Bank Loans (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2023 and December 31, 2022 (in thousands, except percentages):

	March 31, 2023						December 31, 2022
	Balance			Percent			Balance			Percent
Residential real estate	$	7,494,788			35.9	%	$	7,371,671			35.8	%
Commercial and industrial		4,755,664			22.8			4,897,176			23.8
Fund banking		4,623,423			22.1			4,182,641			20.3
Securities-based loans		2,558,343			12.2			2,724,551			13.2
Commercial real estate		663,325			3.2			675,599			3.3
Construction and land		644,800			3.1			593,191			2.9
Home equity lines of credit		109,197			0.5			107,136			0.5
Other		49,904			0.2			50,593			0.2
Gross bank loans		20,899,444			100.0	%		20,602,558			100.0	%
Loans in process		(51,795	)					(3,526	)
Unamortized loan fees, net		(20,719	)					(22,287	)
Allowance for loan losses		(117,162	)					(111,653	)
Loans held for investment, net	$	20,709,768					$	20,465,092

Activity In The Allowance For Loan Losses By Portfolio Segment

The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2023 (in thousands).

	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
Commercial real estate		12,897		(1,331	)		—			—		11,566
Fund banking		11,711		1,232			—			—		12,943
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

The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2022 (in thousands).

	Three Months Ended March 31, 2022
	Beginning Balance		Provision			Charge-offs		Recoveries		Ending Balance
Commercial and industrial	$	44,661	$	1,527		$	—	$	—	$	46,188
Residential real estate		28,560		4,367			—		—		32,927
Fund banking		8,868		(476	)		—		—		8,392
Construction and land		8,536		(415	)		—		—		8,121
Securities-based loans		4,006		(30	)		—		—		3,976
Commercial real estate		3,934		(254	)		—		—		3,680
Home equity lines of credit		511		172			—		—		683
Other		268		(37	)		—		—		231
	$	99,344	$	4,854		$	—	$	—	$	104,198

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, 2023 and December 31, 2022 by portfolio segment (in thousands):

	As of March 31, 2023
	30 – 89 Days Past Due		90 or More Days Past Due		Total Past Due		Current Balance		Total
Residential real estate	$	4,938	$	720	$	5,658	$	7,489,130	$	7,494,788
Commercial and industrial		—		9,550		9,550		4,746,114		4,755,664
Fund banking		—		—		—		4,623,423		4,623,423
Securities-based loans		—		—		—		2,558,343		2,558,343
Commercial real estate		—		—		—		663,325		663,325
Construction and land		—		—		—		644,800		644,800
Home equity lines of credit		22		310		332		108,865		109,197
Other		37		20		57		49,847		49,904
Total	$	4,997	$	10,600	$	15,597	$	20,883,847	$	20,899,444

	As of March 31, 2023*
	Nonaccrual		Restructured		Nonperforming loans with no allowance		Total
Commercial and industrial	$	9,550	$	—	$	—	$	9,550
Residential real estate		720		149		—		869
Home equity lines of credit		310		—		—		310
Other		20		—		—		20
Total	$	10,600	$	149	$	—	$	10,749

* There were no loans past due 90 days and still accruing interest at March 31, 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 March 31, 2023
	Pass		Special Mention		Substandard		Doubtful		Total
Residential real estate	$	7,494,068	$	104	$	—	$	616	$	7,494,788
Commercial and industrial		4,583,114		85,336		77,664		9,550		4,755,664
Fund banking		4,623,423		—		—		—		4,623,423
Securities-based loans		2,558,340		—		—		3		2,558,343
Commercial real estate		603,816		59,509		—		—		663,325
Construction and land		644,800		—		—		—		644,800
Home equity lines of credit		108,886		311		—		—		109,197
Other		49,884		14		—		6		49,904
Total	$	20,666,331	$	145,274	$	77,664	$	10,175	$	20,899,444

	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 – March 31, 2023
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
Residential real estate:
Pass	$	239,280	$	2,764,323	$	2,452,993	$	973,103	$	433,385	$	630,984	$	—	$	7,494,068
Special Mention		—		—		—		—		—		104		—		104
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		616		—		616
	$	239,280	$	2,764,323	$	2,452,993	$	973,103	$	433,385	$	631,704	$	—	$	7,494,788
Commercial and industrial:
Pass	$	31,642	$	95,642	$	110,714	$	25,121	$	854	$	3,693,808	$	625,333	$	4,583,114
Special Mention		—		—		—		—		—		72,442		12,894		85,336
Substandard		—		—		—		—		—		61,073		16,591		77,664
Doubtful		—		—		—		297		—		9,253		—		9,550
	$	31,642	$	95,642	$	110,714	$	25,418	$	854	$	3,836,576	$	654,818	$	4,755,664
Fund banking:
Pass	$	3,500	$	305	$	—	$	937	$	—	$	55,000	$	4,563,681	$	4,623,423
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	3,500	$	305	$	—	$	937	$	—	$	55,000	$	4,563,681	$	4,623,423
Securities-based loans:
Pass	$	5,889	$	39,098	$	3,250	$	43,079	$	27,278	$	9,294	$	2,430,452	$	2,558,340
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		3		3
	$	5,889	$	39,098	$	3,250	$	43,079	$	27,278	$	9,294	$	2,430,455	$	2,558,343
Commercial real estate:
Pass	$	—	$	406,579	$	69,582	$	32,059	$	20,814	$	74,782	$	—	$	603,816
Special Mention		—		20,000		39,509		—		—		—		—		59,509
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	426,579	$	109,091	$	32,059	$	20,814	$	74,782	$	—	$	663,325
Construction and land:
Pass	$	—	$	242,222	$	141,576	$	151,024	$	85,746	$	24,232	$	—	$	644,800
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	—	$	242,222	$	141,576	$	151,024	$	85,746	$	24,232	$	—	$	644,800
Home equity lines of credit:
Pass	$	9,291	$	38,104	$	20,427	$	23,254	$	12,092	$	5,718	$	—	$	108,886
Special Mention		—		—		282		29		—		—		—		311
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
	$	9,291	$	38,104	$	20,709	$	23,283	$	12,092	$	5,718	$	—	$	109,197
Other:
Pass	$	363	$	3,991	$	—	$	10,000	$	—	$	32,055	$	3,475	$	49,884
Special Mention		—		—		—		—		—		—		14		14
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		6		6
	$	363	$	3,991	$	—	$	10,000	$	—	$	32,055	$	3,495	$	49,904