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Loans Receivable
 12 Months Ended
Mar. 31, 2012
Loans Receivable:  
Loans Receivable

 

5.  

LOANS RECEIVABLE

 

Loans receivable at March 31, 2012 and 2011 are reported net of deferred loan fees totaling $2.7 million and $2.9 million, respectively. Loans receivable, excluding loans held for sale, consisted of the following (in thousands):

 

 

 

 

March 31, 2012

 

 

March 31, 2011

Commercial and construction

 

 

 

 

 

Commercial business

$

87,238

 

$

85,511

Other real estate mortgage

 

434,763

 

 

461,955

Real estate construction

 

25,791

 

 

27,385

Total commercial and construction

 

547,792

 

 

574,851

 

 

 

 

 

 

Consumer

 

 

 

 

 

Real estate one-to-four family

 

134,975

 

 

110,437

Other installment

 

2,042

 

 

2,289

Total consumer

 

137,017

 

 

112,726

 

 

 

 

 

 

Total loans

 

684,809

 

 

687,577

 

 

 

 

 

 

Less:

 

 

 

 

 

Allowance for loan losses

 

19,921

 

 

14,968

Loans receivable, net

$

664,888

 

$

672,609

 

The Company originates commercial business, commercial real estate, multi-family real estate, real estate construction, residential real estate and consumer loans. At March 31, 2012 and 2011, the Company had no loans to foreign domiciled businesses or foreign countries, or loans related to highly leveraged transactions. Substantially all of the mortgage loans in the Company’s portfolio are secured by properties located in Washington and Oregon, and, accordingly, the ultimate collectibility of a substantial portion of the Company’s loan portfolio is susceptible to changes in the local economic conditions in these markets. 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 March 31, 2012, loans carried at $494.5 million were pledged as collateral to the FHLB and FRB for borrowing arrangements.

 

Aggregate loans to officers and directors, all of which are current, consist of the following (in thousands):

 

 

Year Ended March 31,

 

 

2012

 

2011

 

2010

 

Beginning balance

$

2,160

 

$

1,448

 

$

1,021

 

Originations

 

1

 

 

774

 

 

628

 

Principal repayments

 

(254

)

 

(62

)

 

(201

)

Ending balance

$

1,907

 

$

2,160

 

$

1,448