		December 31,
	Estimated Useful Lives	2020			2019
		(Dollars in thousands)
Land		$	45,792		$	45,561
Buildings	10 to 40 years		201,606			190,193
Furniture, fixtures and equipment	3 to 15 years		87,001			81,225
Construction in progress			61,300			12,760
Accumulated depreciation			(134,022	)		(123,464	)
Premises and equipment, net		$	261,677		$	206,275

As of December 31, 2020, the Company had approximately $2.4 million in construction in progress for retainage payable. Retainage payable is not remitted to the vendor until completion of the project and is therefore not included in the statement of cash flow.

Construction in progress included in the table above is primarily related to the construction of BancFirst Tower described in Note (2). When construction is completed, the asset will be reclassified as buildings and depreciated over its applicable useful life.

The Company recorded approximately $11.1 million in equity interest of a previous borrower in the oil and gas industry, which was received through bankruptcy proceedings in the fourth quarter of 2020. This asset is carried at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. This equity interest is included in other assets on the balance sheet.

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 $18.1 million and $20.4 million at December 31, 2020 and 2019, respectively and are included in other assets on the balance sheet. The Company recognized tax credits and other tax benefits of $5.6 million, $5.4 million and $5.4 million in 2020, 2019 and 2018, respectively and amortization expense of $4.6 million, $4.5 million and $4.4 million in 2020, 2019 and 2018, 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, 2020 totaled $19.4 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 $18.5 million and $21.8 million at December 31, 2020 and 2019, respectively and are included in other assets on the balance sheet. The Company recognized tax credits of $4.0 million, $4.5 million and $1.8 million in 2020, 2019 and 2018, respectively and amortization expense of $3.3 million, $3.7 million, and $1.4 million in 2020, 2019 and 2018, respectively resulting from NMTC investments. NMTC investments are funded in full in the year they begin. There are no unfunded commitments.