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Mortgage Loans on Real Estate (Tables)
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Summary of Mortgage Loan Portfolio
Our mortgage loan portfolio is summarized in the following table. There were commitments outstanding of $244.3 million at December 31, 2019.
 
December 31,
 
2019
 
2018
 
(Dollars in thousands)
Principal outstanding
$
3,458,914

 
$
2,952,464

Loan loss allowance
(9,179
)
 
(8,239
)
Deferred prepayment fees
(942
)
 
(1,134
)
Carrying value
$
3,448,793

 
$
2,943,091
Mortgage Loan Portfolio Summarized by Geographic Region and Property Type The mortgage loan portfolio is summarized by geographic region and property type as follows:
 
December 31,
 
2019
 
2018
 
Principal
 
Percent
 
Principal
 
Percent
 
(Dollars in thousands)
Geographic distribution
 
 
 
 
 
 
 
East
$
645,991

 
18.7
%
 
$
586,773

 
19.9
%
Middle Atlantic
284,597

 
8.2
%
 
168,969

 
5.7
%
Mountain
389,892

 
11.3
%
 
357,642

 
12.1
%
New England
9,152

 
0.3
%
 
9,418

 
0.3
%
Pacific
655,518

 
19.0
%
 
521,363

 
17.7
%
South Atlantic
751,199

 
21.7
%
 
694,599

 
23.5
%
West North Central
302,534

 
8.7
%
 
291,890

 
9.9
%
West South Central
420,031

 
12.1
%
 
321,810

 
10.9
%
 
$
3,458,914

 
100.0
%
 
$
2,952,464

 
100.0
%
Property type distribution

 
 
 

 
 
Office
$
250,287

 
7.3
%
 
$
268,932

 
9.1
%
Medical Office
29,990

 
0.9
%
 
33,467

 
1.1
%
Retail
1,225,670

 
35.4
%
 
1,091,627

 
37.0
%
Industrial/Warehouse
896,558

 
25.9
%
 
762,887

 
25.8
%
Apartment
858,679

 
24.8
%
 
600,638

 
20.3
%
Agricultural
51,303

 
1.5
%
 
25,000

 
0.9
%
Mixed use/Other
146,427

 
4.2
%
 
169,913

 
5.8
%
 
$
3,458,914

 
100.0
%
 
$
2,952,464

 
100.0
%
Mortgage Loans, Rollforward of Allowance For Credit Losses The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
 
December 31,
 
2019
 
2018
 
2017
 
(Dollars in thousands)
Individually evaluated for impairment
$
1,229

 
$
1,253

 
$
5,445

Collectively evaluated for impairment
3,457,685

 
2,951,211

 
2,668,870

Total loans evaluated for impairment
$
3,458,914

 
$
2,952,464

 
$
2,674,315


The following table presents a rollforward of our specific and general valuation allowances for mortgage loans on real estate:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
Specific
Allowance
 
General
Allowance
 
Specific
Allowance
 
General
Allowance
 
Specific
Allowance
 
General
Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(229
)
 
$
(8,010
)
 
$
(1,418
)
 
$
(6,100
)
 
$
(1,327
)
 
$
(7,100
)
Charge-offs
—

 
—

 
852

 
—

 
—

 
—

Recoveries
—

 
—

 
1,592

 
—

 
631

 
—

Change in provision for credit losses
—

 
(940
)
 
(1,255
)
 
(1,910
)
 
(722
)
 
1,000

Ending allowance balance
$
(229
)
 
$
(8,950
)
 
$
(229
)
 
$
(8,010
)
 
$
(1,418
)
 
$
(6,100
)
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,
 
2019
 
2018
 
(Dollars in thousands)
Credit Exposure - By Payment Activity
 
 
 
Performing
$
3,458,914

 
$
2,952,464

In workout
—

 
—

Collateral dependent
—

 
—

 
$
3,458,914

 
$
2,952,464
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, 2019
$
—

 
$
—

 
$
—

 
$
—

 
$
3,458,914

 
$
—

 
$
3,458,914

December 31, 2018
$
—

 
$
—

 
$
—

 
$
—

 
$
2,952,464

 
$
—

 
$
2,952,464
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, 2019
 
 
 
 
 
Mortgage loans with an allowance
$
1,000

 
$
1,229

 
$
(229
)
Mortgage loans with no related allowance
—

 
—

 
—

 
$
1,000

 
$
1,229

 
$
(229
)
December 31, 2018
 
 
 
 
 
Mortgage loans with an allowance
$
1,024

 
$
1,253

 
$
(229
)
Mortgage loans with no related allowance
—

 
—

 
—

 
$
1,024

 
$
1,253

 
$
(229
)

 
Average Recorded Investment
 
Interest Income Recognized
 
(Dollars in thousands)
December 31, 2019
 
 
 
Mortgage loans with an allowance
$
1,012

 
$
69

Mortgage loans with no related allowance
—

 
—

 
$
1,012

 
$
69

December 31, 2018
 
 
 
Mortgage loans with an allowance
$
1,042

 
$
74

Mortgage loans with no related allowance
—

 
—

 
$
1,042

 
$
74

December 31, 2017
 
 
 
Mortgage loans with an allowance
$
4,464

 
$
221

Mortgage loans with no related allowance
1,513

 
91

 
$
5,977

 
$
312