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Loans Receivable

3 Months Ended

Jun. 30, 2012

7.	LOANS RECEIVABLE

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

		June 30, 2012		March 31, 2012

Commercial and construction
Commercial business	$	79,795	$	87,238
Other real estate mortgage		415,320		434,763
Real estate construction		15,447		25,791
Total commercial and construction		510,562		547,792

Consumer
Real estate one-to-four family		105,298		134,975
Other installment		2,250		2,042
Total consumer		107,548		137,017

Total loans		618,110		684,809

Less: Allowance for loan losses		20,972		19,921
Loans receivable, net	$	597,138	$	664,888

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 June 30, 2012, loans carried at $478.9 million were pledged as collateral to the FHLB and 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 are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive loss. As of June 30, 2012 and March 31, 2012, the Bank had no loans to any one borrower in excess of the regulatory limit.