(6) PREMISES AND EQUIPMENT, NET AND OTHER ASSETS

The following is a summary of premises and equipment by classification:

		December 31,
	Estimated Useful Lives	2016			2015
		(Dollars in thousands)
Land		$	32,441		$	31,196
Buildings	10 to 40 years		138,901			135,694
Furniture, fixtures and equipment	3 to 15 years		64,293			63,436
Accumulated depreciation			(108,864	)		(103,513	)
Premises and equipment, net		$	126,771		$	126,813

Low Income Housing Tax Credit Investments

We invest 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 $15.2 million and $14.5 million at December 31, 2016 and 2015, respectively and are included in other assets on the balance sheet. The Company recognized tax credits and other tax benefits of $4.2 million, $4.0 million and $3.3 million in 2016, 2015 and 2014, respectively and amortization expense of $2.9 million, $2.6 million and $2.3 million in 2016, 2015 and 2014, respectively resulting from LIHTC investments. Additional contributions are made during the investment periods through the year 2032. Unfunded commitments to these investments as of December 31, 2016 totaled $13.5 million.