At December 31, 2021, we had 14 loans totaling $6.3 million and at December 31, 2020 we had 20 loans totaling $8.4 million, which we considered as TDRs. The Company considers a loan to be a TDR when the debtor experiences financial difficulties and the Company grants a concession to the debtor that it would not normally consider. Concessions can relate to the contractual interest rate, maturity date, or payment structure of the note. As part of our workout plan for individual loan relationships, we may restructure loan terms to assist borrowers facing challenges in the current economic environment.

A restructuring that results in only a delay in payments that is insignificant is not considered an economic concession. In accordance with the CARES Act, the Company implemented loan modification programs in response to the COVID-19 pandemic, and the Company elected the accounting policy in the CARES Act to not apply TDR accounting to loans modified for borrowers impacted by the COVID-19 pandemic. Under the CARES Act, the Company granted short-term loan deferrals to 864 loan clients, of which all had returned to normal payments as of December 31, 2021. In addition, short-term loan deferrals were granted to six clients with loans totaling $3.2 million at December 31, 2020, which were considered TDRs due to the client experiencing financial difficulty before the pandemic. Three loans totaling $443,000 were renewed during 2021 and considered TDRs at the time of renewal.

The following table summarizes the concession at the time of modification and the recorded investment in our TDRs before and after their modification.


	For the year ended December 31, 2021
											Pre-		Post-
											modification		modification
	Renewals		Reduced		Converted		Maturity		Total		outstanding		outstanding
	deemed a		or deferred		to interest		date		number		recorded		recorded
(dollars in thousands)	concession		payments		only		extensions		of loans		investment		Investment
Consumer
Real estate		2		-		-		-		2	$	259	$	262
Home equity		1		-		-		-		1		181		181
Total loans		3		-		-		-		3	$	440	$	443

	For the year ended December 31, 2020
											Pre-		Post-
											modification		modification
	Renewals		Reduced		Converted		Maturity		Total		outstanding		outstanding
	deemed a		or deferred		to interest		date		number		recorded		recorded
	concession		payments		only		extensions		of loans		investment		Investment
Commercial
Business		1		-		-		-		1	$	1,037	$	1,037
Consumer
Real estate		2		-		-		-		2		647		647
Home equity		2		-		-		-		2		1,448		1,448
Total loans		5		-		-		-		5	$	3,132	$	3,132

As of December 31, 2021 and 2020 there were no loans modified as TDRs for which there was a payment default (60 days past due) within 12 months of the restructuring date.