The composition of net loans held for investment by class as of March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022			December 31, 2021
	(dollars in thousands)
Commercial
Commercial	$	80,123		$	73,035
SBA Paycheck Protection Program (PPP)		7,946			15,840
Real estate - commercial		154,577			150,382
Other real estate construction loans		42,713			28,275
Other loans		5,393			5,496
Noncommercial
Real estate 1-4 family construction		8,927			8,424
Real estate - residential		84,156			78,824
Home equity		52,666			51,003
Consumer loans		9,040			9,579
		445,541			420,858
Less:
Allowance for loan losses		(4,156	)		(4,026	)
Deferred loan costs (fees) net		383			(79	)

Loans held for investment, net	$	441,768		$	416,753

The Paycheck Protection Program (“PPP”), which is administered by the Small Business Administration (“SBA”), was created as part of the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. The Company participated in assisting its customers with applications for funds through the program. PPP loans have a two-year term or, if approved after June 5, 2020, a five-year term and earn interest at 1%. The Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. As of March 31, 2022, the Company had funded 1,202 PPP loans representing $81.0 million. Of the loans funded, 1,187 loans totaling $80.7 million had been paid off or forgiven by the SBA as of March 31, 2022. The Consolidated Appropriations Act, 2021, or CAA, established another round of PPP loan funding for certain eligible borrowers, and the Company assisted these borrowers in obtaining a first or second draw loan. The Company had funded 879 second round PPP loans totaling $46.4 million as of March 31, 2022. Of the loans funded during the second round, 728 loans totaling $38.7 million had been paid off or forgiven by the SBA as of March 31, 2022. Remaining deferred loan fees of $393,000 and remaining deferred loan costs of $47,000 were attributable to the second round of PPP loans at March 31, 2022. It is the Company’s understanding that loans funded through the PPP are fully guaranteed by the U.S. government. Should those circumstances change, the Company could be required to establish additional allowance for loan loss through additional provision expense charged to earnings.