Loans

12 Months Ended

Dec. 31, 2020

NOTE 4 - LOANS

Loans at year-end were as follows:

	2020			2019
Commercial and Agriculture	$	409,876		$	203,110
Commercial Real Estate - owner occupied		278,413			245,606
Commercial Real Estate - non-owner occupied		705,072			592,222
Residential Real Estate		442,588			463,032
Real Estate Construction		175,609			155,825
Farm Real Estate		33,102			34,114
Consumer and Other		12,842			15,061
Total Loans		2,057,502			1,708,970
Allowance for loan losses		( 25,028	)		( 14,767	)
Net loans	$	2,032,474		$	1,694,203

Included in Commercial & Agriculture as of December 31, 2020 is $217,295 of Paycheck Protection Program (“PPP”) loans.

Included in total loans above are deferred loan fees of $5,998 and $488 at December 31, 2020 and 2019, respectively. Included in net deferred loan fees as of December 31, 2020 is $5,194 of net deferred loan fees from PPP loans.

Paycheck Protection Program

During 2020, we processed over 2,300 loans totaling $259.1 million, of which $41.8 million have been forgiven or have paid off. SBA fees total approximately $9.9 million, which are being recognized in interest income over the life of the PPP loans. During the year, $4.7 million of PPP fees were accreted to income. We borrowed $183.7 million from the Paycheck Protection Program Lending Facility (“PPPLF”), anticipating an additional funding source for PPP landing. We have since determined this source was no longer needed and have paid off the PPPLF in full.

Loans to principal officers, directors, and their affiliates at year-end 2020 and 2019 were as follows:

	2020			2019
Balance - Beginning of year	$	9,909		$	8,722
New loans and advances		1,153			3,057
Repayments		( 3,004	)		( 2,574	)
Effect of changes to related parties		417			704
Balance - End of year	$	8,475		$	9,909