Consumer Loans Receivable (Tables)

9 Months Ended

Dec. 29, 2012

Consumer Loans Receivable/Inventory Finance Receivables and Allowance for Loan Loss [Abstract]

Consumer Loans Receivable

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

	December 29,			March 31,
	2012			2012
Loans held for investment (acquired on Palm Harbor Acquisition Date)	$	102,591		$	110,629
Loans held for investment (originated after Palm Harbor Acquisition Date)		592			511
Loans held for sale		7,644			4,534
Loans held—construction advances on non-conforming mortgages		5,806			3,865
Consumer loans receivable		116,633			119,539
Deferred financing fees and other, net		(261	)		(240	)
Consumer loans receivable, net	$	116,372		$	119,299

Acquired Consumer Loans Receivable Held for Investment

	December 29,			March 31,
	2012			2012
	(in thousands)
Consumer loans receivable held for investment – contractual amount Purchase Discount	$	273,094		$	293,818
Accretable		(99,381	)		(106,949	)
Non-accretable		(70,408	)		(75,928	)
Less consumer loans receivable reclassified as other assets		(714	)		(312	)
Total acquired consumer loans receivable held for investment, net	$	102,591		$	110,629

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						NineMonths Ended
	December 29,			December 31,			December 29,			December 31,
	2012			2011			2012			2011
Balance at the beginning of the period	$	102,314		$	111,381		$	106,949		$	—
Additions		—			—			—			118,335
Reclassifications from nonaccretable discount		374			—			2,834			—
Accretion		(3,307	)		(4,005	)		(10,402	)		(10,959	)
Balance at the end of the period	$	99,381		$	107,376		$	99,381		$	107,376

Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score

The following table disaggregates CountryPlace’s gross consumer loans receivable as of December 29, 2012, 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		Securitized				Construction		Loans Held
	2005		2007		Unsecuritized		Advances		For Sale		Total
Asset Class
Credit Quality Indicator
Chattel loans
0-619	$	1,336	$	843	$	890	$	—	$	—	$	3,069
620-719		19,672		13,292		1,115		—		—		34,079
720+		22,541		14,901		691		—		—		38,133
Subtotal		43,549		29,036		2,696		—		—		75,281
Conforming mortgages
0-619		—		—		275		—		103		378
620-719		—		—		1,525		3,294		4,184		9,003
720+		—		—		11		2,512		3,357		5,880
Subtotal		—		—		1,811		5,806		7,644		15,261
Non-conforming mortgages
0-619		96		843		2,457		—		—		3,396
620-719		2,038		7,253		4,892		—		—		14,183
720+		2,100		4,857		1,537		—		—		8,494
Subtotal		4,234		12,953		8,886		—		—		26,073
Other loans
Subtotal		—		—		18		—		—		18
	$	47,783	$	41,989	$	13,411	$	5,806	$	7,644	$	116,633

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:

December 29, 2012
				Aging 61 days or more
	Portfolio			Percent of state’s			Percent of total
State	concentration			loan balance			loan balance
Texas		41.7	%		1.95	%		0.81	%
Florida		7.1	%		1.46	%		0.10	%
New Mexico		6.5	%		1.09	%		0.07	%
Arizona		5.7	%		0.00	%		0.00	%
Alabama		5.4	%		4.03	%		0.22	%
California		2.4	%		2.84	%		0.07	%
All others		31.2	%		4.07	%		1.27	%
		100.0	%					2.54	%