Consumer Loans Receivable

9 Months Ended

Jan. 01, 2022

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


	January 1, 2022		April 3, 2021
Loans held for investment, previously securitized	$	27,332	$	31,949
Loans held for investment	14,835		18,690
Loans held for sale	11,746		15,587
Construction advances	5,377		13,801
	59,290		80,027
Deferred financing fees and other, net	(874)		(2,041)
Allowance for loan losses	(2,387)		(3,188)
	56,029		74,798
Less current portion	(25,397)		(37,690)
	$	30,632	$	37,108

The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):


	Three Months Ended				Nine Months Ended
	January 1, 2022		December 26, 2020		January 1, 2022		December 26, 2020
Allowance for loan losses at beginning of period	$	2,799	$	3,910	$	3,188	$	1,767
Impact of adoption of Financial Accounting Standards Board's Accounting Standards Update 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13")	—		—		—		2,276
Change in estimated loan losses, net	(327)		(491)		(384)		(424)
Charge-offs	(85)		—		(417)		(200)
Allowance for loan losses at end of period	$	2,387	$	3,419	$	2,387	$	3,419

The consumer loans held for investment had the following characteristics:


	January 1, 2022		April 3, 2021
Weighted average contractual interest rate	8.4	%	8.3	%
Weighted average effective interest rate	8.9	%	9.3	%
Weighted average months to maturity	151		162

The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):


	January 1, 2022		April 3, 2021
Current	$	56,141	$	76,378
31 to 60 days	413		508
61 to 90 days	1,964		21
91+ days	772		3,120
	$	59,290	$	80,027

The following tables disaggregate gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):


	January 1, 2022
	2022		2021		2020		2019		2018		Prior		Total
Prime- FICO score 680 and greater	$	10,825	$	2,023	$	2,604	$	1,348	$	759	$	21,683	$	39,242
Near Prime- FICO score 620-679	1,973		2,138		1,275		1,846		1,229		9,734		18,195
Sub-Prime- FICO score less than 620	23		21		52		—		—		1,363		1,459
No FICO score	—		—		—		27		—		367		394
	$	12,821	$	4,182	$	3,931	$	3,221	$	1,988	$	33,147	$	59,290


	April 3, 2021
	2021		2020		2019		2018		2017		Prior		Total
Prime- FICO score 680 and greater	$	18,250	$	3,575	$	1,718	$	971	$	1,959	$	23,375	$	49,848
Near Prime- FICO score 620-679	10,227		2,744		1,794		1,364		500		10,401		27,030
Sub-Prime- FICO score less than 620	348		53		—		—		84		1,579		2,064
No FICO score	576		—		28		—		—		481		1,085
	$	29,401	$	6,372	$	3,540	$	2,335	$	2,543	$	35,836	$	80,027

As of January 1, 2022 and April 3, 2021, 41% and 35% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas, respectively, and 16% and 20% was concentrated in Florida, respectively. Other than Texas and Florida, no state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of January 1, 2022 or April 3, 2021.

Repossessed homes totaled approximately $404,000 and $518,000 as of January 1, 2022 and April 3, 2021, respectively, and are included in Prepaid expenses and other current assets on the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $813,000 and $1.1 million as of January 1, 2022 and April 3, 2021, respectively.