		December 31,
	Estimated Useful Lives	2019			2018
		(Dollars in thousands)
Land		$	45,561		$	35,434
Buildings	10 to 40 years		190,193			170,145
Furniture, fixtures and equipment	3 to 15 years		81,225			74,687
Construction in progress			12,760			11,488
Accumulated depreciation			(123,464	)		(117,392	)
Premises and equipment, net		$	206,275		$	174,362

The Company invests in affordable housing projects that qualify for the low income housing tax credit (LIHTC), which is designed to promote private development of low income housing. These investments generate a return primarily through realization of federal tax credits, and also through a tax deduction generated by operating losses of the investments. The investments are amortized through tax expense using the proportional amortization method as related tax credits are utilized. The Company is periodically required to provide additional contributions at the discretion of the project sponsors. Although in some cases the Company’s investment may exceed 50% of the equity interest in an entity, the Company does not consolidate these structures as variable interest entities due to the project sponsor’s ability to manage the projects, which is indicative of power in them.

Total LIHTC investments were $20.4 million and $18.5 million at December 31, 2019 and 2018, respectively and are included in other assets on the balance sheet. The Company recognized tax credits and other tax benefits of $5.4 million, $5.4 million and $4.4 million in 2019, 2018 and 2017, respectively and amortization expense of $4.5 million, $4.4 million and $3.5 million in 2019, 2018 and 2017, respectively resulting from LIHTC investments. Additional contributions are committed during the investment periods through the year 2032. Unfunded commitments to these investments as of December 31, 2019 totaled $15.6 million.

The Company also invests in active low income community businesses that qualify for New Market Tax Credits (NMTC). NMTC investments are made through Community Development Entities (CDE) and such entities are qualified through the US Department of the Treasury. NMTCs are earned for a qualified entity investment made by a taxpayer in CDEs if substantially all of the investment is used by the CDE to make qualified investments. It is through its equity contributions into the CDE entities that the Company is able to receive the benefits of the NMTCs. The amount of the NMTC is equal to 39% of the qualified investment taken over a seven year period. The investments are amortized through other noninterest expense using the effective yield method as related tax credits are utilized. The Company does not consolidate these CDEs as variable interest entities due to the control the allocatee of the tax credits has over the entity.

Total NMTC investments were $21.8 million and $3.0 million at December 31, 2019 and 2018, respectively and are included in other assets on the balance sheet. The Company recognized tax credits of $4.5 million, $1.8 million and $1.8 million in 2019, 2018 and 2017, respectively and amortization expense of $3.7 million, $1.4 million, and $1.3 million in 2019, 2018 and 2017, respectively resulting from NMTC investments. NMTC investments are funded in full in the year they begin. There are no unfunded commitments.