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Mortgage Loans on Real Estate (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Summary of Mortgage Loan Portfolio

Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $110.9 million at March 31, 2021.

			March 31, 2021						December 31, 2020
			(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding			$	3,547,140					$	3,580,154
Deferred fees and costs, net			(1,213)						(1,266)
Amortized cost			3,545,927						3,578,888
Valuation allowance			(26,139)						(25,529)
Commercial mortgage loans, carrying value			3,519,788						3,553,359
Agricultural mortgage loans:
Principal outstanding			266,269						245,807
Deferred fees and costs, net			(684)						(634)
Amortized cost			265,585						245,173
Valuation allowance			(439)						(2,130)
Agricultural mortgage loans, carrying value			265,146						243,043
Residential mortgage loans:
Principal outstanding			496,135						366,320
Deferred fees and costs, net			1,323						925
Unamortized discounts and premiums, net			10,146						5,212
Amortized cost			507,604						372,457
Valuation allowance			(1,936)						(3,370)
Residential mortgage loans, carrying value			505,668						369,087
Mortgage loans, carrying value			$	4,290,602					$	4,165,489

Commercial Mortgage Loan Portfolio Summarized By Geographic Region and Property Type

The commercial mortgage loan portfolio is summarized by geographic region and property type as follows:

			March 31, 2021												December 31, 2020
			Principal						Percent						Principal						Percent
			(Dollars in thousands)
Geographic distribution
East			$	694,952					19.6		%				$	699,741					19.5		%
Middle Atlantic			277,420						7.8		%				281,971						7.9		%
Mountain			384,719						10.8		%				391,025						10.9		%
New England			24,624						0.7		%				24,774						0.7		%
Pacific			672,948						19.0		%				659,743						18.4		%
South Atlantic			828,593						23.4		%				832,739						23.3		%
West North Central			257,546						7.3		%				266,050						7.4		%
West South Central			406,338						11.4		%				424,111						11.9		%
			$	3,547,140					100.0		%				$	3,580,154					100.0		%
Property type distribution
Office			$	294,760					8.3		%				$	297,065					8.3		%
Medical Office			22,072						0.6		%				20,584						0.6		%
Retail			1,153,141						32.5		%				1,187,484						33.2		%
Industrial/Warehouse			945,205						26.6		%				929,325						25.9		%
Apartment			927,945						26.2		%				939,084						26.2		%
Mixed use/Other			204,017						5.8		%				206,612						5.8		%
			$	3,547,140					100.0		%				$	3,580,154					100.0		%

Rollforward of Valuation Allowance on Mortgage Loan Portfolios

The following table represents a rollforward of the valuation allowance on our mortgage loan portfolios:

			Three Months Ended March 31, 2021
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(25,529)					$	(2,130)					$	(3,370)					$	(31,029)
Charge-offs			—						—						—						—
Recoveries			—						—						—						—
Change in provision for credit losses			(610)						1,691						1,434						2,515
Ending allowance balance			$	(26,139)					$	(439)					$	(1,936)					$	(28,514)

Mortgage Loans By Credit Quality Indicator

The amortized cost of our commercial mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at March 31, 2021 and December 31, 2020 (by year of origination):

			2021						2020						2019						2018						2017						Prior						Total
As of March 31, 2021:			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV
Debt Service Coverage Ratio:			(Dollars in thousands)
Greater than or equal to 1.5			$	40,908		66		%	$	393,845		63		%	$	496,170		65		%	$	412,055		64		%	$	314,347		57		%	$	1,017,700		48		%	$	2,675,025		57		%
Greater than or equal to 1.2 and less than 1.5			13,226			69		%	130,276			67		%	212,153			70		%	94,962			73		%	123,465			67		%	162,707			57		%	736,789			66		%
Greater than or equal to 1.0 and less than 1.2			—			—		%	17,490			81		%	8,958			68		%	2,744			70		%	7,495			65		%	28,608			63		%	65,295			69		%
Less than 1.0			—			—		%	—			—		%	37,135			65		%	1,428			88		%	10,063			80		%	20,192			61		%	68,818			66		%
Total			$	54,134		67		%	$	541,611		64		%	$	754,416		66		%	$	511,189		65		%	$	455,370		60		%	$	1,229,207		50		%	$	3,545,927		59		%
			2020						2019						2018						2017						2016						Prior						Total
As of December 31, 2020:			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV
Debt Service Coverage Ratio:
Greater than or equal to 1.5			$	364,574		63		%	$	442,370		66		%	$	399,193		62		%	$	316,738		57		%	$	359,321		54		%	$	715,706		47		%	$	2,597,902		57		%
Greater than or equal to 1.2 and less than 1.5			161,779			66		%	226,166			70		%	124,267			72		%	124,564			67		%	52,513			62		%	111,690			55		%	800,979			66		%
Greater than or equal to 1.0 and less than 1.2			17,638			82		%	22,917			67		%	2,769			71		%	7,597			66		%	—			—		%	32,327			65		%	83,248			69		%
Less than 1.0			—			—		%	64,131			58		%	1,441			89		%	10,156			80		%	—			—		%	21,031			60		%	96,759			61		%
Total			$	543,991		65		%	$	755,584		67		%	$	527,670		64		%	$	459,055		60		%	$	411,834		55		%	$	880,754		49		%	$	3,578,888		59		%

The amortized cost of our agricultural mortgage loan portfolio by LTV and DSC ratios based on the most recent information collected was as follows at March 31, 2021 and December 31, 2020 (by year of origination):

			2021						2020						2019						2018						2017						Prior						Total
As of March 31, 2021:			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV
Debt Service Coverage Ratio:			(Dollars in thousands)
Greater than or equal to 1.5			$	12,128		39		%	$	80,175		53		%	$	11,901		49		%	$	25,000		11		%	$	—		—		%	$	—		—		%	$	129,204		43		%
Greater than or equal to 1.2 and less than 1.5			3,748			57		%	104,090			43		%	3,401			23		%	—			—		%	—			—		%	—			—		%	111,239			43		%
Greater than or equal to 1.0 and less than 1.2			7,479			44		%	4,186			37		%	4,781			50		%	—			—		%	—			—		%	—			—		%	16,446			44		%
Less than 1.0			—			—		%	8,696			60		%	—			—		%	—			—		%	—			—		%	—			—		%	8,696			60		%
Total			$	23,355		43		%	$	197,147		48		%	$	20,083		45		%	$	25,000		11		%	$	—		—		%	$	—		—		%	$	265,585		44		%
			2020						2019						2018						2017						2016						Prior						Total
As of December 31, 2020:			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV			Amortized Cost			Average LTV
Debt Service Coverage Ratio:
Greater than or equal to 1.5			$	78,631		52		%	$	13,985		47		%	$	25,000		11		%	$	—		—		%	$	—		—		%	$	—		—		%	$	117,616		43		%
Greater than or equal to 1.2 and less than 1.5			101,879			44		%	3,425			23		%	—			—		%	—			—		%	—			—		%	—			—		%	105,304			44		%
Greater than or equal to 1.0 and less than 1.2			4,213			37		%	6,573			43		%	—			—		%	—			—		%	—			—		%	—			—		%	10,786			41		%
Less than 1.0			11,467			48		%	—			—		%	—			—		%	—			—		%	—			—		%	—			—		%	11,467			48		%
Total			$	196,190		47		%	$	23,983		42		%	$	25,000		11		%	$	—		—		%	$	—		—		%	$	—		—		%	$	245,173		43		%

Aging of Financing Receivables

Aging of financing receivables is summarized in the following table (by year of origination):

			2021						2020						2019						2018						2017						Prior						Total
As of March 31, 2021:			(Dollars in thousands)
Commercial mortgage loans
Current			$	54,134					$	541,611					$	754,416					$	511,189					$	455,370					$	1,229,207					$	3,545,927
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	54,134					$	541,611					$	754,416					$	511,189					$	455,370					$	1,229,207					$	3,545,927
Agricultural mortgage loans
Current			$	23,355					$	197,147					$	20,083					$	25,000					$	—					$	—					$	265,585
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total agricultural mortgage loans			$	23,355					$	197,147					$	20,083					$	25,000					$	—					$	—					$	265,585
Residential mortgage loans
Current			$	72,910					$	275,127					$	20,406					$	—					$	—					$	—					$	368,443
30 - 59 days past due			3,600						90,607						1,981						—						—						—						96,188
60 - 89 days past due			—						37,925						2,335						—						—						—						40,260
Over 90 days past due			—						2,713						—						—						—						—						2,713
Total residential mortgage loans			$	76,510					$	406,372					$	24,722					$	—					$	—					$	—					$	507,604
			2020						2019						2018						2017						2016						Prior						Total
As of December 31, 2020:			(Dollars in thousands)
Commercial mortgage loans
Current			$	543,991					$	755,584					$	527,670					$	459,055					$	411,834					$	880,754					$	3,578,888
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	543,991					$	755,584					$	527,670					$	459,055					$	411,834					$	880,754					$	3,578,888
Agricultural mortgage loans
Current			$	196,190					$	23,983					$	25,000					$	—					$	—					$	—					$	245,173
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total agricultural mortgage loans			$	196,190					$	23,983					$	25,000					$	—					$	—					$	—					$	245,173
Residential mortgage loans
Current			$	321,779					$	24,951					$	—					$	—					$	—					$	—					$	346,730
30 - 59 days past due			25,150						299						—						—						—						—						25,449
60 - 89 days past due			111						—						—						—						—						—						111
Over 90 days past due			167						—						—						—						—						—						167
Total residential mortgage loans			$	347,207					$	25,250					$	—					$	—					$	—					$	—					$	372,457

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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.

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