Bank Loans (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 (in thousands, except percentages):

	March 31, 2024						December 31, 2023
	Balance			Percent			Balance			Percent
Residential real estate	$	8,096,975			42.4	%	$	8,047,647			41.4	%
Commercial and industrial		3,541,770			18.6			3,566,987			18.3
Fund banking		3,129,642			16.4			3,633,126			18.7
Securities-based loans		2,302,250			12.1			2,306,455			11.9
Construction and land		1,167,300			6.1			1,034,370			5.3
Commercial real estate		655,355			3.4			660,631			3.4
Home equity lines of credit		150,452			0.8			136,270			0.7
Other		48,116			0.2			55,981			0.3
Gross bank loans		19,091,860			100.0	%		19,441,467			100.0	%
Loans in process		(3,659	)					1,108
Unamortized loan fees, net		(8,192	)					(8,478	)
Allowance for loan losses		(130,213	)					(128,292	)
Loans held for investment, net	$	18,949,796					$	19,305,805

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 months ended March 31, 2024 and 2023 (in thousands).

	Three Months Ended March 31, 2024
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	67,077	$	1,447		$	(3,570	)	$	933	$	65,887
Commercial real estate		21,386		(697	)		—			—		20,689
Construction and land		11,817		6,772			—			—		18,589
Residential real estate		13,855		(1,348	)		—			—		12,507
Fund banking		10,173		(1,410	)		—			—		8,763
Securities-based loans		3,035		33			—			—		3,068
Home equity lines of credit		371		(125	)		—			—		246
Other		578		(114	)		—			—		464
	$	128,292	$	4,558		$	(3,570	)	$	933	$	130,213

	Three Months Ended March 31, 2023
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	54,143	$	1,458		$	(20	)	$	153	$	55,734
Residential real estate		20,441		2,255			—			—		22,696
Fund banking		11,711		1,232			—			—		12,943
Commercial real estate		12,897		(1,331	)		—			—		11,566
Construction and land		8,568		1,749			—			—		10,317
Securities-based loans		3,157		(40	)		—			—		3,117
Home equity lines of credit		364		48			—			—		412
Other		372		5			—			—		377
	$	111,653	$	5,376		$	(20	)	$	153	$	117,162

Aging Of The Recorded Investment In Past Due Loans

The following tables present the aging of the recorded investment in past due loans at March 31, 2024 and December 31, 2023 by portfolio segment (in thousands):

	As of March 31, 2024
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	20,382	$	4,447	$	24,829	$	8,072,146	$	8,096,975
Commercial and industrial		—		—		—		3,541,770		3,541,770
Fund banking		—		—		—		3,129,642		3,129,642
Securities-based loans		—		—		—		2,302,250		2,302,250
Construction and land		—		—		—		1,167,300		1,167,300
Commercial real estate		—		—		—		655,355		655,355
Home equity lines of credit		242		102		344		150,108		150,452
Other		11		49		60		48,056		48,116
Total	$	20,635	$	4,598	$	25,233	$	19,066,627	$	19,091,860

	As of March 31, 2024*
	Nonaccrual		Restructured		Nonperforming loans with no allowance		Total
Commercial real estate	$	38,171	$	—	$	—	$	38,171
Commercial and industrial		2,329		—		14,187		16,516
Residential real estate		2,009		144		2,438		4,591
Home equity lines of credit		102		—		—		102
Other		49		—		—		49
Total	$	42,660	$	144	$	16,625	$	59,429

* There were no loans past due 90 days and still accruing interest at March 31, 2024.

	As of December 31, 2023
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	15,312	$	3,945	$	19,257	$	8,028,390	$	8,047,647
Fund banking		—		—		—		3,633,126		3,633,126
Commercial and industrial		—		2,022		2,022		3,564,965		3,566,987
Securities-based loans		—		3		3		2,306,452		2,306,455
Construction and land		—		—		—		1,034,370		1,034,370
Commercial real estate		—		—		—		660,631		660,631
Home equity lines of credit		570		87		657		135,613		136,270
Other		45		59		104		55,877		55,981
Total	$	15,927	$	6,116	$	22,043	$	19,419,424	$	19,441,467

	As of December 31, 2023*
	Nonaccrual		Restructured		Nonperforming loans with no allowance		Total
Commercial real estate	$	39,195	$	—	$	—	$	39,195
Residential real estate		2,945		145		1,000		4,090
Commercial and industrial		—		—		2,022		2,022
Securities-based loans		—		—		3		3
Home equity lines of credit		22		—		65		87
Other		59		—		—		59
Total	$	42,221	$	145	$	3,090	$	45,456

* There were no loans past due 90 days and still accruing interest at December 31, 2023.

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 March 31, 2024
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	8,091,109	$	1,419	$	4,447	$	—	$	8,096,975
Commercial and industrial		3,216,078		166,177		157,186		2,329		3,541,770
Fund banking		3,129,642		—		—		—		3,129,642
Securities-based loans		2,302,250		—		—		—		2,302,250
Construction and land		1,096,074		23,219		48,007		—		1,167,300
Commercial real estate		529,857		30,827		94,671		—		655,355
Home equity lines of credit		150,251		99		102		—		150,452
Other		48,057		10		—		49		48,116
Total	$	18,563,318	$	221,751	$	304,413	$	2,378	$	19,091,860

	As of December 31, 2023
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	8,042,246	$	1,456	$	3,945	$	—	$	8,047,647
Fund banking		3,633,126		—		—		—		3,633,126
Commercial and industrial		3,294,891		89,302		180,772		2,022		3,566,987
Securities-based loans		2,306,452		—		—		3		2,306,455
Construction and land		963,083		71,287		—		—		1,034,370
Commercial real estate		512,171		49,264		99,196		—		660,631
Home equity lines of credit		135,806		377		87		—		136,270
Other		55,922		—		—		59		55,981
Total	$	18,943,697	$	211,686	$	284,000	$	2,084	$	19,441,467

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

	Term Loans Amortized Cost Basis by Origination Year – March 31, 2024
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	186,767	$	1,181,680	$	2,608,181	$	2,288,169	$	899,772	$	926,540	$	—	$	8,091,109
Special Mention		—		—		1,037		382		—		—		—		1,419
Substandard		—		—		1,533		—		1,514		1,400		—		4,447
Doubtful		—		—		—		—		—		—		—		—
	$	186,767	$	1,181,680	$	2,610,751	$	2,288,551	$	901,286	$	927,940	$	—	$	8,096,975
Commercial and industrial:
Pass	$	151,428	$	604,465	$	907,874	$	726,994	$	86,751	$	148,042	$	590,524	$	3,216,078
Special Mention		853		6,475		37,329		28,575		876		—		92,069		166,177
Substandard		6,807		—		38,955		61,794		—		3,544		46,086		157,186
Doubtful		—		—		—		—		—		—		2,329		2,329
	$	159,088	$	610,940	$	984,158	$	817,363	$	87,627	$	151,586	$	731,008	$	3,541,770
Fund banking:
Pass	$	—	$	10,790	$	55,338	$	—	$	491	$	—	$	3,063,023	$	3,129,642
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	10,790	$	55,338	$	—	$	491	$	—	$	3,063,023	$	3,129,642
Securities-based loans:
Pass	$	2,000	$	15,085	$	3,346	$	2,123	$	47,794	$	36,572	$	2,195,330	$	2,302,250
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	2,000	$	15,085	$	3,346	$	2,123	$	47,794	$	36,572	$	2,195,330	$	2,302,250
Construction and land:
Pass	$	—	$	132,721	$	557,511	$	208,426	$	184,276	$	13,140	$	—	$	1,096,074
Special Mention		—		—		—		—		—		23,219		—		23,219
Substandard		—		—		—		—		—		48,007		—		48,007
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	132,721	$	557,511	$	208,426	$	184,276	$	84,366	$	—	$	1,167,300
Commercial real estate:
Pass	$	—	$	32,252	$	315,905	$	64,429	$	30,648	$	86,623	$	—	$	529,857
Special Mention		—		—		30,827		—		—		—		—		30,827
Substandard		—		—		56,500		38,171		—		—		—		94,671
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	32,252	$	403,232	$	102,600	$	30,648	$	86,623	$	—	$	655,355
Home equity lines of credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	150,251	$	150,251
Special Mention		—		—		—		—		—		—		99		99
Substandard		—		—		—		—		—		—		102		102
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	—	$	—	$	—	$	—	$	—	$	150,452	$	150,452
Other:
Pass	$	3,100	$	6,050	$	3,991	$	—	$	10,000	$	18,053	$	6,863	$	48,057
Special Mention		—		—		—		—		—		—		10		10
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		49		49
	$	3,100	$	6,050	$	3,991	$	—	$	10,000	$	18,053	$	6,922	$	48,116