LOANS

6 Months Ended

Jun. 30, 2020

LOANS

LOANS

NOTE 4: LOANS

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

(Dollars in thousands)	June 30, 2020			December 31, 2019
Commercial and industrial	$	837,667	28.4%	$	527,607	19.9%
Real estate:
Commercial real estate		908,027	30.8%		900,746	34.0%
Construction and development		552,879	18.8%		527,812	19.9%
1-4 family residential		272,253	9.2%		280,192	10.6%
Multi-family residential		255,273	8.7%		277,209	10.5%
Consumer		36,338	1.2%		36,782	1.4%
Agriculture		7,795	0.3%		9,812	0.4%
Other		77,535	2.6%		86,513	3.3%
Total gross loans		2,947,767	100.0%		2,646,673	100.0%
Less allowance for credit losses for loans		(39,678)			(25,280)
Less deferred loan fees and unearned discounts		(12,879)			(6,125)
Less loans held for sale		—			(1,463)
Loans, net	$	2,895,210		$	2,613,805

Accrued interest receivable for loans was $12.0 million and $7.5 million at June 30, 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 six months ending June 30, 2020 and 2019, by loan class, were as follows:

	Participations		Participations
	Purchased		Sold
	During the		During the
(Dollars in thousands)	Period		Period
June 30, 2020
Commercial	$	—	$	566
Commercial real estate		2,500		—
June 30, 2019
Commercial real estate	$	1,256	$	30,330

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 six months ended June 30, 2020 and 2019, totaled $508,000 and $1.7 million, respectively.