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Loans Receivable

9 Months Ended

Dec. 31, 2012

7. LOANS RECEIVABLE

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

		December 31, 2012		March 31, 2012

Commercial and construction
Commercial business	$	75,090	$	87,238
Other real estate mortgage ⁽¹⁾		367,158		434,763
Real estate construction		17,615		25,791
Total commercial and construction		459,863		547,792

Consumer
Real estate one-to-four family		97,334		134,975
Other installment		1,985		2,042
Total consumer		99,319		137,017

Total loans		559,182		684,809

Less: Allowance for loan losses		19,633		19,921
Loans receivable, net	$	539,549	$	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 December 31, 2012, loans carried at $376.1 million were pledged as collateral to the Federal Home Loan Bank of Seattle (“FHLB”) and Federal Reserve Bank of San Francisco (“FRB”) under 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 December 31, 2012 and March 31, 2012, the Bank had no loans to any one borrower in excess of the regulatory limit.