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LOANS RECEIVABLE | 9 Months Ended
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Dec. 31, 2020
LOANS RECEIVABLE |
LOANS RECEIVABLE | 6. LOANS RECEIVABLE Loans receivable are reported net of deferred loan fees. At December 31, 2020, deferred loan fees totaled $5.4 million of which $1.6 million were related to the SBA’s Paycheck Protection Program (“PPP”) loans. At March 31, 2020, deferred loan fees totaled $4.1 million of which there were no deferred loan fees related to SBA PPP loans. Loans receivable are also reported net of discounts and premiums totaling $813,000 and $1.1 million, respectively, as of December 31, 2020, compared to $1.1 million and $1.5 million, respectively, as of March 31, 2020. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):
|  | December 31, |  | March 31,
|  | 2020 |  | 2020
Commercial and construction |  |  |  |  |  |
Commercial business(1) |  | $ | 252,687 |  | $ | 179,029
Commercial real estate |  |  | 541,417 |  |  | 507,871
Land |  |  | 12,126 |  |  | 14,026
Multi-family |  |  | 42,166 |  |  | 58,374
Real estate construction |  |  | 16,922 |  |  | 64,843
Total commercial and construction |  |  | 865,318 |  |  | 824,143
Consumer |  |  |  |  |  |
Real estate one-to-four family |  |  | 63,621 |  |  | 83,150
Other installment |  |  | 2,529 |  |  | 4,216
Total consumer |  |  | 66,150 |  |  | 87,366
Total loans |  |  | 931,468 |  |  | 911,509
Less: Allowance for loan losses |  |  | 19,192 |  |  | 12,624
Loans receivable, net |  | $ | 912,276 |  | $ | 898,885
| (1) |  | SBA PPP loans totaled $80.8 million and none at December 31, 2020 and March 31, 2020, 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, 2020, loans carried at $488.6 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. Substantially all 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 December 31, 2020 and March 31, 2020, the Bank had no loans to any one borrower in excess of the regulatory limit.

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- Definition The entire disclosure for claims held for amounts due a company, excluding disclosure for allowance for credit losses. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Also excludes disclosure for financing receivables. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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