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Loans Receivable
 9 Months Ended
Dec. 31, 2013
Notes  
Loans Receivable

7.      LOANS RECEIVABLE

 

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

 

 

 

 

December 31,

2013

 

 

March 31,

2013

 

 

 

 

 

 

Commercial and construction

 

 

 

 

 

Commercial business

$

69,659

 

$

71,935

Other real estate mortgage (1)

 

332,373

 

 

355,397

Real estate construction

 

15,041

 

 

9,675

Total commercial and construction

 

417,073

 

 

437,007

 

 

 

 

 

 

Consumer

 

 

 

 

 

Real estate one-to-four family

 

93,026

 

 

97,140

Other installment

 

9,581

 

 

1,865

Total consumer

 

102,607

 

 

99,005

 

 

 

 

 

 

Total loans

 

519,680

 

 

536,012

 

 

 

 

 

 

Less:  Allowance for loan losses

 

14,048

 

 

15,643

Loans receivable, net

$

505,632

 

$

520,369

 

 

 

 

 

 

 (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, 2013, loans carried at $347.1 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, 2013 and March 31, 2013, the Bank had no loans to any one borrower in excess of the regulatory limit.