2003 11-K KSOP

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
 

[X]
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
AND EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2003

OR
[  ]
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934


For the transition period from ____________ to ____________

Commission File Number 0 -8467
A. 
Full title of the plan and the address of the plan, if different from that of the               issuers 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













Required Information



 
A. Financial Statements and Schedules:
Page
 
 
Report of Independent Registered Public Accounting Firm
1
 
 
Audited Financial Statements
 
      Statements of Net Assets Available for Benefits
2
      Statements of Changes in Net Assets Available for Benefits
3
      Notes to Financial Statements
4
 
 
Supplemental Information
 
     Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)
12
     Schedule H, Line 4(j) - Schedule of Reportable Transactions
13
 
 
B. Exhibits:
 
 
 
     23     Consent of Independent Registered Public Accounting Firm
E - 1
 
 
 
 





 
     
 
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
     ( Name of Plan)
     
 June 28, 2004    
      Date    
     /s/ Robert H. Young
    Robert H. Young
    Executive Vice President and Chief Financial Officer
     
     
 
 
 





Audited Financial Statements
and Supplemental Information
WesBanco, Inc. KSOP
Years ended December 31, 2003 and 2002
with Report of Independent Registered Public Accounting Firm


 

WesBanco, Inc. KSOP

Audited Financial Statements and Supplemental Information


Years ended December 31, 2003 and 2002




Contents

 Report of Independent Registered Public Accounting Firm

 1

   
 Audited Financial Statements

 

   
 Statements of Net Assets Available for Benefits

 2

 Statements of Changes in Net Assets Available for Benefits

 3

 Notes to Financial Statements

 4

   
 Supplemental Information  
   
 Schedule H, Line 4i—Schedule of Assets (Held at End of Year)

 12

 Schedule H, Line 4j—Schedule of Reportable Transactions

 13

   
   
 
 

   

ERNST & YOUNG 


Report of Independent Registered Public Accounting Firm


Retirement Plans’ Committee
WesBanco, Inc.

We have audited the accompanying statements of net assets available for benefits of the WesBanco, Inc. KSOP as of December 31, 2003 and 2002, and the related statements of changes in net assets available for benefits for the years 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 audits.
 
We conducted our audits 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 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 audits 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, 2003 and 2002, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
 
Our audits were 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, 2003, 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

June 4, 2004

1

 

WesBanco, Inc. KSOP
 
    
 
    
 
  
Statements of Net Assets Available for Benefits
 
    
 
    
 
  
 
    
 
    
 
  
 

    December 31

 
    
2003

 

  
2002
 
   
 
Assets
   
 
    
 
  
Investments:
   
 
    
 
  
Registered investment companies
 
$
11,023,589
 
$
6,944,889
 
WesBanco common stock
   
13,906,702
   
12,207,148
 
WesBanco Unitized Fund
   
4,053,876
   
3,018,082
 
Cash and short-term investments
   
309,855
   
150,770
 
Participant loans
   
8,212
   
-
 
   
 
Total investments
   
29,302,234
   
22,320,889
 
 
    
 
    
 
  
Due from merged plan
   
-
   
1,354,380
 
Contributions receivable
   
184,664
   
120,380
 
Accrued assets
   
120,988
   
122,918
 
   
 
Total assets
   
29,607,886
   
23,918,567
 
 
    
 
    
 
  
Liabilities
   
 
    
 
  
Note payable to bank
   
578,850
   
1,028,850
 
Accrued liabilities
   
25,193
   
7,582
 
 
 
Net assets available for benefits
 
$
29,003,843
 
$
22,882,135
 
   
 		  
 
    
 
    
 
  
See accompanying notes.
   
 
    
 
  
 
    
 
    
 
  
 
 
2
 
 

WesBanco, Inc. KSOP  
 
  
 
 
Statements of Changes in Net Assets Available for Benefits  
 
  
 
 
 
  
 
 
 
Years ended December 31
 
    
2003

 

 
2002
 
   
 
 
    
 
    
 
  
Additions
   
 
    
 
  
Investment income:
   
 
    
 
  
   Interest and dividends
 
$
595,007
 
$
563,582
 
   Net appreciation (depreciation) in fair value of investments
   
4,899,208
   
(8,015
)
   
 
Total investment income
   
5,494,215
   
555,567
 
 
    
 
    
 
  
Contributions:
   
 
    
 
  
   Employer
   
888,843
   
894,261
 
   Employees
   
1,437,288
   
1,498,595
 
   
 
Total contributions
   
2,326,131
   
2,392,856
 
 
    
 
    
 
  
Assets from merged plans
   
-
   
1,354,380
 
   
 
Total additions
   
7,820,346
   
4,302,803
 
 
    
 
    
 
  
Deductions
   
 
    
 
  
Distributions to participants
   
1,651,163
   
1,912,483
 
Interest expense
   
47,475
   
83,034
 
   
 
Total deductions
   
1,698,638
   
1,995,517
 
   
 
 
    
 
    
 
  
Net increase
   
6,121,708
   
2,307,286
 
 
    
 
    
 
  
Net assets available for benefits:
   
 
    
 
  
   Beginning of year
   
22,882,135
   
20,574,849
 
   
 
   End of year
 
$
29,003,843
 
$
22,882,135
 
   
 		  
 
    
 
    
 
  
See accompanying notes.
   
 
    
 
  
 
 
3
 
 
 
WesBanco, Inc. KSOP

Notes to Financial Statements 
 
Years ended December 31, 2003 and 2002
 
 
1. Plan Description
 
WesBanco, Inc. 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, central and eastern 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 the Company. The Plan includes an Employer Stock Ownership Plan (ESOP), established on December 31, 1986, which is a noncontributory, defined contribution plan, and also qualifies as a cash or deferral arrangement under Section 401(k) of the Internal Revenue Code effective January 1, 1996. The Trust Department of WesBanco Bank, Inc. is the trustee of the ESOP. State Street Bank and Trust Company is the trustee for the 401(k) portion of the Plan. Trustee fees may be paid by the Plan or Plan Sponsor (WesBanco, Inc.) 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 principal and interest on the loan for that year, net of dividends received on unallocated common stock. The ESOP makes contributions to 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 $40,000 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 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 nonvested account balances at December 31, 2003 and 2002 totaled $80,224 and $41,853, respectively.
 
 
4
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)
 
1. Plan Description (continued)
 
The ESOP maintains a revolving line of credit with WesBanco Bank, Inc. and uses the proceeds of the loan to buy common stock of the Company. The ESOP holds common stock in a suspense account until principal payments are made on the loan. As loan payments are made, an amount of common stock is released from the suspense account and allocated to the accounts of the participants based on each participant’s compensation. The borrowing is collateralized by the unallocated shares of stock and periodic payments are guaranteed by the Company. The lender has no rights against shares once they are allocated under the ESOP. At December 31, 2003, the ESOP holds 502,773 shares of WesBanco stock, of which 447,736 shares were allocated to specific employee accounts and 55,037 shares were unallocated.
 
401(k)
 
The 401(k) provides for salary deferral and matching employer contributions. Effective January 1, 2002, 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, employee matching, and rollover accounts. 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 Trust in cash or shares of WesBanco common stock, as determined by the Board. Effective January 1, 2003, the matching contributions are equal to 50% of the first 4% of compensation deferred. In 2002 contributions to the 401(k) equaled 50% of the first 2% of compensation deferred and 25% of the next 2% of compensation deferred. The amount of the contribution will not be greater than the amount permitted by federal law. Effective January 1, 2004, participants may redirect any employer matching contributions made in common stock into other registered investment funds if the participant has been employed for three years or more.
 
 
 
5
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)
 
 
1. Plan Description (continued)
 
In 2003, WesBanco replaced the Harbor International Growth Fund with the Harbor International Fund. During 2002, WesBanco added four new funds, including the T. Rowe Price Mutual Fund, Vanguard Group Fed Fixed Income Fund, Vanguard Group Fixed Income Intermediate Term, and the Fidelity Investments Growth Company Fund. Other fund options included Federated Prime Obligations Fund, Federated Max-Cap Fund, WesMark Bond Fund, WesMark Growth Fund, WesMark Balanced Fund, WesMark Small Company Fund, Harbor Capital Appreciation Fund, and the AIM Funds Group Basic Value Class A, and the WesBanco Unitized Fund. The unitized fund allows participants to transfer in and out of the unitized fund on a daily basis.
 
The net assets of the American Bancorporation Profit Sharing 401(k) (American Plan) were transferred into the Plan on January 3, 2003. American Plan participants were permitted to borrow from their fund accounts based upon the vested portion of participant and American contributions. Existing loans from the American Plan were grandfathered into the Plan; however, no new loans are permitted. Loan transactions were treated as a transfer to (from) the investment funds from (to) loans to participants. The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with local prevailing rates. Interest rates ranged from 5.75% to 10.5%. Principal and interest were paid ratably through payroll deductions.
 
2. Summary of Significant Accounting Policies
 
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.
 
 
6
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)
 
2. Summary of Significant Accounting Policies (continued)
 
Priorities Upon Termination of the Plan
 
The Company reserves the right to terminate the Plan at any time. In the event the Plan is completely or partially terminated or the Company determines it will permanently discontinue making contributions to the Plan, all property then credited to the participants’ accounts will immediately become fully vested and nonforfeitable. The trustee will be directed to either continue to hold the property in the participants’ accounts in accordance with the provisions of the Plan until such accounts would become distributable under the provisions of the Plan, or distribute to such participants all property allocated to their accounts.
 
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. WesBanco Bank, Inc. provides investment advisory services for the WesMark funds. The Plan is administered by the Plan Sponsor. The trustee of the ESOP is the Trust and Investment Services Department of WesBanco Bank, Inc. As noted below, the note payable represents a loan from WesBanco Bank. The Company makes contributions to the Plan which, for the ESOP, are then used to make required payments on the note payable to the Company.
 
4. Note Payable
 
During 2000, the WesBanco ESOP renewed a revolving line of credit with WesBanco Bank, Inc. Conditions of the loan agreement provide for a revolving line of credit in the aggregate amount of $2,000,000 which facilitated the purchase of 120,000 shares of WesBanco common stock in the open market early in 2001. No additional stock purchases have occurred since that date. The loan bears interest at a rate equal to the lender’s base rate and requires annual repayments of principal equal to 20% of the balance as of January 1 of each year. The loan has a final maturity date of five years from the date of inception. The $2,000,000 revolving line of credit had a balance of $578,850 and $1,028,850 as of December 31, 2003 and 2002, respectively.
 
 
7
 
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)
 
5. Income Tax Status
 
The Plan has received a determination letter from the Internal Revenue Service 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. Subsequent to this determination by the Internal Revenue Service, the Plan was amended. 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, as amended, is qualified and the related trust is tax-exempt.
 
6. Investments
 
For the years ended December 31, 2003 and 2002, 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:
 
  
2003
2002
   
 
  
 
Net
 
Net
 
  
 
Appreciation
 
Appreciation
 

 Fair Value

   
(Depreciation
)
 
Fair Value
   
(Depreciation
)
   
 
InInvestments at fair value as determined by quoted market price:
   
 
    
 
    
 
    
 
  
Participant-directed investments:
   
 
    
 
    
 
    
 
  
Federated Prime Obligations Fund
 
$
1,179,888
 
$
-
 
$
944,774
 
$
-
 
WesMark Small Company Fund
   
980,130
   
306,659
   
598,674
   
(276,055
)
WesMark Bond Fund
   
840,042
   
(1,158
)
 
772,561
   
5,224
 
WesMark Growth Fund
   
3,660,258
  *  
921,987
   
2,276,300
 *  
(703,220
)
Harbor International Growth Fund
   
-
   
164
   
127,877
   
(39,458
)
Harbor International Fund
   
415,393
   
76,573
   
-
   
-
 
WesMark Balanced Fund
   
745,619
   
100,228
   
392,793
   
(89,462
)
Harbor Capital Appreciation Fund
   
878,544
   
202,283
   
635,068
   
(292,548
)
Federated Max-Cap Fund
   
704,135
   
135,324
   
231,481
   
(68,693
)
AIM Funds Group Basic Value Class A
   
1,122,695
   
272,802
   
740,896
   
(208,102
)
Vanguard Group Fed Fixed Income Fund
   
42,621
   
(489
)
 
34,735
   
30
 
Vanguard Group Fixed Income Intermediate Term
   
 
287,424
   
 
(8,566
)
 
 
142,398
   
 
3,123
 
T. Rowe Price Mutual Funds Small Cap Stock
   
115,551
   
19,910
   
42,529
   
(1,488
)
Fidelity Investments Growth Company Fund
   
51,289
   
6,603
   
4,803
   
(170
)
Participant loans
   
8,212
   
-
   
-
   
-
 
   
 
Total participant-directed
   
11,031,801
   
2,032,320
   
6,944,889
   
(1,670,819
)
 
    
 
    
 
    
 
    
 
  
Nonparticipant-directed investments:
   
 
    
 
    
 
    
 
  
WesBanco common stock
   
13,906,702
 *  
2,160,966
   
12,207,148
 *  
1,293,982
 
WesBanco Unitized Fund
   
4,053,876
 *  
705,922
   
3,018,082
 *  
368,822
 
Federated Prime Obligations Fund
   
309,855
   
-
   
150,770
   
-
 
   
 
Total nonparticipant-directed
   
18,270,433
   
2,866,888
   
15,376,000
   
1,662,804
 
   
 
Total
 
$
29,302,234
 
$
4,899,208
 
$
22,320,889
 
$
(8,015
)
   
 

*The fair value of these individual investments represents 5% or more of the Plan’s net assets.
 
 
8
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)
 
 
6. Investments (continued)
 
Nonparticipant-Directed Investments
 
Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments is as follows:
 
 
  
December 31, 2003
   
 
    
WesBanco Allocated
ESOP Fund

 

 
WesBanco
Unallocated ESOP Fund

 

 
WesBanco Unitized Fund

 

 
 
 
Total

 

   
 
 
    
 
    
 
    
 
    
 
  
Investments at fair value:
   
 
    
 
    
 
    
 
  
WesBanco common stock
 
$
12,384,387
 
$
1,522,315
 
$
-
 
$
13,906,702
 
WesBanco Unitized Fund
   
-
   
-
   
4,053,876
   
4,053,876
 
Cash and short-term investments
   
309,855
   
-
   
-
   
309,855
 
   
 
Total investments
   
12,694,242
   
1,522,315
   
4,053,876
   
18,270,433
 
 
    
 
    
 
    
 
    
 
  
Accrued assets
   
120,988
   
-
   
-
   
120,988
 
Due to (from)
   
648,378
   
(648,378
)
 
-
   
-
 
   
 
Total assets
   
13,463,608
   
873,937
   
4,053,876
   
18,391,421
 
 
    
 
    
 
    
 
    
 
  
Note payable to bank
   
-
   
(578,850
)
 
-
   
(578,850
)
   
 
Net assets available for benefits
 
$
13,463,608
 
$
295,087
 
$
4,053,876
 
$
17,812,571
 
   
 

 
  
December 31, 2002
   
 
    
WesBanco Allocated
ESOP Fund 

 

 
WesBanco
Unallocated ESOP Fund

 

 
WesBanco Unitized Fund

 

 
 
 
Total

 

   
 
 
    
 
    
 
    
 
    
 
  
Investments at fair value:
   
 
    
 
    
 
    
 
  
WesBanco common stock
 
$
10,201,821
 
$
2,005,327
 
$
-
 
$
12,207,148
 
WesBanco Unitized Fund    
    
-
   
-
   
3,018,082
   
3,018,082
 
Cash and short-term investments
   
150,770
   
-
   
-
   
150,770
 
   
 
Total investments
   
10,352,591
   
2,005,327
   
3,018,082
   
15,376,000
 
 
    
 
    
 
    
 
    
 
  
Accrued assets
   
122,918
   
-
   
-
   
122,918
 
Due to (from)
   
718,026
   
(718,026
)
 
-
   
-
 
   
 
Total assets
   
11,193,535
   
1,287,301
   
3,018,082
   
15,498,918
 
 
    
 
    
 
    
 
    
 
  
Note payable to bank
   
-
   
(1,028,850
)
 
-
   
(1,028,850
)
   
 
Net assets available for benefits
 
$
11,193,535
 
$
258,451
 
$
3,018,082
 
$
14,470,068
 
   
 
 
 
9
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)
 
6. Investments (continued)
 
  
Year ended December 31, 2003
   
 
    
WesBanco
Allocated ESOP Fund 

 

 
WesBanco
Unallocated ESOP Fund

 

 
WesBanco Unitized Fund

 

 
 
 
Total

 

   
 
 
    
 
    
 
    
 
    
 
  
Net assets available for benefits at
      January 1, 2003
  $ 
 
 11,193,535
  $ 
 
 258,451
   $
 
 3,018,082
   $
 
 14,470,068
 
Additions:
   
 
    
 
    
 
    
 
  
Interest and dividends
   
450,054
   
47,209
   
-
   
497,263
 
Net appreciation in fair value of investments
   
 
2,055,811
   
 
105,155
   
 
705,922
   
 
2,866,888
 
Contributions
   
-
   
450,000
   
527,909
   
977,909
 
 
    
 
    
 
    
 
    
 
  
Deductions:
   
 
    
 
    
 
    
 
  
Distributions
   
(754,045
)
 
-
   
(127,758
)
 
(881,803
)
Interest expense
   
-
   
(47,475
)
 
-
   
(47,475
)
 
    
 
    
 
    
 
    
 
  
Net transfers
   
518,253
   
(518,253
)
 
(70,279
)
 
(70,279
)
   
 
Net assets available for benefits at December 31, 2003
   $
 
13,463,608
   $
 
 295,087
   $
 
 4,053,876
   $
 
 17,812,571
 
   
 

   

 Year ended December 31, 2002

   
   
WesBanco
Allocated ESOP Fund 

 

 
WesBanco
Unallocated ESOP Fund

 

 
WesBanco Unitized Fund

 
 
 
Total
   
 
    
 
    
 
    
 
  
 
Net assets available for benefits at
    January 1, 2002
  $ 
 
 10,124,667
  $ 
 
 239,215
   $
 
 2,820,823
 $
 
 13,184,705
Additions:
   
 
    
 
    
 
  
 
Interest and dividends
   
426,090
   
72,948
   
-
 
499,038
Net appreciation in fair value of investments
   
 
1,136,970
   
 
157,012
   
 
368,822
 
 
1,662,804
Contributions
   
-
   
550,000
   
512,978
 
1,062,978
 
    
 
    
 
    
 
  
 
Deductions:
   
 
    
 
    
 
  
 
Distributions
   
(1,171,882
)
 
-
   
(359,586
)
(1,531,468)
Interest expense
   
-
   
(83,034
)
 
-
 
(83,034)
 
    
 
    
 
    
 
  
 
Net transfers
   
677,690
   
(677,690
)
 
(324,955
)
(324,955)
   
Net assets available for benefits at December 31, 2002
   $
 
 11,193,535
   $
 
 258,451
   $
 
 3,018,082
 $
 
 14,470,068
   

10
 
WesBanco, Inc. KSOP

Notes to Financial Statements (continued)
 
 
7. American Bancorporation Profit Sharing 401(k) Plan
 
On March 1, 2002, WesBanco completed the acquisition of American Bancorporation. As a result of the acquisition, the American Bancorporation Profit Sharing 401(k) Plan (American Plan) was frozen effective March 31, 2002 and all eligible American Plan participants were automatically enrolled in the Plan. Effective December 31, 2002, the American Plan was merged with and into the 401(k) portion of the Plan. As a result, a due from the American Plan of $1,354,380 was recorded as of December 31, 2002. The net assets of the American Plan were transferred into the Plan on January 3, 2003.
 
8. Subsequent Event (Unaudited)
 
Effective July 1, 2004, PNC Bank, N.A. (PNC) will be appointed trustee and recordkeeper of the KSOP Plan replacing both State Street Bank and Trust and Investment Services of WesBanco Bank, Inc.

11
 

WesBanco, Inc. KSOP
 
 
 
 
EIN: 55-0571723 Plan Number: 002
 
 
 
Schedule H, Line 4i—Schedule of Assets
(Held at End of Year)
 
 
 
 
December 31, 2003
 
 
 
 
 
 
 
 
Identity of Issue, Borrower,
Lessor, or Similar Party
Description of
Investment
Cost
Current
Value
 
 
 
 
Short-Term Investments
 
 
309,855
Federated Prime Obligations Fund (ESOP)
NR
$ 309,855
 
 
 
 
Registered Investment Companies
 
 
 
 
 
 
1,179,888
Federated Prime Obligations Fund
NR
1,179,888
135,004
WesMark Small Company Fund*
NR
980,130
84,004
WesMark Fixed Income Fund*
NR
840,042
289,348
WesMark Growth Fund*
NR
3,660,258
11,291
Harbor International Fund
NR
415,393
82,207
WesMark Balanced Fund*
NR
745,619
33,379
Harbor Capital Appreciation Fund
NR
878,544
31,281
Federated Max-Cap Fund
NR
704,135
38,396
AIM Funds Group Basic Value Class A
NR
1,122,695
4,028
Vanguard Group Fed Fixed Income Fund
NR
42,621
25,213
Vanguard Group Fixed Income Intermediate Term
NR
287,424
4,130
T-Rowe Price Mutual Funds Small Cap Stock
NR
115,551
1,024
Fidelity Investments Growth Company Fund
NR
51,289
 
 
 
 
Equity Securities
 
 
 
 
 
 
502,773
WesBanco Common Stock*
$ 6,997,675
13,906,702
 
 
 
 
Unitized Fund
 
 
 
 
 
 
 
299,400
WesBanco Unitized Fund*
NR
4,053,876
 
 
 
 
Participant Loans
 
 
 
 
 
 
-
Loan Account* (interest rates range from
 
 
 
5.75% to 10.50% and have maturities
 
 
 
through December 2005)
$ 0
8,212
 
 
 
 
*Party-in-interest
 
 
NR - Not required
 
 


 

12

 



 

WesBanco, Inc. KSOP
 
 
 
 
 
 
 
EIN: 55-0571723 Plan Number: 002
 
 
 
 
 
 
 
Schedule H, Line 4j—Schedule of Reportable Transactions
 
 
 
 
 
 
 
Year ended December 31, 2003
 
 
 
 
 
 
 
Identity of
Party Involved
Description of Assets
Purchase
Price
Selling
Price
Cost of
Asset
Current
Value of
Asset on
Transaction
Date
Net Gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Category III
 
 
 
 
 
 
 
 
 
 
 
 
 
Federated Prime
Obligations Fund
Registered Investment Company
 
 
 
 
 
 
96 purchases
$ 1,598,878
    $         -
$ 1,598,878
$ 1,598,878
N/A
 
68 sales
-
1,224,100
1,224,100
1,224,100
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
N/A—Not Applicable
 
 
 
 
 
 
 
 
 
 
 
 
 
There were no type (I), (II), or (IV) transactions for the year ended December 31, 2003.
 
 
 
 
 
 
 
 

13