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7. Loans Receivable

3 Months Ended

Jun. 30, 2013

7. LOANS RECEIVABLE

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

		June 30, 2013		March 31, 2013
Commercial and construction
Commercial business	$	69,175	$	71,935
Other real estate mortgage		350,122		355,397
Real estate construction		10,792		9,675
Total commercial and construction		430,089		437,007

Consumer
Real estate one-to-four family		93,341		97,140
Other installment		1,959		1,865
Total consumer		95,300		99,005

Total loans		525,389		536,012

Less: Allowance for loan losses		13,697		15,643
Loans receivable, net	$	511,692	$	520,369

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, 2013, loans carried at $360.8 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 are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive loss. As of June 30, 2013 and March 31, 2013, the Bank had no loans to any one borrower in excess of the regulatory limit.