Loans

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Loans

Loans

A summary of loan balances follows:

(in thousands)	December 31, 2022		December 31, 2021
Commercial real estate:
CRE non-owner occupied	$	2,149,725	$	1,603,141
CRE owner occupied	984,807		706,307
Multifamily	944,537		823,500
Farmland	280,014		173,106
Total commercial real estate loans	4,359,083		3,306,054
Consumer:
SFR 1-4 1st DT liens	790,349		666,960
SFR HELOCs and junior liens	393,666		337,513
Other	56,728		67,078
Total consumer loans	1,240,743		1,071,551
Commercial and industrial	569,921		259,355
Construction	211,560		222,281
Agriculture production	61,414		50,811
Leases	7,726		6,572
Total loans, net of deferred loan fees and discounts	$	6,450,447	$	4,916,624
Total principal balance of loans owed, net of charge-offs	$	6,496,210	$	4,946,653
Unamortized net deferred loan fees	(15,275)		(13,922)
Discounts to principal balance of loans owed, net of charge-offs	(30,488)		(16,107)
Total loans, net of unamortized deferred loan fees and discounts	$	6,450,447	$	4,916,624
Allowance for credit losses	$	(105,680)	$	(85,376)

In March 2020, the Small Business Administration ("SBA") Paycheck Protection Program ("PPP") was created to help small businesses keep workers employed during the COVID-19 crisis. As of December 31, 2022 and 2021, the total gross balance outstanding of PPP loans, which are included in commercial and industrial loans above, was $1,617,000 and $63,311,000, respectively, as compared to total PPP originations of $640,410,000. As of December 31, 2022, there was approximately $15,000 in net deferred fee income remaining to be recognized. During the year ended December 31, 2022, the Company recognized $2,149,000 in fees on PPP loans, as compared with $14,148,000 and $7,760,000 for the years ended December 31, 2021 and 2020, respectively. The SBA ended PPP and did not accept new borrowing applications, effective May 31, 2021.