LOANS

3 Months Ended

Mar. 31, 2022

LOANS

LOANS

NOTE 4: LOANS

Loans by loan class, or major loan category, as of the dates indicated below were as follows:

(Dollars in thousands)	March 31, 2022			December 31, 2021
Commercial and industrial	$	600,990	20.8%	$	634,384	22.0%
Real estate:
Commercial real estate		1,142,646	39.5%		1,091,969	38.0%
Construction and development		473,326	16.4%		460,719	16.0%
1-4 family residential		263,213	9.1%		277,273	9.6%
Multi-family residential		279,099	9.7%		286,396	10.0%
Consumer		28,230	1.0%		28,090	1.0%
Agriculture		6,287	0.2%		7,941	0.3%
Other		95,187	3.3%		89,655	3.1%
Total gross loans		2,888,978	100.0%		2,876,427	100.0%
Less allowance for credit losses for loans		(31,442)			(31,345)
Less deferred loan fees and unearned discounts		(8,350)			(8,739)
Less loans held for sale		(748)			(164)
Loans, net	$	2,848,438		$	2,836,179

Accrued interest receivable for loans was $9.3 million and $9.6 million at March 31, 2022 and December 31, 2021, respectively, and was included in other assets in the condensed consolidated balance sheets.

From time to time, the Company will acquire and dispose of interests in loans under participation agreements with other financial institutions. The Company did not purchase or sell loan participations during the three months ended March 31, 2021. Loan participations purchased and sold during the three months ending March 31, 2022 by loan class, were as follows:

	Participations		Participations
(Dollars in thousands)	Purchased		Sold
March 31, 2022
Commercial and industrial	$	15,844	$	1,943
Commercial real estate		17,955		1,247
Construction and development		—		—
Other		1,806		—
	$	35,605	$	3,190

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 three months ended March 31, 2022 and 2021, totaled $2.8 million and $374,000, respectively. Net gains recognized on sales of SBA loans were $343,000 and $60,000 for the three months ended March 31, 2022 and 2021, respectively.