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Mortgage Loans on Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2017
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 $56.8 million at March 31, 2017.
| March 31, 2017 |  | December 31, 2016
| (Dollars in thousands)
Principal outstanding | $ | 2,516,370 |  |  | $ | 2,490,619 |
Loan loss allowance | (8,127 | ) |  | (8,427 | )
Deferred prepayment fees | (1,252 | ) |  | (1,236 | )
Carrying value | $ | 2,506,991 |  |  | $ | 2,480,956 |
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, 2017 |  | December 31, 2016
| Principal |  | Percent |  | Principal |  | Percent
| (Dollars in thousands)
Geographic distribution |  |  |  |  |  |  |
East | $ | 622,220 |  |  | 24.7 | % |  | $ | 635,434 |  |  | 25.5 | %
Middle Atlantic | 154,097 |  |  | 6.1 | % |  | 151,640 |  |  | 6.1 | %
Mountain | 241,197 |  |  | 9.6 | % |  | 235,932 |  |  | 9.5 | %
New England | 12,610 |  |  | 0.5 | % |  | 12,724 |  |  | 0.5 | %
Pacific | 403,297 |  |  | 16.0 | % |  | 385,683 |  |  | 15.5 | %
South Atlantic | 546,519 |  |  | 21.7 | % |  | 519,065 |  |  | 20.8 | %
West North Central | 313,751 |  |  | 12.5 | % |  | 325,447 |  |  | 13.1 | %
West South Central | 222,679 |  |  | 8.9 | % |  | 224,694 |  |  | 9.0 | %
| $ | 2,516,370 |  |  | 100.0 | % |  | $ | 2,490,619 |  |  | 100.0 | %
Property type distribution |  |  |  |  |  |  |
Office | $ | 297,522 |  |  | 11.8 | % |  | $ | 308,578 |  |  | 12.4 | %
Medical Office | 38,637 |  |  | 1.6 | % |  | 50,780 |  |  | 2.1 | %
Retail | 910,986 |  |  | 36.2 | % |  | 886,942 |  |  | 35.6 | %
Industrial/Warehouse | 709,366 |  |  | 28.2 | % |  | 700,644 |  |  | 28.1 | %
Apartment | 380,630 |  |  | 15.1 | % |  | 375,837 |  |  | 15.1 | %
Mixed use/other | 179,229 |  |  | 7.1 | % |  | 167,838 |  |  | 6.7 | %
| $ | 2,516,370 |  |  | 100.0 | % |  | $ | 2,490,619 |  |  | 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, 2017 |  | Three Months Ended March 31, 2016
| Specific Allowance |  | General Allowance |  | Specific Allowance |  | General Allowance
| (Dollars in thousands)
Beginning allowance balance | $ | (1,327 | ) |  | $ | (7,100 | ) |  | $ | (7,842 | ) |  | $ | (6,300 | )
Charge-offs | — |  |  | — |  |  | — |  |  | — |
Recoveries | — |  |  | — |  |  | 3,340 |  |  | — |
Change in provision for credit losses | — |  |  | 300 |  |  | (1,248 | ) |  | 300 |
Ending allowance balance | $ | (1,327 | ) |  | $ | (6,800 | ) |  | $ | (5,750 | ) |  | $ | (6,000 | )
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, 2017 |  | December 31, 2016
| (Dollars in thousands)
Individually evaluated for impairment | $ | 4,595 |  |  | $ | 4,640 |
Collectively evaluated for impairment | 2,511,775 |  |  | 2,485,979 |
Total loans evaluated for impairment | $ | 2,516,370 |  |  | $ | 2,490,619 |
Real Estate Acquired Via Foreclosure or Deed In Lieu | The following table summarizes the activity in real estate owned, included in Other investments, which was obtained in satisfaction of mortgage loans on real estate during the three months ended March 31, 2016:
| Three Months Ended March 31,
| 2016
| (Dollars in thousands)
Real estate owned at beginning of period | $ | 6,485 |
Real estate acquired in satisfaction of mortgage loans | — |
Additions | — |
Sales | (1,106 | )
Impairments | — |
Depreciation | (23 | )
Real estate owned at end of period | $ | 5,356 |
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, 2017 |  | December 31, 2016
| (Dollars in thousands)
Credit Exposure--By Payment Activity |  |  |
Performing | $ | 2,514,816 |  |  | $ | 2,489,028 |
In workout | 1,554 |  |  | 1,591 |
Delinquent | — |  |  | — |
Collateral dependent | — |  |  | — |
| $ | 2,516,370 |  |  | $ | 2,490,619 |
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, 2017 | $ | 6,791 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,791 |  |  | $ | 2,509,579 |  |  | $ | — |  |  | $ | 2,516,370 |
December 31, 2016 | $ | 2,737 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,737 |  |  | $ | 2,487,882 |  |  | $ | — |  |  | $ | 2,490,619 |
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)
March 31, 2017 |  |  |  |  |
Mortgage loans with an allowance | $ | 3,268 |  |  | $ | 4,595 |  |  | $ | (1,327 | )
Mortgage loans with no related allowance | 1,554 |  |  | 1,554 |  |  | — |
| $ | 4,822 |  |  | $ | 6,149 |  |  | $ | (1,327 | )
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 | )
| Average Recorded Investment |  | Interest Income Recognized
| (Dollars in thousands)
Three months ended March 31, 2017 |  |  |
Mortgage loans with an allowance | $ | 3,291 |  |  | $ | 72 |
Mortgage loans with no related allowance | 1,572 |  |  | 23 |
| $ | 4,863 |  |  | $ | 95 |
Three months ended March 31, 2016 |  |  |
Mortgage loans with an allowance | $ | 13,999 |  |  | $ | 264 |
Mortgage loans with no related allowance | 1,709 |  |  | 26 |
| $ | 15,708 |  |  | $ | 290 |
Troubled Debt Restructurings on Financing Receivables | A summary of mortgage loans on commercial real estate with outstanding principal at March 31, 2017 and December 31, 2016 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, 2017 |  |  |  |  |  |  |  |
South Atlantic |  | 1 |  | $ | 2,993 |  |  | $ | — |  |  | $ | 2,993 |
East North Central |  | 1 |  | 1,998 |  |  | (467 | ) |  | 1,531 |
|  | 2 |  | $ | 4,991 |  |  | $ | (467 | ) |  | $ | 4,524 |
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 |

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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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- Definition Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=66008989&loc=SL6953423-111524 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953803-111525 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=66008989&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of financing receivables that are past due but not impaired, financing receivables that are 90 days past due and still accruing, and financing receivables on nonaccrual status. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=66008989&loc=d3e5111-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7A -URI http://asc.fasb.org/extlink&oid=66008989&loc=SL6953401-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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