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Mortgage Loans on Real Estate (Tables)
 9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
Summary of Mortgage Loan Portfolio Our mortgage loan portfolios are summarized in the following table. There were commitments outstanding of $44.0 million at September 30, 2021.
September 30, 2021December 31, 2020
(Dollars in thousands)
Commercial mortgage loans:
Principal outstanding$3,325,371 $3,580,154 
Deferred fees and costs, net(1,387)(1,266)
Amortized cost3,323,984 3,578,888 
Valuation allowance(17,690)(25,529)
Commercial mortgage loans, carrying value3,306,294 3,553,359 
Agricultural mortgage loans:
Principal outstanding354,743 245,807 
Deferred fees and costs, net(1,002)(634)
Amortized cost353,741 245,173 
Valuation allowance(628)(2,130)
Agricultural mortgage loans, carrying value353,113 243,043 
Residential mortgage loans:
Principal outstanding610,635 366,320 
Deferred fees and costs, net1,479 925 
Unamortized discounts and premiums, net20,461 5,212 
Amortized cost632,575 372,457 
Valuation allowance(3,240)(3,370)
Residential mortgage loans, carrying value629,335 369,087 
Mortgage loans, carrying value$4,288,742 $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:
September 30, 2021December 31, 2020
PrincipalPercentPrincipalPercent
(Dollars in thousands)
Geographic distribution
East$672,882 20.2 %$699,741 19.5 %
Middle Atlantic292,152 8.8 %281,971 7.9 %
Mountain349,747 10.5 %391,025 10.9 %
New England24,325 0.7 %24,774 0.7 %
Pacific634,074 19.1 %659,743 18.4 %
South Atlantic746,152 22.5 %832,739 23.3 %
West North Central243,396 7.3 %266,050 7.4 %
West South Central362,643 10.9 %424,111 11.9 %
$3,325,371 100.0 %$3,580,154 100.0 %
Property type distribution
Office$290,702 8.7 %$297,065 8.3 %
Medical Office15,752 0.5 %20,584 0.6 %
Retail1,062,830 32.0 %1,187,484 33.2 %
Industrial/Warehouse902,412 27.1 %929,325 25.9 %
Apartment885,655 26.6 %939,084 26.2 %
Mixed use/Other168,020 5.1 %206,612 5.8 %
$3,325,371 100.0 %$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:
Three Months Ended September 30, 2021
CommercialAgriculturalResidentialTotal
(Dollars in thousands)
Beginning allowance balance $(22,498)$(454)$(3,629)$(26,581)
Charge-offs— — — — 
Recoveries— — — — 
Change in provision for credit losses4,808 (174)389 5,023 
Ending allowance balance$(17,690)$(628)$(3,240)$(21,558)
Three Months Ended September 30, 2020
CommercialAgriculturalResidentialTotal
(Dollars in thousands)
Beginning allowance balance$(18,119)$(320)$(1,650)$(20,089)
Charge-offs— — — — 
Recoveries— — — — 
Change in provision for credit losses990 20 (200)810 
Ending allowance balance$(17,129)$(300)$(1,850)$(19,279)
Nine Months Ended September 30, 2021
CommercialAgriculturalResidentialTotal
(Dollars in thousands)
Beginning allowance balance $(25,529)$(2,130)$(3,370)$(31,029)
Charge-offs— — — — 
Recoveries— — — — 
Change in provision for credit losses7,839 1,502 130 9,471 
Ending allowance balance$(17,690)$(628)$(3,240)$(21,558)
Nine Months Ended September 30, 2020
CommercialAgriculturalResidentialTotal
(Dollars in thousands)
Beginning allowance balance$(17,579)$(200)$— $(17,779)
Charge-offs1,485 — — 1,485 
Recoveries712 — — 712 
Change in provision for credit losses(1,747)(100)(1,850)(3,697)
Ending allowance balance$(17,129)$(300)$(1,850)$(19,279)
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 September 30, 2021 and December 31, 2020 (by year of origination):
20212020201920182017PriorTotal
As of September 30, 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$115,988 67 %$457,059 61 %$529,625 62 %$342,347 59 %$252,749 53 %$804,604 45 %$2,502,372 55 %
Greater than or equal to 1.2 and less than 1.5
12,993 68 %59,575 66 %129,356 68 %89,987 67 %136,948 68 %155,276 56 %584,135 64 %
Greater than or equal to 1.0 and less than 1.2
— — %21,245 79 %70,141 74 %12,014 70 %6,425 61 %51,806 59 %161,631 69 %
Less than 1.0— — %— — %22,537 65 %18,045 62 %13,489 68 %21,775 58 %75,846 63 %
Total$128,981 67 %$537,879 63 %$751,659 64 %$462,393 61 %$409,611 59 %$1,033,461 48 %$3,323,984 58 %
20202019201820172016PriorTotal
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:
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 September 30, 2021 and December 31, 2020 (by year of origination):
20212020201920182017PriorTotal
As of September 30, 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$38,445 49 %$83,859 57 %$11,749 49 %$25,000 11 %$— — %$— — %$159,053 47 %
Greater than or equal to 1.2 and less than 1.5
63,169 58 %103,185 43 %3,352 22 %— — %— — %— — %169,706 48 %
Greater than or equal to 1.0 and less than 1.2
7,477 44 %4,125 36 %4,757 50 %— — %— — %— — %16,359 44 %
Less than 1.0— — %8,623 59 %— — %— — %— — %— — %8,623 59 %
Total$109,091 54 %$199,792 49 %$19,858 44 %$25,000 11 %$— — %$— — %$353,741 48 %
20202019201820172016PriorTotal
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:
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 1.011,467 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):
20212020201920182017PriorTotal
As of September 30, 2021:(Dollars in thousands)
Commercial mortgage loans
Current$128,981 $537,879 $751,659 $462,393 $409,611 $1,033,461 $3,323,984 
30 - 59 days past due— — — — — — — 
60 - 89 days past due— — — — — — — 
Over 90 days past due— — — — — — — 
Total commercial mortgage loans$128,981 $537,879 $751,659 $462,393 $409,611 $1,033,461 $3,323,984 
Agricultural mortgage loans
Current$109,091 $199,792 $19,858 $25,000 $— $— $353,741 
30 - 59 days past due— — — — — — — 
60 - 89 days past due— — — — — — — 
Over 90 days past due— — — — — — — 
Total agricultural mortgage loans$109,091 $199,792 $19,858 $25,000 $— $— $353,741 
Residential mortgage loans
Current$232,026 $316,539 $16,520 $— $— $— $565,085 
30 - 59 days past due49,684 5,343 389 — — — 55,416 
60 - 89 days past due4,209 951 — — — — 5,160 
Over 90 days past due— 6,004 910 — — — 6,914 
Total residential mortgage loans$285,919 $328,837 $17,819 $— $— $— $632,575 
20202019201820172016PriorTotal
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 due25,150 299 — — — — 25,449 
60 - 89 days past due111 — — — — — 111 
Over 90 days past due167 — — — — — 167 
Total residential mortgage loans$347,207 $25,250 $— $— $— $— $372,457