XML 47 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commercial Loans Receivables and Allowance for Loan Loss (Tables)
 12 Months Ended
Mar. 31, 2018
Receivables [Abstract]  
Commercial Loans Receivables
Commercial loans receivable, net, consist of the following by class of financing notes receivable (in thousands):
 
March 31,
2018
 
April 1,
2017
Direct loans receivable
$
16,368

 
$
24,959

Participation loans receivable
275

 
1,084

Allowance for loan loss
(42
)
 
(210
)
 
$
16,601

 
$
25,833
Commercial Loans Receivable Characteristics (Weighted averages)
The commercial loans receivable balance has the following characteristics:
 
March 31,
2018
 
April 1,
2017
Weighted average contractual interest rate
4.6
%
 
5.6
%
Weighted average months to maturity
6

 
6

The Company evaluates the potential for loss from its participation loan programs based on the independent lender's overall financial stability, as well as historical experience, and has determined that an applicable allowance for loan loss was not needed at either March 31, 2018 or April 1, 2017.
Changes in the Allowance for Loan Losses on Commercial Loans Receivables
The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan loss applicable to the direct programs (in thousands):
 
Year Ended
 
March 31,
2018
 
April 1,
2017
Balance at beginning of period
$
210

 
$
128

Provision for commercial loan credit losses
(168
)
 
82

Loans charged off, net of recoveries
—

 
—

Balance at end of period
$
42

 
$
210
Allowance for Loan Losses andCommercial Loans Receivables By Class Individually and Collectively Evaluated for Impairment
The following table disaggregates commercial loans receivable and the estimated allowance for loan loss for each class of financing receivable by evaluation methodology (in thousands):
 
Direct Commercial Loans
 
Participation Commercial Loans
 
March 31,
2018
 
April 1,
2017
 
March 31,
2018
 
April 1,
2017
Commercial loans receivable:
 
 
 
 
 
 
 
Collectively evaluated for impairment
$
4,193

 
$
13,688

 
$
—

 
$
—

Individually evaluated for impairment
12,175

 
11,271

 
275

 
1,084

 
$
16,368

 
$
24,959

 
$
275

 
$
1,084

Allowance for loan loss:
 
 
 
 
 
 
 
Collectively evaluated for impairment
$
(42
)
 
$
(137
)
 
$
—

 
$
—

Individually evaluated for impairment
—

 
(73
)
 
—

 
—

 
$
(42
)
 
$
(210
)
 
$
—

 
$
—
Commercial Loans Receivables by Class and Internal Credit Quality Indicator
The following table disaggregates the Company's commercial loans receivable by class and credit quality indicator (in thousands):
 
Direct Commercial Loans
 
Participation Commercial Loans
 
March 31,
2018
 
April 1,
2017
 
March 31,
2018
 
April 1,
2017
Risk profile based on payment activity:
 
 
 
 
 
 
 
Performing
$
16,368

 
$
24,886

 
$
275

 
$
1,084

Watch list
—

 
—

 
—

 
—

Nonperforming
—

 
73

 
—

 
—

 
$
16,368

 
$
24,959

 
$
275

 
$
1,084
Geographic Concentration of Commercial Loans Receivables in Key States
The Company has concentrations of commercial loans receivable related to factory-built homes located in the following states, measured as a percentage of commercial loans receivables principal balance outstanding:
 
March 31,
2018
 
April 1,
2017
Arizona
16.7
%
 
21.3
%
Oregon
14.7
%
 
15.7
%
California
14.4
%
 
11.0
%