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Loans Receivable

6 Months Ended

Sep. 30, 2012

7. LOANS RECEIVABLE

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

		September 30, 2012		March 31, 2012

Commercial and construction
Commercial business	$	74,953	$	87,238
Other real estate mortgage ⁽¹⁾		385,715		434,763
Real estate construction		16,920		25,791
Total commercial and construction		477,588		547,792

Consumer
Real estate one-to-four family		102,473		134,975
Other installment		2,137		2,042
Total consumer		104,610		137,017

Total loans		582,198		684,809

Less: Allowance for loan losses		20,140		19,921
Loans receivable, net	$	562,058	$	664,888

⁽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, 2012, loans carried at $410.3 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, 2012 and March 31, 2012, the Bank had no loans to any one borrower in excess of the regulatory limit.