III. Loan Portfolio  28  Loan Portfolio Composition . The following table sets forth the composition of the loan portfolio by type of loan  at the dates indicated.  The following table sets forth the contractual maturities of loans as of December 31, 2012. The table does not  include unscheduled prepayments.  < 1 year 1-5 years > 5 years Total One-to-four family residential real estate  $ 15,553 $ 35,090 $ 37,811 $ 88,454  Construction and land 19,680 3,120 635 23,435  Commercial real estate 18,161 35,802 34,827 88,790  Commercial loans 43,467 17,171 3,932 64,570  Agriculture loans 22,975 5,628 3,332 31,935  Municipal loans 4,357 1,892 3,608 9,857  Consumer loans 4,017 6,054 3,346 13,417  Total gross loans  $ 128,210 $ 104,757 $ 87,491 $ 320,458  (Dollars in thousands) As of December 31, 2012 2012 2011 2010 2009 2008 Balance One-to-four family residential real estate 88,454 $ 79,108 $ 79,631 $ 89,295 $ 104,369 $ Construction and land 23,435 21,672 23,652 36,864 41,107 Commercial real estate 88,790 93,786 92,124 99,459 98,320 Commercial loans 64,570 57,006 57,286 61,347 63,387 Agriculture loans 31,935 39,052 38,836 38,205 43,144 Municipal loans 9,857 10,366 5,393 5,672 2,613 Consumer loans 13,417 13,584 14,385 16,922 16,383 Total gross loans 320,458 314,574 311,307 347,764 369,323 Net deferred loan costs, fees and loans in process 37 214 328 442 320 Allowance for loan losses (4,581) (4,707) (4,967) (5,468) (3,871) Loans, net 315,914 $ 310,081 $ 306,668 $ 342,738 $ 365,772 $ Percent of total One-to-four family residential real estate 27.6% 25.2% 25.6% 25.7% 28.3% Construction and land 7.3% 6.9% 7.6% 10.6% 11.1% Commercial real estate 27.7% 29.8% 29.6% 28.6% 26.6% Commercial loans 20.1% 18.1% 18.4% 17.6% 17.2% Agriculture loans 10.0% 12.4% 12.5% 11.0% 11.7% Municipal loans 3.1% 3.3% 1.7% 1.6% 0.7% Consumer loans 4.2% 4.3% 4.6% 4.9% 4.4% Total gross loans 100.0% 100.0% 100.0% 100.0% 100.0% As of December 31, (Dollars in thousands)