Loans

12 Months Ended

Dec. 31, 2023

A summary of loan balances follows:


(in thousands)	December 31, 2023		December 31, 2022
Commercial real estate:
CRE non-owner occupied	$	2,217,806	$	2,149,725
CRE owner occupied	956,440		984,807
Multifamily	949,502		944,537
Farmland	271,054		280,014
Total commercial real estate loans	4,394,802		4,359,083
Consumer:
SFR 1-4 1st DT liens	883,438		790,349
SFR HELOCs and junior liens	356,813		393,666
Other	73,017		56,728
Total consumer loans	1,313,268		1,240,743
Commercial and industrial	586,455		569,921
Construction	347,198		211,560
Agriculture production	144,497		61,414
Leases	8,250		7,726
Total loans, net of deferred loan fees and discounts	$	6,794,470	$	6,450,447
Total principal balance of loans owed, net of charge-offs	$	6,834,935	$	6,496,210
Unamortized net deferred loan fees	(15,826)		(15,275)
Discounts to principal balance of loans owed, net of charge-offs	(24,639)		(30,488)
Total loans, net of unamortized deferred loan fees and discounts	$	6,794,470	$	6,450,447
Allowance for credit losses	$	(121,522)	$	(105,680)

In March 2020, the Small Business Administration ("SBA") Paycheck Protection Program ("PPP") was created to help small businesses keep workers employed during the COVID-19 crisis. As of December 31, 2023 and 2022, the total gross balance outstanding of PPP loans, which are included in commercial and industrial loans above, was $1.1 million and $1.6 million, respectively. During the year ended December 31, 2023, the Company recognized an insignificant amount of fees on PPP loans, as compared with $2.1 million and $14.1 million for the years ended December 31, 2022 and 2021, respectively. The SBA ended PPP and did not accept new borrowing applications, effective May 31, 2021.