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Loans | 12 Months Ended
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Dec. 31, 2020
Loans and Leases Receivable Disclosure [Abstract] |
Loans | LOANS The following summarizes the Company’s major classifications for loans (in thousands):
| December 31, 2020 | December 31, 2019
Commercial and industrial | $ | 372,989 |  | $ | 308,015 |
1-4 Family | 109,812 |  | N/R
Hotels | 294,464 |  | N/R
Multi-family | 215,671 |  | N/R
Non Residential Non-Owner Occupied | 641,351 |  | N/R
Non Residential Owner Occupied | 213,484 |  | N/R
Commercial real estate | 1,474,782 |  | 1,459,737 |
Residential real estate | 1,587,694 |  | 1,640,396 |
Home equity | 136,469 |  | 148,928 |
Consumer | 47,688 |  | 54,263 |
DDA overdrafts | 2,497 |  | 4,760 |
Gross loans | 3,622,119 |  | 3,616,099 |
Allowance for credit losses | (24,549) |  | (11,589) |
Net loans | $ | 3,597,570 |  | $ | 3,604,510 |
Construction loans included in: |  |
Residential real estate | $ | 27,078 |  | $ | 29,033 |
Commercial real estate | 40,449 |  | 64,049 |
N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP.
The Company's commercial and residential real estate construction loans are primarily secured by real estate within the Company's principal markets. These loans were originated under the Company's loan policy, which is focused on the risk characteristics of the loan portfolio, including construction loans. In the judgment of the Company's management, adequate consideration has been given to these loans in establishing the Company's allowance for credit losses. Paycheck Protection Program The Company originated loans to its customers under the Paycheck Protection Program ("PPP") administered by the Small Business Administration ("SBA") under the provisions of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). Loans covered by the PPP may be eligible for loan forgiveness. The remaining loan balances, if any, after the loan forgiveness, are fully guaranteed by the SBA. Through December 31, 2020, the Company has funded approximately $90 million of SBA-approved PPP loans to over 1,500 customers. Under the terms of the program, the SBA paid the lender a processing fee tiered by the size of the loan (5% for loans less than $350,000; 3% for loans greater than $350,000 but less than $2.0 million; and 1% for loans greater than $2.0 million). The Company started submitting forgiveness applications on behalf of its customers during the fourth quarter of 2020 and as of December 31, 2020, has received forgiveness proceeds of approximately $30 million.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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