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Mortgage Loans on Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2015
Mortgage Loans on Real Estate [Abstract] |
Summary of Mortgage Loan Portfolio | Our mortgage loan portfolio, summarized in the following table, totaled $2.5 billion at September 30, 2015 and $2.4 billion December 31, 2014, respectively, with commitments outstanding of $64.3 million at September 30, 2015.
| September 30, 2015 |  | December 31, 2014
| (Dollars in thousands)
Principal outstanding | $ | 2,470,456 |  |  | $ | 2,457,721 |
Loan loss allowance | (17,518 | ) |  | (22,633 | )
Deferred prepayment fees | (536 | ) |  | (508 | )
Carrying value | $ | 2,452,402 |  |  | $ | 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:
| September 30, 2015 |  | December 31, 2014
| Principal |  | Percent |  | Principal |  | Percent
| (Dollars in thousands)
Geographic distribution |  |  |  |  |  |  |
East | $ | 720,522 |  |  | 29.2 | % |  | $ | 701,638 |  |  | 28.5 | %
Middle Atlantic | 160,946 |  |  | 6.5 | % |  | 166,249 |  |  | 6.8 | %
Mountain | 255,454 |  |  | 10.3 | % |  | 279,075 |  |  | 11.4 | %
New England | 13,267 |  |  | 0.5 | % |  | 12,280 |  |  | 0.5 | %
Pacific | 359,231 |  |  | 14.6 | % |  | 302,307 |  |  | 12.3 | %
South Atlantic | 451,123 |  |  | 18.3 | % |  | 471,849 |  |  | 19.2 | %
West North Central | 311,774 |  |  | 12.6 | % |  | 349,028 |  |  | 14.2 | %
West South Central | 198,139 |  |  | 8.0 | % |  | 175,295 |  |  | 7.1 | %
| $ | 2,470,456 |  |  | 100.0 | % |  | $ | 2,457,721 |  |  | 100.0 | %
Property type distribution |  |  |  |  |  |  |
Office | $ | 417,122 |  |  | 16.9 | % |  | $ | 484,585 |  |  | 19.7 | %
Medical Office | 84,843 |  |  | 3.4 | % |  | 88,275 |  |  | 3.6 | %
Retail | 768,210 |  |  | 31.1 | % |  | 711,775 |  |  | 29.0 | %
Industrial/Warehouse | 688,336 |  |  | 27.9 | % |  | 649,425 |  |  | 26.4 | %
Hotel | 3,412 |  |  | 0.1 | % |  | 30,640 |  |  | 1.3 | %
Apartment | 362,809 |  |  | 14.7 | % |  | 335,087 |  |  | 13.6 | %
Mixed use/other | 145,724 |  |  | 5.9 | % |  | 157,934 |  |  | 6.4 | %
| $ | 2,470,456 |  |  | 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 September 30, 2015 |  | Three Months Ended September 30, 2014
| Specific Allowance |  | General Allowance |  | Specific Allowance |  | General Allowance
| (Dollars in thousands)
Beginning allowance balance | $ | (9,316 | ) |  | $ | (7,500 | ) |  | $ | (17,282 | ) |  | $ | (9,300 | )
Charge-offs | — |  |  | — |  |  | 958 |  |  | — |
Change in provision for credit losses | (1,302 | ) |  | 600 |  |  | (1,040 | ) |  | (1,200 | )
Ending allowance balance | $ | (10,618 | ) |  | $ | (6,900 | ) |  | $ | (17,364 | ) |  | $ | (10,500 | )
| Nine Months Ended September 30, 2015 |  | Nine Months Ended September 30, 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 | 143 |  |  | — |  |  | 3,715 |  |  | — |
Recoveries | 4,375 |  |  | — |  |  | 255 |  |  | — |
Change in provision for credit losses | (2,803 | ) |  | 3,400 |  |  | (4,487 | ) |  | (1,300 | )
Ending allowance balance | $ | (10,618 | ) |  | $ | (6,900 | ) |  | $ | (17,364 | ) |  | $ | (10,500 | )
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:
| September 30, 2015 |  | December 31, 2014
| (Dollars in thousands)
Individually evaluated for impairment | $ | 27,244 |  |  | $ | 29,116 |
Collectively evaluated for impairment | 2,443,212 |  |  | 2,428,605 |
Total loans evaluated for impairment | $ | 2,470,456 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (Dollars in thousands)
Real estate owned at beginning of period | $ | 12,958 |  |  | $ | 24,606 |  |  | $ | 20,238 |  |  | $ | 22,844 |
Real estate acquired in satisfaction of mortgage loans | — |  |  | 1,748 |  |  | — |  |  | 11,755 |
Additions | 120 |  |  | — |  |  | 120 |  |  | — |
Sales | (2,761 | ) |  | (2,431 | ) |  | (9,241 | ) |  | (9,579 | )
Impairments | (570 | ) |  | (1,436 | ) |  | (1,199 | ) |  | (2,235 | )
Depreciation | (53 | ) |  | (153 | ) |  | (224 | ) |  | (451 | )
Real estate owned at end of period | $ | 9,694 |  |  | $ | 22,334 |  |  | $ | 9,694 |  |  | $ | 22,334 |
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.
| September 30, 2015 |  | December 31, 2014
| (Dollars in thousands)
Credit Exposure--By Payment Activity |  |  |
Performing | $ | 2,443,679 |  |  | $ | 2,451,760 |
In workout | 10,739 |  |  | — |
Delinquent | — |  |  | — |
Collateral dependent | 16,038 |  |  | 5,961 |
| $ | 2,470,456 |  |  | $ | 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 |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2015 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,454,418 |  |  | $ | 16,038 |  |  | $ | 2,470,456 |
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 60 days or more 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)
September 30, 2015 |  |  |  |  |
Mortgage loans with an allowance | $ | 16,626 |  |  | $ | 27,244 |  |  | $ | (10,618 | )
Mortgage loans with no related allowance | 13,396 |  |  | 13,396 |  |  | — |
| $ | 30,022 |  |  | $ | 40,640 |  |  | $ | (10,618 | )
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 September 30, 2015 |  |  |
Mortgage loans with an allowance | $ | 17,336 |  |  | $ | 44 |
Mortgage loans with no related allowance | 13,414 |  |  | 176 |
| $ | 30,750 |  |  | $ | 220 |
Three months ended September 30, 2014 |  |  |
Mortgage loans with an allowance | $ | 22,157 |  |  | $ | 539 |
Mortgage loans with no related allowance | 2,656 |  |  | — |
| $ | 24,813 |  |  | $ | 539 |
Nine months ended September 30, 2015 |  |  |
Mortgage loans with an allowance | $ | 17,649 |  |  | $ | 866 |
Mortgage loans with no related allowance | 13,432 |  |  | 595 |
| $ | 31,081 |  |  | $ | 1,461 |
Nine months ended September 30, 2014 |  |  |
Mortgage loans with an allowance | $ | 23,580 |  |  | $ | 1,696 |
Mortgage loans with no related allowance | 2,656 |  |  | — |
| $ | 26,236 |  |  | $ | 1,696 |
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 September 30, 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)
September 30, 2015 |  |  |  |  |  |  |  |
South Atlantic |  | 6 |  | $ | 10,878 |  |  | $ | (2,992 | ) |  | $ | 7,886 |
East North Central |  | 2 |  | 3,345 |  |  | (467 | ) |  | 2,878 |
West North Central |  | 2 |  | 7,790 |  |  | (1,046 | ) |  | 6,744 |
|  | 10 |  | $ | 22,013 |  |  | $ | (4,505 | ) |  | $ | 17,508 |
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 |

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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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