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Mortgage Loans on Real Estate (Tables)
 3 Months Ended
Mar. 31, 2019
Receivables [Abstract]  
Summary of Mortgage Loan Portfolio
Our mortgage loan portfolio is summarized in the following table. There were commitments outstanding of $69.3 million at March 31, 2019.
 
March 31, 2019
 
December 31, 2018
 
(Dollars in thousands)
Principal outstanding
$
3,059,265

 
$
2,952,464

Loan loss allowance
(8,179
)
 
(8,239
)
Deferred prepayment fees
(1,088
)
 
(1,134
)
Carrying value
$
3,049,998

 
$
2,943,091
Mortgage Loan Portfolio Summarized By Geographic Region and Property Type
The mortgage loan portfolio is summarized by geographic region and property type as follows:
 
March 31, 2019
 
December 31, 2018
 
Principal
 
Percent
 
Principal
 
Percent
 
(Dollars in thousands)
Geographic distribution
 
 
 
 
 
 
 
East
$
578,066

 
18.9
%
 
$
586,773

 
19.9
%
Middle Atlantic
197,754

 
6.5
%
 
168,969

 
5.7
%
Mountain
366,235

 
12.0
%
 
357,642

 
12.1
%
New England
9,352

 
0.3
%
 
9,418

 
0.3
%
Pacific
549,935

 
18.0
%
 
521,363

 
17.7
%
South Atlantic
713,449

 
23.3
%
 
694,599

 
23.5
%
West North Central
292,494

 
9.5
%
 
291,890

 
9.9
%
West South Central
351,980

 
11.5
%
 
321,810

 
10.9
%
 
$
3,059,265

 
100.0
%
 
$
2,952,464

 
100.0
%
Property type distribution
 
 
 
 
 
 
 
Office
$
262,455

 
8.6
%
 
$
268,932

 
9.1
%
Medical Office
33,005

 
1.1
%
 
33,467

 
1.1
%
Retail
1,135,366

 
37.1
%
 
1,091,627

 
37.0
%
Industrial/Warehouse
813,667

 
26.6
%
 
762,887

 
25.8
%
Apartment
610,399

 
19.9
%
 
600,638

 
20.3
%
Agricultural
32,274

 
1.1
%
 
25,000

 
0.9
%
Mixed use/other
172,099

 
5.6
%
 
169,913

 
5.8
%
 
$
3,059,265

 
100.0
%
 
$
2,952,464

 
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:
 
Three Months Ended 
 March 31, 2019
 
Three Months Ended 
 March 31, 2018
 
Specific
Allowance
 
General Allowance
 
Specific
Allowance
 
General Allowance
 
(Dollars in thousands)
Beginning allowance balance
$
(229
)
 
$
(8,010
)
 
$
(1,418
)
 
$
(6,100
)
Charge-offs
—

 
—

 
—

 
—

Recoveries
—

 
—

 
722

 
—

Change in provision for credit losses
—

 
60

 
—

 
300

Ending allowance balance
$
(229
)
 
$
(7,950
)
 
$
(696
)
 
$
(5,800
)
Impaired Mortgage Loans By Basis of Impairment
The following table presents the total outstanding principal of loans evaluated for impairment by basis of impairment method:
 
March 31, 2019
 
December 31, 2018
 
(Dollars in thousands)
Individually evaluated for impairment
$
1,247

 
$
1,253

Collectively evaluated for impairment
3,058,018

 
2,951,211

Total loans evaluated for impairment
$
3,059,265

 
$
2,952,464
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.
 
March 31, 2019
 
December 31, 2018
 
(Dollars in thousands)
Credit Exposure - By Payment Activity
 
 
 
Performing
$
3,059,265

 
$
2,952,464

In workout
—

 
—

Collateral dependent
—

 
—

 
$
3,059,265

 
$
2,952,464
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
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2019
$
—

 
$
—

 
$
—

 
$
—

 
$
3,059,265

 
$
—

 
$
3,059,265

December 31, 2018
$
—

 
$
—

 
$
—

 
$
—

 
$
2,952,464

 
$
—

 
$
2,952,464
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)
March 31, 2019
 
 
 
 
 
Mortgage loans with an allowance
$
1,018

 
$
1,247

 
$
(229
)
Mortgage loans with no related allowance
—

 
—

 
—

 
$
1,018

 
$
1,247

 
$
(229
)
December 31, 2018
 
 
 
 
 
Mortgage loans with an allowance
$
1,024

 
$
1,253

 
$
(229
)
Mortgage loans with no related allowance
—

 
—

 
—

 
$
1,024

 
$
1,253

 
$
(229
)

 
Average Recorded Investment
 
Interest Income Recognized
 
(Dollars in thousands)
Three months ended March 31, 2019
 
 
 
Mortgage loans with an allowance
$
1,021

 
$
17

Mortgage loans with no related allowance
—

 
—

 
$
1,021

 
$
17

Three months ended March 31, 2018
 
 
 
Mortgage loans with an allowance
$
2,509

 
$
50

Mortgage loans with no related allowance
1,415

 
21

 
$
3,924

 
$
71