The composition of loans at December 31, 2023 and 2022 was as follows:


	December 31,
	2023			2022
	(in thousands)
Mortgage loans on real estate:
Construction and & Secured by Farmland	$	84,145		$	89,651
HELOCs		47,674			43,588
Residential First Lien - Investor		117,431			111,074
Residential First Lien - Owner Occupied		178,180			125,088
Residential Junior Liens		12,831			11,417
Commercial - Owner Occupied		251,456			232,115
Commercial - Non-Owner Occupied & Multifamily		348,879			315,326
Commercial and industrial loans:
SBA PPP loans		51			74
Other commercial and industrial loans		107,777			99,571
Marine loans		251,168			230,874
Consumer loans		42,419			44,841
Overdrafts		253			218
Other loans		12,895			12,503
Total loans	$	1,455,159		$	1,316,340
Net deferred loan costs and premiums		7,527			7,443
Allowance for credit losses		(14,493	)		(11,218	)
	$	1,448,193		$	1,312,565

At December 31, 2023 and 2022, the Company was servicing loans totaling $7.7 million and $231.7 million, respectively for other financial institutions which are not included in the table above. Also excluded from the table above are net servicing assets of $153 thousand and $684 thousand at December 31, 2023 and 2022, respectively, which are recorded in other assets in the Consolidated Balance Sheets.

On August 23, 2023, the Company completed the sale of certain assets of its marine finance division to an unrelated third-party. Under the Sale Agreements, the Company sold its interest in marine floor plan loans, the servicing rights associated with marine loans that had been sold to outside investors prior to August 23, 2023, and other assets that were not individually significant. Refer to Note 27 for additional information related to this transaction.