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LOANS RECEIVABLE
 9 Months Ended
Dec. 31, 2018
Receivables [Abstract]  
LOANS RECEIVABLE
7.
LOANS RECEIVABLE
 
Loans receivable as of December 31, 2018 and March 31, 2018 are reported net of deferred loan fees totaling $4.2 million and $3.6 million, respectively. Loans receivable are also reported net of discounts and premiums totaling $1.7 million and $1.8 million as of December 31, 2018, respectively, 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):
 
 
   
December 31,
2018
    
March 31,
2018
  
Commercial and construction
            
Commercial business
  
$
154,360
    
$
137,672
  
Commercial real estate
    
468,361
      
450,597
  
Land
    
18,506
      
15,337
  
Multi-family
    
54,930
      
63,080
  
Real estate construction
    
76,518
      
39,584
  
Total commercial and construction
    
772,675
      
706,270
  
                 
Consumer
                
Real estate one-to-four family
    
86,240
      
90,109
  
Other installment (1)
    
9,721
      
14,997
  
Total consumer
    
95,961
      
105,106
  
                 
Total loans
    
868,636
      
811,376
  
Less:  Allowance for loan losses
    
11,502
      
10,766
  
Loans receivable, net
  
$
857,134
    
$
800,610
  
                 
      (1) Consists primarily of purchased automobile loans totaling $7.2 million and $12.9 million at December 31, 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 December 31, 2018, loans carried at $520.0 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 activities are 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 December 31, 2018 and March 31, 2018, the Bank had no loans to any one borrower in excess of the regulatory limit.