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Loans, Allowance for Loan Losses and Allowance for Unfunded Credit Commitments (Tables)
6 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
Loans and Allowance for Loan Losses
The composition of loans at amortized cost basis broken out by risk-based segment at June 30, 2020 and December 31, 2019 is presented in the following table:
(Dollars in thousands)
 
June 30, 2020
 
December 31, 2019
Private equity/venture capital
 
$
17,901,117

 
$
17,696,794

Investor dependent:
 
 
 
 
Early stage
 
1,797,576

 
1,624,221

Mid stage
 
1,435,772

 
1,047,398

Later stage
 
1,905,528

 
1,663,576

Total investor dependent
 
5,138,876

 
4,335,195

Cash flow dependent:
 
 
 
 
Sponsor led buyout
 
2,057,439

 
2,185,497

Other
 
2,787,807

 
2,238,741

Total cash flow dependent
 
4,845,246

 
4,424,238

Private bank (4)
 
3,816,277

 
3,492,269

Balance sheet dependent
 
1,693,071

 
1,286,153

Premium wine (4)
 
1,039,456

 
1,062,264

Other (4)
 
457,234

 
867,723

SBA loans
 
1,835,945

 

Total loans (1) (2) (3)
 
$
36,727,222

 
$
33,164,636

Allowance for credit losses
 
(589,828
)
 
(304,924
)
Net loans
 
$
36,137,394

 
$
32,859,712

 
(1)
Total loans at amortized cost is net of unearned income of $220 million and $163 million at June 30, 2020 and December 31, 2019, respectively.
(2)
Included within our total loan portfolio are credit card loans of $280 million and $395 million at June 30, 2020 and December 31, 2019, respectively.
(3)
Included within our total loan portfolio are construction loans of $147 million and $183 million at June 30, 2020 and December 31, 2019, respectively.
(4)     Our total loans secured by real estate at amortized cost at June 30, 2020 and December 31, 2019 were comprised of the following:
(Dollars in thousands)
 
June 30, 2020
 
December 31, 2019
Real estate secured loans:
 
 
 
 
Private bank:
 
 
 
 
Loans for personal residence
 
$
2,714,069

 
$
2,829,880

Loans to eligible employees
 
439,006

 
401,396

Home equity lines of credit
 
58,284

 
55,461

Other
 
42,464

 
38,880

Total private bank loans secured by real estate
 
$
3,253,823

 
$
3,325,617

Premium wine
 
777,560

 
820,730

Other
 
470,567

 

Total real estate secured loans
 
$
4,501,950

 
$
4,146,347


Composition of Loans, Net of Unearned Income, Broken Out by Portfolio Segment and Class of Financing Receivable
The following table summarizes the credit quality indicators, broken out by risk-based segment, as of June 30, 2020 and December 31, 2019:
(Dollars in thousands)
 
Pass
 
Criticized
 
Nonperforming (Nonaccrual)
 
Total
June 30, 2020:
 
 
 
 
 
 
 
 
Private equity/venture capital
 
$
17,892,840

 
$
8,268

 
$
9

 
$
17,901,117

Investor dependent:
 
 
 
 
 
 
 
 
Early stage
 
1,549,222

 
223,932

 
24,422

 
1,797,576

Mid stage
 
1,259,442

 
168,211

 
8,119

 
1,435,772

Later stage
 
1,719,152

 
175,878

 
10,498

 
1,905,528

Total investor dependent
 
4,527,816

 
568,021

 
43,039

 
5,138,876

Cash flow dependent:
 
 
 
 
 
 
 
 
Sponsor led buyout
 
1,819,253

 
216,528

 
21,658

 
2,057,439

Other
 
2,441,376

 
341,114

 
5,317

 
2,787,807

Total cash flow dependent
 
4,260,629

 
557,642

 
26,975

 
4,845,246

Private bank
 
3,787,830

 
21,930

 
6,517

 
3,816,277

Balance sheet dependent
 
1,588,207

 
93,022

 
11,842

 
1,693,071

Premium wine
 
926,549

 
111,226

 
1,681

 
1,039,456

Other
 
456,947

 
226

 
61

 
457,234

SBA loans
 
1,688,030

 
143,713

 
4,202

 
1,835,945

Total loans (1)
 
$
35,128,848

 
$
1,504,048

 
$
94,326

 
$
36,727,222

December 31, 2019:
 
 
 
 
 
 
 
 
Private equity/venture capital
 
$
17,708,550

 
$
4,247

 
$

 
$
17,712,797

Investor dependent
 
 
 
 
 
 
 
 
Early stage
 
1,436,022

 
206,310

 
11,093

 
1,653,425

Mid stage
 
924,002

 
125,451

 
17,330

 
1,066,783

Later stage
 
1,490,561

 
201,819

 
6,296

 
1,698,676

Total investor dependent
 
3,850,585

 
533,580

 
34,719

 
4,418,884

Cash flow dependent
 
 
 
 
 
 
 
 
Sponsor led buyout
 
2,039,847

 
118,588

 
44,585

 
2,203,020

Other
 
2,141,766

 
93,400

 
17,681

 
2,252,847

Total cash flow dependent
 
4,181,613

 
211,988

 
62,266

 
4,455,867

Private bank
 
3,472,138

 
11,601

 
5,480

 
3,489,219

Balance sheet dependent
 
1,231,961

 
65,343

 

 
1,297,304

Premium wine
 
1,026,973

 
36,335

 
204

 
1,063,512

Other
 
890,059

 
62

 

 
890,121

Total loans (1)
 
$
32,361,879

 
$
863,156

 
$
102,669

 
$
33,327,704

 
 
(1)
For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis.
Credit Quality Indicators, Broken out by Portfolio Segment and Class of Financing Receivables
The following table summarizes the credit quality indicators, broken out by risk-based segments and vintage year, as of June 30, 2020:
 
 
Term Loans by Origination Year
 
 
 
 
 
 
(Dollars in thousands)
 
2020
 
2019
 
2018
 
2017
 
2016
 
Prior
 
Revolving Loans
 
Revolving Loans Converted to Term Loans
 
Total
Private equity/venture capital:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
339,398

 
$
188,421

 
$
71,803

 
$
39,857

 
$
3,577

 
$
16,055

 
$
17,228,948

 
$
4,781

 
$
17,892,840

Criticized
 
54

 

 

 

 

 

 
8,214

 

 
8,268

Nonperforming
 

 
9

 

 

 

 

 

 

 
9

Total private equity/venture capital
 
$
339,452

 
$
188,430

 
$
71,803

 
$
39,857

 
$
3,577

 
$
16,055

 
$
17,237,162

 
$
4,781

 
$
17,901,117

Investor dependent:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early stage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
576,597

 
$
614,464

 
$
216,902

 
$
53,103

 
$
4,304

 
$
355

 
$
83,497

 
$

 
$
1,549,222

Criticized
 
38,123

 
93,416

 
53,065

 
12,949

 
6,555

 
5,702

 
14,122

 

 
223,932

Nonperforming
 
2,085

 
8,670

 
7,542

 
2,771

 
2,197

 

 
1,157

 

 
24,422

Total early stage
 
$
616,805

 
$
716,550

 
$
277,509

 
$
68,823

 
$
13,056

 
$
6,057

 
$
98,776

 
$

 
$
1,797,576

Mid stage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
527,905

 
$
342,149

 
$
194,287

 
$
59,075

 
$
1,502

 
$
4,448

 
$
130,076

 
$

 
$
1,259,442

Criticized
 
32,514

 
53,500

 
48,379

 
13,833

 
3,345

 
2,907

 
13,733

 

 
168,211

Nonperforming
 

 
210

 
5,646

 
2,041

 

 

 
222

 

 
8,119

Total mid stage
 
$
560,419

 
$
395,859

 
$
248,312

 
$
74,949

 
$
4,847

 
$
7,355

 
$
144,031

 
$

 
$
1,435,772

Later stage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
495,546

 
$
564,400

 
$
188,404

 
$
73,703

 
$
6,539

 
$
7,860

 
$
382,700

 
$

 
$
1,719,152

Criticized
 
32,347

 
25,890

 
53,707

 
7,074

 

 
6,506

 
50,354

 

 
175,878

Nonperforming
 

 
1,435

 
2,374

 
3,885

 

 

 
2,804

 

 
10,498

Total later stage
 
$
527,893

 
$
591,725

 
$
244,485

 
$
84,662

 
$
6,539

 
$
14,366

 
$
435,858

 
$

 
$
1,905,528

Total investor dependent
 
$
1,705,117

 
$
1,704,134

 
$
770,306

 
$
228,434

 
$
24,442

 
$
27,778

 
$
678,665

 
$

 
$
5,138,876

Cash flow dependent:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
374,547

 
$
637,287

 
$
357,322

 
$
262,844

 
$
58,014

 
$

 
$
129,239

 
$

 
$
1,819,253

Criticized
 
33,714

 
69,764

 
51,479

 
31,801

 
11,958

 

 
17,812

 

 
216,528

Nonperforming
 
19

 
11,937

 

 
7,218

 

 

 
2,484

 

 
21,658

Total sponsor led buyout
 
$
408,280

 
$
718,988

 
$
408,801

 
$
301,863

 
$
69,972

 
$

 
$
149,535

 
$

 
$
2,057,439

Other
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
339,862

 
$
639,167

 
$
193,797

 
$
114,650

 
$
41,605

 
$
347

 
$
1,111,948

 
$

 
$
2,441,376

Criticized
 
14,326

 
71,911

 
88,065

 
2,807

 
581

 

 
163,424

 

 
341,114

Nonperforming
 

 

 
1,140

 

 

 

 
4,177

 

 
5,317

Total other
 
$
354,188

 
$
711,078

 
$
283,002

 
$
117,457

 
$
42,186

 
$
347

 
$
1,279,549

 
$

 
$
2,787,807

Total cash flow dependent
 
$
762,468

 
$
1,430,066

 
$
691,803

 
$
419,320

 
$
112,158

 
$
347

 
$
1,429,084

 
$

 
$
4,845,246

Private bank:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
596,908

 
$
1,062,779

 
$
443,164

 
$
440,490

 
$
363,380

 
$
531,090

 
$
277,942

 
$
72,077

 
$
3,787,830

Criticized
 

 
5,859

 
2,926

 
1,805

 
2,500

 
8,238

 
602

 

 
21,930

Nonperforming
 

 

 

 
1,570

 

 
2,901

 
2,046

 

 
6,517

Total private bank
 
$
596,908

 
$
1,068,638

 
$
446,090

 
$
443,865

 
$
365,880

 
$
542,229

 
$
280,590

 
$
72,077

 
$
3,816,277


Balance sheet dependent:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
216,879

 
$
221,481

 
$
247,818

 
$
33,048

 
$
4,545

 
$

 
$
864,436

 
$

 
$
1,588,207

Criticized
 

 
8,627

 
2,494

 
1,464

 

 

 
80,437

 

 
93,022

Nonperforming
 
14

 

 

 

 

 

 
11,828

 

 
11,842

Total balance sheet dependent
 
$
216,893

 
$
230,108

 
$
250,312

 
$
34,512

 
$
4,545

 
$

 
$
956,701

 
$

 
$
1,693,071

Premium wine:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
85,177

 
$
237,520

 
$
73,632

 
$
92,594

 
$
93,214

 
$
177,246

 
$
167,166

 
$

 
$
926,549

Criticized
 
2,042

 
12,674

 
35,964

 
353

 
3,980

 
13,327

 
42,886

 

 
111,226

Nonperforming
 

 

 

 

 
1,668

 

 
13

 

 
1,681

Total Premium wine
 
$
87,219

 
$
250,194

 
$
109,596

 
$
92,947

 
$
98,862

 
$
190,573

 
$
210,065

 
$

 
$
1,039,456

Other:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
21,785

 
$
240,902

 
$
40,279

 
$
38,752

 
$
58,554

 
$
33,212

 
$
23,256

 
$
207

 
$
456,947

Criticized
 
100

 

 

 

 

 

 
126

 

 
226

Nonperforming
 

 
61

 

 

 

 

 

 

 
61

Total other
 
$
21,885

 
$
240,963

 
$
40,279

 
$
38,752

 
$
58,554

 
$
33,212

 
$
23,382

 
$
207

 
$
457,234

SBA loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
$
1,688,030

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$
1,688,030

Criticized
 
143,713

 

 

 

 

 

 

 

 
143,713

Nonperforming
 
4,202

 

 

 

 

 

 

 

 
4,202

Total SBA loans
 
$
1,835,945

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$
1,835,945

Total loans
 
$
5,565,887

 
$
5,112,533

 
$
2,380,189

 
$
1,297,687

 
$
668,018

 
$
810,194

 
$
20,815,649

 
$
77,065

 
$
36,727,222


Activity in Allowance for Loan Losses Broken out by Portfolio Segment
The following tables summarize the activity relating to our allowance for credit losses for loans for the three and six months ended June 30, 2020 and 2019, broken out by risk-based segment:
Three months ended June 30, 2020
 
Beginning Balance March 31, 2020
 
Charge-offs
 
Recoveries
 
Provision for (Reduction of) Credit Losses
 
Foreign Currency Translation Adjustments
 
Ending Balance June 30, 2020
(Dollars in thousands)
 
 
 
 
 
 
Private equity/venture capital
 
$
56,774

 
$

 
$

 
$
(3,051
)
 
$

 
$
53,723

Investor dependent:
 
 
 
 
 
 
 
 
 
 
 
 
Early stage
 
127,189

 
(1,764
)
 
2,390

 
20,451

 
4

 
148,270

Mid stage
 
51,962

 
(3,653
)
 
1,269

 
6,861

 
(46
)
 
56,393

Later stage
 
96,550

 

 

 
(8,950
)
 
4

 
87,604

Total investor dependent
 
275,701

 
(5,417
)
 
3,659

 
18,362

 
(38
)
 
292,267

Cash flow dependent:
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout
 
42,091

 

 

 
12,763

 
(1
)
 
54,853

Other
 
39,416

 
(3,385
)
 
1

 
7,068

 

 
43,100

Total cash flow dependent
 
81,507

 
(3,385
)
 
1

 
19,831

 
(1
)
 
97,953

Private bank
 
87,795

 
(1,035
)
 

 
4,585

 

 
91,345

Balance sheet dependent
 
23,235

 
(4,900
)
 

 
6,393

 

 
24,728

Premium wine
 
12,377

 

 

 
(58
)
 

 
12,319

Other
 
11,574

 
(318
)
 
413

 
1,979

 
(13
)
 
13,635

SBA loans
 

 

 

 
3,858

 

 
3,858

Total allowance for credit losses
 
$
548,963

 
$
(15,055
)
 
$
4,073

 
$
51,899

 
$
(52
)
 
$
589,828

Three months ended June 30, 2019
 
Beginning Balance March 31, 2019
 
Charge-offs
 
Recoveries
 
Provision for (Reduction of) Credit Losses
 
Foreign Currency Translation Adjustments
 
Ending Balance June 30, 2019
(Dollars in thousands)
 
 
 
 
 
 
Private equity/venture capital
 
$
95,311

 
$
(2,047
)
 
$

 
$
8,336

 
$
(347
)
 
$
101,253

Investor dependent:
 
 
 
 
 
 
 
 
 
 
 
 
Early stage
 
26,730

 
(7,627
)
 
3,357

 
8,878

 
(369
)
 
30,969

Mid stage
 
38,163

 
(13,395
)
 
900

 
2,708

 
(112
)
 
28,264

Later stage
 
30,163

 

 
1,133

 
6,932

 
(288
)
 
37,940

Total investor dependent
 
95,056

 
(21,022
)
 
5,390

 
18,518

 
(769
)
 
97,173

Cash flow dependent:
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout
 
40,933

 
(2,402
)
 

 
(6,677
)
 
277

 
32,131

Other
 
20,514

 

 
4,397

 
(376
)
 
16

 
24,551

Total cash flow dependent
 
61,447

 
(2,402
)
 
4,397

 
(7,053
)
 
293

 
56,682

Private Bank
 
19,964

 
(960
)
 
15

 
1,438

 
(60
)
 
20,397

Balance sheet dependent
 
21,632

 

 

 
(4,566
)
 
190

 
17,256

Premium wine
 
3,949

 

 

 
290

 
(12
)
 
4,227

Other
 
2,792

 
(4
)
 
18

 
2,185

 
(91
)
 
4,900

Total allowance for credit losses
 
$
300,151

 
$
(26,435
)
 
$
9,820

 
$
19,148

 
$
(796
)
 
$
301,888

Six months ended June 30, 2020
 
Beginning Balance December 31, 2019
 
Impact of adopting ASC 326
 
Charge-offs
 
Recoveries
 
Provision for (Reduction of) Credit Losses
 
Foreign Currency Translation Adjustments
 
Ending Balance June 30, 2020
(Dollars in thousands)
 
 
 
 
 
 
 
Private equity/venture capital
 
$
107,285

 
$
(69,888
)
 
$

 
$

 
$
16,506

 
$
(180
)
 
$
53,723

Investor dependent:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early stage
 
26,245

 
39,911

 
(11,947
)
 
3,963

 
90,665

 
(567
)
 
148,270

Mid stage
 
15,936

 
6,963

 
(12,985
)
 
4,606

 
42,006

 
(133
)
 
56,393

Later stage
 
40,189

 
24,750

 
(13,984
)
 

 
37,088

 
(439
)
 
87,604

Total investor dependent
 
82,370

 
71,624

 
(38,916
)
 
8,569

 
169,759

 
(1,139
)
 
292,267

Cash flow dependent:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout
 
42,939

 
3,151

 
(2,624
)
 
2,845

 
8,675

 
(133
)
 
54,853

Other
 
25,159

 
(3,056
)
 
(3,385
)
 
1

 
24,506

 
(125
)
 
43,100

Total cash flow dependent
 
68,098

 
95

 
(6,009
)
 
2,846

 
33,181

 
(258
)
 
97,953

Private bank
 
21,551

 
12,615

 
(1,616
)
 

 
59,075

 
(280
)
 
91,345

Balance sheet dependent
 
12,722

 
(1,364
)
 
(4,900
)
 

 
18,344

 
(74
)
 
24,728

Premium wine
 
5,296

 
3,650

 
(192
)
 

 
3,605

 
(40
)
 
12,319

Other
 
7,602

 
8,732

 
(318
)
 
413

 
(3,528
)
 
734

 
13,635

SBA loans
 

 

 

 

 
3,858

 

 
3,858

Total allowance for credit losses
 
$
304,924

 
$
25,464

 
$
(51,951
)
 
$
11,828

 
$
300,800

 
$
(1,237
)
 
$
589,828

Six months ended June 30, 2019
 
Beginning Balance December 31, 2018
 
Charge-offs
 
Recoveries
 
Provision for (Reduction of) Credit Losses
 
Foreign Currency Translation Adjustments
 
Ending Balance June 30, 2019
(Dollars in thousands)
 
 
 
 
 
 
Private equity/venture capital
 
$
93,781

 
$
(2,047
)
 
$

 
$
9,819

 
$
(300
)
 
$
101,253

Investor dependent:
 
 
 
 
 
 
 
 
 
 
 
 
Early stage
 
25,885

 
(9,295
)
 
3,925

 
10,764

 
(310
)
 
30,969

Mid stage
 
20,999

 
(19,911
)
 
903

 
25,665

 
608

 
28,264

Later stage
 
25,217

 

 
1,777

 
11,103

 
(157
)
 
37,940

Total investor dependent
 
72,101

 
(29,206
)
 
6,605

 
47,532

 
141

 
97,173

Cash flow dependent:
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout
 
44,274

 
(2,402
)
 

 
(9,916
)
 
175

 
32,131

Other
 
21,754

 
(716
)
 
4,397

 
(884
)
 

 
24,551

Total cash flow dependent
 
66,028

 
(3,118
)
 
4,397

 
(10,800
)
 
175

 
56,682

Private Bank
 
20,583

 
(1,019
)
 
225

 
692

 
(84
)
 
20,397

Balance sheet dependent
 
21,707

 

 

 
(4,639
)
 
188

 
17,256

Premium wine
 
3,646

 

 

 
584

 
(3
)
 
4,227

Other
 
3,057

 
(45
)
 
18

 
1,781

 
89

 
4,900

Total allowance for credit losses
 
$
280,903

 
$
(35,435
)
 
$
11,245

 
$
44,969

 
$
206

 
$
301,888






The following table summarizes the activity relating to our allowance for credit losses for unfunded credit commitments for the three and six months ended June 30, 2020 and 2019:
 
 
Three months ended June 30,
 
Six months ended June 30,
(Dollars in thousands)
 
2020
 
2019
 
2020
 
2019
Allowance for credit losses: unfunded credit commitments, beginning balance
 
$
84,690

 
$
57,970

 
$
67,656

 
$
55,183

Impact of adopting ASC 326
 

 

 
22,826

 

Provision for credit losses
 
14,590

 
4,798

 
9,113

 
7,528

Foreign currency translation adjustments
 
14

 
(104
)
 
(301
)
 
(47
)
Allowance for credit losses: unfunded credit commitments, ending balance (1)
 
$
99,294

 
$
62,664

 
$
99,294

 
$
62,664

 
(1)
The “allowance for credit losses: unfunded credit commitments” is included as a component of “other liabilities” on our unaudited interim consolidated balance sheets. See Note 15 — “Off-Balance Sheet Arrangements, Guarantees and Other Commitments” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional disclosures related to our commitments to extend credit.
Financing Receivable, Past Due
The following table summarizes the aging of our loans broken out by risk-based segments as of June 30, 2020 and December 31, 2019:
(Dollars in thousands)
 
30 - 59
  Days Past  
Due
 
60 - 89
  Days Past  
Due
 
Equal to or Greater
Than 90
  Days Past  
Due
 
  Total Past  
Due
 
Current  
 
Total
 
  Loans Past Due  
90 Days or
More Still
Accruing
Interest
June 30, 2020:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Private equity/venture capital
 
$
54

 
$
10

 
$
9

 
$
73

 
$
17,901,044

 
$
17,901,117

 
$

Investor dependent:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early stage
 
742

 
316

 
2,809

 
3,867

 
1,793,709

 
1,797,576

 
73

Mid stage
 
4,190

 
3,157

 
5,493

 
12,840

 
1,422,932

 
1,435,772

 

Later stage
 
2,502

 
3,900

 

 
6,402

 
1,899,126

 
1,905,528

 

Total investor dependent
 
7,434

 
7,373

 
8,302

 
23,109

 
5,115,767

 
5,138,876

 
73

Cash flow dependent:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout
 
46

 
14

 

 
60

 
2,057,379

 
2,057,439

 

Other
 
2,316

 
183

 
3,988

 
6,487

 
2,781,320

 
2,787,807

 

Total cash flow dependent
 
2,362

 
197

 
3,988

 
6,547

 
4,838,699

 
4,845,246

 

Private bank
 
601

 

 
2,749

 
3,350

 
3,812,927

 
3,816,277

 

Balance sheet dependent
 
4,777

 
255

 

 
5,032

 
1,688,039

 
1,693,071

 

Premium wine
 
1

 

 

 
1

 
1,039,455

 
1,039,456

 

Other
 
1

 
39

 
82

 
122

 
457,112

 
457,234

 
3

SBA loans
 

 

 

 

 
1,835,945

 
1,835,945

 

Total loans (1)
 
$
15,230

 
$
7,874

 
$
15,130

 
$
38,234

 
$
36,688,988

 
$
36,727,222

 
$
76

December 31, 2019:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Private equity/venture capital
 
$
97,739

 
$
383

 
$
3,150

 
$
101,272

 
$
17,611,525

 
17,712,797

 
$
3,150

Investor dependent:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Early stage
 
1,307

 
22,062

 
723

 
24,092

 
1,629,333

 
1,653,425

 

Mid stage
 
10,025

 
6,999

 

 
17,024

 
1,049,759

 
1,066,783

 

Later stage
 
8,113

 
500

 
10,569

 
19,182

 
1,679,494

 
1,698,676

 

Total investor dependent
 
19,445

 
29,561

 
11,292

 
60,298

 
4,358,586

 
4,418,884

 

Cash flow dependent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout
 

 

 

 

 
2,203,020

 
2,203,020

 

Other
 
2,426

 
3,061

 
2

 
5,489

 
2,247,358

 
2,252,847

 

Total cash flow dependent
 
2,426

 
3,061

 
2

 
5,489

 
4,450,378

 
4,455,867

 

Private bank
 
6,582

 
2,049

 
1,544

 
10,175

 
3,479,044

 
3,489,219

 
365

Balance sheet dependent
 
2,731

 

 

 
2,731

 
1,294,573

 
1,297,304

 

Premium wine
 
8,435

 
3,170

 

 
11,605

 
1,051,907

 
1,063,512

 

Other
 
17

 

 

 
17

 
890,104

 
890,121

 

Total loans (1)
 
$
137,375

 
$
38,224

 
$
15,988

 
$
191,587

 
$
33,136,117

 
$
33,327,704

 
$
3,515

 
 
(1)
For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis.

Financing Receivable, Nonaccrual
The following tables summarize our nonaccrual loan activity by risk-based segment for the three and six months ended June 30, 2020 and 2019:
Three months ended June 30, 2020
 
Beginning Balance March 31, 2020
 
Additions
 
Paydowns and Other Reductions
 
Charge-offs
 
Ending Balance June 30, 2020
(Dollars in thousands)
 
 
 
 
 
Private equity/venture capital
 
$

 
$
9

 
$

 
$

 
$
9

Investor dependent:
 
 
 
 
 
 
 
 
 
 
Early stage
 
18,414

 
9,606

 
(3,141
)
 
(457
)
 
24,422

Mid stage
 
12,180

 
494

 
(399
)
 
(4,156
)
 
8,119

Later stage
 
14,443

 
959

 
(4,904
)
 

 
10,498

Total investor dependent
 
45,037

 
11,059

 
(8,444
)
 
(4,613
)
 
43,039

Cash flow dependent:
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout
 

 
21,658

 

 

 
21,658

Other
 
13

 
8,580

 
(3,276
)
 

 
5,317

Total cash flow dependent
 
13

 
30,238

 
(3,276
)
 

 
26,975

Private bank
 
4,857

 
2,634

 
(974
)
 

 
6,517

Balance sheet dependent
 

 
16,742

 
(4,900
)
 

 
11,842

Premium wine
 
700

 
998

 
(17
)
 

 
1,681

Other
 

 
234

 
(173
)
 

 
61

SBA loans
 

 
4,202

 

 

 
4,202

Total nonaccrual loans
 
$
50,607

 
$
66,116

 
$
(17,784
)
 
$
(4,613
)
 
$
94,326



Three months ended June 30, 2019
 
Beginning Balance March 31, 2019
 
Additions
 
Paydowns and Other Reductions
 
Charge-offs
 
Ending Balance June 30, 2019
(Dollars in thousands)
 
 
 
 
 
Private equity/venture capital
 
$
5,947

 
$

 
$
(3,900
)
 
$
(2,047
)
 
$

Investor dependent:
 
 
 
 
 
 
 
 
 
 
Early stage
 
8,697

 
8,379

 
(5,231
)
 
(1,555
)
 
10,290

Mid stage
 
32,099

 
10,392

 
(869
)
 
(12,923
)
 
28,699

Later stage
 
23,140

 
18,507

 
(3,301
)
 

 
38,346

Total investor dependent
 
63,936

 
37,278

 
(9,401
)
 
(14,478
)
 
77,335

Cash flow dependent:
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout
 
38,237

 

 
(27,470
)
 
(2,402
)
 
8,365

Other
 
16,690

 
79

 
(16,690
)
 

 
79

Total cash flow dependent
 
54,927

 
79

 
(44,160
)
 
(2,402
)
 
8,444

Private bank
 
3,809

 
1,865

 
(22
)
 
(8
)
 
5,644

Balance sheet dependent
 
4,736

 
238

 

 

 
4,974

Premium wine
 
268

 

 
(24
)
 

 
244

Other
 

 

 

 

 

Total nonaccrual loans (1)
 
$
133,623

 
$
39,460

 
$
(57,507
)
 
$
(18,935
)
 
$
96,641

 
 
(1)
For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis.
Six months ended June 30, 2020
 
Beginning Balance December 31, 2019
 
Additions
 
Paydowns and Other Reductions
 
Charge-offs
 
Ending Balance June 30, 2020
(Dollars in thousands)
 
 
 
 
 
Private equity/venture capital
 
$

 
$
9

 
$

 
$

 
$
9

Investor dependent:
 
 
 
 
 
 
 
 
 
 
Early stage
 
11,093

 
21,949

 
(5,905
)
 
(2,715
)
 
24,422

Mid stage
 
17,330

 
12,585

 
(787
)
 
(21,009
)
 
8,119

Later stage
 
6,296

 
12,183

 
(4,776
)
 
(3,205
)
 
10,498

Total investor dependent
 
34,719

 
46,717

 
(11,468
)
 
(26,929
)
 
43,039

Cash flow dependent:
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout
 
44,585

 
21,658

 
(41,961
)
 
(2,624
)
 
21,658

Other
 
17,681

 
8,580

 
(20,926
)
 
(18
)
 
5,317

Total cash flow dependent
 
62,266

 
30,238

 
(62,887
)
 
(2,642
)
 
26,975

Private bank
 
5,480

 
2,634

 
(1,016
)
 
(581
)
 
6,517

Balance sheet dependent
 

 
16,742

 
(4,900
)
 

 
11,842

Premium wine
 
204

 
1,686

 
(17
)
 
(192
)
 
1,681

Other
 

 
234

 
(173
)
 

 
61

SBA loans
 

 
4,202

 

 

 
4,202

Total nonaccrual loans (1)
 
$
102,669

 
$
102,462

 
$
(80,461
)
 
$
(30,344
)
 
$
94,326

 
 
(1)
For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis.

Six months ended June 30, 2019
 
Beginning Balance December 31, 2018
 
Additions
 
Paydowns and Other Reductions
 
Charge-offs
 
Ending Balance June 30, 2019
(Dollars in thousands)
 
 
 
 
 
Private equity/venture capital
 
$
3,700

 
$
2,247

 
$
(3,900
)
 
$
(2,047
)
 
$

Investor dependent:
 
 
 
 
 
 
 
 
 
 
Early stage
 
7,616

 
12,812

 
(8,443
)
 
(1,695
)
 
10,290

Mid stage
 
4,751

 
42,491

 
(1,390
)
 
(17,153
)
 
28,699

Later stage
 
11,385

 
30,570

 
(3,609
)
 

 
38,346

Total investor dependent
 
23,752

 
85,873

 
(13,442
)
 
(18,848
)
 
77,335

Cash flow dependent:
 
 
 
 
 
 
 
 
 
 
Sponsor led buyout
 
39,534

 

 
(28,767
)
 
(2,402
)
 
8,365

Other
 
17,156

 
79

 
(16,690
)
 
(466
)
 
79

Total cash flow dependent
 
56,690

 
79

 
(45,457
)
 
(2,868
)
 
8,444

Private bank
 
3,919

 
1,880

 
(88
)
 
(67
)
 
5,644

Balance sheet dependent
 
5,004

 
238

 
(268
)
 

 
4,974

Premium wine
 
285

 

 
(41
)
 

 
244

Other
 
792

 

 
(792
)
 

 

Total nonaccrual loans (1)
 
$
94,142

 
$
90,317

 
$
(63,988
)
 
$
(23,830
)
 
$
96,641

 
 
(1)
For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis.

The following table summarizes our nonaccrual loans with no allowance for credit loss at June 30, 2020 and December 31, 2019:
 
 
June 30, 2020
 
December 31, 2019
(Dollars in thousands)
 
Nonaccrual Loans
 
Nonaccrual Loans with no Allowance for Credit Loss
 
Nonaccrual Loans
 
Nonaccrual Loans with no Allowance for Credit Loss
Private equity/venture capital
 
$
9

 
$
9

 
$

 
$

Investor dependent:
 
 
 
 
 
 
 
 
Early stage
 
24,422

 

 
11,093

 
460

Mid stage
 
8,119

 
368

 
17,330

 
274

Later stage
 
10,498

 
4

 
6,296

 

Total investor dependent
 
43,039

 
372

 
34,719

 
734

Cash flow dependent:
 
 
 
 
 
 
 
 
Sponsor led buyout
 
21,658

 

 
44,585

 

Other
 
5,317

 

 
17,681

 
2,782

Total cash flow dependent
 
26,975

 

 
62,266

 
2,782

Private bank
 
6,517

 
6,517

 
5,480

 
3,714

Balance sheet dependent
 
11,842

 

 

 

Premium wine
 
1,681

 
997

 
204

 

Other
 
61

 
61

 

 

SBA loans
 
4,202

 

 

 

Total nonaccrual loans (1)
 
$
94,326

 
$
7,956

 
$
102,669

 
$
7,230

 
 
(1)
For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis.
Summary of Loans Modified in Troubled Debt Restructurings ("TDRs") by Portfolio Segment and Class of Financing Receivables
The following table summarizes our loans modified in TDRs, broken out by risk-based segment, at June 30, 2020 and December 31, 2019:
(Dollars in thousands)
 
June 30, 2020
 
December 31, 2019
Loans modified in TDRs:
 
 
 
 
Private equity/venture capital
 
$

 
$

Investor dependent
 
 
 
 
Early stage
 
5,354

 
9,471

Mid stage
 
11,130

 
5,189

Later stage
 
10,595

 
23,318

Total investor dependent
 
27,079

 
37,978

Cash flow dependent
 
 
 
 
Sponsor led buyout
 
10,350

 
55,443

Other
 
5,326

 

Total cash flow dependent
 
15,676

 
55,443

Private bank
 
1,318

 
2,104

Balance sheet dependent
 

 

Premium wine
 
12,208

 
13,457

Other
 

 

SBA loans
 

 

Total loans modified in TDRs (1)
 
$
56,281

 
$
108,982

 
 
(1)
For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis.
Recorded Investment in Loans Modified in TDRs
The following table summarizes the recorded investment in loans modified in TDRs, broken out by risk-based segment, for modifications made during the three and six months ended June 30, 2020 and 2019:
 
 
Three months ended June 30,
 
Six months ended June 30,
(Dollars in thousands)
 
2020

2019
 
2020
 
2019
Loans modified in TDRs during the period:
 
 
 
 
 
 
 
 
Private equity/venture capital
 
$

 
$

 
$

 
$

Investor dependent
 
 
 
 
 
 
 
 
Early stage
 
93

 

 
93

 
616

Mid stage
 
5,281

 
3,521

 
11,130

 
3,521

Later stage
 
3,966

 
14,214

 
6,710

 
14,214

Total investor dependent
 
9,340

 
17,735

 
17,933

 
18,351

Cash flow dependent
 
 
 
 
 
 
 
 
Sponsor led buyout
 

 
48,557

 

 
48,557

Other
 
3,986

 

 
3,986

 

Total cash flow dependent
 
3,986

 
48,557

 
3,986

 
48,557

Private bank
 

 
1,865

 

 
1,865

Balance sheet dependent
 

 

 

 

Premium wine
 
997

 

 
998

 

Other
 

 

 

 

SBA loans
 

 

 

 

Total loans modified in TDRs during the period (1) (2)
 
$
14,323

 
$
68,157

 
$
22,917

 
$
68,773

 
 
(1)
For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis.
(2)
There were $5.0 million and $17.5 million of partial charge-offs for the three and six months ended June 30, 2020, respectively and $3.4 million and $5.6 million of partial charge-offs for the three and six months ended June 30, 2019.

Troubled Debt Restructurings On Financing Receivables Subsequently Defaulted Table
The following table summarizes the recorded investment in loans modified in TDRs within the previous 12 months that subsequently defaulted during the three and six months ended June 30, 2020 and 2019:
 
 
Three months ended June 30,
 
Six months ended June 30,
(Dollars in thousands)
 
2020
 
2019
 
2020
 
2019
TDRs modified within the previous 12 months that defaulted during the period:
 
 
 
 
 
 
 
 
Private equity/venture capital
 
$

 
$

 
$

 
$

Investor dependent
 
 
 
 
 
 
 
 
Early stage
 

 

 

 

Mid stage
 

 

 

 

Later stage
 

 

 

 

Total investor dependent
 

 

 

 

Cash flow dependent
 
 
 
 
 
 
 
 
Sponsor led buyout
 
10,350

 

 
10,350

 

Other
 

 

 

 

Total cash flow dependent
 
10,350

 

 
10,350

 

Private bank
 

 

 

 

Balance sheet dependent
 

 

 

 

Premium wine
 

 

 

 

Other
 

 

 

 

SBA loans
 

 

 

 

Total TDRs modified within the previous 12 months that defaulted in the period (1)
 
$
10,350

 
$

 
$
10,350

 
$

 
 
(1)
For the quarter ended June 30, 2020, loan amounts are disclosed using the amortized cost basis as a result of the adoption of CECL. Prior period loan amounts are disclosed using the gross basis.