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Loans Receivable

3 Months Ended

Dec. 31, 2011

7.	LOANS RECEIVABLE

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

	December 31, 2011		March 31, 2011
Commercial and construction
Commercial business	$	86,759	$	85,511
Other real estate mortgage (1)		448,288		461,955
Real estate construction		27,544		27,385
Total commercial and construction		562,591		574,851

Consumer
Real estate one-to-four family		129,780		110,437
Other installment		2,181		2,289
Total consumer		131,961		112,726

Total loans		694,552		687,577

Less: Allowance for loan losses		15,926		14,968
Loans receivable, net	$	678,626	$	672,609

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

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.

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 December 31, 2011 and March 31, 2011, the Bank had no loans to any one borrower in excess of the regulatory limit.