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Loans Receivable

12 Months Ended

Mar. 31, 2015

5. LOANS RECEIVABLE

Loans receivable at March 31, 2015 and 2014 are reported net of deferred loan fees totaling $2.2 million and $2.0 million, respectively. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):

		March 31, 2015		March 31, 2014

Commercial and construction
Commercial business	$	77,186	$	71,632
Other real estate mortgage ⁽¹⁾		345,506		324,881
Real estate construction		30,498		19,482
Total commercial and construction		453,190		415,995

Consumer
Real estate one-to-four family		89,801		93,007
Other installment		36,781		24,486
Total consumer		126,582		117,493

Total loans		579,772		533,488

Less: Allowance for loan losses		10,762		12,551
Loans receivable, net	$	569,010	$	520,937

⁽¹⁾ Other real estate mortgage consists of commercial real estate, land and multi-family loans.

The Company originates commercial business, commercial real estate, multi-family real estate, real estate construction, residential real estate and other consumer loans. At March 31, 2015 and 2014, 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, 2015, loans carried at $349.6 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 for the periods indicated (in thousands):

	Year Ended March 31,
	2015			2014			2013
Beginning balance	$	854		$	1,609		$	1,907
Originations		511			-			226
Principal repayments		(132	)		(755	)		(524	)
Ending balance	$	1,233		$	854		$	1,609