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LOANS RECEIVABLE
 3 Months Ended
Jun. 30, 2018
Receivables [Abstract]  
LOANS RECEIVABLE
7.
LOANS RECEIVABLE
 
Loans receivable as of June 30, 2018 and March 31, 2018 are reported net of deferred loan fees totaling $3.8 million and $3.6 million, respectively. Loans receivable are also reported net of discounts and premiums totaling $2.1 million and $1.9 million, respectively, as of June 30, 2018, compared to $2.2 million and $2.0 million, respectively, as of March 31, 2018. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):
 
 
   
June 30, 2018
    
March 31, 2018
  
Commercial and construction
            
Commercial business
  
$
148,257
    
$
137,672
  
Commercial real estate
    
448,019
      
450,597
  
Land
    
17,304
      
15,337
  
Multi-family
    
58,794
      
63,080
  
Real estate construction
    
53,156
      
39,584
  
Total commercial and construction
    
725,530
      
706,270
  
                 
Consumer
                
Real estate one-to-four family
    
88,212
      
90,109
  
Other installment (1)
    
12,844
      
14,997
  
Total consumer
    
101,056
      
105,106
  
                 
Total loans
    
826,586
      
811,376
  
                 
Less:  Allowance for loan losses
    
11,349
      
10,766
  
Loans receivable, net
  
$
815,237
    
$
800,610
  
                 
         (1) Consists primarily of purchased automobile loans totaling $10.8 million and $12.9 million at June 30, 2018 and March 31, 2018, 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, 2018, loans carried at $517.4 million were pledged as collateral to the Federal Home Loan Bank of Des Moines ("FHLB") and Federal Reserve Bank of San Francisco ("FRB") pursuant to 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 (loss). As of June 30, 2018 and March 31, 2018, the Bank had no loans to any one borrower in excess of the regulatory limit.