NOTE 4: LOANS

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



(Dollars in thousands)	March 31, 2020			December 31, 2019
Commercial and industrial	$	542,650	20.3%	$	527,607	19.9%
Real estate:
Commercial real estate		904,395	33.8%		900,746	34.0%
Construction and development		558,343	20.8%		527,812	19.9%
1-4 family residential		276,142	10.3%		280,192	10.6%
Multi-family residential		267,152	10.0%		277,209	10.5%
Consumer		38,133	1.4%		36,782	1.4%
Agriculture		7,520	0.3%		9,812	0.4%
Other		84,076	3.1%		86,513	3.3%
Total gross loans		2,678,411	100.0%		2,646,673	100.0%
Less allowance for credit losses for loans		(31,194)			(25,280)
Less deferred loan fees and unearned discounts		(5,942)			(6,125)
Less loans held for sale		(882)			(1,463)
Loans, net	$	2,640,393		$	2,613,805

Accrued interest receivable for loans was $7.8 million and $7.5 million at March 31, 2020 and December 31, 2019, respectively, and is 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. Loan participations purchased and sold during the three months ending March 31, 2020 and 2019, by loan class, were as follows:


	Participations		Participations
	Purchased		Sold
	During the		During the
(Dollars in thousands)	Period		Period
March 31, 2020
Commercial real estate	$	2,500	$	—

March 31, 2019
Commercial real estate	$	1,256	$	—

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, 2020 and 2019, totaled $508,000 and $818,000, respectively.