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Consumer Loans Receivable (Tables) | 9 Months Ended
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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 | %

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