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Mortgage Loans on Real Estate (Tables)
 12 Months Ended
Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract]  
Summary of Mortgage Loan Portfolio
 
December 31,
 
2013
 
2012
 
(Dollars in thousands)
Principal outstanding
$
2,607,698

 
$
2,658,883

Loan loss allowance
(26,047
)
 
(34,234
)
Deferred prepayment fees
(569
)
 
(709
)
Carrying value
$
2,581,082

 
$
2,623,940
Mortgage Loan Portfolio Summarized by Geographic Region and Property Type
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:
 
December 31,
 
2013
 
2012
 
Principal
 
Percent
 
Principal
 
Percent
 
(Dollars in thousands)
Geographic distribution
 
 
 
 
 
 
 
East
$
765,717

 
29.4
%
 
$
732,762

 
27.5
%
Middle Atlantic
156,489

 
6.0
%
 
155,094

 
5.8
%
Mountain
356,246

 
13.7
%
 
387,599

 
14.6
%
New England
21,324

 
0.8
%
 
26,385

 
1.0
%
Pacific
317,431

 
12.2
%
 
320,982

 
12.1
%
South Atlantic
483,852

 
18.5
%
 
458,802

 
17.3
%
West North Central
351,794

 
13.5
%
 
370,168

 
13.9
%
West South Central
154,845

 
5.9
%
 
207,091

 
7.8
%
 
$
2,607,698

 
100.0
%
 
$
2,658,883

 
100.0
%
Property type distribution

 
 
 

 
 
Office
$
590,414

 
22.6
%
 
$
666,467

 
25.1
%
Medical Office
125,703

 
4.8
%
 
136,764

 
5.1
%
Retail
711,364

 
27.3
%
 
677,951

 
25.5
%
Industrial/Warehouse
673,449

 
25.8
%
 
692,637

 
26.1
%
Hotel
61,574

 
2.4
%
 
94,045

 
3.5
%
Apartment
291,823

 
11.2
%
 
219,335

 
8.2
%
Mixed use/other
153,371

 
5.9
%
 
171,684

 
6.5
%
 
$
2,607,698

 
100.0
%
 
$
2,658,883

 
100.0
%
Rollforward of Allowance For Credit Losses
The following table presents a rollforward of our specific and general valuation allowances for mortgage loans on real estate:
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
Specific
Allowance
 
General
Allowance
 
Specific
Allowance
 
General
Allowance
 
Specific
Allowance
 
General
Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(23,134
)
 
$
(11,100
)
 
$
(23,664
)
 
$
(9,300
)
 
$
(13,224
)
 
$
(3,000
)
Charge-offs
9,738

 
—

 
15,562

 
—

 
14,030

 
—

Recoveries
4,070

 
—

 
—

 
—

 
—

 
—

Change in provision for credit losses
(7,521
)
 
1,900

 
(15,032
)
 
(1,800
)
 
(24,470
)
 
(6,300
)
Ending allowance balance
$
(16,847
)
 
$
(9,200
)
 
$
(23,134
)
 
$
(11,100
)
 
$
(23,664
)
 
$
(9,300
)
Impaired Mortgage Loans on Real Estate by Basis of Impairment
The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
 
December 31,
 
2013
 
2012
 
2011
 
(Dollars in thousands)
Individually evaluated for impairment
$
47,018

 
$
53,110

 
67,698

Collectively evaluated for impairment
2,560,680

 
2,605,773

 
2,788,313

Total loans evaluated for impairment
$
2,607,698

 
$
2,658,883

 
2,856,011
Real Estate Acquired Via Foreclosure or Deed In Lieu
The following table summarizes the activity in the real estate owned which was obtained in satisfaction of mortgage loans on real estate:
 
Year Ended December 31,
 
2013
 
2012
 
2011
 
(Dollars in thousands)
Real estate owned at beginning of period
$
33,172

 
$
36,821

 
$
19,122

Real estate acquired in satisfaction of mortgage loans
8,217

 
26,324

 
20,978

Additions
626

 
398

 
387

Sales
(17,358
)
 
(23,825
)
 
(3,027
)
Impairments
(1,195
)
 
(5,677
)
 
—

Depreciation
(618
)
 
(869
)
 
(639
)
Real estate owned at end of period
$
22,844

 
$
33,172

 
$
36,821
Mortgage Loans By Credit Quality Indicator
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.
 
December 31,
 
2013
 
2012
 
(Dollars in thousands)
Credit Exposure--By Payment Activity
 
 
 
Performing
$
2,593,276

 
2,597,440

In workout
6,248

 
26,723

Delinquent
—

 
—

Collateral dependent
8,174

 
34,720

 
$
2,607,698

 
$
2,658,883
Aging of Financing Receivables
Aging of financing receivables is summarized in the following table, 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
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
$
—

 
$
—

 
$
—

 
$
—

 
$
2,599,524

 
$
8,174

 
$
2,607,698

December 31, 2012
$
—

 
$
—

 
$
—

 
$
—

 
$
2,624,163

 
$
34,720

 
$
2,658,883
Impaired Financing Receivables
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)
December 31, 2013
 
 
 
 
 
 
 
 
 
Mortgage loans with an allowance
$
30,171

 
$
47,018

 
$
(16,847
)
 
$
33,772

 
$
2,094

Mortgage loans with no related allowance
3,264

 
3,264

 
—

 
3,264

 
138

 
$
33,435

 
$
50,282

 
$
(16,847
)
 
$
37,036

 
$
2,232

December 31, 2012
 
 
 
 
 
 
 
 
 
Mortgage loans with an allowance
$
29,976

 
$
53,110

 
$
(23,134
)
 
$
37,480

 
$
1,946

Mortgage loans with no related allowance
27,765

 
27,765

 
—

 
27,696

 
1,664

 
$
57,741

 
$
80,875

 
$
(23,134
)
 
$
65,176

 
$
3,610

December 31, 2011
 
 
 
 
 
 
 
 
 
Mortgage loans with an allowance
$
44,034

 
$
67,698

 
$
(23,664
)
 
$
53,617

 
$
3,284

Mortgage loans with no related 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
A summary of mortgage loans on commercial real estate with outstanding principal at December 31, 2013 and 2012 that we determined to be TDRs are as follows:
Geographic Region
 
Number of
TDRs
 
Principal
Balance
Outstanding
 
Specific Loan
Loss Allowance
 
Net
Carrying
Amount
 
 
 
 
(Dollars in thousands)
 
 
Year ended December 31, 2013:
 
 
 
 
 
 
 
 
East
 
1
 
$
3,712

 
$
(949
)
 
$
2,763

Mountain
 
7
 
22,140

 
(329
)
 
21,811

South Atlantic
 
7
 
13,930

 
(4,177
)
 
9,753

East North Central
 
1
 
2,219

 
(467
)
 
1,752

West North Central
 
1
 
1,938

 
(475
)
 
1,463

West South Central
 
1
 
1,714

 
(256
)
 
1,458

 
 
18
 
$
45,653

 
$
(6,653
)
 
$
39,000

 
 
 
 
 
 
 
 
 
Year ended December 31, 2012:
 
 
 
 
 
 
 
 
East
 
1
 
$
4,208

 
$
(1,425
)
 
$
2,783

Mountain
 
10
 
28,786

 
(1,702
)
 
27,084

South Atlantic
 
9
 
23,358

 
(5,047
)
 
18,311

East North Central
 
1
 
2,232

 
(467
)
 
1,765

West North Central
 
3
 
9,466

 
(2,328
)
 
7,138

 
 
24
 
$
68,050

 
$
(10,969
)
 
$
57,081