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LOANS
12 Months Ended
Dec. 31, 2017
LOANS  
LOANS

 

NOTE 4: LOANS

Loans by portfolio segment, at December 31, 2017 and 2016 are summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

    

December 31, 2017

 

December 31, 2016

Commercial and industrial

 

$

559,363

 

24.1

%  

 

$

511,554

 

23.7

%

Real estate:

 

 

  

 

  

 

 

 

  

 

  

 

Commercial real estate

 

 

738,293

 

31.9

%  

 

 

697,794

 

32.3

%

Construction and development

 

 

449,211

 

19.4

%  

 

 

491,626

 

22.8

%

1-4 family residential

 

 

258,584

 

11.2

%  

 

 

236,882

 

11.0

%

Multi-family residential

 

 

220,305

 

9.5

%  

 

 

133,210

 

6.2

%

Consumer

 

 

40,433

 

1.7

%  

 

 

39,694

 

1.8

%

Agriculture

 

 

11,256

 

0.5

%  

 

 

11,106

 

0.5

%

Other

 

 

40,344

 

1.7

%  

 

 

38,180

 

1.7

%

Total gross loans

 

 

2,317,789

 

100.0

%  

 

 

2,160,046

 

100.0

%

Less deferred loan fees

 

 

(4,555)

 

  

 

 

 

(4,321)

 

  

 

Less unearned discount on retained portion of loans sold

 

 

(230)

 

  

 

 

 

(227)

 

  

 

Less allowance for loan loss

 

 

(24,778)

 

  

 

 

 

(25,006)

 

  

 

Total loans, net

 

 

2,288,226

 

  

 

 

 

2,130,492

 

  

 

Less loans held for sale

 

 

1,460

 

  

 

 

 

613

 

  

 

Loans, net

 

$

2,286,766

 

  

 

 

$

2,129,879

 

  

 

 

Accrued interest receivable for loans is $6.1 million and $5.5 million at December 31, 2017 and 2016, respectively and is included in other assets in the consolidated balance sheets.

Loan Participations Purchased and Sold

From time to time, the Company will acquire and dispose of interests in loans under participation agreements with other financial institutions. Loan participations purchased and sold during the years ending December 31, 2017, 2016 and 2015, by loan class, are summarized as follows:

 

 

 

 

 

 

 

 

 

Participations

 

Participations

 

 

Purchased

 

Sold

 

 

During the

 

During the

(Dollars in thousands)

    

Period

    

Period

December 31, 2017

 

 

  

 

 

  

Commercial and industrial

 

$

 —

 

$

23,000

Commercial real estate

 

 

12,885

 

 

20,505

Construction and development

 

 

5,606

 

 

2,562

 

 

$

18,491

 

$

46,067

December 31, 2016

 

 

  

 

 

  

Commercial real estate

 

$

 —

 

$

654

Construction and development

 

 

 —

 

 

4,294

 

 

$

 —

 

$

4,948

December 31, 2015

 

 

 

 

 

 

Commercial and industrial

 

$

1,674

 

$

 —

Construction and development

 

 

5,097

 

 

21,755

Loans to nondepository financial institutions

 

 

 —

 

 

5,000

 

 

$

6,771

 

$

26,755

 

Loans Guaranteed by the SBA

The Company participates in the SBA loan program. When advantageous, the Company will sell the guaranteed portions of these loans with servicing retained. SBA loans that were sold with servicing retained during the years ended December 31, 2017, 2016 and 2015 were $2.2 million, $3.5 million and $3.6 million. Net gains recognized on sales of SBA loans were $149,000,  $326,000 and $382,000 for the years ended December 31, 2017, 2016 and 2015 and are included in net gain on sales of assets in the consolidated income statements.