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Investments in Limited Partnerships
12 Months Ended
Dec. 31, 2019
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 in limited partnerships are privately held, and their market values are not readily available. At December 31, 2019 and 2018, Wesbanco had $25.7 million and $21.3 million, respectively, invested in these partnerships. Wesbanco also recognizes the unconditional unfunded equity commitments of $15.6 million and $13.0 million at December 31, 2019 and 2018, respectively, in other liabilities.  Wesbanco made an accounting policy election to adopt ASU No. 2014-01 in the first quarter of 2017. With the adoption of this pronouncement, Wesbanco now classifies the amortization of the investment as a component of income tax expense (benefit) and is proportionally amortized over the tax credit period. The amount for the years ended December 31, 2019, 2018 and 2017 was $2.6 million, $2.1 million and $1.5 million, respectively, which is included in income tax expense within Wesbanco’s Consolidated Financial Statements. Tax benefits attributed to these partnerships include low-income housing and historic tax credits which totaled $2.5 million, $2.1 million and $1.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Wesbanco is also a limited partner in eight other limited partnerships, which provide seed money and capital to startup companies, and financing to low-income housing projects. At December 31, 2019 and 2018, Wesbanco had $7.1 million and $6.6 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 income of $618 thousand, $712 thousand and $47 thousand for the years ended December 31, 2019, 2018 and 2017, respectively.