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 variable interest entities ("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. As of June 30, 2024 and December 31, 2023, Wesbanco had $35.6 million and $31.9 million, respectively, invested in these partnerships. Wesbanco also recognizes the unconditional unfunded equity commitments of $15.3 million and $13.9 million at June 30, 2024 and December 31, 2023, respectively, within other liabilities on the Consolidated Balance Sheets. 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 amortization for the three months ended June 30, 2024 and 2023 was $1.2 million and $1.1 million, respectively, and was $2.3 million and $2.1 million, respectively, for the six months ended June 30, 2024 and 2023. Tax benefits attributed to these partnerships include low-income housing and historic tax credits which are projected to total $4.5 million for 2024, and totaled $3.8 million for 2023, which are also included in income tax expense.

Wesbanco is also a limited partner in three other limited partnerships as of June 30, 2024. These provide seed money and capital to startup companies, and financing to low-income housing projects. As of June 30, 2024 and December 31, 2023, Wesbanco had $2.9 million and $3.0 million 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 (loss) for the three months ended June 30, 2024 and 2023 of $12 thousand and ($6) thousand, respectively, and ($11) thousand and $5 thousand, respectively, for the six months ended June 30, 2024 and 2023.

The following table presents the scheduled equity commitments to be paid to the limited partnerships over the next five years and in the aggregate thereafter as of June 30, 2024:


Year (unaudited, in thousands)	Amount
2024	$	3,790
2025		5,085
2026		3,148
2027		950
2028		588
2029 and thereafter		1,726
Total	$	15,287