XML 42 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consumer Loans Receivable (Tables)
3 Months Ended
Jul. 02, 2016
Apr. 02, 2016
Receivables [Abstract]    
Consumer Loans Receivable
The following table summarizes consumer loans receivable (in thousands):
 
July 2,
2016
 
April 2,
2016
Loans held for investment (acquired on Palm Harbor Acquisition Date)
$
66,968

 
$
68,951

Loans held for investment (originated after Palm Harbor Acquisition Date)
6,236

 
6,120

Loans held for sale
10,388

 
8,765

Construction advances
5,685

 
6,566

Consumer loans receivable
89,277

 
90,402

Deferred financing fees and other, net
(843
)
 
(844
)
Consumer loans receivable, net
$
88,434

 
$
89,558

 
Acquired Consumer Loans Receivable Held for Investment
 
July 2,
2016
 
April 2,
2016
 
(in thousands)
Consumer loans receivable held for investment – contractual amount
$
161,570

 
$
166,793

Purchase discount
 
 
 
Accretable
(66,284
)
 
(69,053
)
Non-accretable
(27,987
)
 
(28,536
)
Less consumer loans receivable reclassified as other assets
(331
)
 
(253
)
Total acquired consumer loans receivable held for investment, net
$
66,968

 
$
68,951

 
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
 
July 2,
2016
 
June 27,
2015
Balance at the beginning of the period
$
69,053

 
$
73,202

Accretion
(2,515
)
 
(2,751
)
Reclassifications from non-accretable discount
(254
)
 
(190
)
Balance at the end of the period
$
66,284

 
$
70,261

 
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score
The following table disaggregates CountryPlace's gross consumer loans receivable for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands):
July 2, 2016
 
Consumer Loans Held for Investment
 
 
 
 
 
 
 
Securitized
2005
 
Securitized
2007
 
Unsecuritized
 
Construction
Advances
 
Consumer Loans Held
For Sale
 
Total
Asset Class
 
 
 
 
 
 
 
 
 
 
 
Credit Quality Indicator (FICO® score)
 
 
 
 
 
 
 
 
Chattel loans
 
 
 
 
 
 
 
 
 
 
 
0-619
$
758

 
$
515

 
$
324

 
$

 
$
42

 
$
1,639

620-719
12,844

 
8,811

 
3,795

 

 
46

 
25,496

720+
14,135

 
9,055

 
2,304

 

 
754

 
26,248

Other
54

 

 
443

 

 

 
497

Subtotal
27,791

 
18,381

 
6,866

 

 
842

 
53,880

Conforming mortgages
 
 
 
 
 
 
 
 
 
 
0-619

 

 
163

 
135

 
294

 
592

620-719

 

 
1,530

 
3,781

 
6,438

 
11,749

720+

 

 
193

 
1,769

 
2,814

 
4,776

Subtotal

 

 
1,886

 
5,685

 
9,546

 
17,117

Non-conforming mortgages
 
 
 
 
 
 
 
 
 
 
0-619
87

 
578

 
1,373

 

 

 
2,038

620-719
1,350

 
5,242

 
3,635

 

 

 
10,227

720+
1,633

 
3,348

 
714

 

 

 
5,695

Other

 

 
307

 

 

 
307

Subtotal
3,070

 
9,168

 
6,029

 

 

 
18,267

Other loans
 
 
 
 
 
 
 
 
 
 
Subtotal

 

 
13

 

 

 
13

 
$
30,861

 
$
27,549

 
$
14,794

 
$
5,685

 
$
10,388

 
$
89,277

 
April 2, 2016
 
Consumer Loans Held for Investment
 
 
 
 
 
 
 
Securitized
2005
 
Securitized
2007
 
Unsecuritized
 
Construction
Advances
 
Consumer Loans Held
For Sale
 
Total
Asset Class
 
 
 
 
 
 
 
 
 
 
 
Credit Quality Indicator (FICO® score)
 
 
 
 
 
 
 
 
Chattel loans
 
 
 
 
 
 
 
 
 
 
 
0-619
$
776

 
$
543

 
$
336

 
$

 
$

 
$
1,655

620-719
13,139

 
9,100

 
3,683

 

 
96

 
26,018

720+
14,751

 
9,409

 
2,324

 

 
215

 
26,699

Other
55

 

 
447

 

 

 
502

Subtotal
28,721

 
19,052

 
6,790

 

 
311

 
54,874

Conforming mortgages
 
 
 
 
 
 
 
 
 
 
0-619

 

 
164

 
95

 
171

 
430

620-719

 

 
1,428

 
3,355

 
5,847

 
10,630

720+

 

 
320

 
3,116

 
2,436

 
5,872

Subtotal

 

 
1,912

 
6,566

 
8,454

 
16,932

Non-conforming mortgages
 
 
 
 
 
 
 
 
 
 
0-619
88

 
585

 
1,392

 

 

 
2,065

620-719
1,365

 
5,290

 
3,664

 

 

 
10,319

720+
1,684

 
3,382

 
826

 

 

 
5,892

Other

 

 
307

 

 

 
307

Subtotal
3,137

 
9,257

 
6,189

 

 

 
18,583

Other loans
 
 
 
 
 
 
 
 
 
 
 
Subtotal

 

 
13

 

 

 
13

 
$
31,858

 
$
28,309

 
$
14,904

 
$
6,566

 
$
8,765

 
$
90,402