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Mortgage Loans on Real Estate (Tables)

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Summary of Mortgage Loan Portfolio

Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $177.6 million at June 30, 2021.

			June 30, 2021						December 31, 2020
			(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding			$	3,459,879					$	3,580,154
Deferred fees and costs, net			(1,409)						(1,266)
Amortized cost			3,458,470						3,578,888
Valuation allowance			(22,498)						(25,529)
Commercial mortgage loans, carrying value			3,435,972						3,553,359
Agricultural mortgage loans:
Principal outstanding			277,427						245,807
Deferred fees and costs, net			(708)						(634)
Amortized cost			276,719						245,173
Valuation allowance			(454)						(2,130)
Agricultural mortgage loans, carrying value			276,265						243,043
Residential mortgage loans:
Principal outstanding			573,638						366,320
Deferred fees and costs, net			1,487						925
Unamortized discounts and premiums, net			16,212						5,212
Amortized cost			591,337						372,457
Valuation allowance			(3,629)						(3,370)
Residential mortgage loans, carrying value			587,708						369,087
Mortgage loans, carrying value			$	4,299,945					$	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:

			June 30, 2021												December 31, 2020
			Principal						Percent						Principal						Percent
			(Dollars in thousands)
Geographic distribution
East			$	676,448					19.6		%				$	699,741					19.5		%
Middle Atlantic			294,619						8.5		%				281,971						7.9		%
Mountain			373,129						10.8		%				391,025						10.9		%
New England			24,475						0.7		%				24,774						0.7		%
Pacific			650,256						18.8		%				659,743						18.4		%
South Atlantic			779,690						22.5		%				832,739						23.3		%
West North Central			263,600						7.6		%				266,050						7.4		%
West South Central			397,662						11.5		%				424,111						11.9		%
			$	3,459,879					100.0		%				$	3,580,154					100.0		%
Property type distribution
Office			$	292,968					8.5		%				$	297,065					8.3		%
Medical Office			17,718						0.5		%				20,584						0.6		%
Retail			1,116,376						32.3		%				1,187,484						33.2		%
Industrial/Warehouse			911,293						26.3		%				929,325						25.9		%
Apartment			948,161						27.4		%				939,084						26.2		%
Mixed use/Other			173,363						5.0		%				206,612						5.8		%
			$	3,459,879					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 June 30, 2021
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(26,139)					$	(439)					$	(1,936)					$	(28,514)
Charge-offs			—						—						—						—
Recoveries			—						—						—						—
Change in provision for credit losses			3,641						(15)						(1,693)						1,933
Ending allowance balance			$	(22,498)					$	(454)					$	(3,629)					$	(26,581)
			Three Months Ended June 30, 2020
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(19,604)					$	(172)					$	—					$	(19,776)
Charge-offs			1,485						—						—						1,485
Recoveries			712						—						—						712
Change in provision for credit losses			(712)						(148)						(1,650)						(2,510)
Ending allowance balance			$	(18,119)					$	(320)					$	(1,650)					$	(20,089)
			Six Months Ended June 30, 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			3,031						1,676						(259)						4,448
Ending allowance balance			$	(22,498)					$	(454)					$	(3,629)					$	(26,581)
			Six Months Ended June 30, 2020
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(17,579)					$	(200)					$	—					$	(17,779)
Charge-offs			1,485						—						—						1,485
Recoveries			712						—						—						712
Change in provision for credit losses			(2,737)						(120)						(1,650)						(4,507)
Ending allowance balance			$	(18,119)					$	(320)					$	(1,650)					$	(20,089)

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 June 30, 2021 and December 31, 2020 (by year of origination):

			2021						2020						2019						2018						2017						Prior						Total
As of June 30, 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			$	81,799		67		%	$	429,215		63		%	$	491,471		64		%	$	420,279		63		%	$	312,331		56		%	$	913,649		48		%	$	2,648,744		57		%
Greater than or equal to 1.2 and less than 1.5			13,125			69		%	86,440			64		%	204,354			69		%	85,124			73		%	122,666			67		%	145,080			59		%	656,789			66		%
Greater than or equal to 1.0 and less than 1.2			—			—		%	23,671			78		%	19,409			80		%	—			—		%	2,250			72		%	44,910			58		%	90,240			68		%
Less than 1.0			—			—		%	—			—		%	38,128			66		%	1,414			87		%	10,853			78		%	12,302			49		%	62,697			66		%
Total			$	94,924		68		%	$	539,326		64		%	$	753,362		66		%	$	506,817		65		%	$	448,100		60		%	$	1,115,941		49		%	$	3,458,470		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 June 30, 2021 and December 31, 2020 (by year of origination):

			2021						2020						2019						2018						2017						Prior						Total
As of June 30, 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			$	12,108		39		%	$	84,764		57		%	$	11,841		49		%	$	25,000		11		%	$	—		—		%	$	—		—		%	$	133,713		46		%
Greater than or equal to 1.2 and less than 1.5			10,829			54		%	103,764			43		%	3,385			22		%	—			—		%	—			—		%	—			—		%	117,978			44		%
Greater than or equal to 1.0 and less than 1.2			7,479			44		%	4,166			29		%	4,758			50		%	—			—		%	—			—		%	—			—		%	16,403			44		%
Less than 1.0			—			—		%	8,625			59		%	—			—		%	—			—		%	—			—		%	—			—		%	8,625			59		%
Total			$	30,416		45		%	$	201,319		50		%	$	19,984		45		%	$	25,000		11		%	$	—		—		%	$	—		—		%	$	276,719		45		%
			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 June 30, 2021:			(Dollars in thousands)
Commercial mortgage loans
Current			$	94,924					$	539,326					$	753,362					$	506,817					$	448,100					$	1,115,941					$	3,458,470
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	94,924					$	539,326					$	753,362					$	506,817					$	448,100					$	1,115,941					$	3,458,470
Agricultural mortgage loans
Current			$	30,416					$	199,731					$	19,984					$	25,000					$	—					$	—					$	275,131
30 - 59 days past due			—						1,588						—						—						—						—						1,588
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total agricultural mortgage loans			$	30,416					$	201,319					$	19,984					$	25,000					$	—					$	—					$	276,719
Residential mortgage loans
Current			$	183,180					$	369,038					$	20,126					$	—					$	—					$	—					$	572,344
30 - 59 days past due			2,383						7,652						107						—						—						—						10,142
60 - 89 days past due			—						2,992						—						—						—						—						2,992
Over 90 days past due			—						4,908						951						—						—						—						5,859
Total residential mortgage loans			$	185,563					$	384,590					$	21,184					$	—					$	—					$	—					$	591,337
			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 allowance for credit loss on financing receivable.

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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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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.

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