fin11k062810.htm


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 11-K


(Mark One)

  _X_           ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2009

OR

  ___           TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period: N/A

 
Commission File Number 0-8467
 

 
A. Full title of the plan and address of the plan, if different from that of the issuer named below:
 

 
WESBANCO, INC. KSOP
 

 
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

WESBANCO, INC.
1 Bank Plaza
Wheeling, WV 26003


 




 


WesBanco, Inc. KSOP
 
Table of Contents

Signatures.........................................................................................................................................................................................................................
3
   
Reports of Independent Registered Public Accounting Firms………………………………................................................................................
5
   
Financial Statements:
  
Statements of Net Assets Available for Benefits as of December 31, 2009 and 2008………….............................................................................
7
Statements of Changes in Net Assets Available for Benefits for the years ended
  
December 31, 2009 and 2008…………………………………………………………….............................................................................
8
Notes to Financial Statements…………………………………………………………………............................................................................
9
   
Supplemental Schedules:
  
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)………………………………..........................................................................
21
Schedule H, Line 4j – Schedule of Reportable Transactions………………………………….............................................................................
22
   
Exhibit Index …………………………………………………………………………………................................................................................
23
 
Note:
Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for reporting and disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.


2
 
 
 
 
 
SIGNATURES
 
The Plan, pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WESBANCO, INC. KSOP
 
 
Date: June 28, 2010                                                                                                                                                                              /s/ Robert H. Young 
Robert H. Young
Executive Vice President and
Chief Financial Officer
 
 
3
 
 
 
AUDITED FINANCIAL STATEMENTS
AND SUPPLEMENTAL INFORMATION
 
WesBanco, Inc. KSOP
December 31, 2009 and 2008 and years ended December 31, 2009 and 2008
with Report of Independent Registered Public Accounting Firm Thereon
 
 
4
 
 
 
Report of Independent Registered Public Accounting Firm
 
 
We have audited the accompanying statement of net assets available for benefits of the WesBanco, Inc. KSOP as of December 31, 2009, and the related statement of changes in net assets available for benefits for the year then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit.  The financial statements of the WesBanco, Inc. KSOP for the year ended December 31, 2008, were audited by other auditors whose report dated June 25, 2009 expressed an unqualified opinion on those financial statements.
 
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan's internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
 
In our opinion, the 2009 financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2009, and the changes in its net assets available for benefits for the year then ended, in conformity with US generally accepted accounting principles.
 
Our audit was performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2009, and reportable transactions for the year then ended, are presented for purposes of additional analysis and are not a required part of the financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole.
 
/s/ Ernst & Young LLP
 
 
Pittsburgh, Pennsylvania
June 28, 2010
 
 
5
 
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To Participants and Administrator of the WesBanco, Inc. KSOP
 
We have audited the accompanying statement of net assets available for benefits of the WesBanco, Inc. KSOP as of December 31, 2008, and the related statement of changes in net assets available for benefits for the year then ended.  These financial statements are the responsibility of the Plan’s management.  Our responsibility is to express an opinion on these financial statements based on our audit.
 
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provide a reasonable basis for our opinion.
 
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2008, and the changes in its net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
 
 
 
/s/ Schneider Downs & Co., Inc.
 
 
Pittsburgh, Pennsylvania
June 25, 2009
 
 
6
 
 
 
 
 
 
 
 
 
 
WesBanco, Inc. KSOP
 
Statements of Net Assets Available for Benefits
 
December 31,
 
2009
2008
Assets
    
Investments:
    
Registered investment companies
$32,900,030
$25,758,084
WesBanco common stock
8,631,230
19,010,800
Cash and short-term investments
1,542
2,336
Participant loans
960,040
759,657
Total investments
42,492,842
45,530,877
     
Contributions receivable – Employees
121,970
120,693
Contributions receivable – Employer
68,564
67,122
Accrued dividends
97,224
197,367
Total assets
42,780,600
45,916,059
     
Liabilities
    
Accrued liabilities
79
79
Net assets available for benefits
$42,780,521
$45,915,980
 
See accompanying notes
 
 
7
 
 
 
WesBanco, Inc. KSOP
 
Statements of Changes in Net Assets Available for Benefits

 
Years Ended December 31,
 
2009
2008
Additions
    
Investment income:
    
     Interest and dividends
                   $ 1,070,050
 $ 1,948,524
Total investment income
1,070,050
1,948,524
     
Contributions:
    
     Employer
1,733,475
1,602,298
     Employee
3,070,515
3,085,994
Total contributions
4,803,990
4,688,292
Total additions
5,874,040
6,636,816
     
Deductions
    
Distributions to participants
4,147,204
5,884,761
Net depreciation in fair value of investments
4,846,911
6,096,082
Other expense
15,384
6,146
Total deductions
9,009,499
11,986,989
     
Net transfers from other plans
-
13,672,987
     
Net increase (decrease)
(3,135,459)
8,322,814
     
Net assets available for benefits:
    
     Beginning of year
45,915,980
37,593,166
     End of year
        $42,780,521
 $45,915,980
 
See accompanying notes
 
 
8
 
 
 
WesBanco, Inc. KSOP
 
Notes to Financial Statements
 
December 31, 2009 and 2008
 
1. Plan Description
 
WesBanco, Inc. (“WesBanco” or “the Company”) is a bank holding company offering a wide range of financial services, including customary banking services, trust and investment management, insurance and brokerage services, through offices located in West Virginia, southern and central Ohio, and western Pennsylvania.
 
The following brief description of the WesBanco, Inc. KSOP (“Plan”) is provided for general information purposes only. Participants should refer to the Plan Agreement and Summary Plan Description for more complete information. The Plan is administered by a committee comprised of employees and directors appointed by the Board of Directors of WesBanco. The plan includes an employee stock ownership plan (“ESOP”), and a contributory 401(k) profit sharing plan. PNC Bank, N.A. (“PNC”) is the trustee and record keeper of the KSOP Plan. Trustee fees may be paid by the Plan or the Plan Sponsor, WesBanco, at the discretion of the Plan Sponsor.
 
Employee Stock Ownership Plan
 
Employer contributions to the ESOP are made in an amount determined by the Board of Directors. For any year in which the ESOP has a loan outstanding, the contribution may be no less than is needed to pay the required principal and interest on the loan for that year, net of dividends received on unallocated common stock. The ESOP makes contributions to the participants who complete 1,000 hours of service during the plan year and who are actively employed on December 31. Contributions and forfeitures are allocated to participants in proportion to each participant’s compensation, but cannot exceed the lesser of $45,000 or 100% of such participant’s compensation during the plan year.
 
Participants’ interests in the ESOP are fully vested after five years of service. Distributions to participants who have left employment of the Company or their beneficiaries may be paid in either cash or stock in a lump-sum or installments over a period that the participant selects, within certain Plan restrictions. Generally, terminations of employment for reasons other than death, normal retirement, or permanent disability prior to completion of five years of service result in forfeiture. Forfeitures of terminated non-vested account balances at December 31, 2009 and 2008, totaled $12,194 and $55,797, respectively.  No ESOP contributions were made in either 2009 or 2008 and there was no ESOP loan outstanding for either year.
 
 
9
 
 
 
WesBanco, Inc. KSOP
 
Notes to Financial Statements (continued)
 
1. Plan Description (continued)
 
401(k)
 
The 401(k) provides for salary deferral and matching employer contributions. An employee who has completed 60 days of service after attaining 21 years of age shall become a participant of the 401(k) the first day of each calendar month. Eligible employees can invest the employee deferral, employer matching, and employee rollover contribution among funds that are made available by the Plan Administrator. A participant’s interest is 100% vested in the employee deferral, employer matching, and rollover accounts upon becoming eligible to participate in the 401(k). Hardship distributions can be made from a participant’s employee deferral account with approval by the Plan Administrator, if specific criteria are met.
 
Employer matching contributions may be paid to the Plan in cash or shares of WesBanco common stock, as determined by the Board. For the years ended December 31, 2009 and 2008, the matching contributions are equal to 100% of the first 3% of compensation deferred and 50% of the next 2% of compensation deferred. The amount of the contribution was not greater than the amount permitted by federal law. Participants may redirect any employer matching contributions made in common stock into other registered investment funds.
 
The Plan includes provisions authorizing loans from the Plan to active eligible participants.  The minimum loan amount is $1,000 while the maximum loan is determined by the available loan balance which is restricted to the lesser of $50,000 or 50% of the participant’s vested account balance.  A participant may have two loans outstanding at any given time.  Loans are evidenced by promissory notes and are repayable over a period not to exceed five years except loans to purchase a principal residence which must be repaid over a period not to exceed ten years.  Loans bear an interest rate commensurate with the prevailing rate charged by commercial lenders in the business of making similar type loans.
 
On November 30, 2007, WesBanco completed the acquisition of Oak Hill Financial, Inc. (“Oak Hill”). As a result of the acquisition, the Oak Hill Financial, Inc. 401(k) and Profit Sharing Plan (“the Oak Hill Plan”) was closed to new contributions, and based on eligibility dates, all new Oak Hill participants were automatically enrolled in the WesBanco KSOP Plan. Effective May 1, 2008, the Oak Hill Plan was merged with and into the WesBanco KSOP Plan. The Oak Hill Plan had assets totaling $13.7 million as of the date of transfer.
 
Effective in January 2009, the Plan replaced the AIM Basic Value Fund and the Federated Max-Cap Index Fund with the American Century Equity Income Fund and the BlackRock Index Equity Portfolio, respectively. These changes were based upon an ongoing analysis of the investment options, fund performance and expenses, and the availability of other funds. The replacement funds are similar in investment style and risk level to the funds that were removed.
 
 
10
 
 
 
WesBanco, Inc. KSOP
 
Notes to Financial Statements (continued)
 
2. Summary of Significant Accounting Policies (continued)
 
The financial statements of the Plan are prepared on the accrual basis, except for distributions to participants that are recorded when paid. Purchases and sales of securities are accounted for as of the trade date. Interest and dividend income is recorded as earned.
 
Valuation of Investments
 
The Plan’s investments are stated at fair value. Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the Plan year. Shares of registered investment companies are valued at the net asset value of shares held by the Plan at year-end.
 
Use of Estimates
 
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
 
Plan Termination
 
Although it has not expressed any intent to do so, WesBanco has the right to amend or terminate the Plan at any time. In the event that the Plan is completely or partially terminated or WesBanco determines it will permanently discontinue making contributions to the Plan, all property then credited to the participants’ accounts will immediately become fully vested and non-forfeitable. The Trustee will be directed to either continue to hold the property in the participants’ accounts in accordance with the provisions of the Plan, or distribute to such participants all property allocated to their accounts.
 
Newly Adopted Accounting Pronouncements
 
In September 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent), to amend the existing guidance in FASB Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures.  The ASU amends ASC 820 to create a practical expedient to measure the fair value of investments in certain entities that do not have a quoted market price but calculate net asset value per share or its equivalent.  ASU 2009-12 was effective for interim and annual periods ending after December 15, 2009.  The adoption of ASU 2009-12 had no material impact on the Plan’s financial statements.
 
 
11
 
 
  
WesBanco, Inc. KSOP
 
Notes to Financial Statements (continued)
 
2. Summary of Significant Accounting Policies (continued)
 
In April 2009, FASB issued interpretative guidance affirming the core principles of ASC 820 and providing additional guidance in determining when there has been a significant decrease in volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.  This guidance was effective for periods ending after June 15, 2009.  The adoption of this guidance had no material impact on the Plan’s financial statements.
 
3. Transactions with Parties in Interest
 
Legal, accounting, and other administrative fees are paid at the discretion of the Plan Sponsor by the Plan or Plan Sponsor. The Bank provides investment advisory services for the WesMark funds. The Plan is administered by the Plan Sponsor. In addition, the Plan holds common shares of WesBanco, Inc., the Plan Sponsor, and also invests in WesMark funds that paid dividends to the Plan totaling $737,680 and $839,205 for the years ended December 31, 2009 and 2008, respectively.
 
4. Income Tax Status
 
The Plan has received a determination letter from the Internal Revenue Service (the “IRS”) dated May 15, 2003, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (“the Code”) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax-exempt.
 
In accordance with Sections 401 and 403(a) of the Code, WesBanco filed a Cycle C submission to the IRS on January 31, 2009 requesting an updated determination letter for the Plan. 
 
 
12
 
 
 
WesBanco, Inc. KSOP
 
Notes to Financial Statements (continued)
 
5. Investments
 
For the years ended December 31, 2009 and 2008, the Plan’s investments (including investments bought, sold, and held during the year) appreciated (depreciated) in fair value, as determined by quoted market prices, as follows:

 
2009
2008
     
Net
    
Net
     
Appreciation
    
Appreciation
 
Fair Value
  
(Depreciation)
Fair Value
  
(Depreciation)
Investments, at fair value as determined by quoted market price
 
          
Participant-directed investments:
            
BlackRock Money Market
    $                  -
  
        $               -
  $                 8
  
     $          53,202
PNC Money Market Service
         5,177,494
 *
                 9,628
     5,130,226
 *
               42,490
WesMark Small Company Fund
            234,601
  
               46,339
          71,701
  
             (33,826)
WesMark Bond Fund
         1,350,919
  
                 8,455
     1,103,600
  
               18,097
WesMark Growth Fund
 3,449,803
  *
             731,823
     2,794,812
 *
        (1,509,270)
Federated Max-Cap Fund
                     -
  
              (91,491)
     1,192,641
  
        (1,103,941)
AIM Funds Group Basic Value Class A
                     -
  
              (68,868)
        865,467
  
        (1,092,966)
Fidelity Advisor Small Cap
                     -
  
                       -
                  -
  
             (96,006)
Fidelity Advisor Small Cap A
         1,670,333
  
             387,717
     1,427,907
  
           (484,121)
American Bond Fund of America R3
                     -
  
                       -
                 39
  
             (73,758)
American Bond Fund of America R4
         1,213,208
  
             100,185
     1,083,206
  
           (155,299)
BlackRock GNMA Class A
                     -
  
                       -
                  -
  
               (2,122)
BlackRock GNMA Service
            506,685
  
                (4,207)
        236,117
  
                 8,163
Federated Total Return Government Bond
            769,242
  
              (32,137)
        970,781
  
               51,081
American Balanced R3
                     -
  
                       -
                  -
  
           (224,501)
American Balanced R4
         2,873,629
 *
             440,790
     2,384,118
  
           (678,976)
American Growth Funds of America R3
                     -
  
                       -
                  -
  
           (237,529)
American Growth Funds of America R4
         2,487,076
 *
             631,111
     1,820,661
  
           (875,692)
American Small Cap World R3
                     -
  
                       -
                  -
  
           (130,923)
American Small Cap World R4
            724,510
  
             215,733
        363,260
  
           (232,660)
Royce Low Price Stock
         1,243,136
  
             388,911
        734,724
  
           (414,498)
PNC Index Equity
         1,565,539
  
             385,011
                  -
  
                      -
American EuroPacific Growth R3
                     -
  
                       -
                  -
  
           (450,978)
American EuroPacific Growth R4
         2,621,236
 *
             705,167
     1,917,879
  
           (995,716)
American Century Equity Income
         1,053,162
  
             139,709
                  -
  
                      -
T. Rowe Price Growth Stock Fund R
                     -
  
                       -
                  -
  
           (183,565)
T. Rowe Price Growth Stock Fund Adv.
         1,394,416
  
             399,357
        892,739
  
           (509,515)
Third Avenue Value Fund
         1,154,709
  
             308,816
        745,546
  
           (614,838)
T. Rowe Price Target Retirement 2010 Fund
                     -
  
                       -
                  -
  
             (25,500)
T. Rowe Price Target Retirement 2010 Fund Adv.
            569,001
  
             104,895
        387,152
  
           (117,998)
T. Rowe Price Target Retirement 2020 Fund
                     -
  
                       -
                  -
  
             (43,101)
T. Rowe Price Target Retirement 2020 Fund Adv.
            776,742
  
             158,281
        440,451
  
           (186,411)
T. Rowe Price Target Retirement 2030 Fund
                     -
  
                       -
                  -
  
             (26,489)
T. Rowe Price Target Retirement 2030 Fund Adv.
            444,196
  
               93,617
        250,902
  
           (121,183)
T. Rowe Price Target Retirement 2040 Fund
                     -
  
                       -
                  -
  
               (8,701)
T. Rowe Price Target Retirement 2040 Fund Adv.
            307,884
  
               78,169
        104,720
  
             (42,173)
T. Rowe Price Target Retirement 2050 Fund
                     -
  
                       -
                  -
  
                  (521)
T. Rowe Price Target Retirement 2050 Fund Adv.
            244,350
  
               47,355
          48,218
  
             (12,103)
Davis NY Venture Fund R
                     -
  
                       -
                  -
  
           (165,082)
Davis NY Venture Fund Adv.
         1,068,159
  
             247,423
        791,209
  
           (369,151)
WesBanco Common Stock
         8,631,230
 *
       (10,278,700)
   15,389,612
 *
          4,070,074
Participant loans
            960,040
  
                       -
        759,657
  
                    245
Total participant directed
       42,491,300
  
         (4,846,911)
   41,907,353
  
        (6,975,761)
 
 
13

WesBanco, Inc. KSOP
 
Notes to Financial Statements (continued)
 
5. Investments (continued)
 


 
2009
2008
   
Net
    
Net
   
Appreciation
    
Appreciation
 
Fair Value
(Depreciation)
Fair Value
  
(Depreciation)
Investments, at fair value as determined by quoted market price
 
        
           
Non-participant-directed investments:
          
WesBanco Common Stock
                     -
                        -
          3,621,188
 *
             879,679
Cash
                   445
                        -
                 1,277
  
                       -
WesBanco Stock Liquidity Fund
                1,097
                        -
                 1,059
  
                       -
Total non-participant directed
                1,542
                        -
          3,623,524
  
             879,679
Total investments
       $42,492,842
          $(4,846,911)
        $45,530,877
  
         $(6,096,082)
 
* The fair value of these individual investments represents 5% or more of the Plan’s net assets.
 
 
14
 
 
 
WesBanco, Inc. KSOP
 
Notes to Financial Statements (continued)
 
5. Investments (continued)
 
Non-participant-Directed Investments
 
Information about the net assets and the significant components of the changes in net assets relating to the non-participant-directed investments is as follows:
 
WesBanco
WesBanco
  
 
Stock Liquidity
Common Stock
  
 
Fund
Equity Fund
Total
2009
      
Investments, at fair value:
      
WesBanco common stock
 $                   -
 $                      -
 $                   -
Cash and short-term investments
                    1,097
                      445
                       1,542
Total investments
                    1,097
                      445
                      1,542
       
Accrued dividends
                97,224
                       -
                 97,224
Total assets
                  98,321
                      445
                    98,766
       
Net assets available for benefits
 $          98,321
 $                  445
 $          98,766

 
WesBanco
WesBanco
  
 
Stock Liquidity
Common Stock
  
 
Fund
Equity Fund
Total
2008
      
Investments, at fair value:
      
WesBanco common stock
              $                 -
  $        3,621,188
             $     3,621,188
Cash and short-term investments
                           1,059
                    1,277
                           2,336
Total investments
                           1,059
             3,622,465
                    3,623,524
       
Accrued dividends
                       197,367
                        -   
                       197,367
Total assets
                       198,426
             3,622,465
                    3,820,891
       
Net assets available for benefits
             $        198,426
 $        3,622,465
             $     3,820,891


15
  
WesBanco, Inc. KSOP
 
Notes to Financial Statements (continued)
 
5. Investments (continued)
 
 
WesBanco
WesBanco
  
 
Stock Liquidity
Common Stock
  
 
Fund
Equity Fund
Total
Net assets available for benefits at
      
    January 1, 2008
 $             160,554
 $              5,656,188
 $       5,816,742
Additions:
      
    Interest and dividends
                749,083
                              -
             749,083
    Net appreciation
                          -
                    879,679
             879,679
    Contributions
                393,945
                              -
             393,945
       
Deductions:
      
    Distributions
                 (11,606)
                   (542,933)
           (554,539)
    Other expense
                          -
                       (1,836)
               (1,836)
    Net transfers to participant directed investments
            (1,093,550)
                (2,368,633)
        (3,462,183)
Net assets available for benefits at
      
    December 31, 2008
                198,426
                 3,622,465
          3,820,891
Additions:
      
    Interest and dividends
                671,905
                              -
             671,905
    Net appreciation (depreciation)
                          -
                              -
                      -
    Contributions
                409,260
                              -
             409,260
       
Deductions:
      
    Distributions
                 (11,222)
                              -
             (11,222)
    Other expense
                          -
                              -
                      -
    Net transfers to participant directed investments
            (1,170,048)
                (3,622,020)
        (4,792,068)
Net assets available for benefits at
      
    December 31, 2009
 $               98,321
 $                        445
 $            98,766
              
6. Fair Value Measurement
 
ASC 820, Fair Value Measurement and Disclosures, provides the framework for measuring fair value. That framework provides 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 lower priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described below:
 
 
Level 1 - Valuations are based on unadjusted quoted prices in an active market for identical assets or liabilities in active markets that the Plan has the ability to access.
 
Level 2 - Valuations are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data by correlation or
 
 
16
 
 
 
WesBanco, Inc. KSOP
 
Notes to Financial Statements (continued)
 
6. Fair Value Measurement (continued)
 
other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
 
Level 3 - Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.
 
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
 
Following is a description of the valuation methodologies used for assets measured at fair value.  There have been no changes in the methodologies used at December 31, 2009 and 2008.
 
Registered Investment Companies and Equity Securities: Valued at the closing price reported on the active market on which the individual securities are traded.
 
Participant Loans:  Valued at amortized cost, which approximates fair value.
 
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
 
 
17
 
 
 
WesBanco, Inc. KSOP
 
Notes to Financial Statements (continued)
 
6. Fair Value Measurement (continued)
The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2009:
 
         
Assets at Fair Value
         
Level 1
Level 2
Level 3
Total
                 
Registered investment companies
          
 
Stable value/money market
  
 $     5,177,494 
 $           - 
 $           - 
 $     5,177,494 
 
Fixed income
    
        3,840,054 
               - 
                   - 
        3,840,054 
 
Balanced and lifestyle
  
        5,215,802 
               - 
               - 
        5,215,802 
 
Large cap growth
    
        3,881,492 
                 - 
               - 
        3,881,492 
 
Large cap value
    
        2,121,321 
               - 
               - 
        2,121,321 
 
Large cap blend
    
        5,015,342 
               - 
               - 
        5,015,342 
 
Small cap growth
    
        1,904,934 
               - 
               - 
        1,904,934 
 
Small cap value
    
        1,243,136 
               - 
               - 
        1,243,136 
 
International
    
            2,621,236 
               - 
               - 
        2,621,236 
 
Worldwide
      
          1,879,219 
               - 
               - 
        1,879,219 
Total registered investment companies    32,900,030    -   -  32,900,030 
Equity securities
    
        8,631,230 
               - 
               - 
        8,631,230 
Cash and short-term investments
  
              1,542 
               - 
               - 
              1,542 
Participant loans
    
                  - 
               - 
       960,040 
          960,040 
 
Total assets at fair value
  
 $   41,532,802 
 $            - 
 $    960,040 
 $   42,492,842 
 
The table below sets forth a summary of changes in the fair value of the Plan’s level 3 assets for the year ended December 31, 2009.
 
Level 3 Assets for the Year Ended December 31, 2009
     
Participant Loans
       
Balance, beginning of year
  
 $           759,657
Realized gains (losses)
  
                        -
Unrealized gains (losses)
  
                        -
Purchases, issuances and settlements
              200,383
Transfers in and/or out of Level 3
                        -
Balance, end of year
  
 $           960,040
 
 
18
 
 
 
7. Risks and Uncertainties
 
The Plan invests in various investment securities.  Investment securities are exposed to various risks such as interest rate, market, and credit risks.  Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the value of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.
 
 
19
 
 
 
Supplemental Schedules
 
 
20
 
 
 
WesBanco, Inc. KSOP
EIN #55-0571723                  Plan #002
Schedule H, Line 4i – Schedule of Assets
(Held at End of Year)
 
 
December 31, 2009
Identity of
        
 Issue, Borrower        
Lessor, or
      
Current
Similar Party
  
Description of Investment
Cost
Value
         
   
Short-term Investments
    
1,097 shares
  
WesBanco Stock Liquidity Fund*
  
 $             1,097
445 shares
  
Cash
  
                   445
   
Total Short-term Investments
  
 $             1,542
         
   
Registered Investment Companies
    
 177,494 shares
  
American Balanced R4
  
 $      2,873,629
102,814 shares
  
American Bond Fund of America R4
  
         1,213,208
160,543 shares
  
American Century Equity Income
  
         1,053,162
 69,492 shares
  
American EuroPacific Growth R4
  
         2,621,236
 91,740 shares
  
American Growth Funds of America R4
  
         2,487,076
 23,125 shares
  
American Small Cap World R4
  
            724,510
 50,316 shares
  
BlackRock GNMA Service
  
            506,685
34,479 shares
  
Davis NY Venture Fund
  
         1,068,159
 68,682 shares
  
Federated Total Return Government Bond
  
            769,242
 75,683 shares
  
Fidelity Advisor Small Cap A
  
         1,670,333
73,534 shares
  
PNC Index Equity
  
         1,565,539
      4,431,648 shares
  
PNC Money Market Service Unit
  
         5,177,494
 88,479 shares
  
Royce Low Price Stock
  
         1,243,136
24,929 shares
  
Third Avenue Value Fund
  
         1,154,709
51,021 shares
  
T-Rowe Price Growth Stock
  
         1,394,416
 40,935 shares
  
T-Rowe Price Target Retirement 2010 Fund
  
            569,001
 53,458 shares
  
T-Rowe Price Target Retirement 2020 Fund
  
            776,742
 29,534 shares
  
T-Rowe Price Target Retirement 2030 Fund
  
            444,196
 20,430 shares
  
T-Rowe Price Target Retirement 2040 Fund
  
            307,884
 28,883 shares
  
T-Rowe Price Target Retirement 2050 Fund
  
            244,350
133,887 shares
  
Wesmark Bond Fund*
  
         1,350,919
304,753 shares
  
WesMark Growth Fund*
  
         3,449,803
 26,781 shares
  
WesMark Small Company G*
  
            234,601
   
Total Registered Investment Companies
  
 $    32,900,030
         
   
Equity Securities
    
 699,451 shares
  
WesBanco Common Stock*
$13,159,746
 $      8,631,230
         
   
Participant Loans
    
   
Loan Account* (interest rates range from 3.25% to
  
   
    9.25% and have maturities through December 2014)
 $         960,040
*Party-in-interest
 
 
21
 
 
 
WesBanco, Inc. KSOP
EIN #55-0571723                  Plan #002
Schedule H, Line 4j – Schedule of Reportable Transactions
 
For the Year Ended December 31, 2009
 
         
Current
  
         
Value of
  
         
Asset on
  
Identity of
  
Purchase
Selling
Cost of
Transaction
Net Gain /
Party Involved
Description of Assets
Price
Price
Asset
Date
(Loss)
 
There were no Category I, II, III or IV reportable transactions for the year ended December 31, 2009.
 
 
22
 
 
EXHIBIT INDEX
 
Exhibit No.                                Exhibit Description 
 
23.1  
Ernst & Young LLP Consent of Independent Registered Public Accounting Firm
23.2
 
Schneider Downs & Co., Inc. Consent of Independent Registered Public Accounting Firm


23