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Mortgage Loans on Real Estate Mortgage Loans on Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2012
Mortgage Loans on Real Estate [Abstract] |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
| September 30, 2012 |  | December 31, 2011
| (Dollars in thousands)
Principal outstanding | $ | 2,762,861 |  |  | $ | 2,856,011 |
Loan loss allowance | (38,022 | ) |  | (32,964 | )
Deferred prepayment fees | (518 | ) |  | — |
Carrying value | $ | 2,724,321 |  |  | $ | 2,823,047 |
Mortgage Loans on Real Estate Our mortgage loan portfolio totaled $2.7 billion and $2.8 billion at September 30, 2012 and December 31, 2011, respectively, with commitments outstanding of $48.9 million at September 30, 2012.
| September 30, 2012 |  | December 31, 2011
| (Dollars in thousands)
Principal outstanding | $ | 2,762,861 |  |  | $ | 2,856,011 |
Loan loss allowance | (38,022 | ) |  | (32,964 | )
Deferred prepayment fees | (518 | ) |  | — |
Carrying value | $ | 2,724,321 |  |  | $ | 2,823,047 |
The portfolio consists of commercial mortgage loans collateralized by the related properties and diversified as to property type, location and loan size. Our mortgage lending policies establish limits on the amount that can be loaned to one borrower and other criteria to attempt to reduce the risk of default. The mortgage loan portfolio is summarized by geographic region and property type as follows:
| September 30, 2012 |  | December 31, 2011
| Principal Outstanding |  | Percent |  | Principal Outstanding |  | Percent
| (Dollars in thousands)
Geographic distribution |  |  |  |  |  |  |
East | $ | 719,407 |  |  | 26.0 | % |  | $ | 719,231 |  |  | 25.2 | %
Middle Atlantic | 156,828 |  |  | 5.7 | % |  | 169,240 |  |  | 5.9 | %
Mountain | 404,803 |  |  | 14.7 | % |  | 411,054 |  |  | 14.4 | %
New England | 26,763 |  |  | 1.0 | % |  | 36,815 |  |  | 1.3 | %
Pacific | 325,936 |  |  | 11.8 | % |  | 309,693 |  |  | 10.8 | %
South Atlantic | 500,232 |  |  | 18.1 | % |  | 493,764 |  |  | 17.3 | %
West North Central | 406,511 |  |  | 14.7 | % |  | 487,693 |  |  | 17.1 | %
West South Central | 222,381 |  |  | 8.0 | % |  | 228,521 |  |  | 8.0 | %
| $ | 2,762,861 |  |  | 100.0 | % |  | $ | 2,856,011 |  |  | 100.0 | %
Property type distribution |  |  |  |  |  |  |
Office | $ | 702,796 |  |  | 25.5 | % |  | $ | 777,343 |  |  | 27.2 | %
Medical Office | 143,971 |  |  | 5.2 | % |  | 175,580 |  |  | 6.1 | %
Retail | 699,190 |  |  | 25.3 | % |  | 635,916 |  |  | 22.3 | %
Industrial/Warehouse | 699,690 |  |  | 25.3 | % |  | 710,426 |  |  | 24.9 | %
Hotel | 106,596 |  |  | 3.9 | % |  | 139,193 |  |  | 4.9 | %
Apartment | 208,099 |  |  | 7.5 | % |  | 187,548 |  |  | 6.6 | %
Mixed use/other | 202,519 |  |  | 7.3 | % |  | 230,005 |  |  | 8.0 | %
| $ | 2,762,861 |  |  | 100.0 | % |  | $ | 2,856,011 |  |  | 100.0 | %
We evaluate our mortgage loan portfolio for the establishment of a loan loss reserve by specific identification of impaired loans and the measurement of an estimated loss for each individual loan identified. A mortgage loan is i mpaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. If we determine that the value of any specific mortgage loan is impaired, the carrying amount of the mortgage loan will be reduced to its fair value, based upon the present value of expected future cash flows from the loan discounted at the loan's effective interest rate, or the fair value of the underlying collateral less estimated costs to sell. In addition, we analyze the mortgage loan portfolio for the need of a general loan allowance for probable losses on all other loans. The amount of the general loan allowance is based upon management's evaluation of the collectability of the loan portfolio, historical loss experience, delinquencies, credit concentrations, underwriting standards and national and local economic conditions. Our financing receivables currently consist of one portfolio segment which is our commercial mortgage loan portfolio. These are mortgage loans with collateral consisting of commercial real estate and borrowers consisting mostly of limited liability partnerships or limited liability corporations. Credit loss experience in our mortgage loan portfolio has been limited to the most recent fiscal years. We experienced our first credit loss from our commercial mortgage loan portfolio in 2009. Since 2008, we have had a population of mortgage loans that we have been carrying with workout terms (e.g. interest only periods, period of suspended payments, etc.) and a population of mortgage loans that have been in a delinquent status (i.e. more than 60 days past due). It is from this population that we have been recognizing some impairment loss due to nonpayment and eventual satisfaction of the loan by taking ownership of the collateral real estate. In most cases the fair value of the collateral less estimated costs to sell such collateral has been less than the outstanding principal amount of the mortgage loan. Our general loan loss allowance for periods through September 30, 2011 was calculated on the cumulative outstanding principal on loans making up the group of loans currently in workout terms and loans currently more than 60 days past due. We applied a factor to the total outstanding principal of these loans that was calculated as the average specific impairment loss for the most recent 4 quarters divided by the sum of the average of the total outstanding principal of delinquent loans for the most recent 4 quarters and the average of the total outstanding principal of loans in workout for the most recent 4 quarters. In the fourth quarter of 2011, we modified the calculation for determining our general loan loss allowance. The group of loans that we calculated an estimate of general loan loss allowance were those that had a debt service coverage ratio (DSCR) of less than 1.0. The DSCR is calculated by dividing the net operating income of the mortgaged property by the contractual principal and interest payment due for the corresponding period. We developed the loss rates to apply to this group of loans by dividing the specific impairment loss for the most recent 4 quarters by the principal outstanding of the loans with a DSCR of less than 1.0. In the third quarter of 2012, we completed a process of rating the mortgage loans in our portfolio based on factors such as historical operating performance, loan to value ratio and economic outlook, among others. We calculated a loss factor to apply to each rating based on historical losses we have recognized in our mortgage loan portfolio. We applied the loss factors to the total principal outstanding within each rating category to determine an appropriate estimate of general loan loss allowance at September 30, 2012. The change in methodology utilized to determine the general loan loss allowance did not result a material adjustment. The following table presents a rollforward of our specific and general valuation allowances for commercial mortgage loans for the three and nine months ended September 30, 2012 and 2011:
| Three months ended September 30, 2012 |  | Three months ended September 30, 2011
| Specific Allowance |  | General Allowance |  | Specific Allowance |  | General Allowance
| (Dollars in thousands)
Beginning allowance balance | $ | (25,445 | ) |  | $ | (11,200 | ) |  | $ | (15,027 | ) |  | $ | (4,200 | )
Charge-offs | 1,932 |  |  | — |  |  | 5,877 |  |  | — |
Recoveries | — |  |  | — |  |  | — |  |  | — |
Provision for credit losses | (2,909 | ) |  | (400 | ) |  | (15,961 | ) |  | (1,500 | )
Ending allowance balance | $ | (26,422 | ) |  | $ | (11,600 | ) |  | $ | (25,111 | ) |  | $ | (5,700 | )
| Nine months ended September 30, 2012 |  | Nine months ended September 30, 2011
| Specific Allowance |  | General Allowance |  | Specific Allowance |  | General Allowance
| (Dollars in thousands)
Beginning allowance balance | $ | (23,664 | ) |  | $ | (9,300 | ) |  | $ | (13,224 | ) |  | $ | (3,000 | )
Charge-offs | 10,445 |  |  | — |  |  | 8,994 |  |  | — |
Recoveries | — |  |  | — |  |  | — |  |  | — |
Provision for credit losses | (13,203 | ) |  | (2,300 | ) |  | (20,881 | ) |  | (2,700 | )
Ending allowance balance | $ | (26,422 | ) |  | $ | (11,600 | ) |  | $ | (25,111 | ) |  | $ | (5,700 | )
The specific allowance is a total of credit loss allowances on loans which are individually evaluated for impairment. The general allowance is the group of loans discussed above which are collectively evaluated for impairment. The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
| September 30, 2012 |  | December 31, 2011
| (Dollars in thousands)
Individually evaluated for impairment | $ | 96,586 |  |  | $ | 130,721 |
Collectively evaluated for impairment | 2,666,275 |  |  | 2,725,290 |
Total loans evaluated for impairment | $ | 2,762,861 |  |  | $ | 2,856,011 |
The amount of loans collectively evaluated for impairment at December 31, 2011 was modified from what was originally reported to reflect a more appropriate amount of financing receivables that were evaluated collectively. The amount of charge-offs include the amount of allowance that has been established for loans that were satisfied by taking ownership of the collateral. When the property is taken it is recorded at its fair value and the mortgage loan is recorded as fully paid, with any allowance for credit loss that has been established charged off. There could be other situations that develop where we have established a larger specific loan loss allowance than is needed based on increases in the fair value of collateral supporting collateral dependent loans, or improvements in the financial position of a borrower so that a loan would become reliant on cash flows from debt service instead of dependent upon sale of the collateral. Charge-offs of the allowance would be recognized in those situations as well. We define collateral dependent loans as those mortgage loans for which we will depend on the value of the collateral real estate to satisfy the outstanding principal of the loan. See note 2 for how we determine the value of the collateral real estate. During the three and nine months ended September 30, 2012, two and eight mortgage loans, respectively, were satisfied by taking ownership of the real estate serving as collateral compared to six and nine mortgage loans, respectively, for the same periods in 2011. The following table summarizes the activity in the real estate owned which was obtained in satisfaction of mortgage loans on real estate:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
| (Dollars in thousands)
Real estate owned at beginning of period | $ | 38,390 |  |  | $ | 23,910 |  |  | $ | 36,821 |  |  | $ | 19,122 |
Real estate acquired in satisfaction of mortgage loans | 2,916 |  |  | 11,049 |  |  | 14,902 |  |  | 17,357 |
Additions | — |  |  | 39 |  |  | 117 |  |  | 79 |
Sales | (5,727 | ) |  | — |  |  | (13,093 | ) |  | (1,283 | )
Impairments | (830 | ) |  | — |  |  | (3,473 | ) |  | — |
Depreciation | (185 | ) |  | (173 | ) |  | (710 | ) |  | (450 | )
Real estate owned at end of period | $ | 34,564 |  |  | $ | 34,825 |  |  | $ | 34,564 |  |  | $ | 34,825 |
We analyze credit risk of our mortgage loans by analyzing all available evidence on loans that are delinquent and loans that are in a workout period.
| September 30, 2012 |  | December 31, 2011
| (Dollars in thousands)
Credit Exposure--By Payment Activity |  |  |
Performing | $ | 2,682,471 |  |  | $ | 2,743,068 |
In workout | 44,371 |  |  | 67,425 |
Delinquent | — |  |  | 6,595 |
Collateral dependent | 36,019 |  |  | 38,923 |
| $ | 2,762,861 |  |  | $ | 2,856,011 |
Mortgage loans are considered delinquent when they become 60 days past due. When loans become 90 days past due, become collateral dependent or enter a period with no debt service payments required we place them on non-accrual status and discontinue recognizing interest income. If payments are received on a delinquent loan, interest income is recognized to the extent it would have been recognized if normal principal and interest would have been received timely. If payments are received to bring a delinquent loan back to current we will resume accruing interest income on that loan. Outstanding principal of loans in a non-accrual status at September 30, 2012 and December 31, 2011 totaled $36.0 million and $45.5 million, respectively. All of our commercial mortgage loans depend on the cash flow of the borrower to be at a sufficient level to service the principal and interest payments as they come due. In general, cash inflows of the borrowers are generated by collecting monthly rent from tenants occupying space within the borrowers' properties. Our borrowers face collateral risks such as tenants going out of business, tenants struggling to make rent payments as they become due, and tenants canceling leases and moving to other locations. We have a number of loans where the real estate is occupied by a single tenant. Our borrowers sometimes face both a reduction in cash flow on their mortgage property as well as a reduction in the fair value of the real estate collateral. If borrowers are unable to replace lost rent revenue and increases in the fair value of their property do not materialize we could potentially incur more losses than what we have allowed for in our specific and general loan loss allowances. Aging of financing receivables with loans in a "workout" period as of the reporting date considered current if payments are current in accordance with agreed upon terms:
| 30 - 59 Days |  | 60 - 89 Days |  | 90 Days and Over |  | Total Past Due |  | Current |  | Collateral Dependent Receivables |  | Total Financing Receivables
| (Dollars in thousands)
Commercial Mortgage Loans |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2012 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,726,842 |  |  | $ | 36,019 |  |  | $ | 2,762,861 |
December 31, 2011 | $ | 3,378 |  |  | $ | — |  |  | $ | 6,595 |  |  | $ | 9,973 |  |  | $ | 2,807,115 |  |  | $ | 38,923 |  |  | $ | 2,856,011 |
Financing receivables summarized in the following table represent all loans that we are either not currently collecting or those we feel it is probable we will not collect all amounts due according to the contractual terms of the loan agreements (all loans that we have worked with the borrower to alleviate short-term cash flow issues, loans delinquent for more than 60 days at the reporting date, loans we have determined to be collateral dependent and loans that we have recorded specific impairments on that we feel may continue to have performance issues).
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
| (Dollars in thousands)
September 30, 2012 |  |  |  |  |  |  |  |  |
Mortgage loans with specific allowance | $ | 39,629 |  |  | $ | 66,051 |  |  | $ | (26,422 | ) |  | $ | 48,873 |  |  | $ | 1,970 |
Mortgage loans with no specific allowance | 30,535 |  |  | 30,535 |  |  | — |  |  | 30,211 |  |  | 1,479 |
| $ | 70,164 |  |  | $ | 96,586 |  |  | $ | (26,422 | ) |  | $ | 79,084 |  |  | $ | 3,449 |
December 31, 2011 |  |  |  |  |  |  |  |  |
Mortgage loans with specific allowance | $ | 44,034 |  |  | $ | 67,698 |  |  | $ | (23,664 | ) |  | $ | 53,617 |  |  | $ | 3,284 |
Mortgage loans with no specific allowance | 63,023 |  |  | 63,023 |  |  | — |  |  | 60,974 |  |  | 3,509 |
| $ | 107,057 |  |  | $ | 130,721 |  |  | $ | (23,664 | ) |  | $ | 114,591 |  |  | $ | 6,793 |
The loans that are categorized as "in workout" consist of loans that we have agreed to lower or no mortgage payments for a period of time while the borrowers address cash flow and/or operational issues. The key features of these workouts have been determined on a loan-by-loan basis. Most of these loans are in a period of low cash flow due to tenants vacating their space or tenants requesting rent relief during difficult economic periods. Generally, we have allowed the borrower a six month interest only period and in some cases a twelve month period of interest only. Interest only workout loans are expected to return to their regular debt service payments after the interest only period. Interest only loans that are not fully amortizing will have a larger balance at their balloon date than originally contracted. Fully amortizing loans that are in interest only periods will have larger debt service payments for their remaining term due to lost principal payments during the interest only period. In limited circumstances we have allowed borrowers to pay the principal portion of their loan payment into an escrow account that can be used for capital and tenant improvements for a period of not more than twelve months. In these situations new loan amortization schedules are calculated based on the principal not collected during this twelve month workout period and larger payments are collected for the remaining term of each loan. In all cases, original interest rate and maturity date have not been modified and we have not forgiven any principal amounts. A Troubled Debt Restructuring ("TDR") is a situation where we have granted a concession to a borrower for economic or legal reasons related to the borrower's financial difficulties that we would not otherwise consider. A mortgage loan that has been granted new terms, including workout terms as described previously, would be considered a TDR if it meets conditions that would indicate a borrower experiencing financial difficulty and the new terms constituting a concession on our part. We analyze all loans that we agree to workout terms and all loans that we have refinanced to determine if they meet the definition of a TDR. We consider the following factors in determining whether or not a borrower is experiencing financial difficulty:
• | borrower is in default,
• | borrower has declared bankruptcy,
• | there is growing concern about the borrower's ability to continue as a going concern,
• | borrower has insufficient cash flows to service debt,
• | borrower's inability to obtain funds from other sources, and
• | there is a breach of financial covenants by the borrower.
If the borrower is determined to be in financial difficulty, we consider the following conditions to determine if the borrower was granted a concession:
• | assets used to satisfy debt are less than our recorded investment,
• | interest rate is modified,
• | maturity date extension at an interest rate less than market rate,
• | capitalization of interest,
• | delaying principal and/or interest for a period of three months or more, and
• | partial forgiveness of the balance or charge-off.
Mortgage loan workouts, refinances or restructures that are classified as TDR are individually evaluated and measured for impairment. A summary of mortgage loans on commercial real estate with outstanding principal at September 30, 2012 and December 31, 2011 that we determined to be TDR's are as follows:
Geographic Region |  | Number of TDR's |  | Principal Balance Outstanding |  | Specific Loan Loss Allowance |  | Net Carrying Amount
|  |  |  | (Dollars in thousands)
September 30, 2012 |  |  |  |  |  |  |  |
East |  | 1 |  | $ | 4,208 |  |  | $ | (1,425 | ) |  | $ | 2,783 |
Mountain |  | 10 |  | 32,222 |  |  | (2,193 | ) |  | 30,029 |
South Atlantic |  | 7 |  | 20,690 |  |  | (4,309 | ) |  | 16,381 |
East North Central |  | 4 |  | 11,914 |  |  | (4,116 | ) |  | 7,798 |
West North Central |  | 2 |  | 6,974 |  |  | (1,300 | ) |  | 5,674 |
|  | 24 |  | $ | 76,008 |  |  | $ | (13,343 | ) |  | $ | 62,665 |
December 31, 2011 |  |  |  |  |  |  |  |
East |  | 3 |  | $ | 8,489 |  |  | $ | (2,115 | ) |  | $ | 6,374 |
Mountain |  | 10 |  | 29,539 |  |  | (1,637 | ) |  | 27,902 |
South Atlantic |  | 11 |  | 28,676 |  |  | (6,339 | ) |  | 22,337 |
West North Central |  | 1 |  | 1,937 |  |  | (269 | ) |  | 1,668 |
|  | 25 |  | $ | 68,641 |  |  | $ | (10,360 | ) |  | $ | 58,281 |
Schedule of Commercial Mortgage Loans by Geographic Region and Specific Collateral Property Type [Table Text Block] |
| September 30, 2012 |  | December 31, 2011
| Principal Outstanding |  | Percent |  | Principal Outstanding |  | Percent
| (Dollars in thousands)
Geographic distribution |  |  |  |  |  |  |
East | $ | 719,407 |  |  | 26.0 | % |  | $ | 719,231 |  |  | 25.2 | %
Middle Atlantic | 156,828 |  |  | 5.7 | % |  | 169,240 |  |  | 5.9 | %
Mountain | 404,803 |  |  | 14.7 | % |  | 411,054 |  |  | 14.4 | %
New England | 26,763 |  |  | 1.0 | % |  | 36,815 |  |  | 1.3 | %
Pacific | 325,936 |  |  | 11.8 | % |  | 309,693 |  |  | 10.8 | %
South Atlantic | 500,232 |  |  | 18.1 | % |  | 493,764 |  |  | 17.3 | %
West North Central | 406,511 |  |  | 14.7 | % |  | 487,693 |  |  | 17.1 | %
West South Central | 222,381 |  |  | 8.0 | % |  | 228,521 |  |  | 8.0 | %
| $ | 2,762,861 |  |  | 100.0 | % |  | $ | 2,856,011 |  |  | 100.0 | %
Property type distribution |  |  |  |  |  |  |
Office | $ | 702,796 |  |  | 25.5 | % |  | $ | 777,343 |  |  | 27.2 | %
Medical Office | 143,971 |  |  | 5.2 | % |  | 175,580 |  |  | 6.1 | %
Retail | 699,190 |  |  | 25.3 | % |  | 635,916 |  |  | 22.3 | %
Industrial/Warehouse | 699,690 |  |  | 25.3 | % |  | 710,426 |  |  | 24.9 | %
Hotel | 106,596 |  |  | 3.9 | % |  | 139,193 |  |  | 4.9 | %
Apartment | 208,099 |  |  | 7.5 | % |  | 187,548 |  |  | 6.6 | %
Mixed use/other | 202,519 |  |  | 7.3 | % |  | 230,005 |  |  | 8.0 | %
| $ | 2,762,861 |  |  | 100.0 | % |  | $ | 2,856,011 |  |  | 100.0 | %
Allowance for Credit Losses on Financing Receivables [Table Text Block] |
| Three months ended September 30, 2012 |  | Three months ended September 30, 2011
| Specific Allowance |  | General Allowance |  | Specific Allowance |  | General Allowance
| (Dollars in thousands)
Beginning allowance balance | $ | (25,445 | ) |  | $ | (11,200 | ) |  | $ | (15,027 | ) |  | $ | (4,200 | )
Charge-offs | 1,932 |  |  | — |  |  | 5,877 |  |  | — |
Recoveries | — |  |  | — |  |  | — |  |  | — |
Provision for credit losses | (2,909 | ) |  | (400 | ) |  | (15,961 | ) |  | (1,500 | )
Ending allowance balance | $ | (26,422 | ) |  | $ | (11,600 | ) |  | $ | (25,111 | ) |  | $ | (5,700 | )
| Nine months ended September 30, 2012 |  | Nine months ended September 30, 2011
| Specific Allowance |  | General Allowance |  | Specific Allowance |  | General Allowance
| (Dollars in thousands)
Beginning allowance balance | $ | (23,664 | ) |  | $ | (9,300 | ) |  | $ | (13,224 | ) |  | $ | (3,000 | )
Charge-offs | 10,445 |  |  | — |  |  | 8,994 |  |  | — |
Recoveries | — |  |  | — |  |  | — |  |  | — |
Provision for credit losses | (13,203 | ) |  | (2,300 | ) |  | (20,881 | ) |  | (2,700 | )
Ending allowance balance | $ | (26,422 | ) |  | $ | (11,600 | ) |  | $ | (25,111 | ) |  | $ | (5,700 | )
Real Estate Acquired Via Foreclosure or Deed In Lieu [Table Text Block] |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
| (Dollars in thousands)
Real estate owned at beginning of period | $ | 38,390 |  |  | $ | 23,910 |  |  | $ | 36,821 |  |  | $ | 19,122 |
Real estate acquired in satisfaction of mortgage loans | 2,916 |  |  | 11,049 |  |  | 14,902 |  |  | 17,357 |
Additions | — |  |  | 39 |  |  | 117 |  |  | 79 |
Sales | (5,727 | ) |  | — |  |  | (13,093 | ) |  | (1,283 | )
Impairments | (830 | ) |  | — |  |  | (3,473 | ) |  | — |
Depreciation | (185 | ) |  | (173 | ) |  | (710 | ) |  | (450 | )
Real estate owned at end of period | $ | 34,564 |  |  | $ | 34,825 |  |  | $ | 34,564 |  |  | $ | 34,825 |
Financing Receivable Credit Quality Indicators [Table Text Block] |
| September 30, 2012 |  | December 31, 2011
| (Dollars in thousands)
Credit Exposure--By Payment Activity |  |  |
Performing | $ | 2,682,471 |  |  | $ | 2,743,068 |
In workout | 44,371 |  |  | 67,425 |
Delinquent | — |  |  | 6,595 |
Collateral dependent | 36,019 |  |  | 38,923 |
| $ | 2,762,861 |  |  | $ | 2,856,011 |
Past Due Financing Receivables [Table Text Block] |
| 30 - 59 Days |  | 60 - 89 Days |  | 90 Days and Over |  | Total Past Due |  | Current |  | Collateral Dependent Receivables |  | Total Financing Receivables
| (Dollars in thousands)
Commercial Mortgage Loans |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2012 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,726,842 |  |  | $ | 36,019 |  |  | $ | 2,762,861 |
December 31, 2011 | $ | 3,378 |  |  | $ | — |  |  | $ | 6,595 |  |  | $ | 9,973 |  |  | $ | 2,807,115 |  |  | $ | 38,923 |  |  | $ | 2,856,011 |
Impaired Financing Receivables [Table Text Block] |
| September 30, 2012 |  | December 31, 2011
| (Dollars in thousands)
Individually evaluated for impairment | $ | 96,586 |  |  | $ | 130,721 |
Collectively evaluated for impairment | 2,666,275 |  |  | 2,725,290 |
Total loans evaluated for impairment | $ | 2,762,861 |  |  | $ | 2,856,011 |
Impaired Financing Receivables [Table Text Block] |
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
| (Dollars in thousands)
September 30, 2012 |  |  |  |  |  |  |  |  |
Mortgage loans with specific allowance | $ | 39,629 |  |  | $ | 66,051 |  |  | $ | (26,422 | ) |  | $ | 48,873 |  |  | $ | 1,970 |
Mortgage loans with no specific allowance | 30,535 |  |  | 30,535 |  |  | — |  |  | 30,211 |  |  | 1,479 |
| $ | 70,164 |  |  | $ | 96,586 |  |  | $ | (26,422 | ) |  | $ | 79,084 |  |  | $ | 3,449 |
December 31, 2011 |  |  |  |  |  |  |  |  |
Mortgage loans with specific allowance | $ | 44,034 |  |  | $ | 67,698 |  |  | $ | (23,664 | ) |  | $ | 53,617 |  |  | $ | 3,284 |
Mortgage loans with no specific allowance | 63,023 |  |  | 63,023 |  |  | — |  |  | 60,974 |  |  | 3,509 |
| $ | 107,057 |  |  | $ | 130,721 |  |  | $ | (23,664 | ) |  | $ | 114,591 |  |  | $ | 6,793 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] |
Geographic Region |  | Number of TDR's |  | Principal Balance Outstanding |  | Specific Loan Loss Allowance |  | Net Carrying Amount
|  |  |  | (Dollars in thousands)
September 30, 2012 |  |  |  |  |  |  |  |
East |  | 1 |  | $ | 4,208 |  |  | $ | (1,425 | ) |  | $ | 2,783 |
Mountain |  | 10 |  | 32,222 |  |  | (2,193 | ) |  | 30,029 |
South Atlantic |  | 7 |  | 20,690 |  |  | (4,309 | ) |  | 16,381 |
East North Central |  | 4 |  | 11,914 |  |  | (4,116 | ) |  | 7,798 |
West North Central |  | 2 |  | 6,974 |  |  | (1,300 | ) |  | 5,674 |
|  | 24 |  | $ | 76,008 |  |  | $ | (13,343 | ) |  | $ | 62,665 |
December 31, 2011 |  |  |  |  |  |  |  |
East |  | 3 |  | $ | 8,489 |  |  | $ | (2,115 | ) |  | $ | 6,374 |
Mountain |  | 10 |  | 29,539 |  |  | (1,637 | ) |  | 27,902 |
South Atlantic |  | 11 |  | 28,676 |  |  | (6,339 | ) |  | 22,337 |
West North Central |  | 1 |  | 1,937 |  |  | (269 | ) |  | 1,668 |
|  | 25 |  | $ | 68,641 |  |  | $ | (10,360 | ) |  | $ | 58,281 |

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- Definition Tabular presentation of real estate acquired through a foreclosure or a deed in lieu of foreclosure of mortgage loans on commercial real estate. The table rolls forward from period to period the real estate owned at the beginning of the period, adds real estate acquired, deducts real estate sold, and deducts any impairment recognized while the real estate was owned. + References No definition available. + Details
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