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Mortgage Loans on Real Estate (Tables)
 12 Months Ended
Dec. 31, 2018
Receivables [Abstract]  
Summary of Mortgage Loan Portfolio
Our mortgage loan portfolio is summarized in the following table. There were commitments outstanding of $148.0 million at December 31, 2018.
 
December 31,
 
2018
 
2017
 
(Dollars in thousands)
Principal outstanding
$
2,952,464

 
$
2,674,315

Loan loss allowance
(8,239
)
 
(7,518
)
Deferred prepayment fees
(1,134
)
 
(1,266
)
Carrying value
$
2,943,091

 
$
2,665,531
Mortgage Loan Portfolio Summarized by Geographic Region and Property Type
The mortgage loan portfolio is summarized by geographic region and property type as follows:
 
December 31,
 
2018
 
2017
 
Principal
 
Percent
 
Principal
 
Percent
 
(Dollars in thousands)
Geographic distribution
 
 
 
 
 
 
 
East
$
586,773

 
19.9
%
 
$
548,067

 
20.5
%
Middle Atlantic
168,969

 
5.7
%
 
163,485

 
6.1
%
Mountain
357,642

 
12.1
%
 
308,486

 
11.5
%
New England
9,418

 
0.3
%
 
12,265

 
0.5
%
Pacific
521,363

 
17.7
%
 
466,030

 
17.4
%
South Atlantic
694,599

 
23.5
%
 
609,736

 
22.8
%
West North Central
291,890

 
9.9
%
 
324,808

 
12.2
%
West South Central
321,810

 
10.9
%
 
241,438

 
9.0
%
 
$
2,952,464

 
100.0
%
 
$
2,674,315

 
100.0
%
Property type distribution

 
 
 

 
 
Office
$
268,932

 
9.1
%
 
$
283,926

 
10.6
%
Medical Office
33,467

 
1.1
%
 
34,338

 
1.3
%
Retail
1,091,627

 
37.0
%
 
1,040,028

 
38.9
%
Industrial/Warehouse
762,887

 
25.8
%
 
677,770

 
25.3
%
Apartment
600,638

 
20.3
%
 
462,897

 
17.3
%
Agricultural
25,000

 
0.9
%
 
—

 
—
%
Mixed use/Other
169,913

 
5.8
%
 
175,356

 
6.6
%
 
$
2,952,464

 
100.0
%
 
$
2,674,315

 
100.0
%
Rollforward of Allowance For Credit Losses
The following table presents a rollforward of our specific and general valuation allowances for mortgage loans on real estate:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
Specific
Allowance
 
General
Allowance
 
Specific
Allowance
 
General
Allowance
 
Specific
Allowance
 
General
Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(1,418
)
 
$
(6,100
)
 
$
(1,327
)
 
$
(7,100
)
 
$
(7,842
)
 
$
(6,300
)
Charge-offs
852

 
—

 
—

 
—

 
5,078

 
—

Recoveries
1,592

 
—

 
631

 
—

 
5,483

 
—

Change in provision for credit losses
(1,255
)
 
(1,910
)
 
(722
)
 
1,000

 
(4,046
)
 
(800
)
Ending allowance balance
$
(229
)
 
$
(8,010
)
 
$
(1,418
)
 
$
(6,100
)
 
$
(1,327
)
 
$
(7,100
)
Impaired Mortgage Loans on Real Estate by Basis of Impairment
The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
 
December 31,
 
2018
 
2017
 
2016
 
(Dollars in thousands)
Individually evaluated for impairment
$
1,253

 
$
5,445

 
$
4,640

Collectively evaluated for impairment
2,951,211

 
2,668,870

 
2,485,979

Total loans evaluated for impairment
$
2,952,464

 
$
2,674,315

 
$
2,490,619
Mortgage Loans By Credit Quality Indicator
We analyze credit risk of our mortgage loans by analyzing all available evidence on loans that are delinquent and loans that are in a workout period.
 
December 31,
 
2018
 
2017
 
(Dollars in thousands)
Credit Exposure - By Payment Activity
 
 
 
Performing
$
2,952,464

 
$
2,670,657

In workout
—

 
1,436

Collateral dependent
—

 
2,222

 
$
2,952,464

 
$
2,674,315
Aging of Financing Receivables
Aging of financing receivables is summarized in the following table, with loans in a "workout" period as of the reporting date considered current if payments are current in accordance with agreed upon terms:
 
30 - 59 Days
 
60 - 89 Days
 
90 Days
and Over
 
Total
Past Due
 
Current
 
Collateral
Dependent
Receivables
 
Total
Financing
Receivables
 
(Dollars in thousands)
Commercial Mortgage Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
$
—

 
$
—

 
$
—

 
$
—

 
$
2,952,464

 
$
—

 
$
2,952,464

December 31, 2017
$
—

 
$
—

 
$
—

 
$
—

 
$
2,672,093

 
$
2,222

 
$
2,674,315
Impaired Financing Receivables
Financing receivables summarized in the following two tables represent all loans that we are either not currently collecting, or those we feel it is probable we will not collect all amounts due according to the contractual terms of the loan agreements (all loans that we have worked with the borrower to alleviate short-term cash flow issues, loans delinquent for 60 days or more at the reporting date, loans we have determined to be collateral dependent and loans that we have recorded specific impairments on that we feel may continue to have performance issues).
 
Recorded Investment
 
Unpaid Principal Balance
 
Related
Allowance
 
(Dollars in thousands)
December 31, 2018
 
 
 
 
 
Mortgage loans with an allowance
$
1,024

 
$
1,253

 
$
(229
)
Mortgage loans with no related allowance
—

 
—

 
—

 
$
1,024

 
$
1,253

 
$
(229
)
December 31, 2017
 
 
 
 
 
Mortgage loans with an allowance
$
4,027

 
$
5,445

 
$
(1,418
)
Mortgage loans with no related allowance
1,436

 
1,436

 
—

 
$
5,463

 
$
6,881

 
$
(1,418
)

 
Average Recorded Investment
 
Interest Income Recognized
 
(Dollars in thousands)
December 31, 2018
 
 
 
Mortgage loans with an allowance
$
1,042

 
$
74

Mortgage loans with no related allowance
—

 
—

 
$
1,042

 
$
74

December 31, 2017
 
 
 
Mortgage loans with an allowance
$
4,464

 
$
221

Mortgage loans with no related allowance
1,513

 
91

 
$
5,977

 
$
312

December 31, 2016
 
 
 
Mortgage loans with an allowance
$
3,398

 
$
301

Mortgage loans with no related allowance
1,665

 
73

 
$
5,063

 
$
374
Troubled Debt Restructurings on Financing Receivables
A summary of mortgage loans on commercial real estate with outstanding principal at December 31, 2017 that we determined to be TDRs are as follows:
Geographic Region
 
Number of
TDRs
 
Principal
Balance
Outstanding
 
Specific Loan
Loss Allowance
 
Net
Carrying
Amount
 
 
 
 
(Dollars in thousands)
Year ended December 31, 2017
 
 
 
 
 
 
 
 
South Atlantic
 
1
 
$
2,947

 
$
—

 
$
2,947

East
 
1
 
1,933

 
(467
)
 
1,466

 
 
2
 
$
4,880

 
$
(467
)
 
$
4,413