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Mortgage Loans on Real Estate (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Summary of Mortgage Loan Portfolios

Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $370.4 million at December 31, 2021.

			December 31,
			2021						2020
			(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding			$	3,633,131					$	3,580,154
Deferred fees and costs, net			(4,629)						(1,266)
Amortized cost			3,628,502						3,578,888
Valuation allowance			(17,926)						(25,529)
Commercial mortgage loans, carrying value			3,610,576						3,553,359
Agricultural mortgage loans:
Principal outstanding			408,135						245,807
Deferred fees and costs, net			(1,136)						(634)
Amortized cost			406,999						245,173
Valuation allowance			(519)						(2,130)
Agricultural mortgage loans, carrying value			406,480						243,043
Residential mortgage loans:
Principal outstanding			1,652,910						366,320
Deferred fees and costs, net			1,468						925
Unamortized discounts and premiums, net			22,143						5,212
Amortized cost			1,676,521						372,457
Valuation allowance			(5,579)						(3,370)
Residential mortgage loans, carrying value			1,670,942						369,087
Mortgage loans, carrying value			$	5,687,998					$	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:

			December 31,
			2021												2020
			Principal						Percent						Principal						Percent
			(Dollars in thousands)
Geographic distribution
East			$	614,406					16.9		%				$	699,741					19.5		%
Middle Atlantic			293,494						8.1		%				281,971						7.9		%
Mountain			452,818						12.5		%				391,025						10.9		%
New England			60,172						1.6		%				24,774						0.7		%
Pacific			863,879						23.8		%				659,743						18.4		%
South Atlantic			785,679						21.6		%				832,739						23.3		%
West North Central			235,864						6.5		%				266,050						7.4		%
West South Central			326,819						9.0		%				424,111						11.9		%
			$	3,633,131					100.0		%				$	3,580,154					100.0		%
Property type distribution
Office			$	315,374					8.7		%				$	297,065					8.3		%
Medical Office			10,827						0.3		%				20,584						0.6		%
Retail			1,016,101						28.0		%				1,187,484						33.2		%
Industrial/Warehouse			924,779						25.4		%				929,325						25.9		%
Apartment			864,580						23.8		%				939,084						26.2		%
Hotel			283,500						7.8		%				—						—		%
Mixed Use/Other			217,970						6.0		%				206,612						5.8		%
			$	3,633,131					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:

			Year Ended December 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			7,603						1,611						(2,209)						7,005
Ending allowance balance			$	(17,926)					$	(519)					$	(5,579)					$	(24,024)
			Year Ended December 31, 2020
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance (1)			$	(17,579)					$	(200)					$	—					$	(17,779)
Charge-offs			1,485						—						—						1,485
Recoveries			712						—						—						712
Change in provision for credit losses			(10,147)						(1,930)						(3,370)						(15,447)
Ending allowance balance			$	(25,529)					$	(2,130)					$	(3,370)					$	(31,029)

(1)Upon adoption of authoritative guidance effective January 1, 2020, we updated our accounting policies and methodology for calculating the general loan loss allowance, resulting in an adjustment to our mortgage loan valuation allowance. See Note 1 - Significant Accounting Policies for further details.

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

			2021						2020						2019						2018						2017						Prior						Total
As of December 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			$	260,623		64		%	$	454,828		60		%	$	464,059		61		%	$	344,170		58		%	$	246,854		52		%	$	758,494		45		%	$	2,529,028		55		%
Greater than or equal to 1.2 and less than 1.5			12,836			67		%	58,960			66		%	128,301			70		%	89,293			66		%	135,818			66		%	129,833			57		%	555,041			65		%
Greater than or equal to 1.0 and less than 1.2			318,636			45		%	17,762			82		%	69,684			72		%	11,937			75		%	6,343			60		%	42,125			58		%	466,487			53		%
Less than 1.0			—			—		%	3,289			61		%	26,147			63		%	14,051			76		%	13,385			73		%	21,074			54		%	77,946			65		%
Total			$	592,095		54		%	$	534,839		61		%	$	688,191		64		%	$	459,451		60		%	$	402,400		58		%	$	951,526		47		%	$	3,628,502		56		%
			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:			(Dollars in thousands)
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 December 31, 2021 and 2020 (by year of origination):

			2021						2020						2019						2018						2017						Prior						Total
As of December 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			$	62,548		54		%	$	80,919		56		%	$	11,645		49		%	$	25,000		11		%	$	—		—		%	$	—		—		%	$	180,112		49		%
Greater than or equal to 1.2 and less than 1.5			95,738			55		%	102,958			43		%	3,335			22		%	—			—		%	—			—		%	—			—		%	202,031			48		%
Greater than or equal to 1.0 and less than 1.2			7,478			44		%	4,092			36		%	4,734			50		%	—			—		%	—			—		%	—			—		%	16,304			44		%
Less than 1.0			—			—		%	8,552			59		%	—			—		%	—			—		%	—			—		%	—			—		%	8,552			59		%
Total			$	165,764		54		%	$	196,521		49		%	$	19,714		45		%	$	25,000		11		%	$	—		—		%	$	—		—		%	$	406,999		48		%
			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:			(Dollars in thousands)
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 December 31, 2021:			(Dollars in thousands)
Commercial mortgage loans
Current			$	592,095					$	534,839					$	688,191					$	459,451					$	402,400					$	951,526					$	3,628,502
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	592,095					$	534,839					$	688,191					$	459,451					$	402,400					$	951,526					$	3,628,502
Agricultural mortgage loans
Current			$	165,764					$	196,521					$	19,714					$	25,000					$	—					$	—					$	406,999
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total agricultural mortgage loans			$	165,764					$	196,521					$	19,714					$	25,000					$	—					$	—					$	406,999
Residential mortgage loans
Current			$	1,092,438					$	454,532					$	67,380					$	16,898					$	751					$	—					$	1,631,999
30 - 59 days past due			10,284						12,363						11,373						427						—						—						34,447
60 - 89 days past due			1,838						1,090						102						—						—						—						3,030
Over 90 days past due			679						5,459						907						—						—						—						7,045
Total residential mortgage loans			$	1,105,239					$	473,444					$	79,762					$	17,325					$	751					$	—					$	1,676,521
			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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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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