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Loans Receivable

6 Months Ended

Sep. 30, 2013

7. LOANS RECEIVABLE

Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):

		September 30, 2013		March 31, 2013

Commercial and construction
Commercial business	$	70,510	$	71,935
Other real estate mortgage ⁽¹⁾		348,257		355,397
Real estate construction		11,850		9,675
Total commercial and construction		430,617		437,007

Consumer
Real estate one-to-four family		90,550		97,140
Other installment		1,976		1,865
Total consumer		92,526		99,005

Total loans		523,143		536,012

Less: Allowance for loan losses		13,696		15,643
Loans receivable, net	$	509,447	$	520,369

⁽¹⁾ Other real estate mortgage consists of commercial real estate, land and multi-family loans

The Company’s loan portfolio has very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At September 30, 2013, loans carried at $353.1 million were pledged as collateral to the Federal Home Loan Bank of Seattle (“FHLB”) and Federal Reserve Bank of San Francisco (“FRB”) for borrowing agreements.

Most of the Bank’s business activity is with customers located in the states of Washington and Oregon. Loans and extensions of credit outstanding at one time to one borrower or a group of related borrowers are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive loss. As of September 30, 2013 and March 31, 2013, the Bank had no loans to any one borrower in excess of the regulatory limit.