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LOANS RECEIVABLE

9 Months Ended

Dec. 31, 2021

LOANS RECEIVABLE

LOANS RECEIVABLE

6.      LOANS RECEIVABLE

Loans receivable are reported net of deferred loan fees. Deferred loan fees at December 31, 2021 and March 31, 2021, totaled $4.6 million and $6.6 million, respectively, of which $522,000 and $2.7 million, respectively, were related to SBA Paycheck Protection Program (“PPP”) loans. Loans receivable are also reported net of discounts and premiums totaling $497,000 and $2.3 million, respectively, as of December 31, 2021, compared to $722,000 and $956,000, respectively, as of March 31, 2021. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):

​

​	​	​	​	​	​	​
​		December 31,			March 31,
​	​	2021		​	2021
Commercial and construction		​			​
Commercial business (1)	​	$	222,535	​	$	265,145
Commercial real estate	​		566,656	​	​	543,467
Land	​		11,351	​	​	14,040
Multi-family	​		53,865	​	​	45,014
Real estate construction	​		18,365	​	​	16,990
Total commercial and construction	​		872,772	​	​	884,656
​	​	​	​	​	​	​
Consumer	​		​	​	​	​
Real estate one-to-four family	​		87,821	​	​	56,405
Other installment	​		1,630	​	​	2,174
Total consumer	​		89,451	​	​	58,579
​	​	​	​	​	​	​
Total loans	​		962,223	​	​	943,235
​	​	​	​	​	​	​
Less: Allowance for loan losses	​		15,173	​	​	19,178
Loans receivable, net	​	$	947,050	​	$	924,057

(1)SBA PPP loans totaled $14.3 million and $93.4 million at December 31, 2021 and March 31, 2021, 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, 2021, loans carried at $553.6 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, 2021 and March 31, 2021, 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

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- References

No definition available.

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