Consumer Loans Receivable (Tables)

3 Months Ended

6 Months Ended

Mar. 31, 2018

Sep. 29, 2018

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



	September 29, 2018			March 31, 2018
Loans held for investment (at Acquisition Date)	$	47,948		$	51,798
Loans held for investment (originated after Acquisition Date)	23,469			21,183
Loans held for sale	13,258			12,830
Construction advances	11,001			11,088
Consumer loans receivable	95,676			96,899
Deferred financing fees and other, net	(1,917		)	(1,551		)
Allowance for loan losses	(411		)	(397		)
	$	93,348		$	94,951

Acquired Consumer Loans Receivable Held for Investment



	September 29, 2018			March 31, 2018
	(in thousands)
Consumer loans receivable held for investment – contractual amount	$	110,136		$	120,096
Purchase discount
Accretable	(40,937		)	(44,481		)
Non-accretable	(21,138		)	(23,711		)
Less consumer loans receivable reclassified as other assets	(113		)	(106		)
Total acquired consumer loans receivable held for investment, net	$	47,948		$	51,798

Loans and Leases Receivable, Other Information

The weighted averages of assumptions used in the calculation of expected cash flows to be collected were as follows:



	September 29, 2018		March 31, 2018
Prepayment rate	16.2	%	16.0	%
Default rate	1.2	%	1.2	%

Assuming there was a 1% unfavorable variation from the expected level, for each key assumption, the expected cash flows for the life of the portfolio, as of September 29, 2018, would decrease by approximately $1.1 million and $3.2 million for the expected prepayment rate and expected default rate, respectively.

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 29, 2018			September 30, 2017			September 29, 2018			September 30, 2017
Balance at the beginning of the period	$	42,873		$	54,912		$	44,481		$	56,686
Accretion	(1,968		)	(2,163		)	(3,867		)	(4,373		)
Reclassifications from (to) non-accretable discount	32			(1,569		)	323			(1,133		)
Balance at the end of the period	$	40,937		$	51,180		$	40,937		$	51,180

Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score



	March 31, 2018
	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	$	465	$	354	$	330	$	—	$	—	$	1,149
620-719	10,102		7,107		8,587		—		245		26,041
720+	10,594		6,410		11,285		—		155		28,444
Other	49		—		403		—		—		452
Subtotal	21,210		13,871		20,605		—		400		56,086
Conforming mortgages
0-619	—		—		156		141		179		476
620-719	—		—		2,137		6,428		6,479		15,044
720+	—		—		199		4,519		5,663		10,381
Subtotal	—		—		2,608		11,088		12,430		26,126
Non-conforming mortgages
0-619	82		405		1,047		—		—		1,534
620-719	1,120		4,378		3,093		—		—		8,591
720+	1,348		2,526		395		—		—		4,269
Other	—		—		282		—		—		282
Subtotal	2,550		7,309		4,817		—		—		14,676
Other loans	—		—		11		—		—		11
	$	23,760	$	21,180	$	28,041	$	11,088	$	12,830	$	96,899

The following table disaggregates the Company's gross consumer loans receivable for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands):



	September 29, 2018
	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	$	427	$	263	$	317	$	—	$	—	$	1,007
620-719	9,202		6,584		10,228		—		—		26,014
720+	9,850		5,872		11,305		—		133		27,160
Other	48		—		479		—		—		527
Subtotal	19,527		12,719		22,329		—		133		54,708
Conforming mortgages
0-619	—		—		154		26		—		180
620-719	—		—		2,244		6,291		8,527		17,062
720+	—		—		464		4,684		4,598		9,746
Other	—		—		116		—		—		116
Subtotal	—		—		2,978		11,001		13,125		27,104
Non-conforming mortgages
0-619	80		356		1,020		—		—		1,456
620-719	1,050		4,111		2,981		—		—		8,142
720+	1,266		2,394		375		—		—		4,035
Other	—		—		221		—		—		221
Subtotal	2,396		6,861		4,597		—		—		13,854
Other loans	—		—		10		—		—		10
	$	21,923	$	19,580	$	29,914	$	11,001	$	13,258	$	95,676