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Loans Receivable

12 Months Ended

Mar. 31, 2014

5. LOANS RECEIVABLE

Loans receivable at March 31, 2014 and 2013 are reported net of deferred loan fees totaling $2.0 million. Loans receivable, excluding loans held for sale, consisted of the following (in thousands):

		March 31, 2014		March 31, 2013

Commercial and construction
Commercial business	$	71,632	$	71,935
Other real estate mortgage		324,881		355,397
Real estate construction		19,482		9,675
Total commercial and construction		415,995		437,007

Consumer
Real estate one-to-four family		93,007		97,140
Other installment		24,486		1,865
Total consumer		117,493		99,005

Total loans		533,488		536,012

Less:
Allowance for loan losses		12,551		15,643
Loans receivable, net	$	520,937	$	520,369

The Company originates commercial business, commercial real estate, multi-family real estate, real estate construction, residential real estate and consumer loans. At March 31, 2014 and 2013, the Company had no loans to foreign domiciled businesses or foreign countries, or loans related to highly leveraged transactions. Substantially all of the mortgage loans in the Company’s portfolio are secured by properties located in Washington and Oregon, and, accordingly, the ultimate collectibility of a substantial portion of the Company’s loan portfolio is susceptible to changes in the local economic conditions in these markets. 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 March 31, 2014, loans carried at $335.4 million were pledged as collateral to the FHLB and FRB for borrowing arrangements.

Aggregate loans to officers and directors, all of which are current, consist of the following (in thousands):

	Year Ended March 31,
	2014			2013			2012
Beginning balance	$	1,609		$	1,907		$	2,160
Originations		-			226			1
Principal repayments		(755	)		(524	)		(254	)
Ending balance	$	854		$	1,609		$	1,907