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Loans Receivable

9 Months Ended

Dec. 31, 2014

7. LOANS RECEIVABLE

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

		December 31, 2014		March 31, 2014

Commercial and construction
Commercial business	$	82,284	$	71,632
Other real estate mortgage ⁽¹⁾		337,030		324,881
Real estate construction		29,199		19,482
Total commercial and construction		448,513		415,995

Consumer
Real estate one-to-four family		90,865		93,007
Other installment		39,721		24,486
Total consumer		130,586		117,493

Total loans		579,099		533,488

Less: Allowance for loan losses		11,701		12,551
Loans receivable, net	$	567,398	$	520,937

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

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 December 31, 2014, loans carried at $340.8 million were pledged as collateral to the Federal Home Loan Bank of Seattle (“FHLB”) and Federal Reserve Bank of San Francisco (“FRB”) pursuant to/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 are generally limited by federal regulation to 15% of the Bank’s shareholders’ equity, excluding accumulated other comprehensive loss. As of December 31, 2014 and March 31, 2014, the Bank had no loans to any one borrower in excess of the regulatory limit.