Consumer Loans Receivable (Tables)

9 Months Ended

Dec. 28, 2013

The following table summarizes consumer loans receivable (in thousands):



	December 28, 2013			March 30, 2013
Loans held for investment (acquired as part of the Palm Harbor transaction)	$	90,350		$	99,854
Loans held for investment (originated after the Palm Harbor transaction)	1,687			606
Loans held for sale	7,391			7,410
Construction advances, net	2,759			3,597
Consumer loans receivable	102,187			111,467
Deferred financing fees and other, net	(198		)	(477		)
Consumer loans receivable, net	$	101,989		$	110,990

Acquired Consumer Loans Receivable Held for Investment



	December 28, 2013			March 30, 2013
	(In thousands)
Consumer loans receivable held for investment – contractual amount	$	231,912		$	263,038
Purchase discount
Accretable yield	(80,803		)	(91,291		)
Non-accretable difference	(60,206		)	(71,451		)
Less consumer loans receivable reclassified as other assets	(553		)	(442		)
Total acquired consumer loans receivable held for investment, net	$	90,350		$	99,854

Accretable Yield Movement on Acquired Consumer Loans Receivable

The changes in accretable yield on acquired consumer loans receivable held for investment were as follows (in thousands):



	Three Months Ended						Nine Months Ended
	December 28, 2013			December 29, 2012			December 28, 2013			December 29, 2012
Balance at the beginning of the period	$	83,817		$	102,314		$	91,291		$	106,949
Accretion	(2,980		)	(3,307		)	(9,143		)	(10,402		)
Net transfers between accretable yield and non-accretable difference	(34		)	374			(1,345		)	2,834
Balance at the end of the period	$	80,803		$	99,381		$	80,803		$	99,381

Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score

The following table disaggregates CountryPlace’s gross consumer loans receivable as of December 28, 2013, for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands):



	Consumer Loans Held for Investment								Consumer
	Securitized 2005		Securitized 2007		Unsecuritized		Construction Advances		Loans Held For Sale		Total
Asset Class
Credit Quality Indicator
Chattel loans
0-619	$	1,142	$	668	$	821	$	—	$	—	$	2,631
620-719	17,449		11,617		987		—		—		30,053
720+	19,594		13,321		593		—		—		33,508
Subtotal	38,185		25,606		2,401		—		—		66,192
Conforming mortgages
0-619	—		—		274				128		402
620-719	—		—		2,308		1,552		4,604		8,464
720+	—		—		287		1,207		2,659		4,153
Subtotal	—		—		2,869		2,759		7,391		13,019
Non-conforming mortgages
0-619	94		817		2,051		—		—		2,962
620-719	1,646		6,399		4,082		—		—		12,127
720+	1,945		4,496		1,429		—		—		7,870
Subtotal	3,685		11,712		7,562		—		—		22,959
Other loans
Subtotal	—		—		17		—		—		17
	$	41,870	$	37,318	$	12,849	$	2,759	$	7,391	$	102,187

Geographic Concentration of Consumer Loans Receivable

Consumer loans receivable are located in the key states shown below with the corresponding percentage of loans aged 61 days or more:



	December 28, 2013			March 30, 2013
		Aging 61 days or more			Aging 61 days or more
	Portfolio	Percent of state’s	Percent of total	Portfolio	Percent of state’s	Percent of total
State	concentration	loan balance	loan balance	concentration	loan balance	loan balance
Texas	41.4%	1.29%	0.53%	41.9%	1.77%	0.74%
Florida	7.9%	1.62%	0.13%	6.7%	2.26%	0.15%
New Mexico	6.9%	1.05%	0.07%	6.6%	2.44%	0.16%
Arizona	5.6%	6.31%	0.35%	6.2%	3.05%	0.19%
All others	38.2%	3.17%	1.21%	38.6%	3.08%	1.19%
	100.0%		2.29%	100.0%		2.43%