Consumer Loans Receivable (Tables)

6 Months Ended

Sep. 28, 2013

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



	September 28, 2013			March 30, 2013
Loans held for investment (acquired as part of the Palm Harbor transaction)	$	92,546		$	99,854
Loans held for investment (originated after the Palm Harbor transaction)	1,312			606
Loans held for sale	7,233			7,410
Construction advances, net	3,553			3,597
Consumer loans receivable	104,644			111,467
Deferred financing fees and other, net	(318		)	(477		)
Consumer loans receivable, net	$	104,326		$	110,990

Acquired Consumer Loans Receivable Held for Investment



	September 28, 2013			March 30, 2013
	(In thousands)
Consumer loans receivable held for investment – contractual amount	$	241,532		$	263,038
Purchase discount
Accretable yield	(83,817		)	(91,291		)
Non-accretable difference	(64,257		)	(71,451		)
Less consumer loans receivable reclassified as other assets	(912		)	(442		)
Total acquired consumer loans receivable held for investment, net	$	92,546		$	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						Six Months Ended
	September 28, 2013			September 30, 2012			September 28, 2013			September 30, 2012
Balance at the beginning of the period	$	86,467		$	103,385		$	91,291		$	106,949
Accretion	(3,048		)	(3,531		)	(6,164		)	(7,095		)
Net transfers from accretable yield to non-accretable difference	398			2,460			(1,310		)	2,460
Balance at the end of the period	$	83,817		$	102,314		$	83,817		$	102,314

Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score

The following table disaggregates CountryPlace’s gross consumer loans receivable as of September 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	$	1,161	$	679	$	887	$	—	$	—	$	2,727
620-719	17,869		11,978		1,024		—		—		30,871
720+	20,136		13,611		609		—		—		34,356
Subtotal	39,166		26,268		2,520		—		—		67,954
Conforming mortgages
0-619	—		—		274		68		129		471
620-719	—		—		2,098		2,363		4,507		8,968
720+	—		—		11		1,122		2,597		3,730
Subtotal	—		—		2,383		3,553		7,233		13,169
Non-conforming mortgages
0-619	95		824		2,084		—		—		3,003
620-719	1,748		6,428		4,203		—		—		12,379
720+	1,954		4,678		1,490		—		—		8,122
Subtotal	3,797		11,930		7,777		—		—		23,504
Other loans
Subtotal	—		—		17		—		—		17
	$	42,963	$	38,198	$	12,697	$	3,553	$	7,233	$	104,644

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:



	September 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	42.3%	1.19%	0.51%	41.9%	1.77%	0.74%
Florida	7.2%	2.82%	0.20%	6.7%	2.26%	0.15%
New Mexico	6.9%	0.63%	0.04%	6.6%	2.44%	0.16%
Arizona	5.8%	—%	—%	6.2%	3.05%	0.19%
All others	37.8%	2.45%	0.93%	38.6%	3.08%	1.19%
	100.0%		1.68%	100.0%		2.43%