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Loans Receivable

3 Months Ended

Jun. 30, 2016

6. LOANS RECEIVABLE

Loans receivable as of June 30, 2016 and March 31, 2016 are reported net of deferred loan fees totaling $2.9 million and $2.7 million, respectively. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):

		June 30, 2016		March 31, 2016

Commercial and construction
Commercial business	$	61,696	$	69,397
Commercial real estate		369,961		353,749
Land		11,137		12,045
Multi-family		30,441		33,733
Real estate construction		34,558		26,731
Total commercial and construction		507,793		495,655

Consumer
Real estate one-to-four family		86,515		88,780
Other installment ⁽¹⁾		35,506		40,384
Total consumer		122,021		129,164

Total loans		629,814		624,819

Less: Allowance for loan losses		9,960		9,885
Loans receivable, net	$	619,854	$	614,934

⁽¹⁾ Consists primarily of purchased automobile loans totaling $33.5 million and $37.4 million at June 30, 2016 and March 31, 2016, respectively.

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 June 30, 2016, loans carried at $441.2 million were pledged as collateral to the Federal Home Loan Bank of Des Moines (“FHLB”) and Federal Reserve Bank of San Francisco (“FRB”) for 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 income. As of June 30, 2016 and March 31, 2016, the Bank had no loans to any one borrower in excess of the regulatory limit.