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Mortgage Loans on Real Estate (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Summary of Mortgage Loan Portfolios

Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $444.2 million at March 31, 2022.

			March 31, 2022						December 31, 2021
			(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding			$	3,610,872					$	3,633,131
Deferred fees and costs, net			(4,873)						(4,629)
Amortized cost			3,605,999						3,628,502
Valuation allowance			(24,587)						(17,926)
Commercial mortgage loans, carrying value			3,581,412						3,610,576
Agricultural mortgage loans:
Principal outstanding			464,431						408,135
Deferred fees and costs, net			(1,344)						(1,136)
Amortized cost			463,087						406,999
Valuation allowance			(558)						(519)
Agricultural mortgage loans, carrying value			462,529						406,480
Residential mortgage loans:
Principal outstanding			1,669,897						1,652,910
Deferred fees and costs, net			1,432						1,468
Unamortized discounts and premiums, net			23,726						22,143
Amortized cost			1,695,055						1,676,521
Valuation allowance			(4,124)						(5,579)
Residential mortgage loans, carrying value			1,690,931						1,670,942
Mortgage loans, carrying value			$	5,734,872					$	5,687,998

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, 2022												December 31, 2021
			Principal						Percent						Principal						Percent
			(Dollars in thousands)
Geographic distribution
East			$	596,667					16.5		%				$	614,406					16.9		%
Middle Atlantic			296,015						8.2		%				293,494						8.1		%
Mountain			459,562						12.7		%				452,818						12.5		%
New England			59,996						1.7		%				60,172						1.6		%
Pacific			884,983						24.5		%				863,879						23.8		%
South Atlantic			758,905						21.0		%				785,679						21.6		%
West North Central			225,801						6.3		%				235,864						6.5		%
West South Central			328,943						9.1		%				326,819						9.0		%
			$	3,610,872					100.0		%				$	3,633,131					100.0		%
Property type distribution
Office			$	353,011					9.8		%				$	315,374					8.7		%
Medical Office			10,688						0.3		%				10,827						0.3		%
Retail			997,613						27.6		%				1,016,101						28.0		%
Industrial/Warehouse			900,747						24.9		%				924,779						25.4		%
Apartment			850,404						23.6		%				864,580						23.8		%
Hotel			285,010						7.9		%				283,500						7.8		%
Mixed Use/Other			213,399						5.9		%				217,970						6.0		%
			$	3,610,872					100.0		%				$	3,633,131					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, 2022
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(17,926)					$	(519)					$	(5,579)					$	(24,024)
Charge-offs			—						—						—						—
Recoveries			—						—						—						—
Change in provision for credit losses			(6,661)						(39)						1,455						(5,245)
Ending allowance balance			$	(24,587)					$	(558)					$	(4,124)					$	(29,269)
			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, 2022 and December 31, 2021 (by year of origination):

			2022						2021						2020						2019						2018						Prior						Total
As of March 31, 2022:			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			$	78,485		64		%	$	259,927		65		%	$	421,975		59		%	$	462,591		61		%	$	344,612		57		%	$	968,571		46		%	$	2,536,161		55		%
Greater than or equal to 1.2 and less than 1.5			—			—		%	12,698			67		%	58,438			65		%	127,455			69		%	95,119			67		%	251,192			60		%	544,902			64		%
Greater than or equal to 1.0 and less than 1.2			—			—		%	320,504			45		%	17,648			82		%	69,336			72		%	2,799			44		%	47,592			58		%	457,879			52		%
Less than 1.0			12,491			60		%	—			—		%	3,240			60		%	3,614			50		%	13,948			76		%	33,764			61		%	67,057			63		%
Total			$	90,976		63		%	$	593,129		54		%	$	501,301		61		%	$	662,996		64		%	$	456,478		60		%	$	1,301,119		50		%	$	3,605,999		56		%
			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:
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		%

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, 2022 and December 31, 2021 (by year of origination):

			2022						2021						2020						2019						2018						Prior						Total
As of March 31, 2022:			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			$	37,099		37		%	$	62,058		53		%	$	78,431		56		%	$	11,553		48		%	$	25,000		11		%	$	—		—		%	$	214,141		46		%
Greater than or equal to 1.2 and less than 1.5			22,719			55		%	95,201			55		%	101,189			42		%	3,301			22		%	—			—		%	—			—		%	222,410			48		%
Greater than or equal to 1.0 and less than 1.2			6,925			76		%	7,357			43		%	4,064			36		%	1,434			43		%	—			—		%	—			—		%	19,780			53		%
Less than 1.0			—			—		%	—			—		%	6,756			46		%	—			—		%	—			—		%	—			—		%	6,756			46		%
Total			$	66,743		47		%	$	164,616		54		%	$	190,440		48		%	$	16,288		43		%	$	25,000		11		%	$	—		—		%	$	463,087		48		%
			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:
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		%

Aging of Financing Receivables

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

			2022						2021						2020						2019						2018						Prior						Total
As of March 31, 2022:			(Dollars in thousands)
Commercial mortgage loans
Current			$	90,976					$	593,129					$	501,301					$	662,996					$	456,478					$	1,301,119					$	3,605,999
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	90,976					$	593,129					$	501,301					$	662,996					$	456,478					$	1,301,119					$	3,605,999
Agricultural mortgage loans
Current			$	66,743					$	164,616					$	190,440					$	16,288					$	25,000					$	—					$	463,087
30 - 59 days past due			—						—						—						—						—						—						—
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total agricultural mortgage loans			$	66,743					$	164,616					$	190,440					$	16,288					$	25,000					$	—					$	463,087
Residential mortgage loans
Current			$	172,104					$	1,002,004					$	332,075					$	48,951					$	9,669					$	572					$	1,565,375
30 - 59 days past due			47,750						12,618						14,235						14,311						—						—						88,914
60 - 89 days past due			—						21,040						5,133						101						2,029						—						28,303
Over 90 days past due			—						5,194						7,269						—						—						—						12,463
Total residential mortgage loans			$	219,854					$	1,040,856					$	358,712					$	63,363					$	11,698					$	572					$	1,695,055
			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

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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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