ 1,000,380 | |
2022 | 266,077 | |
2023 | 134,647 | |
2024 | 91,984 | |
2025 | 67,226 | |
2026 and thereafter | 58,196 | |
Total | $ 1,618,510 | $ 2,055,920 |
FHLB and Other Short-Term Bor_3
FHLB and Other Short-Term Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank Advances By Branch Of FHLB Bank And Other Borrowings [Line Items] | ||
Borrowings | $ 549,003,000 | $ 1,415,615,000 |
Weighted-average interest rate | 2.05% | 2.27% |
FHLB stock owned by WesBanco pledged as collateral on these advances | $ 34,000,000 | $ 66,800,000 |
Remaining maximum borrowing capacity | 4,100,000,000 | 3,200,000,000 |
Other short-term borrowings | 241,950,000 | 282,362,000 |
Securities sold under agreements to repurchase | 242,000,000 | 274,900,000 |
Federal funds purchased | $ 0 | $ 7,500,000 |
Federal funds purchased interest rate | 1.55% | |
Securities Sold under Agreements to Repurchase [Member] | ||
Federal Home Loan Bank Advances By Branch Of FHLB Bank And Other Borrowings [Line Items] | ||
Securities sold under agreements to repurchase, weighted average interest rate | 0.60% | 2.10% |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Federal Home Loan Bank Advances By Branch Of FHLB Bank And Other Borrowings [Line Items] | ||
Revolving line of credit, maximum aggregate unsecured borrowings | $ 30,000,000 | |
Revolving line of credit, outstanding balance | $ 0 | $ 0 |
Initiation date of revolving credit facility | Aug. 31, 2020 |
FHLB and Other Short-Term Bor_4
FHLB and Other Short-Term Borrowings - Schedule of Aggregate Annual Maturities and Weighted-Average Interest Rates of FHLB Borrowing (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank Advances Maturities Summary [Abstract] | ||
2021 | $ 365,002 | |
2022 | 128,050 | |
2023 | 55,000 | |
2025 | 882 | |
2026 and thereafter | 69 | |
Total | $ 549,003 | $ 1,415,615 |
2021 | 2.44% | |
2022 | 1.33% | |
2023 | 1.17% | |
2025 | 1.45% | |
2026 and thereafter | 2.89% | |
Total | 2.05% |
Subordinated Debt and Junior _3
Subordinated Debt and Junior Subordinated Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Trust Preferred Securities [Line Items] | ||
Subordinated debt outstanding | $ 60,100,000 | |
Description of deferment period for payment of interest on junior subordinated debt under trust | 20 consecutive quarterly periods | |
Minimum assets to continue counting existing trust preferred securities | $ 15,000,000,000 | |
Your Community Bankshares, Inc [Member] | ||
Trust Preferred Securities [Line Items] | ||
Subordinated debt outstanding | $ 25,000,000 | |
Your Community Bankshares, Inc [Member] | Subordinated Debt [Member] | ||
Trust Preferred Securities [Line Items] | ||
Debt maturity date | Dec. 15, 2025 | |
Fixed interest rate | 6.25% | |
Debt callable date | Dec. 15, 2020 | |
Variable rate based on the three-month LIBOR plus | 4.59% | |
Debt Instrument, current rate | 4.81% | |
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR | |
Old Line Bancshares, Inc. [Member] | ||
Trust Preferred Securities [Line Items] | ||
Subordinated debt outstanding | $ 35,100,000 | |
Trust preferred securities and junior subordinated debt redemption price | $ 6,700,000 | |
Old Line Bancshares, Inc. [Member] | Subordinated Debt [Member] | ||
Trust Preferred Securities [Line Items] | ||
Debt maturity date | Aug. 15, 2026 | |
Fixed interest rate | 5.625% | |
Debt callable date | Aug. 15, 2021 | |
Variable rate based on the three-month LIBOR plus | 4.502% | |
Debt Instrument, Description of Variable Rate Basis | 3-month LIBOR |
Subordinated Debt and Junior _4
Subordinated Debt and Junior Subordinated Debt - Schedule of Junior Subordinated Debt by Trusts (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 128,157 |
Common Securities | 4,033 |
Junior Subordinated Debt | 132,190 |
Wesbanco Capital Trust II [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | 13,000 |
Common Securities | 410 |
Junior Subordinated Debt | $ 13,410 |
Stated Maturity Date | Jun. 30, 2033 |
Optional Redemption Date | Jun. 30, 2008 |
Wesbanco Capital Statutory Trust III [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 17,000 |
Common Securities | 526 |
Junior Subordinated Debt | $ 17,526 |
Stated Maturity Date | Jun. 26, 2033 |
Optional Redemption Date | Jun. 26, 2008 |
Wesbanco Capital Trust IV [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 20,000 |
Common Securities | 619 |
Junior Subordinated Debt | $ 20,619 |
Stated Maturity Date | Jun. 17, 2034 |
Optional Redemption Date | Jun. 17, 2009 |
Wesbanco Capital Trust V [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 20,000 |
Common Securities | 619 |
Junior Subordinated Debt | $ 20,619 |
Stated Maturity Date | Jun. 17, 2034 |
Optional Redemption Date | Jun. 17, 2009 |
Wesbanco Capital Trust VI [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 15,000 |
Common Securities | 464 |
Junior Subordinated Debt | $ 15,464 |
Stated Maturity Date | Mar. 17, 2035 |
Optional Redemption Date | Mar. 17, 2010 |
Oak Hill Capital Trust 2 [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 5,000 |
Common Securities | 155 |
Junior Subordinated Debt | $ 5,155 |
Stated Maturity Date | Oct. 18, 2034 |
Optional Redemption Date | Oct. 18, 2009 |
Oak Hill Capital Trust 3 [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 8,000 |
Common Securities | 248 |
Junior Subordinated Debt | $ 8,248 |
Stated Maturity Date | Oct. 18, 2034 |
Optional Redemption Date | Oct. 18, 2009 |
Oak Hill Capital Trust 4 [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 5,000 |
Common Securities | 155 |
Junior Subordinated Debt | $ 5,155 |
Stated Maturity Date | Jun. 30, 2035 |
Optional Redemption Date | Jun. 30, 2015 |
Community Bank Shares Statutory Trust I [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 6,642 |
Common Securities | 217 |
Junior Subordinated Debt | $ 6,859 |
Stated Maturity Date | Jun. 17, 2034 |
Optional Redemption Date | Jun. 17, 2014 |
Community Bank Shares Statutory Trust II [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 9,271 |
Common Securities | 310 |
Junior Subordinated Debt | $ 9,581 |
Stated Maturity Date | Jun. 15, 2036 |
Optional Redemption Date | Jun. 15, 2016 |
First Federal Statutory Trust II [Member] | |
Trust Preferred Securities [Line Items] | |
Trust Preferred Securities | $ 9,244 |
Common Securities | 310 |
Junior Subordinated Debt | $ 9,554 |
Stated Maturity Date | Mar. 22, 2037 |
Optional Redemption Date | Mar. 15, 2017 |
Subordinated Debt and Junior _5
Subordinated Debt and Junior Subordinated Debt - Schedule of Junior Subordinated Debt by Trusts (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Wesbanco Capital Trust II [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 3.15% |
Variable rate based on the three-month LIBOR plus, current rate | 3.39% |
Wesbanco Capital Statutory Trust III [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 3.10% |
Variable rate based on the three-month LIBOR plus, current rate | 3.35% |
Wesbanco Capital Trust IV [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 2.65% |
Variable rate based on the three-month LIBOR plus, current rate | 2.88% |
Wesbanco Capital Trust V [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 2.65% |
Variable rate based on the three-month LIBOR plus, current rate | 2.88% |
Wesbanco Capital Trust VI [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 1.77% |
Variable rate based on the three-month LIBOR plus, current rate | 2.00% |
Oak Hill Capital Trust 2 [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 2.40% |
Variable rate based on the three-month LIBOR plus, current rate | 2.62% |
Oak Hill Capital Trust 3 [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 2.30% |
Variable rate based on the three-month LIBOR plus, current rate | 2.52% |
Oak Hill Capital Trust 4 [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 1.60% |
Variable rate based on the three-month LIBOR plus, current rate | 1.84% |
Community Bank Shares Statutory Trust I [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 2.65% |
Variable rate based on the three-month LIBOR plus, current rate | 2.88% |
Community Bank Shares Statutory Trust II [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 1.70% |
Variable rate based on the three-month LIBOR plus, current rate | 1.92% |
First Federal Statutory Trust II [Member] | |
Trust Preferred Securities [Line Items] | |
Variable rate based on the three-month LIBOR plus | 1.60% |
Variable rate based on the three-month LIBOR plus, current rate | 1.82% |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020USD ($)Derivative | Dec. 31, 2019USD ($)Derivative | Dec. 31, 2018USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gain (loss) on change in fair value | $ (8,750,000) | $ (2,536,000) | $ 131,000 |
Collateral posted with market value on liability positions with credit risk-related contingent features | $ 84,600,000 | ||
Interest Rate Swaps [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of interest rate swaps | Derivative | 112 | 65 | |
Aggregate notional amount | $ 649,900,000 | $ 399,900,000 | |
Net gain (loss) on change in fair value | (2,000,000) | (1,100,000) | (400,000) |
Income (loss) on derivative instrument not designated hedges | $ 8,100,000 | $ 4,500,000 | 2,100,000 |
Risk Participation in Agreements [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of interest rate swaps | Derivative | 12 | 10 | |
Aggregate notional amount | $ 101,100,000 | $ 96,500,000 | |
Risk Participation out Agreement [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of interest rate swaps | Derivative | 1 | 1 | |
Aggregate notional amount | $ 10,000,000 | $ 7,000,000 | |
Other Contract [Member] | Forward TBA Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Aggregate notional amount | 183,500,000 | 50,000,000 | |
Net gain (loss) on change in fair value | $ (7,400,000) | $ (1,400,000) | $ 400,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Summary of Fair Values of Derivative Instruments on Balance Sheets (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 47,120,000 | $ 14,629,000 |
Liability Derivatives | 51,078,000 | 16,205,000 |
Interest Rate Swaps [Member] | Loan Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 649,857,000 | 399,860,000 |
Asset Derivatives | 46,418,000 | 14,585,000 |
Liability Derivatives | 49,917,000 | 16,117,000 |
Interest Rate Loan Commitments [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 112,119,000 | 34,236,000 |
Asset Derivatives | 702,000 | 44,000 |
Forward TBA Contracts [Member] | Other Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 183,500,000 | 50,000,000 |
Liability Derivatives | $ 1,161,000 | $ 88,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Summary of Effect of Derivative Instruments on Income Statement (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Total gain (loss) on derivative financial instruments | $ (8,750) | $ (2,536) | $ 131 |
Interest Rate Swaps [Member] | Other Income [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total gain (loss) on derivative financial instruments | (1,966) | (1,101) | (437) |
Interest Rate Loan Commitments [Member] | Mortgage Banking Income [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total gain (loss) on derivative financial instruments | 658 | (81) | 125 |
Forward TBA Contracts [Member] | Mortgage Banking Income [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total gain (loss) on derivative financial instruments | $ (7,442) | $ (1,354) | $ 443 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | May 15, 2019 | Nov. 15, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 20, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Benefits bases on years of service and compensation, years | 5 years | |||||
Maximum amount of pension plan invested | 5.00% | |||||
Maximum common stock percentage of market value of investee | 5.00% | |||||
Maximum percentage of investment in bonds or notes | 5.00% | |||||
Maximum period for invested in bonds or notes issued | 20 years | |||||
Number of equity shares | 55,300 | 55,300 | ||||
Contribution of pension fund | $ 0 | $ 3,000,000 | $ 2,500,000 | |||
Eligible employee contributions specified percentage one | 3.00% | 3.00% | 3.00% | |||
Eligible employee contributions specified percentage two | 2.00% | 2.00% | 2.00% | |||
ESOP | $ 0 | $ 0 | $ 0 | |||
Eligibility percentage of employee contributions | 100.00% | 100.00% | 100.00% | |||
Eligibility percentage of employee contributions | 50.00% | 50.00% | 50.00% | |||
Stock options granted to selected participants | 142,600 | |||||
Stock options granted to selected participants exercise price per share | $ 21.55 | |||||
Total intrinsic value of options exercised | $ 45,000 | $ 132,000 | ||||
Cash received from stock option exercised | 153,000 | 157,000 | ||||
Tax benefit realized from stock options exercised | 11,000 | 30,000 | ||||
Total intrinsic value of the outstanding shares | 2,200,000 | |||||
Total intrinsic value of the shares exercisable | 1,600,000 | |||||
Total Assets | 16,425,610,000 | 15,720,112,000 | ||||
Shareholder Return Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total expense for the KSOP/Compensation expense for the stock option component of the Plan | $ 400,000 | 400,000 | $ 500,000 | |||
Expense recognition period | 2 years 4 months 24 days | |||||
Number of shares granted | 12,000 | |||||
Number of share vested that granted 2017 | 0 | |||||
Grant date fair value | $ 24.46 | |||||
Total unrecognized compensation expense | $ 400,000 | |||||
key Officers [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense for Annual Bonus | $ 1,700,000 | 2,100,000 | $ 2,000,000 | |||
KSOP [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares held by KSOP | 483,734 | |||||
Total expense for the KSOP/Compensation expense for the stock option component of the Plan | $ 5,300,000 | $ 4,400,000 | 3,700,000 | |||
Future issuance under equity compensation plans | 246,769 | 343,107 | ||||
Equity Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Future issuance under equity compensation plans | 35,711 | 408,466 | ||||
Additional common stock for issuance | 1,000,000 | |||||
Selected Participants Including Certain Executive Officers [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options granted to selected participants | 142,600 | |||||
Stock options granted to selected participants exercise price per share | $ 21.55 | |||||
Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total expense for the KSOP/Compensation expense for the stock option component of the Plan | $ 600,000 | $ 900,000 | 600,000 | |||
Options grant expired | 7 years | |||||
Total unrecognized compensation expense related to non-vested stock option grants | $ 200,000 | |||||
Expense recognition period | 1 year | |||||
Stock Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options grant expired | 10 years | |||||
Service Based Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted | 176,924 | |||||
Fair value of restricted stock granted | $ 21.58 | |||||
Service Based Restricted Stock [Member] | 79616 Cliff Vesting [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares vesting period | 36 months | |||||
Performance Based Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted | 30,298 | |||||
Restricted shares vesting period | 3 years | |||||
Performance Based Restricted Stock [Member] | Vesting on May 16, 2021 after the Completion of the Three-year Performance Period [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 50.00% | |||||
Performance Based Restricted Stock [Member] | Vesting on May 16, 2022 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 50.00% | |||||
Performance Based Restricted Stock [Member] | Maximum [Member] | National Peer Group of Financial Institutions [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total Assets | $ 37,700,000,000 | |||||
Performance Based Restricted Stock [Member] | Minimum [Member] | National Peer Group of Financial Institutions [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total Assets | $ 10,800,000,000 | |||||
2017 Performance Based Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted | 2,550 | |||||
Performance targets achieved, percentage | 85.00% | |||||
2018 Performance Based Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted | 2,289 | |||||
Performance targets achieved, percentage | 85.00% | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total expense for the KSOP/Compensation expense for the stock option component of the Plan | $ 4,600,000 | $ 4,200,000 | $ 3,000,000 | |||
Expense recognition period | 1 year 6 months | |||||
Number of shares granted | 207,222 | |||||
Fair value of restricted stock granted | $ 21.58 | |||||
Total unrecognized compensation expense related to non-vested restricted stock grants | $ 7,000,000 | |||||
Number of share vested that granted 2017 | 89,954 | |||||
Grant date fair value | $ 32.90 | $ 40.75 | ||||
Shareholder Return Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted | 12,000 | |||||
Restricted shares vesting period | 3 years | |||||
Percentage of shares earned by participants | 200.00% | |||||
Total shareholder return measurement period | 3 years | |||||
Farmers Capital Bank Corporation [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Postretirement medical benefit plan | $ 15,000,000 | |||||
Defined benefit plan, Unrealized gain | $ 5,500,000 | |||||
Life of the plan | 17 years | |||||
Total Assets | $ 1,600,000,000 | |||||
Defined Benefit Plan, Equity Securities, Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock fair market value | $ 1,700,000 | $ 2,100,000 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Benefit Obligations and Funded Status of the Plan (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation at end of year | $ 157,328,000 | $ 142,980,000 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 153,960,000 | 128,758,000 | |
Service cost | 2,283,000 | 2,248,000 | $ 2,835,000 |
Interest cost | 4,507,000 | 5,266,000 | 4,517,000 |
Actuarial loss | 14,376,000 | 22,395,000 | |
Plan amendment | (313,000) | ||
Benefits paid | (6,380,000) | (4,707,000) | |
Projected benefit obligation at end of year | 168,433,000 | 153,960,000 | 128,758,000 |
Change in fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 167,720,000 | 141,108,000 | |
Actual return on plan assets | 24,376,000 | 28,319,000 | |
Employer contribution | 0 | 3,000,000 | 2,500,000 |
Benefits paid | (6,380,000) | (4,707,000) | |
Fair value of plan assets at end of year | 185,716,000 | 167,720,000 | 141,108,000 |
Amounts recognized in the statement of financial position: | |||
Funded status | 17,284,000 | 13,760,000 | |
Net amounts recognized as receivable pension costs in the consolidated balance sheets | 17,284,000 | 13,760,000 | |
Amounts recognized in accumulated other comprehensive income consist of: | |||
Unrecognized prior service (credit) cost | (227,000) | 52,000 | |
Unrecognized net loss | 21,726,000 | 24,486,000 | |
Net amounts recognized in accumulated other comprehensive income (before tax) | $ 21,499,000 | $ 24,538,000 | |
Weighted average assumptions used to determine benefit obligations: | |||
Discount rate | 2.74% | 3.38% | |
Rate of compensation increase | 3.30% | 3.53% | |
Expected long-term return on assets | 6.11% | 6.30% | |
Farmers Capital Bank Corporation Postretirement Medical Benefit Plan [Member] | |||
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | $ 12,632,000 | $ 11,514,000 | |
Interest cost | 360,000 | 460,000 | |
Actuarial loss | 302,000 | 1,304,000 | |
Participant contributions | 353,000 | 392,000 | |
Benefits paid | (952,000) | (1,038,000) | |
Projected benefit obligation at end of year | 12,695,000 | 12,632,000 | $ 11,514,000 |
Amounts recognized in the statement of financial position: | |||
Funded status | (12,695,000) | (12,632,000) | |
Net amounts recognized as receivable pension costs in the consolidated balance sheets | (12,695,000) | (12,632,000) | |
Amounts recognized in accumulated other comprehensive income consist of: | |||
Unrecognized prior service (credit) cost | (2,792,000) | (3,016,000) | |
Unrecognized net loss | (1,388,000) | (1,153,000) | |
Net amounts recognized in accumulated other comprehensive income (before tax) | $ (1,404,000) | $ (1,863,000) | |
Weighted average assumptions used to determine benefit obligations: | |||
Discount rate | 2.65% | 3.35% |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of and Weighted-Average Assumptions Used in Determining Net Periodic Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of net periodic benefit cost: | |||
Service cost—benefits earned during year | $ 2,283 | $ 2,248 | $ 2,835 |
Interest cost on projected benefit obligation | 4,507 | 5,266 | 4,517 |
Expected return on plan assets | (10,433) | (8,869) | (8,939) |
Amortization of prior service (credit) cost | (34) | 26 | 26 |
Amortization of net loss | 3,192 | 3,240 | 3,053 |
Net periodic pension (income) cost | (485) | 1,911 | 1,492 |
Amortization of prior service credit | (3,000) | (3,042) | (2,948) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net loss (gain) for period | 432 | 2,946 | 2,068 |
Prior service credit | (313) | ||
Unrecognized loss on merged plan | 1,429 | ||
Amortization of prior service credit (cost) | 34 | (26) | (26) |
Amortization of net loss | (3,192) | (3,240) | (3,053) |
Total recognized in other comprehensive (income) loss | (3,039) | (320) | 418 |
Total recognized in net periodic pension cost and other comprehensive income | (3,524) | 1,591 | 1,910 |
Net (gain) loss for the period | (432) | (2,946) | (2,068) |
Amortization of prior service credit | $ (34) | $ 26 | $ 26 |
Weighted-average assumptions used to determine net periodic pension cost: | |||
Discount rate | 3.38% | 4.48% | 3.81% |
Rate of compensation increase | 3.53% | 3.62% | 3.70% |
Expected long-term return on assets | 6.30% | 6.30% | 6.30% |
Farmers Capital Bank Corporation Postretirement Medical Benefit Plan [Member] | |||
Components of net periodic benefit cost: | |||
Interest cost on projected benefit obligation | $ 360 | $ 460 | |
Amortization of net loss | 67 | ||
Net periodic pension (income) cost | 203 | 236 | |
Amortization of prior service credit | (224) | (224) | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net loss (gain) for period | (302) | (1,304) | |
Amortization of prior service credit (cost) | (224) | (224) | |
Amortization of net loss | (67) | ||
Total recognized in other comprehensive (income) loss | 459 | 1,528 | |
Total recognized in net periodic pension cost and other comprehensive income | 662 | 1,764 | |
Net (gain) loss for the period | 302 | 1,304 | |
Amortization of prior service credit | $ 224 | $ 224 | |
Weighted-average assumptions used to determine net periodic pension cost: | |||
Discount rate | 1.97% | 2.96% |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Weighted-Average Asset Allocations by Asset Category (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Total | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Total | 69.00% | 65.00% |
Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Target Allocation | 55.00% | |
Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Target Allocation | 75.00% | |
Debt Securities [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Total | 28.00% | 31.00% |
Debt Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Target Allocation | 25.00% | |
Debt Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Target Allocation | 55.00% | |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Total | 3.00% | 4.00% |
Cash and Cash Equivalents [Member] | Minimum [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Target Allocation | 0.00% | |
Cash and Cash Equivalents [Member] | Maximum [Member] | ||
Defined Benefit Plan Assets Target Allocations [Line Items] | ||
Target Allocation | 5.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Values of the Wesbanco's Pension Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | $ 185,300 | $ 169,261 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 143,323 | 123,506 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 41,977 | 45,755 |
Registered Investment Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 58,101 | 47,699 |
Registered Investment Companies [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 58,101 | 47,699 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 85,222 | 75,807 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 85,222 | 75,807 |
Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 21,170 | 16,122 |
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 21,170 | 16,122 |
Municipal Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 2,382 | 3,313 |
Municipal Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 2,382 | 3,313 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | 18,425 | 26,320 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit pension plan assets | $ 18,425 | $ 26,320 |
Employee Benefit Plans - Fair_2
Employee Benefit Plans - Fair Values of the Wesbanco's Pension Plan Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Compensation Related Costs [Abstract] | ||
Net assets available for benefits | $ 186.3 | $ 167.9 |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Benefits to be Paid in Each of Next Five Years and in the Aggregate for the Five Years Thereafter (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 6,105 |
2022 | 6,313 |
2023 | 6,669 |
2024 | 7,027 |
2025 | 7,416 |
2026 to 2030 | 41,262 |
Farmers Capital Bank Corporation Postretirement Medical Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 599 |
2022 | 621 |
2023 | 623 |
2024 | 627 |
2025 | 616 |
2026 to 2030 | $ 3,011 |
Employee Benefit Plans - Signif
Employee Benefit Plans - Significant Assumptions Used in Calculating the Fair Value of the Grants (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |||
Weighted-average life | 5 years 8 months 12 days | 5 years 7 months 6 days | 5 years 2 months 12 days |
Risk-free interest rate | 0.41% | 2.18% | 2.95% |
Dividend yield | 5.94% | 2.80% | 2.54% |
Volatility factor | 28.38% | 21.97% | 21.27% |
Fair value of the grants | $ 2.54 | $ 6.36 | $ 8.54 |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Activity for the Stock Option Component of the Incentive Plan (Detail) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Compensation Related Costs [Abstract] | |
Number of options, Outstanding at beginning of the year | shares | 733,440 |
Number of options, Granted during the year | shares | 142,600 |
Number of options, Exercised during the year | shares | (61,623) |
Number of options, Forfeited or expired during the year | shares | (39,668) |
Number of options, Outstanding at end of the year | shares | 774,749 |
Number of options, Exercisable at year end | shares | 703,636 |
Weighted average exercise price per share, Outstanding at beginning of the year | $ / shares | $ 33.06 |
Weighted average exercise price per share, Granted during the year | $ / shares | 21.55 |
Weighted average exercise price per share, Exercised during the year | $ / shares | 15.93 |
Weighted average exercise price per share, Forfeited or expired during the year | $ / shares | 22.03 |
Weighted average exercise price per share, Outstanding at end of the year | $ / shares | 32.87 |
Weighted average exercise price per share, Exercisable at year end | $ / shares | $ 34.01 |
Employee Benefit Plans - Summ_4
Employee Benefit Plans - Summary of Average Remaining Life of the Stock Options (Detail) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 703,636 |
Exercise Price Range Per Share Minimum | $ 9.97 |
Exercise Price Range Per Share Maximum | $ 45.65 |
Options Outstanding | shares | 774,749 |
Weighted Average Exercise Price | $ 32.87 |
Weighted Avg. Remaining Contractual Life in Years | 4 years 4 months 9 days |
2011 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 393 |
Exercise Price Range Per Share Maximum | $ 9.97 |
Options Outstanding | shares | 393 |
Weighted Average Exercise Price | $ 9.97 |
Weighted Avg. Remaining Contractual Life in Years | 25 days |
2012 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 5,490 |
Exercise Price Range Per Share Minimum | $ 10.20 |
Exercise Price Range Per Share Maximum | $ 13.96 |
Options Outstanding | shares | 5,490 |
Weighted Average Exercise Price | $ 12.89 |
Weighted Avg. Remaining Contractual Life in Years | 1 year 6 months 18 days |
2013 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 18,745 |
Exercise Price Range Per Share Maximum | $ 15.35 |
Options Outstanding | shares | 18,745 |
Weighted Average Exercise Price | $ 15.35 |
Weighted Avg. Remaining Contractual Life in Years | 2 years 1 month 28 days |
2014 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 53,925 |
Exercise Price Range Per Share Minimum | $ 21.37 |
Exercise Price Range Per Share Maximum | $ 28.79 |
Options Outstanding | shares | 53,925 |
Weighted Average Exercise Price | $ 25.77 |
Weighted Avg. Remaining Contractual Life in Years | 1 year 6 months 3 days |
2015 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 72,522 |
Exercise Price Range Per Share Minimum | $ 18.33 |
Exercise Price Range Per Share Maximum | $ 31.58 |
Options Outstanding | shares | 72,522 |
Weighted Average Exercise Price | $ 27.19 |
Weighted Avg. Remaining Contractual Life in Years | 2 years 5 months 4 days |
2016 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 84,988 |
Exercise Price Range Per Share Minimum | $ 22.63 |
Exercise Price Range Per Share Maximum | $ 32.37 |
Options Outstanding | shares | 84,988 |
Weighted Average Exercise Price | $ 29.62 |
Weighted Avg. Remaining Contractual Life in Years | 3 years 2 months 4 days |
Stock Option Plan Two Thousand And Seventeen [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 104,475 |
Exercise Price Range Per Share Maximum | $ 38.88 |
Options Outstanding | shares | 104,475 |
Weighted Average Exercise Price | $ 38.88 |
Weighted Avg. Remaining Contractual Life in Years | 3 years 4 months 6 days |
Stock Option Plan Two Thousand And Eighteen [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 166,486 |
Exercise Price Range Per Share Minimum | $ 36.97 |
Exercise Price Range Per Share Maximum | $ 45.65 |
Options Outstanding | shares | 166,486 |
Weighted Average Exercise Price | $ 43.31 |
Weighted Avg. Remaining Contractual Life in Years | 5 years 2 months 12 days |
2019 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 125,500 |
Exercise Price Range Per Share Maximum | $ 38.93 |
Options Outstanding | shares | 125,500 |
Weighted Average Exercise Price | $ 38.93 |
Weighted Avg. Remaining Contractual Life in Years | 5 years 4 months 13 days |
2020 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercisable at Year End | shares | 71,112 |
Exercise Price Range Per Share Maximum | $ 21.55 |
Options Outstanding | shares | 142,225 |
Weighted Average Exercise Price | $ 21.55 |
Weighted Avg. Remaining Contractual Life in Years | 6 years 4 months 24 days |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Activity for the Restricted Stock Component of the Plan (Detail) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Beginning Balance | shares | 352,250 |
Restricted Stock, Granted | shares | 207,222 |
Restricted Stock, Vested | shares | (89,954) |
Restricted Stock, Forfeited | shares | (6,328) |
Restricted Stock, Dividend reinvestment | shares | 16,854 |
Restricted Stock Ending Balance | shares | 480,044 |
Weighted Average Grant Date Fair Value Per Share Beginning Balance | $ / shares | $ 40.75 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | 21.58 |
Weighted Average Grant Date Fair Value Per Share, Vested | $ / shares | 36.34 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 24.29 |
Weighted Average Grant Date Fair Value Per Share, Dividend reinvestment | $ / shares | 23.18 |
Weighted Average Grant Date Fair Value Per Share Ending Balance | $ / shares | $ 32.90 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Recognition (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Revenue Recognition [Line Items] | |||
Total net securities brokerage revenue | $ 6,189 | $ 6,990 | $ 7,186 |
Debit card sponsorship income | 2,792 | 328 | |
Electronic banking fees | 17,524 | 22,634 | 23,300 |
Mortgage banking income | 22,736 | 8,219 | 5,840 |
Net gains on other real estate owned and other assets | 103 | 732 | 524 |
Total Service Charges on Deposits [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Total trust fees/Total service charges on deposits | 21,943 | 26,974 | 23,670 |
Trust Account fees [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Total trust fees/Total service charges on deposits | 17,753 | $ 18,059 | 15,833 |
Point of revenue recognition | Over time | ||
WesMark Fees [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Total trust fees/Total service charges on deposits | 8,582 | $ 8,520 | 8,790 |
Point of revenue recognition | Over time | ||
Total Trust Fees [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Total trust fees/Total service charges on deposits | 26,335 | $ 26,579 | 24,623 |
Commercial Banking Fees [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Total trust fees/Total service charges on deposits | 2,337 | $ 2,033 | 1,733 |
Point of revenue recognition | Over time | ||
Personal Service Charges [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Total trust fees/Total service charges on deposits | 19,606 | $ 24,941 | 21,937 |
Point of revenue recognition | At a point in time and over time | ||
Annuity Commissions [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Total net securities brokerage revenue | 3,906 | $ 4,829 | 5,178 |
Point of revenue recognition | At a point in time | ||
Equity And Debt Security Trades [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Total net securities brokerage revenue | 349 | $ 434 | 429 |
Point of revenue recognition | At a point in time | ||
Managed Money [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Total net securities brokerage revenue | 952 | $ 738 | 647 |
Point of revenue recognition | Over time | ||
Trail Commissions [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Total net securities brokerage revenue | 982 | $ 989 | 932 |
Point of revenue recognition | Over time | ||
Payment Processing Fees [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Payment Processing Fees | $ 3,010 | $ 3,002 | $ 1,028 |
Point of revenue recognition | At a point in time and over time | ||
Debit Card Sponsorship Income [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Point of revenue recognition | At a point in time and over time | ||
Electronic Banking Fees [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Point of revenue recognition | At a point in time | ||
Mortgage [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Point of revenue recognition | At a point in time | ||
Other Real Estate Owned and Other Assets [Member] | |||
Schedule Of Revenue Recognition [Line Items] | |||
Point of revenue recognition | At a point in time |
Other Operating Expenses - Sche
Other Operating Expenses - Schedule of Other Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Costs And Expenses [Abstract] | |||
Franchise and other miscellaneous taxes | $ 14,112 | $ 12,813 | $ 9,847 |
Consulting, regulatory and advisory fees | 11,717 | 8,993 | 6,976 |
ATM and electronic banking interchange expenses | 8,365 | 6,931 | 5,718 |
Postage and courier expenses | 5,028 | 5,334 | 4,143 |
Supplies | 4,561 | 4,499 | 3,180 |
Legal fees | 3,307 | 3,054 | 2,778 |
Communications | 4,292 | 3,720 | 2,569 |
Other real estate owned and foreclosure expenses | (108) | 397 | 831 |
Other | 19,474 | 16,915 | 14,679 |
Total other operating expenses | $ 70,748 | $ 62,656 | $ 50,721 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||||||||||||
Federal statutory tax rate | 21.00% | 21.00% | 21.00% | |||||||||
Provision for income taxes | $ 11,703,000 | $ 7,669,000 | $ 42,000 | $ 3,621,000 | $ 7,046,000 | $ 8,334,000 | $ 10,103,000 | $ 8,858,000 | $ 23,035,000 | $ 34,341,000 | $ 31,412,000 | |
Valuation allowance of deferred tax assets | 0 | 0 | ||||||||||
Qualifying and non-qualifying tax bad debt reserves | 45,900,000 | 45,900,000 | 45,900,000 | 45,900,000 | ||||||||
Provision for income taxes | 0 | |||||||||||
Related amount of unrecognized deferred tax liability | 10,800,000 | 10,800,000 | 10,800,000 | 10,800,000 | ||||||||
Federal and state income taxes applicable to securities transactions | 1,000,000 | 1,000,000 | (200,000) | |||||||||
Unrecognized tax benefits and interest | 324,000 | $ 434,000 | 324,000 | $ 434,000 | $ 465,000 | $ 467,000 | ||||||
Unrecognized tax benefits that would affect the effective tax rate | 300,000 | 300,000 | ||||||||||
YCB and OLBK [Member] | ||||||||||||
Income Tax Disclosure [Line Items] | ||||||||||||
Federal deferred tax assets net operating loss carryforwards | 25,700,000 | $ 25,700,000 | ||||||||||
YCB and OLBK [Member] | Maryland [Member] | ||||||||||||
Income Tax Disclosure [Line Items] | ||||||||||||
Net operating loss carryforwards expiration date | 2035 | |||||||||||
State and local deferred tax assets net operating loss carryforwards | $ 18,000,000 | $ 18,000,000 | ||||||||||
Earliest Tax Year [Member] | ||||||||||||
Income Tax Disclosure [Line Items] | ||||||||||||
Earliest year for tax examination | 2017 | |||||||||||
Earliest Tax Year [Member] | YCB and OLBK [Member] | ||||||||||||
Income Tax Disclosure [Line Items] | ||||||||||||
Net operating loss carryforwards expiration date | 2033 | |||||||||||
Latest Tax Year [Member] | YCB and OLBK [Member] | ||||||||||||
Income Tax Disclosure [Line Items] | ||||||||||||
Net operating loss carryforwards expiration date | 2036 | |||||||||||
CARES Act [Member] | ||||||||||||
Income Tax Disclosure [Line Items] | ||||||||||||
Federal statutory tax rate | 21.00% | |||||||||||
Provision for income taxes | $ (200,000) | |||||||||||
Maximum [Member] | CARES Act [Member] | ||||||||||||
Income Tax Disclosure [Line Items] | ||||||||||||
Net operating loss period | 5 years |
Income Taxes - Reconciliation f
Income Taxes - Reconciliation from Federal Statutory Income Tax Rate to Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 21.00% | 21.00% | 21.00% |
Net tax-exempt interest income on securities and loans of state and political subdivisions | (4.20%) | (3.30%) | (3.20%) |
State income taxes, net of federal tax effect | 1.90% | 1.70% | 1.70% |
Bank-owned life insurance | (1.10%) | (0.60%) | (0.80%) |
General business credits | (3.70%) | (2.20%) | (1.60%) |
All other—net | 2.00% | 1.20% | 0.90% |
Effective tax rate | 15.90% | 17.80% | 18.00% |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes Applicable to Income Before Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||||||||||
Federal | $ 27,924 | $ 22,540 | $ 20,707 | ||||||||
State | 5,629 | 3,977 | 3,542 | ||||||||
Deferred: | |||||||||||
Federal | (8,418) | 7,736 | 6,864 | ||||||||
State | (2,100) | 88 | 299 | ||||||||
Total | $ 11,703 | $ 7,669 | $ 42 | $ 3,621 | $ 7,046 | $ 8,334 | $ 10,103 | $ 8,858 | $ 23,035 | $ 34,341 | $ 31,412 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Amounts were Recorded in Shareholder's Equity as Elements of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Securities and defined benefit pension plan unrecognized items | $ 9,730 | $ 11,570 | $ (1,250) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | |||
Allowance for loan losses | $ 44,859 | $ 12,788 | $ 11,207 |
Compensation and benefits | 6,894 | 7,144 | 5,851 |
Security gains | 2,113 | 3,031 | 3,707 |
Non-accrual interest income | 1,135 | 1,297 | 1,388 |
Tax credit carryforwards | 149 | ||
Net operating loss carryforwards | 5,472 | 6,923 | 4,854 |
Fair value adjustments on securities available-for-sale | 6,345 | ||
Lease accrual | 13,530 | 13,787 | |
Other | 5,441 | 2,314 | 2,125 |
Gross deferred tax assets | 79,444 | 47,433 | 35,477 |
Deferred tax liabilities: | |||
Depreciation and amortization | (3,414) | (4,014) | (1,020) |
Accretion on securities | (274) | (339) | (461) |
Deferred fees and costs | (3,018) | (2,388) | (1,641) |
Purchase accounting adjustments | (8,669) | (2,787) | (1,003) |
Fair value adjustments on securities available-for-sale | (14,865) | (5,749) | |
Partnership adjustments | (555) | (521) | (680) |
Lease - right of use assets | (12,438) | (13,064) | |
Other | (168) | (40) | (367) |
Gross deferred tax liabilities | (43,401) | (28,902) | (5,172) |
Net deferred tax assets | $ 36,043 | $ 18,531 | $ 30,305 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Excluding Interest and Federal Income Tax Benefit of Unrecognized State Tax Benefits) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 434 | $ 465 | $ 467 |
Additions based on tax positions related to the current year | 58 | 68 | |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Reductions due to the statute of limitations | (110) | (89) | (70) |
Settlements | 0 | 0 | 0 |
Balance at end of year | $ 324 | $ 434 | $ 465 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 13,047 | $ 12,343 |
Available-for-sale debt securities | 1,978,136 | 2,393,558 |
Loans held for sale | 168,378 | 43,013 |
Other real estate owned and repossessed assets | 549 | 4,178 |
Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 13,047 | 12,343 |
Available-for-sale debt securities | 1,978,136 | 2,393,558 |
Loans held for sale | 168,378 | 43,013 |
Other assets—interest rate derivatives agreements | 46,418 | 14,585 |
Total assets | 2,205,979 | 2,463,499 |
Other liabilities—interest rate derivatives agreements | 49,917 | 16,117 |
Total liabilities recurring fair value measurements | 49,917 | 16,117 |
Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually-evaluated nonperforming loans | 1,958 | |
Impaired loans | 2,362 | |
Other real estate owned and repossessed assets | 549 | 4,178 |
Total assets | 2,507 | 6,540 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 39,982 | 32,836 |
US Treasury Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 39,982 | 32,836 |
U.S. Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 211,682 | 159,628 |
U.S. Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 211,682 | 159,628 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,264,737 | 1,815,987 |
Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,264,737 | 1,815,987 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 320,098 | 190,409 |
Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 320,098 | 190,409 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 115,762 | 145,609 |
Obligations of State and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 115,762 | 145,609 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 25,875 | 49,089 |
Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 25,875 | 49,089 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 13,047 | 12,343 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 13,047 | 12,343 |
Total assets | 13,047 | 12,343 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,976,601 | 2,391,953 |
Loans held for sale | 168,378 | 43,013 |
Other assets—interest rate derivatives agreements | 46,418 | 14,585 |
Other liabilities—interest rate derivatives agreements | 49,917 | 16,117 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,976,601 | 2,391,953 |
Loans held for sale | 168,378 | 43,013 |
Other assets—interest rate derivatives agreements | 46,418 | 14,585 |
Total assets | 2,191,397 | 2,449,551 |
Other liabilities—interest rate derivatives agreements | 49,917 | 16,117 |
Total liabilities recurring fair value measurements | 49,917 | 16,117 |
Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 39,982 | 32,836 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 211,682 | 159,628 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,264,737 | 1,815,987 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage-Backed Securities and Collateralized Mortgage Obligations of Government Sponsored Entities and Agencies [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 320,098 | 190,409 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of State and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 114,227 | 144,004 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 25,875 | 49,089 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,535 | 1,605 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,535 | 1,605 |
Total assets | 1,535 | 1,605 |
Significant Unobservable Inputs (Level 3) [Member] | Nonrecurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually-evaluated nonperforming loans | 1,958 | |
Impaired loans | 2,362 | |
Other real estate owned and repossessed assets | 549 | 4,178 |
Total assets | 2,507 | 6,540 |
Significant Unobservable Inputs (Level 3) [Member] | Obligations of State and Political Subdivisions [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | $ 1,535 | $ 1,605 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Fair value transfer amount | $ 0 | $ 0 |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Other real estate owned and repossessed assets | $ 549 | $ 4,178 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Individually-evaluated nonperforming loans | 1,958 | |
Other real estate owned and repossessed assets | 549 | 4,178 |
Impaired loans | 2,362 | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Individually-evaluated nonperforming loans | 1,958 | |
Other real estate owned and repossessed assets | $ 549 | 4,178 |
Impaired loans | $ 2,362 | |
Individually-evaluated nonperforming loans, Appraisal adjustments | (30.00%) | |
Individually-evaluated nonperforming loans, Liquidation expenses | (5.60%) | |
Impaired loans, Appraisal adjustments | (29.80%) | |
Impaired Loans Liquidation Expenses | (5.30%) | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Weighted Average [Member] | ||
Fair Value Inputs Asset Quantitative Information [Line Items] | ||
Individually-evaluated nonperforming loans, Appraisal adjustments | (30.00%) | |
Individually-evaluated nonperforming loans, Liquidation expenses | (5.60%) | |
Impaired loans, Appraisal adjustments | (29.80%) | |
Impaired Loans Liquidation Expenses | (5.30%) |
Fair Value Measurement - Estima
Fair Value Measurement - Estimates Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Assets | ||
Cash and due from banks | $ 905,447 | $ 234,796 |
Equity securities | 13,047 | 12,343 |
Available-for-sale debt securities | 1,978,136 | 2,393,558 |
Held-to-maturity debt securities | 731,212 | 851,753 |
Loans held for sale | 168,378 | 43,013 |
Accrued interest receivable | 66,790 | 43,648 |
Financial Liabilities | ||
Deposits | 12,429,373 | 11,004,006 |
Federal Home Loan Bank borrowings | 549,003 | 1,415,615 |
Other borrowings | 241,950 | 282,362 |
Subordinated debt and junior subordinated debt | 192,291 | 199,869 |
Accrued interest payable | 4,314 | 8,077 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Financial Assets | ||
Cash and due from banks | 905,447 | 234,796 |
Equity securities | 13,047 | 12,343 |
Accrued interest receivable | 66,790 | 43,648 |
Financial Liabilities | ||
Deposits | 10,810,863 | 8,948,086 |
Other borrowings | 235,796 | 279,345 |
Accrued interest payable | 4,314 | 8,077 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Financial Assets | ||
Available-for-sale debt securities | 1,976,601 | 2,391,953 |
Held-to-maturity debt securities | 767,720 | 873,995 |
Loans held for sale | 168,378 | 43,013 |
Other assets—interest rate derivatives | 46,418 | 14,585 |
Financial Liabilities | ||
Deposits | 1,629,118 | 2,041,732 |
Federal Home Loan Bank borrowings | 555,375 | 1,420,302 |
Other borrowings | 3,346 | |
Subordinated debt and junior subordinated debt | 105,768 | 122,934 |
Other liabilities—interest rate derivatives | 49,917 | 16,117 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Financial Assets | ||
Available-for-sale debt securities | 1,535 | 1,605 |
Held-to-maturity debt securities | 463 | 528 |
Net loans | 10,802,883 | 10,297,989 |
Financial Liabilities | ||
Subordinated debt and junior subordinated debt | 68,684 | 65,415 |
Carrying Amount [Member] | ||
Financial Assets | ||
Cash and due from banks | 905,447 | 234,796 |
Equity securities | 13,047 | 12,343 |
Available-for-sale debt securities | 1,978,136 | 2,393,558 |
Held-to-maturity debt securities | 730,886 | 851,753 |
Net loans | 10,603,406 | 10,215,556 |
Loans held for sale | 168,378 | 43,013 |
Other assets—interest rate derivatives | 46,418 | 14,585 |
Accrued interest receivable | 66,790 | 43,648 |
Financial Liabilities | ||
Deposits | 12,429,373 | 11,004,006 |
Federal Home Loan Bank borrowings | 549,003 | 1,415,615 |
Other borrowings | 241,950 | 282,362 |
Subordinated debt and junior subordinated debt | 192,291 | 199,869 |
Other liabilities—interest rate derivatives | 49,917 | 16,117 |
Accrued interest payable | 4,314 | 8,077 |
Fair Value Estimate [Member] | ||
Financial Assets | ||
Cash and due from banks | 905,447 | 234,796 |
Equity securities | 13,047 | 12,343 |
Available-for-sale debt securities | 1,978,136 | 2,393,558 |
Held-to-maturity debt securities | 768,183 | 874,523 |
Net loans | 10,802,883 | 10,297,989 |
Loans held for sale | 168,378 | 43,013 |
Other assets—interest rate derivatives | 46,418 | 14,585 |
Accrued interest receivable | 66,790 | 43,648 |
Financial Liabilities | ||
Deposits | 12,439,981 | 10,989,818 |
Federal Home Loan Bank borrowings | 555,375 | 1,420,302 |
Other borrowings | 235,796 | 282,691 |
Subordinated debt and junior subordinated debt | 174,452 | 188,349 |
Other liabilities—interest rate derivatives | 49,917 | 16,117 |
Accrued interest payable | $ 4,314 | $ 8,077 |
Comprehensive Income_(Loss) - C
Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 2,593,921 | $ 1,978,827 | $ 1,395,321 |
Amounts reclassified from accumulated other comprehensive income/(loss) | 325 | 1,970 | 1,949 |
Total other comprehensive gain (loss) | 30,158 | 39,072 | (5,313) |
Ending Balance | 2,756,737 | 2,593,921 | 1,978,827 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (26,591) | ||
Ending Balance | (26,591) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (17,468) | (16,542) | (18,626) |
Other comprehensive income/(loss) before reclassifications | (320) | (3,239) | (4,277) |
Acquired FFKT post-retirement medical benefit plan | 4,235 | ||
Amounts reclassified from accumulated other comprehensive income/(loss) | 2,286 | 2,313 | 2,126 |
Total other comprehensive gain (loss) | 1,966 | (926) | 2,084 |
Ending Balance | (15,502) | (17,468) | (16,542) |
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 18,644 | (21,522) | (13,250) |
Other comprehensive income/(loss) before reclassifications | 30,153 | 40,341 | (7,220) |
Amounts reclassified from accumulated other comprehensive income/(loss) | (1,936) | (175) | 11 |
Total other comprehensive gain (loss) | 28,217 | 40,166 | (7,209) |
Ending Balance | 46,861 | 18,644 | (21,522) |
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,063) | ||
Ending Balance | (1,063) | ||
Accumulated Unrealized Gains on Debt Securities Transferred from Available For Sale to Held to Maturity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 25 | 193 | 381 |
Amounts reclassified from accumulated other comprehensive income/(loss) | (25) | (168) | (188) |
Total other comprehensive gain (loss) | (25) | (168) | (188) |
Ending Balance | 25 | 193 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1,201 | (37,871) | (31,495) |
Other comprehensive income/(loss) before reclassifications | 29,833 | 37,102 | (11,497) |
Acquired FFKT post-retirement medical benefit plan | 4,235 | ||
Amounts reclassified from accumulated other comprehensive income/(loss) | 325 | 1,970 | 1,949 |
Total other comprehensive gain (loss) | 30,158 | 39,072 | (5,313) |
Ending Balance | $ 31,359 | 1,201 | (37,871) |
Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,063) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ (1,063) | ||
Ending Balance | $ (1,063) |
Comprehensive Income_(Loss) -_2
Comprehensive Income/(Loss) - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Percentage of Federal and State income tax rate | 23.00% | 23.00% | 23.00% |
Comprehensive Income_(Loss) - S
Comprehensive Income/(Loss) - Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income/(Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net securities (gains) losses reclassified into earnings | $ (4,268) | $ (4,320) | $ 900 | ||||||||
Employee benefits (Non-interest expense) | 41,723 | 39,313 | 30,079 | ||||||||
Interest and dividends on securities (Interest and dividend income) | (70,593) | (85,654) | (77,676) | ||||||||
Provision for income taxes | $ 11,703 | $ 7,669 | $ 42 | $ 3,621 | $ 7,046 | $ 8,334 | $ 10,103 | $ 8,858 | 23,035 | 34,341 | 31,412 |
Net effect on accumulated other comprehensive income/(loss) for the period | 325 | 1,970 | 1,949 | ||||||||
Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net effect on accumulated other comprehensive income/(loss) for the period | (1,936) | (175) | 11 | ||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net effect on accumulated other comprehensive income/(loss) for the period | 2,286 | 2,313 | 2,126 | ||||||||
Accumulated Unrealized Gains on Debt Securities Transferred from Available For Sale to Held to Maturity [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net effect on accumulated other comprehensive income/(loss) for the period | (25) | (168) | (188) | ||||||||
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Unrealized Gains (Losses) on Debt Securities Available for Sale [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net securities (gains) losses reclassified into earnings | (2,540) | (227) | 15 | ||||||||
Provision for income taxes | 604 | 52 | (4) | ||||||||
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Employee benefits (Non-interest expense) | 3,000 | 3,042 | 2,948 | ||||||||
Provision for income taxes | (714) | (729) | (822) | ||||||||
Amounts Reclassified From Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Unrealized Gains on Debt Securities Transferred from Available For Sale to Held to Maturity [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest and dividends on securities (Interest and dividend income) | (32) | (222) | (244) | ||||||||
Provision for income taxes | $ 7 | $ 54 | $ 56 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Allowance for credit losses associated with loan commitments | $ 9.5 | $ 0.9 |
Liability associated with letters of credit | $ 0.2 | $ 0.2 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Commitments to Extend Credit, Guarantees and Various Letters of Credit Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Lines of credit | $ 2,510,011 | $ 2,469,676 |
Loans approved but not closed | 381,180 | 504,623 |
Overdraft limits | 154,322 | 149,519 |
Letters of credit | 53,788 | 57,205 |
Contingent obligations and other guarantees | $ 126,984 | $ 81,551 |
Wesbanco Bank Community Devel_3
Wesbanco Bank Community Development Corporation - Additional Information (Detail) - WBCDC [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |||
New Markets Tax Credits | $ 125,000,000 | ||
New Markets Tax Credits invested | 100,000,000 | ||
New Markets Tax Credits not invested | $ 25,000,000 | ||
Lower limit of poverty rate tracts | 20.00% | ||
Percentage income of median family | 80.00% | ||
Percentage of credit provided to the investor | 39.00% | ||
Period of credit allowance | 7 years | ||
Percentage of total amount investor receives as credit | 5.00% | ||
Percentage of total amount investor receives as credit for the remaining four years | 6.00% | ||
Amount received as tax credit | $ 26,700,000 | ||
Investment limit for credit allowance | 100,000,000 | ||
Amount eligible to receive as tax credit | 12,300,000 | ||
Amount received as tax credit | $ 9,800,000 | ||
Investment limit for credit allowance | 25,000,000 | ||
Provision for income tax | 2,000,000 | $ 1,600,000 | $ 700,000 |
Tax credit carry forward | $ 0 | ||
Minimum percentage of QEI proceeds utilized | 85.00% | ||
NMTC [Member] | |||
Schedule Of Subsidiary Financial Statements Table [Line Items] | |||
New Markets Tax Credits invested | $ 0 |
Wesbanco Bank Community Devel_4
Wesbanco Bank Community Development Corporation - Schedule of Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Cash and due from banks | $ 905,447 | $ 234,796 | ||
Other assets | 240,970 | 215,762 | ||
Total Assets | 16,425,610 | 15,720,112 | ||
Liabilities | 13,668,873 | 13,126,191 | ||
Shareholder Equity | 2,756,737 | 2,593,921 | $ 1,978,827 | $ 1,395,321 |
Total Liabilities and Shareholders’ Equity | 16,425,610 | $ 15,720,112 | ||
WBCDC [Member] | ||||
ASSETS | ||||
Cash and due from banks | 65,282 | |||
Loans, net of allowance for loan losses of $1.0 million | 46,951 | |||
Investments | 1,634 | |||
Other assets | 794 | |||
Total Assets | 114,661 | |||
Liabilities | 246 | |||
Shareholder Equity | 114,415 | |||
Total Liabilities and Shareholders’ Equity | $ 114,661 |
Wesbanco Bank Community Devel_5
Wesbanco Bank Community Development Corporation - Schedule of Condensed Balance Sheet (Parenthetical) (Detail) $ in Millions | Dec. 31, 2020USD ($) |
WBCDC [Member] | |
Schedule Of Subsidiary Financial Statements Table [Line Items] | |
Allowance for loan losses | $ 1 |
Wesbanco Bank Community Devel_6
Wesbanco Bank Community Development Corporation - Schedule of Condensed Income Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | |||||||||||
Loans | $ 465,677 | $ 393,166 | $ 331,961 | ||||||||
Other | 5,007 | 5,433 | 5,320 | ||||||||
Total interest and dividend income | 541,277 | 484,253 | 414,957 | ||||||||
Net interest income after provision for credit losses | 371,739 | 388,706 | 339,472 | ||||||||
Loss on investments | $ 691 | $ 787 | $ 1,299 | $ 1,491 | $ 520 | $ 235 | $ 2,909 | $ 657 | 4,268 | 4,320 | |
Non-interest expense | 88,069 | 89,943 | 85,502 | 91,333 | 92,556 | 73,268 | 71,952 | 74,432 | 354,845 | 312,208 | 265,224 |
Income before provision for income taxes | 64,557 | 48,974 | 4,530 | 27,017 | 43,422 | 45,681 | 54,917 | 49,195 | 145,079 | 193,214 | 174,524 |
Provision for income taxes | 11,703 | 7,669 | 42 | 3,621 | 7,046 | 8,334 | 10,103 | 8,858 | 23,035 | 34,341 | 31,412 |
NET INCOME | $ 52,854 | $ 41,305 | $ 4,488 | $ 23,396 | $ 36,376 | $ 37,347 | $ 44,814 | $ 40,337 | 122,044 | $ 158,873 | $ 143,112 |
WBCDC [Member] | |||||||||||
Interest income | |||||||||||
Loans | 1,378 | ||||||||||
Other | 26 | ||||||||||
Total interest and dividend income | 1,404 | ||||||||||
Provision for loan losses | 714 | ||||||||||
Net interest income after provision for credit losses | 690 | ||||||||||
Loss on investments | (58) | ||||||||||
Non-interest expense | 603 | ||||||||||
Income before provision for income taxes | 29 | ||||||||||
Provision for income taxes | 9 | ||||||||||
NET INCOME | $ 20 |
Wesbanco Bank Community Devel_7
Wesbanco Bank Community Development Corporation - Schedule of Condensed Cash Flow Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||||||||||
Net income | $ 52,854 | $ 41,305 | $ 4,488 | $ 23,396 | $ 36,376 | $ 37,347 | $ 44,814 | $ 40,337 | $ 122,044 | $ 158,873 | $ 143,112 |
Loss on investments | (691) | $ (787) | $ (1,299) | (1,491) | (520) | $ (235) | $ (2,909) | (657) | (4,268) | (4,320) | |
Net change in other assets | (30,280) | (33,400) | 19,895 | ||||||||
Net change in other liabilities | 16,189 | 41,500 | (1,347) | ||||||||
Net cash provided by operating activities | 59,606 | 163,363 | 191,891 | ||||||||
Investing Activities | |||||||||||
Increase in loans | (538,688) | (61,804) | 121,504 | ||||||||
Net cash provided by (used in) investing activities | 57,792 | 103,786 | (51,859) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Net cash provided by (used in) financing activities | 553,253 | (201,539) | (88,418) | ||||||||
Net increase in cash, cash equivalents and restricted cash | 670,651 | 65,610 | 51,614 | ||||||||
Cash, cash equivalents and restricted cash at beginning of the year | 234,796 | $ 169,186 | 234,796 | 169,186 | 117,572 | ||||||
Cash, cash equivalents and restricted cash at end of the year | 905,447 | 234,796 | 905,447 | 234,796 | $ 169,186 | ||||||
WBCDC [Member] | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | 20 | ||||||||||
Provision for loan losses | 714 | ||||||||||
Loss on investments | 58 | ||||||||||
Net change in other assets | (767) | ||||||||||
Net change in other liabilities | (73) | ||||||||||
Net cash provided by operating activities | (48) | ||||||||||
Investing Activities | |||||||||||
Increase in loans | (10,999) | ||||||||||
Net cash provided by (used in) investing activities | (10,999) | ||||||||||
FINANCING ACTIVITIES | |||||||||||
Qualified equity investment by parent company | 15,000 | ||||||||||
Net cash provided by (used in) financing activities | 15,000 | ||||||||||
Net increase in cash, cash equivalents and restricted cash | 3,953 | ||||||||||
Cash, cash equivalents and restricted cash at beginning of the year | $ 61,329 | 61,329 | |||||||||
Cash, cash equivalents and restricted cash at end of the year | $ 65,282 | $ 61,329 | $ 65,282 | $ 61,329 |
Transactions with Related Par_2
Transactions with Related Parties - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |||
Aggregate indebtedness of related parties | $ 12,400,000 | $ 8,900,000 | $ 10,600,000 |
Related party loans funded | 11,800,000 | ||
Related party loans repaid | $ 8,300,000 | ||
Due date for related party loans | 90 days | ||
Delinquent related party loans outstanding | $ 0 | $ 0 | $ 0 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Potential maximum dividends without prior regulatory approval | $ 306,300,000 | ||
Average required reserve balance in Federal Reserve Bank | $ 0 | $ 0 | $ 500,000 |
Percentage of Risk-weighted assets in bank holding companies in total capital | 8 | 8 | |
Common equity tier 1, minimum value | 4.50% | 4.50% | |
Common equity tier 1, well capitalized | 6.50% | 6.50% | |
Percentage of Risk-weighted assets in banking subsidiaries | 6.00% | 6.00% | |
Percentage of well-capitalized levels of Tier 1 risk-based capital | 8.00% | 8.00% | |
Percentage of well-capitalized levels of total risk-based capital | 10 | 10 | |
Provision of the Dodd-Frank | $ 15,000,000,000 | $ 15,000,000,000 | |
Percentage of common equity tier 1 | 7.00% | 7.00% | |
Percentage of tier 1 risk based capital | 8.50% | 8.50% | |
Percentage of total risk-based capital | 10.50% | 10.50% | |
Junior subordinated debt | $ 132,190,000 | $ 132,190,000 | |
Trust preferred securities included in Tier Two capital | $ 130,000,000 | $ 130,000,000 | |
Current Expected Losses Methodology for Allowances [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CECL on regulatory capital adoption delay period | 2 years | ||
CECL on regulatory capital transition period after delay | 3 years | ||
CECL on regulatory capital transition period | 5 years | ||
Minimum [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum Tier 1 leverage ratio | 4 | 4 | |
Minimum [Member] | Current Expected Losses Methodology for Allowances [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Regulatory capital levels required capital benefits to be well capitalized | 0.30% | ||
Maximum [Member] | Current Expected Losses Methodology for Allowances [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Regulatory capital levels required capital benefits to be well capitalized | 0.50% | ||
Wesbanco Bank, Inc [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Common equity tier 1, well capitalized | 6.50% | 6.50% | |
Percentage of well-capitalized levels of Tier 1 leverage capital | 5 | 5 | |
Junior Subordinated Debt [Member] | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Junior subordinated debt | $ 132,200,000 | $ 132,200,000 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Risk-Based Capital Amounts and Ratios (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Percentage of risk-weighted assets in bank holding companies in Tier 1 | 4.00% | |
Tier 1 capital to risk-weighted assets, minimum value | 6.00% | |
Total capital to risk-weighted assets, minimum value | 8.00% | |
Common equity tier 1, minimum value | 4.50% | |
Tier 1 leverage, well capitalized | 5.00% | |
Tier 1 capital to risk-weighted assets, well capitalized | 8.00% | |
Total capital to risk-weighted assets, well capitalized | 10.00% | |
Common equity tier 1, well capitalized | 6.50% | |
Tier 1 leverage, amount | $ 1,617,413,000 | $ 1,441,738,000 |
Tier 1 capital to risk-weighted assets, amount | 1,617,413,000 | 1,441,738,000 |
Total capital to risk-weighted assets, amount | 1,931,414,000 | 1,691,764,000 |
Common equity tier 1, amount | $ 1,472,929,000 | $ 1,441,738,000 |
Tier 1 leverage, ratio | 10.51% | 11.30% |
Tier 1 capital to risk-weighted assets, ratio | 14.72% | 12.89% |
Total capital to risk-weighted assets, ratio | 17.58% | 15.12% |
Common equity tier 1, ratio | 13.40% | 12.89% |
Wesbanco Bank, Inc [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Percentage of risk-weighted assets in bank holding companies in Tier 1 | 4.00% | |
Tier 1 capital to risk-weighted assets, minimum value | 6.00% | |
Total capital to risk-weighted assets, minimum value | 8.00% | |
Common equity tier 1, minimum value | 4.50% | |
Tier 1 leverage, well capitalized | 5.00% | |
Tier 1 capital to risk-weighted assets, well capitalized | 8.00% | |
Total capital to risk-weighted assets, well capitalized | 10.00% | |
Common equity tier 1, well capitalized | 6.50% | |
Tier 1 leverage, amount | $ 1,536,609,000 | $ 1,419,968,000 |
Tier 1 capital to risk-weighted assets, amount | 1,536,609,000 | 1,419,968,000 |
Total capital to risk-weighted assets, amount | 1,685,610,000 | 1,498,494,000 |
Common equity tier 1, amount | $ 1,536,609,000 | $ 1,419,968,000 |
Tier 1 leverage, ratio | 10.00% | 11.12% |
Tier 1 capital to risk-weighted assets, ratio | 14.04% | 12.74% |
Total capital to risk-weighted assets, ratio | 15.40% | 13.44% |
Common equity tier 1, ratio | 14.04% | 12.74% |
Minimum [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, amount | $ 615,814,000 | $ 510,306,000 |
Tier 1 capital to risk-weighted assets, amount | 659,372,000 | 671,314,000 |
Total capital to risk-weighted assets, amount | 879,162,000 | 895,086,000 |
Common equity tier 1, amount | 494,529,000 | 503,486,000 |
Minimum [Member] | Wesbanco Bank, Inc [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 leverage, amount | 614,792,000 | 510,591,000 |
Tier 1 capital to risk-weighted assets, amount | 656,732,000 | 668,951,000 |
Total capital to risk-weighted assets, amount | 875,643,000 | 891,935,000 |
Common equity tier 1, amount | $ 492,549,000 | $ 501,713,000 |
Condensed Parent Company Fina_3
Condensed Parent Company Financial Statements - Schedule of Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Cash and due from banks | $ 905,447 | $ 234,796 | ||
Other assets | 240,970 | 215,762 | ||
Total Assets | 16,425,610 | 15,720,112 | ||
LIABILITIES | ||||
Junior subordinated debt owed to unconsolidated subsidiary trusts | 132,190 | |||
Total Liabilities | 13,668,873 | 13,126,191 | ||
SHAREHOLDERS’ EQUITY | 2,756,737 | 2,593,921 | $ 1,978,827 | $ 1,395,321 |
Total Liabilities and Shareholders’ Equity | 16,425,610 | 15,720,112 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and due from banks | 223,224 | 170,854 | ||
Investment in subsidiaries—Bank | 2,675,923 | 2,572,915 | ||
Investment in subsidiaries—Nonbank | 9,731 | 9,170 | ||
Securities available-for-sale, at fair value | 225 | |||
Other assets | 38,194 | 38,393 | ||
Total Assets | 2,947,072 | 2,791,557 | ||
LIABILITIES | ||||
Junior subordinated debt owed to unconsolidated subsidiary trusts | 167,290 | 174,660 | ||
Dividends payable and other liabilities | 23,045 | 22,976 | ||
Total Liabilities | 190,335 | 197,636 | ||
SHAREHOLDERS’ EQUITY | 2,756,737 | 2,593,921 | ||
Total Liabilities and Shareholders’ Equity | $ 2,947,072 | $ 2,791,557 |
Condensed Parent Company Fina_4
Condensed Parent Company Financial Statements - Schedule of Condensed Income Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Income from securities | $ 541,277 | $ 484,253 | $ 414,957 | ||||||||
Other income | 21,728 | 14,355 | 9,606 | ||||||||
Interest expense | 61,797 | 84,349 | 67,721 | ||||||||
Other expense | 70,748 | 62,656 | 50,721 | ||||||||
Total non-interest expense | $ 88,069 | $ 89,943 | $ 85,502 | $ 91,333 | $ 92,556 | $ 73,268 | $ 71,952 | $ 74,432 | 354,845 | 312,208 | 265,224 |
Provision for income taxes | 11,703 | 7,669 | 42 | 3,621 | 7,046 | 8,334 | 10,103 | 8,858 | 23,035 | 34,341 | 31,412 |
NET INCOME | 52,854 | 41,305 | 4,488 | 23,396 | $ 36,376 | $ 37,347 | $ 44,814 | $ 40,337 | 122,044 | 158,873 | 143,112 |
Preferred stock dividends | 2,644 | 2,644 | |||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 50,210 | $ 41,305 | $ 4,488 | $ 23,396 | 119,400 | 158,873 | 143,112 | ||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiaries—Bank | 64,000 | 102,000 | 86,000 | ||||||||
Dividends from subsidiaries—Nonbank | 1,200 | 4,471 | 486 | ||||||||
Income from securities | (22) | 15 | 24 | ||||||||
Other income | 485 | 1,433 | 900 | ||||||||
Total income | 65,663 | 107,919 | 87,410 | ||||||||
Interest expense | 6,964 | 7,660 | 7,551 | ||||||||
Other expense | 5,415 | 8,807 | 7,940 | ||||||||
Total non-interest expense | 12,379 | 16,467 | 15,491 | ||||||||
Income before income tax benefit and undistributed net income of subsidiaries | 53,284 | 91,452 | 71,919 | ||||||||
Provision for income taxes | (2,471) | (3,207) | (3,739) | ||||||||
Income before undistributed net income of subsidiaries | 55,755 | 94,659 | 75,658 | ||||||||
Equity in undistributed net income of subsidiaries | 66,289 | 64,214 | 67,454 | ||||||||
NET INCOME | 122,044 | 158,873 | 143,112 | ||||||||
Preferred stock dividends | 2,644 | ||||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 119,400 | $ 158,873 | $ 143,112 |
Condensed Parent Company Fina_5
Condensed Parent Company Financial Statements - Schedule of Condensed Cash Flow Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||||||||||
Net income | $ 52,854 | $ 41,305 | $ 4,488 | $ 23,396 | $ 36,376 | $ 37,347 | $ 44,814 | $ 40,337 | $ 122,044 | $ 158,873 | $ 143,112 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Net change in: accrued interest receivable and other assets | (30,280) | (33,400) | 19,895 | ||||||||
Net securities (gains) losses | (4,268) | (4,320) | 900 | ||||||||
Other—net | 2,358 | (139) | (233) | ||||||||
Net cash provided by operating activities | 59,606 | 163,363 | 191,891 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Proceeds from sales—securities available-for-sale | 226,099 | 125,839 | 82,134 | ||||||||
Acquisitions and additional capitalization of subsidiaries, net of cash acquired | 60,025 | 278,654 | |||||||||
Net cash provided by (used in) investing activities | 57,792 | 103,786 | (51,859) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Repayment of junior subordinated debt | (6,702) | (33,506) | (17,519) | ||||||||
Issuance of common stock | 59 | 72 | 1,578 | ||||||||
Issuance of preferred stock | 144,484 | ||||||||||
Treasury shares purchased—net | (24,540) | (10,211) | (426) | ||||||||
Dividends paid to common and preferred shareholders | (85,253) | (66,571) | (53,577) | ||||||||
Net cash provided by (used in) financing activities | 553,253 | (201,539) | (88,418) | ||||||||
Net increase in cash, cash equivalents and restricted cash | 670,651 | 65,610 | 51,614 | ||||||||
Cash, cash equivalents and restricted cash at beginning of the year | 234,796 | 169,186 | 234,796 | 169,186 | 117,572 | ||||||
Cash, cash equivalents and restricted cash at end of the year | 905,447 | 234,796 | 905,447 | 234,796 | 169,186 | ||||||
Parent Company [Member] | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | 122,044 | 158,873 | 143,112 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed net income | (66,289) | (64,214) | (67,454) | ||||||||
Net change in: accrued interest receivable and other assets | 121 | (5,443) | (3,612) | ||||||||
Net securities (gains) losses | 22 | (19) | 36 | ||||||||
Other—net | 5,865 | 6,898 | 4,988 | ||||||||
Net cash provided by operating activities | 61,763 | 96,095 | 77,070 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Proceeds from sales—securities available-for-sale | 203 | 1,007 | 1,511 | ||||||||
Acquisitions and additional capitalization of subsidiaries, net of cash acquired | (35,000) | 62,112 | 37,309 | ||||||||
Net cash provided by (used in) investing activities | (34,797) | 63,119 | 38,820 | ||||||||
FINANCING ACTIVITIES | |||||||||||
Repayment of junior subordinated debt | (6,702) | (33,506) | (17,519) | ||||||||
Issuance of common stock | 59 | 72 | 1,578 | ||||||||
Issuance of preferred stock | 144,484 | ||||||||||
Treasury shares purchased—net | (24,540) | (10,211) | (426) | ||||||||
Dividends paid to common and preferred shareholders | (87,897) | (66,572) | (53,577) | ||||||||
Net cash provided by (used in) financing activities | 25,404 | (110,217) | (69,944) | ||||||||
Net increase in cash, cash equivalents and restricted cash | 52,370 | 48,997 | 45,946 | ||||||||
Cash, cash equivalents and restricted cash at beginning of the year | $ 170,854 | $ 121,857 | 170,854 | 121,857 | 75,911 | ||||||
Cash, cash equivalents and restricted cash at end of the year | $ 223,224 | $ 170,854 | $ 223,224 | $ 170,854 | $ 121,857 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Operating segments | Segment | 2 | ||
Trust and Investment Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Market value of assets managed or held in custody by trust and investment services segment | $ 5,000 | $ 4,700 | $ 4,300 |
Total non-fiduciary assets of the trust and investment services segment | 4.1 | $ 4.2 | $ 4.6 |
Trust and Investment Services [Member] | Customer-Related Intangible Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total non-fiduciary assets of the trust and investment services segment | $ 1.8 |
Business Segments - Financial I
Business Segments - Financial Information by Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Interest and dividend income | $ 541,277 | $ 484,253 | $ 414,957 | ||||||||
Interest expense | 61,797 | 84,349 | 67,721 | ||||||||
Net interest income | 479,480 | 399,904 | 347,236 | ||||||||
Provision for credit losses | $ (209) | $ 16,288 | $ 61,841 | $ 29,821 | $ 1,824 | $ 4,121 | $ 2,747 | $ 2,507 | 107,741 | 11,198 | 7,764 |
Net interest income after provision for credit losses | 371,739 | 388,706 | 339,472 | ||||||||
Non-interest income | 128,185 | 116,716 | 100,276 | ||||||||
Non-interest expense | 88,069 | 89,943 | 85,502 | 91,333 | 92,556 | 73,268 | 71,952 | 74,432 | 354,845 | 312,208 | 265,224 |
Income before provision for income taxes | 64,557 | 48,974 | 4,530 | 27,017 | 43,422 | 45,681 | 54,917 | 49,195 | 145,079 | 193,214 | 174,524 |
Provision for income taxes | 11,703 | 7,669 | 42 | 3,621 | 7,046 | 8,334 | 10,103 | 8,858 | 23,035 | 34,341 | 31,412 |
NET INCOME | 52,854 | 41,305 | 4,488 | 23,396 | $ 36,376 | $ 37,347 | $ 44,814 | $ 40,337 | 122,044 | 158,873 | 143,112 |
Preferred stock dividends | 2,644 | 2,644 | |||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 50,210 | $ 41,305 | $ 4,488 | $ 23,396 | 119,400 | 158,873 | 143,112 | ||||
Community Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest and dividend income | 541,277 | 484,253 | 414,957 | ||||||||
Interest expense | 61,797 | 84,349 | 67,721 | ||||||||
Net interest income | 479,480 | 399,904 | 347,236 | ||||||||
Provision for credit losses | 107,741 | 11,198 | 7,764 | ||||||||
Net interest income after provision for credit losses | 371,739 | 388,706 | 339,472 | ||||||||
Non-interest income | 101,850 | 90,137 | 75,653 | ||||||||
Non-interest expense | 338,526 | 295,747 | 250,338 | ||||||||
Income before provision for income taxes | 135,063 | 183,096 | 164,787 | ||||||||
Provision for income taxes | 20,932 | 32,216 | 29,367 | ||||||||
NET INCOME | 114,131 | ||||||||||
Preferred stock dividends | 2,644 | ||||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | 111,487 | 150,880 | 135,420 | ||||||||
Trust and Investment Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Non-interest income | 26,335 | 26,579 | 24,623 | ||||||||
Non-interest expense | 16,319 | 16,461 | 14,886 | ||||||||
Income before provision for income taxes | 10,016 | 10,118 | 9,737 | ||||||||
Provision for income taxes | 2,103 | 2,125 | 2,045 | ||||||||
NET INCOME | 7,913 | ||||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 7,913 | $ 7,993 | $ 7,692 |
Condensed Quarterly Statement_3
Condensed Quarterly Statements of Income (Unaudited) - Consolidated Selected Quarterly Statements of Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||||||||||
Interest and dividend income | $ 130,478 | $ 133,657 | $ 134,694 | $ 142,448 | $ 128,309 | $ 117,348 | $ 119,543 | $ 119,053 | $ 541,277 | $ 484,253 | |
Interest expense | 10,766 | 13,064 | 15,681 | 22,286 | 21,345 | 21,228 | 21,083 | 20,692 | 61,797 | 84,349 | |
Net interest income | 119,712 | 120,593 | 119,013 | 120,162 | 106,964 | 96,120 | 98,460 | 98,361 | 479,480 | 399,904 | |
Provision for credit losses | (209) | 16,288 | 61,841 | 29,821 | 1,824 | 4,121 | 2,747 | 2,507 | 107,741 | 11,198 | $ 7,764 |
Net interest income after provision for credit losses | 119,921 | 104,305 | 57,172 | 90,341 | 105,140 | 91,999 | 95,713 | 95,854 | 371,739 | 388,706 | |
Non-interest income | 32,014 | 33,825 | 31,561 | 26,518 | 30,318 | 26,715 | 28,247 | 27,116 | 123,917 | 112,396 | |
Net securities gains | 691 | 787 | 1,299 | 1,491 | 520 | 235 | 2,909 | 657 | 4,268 | 4,320 | |
Non-interest expense | 88,069 | 89,943 | 85,502 | 91,333 | 92,556 | 73,268 | 71,952 | 74,432 | 354,845 | 312,208 | 265,224 |
Income before provision for income taxes | 64,557 | 48,974 | 4,530 | 27,017 | 43,422 | 45,681 | 54,917 | 49,195 | 145,079 | 193,214 | 174,524 |
Provision for income taxes | 11,703 | 7,669 | 42 | 3,621 | 7,046 | 8,334 | 10,103 | 8,858 | 23,035 | 34,341 | 31,412 |
NET INCOME | 52,854 | 41,305 | 4,488 | 23,396 | $ 36,376 | $ 37,347 | $ 44,814 | $ 40,337 | 122,044 | 158,873 | 143,112 |
Preferred stock dividends | 2,644 | 2,644 | |||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 50,210 | $ 41,305 | $ 4,488 | $ 23,396 | $ 119,400 | $ 158,873 | $ 143,112 | ||||
Earnings per common share—basic | $ 0.75 | $ 0.61 | $ 0.07 | $ 0.34 | $ 0.60 | $ 0.68 | $ 0.82 | $ 0.74 | $ 1.78 | $ 2.83 | $ 2.93 |
Earnings per common share—diluted | $ 0.75 | $ 0.61 | $ 0.07 | $ 0.34 | $ 0.60 | $ 0.68 | $ 0.82 | $ 0.74 | $ 1.77 | $ 2.83 | $ 2.92 |