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Mortgage Loans on Real Estate (Tables)
 6 Months Ended
Jun. 30, 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 $46.9 million at June 30, 2017.
 
June 30, 2017
 
December 31, 2016
 
(Dollars in thousands)
Principal outstanding
$
2,562,449

 
$
2,490,619

Loan loss allowance
(7,849
)
 
(8,427
)
Deferred prepayment fees
(1,209
)
 
(1,236
)
Carrying value
$
2,553,391

 
$
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:
 
June 30, 2017
 
December 31, 2016
 
Principal
 
Percent
 
Principal
 
Percent
 
(Dollars in thousands)
Geographic distribution
 
 
 
 
 
 
 
East
$
596,587

 
23.3
%
 
$
635,434

 
25.5
%
Middle Atlantic
155,234

 
6.1
%
 
151,640

 
6.1
%
Mountain
302,764

 
11.8
%
 
235,932

 
9.5
%
New England
12,496

 
0.5
%
 
12,724

 
0.5
%
Pacific
423,086

 
16.5
%
 
385,683

 
15.5
%
South Atlantic
542,146

 
21.2
%
 
519,065

 
20.8
%
West North Central
311,126

 
12.1
%
 
325,447

 
13.1
%
West South Central
219,010

 
8.5
%
 
224,694

 
9.0
%
 
$
2,562,449

 
100.0
%
 
$
2,490,619

 
100.0
%
Property type distribution
 
 
 
 
 
 
 
Office
$
291,118

 
11.4
%
 
$
308,578

 
12.4
%
Medical Office
35,248

 
1.4
%
 
50,780

 
2.1
%
Retail
989,810

 
38.6
%
 
886,942

 
35.6
%
Industrial/Warehouse
691,630

 
27.0
%
 
700,644

 
28.1
%
Apartment
377,170

 
14.7
%
 
375,837

 
15.1
%
Mixed use/other
177,473

 
6.9
%
 
167,838

 
6.7
%
 
$
2,562,449

 
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 
 June 30, 2017
 
Three Months Ended 
 June 30, 2016
 
Specific
Allowance
 
General Allowance
 
Specific
Allowance
 
General Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(1,327
)
 
$
(6,800
)
 
$
(5,750
)
 
$
(6,000
)
Charge-offs
—

 
—

 
2,101

 
—

Recoveries
—

 
—

 
1,682

 
—

Change in provision for credit losses
(722
)
 
1,000

 
(2,585
)
 
(300
)
Ending allowance balance
$
(2,049
)
 
$
(5,800
)
 
$
(4,552
)
 
$
(6,300
)
 
 
 
 
 
 
 
 
 
Six Months Ended 
 June 30, 2017
 
Six Months Ended 
 June 30, 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
—

 
—

 
2,101

 
—

Recoveries
—

 
—

 
5,022

 
—

Change in provision for credit losses
(722
)
 
1,300

 
(3,833
)
 
—

Ending allowance balance
$
(2,049
)
 
$
(5,800
)
 
$
(4,552
)
 
$
(6,300
)
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:
 
June 30, 2017
 
December 31, 2016
 
(Dollars in thousands)
Individually evaluated for impairment
$
6,773

 
$
4,640

Collectively evaluated for impairment
2,555,676

 
2,485,979

Total loans evaluated for impairment
$
2,562,449

 
$
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 and six months ended June 30, 2016:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2016
 
2016
 
(Dollars in thousands)
Real estate owned at beginning of period
$
5,356

 
$
6,485

Real estate acquired in satisfaction of mortgage loans
—

 
—

Additions
—

 
—

Sales
(5,338
)
 
(6,444
)
Impairments
—

 
—

Depreciation
(18
)
 
(41
)
Real estate owned at end of period
$
—

 
$
—
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.
 
June 30, 2017
 
December 31, 2016
 
(Dollars in thousands)
Credit Exposure--By Payment Activity
 
 
 
Performing
$
2,558,711

 
$
2,489,028

In workout
1,516

 
1,591

Delinquent
—

 
—

Collateral dependent
2,222

 
—

 
$
2,562,449

 
$
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
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2017
$
—

 
$
—

 
$
—

 
$
—

 
$
2,560,227

 
$
2,222

 
$
2,562,449

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)
June 30, 2017
 
 
 
 
 
Mortgage loans with an allowance
$
4,724

 
$
6,773

 
$
(2,049
)
Mortgage loans with no related allowance
1,516

 
1,516

 
—

 
$
6,240

 
$
8,289

 
$
(2,049
)
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 June 30, 2017
 
 
 
Mortgage loans with an allowance
$
5,107

 
$
104

Mortgage loans with no related allowance
1,535

 
23

 
$
6,642

 
$
127

Three months ended June 30, 2016
 
 
 
Mortgage loans with an allowance
$
6,921

 
$
164

Mortgage loans with no related allowance
4,737

 
74

 
$
11,658

 
$
238

Six months ended June 30, 2017
 
 
 
Mortgage loans with an allowance
$
5,135

 
$
207

Mortgage loans with no related allowance
1,553

 
46

 
$
6,688

 
$
253

Six months ended June 30, 2016
 
 
 
Mortgage loans with an allowance
$
7,166

 
$
329

Mortgage loans with no related allowance
4,793

 
150

 
$
11,959

 
$
479
Troubled Debt Restructurings on Financing Receivables
A summary of mortgage loans on commercial real estate with outstanding principal at June 30, 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)
June 30, 2017
 
 
 
 
 
 
 
 
South Atlantic
 
1
 
$
2,978

 
$
—

 
$
2,978

East North Central
 
1
 
1,977

 
(467
)
 
1,510

 
 
2
 
$
4,955

 
$
(467
)
 
$
4,488

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