Secured Loans Receivable (Tables)
|
3 Months Ended |
Sep. 30, 2016 |
|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
| Schedule of receivables and secured loans |
Receivables consist of the following as of September 30, 2016 and June 30, 2016:
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
September 30, 2016 |
|
June 30, 2016 |
|
|
|
|
|
|
|
Customer trade receivables |
|
$ |
4,619 |
|
|
$ |
4,001 |
|
|
Wholesale trade advances |
|
9,057 |
|
|
11,860 |
|
|
Due from brokers |
|
7,100 |
|
|
27,471 |
|
|
Subtotal |
|
20,776 |
|
|
43,332 |
|
|
Less: allowance for doubtful accounts |
|
(30 |
) |
|
(30 |
) |
|
Receivables, net |
|
$ |
20,746 |
|
|
$ |
43,302 |
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
Period ended: |
|
Beginning Balance |
|
Provision |
|
Charge-off |
|
Ending Balance |
|
Three Months Ended September 30, 2016 |
|
$ |
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 |
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
June 30, 2016 |
|
Bullion |
|
$ |
52,764 |
|
|
63.7 |
% |
|
$ |
35,168 |
|
|
49.9 |
% |
|
Numismatic and semi numismatic |
|
29,368 |
|
|
35.5 |
|
|
34,636 |
|
|
49.1 |
|
|
Subtotal |
|
82,132 |
|
|
99.2 |
|
|
69,804 |
|
|
99.0 |
|
|
Other pledged assets(1)
|
|
650 |
|
|
0.8 |
|
|
700 |
|
|
1.0 |
|
|
Total secured loans |
|
$ |
82,782 |
|
|
100.0 |
% |
|
$ |
70,504 |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
June 30, 2016 |
Loan-to-value of 75% or more (1)
|
|
$ |
43,185 |
|
|
52.6 |
% |
|
$ |
10,231 |
|
|
14.7 |
% |
Loan-to-value of less than 75% (1)
|
|
38,947 |
|
|
47.4 |
|
|
59,573 |
|
|
85.3 |
|
Secured loans collateralized by precious metal products (1)
|
|
$ |
82,132 |
|
|
100.0 |
% |
|
$ |
69,804 |
|
|
100.0 |
% |
|
|
|
|
|
|
_________________________________ |
(1 |
) |
|
Excludes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products. |
|
|
| Financing Receivable |
|
| 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 September 30, 2016 and June 30, 2016:
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
September 30, 2016 |
|
June 30, 2016 |
|
|
|
|
|
|
|
Secured loans originated |
|
$ |
32,397 |
|
|
$ |
36,280 |
|
|
Secured loans originated - with a related party |
|
— |
|
|
1,370 |
|
|
|
|
32,397 |
|
|
37,650 |
|
|
Secured loans acquired |
|
50,385 |
|
(1) |
32,854 |
|
(2) |
Secured loans (current and long-term) |
|
$ |
82,782 |
|
|
$ |
70,504 |
|
|
(1) Includes $79,000 of amortized loan premium as of September 30, 2016.
(2) Includes $86,000 of amortized loan premium as of June 30, 2016.
|