Receivables

9 Months Ended

Sep. 30, 2011

Receivables [Abstract]

Receivables

Note 8 — Receivables

     Receivables consist of:

	Third
	Quarter-End			Year-End
	2011			2010
	(In thousands)
Non-performing loan	$	20,666		$	—
Notes receivable, average interest rates of 7.73% at third quarter-end 2011 and 7.93% at year-end 2010		2,720			1,057
Due from qualified intermediary		—			1,347
Receivables and accrued interest		1,052			615
		24,438			3,019
Allowance for bad debts		(62	)		(144	)
	$	24,376		$	2,875

     In second quarter 2011, we acquired a non-performing loan from a financial institution for $21,137,000. The original loan commitment was $38,000,000 and the outstanding balance is about $34,087,000. The loan matured in February 2010. The note is secured by a lien on 900 acres of developed and undeveloped real estate located near Houston, Texas designated for single-family residential and commercial development. We are not currently accruing interest and have not recorded any accretable yield due to the non-performing status of the loan. We cannot estimate the anticipated future cash flows because the borrower is in bankruptcy. In third quarter 2011, we received $471,000 in payments and accounted for these receipts as a reduction of the carrying value of the non-performing loan.

     Notes receivable generally are secured by a deed of trust and generally due within three years.

     Receivables and accrued interest principally include miscellaneous operating receivables arising in the normal course of business.