Loans

9 Months Ended

Sep. 30, 2021

A summary of loan balances follows:


(in thousands)	September 30, 2021		December 31, 2020
Commercial real estate:
CRE non-owner occupied	$	1,526,030	$	1,535,555
CRE owner occupied	701,041		624,375
Multifamily	829,644		639,480
Farmland	166,022		152,492
Total commercial real estate loans	3,222,737		2,951,902
Consumer:
SFR 1-4 1st DT liens	662,343		546,592
SFR HELOCs and junior liens	323,258		327,484
Other	68,052		78,032
Total consumer loans	1,053,653		952,108
Commercial and industrial	345,027		526,327
Construction	216,680		284,842
Agriculture production	44,410		44,164
Leases	4,989		3,784
Total loans, net of deferred loan fees and discounts	$	4,887,496	$	4,763,127
Total principal balance of loans owed, net of charge-offs	$	4,928,842	$	4,805,596
Unamortized net deferred loan fees	(17,218)		(16,984)
Discounts to principal balance of loans owed, net of charge-offs	(17,984)		(25,485)
Total loans, net of unamortized deferred loan fees and discounts	$	4,893,640	$	4,763,127
Allowance for credit losses on loans	$	(84,306)	$	(91,847)

As of September 30, 2021 and December 31, 2020, the total gross balance outstanding of PPP loans was $157,461,000 and $326,770,000, respectively, as compared to total PPP originations of $640,410,000. In connection with the origination of these loans, the Company earned approximately $25,299,000 in loan fees, offset by deferred loan costs of approximately $1,245,000, the net of which will be recognized over the earlier of loan maturity (between 24-60 months), repayment or receipt of forgiveness confirmation. As of September 30, 2021, there was approximately $6,013,000 in net deferred fee income remaining to be recognized. During the three and nine months ended September 30, 2021, the Company recognized $2,984,000 and $10,306,000, respectively in fees on PPP loans as compared with $2,603,000 and $4,959,000 for the three and nine months ended September 30, 2020, respectively.