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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 in limited partnerships are privately held, and their market values are not readily available. At December 31, 2020 and 2019, Wesbanco had $31.4 million and $25.7 million, respectively, invested in these partnerships. Wesbanco also recognizes the unconditional unfunded equity commitments of $19.9 million and $15.6 million at December 31, 2020 and 2019, respectively, in other liabilities.  Wesbanco classifies the amortization of the investment as a component of income tax expense (benefit) and proportionally amortizes the investment over the tax credit period. The amount for the years ended December 31, 2020, 2019 and 2018 was $3.3 million, $2.6 million and $2.1 million, respectively. Tax benefits attributed to these partnerships include low-income housing and historic tax credits which totaled $3.2 million, $2.5 million and $2.1 million for the years ended December 31, 2020, 2019 and 2018, respectively, which are also included in income tax expense.

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.