Loans

12 Months Ended

Dec. 31, 2020

The composition of Net loans at December 31, was as follows:


	2020		2019
	(Dollars in thousands)
Residential real estate	$	183,166	$	192,125
Construction real estate	57,417		69,617
Commercial real estate	320,627		289,883
Commercial	108,861		47,699
Consumer	2,601		3,562
Municipal	98,497		67,358
Gross loans	771,169		670,244
Allowance for loan losses	(8,271)		(6,122)
Net deferred loan (fees) costs	(146)		1,043
Net loans	$	762,752	$	665,165

There were 679 PPP loans totaling $66.2 million classified as commercial loans as of December 31, 2020. Origination fees received from the SBA on these PPP loans totaled $2.4 million and will be amortized over the lives of the respective loans. PPP loan origination fees of $953 thousand were recognized in earnings during the year ended December 31, 2020.

Qualifying residential first mortgage loans and certain commercial real estate loans with a carrying value of $210.0 million and $207.7 million were pledged as collateral for borrowings from the FHLB under a blanket lien at December 31, 2020 and 2019, respectively.

A summary of current, past due and nonaccrual loans as of the balance sheet dates follows:


December 31, 2020	Current		30-59 Days		60-89 Days		90 Days and over and accruing		Nonaccrual		Total
	(Dollars in thousands)
Residential real estate	$	179,794	$	2,166	$	211	$	368	$	627	$	183,166
Construction real estate	57,116		70		67		143		21		57,417
Commercial real estate	317,748		1,130		—		—		1,749		320,627
Commercial	108,749		99		—		—		13		108,861
Consumer	2,595		6		—		—		—		2,601
Municipal	98,497		—		—		—		—		98,497
Total	$	764,499	$	3,471	$	278	$	511	$	2,410	$	771,169


December 31, 2019	Current		30-59 Days		60-89 Days		90 Days and over and accruing		Nonaccrual		Total
	(Dollars in thousands)
Residential real estate	$	187,022	$	2,716	$	1,304	$	811	$	272	$	192,125
Construction real estate	68,731		470		19		368		29		69,617
Commercial real estate	286,795		940		150		—		1,998		289,883
Commercial	47,673		—		5		—		21		47,699
Consumer	3,532		21		6		—		3		3,562
Municipal	67,358		—		—		—		—		67,358
Total	$	661,111	$	4,147	$	1,484	$	1,179	$	2,323	$	670,244

There were no residential real estate loans in process of foreclosure at December 31, 2020 and two residential real estate loans totaling $64 thousand in process of foreclosure at December 31, 2019. A moratorium on residential mortgage foreclosures instituted by the State of Vermont in April 2020 related to the COVID-19 pandemic remained in effect as of year end. Aggregate interest not recognized on nonaccrual loans was $420 thousand and $271 thousand for the years ended December 31, 2020 and 2019, respectively.