Bank Loans (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio

The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at June 30, 2023 and December 31, 2022 (in thousands, except percentages):

	June 30, 2023						December 31, 2022
	Balance			Percent			Balance			Percent
Residential real estate	$	7,708,506			37.5	%	$	7,371,671			35.8	%
Commercial and industrial		4,471,031			21.8			4,897,176			23.8
Fund banking		4,349,541			21.2			4,182,641			20.3
Securities-based loans		2,399,328			11.7			2,724,551			13.2
Construction and land		772,571			3.8			593,191			2.9
Commercial real estate		677,521			3.3			675,599			3.3
Home equity lines of credit		110,766			0.5			107,136			0.5
Other		43,703			0.2			50,593			0.2
Gross bank loans		20,532,967			100.0	%		20,602,558			100.0	%
Loans in process		(52,379	)					(3,526	)
Unamortized loan fees, net		(19,432	)					(22,287	)
Allowance for loan losses		(122,681	)					(111,653	)
Loans held for investment, net	$	20,338,475					$	20,465,092

Activity In The Allowance For Loan Losses By Portfolio Segment

The following tables detail activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2023 (in thousands).

	Three Months Ended June 30, 2023
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	55,734	$	11,241		$	(598	)	$	—	$	66,377
Residential real estate		22,696		(8,283	)		—			—		14,413
Commercial real estate		11,566		1,863			—			—		13,429
Construction and land		10,317		2,328			—			—		12,645
Fund banking		12,943		(765	)		—			—		12,178
Securities-based loans		3,117		(31	)		—			—		3,086
Home equity lines of credit		412		(244	)		—			—		168
Other		377		8			—			—		385
	$	117,162	$	6,117		$	(598	)	$	—	$	122,681

	Six Months Ended June 30, 2023
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	54,143	$	12,699		$	(618	)	$	153	$	66,377
Residential real estate		20,441		(6,028	)		—			—		14,413
Commercial real estate		12,897		532			—			—		13,429
Construction and land		8,568		4,077			—			—		12,645
Fund banking		11,711		467			—			—		12,178
Securities-based loans		3,157		(71	)		—			—		3,086
Home equity lines of credit		364		(196	)		—			—		168
Other		372		13			—			—		385
	$	111,653	$	11,493		$	(618	)	$	153	$	122,681

The following tables detail activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2022 (in thousands).

	Three Months Ended June 30, 2022
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	46,188	$	11,404		$	—		$	2	$	57,594
Residential real estate		32,927		(10,312	)		—			—		22,615
Fund banking		8,392		1,366			—			—		9,758
Commercial real estate		3,680		2,803			—			—		6,483
Construction and land		8,121		(2,267	)		—			—		5,854
Securities-based loans		3,976		36			(36	)		—		3,976
Home equity lines of credit		683		239			—			—		922
Other		231		49			—			—		280
	$	104,198	$	3,318		$	(36	)	$	2	$	107,482

	Six Months Ended June 30, 2022
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	44,661	$	12,931		$	—		$	2	$	57,594
Residential real estate		28,560		(5,945	)		—			—		22,615
Fund banking		8,868		890			—			—		9,758
Commercial real estate		3,934		2,549			—			—		6,483
Construction and land		8,536		(2,682	)		—			—		5,854
Securities-based loans		4,006		6			(36	)		—		3,976
Home equity lines of credit		511		411			—			—		922
Other		268		12			—			—		280
	$	99,344	$	8,172		$	(36	)	$	2	$	107,482

Aging Of The Recorded Investment In Past Due Loans

The following tables present the aging of the recorded investment in past due loans at June 30, 2023 and December 31, 2022 by portfolio segment (in thousands):

	As of June 30, 2023
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	12,578	$	1,959	$	14,537	$	7,693,969	$	7,708,506
Commercial and industrial		—		8,883		8,883		4,462,148		4,471,031
Fund banking		—		—		—		4,349,541		4,349,541
Securities-based loans		—		—		—		2,399,328		2,399,328
Construction and land		—		—		—		772,571		772,571
Commercial real estate		—		—		—		677,521		677,521
Home equity lines of credit		190		397		587		110,179		110,766
Other		21		33		54		43,649		43,703
Total	$	12,789	$	11,272	$	24,061	$	20,508,906	$	20,532,967

	As of June 30, 2023*
	Nonaccrual		Restructured		Nonperforming loans with no allowance		Total
Commercial and industrial	$	8,883	$	—	$	—	$	8,883
Residential real estate		1,032		148		927		2,107
Home equity lines of credit		116		—		281		397
Other		30		—		3		33
Total	$	10,061	$	148	$	1,211	$	11,420

* There were no loans past due 90 days and still accruing interest at June 30, 2023.

	As of December 31, 2022
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	2,445	$	688	$	3,133	$	7,368,538	$	7,371,671
Commercial and industrial		—		9,226		9,226		4,887,950		4,897,176
Fund banking		—		—		—		4,182,641		4,182,641
Securities-based loans		—		—		—		2,724,551		2,724,551
Commercial real estate		—		—		—		675,599		675,599
Construction and land		—		—		—		593,191		593,191
Home equity lines of credit		29		182		211		106,925		107,136
Other		36		6		42		50,551		50,593
Total	$	2,510	$	10,102	$	12,612	$	20,589,946	$	20,602,558

	As of December 31, 2022*
	Nonaccrual		Restructured		Nonperforming loans with no allowance		Total
Commercial and industrial	$	9,226	$	—	$	—	$	9,226
Residential real estate		870		150		—		1,020
Other		6		—		—		6
Total	$	10,102	$	150	$	—	$	10,252

* There were no loans past due 90 days and still accruing interest at December 31, 2022.

Risk Category Of Loan Portfolio

Based on the most recent analysis performed, the risk category of our loan portfolio was as follows (in thousands):

	As of June 30, 2023
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	7,706,547	$	312	$	927	$	720	$	7,708,506
Commercial and industrial		4,298,705		17,619		145,824		8,883		4,471,031
Fund banking		4,349,541		—		—		—		4,349,541
Securities-based loans		2,399,325		—		—		3		2,399,328
Construction and land		772,571		—		—		—		772,571
Commercial real estate		577,777		60,000		39,744		—		677,521
Home equity lines of credit		110,369		65		22		310		110,766
Other		43,672		11		—		20		43,703
Total	$	20,258,507	$	78,007	$	186,517	$	9,936	$	20,532,967

	As of December 31, 2022
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	7,370,717	$	266	$	—	$	688	$	7,371,671
Commercial and industrial		4,743,290		87,761		56,899		9,226		4,897,176
Fund banking		4,182,641		—		—		—		4,182,641
Securities-based loans		2,724,548		—		—		3		2,724,551
Commercial real estate		655,599		20,000		—		—		675,599
Construction and land		593,191		—		—		—		593,191
Home equity lines of credit		106,954		—		—		182		107,136
Other		50,587		—		—		6		50,593
Total	$	20,427,527	$	108,027	$	56,899	$	10,105	$	20,602,558

Schedule of Term Loans Amortized Cost Basis by Origination Year and Revolving Cost Amortized Cost Basis

	Term Loans Amortized Cost Basis by Origination Year – June 30, 2023
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	615,464	$	2,719,320	$	2,401,583	$	953,046	$	425,255	$	591,879	$	—	$	7,706,547
Special Mention		—		312		—		—		—		—		—		312
Substandard		—		927		—		—		—		—		—		927
Doubtful		—		—		—		—		—		720		—		720
	$	615,464	$	2,720,559	$	2,401,583	$	953,046	$	425,255	$	592,599	$	—	$	7,708,506
Commercial and industrial:
Pass	$	382,997	$	1,243,444	$	1,233,314	$	259,293	$	245,865	$	264,226	$	669,566	$	4,298,705
Special Mention		—		—		—		—		—		9,901		7,718		17,619
Substandard		—		15,877		77,106		—		4,064		—		48,777		145,824
Doubtful		—		—		—		433		—		8,450		—		8,883
	$	382,997	$	1,259,321	$	1,310,420	$	259,726	$	249,929	$	282,577	$	726,061	$	4,471,031
Fund banking:
Pass	$	—	$	55,267	$	—	$	578	$	—	$	—	$	4,293,696	$	4,349,541
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	55,267	$	—	$	578	$	—	$	—	$	4,293,696	$	4,349,541
Securities-based loans:
Pass	$	7,431	$	30,296	$	3,100	$	45,104	$	27,278	$	9,294	$	2,276,822	$	2,399,325
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		3		3
	$	7,431	$	30,296	$	3,100	$	45,104	$	27,278	$	9,294	$	2,276,825	$	2,399,328
Construction and land:
Pass	$	10,009	$	340,868	$	172,485	$	163,348	$	85,861	$	—	$	—	$	772,571
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	10,009	$	340,868	$	172,485	$	163,348	$	85,861	$	—	$	—	$	772,571
Commercial real estate:
Pass	$	30,174	$	356,579	$	70,105	$	31,790	$	20,800	$	68,329	$	—	$	577,777
Special Mention		—		60,000		—		—		—		—		—		60,000
Substandard		—		—		39,744		—		—		—		—		39,744
Doubtful		—		—		—		—		—		—		—		—
	$	30,174	$	416,579	$	109,849	$	31,790	$	20,800	$	68,329	$	—	$	677,521
Home equity lines of credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	110,369	$	110,369
Special Mention		—		—		—		—		—		—		65		65
Substandard		—		—		—		—		—		—		22		22
Doubtful		—		—		—		—		—		—		310		310
	$	—	$	—	$	—	$	—	$	—	$	—	$	110,766	$	110,766
Other:
Pass	$	2,100	$	3,991	$	—	$	10,000	$	—	$	21,755	$	5,826	$	43,672
Special Mention		—		—		—		—		—		—		11		11
Substandard		—		—		—		—		—		—				—
Doubtful		—		—		—		—		—		—		20		20
	$	2,100	$	3,991	$	—	$	10,000	$	—	$	21,755	$	5,857	$	43,703