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LOANS RECEIVABLE

6 Months Ended

Sep. 30, 2022

LOANS RECEIVABLE

LOANS RECEIVABLE

6.      LOANS RECEIVABLE

Loans receivable are reported net of deferred loan fees and discounts, and inclusive of premiums. At September 30, 2022, deferred loan fees totaled $4.6 million compared to $4.5 million at March 31, 2022. Loans receivable discounts and premiums totaled $1.5 million and $2.3 million, respectively, as of September 30, 2022, compared to $371,000 and $2.4 million, respectively, as of March 31, 2022. Loans receivable, excluding loans held for sale, consisted of the following at the dates indicated (in thousands):

​

​	​	​	​	​	​	​
​		September 30,			March 31,
​	​	2022		​	2022
Commercial and construction		​			​
Commercial business	​	$	236,317	​	$	228,091
Commercial real estate	​		564,581	​	​	582,837
Land	​		8,208	​	​	11,556
Multi-family	​		58,367	​	​	60,211
Real estate construction	​		37,758	​	​	24,160
Total commercial and construction	​		905,231	​	​	906,855
​	​	​	​	​	​	​
Consumer	​		​	​	​	​
Real estate one-to-four family	​		104,163	​	​	82,006
Other installment	​		1,614	​	​	1,547
Total consumer	​		105,777	​	​	83,553
​	​	​	​	​	​	​
Total loans	​		1,011,008	​	​	990,408
​	​	​	​	​	​	​
Less: Allowance for loan losses	​		14,552	​	​	14,523
Loans receivable, net	​	$	996,456	​	$	975,885

​

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 September 30, 2022, loans carried at $606.4 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.

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 September 30, 2022 and March 31, 2022, 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 https://asc.fasb.org/subtopic&trid=2196772

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- References

No definition available.

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