Loans

3 Months Ended

Mar. 31, 2021

A summary of loan balances follows:


(in thousands)	March 31, 2021		December 31, 2020
Commercial real estate:
CRE non-owner occupied	$	1,554,927	$	1,535,555
CRE owner occupied	641,216		624,375
Multifamily	764,884		639,480
Farmland	147,597		152,492
Total commercial real estate loans	3,108,624		2,951,902
Consumer:
SFR 1-4 1st DT liens	636,824		546,592
SFR HELOCs and junior liens	331,333		327,484
Other	73,056		78,032
Total consumer loans	1,041,213		952,108
Commercial and industrial	551,077		526,327
Construction	221,613		284,842
Agriculture production	39,753		44,164
Leases	4,697		3,784
Total loans, net of deferred loan fees and discounts	$	4,966,977	$	4,763,127
Total principal balance of loans owed, net of charge-offs	$	5,009,686	$	4,805,596
Unamortized net deferred loan fees	(20,108)		(16,984)
Discounts to principal balance of loans owed, net of charge-offs	(22,601)		(25,485)
Total loans, net of unamortized deferred loan fees and discounts	$	4,966,977	$	4,763,127
Allowance for credit losses on loans	$	(85,941)	$	(91,847)

As of March 31, 2021 and December 31, 2021, the total balance outstanding of PPP loans, which are included in commercial and industrial loans, was $370,274,000 (approximately 2,484 loans) and $333,982,000 (approximately 2,300 loans), respectively, as compared to total PPP originations of $614,826,000. Included in the balance of outstanding PPP loans as of March 31, 2021 are approximately 1,303 loans with outstanding balances of less than $50,000 each and with a total balance outstanding of $26,895,000. In connection with the origination of the PPP loans, the Company earned $23,585,000 in loan fees, offset by deferred loan costs of $1,163,000, the net of which will be recognized over the earlier of loan maturity, repayment or receipt of forgiveness confirmation. As of March 31, 2021 and December 31, 2020, there was $9,430,000 and $7,212,000, respectively, in net deferred fee income remaining to be recognized. During the three months ended March 31, 2021 and 2020, the Company recognized $5,232,000 and zero, respectively, in fees on PPP loans.