LOANS RECEIVABLE

9 Months Ended

Dec. 31, 2022

LOANS RECEIVABLE

LOANS RECEIVABLE

6.      LOANS RECEIVABLE

Loans receivable are reported net of deferred loan fees and discounts, and inclusive of premiums. At December 31, 2022, deferred loan fees totaled $4.4 million compared to $4.5 million at March 31, 2022. Loans receivable discounts and premiums totaled $1.5 million and $2.3 million, respectively, as of December 31, 2022, compared to $371,000 and $2.4 million, respectively, as of March 31, 2022. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):

	December 31,		March 31,
	2022		2022
Commercial and construction
Commercial business	$	238,740	$	228,091
Commercial real estate		562,180		582,837
Land		6,481		11,556
Multi-family		55,157		60,211
Real estate construction		51,153		24,160
Total commercial and construction		913,711		906,855
Consumer
Real estate one-to-four family		101,122		82,006
Other installment		1,680		1,547
Total consumer		102,802		83,553
Total loans		1,016,513		990,408
Less: Allowance for loan losses		14,558		14,523
Loans receivable, net	$	1,001,955	$	975,885

The Company considers its loan portfolio to have very little exposure to sub-prime mortgage loans since the Company has not historically engaged in this type of lending. At December 31, 2022, loans carried at $602.2 million were pledged as collateral to the Federal Home Loan Bank of Des Moines (“FHLB”) and Federal Reserve Bank of San Francisco (“FRB”) pursuant to borrowing agreements.

Substantially all 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 are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive income (loss). As of December 31, 2022 and March 31, 2022, the Bank had no loans to any one borrower in excess of the regulatory limit.