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Mortgage Loans on Real Estate (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Summary of Mortgage Loan Portfolios

Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $345.1 million at June 30, 2022.

			June 30, 2022						December 31, 2021
			(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding			$	3,608,959					$	3,633,131
Deferred fees and costs, net			(5,681)						(4,629)
Amortized cost			3,603,278						3,628,502
Valuation allowance			(24,244)						(17,926)
Commercial mortgage loans, carrying value			3,579,034						3,610,576
Agricultural mortgage loans:
Principal outstanding			568,180						408,135
Deferred fees and costs, net			(1,716)						(1,136)
Amortized cost			566,464						406,999
Valuation allowance			(664)						(519)
Agricultural mortgage loans, carrying value			565,800						406,480
Residential mortgage loans:
Principal outstanding			2,051,305						1,652,910
Deferred fees and costs, net			1,654						1,468
Unamortized discounts and premiums, net			38,303						22,143
Amortized cost			2,091,262						1,676,521
Valuation allowance			(7,480)						(5,579)
Residential mortgage loans, carrying value			2,083,782						1,670,942
Mortgage loans, carrying value			$	6,228,616					$	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:

			June 30, 2022												December 31, 2021
			Principal						Percent						Principal						Percent
			(Dollars in thousands)
Geographic distribution
East			$	562,705					15.6		%				$	614,406					16.9		%
Middle Atlantic			293,754						8.1		%				293,494						8.1		%
Mountain			442,861						12.3		%				452,818						12.5		%
New England			62,910						1.7		%				60,172						1.6		%
Pacific			859,389						23.8		%				863,879						23.8		%
South Atlantic			844,862						23.4		%				785,679						21.6		%
West North Central			211,508						5.9		%				235,864						6.5		%
West South Central			330,970						9.2		%				326,819						9.0		%
			$	3,608,959					100.0		%				$	3,633,131					100.0		%
Property type distribution
Office			$	404,964					11.2		%				$	315,374					8.7		%
Medical Office			10,549						0.3		%				10,827						0.3		%
Retail			944,423						26.2		%				1,016,101						28.0		%
Industrial/Warehouse			889,113						24.6		%				924,779						25.4		%
Apartment			865,637						24.0		%				864,580						23.8		%
Hotel			286,271						7.9		%				283,500						7.8		%
Mixed Use/Other			208,002						5.8		%				217,970						6.0		%
			$	3,608,959					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 June 30, 2022
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(24,587)					$	(558)					$	(4,124)					$	(29,269)
Charge-offs			—						—						—						—
Recoveries			229						—						—						229
Change in provision for credit losses			114						(106)						(3,356)						(3,348)
Ending allowance balance			$	(24,244)					$	(664)					$	(7,480)					$	(32,388)
			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)
			Six Months Ended June 30, 2022
			Commercial						Agricultural						Residential						Total
			(Dollars in thousands)
Beginning allowance balance			$	(17,926)					$	(519)					$	(5,579)					$	(24,024)
Charge-offs			—						—						—						—
Recoveries			229						—						—						229
Change in provision for credit losses			(6,547)						(145)						(1,901)						(8,593)
Ending allowance balance			$	(24,244)					$	(664)					$	(7,480)					$	(32,388)
			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)

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

			2022						2021						2020						2019						2018						Prior						Total
As of June 30, 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			$	213,220		66		%	$	342,918		59		%	$	433,029		60		%	$	453,738		61		%	$	328,242		57		%	$	909,102		47		%	$	2,680,249		56		%
Greater than or equal to 1.2 and less than 1.5			6,488			70		%	40,070			70		%	40,693			63		%	132,335			68		%	101,233			67		%	201,195			60		%	522,014			65		%
Greater than or equal to 1.0 and less than 1.2			6,967			4		%	211,156			43		%	14,261			84		%	54,043			71		%	2,785			44		%	33,700			50		%	322,912			50		%
Less than 1.0			26,640			43		%	—			—		%	3,193			59		%	3,581			50		%	11,786			84		%	32,903			63		%	78,103			59		%
Total			$	253,315		62		%	$	594,144		54		%	$	491,176		61		%	$	643,697		63		%	$	444,046		60		%	$	1,176,900		50		%	$	3,603,278		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 June 30, 2022 and December 31, 2021 (by year of origination):

			2022						2021						2020						2019						2018						Prior						Total
As of June 30, 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			$	76,536		46		%	$	56,760		52		%	$	81,073		62		%	$	1,433		43		%	$	34,000		28		%	$	—		—		%	$	249,802		50		%
Greater than or equal to 1.2 and less than 1.5			90,086			56		%	97,274			55		%	99,899			42		%	4,373			18		%	—			—		%	—			—		%	291,632			50		%
Greater than or equal to 1.0 and less than 1.2			6,924			76		%	7,356			43		%	4,050			36		%	—			—		%	—			—		%	—			—		%	18,330			54		%
Less than 1.0			—			—		%	—			—		%	6,700			46		%	—			—		%	—			—		%	—			—		%	6,700			46		%
Total			$	173,546		53		%	$	161,390		53		%	$	191,722		51		%	$	5,806		24		%	$	34,000		28		%	$	—		—		%	$	566,464		50		%
			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 June 30, 2022:			(Dollars in thousands)
Commercial mortgage loans
Current			$	253,315					$	594,144					$	491,176					$	643,697					$	444,046					$	1,172,184					$	3,598,562
30 - 59 days past due			—						—						—						—						—						4,716						4,716
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total commercial mortgage loans			$	253,315					$	594,144					$	491,176					$	643,697					$	444,046					$	1,176,900					$	3,603,278
Agricultural mortgage loans
Current			$	173,546					$	161,390					$	190,941					$	5,806					$	34,000					$	—					$	565,683
30 - 59 days past due			—						—						781						—						—						—						781
60 - 89 days past due			—						—						—						—						—						—						—
Over 90 days past due			—						—						—						—						—						—						—
Total agricultural mortgage loans			$	173,546					$	161,390					$	191,722					$	5,806					$	34,000					$	—					$	566,464
Residential mortgage loans
Current			$	877,500					$	800,494					$	279,948					$	39,923					$	3,915					$	571					$	2,002,351
30 - 59 days past due			19,574						24,547						5,179						6,681						65						—						56,046
60 - 89 days past due			4,936						3,529						2,018						101						2,029						—						12,613
Over 90 days past due			2,688						10,728						6,836						—						—						—						20,252
Total residential mortgage loans			$	904,698					$	839,298					$	293,981					$	46,705					$	6,009					$	571					$	2,091,262
			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 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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