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Loans Receivable

6 Months Ended

Sep. 30, 2015

7. LOANS RECEIVABLE

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

		September 30, 2015		March 31, 2015

Commercial and construction
Commercial business	$	78,138	$	77,186
Other real estate mortgage ⁽¹⁾		380,529		345,506
Real estate construction		17,304		30,498
Total commercial and construction		475,971		453,190

Consumer
Real estate one-to-four family		89,520		89,801
Other installment		30,406		36,781
Total consumer		119,926		126,582

Total loans		595,897		579,772

Less: Allowance for loan losses		10,113		10,762
Loans receivable, net	$	585,784	$	569,010

⁽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 September 30, 2015, loans carried at $383.4 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 September 30, 2015 and March 31, 2015, the Bank had no loans to any one borrower in excess of the regulatory limit.