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Mortgage Loans on Real Estate (Tables)
 12 Months Ended
Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]  
Summary of Mortgage Loan Portfolio
Our mortgage loan portfolio is summarized in the following table. There were commitments outstanding of $75.5 million at December 31, 2016.
 
December 31,
 
2016
 
2015
 
(Dollars in thousands)
Principal outstanding
$
2,490,619

 
$
2,449,909

Loan loss allowance
(8,427
)
 
(14,142
)
Deferred prepayment fees
(1,236
)
 
(510
)
Carrying value
$
2,480,956

 
$
2,435,257
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,
 
2016
 
2015
 
Principal
 
Percent
 
Principal
 
Percent
 
(Dollars in thousands)
Geographic distribution
 
 
 
 
 
 
 
East
$
635,434

 
25.5
%
 
$
698,113

 
28.5
%
Middle Atlantic
151,640

 
6.1
%
 
160,261

 
6.6
%
Mountain
235,932

 
9.5
%
 
252,442

 
10.3
%
New England
12,724

 
0.5
%
 
13,161

 
0.5
%
Pacific
385,683

 
15.5
%
 
355,268

 
14.5
%
South Atlantic
519,065

 
20.8
%
 
456,227

 
18.6
%
West North Central
325,447

 
13.1
%
 
313,120

 
12.8
%
West South Central
224,694

 
9.0
%
 
201,317

 
8.2
%
 
$
2,490,619

 
100.0
%
 
$
2,449,909

 
100.0
%
Property type distribution

 
 
 

 
 
Office
$
308,578

 
12.4
%
 
$
396,154

 
16.2
%
Medical Office
50,780

 
2.1
%
 
77,438

 
3.2
%
Retail
886,942

 
35.6
%
 
790,158

 
32.2
%
Industrial/Warehouse
700,644

 
28.1
%
 
686,400

 
28.0
%
Hotel
—

 
—
%
 
3,361

 
0.1
%
Apartment
375,837

 
15.1
%
 
352,971

 
14.4
%
Mixed use/other
167,838

 
6.7
%
 
143,427

 
5.9
%
 
$
2,490,619

 
100.0
%
 
$
2,449,909

 
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,
 
2016
 
2015
 
2014
 
Specific
Allowance
 
General
Allowance
 
Specific
Allowance
 
General
Allowance
 
Specific
Allowance
 
General
Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(7,842
)
 
$
(6,300
)
 
$
(12,333
)
 
$
(10,300
)
 
$
(16,847
)
 
$
(9,200
)
Charge-offs
5,078

 
—

 
2,045

 
—

 
9,211

 
—

Recoveries
5,483

 
—

 
5,428

 
—

 
255

 
—

Change in provision for credit losses
(4,046
)
 
(800
)
 
(2,982
)
 
4,000

 
(4,952
)
 
(1,100
)
Ending allowance balance
$
(1,327
)
 
$
(7,100
)
 
$
(7,842
)
 
$
(6,300
)
 
$
(12,333
)
 
$
(10,300
)
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,
 
2016
 
2015
 
2014
 
(Dollars in thousands)
Individually evaluated for impairment
$
4,640

 
$
21,277

 
$
29,116

Collectively evaluated for impairment
2,485,979

 
2,428,632

 
2,428,605

Total loans evaluated for impairment
$
2,490,619

 
$
2,449,909

 
$
2,457,721
Real Estate Acquired Via Foreclosure or Deed In Lieu
e 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:
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
(Dollars in thousands)
Real estate owned at beginning of period
$
6,485

 
$
20,238

 
$
22,844

Real estate acquired in satisfaction of mortgage loans
—

 
—

 
14,555

Additions
—

 
121

 
—

Sales
(6,444
)
 
(12,322
)
 
(14,134
)
Impairments
—

 
(1,297
)
 
(2,441
)
Depreciation
(41
)
 
(255
)
 
(586
)
Real estate owned at end of period
$
—

 
$
6,485

 
$
20,238
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,
 
2016
 
2015
 
(Dollars in thousands)
Credit Exposure--By Payment Activity
 
 
 
Performing
$
2,489,028

 
$
2,438,341

In workout
1,591

 
11,568

Delinquent
—

 
—

Collateral dependent
—

 
—

 
$
2,490,619

 
$
2,449,909
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, 2016
$
2,737

 
$
—

 
$
—

 
$
2,737

 
$
2,487,882

 
$
—

 
$
2,490,619

December 31, 2015
$
—

 
$
—

 
$
—

 
$
—

 
$
2,449,909

 
$
—

 
$
2,449,909
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)
December 31, 2016
 
 
 
 
 
Mortgage loans with an allowance
$
3,313

 
$
4,640

 
$
(1,327
)
Mortgage loans with no related allowance
1,591

 
1,591

 
—

 
$
4,904

 
$
6,231

 
$
(1,327
)
December 31, 2015
 
 
 
 
 
Mortgage loans with an allowance
$
13,435

 
$
21,277

 
$
(7,842
)
Mortgage loans with no related allowance
8,859

 
8,859

 
—

 
$
22,294

 
$
30,136

 
$
(7,842
)

 
Average Recorded Investment
 
Interest Income Recognized
 
(Dollars in thousands)
December 31, 2016
 
 
 
Mortgage loans with an allowance
$
3,398

 
$
301

Mortgage loans with no related allowance
1,665

 
73

 
$
5,063

 
$
374

December 31, 2015
 
 
 
Mortgage loans with an allowance
$
13,893

 
$
1,117

Mortgage loans with no related allowance
8,930

 
584

 
$
22,823

 
$
1,701

December 31, 2014
 
 
 
Mortgage loans with an allowance
$
18,465

 
$
1,797

Mortgage loans with no related allowance
2,656

 
43

 
$
21,121

 
$
1,840
Troubled Debt Restructurings on Financing Receivables
A summary of mortgage loans on commercial real estate with outstanding principal at December 31, 2016 and 2015 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, 2016
 
 
 
 
 
 
 
 
South Atlantic
 
1
 
$
3,004

 
$
—

 
$
3,004

East North Central
 
1
 
2,020

 
(467
)
 
1,553

 
 
2
 
$
5,024

 
$
(467
)
 
$
4,557

 
 
 
 
 
 
 
 
 
Year ended December 31, 2015
 
 
 
 
 
 
 
 
South Atlantic
 
6
 
$
11,155

 
$
(2,992
)
 
$
8,163

East North Central
 
2
 
3,306

 
(467
)
 
2,839

West North Central
 
1
 
5,913

 
—

 
5,913

 
 
9
 
$
20,374

 
$
(3,459
)
 
$
16,915