Receivables

Receivables consist of:



	Third Quarter-End			Year-End
	2014			2013
	(In thousands)
Loan secured by real estate	$	4,236		$	7,610
Other loans secured by real estate, average interest rates of 4.40% at third quarter-end 2014 and 5.00% at year-end 2013	8,234			7,987
Oil and gas joint interest billing receivables	11,220			3,896
Oil and gas revenue accruals	18,753			8,137
Other receivables and accrued interest	3,884			11,648
	46,327			39,278
Allowance for bad debts	(26		)	(26		)
	$	46,301		$	39,252

At third quarter-end 2014, we have $4,236,000 invested in a loan which was acquired from a financial institution in second quarter 2011 when it was non-performing and is secured by a lien on developed and undeveloped real estate located near Houston designated for single-family residential and commercial development. Interest accrues at nine percent the first three years escalating to ten percent in April 2015 and 12 percent in April 2016, with interest above 6.25 percent to be forgiven if the loan is prepaid by certain dates. In first nine months 2014, we received principal payments of $8,912,000 and interest payments of $530,000. At third quarter-end 2014, the outstanding principal balance was $6,787,000.

Estimated accretable yield follows:



	Third Quarter-End
	2014
	(In thousands)
Beginning of period (year-end 2013)	$	8,908
Change in accretable yield due to change in timing of estimated cash flows	(347		)
Interest income recognized (in first nine months 2014)	(6,068		)
End of period	$	2,493

Other loans secured by real estate generally are secured by a deed of trust and due within three years.