Bank Loans (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 and December 31, 2021 (in thousands, except percentages):

	September 30, 2022						December 31, 2021
	Balance			Percent			Balance			Percent
Commercial and industrial	$	9,394,557			45.1	%	$	7,345,753			43.9	%
Residential real estate		7,048,762			33.9			5,482,026			32.7
Securities-based loans		2,785,679			13.4			2,880,158			17.2
Commercial real estate		872,010			4.2			409,847			2.4
Construction and land		564,581			2.7			511,084			3.1
Home equity lines of credit		106,037			0.5			82,508			0.5
Other		47,624			0.2			32,111			0.2
Gross bank loans		20,819,250			100.0	%		16,743,487			100.0	%
Unamortized loan discount, net		—						(150	)
Loans in process		(14,051	)					(10,134	)
Unamortized loan fees, net		(24,207	)					(6,012	)
Allowance for loan losses		(105,024	)					(99,344	)
Loans held for investment, net	$	20,675,968					$	16,627,847

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 nine months ended September 30, 2022 (in thousands).

	Three Months Ended September 30, 2022
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	67,352	$	903		$	(4,008	)	$	—	$	64,247
Residential real estate		22,615		(5,150	)		—			—		17,465
Commercial real estate		6,483		5,480			—			—		11,963
Construction and land		5,854		1,675			—			—		7,529
Securities-based loans		3,976		(658	)		—			—		3,318
Home equity lines of credit		922		(724	)		—			—		198
Other		280		24			—			—		304
	$	107,482	$	1,550		$	(4,008	)	$	—	$	105,024

	Nine Months Ended September 30, 2022
	Beginning Balance		Provision			Charge-offs			Recoveries		Ending Balance
Commercial and industrial	$	53,529	$	14,724		$	(4,008	)	$	2	$	64,247
Residential real estate		28,560		(11,095	)		—			—		17,465
Commercial real estate		3,934		8,029			—			—		11,963
Construction and land		8,536		(1,007	)		—			—		7,529
Securities-based loans		4,006		(652	)		(36	)		—		3,318
Home equity lines of credit		511		(313	)		—			—		198
Other		268		36			—			—		304
	$	99,344	$	9,722		$	(4,044	)	$	2	$	105,024

The following tables detail activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2021 (in thousands).

	Three Months Ended September 30, 2021
	Beginning Balance		Provision			Charge-offs		Recoveries		Ending Balance
Commercial and industrial	$	46,943	$	(256	)	$	—	$	—	$	46,687
Residential real estate		21,267		2,637			—		—		23,904
Construction and land		15,953		(1,620	)		—		—		14,333
Commercial real estate		11,903		(6,582	)		—		—		5,321
Securities-based loans		2,519		808			—		—		3,327
Home equity lines of credit		426		48			—		—		474
Other		185		62			—		—		247
	$	99,196	$	(4,903	)	$	—	$	—	$	94,293

Aging Of The Recorded Investment In Past Due Loans

The following tables present the aging of the recorded investment in past due loans at September 30, 2022 and December 31, 2021 by portfolio segment (in thousands):

	As of September 30, 2022
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Commercial and industrial	$	—	$	9,226	$	9,226	$	9,385,331	$	9,394,557
Residential real estate		696		1,790		2,486		7,046,276		7,048,762
Securities-based loans		—		—		—		2,785,679		2,785,679
Commercial real estate		—		—		—		872,010		872,010
Construction and land		—		—		—		564,581		564,581
Home equity lines of credit		407		—		407		105,630		106,037
Other		26		2		28		47,596		47,624
Total	$	1,129	$	11,018	$	12,147	$	20,807,103	$	20,819,250

	As of September 30, 2022*
	Nonaccrual		Restructured		Nonperforming loans with no allowance		Total
Commercial and industrial	$	9,226	$	—	$	—	$	9,226
Residential real estate		1,790		151		—		1,941
Other		2		—		—		2
Total	$	11,018	$	151	$	—	$	11,169

* There were no loans past due 90 days and still accruing interest at September 30, 2022.

	As of December 31, 2021
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Commercial and industrial	$	9,290	$	6,571	$	15,861	$	7,329,892	$	7,345,753
Residential real estate		6,194		1,332		7,526		5,474,500		5,482,026
Securities-based loans		—		—		—		2,880,158		2,880,158
Construction and land		—		—		—		511,084		511,084
Commercial real estate		—		1		1		409,846		409,847
Home equity lines of credit		—		—		—		82,508		82,508
Other		44		—		44		32,067		32,111
Total	$	15,528	$	7,904	$	23,432	$	16,720,055	$	16,743,487

	As of December 31, 2021*
	Nonaccrual		Restructured		Nonperforming loans with no allowance		Total
Commercial and industrial	$	15,861	$	—	$	—	$	15,861
Residential real estate		1,332		154		—		1,486
Commercial real estate		—		—		1		1
Total	$	17,193	$	154	$	1	$	17,348

* There were no loans past due 90 days and still accruing interest at December 31, 2021.

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 September 30, 2022
	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	9,254,217	$	69,769	$	61,346	$	9,225	$	9,394,557
Residential real estate		7,046,822		150		—		1,790		7,048,762
Securities-based loans		2,785,676		—		—		3		2,785,679
Commercial real estate		775,010		77,000		20,000		—		872,010
Construction and land		564,581		—		—		—		564,581
Home equity lines of credit		106,037		—		—		—		106,037
Other		47,622		—		—		2		47,624
Total	$	20,579,965	$	146,919	$	81,346	$	11,020	$	20,819,250

	As of December 31, 2021
	Pass		Special Mention		Substandard		Doubtful		Total
Commercial and industrial	$	7,193,435	$	38,000	$	107,747	$	6,571	$	7,345,753
Residential real estate		5,480,693		—		84		1,249		5,482,026
Securities-based loans		2,880,158		—		—		—		2,880,158
Construction and land		476,844		14,240		20,000		—		511,084
Commercial real estate		407,298		2,548		—		1		409,847
Home equity lines of credit		82,479		29		—		—		82,508
Other		32,111		—		—		—		32,111
Total	$	16,553,018	$	54,817	$	127,831	$	7,821	$	16,743,487

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

	Term Loans Amortized Cost Basis by Origination Year – September 30, 2022
	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial and industrial:
Pass	$	1,274,266	$	1,649,819	$	327,252	$	273,715	$	421,262	$	409,037	$	4,898,866	$	9,254,217
Special Mention		—		23,404		—		30,689		—		10,876		4,800		69,769
Substandard		—		—		—		28,013		33,333		—		—		61,346
Doubtful		—		—		450		—		8,775		—		—		9,225
	$	1,274,266	$	1,673,223	$	327,702	$	332,417	$	463,370	$	419,913	$	4,903,666	$	9,394,557
Residential real estate:
Pass	$	2,374,782	$	2,517,438	$	1,010,216	$	449,707	$	187,318	$	507,361	$	—	$	7,046,822
Special Mention		—		150		—		—		—		—		—		150
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		1,790		—		1,790
	$	2,374,782	$	2,517,588	$	1,010,216	$	449,707	$	187,318	$	509,151	$	—	$	7,048,762
Securities-based loans:
Pass	$	11,194	$	45,049	$	35,821	$	25,428	$	—	$	10,312	$	2,657,872	$	2,785,676
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		3		3
	$	11,194	$	45,049	$	35,821	$	25,428	$	—	$	10,312	$	2,657,875	$	2,785,679
Commercial real estate:
Pass	$	416,733	$	126,737	$	72,387	$	54,082	$	58,018	$	47,053	$	—	$	775,010
Special Mention		—		—		—		77,000		—		—		—		77,000
Substandard		—		—		—		—		20,000		—		—		20,000
Doubtful		—		—		—		—		—		—		—		—
	$	416,733	$	126,737	$	72,387	$	131,082	$	78,018	$	47,053	$	—	$	872,010
Construction and land:
Pass	$	95,571	$	85,292	$	214,609	$	104,793	$	47,806	$	16,510	$	—	$	564,581
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	95,571	$	85,292	$	214,609	$	104,793	$	47,806	$	16,510	$	—	$	564,581
Home equity lines of credit:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	106,037	$	106,037
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	—	$	—	$	—	$	—	$	—	$	106,037	$	106,037
Other:
Pass	$	9,320	$	782	$	10,000	$	—	$	1,691	$	24,104	$	1,725	$	47,622
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		2		2
	$	9,320	$	782	$	10,000	$	—	$	1,691	$	24,104	$	1,727	$	47,624