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Receivables
 12 Months Ended
Dec. 31, 2011
Receivables [Abstract]  
Receivables

Note 8 — Receivables

Receivables consist of:

 

                 
    At Year-End  
    2011     2010  
    (In thousands)  

Non-performing loan

   $ 20,666     $ —  

Notes receivable, average interest rate of 7.16% at year-end 2011 and 7.93% at year-end 2010

     1,817       1,057  

Due from qualified intermediary

     —       1,347  

Receivables and accrued interest

     860       1,155  
   

 

 

    

 

 

  
      23,343       3,559  

Allowance for bad debts

     (62 )      (144 ) 
   

 

 

    

 

 

  
    $ 23,281     $ 3,415  
   

 

 

    

 

 

  

In 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 $34,791,000. The loan matured in February 2010. The note is secured by a lien on approximately 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 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.