Loans

6 Months Ended

Jun. 30, 2020

A summary of loan balances follows:


(in thousands)	June 30, 2020		December 31, 2019
Commercial real estate:
CRE non-owner occupied	$	1,596,941	$	1,609,556
CRE owner occupied	579,803		546,434
Multifamily	577,217		517,725
Farmland	151,524		145,067
Total commercial real estate loans	2,905,485		2,818,782
Consumer:
SFR 1-4 1st DT liens	506,069		509,508
SFR HELOCs and junior liens	358,087		362,886
Other	81,513		82,656
Total consumer loans	945,669		955,050
Commercial and industrial	634,481		249,791
Construction	278,566		249,827
Agriculture production	35,441		32,633
Leases	1,763		1,283
Total loans, net of deferred loan fees and discounts	4,801,405		4,307,366
Total principal balance of loans owed, net of charge-offs	4,854,351		4,351,725
Unamortized net deferred loan fees	(22,500)		(8,927)
Discounts to principal balance of loans owed, net of charge-offs	(30,446)		(35,432)
Total loans, net of unamortized deferred loan fees and discounts	4,801,405		4,307,366
Allowance for credit losses on loans	$	(79,739)	$	(30,616)

During the three months ended June 30, 2020, the Company originated more than 2,900 loans under the Payment Protection Program (PPP), which as of quarter end had balances outstanding of $423,431,000, net of $13,300,000 in deferred loan costs, included within commercial and industrial. There were no PPP loans originated as of December 31, 2019. In connection with the origination of these loans, the Company generated approximately $15,680,000 in loan fees that will be amortized over the two-year term of the loans, offset by deferred loan costs of approximately $756,000. During the three and six months ended June 30, 2020, interest and fee income recognized from PPP loans totaled $2,356,000, which was inclusive of $1,626,000 in net deferred fee accretion.