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LOANS | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
LOANS | LOANS Loans HFI, at amortized cost, at September 30, 2024 and December 31, 2023 were as follows:
| September 30, 2024 |  | December 31, 2023
Real estate: |  |  |
Residential | $ | 321,740 |  |  | $ | 264,126 |
Commercial | 292,026 |  |  | 293,595 |
Construction and land | 33,784 |  |  | 26,272 |
Commercial and industrial | 200,212 |  |  | 177,566 |
Commercial and industrial - PPP | 1,656 |  |  | 3,202 |
Consumer and other | 92,546 |  |  | 47,287 |
Loans HFI, at amortized cost, gross | 941,964 |  |  | 812,048 |
Deferred loan costs, net | 18,060 |  |  | 14,707 |
Discount on government guaranteed loans sold(1) | (7,880) |  |  | (7,040) |
Premium on loans purchased, net | 3,860 |  |  | 4,503 |
Allowance for credit losses | (14,186) |  |  | (13,497) |
Net loans HFI, at amortized cost | $ | 941,818 |  |  | $ | 810,721 |
(1) The Company allocates the retained portion of loans sold based on relative fair value of the retained portion and the sold portion, which results in a discount on the retained portion.

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