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Mortgage Loans on Real Estate (Tables)
 3 Months Ended
Mar. 31, 2015
Mortgage Loans on Real Estate [Abstract]  
Summary of Mortgage Loan Portfolio
Our mortgage loan portfolio, summarized in the following table, totaled $2.4 billion at both March 31, 2015 and December 31, 2014, with commitments outstanding of $87.0 million at March 31, 2015.
 
March 31, 2015
 
December 31, 2014
 
(Dollars in thousands)
Principal outstanding
$
2,453,692

 
$
2,457,721

Loan loss allowance
(19,452
)
 
(22,633
)
Deferred prepayment fees
(483
)
 
(508
)
Carrying value
$
2,433,757

 
$
2,434,580
Mortgage Loan Portfolio Summarized by Geographic Region and Property Type
The mortgage loan portfolio is summarized by geographic region and property type as follows:
 
March 31, 2015
 
December 31, 2014
 
Principal
 
Percent
 
Principal
 
Percent
 
(Dollars in thousands)
Geographic distribution
 
 
 
 
 
 
 
East
$
714,054

 
29.1
%
 
$
701,638

 
28.5
%
Middle Atlantic
164,954

 
6.7
%
 
166,249

 
6.8
%
Mountain
279,605

 
11.4
%
 
279,075

 
11.4
%
New England
9,589

 
0.4
%
 
12,280

 
0.5
%
Pacific
301,176

 
12.3
%
 
302,307

 
12.3
%
South Atlantic
475,064

 
19.4
%
 
471,849

 
19.2
%
West North Central
341,682

 
13.9
%
 
349,028

 
14.2
%
West South Central
167,568

 
6.8
%
 
175,295

 
7.1
%
 
$
2,453,692

 
100.0
%
 
$
2,457,721

 
100.0
%
Property type distribution
 
 
 
 
 
 
 
Office
$
457,690

 
18.7
%
 
$
484,585

 
19.7
%
Medical Office
87,104

 
3.5
%
 
88,275

 
3.6
%
Retail
712,473

 
29.0
%
 
711,775

 
29.0
%
Industrial/Warehouse
664,136

 
27.1
%
 
649,425

 
26.4
%
Hotel
22,519

 
0.9
%
 
30,640

 
1.3
%
Apartment
353,693

 
14.4
%
 
335,087

 
13.6
%
Mixed use/other
156,077

 
6.4
%
 
157,934

 
6.4
%
 
$
2,453,692

 
100.0
%
 
$
2,457,721

 
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:
 
Three Months Ended
March 31, 2015
 
Three Months Ended
March 31, 2014
 
Specific
Allowance
 
General Allowance
 
Specific
Allowance
 
General Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(12,333
)
 
$
(10,300
)
 
$
(16,847
)
 
$
(9,200
)
Charge-offs
128

 
—

 
949

 
—

Recoveries
1,255

 
—

 
—

 
—

Change in provision for credit losses
(1,502
)
 
3,300

 
(564
)
 
400

Ending allowance balance
$
(12,452
)
 
$
(7,000
)
 
$
(16,462
)
 
$
(8,800
)
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:
 
March 31, 2015
 
December 31, 2014
 
(Dollars in thousands)
Individually evaluated for impairment
$
30,763

 
$
29,116

Collectively evaluated for impairment
2,422,929

 
2,428,605

Total loans evaluated for impairment
$
2,453,692

 
$
2,457,721
Real Estate Acquired Via Foreclosure or Deed In Lieu
The following table summarizes the activity in the real estate owned, included in Other investments, which was obtained in satisfaction of mortgage loans on real estate:
 
Three Months Ended
March 31,
 
2015
 
2014
 
(Dollars in thousands)
Real estate owned at beginning of period
$
20,238

 
$
22,844

Real estate acquired in satisfaction of mortgage loans
—

 
1,713

Sales
(4,899
)
 
(3,030
)
Impairments
(629
)
 
(799
)
Depreciation
(99
)
 
(136
)
Real estate owned at end of period
$
14,611

 
$
20,592
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.
 
March 31, 2015
 
December 31, 2014
 
(Dollars in thousands)
Credit Exposure--By Payment Activity
 
 
 
Performing
$
2,436,604

 
$
2,451,760

In workout
9,928

 
—

Delinquent
2,316

 
—

Collateral dependent
4,844

 
5,961

 
$
2,453,692

 
$
2,457,721
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
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2015
$
11,281

 
$
2,316

 
$
—

 
$
13,597

 
$
2,435,251

 
$
4,844

 
$
2,453,692

December 31, 2014
$
—

 
$
—

 
$
—

 
$
—

 
$
2,451,760

 
$
5,961

 
$
2,457,721
Impaired Financing Receivables
Financing receivables summarized in the following two tables 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
 
(Dollars in thousands)
March 31, 2015
 
 
 
 
 
Mortgage loans with an allowance
$
18,311

 
$
30,763

 
$
(12,452
)
Mortgage loans with no related allowance
13,087

 
13,087

 
—

 
$
31,398

 
$
43,850

 
$
(12,452
)
December 31, 2014
 
 
 
 
 
Mortgage loans with an allowance
$
16,783

 
$
29,116

 
$
(12,333
)
Mortgage loans with no related allowance
2,656

 
2,656

 
—

 
$
19,439

 
$
31,772

 
$
(12,333
)

 
Average Recorded Investment
 
Interest Income Recognized
 
(Dollars in thousands)
Three months ended March 31, 2015
 
 
 
Mortgage loans with an allowance
$
19,158

 
$
451

Mortgage loans with no related allowance
13,107

 
159

 
$
32,265

 
$
610

Three months ended March 31, 2014
 
 
 
Mortgage loans with an allowance
$
29,884

 
$
508

Mortgage loans with no related allowance
3,456

 
351

 
$
33,340

 
$
859
Troubled Debt Restructurings on Financing Receivables
Mortgage loan workouts, refinances or restructures that are classified as TDRs are individually evaluated and measured for impairment. A summary of mortgage loans on commercial real estate with outstanding principal at March 31, 2015 and December 31, 2014 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)
March 31, 2015
 
 
 
 
 
 
 
 
South Atlantic
 
6
 
$
11,033

 
$
(2,992
)
 
$
8,041

East North Central
 
2
 
3,363

 
(467
)
 
2,896

West North Central
 
2
 
7,790

 
(1,046
)
 
6,744

 
 
10
 
$
22,186

 
$
(4,505
)
 
$
17,681

December 31, 2014
 
 
 
 
 
 
 
 
South Atlantic
 
7
 
14,475

 
(4,244
)
 
10,231

East North Central
 
1
 
2,177

 
(467
)
 
1,710

West North Central
 
1
 
1,881

 
(1,047
)
 
834

 
 
9
 
$
18,533

 
$
(5,758
)
 
$
12,775