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Loans | 3 Months Ended
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Mar. 31, 2021
Loans and Leases Receivable, Net Amount [Abstract] |
Loans | Loans The following table summarizes the Company’s major classifications for loans (in thousands):
| March 31, 2021 | December 31, 2020
Commercial and industrial | 371,195 |  | 372,989 |
1-4 Family | 108,131 |  | 109,812 |
Hotels | 293,176 |  | 294,464 |
Multi-family | 212,561 |  | 215,671 |
Non Residential Non-Owner Occupied | 649,683 |  | 641,351 |
Non Residential Owner Occupied | 199,130 |  | 213,484 |
Commercial real estate | 1,462,681 |  | 1,474,782 |
Residential real estate | 1,532,907 |  | 1,587,694 |
Home equity | 130,009 |  | 136,469 |
Consumer | 47,224 |  | 47,688 |
DDA overdrafts | 2,707 |  | 2,497 |
Gross loans | 3,546,723 |  | 3,622,119 |
Allowance for credit losses | (24,076) |  | (24,549) |
Net loans | $ | 3,522,647 |  | $ | 3,597,570 |
Construction loans included in: |  |
Commercial real estate | $ | 39,101 |  | $ | 40,449 |
Residential real estate | 22,129 |  | 27,078 |
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 policies, which are 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 March 31, 2021, the Company has funded approximately $128 million of SBA-approved PPP loans to over 2,800 customers. The Company started submitting forgiveness applications on behalf of its customers during the fourth quarter of 2020 and as of March 31, 2021, has received forgiveness proceeds of approximately $65 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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