Secured Loans Receivables (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
| Schedule of receivables and secured loans |
Receivables consist of the following as of December 31, 2015 and June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
December 31, 2015 |
|
June 30, 2015 |
|
|
|
|
|
|
|
Customer trade receivables |
|
$ |
8,432 |
|
|
$ |
11,835 |
|
|
Wholesale trade advances |
|
10,988 |
|
|
12,164 |
|
|
Due from brokers |
|
3,167 |
|
|
6,056 |
|
|
Subtotal |
|
22,587 |
|
|
30,055 |
|
|
Less: allowance for doubtful accounts |
|
(30 |
) |
|
(30 |
) |
|
Receivables, net |
|
$ |
22,557 |
|
|
$ |
30,025 |
|
|
Allowance for Doubtful Accounts
Allowances for doubtful accounts are recorded based on specifically identified receivables, which the Company has identified as potentially uncollectible. A summary of the activity in the allowance for doubtful accounts is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
Period ended: |
|
Beginning Balance |
|
Provision |
|
Charge-off |
|
Ending Balance |
|
Six Months Ended December 31, 2015 |
|
$ |
30 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30 |
|
|
Year Ended June 30, 2015 |
|
$ |
30 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30 |
|
|
|
| Schedule of classes for financing receivables |
The Company's secured loans by portfolio class, which align with management reporting, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
June 30, 2015 |
|
Bullion |
|
$ |
21,794 |
|
|
37.8 |
% |
|
$ |
16,250 |
|
|
33.0 |
% |
|
Numismatic and semi numismatic |
|
35,114 |
|
|
60.8 |
|
|
32,216 |
|
|
65.3 |
|
|
Subtotal |
|
56,908 |
|
|
98.6 |
|
|
48,466 |
|
|
98.3 |
|
|
Other pledged assets(1)
|
|
800 |
|
|
1.4 |
|
|
850 |
|
|
1.7 |
|
|
Total secured loans |
|
$ |
57,708 |
|
|
100.0 |
% |
|
$ |
49,316 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
_________________________________ |
(1 |
) |
|
Includes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products. |
|
|
| Financing receivable credit quality indicators |
The Company disaggregates its secured loans that are collateralized by precious metal products, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
June 30, 2015 |
Loan-to-value of 75% or more (1)
|
|
$ |
34,010 |
|
|
59.8 |
% |
|
$ |
17,153 |
|
|
35.4 |
% |
Loan-to-value of less than 75% (1)
|
|
22,898 |
|
|
40.2 |
|
|
31,313 |
|
|
64.6 |
|
Secured loans collateralized by precious metal products (1)
|
|
$ |
56,908 |
|
|
100.0 |
% |
|
$ |
48,466 |
|
|
100.0 |
% |
|
|
|
|
|
|
_________________________________ |
(1 |
) |
|
Excludes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products. |
|
|
| Financing Receivable [Member] |
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
| Schedule of receivables and secured loans |
Below is a summary of the carrying-value of our secured loans as of December 31, 2015 and June 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
December 31, 2015 |
|
June 30, 2015 |
|
|
|
|
|
|
|
Secured loans originated |
|
$ |
37,748 |
|
|
$ |
36,778 |
|
|
Secured loans originated - with a related party |
|
881 |
|
|
— |
|
|
|
|
38,629 |
|
|
36,778 |
|
|
Secured loans acquired |
|
19,079 |
|
(1) |
12,538 |
|
(2) |
Secured loans, total |
|
$ |
57,708 |
|
|
$ |
49,316 |
|
|
(1) Includes $94,000 of amortized loan premium as of December 31, 2015.
(2) Includes $99,000 of amortized loan premium as of June 30, 2015.
|