Secured Loans (Tables)
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3 Months Ended |
Sep. 30, 2015 |
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| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
| Schedule of receivables and secured loans |
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 |
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Period ended: |
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Beginning Balance |
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Provision |
|
Charge-off |
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Ending Balance |
|
Quarter Ended September 30, 2015 |
|
$ |
30 |
|
|
$ |
— |
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|
$ |
— |
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|
$ |
30 |
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|
Year Ended June 30, 2015 |
|
$ |
30 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
30 |
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Receivables consist of the following as of September 30, 2015 and June 30, 2015:
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in thousands |
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September 30, 2015 |
|
June 30, 2015 |
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|
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Customer trade receivables |
|
$ |
11,194 |
|
|
$ |
11,835 |
|
|
Wholesale trade advances |
|
26,810 |
|
|
12,164 |
|
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Due from brokers |
|
9,925 |
|
|
6,056 |
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Subtotal |
|
47,929 |
|
|
30,055 |
|
|
Less: allowance for doubtful accounts |
|
(30 |
) |
|
(30 |
) |
|
Receivables, net |
|
$ |
47,899 |
|
|
$ |
30,025 |
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| Schedule of classes for financing receivables |
The Company's secured loans by portfolio class, which align with management reporting, are as follows:
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in thousands |
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September 30, 2015 |
|
June 30, 2015 |
|
Bullion |
|
$ |
17,121 |
|
|
34.0 |
% |
|
$ |
16,250 |
|
|
33.0 |
% |
|
Numismatic and semi numismatic |
|
32,445 |
|
|
64.3 |
|
|
32,216 |
|
|
65.3 |
|
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Subtotal |
|
49,566 |
|
|
98.3 |
|
|
48,466 |
|
|
98.3 |
|
|
Other pledged assets(1)
|
|
850 |
|
|
1.7 |
|
|
850 |
|
|
1.7 |
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Total secured loans |
|
$ |
50,416 |
|
|
100.0 |
% |
|
$ |
49,316 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
_________________________________ |
(1 |
) |
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Includes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products. |
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| Financing receivable credit quality indicators |
The Company disaggregates its secured loans that are collateralized by precious metal products, as follows:
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in thousands |
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September 30, 2015 |
|
June 30, 2015 |
Loan-to-value of 75% or more (1)
|
|
$ |
27,418 |
|
|
55.3 |
% |
|
$ |
17,153 |
|
|
35.4 |
% |
Loan-to-value of less than 75% (1)
|
|
22,148 |
|
|
44.7 |
|
|
31,313 |
|
|
64.6 |
|
Secured loans collateralized by precious metal products (1)
|
|
$ |
49,566 |
|
|
100.0 |
% |
|
$ |
48,466 |
|
|
100.0 |
% |
|
|
|
|
|
|
_________________________________ |
(1 |
) |
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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 |
|
|
|
|
|
|
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|
in thousands |
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|
September 30, 2015 |
|
June 30, 2015 |
|
|
|
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Secured loans originated |
|
$ |
35,564 |
|
|
$ |
36,778 |
|
|
Secured loans originated - with a related party |
|
716 |
|
|
— |
|
|
|
|
36,280 |
|
|
36,778 |
|
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Secured loans acquired |
|
14,136 |
|
(1) |
12,538 |
|
(2) |
Secured loans, total |
|
$ |
50,416 |
|
|
$ |
49,316 |
|
|
(1) Includes $99,000 of amortized loan premium as of September 30, 2015.
(2) Includes $99,000 of amortized loan premium as of June 30, 2015.
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